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: October 31, 2021
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
First Eagle Fund of America
First Eagle Small Cap Opportunity Fund
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 | Annual Report | October 31, 2021
2
Table of Contents
Letter from the President | | | 4 | | |
Management's Discussion of Fund Performance | | | 8 | | |
Performance Chart | | | 14 | | |
First Eagle Global Fund | |
Fund Overview | | | 24 | | |
Consolidated Schedule of Investments | | | 26 | | |
First Eagle Overseas Fund | |
Fund Overview | | | 40 | | |
Consolidated Schedule of Investments | | | 42 | | |
First Eagle U.S. Value Fund | |
Fund Overview | | | 54 | | |
Consolidated Schedule of Investments | | | 56 | | |
First Eagle Gold Fund | |
Fund Overview | | | 62 | | |
Consolidated Schedule of Investments | | | 64 | | |
First Eagle Global Income Builder Fund | |
Fund Overview | | | 68 | | |
Schedule of Investments | | | 70 | | |
First Eagle High Income Fund | |
Fund Overview | | | 86 | | |
Schedule of Investments | | | 88 | | |
First Eagle Fund of America | |
Fund Overview | | | 98 | | |
Schedule of Investments | | | 100 | | |
First Eagle Small Cap Opportunity Fund | |
Fund Overview | | | 104 | | |
Schedule of Investments | | | 106 | | |
Statements of Assets and Liabilities | | | 116 | | |
Statements of Operations | | | 124 | | |
Statements of Changes in Net Assets | | | 128 | | |
Financial Highlights | | | 140 | | |
Notes to Financial Statements | | | 160 | | |
Report of Independent Registered Accounting Firm | | | 192 | | |
Fund Expenses | | | 194 | | |
General Information | | | 200 | | |
Board Considerations for Continuation of Advisory Agreement | | | 201 | | |
Board Review of Management's Liquidity Risk Management Program | | | 205 | | |
Tax Information | | | 207 | | |
Privacy Notice | | | 208 | | |
Additional Information | | | 213 | | |
First Eagle Funds | Annual Report | October 31, 2021
3
Letter from the President (unaudited)

Dear Fellow Shareholders,
Most people would recognize the famous opening words of Charles Dickens's A Tale of Two Cities, but how many recall the full, rather lengthy first sentence? "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way—in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only."
Writing from the vantage point of mid-1800s London, Dickens was describing the seeds of societal unrest in 1775 France and England. But the opening of his novel has proved as timeless as it is profound and poignant; in fact, he could have been writing about the state of the world today as 2021 nears an end.
If we take our cues from equity markets, many of which hit new all-time highs during 2021, we appear to live in "the best of times." On the other hand, with infections from Covid-19 affecting more than 260 million people worldwide, killing 5.2 million and disrupting countless lives, perhaps we live in "the worst of times"?1
The growing societal awareness of large-scale problems such as climate change and inequity suggests an "age of wisdom" is upon us; there is now real impetus for change at a global level spanning public and private sectors, which in turn is drawing entrepreneurs, scientists and capital into devising solutions. At the same time, we remain prone to our "foolish" human tendency to grasp for panaceas, forgetting that real solutions require sustained effort over time. For example, a successful transition to more sustainable sources of energy will require long-term investment in not only renewables but also traditional sectors including oil and gas, nuclear and even coal for countries like China. Yet the public vilification of traditional energy companies would have us believe that an energy transition is imminent, and there have
1 Source: FactSet, Johns Hopkins; data as of November 28, 2021.
First Eagle Funds | Annual Report | October 31, 2021
4
Letter from the President (unaudited)
been moments in the past 24 months when the valuation of such stocks reflected this sentiment. Similarly, significant public sector spending financed through massive taxation likely won't solve inequities within countries or across economies, and certainly not overnight.
We live in a remarkable "epoch of belief" in science. When faced with Covid-19, teams of scientists globally leveraged mRNA technology to deliver highly effective vaccines faster than ever before, resulting in the administration of more than 7.9 billion doses worldwide and countless lives saved.2 At the same time, shorter innovation cycles also have created deep pockets of "incredulity" within the public, many of whom—represented most visibly by the emergent anti-vaxxer movement—worry that scientific rigor has been short-circuited by politics.
Never before in history has so much knowledge been so readily available to so many; surely, we must live in the "season of Light"? For example, the smartphones in our pockets carry more than a million times greater processing power than the "supercomputer" used to land Apollo 11 on the moon. Yet rising societal polarization suggests that many are prone to using these devices to retreat into the "Darkness" of online echo chambers that feed paranoias and amplify extreme views.
As I said, Dickens could as well have been writing about 2021. As they did during the time depicted in A Tale of Two Cities, the loudest, most extreme voices dominate the public narrative today, and financial markets have not been immune. At one extreme, some participants believe deeply that assets related to the new economy—whether electric vehicles, software as a service (SaaS), the sharing/gig economy, cryptocurrencies, web 3.0 or any number of next-gen innovations—are the only sectors worthy of investment and that all other businesses are dying relics. At the other, we see the widespread use of passive strategies that eschew all fundamental investment discretion in favor of mimicking the composition of an index, including the single-stock and sector risks, sometimes breathtaking valuations and lack of downside mitigation inherent in them.
Of course, today's darlings can quickly become tomorrow's also-rans and vice-versa. Over the past year, for example, we saw rebounds in a range of traditional-economy industries like energy, financial services and real estate as other areas of the market cooled. We saw value stocks outperform growth for much of the year after being trounced by a historical margin in 2020.3 In short, we saw markets behave in their predictably unpredictable way.
2 Source: The Wall Street Journal, Bloomberg; data as of November 28, 2021.
3 Source: FactSet; data as of November 30, 2021.
First Eagle Funds | Annual Report | October 31, 2021
5
Letter from the President (unaudited)
At First Eagle, we've long believed the best way to chart a steady path through an uncertain future—including periods marked by stark and often shifting polarities of opinion—is to focus on businesses in possession of scarce, durable assets that we believe have the potential to generate persistent cash flows over time. Supported by prudent management teams and robust capital structures, we believe such companies generally should prove resilient against the shifting tides and, if acquired at a price that represents a "margin of safety,"4 be well-positioned to potentially deliver shareholder value over the long term and help avoid the permanent impairment of your capital.
Global Value Team
The equity market trend was decidedly upward over the 12-month period covered by this report, though a close look at market dynamics painted a more nuanced picture. While investors showed renewed appreciation for well-positioned, well-financed and well-managed companies operating in the "real economy" earlier in the period, growth-oriented names reclaimed leadership toward the end. Given their grounding in value investing, the funds managed by the Global Value team historically have benefited from stock selection during periods when value is in favor and lag the broader markets when growth outperforms. Further, overall fund performance during the period was dampened by holdings of gold and gold-related equities. Despite the headwinds that gold has faced, the Global Value team continues to believe that gold is an effective counterweight to disruptive events over the long term.
High Income Team
Leveraged credit was a strong performer over the past 12 months, as ongoing demand from investors in a yield-starved world was met by ample supply from non-investment grade issuers. Lower-quality paper, in particular, has been a beneficiary of the risk-on backdrop within fixed income markets, as investors seemed confident that the monetary authorities once again would step up to provide liquidity should bond markets come under stress. The High Income team remained sharply focused on risk in this environment. Seeing limited upside in richly valued bonds and tight spreads in the secondary market, the team sought to deploy capital while reducing risks it was not being compensated to take. It remained up in quality and senior in the capital structure, and looked for potential opportunities in the new-issue market.
4 First Eagle defines "margin of safety" as the difference between a stock's market price and our estimate of its intrinsic value.
First Eagle Funds | Annual Report | October 31, 2021
6
Letter from the President (unaudited)
Small Cap Team
On April 27, 2021, we launched the Small Cap Opportunity Fund, which seeks the long-term growth of capital by investing in companies the portfolio management team believes to be attractively valued and have the potential to benefit from a catalyst—such as new management, a more favorable business cycle, product innovation and/or margin improvement—for a recovery in earnings growth. The Fund is managed by our new Small Cap team, which was formed in April 2021 when we brought in a team of four seasoned investment professionals from another manager. The team takes an opportunistic but disciplined approach to bottom-up portfolio construction, employing in-house fundamental research in an effort to identify companies that appear temporarily mispriced by the market due to inefficiently valued assets, turnaround potential, accelerating but overlooked earnings growth, or unacknowledged market leadership.
I thank you for entrusting your assets to our stewardship.
Sincerely,

Mehdi Mahmud,
President
December 2021
First Eagle Funds | Annual Report | October 31, 2021
7
Management's Discussion of Fund Performance (unaudited)
First Eagle Global Fund
The net asset value ("NAV") of the Fund's Class A shares* increased 26.49% for the 12 months ended October 31, 2021, while the MSCI World Index increased 40.42%. The Fund's cash and cash equivalents position was 7.80% as of October 31, 2021.
The five largest contributors to the performance of First Eagle Global Fund over the period were Oracle Corp. (software, United States), Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Cie Financière Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Teradata Corp. (software, United States) and Schlumberger NV (energy equipment & services, United States). Collectively, they accounted for 5.86% of this period's performance.
The five largest detractors were gold bullion, Barrick Gold Corp. (metals & mining, Canada), Secom Co. Ltd. (commercial services & supplies, Japan), Agnico Eagle Mines Ltd. (metals & mining, Canada) and Unilever plc (personal products, United Kingdom). Their combined negative performance over the period subtracted 1.27% from fund performance.
First Eagle Overseas Fund
The NAV of the Fund's Class A shares* increased 17.35% for the 12 months ended October 31, 2021, while the MSCI EAFE Index increased 34.18%. The Fund's cash and cash equivalents position was 9.80% as of October 31, 2021.
The five largest contributors to the performance of First Eagle Overseas Fund over the period were Imperial Oil Ltd. (oil, gas & consumable fuels, Canada), Cie Financière Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Nutrien Ltd. (chemicals, Canada), Groupe Bruxelles Lambert SA (diversified financial services, Belgium) and Power Corp. of Canada (insurance, Canada). Collectively, they accounted for 5.43% of this period's performance.
The five largest detractors were gold bullion, Secom Co. Ltd. (commercial services & supplies, Japan), Barrick Gold Corp. (metals & mining, Canada), Unilever plc (personal products, United Kingdom) and Alibaba Group Holding Ltd., ADR (internet & direct marketing retail, China). Their negative performance over the period subtracted 1.29% from fund performance.
First Eagle Funds | Annual Report | October 31, 2021
8
Management's Discussion of Fund Performance (unaudited)
First Eagle U.S. Value Fund
The NAV of the Fund's Class A shares* increased 33.28% for the 12 months ended October 31, 2021, while the S&P 500 Index increased 42.91%. The Fund's cash and cash equivalents position was 5.80% as of October 31, 2021.
The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Oracle Corp. (software, United States), Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Teradata Corp. (software, United States), Bank of New York Mellon Corp. (The) (capital markets, United States) and Deere & Co. (machinery, United States). Collectively, they accounted for 9.73% of this period's performance.
The five largest detractors were gold bullion, Barrick Gold Corp. (metals & mining, Canada), Agnico Eagle Mines Ltd. (metals & mining, Canada), Newmont Corp. (metals & mining, United States) and Royal Gold, Inc. (metals & mining, United States). Their combined negative performance over the period subtracted 1.27% from fund performance.
First Eagle Gold Fund
The NAV of the Fund's Class A shares* decreased 11.60% for the 12 months ended October 31, 2021, while the FTSE Gold Mines Index decreased 21.15%. The Fund's cash and cash equivalents position was 11.20% as of October 31, 2021.
The five largest contributors to the performance of First Eagle Gold Fund over the period were MAG Silver Corp. (metals & mining, Canada), Dundee Precious Metals, Inc. (metals & mining, Canada), Franco-Nevada Corp. (metals & mining, Canada), Pan American Silver Corp., CVR expiring 2/22/29 (metals & mining, Canada) and Kirkland Lake Gold Ltd. (metals & mining, Canada). Collectively, they accounted for 0.46% of this period's performance.
The five largest detractors were Barrick Gold Corp. (metals & mining, Canada), B2Gold Corp. (metals & mining, Canada), Novagold Resources, Inc. (metals & mining, Canada), Agnico Eagle Mines Ltd. (metals & mining, Canada) and gold bullion. Their combined negative performance over the period subtracted 6.89% from fund performance.
First Eagle Global Income Builder Fund
The NAV of the Fund's Class A shares* increased 21.36% for the 12 months ended October 31, 2021, while the MSCI World Index increased 40.42% and the
* Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower
First Eagle Funds | Annual Report | October 31, 2021
9
Management's Discussion of Fund Performance (unaudited)
Bloomberg Barclays U.S. Aggregate Bond Index decreased 0.48%. The composite index5 was up 22.71% over the same time period. The Fund's cash and cash equivalents position was 1.40% as of October 31, 2021.
The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Cie Financière Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Power Corp. of Canada (insurance, Canada), Groupe Bruxelles Lambert SA (diversified financial services, Belgium) and Wells Fargo & Co. (banks, United States). Collectively, they accounted for 5.24% of this period's performance.
The five largest detractors were gold bullion, Unilever plc (personal products, United Kingdom), Secom Co. Ltd. (commercial services & supplies, Japan), Agnico Eagle Mines Ltd. (metals & mining, Canada) and Fresnillo plc (metals & mining, Mexico). Their combined negative performance over the period subtracted 1.18% from fund performance.
First Eagle High Income Fund
The NAV of the Fund's Class I shares increased 7.29% for the 12 months ended October 31, 2021, while the Bloomberg Barclays U.S. Corporate High Yield Index increased 10.53%. The Fund's cash and cash equivalents position was 3.70% as of October 31, 2021.
The five largest contributors to the performance of First Eagle High Income Fund over the period were EnQuest plc 7.00%, 10/15/2023 (oil, gas & consumable fuels, United Kingdom), Antero Resources Corp. 5.625%, 6/1/2023 (oil, gas & consumable fuels, United States), Meredith Corp. 6.875%, 2/1/2026 (media, United States), Precision Drilling Corp. 7.75%, 12/15/2023 (energy equipment & services, Canada) and Osum Production Corp. 1st Lien Term Loan B-EXT (ICE LIBOR USD 3 Month + 7.50%), 7/31/2022 (oil, gas & consumable fuels, United States). Collectively, they accounted for 2.55% of this period's performance.
The five largest detractors were Southeastern Grocers, Inc. (food & staples retailing, United States), Akumin, Inc. 7.5%, 8/1/2028 (health care providers & services, United States), NGL Energy Partners LP 7.5%, 11/1/2023 (oil, gas & consumable fuels, United States), Arko Corp. 5.125%, 11/15/2029 (specialty retail, United States) and Pearl Merger Sub, Inc. 6.75%, 10/1/2028 (paper & forest, United States). Their combined negative performance over the period subtracted 0.38% from fund performance.
5 The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.
First Eagle Funds | Annual Report | October 31, 2021
10
Management's Discussion of Fund Performance (unaudited)
First Eagle Fund of America
The NAV of the Fund's Class Y shares increased 36.54% for the 12 months ended October 31, 2021, while the S&P 500 Index increased 42.91%. The Fund's cash and cash equivalent position was 0.80% as of October 31, 2021.
The five largest contributors to the performance of Fund of America over the period were Alphabet, Inc. (interactive media & services, United States), Oracle Corp. (software, United States), UnitedHealth Group, Inc. (health care providers & services, United States), Taiwan Semiconductor Manufacturing Co. Ltd. (semiconductors & semiconductor equipment, Taiwan) and Analog Devices, Inc. (semiconductors & semiconductor equipment, United States). Collectively, they accounted for 17.16% of this period's performance.
The five largest detractors were Alibaba Group Holding Ltd., ADR (internet & direct marketing retail, China), Unilever plc (personal products, United Kingdom), Aon plc, Class A (insurance, United States), Colgate-Palmolive Co. (household products, United States) and Baxter International, Inc. (health care equipment & supplies, United States). Their combined negative performance over the period subtracted 1.72% from fund performance.
First Eagle Small Cap Opportunity Fund
The NAV of the Fund's Class I shares decreased 0.47% from the Fund's April 27, 2021, inception through October 31, 2021, while the Russell 2000 Value Index increased 2.54%. The Fund's cash and cash equivalents position was 14.00% as of October 31, 2021.
The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were Herc Holdings Inc. (trading companies & distributors, United States), Lydall Inc. (consumer discretionary products, United States), Earthstone Energy Inc., Class A (oil, gas & consumable fuels, United States), Cutera Inc. (health care equipment & supplies, United States) and HCI Group, Inc. (insurance, United States). Collectively, they accounted for 1.83% of this period's performance.
The five largest detractors were Regis Corp. (diversified consumer services, United States), Avaya Holdings Corp. (software, United States), VIA Optronics AG, ADR (electronic equipment, instruments & components, Germany), Mesa Air Group, Inc. (airlines, United States) and Modine Manufacturing Co. (auto components, United States). Their combined negative performance over the period subtracted 1.59% from fund performance.
First Eagle Funds | Annual Report | October 31, 2021
11
Management's Discussion of Fund Performance (unaudited)

| | 
| |
Matthew McLennan Co-Head of the Global Value Team Portfolio Manager Global, Overseas, U.S. Value and Gold Funds | | T. Kimball Brooker, Jr. Co-Head of the Global Value Team 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 | |

| | 
| |
Sean Slein Portfolio Manager Global Income Builder and High Income Funds | | Thomas Kertsos Portfolio Manager Gold Fund | |

| | 
| |
Manish Gupta Portfolio Manager Global Fund and Fund of America | | Christian Heck Portfolio Manager Overseas Fund and Fund of America | |
First Eagle Funds | Annual Report | October 31, 2021
12
Management's Discussion of Fund Performance (unaudited)

| | 
| |
Julien Albertini Portfolio Manager Global Fund, Global Income Builder Fund and Fund of America | | Alan Barr Portfolio Manager Overseas Fund | |

| | 
| |
Mark Wright Portfolio Manager U.S. Value Fund | | Idanna Appio Portfolio Manager Global Income Builder Fund | |

| | | |
Bill Hench Portfolio Manager Small Cap Opportunity Fund | | | | | |
December 2021
The performance data quoted herein represent past performance and do 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 are available at www.feim.com or by calling 800.334.2143.
