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, 2022
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.

Annual Report
October 31, 2022
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
First Eagle Global Real Assets Fund
First Eagle U.S. Smid 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, 2022
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Table of Contents
Letter from the President | | | 6 | | |
Management's Discussion of Fund Performance | | | 9 | | |
Performance Chart | | | 16 | | |
First Eagle Global Fund | |
Fund Overview | | | 28 | | |
Consolidated Schedule of Investments | | | 30 | | |
First Eagle Overseas Fund | |
Fund Overview | | | 42 | | |
Consolidated Schedule of Investments | | | 44 | | |
First Eagle U.S. Value Fund | |
Fund Overview | | | 56 | | |
Consolidated Schedule of Investments | | | 58 | | |
First Eagle Gold Fund | |
Fund Overview | | | 64 | | |
Consolidated Schedule of Investments | | | 66 | | |
First Eagle Global Income Builder Fund | |
Fund Overview | | | 70 | | |
Schedule of Investments | | | 72 | | |
First Eagle High Income Fund | |
Fund Overview | | | 88 | | |
Schedule of Investments | | | 90 | | |
First Eagle Fund of America | |
Fund Overview | | | 100 | | |
Schedule of Investments | | | 102 | | |
First Eagle Small Cap Opportunity Fund | |
Fund Overview | | | 106 | | |
Schedule of Investments | | | 108 | | |
First Eagle Global Real Assets Fund | |
Fund Overview | | | 120 | | |
Consolidated Schedule of Investments | | | 122 | | |
First Eagle U.S. Smid Cap Opportunity Fund | |
Fund Overview | | | 128 | | |
Schedule of Investments | | | 130 | | |
First Eagle Funds | Annual Report | October 31, 2022
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Statements of Assets and Liabilities | | | 136 | | |
Statements of Operations | | | 146 | | |
Statements of Changes in Net Assets | | | 156 | | |
Financial Highlights | | | 170 | | |
Notes to Financial Statements | | | 190 | | |
Report of Independent Registered Accounting Firm | | | 225 | | |
Fund Expenses | | | 227 | | |
General Information | | | 235 | | |
Board Considerations for Continuation of Advisory Agreement | | | 236 | | |
Board's Review of Management's Liquidity Risk Management Program | | | 240 | | |
Tax Information | | | 241 | | |
Privacy Notice | | | 242 | | |
Additional Information | | | 247 | | |
First Eagle Funds | Annual Report | October 31, 2022
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Letter from the President (unaudited)

Dear Fellow Shareholders,
In my letter to you last year, I refenced the famous opening lines of Charles Dickens's A Tale of Two Cities to highlight the dualities evident in the late-2021 investment environment. As 2022 wore on, however, it became increasingly clear that the balance had shifted toward "the worst of times" for those accustomed to conditions supportive of risk assets. Already in a precarious state entering the year, markets have been battered by the emergence of three significant shocks to global economic growth: Russia's invasion of Ukraine, tightening monetary policy and a slowdown in China.
While inflation already had begun to emerge in advance of Russia's late-February attack on its neighbor to the east, boots on the ground in Ukraine—prompting a variety of sanctions and counter-sanctions and a sharp re-rating of such commodities as oil, natural gas and wheat—likely helped transform the price pressures oft-described by the Federal Reserve as "transitory" into something decidedly more persistent. With inflation spiking to levels not seen in decades, central bankers in both developed and developing markets were roused to decisive action, essentially bringing a swift end to the era of cheap money. Meanwhile, China, whose resilience in recent decades has helped bolster global GDP in times of need, faces its own set of economic headwinds, including a correction in its immense property market.
In recent years we've marveled at the markets' resolute complacency in the face of the many distortions—and their attendant risks—that emerged in the aftermath of the Covid-19 outbreak. While massive fiscal and monetary policy support fueled a broad rebound from the initial dislocations of the pandemic, the spoils were concentrated in the growth-oriented stocks representative of the new economy. Old-line names typical of value stocks, in contrast, were afforded valuations suggestive of fading relevance. As we've seen during 2022's selloff, however, these widening relative valuations served to increase the potential velocity of the eventual return to equilibrium, like a rubber band stretched to its breaking point before release.
For example, though both were down for the 12-month period covered by this report, the MSCI World Value Index outperformed the MSCI World Growth Index by more than 1,800 basis points.1 Bondholders, meanwhile, may have been the most surprised cohort of investors. Rising interest rates pushed prices sharply lower across fixed income assets, with longer-duration, fixed-rate instruments particularly susceptible to the selloff. The Bloomberg U.S. Aggregate Index has
1 Source: FactSet; data as of October 31, 2022.
First Eagle Funds | Annual Report | October 31, 2022
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delivered an annual negative return only four times since its inception in 1976, including last year's 1.5% decline; with the index losing 15.7% over the first 10 months of the year, 2022 not only is on track to become number five, it also is poised to smash the previous record swoon of -2.9%.2
While conditions over the past year have been painful for owners of nearly all financial assets, such a cleansing can be healthy for markets, particularly given the rapid and concentrated appreciation experienced in the wake of the Covid-19 outbreak. Of course, there's no way of knowing if the worst of this episode is behind us or still lies ahead. The risks I mentioned earlier persist, as do many others, and the potential for an idiosyncratic threat to emerge somewhere in the financial system appears elevated given the less-forgiving environment.
So, do we have Great Expectations for the coming year? Hardly. But this is why First Eagle seeks to offer clients a differentiated range of investment strategies and solutions that we believe will have the potential to demonstrate resilience through different states of the world. Across market cycles, macroeconomic conditions and disruptive events, our goal is to deliver long-term shareholder value while avoiding the permanent impairment of client capital.
Global Value Team
After finishing 2021 on a high note, global equities staggered out of the gates in 2022 in the face of the myriad risks discussed above and remained volatile since. While the Global Value team's core funds delivered negative absolute returns in the 12-month period covered in this report, they substantially outpaced their benchmarks and index-based peers thanks to what we consider strong stock selection. The energy sector in particular, buoyed by rising oil prices, contributed strongly to performance. Gold and gold-related equities, which many of our funds hold as a potential hedge against extreme risk scenarios and market turbulence, played their part effectively.
High Income Team
Though high yield bonds had been resilient in the face of the pressures dragging down investment grade bonds, performance by the asset class began to unravel in 2022. With borrowers given pause by higher rates and investors seeking to preserve liquidity, high yield new issuance has been off sharply this year, while secondary-market spreads have widened considerably. In this uncertain investment environment, we remained intent on minimizing downside risk, looking to allocate capital countercyclically as opportunities emerged. The team sought issues of higher credit quality and seniority in the capital structure, with a focus on businesses with the pricing power to pass along rising input costs to their customers.
2 Source: FactSet; data as of October 31, 2022.
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Small Cap Team
Although smaller companies are often seen as especially vulnerable to volatility, the Small Cap team seeks to leverage such conditions to uncover stocks whose market prices have become disconnected from their normalized value, especially once-larger companies whose shrinking market capitalizations have pushed them into the team's investment universe. Even well-managed companies can be subject to risk-off trading, but company-specific growth drivers or catalysts, such as a new management team or product innovation, can pave a more economically resilient path to operational success regardless of macroeconomic conditions.
As always, I want to thank you for entrusting your assets to our stewardship.
Sincerely,

Mehdi Mahmud
President
December 2022
First Eagle Funds | Annual Report | October 31, 2022
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Management's Discussion of Fund Performance (unaudited)
First Eagle Global Fund
The net asset value ("NAV") of the Fund's Class A shares* decreased 11.90% for the 12 months ended October 31, 2022, while the net return of the MSCI World Index decreased 18.48%. The Fund's cash and cash equivalents position was 7.1% as of October 31, 2022.
The five largest contributors to the performance of First Eagle Global Fund over the period were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), NOV Inc. (energy equipment & services, United States), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada) and Elevance Health Inc. (health care providers & services, United States). Collectively, they accounted for 3.70% of this period's performance.
The five largest detractors were Meta Platforms, Inc., Class A (interactive media & services, United States), gold bullion, Comcast Corp., Class A (media, United States), Groupe Bruxelles Lambert NV (diversified financial services, Belgium) and Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan). In aggregate they detracted 4.21% from Fund performance in this period.
First Eagle Overseas Fund
The NAV of the Fund's Class A shares* decreased 15.62% for the 12 months ended October 31, 2022 while the MSCI EAFE Index decreased 23.00%. The Fund's cash and cash equivalents position was 3.7% as of October 31, 2022.
The five largest contributors to the performance of First Eagle Overseas Fund over the period were Imperial Oil Ltd. (oil, gas & consumable fuels, Canada), British American Tobacco plc (tobacco, United Kingdom), Shell plc (oil, gas & consumable fuels, Netherlands), Nutrien Ltd. (chemicals, Canada) and BAE Systems plc (aerospace & defense, United Kingdom). Collectively, they accounted for 2.31% of this period's performance.
The five largest detractors were Groupe Bruxelles Lambert NV (diversified financial services, Belgium), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan), gold bullion, Alibaba Group Holding Ltd. (internet & direct marketing retail, China) and FANUC Corp. (machinery, Japan). In aggregate they detracted 3.57% from fund performance in this period.
First Eagle U.S. Value Fund
The NAV of the Fund's Class A shares* decreased 9.12% for the 12 months ended October 31, 2022, while the S&P 500 Index decreased 14.61%. The Fund's cash and cash equivalents position was 9.4% as of October 31, 2022.
The five largest contributors to the performance of First Eagle US Value Fund over the period were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), NOV Inc. (energy
* 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, 2022
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Management's Discussion of Fund Performance (unaudited)
equipment & services, United States), Elevance Health Inc. (health care providers & services, United States) and W.R. Berkley Corp (insurance, United States). Collectively, they accounted for 4.67% of this period's performance.
The five largest detractors were Meta Platforms, Inc., Class A (interactive media & services, United States), Comcast Corp., Class A (media, United States), gold bullion, Teradata Corp. (software, United States), and Oracle Corp. (software, United States). In aggregate they detracted 6.63% from fund performance in this period.
First Eagle Gold Fund
The NAV of the Fund's Class A shares* decreased 15.24% for the 12 months ended October 31, 2022, while the FTSE Gold Mines Index decreased 26.46%. The Fund's cash and cash equivalents position was 3.1% as of October 31, 2022.
Given the period's negative market dynamics, only two stocks were positive contributors to performance: Alamos Gold Inc. (metals & mining, Canada) and AngloGold Ashanti Ltd., ADR (metals & mining, Tanzania). The next three top-performing positions were Industrias Peñoles SAB de CV (metals & mining, Mexico), Agnico Eagle Mines Ltd. (metals & mining, Canada) and Pan American Silver Corp. CVR (metals & mining, Canada). Collectively, they accounted for 0.39% of this period's performance.
The five largest detractors were gold bullion, Newcrest Mining Ltd. (metals & mining, Australia), Newmont Corp. (metals & mining, United States), Novagold Resources, Inc. (metals & mining, Canada) and Wheaton Precious Metals Corp. (metals & mining, Brazil). In aggregate they detracted 9.00% from fund performance in this period.
First Eagle Global Income Builder Fund
The NAV of the Fund's Class A shares* decreased 8.23% for the 12 months ended October 31, 2022, while the MSCI World Index decreased 18.48% and the Bloomberg U.S. Aggregate Bond Index was down 15.68%. The composite index3 decreased 17.10% over the same time period. The Fund's cash and cash equivalents position was 2.5% as of October 31, 2022.
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), British American Tobacco plc (tobacco, United Kingdom), Schlumberger NV (energy equipment & services, United States), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada) and Magellan Midstream Partners LP (oil & gas producers, United States). Collectively, they accounted for 3.35% of this period's performance.
The five largest detractors were Groupe Bruxelles Lambert NV (diversified financial services, Belgium), gold bullion, Jardine Matheson Holdings Ltd. (industrial conglomerates, Hong Kong), Danone SA (food, France) and Comcast Corp., Class A (media, United States). In aggregate they detracted 2.60% from fund performance in this period.
3 The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.
First Eagle Funds | Annual Report | October 31, 2022
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Management's Discussion of Fund Performance (unaudited)
First Eagle High Income Fund
The NAV of the Fund's Class I shares decreased 9.23% for the 12 months ended October 31, 2022, while the Bloomberg U.S. Corporate High Yield Index decreased 11.76%. The Fund's cash and cash equivalents position was 7.3% as of October 31, 2022.
The five largest contributors to the performance of First Eagle High Income Fund over the period were EnQuest plc 7.00%, 4/15/2023 (oil, gas & consumable fuels, United Kingdom); Valvoline Inc. 4.25%, 2/15/2030 (chemicals, United States); CITGO Petroleum Corp. 7.00%, 6/15/2025 (oil, gas & consumable fuels, United States); Iris Holding, Inc. 10.00%, 12/15/2028 (chemicals, United States); and Taylor Morrison Communities, Inc. 5.88%, 4/15/2023 (household durables, United States). Collectively, they accounted for 0.36% of this period's performance.
The five largest detractors were Glatfelter Corp. 4.75%, 11/15/2029 (paper & forest products, United States); Vista Outdoor, Inc. 4.50%, 3/15/2029 (leisure products, United States); IHO Verwaltungs GmbH 4.75%, 9/15/2026 (auto components, Germany); Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (pharmaceuticals, Germany); and Valvoline Inc. 3.63% 6/15/2031 (chemicals, United States). In aggregate they detracted 1.27% from fund performance in this period.
First Eagle Fund of America
The NAV of the Fund's Class A shares* decreased 21.94% for the 12 months ended October 31, 2022, while the S&P 500 Index decreased 14.61%. The Fund's cash and cash equivalents position was 1.1% as of October 31, 2022.
The five largest contributors to the performance of First Eagle Fund of America over the period were UnitedHealth Group, Inc. (health care providers & services, United States), PepsiCo, Inc. (beverages, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States), Enterprise Products Partners LP (oil & gas pipelines, United States) and Magellan Midstream Partners LP (oil & gas producers, United States). Collectively, they accounted for 2.19% of this period's performance.
The five largest detractors were Meta Platforms, Inc., Class A (interactive media & services, United States), Alphabet Inc., Class A (interactive media & services, United States), Comcast Corp., Class A (media, United States), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan) and Microsoft Corp. (software, United States), and. In aggregate they detracted 13.51% from fund performance in this period.
First Eagle Small Cap Opportunity Fund
The NAV of the Fund's Class I shares decreased 13.00% for the 12 months ended October 31, 2022, while the Russell 2000® Value Index decreased 10.73%. The Fund's position in cash and cash equivalents was 8.8% as of October 31, 2022.
The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were PBF Energy, Inc., Class A (oil, gas & consumable fuels, United States), RPC, Inc. (energy equipment & services, United States), Sierra Wireless, Inc. (technology hardware, United States), Helmerich & Payne, Inc. (energy equipment & services, United States) and AdaptHealth Corp. (healthcare services, United States). Collectively, they accounted for 2.02% of this period's performance.
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Management's Discussion of Fund Performance (unaudited)
The five largest detractors were Community Health Systems, Inc. (health care providers & services, United States), Sientra, Inc. (health care equipment & supplies, United States), Kaleyra, Inc. (software, Italy), Conn's, Inc. (hardline retail, United States) and HCI Group, Inc. (insurance, United States). In aggregate they detracted 2.71% from fund performance in this period.
First Eagle Global Real Assets Fund
The NAV of the Fund's Class I shares decreased 4.10% from its November 30, 2021, inception through October 31, 2022, while the MSCI World Index decreased 16.65%. The Fund's position in cash and cash equivalents was 1.4% as of October 31, 2022.
The five largest contributors to the performance of First Eagle Global Real Assets Fund over the period were NOV, Inc. (energy equipment & services, United States), Exxon Mobil Corp. (oil, gas and consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), Chevron Corp. (oil, gas & consumable fuels, United States) and Imperial Oil Ltd. (oil, gas & consumable fuels, Canada). Collectively, they accounted for 6.84% of this period's performance.
The five largest detractors were gold bullion, Alrosa PJSC (metals & mining, Russia), Douglas Emmett, Inc. (REITs, United States), Charter Communications, Inc., Class A (cable & satellite, United States) and Home Depot, Inc. (The) (hardline retail, United States). In aggregate they detracted 4.01% from fund performance in this period.
First Eagle U.S. Smid Cap Opportunity Fund
The NAV of the Fund's Class I shares decreased 10.20% from its August 15, 2022, inception through October 31, 2022, while the Russell 2500TM Value Index decreased 8.42%. The Fund's position in cash and cash equivalents was 1.2% as of October 31, 2022.
The five largest contributors to the performance of First Eagle U.S. Smid Cap Opportunity Fund over the period were HF Sinclair Corp. (oil & gas producers, United States), Curtiss-Wright Corp. (aerospace & defense, United States), Matador Resources Co. (oil & gas producers, United States), Cardinal Health, Inc. (healthcare facilities & services, United States) and Chuy's Holdings, Inc. (restaurants, United States). Collectively, they accounted for 1.51% of this period's performance.
The five largest detractors were Generac Holdings, Inc. (electrical equipment, United States), Owens & Minor, Inc. (healthcare facilities & services, United States), Coherent Corp. (semiconductor equipment, United States), Tenet Healthcare Corp. (healthcare facilities & services, United States) and B Riley Financial, Inc. (financial services, United States). In aggregate they detracted 3.73% from fund performance in this period.
First Eagle Funds | Annual Report | October 31, 2022
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Management's Discussion of Fund Performance (unaudited)

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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 | |

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Matt Lamphier Portfolio Manager U.S. Value Fund | | Edward Meigs Portfolio Manager Global Income Builder and High Income Funds | |

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

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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, 2022
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Management's Discussion of Fund Performance (unaudited)

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

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

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Bill Hench Portfolio Manager Small Cap Opportunity Fund U.S. Smid Cap Opportunity Fund | | Benjamin Bahr Portfolio Manager Global Real Assets Fund
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John Masi Portfolio Manager Global Real Assets Fund | | George Ross Portfolio Manager Global Real Assets Fund | |
First Eagle Funds | Annual Report | October 31, 2022
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Management's Discussion of Fund Performance (unaudited)