The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of December 2021 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 | Annual Report | October 31, 2021
13
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 | | | 26.49 | % | | | 11.70 | % | | | 8.76 | % | | | 8.11 | % | | | 12.77 | % | | 01/01/792 | |
with sales charge | | | 20.16 | % | | | 9.81 | % | | | 7.65 | % | | | 7.56 | % | | | 12.64 | % | | 01/01/792 | |
Class C (FESGX) | | | 25.53 | % | | | 10.86 | % | | | 7.94 | % | | | 7.30 | % | | | 9.54 | % | | 06/05/00 | |
Class I (SGIIX) | | | 26.82 | % | | | 11.99 | % | | | 9.05 | % | | | 8.40 | % | | | 10.46 | % | | 07/31/98 | |
Class R3 (EARGX) | | | 25.57 | % | | | 11.35 | % | | | — | | | | — | | | | 8.39 | % | | 05/01/18 | |
Class R4 (EAGRX) | | | 26.51 | % | | | 11.80 | % | | | — | | | | — | | | | 6.88 | % | | 01/17/18 | |
Class R5 (FRGLX) | | | 25.65 | % | | | — | | | | — | | | | — | | | | 9.90 | % | | 07/29/19 | |
Class R6 (FEGRX) | | | 26.91 | % | | | 12.07 | % | | | — | | | | — | | | | 8.40 | % | | 03/01/17 | |
MSCI World Index3 | | | 40.42 | % | | | 18.20 | % | | | 15.45 | % | | | 12.19 | % | | | 10.07 | % | | 01/01/79 | |
First Eagle Overseas Fund | |
Class A (SGOVX) without sales charge | | | 17.35 | % | | | 8.62 | % | | | 5.50 | % | | | 5.80 | % | | | 9.80 | % | | 08/31/93 | |
with sales charge | | | 11.49 | % | | | 6.77 | % | | | 4.42 | % | | | 5.26 | % | | | 9.60 | % | | 08/31/93 | |
Class C (FESOX) | | | 16.49 | % | | | 7.81 | % | | | 4.72 | % | | | 5.02 | % | | | 8.38 | % | | 06/05/00 | |
Class I (SGOIX) | | | 17.71 | % | | | 8.93 | % | | | 5.80 | % | | | 6.09 | % | | | 9.70 | % | | 07/31/98 | |
Class R3 (EAROX) | | | 17.18 | % | | | 8.41 | % | | | — | | | | — | | | | 4.81 | % | | 05/01/18 | |
Class R4 (FIORX) | | | 17.53 | % | | | 8.75 | % | | | — | | | | — | | | | 3.58 | % | | 01/17/18 | |
Class R5 (FEROX) | | | 17.33 | % | | | — | | | | — | | | | — | | | | 8.27 | % | | 03/11/19 | |
Class R6 (FEORX) | | | 17.78 | % | | | 9.01 | % | | | — | | | | — | | | | 5.83 | % | | 03/01/17 | |
MSCI EAFE Index4 | | | 34.18 | % | | | 11.54 | % | | | 9.79 | % | | | 7.37 | % | | | 5.46 | % | | 08/31/93 | |
First Eagle Funds | Annual Report | October 31, 2021
14
Performance Chart1 (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 | | | 33.28 | % | | | 12.56 | % | | | 10.83 | % | | | 9.36 | % | | | 9.24 | % | | 09/04/01 | |
with sales charge | | | 26.64 | % | | | 10.64 | % | | | 9.69 | % | | | 8.80 | % | | | 8.96 | % | | 09/04/01 | |
Class C (FEVCX) | | | 32.29 | % | | | 11.69 | % | | | 9.98 | % | | | 8.53 | % | | | 8.42 | % | | 09/04/01 | |
Class I (FEVIX) | | | 33.72 | % | | | 12.89 | % | | | 11.14 | % | | | 9.66 | % | | | 9.52 | % | | 09/04/01 | |
Class R3 (EARVX) | | | 33.10 | % | | | 12.40 | % | | | — | | | | — | | | | 10.27 | % | | 05/01/18 | |
Class R4 (FIVRX) | | | 33.13 | % | | | — | | | | — | | | | — | | | | 11.74 | % | | 07/29/19 | |
Class R5 (FERVX) | | | 33.35 | % | | | — | | | | — | | | | — | | | | 11.93 | % | | 07/29/19 | |
Class R6 (FEVRX) | | | 33.78 | % | | | 12.91 | % | | | — | | | | — | | | | 9.70 | % | | 03/01/17 | |
S&P 500 Index5 | | | 42.91 | % | | | 21.48 | % | | | 18.93 | % | | | 16.21 | % | | | 9.34 | % | | 09/04/01 | |
First Eagle Gold Fund | |
Class A (SGGDX) without sales charge | | | -11.60 | % | | | 21.10 | % | | | 5.25 | % | | | -3.27 | % | | | 5.73 | % | | 08/31/93 | |
with sales charge | | | -16.01 | % | | | 19.05 | % | | | 4.17 | % | | | -3.77 | % | | | 5.54 | % | | 08/31/93 | |
Class C (FEGOX) | | | -12.25 | % | | | 20.19 | % | | | 4.44 | % | | | -4.02 | % | | | 5.31 | % | | 05/15/03 | |
Class I (FEGIX) | | | -11.41 | % | | | 21.42 | % | | | 5.53 | % | | | -3.01 | % | | | 6.39 | % | | 05/15/03 | |
Class R3 (EAURX) | | | -11.72 | % | | | 21.04 | % | | | — | | | | — | | | | 11.37 | % | | 05/01/18 | |
Class R4 (FIURX) | | | -11.52 | % | | | — | | | | — | | | | — | | | | 12.23 | % | | 07/29/19 | |
Class R5 (FERUX) | | | -11.49 | % | | | — | | | | — | | | | — | | | | 12.22 | % | | 07/29/19 | |
Class R6 (FEURX) | | | -11.33 | % | | | 21.51 | % | | | — | | | | — | | | | 7.01 | % | | 03/01/17 | |
FTSE Gold Mines Index6 | | | -21.15 | % | | | 17.52 | % | | | 4.08 | % | | | -6.27 | % | | | 0.17 | % | | 08/31/93 | |
MSCI World Index3 | | | 40.42 | % | | | 18.20 | % | | | 15.45 | % | | | 12.19 | % | | | 7.95 | % | | 08/31/93 | |
First Eagle Funds | Annual Report | October 31, 2021
15
Performance Chart1 (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 | | | 21.36 | % | | | 8.32 | % | | | 6.82 | % | | | — | | | | 6.33 | % | | 05/01/12 | |
with sales charge | | | 15.33 | % | | | 6.49 | % | | | 5.73 | % | | | — | | | | 5.76 | % | | 05/01/12 | |
Class C (FEBCX) | | | 20.48 | % | | | 7.49 | % | | | 6.01 | % | | | — | | | | 5.53 | % | | 05/01/12 | |
Class I (FEBIX) | | | 21.62 | % | | | 8.55 | % | | | 7.09 | % | | | — | | | | 6.60 | % | | 05/01/12 | |
Class R3 (FBRRX) | | | 21.12 | % | | | 8.05 | % | | | — | | | | — | | | | 5.93 | % | | 05/01/18 | |
Class R4 (FIBRX) | | | 21.34 | % | | | — | | | | — | | | | — | | | | 7.52 | % | | 07/29/19 | |
Class R5 (EABRX) | | | 21.34 | % | | | — | | | | — | | | | — | | | | 7.58 | % | | 07/29/19 | |
Class R6 (FEBRX) | | | 21.72 | % | | | 8.59 | % | | | — | | | | — | | | | 6.60 | % | | 03/01/17 | |
Composite Index7 | | | 22.71 | % | | | 13.46 | % | | | 10.66 | % | | | — | | | | 8.54 | % | | 05/01/12 | |
MSCI World Index3 | | | 40.42 | % | | | 18.20 | % | | | 15.45 | % | | | — | | | | 11.97 | % | | 05/01/12 | |
Bloomberg Barclays U.S. Aggregate Bond Index8 | | | -0.48 | % | | | 5.63 | % | | | 3.10 | % | | | — | | | | 2.89 | % | | 05/01/12 | |
First Eagle High Income Fund | |
Class A (FEHAX) without sales charge | | | 7.01 | % | | | 4.97 | % | | | 4.63 | % | | | — | | | | 4.99 | % | | 01/03/12 | |
with sales charge | | | 2.20 | % | | | 3.35 | % | | | 3.68 | % | | | — | | | | 4.50 | % | | 01/03/12 | |
Class C (FEHCX) | | | 6.20 | % | | | 4.18 | % | | | 3.85 | % | | | — | | | | 4.20 | % | | 01/03/12 | |
Class I (FEHIX) | | | 7.29 | % | | | 5.26 | % | | | 4.93 | % | | | 5.34 | % | | | 7.48 | % | | 11/19/079 | |
Class R3 (EARHX) | | | 6.83 | % | | | 4.82 | % | | | — | | | | — | | | | 4.53 | % | | 05/01/18 | |
Class R4 (FIHRX) | | | 6.38 | % | | | — | | | | — | | | | — | | | | 4.60 | % | | 07/29/19 | |
Class R5 (FERHX) | | | 7.01 | % | | | — | | | | — | | | | — | | | | 5.09 | % | | 07/29/19 | |
Class R6 (FEHRX) | | | 7.34 | % | | | 5.23 | % | | | — | | | | — | | | | 4.60 | % | | 03/01/17 | |
Bloomberg Barclays U.S. Corporate High Yield Index10 | | | 10.53 | % | | | 7.43 | % | | | 6.40 | % | | | 6.78 | % | | | 7.23 | % | | 11/19/07 | |
First Eagle Funds | Annual Report | October 31, 2021
16
Performance Chart1 (unaudited)
| | One Year | | Three Years | | Five Years | | Ten Years | | Since Inception | | Inception Date | |
First Eagle Fund of America11 | |
Class A (FEFAX) without sales charge | | | 36.58 | % | | | 13.14 | % | | | 9.55 | % | | | 9.81 | % | | | 8.22 | % | | 11/20/98 | |
with sales charge | | | 29.75 | % | | | 11.22 | % | | | 8.43 | % | | | 9.25 | % | | | 7.98 | % | | 11/20/98 | |
Class C (FEAMX) | | | 35.52 | % | | | 12.30 | % | | | 8.73 | % | | | 8.99 | % | | | 7.43 | % | | 03/02/98 | |
Class I (FEAIX) | | | 36.88 | % | | | 13.46 | % | | | 9.87 | % | | | — | | | | 8.21 | % | | 03/08/13 | |
Class Y (FEAFX)12 | | | 36.54 | % | | | 13.13 | % | | | 9.54 | % | | | 9.80 | % | | | 11.00 | % | | 04/10/87 | |
Class R3 (EARFX) | | | 36.40 | % | | | 13.01 | % | | | — | | | | — | | | | 7.50 | % | | 05/01/18 | |
Class R4 (EAFRX) | | | 36.76 | % | | | — | | | | — | | | | — | | | | 13.03 | % | | 07/29/19 | |
Class R5 (FERFX) | | | 36.88 | % | | | — | | | | — | | | | — | | | | 13.14 | % | | 07/29/19 | |
Class R6 (FEFRX) | | | 36.93 | % | | | 13.50 | % | | | — | | | | — | | | | 7.94 | % | | 03/01/17 | |
S&P 500 Index5 | | | 42.91 | % | | | 21.48 | % | | | 18.93 | % | | | 16.21 | % | | | 10.71 | % | | 04/10/87 | |
First Eagle Small Cap Opportunity Fund | |
Class A (FESAX) without sales charge | | | — | | | | — | | | | — | | | | — | | | | -3.56 | % | | 07/01/21 | |
with sales charge | | | — | | | | — | | | | — | | | | — | | | | -8.36 | % | | 07/01/21 | |
Class I (FESCX) | | | — | | | | — | | | | — | | | | — | | | | -0.47 | % | | 04/27/21 | |
Class R6 (FESRX) | | | — | | | | — | | | | — | | | | — | | | | -3.46 | % | | 07/01/21 | |
Russell 2000 Value Index13 | | | — | | | | — | | | | — | | | | — | | | | 2.54 | % | | 04/27/21 | |
Russell 2000 Index14 | | | — | | | | — | | | | — | | | | — | | | | 0.31 | % | | 04/27/21 | |
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, First Eagle Fund of America and First Eagle Small Cap Opportunity Fund 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.
First Eagle Funds | Annual Report | October 31, 2021
17
Performance Chart1 (unaudited)
For First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Fund of America and First Eagle Small Cap Opportunity Fund, a CDSC of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1 million 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 CDSC 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, First Eagle Fund of America and First Eagle Small Cap Opportunity Fund require $1 million minimum investment and are offered without a sales charge.
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.
Class R6 Shares of First Eagle Small Cap Opportunity Fund 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 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.
First Eagle Funds | Annual Report | October 31, 2021
18
Performance Chart1 (unaudited)
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 Effective on August 14, 2020, Fund of America is managed by a portfolio management team at First Eagle Investment Management, LLC. Prior to that date, the Fund was managed by a third-party subadviser.
12 As of September 1, 2005, First Eagle Fund of America Class Y is closed to new accounts.
13 The Russell 2000® Value Index is a widely followed, unmanaged index that measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index is completely reconstituted annually. One cannot invest directly in an index.
14 The Russell 2000® Index is a widely followed, unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is completely reconstituted annually. One cannot invest directly in an index.
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 | % | | | 0.86 | % | | | — | | | | 1.18 | % | | | 0.96 | % | | | 2.29 | % | | | 0.79 | % | |
First Eagle Overseas Fund | | | 1.15 | | | | 1.89 | | | | 0.87 | | | | — | | | | 1.36 | | | | 0.91 | | | | 1.31 | | | | 0.80 | | |
First Eagle U.S. Value Fund15,16 | | | 1.18 | | | | 1.94 | | | | 0.89 | | | | — | | | | 1.36 | | | | 1.24 | | | | 1.09 | | | | 0.86 | | |
First Eagle Gold Fund | | | 1.21 | | | | 1.95 | | | | 0.92 | | | | — | | | | 1.25 | | | | 1.00 | | | | 0.98 | | | | 0.85 | | |
First Eagle Global Income Builder Fund | | | 1.19 | | | | 1.95 | | | | 0.94 | | | | — | | | | 1.49 | | | | 1.25 | | | | 1.14 | | | | 0.90 | | |
First Eagle High Income Fund15,17 | | | 1.08 | | | | 1.85 | | | | 0.79 | | | | — | | | | 1.20 | | | | 1.59 | | | | 1.00 | | | | 0.82 | | |
First Eagle Fund of America15,18 | | | 1.02 | | | | 1.76 | | | | 0.68 | | | | 1.02 | % | | | 1.17 | | | | 1.03 | | | | 0.93 | | | | 0.68 | | |
First Eagle Small Cap Opportunity Fund15,19 | | | 6.82 | | | | — | | | | 6.57 | | | | — | | | | — | | | | — | | | | — | | | | 6.57 | | |
15 For the First Eagle U.S. Value Fund, First Eagle High Income Fund, First Eagle Fund of America and First Eagle Small Cap Opportunity Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.
16 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, 2022. 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.
17 Effective July 1, 2021, the Adviser has agreed to reduce the management fee from the annual rate of 0.70% of the average daily value of the Fund's net assets to the annual rate of 0.45% of the average daily value of the Fund's net assets. This fee reduction supersedes the management fee waiver that had been in effect prior to July 1, 2021.
First Eagle Funds | Annual Report | October 31, 2021
19
Performance Chart1 (unaudited)
18 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 and/or reimburse certain fees and expenses of Classes A, C, Y, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 1.65%, 0.90%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2022 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, Y, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 0.90%, 1.65%, 0.90%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
19 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 and/or reimburse certain fees and expenses of Classes A, I, and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2023 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.
These expense ratios are presented as of March 1, 2021 (except for First Eagle High Income Fund and First Eagle Small Cap Opportunity Fund's expense ratios presented as of July 1, 2021) 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 companies, 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 and liquidity 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. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate volatility. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the value or time of its choosing and can result in losses.
The outbreak of COVID 19 has resulted in, among other things, closing borders, quarantines, 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 their liquidity, in ways that cannot necessarily be foreseen at the present time.
First Eagle Funds | Annual Report | October 31, 2021
20
Performance Chart1 (unaudited)
To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. Currently, a substantial portion of the companies in which the Gold Fund invests are domiciled in Canada, although the mining operations of such companies may take place in other countries. Currently, a substantial portion of the companies in which the Global Fund and Overseas Fund invest are domiciled in Japan, although the operations of such companies may take place in other countries.
Canada is a significant exporter of natural resources, such as oil, natural gas and agricultural products. As a result, the Canadian economy is susceptible to adverse changes in certain commodities markets. It is also heavily dependent on trading with key partners, including the United States, Mexico, and China. Any reduction in trading with these key partners may adversely affect the Canadian economy. Canada's dependency on the economy of the United States, in particular, makes Canada's economy vulnerable to political and regulatory changes affecting the United States economy. These and other factors could negatively affect a Fund's performance.
A Fund's investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom's (''UK'') exit from the European Union (''Brexit''). Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. A number of countries in the European Union (the "EU'') have experienced, and may continue to experience, severe economic and financial difficulties, increasing the risk of investing in the European markets.
The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect a Fund. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect a Fund.
The value of a Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.
By investing in its Subsidiary, each of the Global Fund, Overseas Fund, U.S. Value Fund, and Gold Fund are indirectly exposed to the risks associated with that Subsidiary's investments. The Subsidiaries are not registered under the 1940 Act and are not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or a Subsidiary to operate as expected and could adversely affect the Fund.
In addition to investments in larger companies, each Fund (and the Small Cap Opportunity Fund generally will) 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 a 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. Each Fund (except the Small Cap Opportunity Fund) considers 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. The Small Cap Opportunity Fund considers small companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2000 Index at the time of investment. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful,
First Eagle Funds | Annual Report | October 31, 2021
21
Performance Chart1 (unaudited)
smaller companies, especially during extended periods of economic expansion. The Funds generally consider large companies to be companies with market capitalizations of $10 billion or greater.
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.
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. A 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 a 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. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and markets impact.
Income generation and dividends are not guaranteed. If dividend paying stocks in the Fund's portfolio stop paying or reduce dividends a Fund's ability to generate income will be adversely affected.
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 strategies.
All investments involve the risk of loss.
First Eagle Funds | Annual Report | October 31, 2021
22
This page was intentionally left blank.
Data as of October 31, 2021 (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 | | | 26.49 | | | | 8.76 | | | | 8.11 | | |
| | | | with sales load | | | 20.16 | | | | 7.65 | | | | 7.56 | | |
MSCI World Index | | | | | | | 40.42 | | | | 15.45 | | | | 12.19 | | |
Consumer Price Index | | | | | | | 6.22 | | | | 2.73 | | | | 2.02 | | |

Sectors* (%)
Financials | | | 15.3 | | |
Information Technology | | | 11.5 | | |
Consumer Staples | | | 11.4 | | |
Industrials | | | 10.3 | | |
Commodities | | | 10.2 | | |
Consumer Discretionary | | | 5.9 | | |
Health Care | | | 5.7 | | |
Communication Services | | | 5.6 | | |
Materials | | | 5.6 | | |
Energy | | | 5.0 | | |
Real Estate | | | 3.9 | | |
Foreign Government Securities | | | 1.3 | | |
Utilities | | | 0.5 | | |
Short-Term Investments | | | 7.8 | | |
Countries*~ (%)
United States | | | 54.0 | | |
Japan | | | 8.5 | | |
United Kingdom | | | 6.0 | | |
France | | | 4.1 | | |
Canada | | | 3.3 | | |
Switzerland | | | 2.4 | | |
Hong Kong | | | 2.1 | | |
South Korea | | | 1.8 | | |
Belgium | | | 1.6 | | |
Brazil | | | 1.6 | | |
Sweden | | | 1.2 | | |
Mexico | | | 1.1 | | |
Taiwan | | | 1.1 | | |
China | | | 0.8 | | |
Germany | | | 0.8 | | |
Australia | | | 0.3 | | |
Thailand | | | 0.3 | | |
Ireland | | | 0.3 | | |
Norway | | | 0.3 | | |
Colombia | | | 0.2 | | |
Malaysia | | | 0.2 | | |
Peru | | | 0.1 | | |
Indonesia | | | 0.1 | | |
Short-Term Investments | | | 7.8 | | |
^ 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 | Annual Report | October 31, 2021
24
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) | | | 10.1 | | |
Oracle Corp. (Software, United States) | | | 3.5 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 2.3 | | |
Comcast Corp. (Media, United States) | | | 2.2 | | |
Groupe Bruxelles Lambert SA (Diversified Financial Services, Belgium) | | | 1.6 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 1.5 | | |
Meta Platforms, Inc. (Interactive Media & Services, United States) | | | 1.5 | | |
CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | | | 1.4 | | |
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | | | 1.4 | | |
Microsoft Corp. (Software, United States) | | | 1.3 | | |
Total | | | 26.8 | | |
* 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 | Annual Report | October 31, 2021
25
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Common Stocks — 80.7% | |
Australia — 0.3% | |
Newcrest Mining Ltd. | | | 9,296,442 | | | | 174,176,680 | | |
Belgium — 1.6% | |
Groupe Bruxelles Lambert SA | | | 6,813,598 | | | | 790,590,005 | | |
Brazil — 1.6% | |
Ambev SA, ADR | | | 103,309,902 | | | | 305,797,310 | | |
Itausa SA (Preference) | | | 94,018,818 | | | | 170,752,487 | | |
Wheaton Precious Metals Corp. | | | 7,523,631 | | | | 304,029,928 | | |
| | | 780,579,725 | | |
Canada — 3.3% | |
Agnico Eagle Mines Ltd. | | | 2,298,700 | | | | 122,011,638 | | |
Barrick Gold Corp. | | | 11,518,361 | | | | 211,592,292 | | |
Franco-Nevada Corp. | | | 769,497 | | | | 109,797,572 | | |
Imperial Oil Ltd. | | | 10,896,401 | | | | 368,906,918 | | |
Nutrien Ltd. | | | 6,483,286 | | | | 453,246,524 | | |
Power Corp. of Canada | | | 11,884,483 | | | | 395,829,338 | | |
| | | 1,661,384,282 | | |
China — 0.8% | |
Alibaba Group Holding Ltd., ADR* | | | 1,191,372 | | | | 196,504,898 | | |
Prosus NV* | | | 2,195,299 | | | | 193,368,501 | | |
| | | 389,873,399 | | |
France — 4.1% | |
Danone SA | | | 10,211,219 | | | | 665,626,493 | | |
Legrand SA | | | 2,088,047 | | | | 227,785,328 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 227,447 | | | | 178,346,120 | | |
Saint Jean Groupe SA* | | | 93,252 | | | | 2,630,303 | | |
Sanofi | | | 4,486,722 | | | | 450,665,105 | | |
Sodexo SA* | | | 3,827,240 | | | | 372,349,478 | | |
Wendel SE | | | 1,067,994 | | | | 142,267,067 | | |
| | | 2,039,669,894 | | |
Germany — 0.8% | |
Brenntag SE | | | 1,126,149 | | | | 107,139,954 | | |
Henkel AG & Co. KGaA (Preference) | | | 3,163,492 | | | | 283,409,414 | | |
| | | 390,549,368 | | |
First Eagle Funds | Annual Report | October 31, 2021
26
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Hong Kong — 2.1% | |
CK Asset Holdings Ltd. | | | 37,986,500 | | | | 234,644,838 | | |
Guoco Group Ltd. | | | 12,748,580 | | | | 148,974,598 | | |
Hongkong Land Holdings Ltd. | | | 31,759,300 | | | | 175,383,594 | | |
Hysan Development Co. Ltd. | | | 23,322,348 | | | | 81,083,415 | | |
Jardine Matheson Holdings Ltd. | | | 6,979,771 | | | | 405,407,123 | | |
| | | 1,045,493,568 | | |
Ireland — 0.3% | |
CRH plc | | | 3,284,015 | | | | 157,152,688 | | |