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David Wang Portfolio Manager Global Real Assets Fund | | | | | |
December 2022
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteagle.com or by calling 800.334.2143.
The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of December 2022 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, 2022
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Performance Chart1 (unaudited)
| | One- Year | | Three- Years | | Five- Years | | Ten- Years | | Since Inception | | Inception Date | |
First Eagle Global Fund | |
Class A (SGENX) without sales charge | | | -11.90 | % | | | 3.29 | % | | | 3.60 | % | | | 5.97 | % | | | 12.14 | % | | 01/01/792 | |
with sales charge | | | -16.31 | % | | | 1.54 | % | | | 2.54 | % | | | 5.43 | % | | | 12.01 | % | | 01/01/792 | |
Class C (FESGX) | | | -12.57 | % | | | 2.50 | % | | | 2.81 | % | | | 5.17 | % | | | 8.44 | % | | 06/05/00 | |
Class I (SGIIX) | | | -11.69 | % | | | 3.55 | % | | | 3.87 | % | | | 6.25 | % | | | 9.44 | % | | 07/31/98 | |
Class R3 (EARGX) | | | -11.99 | % | | | 2.97 | % | | | — | | | | — | | | | 3.49 | % | | 05/01/18 | |
Class R4 (EAGRX) | | | -11.88 | % | | | 3.36 | % | | | — | | | | — | | | | 2.65 | % | | 01/17/18 | |
Class R5 (FRGLX) | | | -11.90 | % | | | 2.64 | % | | | — | | | | — | | | | 2.69 | % | | 07/29/19 | |
Class R6 (FEGRX) | | | -11.62 | % | | | 3.62 | % | | | 3.94 | % | | | — | | | | 4.57 | % | | 03/01/17 | |
MSCI World Index3 | | | -18.48 | % | | | 6.11 | % | | | 6.37 | % | | | 8.94 | % | | | 9.32 | % | | 01/01/79 | |
First Eagle Overseas Fund | |
Class A (SGOVX) without sales charge | | | -15.62 | % | | | -1.11 | % | | | 0.05 | % | | | 3.50 | % | | | 8.81 | % | | 08/31/93 | |
with sales charge | | | -19.85 | % | | | -2.79 | % | | | -0.96 | % | | | 2.97 | % | | | 8.62 | % | | 08/31/93 | |
Class C (FESOX) | | | -16.23 | % | | | -1.84 | % | | | -0.68 | % | | | 2.75 | % | | | 7.14 | % | | 06/05/00 | |
Class I (SGOIX) | | | -15.40 | % | | | -0.83 | % | | | 0.34 | % | | | 3.79 | % | | | 8.53 | % | | 07/31/98 | |
Class R3 (EAROX) | | | -15.85 | % | | | -1.32 | % | | | — | | | | — | | | | -0.18 | % | | 05/01/18 | |
Class R4 (FIORX) | | | -15.49 | % | | | -0.97 | % | | | — | | | | — | | | | -0.73 | % | | 01/17/18 | |
Class R5 (FEROX) | | | -15.70 | % | | | -1.20 | % | | | — | | | | — | | | | 1.08 | % | | 03/11/19 | |
Class R6 (FEORX) | | | -15.32 | % | | | -0.75 | % | | | 0.42 | % | | | — | | | | 1.75 | % | | 03/01/17 | |
MSCI EAFE Index4 | | | -23.00 | % | | | -1.27 | % | | | -0.09 | % | | | 4.13 | % | | | 4.33 | % | | 08/31/93 | |
First Eagle Funds | Annual Report | October 31, 2022
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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 | | | -9.12 | % | | | 5.80 | % | | | 5.74 | % | | | 7.23 | % | | | 8.29 | % | | 09/04/01 | |
with sales charge | | | -13.66 | % | | | 4.01 | % | | | 4.66 | % | | | 6.69 | % | | | 8.03 | % | | 09/04/01 | |
Class C (FEVCX) | | | -9.82 | % | | | 4.99 | % | | | 4.92 | % | | | 6.42 | % | | | 7.48 | % | | 09/04/01 | |
Class I (FEVIX) | | | -8.88 | % | | | 6.09 | % | | | 6.03 | % | | | 7.53 | % | | | 8.57 | % | | 09/04/01 | |
Class R3 (EARVX) | | | -9.28 | % | | | 5.61 | % | | | — | | | | — | | | | 5.59 | % | | 05/01/18 | |
Class R4 (FIVRX) | | | -9.17 | % | | | 5.68 | % | | | — | | | | — | | | | 4.85 | % | | 07/29/19 | |
Class R5 (FERVX) | | | -9.03 | % | | | 5.87 | % | | | — | | | | — | | | | 5.03 | % | | 07/29/19 | |
Class R6 (FEVRX) | | | -8.83 | % | | | 6.12 | % | | | 6.06 | % | | | — | | | | 6.18 | % | | 03/01/17 | |
S&P 500 Index5 | | | -14.61 | % | | | 10.22 | % | | | 10.44 | % | | | 12.79 | % | | | 8.07 | % | | 09/04/01 | |
First Eagle Gold Fund | |
Class A (SGGDX) without sales charge | | | -15.24 | % | | | 1.81 | % | | | 3.60 | % | | | -4.05 | % | | | 4.93 | % | | 08/31/93 | |
with sales charge | | | -19.49 | % | | | 0.09 | % | | | 2.54 | % | | | -4.54 | % | | | 4.75 | % | | 08/31/93 | |
Class C (FEGOX) | | | -15.87 | % | | | 1.06 | % | | | 2.83 | % | | | -4.79 | % | | | 4.10 | % | | 05/15/03 | |
Class I (FEGIX) | | | -15.00 | % | | | 2.09 | % | | | 3.89 | % | | | -3.79 | % | | | 5.17 | % | | 05/15/03 | |
Class R3 (EAURX) | | | -15.46 | % | | | 1.68 | % | | | — | | | | — | | | | 4.75 | % | | 05/01/18 | |
Class R4 (FIURX) | | | -15.14 | % | | | 1.96 | % | | | — | | | | — | | | | 3.00 | % | | 07/29/19 | |
Class R5 (FERUX) | | | -15.02 | % | | | 1.97 | % | | | — | | | | — | | | | 3.04 | % | | 07/29/19 | |
Class R6 (FEURX) | | | -14.91 | % | | | 2.18 | % | | | 3.98 | % | | | — | | | | 2.77 | % | | 03/01/17 | |
FTSE Gold Mines Index6 | | | -26.46 | % | | | -7.61 | % | | | -0.08 | % | | | -7.64 | % | | | -0.89 | % | | 08/31/93 | |
MSCI World Index3 | | | -18.48 | % | | | 6.11 | % | | | 6.37 | % | | | 8.94 | % | | | 6.91 | % | | 08/31/93 | |
First Eagle Funds | Annual Report | October 31, 2022
17
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 | | | -8.23 | % | | | 2.47 | % | | | 2.58 | % | | | 4.65 | % | | | 4.85 | % | | 05/01/12 | |
with sales charge | | | -12.81 | % | | | 0.74 | % | | | 1.54 | % | | | 4.12 | % | | | 4.34 | % | | 05/01/12 | |
Class C (FEBCX) | | | -8.95 | % | | | 1.69 | % | | | 1.78 | % | | | 3.86 | % | | | 4.05 | % | | 05/01/12 | |
Class I (FEBIX) | | | -7.98 | % | | | 2.72 | % | | | 2.83 | % | | | 4.91 | % | | | 5.11 | % | | 05/01/12 | |
Class R3 (FBRRX) | | | -8.29 | % | | | 2.28 | % | | | — | | | | — | | | | 2.59 | % | | 05/01/18 | |
Class R4 (FIBRX) | | | -8.37 | % | | | 2.37 | % | | | — | | | | — | | | | 2.37 | % | | 07/29/19 | |
Class R5 (EABRX) | | | -8.20 | % | | | 2.47 | % | | | — | | | | — | | | | 2.47 | % | | 07/29/19 | |
Class R6 (FEBRX) | | | -7.85 | % | | | 2.80 | % | | | 2.89 | % | | | — | | | | 3.89 | % | | 03/01/17 | |
Composite Index7 | | | -17.10 | % | | | 2.46 | % | | | 3.90 | % | | | 5.83 | % | | | 5.81 | % | | 05/01/12 | |
MSCI World Index3 | | | -18.48 | % | | | 6.11 | % | | | 6.37 | % | | | 8.94 | % | | | 8.64 | % | | 05/01/12 | |
Bloomberg U.S. Aggregate Bond Index8 | | | -15.68 | % | | | -3.77 | % | | | -0.54 | % | | | 0.74 | % | | | 0.96 | % | | 05/01/12 | |
First Eagle High Income Fund | |
Class A (FEHAX) without sales charge | | | -9.59 | % | | | 0.33 | % | | | 1.41 | % | | | 2.74 | % | | | 3.55 | % | | 01/03/12 | |
with sales charge | | | -13.63 | % | | | -1.20 | % | | | 0.47 | % | | | 2.27 | % | | | 3.11 | % | | 01/03/12 | |
Class C (FEHCX) | | | -10.15 | % | | | -0.38 | % | | | 0.65 | % | | | 1.99 | % | | | 2.78 | % | | 01/03/12 | |
Class I (FEHIX) | | | -9.23 | % | | | 0.64 | % | | | 1.69 | % | | | 3.05 | % | | | 6.27 | % | | 11/19/079 | |
Class R3 (EARHX) | | | -9.72 | % | | | 0.17 | % | | | — | | | | — | | | | 1.18 | % | | 05/01/18 | |
Class R4 (FIHRX) | | | -10.61 | % | | | -0.43 | % | | | — | | | | — | | | | -0.32 | % | | 07/29/19 | |
Class R5 (FERHX) | | | -9.50 | % | | | 0.37 | % | | | — | | | | — | | | | 0.38 | % | | 07/29/19 | |
Class R6 (FEHRX) | | | -9.16 | % | | | 0.67 | % | | | 1.71 | % | | | — | | | | 2.03 | % | | 03/01/17 | |
Bloomberg U.S. Corporate High Yield Index10 | | | -11.76 | % | | | 0.31 | % | | | 2.01 | % | | | 4.12 | % | | | 5.85 | % | | 11/19/07 | |
First Eagle Funds | Annual Report | October 31, 2022
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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 | | | -21.94 | % | | | 1.67 | % | | | -0.06 | % | | | 5.50 | % | | | 6.75 | % | | 11/20/98 | |
with sales charge | | | -25.84 | % | | | -0.05 | % | | | -1.08 | % | | | 4.96 | % | | | 6.53 | % | | 11/20/98 | |
Class C (FEAMX) | | | -22.50 | % | | | 0.92 | % | | | -0.80 | % | | | 4.71 | % | | | 6.02 | % | | 03/02/98 | |
Class I (FEAIX) | | | -21.71 | % | | | 1.96 | % | | | 0.23 | % | | | — | | | | 4.64 | % | | 03/08/13 | |
Class R3 (EARFX) | | | -22.01 | % | | | 1.55 | % | | | — | | | | — | | | | 0.10 | % | | 05/01/18 | |
Class R4 (EAFRX) | | | -21.81 | % | | | 1.80 | % | | | — | | | | — | | | | 0.94 | % | | 07/29/19 | |
Class R5 (FERFX) | | | -21.73 | % | | | 1.90 | % | | | — | | | | — | | | | 1.04 | % | | 07/29/19 | |
Class R6 (FEFRX) | | | -21.75 | % | | | 1.94 | % | | | 0.24 | % | | | — | | | | 1.99 | % | | 03/01/17 | |
S&P 500 Index5 | | | -14.61 | % | | | 10.22 | % | | | 10.44 | % | | | 12.79 | % | | | 7.38 | % | | 04/10/87 | |
First Eagle Small Cap Opportunity Fund | |
Class A (FESAX) without sales charge | | | -13.22 | % | | | — | | | | — | | | | — | | | | -12.49 | % | | 07/01/21 | |
with sales charge | | | -17.53 | % | | | — | | | | — | | | | — | | | | -15.77 | % | | 07/01/21 | |
Class I (FESCX) | | | -13.00 | % | | | — | | | | — | | | | — | | | | -9.08 | % | | 04/27/21 | |
Class R6 (FESRX) | | | -13.00 | % | | | — | | | | — | | | | — | | | | -12.26 | % | | 07/01/21 | |
Russell 2000 Value Index12 | | | -10.73 | % | | | — | | | | — | | | | — | | | | -5.65 | % | | 04/27/21 | |
Russell 2000 Index13 | | | -18.54 | % | | | — | | | | — | | | | — | | | | -12.36 | % | | 04/27/21 | |
First Eagle Global Real Assets Fund | |
Class A (FERAX) without sales charge | | | — | | | | — | | | | — | | | | — | | | | -4.30 | % | | 11/30/21 | |
with sales charge | | | — | | | | — | | | | — | | | | — | | | | -9.12 | % | | 11/30/21 | |
Class I (FEREX) | | | — | | | | — | | | | — | | | | — | | | | -4.10 | % | | 11/30/21 | |
Class R6 (FERRX) | | | — | | | | — | | | | — | | | | — | | | | -4.10 | % | | 11/30/21 | |
MSCI World Index3 | | | — | | | | — | | | | — | | | | — | | | | -16.65 | % | | 11/30/21 | |
Consumer Price Index +400bps14 | | | — | | | | — | | | | — | | | | — | | | | 10.88 | % | | 11/30/21 | |
First Eagle Funds | Annual Report | October 31, 2022
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Performance Chart1 (unaudited)
| | One- Year | | Three- Years | | Five- Years | | Ten- Years | | Since Inception | | Inception Date | |
First Eagle U.S. Smid Cap Opportunity Fund | |
Class A (FESAX) without sales charge | | | — | | | | — | | | | — | | | | — | | | | -10.30 | % | | 08/15/22 | |
with sales charge | | | — | | | | — | | | | — | | | | — | | | | -14.81 | % | | 08/15/22 | |
Class I (FESMX) | | | — | | | | — | | | | — | | | | — | | | | -10.20 | % | | 08/15/22 | |
Class R6 (FEXRX) | | | — | | | | — | | | | — | | | | — | | | | -10.20 | % | | 08/15/22 | |
Russell 2500 Value Index15 | | | — | | | | — | | | | — | | | | — | | | | -8.42 | % | | 08/15/22 | |
Russell 2500 Index16 | | | — | | | | — | | | | — | | | | — | | | | -8.74 | % | | 08/15/22 | |
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, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid 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.
For First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid 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, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund require $1 million minimum investment and 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.
First Eagle Funds | Annual Report | October 31, 2022
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Performance Chart1 (unaudited)
Class R6 Shares of First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid 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 U.S. Aggregate Bond Index.
8 The Bloomberg 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.
10 The Bloomberg 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 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.
13 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.
First Eagle Funds | Annual Report | October 31, 2022
21
Performance Chart1 (unaudited)
14 The Consumer Price Index +400bps presents the Consumer Price Index for All Urban Consumers (CPI-U), plus 400 basis points annualized, a measure of the average change over time in the prices paid by urban consumers for consumer goods and services.
15 The Russell 2500TM Value Index is a widely followed, unmanaged index that measures the performance of the small-to mid-cap value segment of the U.S. equity universe, commonly referred to as "smid" cap. It includes those Russell 2500TM companies with relatively low price-to-book ratios and lower forecasted growth values.
16 The Russell 2500TM Index is a widely followed, unmanaged index that measures the performance of the smid cap segment of the U.S. equity universe. The Russell 2500TM Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500TM Index is completely reconstituted annually.
Expense ratios as stated in the most recent prospectus.
| | Class A | | Class C | | Class I | | Class R3 | | Class R4 | | Class R5 | | Class R6 | |
First Eagle Global Fund | | | 1.11 | % | | | 1.87 | % | | | 0.86 | % | | | 1.51 | % | | | 1.10 | % | | | 1.11 | % | | | 0.78 | % | |
First Eagle Overseas Fund | | | 1.16 | | | | 1.89 | | | | 0.88 | | | | 1.34 | | | | 1.06 | | | | 1.20 | | | | 0.79 | | |
First Eagle U.S. Value Fund17,18 | | | 1.16 | | | | 1.95 | | | | 0.89 | | | | 1.31 | | | | 1.21 | | | | 1.13 | | | | 0.84 | | |
First Eagle Gold Fund | | | 1.22 | | | | 1.95 | | | | 0.96 | | | | 1.34 | | | | 1.11 | | | | 1.03 | | | | 0.85 | | |
First Eagle Global Income Builder Fund | | | 1.17 | | | | 1.94 | | | | 0.93 | | | | 1.32 | | | | 1.17 | | | | 1.16 | | | | 0.87 | | |
First Eagle High Income Fund | | | 1.06 | | | | 1.84 | | | | 0.80 | | | | 1.23 | | | | 1.49 | | | | 1.03 | | | | 0.75 | | |
First Eagle Fund of America17,19 | | | 1.04 | | | | 1.79 | | | | 0.70 | | | | 1.12 | | | | 1.08 | | | | 1.35 | | | | 0.67 | | |
First Eagle Small Cap Opportunity Fund17,20 | | | 1.31 | | | | — | | | | 1.06 | | | | — | | | | — | | | | — | | | | 1.07 | | |
First Eagle Real Assets Fund17,21 | | | 6.91 | | | | — | | | | 6.66 | | | | — | | | | — | | | | — | | | | 6.66 | | |
First Eagle U.S. Smid Cap Opportunity Fund17,22 | | | 6.94 | | | | — | | | | 6.69 | | | | — | | | | — | | | | — | | | | 6.69 | | |
17 For the First Eagle U.S. Value Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.
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 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 29, 2024. 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.
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, C, 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%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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, 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
First Eagle Funds | Annual Report | October 31, 2022
22
Performance Chart1 (unaudited)
is taken into account) to exceed either: (1) 0.90%, 1.65%, 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.
20 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 29, 2024 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.
21 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 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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) 1.10%, 0.85% and 0.85% 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.
22 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 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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) 1.20%, 0.95% and 0.95% 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, 2022 (except for First Eagle U.S. Smid Cap Opportunity Fund's expense ratios presented as of August 15, 2022) 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.
First Eagle Funds | Annual Report | October 31, 2022
23
Performance Chart1 (unaudited)
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 may be volatile, and prices of individual securities and other investments including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiments or publicity. 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, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices 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 price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.
The COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. Additionally, COVID-19 remains a challenge for global supply chain normalization. More recently, a number of major economies, including the United States, are adjusting to reduced levels of market and monetary support following periods of fiscal and monetary interventions, together with rising inflation and increases in interest rate targets by central banks. These circumstances have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.
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 First Eagle 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 First Eagle Global Fund and First Eagle 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. Further, political or economic disruptions in European countries, even in countries in which a Fund is not invested, may adversely affect security values and thus a Fund's holdings.
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.
First Eagle Funds | Annual Report | October 31, 2022
24
Performance Chart1 (unaudited)
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 First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Global Real Assets 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 may (and the First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid Cap Opportunity Fund generally will) 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 First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid 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. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. The First Eagle 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. The First Eagle U.S. Smid Cap Opportunity Fund considers small and medium companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2500 Index at the time of investment. Larger companies are sometimes unable to attain the high growth rates of successful, 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.
If one or more investors in a Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement and can result in a Fund's current expenses being allocated
First Eagle Funds | Annual Report | October 31, 2022
25
Performance Chart1 (unaudited)
over a smaller asset base, which generally results in an increase in a Fund's expense ratio. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets when a significant investor purchases, redeems or owns a substantial portion of a Fund's shares.
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, 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.
First Eagle Global Real Assets Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund's portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.
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, 2022
26
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Data as of October 31, 2022 (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 | | | -11.90 | | | | 3.60 | | | | 5.97 | | |
| | | | with sales load | | | -16.31 | | | | 2.54 | | | | 5.43 | | |
MSCI World Index | | | | | | | -18.48 | | | | 6.37 | | | | 8.94 | | |
Consumer Price Index | | | | | | | 7.75 | | | | 3.85 | | | | 2.57 | | |

Sectors* (%)
Consumer Staples | | | 13.6 | | |
Financials | | | 13.2 | | |
Industrials | | | 10.7 | | |
Commodities | | | 10.6 | | |
Information Technology | | | 9.4 | | |
Energy | | | 8.9 | | |
Health Care | | | 6.4 | | |
Consumer Discretionary | | | 5.9 | | |
Materials | | | 4.8 | | |
Communication Services | | | 4.1 | | |
Real Estate | | | 3.7 | | |
Foreign Government Securities | | | 1.1 | | |
Utilities | | | 0.5 | | |
Short-Term Investments | | | 7.1 | | |
Countries*~ (%)
United States | | | 56.5 | | |
Japan | | | 7.0 | | |
United Kingdom | | | 6.1 | | |
Canada | | | 4.1 | | |
France | | | 3.5 | | |
Brazil | | | 2.1 | | |
South Korea | | | 1.9 | | |
Hong Kong | | | 1.9 | | |
Switzerland | | | 1.9 | | |
Mexico | | | 1.6 | | |
China | | | 1.3 | | |
Belgium | | | 1.1 | | |
Sweden | | | 0.9 | | |
Germany | | | 0.8 | | |
Taiwan | | | 0.7 | | |
Thailand | | | 0.4 | | |
Ireland | | | 0.3 | | |
Australia | | | 0.2 | | |
Norway | | | 0.2 | | |
Colombia | | | 0.2 | | |
Peru | | | 0.1 | | |
Indonesia | | | 0.1 | | |
Short-Term Investments | | | 7.1 | | |
^ Less than 0.05%.
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
** Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less, long-term commercial paper (6.3% of total investments) that settles in 91 days or greater and other short-term investments (0.1% of total investments), such as U.S. treasury bills or money market funds.
~ 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, 2022
28
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) | | | 10.6 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 3.7 | | |
Oracle Corp. (Software, United States) | | | 3.4 | | |
Schlumberger NV (Energy Equipment & Services, United States) | | | 2.4 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 1.8 | | |
Elevance Health, Inc. (Health Care Providers & Services, United States) | | | 1.7 | | |
CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | | | 1.7 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 1.6 | | |
Comcast Corp. (Media, United States) | | | 1.6 | | |
HCA Healthcare, Inc. (Health Care Providers & Services, United States) | | | 1.6 | | |
Total | | | 30.1 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
** The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.
Percentages are based on total net assets
First Eagle Funds | Annual Report | October 31, 2022
29
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 81.1% | |
Australia — 0.2% | |
Newcrest Mining Ltd. | | | 9,296,442 | | | | 102,960,708 | | |
Belgium — 1.1% | |
Groupe Bruxelles Lambert NV | | | 6,469,396 | | | | 476,965,415 | | |
Brazil — 2.1% | |
Ambev SA, ADR | | | 135,881,898 | | | | 413,080,970 | | |
Itausa SA (Preference) | | | 102,984,133 | | | | 214,122,464 | | |
Wheaton Precious Metals Corp. | | | 7,776,226 | | | | 254,204,828 | | |
| | | 881,408,262 | | |
Canada — 4.1% | |
Agnico Eagle Mines Ltd. | | | 2,298,700 | | | | 101,120,190 | | |
Barrick Gold Corp. | | | 20,128,459 | | | | 302,530,739 | | |
Franco-Nevada Corp. | | | 769,497 | | | | 95,077,939 | | |
Imperial Oil Ltd. | | | 10,896,401 | | | | 592,749,498 | | |
Nutrien Ltd. | | | 4,138,319 | | | | 349,687,955 | | |
Power Corp. of Canada | | | 13,272,144 | | | | 329,575,095 | | |
| | | 1,770,741,416 | | |
China — 1.3% | |
Alibaba Group Holding Ltd.* | | | 34,738,392 | | | | 270,087,757 | | |
Prosus NV* | | | 6,294,726 | | | | 272,194,633 | | |
| | | 542,282,390 | | |
France — 3.5% | |
Danone SA | | | 10,211,219 | | | | 507,492,661 | | |
Legrand SA | | | 1,954,335 | | | | 148,929,522 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 145,168 | | | | 91,600,267 | | |
Sanofi | | | 4,031,951 | | | | 346,981,089 | | |
Sodexo SA | | | 3,480,088 | | | | 308,274,535 | | |
Wendel SE | | | 1,067,994 | | | | 83,626,062 | | |
| | | 1,486,904,136 | | |
Germany — 0.8% | |
Brenntag SE | | | 1,126,149 | | | | 68,330,616 | | |
Henkel AG & Co. KGaA (Preference) | | | 4,137,100 | | | | 260,631,575 | | |
| | | 328,962,191 | | |
First Eagle Funds | Annual Report | October 31, 2022
30
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Hong Kong — 1.9% | |
CK Asset Holdings Ltd. | | | 37,986,500 | | | | 210,011,067 | | |
Guoco Group Ltd. | | | 12,748,580 | | | | 111,981,374 | | |
Hongkong Land Holdings Ltd. | | | 31,759,300 | | | | 122,269,746 | | |
Hysan Development Co. Ltd. | | | 23,322,348 | | | | 50,833,311 | | |
Jardine Matheson Holdings Ltd. | | | 7,051,271 | | | | 324,837,977 | | |
| | | 819,933,475 | | |
Ireland — 0.3% | |
CRH plc | | | 3,284,015 | | | | 118,283,185 | | |
Japan — 7.0% | |
Chofu Seisakusho Co. Ltd. (a) | | | 3,224,200 | | | | 44,031,237 | | |
FANUC Corp. | | | 2,720,500 | | | | 355,981,860 | | |
Hirose Electric Co. Ltd. | | | 1,258,915 | | | | 163,308,262 | | |
Hoshizaki Corp. | | | 5,662,600 | | | | 162,233,463 | | |
Keyence Corp. | | | 412,600 | | | | 155,577,146 | | |
Komatsu Ltd. | | | 6,756,000 | | | | 132,351,356 | | |
Mitsubishi Electric Corp. | | | 24,592,300 | | | | 216,378,143 | | |
Mitsubishi Estate Co. Ltd. | | | 24,622,380 | | | | 309,633,789 | | |
MS&AD Insurance Group Holdings, Inc. | | | 11,209,120 | | | | 296,830,988 | | |
Secom Co. Ltd. | | | 6,337,130 | | | | 361,029,474 | | |
Shimano, Inc. | | | 1,517,390 | | | | 234,805,909 | | |
SMC Corp. | | | 442,156 | | | | 177,482,423 | | |
Sompo Holdings, Inc. | | | 7,663,700 | | | | 319,517,271 | | |
T Hasegawa Co. Ltd. (a) | | | 3,002,800 | | | | 63,875,515 | | |
USS Co. Ltd. | | | 1,298,600 | | | | 19,594,240 | | |
| | | 3,012,631,076 | | |
Mexico — 1.2% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 5,421,458 | | | | 388,284,822 | | |
Fresnillo plc | | | 5,590,827 | | | | 46,742,281 | | |
Industrias Penoles SAB de CV | | | 6,401,020 | | | | 72,613,600 | | |
| | | 507,640,703 | | |
Norway — 0.2% | |
Orkla ASA | | | 14,016,004 | | | | 94,540,167 | | |
First Eagle Funds | Annual Report | October 31, 2022
31
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
South Korea — 1.7% | |
Hyundai Mobis Co. Ltd. | | | 999,985 | | | | 153,377,031 | | |
KT&G Corp. | | | 5,242,098 | | | | 352,067,482 | | |
Lotte Confectionery Co. Ltd. | | | 161,797 | | | | 14,753,278 | | |
Lotte Corp. | | | 913,277 | | | | 20,871,265 | | |
Namyang Dairy Products Co. Ltd. | | | 7,644 | | | | 1,949,227 | | |
NAVER Corp. | | | 629,662 | | | | 74,689,451 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 3,025,981 | | | | 113,086,695 | | |
| | | 730,794,429 | | |
Sweden — 0.9% | |
Investor AB, Class A | | | 4,970,940 | | | | 84,529,673 | | |
Investor AB, Class B | | | 11,255,824 | | | | 183,702,005 | | |
Svenska Handelsbanken AB, Class A | | | 12,783,537 | | | | 118,772,284 | | |
| | | 387,003,962 | | |
Switzerland — 1.8% | |
Cie Financiere Richemont SA (Registered) | | | 5,088,998 | | | | 497,365,875 | | |
Schindler Holding AG | | | 1,798,637 | | | | 293,296,461 | | |
| | | 790,662,336 | | |
Taiwan — 0.7% | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 4,606,256 | | | | 283,515,057 | | |
Thailand — 0.4% | |
Bangkok Bank PCL, NVDR | | | 47,278,400 | | | | 181,047,499 | | |
United Kingdom — 6.1% | |
BAE Systems plc | | | 30,239,911 | | | | 282,851,127 | | |
Berkeley Group Holdings plc (a) | | | 6,766,463 | | | | 269,219,704 | | |
British American Tobacco plc | | | 19,154,797 | | | | 756,489,459 | | |
Haleon plc* | | | 68,822,768 | | | | 211,041,966 | | |
Lloyds Banking Group plc | | | 437,703,164 | | | | 210,214,807 | | |
Reckitt Benckiser Group plc | | | 4,483,021 | | | | 297,511,292 | | |
Unilever plc | | | 12,894,404 | | | | 588,529,913 | | |
| | | 2,615,858,268 | | |
United States — 45.8% | |
Alphabet, Inc., Class A* | | | 2,694,360 | | | | 254,643,964 | | |
Alphabet, Inc., Class C* | | | 3,980,259 | | | | 376,771,317 | | |
First Eagle Funds | Annual Report | October 31, 2022
32
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
United States — 45.8% (continued) | |
American Express Co. | | | 2,268,791 | | | | 336,802,024 | | |
Analog Devices, Inc. | | | 2,464,848 | | | | 351,536,622 | | |
Bank of New York Mellon Corp. (The) | | | 11,504,615 | | | | 484,459,338 | | |
Becton Dickinson and Co. | | | 1,130,197 | | | | 266,692,586 | | |
Berkshire Hathaway, Inc., Class A* | | | 728 | | | | 323,996,400 | | |
Boston Properties, Inc., REIT | | | 2,154,970 | | | | 156,666,319 | | |
Brown & Brown, Inc. | | | 3,486,931 | | | | 204,996,674 | | |
CH Robinson Worldwide, Inc. (a) | | | 7,426,526 | | | | 725,720,121 | | |
Charles Schwab Corp. (The) | | | 2,951,646 | | | | 235,157,637 | | |
Colgate-Palmolive Co. | | | 7,218,573 | | | | 533,019,430 | | |
Comcast Corp., Class A | | | 21,961,227 | | | | 697,049,345 | | |
Cummins, Inc. | | | 1,455,755 | | | | 355,946,655 | | |
Deere & Co. | | | 658,326 | | | | 260,578,597 | | |
Dentsply Sirona, Inc. | | | 6,900,950 | | | | 212,687,279 | | |
Douglas Emmett, Inc., REIT | | | 8,215,068 | | | | 144,503,046 | | |
DR Horton, Inc. | | | 1,345,092 | | | | 103,410,673 | | |
Elevance Health, Inc. | | | 1,329,736 | | | | 727,059,753 | | |
Embecta Corp. | | | 226,039 | | | | 6,989,126 | | |
Equity Residential, REIT | | | 4,091,633 | | | | 257,854,712 | | |
Expeditors International of Washington, Inc. | | | 1,875,971 | | | | 183,563,762 | | |
Exxon Mobil Corp. | | | 14,460,804 | | | | 1,602,401,691 | | |
Fidelity National Information Services, Inc. | | | 1,678,512 | | | | 139,299,711 | | |
Flowserve Corp. (a) | | | 7,892,216 | | | | 226,348,755 | | |
GSK plc | | | 7,314,932 | | | | 119,826,623 | | |
HCA Healthcare, Inc. | | | 3,109,934 | | | | 676,317,347 | | |
IPG Photonics Corp.* (a) | | | 3,097,302 | | | | 265,314,889 | | |
J.G. Boswell Co. | | | 2,485 | | | | 2,248,925 | | |
Kraft Heinz Co. (The) | | | 4,471,740 | | | | 172,027,838 | | |
Meta Platforms, Inc., Class A* | | | 3,855,034 | | | | 359,134,968 | | |
Microsoft Corp. | | | 1,584,979 | | | | 367,921,175 | | |
Mills Music Trust (a) | | | 31,592 | | | | 1,200,812 | | |
Nestle SA (Registered) | | | 3,086,462 | | | | 335,988,556 | | |
Newmont Corp. | | | 7,901,033 | | | | 334,371,717 | | |
NOV, Inc. (a) | | | 26,905,276 | | | | 602,678,182 | | |
First Eagle Funds | Annual Report | October 31, 2022
33
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
United States — 45.8% (continued) | |
Oracle Corp. | | | 18,452,220 | | | | 1,440,564,815 | | |
Philip Morris International, Inc. | | | 7,595,711 | | | | 697,666,055 | | |
PPG Industries, Inc. | | | 842,157 | | | | 96,157,486 | | |
Ross Stores, Inc. | | | 2,633,277 | | | | 251,978,276 | | |
Royal Gold, Inc. | | | 1,332,749 | | | | 126,557,845 | | |
RPM International, Inc. | | | 174,428 | | | | 16,495,656 | | |
Salesforce, Inc.* | | | 1,385,077 | | | | 225,199,669 | | |
Schlumberger NV | | | 19,905,698 | | | | 1,035,693,467 | | |
Teradata Corp.* | | | 4,979,250 | | | | 157,294,508 | | |
Texas Instruments, Inc. | | | 2,333,362 | | | | 374,807,938 | | |
Travelers Cos., Inc. (The) | | | 1,415,688 | | | | 261,137,809 | | |
UGI Corp. | | | 6,123,570 | | | | 216,345,728 | | |
Union Pacific Corp. | | | 783,660 | | | | 154,490,732 | | |
Universal Health Services, Inc., Class B | | | 3,368,166 | | | | 390,269,394 | | |
US Bancorp | | | 6,565,740 | | | | 278,715,663 | | |
W.R. Berkley Corp. | | | 2,398,044 | | | | 178,366,513 | | |
Walmart, Inc. | | | 1,383,386 | | | | 196,897,329 | | |
Wells Fargo & Co. | | | 6,275,140 | | | | 288,593,689 | | |
Weyerhaeuser Co., REIT | | | 10,347,140 | | | | 320,037,040 | | |
Willis Towers Watson plc | | | 2,553,725 | | | | 557,248,332 | | |
| | | 19,669,704,513 | | |
Total Common Stocks (Cost $27,100,759,551) | | | 34,801,839,188 | | |
| | Ounces | | | |
Commodities — 10.5% | |
Gold bullion* (Cost $2,917,123,385) | | | 2,775,387 | | | | 4,530,486,527 | | |
| | Principal Amount ($) | | | |
Foreign Government Securities — 1.1% | |
Colombia — 0.2% | |
Titulos de Tesoreria Series B, 5.75%, 11/3/2027‡ | | COP | 504,289,700,000 | | | | 73,916,471 | | |
First Eagle Funds | Annual Report | October 31, 2022
34
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Indonesia — 0.1% | |
Republic of Indonesia 8.38%, 3/15/2024 | | IDR | 853,795,000,000 | | | | 55,823,605 | | |
Mexico — 0.4% | |
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023 | | MXN | 911,940,000 | | | | 44,747,795 | | |
Series M 20, 10.00%, 12/5/2024 | | MXN | 816,590,000 | | | | 41,022,427 | | |
Series M, 5.75%, 3/5/2026 | | MXN | 1,813,230,000 | | | | 80,688,371 | | |
| | | 166,458,593 | | |
Peru — 0.1% | |
Republic of Peru 8.20%, 8/12/2026‡ (b) | | PEN | 221,343,000 | | | | 57,335,959 | | |
South Korea — 0.3% | |
Republic of Korea 1.25%, 3/10/2026 | | KRW | 158,937,690,000 | | | | 101,330,370 | | |
Total Foreign Government Securities (Cost $574,414,953) | | | 454,864,998 | | |
Corporate Bonds — 0.0% (c) | |
United States — 0.0% (c) | |
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡ (Cost $5,103,390) | | | 5,467,000 | | | | 5,207,318 | | |
| | Number of Warrants | | | |
Warrants — 0.0% (c) | |
Switzerland — 0.0% (c) | |
Cie Financiere Richemont SA, expiring 11/22/2023, price 67.00* (Cost $—) | | | 11,129,290 | | | | 5,446,000 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 7.1% | |
Commercial Paper — 7.0% | |
Amazon.com, Inc. 2.67%, 11/21/2022 (d) | | | 38,000,000 | | | | 37,919,978 | | |
3.07%, 12/13/2022 (d) | | | 50,000,000 | | | | 49,774,609 | | |
Apple, Inc. 3.23%, 12/14/2022 (b)(d) | | | 58,649,000 | | | | 58,379,260 | | |
3.55%, 12/20/2022 (b)(d) | | | 75,000,000 | | | | 74,604,167 | | |
First Eagle Funds | Annual Report | October 31, 2022
35
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 7.0% (continued) | |
BNG Bank NV 2.79%, 11/17/2022 (b)(d) | | | 87,499,000 | | | | 87,351,533 | | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (d) | | | 49,408,000 | | | | 49,403,356 | | |
Credit Agricole Corporate and Investment Bank 3.02%, 11/1/2022 (d) | | | 46,735,000 | | | | 46,730,992 | | |
DuPont de Nemours, Inc. 3.86%, 11/8/2022 (b)(d) | | | 14,500,000 | | | | 14,487,559 | | |
Engie SA 2.85%, 12/7/2022 (d) | | | 57,814,000 | | | | 57,572,695 | | |
3.16%, 12/8/2022 (d) | | | 98,600,000 | | | | 98,176,507 | | |
3.15%, 12/12/2022 (d) | | | 52,915,000 | | | | 52,661,643 | | |
4.35%, 1/26/2023 (d) | | | 100,000,000 | | | | 98,929,900 | | |
4.43%, 1/30/2023 (d) | | | 50,000,000 | | | | 49,435,295 | | |
Entergy Corp. 3.25%, 11/1/2022 (b)(d) | | | 30,193,000 | | | | 30,190,243 | | |
Export Development Canada 2.56%, 11/7/2022 (d) | | | 18,606,000 | | | | 18,593,482 | | |
2.73%, 11/9/2022 (d) | | | 16,912,000 | | | | 16,897,286 | | |
2.77%, 11/15/2022 (d) | | | 22,400,000 | | | | 22,366,960 | | |
2.73%, 11/18/2022 (d) | | | 37,091,000 | | | | 37,024,793 | | |
2.98%, 11/21/2022 (d) | | | 100,000,000 | | | | 99,790,000 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (d) | | | 82,347,000 | | | | 82,338,791 | | |
Henkel US Operations Corp. 2.57%, 11/2/2022 (b)(d) | | | 42,401,000 | | | | 42,393,681 | | |
Hydro-Quebec 2.66%, 11/18/2022 (d) | | | 29,600,000 | | | | 29,547,386 | | |
Kreditanstalt fuer Wiederaufbau 2.71%, 11/1/2022 (b)(d) | | | 70,000,000 | | | | 69,995,178 | | |
2.72%, 11/8/2022 (b)(d) | | | 84,092,000 | | | | 84,041,508 | | |
2.83%, 11/16/2022 (b)(d) | | | 43,110,000 | | | | 43,052,367 | | |
2.82%, 11/29/2022 (b)(d) | | | 35,301,000 | | | | 35,206,191 | | |
Linde, Inc. 3.64%, 1/13/2023 (d) | | | 58,850,000 | | | | 58,363,340 | | |
LVMH Moet Hennessy Louis Vuitton SE 2.78%, 12/2/2022 (b)(d) | | | 48,400,000 | | | | 48,235,956 | | |
2.79%, 12/5/2022 (d) | | | 55,266,000 | | | | 55,060,856 | | |
First Eagle Funds | Annual Report | October 31, 2022
36
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 7.0% (continued) | |
3.23%, 12/14/2022 (b)(d) | | | 48,932,000 | | | | 48,702,764 | | |
4.20%, 1/24/2023 (b)(d) | | | 105,500,000 | | | | 104,433,117 | | |
4.15%, 2/3/2023 (b)(d) | | | 49,475,000 | | | | 48,907,460 | | |
MetLife Short Term Funding LLC 2.67%, 11/16/2022 (d) | | | 14,000,000 | | | | 13,977,749 | | |
Nederlandse Waterschapsbank NV 2.67%, 11/4/2022 (b)(d) | | | 92,109,000 | | | | 92,075,298 | | |
2.67%, 11/7/2022 (b)(d) | | | 92,109,000 | | | | 92,046,494 | | |
Nestle Finance International Ltd. 2.79%, 12/5/2022 (b)(d) | | | 87,893,000 | | | | 87,580,418 | | |
3.84%, 1/31/2023 (b)(d) | | | 90,800,000 | | | | 89,841,889 | | |
NRW Bank 2.71%, 11/10/2022 (b)(d) | | | 100,000,000 | | | | 99,907,611 | | |
2.79%, 11/22/2022 (d) | | | 55,300,000 | | | | 55,184,051 | | |
2.90%, 12/6/2022 (d) | | | 36,311,000 | | | | 36,183,476 | | |
3.41%, 12/15/2022 (b)(d) | | | 74,500,000 | | | | 74,171,269 | | |
2.93%, 12/22/2022 (d) | | | 21,407,000 | | | | 21,298,281 | | |
Oesterreichische Kontrollbank AG 4.09%, 1/17/2023 (d) | | | 35,200,000 | | | | 34,877,240 | | |
Province of Quebec 2.54%, 11/3/2022 (b)(d) | | | 87,599,000 | | | | 87,576,363 | | |
2.68%, 11/22/2022 (b)(d) | | | 54,750,000 | | | | 54,632,428 | | |
2.83%, 11/30/2022 (b)(d) | | | 36,749,000 | | | | 36,639,365 | | |
3.86%, 1/23/2023 (b)(d) | | | 49,525,000 | | | | 49,052,597 | | |
3.99%, 1/25/2023 (b)(d) | | | 29,550,000 | | | | 29,260,645 | | |
PSP Capital, Inc. 2.73%, 11/4/2022 (d) | | | 46,055,000 | | | | 46,038,282 | | |
3.45%, 12/15/2022 (d) | | | 19,045,000 | | | | 18,953,703 | | |
3.69%, 1/9/2023 (d) | | | 39,200,000 | | | | 38,891,071 | | |
3.91%, 1/17/2023 (d) | | | 29,150,000 | | | | 28,888,777 | | |
3.97%, 1/20/2023 (b)(d) | | | 50,000,000 | | | | 49,531,212 | | |
4.13%, 1/23/2023 (d) | | | 50,000,000 | | | | 49,510,234 | | |
4.17%, 1/27/2023 (b)(d) | | | 31,200,000 | | | | 30,876,706 | | |
Siemens Capital Co. LLC 3.94%, 1/20/2023 (d) | | | 50,000,000 | | | | 49,542,462 | | |
Total Commercial Paper (Cost $3,018,686,335) | | | 3,017,106,474 | | |
First Eagle Funds | Annual Report | October 31, 2022
37
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
U.S. Treasury Obligations — 0.1% | |
U.S. Treasury Bills 2.64%, 11/17/2022 (d) | | | 15,000,000 | | | | 14,981,035 | | |
2.96%, 12/1/2022 (d)(e) | | | 15,000,000 | | | | 14,956,968 | | |
Total U.S. Treasury Obligations (Cost $29,945,717) | | | 29,938,003 | | |
| | Shares | | | |
Investment Companies — 0.0% (c) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 2.84% (f) (Cost $76,724) | | | 76,724 | | | | 76,724 | | |
Total Short-Term Investments (Cost $3,048,708,776) | | | 3,047,121,201 | | |
Total Investments — 99.8% (Cost $33,646,110,055) | | | 42,844,965,232 | | |
Other Assets Less Liabilities — 0.2% | | | 84,415,226 | | |
Net Assets — 100.0% | | | 42,929,380,458 | | |
* 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, 2022 amounted to $1,720,509,238, which represents approximately 4.01% 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, 2022.
(e) All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts.
(f) Represents 7-day effective yield as of October 31, 2022.
As of October 31, 2022, 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 | | $ | 12,128,371,152 | | |
Aggregate gross unrealized depreciation | | | (3,362,044,343 | ) | |
Net unrealized appreciation | | $ | 8,766,326,809 | | |
Federal income tax cost | | $ | 34,078,041,910 | | |
First Eagle Funds | Annual Report | October 31, 2022
38
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2022
Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
USD | 72,618,227 | | | GBP | 62,729,000 | | | JPMorgan Chase Bank | | 11/16/2022 | | $ | 653,543 | | |
Total unrealized appreciation | | | | | | | | | 653,543 | | |
USD | 66,747,194 | | | GBP | 59,209,000 | | | Goldman Sachs | | 12/14/2022 | | | (1,250,056 | ) | |
Total unrealized depreciation | | | | | | | | | (1,250,056 | ) | |
Net unrealized depreciation | | | | | | | | $ | (596,513 | ) | |
Abbreviations
ADR — American Depositary Receipt
COP — Colombian Peso
Fix Rt — Fixed Rate
GBP — British Pound
IDR — Indonesian Rupiah
KRW — South Korean Won
MXN — Mexican Peso
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
Affiliated Securities
Security Description | | Shares at October 31, 2022 | | Market Value October 31, 2021 | | Purchases at Cost | | Proceeds from Sales | |
Common Stocks — 5.5% | |
Japan — 0.3% | |
Chofu Seisakusho Co. Ltd. | | | 3,224,200 | | | $ | 58,257,118 | | | $ | — | | | $ | — | | |
T Hasegawa Co. Ltd. | | | 3,002,800 | | | | 73,329,979 | | | | — | | | | — | | |
| | | | | 131,587,097 | | | | — | | | | — | | |
United Kingdom — 0.6% | |
Berkeley Group Holdings plc | | | 6,766,463 | | | | 283,752,032 | | | | 99,055,817 | | | | — | | |
United States — 4.6% | |
CH Robinson Worldwide, Inc. | | | 7,426,526 | | | | 720,298,757 | | | | — | | | | — | | |
Flowserve Corp. | | | 7,892,216 | | | | 265,336,302 | | | | — | | | | — | | |
IPG Photonics Corp.* | | | 3,097,302 | | | | 268,210,435 | | | | 157,726,534 | | | | — | | |
Mills Music Trust | | | 31,592 | | | | 1,927,112 | | | | — | | | | — | | |
NOV, Inc. | | | 26,905,276 | | | | 347,665,829 | | | | 47,265,079 | | | | (17,287,636 | ) | |
Teradata Corp.*^ | | | 4,979,250 | | | | 546,281,084 | | | | — | | | | (178,972,996 | ) | |
| | | | | 2,149,719,519 | | | | 204,991,613 | | | | (196,260,632 | ) | |
Total Common Stocks | | | | | 2,565,058,648 | | | | 304,047,430 | | | | (196,260,632 | ) | |
Total | | | | $ | 2,565,058,648 | | | $ | 304,047,430 | | | $ | (196,260,632 | ) | |
First Eagle Funds | Annual Report | October 31, 2022
39
First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2022
Affiliated Securities (continued)
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2022 | | Dividend Income | |
Common Stocks — 5.5% | |
Japan — 0.3% | |
Chofu Seisakusho Co. Ltd. | | $ | — | | | $ | (14,225,881 | ) | | $ | 44,031,237 | | | $ | 837,357 | | |
T Hasegawa Co. Ltd. | | | — | | | | (9,454,464 | ) | | | 63,875,515 | | | | 1,322,344 | | |
| | | — | | | | (23,680,345 | ) | | | 107,906,752 | | | | 2,159,701 | | |
United Kingdom — 0.6% | |
Berkeley Group Holdings plc | | | — | | | | (113,588,145 | ) | | | 269,219,704 | | | | 1,569,809 | | |
United States — 4.6% | |
CH Robinson Worldwide, Inc. | | | — | | | | 5,421,364 | | | | 725,720,121 | | | | 16,338,357 | | |
Flowserve Corp. | | | — | | | | (38,987,547 | ) | | | 226,348,755 | | | | 6,313,773 | | |
IPG Photonics Corp.* | | | — | | | | (160,622,080 | ) | | | 265,314,889 | | | | — | | |
Mills Music Trust | | | — | | | | (726,300 | ) | | | 1,200,812 | | | | 96,166 | | |
NOV, Inc. | | | (32,766,366 | ) | | | 257,801,276 | | | | 602,678,182 | | | | 4,959,941 | | |
Teradata Corp.*^ | | | (7,931,408 | ) | | | (202,082,172 | ) | | | 157,294,508 | | | | — | | |
| | | (40,697,774 | ) | | | (139,195,459 | ) | | | 1,978,557,267 | | | | 27,708,237 | | |
Total Common Stocks | | | (40,697,774 | ) | | | (276,463,949 | ) | | | 2,355,683,723 | | | | 31,437,747 | | |
Total | | $ | (40,697,774 | ) | | $ | (276,463,949 | ) | | $ | 2,355,683,723 | | | $ | 31,437,747 | | |
* Non-income producing security.
^ Represents an unaffiliated issuer as of October 31, 2022.
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2022
40
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First Eagle Overseas Fund
Data as of October 31, 2022 (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 seeking securities that may be undervalued.
Average Annual Returns (%) | | | | | | One-Year | | Five-Years | | Ten-Years | |
First Eagle Overseas Fund | | Class A | | without sales load | | | -15.62 | | | | 0.05 | | | | 3.50 | | |
| | | | with sales load | | | -19.85 | | | | -0.96 | | | | 2.97 | | |
MSCI EAFE Index | | | | | | | -23.00 | | | | -0.09 | | | | 4.13 | | |
Consumer Price Index | | | | | | | 7.75 | | | | 3.85 | | | | 2.57 | | |