Japan — 8.4% | |
Chofu Seisakusho Co. Ltd. (a) | | | 3,224,200 | | | | 58,257,118 | | |
FANUC Corp. | | | 2,442,000 | | | | 482,590,939 | | |
Hirose Electric Co. Ltd. | | | 1,555,415 | | | | 260,113,419 | | |
Hoshizaki Corp. | | | 2,080,300 | | | | 174,934,353 | | |
Hoya Corp. | | | 1,355,340 | | | | 199,517,645 | | |
Keyence Corp. | | | 493,500 | | | | 297,883,897 | | |
Komatsu Ltd. | | | 6,756,000 | | | | 176,948,560 | | |
Mitsubishi Electric Corp. | | | 21,420,200 | | | | 287,661,313 | | |
Mitsubishi Estate Co. Ltd. | | | 22,346,780 | | | | 339,603,813 | | |
MS&AD Insurance Group Holdings, Inc. | | | 8,009,120 | | | | 258,753,503 | | |
Olympus Corp. | | | 2,001,224 | | | | 43,352,606 | | |
Secom Co. Ltd. | | | 6,337,130 | | | | 432,017,777 | | |
Shimano, Inc. | | | 1,517,390 | | | | 423,372,470 | | |
SMC Corp. | | | 507,056 | | | | 302,593,390 | | |
Sompo Holdings, Inc. | | | 9,373,500 | | | | 406,499,053 | | |
T Hasegawa Co. Ltd. (a) | | | 3,002,800 | | | | 73,329,979 | | |
USS Co. Ltd. | | | 997,600 | | | | 16,079,621 | | |
| | | 4,233,509,456 | | |
Mexico — 0.8% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 2,945,225 | | | | 242,068,043 | | |
Fresnillo plc | | | 5,590,827 | | | | 65,795,980 | | |
Industrias Penoles SAB de CV* | | | 6,401,020 | | | | 82,077,194 | | |
| | | 389,941,217 | | |
Norway — 0.3% | |
Orkla ASA | | | 14,016,004 | | | | 136,325,498 | | |
First Eagle Funds | Annual Report | October 31, 2021
27
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
South Korea — 1.6% | |
Hyundai Mobis Co. Ltd. | | | 612,650 | | | | 132,435,996 | | |
KT&G Corp. | | | 5,242,098 | | | | 364,109,689 | | |
Lotte Confectionery Co. Ltd. | | | 161,797 | | | | 17,838,984 | | |
Lotte Corp. | | | 913,277 | | | | 25,580,770 | | |
Namyang Dairy Products Co. Ltd. | | | 7,644 | | | | 2,986,167 | | |
NAVER Corp. | | | 304,531 | | | | 105,880,160 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 3,025,981 | | | | 166,235,391 | | |
| | | 815,067,157 | | |
Sweden — 1.2% | |
Industrivarden AB, Class A | | | 196,670 | | | | 6,487,790 | | |
Investor AB, Class A | | | 7,286,940 | | | | 168,587,418 | | |
Investor AB, Class B | | | 11,255,824 | | | | 259,716,253 | | |
Svenska Handelsbanken AB, Class A | | | 12,783,537 | | | | 146,529,247 | | |
| | | 581,320,708 | | |
Switzerland — 2.4% | |
Cie Financiere Richemont SA (Registered) | | | 5,647,695 | | | | 698,904,994 | | |
Nestle SA (Registered) | | | 3,679,697 | | | | 485,378,629 | | |
| | | 1,184,283,623 | | |
Taiwan — 1.1% | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 4,862,904 | | | | 552,912,185 | | |
Thailand — 0.3% | |
Bangkok Bank PCL, NVDR | | | 47,278,400 | | | | 174,963,794 | | |
United Kingdom — 5.9% | |
BAE Systems plc | | | 15,641,334 | | | | 117,938,197 | | |
Berkeley Group Holdings plc | | | 4,757,063 | | | | 283,752,032 | | |
British American Tobacco plc | | | 18,940,473 | | | | 658,833,097 | | |
Diageo plc | | | 2,149,839 | | | | 106,958,122 | | |
GlaxoSmithKline plc | | | 14,146,132 | | | | 293,685,439 | | |
Linde plc | | | 828,640 | | | | 264,501,888 | | |
Linde plc | | | 128,568 | | | | 41,365,036 | | |
Lloyds Banking Group plc | | | 437,703,164 | | | | 299,555,579 | | |
Reckitt Benckiser Group plc | | | 4,483,021 | | | | 363,944,150 | | |
Unilever plc | | | 10,328,072 | | | | 552,906,727 | | |
| | | 2,983,440,267 | | |
First Eagle Funds | Annual Report | October 31, 2021
28
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
United States — 43.8% | |
Alleghany Corp.* | | | 309,855 | | | | 201,833,350 | | |
Alphabet, Inc., Class A* | | | 134,718 | | | | 398,889,220 | | |
Alphabet, Inc., Class C* | | | 148,554 | | | | 440,523,517 | | |
American Express Co. | | | 3,095,619 | | | | 537,956,670 | | |
Analog Devices, Inc. | | | 2,347,969 | | | | 407,349,142 | | |
Anthem, Inc. | | | 1,418,918 | | | | 617,413,789 | | |
Bank of New York Mellon Corp. (The) | | | 10,924,432 | | | | 646,726,374 | | |
Becton Dickinson and Co. | | | 1,130,197 | | | | 270,783,899 | | |
Berkshire Hathaway, Inc., Class A* | | | 728 | | | | 315,152,656 | | |
Booking Holdings, Inc.* | | | 165,236 | | | | 400,000,004 | | |
Boston Properties, Inc., REIT | | | 1,627,005 | | | | 184,892,848 | | |
Brown & Brown, Inc. | | | 5,245,466 | | | | 331,041,359 | | |
CH Robinson Worldwide, Inc. (a) | | | 7,426,526 | | | | 720,298,757 | | |
Charles Schwab Corp. (The) | | | 3,586,920 | | | | 294,235,048 | | |
Colgate-Palmolive Co. | | | 7,521,578 | | | | 573,069,028 | | |
Comcast Corp., Class A | | | 20,976,453 | | | | 1,078,818,978 | | |
Cummins, Inc. | | | 1,379,077 | | | | 330,757,828 | | |
Deere & Co. | | | 1,019,633 | | | | 349,030,572 | | |
DENTSPLY SIRONA, Inc. | | | 4,436,276 | | | | 253,799,350 | | |
Douglas Emmett, Inc., REIT | | | 4,485,027 | | | | 146,570,682 | | |
Equity Residential, REIT | | | 3,941,263 | | | | 340,525,123 | | |
Expeditors International of Washington, Inc. | | | 1,672,498 | | | | 206,152,103 | | |
Exxon Mobil Corp. | | | 17,715,752 | | | | 1,142,134,531 | | |
Flowserve Corp. (a) | | | 7,892,216 | | | | 265,336,302 | | |
General Dynamics Corp. | | | 242,088 | | | | 49,083,342 | | |
HCA Healthcare, Inc. | | | 1,616,211 | | | | 404,796,207 | | |
IPG Photonics Corp.* | | | 1,686,752 | | | | 268,210,435 | | |
J G Boswell Co. | | | 2,485 | | | | 2,333,415 | | |
Kraft Heinz Co. (The) | | | 4,471,740 | | | | 160,490,749 | | |
Meta Platforms, Inc., Class A* | | | 2,379,256 | | | | 769,855,864 | | |
Microsoft Corp. | | | 2,016,253 | | | | 668,629,820 | | |
Mills Music Trust (a) | | | 31,592 | | | | 1,927,112 | | |
Newmont Corp. | | | 8,146,408 | | | | 439,906,032 | | |
NOV, Inc.* (a) | | | 24,797,848 | | | | 347,665,829 | | |
Oracle Corp. | | | 18,452,220 | | | | 1,770,305,987 | | |
First Eagle Funds | Annual Report | October 31, 2021
29
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
United States — 43.8% (continued) | |
Philip Morris International, Inc. | | | 8,199,501 | | | | 775,180,824 | | |
PPG Industries, Inc. | | | 784,198 | | | | 125,918,673 | | |
Royal Gold, Inc. | | | 1,295,545 | | | | 128,284,866 | | |
salesforce.com, Inc.* | | | 1,339,249 | | | | 401,359,533 | | |
Schlumberger NV | | | 19,339,054 | | | | 623,877,882 | | |
Scotts Miracle-Gro Co. (The) | | | 646,137 | | | | 95,925,499 | | |
Teradata Corp.* (a) | | | 9,658,435 | | | | 546,281,084 | | |
Texas Instruments, Inc. | | | 2,221,032 | | | | 416,399,079 | | |
Travelers Cos., Inc. (The) | | | 2,167,437 | | | | 348,697,265 | | |
Truist Financial Corp. | | | 2,551,879 | | | | 161,967,760 | | |
UGI Corp. | | | 6,123,570 | | | | 265,824,174 | | |
Union Pacific Corp. | | | 1,349,610 | | | | 325,795,854 | | |
Universal Health Services, Inc., Class B | | | 2,583,686 | | | | 320,635,433 | | |
US Bancorp | | | 6,565,740 | | | | 396,373,724 | | |
W R Berkley Corp. | | | 3,504,173 | | | | 278,932,171 | | |
Wells Fargo & Co. | | | 6,712,587 | | | | 343,415,951 | | |
Weyerhaeuser Co., REIT | | | 12,883,978 | | | | 460,215,694 | | |
Willis Towers Watson plc | | | 2,526,356 | | | | 612,085,532 | | |
| | | 21,963,666,920 | | |
Total Common Stocks (Cost $24,986,642,266) | | | 40,444,900,434 | | |
| | Ounces | | | |
Commodities — 10.2% | |
Gold bullion* (Cost $3,015,662,623) | | | 2,848,707 | | | | 5,077,962,197 | | |
| | Principal Amount ($) | | | |
Foreign Government Securities — 1.3% | |
Colombia — 0.3% | |
Republic of Colombia 5.75%, 11/3/2027 | | COP | 504,289,700,000 | | | | 122,955,713 | | |
Indonesia — 0.1% | |
Republic of Indonesia 8.38%, 3/15/2024 | | IDR | 853,795,000,000 | | | | 65,838,789 | | |
First Eagle Funds | Annual Report | October 31, 2021
30
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Malaysia — 0.2% | |
Malaysia Government Bond 3.42%, 8/15/2022 | | MYR | 443,682,000 | | | | 108,479,109 | | |
Mexico — 0.3% | |
Mex Bonos Desarr Fix Rt 6.50%, 6/9/2022 | | MXN | 1,940,060,000 | | | | 94,380,508 | | |
8.00%, 12/7/2023 | | MXN | 911,940,000 | | | | 45,222,709 | | |
10.00%, 12/5/2024 | | MXN | 536,240,000 | | | | 28,126,293 | | |
| | | 167,729,510 | | |
Peru — 0.2% | |
Republic of Peru 8.20%, 8/12/2026 (b) | | PEN | 249,858,000 | | | | 71,224,506 | | |
South Korea — 0.2% | |
Republic of Korea 1.25%, 3/10/2026 | | KRW | 131,948,880,000 | | | | 107,301,784 | | |
Total Foreign Government Securities (Cost $676,701,070) | | | 643,529,411 | | |
Corporate Bonds — 0.0% (c) | |
United States—0.0% (c) | |
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡ (Cost $5,056,153) | | | 5,467,000 | | | | 5,856,524 | | |
| | Number of Warrants | | | |
Warrants — 0.0% (c) | |
Switzerland—0.0% (c) | |
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $—) | | | 12,749,074 | | | | 9,190,027 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 7.8% | |
Commercial Paper — 7.7% | |
American Honda Finance Corp. 0.14%, 11/3/2021 (d) | | | 99,199,000 | | | | 99,197,388 | | |
0.14%, 11/4/2021 (d) | | | 64,926,000 | | | | 64,924,713 | | |
0.16%, 11/22/2021 (d) | | | 41,874,000 | | | | 41,870,287 | | |
0.15%, 12/7/2021 (d) | | | 30,000,000 | | | | 29,995,255 | | |
First Eagle Funds | Annual Report | October 31, 2021
31
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 7.7% (continued) | |
0.18%, 1/13/2022 (d) | | | 39,750,000 | | | | 39,735,230 | | |
Apple, Inc. 0.04%, 11/2/2021 (b)(d) | | | 33,584,000 | | | | 33,583,776 | | |
0.05%, 12/1/2021 (d) | | | 52,169,000 | | | | 52,166,609 | | |
0.05%, 12/8/2021 (b)(d) | | | 35,000,000 | | | | 34,998,055 | | |
BASF SE 0.09%, 11/12/2021 (d) | | | 100,000,000 | | | | 99,996,228 | | |
0.13%, 12/15/2021 (d) | | | 56,000,000 | | | | 55,991,738 | | |
0.13%, 12/16/2021 (b)(d) | | | 68,800,000 | | | | 68,789,543 | | |
Baxter International, Inc. 0.20%, 1/3/2022 (b)(d) | | | 39,621,000 | | | | 39,607,635 | | |
BNG Bank NV 0.07%, 11/12/2021 (b)(d) | | | 30,432,000 | | | | 30,431,184 | | |
BP Capital Markets plc 0.11%, 11/10/2021 (d) | | | 18,358,000 | | | | 18,357,523 | | |
CenterPoint Energy, Inc. 0.11%, 11/1/2021 (b)(d) | | | 27,355,000 | | | | 27,354,704 | | |
Cigna Corp. 0.20%, 1/14/2022 (b)(d) | | | 87,274,000 | | | | 87,237,413 | | |
Danaher Corp. 0.17%, 11/16/2021 (b)(d) | | | 28,919,000 | | | | 28,917,048 | | |
Dow Chemical Co. (The) 0.20%, 12/29/2021 (d) | | | 50,000,000 | | | | 49,982,209 | | |
EI du Pont de Nemours and Co. 0.18%, 12/20/2021 (b)(d) | | | 78,547,000 | | | | 78,528,280 | | |
Emerson Electric Co. 0.06%, 11/17/2021 (d) | | | 30,000,000 | | | | 29,998,892 | | |
Entergy Corp. 0.10%, 11/1/2021 (b)(d) | | | 20,060,000 | | | | 20,059,813 | | |
Erste Abwicklungsanstalt 0.09%, 11/1/2021 (b)(d) | | | 112,257,000 | | | | 112,256,233 | | |
0.07%, 11/17/2021 (b)(d) | | | 75,000,000 | | | | 74,996,319 | | |
Export Development Corp. 0.06%, 11/26/2021 (d) | | | 35,983,000 | | | | 35,981,321 | | |
0.05%, 12/1/2021 (d) | | | 59,039,000 | | | | 59,035,753 | | |
0.04%, 12/2/2021 (d) | | | 13,317,000 | | | | 13,316,245 | | |
0.05%, 12/6/2021 (d) | | | 22,263,000 | | | | 22,261,590 | | |
First Eagle Funds | Annual Report | October 31, 2021
32
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 7.7% (continued) | |
Exxon Mobil Corp. 0.05%, 11/16/2021 (d) | | | 27,973,000 | | | | 27,972,161 | | |
0.05%, 11/17/2021 (d) | | | 38,412,000 | | | | 38,410,783 | | |
0.06%, 12/2/2021 (d) | | | 56,289,000 | | | | 56,285,810 | | |
0.07%, 12/16/2021 (d) | | | 30,210,000 | | | | 30,207,503 | | |
0.05%, 12/17/2021 (d) | | | 38,052,000 | | | | 38,048,737 | | |
FMS Wertmanagement 0.11%, 11/18/2021 (b)(d) | | | 48,998,000 | | | | 48,995,741 | | |
0.09%, 11/23/2021 (b)(d) | | | 36,179,000 | | | | 36,176,814 | | |
0.10%, 11/30/2021 (b)(d) | | | 38,412,000 | | | | 38,408,927 | | |
0.10%, 12/13/2021 (b)(d) | | | 113,767,000 | | | | 113,754,201 | | |
0.10%, 12/15/2021 (b)(d) | | | 43,648,000 | | | | 43,642,814 | | |
0.10%, 1/13/2022 (b)(d) | | | 4,000,000 | | | | 3,998,978 | | |
General Motors Financial Co., Inc. 0.24%, 11/1/2021 (d) | | | 27,355,000 | | | | 27,354,421 | | |
Hitachi International Treasury Ltd. 0.12%, 11/1/2021 (d) | | | 18,236,000 | | | | 18,235,802 | | |
Hydro-Quebec 0.05%, 11/15/2021 (b)(d) | | | 30,000,000 | | | | 29,999,150 | | |
Kreditanstalt fuer Wiederaufbau 0.08%, 11/1/2021 (b)(d) | | | 54,750,000 | | | | 54,749,726 | | |
0.05%, 12/1/2021 (d) | | | 23,501,000 | | | | 23,499,492 | | |
LVMH Moet Hennessy Louis Vuitton SE 0.10%, 11/5/2021 (b)(d) | | | 32,052,000 | | | | 32,051,564 | | |
MetLife Short Term Funding LLC 0.07%, 11/2/2021 (b)(d) | | | 41,136,000 | | | | 41,135,730 | | |
0.06%, 11/4/2021 (b)(d) | | | 34,465,000 | | | | 34,464,638 | | |
0.05%, 11/5/2021 (b)(d) | | | 35,983,000 | | | | 35,982,545 | | |
0.06%, 12/2/2021 (b)(d) | | | 73,684,000 | | | | 73,680,034 | | |
0.07%, 12/14/2021 (b)(d) | | | 49,977,000 | | | | 49,973,105 | | |
Mitsubishi International Corp. 0.08%, 12/14/2021 (b)(d) | | | 65,000,000 | | | | 64,993,356 | | |
0.10%, 12/22/2021 (b)(d) | | | 65,000,000 | | | | 64,992,200 | | |
Mitsui & Co. USA, Inc. 0.14%, 11/1/2021 (d) | | | 21,883,000 | | | | 21,882,723 | | |
Nestle Finance International Ltd. 0.05%, 11/2/2021 (b)(d) | | | 45,090,000 | | | | 45,089,744 | | |
0.07%, 11/9/2021 (b)(d) | | | 31,787,000 | | | | 31,786,466 | | |
First Eagle Funds | Annual Report | October 31, 2021
33
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 7.7% (continued) | |
Nordea Bank Abp 0.10%, 11/8/2021 (b)(d) | | | 83,117,000 | | | | 83,115,361 | | |
NRW Bank 0.08%, 11/3/2021 (b)(d) | | | 30,403,000 | | | | 30,402,705 | | |
0.07%, 11/5/2021 (b)(d) | | | 28,397,000 | | | | 28,396,613 | | |
0.07%, 11/8/2021 (b)(d) | | | 28,397,000 | | | | 28,396,448 | | |
0.09%, 11/15/2021 (b)(d) | | | 49,667,000 | | | | 49,665,358 | | |
0.06%, 11/24/2021 (b)(d) | | | 40,000,000 | | | | 39,997,804 | | |
0.07%, 12/7/2021 (b)(d) | | | 75,375,000 | | | | 75,367,977 | | |
0.10%, 1/21/2022 (b)(d) | | | 23,728,000 | | | | 23,722,021 | | |
Nutrien Ltd. 0.14%, 11/16/2021 (d) | | | 14,198,000 | | | | 14,196,864 | | |
Oesterreichische Kontrollbank AG 0.07%, 12/2/2021 (d) | | | 66,316,000 | | | | 66,310,989 | | |
Parker-Hannifin Corp. 0.33%, 1/7/2022 (b)(d) | | | 83,100,000 | | | | 83,045,062 | | |
Procter & Gamble Co. (The) 0.06%, 1/24/2022 (d) | | | 91,150,000 | | | | 91,138,545 | | |
Province of Quebec 0.06%, 11/10/2021 (d) | | | 37,481,000 | | | | 37,480,250 | | |
0.07%, 11/16/2021 (b)(d) | | | 63,380,000 | | | | 63,378,099 | | |
0.07%, 11/19/2021 (b)(d) | | | 45,481,000 | | | | 45,479,408 | | |
0.07%, 12/3/2021 (b)(d) | | | 61,215,000 | | | | 61,211,429 | | |
0.08%, 1/31/2022 (d) | | | 38,781,000 | | | | 38,771,887 | | |
PSP Capital, Inc. 0.07%, 11/12/2021 (d) | | | 19,262,000 | | | | 19,261,483 | | |
0.10%, 11/15/2021 (d) | | | 46,309,000 | | | | 46,307,447 | | |
0.06%, 11/18/2021 (b)(d) | | | 50,000,000 | | | | 49,997,972 | | |
0.06%, 12/8/2021 (b)(d) | | | 44,760,000 | | | | 44,756,021 | | |
0.09%, 1/20/2022 (b)(d) | | | 48,771,000 | | | | 48,760,543 | | |
Sanofi 0.06%, 12/21/2021 (b)(d) | | | 35,000,000 | | | | 34,996,135 | | |
Siemens Capital Co. LLC 0.07%, 12/6/2021 (b)(d) | | | 87,600,000 | | | | 87,594,452 | | |
TotalEnergies Capital Canada Ltd. 0.08%, 11/9/2021 (d) | | | 90,447,000 | | | | 90,444,872 | | |
First Eagle Funds | Annual Report | October 31, 2021
34
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 7.7% (continued) | |
0.08%, 11/10/2021 (d) | | | 45,627,000 | | | | 45,625,813 | | |
0.07%, 11/18/2021 (b)(d) | | | 63,506,000 | | | | 63,503,072 | | |
Walgreens Boots Alliance, Inc. 0.18%, 11/3/2021 (b)(d) | | | 14,800,000 | | | | 14,799,671 | | |
Total Commercial Paper (Cost $3,881,496,168) | | | 3,881,468,450 | | |
U.S. Treasury Obligations — 0.1% | |
U.S. Treasury Bills 0.04%, 11/4/2021 (d) | | | 15,000,000 | | | | 14,999,956 | | |
0.03%, 11/12/2021 (d)(e) | | | 15,000,000 | | | | 14,999,811 | | |
Total U.S. Treasury Obligations (Cost $29,999,835) | | | 29,999,767 | | |
| | Shares | | | |
Investment Companies — 0.0% (c) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (f) (Cost $275,654) | | | 275,654 | | | | 275,654 | | |
Total Short-Term Investments (Cost $3,911,771,657) | | | 3,911,743,871 | | |
Total Investments — 100.0% (Cost $32,595,833,769) | | | 50,093,182,464 | | |
Other Assets Less Liabilities — 0.0% | | | 13,051,529 | | |
Net Assets — 100.0% | | | 50,106,233,993 | | |
* 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. Total value of all such securities at October 31, 2021 amounted to $2,508,446,393, which represents approximately 5.01% 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 October 31, 2021.
(e) All or a portion of the security pledged as collateral.
(f) Represents 7-day effective yield as of October 31, 2021.
First Eagle Funds | Annual Report | October 31, 2021
35
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
As of October 31, 2021, 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 | | $ | 18,727,642,214 | | |
Aggregate gross unrealized depreciation | | | (2,109,824,656 | ) | |
Net unrealized appreciation | | $ | 16,617,817,558 | | |
Federal income tax cost | | $ | 33,486,360,775 | | |
Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2021
Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
USD | 114,620,474 | | | EUR | 93,715,000 | | | Bank of New York Mellon | | 11/17/2021 | | $ | 6,254,367 | | |
USD | 114,627,184 | | | EUR | 96,146,000 | | | JPMorgan Chase Bank | | 1/19/2022 | | | 3,252,811 | | |
USD | 170,168,578 | | | EUR | 143,584,000 | | | UBS AG | | 2/16/2022 | | | 3,744,185 | | |
USD | 75,237,945 | | | GBP | 54,378,000 | | | UBS AG | | 2/16/2022 | | | 819,553 | | |
Total unrealized appreciation | | | 14,070,916 | | |
EUR | 93,715,000 | | | USD | 110,832,045 | | | Bank of New York Mellon | | 11/17/2021 | | | (2,465,939 | ) | |
USD | 132,031,257 | | | EUR | 113,933,000 | | | Goldman Sachs | | 3/16/2022 | | | (105,877 | ) | |
USD | 94,397,949 | | | GBP | 69,372,000 | | | Goldman Sachs | | 3/16/2022 | | | (503,231 | ) | |
Total unrealized depreciation | | | (3,075,047 | ) | |
Net unrealized appreciation | | $ | 10,995,869 | | |
Abbreviations
ADR — American Depositary Receipt
COP — Colombian Peso
EUR — Euro
Fix Rt — Fixed Rate
GBP — British Pound
IDR — Indonesian Rupiah
KRW — South Korean Won
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
First Eagle Funds | Annual Report | October 31, 2021
36
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Affiliated Securities
Security Description | | Shares at October 31, 2021 | | Market Value October 31, 2020 | | Purchases at Cost | | Proceeds from Sales | |
Common Stocks — 4.5% | |
Japan — 0.8% | |
Chofu Seisakusho Co. Ltd. | | | 3,224,200 | | | $ | 65,662,564 | | | $ | — | | | $ | — | | |
Hirose Electric Co. Ltd.^ | | | 1,555,415 | | | | 276,532,947 | | | | — | | | | (61,053,991 | ) | |
T Hasegawa Co. Ltd. | | | 3,002,800 | | | | 58,518,604 | | | | — | | | | — | | |
| | | | | 400,714,115 | | | | — | | | | (61,053,991 | ) | |
South Korea — 0.0% (a) | |
Namyang Dairy Products Co. Ltd.^ | | | 7,644 | | | | 9,013,160 | | | | — | | | | (15,024,456 | ) | |
United States — 3.8% | |
CH Robinson Worldwide, Inc. | | | 7,426,526 | | | | 634,235,877 | | | | 22,022,235 | | | | — | | |
Flowserve Corp. | | | 7,892,216 | | | | 229,821,330 | | | | — | | | | — | | |
Mills Music Trust | | | 31,592 | | | | 1,168,904 | | | | — | | | | — | | |
NOV, Inc.* (b) | | | 24,797,848 | | | | 199,639,163 | | | | 15,533,250 | | | | — | | |
San Juan Basin Royalty Trust^ | | | — | | | | 12,818,355 | | | | — | | | | (19,721,720 | ) | |
Teradata Corp.* | | | 9,658,435 | | | | 177,425,451 | | | | — | | | | — | | |
| | | | | 1,255,109,080 | | | | 37,555,485 | | | | (19,721,720 | ) | |
Total Common Stocks | | | | | 1,664,836,355 | | | | 37,555,485 | | | | (95,800,167 | ) | |
Total | | | | $ | 1,664,836,355 | | | $ | 37,555,485 | | | $ | (95,800,167 | ) | |
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2021 | | Dividend Income | |
Common Stocks — 4.5% | |
Japan — 0.8% | |
Chofu Seisakusho Co. Ltd. | | $ | — | | | $ | (7,405,446 | ) | | $ | 58,257,118 | | | $ | 921,318 | | |
Hirose Electric Co. Ltd.^ | | | 17,005,952 | | | | 27,628,511 | | | | 260,113,419 | | | | 3,147,714 | | |
T Hasegawa Co. Ltd. | | | — | | | | 14,811,375 | | | | 73,329,979 | | | | 1,266,637 | | |
| | | 17,005,952 | | | | 35,034,440 | | | | 391,700,516 | | | | 5,335,669 | | |
South Korea — 0.0% (a) | |
Namyang Dairy Products Co. Ltd.^ | | | 8,892,152 | | | | 105,311 | | | | 2,986,167 | | | | 30,573 | | |
First Eagle Funds | Annual Report | October 31, 2021
37
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2021
Affiliated Securities (continued)
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2021 | | Dividend Income | |
United States — 3.8% | |
CH Robinson Worldwide, Inc. | | $ | — | | | $ | 64,040,644 | | | $ | 720,298,757 | | | $ | 14,631,247 | | |
Flowserve Corp. | | | — | | | | 35,514,972 | | | | 265,336,302 | | | | 6,313,773 | | |
Mills Music Trust | | | — | | | | 758,208 | | | | 1,927,112 | | | | 91,568 | | |
NOV, Inc.* (b) | | | — | | | | 132,493,415 | | | | 347,665,829 | | | | — | | |
San Juan Basin Royalty Trust^ | | | (119,022,331 | ) | | | 125,925,696 | | | | — | | | | 1,771,128 | | |
Teradata Corp.* | | | — | | | | 368,855,633 | | | | 546,281,084 | | | | — | | |
| | | (119,022,331 | ) | | | 727,588,568 | | | | 1,881,509,084 | | | | 22,807,716 | | |
Total Common Stocks | | | (93,124,227 | ) | | | 762,728,319 | | | | 2,276,195,767 | | | | 28,173,958 | | |
Total | | $ | (93,124,227 | ) | | $ | 762,728,319 | | | $ | 2,276,195,767 | | | $ | 28,173,958 | | |
* Non-income producing security.
^ Represents an unaffiliated issuer as of October 31, 2021.
(a) Represents less than 0.05% of net assets.
(b) Formerly known as National Oilwell Varco, Inc.
See Notes to Financial Statements
First Eagle Funds | Annual Report | October 31, 2021
38
This page was intentionally left blank.