Sectors* (%)
Consumer Staples | | | 20.6 | | |
Financials | | | 14.7 | | |
Industrials | | | 12.4 | | |
Commodities | | | 10.6 | | |
Consumer Discretionary | | | 8.2 | | |
Materials | | | 8.1 | | |
Energy | | | 6.2 | | |
Real Estate | | | 4.8 | | |
Health Care | | | 4.3 | | |
Information Technology | | | 3.2 | | |
Foreign Government Securities | | | 2.2 | | |
Communication Services | | | 1.0 | | |
Short-Term Investments | | | 3.7 | | |
Countries*~ (%)
United States | | | 16.3 | | |
Japan | | | 15.8 | | |
United Kingdom | | | 11.1 | | |
Canada | | | 8.6 | | |
France | | | 6.5 | | |
Hong Kong | | | 4.4 | | |
South Korea | | | 4.2 | | |
Brazil | | | 3.5 | | |
Switzerland | | | 3.0 | | |
Mexico | | | 2.9 | | |
Netherlands | | | 2.7 | | |
Sweden | | | 2.6 | | |
Singapore | | | 2.5 | | |
Belgium | | | 2.1 | | |
China | | | 1.9 | | |
Germany | | | 1.9 | | |
Taiwan | | | 1.4 | | |
Thailand | | | 0.9 | | |
Chile | | | 0.9 | | |
Norway | | | 0.8 | | |
Ireland | | | 0.5 | | |
Turkey | | | 0.4 | | |
Faroe Islands | | | 0.4 | | |
Colombia | | | 0.3 | | |
Australia | | | 0.3 | | |
Peru | | | 0.2 | | |
Indonesia | | | 0.2 | | |
Short-Term Investments | | | 3.7 | | |
^ Less than 0.05%.
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
** Includes short-term commercial paper (0.4% of total investments) that settles in 90 days or less, long-term commercial paper (3.1% of total investments) that settles in 91 days or greater and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.
~ 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, 2022
42
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) | | | 10.6 | | |
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | | | 4.1 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 3.0 | | |
Unilever plc (Personal Products, United Kingdom) | | | 2.4 | | |
Danone SA (Food Products, France) | | | 2.3 | | |
Willis Towers Watson plc (Insurance, United States) | | | 2.2 | | |
Groupe Bruxelles Lambert NV (Diversified Financial Services, Belgium) | | | 2.1 | | |
Shell plc (Oil, Gas & Consumable Fuels, Netherlands) | | | 2.1 | | |
Ambev SA (Beverages, Brazil) | | | 2.0 | | |
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | | | 1.9 | | |
Total | | | 32.7 | | |
* 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, 2022
43
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 83.4% | |
Australia — 0.3% | |
Newcrest Mining Ltd. | | | 2,725,136 | | | | 30,181,647 | | |
Belgium — 2.2% | |
Groupe Bruxelles Lambert NV | | | 3,140,042 | | | | 231,504,060 | | |
Legris Industries SE*‡ (a)(b)(c) | | | 905,366 | | | | 14,924,062 | | |
| | | 246,428,122 | | |
Brazil — 3.5% | |
Ambev SA, ADR | | | 72,445,785 | | | | 220,235,186 | | |
Itausa SA (Preference) | | | 47,442,852 | | | | 98,642,190 | | |
Wheaton Precious Metals Corp. | | | 2,324,671 | | | | 75,993,495 | | |
| | | 394,870,871 | | |
Canada — 8.6% | |
Agnico Eagle Mines Ltd. | | | 717,589 | | | | 31,566,858 | | |
Barrick Gold Corp. | | | 5,379,581 | | | | 80,855,103 | | |
Franco-Nevada Corp. | | | 224,985 | | | | 27,798,822 | | |
Imperial Oil Ltd. | | | 8,488,821 | | | | 461,780,397 | | |
Nutrien Ltd. | | | 2,312,816 | | | | 195,432,952 | | |
Power Corp. of Canada | | | 6,759,452 | | | | 167,851,331 | | |
| | | 965,285,463 | | |
Chile — 0.9% | |
Cia Cervecerias Unidas SA, ADR (a) | | | 9,392,572 | | | | 101,533,703 | | |
China — 1.9% | |
Alibaba Group Holding Ltd.* | | | 13,533,428 | | | | 105,221,140 | | |
Prosus NV* | | | 2,571,207 | | | | 111,183,353 | | |
| | | 216,404,493 | | |
Faroe Islands — 0.4% | |
Bakkafrost P/F | | | 801,656 | | | | 40,097,137 | | |
France — 6.5% | |
Danone SA | | | 5,117,957 | | | | 254,359,995 | | |
Laurent-Perrier (a) | | | 558,938 | | | | 54,469,274 | | |
Legrand SA | | | 812,472 | | | | 61,914,189 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 33,358 | | | | 21,048,728 | | |
Sanofi | | | 1,917,334 | | | | 165,001,668 | | |
First Eagle Funds | Annual Report | October 31, 2022
44
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
France — 6.5% (continued) | |
Sodexo SA | | | 1,563,795 | | | | 138,524,708 | | |
Wendel SE | | | 493,657 | | | | 38,654,329 | | |
| | | 733,972,891 | | |
Germany — 1.9% | |
Brenntag SE | | | 628,298 | | | | 38,122,832 | | |
FUCHS PETROLUB SE (Preference) | | | 2,322,615 | | | | 66,517,530 | | |
Henkel AG & Co. KGaA (Preference) | | | 1,698,517 | | | | 107,004,220 | | |
| | | 211,644,582 | | |
Hong Kong — 4.4% | |
CK Asset Holdings Ltd. | | | 19,475,000 | | | | 107,668,922 | | |
Great Eagle Holdings Ltd. | | | 22,777,700 | | | | 41,771,814 | | |
Guoco Group Ltd. | | | 7,806,340 | | | | 68,569,572 | | |
Hongkong Land Holdings Ltd. | | | 15,883,500 | | | | 61,149,695 | | |
Hysan Development Co. Ltd. | | | 17,500,405 | | | | 38,143,824 | | |
Jardine Matheson Holdings Ltd. | | | 3,892,300 | | | | 179,310,490 | | |
| | | 496,614,317 | | |
Ireland — 0.5% | |
CRH plc | | | 1,586,739 | | | | 57,150,939 | | |
Japan — 15.8% | |
As One Corp. | | | 1,404,380 | | | | 59,886,125 | | |
Chofu Seisakusho Co. Ltd. (a) | | | 1,829,100 | | | | 24,979,077 | | |
Daiichikosho Co. Ltd. (a) | | | 2,866,280 | | | | 82,184,041 | | |
FANUC Corp. | | | 1,259,640 | | | | 164,825,947 | | |
Hirose Electric Co. Ltd. | | | 758,730 | | | | 98,423,545 | | |
Hoshizaki Corp. | | | 2,554,200 | | | | 73,177,818 | | |
Kansai Paint Co. Ltd. | | | 3,986,530 | | | | 52,020,990 | | |
Keyence Corp. | | | 164,800 | | | | 62,140,363 | | |
Komatsu Ltd. | | | 3,814,300 | | | | 74,722,880 | | |
Mitsubishi Electric Corp. | | | 11,266,300 | | | | 99,127,820 | | |
Mitsubishi Estate Co. Ltd. | | | 15,918,150 | | | | 200,175,495 | | |
MS&AD Insurance Group Holdings, Inc. | | | 4,764,500 | | | | 126,169,694 | | |
Nagaileben Co. Ltd. | | | 1,687,224 | | | | 23,155,183 | | |
Nihon Kohden Corp. | | | 1,740,100 | | | | 38,964,575 | | |
Pilot Corp. | | | 477,500 | | | | 18,564,864 | | |
First Eagle Funds | Annual Report | October 31, 2022
45
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Japan — 15.8% (continued) | |
Secom Co. Ltd. | | | 3,108,600 | | | | 177,098,501 | | |
Shimano, Inc. | | | 694,470 | | | | 107,464,567 | | |
SK Kaken Co. Ltd. | | | 87,561 | | | | 22,332,633 | | |
SMC Corp. | | | 208,990 | | | | 83,889,061 | | |
Sompo Holdings, Inc. | | | 3,104,300 | | | | 129,425,403 | | |
T Hasegawa Co. Ltd. | | | 1,906,436 | | | | 40,553,677 | | |
USS Co. Ltd. | | | 560,300 | | | | 8,454,222 | | |
Yokogawa Electric Corp. | | | 13,600 | | | | 227,407 | | |
| | | 1,767,963,888 | | |
Mexico — 2.3% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 2,689,571 | | | | 192,627,075 | | |
Fresnillo plc | | | 1,426,722 | | | | 11,928,153 | | |
Grupo Mexico SAB de CV, Series B | | | 6,905,948 | | | | 25,036,806 | | |
Industrias Penoles SAB de CV | | | 2,246,692 | | | | 25,486,625 | | |
| | | 255,078,659 | | |
Netherlands — 2.7% | |
HAL Trust | | | 631,823 | | | | 72,796,262 | | |
Shell plc | | | 8,311,366 | | | | 230,267,288 | | |
| | | 303,063,550 | | |
Norway — 0.8% | |
Orkla ASA | | | 13,903,113 | | | | 93,778,699 | | |
Singapore — 1.8% | |
Haw Par Corp. Ltd. (a) | | | 19,447,213 | | | | 129,829,745 | | |
United Overseas Bank Ltd. | | | 828,500 | | | | 16,254,174 | | |
UOL Group Ltd. | | | 14,128,300 | | | | 61,709,449 | | |
| | | 207,793,368 | | |
South Korea — 3.9% | |
Fursys, Inc. (a) | | | 872,463 | | | | 16,775,972 | | |
Hyundai Mobis Co. Ltd. | | | 505,396 | | | | 77,517,301 | | |
KT&G Corp. | | | 2,525,785 | | | | 169,635,662 | | |
Lotte Confectionery Co. Ltd. | | | 104,605 | | | | 9,538,290 | | |
Lotte Corp. | | | 772,717 | | | | 17,659,025 | | |
Namyang Dairy Products Co. Ltd. | | | 4,387 | | | | 1,118,689 | | |
Namyang Dairy Products Co. Ltd. (Preference) (a) | | | 15,711 | | | | 2,237,746 | | |
First Eagle Funds | Annual Report | October 31, 2022
46
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
South Korea — 3.9% (continued) | |
NAVER Corp. | | | 258,729 | | | | 30,690,000 | | |
NongShim Co. Ltd. | | | 203,663 | | | | 43,140,254 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 1,863,921 | | | | 69,658,291 | | |
| | | 437,971,230 | | |
Sweden — 2.6% | |
Industrivarden AB, Class A | | | 123,708 | | | | 2,801,725 | | |
Industrivarden AB, Class C | | | 1,572,517 | | | | 35,311,527 | | |
Investor AB, Class A | | | 2,230,372 | | | | 37,926,955 | | |
Investor AB, Class B | | | 8,384,352 | | | | 136,837,807 | | |
L E Lundbergforetagen AB, Class B | | | 63,109 | | | | 2,490,763 | | |
Svenska Handelsbanken AB, Class A | | | 8,041,032 | | | | 74,709,506 | | |
| | | 290,078,283 | | |
Switzerland — 3.0% | |
Cie Financiere Richemont SA (Registered) | | | 2,206,863 | | | | 215,684,570 | | |
Schindler Holding AG | | | 724,861 | | | | 118,200,152 | | |
| | | 333,884,722 | | |
Taiwan — 1.4% | |
Taiwan Secom Co. Ltd. | | | 8,545,694 | | | | 24,482,542 | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 2,158,747 | | | | 132,870,878 | | |
| | | 157,353,420 | | |
Thailand — 0.9% | |
Bangkok Bank PCL, NVDR | | | 21,880,059 | | | | 83,787,310 | | |
Thai Beverage PCL | | | 52,214,985 | | | | 21,215,169 | | |
| | | 105,002,479 | | |
Turkey — 0.4% | |
AG Anadolu Grubu Holding A/S | | | 9,784,125 | | | | 45,230,077 | | |
United Kingdom — 11.1% | |
BAE Systems plc | | | 13,135,620 | | | | 122,864,942 | | |
Berkeley Group Holdings plc | | | 2,497,480 | | | | 99,368,138 | | |
British American Tobacco plc | | | 8,552,722 | | | | 337,776,696 | | |
Great Portland Estates plc, REIT | | | 3,302,520 | | | | 19,467,692 | | |
Haleon plc* | | | 26,953,694 | | | | 82,652,307 | | |
Hiscox Ltd. | | | 5,212,439 | | | | 53,697,054 | | |
Lloyds Banking Group plc | | | 217,111,612 | | | | 104,271,752 | | |
First Eagle Funds | Annual Report | October 31, 2022
47
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
United Kingdom — 11.1% (continued) | |
Reckitt Benckiser Group plc | | | 2,333,629 | | | | 154,869,000 | | |
Unilever plc | | | 5,850,523 | | | | 267,031,170 | | |
| | | 1,241,998,751 | | |
United States — 5.5% | |
GSK plc | | | 3,695,113 | | | | 60,530,011 | | |
Nestle SA (Registered) | | | 1,440,734 | | | | 156,836,578 | | |
Newmont Corp. | | | 2,665,290 | | | | 112,795,073 | | |
Royal Gold, Inc. | | | 417,668 | | | | 39,661,753 | | |
Willis Towers Watson plc | | | 1,144,034 | | | | 249,639,659 | | |
| | | 619,463,074 | | |
Total Common Stocks (Cost $8,333,105,235) | | | 9,352,844,365 | | |
| | Ounces | | | |
Commodities — 10.6% | |
Gold bullion* (Cost $666,559,699) | | | 727,675 | | | | 1,187,841,810 | | |
| | Principal Amount ($) | | | |
Foreign Government Securities — 2.2% | |
Colombia — 0.3% | |
Titulos de Tesoreria Series B, 5.75%, 11/3/2027‡ | | COP | 231,789,600,000 | | | | 33,974,656 | | |
Indonesia — 0.2% | |
Republic of Indonesia 8.38%, 3/15/2024 | | IDR | 267,431,000,000 | | | | 17,485,418 | | |
Mexico — 0.6% | |
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023 | | MXN | 377,210,000 | | | | 18,509,239 | | |
Series M 20, 10.00%, 12/5/2024 | | MXN | 388,030,000 | | | | 19,493,176 | | |
Series M, 5.75%, 3/5/2026 | | MXN | 665,860,000 | | | | 29,630,636 | | |
| | | 67,633,051 | | |
Peru — 0.2% | |
Republic of Peru 8.20%, 8/12/2026‡ (d) | | PEN | 90,458,000 | | | | 23,431,942 | | |
First Eagle Funds | Annual Report | October 31, 2022
48
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Singapore — 0.6% | |
Republic of Singapore 1.25%, 11/1/2026‡ | | SGD | 108,048,000 | | | | 70,831,128 | | |
South Korea — 0.3% | |
Republic of Korea 1.25%, 3/10/2026 | | KRW | 59,926,230,000 | | | | 38,205,834 | | |
Total Foreign Government Securities (Cost 305,014,061) | | | 251,562,029 | | |
| | Number of Warrants | | | |
Warrants — 0.0% (e) | |
Switzerland — 0.0% (e) | |
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $—) | | | 4,875,589 | | | | 2,385,818 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 3.7% | |
Commercial Paper — 3.5% | |
BNG Bank NV 2.79%, 11/17/2022 (d)(f) | | | 11,065,000 | | | | 11,046,352 | | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (f) | | | 11,013,000 | | | | 11,011,964 | | |
Credit Agricole Corporate and Investment Bank 3.02%, 11/1/2022 (f) | | | 10,417,000 | | | | 10,416,107 | | |
Engie SA 2.85%, 12/7/2022 (f) | | | 7,186,000 | | | | 7,156,007 | | |
3.15%, 12/12/2022 (f) | | | 44,472,000 | | | | 44,259,068 | | |
Entergy Corp. 3.25%, 11/1/2022 (d)(f) | | | 6,730,000 | | | | 6,729,386 | | |
Export Development Canada 2.56%, 11/7/2022 (f) | | | 1,594,000 | | | | 1,592,928 | | |
2.73%, 11/9/2022 (f) | | | 5,119,000 | | | | 5,114,546 | | |
2.77%, 11/15/2022 (f) | | | 20,000,000 | | | | 19,970,500 | | |
2.73%, 11/18/2022 (f) | | | 4,871,000 | | | | 4,862,305 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (f) | | | 18,355,000 | | | | 18,353,170 | | |
Henkel US Operations Corp. 2.57%, 11/2/2022 (d)(f) | | | 7,599,000 | | | | 7,597,688 | | |
First Eagle Funds | Annual Report | October 31, 2022
49
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 3.5% (continued) | |
Kreditanstalt fuer Wiederaufbau 2.71%, 11/1/2022 (d)(f) | | | 20,000,000 | | | | 19,998,622 | | |
2.72%, 11/8/2022 (d)(f) | | | 25,454,000 | | | | 25,438,716 | | |
2.83%, 11/16/2022 (d)(f) | | | 6,072,000 | | | | 6,063,883 | | |
2.82%, 11/29/2022 (d)(f) | | | 14,699,000 | | | | 14,659,523 | | |
LVMH Moet Hennessy Louis Vuitton SE 2.79%, 12/5/2022 (f) | | | 4,734,000 | | | | 4,716,428 | | |
3.23%, 12/14/2022 (d)(f) | | | 20,568,000 | | | | 20,471,643 | | |
Nederlandse Waterschapsbank NV 2.67%, 11/4/2022 (d)(f) | | | 7,891,000 | | | | 7,888,113 | | |
2.67%, 11/7/2022 (d)(f) | | | 7,891,000 | | | | 7,885,645 | | |
Nestle Finance International Ltd. 2.79%, 12/5/2022 (d)(f) | | | 40,207,000 | | | | 40,064,008 | | |
NRW Bank 2.90%, 12/6/2022 (f) | | | 13,689,000 | | | | 13,640,924 | | |
2.93%, 12/22/2022 (f) | | | 9,793,000 | | | | 9,743,265 | | |
Province of Quebec 2.54%, 11/3/2022 (d)(f) | | | 15,701,000 | | | | 15,696,942 | | |
2.68%, 11/22/2022 (d)(f) | | | 30,000,000 | | | | 29,935,577 | | |
2.83%, 11/30/2022 (d)(f) | | | 15,301,000 | | | | 15,255,352 | | |
PSP Capital, Inc. 2.73%, 11/4/2022 (f) | | | 3,945,000 | | | | 3,943,568 | | |
3.45%, 12/15/2022 (f) | | | 8,005,000 | | | | 7,966,626 | | |
Total Commercial Paper (Cost $391,696,455) | | | 391,478,856 | | |
U.S. Treasury Obligations — 0.2% | |
U.S. Treasury Bills 2.64%, 11/17/2022 (f) | | | 10,000,000 | | | | 9,987,357 | | |
2.96%, 12/1/2022 (f)(g) | | | 10,000,000 | | | | 9,971,312 | | |
Total U.S. Treasury Obligations (Cost $19,963,811) | | | 19,958,669 | | |
First Eagle Funds | Annual Report | October 31, 2022
50
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Investment Companies — 0.0% (e) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 2.84% (h) (Cost $31,172) | | | 31,172 | | | | 31,172 | | |
Total Short-Term Investments (Cost $411,691,438) | | | 411,468,697 | | |
Total Investments — 99.9% (Cost $9,716,370,433) | | | 11,206,102,719 | | |
Other Assets Less Liabilities — 0.1% | | | 11,833,720 | | |
Net Assets — 100.0% | | | 11,217,936,439 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Affiliated company as defined under the Investment Company Act of 1940.
(b) Security fair valued as of October 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2022 amounted to $14,924,062, which represents approximately 0.13% of net assets of the Fund.
(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 | | | $ | 16.48 | | |
(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, 2022 amounted to $252,163,392, which represents approximately 2.25% 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, 2022.
(g) All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts.
(h) Represents 7-day effective yield as of October 31, 2022.
As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 2,645,407,188 | | |
Aggregate gross unrealized depreciation | | | (1,599,774,715 | ) | |
Net unrealized appreciation | | $ | 1,045,632,473 | | |
Federal income tax cost | | $ | 10,160,216,818 | | |
First Eagle Funds | Annual Report | October 31, 2022
51
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2022
Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
USD | 30,978,714 | | | GBP | 26,760,000 | | | JPMorgan Chase Bank | | 11/16/2022 | | $ | 278,800 | | |
Total unrealized appreciation | | | | | | | | | 278,800 | | |
USD | 28,418,484 | | | GBP | 25,209,000 | | | Goldman Sachs | | 12/14/2022 | | | (532,228 | ) | |
Total unrealized depreciation | | | | | | | | | (532,228 | ) | |
Net unrealized depreciation | | | | | | | | $ | (253,428 | ) | |
Abbreviations
ADR — American Depositary Receipt
COP — Colombian Peso
Fix Rt — Fixed Rate
GBP — British Pound
IDR — Indonesian Rupiah
KRW — South Korean Won
MXN — Mexican Peso
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, 2022
52
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Affiliated Securities
Security Description | | Shares at October 31, 2022 | | Market Value October 31, 2021 | | Purchases at Cost | | Proceeds from Sales | |
Common Stocks — 3.9% | |
Belgium — 0.1% | |
Legris Industries SE*‡ (a)(b) | | | 905,366 | | | $ | 20,293,634 | | | $ | — | | | $ | — | | |
Chile — 0.9% | |
Cia Cervecerias Unidas SA | | | 9,392,572 | | | | 158,828,392 | | | | — | | | | — | | |
France — 0.5% | |
Laurent-Perrier | | | 558,938 | | | | 62,287,158 | | | | — | | | | — | | |
Japan — 1.0% | |
Chofu Seisakusho Co. Ltd. | | | 1,829,100 | | | | 33,049,468 | | | | — | | | | — | | |
Daiichikosho Co. Ltd. | | | 2,866,280 | | | | 104,073,016 | | | | — | | | | — | | |
| | | | | 137,122,484 | | | | — | | | | — | | |
Singapore — 1.2% | |
Haw Par Corp. Ltd. | | | 19,447,213 | | | | 181,739,911 | | | | — | | | | — | | |
South Korea — 0.2% | |
Fursys, Inc. | | | 872,463 | | | | 29,143,019 | | | | — | | | | — | | |
Namyang Dairy Products Co. Ltd. (Preference) | | | 15,711 | | | | 3,049,776 | | | | — | | | | — | | |
| | | | | 32,192,795 | | | | — | | | | — | | |
Total Common Stocks | | | | | 592,464,374 | | | | — | | | | — | | |
Total | | | | $ | 592,464,374 | | | $ | — | | | $ | — | | |
First Eagle Funds | Annual Report | October 31, 2022
53
First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2022
Affiliated Securities (continued)
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2022 | | Dividend Income | |
Common Stocks — 3.9% | |
Belgium — 0.1% | |
Legris Industries SE*‡ (a)(b) | | $ | — | | | $ | (5,369,572 | ) | | $ | 14,924,062 | | | $ | — | | |
Chile — 0.9% | |
Cia Cervecerias Unidas SA | | | — | | | | (57,294,689 | ) | | | 101,533,703 | | | | 11,040,861 | | |
France — 0.5% | |
Laurent-Perrier | | | — | | | | (7,817,884 | ) | | | 54,469,274 | | | | 967,915 | | |
Japan — 1.0% | |
Chofu Seisakusho Co. Ltd. | | | — | | | | (8,070,391 | ) | | | 24,979,077 | | | | 474,669 | | |
Daiichikosho Co. Ltd. | | | — | | | | (21,888,975 | ) | | | 82,184,041 | | | | 2,207,190 | | |
| | | — | | | | (29,959,366 | ) | | | 107,163,118 | | | | 2,681,859 | | |
Singapore — 1.2% | |
Haw Par Corp. Ltd. | | | — | | | | (51,910,166 | ) | | | 129,829,745 | | | | 4,207,957 | | |
South Korea — 0.2% | |
Fursys, Inc. | | | — | | | | (12,367,047 | ) | | | 16,775,972 | | | | 674,805 | | |
Namyang Dairy Products Co. Ltd. (Preference) | | | — | | | | (812,030 | ) | | | 2,237,746 | | | | 11,610 | | |
| | | — | | | | (13,179,077 | ) | | | 19,013,718 | | | | 686,415 | | |
Total Common Stocks | | | — | | | | (165,530,754 | ) | | | 426,933,620 | | | | 19,585,007 | | |
Total | | $ | — | | | $ | (165,530,754 | ) | | $ | 426,933,620 | | | $ | 19,585,007 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Security fair valued as of October 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2022 amounted to $14,924,062, which represents approximately 0.13% 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, 2022
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First Eagle U.S. Value Fund
Data as of October 31, 2022 (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 | | | -9.12 | | | | 5.74 | | | | 7.23 | | |
| | | | with sales charge | | | -13.66 | | | | 4.66 | | | | 6.69 | | |
S&P 500 Index | | | | | | | -14.61 | | | | 10.44 | | | | 12.79 | | |
Consumer Price Index | | | | | | | 7.75 | | | | 3.85 | | | | 2.57 | | |

Sectors* (%)
Financials | | | 13.2 | | |
Information Technology | | | 12.7 | | |
Energy | | | 12.1 | | |
Commodities | | | 10.4 | | |
Health Care | | | 9.7 | | |
Industrials | | | 9.1 | | |
Consumer Staples | | | 7.3 | | |
Communication Services | | | 6.6 | | |
Materials | | | 4.3 | | |
Real Estate | | | 3.2 | | |
Consumer Discretionary | | | 1.2 | | |
Utilities | | | 0.8 | | |
Short-Term Investments | | | 9.4 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
* Asset Allocation and Sector percentages are based on total investments in the portfolio.
** Includes short-term commercial paper (3.7% of total investments) that settles in 90 days or less, long-term commercial paper (4.8% of total investments) that settles in 91 days or greater and other short-term investments (0.9% of total investments), such as U.S. treasury bills or money market funds.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Annual Report | October 31, 2022
56
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) | | | 10.4 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 5.0 | | |
Oracle Corp. (Software, United States) | | | 4.2 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 3.3 | | |
Elevance Health, Inc. (Health Care Providers & Services, United States) | | | 3.0 | | |
HCA Healthcare, Inc. (Health Care Providers & Services, United States) | | | 3.0 | | |
CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | | | 2.8 | | |
Comcast Corp. (Media, United States) | | | 2.6 | | |
Colgate-Palmolive Co. (Household Products, United States) | | | 2.4 | | |
Bank of New York Mellon Corp. (The) (Capital Markets, United States) | | | 2.2 | | |
Total | | | 38.9 | | |
* 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, 2022
57
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 76.3% | |
Aerospace & Defense — 1.0% | |
Aerojet Rocketdyne Holdings, Inc.* | | | 240,464 | | | | 11,650,481 | | |
Air Freight & Logistics — 3.7% | |
CH Robinson Worldwide, Inc. | | | 330,334 | | | | 32,280,238 | | |
Expeditors International of Washington, Inc. | | | 94,942 | | | | 9,290,075 | | |
| | | 41,570,313 | | |
Banks — 2.2% | |
US Bancorp | | | 345,798 | | | | 14,679,125 | | |
Wells Fargo & Co. | | | 235,971 | | | | 10,852,306 | | |
| | | 25,531,431 | | |
Capital Markets — 3.3% | |
Bank of New York Mellon Corp. (The) | | | 602,359 | | | | 25,365,338 | | |
Charles Schwab Corp. (The) | | | 153,075 | | | | 12,195,485 | | |
| | | 37,560,823 | | |
Chemicals — 1.6% | |
Nutrien Ltd. (Canada) | | | 158,929 | | | | 13,429,501 | | |
PPG Industries, Inc. | | | 37,118 | | | | 4,238,133 | | |
RPM International, Inc. | | | 6,621 | | | | 626,148 | | |
| | | 18,293,782 | | |
Consumer Finance — 1.3% | |
American Express Co. | | | 100,738 | | | | 14,954,556 | | |
Diversified Financial Services — 1.5% | |
Berkshire Hathaway, Inc., Class A* | | | 38 | | | | 16,911,900 | | |
Electronic Equipment, Instruments & Components — 1.3% | |
IPG Photonics Corp.* | | | 172,551 | | | | 14,780,719 | | |
Energy Equipment & Services — 4.1% | |
NOV, Inc. | | | 999,361 | | | | 22,385,686 | | |
Schlumberger NV | | | 471,530 | | | | 24,533,706 | | |
| | | 46,919,392 | | |
Equity Real Estate Investment Trusts (REITs) — 3.2% | |
Boston Properties, Inc. | | | 90,032 | | | | 6,545,326 | | |
Douglas Emmett, Inc. | | | 344,416 | | | | 6,058,278 | | |
Equity Residential | | | 188,465 | | | | 11,877,064 | | |
Weyerhaeuser Co. | | | 401,701 | | | | 12,424,612 | | |
| | | 36,905,280 | | |
First Eagle Funds | Annual Report | October 31, 2022
58
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Food & Staples Retailing — 0.7% | |
Walmart, Inc. | | | 58,370 | | | | 8,307,802 | | |
Food Products — 0.7% | |
Kraft Heinz Co. (The) | | | 206,681 | | | | 7,951,018 | | |
Gas Utilities — 0.8% | |
UGI Corp. | | | 242,612 | | | | 8,571,482 | | |
Health Care Equipment & Supplies — 1.9% | |
Becton Dickinson and Co. | | | 44,564 | | | | 10,515,767 | | |
Dentsply Sirona, Inc. | | | 350,379 | | | | 10,798,681 | | |
Embecta Corp. | | | 8,912 | | | | 275,559 | | |
| | | 21,590,007 | | |
Health Care Providers & Services — 7.8% | |
Elevance Health, Inc. | | | 63,079 | | | | 34,489,705 | | |
HCA Healthcare, Inc. | | | 157,427 | | | | 34,235,649 | | |
Universal Health Services, Inc., Class B | | | 170,425 | | | | 19,747,145 | | |
| | | 88,472,499 | | |
Household Durables — 0.3% | |
DR Horton, Inc. | | | 51,378 | | | | 3,949,941 | | |
Household Products — 2.4% | |
Colgate-Palmolive Co. | | | 376,279 | | | | 27,784,441 | | |
Insurance — 4.2% | |
Brown & Brown, Inc. | | | 197,669 | | | | 11,620,960 | | |
Travelers Cos., Inc. (The) | | | 78,023 | | | | 14,392,123 | | |
W.R. Berkley Corp. | | | 94,520 | | | | 7,030,398 | | |
Willis Towers Watson plc | | | 67,171 | | | | 14,657,384 | | |
| | | 47,700,865 | | |
Interactive Media & Services — 4.0% | |
Alphabet, Inc., Class A* | | | 145,960 | | | | 13,794,679 | | |
Alphabet, Inc., Class C* | | | 167,497 | | | | 15,855,266 | | |
Meta Platforms, Inc., Class A* | | | 170,629 | | | | 15,895,798 | | |
| | | 45,545,743 | | |
IT Services — 0.5% | |
Fidelity National Information Services, Inc. | | | 63,699 | | | | 5,286,380 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Machinery — 3.7% | |
Cummins, Inc. | | | 73,903 | | | | 18,070,023 | | |
Deere & Co. | | | 33,728 | | | | 13,350,217 | | |
Flowserve Corp. | | | 378,708 | | | | 10,861,345 | | |
| | | 42,281,585 | | |
Media — 2.6% | |
Comcast Corp., Class A | | | 920,308 | | | | 29,210,576 | | |
Metals & Mining — 2.7% | |
Agnico Eagle Mines Ltd. (Canada) | | | 82,024 | | | | 3,608,249 | | |
Barrick Gold Corp. (Canada) | | | 522,110 | | | | 7,847,313 | | |
Franco-Nevada Corp. (Canada) | | | 21,527 | | | | 2,659,845 | | |
Newcrest Mining Ltd. (Australia) | | | 236,346 | | | | 2,617,598 | | |
Newmont Corp. | | | 252,516 | | | | 10,686,477 | | |
Royal Gold, Inc. | | | 38,764 | | | | 3,681,030 | | |
| | | 31,100,512 | | |
Oil, Gas & Consumable Fuels — 5.0% | |
Exxon Mobil Corp. | | | 517,613 | | | | 57,356,697 | | |
Road & Rail — 0.7% | |
Union Pacific Corp. | | | 40,148 | | | | 7,914,777 | | |
Semiconductors & Semiconductor Equipment — 3.3% | |
Analog Devices, Inc. | | | 126,112 | | | | 17,986,094 | | |
Texas Instruments, Inc. | | | 119,213 | | | | 19,149,184 | | |
| | | 37,135,278 | | |
Software — 7.7% | |
Microsoft Corp. | | | 89,751 | | | | 20,833,899 | | |
Oracle Corp. | | | 616,514 | | | | 48,131,248 | | |
Salesforce, Inc.* | | | 61,730 | | | | 10,036,681 | | |
Teradata Corp.* | | | 258,661 | | | | 8,171,101 | | |
| | | 87,172,929 | | |
Specialty Retail — 0.8% | |
Ross Stores, Inc. | | | 100,220 | | | | 9,590,052 | | |
Tobacco — 3.3% | |
Philip Morris International, Inc. | | | 414,932 | | | | 38,111,504 | | |
Total Common Stocks (Cost $545,788,642) | | | 870,112,765 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Ounces | | Value ($) | |
Commodities — 10.4% | |
Gold bullion (Cost $78,780,488)* | | | 72,529 | | | | 118,394,428 | | |
| | Shares | | | |
Master Limited Partnerships — 3.0% | |
Oil, Gas & Consumable Fuels — 3.0% | |
Enterprise Products Partners LP | | | 623,041 | | | | 15,731,785 | | |
Magellan Midstream Partners LP | | | 337,252 | | | | 18,194,745 | | |
Total Master Limited Partnerships (Cost $28,023,469) | | | 33,926,530 | | |
| | Principal Amount ($) | | | |
Convertible Preferred Stocks — 0.4% | |
Banks — 0.4% | |
Bank of America Corp. Series L, 7.25%, (a) (Cost $5,693,463) | | | 4,250 | | | | 4,931,955 | | |
Corporate Bonds — 0.4% | |
Diversified Financial Services — 0.3% | |
Mexico Remittances Funding Fiduciary Estate Management Sarl (Mexico) 4.88%, 1/15/2028‡ (b) | | | 4,132,000 | | | | 3,383,044 | | |
Food Products — 0.1% | |
Post Holdings, Inc. 5.75%, 3/1/2027 (b) | | | 666,000 | | | | 643,796 | | |
Health Care Equipment & Supplies — 0.0% (c) | |
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡ | | | 600,000 | | | | 571,500 | | |
Total Corporate Bonds (Cost $4,668,901) | | | 4,598,340 | | |
Short-Term Investments — 9.4% | |
Commercial Paper — 8.5% | |
Amazon.com, Inc. 2.67%, 11/21/2022 (d) | | | 12,000,000 | | | | 11,974,730 | | |
Apple, Inc. 3.23%, 12/14/2022 (b)(d) | | | 12,451,000 | | | | 12,393,735 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 8.5% (continued) | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (d) | | | 10,052,000 | | | | 10,051,055 | | |
Credit Agricole Corporate and Investment Bank (France) 3.02%, 11/1/2022 (d) | | | 9,508,000 | | | | 9,507,185 | | |
Entergy Corp. 3.25%, 11/1/2022 (b)(d) | | | 6,143,000 | | | | 6,142,439 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (d) | | | 16,753,000 | | | | 16,751,330 | | |
Honeywell International, Inc. 3.84%, 1/23/2023 (b)(d) | | | 10,000,000 | | | | 9,906,620 | | |
MetLife Short Term Funding LLC 2.67%, 11/16/2022 (d) | | | 10,000,000 | | | | 9,984,107 | | |
Philip Morris International, Inc. 4.01%, 1/25/2023 (d) | | | 10,000,000 | | | | 9,900,001 | | |
Total Commercial Paper (Cost $96,649,354) | | | 96,611,202 | | |
| | Shares | | | |
Investment Companies — 0.0% (c) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares, 2.84%, (e) (Cost $19,010) | | | 19,010 | | | | 19,010 | | |
| | Principal Amount ($) | | | |
U.S. Treasury Obligations — 0.9% | |
U.S. Treasury Bills 2.96%, 12/1/2022 (d) (Cost $9,975,500) | | | 10,000,000 | | | | 9,971,312 | | |
Total Short-Term Investments (Cost $106,643,864) | | | 106,601,524 | | |
Total Investments — 99.9% (Cost $769,598,827) | | | 1,138,565,542 | | |
Other Assets Less Liabilities — 0.1% | | | 1,190,595 | | |
Net Assets — 100.0% | | | 1,139,756,137 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Perpetual security. The rate reflected was the rate in effect on October 31, 2022. The maturity date reflects the next call date.
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2022
(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, 2022 amounted to $32,469,634, which represents approximately 2.85% 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, 2022.
(e) Represents 7-day effective yield as of October 31, 2022.
As of October 31, 2022, 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 | | $ | 412,823,847 | | |
Aggregate gross unrealized depreciation | | | (39,689,399 | ) | |
Net unrealized appreciation | | $ | 373,134,448 | | |
Federal income tax cost | | $ | 765,431,094 | | |
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2022
63
Data as of October 31, 2022 (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 | | | -15.24 | | | | 3.60 | | | | -4.05 | | |
| | | | with sales load | | | -19.49 | | | | 2.54 | | | | -4.54 | | |
FTSE Gold Mines Index | | | | | | | -26.46 | | | | -0.08 | | | | -7.64 | | |
MSCI World Index | | | | | | | -18.48 | | | | 6.37 | | | | 8.94 | | |
Consumer Price Index | | | | | | | 7.75 | | | | 3.85 | | | | 2.57 | | |

Sectors* (%)
Materials | | | 75.8 | | |
Commodities | | | 21.1 | | |
Short-Term Investments | | | 3.1 | | |
Countries*~ (%)
Canada | | | 41.1 | | |
United States | | | 35.8 | | |
Brazil | | | 11.1 | | |
Australia | | | 4.7 | | |
Mexico | | | 2.9 | | |
Tanzania | | | 1.3 | | |
Short-Term Investments | | | 3.1 | | |
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
** Includes short-term commercial paper (1.4% of total investments) that settles in 90 days or less, long-term commercial paper (1.7% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
~ 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, 2022
64
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) | | | 16.5 | | |
Wheaton Precious Metals Corp. (Metals & Mining, Brazil) | | | 11.1 | | |
Newmont Corp. (Metals & Mining, United States) | | | 9.8 | | |
Barrick Gold Corp. (Metals & Mining, Canada) | | | 7.7 | | |
Alamos Gold, Inc. (Metals & Mining, Canada) | | | 4.9 | | |
Franco-Nevada Corp. (Metals & Mining, Canada) | | | 4.9 | | |
Royal Gold, Inc. (Metals & Mining, United States) | | | 4.9 | | |
Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | | | 4.8 | | |
Novagold Resources, Inc. (Metals & Mining, Canada) | | | 4.7 | | |
Newcrest Mining Ltd. (Metals & Mining, Australia) | | | 4.7 | | |
Total | | | 74.0 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.
Percentages are based on total net assets.
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 75.2% | |
Australia — 4.6% | |
Newcrest Mining Ltd. | | | 7,518,396 | | | | 83,268,349 | | |
Brazil — 11.1% | |
Wheaton Precious Metals Corp. | | | 6,037,452 | | | | 197,364,308 | | |
Canada — 40.6% | |
Agnico Eagle Mines Ltd. | | | 1,939,024 | | | | 85,297,984 | | |
Alamos Gold, Inc., Class A | | | 11,041,299 | | | | 87,124,428 | | |
B2Gold Corp. | | | 26,480,330 | | | | 80,858,937 | | |
Barrick Gold Corp. | | | 9,080,585 | | | | 136,481,192 | | |
Dundee Precious Metals, Inc. (a) | | | 13,799,108 | | | | 62,596,607 | | |
Franco-Nevada Corp. | | | 701,323 | | | | 86,654,458 | | |
Kinross Gold Corp. | | | 4,330,528 | | | | 15,719,817 | | |
MAG Silver Corp.* | | | 4,897,100 | | | | 65,062,216 | | |
Novagold Resources, Inc.* (a) | | | 18,026,001 | | | | 83,460,385 | | |
Orla Mining Ltd.* | | | 6,508,741 | | | | 20,543,609 | | |
| | | 723,799,633 | | |
Mexico — 2.9% | |
Fresnillo plc | | | 4,277,558 | | | | 35,762,655 | | |
Industrias Penoles SAB de CV | | | 1,403,600 | | | | 15,922,532 | | |
| | | 51,685,187 | | |
Tanzania — 1.3% | |
AngloGold Ashanti Ltd., ADR | | | 1,778,138 | | | | 23,204,701 | | |
United States — 14.7% | |
Newmont Corp. | | | 4,134,445 | | | | 174,969,712 | | |
Royal Gold, Inc. | | | 911,721 | | | | 86,577,026 | | |
| | | 261,546,738 | | |
Total Common Stocks (Cost $1,146,331,831) | | | 1,340,868,916 | | |
| | Ounces | | | |
Commodities — 20.9% | |
Gold bullion* | | | 180,140 | | | | 294,056,198 | | |
Silver bullion* | | | 4,134,934 | | | | 79,138,914 | | |
Total Commodities (Cost $265,004,606) | | | 373,195,112 | | |
First Eagle Funds | Annual Report | October 31, 2022
66
First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2022
Investments | | Number of Rights | | Value ($) | |
Rights — 0.2% | |
Canada — 0.2% | |
Pan American Silver Corp., CVR, expiring 2/22/2029* (Cost $45,973,716) | | | 6,835,667 | | | | 4,169,757 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 3.1% | |
Commercial Paper — 3.1% | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (b) | | | 5,622,000 | | | | 5,621,472 | | |
Credit Agricole Corporate and Investment Bank 3.02%, 11/1/2022 (b) | | | 5,318,000 | | | | 5,317,544 | | |
Entergy Corp. 3.25%, 11/1/2022 (b)(c) | | | 3,436,000 | | | | 3,435,686 | | |
Export Development Canada 2.73%, 11/9/2022 (b) | | | 5,119,000 | | | | 5,114,547 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (b) | | | 9,370,000 | | | | 9,369,066 | | |
Kreditanstalt fuer Wiederaufbau 2.72%, 11/8/2022 (b)(c) | | | 25,454,000 | | | | 25,438,716 | | |
Total Commercial Paper (Cost $54,302,554) | | | 54,297,031 | | |
| | Shares | | | |
Investment Companies — 0.0% (d) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 2.84% (e) (Cost $7,603) | | | 7,603 | | | | 7,603 | | |
Total Short-Term Investments (Cost $54,310,157) | | | 54,304,634 | | |
Total Investments — 99.4% (Cost $1,511,620,310) | | | 1,772,538,419 | | |
Other Assets Less Liabilities — 0.6% | | | 9,789,674 | | |
Net Assets — 100.0% | | | 1,782,328,093 | | |
* 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, 2022.
(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, 2022 amounted to $28,874,402, which represents approximately 1.62% of net assets of the Fund.
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2022
(d) Represents less than 0.05% of net assets.
(e) Represents 7-day effective yield as of October 31, 2022.
Abbreviations
ADR — American Depositary Receipt
CVR — Contingent Value Rights
As of October 31, 2022, 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 | | $ | 369,368,254 | | |
Aggregate gross unrealized depreciation | | | (190,327,903 | ) | |
Net unrealized appreciation | | $ | 179,040,351 | | |
Federal income tax cost | | $ | 1,593,498,068 | | |
Affiliated Securities
Security Description | | Shares at October 31, 2022 | | Market Value October 31, 2021 | | Purchases at Cost | | Proceeds from Sales | |
Common Stock — 8.2% | |
Canada — 8.2% | |
Dundee Precious Metals, Inc. | | | 13,799,108 | | | $ | 88,398,243 | | | $ | 1,629,147 | | | $ | — | | |
Novagold Resources, Inc.* | | | 18,026,001 | | | | 82,366,441 | | | | 46,990,950 | | | | (10,246,628 | ) | |
Total Common Stock | | | | $ | 170,764,684 | | | $ | 48,620,097 | | | $ | (10,246,628 | ) | |
Total | | | | $ | 170,764,684 | | | $ | 48,620,097 | | | $ | (10,246,628 | ) | |
Security Description | | Net Realized Gain (Loss) | | Change in Unrealized Appreciation/ (Depreciation) | | Market Value October 31, 2022 | | Dividend Income | |
Common Stock — 8.2% | |
Canada — 8.2% | |
Dundee Precious Metals, Inc. | | $ | — | | | $ | (27,430,783 | ) | | $ | 62,596,607 | | | $ | 1,719,968 | | |
Novagold Resources, Inc.* | | | (7,980,613 | ) | | | (27,669,765 | ) | | | 83,460,385 | | | | — | | |
Total Common Stock | | $ | (7,980,613 | ) | | $ | (55,100,548 | ) | | $ | 146,056,992 | | | $ | 1,719,968 | | |
Total | | $ | (7,980,613 | ) | | $ | (55,100,548 | ) | | $ | 146,056,992 | | | $ | 1,719,968 | | |
* Non-income producing security.
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund
Data as of October 31, 2022 (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 | | Ten-Years | |
First Eagle Global Income Builder | | Class A | | without sales load | | | -8.23 | | | | 2.58 | | | | 4.65 | | |
| | | | with sales load | | | -12.81 | | | | 1.54 | | | | 4.12 | | |
Composite Index | | | | | | | -17.10 | | | | 3.90 | | | | 5.83 | | |
MSCI World Index | | | | | | | -18.48 | | | | 6.37 | | | | 8.94 | | |
Bloomberg U.S. Aggregate Index | | | | | | | -15.68 | | | | -0.54 | | | | 0.74 | | |