First Eagle Overseas Fund
Data as of October 31, 2021 (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 | | | 17.35 | | | | 5.50 | | | | 5.80 | | |
| | | | with sales load | | | 11.49 | | | | 4.42 | | | | 5.26 | | |
MSCI EAFE Index | | | | | | | 34.18 | | | | 9.79 | | | | 7.37 | | |
Consumer Price Index | | | | | | | 6.22 | | | | 2.73 | | | | 2.02 | | |

Sectors* (%)
Consumer Staples | | | 17.3 | | |
Financials | | | 15.6 | | |
Industrials | | | 11.0 | | |
Commodities | | | 10.2 | | |
Materials | | | 8.1 | | |
Consumer Discretionary | | | 7.6 | | |
Health Care | | | 5.2 | | |
Information Technology | | | 4.3 | | |
Real Estate | | | 4.3 | | |
Energy | | | 3.3 | | |
Foreign Government Securities | | | 2.3 | | |
Communication Services | | | 1.0 | | |
Short-Term Investments | | | 9.8 | | |
Countries*~ (%)
Japan | | | 17.4 | | |
United States | | | 13.3 | | |
United Kingdom | | | 9.9 | | |
France | | | 6.5 | | |
Canada | | | 6.2 | | |
Hong Kong | | | 4.4 | | |
Switzerland | | | 4.2 | | |
South Korea | | | 3.9 | | |
Sweden | | | 3.0 | | |
Belgium | | | 2.7 | | |
Singapore | | | 2.5 | | |
Brazil | | | 2.5 | | |
Netherlands | | | 2.0 | | |
Taiwan | | | 1.9 | | |
Mexico | | | 1.9 | | |
Germany | | | 1.9 | | |
China | | | 1.2 | | |
Chile | | | 1.1 | | |
Norway | | | 0.9 | | |
Thailand | | | 0.7 | | |
Ireland | | | 0.5 | | |
Colombia | | | 0.4 | | |
Australia | | | 0.4 | | |
Malaysia | | | 0.3 | | |
Peru | | | 0.2 | | |
Turkey | | | 0.2 | | |
Indonesia | | | 0.1 | | |
Short-Term Investments | | | 9.8 | | |
^ 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 | Annual Report | October 31, 2021
40
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) | | | 10.1 | | |
Groupe Bruxelles Lambert SA (Diversified Financial Services, Belgium) | | | 2.6 | | |
Danone SA (Food Products, France) | | | 2.3 | | |
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | | | 2.1 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 2.0 | | |
Nestle SA (Registered) (Food Products, Switzerland) | | | 2.0 | | |
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | | | 2.0 | | |
Willis Towers Watson plc (Insurance, United States) | | | 1.9 | | |
Unilever plc (Personal Products, United Kingdom) | | | 1.9 | | |
Nutrien Ltd. (Chemicals, Canada) | | | 1.8 | | |
Total | | | 28.7 | | |
* 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 | Annual Report | October 31, 2021
41
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Common Stocks — 77.8% | |
Australia — 0.4% | |
Newcrest Mining Ltd. | | | 2,725,136 | | | | 51,057,721 | | |
Belgium — 2.7% | |
Groupe Bruxelles Lambert SA | | | 3,253,637 | | | | 377,523,431 | | |
Legris Industries SE*‡ (a)(b)(c) | | | 905,366 | | | | 20,293,634 | | |
| | | 397,817,065 | | |
Brazil — 2.5% | |
Ambev SA, ADR | | | 65,314,679 | | | | 193,331,450 | | |
Itausa SA (Preference) | | | 43,554,288 | | | | 79,101,217 | | |
Wheaton Precious Metals Corp. | | | 2,256,314 | | | | 91,177,649 | | |
| | | 363,610,316 | | |
Canada — 6.2% | |
Agnico Eagle Mines Ltd. | | | 717,589 | | | | 38,088,576 | | |
Barrick Gold Corp. | | | 3,513,293 | | | | 64,539,192 | | |
Franco-Nevada Corp. | | | 224,985 | | | | 32,102,538 | | |
Imperial Oil Ltd. | | | 8,488,821 | | | | 287,396,251 | | |
Nutrien Ltd. | | | 3,835,473 | | | | 268,137,917 | | |
Power Corp. of Canada | | | 6,484,234 | | | | 215,966,488 | | |
| | | 906,230,962 | | |
Chile — 1.1% | |
Cia Cervecerias Unidas SA, ADR (b) | | | 9,392,572 | | | | 158,828,392 | | |
China — 1.2% | |
Alibaba Group Holding Ltd., ADR* | | | 542,153 | | | | 89,422,716 | | |
Prosus NV* | | | 1,008,397 | | | | 88,822,623 | | |
| | | 178,245,339 | | |
France — 6.5% | |
Danone SA | | | 5,117,957 | | | | 333,618,128 | | |
Laurent-Perrier (b) | | | 558,938 | | | | 62,287,158 | | |
Legrand SA | | | 851,876 | | | | 92,931,267 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 30,062 | | | | 23,572,265 | | |
Saint Jean Groupe SA* | | | 18,420 | | | | 519,562 | | |
Sanofi | | | 1,976,892 | | | | 198,567,293 | | |
Sodexo SA* | | | 1,804,517 | | | | 175,560,185 | | |
Wendel SE | | | 493,657 | | | | 65,759,858 | | |
| | | 952,815,716 | | |
First Eagle Funds | Annual Report | October 31, 2021
42
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Germany — 1.9% | |
Brenntag SE | | | 694,013 | | | | 66,027,249 | | |
FUCHS PETROLUB SE (Preference) | | | 1,779,066 | | | | 85,225,517 | | |
Henkel AG & Co. KGaA (Preference) | | | 1,439,033 | | | | 128,919,403 | | |
| | | 280,172,169 | | |
Hong Kong — 4.4% | |
CK Asset Holdings Ltd. | | | 19,475,000 | | | | 120,298,217 | | |
Great Eagle Holdings Ltd. | | | 22,777,700 | | | | 62,670,387 | | |
Guoco Group Ltd. | | | 7,806,340 | | | | 91,221,639 | | |
Hongkong Land Holdings Ltd. | | | 15,883,500 | | | | 87,713,058 | | |
Hysan Development Co. Ltd. | | | 17,500,405 | | | | 60,842,613 | | |
Jardine Matheson Holdings Ltd. | | | 3,892,300 | | | | 226,077,065 | | |
| | | 648,822,979 | | |
Ireland — 0.5% | |
CRH plc | | | 1,586,739 | | | | 75,931,535 | | |
Japan — 17.4% | |
As One Corp. | | | 709,140 | | | | 97,210,714 | | |
Chofu Seisakusho Co. Ltd. (b) | | | 1,829,100 | | | | 33,049,468 | | |
Daiichikosho Co. Ltd. (b) | | | 2,866,280 | | | | 104,073,016 | | |
FANUC Corp. | | | 1,241,140 | | | | 245,275,560 | | |
Hirose Electric Co. Ltd. | | | 919,830 | | | | 153,823,980 | | |
Hoshizaki Corp. | | | 932,800 | | | | 78,440,016 | | |
Hoya Corp. | | | 558,630 | | | | 82,235,116 | | |
Kansai Paint Co. Ltd. | | | 3,559,930 | | | | 82,433,734 | | |
Keyence Corp. | | | 222,600 | | | | 134,364,651 | | |
Komatsu Ltd. | | | 3,814,300 | | | | 99,901,553 | | |
Mitsubishi Electric Corp. | | | 10,867,500 | | | | 145,944,450 | | |
Mitsubishi Estate Co. Ltd. | | | 14,541,150 | | | | 220,981,725 | | |
MS&AD Insurance Group Holdings, Inc. | | | 3,828,600 | | | | 123,691,949 | | |
Nagaileben Co. Ltd. | | | 1,687,224 | | | | 34,678,346 | | |
Olympus Corp. | | | 840,372 | | | | 18,205,016 | | |
Pilot Corp. | | | 358,100 | | | | 13,132,904 | | |
Secom Co. Ltd. | | | 3,108,600 | | | | 211,920,927 | | |
Shimano, Inc. | | | 694,470 | | | | 193,766,586 | | |
SK Kaken Co. Ltd. | | | 87,561 | | | | 29,113,269 | | |
First Eagle Funds | Annual Report | October 31, 2021
43
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Japan — 17.5% (continued) | |
SMC Corp. | | | 250,190 | | | | 149,304,693 | | |
Sompo Holdings, Inc. | | | 5,998,300 | | | | 260,127,303 | | |
T Hasegawa Co. Ltd. | | | 1,906,436 | | | | 46,556,185 | | |
USS Co. Ltd. | | | 425,500 | | | | 6,858,337 | | |
Yokogawa Electric Corp. | | | 13,600 | | | | 271,759 | | |
| | | 2,565,361,257 | | |
Mexico — 1.4% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 1,956,404 | | | | 160,796,845 | | |
Fresnillo plc | | | 1,426,722 | | | | 16,790,463 | | |
Grupo Mexico SAB de CV, Series B | | | 566,938 | | | | 2,487,169 | | |
Industrias Penoles SAB de CV* | | | 2,246,692 | | | | 28,808,248 | | |
| | | 208,882,725 | | |
Netherlands — 2.0% | |
HAL Trust | | | 618,494 | | | | 107,996,668 | | |
Royal Dutch Shell plc, Class A | | | 8,311,366 | | | | 191,502,581 | | |
| | | 299,499,249 | | |
Norway — 0.9% | |
Orkla ASA | | | 13,903,113 | | | | 135,227,473 | | |
Singapore — 2.0% | |
ComfortDelGro Corp. Ltd. | | | 20,481,815 | | | | 23,738,181 | | |
Haw Par Corp. Ltd. (b) | | | 19,447,213 | | | | 181,739,911 | | |
United Overseas Bank Ltd. | | | 828,500 | | | | 16,469,200 | | |
UOL Group Ltd. | | | 14,128,300 | | | | 75,776,142 | | |
| | | 297,723,434 | | |
South Korea — 3.5% | |
Fursys, Inc. (b) | | | 872,463 | | | | 29,143,019 | | |
Hyundai Mobis Co. Ltd. | | | 383,757 | | | | 82,956,404 | | |
KT&G Corp. | | | 2,525,785 | | | | 175,437,924 | | |
Lotte Confectionery Co. Ltd. | | | 104,605 | | | | 11,533,260 | | |
Lotte Corp. | | | 772,717 | | | | 21,643,703 | | |
Namyang Dairy Products Co. Ltd. | | | 4,387 | | | | 1,713,804 | | |
Namyang Dairy Products Co. Ltd. (Preference) (b) | | | 15,711 | | | | 3,049,776 | | |
NAVER Corp. | | | 126,327 | | | | 43,921,712 | | |
First Eagle Funds | Annual Report | October 31, 2021
44
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
South Korea — 3.6% (continued) | |
NongShim Co. Ltd. | | | 203,663 | | | | 49,382,835 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 1,863,921 | | | | 102,396,424 | | |
| | | 521,178,861 | | |
Sweden — 3.0% | |
Industrivarden AB, Class A | | | 123,708 | | | | 4,080,915 | | |
Industrivarden AB, Class C | | | 1,572,517 | | | | 51,151,750 | | |
Investor AB, Class A | | | 4,452,408 | | | | 103,008,940 | | |
Investor AB, Class B | | | 8,384,352 | | | | 193,460,069 | | |
Svenska Handelsbanken AB, Class A | | | 8,041,032 | | | | 92,169,043 | | |
| | | 443,870,717 | | |
Switzerland — 4.1% | |
Cie Financiere Richemont SA (Registered) | | | 2,552,516 | | | | 315,875,092 | | |
Nestle SA (Registered) | | | 2,199,560 | | | | 290,137,862 | | |
| | | 606,012,954 | | |
Taiwan — 1.9% | |
Taiwan Secom Co. Ltd. | | | 8,545,694 | | | | 30,904,547 | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 2,219,495 | | | | 252,356,581 | | |
| | | 283,261,128 | | |
Thailand — 0.7% | |
Bangkok Bank PCL, NVDR | | | 21,880,059 | | | | 80,971,821 | | |
Thai Beverage PCL | | | 52,214,985 | | | | 27,486,570 | | |
| | | 108,458,391 | | |
Turkey — 0.2% | |
AG Anadolu Grubu Holding A/S | | | 9,256,418 | | | | 26,503,489 | | |
United Kingdom — 9.9% | |
BAE Systems plc | | | 7,097,807 | | | | 53,518,617 | | |
Berkeley Group Holdings plc | | | 1,821,189 | | | | 108,631,330 | | |
British American Tobacco plc | | | 8,470,873 | | | | 294,654,283 | | |
Diageo plc | | | 983,768 | | | | 48,944,120 | | |
GlaxoSmithKline plc | | | 7,145,873 | | | | 148,354,253 | | |
Great Portland Estates plc, REIT | | | 1,005,391 | | | | 10,053,365 | | |
Hiscox Ltd. | | | 6,200,408 | | | | 70,544,518 | | |
Linde plc | | | 285,348 | | | | 91,806,907 | | |
First Eagle Funds | Annual Report | October 31, 2021
45
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
United Kingdom — 9.9% (continued) | |
Lloyds Banking Group plc | | | 217,111,612 | | | | 148,586,988 | | |
Reckitt Benckiser Group plc | | | 2,333,629 | | | | 189,450,511 | | |
Ultra Electronics Holdings plc | | | 400,204 | | | | 17,733,688 | | |
Unilever plc | | | 5,126,746 | | | | 274,457,067 | | |
| | | 1,456,735,647 | | |
United States — 3.2% | |
Newmont Corp. | | | 2,780,992 | | | | 150,173,568 | | |
Royal Gold, Inc. | | | 407,717 | | | | 40,372,137 | | |
Willis Towers Watson plc | | | 1,144,034 | | | | 277,176,558 | | |
| | | 467,722,263 | | |
Total Common Stocks (Cost $7,780,570,504) | | | 11,433,969,782 | | |
| | Ounces | | | |
Commodities — 10.2% | |
Gold bullion* (Cost $799,500,107) | | | 836,267 | | | | 1,490,688,438 | | |
| | Principal Amount ($) | | | |
Foreign Government Securities — 2.3% | |
Colombia — 0.4% | |
Republic of Colombia 5.75%, 11/3/2027 | | COP | 231,789,600,000 | | | | 56,514,848 | | |
Indonesia — 0.1% | |
Republic of Indonesia 8.38%, 3/15/2024 | | IDR | 267,431,000,000 | | | | 20,622,436 | | |
Malaysia — 0.3% | |
Malaysia Government Bond 3.42%, 8/15/2022 | | MYR | 181,499,000 | | | | 44,376,039 | | |
Mexico — 0.5% | |
Mex Bonos Desarr Fix Rt 6.50%, 6/9/2022 | | MXN | 668,090,000 | | | | 32,501,404 | | |
8.00%, 12/7/2023 | | MXN | 377,210,000 | | | | 18,705,680 | | |
10.00%, 12/5/2024 | | MXN | 366,710,000 | | | | 19,234,285 | | |
| | | 70,441,369 | | |
First Eagle Funds | Annual Report | October 31, 2021
46
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Peru — 0.2% | |
Republic of Peru 8.20%, 8/12/2026 (d) | | PEN | 102,111,000 | | | | 29,107,755 | | |
Singapore — 0.5% | |
Republic of Singapore 3.13%, 9/1/2022 | | SGD | 97,397,000 | | | | 73,750,150 | | |
South Korea — 0.3% | |
Republic of Korea 1.25%, 3/10/2026 | | KRW | 59,926,230,000 | | | | 48,732,444 | | |
Total Foreign Government Securities (Cost $357,393,516) | | | 343,545,041 | | |
| | Number of Warrants | | | |
Warrants — 0.0% (e) | |
Switzerland — 0.0% (e) | |
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $—) | | | 5,585,194 | | | | 4,026,025 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 9.8% | |
Commercial Paper — 9.7% | |
American Honda Finance Corp. 0.14%, 11/3/2021 (f) | | | 30,249,000 | | | | 30,248,508 | | |
0.15%, 11/4/2021 (f) | | | 35,074,000 | | | | 35,073,305 | | |
0.16%, 11/22/2021 (f) | | | 8,126,000 | | | | 8,125,280 | | |
0.15%, 12/7/2021 (f) | | | 10,000,000 | | | | 9,998,418 | | |
0.18%, 1/13/2022 (f) | | | 60,000,000 | | | | 59,977,706 | | |
Apple, Inc. 0.04%, 11/2/2021 (d)(f) | | | 12,131,000 | | | | 12,130,919 | | |
0.05%, 12/1/2021 (f) | | | 14,263,000 | | | | 14,262,346 | | |
BNG Bank NV 0.07%, 11/12/2021 (d)(f) | | | 13,957,000 | | | | 13,956,626 | | |
BP Capital Markets plc 0.11%, 11/10/2021 (f) | | | 6,642,000 | | | | 6,641,827 | | |
0.13%, 1/10/2022 (f) | | | 50,000,000 | | | | 49,987,225 | | |
CenterPoint Energy, Inc. 0.11%, 11/1/2021 (d)(f) | | | 4,891,000 | | | | 4,890,947 | | |
Danaher Corp. 0.17%, 11/16/2021 (d)(f) | | | 3,090,000 | | | | 3,089,791 | | |
First Eagle Funds | Annual Report | October 31, 2021
47
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 9.7% (continued) | |
Entergy Corp. 0.10%, 11/1/2021 (d)(f) | | | 3,587,000 | | | | 3,586,967 | | |
Erste Abwicklungsanstalt 0.10%, 11/1/2021 (d)(f) | | | 37,743,000 | | | | 37,742,742 | | |
Export Development Corp. 0.06%, 11/26/2021 (f) | | | 14,017,000 | | | | 14,016,346 | | |
0.04%, 12/1/2021 (f) | | | 14,711,000 | | | | 14,710,191 | | |
0.04%, 12/2/2021 (f) | | | 7,083,000 | | | | 7,082,599 | | |
0.05%, 12/6/2021 (f) | | | 16,460,000 | | | | 16,458,957 | | |
0.07%, 1/18/2022 (f) | | | 40,000,000 | | | | 39,993,070 | | |
Exxon Mobil Corp. 0.05%, 11/16/2021 (f) | | | 2,989,000 | | | | 2,988,910 | | |
0.05%, 11/17/2021 (f) | | | 11,588,000 | | | | 11,587,633 | | |
0.06%, 12/2/2021 (f) | | | 18,711,000 | | | | 18,709,940 | | |
0.07%, 12/16/2021 (f) | | | 3,290,000 | | | | 3,289,728 | | �� |
FMS Wertmanagement 0.11%, 11/18/2021 (d)(f) | | | 26,002,000 | | | | 26,000,801 | | |
0.09%, 11/23/2021 (d)(f) | | | 13,160,000 | | | | 13,159,205 | | |
0.10%, 11/30/2021 (d)(f) | | | 11,588,000 | | | | 11,587,073 | | |
0.10%, 12/13/2021 (d)(f) | | | 42,050,000 | | | | 42,045,269 | | |
0.10%, 12/15/2021 (d)(f) | | | 16,186,000 | | | | 16,184,077 | | |
0.10%, 1/13/2022 (d)(f) | | | 25,000,000 | | | | 24,993,614 | | |
General Motors Financial Co., Inc. 0.24%, 11/1/2021 (f) | | | 4,891,000 | | | | 4,890,896 | | |
Hitachi International Treasury Ltd. 0.12%, 11/1/2021 (f) | | | 3,261,000 | | | | 3,260,965 | | |
Kreditanstalt fuer Wiederaufbau 0.05%, 12/1/2021 (f) | | | 12,499,000 | | | | 12,498,198 | | |
0.10%, 3/4/2022 (f) | | | 49,000,000 | | | | 48,980,449 | | |
0.10%, 3/11/2022 (f) | | | 49,000,000 | | | | 48,978,458 | | |
LVMH Moet Hennessy Louis Vuitton SE 0.10%, 11/5/2021 (d)(f) | | | 17,948,000 | | | | 17,947,756 | | |
0.09%, 1/24/2022 (f) | | | 59,000,000 | | | | 58,980,608 | | |
0.09%, 1/25/2022 (f) | | | 59,000,000 | | | | 58,980,242 | | |
MetLife Short Term Funding LLC 0.07%, 11/2/2021 (d)(f) | | | 4,395,000 | | | | 4,394,971 | | |
0.05%, 11/5/2021 (d)(f) | | | 14,017,000 | | | | 14,016,823 | | |
First Eagle Funds | Annual Report | October 31, 2021
48
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 9.7% (continued) | |
0.06%, 12/2/2021 (d)(f) | | | 21,053,000 | | | | 21,051,867 | | |
0.07%, 12/14/2021 (d)(f) | | | 22,922,000 | | | | 22,920,213 | | |
Mitsubishi International Corp. 0.10%, 2/2/2022 (d)(f) | | | 49,000,000 | | | | 48,984,843 | | |
Mitsui & Co. USA, Inc. 0.14%, 11/1/2021 (f) | | | 3,913,000 | | | | 3,912,950 | | |
Nestle Finance International Ltd. 0.05%, 11/2/2021 (d)(f) | | | 4,910,000 | | | | 4,909,972 | | |
0.07%, 11/9/2021 (d)(f) | | | 6,213,000 | | | | 6,212,896 | | |
Nordea Bank Abp 0.10%, 11/8/2021 (d)(f) | | | 30,583,000 | | | | 30,582,397 | | |
NRW Bank 0.08%, 11/3/2021 (d)(f) | | | 14,747,000 | | | | 14,746,857 | | |
0.07%, 11/5/2021 (d)(f) | | | 20,994,000 | | | | 20,993,714 | | |
0.07%, 11/8/2021 (d)(f) | | | 20,994,000 | | | | 20,993,592 | | |
0.09%, 11/15/2021 (d)(f) | | | 24,291,000 | | | | 24,290,197 | | |
0.05%, 11/24/2021 (d)(f) | | | 10,000,000 | | | | 9,999,451 | | |
0.10%, 1/21/2022 (d)(f) | | | 50,000,000 | | | | 49,987,400 | | |
Nutrien Ltd. 0.14%, 11/16/2021 (f) | | | 10,497,000 | | | | 10,496,160 | | |
Oesterreichische Kontrollbank AG 0.07%, 12/2/2021 (f) | | | 18,947,000 | | | | 18,945,568 | | |
Province of Quebec 0.06%, 11/10/2021 (f) | | | 13,634,000 | | | | 13,633,727 | | |
0.07%, 11/16/2021 (d)(f) | | | 19,120,000 | | | | 19,119,427 | | |
0.07%, 11/19/2021 (d)(f) | | | 15,119,000 | | | | 15,118,471 | | |
0.07%, 12/3/2021 (d)(f) | | | 32,467,000 | | | | 32,465,106 | | |
PSP Capital, Inc. 0.07%, 11/12/2021 (f) | | | 3,738,000 | | | | 3,737,900 | | |
0.10%, 11/15/2021 (f) | | | 33,691,000 | | | | 33,689,870 | | |
0.09%, 1/20/2022 (d)(f) | | | 50,000,000 | | | | 49,989,279 | | |
0.09%, 2/8/2022 (d)(f) | | | 32,800,000 | | | | 32,790,335 | | |
0.09%, 2/14/2022 (d)(f) | | | 30,000,000 | | | | 29,990,460 | | |
TotalEnergies Capital Canada Ltd. 0.08%, 11/9/2021 (f) | | | 32,900,000 | | | | 32,899,226 | | |
0.08%, 11/10/2021 (f) | | | 22,316,000 | | | | 22,315,420 | | |
Total Commercial Paper (Cost $1,420,262,694) | | | 1,420,226,684 | | |
First Eagle Funds | Annual Report | October 31, 2021
49
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
U.S. Treasury Obligations — 0.1% | |
U.S. Treasury Bills 0.04%, 11/4/2021 (f) | | | 10,000,000 | | | | 9,999,970 | | |
0.02%, 11/12/2021 (f)(g) | | | 10,000,000 | | | | 9,999,874 | | |
Total U.S. Treasury Obligations (Cost $19,999,890) | | | 19,999,844 | | |
| | Shares | | | |
Investment Companies — 0.0% (e) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (h) (Cost $49,734) | | | 49,734 | | | | 49,734 | | |
Total Short-Term Investments (Cost $1,440,312,318) | | | 1,440,276,262 | | |
Total Investments — 100.1% (Cost $10,377,776,445) | | | 14,712,505,548 | | |
Liabilities in Excess of Other Assets — (0.1)% | | | (10,542,436 | ) | |
Net Assets — 100.0% | | | 14,701,963,112 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Security fair valued as of October 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2021 amounted to $20,293,634, which represents approximately 0.14% 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.