Sectors* (%)
Consumer Staples | | | 23.3 | | |
Financials | | | 14.7 | | |
Energy | | | 10.5 | | |
Industrials | | | 9.0 | | |
U.S. Treasury Obligations | | | 8.0 | | |
Commodities | | | 6.4 | | |
Health Care | | | 5.8 | | |
Real Estate | | | 4.7 | | |
Consumer Discretionary | | | 3.8 | | |
Materials | | | 3.8 | | |
Information Technology | | | 3.2 | | |
Foreign Government Securities | | | 1.6 | | |
Communication Services | | | 1.2 | | |
Mutual Funds | | | 0.8 | | |
Utilities | | | 0.7 | | |
Short-Term Investments | | | 2.5 | | |
Countries*~ (%)
United States | | | 54.1 | | |
United Kingdom | | | 9.0 | | |
Hong Kong | | | 3.9 | | |
Canada | | | 3.8 | | |
Mexico | | | 3.4 | | |
France | | | 3.3 | | |
Japan | | | 2.5 | | |
Brazil | | | 2.3 | | |
South Korea | | | 2.2 | | |
Sweden | | | 2.0 | | |
Germany | | | 1.8 | | |
Belgium | | | 1.6 | | |
Switzerland | | | 1.5 | | |
Chile | | | 1.3 | | |
Singapore | | | 1.2 | | |
Norway | | | 0.9 | | |
Thailand | | | 0.7 | | |
Turkey | | | 0.5 | | |
Poland | | | 0.4 | | |
Colombia | | | 0.3 | | |
Netherlands | | | 0.3 | | |
Australia | | | 0.3 | | |
Taiwan | | | 0.2 | | |
Short-Term Investments | | | 2.5 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
** Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
~ 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, 2022
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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 U.S. Aggregate Bond Index. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The MSCI World Index provides total returns in U.S. dollars with net dividends reinvested. The Bloomberg 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) | | | 6.4 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 3.6 | | |
Unilever plc (Personal Products, United Kingdom) | | | 2.7 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 2.6 | | |
Nestle SA (Registered) (Food Products, United States) | | | 2.2 | | |
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | | | 1.9 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 1.8 | | |
KT&G Corp. (Tobacco, South Korea) | | | 1.7 | | |
Groupe Bruxelles Lambert NV (Diversified Financial Services, Belgium) | | | 1.6 | | |
Power Corp. of Canada (Insurance, Canada) | | | 1.5 | | |
Total | | | 26.0 | | |
* 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, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 63.8% | |
Belgium — 1.6% | |
Groupe Bruxelles Lambert NV | | | 302,863 | | | | 22,329,005 | | |
Brazil — 2.0% | |
Ambev SA, ADR | | | 4,525,512 | | | | 13,757,557 | | |
Itausa SA (Preference) | | | 3,628,050 | | | | 7,543,366 | | |
Wheaton Precious Metals Corp. | | | 235,189 | | | | 7,688,328 | | |
| | | 28,989,251 | | |
Canada — 3.4% | |
Agnico Eagle Mines Ltd. | | | 16,806 | | | | 739,299 | | |
Barrick Gold Corp. | | | 90,496 | | | | 1,360,155 | | |
Franco-Nevada Corp. | | | 42,649 | | | | 5,269,649 | | |
Franco-Nevada Corp. | | | 32,962 | | | | 4,073,444 | | |
Imperial Oil Ltd. | | | 254,278 | | | | 13,832,380 | | |
Nutrien Ltd. (a) | | | 28,543 | | | | 2,411,883 | | |
Power Corp. of Canada | | | 875,590 | | | | 21,742,731 | | |
| | | 49,429,541 | | |
Chile — 1.3% | |
Cia Cervecerias Unidas SA, ADR | | | 1,180,964 | | | | 12,766,221 | | |
Quinenco SA | | | 2,083,758 | | | | 5,541,228 | | |
| | | 18,307,449 | | |
France — 3.2% | |
Danone SA | | | 409,081 | | | | 20,331,129 | | |
Sanofi | | | 151,208 | | | | 13,012,637 | | |
Sodexo SA | | | 116,109 | | | | 10,285,214 | | |
Wendel SE | | | 26,895 | | | | 2,105,932 | | |
| | | 45,734,912 | | |
Germany — 1.5% | |
Brenntag SE | | | 50,931 | | | | 3,090,307 | | |
FUCHS PETROLUB SE (Preference) | | | 296,220 | | | | 8,483,465 | | |
Henkel AG & Co. KGaA (Preference) | | | 149,355 | | | | 9,409,158 | | |
| | | 20,982,930 | | |
Hong Kong — 3.9% | |
CK Asset Holdings Ltd. | | | 2,196,000 | | | | 12,140,742 | | |
Great Eagle Holdings Ltd. | | | 1,662,774 | | | | 3,049,346 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Hong Kong — 3.9% (continued) | |
Guoco Group Ltd. | | | 167,700 | | | | 1,473,049 | | |
Hongkong Land Holdings Ltd. | | | 2,123,300 | | | | 8,174,467 | | |
Hysan Development Co. Ltd. | | | 1,193,083 | | | | 2,600,440 | | |
Jardine Matheson Holdings Ltd. | | | 585,800 | | | | 26,986,636 | | |
Mandarin Oriental International Ltd.* | | | 1,047,200 | | | | 1,727,880 | | |
| | | 56,152,560 | | |
Japan — 2.5% | |
Daiwa Industries Ltd. | | | 181,700 | | | | 1,523,642 | | |
FANUC Corp. | | | 31,300 | | | | 4,095,656 | | |
Komatsu Ltd. | | | 144,200 | | | | 2,824,906 | | |
Mitsubishi Electric Corp. | | | 221,700 | | | | 1,950,653 | | |
MS&AD Insurance Group Holdings, Inc. | | | 232,800 | | | | 6,164,824 | | |
Secom Co. Ltd. | | | 213,100 | | | | 12,140,414 | | |
Sompo Holdings, Inc. | | | 123,400 | | | | 5,144,830 | | |
USS Co. Ltd. | | | 123,600 | | | | 1,864,968 | | |
| | | 35,709,893 | | |
Mexico — 2.3% | |
Bolsa Mexicana de Valores SAB de CV | | | 341,523 | | | | 621,922 | | |
Coca-Cola Femsa SAB de CV, ADR (a) | | | 204,479 | | | | 12,839,236 | | |
Fomento Economico Mexicano SAB de CV, ADR | | | 167,196 | | | | 11,974,578 | | |
Fresnillo plc | | | 178,369 | | | | 1,491,260 | | |
GMexico Transportes SAB de CV (b) | | | 359,128 | | | | 668,120 | | |
Grupo Mexico SAB de CV, Series B | | | 1,310,559 | | | | 4,751,297 | | |
| | | 32,346,413 | | |
Netherlands — 0.3% | |
HAL Trust | | | 39,727 | | | | 4,577,195 | | |
Norway — 0.9% | |
Orkla ASA | | | 1,923,187 | | | | 12,972,201 | | |
Singapore — 0.9% | |
Haw Par Corp. Ltd. | | | 687,800 | | | | 4,591,758 | | |
United Overseas Bank Ltd. | | | 232,800 | | | | 4,567,256 | | |
UOL Group Ltd. | | | 764,200 | | | | 3,337,865 | | |
| | | 12,496,879 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
South Korea — 2.0% | |
KT&G Corp. | | | 353,926 | | | | 23,770,222 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 139,229 | | | | 5,203,254 | | |
| | | 28,973,476 | | |
Sweden — 2.0% | |
Industrivarden AB, Class A | | | 10,611 | | | | 240,317 | | |
Industrivarden AB, Class C | | | 425,124 | | | | 9,546,337 | | |
Investor AB, Class A | | | 639,643 | | | | 10,876,979 | | |
Svenska Handelsbanken AB, Class A | | | 831,749 | | | | 7,727,809 | | |
| | | 28,391,442 | | |
Switzerland — 1.5% | |
Cie Financiere Richemont SA (Registered) | | | 128,167 | | | | 12,526,217 | | |
Schindler Holding AG | | | 57,851 | | | | 9,433,528 | | |
| | | 21,959,745 | | |
Taiwan — 0.2% | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 47,844 | | | | 2,944,798 | | |
Thailand — 0.7% | |
Bangkok Bank PCL, NVDR | | | 1,644,800 | | | | 6,298,583 | | |
Thai Beverage PCL | | | 9,335,100 | | | | 3,792,891 | | |
| | | 10,091,474 | | |
Turkey — 0.5% | |
Coca-Cola Icecek A/S | | | 829,152 | | | | 7,658,267 | | |
United Kingdom — 8.1% | |
BAE Systems plc | | | 807,624 | | | | 7,554,168 | | |
Berkeley Group Holdings plc | | | 222,665 | | | | 8,859,253 | | |
British American Tobacco plc | | | 944,257 | | | | 37,291,988 | | |
Haleon plc* | | | 3,403,644 | | | | 10,437,123 | | |
Hiscox Ltd. | | | 43,544 | | | | 448,578 | | |
Linde plc | | | 4,836 | | | | 1,437,985 | | |
Lloyds Banking Group plc | | | 9,591,729 | | | | 4,606,600 | | |
Reckitt Benckiser Group plc | | | 120,054 | | | | 7,967,266 | | |
Unilever plc | | | 840,315 | | | | 38,353,887 | | |
| | | 116,956,848 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
United States — 25.0% | |
Analog Devices, Inc. (a) | | | 37,082 | | | | 5,288,635 | | |
Bank of New York Mellon Corp. (The) (a) | | | 336,334 | | | | 14,163,025 | | |
Becton Dickinson and Co. (a) | | | 32,527 | | | | 7,675,396 | | |
Boston Properties, Inc., REIT | | | 99,274 | | | | 7,217,220 | | |
CH Robinson Worldwide, Inc. (a) | | | 107,646 | | | | 10,519,167 | | |
Colgate-Palmolive Co. (a) | | | 260,791 | | | | 19,256,807 | | |
Comcast Corp., Class A | | | 481,922 | | | | 15,296,204 | | |
Douglas Emmett, Inc., REIT | | | 331,773 | | | | 5,835,887 | | |
Elevance Health, Inc. (a) | | | 15,305 | | | | 8,368,315 | | |
Embecta Corp. | | | 6,505 | | | | 201,135 | | |
Equity Residential, REIT | | | 205,504 | | | | 12,950,862 | | |
Exxon Mobil Corp. (a) | | | 467,828 | | | | 51,840,021 | | |
Fidelity National Information Services, Inc. (a) | | | 51,661 | | | | 4,287,346 | | |
General Dynamics Corp. | | | 7,297 | | | | 1,822,791 | | |
GSK plc | | | 403,994 | | | | 6,617,866 | | |
HCA Healthcare, Inc. (a) | | | 86,699 | | | | 18,854,431 | | |
IDACORP, Inc. (a) | | | 33,468 | | | | 3,504,100 | | |
Kraft Heinz Co. (The) (a) | | | 148,824 | | | | 5,725,259 | | |
Nestle SA (Registered) | | | 290,284 | | | | 31,599,968 | | |
Oracle Corp. (a) | | | 114,325 | | | | 8,925,353 | | |
Philip Morris International, Inc. (a) | | | 288,668 | | | | 26,514,156 | | |
Ross Stores, Inc. (a) | | | 79,798 | | | | 7,635,871 | | |
Royal Gold, Inc. | | | 78,566 | | | | 7,460,627 | | |
RPM International, Inc. (a) | | | 5,268 | | | | 498,195 | | |
Schlumberger NV (a) | | | 287,827 | | | | 14,975,639 | | |
Texas Instruments, Inc. (a) | | | 75,878 | | | | 12,188,283 | | |
Travelers Cos., Inc. (The) (a) | | | 8,515 | | | | 1,570,677 | | |
UGI Corp. | | | 152,737 | | | | 5,396,198 | | |
Union Pacific Corp. (a) | | | 6,543 | | | | 1,289,887 | | |
Universal Health Services, Inc., Class B (a) | | | 58,958 | | | | 6,831,463 | | |
US Bancorp | | | 278,702 | | | | 11,830,900 | | |
Walmart, Inc. (a) | | | 51,142 | | | | 7,279,041 | | |
Wells Fargo & Co. (a) | | | 267,858 | | | | 12,318,789 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
United States — 25.0% (continued) | |
Weyerhaeuser Co., REIT (a) | | | 129,131 | | | | 3,994,022 | | |
| | | 359,733,536 | | |
Total Common Stocks (Cost $905,478,835) | | | 916,737,815 | | |
| | Principal Amount ($) | | | |
Corporate Bonds — 10.2% | |
Australia — 0.3% | |
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (c) | | | 1,643,000 | | | | 1,710,774 | | |
Nufarm Australia Ltd. 5.00%, 1/27/2030 (c) | | | 2,595,000 | | | | 2,195,136 | | |
| | | 3,905,910 | | |
Canada — 0.4% | |
Open Text Corp. 3.88%, 2/15/2028 (c) | | | 1,106,000 | | | | 946,670 | | |
Open Text Holdings, Inc. 4.13%, 2/15/2030 (c) | | | 6,065,000 | | | | 4,829,256 | | |
| | | 5,775,926 | | |
Germany — 0.3% | |
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK) 9/15/2026 (c)(d) | | | 3,879,000 | | | | 3,266,572 | | |
6.00%, (6.00% Cash or 6.75% PIK) 5/15/2027 (c)(d) | | | 1,336,632 | | | | 1,147,833 | | |
| | | 4,414,405 | | |
Mexico — 0.7% | |
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028‡ (c) | | | 13,186,000 | | | | 10,795,940 | | |
Poland — 0.4% | |
Canpack SA 3.13%, 11/1/2025 (c) | | | 420,000 | | | | 364,482 | | |
3.88%, 11/15/2029 (c) | | | 6,197,000 | | | | 4,918,869 | | |
| | | 5,283,351 | | |
United Kingdom — 0.1% | |
BAT Capital Corp. 3.22%, 9/6/2026 | | | 1,525,000 | | | | 1,355,292 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 8.0% | |
ACCO Brands Corp. 4.25%, 3/15/2029 (c) | | | 7,873,000 | | | | 6,255,099 | | |
Aircastle Ltd. 4.40%, 9/25/2023 | | | 984,000 | | | | 961,697 | | |
American Airlines, Inc. 5.50%, 4/20/2026 (c) | | | 4,267,833 | | | | 4,064,350 | | |
5.75%, 4/20/2029 (c) | | | 502,000 | | | | 456,820 | | |
American Tower Corp. REIT, 2.40%, 3/15/2025 | | | 115,000 | | | | 106,348 | | |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (c) | | | 2,959,000 | | | | 2,768,411 | | |
Aramark Services, Inc. 5.00%, 4/1/2025 (c) | | | 2,141,000 | | | | 2,069,690 | | |
5.00%, 2/1/2028 (c) | | | 194,000 | | | | 176,754 | | |
Carnival Corp. 4.00%, 8/1/2028 (c) | | | 1,206,000 | | | | 971,644 | | |
Centene Corp. 4.25%, 12/15/2027 | | | 2,873,000 | | | | 2,650,342 | | |
4.63%, 12/15/2029 | | | 450,000 | | | | 407,250 | | |
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (c) | | | 2,282,000 | | | | 2,075,935 | | |
3.75%, 3/15/2029 (c) | | | 1,522,000 | | | | 1,316,530 | | |
CITGO Petroleum Corp. 7.00%, 6/15/2025 (c) | | | 4,631,000 | | | | 4,559,914 | | |
6.38%, 6/15/2026 (c) | | | 5,182,000 | | | | 5,103,545 | | |
DCP Midstream Operating LP 6.45%, 11/3/2036 (c) | | | 773,000 | | | | 729,882 | | |
Delta Air Lines, Inc. 4.50%, 10/20/2025 (c) | | | 6,155,158 | | | | 5,997,812 | | |
DT Midstream, Inc. 4.13%, 6/15/2029 (c) | | | 2,910,000 | | | | 2,515,695 | | |
Edgewell Personal Care Co. 5.50%, 6/1/2028 (c) | | | 1,770,000 | | | | 1,664,738 | | |
4.13%, 4/1/2029 (c) | | | 2,309,000 | | | | 1,972,013 | | |
Embecta Corp. 5.00%, 2/15/2030 (c) | | | 2,773,000 | | | | 2,377,182 | | |
6.75%, 2/15/2030 (c) | | | 2,292,000 | | | | 2,097,180 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 8.0% (continued) | |
HCA, Inc. 5.38%, 2/1/2025 | | | 1,400,000 | | | | 1,382,325 | | |
5.88%, 2/15/2026 | | | 1,349,000 | | | | 1,335,974 | | |
3.50%, 9/1/2030 | | | 1,588,000 | | | | 1,315,499 | | |
Imola Merger Corp. 4.75%, 5/15/2029 (c) | | | 3,133,000 | | | | 2,701,273 | | |
Iron Mountain, Inc. REIT, 5.25%, 3/15/2028 (c) | | | 1,005,000 | | | | 924,600 | | |
REIT, 5.00%, 7/15/2028 (c) | | | 1,596,000 | | | | 1,427,782 | | |
REIT, 4.88%, 9/15/2029 (c) | | | 1,322,000 | | | | 1,136,589 | | |
REIT, 5.25%, 7/15/2030 (c) | | | 3,609,000 | | | | 3,113,892 | | |
KFC Holding Co. 4.75%, 6/1/2027 (c) | | | 1,472,000 | | | | 1,405,156 | | |
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (c) | | | 1,583,000 | | | | 1,381,912 | | |
Level 3 Financing, Inc. 3.75%, 7/15/2029 (c) | | | 128,000 | | | | 97,247 | | |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (c) | | | 5,167,587 | | | | 5,108,702 | | |
Pilgrim's Pride Corp. 5.88%, 9/30/2027 (c) | | | 3,343,000 | | | | 3,267,582 | | |
4.25%, 4/15/2031 (c) | | | 2,699,000 | | | | 2,247,758 | | |
Post Holdings, Inc. 5.75%, 3/1/2027 (c) | | | 2,867,000 | | | | 2,771,414 | | |
PRA Group, Inc. 7.38%, 9/1/2025 (c) | | | 1,200,000 | | | | 1,147,853 | | |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (c) | | | 2,635,000 | | | | 2,312,160 | | |
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (c) | | | 64,000 | | | | 52,000 | | |
SEG Holding LLC 5.63%, 10/15/2028 (c) | | | 5,461,000 | | | | 5,046,724 | | |
Service Corp. International 4.63%, 12/15/2027 | | | 296,000 | | | | 274,252 | | |
5.13%, 6/1/2029 | | | 455,000 | | | | 423,815 | | |
Spectrum Brands, Inc. 5.75%, 7/15/2025 | | | 1,520,000 | | | | 1,499,754 | | |
Sprint Communications LLC 6.00%, 11/15/2022 | | | 1,800,000 | | | | 1,800,198 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 8.0% (continued) | |
Sylvamo Corp. 7.00%, 9/1/2029 (c) | | | 2,234,000 | | | | 2,075,959 | | |
Taylor Morrison Communities, Inc. 5.88%, 4/15/2023 (c) | | | 4,127,000 | | | | 4,116,683 | | |
5.13%, 8/1/2030 (c) | | | 2,000,000 | | | | 1,659,372 | | |
Teleflex, Inc. 4.63%, 11/15/2027 | | | 2,919,000 | | | | 2,750,720 | | |
4.25%, 6/1/2028 (c) | | | 782,000 | | | | 707,553 | | |
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (e)(f) | | | 5,074,000 | | | | 4,555,183 | | |
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 | | | 3,276,142 | | | | 3,161,076 | | |
WESCO Distribution, Inc. 7.25%, 6/15/2028 (c) | | | 2,136,000 | | | | 2,166,887 | | |
| | | 114,666,725 | | |
Total Corporate Bonds (Cost 159,074,647) | | | 146,197,549 | | |
U.S. Treasury Obligations — 8.0% | |
U.S. Treasury Bonds 6.13%, 11/15/2027 | | | 13,267,400 | | | | 14,340,194 | | |
U.S. Treasury Inflation Linked Notes 0.13%, 4/15/2027 | | | 8,730,800 | | | | 8,540,435 | | |
U.S. Treasury Notes 0.25%, 6/15/2023 | | | 7,465,200 | | | | 7,270,696 | | |
2.63%, 12/31/2023 | | | 13,035,700 | | | | 12,744,943 | | |
2.50%, 1/31/2024 | | | 14,953,900 | | | | 14,566,033 | | |
1.75%, 6/30/2024 | | | 14,117,000 | | | | 13,472,360 | | |
1.75%, 12/31/2024 | | | 16,847,000 | | | | 15,918,441 | | |
1.75%, 3/15/2025 | | | 3,530,000 | | | | 3,316,132 | | |
0.38%, 12/31/2025 | | | 16,107,700 | | | | 14,208,753 | | |
1.75%, 12/31/2026 | | | 9,210,000 | | | | 8,316,702 | | |
2.75%, 8/15/2032 | | | 2,371,900 | | | | 2,122,480 | | |
| | | 114,817,169 | | |
Total U.S. Treasury Obligations (Cost 120,819,807) | | | 114,817,169 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Ounces | | Value ($) | |
Commodities — 6.4% | |
Gold bullion* (Cost $69,667,432) | | | 56,395 | | | | 92,057,700 | | |
| | Shares | | | |
Master Limited Partnerships — 3.9% | |
United States — 3.9% | |
Enterprise Products Partners LP (a) | | | 1,053,527 | | | | 26,601,557 | | |
Magellan Midstream Partners LP (a) | | | 539,143 | | | | 29,086,765 | | |
Total Master Limited Partnerships (Cost 47,213,777) | | | 55,688,322 | | |
| | Principal Amount ($) | | | |
Foreign Government Securities — 1.6% | |
Brazil — 0.3% | |
Notas do Tesouro Nacional 10.00%, 1/1/2025 | | BRL | 21,000,000 | | | | 3,931,618 | | |
Colombia — 0.3% | |
Titulos de Tesoreria Series B, 5.75%, 11/3/2027‡ | | COP | 19,880,400,000 | | | | 2,913,978 | | |
3.00%, 1/30/2030 | | | 2,690,000 | | | | 1,897,698 | | |
| | | 4,811,676 | | |
Mexico — 0.4% | |
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023 | | MXN | 68,770,000 | | | | 3,374,461 | | |
Series M, 5.75%, 3/5/2026 | | MXN | 56,800,000 | | | | 2,527,588 | | |
| | | 5,902,049 | | |
Singapore — 0.4% | |
Republic of Singapore 1.25%, 11/1/2026‡ | | SGD | 7,592,000 | | | | 4,976,954 | | |
South Korea — 0.2% | |
Republic of Korea 1.25%, 3/10/2026 | | KRW | 4,480,550,000 | | | | 2,856,565 | | |
Total Foreign Government Securities (Cost 26,413,737) | | | 22,478,862 | | |
First Eagle Funds | Annual Report | October 31, 2022
80
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Convertible Preferred Stocks — 1.6% | |
United States — 1.6% | |
Bank of America Corp. Series L, 7.25%, (e) | | | 9,346 | | | | 10,845,659 | | |
Wells Fargo & Co. Series L, 7.50%, (e) | | | 11,123 | | | | 12,964,190 | | |
| | | 23,809,849 | | |
Total Convertible Preferred Stocks (Cost 29,039,814) | | | 23,809,849 | | |
| | Shares | | | |
Preferred Stocks — 1.1% | |
United States — 1.1% | |
Charles Schwab Corp. (The) Series D 5.95%, 12/01/22 (e) | | | 46,239 | | | | 1,064,884 | | |
General American Investors Co., Inc. Series B 5.95%, 12/03/21 (e) | | | 4,712 | | | | 117,720 | | |
MetLife, Inc. Series A (ICE LIBOR USD 3 Month + 1.00%, 4.00% Floor), 4.29%, 12/03/21 (e)(f) | | | 128,986 | | | | 2,648,083 | | |
Northern Trust Corp. Series E 4.70%, 01/01/25 (e) | | | 101,453 | | | | 2,031,089 | | |
State Street Corp. Series G (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/26 (e)(f) | | | 57,946 | | | | 1,393,601 | | |
Truist Financial Corp. Series R 4.75%, 09/01/25 (e) | | | 347,125 | | | | 6,578,019 | | |
US Bancorp Series B (ICE LIBOR USD 3 Month + 0.60%, 3.50% Floor), 4.68%, 12/03/21 (e)(f) | | | 140,375 | | | | 2,511,309 | | |
Total Preferred Stocks (Cost 19,766,820) | | | 16,344,705 | | |
Closed End Funds — 0.8% | |
United Kingdom — 0.8% | |
Caledonia Investments plc (Cost $10,284,424) | | | 291,700 | | | | 11,316,005 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Short-Term Investments — 2.5% | |
Commercial Paper — 2.5% | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (g) | | | 8,563,000 | | | | 8,562,195 | | |
Credit Agricole Corporate and Investment Bank 3.02%, 11/1/2022 (g) | | | 8,100,000 | | | | 8,099,306 | | |
Entergy Corp. 3.25%, 11/1/2022 (c)(g) | | | 5,233,000 | | | | 5,232,522 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (g) | | | 14,272,000 | | | | 14,270,577 | | |
Total Commercial Paper (Cost $36,168,000) | | | 36,164,600 | | |
| | Shares | | | |
Investment Companies — 0.0% (h) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 2.84% (i) (Cost $7,746) | | | 7,746 | | | | 7,746 | | |
Total Short-Term Investments (Cost $36,175,746) | | | 36,172,346 | | |
Total Investments — 99.9% (Cost $1,423,935,039) | | | 1,435,620,322 | | |
Other Assets Less Liabilities — 0.1% | | | 1,644,461 | | |
Net Assets — 100.0% | | | 1,437,264,783 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) All or a portion of the security pledged as collateral for call options written.
(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(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, 2022 amounted to $127,450,346, which represents approximately 8.87% of net assets of the Fund.
(d) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.
(e) Perpetual security. The rate reflected was the rate in effect on October 31, 2022. The maturity date reflects the next call date.
(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2022.
(g) The rate shown was the current yield as of October 31, 2022.
(h) Represents less than 0.05% of net assets.
(i) Represents 7-day effective yield as of October 31, 2022.
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
As of October 31, 2022, 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 | | $ | 156,579,800 | | |
Aggregate gross unrealized depreciation | | | (149,173,114 | ) | |
Net unrealized appreciation | | $ | 7,406,686 | | |
Federal income tax cost | | $ | 1,423,915,416 | | |
Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2022
Currency Purchased | | Currency Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
USD | 2,016,626 | | | GBP | 1,742,000 | | | JPMorgan Chase Bank | | 11/16/2022 | | $ | 18,149 | | |
Total unrealized appreciation | | | | | | | | | 18,149 | | |
USD | 1,880,361 | | | GBP | 1,668,000 | | | Goldman Sachs | | 12/14/2022 | | | (35,216 | ) | |
Total unrealized depreciation | | | | | | | | | (35,216 | ) | |
Net unrealized depreciation | | | | | | | | $ | (17,067 | ) | |
Abbreviations
ADR — American Depositary Receipt
BRL — Brazilian real
COP — Colombian Peso
Fix Rt — Fixed Rate
GBP — British Pound
ICE — Intercontinental Exchange
KRW — Korea (Rep.) 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
SGD — Singapore Dollar
USD — United States Dollar
Written Call Options Contracts as of October 31, 2022:
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Analog Devices, Inc. | | Exchange Traded | | | 163 | | | USD | (2,324,706 | ) | | USD | 180.00 | | | 12/16/2022 | | | (2,852 | ) | |
Analog Devices, Inc. | | Exchange Traded | | | 87 | | | USD | (1,240,794 | ) | | USD | 190.00 | | | 12/16/2022 | | | (870 | ) | |
Analog Devices, Inc. | | Exchange Traded | | | 84 | | | USD | (1,198,008 | ) | | USD | 195.00 | | | 12/16/2022 | | | (1,260 | ) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 323 | | | USD | (1,360,153 | ) | | USD | 50.00 | | | 12/16/2022 | | | (3,876 | ) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 320 | | | USD | (1,347,520 | ) | | USD | 50.00 | | | 01/20/2023 | | | (9,601 | ) | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Written Call Options Contracts as of October 31, 2022: (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Bank of New York Mellon Corp. (The) | | Exchange Traded | | | 340 | | | USD | (1,431,740 | ) | | USD | 55.00 | | | 01/20/2023 | | | (6,800 | ) | |
Becton Dickinson and Co. | | Exchange Traded | | | 54 | | | USD | (1,274,238 | ) | | USD | 290.00 | | | 12/16/2022 | | | (4,050 | ) | |
Becton Dickinson and Co. | | Exchange Traded | | | 61 | | | USD | (1,439,417 | ) | | USD | 300.00 | | | 12/16/2022 | | | (2,898 | ) | |
Becton Dickinson and Co. | | Exchange Traded | | | 57 | | | USD | (1,345,029 | ) | | USD | 300.00 | | | 01/20/2023 | | | (2,422 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 139 | | | USD | (1,358,308 | ) | | USD | 115.00 | | | 11/18/2022 | | | (10,425 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 138 | | | USD | (1,348,536 | ) | | USD | 120.00 | | | 11/18/2022 | | | (10,350 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 142 | | | USD | (1,387,624 | ) | | USD | 120.00 | | | 01/20/2023 | | | (6,390 | ) | |
CH Robinson Worldwide, Inc. | | Exchange Traded | | | 133 | | | USD | (1,299,676 | ) | | USD | 125.00 | | | 11/18/2022 | | | (9,975 | ) | |
Coca-Cola Femsa SAB de CV, ADR | | Exchange Traded | | | 235 | | | USD | (1,475,565 | ) | | USD | 70.00 | | | 11/18/2022 | | | (3,525 | ) | |
Coca-Cola Femsa SAB de CV, ADR | | Exchange Traded | | | 464 | | | USD | (2,913,456 | ) | | USD | 80.00 | | | 02/17/2023 | | | (6,960 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 164 | | | USD | (1,210,976 | ) | | USD | 90.00 | | | 11/18/2022 | | | (2,460 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 179 | | | USD | (1,321,736 | ) | | USD | 90.00 | | | 01/20/2023 | | | (5,370 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 179 | | | USD | (1,321,736 | ) | | USD | 92.50 | | | 01/20/2023 | | | (4,475 | ) | |
Colgate-Palmolive Co. | | Exchange Traded | | | 337 | | | USD | (2,488,408 | ) | | USD | 95.00 | | | 11/18/2022 | | | (5,055 | ) | |
Elevance Health, Inc. | | Exchange Traded | | | 30 | | | USD | (1,640,310 | ) | | USD | 490.00 | | | 12/16/2022 | | | (190,200 | ) | |
Elevance Health, Inc. | | Exchange Traded | | | 31 | | | USD | (1,694,987 | ) | | USD | 500.00 | | | 12/16/2022 | | | (168,950 | ) | |
Elevance Health, Inc. | | Exchange Traded | | | 29 | | | USD | (1,585,633 | ) | | USD | 520.00 | | | 01/20/2023 | | | (134,241 | ) | |
Elevance Health, Inc. | | Exchange Traded | | | 29 | | | USD | (1,585,633 | ) | | USD | 550.00 | | | 03/17/2023 | | | (115,565 | ) | |
Enterprise Products Partners LP | | Exchange Traded | | | 544 | | | USD | (1,373,600 | ) | | USD | 28.00 | | | 01/20/2023 | | | (15,232 | ) | |
Enterprise Products Partners LP | | Exchange Traded | | | 561 | | | USD | (1,416,525 | ) | | USD | 29.00 | | | 12/16/2022 | | | (2,805 | ) | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Written Call Options Contracts as of October 31, 2022: (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Enterprise Products Partners LP | | Exchange Traded | | | 544 | | | USD | (1,373,600 | ) | | USD | 29.00 | | | 01/20/2023 | | | (8,160 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 164 | | | USD | (1,817,284 | ) | | USD | 105.00 | | | 11/18/2022 | | | (119,228 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 161 | | | USD | (1,784,041 | ) | | USD | 110.00 | | | 01/20/2023 | | | (123,970 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 158 | | | USD | (1,750,798 | ) | | USD | 120.00 | | | 11/18/2022 | | | (7,900 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 154 | | | USD | (1,706,474 | ) | | USD | 125.00 | | | 01/20/2023 | | | (33,880 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 134 | | | USD | (1,484,854 | ) | | USD | 125.00 | | | 03/17/2023 | | | (54,136 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 154 | | | USD | (1,706,474 | ) | | USD | 130.00 | | | 01/20/2023 | | | (19,558 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 134 | | | USD | (1,484,854 | ) | | USD | 130.00 | | | 03/17/2023 | | | (39,396 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 293 | | | USD | (3,246,733 | ) | | USD | 135.00 | | | 01/20/2023 | | | (22,854 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 141 | | | USD | (1,562,421 | ) | | USD | 135.00 | | | 03/17/2023 | | | (28,200 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 145 | | | USD | (1,606,745 | ) | | USD | 140.00 | | | 01/20/2023 | | | (6,235 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 141 | | | USD | (1,562,421 | ) | | USD | 140.00 | | | 03/17/2023 | | | (18,471 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 129 | | | USD | (1,429,449 | ) | | USD | 145.00 | | | 03/17/2023 | | | (10,965 | ) | |
Exxon Mobil Corp. | | Exchange Traded | | | 129 | | | USD | (1,429,449 | ) | | USD | 150.00 | | | 03/17/2023 | | | (8,385 | ) | |
Fidelity National Information Services, Inc. | | Exchange Traded | | | 172 | | | USD | (1,427,428 | ) | | USD | 100.00 | | | 01/20/2023 | | | (10,750 | ) | |
Fidelity National Information Services, Inc. | | Exchange Traded | | | 176 | | | USD | (1,460,624 | ) | | USD | 100.00 | | | 04/21/2023 | | | (38,720 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 125 | | | USD | (2,718,375 | ) | | USD | 220.00 | | | 01/20/2023 | | | (175,000 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 47 | | | USD | (1,022,109 | ) | | USD | 220.00 | | | 03/17/2023 | | | (94,470 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 152 | | | USD | (3,305,544 | ) | | USD | 230.00 | | | 12/16/2022 | | | (86,640 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 135 | | | USD | (2,935,845 | ) | | USD | 240.00 | | | 01/20/2023 | | | (75,600 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 67 | | | USD | (1,457,049 | ) | | USD | 250.00 | | | 12/16/2022 | | | (12,395 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 67 | | | USD | (1,457,049 | ) | | USD | 260.00 | | | 12/16/2022 | | | (6,867 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 64 | | | USD | (1,391,808 | ) | | USD | 280.00 | | | 01/20/2023 | | | (5,760 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 64 | | | USD | (1,391,808 | ) | | USD | 290.00 | | | 03/17/2023 | | | (13,120 | ) | |
HCA Healthcare, Inc. | | Exchange Traded | | | 68 | | | USD | (1,478,796 | ) | | USD | 300.00 | | | 01/20/2023 | | | (3,400 | ) | |
First Eagle Funds | Annual Report | October 31, 2022
85
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Written Call Options Contracts as of October 31, 2022: (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
IDACORP, Inc. | | Exchange Traded | | | 128 | | | USD | (1,340,160 | ) | | USD | 130.00 | | | 02/17/2023 | | | (61,440 | ) | |
Kraft Heinz Co. (The) | | Exchange Traded | | | 407 | | | USD | (1,565,729 | ) | | USD | 37.50 | | | 11/18/2022 | | | (60,643 | ) | |
Kraft Heinz Co. (The) | | Exchange Traded | | | 407 | | | USD | (1,565,729 | ) | | USD | 40.00 | | | 01/20/2023 | | | (44,770 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 282 | | | USD | (1,521,390 | ) | | USD | 60.00 | | | 01/20/2023 | | | (11,280 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 275 | | | USD | (1,483,625 | ) | | USD | 60.00 | | | 04/21/2023 | | | (31,900 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 272 | | | USD | (1,467,440 | ) | | USD | 62.50 | | | 01/20/2023 | | | (5,440 | ) | |
Magellan Midstream Partners LP | | Exchange Traded | | | 272 | | | USD | (1,467,440 | ) | | USD | 65.00 | | | 01/20/2023 | | | (2,720 | ) | |
Nutrien Ltd. | | Exchange Traded | | | 158 | | | USD | (1,335,100 | ) | | USD | 100.00 | | | 12/16/2022 | | | (18,960 | ) | |
Oracle Corp. | | Exchange Traded | | | 187 | | | USD | (1,459,909 | ) | | USD | 80.00 | | | 12/16/2022 | | | (57,970 | ) | |
Oracle Corp. | | Exchange Traded | | | 372 | | | USD | (2,904,204 | ) | | USD | 80.00 | | | 01/20/2023 | | | (151,032 | ) | |
Oracle Corp. | | Exchange Traded | | | 187 | | | USD | (1,459,909 | ) | | USD | 85.00 | | | 12/16/2022 | | | (24,497 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 58 | | | USD | (532,730 | ) | | USD | 120.00 | | | 11/18/2022 | | | (580 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 136 | | | USD | (1,249,160 | ) | | USD | 120.00 | | | 12/16/2022 | | | (2,040 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 146 | | | USD | (1,341,010 | ) | | USD | 120.00 | | | 01/20/2023 | | | (2,190 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 136 | | | USD | (1,249,160 | ) | | USD | 125.00 | | | 11/18/2022 | | | (1,360 | ) | |
Philip Morris International, Inc. | | Exchange Traded | | | 136 | | | USD | (1,249,160 | ) | | USD | 125.00 | | | 12/16/2022 | | | (2,040 | ) | |
Ross Stores, Inc. | | Exchange Traded | | | 183 | | | USD | (1,751,127 | ) | | USD | 95.00 | | | 11/18/2022 | | | (93,330 | ) | |
Ross Stores, Inc. | | Exchange Traded | | | 183 | | | USD | (1,751,127 | ) | | USD | 95.00 | | | 01/20/2023 | | | (141,825 | ) | |
RPM International, Inc. | | Exchange Traded | | | 52 | | | USD | (491,764 | ) | | USD | 100.00 | | | 11/18/2022 | | | (5,200 | ) | |
Schlumberger NV | | Exchange Traded | | | 398 | | | USD | (2,070,794 | ) | | USD | 40.00 | | | 11/18/2022 | | | (495,112 | ) | |
Schlumberger NV | | Exchange Traded | | | 398 | | | USD | (2,070,794 | ) | | USD | 42.50 | | | 11/18/2022 | | | (396,010 | ) | |
Schlumberger NV | | Exchange Traded | | | 400 | | | USD | (2,081,200 | ) | | USD | 42.50 | | | 12/16/2022 | | | (400,000 | ) | |
Schlumberger NV | | Exchange Traded | | | 400 | | | USD | (2,081,200 | ) | | USD | 60.00 | | | 01/20/2023 | | | (76,400 | ) | |
Schlumberger NV | | Exchange Traded | | | 276 | | | USD | (1,436,028 | ) | | USD | 65.00 | | | 01/20/2023 | | | (28,980 | ) | |
First Eagle Funds | Annual Report | October 31, 2022
86
First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2022
Written Call Options Contracts as of October 31, 2022: (continued)
Description | | Counterparty | | Number of Contracts | | Notional Amount | | Exercise Price | | Expiration Date | | Value ($) | |
Schlumberger NV | | Exchange Traded | | | 279 | | | USD | (1,451,637 | ) | | USD | 70.00 | | | 01/20/2023 | | | (15,345 | ) | |
Schlumberger NV | | Exchange Traded | | | 276 | | | USD | (1,436,028 | ) | | USD | 70.00 | | | 02/17/2023 | | | (25,392 | ) | |
Texas Instruments, Inc. | | Exchange Traded | | | 84 | | | USD | (1,349,292 | ) | | USD | 185.00 | | | 01/20/2023 | | | (16,380 | ) | |
Texas Instruments, Inc. | | Exchange Traded | | | 78 | | | USD | (1,252,914 | ) | | USD | 200.00 | | | 11/18/2022 | | | (234 | ) | |
Travelers Cos., Inc. (The) | | Exchange Traded | | | 85 | | | USD | (1,567,910 | ) | | USD | 165.00 | | | 01/20/2023 | | | (195,925 | ) | |
Union Pacific Corp. | | Exchange Traded | | | 65 | | | USD | (1,281,410 | ) | | USD | 220.00 | | | 01/20/2023 | | | (16,575 | ) | |
Universal Health Services, Inc., Class B | | Exchange Traded | | | 154 | | | USD | (1,784,398 | ) | | USD | 115.00 | | | 12/16/2022 | | | (100,870 | ) | |
Walmart, Inc. | | Exchange Traded | | | 113 | | | USD | (1,608,329 | ) | | USD | 160.00 | | | 12/16/2022 | | | (5,085 | ) | |
Walmart, Inc. | | Exchange Traded | | | 43 | | | USD | (612,019 | ) | | USD | 160.00 | | | 01/20/2023 | | | (4,687 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 337 | | | USD | (1,549,863 | ) | | USD | 50.00 | | | 11/18/2022 | | | (5,392 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 326 | | | USD | (1,499,274 | ) | | USD | 52.50 | | | 11/18/2022 | | | (1,630 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 311 | | | USD | (1,430,289 | ) | | USD | 55.00 | | | 11/18/2022 | | | (311 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 322 | | | USD | (1,480,878 | ) | | USD | 55.00 | | | 01/20/2023 | | | (12,558 | ) | |
Wells Fargo & Co. | | Exchange Traded | | | 325 | | | USD | (1,494,675 | ) | | USD | 57.50 | | | 01/20/2023 | | | (6,175 | ) | |
Weyerhaeuser Co., REIT | | Exchange Traded | | | 216 | | | USD | (668,088 | ) | | USD | 35.00 | | | 01/20/2023 | | | (8,208 | ) | |
| | | | | | | | | | | | | (4,281,153 | ) | |
Total Written Options Contracts (Premiums Received ($2,744,984)) | | | | | | | | | | | | | (4,281,153 | ) | |
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2022
87
First Eagle High Income Fund
Data as of October 31, 2022 (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 | | | -9.23 | | | | 1.69 | | | | 3.05 | | |
Bloomberg U.S. Corporate High Yield Index | | | | | -11.76 | | | | 2.01 | | | | 4.12 | | |

Sectors* (%)
Industrials | | | 15.9 | | |
Consumer Discretionary | | | 15.1 | | |
Consumer Staples | | | 12.0 | | |
Energy | | | 11.4 | | |
Health Care | | | 8.7 | | |
Communication Services | | | 7.8 | | |
Materials | | | 7.1 | | |
Information Technology | | | 5.7 | | |
Financials | | | 5.3 | | |
Real Estate | | | 3.7 | | |
Short-Term Investments | | | 7.3 | | |
Countries*~ (%)
United States | | | 79.1 | | |
Germany | | | 4.4 | | |
Canada | | | 4.1 | | |
Mexico | | | 1.8 | | |
Poland | | | 1.1 | | |
Australia | | | 1.0 | | |
United Kingdom | | | 0.7 | | |
Singapore | | | 0.5 | | |
Short-Term Investments | | | 7.3 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
** Includes short-term commercial paper (7.3% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
~ 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, 2022
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First Eagle High Income Fund | Fund Overview
Growth of a $1,000,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.
The Bloomberg U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.
Top 10 Holdings* (%)
CITGO Petroleum Corp. (Oil, Gas & Consumable Fuels, United States) | | | 2.2 | | |
G-III Apparel Group Ltd. (Textiles, Apparel & Luxury Goods, United States) | | | 2.1 | | |
Taylor Morrison Communities, Inc. (Household Durables, United States) | | | 1.8 | | |
Mexico Remittances Funding Fiduciary Estate Management Sarl (Diversified Financial Services, Mexico) | | | 1.7 | | |
SEG Holding LLC (Food & Staples Retailing, United States) | | | 1.7 | | |
Consensus Cloud Solutions, Inc. (Software, United States) | | | 1.5 | | |
IHO Verwaltungs GmbH (Auto Components, Germany) | | | 1.5 | | |
Sprint Corp. (Wireless Telecommunication Services, United States) | | | 1.4 | | |
Vista Outdoor, Inc. (Leisure Products, United States) | | | 1.4 | | |
AMN Healthcare, Inc. (Professional Services, United States) | | | 1.4 | | |
Total | | | 16.7 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
Percentages are based on total net assets.
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Corporate Bonds — 90.7% | |
Australia — 1.0% | |
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (a) | | | 977,000 | | | | 1,017,301 | | |
Nufarm Australia Ltd. 5.00%, 1/27/2030 (a) | | | 859,000 | | | | 726,637 | | |
| | | 1,743,938 | | |
Canada — 4.1% | |
Kronos Acquisition Holdings, Inc. 5.00%, 12/31/2026 (a) | | | 2,000,000 | | | | 1,812,940 | | |
7.00%, 12/31/2027 (a) | | | 932,000 | | | | 782,880 | | |
Open Text Corp. 3.88%, 2/15/2028 (a) | | | 2,190,000 | | | | 1,874,508 | | |
Open Text Holdings, Inc. 4.13%, 2/15/2030 (a) | | | 393,000 | | | | 312,926 | | |
Precision Drilling Corp. 6.88%, 1/15/2029 (a) | | | 1,944,000 | | | | 1,787,761 | | |
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (a) | | | 634,000 | | | | 624,490 | | |
| | | 7,195,505 | | |
Germany — 4.3% | |
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a) | | | 2,640,000 | | | | 2,189,352 | | |
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK) 9/15/2026 (a)(b) | | | 3,041,000 | | | | 2,560,878 | | |
6.00%, (6.00% Cash or 6.75% PIK) 5/15/2027 (a)(b) | | | 1,280,244 | | | | 1,099,410 | | |
6.37%, (6.38% Cash or 7.13% PIK) 5/15/2029 (a)(b) | | | 689,000 | | | | 587,944 | | |
Mercer International, Inc. 5.13%, 2/1/2029 | | | 1,395,000 | | | | 1,145,644 | | |
| | | 7,583,228 | | |
Mexico — 1.8% | |
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028‡ (a) | | | 3,626,000 | | | | 2,968,761 | | |
Petroleos Mexicanos 6.70%, 2/16/2032 | | | 200,000 | | | | 151,250 | | |
| | | 3,120,011 | | |
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Poland — 1.0% | |
Canpack SA 3.13%, 11/1/2025 (a) | | | 200,000 | | | | 173,563 | | |
3.88%, 11/15/2029 (a) | | | 2,147,000 | | | | 1,704,181 | | |
| | | 1,877,744 | | |
Singapore — 0.5% | |
Avation Capital SA 6.50%, (8.25% Cash or 9.00% PIK) 10/31/2026 (a)(b) | | | 1,235,474 | | | | 972,713 | | |
United Kingdom — 0.7% | |
Petrofac Ltd. 9.75%, 11/15/2026 (a) | | | 1,600,000 | | | | 1,185,803 | | |
United States — 77.3% | |
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | | | 2,114,000 | | | | 1,679,573 | | |
American Airlines, Inc. 5.50%, 4/20/2026 (a) | | | 1,251,333 | | | | 1,191,672 | | |
5.75%, 4/20/2029 (a) | | | 185,000 | | | | 168,350 | | |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a) | | | 2,626,000 | | | | 2,456,859 | | |
4.00%, 4/15/2029 (a) | | | 1,609,000 | | | | 1,384,509 | | |
Antero Midstream Partners LP 7.88%, 5/15/2026 (a) | | | 615,000 | | | | 627,300 | | |
5.38%, 6/15/2029 (a) | | | 1,294,000 | | | | 1,180,516 | | |
Antero Resources Corp. 8.38%, 7/15/2026 (a) | | | 604,000 | | | | 639,479 | | |
Aramark Services, Inc. 5.00%, 4/1/2025 (a) | | | 623,000 | | | | 602,250 | | |
6.38%, 5/1/2025 (a) | | | 1,163,000 | | | | 1,150,506 | | |
5.00%, 2/1/2028 (a) | | | 57,000 | | | | 51,933 | | |
Arcosa, Inc. 4.38%, 4/15/2029 (a) | | | 163,000 | | | | 140,527 | | |
Arko Corp. 5.13%, 11/15/2029 (a) | | | 1,000,000 | | | | 791,745 | | |
Ashland LLC 3.38%, 9/1/2031 (a) | | | 1,500,000 | | | | 1,173,570 | | |
Avantor Funding, Inc. 3.88%, 11/1/2029 (a) | | | 2,000,000 | | | | 1,687,607 | | |
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 77.3% (continued) | |
Boyd Gaming Corp. 4.75%, 12/1/2027 | | | 872,000 | | | | 803,391 | | |
4.75%, 6/15/2031 (a) | | | 162,000 | | | | 136,848 | | |
BWX Technologies, Inc. 4.13%, 6/30/2028 (a) | | | 1,000,000 | | | | 875,000 | | |
4.13%, 4/15/2029 (a) | | | 653,000 | | | | 564,584 | | |
Carnival Corp. 5.75%, 3/1/2027 (a) | | | 1,242,000 | | | | 860,688 | | |
4.00%, 8/1/2028 (a) | | | 424,000 | | | | 341,606 | | |
Centene Corp. 4.25%, 12/15/2027 | | | 2,641,000 | | | | 2,436,322 | | |
4.63%, 12/15/2029 | | | 809,000 | | | | 732,145 | | |
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (a) | | | 857,000 | | | | 779,613 | | |
3.75%, 3/15/2029 (a) | | | 182,000 | | | | 157,430 | | |
Cinemark USA, Inc. 8.75%, 5/1/2025 (a) | | | 1,603,000 | | | | 1,607,462 | | |
CITGO Petroleum Corp. 7.00%, 6/15/2025 (a) | | | 3,956,000 | | | | 3,895,275 | | |
6.38%, 6/15/2026 (a) | | | 802,000 | | | | 789,858 | | |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | | | 1,079,000 | | | | 887,478 | | |
CNX Resources Corp. 7.38%, 1/15/2031 (a) | | | 250,000 | | | | 248,167 | | |
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a) | | | 648,000 | | | | 584,820 | | |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | | | 2,000,000 | | | | 1,640,000 | | |
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (a) | | | 3,000,000 | | | | 2,702,250 | | |
Crestwood Midstream Partners LP 6.00%, 2/1/2029 (a) | | | 1,868,000 | | | | 1,746,767 | | |
Crocs, Inc. 4.13%, 8/15/2031 (a) | | | 500,000 | | | | 378,705 | | |
Crown Americas LLC 4.75%, 2/1/2026 | | | 1,844,000 | | | | 1,764,911 | | |
Dana, Inc. 5.38%, 11/15/2027 | | | 1,255,000 | | | | 1,135,775 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 77.3% (continued) | |
DaVita, Inc. 4.63%, 6/1/2030 (a) | | | 2,234,000 | | | | 1,741,682 | | |
Delta Air Lines, Inc. 4.50%, 10/20/2025 (a) | | | 1,122,845 | | | | 1,094,141 | | |
7.38%, 1/15/2026 | | | 1,528,000 | | | | 1,560,073 | | |
DT Midstream, Inc. 4.13%, 6/15/2029 (a) | | | 1,243,000 | | | | 1,074,574 | | |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | | | 2,065,000 | | | | 1,800,948 | | |
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a) | | | 618,000 | | | | 581,247 | | |
4.13%, 4/1/2029 (a) | | | 993,000 | | | | 848,077 | | |
Embecta Corp. 5.00%, 2/15/2030 (a) | | | 801,000 | | | | 686,665 | | |
6.75%, 2/15/2030 (a) | | | 693,000 | | | | 634,095 | | |
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a) | | | 8,000 | | | | 6,642 | | |
4.38%, 3/31/2029 (a) | | | 871,000 | | | | 697,314 | | |
EnLink Midstream LLC 6.50%, 9/1/2030 (a) | | | 1,000,000 | | | | 982,500 | | |
Entegris Escrow Corp. 4.75%, 4/15/2029 (a) | | | 1,000,000 | | | | 883,569 | | |
Fair Isaac Corp. 4.00%, 6/15/2028 (a) | | | 2,169,000 | | | | 1,962,598 | | |
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a) | | | 914,000 | | | | 840,721 | | |
6.75%, 5/1/2029 (a) | | | 308,000 | | | | 253,715 | | |
6.00%, 1/15/2030 (a) | | | 1,000,000 | | | | 782,000 | | |
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a) | | | 3,821,000 | | | | 3,618,984 | | |
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | | | 1,000,000 | | | | 802,500 | | |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a) | | | 1,240,000 | | | | 1,141,629 | | |
HCA, Inc. 3.50%, 9/1/2030 | | | 607,000 | | | | 502,839 | | |
Hertz Corp. (The) 5.00%, 12/1/2029 (a) | | | 2,000,000 | | | | 1,584,300 | | |
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 77.3% (continued) | |
Howard Hughes Corp. (The) 4.38%, 2/1/2031 (a) | | | 62,000 | | | | 46,587 | | |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | | | 1,184,000 | | | | 1,020,845 | | |
Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | | | 1,500,000 | | | | 1,245,664 | | |
Interface, Inc. 5.50%, 12/1/2028 (a) | | | 1,794,000 | | | | 1,415,576 | | |
International Game Technology plc 5.25%, 1/15/2029 (a) | | | 967,000 | | | | 897,255 | | |
IQVIA, Inc. 5.00%, 10/15/2026 (a) | | | 800,000 | | | | 762,624 | | |
5.00%, 5/15/2027 (a) | | | 1,075,000 | | | | 1,024,346 | | |
Iris Holding, Inc. 10.00%, 12/15/2028 (a) | | | 1,000,000 | | | | 850,000 | | |
Iron Mountain, Inc. REIT, 5.25%, 3/15/2028 (a) | | | 621,000 | | | | 571,320 | | |
REIT, 5.00%, 7/15/2028 (a) | | | 220,000 | | | | 196,812 | | |
REIT, 4.88%, 9/15/2029 (a) | | | 870,000 | | | | 747,983 | | |
REIT, 5.25%, 7/15/2030 (a) | | | 763,000 | | | | 658,326 | | |
REIT, 4.50%, 2/15/2031 (a) | | | 940,000 | | | | 761,395 | | |
ITT Holdings LLC 6.50%, 8/1/2029 (a) | | | 1,250,000 | | | | 1,004,381 | | |
Jefferies Finance LLC 5.00%, 8/15/2028 (a) | | | 1,150,000 | | | | 902,785 | | |
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a) | | | 1,312,000 | | | | 1,147,738 | | |
Koppers, Inc. 6.00%, 2/15/2025 (a) | | | 2,389,000 | | | | 2,138,155 | | |
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a) | | | 581,000 | | | | 540,079 | | |
4.13%, 1/31/2030 (a) | | | 1,117,000 | | | | 975,107 | | |
Level 3 Financing, Inc. 4.25%, 7/1/2028 (a) | | | 589,000 | | | | 485,925 | | |
3.75%, 7/15/2029 (a) | | | 2,024,000 | | | | 1,537,714 | | |
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a) | | | 250,000 | | | | 209,889 | | |
6.13%, 3/15/2032 (a) | | | 500,000 | | | | 415,434 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 77.3% (continued) | |
Maxar Technologies, Inc. 7.75%, 6/15/2027 (a) | | | 2,000,000 | | | | 1,960,700 | | |
MGIC Investment Corp. 5.25%, 8/15/2028 | | | 612,000 | | | | 555,225 | | |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | | | 738,049 | | | | 729,639 | | |
Moog, Inc. 4.25%, 12/15/2027 (a) | | | 155,000 | | | | 138,703 | | |
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a) | | | 646,000 | | | | 560,160 | | |
Oxford Finance LLC 6.38%, 2/1/2027 (a) | | | 250,000 | | | | 228,750 | | |
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a) | | | 1,000,000 | | | | 752,993 | | |
Pilgrim's Pride Corp. 5.88%, 9/30/2027 (a) | | | 638,000 | | | | 623,607 | | |
4.25%, 4/15/2031 (a) | | | 2,347,000 | | | | 1,954,608 | | |
Post Holdings, Inc. 5.75%, 3/1/2027 (a) | | | 1,786,000 | | | | 1,726,455 | | |
PRA Group, Inc. 7.38%, 9/1/2025 (a) | | | 2,000,000 | | | | 1,913,089 | | |
Radian Group, Inc. 4.50%, 10/1/2024 | | | 645,000 | | | | 610,570 | | |
Range Resources Corp. 4.75%, 2/15/2030 (a) | | | 1,000,000 | | | | 884,010 | | |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a) | | | 1,019,000 | | | | 894,152 | | |
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a) | | | 596,000 | | | | 641,874 | | |
5.50%, 8/31/2026 (a) | | | 1,000,000 | | | | 817,600 | | |
5.38%, 7/15/2027 (a) | | | 100,000 | | | | 77,732 | | |
8.25%, 1/15/2029 (a) | | | 500,000 | | | | 498,362 | | |
SBA Communications Corp. REIT, 3.88%, 2/15/2027 | | | 609,000 | | | | 548,100 | | |
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a) | | | 2,452,000 | | | | 1,992,250 | | |
Sealed Air Corp. 4.00%, 12/1/2027 (a) | | | 1,252,000 | | | | 1,115,130 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 77.3% (continued) | |
SEG Holding LLC 5.63%, 10/15/2028 (a) | | | 3,198,000 | | | | 2,955,397 | | |
Shea Homes LP 4.75%, 2/15/2028 (a) | | | 668,000 | | | | 563,451 | | |
Sprint Communications LLC 6.00%, 11/15/2022 | | | 1,026,000 | | | | 1,026,113 | | |
Sprint Corp. 7.88%, 9/15/2023 | | | 2,500,000 | | | | 2,541,008 | | |
Staples, Inc. 10.75%, 4/15/2027 (a) | | | 500,000 | | | | 364,128 | | |
Sunoco LP 4.50%, 4/30/2030 | | | 2,000,000 | | | | 1,700,820 | | |
Sylvamo Corp. 7.00%, 9/1/2029 (a) | | | 397,000 | | | | 368,915 | | |
Taylor Morrison Communities, Inc. 5.88%, 4/15/2023 (a) | | | 3,228,000 | | | | 3,219,930 | | |
Teleflex, Inc. 4.63%, 11/15/2027 | | | 1,005,000 | | | | 947,062 | | |
4.25%, 6/1/2028 (a) | | | 1,026,000 | | | | 928,325 | | |
Thor Industries, Inc. 4.00%, 10/15/2029 (a) | | | 1,250,000 | | | | 1,010,975 | | |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | | | 2,138,000 | | | | 1,619,273 | | |
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a) | | | 1,830,000 | | | | 1,599,741 | | |
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 | | | 614,919 | | | | 593,321 | | |
United Airlines, Inc. 4.38%, 4/15/2026 (a) | | | 343,000 | | | | 313,042 | | |
4.63%, 4/15/2029 (a) | | | 229,000 | | | | 195,861 | | |
United Natural Foods, Inc. 6.75%, 10/15/2028 (a) | | | 1,530,000 | | | | 1,477,781 | | |
United Wholesale Mortgage LLC 5.50%, 4/15/2029 (a) | | | 326,000 | | | | 245,944 | | |
VICI Properties LP REIT, 4.25%, 12/1/2026 (a) | | | 245,000 | | | | 223,163 | | |
REIT, 5.75%, 2/1/2027 (a) | | | 2,415,000 | | | | 2,281,499 | | |
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
United States — 77.3% (continued) | |
REIT, 3.75%, 2/15/2027 (a) | | | 305,000 | | | | 267,213 | | |
REIT, 4.13%, 8/15/2030 (a) | | | 305,000 | | | | 251,944 | | |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | | | 3,203,000 | | | | 2,502,632 | | |
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a) | | | 1,850,000 | | | | 1,876,751 | | |
White Cap Parent LLC 8.25%, 3/15/2026 (a)(b) | | | 1,972,000 | | | | 1,666,340 | | |
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a) | | | 1,222,000 | | | | 1,075,751 | | |
Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | | | 1,588,000 | | | | 1,342,209 | | |
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a) | | | 500,000 | | | | 409,075 | | |
| | | 136,423,617 | | |
Total Corporate Bonds (Cost 179,819,113) | | | 160,102,559 | | |
Loan Assignments — 0.8% | |
United States — 0.8% | |
BJ's Wholesale Club, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 5.35%, 2/3/2024 (c) (Cost $1,430,656) | | | 1,431,382 | | | | 1,431,382 | | |
Short-Term Investments — 7.2% | |
Commercial Paper — 7.2% | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (d) | | | 2,999,000 | | | | 2,998,718 | | |
Credit Agricole Corporate and Investment Bank 3.02%, 11/1/2022 (d) | | | 2,836,000 | | | | 2,835,757 | | |
Entergy Corp. 3.25%, 11/1/2022 (a)(d) | | | 1,833,000 | | | | 1,832,833 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (d) | | | 4,998,000 | | | | 4,997,502 | | |
Total Commercial Paper (Cost $12,666,000) | | | 12,664,810 | | |
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97
First Eagle High Income Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Investment Companies — 0.0% (e) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares 2.84% (f) (Cost $2,113) | | | 2,113 | | | | 2,113 | | |
Total Short-Term Investments (Cost $12,668,113) | | | 12,666,923 | | |
Total Investments — 98.7% (Cost $193,917,882) | | | 174,200,864 | | |
Other Assets Less Liabilities — 1.3% | | | 2,283,782 | | |
Net Assets — 100.0% | | | 176,484,646 | | |
‡ Value determined using significant unobservable inputs.
(a) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $143,180,823, which represents approximately 81.13% of net assets of the Fund.
(b) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2022.
(d) The rate shown was the current yield as of October 31, 2022.
(e) Represents less than 0.05% of net assets.
(f) Represents 7-day effective yield as of October 31, 2022.
As of October 31, 2022, 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 | | $ | 348,539 | | |
Aggregate gross unrealized depreciation | | | (20,207,847 | ) | |
Net unrealized depreciation | | $ | (19,859,308 | ) | |
Federal income tax cost | | $ | 194,060,172 | | |
Abbreviations
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
REIT — Real Estate Investment Trust
USD — United States Dollar
See Notes to Financial Statements.
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First Eagle Fund of America
Data as of October 31, 2022 (unaudited)
Investment Objective
The First Eagle Fund of America is a non-diversified U.S. equity fund that seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments.
Average Annual Returns^ (%) | | | | | | One-Year | | Five-Years | | Ten-Years | |
First Eagle Fund of America | | Class A | | without sales charge | | | -21.94 | | | | -0.06 | | | | 5.50 | | |
| | | | with sales charge | | | -25.84 | | | | -1.08 | | | | 4.96 | | |
S&P 500 Index | | | | | | | | | | | -14.61 | | | | 10.44 | | | | 12.79 | | |