Restricted Securities | | Acquisition Date | | Cost | | Carrying Value Per Share/Principal | |
Legris Industries SE | | 04/30/04 | | $ | 23,433,066 | | | $ | 22.41 | | |
(d) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2021 amounted to $729,981,813, which represents approximately 4.97% of net assets of the Fund.
(e) Represents less than 0.05% of net assets.
(f) The rate shown was the current yield as of October 31, 2021.
(g) All or a portion of the security pledged as collateral.
(h) Represents 7-day effective yield as of October 31, 2021.
First Eagle Funds | Annual Report | October 31, 2021
50
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
As of October 31, 2021, 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 | | $ | 4,685,819,033 | | |
Aggregate gross unrealized depreciation | | | (1,151,039,028 | ) | |
Net unrealized appreciation | | $ | 3,534,780,005 | | |
Federal income tax cost | | $ | 11,183,853,962 | | |
Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2021
Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
USD | 60,917,697 | | | EUR | 49,807,000 | | | Bank of New York Mellon | | 11/17/2021 | | $ | 3,324,028 | | |
USD | 61,103,659 | | | EUR | 51,252,000 | | | JPMorgan Chase Bank | | 1/19/2022 | | | 1,733,957 | | |
USD | 105,151,249 | | | EUR | 88,724,000 | | | UBS AG | | 2/16/2022 | | | 2,313,622 | | |
USD | 32,823,380 | | | GBP | 23,723,000 | | | UBS AG | | 2/16/2022 | | | 357,539 | | |
Total unrealized appreciation | | | | | | | | | 7,729,146 | | |
EUR | 49,807,000 | | | USD | 58,904,249 | | | Bank of New York Mellon | | 11/17/2021 | | | (1,310,580 | ) | |
USD | 82,605,146 | | | EUR | 71,282,000 | | | Goldman Sachs | | 3/16/2022 | | | (66,242 | ) | |
USD | 42,000,910 | | | GBP | 30,866,000 | | | Goldman Sachs | | 3/16/2022 | | | (223,905 | ) | |
Total unrealized depreciation | | | | | | | | | (1,600,727 | ) | |
Net unrealized appreciation | | | | | | | | $ | 6,128,419 | | |
Abbreviations
ADR — American Depositary Receipt
COP — Colombian Peso
EUR — Euro
Fix Rt — Fixed Rate
GBP — British Pound
IDR — Indonesian Rupiah
KRW — South Korean Won
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
SGD — Singapore Dollar
USD — United States Dollar
First Eagle Funds | Annual Report | October 31, 2021
51
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Affiliated Securities
Security Description | | Shares at October 31, 2021 | | Market Value October 31, 2020 | | Purchases at Cost | | Proceeds from Sales | |
Common Stock — 4.0% | |
Belgium — 0.1% | |
Legris Industries SE*‡ (a)(b) | | | 905,366 | | | $ | 8,129,690 | | | $ | — | | | $ | — | | |
Chile — 1.1% | |
Cia Cervecerias Unidas SA | | | 9,392,572 | | | | 101,064,075 | | | | — | | | | — | | |
France — 0.4% | |
Laurent-Perrier | | | 558,938 | | | | 45,954,829 | | | | — | | | | — | | |
Japan — 1.0% | |
Chofu Seisakusho Co. Ltd. | | | 1,829,100 | | | | 37,250,603 | | | | — | | | | — | | |
Daiichikosho Co. Ltd. | | | 2,866,280 | | | | 91,899,275 | | | | 5,851,903 | | | | — | | |
| | | | | 129,149,878 | | | | 5,851,903 | | | | — | | |
Singapore — 1.2% | |
Haw Par Corp. Ltd. | | | 19,447,213 | | | | 133,533,111 | | | | — | | | | — | | |
South Korea — 0.2% | |
Fursys, Inc. | | | 872,463 | | | | 22,683,276 | | | | — | | | | — | | |
Namyang Dairy Products Co. Ltd. (Preference) | | | 15,711 | | | | 3,228,542 | | | | — | | | | (2,739,692 | ) | |
| | | | | 25,911,818 | | | | — | | | | (2,739,692 | ) | |
Total Common Stocks | | | | | 443,743,401 | | | | 5,851,903 | | | | (2,739,692 | ) | |
Total | | | | $ | 443,743,401 | | | $ | 5,851,903 | | | $ | (2,739,692 | ) | |
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2021 | | Dividend Income | |
Common Stock — 4.0% | |
Belgium — 0.1% | |
Legris Industries SE*‡ (a)(b) | | $ | — | | | $ | 12,163,944 | | | $ | 20,293,634 | | | $ | — | | |
Chile — 1.1% | |
Cia Cervecerias Unidas SA | | | — | | | | 57,764,317 | | | | 158,828,392 | | | | 7,481,837 | | |
France — 0.4% | |
Laurent-Perrier | | | — | | | | 16,332,329 | | | | 62,287,158 | | �� | | 564,891 | | |
Japan — 1.0% | |
Chofu Seisakusho Co. Ltd. | | | — | | | | (4,201,135 | ) | | | 33,049,468 | | | | 522,662 | | |
Daiichikosho Co. Ltd. | | | — | | | | 6,321,838 | | | | 104,073,016 | | | | 2,622,784 | | |
| | | — | | | | 2,120,703 | | | | 137,122,484 | | | | 3,145,446 | | |
First Eagle Funds | Annual Report | October 31, 2021
52
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2021
Affiliated Securities (continued)
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2021 | | Dividend Income | |
Singapore — 1.2% | |
Haw Par Corp. Ltd. | | $ | — | | | $ | 48,206,800 | | | $ | 181,739,911 | | | $ | 4,345,284 | | |
South Korea — 0.2% | |
Fursys, Inc. | | | — | | | | 6,459,743 | | | | 29,143,019 | | | | 667,008 | | |
Namyang Dairy Products Co. Ltd. (Preference) | | | 2,529,757 | | | | 31,169 | | | | 3,049,776 | | | | 21,821 | | |
| | | 2,529,757 | | | | 6,490,912 | | | | 32,192,795 | | | | 688,829 | | |
Total Common Stock | | | 2,529,757 | | | | 143,079,005 | | | | 592,464,374 | | | | 16,226,287 | | |
Total | | $ | 2,529,757 | | | $ | 143,079,005 | | | $ | 592,464,374 | | | $ | 16,226,287 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Security fair valued as of October 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2021 amounted to $20,293,634, which represents approximately 0.14% of net assets of the Fund.
(b) Represents a security that is subject to legal or contractual restrictions on resale.
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2021
53
First Eagle U.S. Value Fund
Data as of October 31, 2021 (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 | | | 33.28 | | | | 10.83 | | | | 9.36 | | |
| | | | with sales charge | | | 26.64 | | | | 9.69 | | | | 8.80 | | |
S&P 500 Index | | | | | | | 42.91 | | | | 18.93 | | | | 16.21 | | |
Consumer Price Index | | | | | | | 6.22 | | | | 2.73 | | | | 2.02 | | |

Sectors* (%)
Financials | | | 16.6 | | |
Information Technology | | | 16.5 | | |
Commodities | | | 10.1 | | |
Communication Services | | | 10.0 | | |
Industrials | | | 8.6 | | |
Energy | | | 7.4 | | |
Health Care | | | 7.3 | | |
Consumer Staples | | | 6.5 | | |
Materials | | | 5.4 | | |
Real Estate | | | 3.5 | | |
Consumer Discretionary | | | 1.5 | | |
Utilities | | | 0.8 | | |
Short-Term Investments | | | 5.8 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
† Less than 0.05%.
* 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 | Annual Report | October 31, 2021
54
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) | | | 10.1 | | |
Oracle Corp. (Software, United States) | | | 5.4 | | |
Comcast Corp. (Media, United States) | | | 3.6 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 3.3 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 3.2 | | |
Meta Platforms, Inc. (Interactive Media & Services, United States) | | | 3.0 | | |
Microsoft Corp. (Software, United States) | | | 2.9 | | |
Colgate-Palmolive Co. (Household Products, United States) | | | 2.8 | | |
Bank of New York Mellon Corp. (The) (Capital Markets, United States) | | | 2.8 | | |
CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | | | 2.5 | | |
Total | | | 39.6 | | |
* 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 | Annual Report | October 31, 2021
55
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Common Stocks — 82.2% | |
Aerospace & Defense — 0.2% | |
General Dynamics Corp. | | | 12,035 | | | | 2,440,096 | | |
Air Freight & Logistics — 3.3% | |
CH Robinson Worldwide, Inc. | | | 330,334 | | | | 32,039,094 | | |
Expeditors International of Washington, Inc. | | | 89,172 | | | | 10,991,341 | | |
| | | 43,030,435 | | |
Banks — 3.4% | |
Truist Financial Corp. | | | 170,230 | | | | 10,804,498 | | |
US Bancorp | | | 345,798 | | | | 20,875,826 | | |
Wells Fargo & Co. | | | 247,457 | | | | 12,659,900 | | |
| | | 44,340,224 | | |
Capital Markets — 3.9% | |
Bank of New York Mellon Corp. (The) | | | 607,458 | | | | 35,961,514 | | |
Charles Schwab Corp. (The) | | | 186,176 | | | | 15,272,017 | | |
| | | 51,233,531 | | |
Chemicals — 2.7% | |
Linde plc (United Kingdom) | | | 25,118 | | | | 8,017,666 | | |
Nutrien Ltd. (Canada) | | | 250,453 | | | | 17,509,169 | | |
PPG Industries, Inc. | | | 36,734 | | | | 5,898,379 | | |
Scotts Miracle-Gro Co. (The) | | | 25,366 | | | | 3,765,836 | | |
| | | 35,191,050 | | |
Consumer Finance — 1.6% | |
American Express Co. | | | 120,858 | | | | 21,002,703 | | |
Diversified Financial Services — 1.3% | |
Berkshire Hathaway, Inc., Class A* | | | 38 | | | | 16,450,276 | | |
Electronic Equipment, Instruments & Components — 1.0% | |
IPG Photonics Corp.* | | | 79,945 | | | | 12,712,054 | | |
Energy Equipment & Services — 2.2% | |
NOV, Inc.* | | | 998,989 | | | | 14,005,826 | | |
Schlumberger NV | | | 451,018 | | | | 14,549,841 | | |
| | | 28,555,667 | | |
Equity Real Estate Investment Trusts (REITs) — 3.5% | |
Boston Properties, Inc. | | | 64,068 | | | | 7,280,687 | | |
Douglas Emmett, Inc. | | | 180,342 | | | | 5,893,577 | | |
First Eagle Funds | Annual Report | October 31, 2021
56
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Equity Real Estate Investment Trusts (REITs) — 3.5% (continued) | |
Equity Residential | | | 161,312 | | | | 13,937,357 | | |
Weyerhaeuser Co. | | | 505,903 | | | | 18,070,855 | | |
| | | 45,182,476 | | |
Food Products — 0.6% | |
Kraft Heinz Co. (The) | | | 206,681 | | | | 7,417,781 | | |
Gas Utilities — 0.8% | |
UGI Corp. | | | 242,612 | | | | 10,531,787 | | |
Health Care Equipment & Supplies — 1.9% | |
Becton Dickinson and Co. | | | 44,564 | | | | 10,677,089 | | |
DENTSPLY SIRONA, Inc. | | | 248,830 | | | | 14,235,564 | | |
| | | 24,912,653 | | |
Health Care Providers & Services — 5.4% | |
Anthem, Inc. | | | 66,423 | | | | 28,902,640 | | |
HCA Healthcare, Inc. | | | 98,362 | | | | 24,635,747 | | |
Universal Health Services, Inc., Class B | | | 134,071 | | | | 16,638,211 | | |
| | | 70,176,598 | | |
Hotels, Restaurants & Leisure — 1.5% | |
Booking Holdings, Inc.* | | | 8,032 | | | | 19,443,705 | | |
Household Products — 2.8% | |
Colgate-Palmolive Co. | | | 479,090 | | | | 36,501,867 | | |
Insurance — 6.4% | |
Alleghany Corp.* | | | 19,289 | | | | 12,564,469 | | |
Brown & Brown, Inc. | | | 371,421 | | | | 23,440,379 | | |
Travelers Cos., Inc. (The) | | | 113,399 | | | | 18,243,631 | | |
W R Berkley Corp. | | | 181,882 | | | | 14,477,807 | | |
Willis Towers Watson plc | | | 60,742 | | | | 14,716,572 | | |
| | | 83,442,858 | | |
Interactive Media & Services — 6.3% | |
Alphabet, Inc., Class A* | | | 7,298 | | | | 21,608,794 | | |
Alphabet, Inc., Class C* | | | 7,454 | | | | 22,104,166 | | |
Meta Platforms, Inc., Class A* | | | 120,766 | | | | 39,076,255 | | |
| | | 82,789,215 | | |
First Eagle Funds | Annual Report | October 31, 2021
57
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Machinery — 3.5% | |
Cummins, Inc. | | | 70,664 | | | | 16,948,054 | | |
Deere & Co. | | | 47,115 | | | | 16,127,935 | | |
Flowserve Corp. | | | 378,708 | | | | 12,732,163 | | |
| | | 45,808,152 | | |
Media — 3.6% | |
Comcast Corp., Class A | | | 920,308 | | | | 47,331,440 | | |
Metals & Mining — 2.7% | |
Agnico Eagle Mines Ltd. (Canada) | | | 82,024 | | | | 4,353,714 | | |
Barrick Gold Corp. (Canada) | | | 311,133 | | | | 5,715,513 | | |
Franco-Nevada Corp. (Canada) | | | 21,527 | | | | 3,071,633 | | |
Newcrest Mining Ltd. (Australia) | | | 236,346 | | | | 4,428,142 | | |
Newmont Corp. | | | 261,386 | | | | 14,114,844 | | |
Royal Gold, Inc. | | | 38,764 | | | | 3,838,411 | | |
| | | 35,522,257 | | |
Oil, Gas & Consumable Fuels — 3.3% | |
Exxon Mobil Corp. | | | 659,372 | | | | 42,509,713 | | |
Road & Rail — 1.6% | |
Union Pacific Corp. | | | 89,296 | | | | 21,556,054 | | |
Semiconductors & Semiconductor Equipment — 3.8% | |
Analog Devices, Inc. | | | 143,380 | | | | 24,874,996 | | |
Texas Instruments, Inc. | | | 128,555 | | | | 24,101,492 | | |
| | | 48,976,488 | | |
Software — 11.7% | |
Microsoft Corp. | | | 115,611 | | | | 38,338,920 | | |
Oracle Corp. | | | 736,977 | | | | 70,705,573 | | |
salesforce.com, Inc.* | | | 58,794 | | | | 17,619,974 | | |
Teradata Corp.* | | | 463,744 | | | | 26,229,361 | | |
| | | 152,893,828 | | |
Tobacco — 3.2% | |
Philip Morris International, Inc. | | | 435,178 | | | | 41,141,728 | | |
Total Common Stocks (Cost $544,922,378) | | | 1,071,094,636 | | |
First Eagle Funds | Annual Report | October 31, 2021
58
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Ounces | | Value ($) | |
Commodities — 10.1% | |
Gold bullion (Cost $79,442,806)* | | | 73,531 | | | | 131,072,511 | | |
| | Shares | | | |
Master Limited Partnerships — 2.0% | |
Oil, Gas & Consumable Fuels — 2.0% | |
Enterprise Products Partners LP | | | 526,087 | | | | 11,931,653 | | |
Magellan Midstream Partners LP | | | 288,808 | | | | 14,151,592 | | |
Total Master Limited Partnerships (Cost $23,074,793) | | | 26,083,245 | | |
| | Principal Amount ($) | | | |
Corporate Bonds — 0.0% (a) | |
Health Care Equipment & Supplies — 0.0% (a) | |
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡ (Cost $552,711) | | | 600,000 | | | | 642,750 | | |
Short-Term Investments — 5.8% | |
Commercial Paper — 2.3% | |
CenterPoint Energy, Inc. 0.11%, 11/1/2021 (b)(c) | | | 5,781,000 | | | | 5,780,937 | | |
Cigna Corp. 0.20%, 1/14/2022 (b)(c) | | | 2,570,000 | | | | 2,568,923 | | |
EI du Pont de Nemours and Co. 0.18%, 12/20/2021 (b)(c) | | | 2,313,000 | | | | 2,312,449 | | |
Entergy Corp. 0.10%, 11/1/2021 (b)(c) | | | 4,240,000 | | | | 4,239,961 | | |
Exxon Mobil Corp. 0.05%, 12/17/2021 (c) | | | 1,120,000 | | | | 1,119,904 | | |
General Motors Financial Co., Inc. 0.24%, 11/1/2021 (c) | | | 5,781,000 | | | | 5,780,878 | | |
Hitachi International Treasury Ltd. (Japan) 0.12%, 11/1/2021 (c) | | | 3,854,000 | | | | 3,853,958 | | |
Mitsui & Co. USA, Inc. 0.14%, 11/1/2021 (c) | | | 4,625,000 | | | | 4,624,941 | | |
Total Commercial Paper (Cost $30,282,306) | | | 30,281,951 | | |
First Eagle Funds | Annual Report | October 31, 2021
59
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Investment Companies — 0.0% (a) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares, 0.03%, (d) (Cost $20,393) | | | 20,393 | | | | 20,393 | | |
| | Principal Amount ($) | | | |
U.S. Treasury Obligations — 3.5% | |
U.S. Treasury Bills 0.04%, 11/4/2021 (c) | | | 10,000,000 | | | | 9,999,971 | | |
0.03%, 11/12/2021 (c) | | | 20,000,000 | | | | 19,999,748 | | |
0.05%, 11/26/2021 (c) | | | 15,000,000 | | | | 14,999,417 | | |
Total U.S. Treasury Obligations (Cost $44,999,345) | | | 44,999,136 | | |
Total Short-Term Investments (Cost $75,302,044) | | | 75,301,480 | | |
Total Investments — 100.1% (Cost $723,294,732) | | | 1,304,194,622 | | |
Liabilities in Excess of Other Assets — (0.1%) | | | (1,167,120 | ) | |
Net Assets — 100.0% | | | 1,303,027,502 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Represents less than 0.05% of net assets.
(b) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2021 amounted to $14,902,270, which represents approximately 1.14% of net assets of the Fund.
(c) The rate shown was the current yield as of October 31, 2021.
(d) Represents 7-day effective yield as of October 31, 2021.
As of October 31, 2021, 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 | | $ | 600,487,497 | | |
Aggregate gross unrealized depreciation | | | (17,973,722 | ) | |
Net unrealized appreciation | | $ | 582,513,775 | | |
Federal income tax cost | | $ | 721,680,847 | | |
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2021
60
This page was intentionally left blank.
Data as of October 31, 2021 (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 | | | -11.60 | | | | 5.25 | | | | -3.27 | | |
| | | | with sales load | | | -16.01 | | | | 4.17 | | | | -3.77 | | |
FTSE Gold Mines Index | | | | | | | -21.15 | | | | 4.08 | | | | -6.27 | | |
MSCI World Index | | | | | | | 40.42 | | | | 15.45 | | | | 12.19 | | |
Consumer Price Index | | | | | | | 6.22 | | | | 2.73 | | | | 2.02 | | |

Sectors* (%)
Materials | | | 64.4 | | |
Commodities | | | 24.4 | | |
Short-Term Investments | | | 11.2 | | |
Countries*~ (%)
Canada | | | 37.1 | | |
United States | | | 36.9 | | |
Brazil | | | 5.9 | | |
Australia | | | 4.7 | | |
Mexico | | | 3.1 | | |
Tanzania, United Republic of | | | 1.1 | | |
Short-Term Investments | | | 11.2 | | |
* 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 | Annual Report | October 31, 2021
62
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) | | | 21.5 | | |
Newmont Corp. (Metals & Mining, United States) | | | 7.8 | | |
Wheaton Precious Metals Corp. (Metals & Mining, Brazil) | | | 6.0 | | |
Barrick Gold Corp. (Metals & Mining, Canada) | | | 5.8 | | |
Kirkland Lake Gold Ltd. (Metals & Mining, Canada) | | | 5.2 | | |
Royal Gold, Inc. (Metals & Mining, United States) | | | 4.9 | | |
Newcrest Mining Ltd. (Metals & Mining, Australia) | | | 4.7 | | |
Dundee Precious Metals, Inc. (Metals & Mining, Canada) | | | 4.1 | | |
B2Gold Corp. (Metals & Mining, Canada) | | | 4.0 | | |
Novagold Resources, Inc. (Metals & Mining, Canada) | | | 3.8 | | |
Total | | | 67.8 | | |
* 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 | Annual Report | October 31, 2021
63
First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Common Stocks — 64.6% | |
Australia — 4.7% | |
Newcrest Mining Ltd. | | | 5,458,152 | | | | 102,263,080 | | |
Brazil — 6.0% | |
Wheaton Precious Metals Corp. | | | 3,230,739 | | | | 130,554,163 | | |
Canada — 37.1% | |
Agnico Eagle Mines Ltd. | | | 1,068,425 | | | | 56,710,438 | | |
Alamos Gold, Inc., Class A | | | 10,942,781 | | | | 81,168,980 | | |
B2Gold Corp. | | | 21,189,852 | | | | 87,492,036 | | |
Barrick Gold Corp. | | | 6,871,570 | | | | 126,230,741 | | |
Dundee Precious Metals, Inc. (a) | | | 13,440,008 | | | | 88,398,243 | | |
Franco-Nevada Corp. | | | 427,322 | | | | 60,973,491 | | |
Kinross Gold Corp. | | | 4,330,528 | | | | 26,026,473 | | |
Kirkland Lake Gold Ltd. | | | 2,681,741 | | | | 113,046,564 | | |
MAG Silver Corp.* | | | 3,280,988 | | | | 65,349,349 | | |
Novagold Resources, Inc.* | | | 11,267,639 | | | | 82,366,441 | | |
Orla Mining Ltd.* | | | 5,733,294 | | | | 20,198,094 | | |
| | | 807,960,850 | | |
Mexico — 3.1% | |
Fresnillo plc | | | 4,277,558 | | | | 50,340,696 | | |
Industrias Penoles SAB de CV* | | | 1,403,600 | | | | 17,997,687 | | |
| | | 68,338,383 | | |
Tanzania, United Republic of — 1.1% | |
AngloGold Ashanti Ltd., ADR | | | 1,286,240 | | | | 23,769,715 | | |
United States — 12.6% | |
Newmont Corp. | | | 3,129,008 | | | | 168,966,432 | | |
Royal Gold, Inc. | | | 1,068,325 | | | | 105,785,542 | | |
| | | 274,751,974 | | |
Total Common Stocks (Cost $920,696,841) | | | 1,407,638,165 | | |
| | Ounces | | | |
Commodities — 24.6% | |
Gold bullion* | | | 263,270 | | | | 469,291,539 | | |
Silver bullion* | | | 2,776,530 | | | | 66,297,709 | | |
Total Commodities (Cost $382,584,552) | | | 535,589,248 | | |
First Eagle Funds | Annual Report | October 31, 2021
64
First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Number of Rights | | Value ($) | |
Rights — 0.2% | |
Canada — 0.2% | |
Pan American Silver Corp., CVR, expiring 2/22/2029* (Cost $45,973,716) | | | 6,835,667 | | | | 4,989,353 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 11.2% | |
Commercial Paper — 11.2% | |
American Honda Finance Corp. 0.15%, 12/7/2021 (b) | | | 9,333,000 | | | | 9,331,524 | | |
Apple, Inc. 0.04%, 11/2/2021 (b)(c) | | | 4,285,000 | | | | 4,284,972 | | |
0.05%, 12/1/2021 (b) | | | 8,568,000 | | | | 8,567,607 | | |
BNG Bank NV 0.07%, 11/12/2021 (b)(c) | | | 5,611,000 | | | | 5,610,849 | | |
CenterPoint Energy, Inc. 0.11%, 11/1/2021 (b)(c) | | | 28,568,000 | | | | 28,567,691 | | |
Cigna Corp. 0.20%, 1/14/2022 (b)(c) | | | 10,156,000 | | | | 10,151,742 | | |
Danaher Corp. 0.17%, 11/16/2021 (b)(c) | | | 3,141,000 | | | | 3,140,788 | | |
EI du Pont de Nemours and Co. 0.18%, 12/20/2021 (b)(c) | | | 9,140,000 | | | | 9,137,822 | | |
Entergy Corp. 0.10%, 11/1/2021 (b)(c) | | | 20,950,000 | | | | 20,949,805 | | |
Exxon Mobil Corp. 0.05%, 11/16/2021 (b) | | | 3,038,000 | | | | 3,037,909 | | |
0.05%, 12/17/2021 (b) | | | 4,428,000 | | | | 4,427,620 | | |
General Motors Financial Co., Inc. 0.24%, 11/1/2021 (b) | | | 28,568,000 | | | | 28,567,395 | | |
Hitachi International Treasury Ltd. 0.12%, 11/1/2021 (b) | | | 19,046,000 | | | | 19,045,794 | | |
MetLife Short Term Funding LLC 0.07%, 11/2/2021 (b)(c) | | | 4,469,000 | | | | 4,468,971 | | |
0.06%, 11/4/2021 (b)(c) | | | 4,035,000 | | | | 4,034,957 | | |
0.06%, 12/2/2021 (b)(c) | | | 5,263,000 | | | | 5,262,717 | | |
0.07%, 12/14/2021 (b)(c) | | | 9,215,000 | | | | 9,214,282 | | |
Mitsui & Co. USA, Inc. 0.14%, 11/1/2021 (b) | | | 22,855,000 | | | | 22,854,710 | | |
First Eagle Funds | Annual Report | October 31, 2021
65
First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 11.2% (continued) | |
NRW Bank 0.06%, 12/7/2021 (b)(c) | | | 8,825,000 | | | | 8,824,178 | | |
Oesterreichische Kontrollbank AG 0.07%, 12/2/2021 (b) | | | 4,737,000 | | | | 4,736,642 | | |
Province of Quebec 0.06%, 12/3/2021 (b)(c) | | | 6,318,000 | | | | 6,317,631 | | |
0.08%, 1/31/2022 (b) | | | 7,019,000 | | | | 7,017,351 | | |
PSP Capital, Inc. 0.06%, 12/8/2021 (b)(c) | | | 5,240,000 | | | | 5,239,534 | | |
TotalEnergies Capital Canada Ltd. 0.07%, 11/18/2021 (b)(c) | | | 11,494,000 | | | | 11,493,470 | | |
Total Commercial Paper (Cost $244,288,826) | | | 244,285,961 | | |
| | Shares | | | |
Investment Companies — 0.0% (d) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (e) (Cost $63,226) | | | 63,226 | | | | 63,226 | | |
Total Short-Term Investments (Cost $244,352,052) | | | 244,349,187 | | |
Total Investments — 100.6% (Cost $1,593,607,161) | | | 2,192,565,953 | | |
Liabilities in Excess of Other Assets — (0.6)% | | | (13,560,741 | ) | |
Net Assets — 100.0% | | | 2,179,005,212 | | |
* Non-income producing security.
(a) Affiliated company as defined under the Investment Company Act of 1940.
(b) The rate shown was the current yield as of October 31, 2021.
(c) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2021 amounted to $136,699,409, which represents approximately 6.27% of net assets of the Fund.
(d) Represents less than 0.05% of net assets.
(e) Represents 7-day effective yield as of October 31, 2021.
As of October 31, 2021, 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 | | $ | 639,946,143 | | |
Aggregate gross unrealized depreciation | | | (129,391,553 | ) | |
Net unrealized appreciation | | $ | 510,554,590 | | |
Federal income tax cost | | $ | 1,682,011,363 | | |
First Eagle Funds | Annual Report | October 31, 2021
66
First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2021
Abbreviations
ADR — American Depositary Receipt
CVR — Contingent Value Rights
Affiliated Securities
Security Description | | Shares at October 31, 2021 | | Market Value October 31, 2020 | | Purchases at Cost | | Proceeds from Sales | |
Common Stock — 4.1% | |
Canada — 4.1% | |
Dundee Precious Metals, Inc. | | | 13,440,008 | | | $ | 75,809,420 | | | $ | 12,603,825 | | | $ | — | | |
Total Common Stock | | | | | 75,809,420 | | | | 12,603,825 | | | | — | | |
Total | | | | $ | 75,809,420 | | | $ | 12,603,825 | | | $ | — | | |
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2021 | | Dividend Income | |
Common Stock — 4.1% | |
Canada — 4.1% | |
Dundee Precious Metals, Inc. | | $ | — | | | $ | (15,002 | ) | | $ | 88,398,243 | | | $ | 1,255,220 | | |
Total Common Stock | | | — | | | | (15,002 | ) | | | 88,398,243 | | | | 1,255,220 | | |
Total | | $ | — | | | $ | (15,002 | ) | | $ | 88,398,243 | | | $ | 1,255,220 | | |
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2021
67
First Eagle Global Income Builder Fund
Data as of October 31, 2021 (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 | | | 21.36 | | | | 6.82 | | | | 6.33 | | |
| | | | with sales load | | | 15.33 | | | | 5.73 | | | | 5.76 | | |
Composite Index | | | | | | | 22.71 | | | | 10.66 | | | | 8.54 | | |
MSCI World Index | | | | | | | 40.42 | | | | 15.45 | | | | 11.97 | | |
Bloomberg Barclays U.S. Aggregate Index | | | | | | | -0.48 | | | | 3.10 | | | | 2.89 | | |

Sectors* (%)
Consumer Staples | | | 23.4 | | |
Financials | | | 17.0 | | |
Industrials | | | 8.8 | | |
Energy | | | 8.0 | | |
Commodities | | | 7.7 | | |
Real Estate | | | 6.1 | | |
Materials | | | 5.2 | | |
U.S. Treasury Obligations | | | 5.1 | | |
Health Care | | | 5.1 | | |
Consumer Discretionary | | | 4.4 | | |
Information Technology | | | 4.1 | | |
Mutual Funds | | | 1.1 | | |
Foreign Government Securities | | | 1.1 | | |
Communication Services | | | 0.7 | | |
Utilities | | | 0.5 | | |
Asset-Backed Securities | | | 0.3 | | |
Investment Funds | | | 0.0 | † | |
Short-Term Investments | | | 1.4 | | |
Countries*~ (%)
United States | | | 48.5 | | |
United Kingdom | | | 10.4 | | |
Hong Kong | | | 5.1 | | |
France | | | 4.4 | | |
Switzerland | | | 4.0 | | |
Canada | | | 3.9 | | |
Japan | | | 2.9 | | |
Mexico | | | 2.8 | | |
Belgium | | | 2.5 | | |
South Korea | | | 2.0 | | |
Germany | | | 2.0 | | |
Sweden | | | 2.0 | | |
Brazil | | | 1.5 | | |
Chile | | | 1.5 | | |
Norway | | | 1.1 | | |
Thailand | | | 0.8 | | |
Netherlands | | | 0.5 | | |
Singapore | | | 0.5 | | |
Poland | | | 0.5 | | |
Turkey | | | 0.4 | | |
Australia | | | 0.4 | | |
China | | | 0.3 | | |
Taiwan | | | 0.3 | | |
Colombia | | | 0.2 | | |
Indonesia | | | 0.1 | | |
Short-Term Investments | | | 1.4 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
† 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 | Annual Report | October 31, 2021
68
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) | | | 7.7 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 2.7 | | |
Unilever plc (Personal Products, United Kingdom) | | | 2.6 | | |
Nestle SA (Registered) (Food Products, Switzerland) | | | 2.5 | | |
Groupe Bruxelles Lambert SA (Diversified Financial Services, Belgium) | | | 2.5 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 2.2 | | |
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | | | 2.2 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 2.0 | | |
Danone SA (Food Products, France) | | | 2.0 | | |
Power Corp. of Canada (Insurance, Canada) | | | 1.7 | | |
Total | | | 28.1 | | |
*Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
Percentages are based on total net assets.
First Eagle Funds | Annual Report | October 31, 2021
69
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Common Stocks — 66.2% | |
Belgium — 2.5% | |
Groupe Bruxelles Lambert SA | | | 288,053 | | | | 33,423,138 | | |
Brazil — 1.5% | |
Ambev SA, ADR | | | 3,799,077 | | | | 11,245,268 | | |
Itausa SA (Preference) | | | 2,504,701 | | | | 4,548,919 | | |
Wheaton Precious Metals Corp. (a) | | | 111,232 | | | | 4,494,885 | | |
| | | 20,289,072 | | |
Canada — 3.8% | |
Agnico Eagle Mines Ltd. | | | 51,582 | | | | 2,737,897 | | |
Franco-Nevada Corp. | | | 38,495 | | | | 5,492,754 | | |
Imperial Oil Ltd. | | | 287,984 | | | | 9,749,943 | | |
Nutrien Ltd. (a) | | | 138,843 | | | | 9,706,514 | | |
Power Corp. of Canada | | | 692,979 | | | | 23,080,636 | | |
| | | 50,767,744 | | |
Chile — 1.5% | |
Cia Cervecerias Unidas SA, ADR | | | 988,140 | | | | 16,709,447 | | |
Quinenco SA | | | 1,437,388 | | | | 2,703,385 | | |
| | | 19,412,832 | | |
France — 4.4% | |
Danone SA | | | 409,081 | | | | 26,666,273 | | |
Sanofi | | | 151,208 | | | | 15,187,963 | | |
Sodexo SA* | | | 147,121 | | | | 14,313,298 | | |
Wendel SE | | | 15,480 | | | | 2,062,085 | | |
| | | 58,229,619 | | |
Germany — 1.6% | |
Brenntag SE | | | 28,969 | | | | 2,756,063 | | |
FUCHS PETROLUB SE (Preference) | | | 186,907 | | | | 8,953,713 | | |
Henkel AG & Co. KGaA (Preference) | | | 106,459 | | | | 9,537,398 | | |
| | | 21,247,174 | | |
Hong Kong — 5.0% | |
CK Asset Holdings Ltd. | | | 2,196,000 | | | | 13,564,821 | | |
Great Eagle Holdings Ltd. | | | 1,749,774 | | | | 4,814,315 | | |
Guoco Group Ltd. | | | 167,700 | | | | 1,959,672 | | |
Hongkong Land Holdings Ltd. | | | 1,971,600 | | | | 10,887,718 | | |
First Eagle Funds | Annual Report | October 31, 2021
70
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Hong Kong — 5.0% (continued) | |
Hysan Development Co. Ltd. | | | 1,193,083 | | | | 4,147,920 | | |
Jardine Matheson Holdings Ltd. | | | 505,700 | | | | 29,372,652 | | |
Mandarin Oriental International Ltd.* | | | 1,201,500 | | | | 2,791,979 | | |
| | | 67,539,077 | | |
Japan — 2.9% | |
FANUC Corp. | | | 20,800 | | | | 4,110,521 | | |
Komatsu Ltd. | | | 101,500 | | | | 2,658,419 | | |
Mitsubishi Electric Corp. | | | 413,000 | | | | 5,546,359 | | |
MS&AD Insurance Group Holdings, Inc. | | | 141,700 | | | | 4,577,953 | | |
Secom Co. Ltd. | | | 213,100 | | | | 14,527,552 | | |
Sompo Holdings, Inc. | | | 127,900 | | | | 5,546,619 | | |
USS Co. Ltd. | | | 115,400 | | | | 1,860,052 | | |
Yokogawa Electric Corp. | | | 1,500 | | | | 29,973 | | |
| | | 38,857,448 | | |
Mexico — 1.6% | |
Coca-Cola Femsa SAB de CV, ADR (a) | | | 159,312 | | | | 8,563,020 | | |
Fomento Economico Mexicano SAB de CV, ADR (a) | | | 109,992 | | | | 9,040,243 | | |
Fresnillo plc | | | 330,580 | | | | 3,890,450 | | |
Grupo Mexico SAB de CV, Series B | | | 37,296 | | | | 163,618 | | |
| | | 21,657,331 | | |
Netherlands — 0.5% | |
HAL Trust | | | 38,889 | | | | 6,790,498 | | |
Norway — 1.1% | |
Orkla ASA | | | 1,545,263 | | | | 15,029,872 | | |
Singapore — 0.5% | |
ComfortDelGro Corp. Ltd. | | | 1,015,700 | | | | 1,177,184 | | |
UOL Group Ltd. | | | 1,001,900 | | | | 5,373,620 | | |
| | | 6,550,804 | | |
South Korea — 1.8% | |
KT&G Corp. | | | 277,804 | | | | 19,295,925 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 91,052 | | | | 5,002,035 | | |
| | | 24,297,960 | | |
Sweden — 2.0% | |
Industrivarden AB, Class A | | | 10,612 | | | | 350,067 | | |
First Eagle Funds | Annual Report | October 31, 2021
71
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Sweden — 2.0% (continued) | |
Industrivarden AB, Class C | | | 189,168 | | | | 6,153,367 | | |
Investor AB, Class A | | | 512,814 | | | | 11,864,238 | | |
Svenska Handelsbanken AB, Class A | | | 689,773 | | | | 7,906,413 | | |
| | | 26,274,085 | | |
Switzerland — 3.9% | |
Cie Financiere Richemont SA (Registered) | | | 152,331 | | | | 18,851,035 | | |
Nestle SA (Registered) | | | 256,690 | | | | 33,859,266 | | |
| | | 52,710,301 | | |
Taiwan — 0.3% | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 35,510 | | | | 4,037,487 | | |
Thailand — 0.8% | |
Bangkok Bank PCL, NVDR | | | 1,644,800 | | | | 6,086,933 | | |
Thai Beverage PCL | | | 9,335,100 | | | | 4,914,104 | | |
| | | 11,001,037 | | |
Turkey — 0.4% | |
Coca-Cola Icecek A/S | | | 602,620 | | | | 5,323,476 | | |
United Kingdom — 9.3% | |
BAE Systems plc | | | 419,025 | | | | 3,159,517 | | |
Berkeley Group Holdings plc | | | 145,556 | | | | 8,682,208 | | |
British American Tobacco plc | | | 856,987 | | | | 29,809,783 | | |
Diageo plc | | | 57,699 | | | | 2,870,623 | | |
GlaxoSmithKline plc | | | 781,272 | | | | 16,219,855 | | |
Hiscox Ltd. | | | 389,525 | | | | 4,431,782 | | |
Linde plc (a) | | | 21,286 | | | | 6,794,491 | | |
Linde plc | | | 4,289 | | | | 1,379,928 | | |
Lloyds Banking Group plc | | | 9,349,373 | | | | 6,398,530 | | |
Reckitt Benckiser Group plc | | | 120,054 | | | | 9,746,319 | | |
Unilever plc | | | 656,625 | | | | 35,151,999 | | |
| | | 124,645,035 | | |
United States — 20.8% | |
American Express Co. (a) | | | 23,781 | | | | 4,132,662 | | |
Analog Devices, Inc. (a) | | | 16,314 | | | | 2,830,316 | | |
Anthem, Inc. (a) | | | 29,274 | | | | 12,737,996 | | |
First Eagle Funds | Annual Report | October 31, 2021
72
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
United States — 20.8% (continued) | |
Bank of New York Mellon Corp. (The) (a) | | | 283,179 | | | | 16,764,197 | | |
Becton Dickinson and Co. (a) | | | 30,167 | | | | 7,227,711 | | |
Boston Properties, Inc., REIT | | | 61,203 | | | | 6,955,109 | | |
CH Robinson Worldwide, Inc. (a) | | | 101,678 | | | | 9,861,749 | | |
Colgate-Palmolive Co. (a) | | | 260,791 | | | | 19,869,666 | | |
Comcast Corp., Class A (a) | | | 110,583 | | | | 5,687,284 | | |
Cummins, Inc. | | | 9,924 | | | | 2,380,172 | | |
Douglas Emmett, Inc., REIT | | | 244,995 | | | | 8,006,437 | | |
Equity Residential, REIT (a) | | | 136,143 | | | | 11,762,755 | | |
Exxon Mobil Corp. (a) | | | 565,703 | | | | 36,470,872 | | |
General Dynamics Corp. | | | 7,297 | | | | 1,479,467 | | |
HCA Healthcare, Inc. (a) | | | 31,458 | | | | 7,878,971 | | |
Kraft Heinz Co. (The) (a) | | | 148,824 | | | | 5,341,293 | | |
Microsoft Corp. | | | 11,017 | | | | 3,653,458 | | |
Oracle Corp. (a) | | | 123,844 | | | | 11,881,593 | | |
Philip Morris International, Inc. (a) | | | 282,396 | | | | 26,697,718 | | |
PPG Industries, Inc. (a) | | | 4,617 | | | | 741,352 | | |
Royal Gold, Inc. (a) | | | 53,578 | | | | 5,305,294 | | |
Schlumberger NV (a) | | | 317,447 | | | | 10,240,840 | | |
Scotts Miracle-Gro Co. (The) (a) | | | 10,036 | | | | 1,489,945 | | |
Texas Instruments, Inc. (a) | | | 62,488 | | | | 11,715,250 | | |
Travelers Cos., Inc. (The) | | | 30,204 | | | | 4,859,219 | | |
Truist Financial Corp. | | | 766 | | | | 48,618 | | |
UGI Corp. (a) | | | 152,737 | | | | 6,630,313 | | |
Union Pacific Corp. (a) | | | 11,663 | | | | 2,815,448 | | |
Universal Health Services, Inc., Class B (a) | | | 26,500 | | | | 3,288,650 | | |
US Bancorp (a) | | | 149,972 | | | | 9,053,810 | | |
Wells Fargo & Co. (a) | | | 300,470 | | | | 15,372,045 | | |
Weyerhaeuser Co., REIT (a) | | | 165,431 | | | | 5,909,195 | | |
| | | 279,089,405 | | |
Total Common Stocks (Cost $744,464,030) | | | 887,173,395 | | |
First Eagle Funds | Annual Report | October 31, 2021
73
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Corporate Bonds — 11.6% | |
Australia — 0.4% | |
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (b) | | | 1,825,000 | | | | 1,984,487 | | |
Nufarm Australia Ltd. 5.75%, 4/30/2026 (b) | | | 2,633,000 | | | | 2,690,597 | | |
| | | 4,675,084 | | |
Canada — 0.1% | |
Open Text Corp. 3.88%, 2/15/2028 (b) | | | 1,106,000 | | | | 1,114,295 | | |
Open Text Holdings, Inc. 4.13%, 2/15/2030 (b) | | | 774,000 | | | | 786,849 | | |
| | | 1,901,144 | | |
China — 0.3% | |
NXP BV 4.63%, 6/1/2023 (b) | | | 4,400,000 | | | | 4,656,081 | | |
Germany — 0.4% | |
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026 (b)(c) | | | 3,879,000 | | | | 3,971,048 | | |
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027 (b)(c) | | | 1,336,632 | | | | 1,386,756 | | |
| | | 5,357,804 | | |
Mexico — 0.7% | |
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028‡ (b) | | | 9,977,000 | | | | 9,627,905 | | |
Poland — 0.5% | |
Canpack SA 3.13%, 11/1/2025 (b) | | | 420,000 | | | | 422,100 | | |
3.88%, 11/15/2029 (b) | | | 6,197,000 | | | | 6,150,522 | | |
| | | 6,572,622 | | |
United States — 9.2% | |
ACCO Brands Corp. 4.25%, 3/15/2029 (b) | | | 10,177,000 | | | | 10,062,509 | | |
Aircastle Ltd. 4.40%, 9/25/2023 | | | 984,000 | | | | 1,041,440 | | |
American Airlines, Inc. 5.50%, 4/20/2026 (b) | | | 502,000 | | | | 526,598 | | |
5.75%, 4/20/2029 (b) | | | 502,000 | | | | 540,277 | | |
First Eagle Funds | Annual Report | October 31, 2021
74
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 9.2% (continued) | |
American Tower Corp., REIT 2.40%, 3/15/2025 | | | 115,000 | | | | 118,484 | | |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (b) | | | 1,109,000 | | | | 1,139,520 | | |
Andeavor Logistics LP 3.50%, 12/1/2022 | | | 111,000 | | | | 111,135 | | |
Aramark Services, Inc. 5.00%, 4/1/2025 (b) | | | 1,541,000 | | | | 1,577,599 | | |
5.00%, 2/1/2028 (b) | | | 194,000 | | | | 198,365 | | |
Carnival Corp. 4.00%, 8/1/2028 (b) | | | 1,206,000 | | | | 1,206,000 | | |
Centene Corp. 4.25%, 12/15/2027 | | | 1,355,000 | | | | 1,419,363 | | |
4.63%, 12/15/2029 | | | 684,000 | | | | 737,865 | | |
3.38%, 2/15/2030 | | | 1,113,000 | | | | 1,142,216 | | |
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (b) | | | 683,000 | | | | 689,830 | | |
CITGO Petroleum Corp. 7.00%, 6/15/2025 (b) | | | 4,631,000 | | | | 4,772,709 | | |
6.38%, 6/15/2026 (b) | | | 5,182,000 | | | | 5,337,460 | | |
DCP Midstream Operating LP 6.45%, 11/3/2036 (b) | | | 1,545,000 | | | | 1,993,050 | | |
Dell International LLC 5.85%, 7/15/2025 | | | 2,000,000 | | | | 2,298,678 | | |
Delta Air Lines, Inc. 4.50%, 10/20/2025 (b) | | | 6,155,158 | | | | 6,567,960 | | |
DT Midstream, Inc. 4.13%, 6/15/2029 (b) | | | 1,779,000 | | | | 1,791,720 | | |
Edgewell Personal Care Co. 4.13%, 4/1/2029 (b) | | | 3,927,000 | | | | 3,858,277 | | |
Energizer Holdings, Inc. 4.75%, 6/15/2028 (b) | | | 46,000 | | | | 45,943 | | |
4.38%, 3/31/2029 (b) | | | 149,000 | | | | 142,779 | | |
HCA, Inc. 4.50%, 2/15/2027 | | | 1,085,000 | | | | 1,204,054 | | |
Imola Merger Corp. 4.75%, 5/15/2029 (b) | | | 3,133,000 | | | | 3,219,001 | | |
Iron Mountain, Inc., REIT 5.25%, 7/15/2030 (b) | | | 7,522,000 | | | | 7,854,548 | | |
First Eagle Funds | Annual Report | October 31, 2021
75
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 9.2% (continued) | |
4.50%, 2/15/2031 (b) | | | 1,151,000 | | | | 1,162,510 | | |
Lamb Weston Holdings, Inc. 4.63%, 11/1/2024 (b) | | | 4,015,000 | | | | 4,112,966 | | |
4.88%, 11/1/2026 (b) | | | 803,000 | | | | 823,316 | | |
4.13%, 1/31/2030 (b) | | | 933,000 | | | | 933,886 | | |
Level 3 Financing, Inc. 3.75%, 7/15/2029 (b) | | | 128,000 | | | | 120,960 | | |
Lumen Technologies, Inc. 5.38%, 6/15/2029 (b) | | | 751,000 | | | | 753,816 | | |
Meredith Corp. 6.88%, 2/1/2026 | | | 886,000 | | | | 919,579 | | |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (b) | | | 3,324,031 | | | | 3,617,742 | | |
Pearl Merger Sub, Inc. 6.75%, 10/1/2028 (b) | | | 2,113,000 | | | | 2,097,152 | | |
Pilgrim's Pride Corp. 5.88%, 9/30/2027 (b) | | | 3,343,000 | | | | 3,524,759 | | |
4.25%, 4/15/2031 (b) | | | 2,699,000 | | | | 2,847,445 | | |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (b) | | | 993,000 | | | | 1,011,619 | | |
SBA Communications Corp., REIT 3.13%, 2/1/2029 (b) | | | 715,000 | | | | 686,400 | | |
Scotts Miracle-Gro Co. (The) 4.38%, 2/1/2032 (b) | | | 4,518,000 | | | | 4,540,838 | | |
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (b) | | | 64,000 | | | | 62,640 | | |
SEG Holding LLC 5.63%, 10/15/2028 (b) | | | 5,461,000 | | | | 5,747,702 | | |
Spectrum Brands, Inc. 5.75%, 7/15/2025 | | | 1,520,000 | | | | 1,554,200 | | |
Sprint Communications, Inc. 6.00%, 11/15/2022 | | | 1,800,000 | | | | 1,888,164 | | |
Sylvamo Corp. 7.00%, 9/1/2029 (b) | | | 2,234,000 | | | | 2,245,170 | | |
Taylor Morrison Communities, Inc. 5.88%, 4/15/2023 (b) | | | 3,107,000 | | | | 3,250,699 | | |
5.13%, 8/1/2030 (b) | | | 2,000,000 | | | | 2,120,000 | | |
Teleflex, Inc. 4.63%, 11/15/2027 | | | 824,000 | | | | 853,870 | | |
First Eagle Funds | Annual Report | October 31, 2021
76
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 9.2% (continued) | |
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (d)(e) | | | 4,424,000 | | | | 4,584,370 | | |
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 | | | 3,744,179 | | | | 4,188,871 | | |
Valvoline, Inc. 4.25%, 2/15/2030 (b) | | | 224,000 | | | | 227,360 | | |
3.63%, 6/15/2031 (b) | | | 511,000 | | | | 498,225 | | |
WESCO Distribution, Inc. 7.13%, 6/15/2025 (b) | | | 1,780,000 | | | | 1,886,800 | | |
7.25%, 6/15/2028 (b) | | | 2,136,000 | | | | 2,355,816 | | |
Western Digital Corp. 4.75%, 2/15/2026 | | | 4,523,000 | | | | 4,969,646 | | |
| | | 123,183,901 | | |
Total Corporate Bonds (Cost $150,457,075) | | | 155,974,541 | | |
| | Ounces | | | |
Commodities — 7.7% | |
Gold bullion* (Cost $71,533,113) | | | 57,789 | | | | 103,011,044 | | |
| | Principal Amount ($) | | | |
U.S. Treasury Obligations — 5.1% | |
U.S. Treasury Notes 1.63%, 12/15/2022 | | | 9,300,000 | | | | 9,446,766 | | |
2.63%, 6/30/2023 | | | 12,267,700 | | | | 12,719,113 | | |
2.63%, 12/31/2023 | | | 7,100,000 | | | | 7,413,398 | | |
2.50%, 1/31/2024 | | | 12,380,900 | | | | 12,909,506 | | |
1.75%, 6/30/2024 | | | 12,850,000 | | | | 13,205,885 | | |
1.75%, 12/31/2024 (f) | | | 12,247,000 | | | | 12,606,756 | | |
| | | 68,301,424 | | |
Total U.S. Treasury Obligations (Cost $67,929,347) | | | 68,301,424 | | |
First Eagle Funds | Annual Report | October 31, 2021
77
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Shares | | Value ($) | |
Master Limited Partnerships — 2.6% | |
United States — 2.6% | |
Enterprise Products Partners LP | | | 814,500 | | | | 18,472,860 | | |
Magellan Midstream Partners LP (a) | | | 331,037 | | | | 16,220,813 | | |
Total Master Limited Partnerships (Cost $31,158,308) | | | 34,693,673 | | |
Preferred Stocks — 1.6% | |
United States — 1.6% | |
Charles Schwab Corp. (The) Series D 5.95%, 03/01/22 (d) | | | 46,239 | | | | 1,187,880 | | |
General American Investors Co., Inc. Series B 5.95%, 12/03/21 (d) | | | 4,712 | | | | 124,161 | | |
MetLife, Inc. Series A (ICE LIBOR USD 3 Month + 1.00%, 4.00% Floor), 4.00%, 12/03/21 (d)(e) | | | 128,986 | | | | 3,276,244 | | |
Northern Trust Corp. Series E 4.70%, 01/01/25 (d) | | | 101,453 | | | | 2,763,580 | | |
State Street Corp. Series G (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/26 (d)(e) | | | 24,946 | | | | 731,167 | | |
Truist Financial Corp. Series R 4.75%, 09/01/25 (d) | | | 175,050 | | | | 4,665,083 | | |
US Bancorp Series B (ICE LIBOR USD 3 Month + 0.60%), 3.50%, 12/03/21 (d)(e) | | | 90,050 | | | | 2,224,235 | | |
Series F (ICE LIBOR USD 3 Month + 4.47%), 6.50%, 01/15/22 (d)(e) | | | 259,758 | | | | 6,592,658 | | |
Total Preferred Stocks (Cost $21,110,977) | | | 21,565,008 | | |
| | Principal Amount ($) | | | |
Convertible Preferred Stocks — 1.4% | |
United States — 1.4% | |
Bank of America Corp. Series L, 7.25%, (d) | | | 1,193 | | | | 1,708,639 | | |
Wells Fargo & Co. Series L, 7.50%, (d) | | | 11,123 | | | | 16,906,626 | | |
Total Convertible Preferred Stocks (Cost $17,720,554) | | | 18,615,265 | | |
First Eagle Funds | Annual Report | October 31, 2021
78
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Foreign Government Securities — 1.1% | |
Colombia — 0.3% | |
Republic of Colombia 5.75%, 11/3/2027 | | COP | 13,660,300,000 | | | | 3,330,649 | | |
Indonesia — 0.1% | |
Republic of Indonesia 8.38%, 3/15/2024 | | IDR | 24,460,000,000 | | | | 1,886,187 | | |
Mexico — 0.5% | |
Mex Bonos Desarr Fix Rt 8.00%, 12/7/2023 | | MXN | 68,770,000 | | | | 3,410,274 | | |
5.75%, 3/5/2026 | | MXN | 56,800,000 | | | | 2,604,860 | | |
| | | 6,015,134 | | |
South Korea — 0.2% | |
Republic of Korea 1.25%, 3/10/2026 | | KRW | 3,508,690,000 | | | | 2,853,292 | | |
Total Foreign Government Securities (Cost $14,609,442) | | | 14,085,262 | | |
| | Shares | | | |
Closed-End Funds — 1.1% | |
United Kingdom — 1.1% | |
Caledonia Investments plc (Cost $10,284,424) | | | 291,700 | | | | 14,551,060 | | |
| | Number of Warrants | | | |
Warrants — 0.0% (g) | |
Switzerland — 0.0% (g) | |
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $— ) | | | 391,032 | | | | 281,871 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 1.4% | |
Commercial Paper — 1.4% | |
CenterPoint Energy, Inc. 0.11%, 11/1/2021 (b)(h) | | | 4,392,000 | | | | 4,391,953 | | |
Entergy Corp. 0.10%, 11/1/2021 (b)(h) | | | 3,221,000 | | | | 3,220,970 | | |
General Motors Financial Co., Inc. 0.24%, 11/1/2021 (h) | | | 4,392,000 | | | | 4,391,907 | | |
First Eagle Funds | Annual Report | October 31, 2021
79
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 1.4% (continued) | |
Hitachi International Treasury Ltd. 0.12%, 11/1/2021 (h) | | | 2,928,000 | | | | 2,927,968 | | |
Mitsui & Co. USA, Inc. 0.14%, 11/1/2021 (h) | | | 3,514,000 | | | | 3,513,956 | | |
Total Commercial Paper (Cost $18,447,000) | | | 18,446,754 | | |
| | Shares | | | |
Investment Companies — 0.0% (g) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (i) (Cost $1,490) | | | 1,490 | | | | 1,490 | | |
Total Short-Term Investments (Cost $18,448,490) | | | 18,448,244 | | |
Total Investments — 99.8% (Cost $1,147,715,760) | | | 1,336,700,787 | | |
Other Assets Less Liabilities — 0.2% | | | 2,638,922 | | |
Net Assets — 100.0% | | | 1,339,339,709 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) All or a portion of the security pledged as collateral for written call options contracts.
(b) Securities exempt from registration under Rule 144A or section 4 (a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2021 amounted to $136,555,529, which represents approximately 10.20% 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) Perpetual security. The rate reflected was the rate in effect on October 31, 2021. The maturity date reflects the next call date.
(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2021.
(f) All or a portion of the security pledged as collateral for forward foreign currency exchange contracts.
(g) Represents less than 0.05% of net assets.
(h) The rate shown was the current yield as of October 31, 2021.
(i) Represents 7-day effective yield as of October 31, 2021.
As of October 31, 2021, 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 | | $ | 230,110,222 | | |
Aggregate gross unrealized depreciation | | | (64,319,653 | ) | |
Net unrealized appreciation | | $ | 165,790,569 | | |
Federal income tax cost | | $ | 1,168,906,533 | | |
First Eagle Funds | Annual Report | October 31, 2021
80
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2021
Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
USD | 4,636,677 | | | EUR | 3,791,000 | | | Bank of New York Mellon | | 11/17/2021 | | $ | 253,004 | | |
USD | 720,543 | | | EUR | 599,000 | | | JPMorgan Chase Bank | | 12/15/2021 | | | 27,360 | | |
USD | 4,897,640 | | | EUR | 4,108,000 | | | JPMorgan Chase Bank | | 1/19/2022 | | | 138,982 | | |
USD | 4,811,709 | | | EUR | 4,060,000 | | | UBS AG | | 2/16/2022 | | | 105,871 | | |
USD | 1,974,411 | | | GBP | 1,427,000 | | | UBS AG | | 2/16/2022 | | | 21,507 | | |
Total unrealized appreciation | | | 546,724 | | |
EUR | 3,791,000 | | | USD | 4,483,426 | | | Bank of New York Mellon | | 11/17/2021 | | | (99,753 | ) | |
EUR | 599,000 | | | USD | 698,244 | | | JPMorgan Chase Bank | | 12/15/2021 | | | (5,061 | ) | |
USD | 6,094,392 | | | EUR | 5,259,000 | | | Goldman Sachs | | 3/16/2022 | | | (4,887 | ) | |
USD | 2,409,888 | | | GBP | 1,771,000 | | | Goldman Sachs | | 3/16/2022 | | | (12,847 | ) | |
Total unrealized depreciation | | | (122,548 | ) | |
Net unrealized appreciation | | $ | 424,176 | | |
Abbreviations
ADR — American Depositary Receipt
COP — Colombian Peso
EUR — Euro
Fix Rt — Fixed Rate
GBP — British Pound
ICE — Intercontinental Exchange
IDR — Indonesian Rupiah
KRW — South Korean Won
LIBOR — London Interbank Offered Rate
MXN — Mexican Peso
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.
REIT — Real Estate Investment Trust
USD — United States Dollar
First Eagle Funds | Annual Report | October 31, 2021
81
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Written Call Options Contracts as of October 31, 2021
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
American Express Co. | | Exchange Traded | | | 79 | | | USD | (1,372,862 | ) | | USD | 175.00 | | | 11/19/2021 | | | (27,650 | ) | |
American Express Co. | | Exchange Traded | | | 79 | | | USD | (1,372,862 | ) | | USD | 175.00 | | | 12/17/2021 | | | (45,820 | ) | |
American Express Co. | | Exchange Traded | | | 79 | | | USD | (1,372,862 | ) | | USD | 175.00 | | | 1/21/2022 | | | (62,094 | ) | |
Analog Devices, Inc. | | Exchange Traded | | | 81 | | | USD | (1,405,269 | ) | | USD | 190.00 | | | 1/21/2022 | | | (17,415 | ) | |
Anthem, Inc. | | Exchange Traded | | | 35 | | | USD | (1,522,955 | ) | | USD | 420.00 | | | 12/17/2021 | | | (72,100 | ) | |
Anthem, Inc. | | Exchange Traded | | | 35 | | | USD | (1,522,955 | ) | | USD | 420.00 | | | 1/21/2022 | | | (96,740 | ) | |
Anthem, Inc. | | Exchange Traded | | | 33 | | | USD | (1,435,929 | ) | | USD | 420.00 | | | 3/18/2022 | | | (117,975 | ) | |
Anthem, Inc. | | Exchange Traded | | | 34 | | | USD | (1,479,442 | ) | | USD | 430.00 | | | 1/21/2022 | | | (74,868 | ) | |
Anthem, Inc. | | Exchange Traded | | | 33 | | | USD | (1,435,929 | ) | | USD | 430.00 | | | 3/18/2022 | | | (99,825 | ) | |
Bank of New York Mellon Corp. (The | | Exchange Traded | | | 247 | | | USD | (1,462,240 | ) | | USD | 65.00 | | | 12/17/2021 | | | (7,410 | ) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 274 | | | USD | (1,622,080 | ) | | USD | 65.00 | | | 1/21/2022 | | | (23,290 | ) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 258 | | | USD | (1,527,360 | ) | | USD | 65.00 | | | 3/18/2022 | | | (36,765 | ) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 279 | | | USD | (1,651,680 | ) | | USD | 70.00 | | | 1/21/2022 | | | (5,580 | ) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 232 | | | USD | (1,373,440 | ) | | USD | 70.00 | | | 3/18/2022 | | | (13,340 | ) | |
Becton Dickinson and Co. | | Exchange Traded | | | 54 | | | USD | (1,293,786 | ) | | USD | 300.00 | | | 12/17/2021 | | | (2,160 | ) | |
Becton Dickinson and Co. | | Exchange Traded | | | 54 | | | USD | (1,293,786 | ) | | USD | 310.00 | | | 1/21/2022 | | | (13,230 | ) | |
Becton Dickinson and Co. | | Exchange Traded | | | 54 | | | USD | (1,293,786 | ) | | USD | 320.00 | | | 1/21/2022 | | | (12,690 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 137 | | | USD | (1,328,763 | ) | | USD | 115.00 | | | 1/21/2022 | | | (16,097 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 268 | | | USD | (2,599,332 | ) | | USD | 120.00 | | | 11/19/2021 | | | (20,100 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 126 | | | USD | (1,222,074 | ) | | USD | 120.00 | | | 1/21/2022 | | | (27,090 | ) | |
Coca-Cola Femsa SAB de CV, ADR | | Exchange Traded | | | 230 | | | USD | (1,236,250 | ) | | USD | 65.00 | | | 2/18/2022 | | | (13,225 | ) | |
Coca-Cola Femsa SAB de CV, ADR | | Exchange Traded | | | 226 | | | USD | (1,214,750 | ) | | USD | 70.00 | | | 2/18/2022 | | | (12,430 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 171 | | | USD | (1,302,849 | ) | | USD | 90.00 | | | 1/21/2022 | | | (1,710 | ) | |
First Eagle Funds | Annual Report | October 31, 2021
82
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Written Call Options Contracts as of October 31, 2021 (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 160 | | | USD | (1,219,040 | ) | | USD | 95.00 | | | 11/19/2021 | | | (1,600 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 166 | | | USD | (1,264,754 | ) | | USD | 100.00 | | | 1/21/2022 | | | (830 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 163 | | | USD | (1,241,897 | ) | | USD | 105.00 | | | 1/21/2022 | | | (12,225 | ) | |
Comcast Corp., Class A | | Exchange Traded | | | 236 | | | USD | (1,213,748 | ) | | USD | 65.00 | | | 1/21/2022 | | | (2,596 | ) | |
Comcast Corp., Class A | | Exchange Traded | | | 233 | | | USD | (1,198,319 | ) | | USD | 65.00 | | | 3/18/2022 | | | (6,058 | ) | |
Comcast Corp., Class A | | Exchange Traded | | | 410 | | | USD | (2,108,630 | ) | | USD | 65.00 | | | 4/14/2022 | | | (13,530 | ) | |
Comcast Corp., Class A | | Exchange Traded | | | 226 | | | USD | (1,162,318 | ) | | USD | 75.00 | | | 4/14/2022 | | | (3,616 | ) | |
Equity Residential, REIT | | Exchange Traded | | | 190 | | | USD | (1,641,600 | ) | | USD | 90.00 | | | 1/21/2022 | | | (30,875 | ) | |
Equity Residential, REIT | | Exchange Traded | | | 182 | | | USD | (1,572,480 | ) | | USD | 95.00 | | | 1/21/2022 | | | (9,100 | ) | |
Equity Residential, REIT | | Exchange Traded | | | 152 | | | USD | (1,313,280 | ) | | USD | 95.00 | | | 4/14/2022 | | | (23,560 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 243 | | | USD | (1,566,621 | ) | | USD | 72.50 | | | 11/19/2021 | | | (2,187 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 208 | | | USD | (1,340,976 | ) | | USD | 75.00 | | | 11/19/2021 | | | (832 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 231 | | | USD | (1,489,257 | ) | | USD | 80.00 | | | 1/21/2022 | | | (3,696 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 232 | | | USD | (1,495,704 | ) | | USD | 80.00 | | | 3/18/2022 | | | (9,976 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 220 | | | USD | (1,418,340 | ) | | USD | 85.00 | | | 1/21/2022 | | | (1,760 | ) | |
Fomento Economico Mexicano SAB de CV, ADR | | Exchange Traded | | | 158 | | | USD | (1,298,602 | ) | | USD | 95.00 | | | 4/14/2022 | | | (26,070 | ) | |
Fomento Economico Mexicano SAB de CV, ADR | | Exchange Traded | | | 156 | | | USD | (1,282,164 | ) | | USD | 105.00 | | | 4/14/2022 | | | (7,410 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 65 | | | USD | (1,627,990 | ) | | USD | 240.00 | | | 1/21/2022 | | | (125,450 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 55 | | | USD | (1,377,530 | ) | | USD | 300.00 | | | 3/18/2022 | | | (17,325 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 55 | | | USD | (1,377,530 | ) | | USD | 310.00 | | | 3/18/2022 | | | (11,275 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 65 | | | USD | (1,627,990 | ) | | USD | 320.00 | | | 3/18/2022 | | | (14,300 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 65 | | | USD | (1,627,990 | ) | | USD | 330.00 | | | 3/18/2022 | | | (7,312 | ) | |
Kraft Heinz Co. (The) | | Exchange Traded | | | 305 | | | USD | (1,094,645 | ) | | USD | 50.00 | | | 1/21/2022 | | | (610 | ) | |
Linde plc | | Exchange Traded | | | 44 | | | USD | (1,404,480 | ) | | USD | 310.00 | | | 12/17/2021 | | | (63,800 | ) | |
Linde plc | | Exchange Traded | | | 44 | | | USD | (1,415,656 | ) | | USD | 320.00 | | | 1/21/2022 | | | (47,960 | ) | |
First Eagle Funds | Annual Report | October 31, 2021
83
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Written Call Options Contracts as of October 31, 2021 (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 288 | | | USD | (1,411,200 | ) | | USD | 50.00 | | | 12/17/2021 | | | (22,464 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 280 | | | USD | (1,372,000 | ) | | USD | 55.00 | | | 12/17/2021 | | | (2,800 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 256 | | | USD | (1,254,400 | ) | | USD | 55.00 | | | 1/21/2022 | | | (7,680 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 275 | | | USD | (1,347,500 | ) | | USD | 55.00 | | | 4/14/2022 | | | (17,875 | ) | |
Nutrien Ltd. | | Exchange Traded | | | 237 | | | USD | (1,656,867 | ) | | USD | 65.00 | | | 11/19/2021 | | | (135,090 | ) | |
Nutrien Ltd. | | Exchange Traded | | | 231 | | | USD | (1,614,921 | ) | | USD | 65.00 | | | 12/17/2021 | | | (144,375 | ) | |
Nutrien Ltd. | | Exchange Traded | | | 224 | | | USD | (1,565,984 | ) | | USD | 65.00 | | | 1/21/2022 | | | (143,360 | ) | |
Nutrien Ltd. | | Exchange Traded | | | 235 | | | USD | (1,642,885 | ) | | USD | 65.00 | | | 3/18/2022 | | | (173,900 | ) | |
Oracle Corp. | | Exchange Traded | | | 184 | | | USD | (1,765,296 | ) | | USD | 95.00 | | | 12/17/2021 | | | (75,992 | ) | |
Oracle Corp. | | Exchange Traded | | | 175 | | | USD | (1,678,950 | ) | | USD | 95.00 | | | 1/21/2022 | | | (89,950 | ) | |
Oracle Corp. | | Exchange Traded | | | 153 | | | USD | (1,467,882 | ) | | USD | 100.00 | | | 11/19/2021 | | | (8,109 | ) | |
Oracle Corp. | | Exchange Traded | | | 138 | | | USD | (1,323,972 | ) | | USD | 110.00 | | | 1/21/2022 | | | (11,730 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 137 | | | USD | (1,295,198 | ) | | USD | 110.00 | | | 12/17/2021 | | | (823 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 133 | | | USD | (1,257,382 | ) | | USD | 110.00 | | | 1/21/2022 | | | (3,192 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 133 | | | USD | (1,257,382 | ) | | USD | 115.00 | | | 1/21/2022 | | | (2,527 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 260 | | | USD | (2,458,040 | ) | | USD | 115.00 | | | 3/18/2022 | | | (9,360 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 278 | | | USD | (2,628,212 | ) | | USD | 120.00 | | | 1/21/2022 | | | (2,780 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 130 | | | USD | (1,229,020 | ) | | USD | 120.00 | | | 3/18/2022 | | | (7,670 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 140 | | | USD | (1,323,560 | ) | | USD | 125.00 | | | 1/21/2022 | | | (2,660 | ) | |
PPG Industries, Inc. | | Exchange Traded | | | 46 | | | USD | (738,622 | ) | | USD | 185.00 | | | 1/21/2022 | | | (4,255 | ) | |
Royal Gold, Inc. | | Exchange Traded | | | 107 | | | USD | (1,059,514 | ) | | USD | 160.00 | | | 1/21/2022 | | | (3,210 | ) | |
Royal Gold, Inc. | | Exchange Traded | | | 114 | | | USD | (1,128,828 | ) | | USD | 170.00 | | | 1/21/2022 | | | (3,420 | ) | |
Schlumberger NV | | Exchange Traded | | | 509 | | | USD | (1,642,034 | ) | | USD | 40.00 | | | 11/19/2021 | | | (2,545 | ) | |
Schlumberger NV | | Exchange Traded | | | 394 | | | USD | (1,271,044 | ) | | USD | 40.00 | | | 12/17/2021 | | | (7,092 | ) | |
Schlumberger NV | | Exchange Traded | | | 509 | | | USD | (1,642,034 | ) | | USD | 40.00 | | | 1/21/2022 | | | (21,378 | ) | |
Schlumberger NV | | Exchange Traded | | | 405 | | | USD | (1,306,530 | ) | | USD | 50.00 | | | 1/21/2022 | | | (3,037 | ) | |
Schlumberger NV | | Exchange Traded | | | 405 | | | USD | (1,306,530 | ) | | USD | 50.00 | | | 5/20/2022 | | | (14,378 | ) | |
First Eagle Funds | Annual Report | October 31, 2021
84
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2021
Written Call Options Contracts as of October 31, 2021 (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Scotts Miracle-Gro Co. (The) | | Exchange Traded | | | 77 | | | USD | (1,143,142 | ) | | USD | 175.00 | | | 11/19/2021 | | | (2,695 | ) | |
Texas Instruments, Inc. | | Exchange Traded | | | 69 | | | USD | (1,293,612 | ) | | USD | 220.00 | | | 12/17/2021 | | | (1,173 | ) | |
Texas Instruments, Inc. | | Exchange Traded | | | 76 | | | USD | (1,424,848 | ) | | USD | 220.00 | | | 1/21/2022 | | | (3,572 | ) | |
Texas Instruments, Inc. | | Exchange Traded | | | 70 | | | USD | (1,312,360 | ) | | USD | 220.00 | | | 3/18/2022 | | | (12,530 | ) | |
Texas Instruments, Inc. | | Exchange Traded | | | 68 | | | USD | (1,274,864 | ) | | USD | 230.00 | | | 3/18/2022 | | | (5,168 | ) | |
UGI Corp. | | Exchange Traded | | | 298 | | | USD | (1,293,618 | ) | | USD | 50.00 | | | 11/19/2021 | | | (1,490 | ) | |
UGI Corp. | | Exchange Traded | | | 288 | | | USD | (1,250,208 | ) | | USD | 50.00 | | | 1/21/2022 | | | (9,360 | ) | |
Union Pacific Corp. | | Exchange Traded | | | 59 | | | USD | (1,424,260 | ) | | USD | 240.00 | | | 11/19/2021 | | | (27,199 | ) | |
Universal Health Services, Inc., Class B | | Exchange Traded | | | 85 | | | USD | (1,054,850 | ) | | USD | 180.00 | | | 12/17/2021 | | | (1,275 | ) | |
Universal Health Services, Inc., Class B | | Exchange Traded | | | 90 | | | USD | (1,116,900 | ) | | USD | 180.00 | | | 1/21/2022 | | | (6,750 | ) | |
US Bancorp | | Exchange Traded | | | 223 | | | USD | (1,346,251 | ) | | USD | 67.50 | | | 1/21/2022 | | | (10,481 | ) | |
US Bancorp | | Exchange Traded | | | 228 | | | USD | (1,376,436 | ) | | USD | 70.00 | | | 3/18/2022 | | | (17,328 | ) | |
US Bancorp | | Exchange Traded | | | 228 | | | USD | (1,376,436 | ) | | USD | 75.00 | | | 3/18/2022 | | | (6,270 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 270 | | | USD | (1,381,320 | ) | | USD | 55.00 | | | 12/17/2021 | | | (16,200 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 270 | | | USD | (1,381,320 | ) | | USD | 55.00 | | | 1/21/2022 | | | (33,480 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 577 | | | USD | (2,951,932 | ) | | USD | 60.00 | | | 1/21/2022 | | | (21,926 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 277 | | | USD | (1,417,132 | ) | | USD | 60.00 | | | 4/14/2022 | | | (28,392 | ) | |
Weyerhaeuser Co., REIT | | Exchange Traded | | | 363 | | | USD | (1,296,636 | ) | | USD | 38.00 | | | 11/19/2021 | | | (5,445 | ) | |
Weyerhaeuser Co., REIT | | Exchange Traded | | | 384 | | | USD | (1,371,648 | ) | | USD | 39.00 | | | 1/21/2022 | | | (16,512 | ) | |
Weyerhaeuser Co., REIT | | Exchange Traded | | | 336 | | | USD | (1,200,192 | ) | | USD | 50.00 | | | 1/21/2022 | | | (6,720 | ) | |
Wheaton Precious Metals Corp. | | Exchange Traded | | | 312 | | | USD | (1,260,792 | ) | | USD | 60.00 | | | 12/17/2021 | | | (7,176 | ) | |
Wheaton Precious Metals Corp. | | Exchange Traded | | | 302 | | | USD | (1,220,382 | ) | | USD | 70.00 | | | 1/21/2022 | | | (1,510 | ) | |
| | | | | | | | | | | | | (2,427,861 | ) | |
Total Written Options Contracts (Premiums Received ($2,278,920)) | | | | | | | | | | | | | (2,427,861 | ) | |
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2021
85
First Eagle High Income Fund
Data as of October 31, 2021 (unaudited)
Investment Objective
The First Eagle High Income 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 | | | 7.29 | | | | 4.93 | | | | 5.34 | | |
Bloomberg Barclays U.S. Corporate High Yield Index | | | | | 10.53 | | | | 6.40 | | | | 6.78 | | |

Sectors* (%)
Consumer Discretionary | | | 19.4 | | |
Industrials | | | 11.5 | | |
Consumer Staples | | | 11.4 | | |
Materials | | | 11.2 | | |
Energy | | | 9.8 | | |
Communication Services | | | 9.4 | | |
Health Care | | | 7.7 | | |
Real Estate | | | 5.2 | | |
Information Technology | | | 5.2 | | |
Financials | | | 5.2 | | |
Asset-Backed Securities | | | 0.3 | | |
Short-Term Investments | | | 3.7 | | |
Countries*~ (%)
United States | | | 82.9 | | |
Germany | | | 4.0 | | |
Canada | | | 3.2 | | |
United Kingdom | | | 2.1 | | |
Mexico | | | 1.4 | | |
Australia | | | 1.3 | | |
Poland | | | 1.0 | | |
Singapore | | | 0.4 | | |
Short-Term Investments | | | 3.7 | | |
^Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower. Effective July 1, 2021 the waiver was removed.
* 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 | Annual Report | October 31, 2021
86
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 $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.
The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.
Top 10 Holdings* (%)
CITGO Petroleum Corp. (Oil, Gas & Consumable Fuels, United States) | | | 1.8 | | |
G-III Apparel Group Ltd. (Textiles, Apparel & Luxury Goods, United States) | | | 1.8 | | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure, United States) | | | 1.7 | | |
GLP Capital LP (Equity Real Estate Investment Trusts (REITs), United States) | | | 1.7 | | |
Qwest Corp. (Diversified Telecommunication Services, United States) | | | 1.7 | | |
EnQuest plc (Oil, Gas & Consumable Fuels, United Kingdom) | | | 1.7 | | |
IHO Verwaltungs GmbH (Auto Components, Germany) | | | 1.6 | | |
Taylor Morrison Communities, Inc. (Household Durables, United States) | | | 1.5 | | |
SEG Holding LLC (Food & Staples Retailing, United States) | | | 1.4 | | |
ACCO Brands Corp. (Commercial Services & Supplies, United States) | | | 1.4 | | |
Total | | | 16.3 | | |
*Holdings in cash, commercial paper and other short-term cash equivalents have been excluded. Percentages are based on total net assets.
First Eagle Funds | Annual Report | October 31, 2021
87
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Corporate Bonds — 95.4% | |
Australia — 1.3% | |
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (a) | | | 1,085,000 | | | | 1,179,818 | | |
Nufarm Australia Ltd. 5.75%, 4/30/2026 (a) | | | 1,721,000 | | | | 1,758,647 | | |
| | | 2,938,465 | | |
Canada — 3.2% | |
Intertape Polymer Group, Inc. 4.38%, 6/15/2029 (a) | | | 1,646,000 | | | | 1,650,115 | | |
Kronos Acquisition Holdings, Inc. 7.00%, 12/31/2027 (a) | | | 932,000 | | | | 901,300 | | |
Open Text Corp. 5.88%, 6/1/2026 (a) | | | 94,000 | | | | 97,055 | | |
3.88%, 2/15/2028 (a) | | | 2,190,000 | | | | 2,206,425 | | |
Precision Drilling Corp. 6.88%, 1/15/2029 (a) | | | 1,944,000 | | | | 2,007,180 | | |
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (a) | | | 634,000 | | | | 645,095 | | |
| | | 7,507,170 | | |
Germany — 4.0% | |
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a) | | | 2,640,000 | | | | 2,720,850 | | |
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026 (a)(b) | | | 3,730,000 | | | | 3,818,513 | | |
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027 (a)(b) | | | 1,280,244 | | | | 1,328,253 | | |
Mercer International, Inc. 5.13%, 2/1/2029 | | | 1,395,000 | | | | 1,386,937 | | |
| | | 9,254,553 | | |
Mexico — 1.4% | |
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028‡ (a) | | | 3,335,000 | | | | 3,218,308 | | |
Poland — 1.0% | |
Canpack SA 3.13%, 11/1/2025 (a) | | | 200,000 | | | | 201,000 | | |
3.88%, 11/15/2029 (a) | | | 2,147,000 | | | | 2,130,897 | | |
| | | 2,331,897 | | |
First Eagle Funds | Annual Report | October 31, 2021
88
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Singapore — 0.4% | |
Avation Capital SA 8.25%, (8.25% Cash or 9.00% PIK), 10/31/2026 (a)(b) | | | 1,220,222 | | | | 998,379 | | |
United Kingdom — 2.1% | |
EnQuest plc 7.00%, 10/15/2023 (a)(b)(c) | | | 4,056,561 | | | | 3,904,440 | | |
Petrofac Ltd. 9.75%, 11/15/2026 (a) | | | 1,000,000 | | | | 990,280 | | |
| | | 4,894,720 | | |
United States — 82.0% | |
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | | | 3,372,000 | | | | 3,334,065 | | |
American Airlines, Inc. 5.50%, 4/20/2026 (a) | | | 185,000 | | | | 194,065 | | |
5.75%, 4/20/2029 (a) | | | 185,000 | | | | 199,106 | | |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a) | | | 1,036,000 | | | | 1,064,511 | | |
4.00%, 4/15/2029 (a) | | | 2,109,000 | | | | 2,140,635 | | |
Antero Midstream Partners LP 7.88%, 5/15/2026 (a) | | | 615,000 | | | | 672,656 | | |
5.38%, 6/15/2029 (a) | | | 1,294,000 | | | | 1,352,166 | | |
Antero Resources Corp. 8.38%, 7/15/2026 (a) | | | 604,000 | | | | 679,500 | | |
Aramark Services, Inc. 5.00%, 4/1/2025 (a) | | | 623,000 | | | | 637,796 | | |
6.38%, 5/1/2025 (a) | | | 1,163,000 | | | | 1,223,930 | | |
5.00%, 2/1/2028 (a) | | | 57,000 | | | | 58,282 | | |
Arcosa, Inc. 4.38%, 4/15/2029 (a) | | | 163,000 | | | | 166,372 | | |
Ardagh Metal Packaging Finance USA LLC 3.25%, 9/1/2028 (a) | | | 657,000 | | | | 643,039 | | |
Arko Corp. 5.13%, 11/15/2029 (a) | | | 2,000,000 | | | | 1,952,200 | | |
Ashland LLC 3.38%, 9/1/2031 (a) | | | 2,000,000 | | | | 1,975,000 | | |
Avantor Funding, Inc. 3.88%, 11/1/2029 (a) | | | 2,000,000 | | | | 1,999,360 | | |
B&G Foods, Inc. 5.25%, 4/1/2025 | | | 1,152,000 | | | | 1,175,040 | | |
First Eagle Funds | Annual Report | October 31, 2021
89
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 82.0% (continued) | |
Boyd Gaming Corp. 8.63%, 6/1/2025 (a) | | | 3,766,000 | | | | 4,057,865 | | |
4.75%, 12/1/2027 | | | 872,000 | | | | 898,421 | | |
4.75%, 6/15/2031 (a) | | | 162,000 | | | | 166,659 | | |
BWX Technologies, Inc. 4.13%, 6/30/2028 (a) | | | 1,000,000 | | | | 1,012,500 | | |
4.13%, 4/15/2029 (a) | | | 653,000 | | | | 662,632 | | |
Carnival Corp. 7.63%, 3/1/2026 (a) | | | 1,000,000 | | | | 1,053,590 | | |
5.75%, 3/1/2027 (a) | | | 1,242,000 | | | | 1,263,735 | | |
4.00%, 8/1/2028 (a) | | | 424,000 | | | | 424,000 | | |
Centene Corp. 4.25%, 12/15/2027 | | | 2,641,000 | | | | 2,766,447 | | |
4.63%, 12/15/2029 | | | 1,228,000 | | | | 1,324,705 | | |
3.38%, 2/15/2030 | | | 190,000 | | | | 194,988 | | |
Central Garden & Pet Co. 4.13%, 4/30/2031 (a) | | | 548,000 | | | | 548,000 | | |
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (a) | | | 632,000 | | | | 650,960 | | |
3.75%, 3/15/2029 (a) | | | 134,000 | | | | 135,340 | | |
Cinemark USA, Inc. 8.75%, 5/1/2025 (a) | | | 1,603,000 | | | | 1,715,210 | | |
CITGO Petroleum Corp. 7.00%, 6/15/2025 (a) | | | 3,956,000 | | | | 4,077,054 | | |
6.38%, 6/15/2026 (a) | | | 802,000 | | | | 826,060 | | |
Clearwater Paper Corp. | |
4.75%, 8/15/2028 (a) | | | 305,000 | | | | 309,194 | | |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | | | 500,000 | | | | 500,625 | | |
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a) | | | 648,000 | | | | 654,480 | | |
Coinbase Global, Inc. 3.63%, 10/1/2031 (a) | | | 250,000 | | | | 238,125 | | |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | | | 2,000,000 | | | | 1,993,400 | | |
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (a) | | | 3,000,000 | | | | 3,063,750 | | |
First Eagle Funds | Annual Report | October 31, 2021
90
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 82.0% (continued) | |
Crestwood Midstream Partners LP 6.00%, 2/1/2029 (a) | | | 1,868,000 | | | | 1,935,930 | | |
Crocs, Inc. 4.13%, 8/15/2031 (a) | | | 500,000 | | | | 503,125 | | |
Crown Americas LLC 4.75%, 2/1/2026 | | | 1,844,000 | | | | 1,899,873 | | |
Dana, Inc. 5.38%, 11/15/2027 | | | 1,255,000 | | | | 1,314,613 | | |
4.25%, 9/1/2030 | | | 324,000 | | | | 327,872 | | |
DaVita, Inc. 4.63%, 6/1/2030 (a) | | | 734,000 | | | | 737,641 | | |
3.75%, 2/15/2031 (a) | | | 1,529,000 | | | | 1,448,727 | | |
Delta Air Lines, Inc. 4.50%, 10/20/2025 (a) | | | 1,122,845 | | | | 1,198,150 | | |
7.38%, 1/15/2026 | | | 1,528,000 | | | | 1,797,097 | | |
Diamond BC BV 4.63%, 10/1/2029 (a) | | | 250,000 | | | | 251,750 | | |
DT Midstream, Inc. 4.13%, 6/15/2029 (a) | | | 1,243,000 | | | | 1,251,887 | | |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | | | 2,065,000 | | | | 2,095,975 | | |
Edgewell Personal Care Co. 4.13%, 4/1/2029 (a) | | | 1,824,000 | | | | 1,792,080 | | |
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a) | | | 8,000 | | | | 7,991 | | |
4.38%, 3/31/2029 (a) | | | 871,000 | | | | 834,636 | | |
Fair Isaac Corp. 4.00%, 6/15/2028 (a) | | | 1,669,000 | | | | 1,685,690 | | |
Ford Motor Co. 8.50%, 4/21/2023 | | | 1,169,000 | | | | 1,281,808 | | |
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a) | | | 914,000 | | | | 957,415 | | |
6.75%, 5/1/2029 (a) | | | 308,000 | | | | 316,855 | | |
6.00%, 1/15/2030 (a) | | | 1,000,000 | | | | 1,004,730 | | |
Gartner, Inc. 3.63%, 6/15/2029 (a) | | | 250,000 | | | | 251,250 | | |
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a) | | | 3,821,000 | | | | 4,074,141 | | |
First Eagle Funds | Annual Report | October 31, 2021
91
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 82.0% (continued) | |
Glatfelter Corp. 4.75%, 11/15/2029 (a) | | | 2,250,000 | | | | 2,292,187 | | |
GLP Capital LP REIT, 5.25%, 6/1/2025 | | | 3,627,000 | | | | 4,023,467 | | |
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | | | 2,000,000 | | | | 2,020,000 | | |
GYP Holdings III Corp. 4.63%, 5/1/2029 (a) | | | 651,000 | | | | 642,863 | | |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a) | | | 1,240,000 | | | | 1,302,000 | | |
HCA, Inc. 5.88%, 5/1/2023 | | | 1,470,000 | | | | 1,571,062 | | |
3.50%, 9/1/2030 | | | 607,000 | | | | 638,352 | | |
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a) | | | 306,000 | | | | 318,049 | | |
Howard Hughes Corp. (The) 4.38%, 2/1/2031 (a) | | | 62,000 | | | | 62,014 | | |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | | | 1,184,000 | | | | 1,216,501 | | |
Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | | | 2,000,000 | | | | 1,990,000 | | |
Interface, Inc. 5.50%, 12/1/2028 (a) | | | 1,294,000 | | | | 1,342,525 | | |
International Game Technology plc 5.25%, 1/15/2029 (a) | | | 967,000 | | | | 1,016,559 | | |
IQVIA, Inc. 5.00%, 10/15/2026 (a) | | | 800,000 | | | | 821,960 | | |
5.00%, 5/15/2027 (a) | | | 1,075,000 | | | | 1,114,313 | | |
Iron Mountain, Inc. REIT, 5.25%, 7/15/2030 (a) | | | 1,303,000 | | | | 1,360,606 | | |
REIT, 4.50%, 2/15/2031 (a) | | | 940,000 | | | | 949,400 | | |
ITT Holdings LLC 6.50%, 8/1/2029 (a) | | | 1,250,000 | | | | 1,253,125 | | |
JBS USA LUX SA 6.75%, 2/15/2028 (a) | | | 1,993,000 | | | | 2,147,478 | | |
3.75%, 12/1/2031 (a) | | | 647,000 | | | | 662,366 | | |
Jefferies Finance LLC 5.00%, 8/15/2028 (a) | | | 3,000,000 | | | | 3,040,680 | | |
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a) | | | 1,312,000 | | | | 1,328,006 | | |
First Eagle Funds | Annual Report | October 31, 2021
92
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 82.0% (continued) | |
KB Home 4.00%, 6/15/2031 | | | 2,647,000 | | | | 2,683,396 | | |
Koppers, Inc. 6.00%, 2/15/2025 (a) | | | 2,389,000 | | | | 2,446,169 | | |
Lamb Weston Holdings, Inc. 4.63%, 11/1/2024 (a) | | | 1,939,000 | | | | 1,986,312 | | |
4.88%, 11/1/2026 (a) | | | 388,000 | | | | 397,816 | | |
4.88%, 5/15/2028 (a) | | | 581,000 | | | | 623,477 | | |
4.13%, 1/31/2030 (a) | | | 327,000 | | | | 327,311 | | |
Level 3 Financing, Inc. 4.25%, 7/1/2028 (a) | | | 589,000 | | | | 582,309 | | |
3.75%, 7/15/2029 (a) | | | 24,000 | | | | 22,680 | | |
Lumen Technologies, Inc. 4.50%, 1/15/2029 (a) | | | 2,000,000 | | | | 1,932,500 | | |
5.38%, 6/15/2029 (a) | | | 434,000 | | | | 435,627 | | |
Macy's Retail Holdings LLC 3.63%, 6/1/2024 | | | 552,000 | | | | 570,464 | | |
Meredith Corp. 6.88%, 2/1/2026 | | | 1,746,000 | | | | 1,812,173 | | |
MGIC Investment Corp. 5.75%, 8/15/2023 | | | 470,000 | | | | 501,138 | | |
5.25%, 8/15/2028 | | | 612,000 | | | | 651,125 | | |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | | | 592,428 | | | | 644,775 | | |
Moog, Inc. 4.25%, 12/15/2027 (a) | | | 155,000 | | | | 159,555 | | |
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a) | | | 646,000 | | | | 656,498 | | |
Pearl Merger Sub, Inc. 6.75%, 10/1/2028 (a) | | | 1,901,000 | | | | 1,886,742 | | |
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a) | | | 1,000,000 | | | | 983,750 | | |
Pilgrim's Pride Corp. 5.88%, 9/30/2027 (a) | | | 638,000 | | | | 672,688 | | |
4.25%, 4/15/2031 (a) | | | 847,000 | | | | 893,585 | | |
Post Holdings, Inc. 4.63%, 4/15/2030 (a) | | | 1,826,000 | | | | 1,835,130 | | |
PRA Group, Inc. 5.00%, 10/1/2029 (a) | | | 1,500,000 | | | | 1,482,285 | | |
First Eagle Funds | Annual Report | October 31, 2021
93
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 82.0% (continued) | |
Qwest Corp. 6.75%, 12/1/2021 | | | 3,947,000 | | | | 3,960,815 | | |
Radian Group, Inc. 4.50%, 10/1/2024 | | | 645,000 | | | | 683,700 | | |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a) | | | 556,000 | | | | 566,425 | | |
Royal Caribbean Cruises Ltd. 10.88%, 6/1/2023 (a) | | | 1,163,000 | | | | 1,301,106 | | |
11.50%, 6/1/2025 (a) | | | 596,000 | | | | 678,323 | | |
5.50%, 8/31/2026 (a) | | | 1,000,000 | | | | 1,018,750 | | |
SBA Communications Corp. REIT, 4.88%, 9/1/2024 | | | 2,928,000 | | | | 2,964,600 | | |
REIT, 3.88%, 2/15/2027 | | | 609,000 | | | | 628,050 | | |
REIT, 3.13%, 2/1/2029 (a) | | | 1,242,000 | | | | 1,192,320 | | |
Scotts Miracle-Gro Co. (The) 4.38%, 2/1/2032 (a) | | | 1,602,000 | | | | 1,610,098 | | |
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a) | | | 2,452,000 | | | | 2,399,895 | | |
Sealed Air Corp. 4.00%, 12/1/2027 (a) | | | 1,252,000 | | | | 1,308,340 | | |
SEG Holding LLC 5.63%, 10/15/2028 (a) | | | 3,198,000 | | | | 3,365,895 | | |
Shea Homes LP 4.75%, 2/15/2028 (a) | | | 1,668,000 | | | | 1,680,510 | | |
Sprint Communications, Inc. 11.50%, 11/15/2021 | | | 2,000,000 | | | | 2,007,200 | | |
6.00%, 11/15/2022 | | | 1,026,000 | | | | 1,076,253 | | |
Sunoco LP 4.50%, 4/30/2030 (a) | | | 2,000,000 | | | | 2,017,640 | | |
Sylvamo Corp. 7.00%, 9/1/2029 (a) | | | 397,000 | | | | 398,985 | | |
Taylor Morrison Communities, Inc. 5.88%, 4/15/2023 (a) | | | 3,228,000 | | | | 3,377,295 | | |
5.75%, 1/15/2028 (a) | | | 918,000 | | | | 1,010,645 | | |
Teleflex, Inc. 4.63%, 11/15/2027 | | | 1,005,000 | | | | 1,041,431 | | |
4.25%, 6/1/2028 (a) | | | 58,000 | | | | 59,592 | | |
Thor Industries, Inc. 4.00%, 10/15/2029 (a) | | | 1,250,000 | | | | 1,237,875 | | |
First Eagle Funds | Annual Report | October 31, 2021
94
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
United States — 82.0% (continued) | |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | | | 2,138,000 | | | | 2,134,344 | | |
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a) | | | 930,000 | | | | 942,787 | | |
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 | | | 702,767 | | | | 786,234 | | |
United Airlines, Inc. 4.38%, 4/15/2026 (a) | | | 343,000 | | | | 354,823 | | |
4.63%, 4/15/2029 (a) | | | 229,000 | | | | 236,095 | | |
United Natural Foods, Inc. 6.75%, 10/15/2028 (a) | | | 1,530,000 | | | | 1,656,225 | | |
United Wholesale Mortgage LLC 5.50%, 4/15/2029 (a) | | | 326,000 | | | | 317,035 | | |
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a) | | | 309,000 | | | | 320,588 | | |
Valvoline, Inc. 3.63%, 6/15/2031 (a) | | | 2,555,000 | | | | 2,491,125 | | |
VICI Properties LP REIT, 4.25%, 12/1/2026 (a) | | | 245,000 | | | | 253,778 | | |
REIT, 3.75%, 2/15/2027 (a) | | | 305,000 | | | | 313,388 | | |
REIT, 4.13%, 8/15/2030 (a) | | | 305,000 | | | | 320,250 | | |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | | | 3,203,000 | | | | 3,207,004 | | |
WESCO Distribution, Inc. 7.13%, 6/15/2025 (a) | | | 1,542,000 | | | | 1,634,520 | | |
7.25%, 6/15/2028 (a) | | | 1,850,000 | | | | 2,040,383 | | |
Western Digital Corp. 4.75%, 2/15/2026 | | | 1,850,000 | | | | 2,032,687 | | |
White Cap Parent LLC 8.25%, 3/15/2026 (a)(b) | | | 1,972,000 | | | | 1,993,830 | | |
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a) | | | 1,222,000 | | | | 1,262,387 | | |
Yum! Brands, Inc. 7.75%, 4/1/2025 (a) | | | 797,000 | | | | 847,570 | | |
Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | | | 1,588,000 | | | | 1,663,430 | | |
| | | 190,669,943 | | |
Total Corporate Bonds (Cost $216,550,528) | | | 221,813,435 | | |
First Eagle Funds | Annual Report | October 31, 2021
95
First Eagle High Income Fund | Schedule of Investments | October 31, 2021
Investments | | Principal Amount ($) | | Value ($) | |
Loan Assignments — 0.7% | |
United States — 0.7% | |
BJ's Wholesale Club, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.08%, 2/3/2024 (d) (Cost $1,667,599) | | | 1,669,184 | | | | 1,669,184 | | |