Sectors* (%)
Information Technology | | | 33.7 | | |
Health Care | | | 20.9 | | |
Communication Services | | | 13.1 | | |
Consumer Staples | | | 10.9 | | |
Consumer Discretionary | | | 10.7 | | |
Industrials | | | 5.9 | | |
Energy | | | 2.1 | | |
Financials | | | 1.6 | | |
Real Estate | | | 0.0 | † | |
Short-Term Investments | | | 1.1 | | |
^ 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.
** Includes short-term commercial paper (1.1% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Annual Report | October 31, 2022
100
First Eagle Fund of America | Fund Overview
Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.
Top 10 Holdings* (%)
Oracle Corp. (Software, United States) | | | 10.0 | | |
UnitedHealth Group, Inc. (Health Care Providers & Services, United States) | | | 9.2 | | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States) | | | 8.7 | | |
Comcast Corp. (Media, United States) | | | 5.5 | | |
Ross Stores, Inc. (Specialty Retail, United States) | | | 4.9 | | |
Alphabet, Inc. (Interactive Media & Services, United States) | | | 4.7 | | |
Medtronic plc (Health Care Equipment & Supplies, United States) | | | 4.5 | | |
Colgate-Palmolive Co. (Household Products, United States) | | | 4.5 | | |
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components, Switzerland) | | | 4.5 | | |
Home Depot, Inc. (The) (Specialty Retail, United States) | | | 4.4 | | |
Total | | | 60.9 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
Percentages are based on total net assets.
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101
First Eagle Fund of America | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 95.6% | |
Air Freight & Logistics — 5.8% | |
CH Robinson Worldwide, Inc. | | | 115,463 | | | | 11,283,044 | | |
Expeditors International of Washington, Inc. | | | 102,464 | | | | 10,026,103 | | |
| | | 21,309,147 | | |
Beverages — 4.3% | |
PepsiCo, Inc. | | | 85,918 | | | | 15,600,990 | | |
Capital Markets — 1.0% | |
Bank of New York Mellon Corp. (The) | | | 87,441 | | | | 3,682,141 | | |
Electronic Equipment, Instruments & Components — 4.5% | |
TE Connectivity Ltd. (Switzerland) | | | 133,192 | | | | 16,280,058 | | |
Equity Real Estate Investment Trusts (REITs) — 0.0% (a) | |
Equity Residential | | | 1,392 | | | | 87,724 | | |
Food Products — 1.0% | |
Nestle SA (Registered) | | | 33,816 | | | | 3,681,169 | | |
Health Care Equipment & Supplies — 7.8% | |
Becton Dickinson and Co. | | | 50,238 | | | | 11,854,661 | | |
Medtronic plc | | | 188,731 | | | | 16,483,765 | | |
| | | 28,338,426 | | |
Health Care Providers & Services — 12.9% | |
HCA Healthcare, Inc. | | | 61,222 | | | | 13,313,948 | | |
UnitedHealth Group, Inc. | | | 60,447 | | | | 33,557,152 | | |
| | | 46,871,100 | | |
Hotels, Restaurants & Leisure — 1.2% | |
Starbucks Corp. | | | 51,805 | | | | 4,485,795 | | |
Household Products — 4.5% | |
Colgate-Palmolive Co. | | | 222,025 | | | | 16,394,326 | | |
Insurance — 0.5% | |
Willis Towers Watson plc | | | 9,022 | | | | 1,968,691 | | |
Interactive Media & Services — 7.4% | |
Alphabet, Inc., Class A* | | | 181,414 | | | | 17,145,437 | | |
Meta Platforms, Inc., Class A* | | | 104,287 | | | | 9,715,377 | | |
| | | 26,860,814 | | |
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102
First Eagle Fund of America | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
IT Services — 0.9% | |
Accenture plc, Class A | | | 11,205 | | | | 3,181,099 | | |
Media — 5.5% | |
Comcast Corp., Class A | | | 635,771 | | | | 20,179,372 | | |
Semiconductors & Semiconductor Equipment — 13.8% | |
Analog Devices, Inc. | | | 109,112 | | | | 15,561,553 | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | | 45,107 | | | | 2,776,336 | | |
Texas Instruments, Inc. | | | 198,290 | | | | 31,851,323 | | |
| | | 50,189,212 | | |
Software — 14.2% | |
Microsoft Corp. | | | 66,013 | | | | 15,323,598 | | |
Oracle Corp. | | | 466,384 | | | | 36,410,599 | | |
| | | 51,734,197 | | |
Specialty Retail — 9.3% | |
Home Depot, Inc. (The) | | | 54,313 | | | | 16,083,709 | | |
Ross Stores, Inc. | | | 187,399 | | | | 17,932,210 | | |
| | | 34,015,919 | | |
Tobacco — 1.0% | |
Philip Morris International, Inc. | | | 40,489 | | | | 3,718,915 | | |
Total Common Stocks (Cost $331,776,527) | | | 348,579,095 | | |
Master Limited Partnerships — 2.1% | |
Oil, Gas & Consumable Fuels — 2.1% | |
Enterprise Products Partners LP | | | 144,469 | | | | 3,647,842 | | |
Magellan Midstream Partners LP | | | 69,202 | | | | 3,733,448 | | |
Total Master Limited Partnerships (Cost $7,300,875) | | | 7,381,290 | | |
| | Principal Amount ($) | | | |
Short-Term Investments — 1.1% | |
Commercial Paper — 1.1% | |
CenterPoint Energy, Inc. 3.40%, 11/1/2022 (b) | | | 964,000 | | | | 963,909 | | |
Credit Agricole Corporate and Investment Bank (France) 3.02%, 11/1/2022 (b) | | | 912,000 | | | | 911,922 | | |
First Eagle Funds | Annual Report | October 31, 2022
103
First Eagle Fund of America | Schedule of Investments | October 31, 2022
Investments | | Principal Amount ($) | | Value ($) | |
Short-Term Investments — 1.1% (continued) | |
Commercial Paper — 1.1% (continued) | |
Entergy Corp. 3.25%, 11/1/2022 (b)(c) | | | 589,000 | | | | 588,946 | | |
General Motors Financial Co., Inc. 3.55%, 11/1/2022 (b) | | | 1,607,000 | | | | 1,606,840 | | |
Total Commercial Paper (Cost $4,072,000) | | | 4,071,617 | | |
| | Shares | | | |
Investment Companies — 0.0% (a) | |
JP Morgan U.S. Government Money Market Fund, Capital Shares, 2.84% (d) (Cost $1,636) | | | 1,636 | | | | 1,636 | | |
Total Short-Term Investments (Cost $4,073,636) | | | 4,073,253 | | |
Total Investments — 98.8% (Cost $343,151,038) | | | 360,033,638 | | |
Other Assets Less Liabilities — 1.2% | | | 4,518,647 | | |
Net Assets — 100.0% | | | 364,552,285 | | |
* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) The rate shown was the current yield as of October 31, 2022.
(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, 2022 amounted to $588,946, which represents approximately 0.16% of net assets of the Fund.
(d) Represents 7-day effective yield as of October 31, 2022.
Abbreviation
ADR — American Depositary Receipt
As of October 31, 2022, 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 | | $ | 45,761,579 | | |
Aggregate gross unrealized depreciation | | | (28,884,300 | ) | |
Net unrealized appreciation | | $ | 16,877,279 | | |
Federal income tax cost | | $ | 343,156,359 | | |
See Notes to Financial Statements.
First Eagle Funds | Annual Report | October 31, 2022
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First Eagle Small Cap Opportunity Fund
Data as of October 31, 2022 (unaudited)
Investment Objective
The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital.
Average Annual Returns^ (%) | | | | One-Year | | Since Inception (4/27/21) | |
First Eagle Small Cap Opportunity Fund | | Class I | | | -13.00 | | | | -9.08 | | |
Russell 2000 Value Index | | | | | -10.73 | | | | -5.65 | | |
Russell 2000 Index | | | | | -18.54 | | | | -12.36 | | |

Sectors* (%)
Industrials | | | 20.2 | | |
Consumer Discretionary | | | 16.1 | | |
Information Technology | | | 14.7 | | |
Health Care | | | 11.8 | | |
Energy | | | 10.0 | | |
Financials | | | 6.1 | | |
Real Estate | | | 4.8 | | |
Materials | | | 4.4 | | |
Communication Services | | | 1.6 | | |
Consumer Staples | | | 1.5 | | |
Short-Term Investments | | | 8.8 | | |
^ 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.
** Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (8.8% of total investments), such as U.S. treasury bills or money market funds.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Annual Report | October 31, 2022
106
First Eagle Small Cap Opportunity 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 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.
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.
Top 10 Holdings* (%)
Chuy's Holdings, Inc. (Hotels, Restaurants & Leisure, United States) | | | 0.9 | | |
Air Lease Corp. (Trading Companies & Distributors, United States) | | | 0.8 | | |
Curtiss-Wright Corp. (Aerospace & Defense, United States) | | | 0.8 | | |
Herc Holdings, Inc. (Trading Companies & Distributors, United States) | | | 0.7 | | |
Ducommun, Inc. (Aerospace & Defense, United States) | | | 0.7 | | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts (REITs), United States) | | | 0.7 | | |
Enviva, Inc. (Oil, Gas & Consumable Fuels, United States) | | | 0.7 | | |
Cohu, Inc. (Semiconductors & Semiconductor Equipment, United States) | | | 0.7 | | |
CareDx, Inc. (Biotechnology, United States) | | | 0.7 | | |
BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure, United States) | | | 0.7 | | |
Total | | | 7.4 | | |
* 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, 2022
107
First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Common Stocks — 89.2% | |
Aerospace & Defense — 3.4% | |
AAR Corp.* | | | 35,061 | | | | 1,553,904 | | |
Astronics Corp.* | | | 158,204 | | | | 1,464,969 | | |
Curtiss-Wright Corp. | | | 25,692 | | | | 4,311,888 | | |
Ducommun, Inc.* | | | 87,390 | | | | 4,125,682 | | |
Hexcel Corp. | | | 34,362 | | | | 1,913,964 | | |
Kaman Corp. | | | 91,848 | | | | 2,948,321 | | |
Mercury Systems, Inc.* | | | 44,633 | | | | 2,160,237 | | |
Triumph Group, Inc.* | | | 79,568 | | | | 720,090 | | |
| | | 19,199,055 | | |
Air Freight & Logistics — 0.4% | |
GXO Logistics, Inc.* | | | 30,602 | | | | 1,118,197 | | |
Radiant Logistics, Inc.* | | | 162,292 | | | | 985,113 | | |
| | | 2,103,310 | | |
Airlines — 1.6% | |
Alaska Air Group, Inc.* | | | 64,415 | | | | 2,863,891 | | |
Allegiant Travel Co.* | | | 38,508 | | | | 2,890,025 | | |
JetBlue Airways Corp.* | | | 382,396 | | | | 3,074,464 | | |
| | | 8,828,380 | | |
Auto Components — 1.6% | |
Goodyear Tire & Rubber Co. (The)* | | | 287,036 | | | | 3,645,357 | | |
Modine Manufacturing Co.* | | | 189,576 | | | | 3,397,202 | | |
Superior Industries International, Inc.* | | | 443,438 | | | | 2,030,946 | | |
| | | 9,073,505 | | |
Automobiles — 0.2% | |
Harley-Davidson, Inc. | | | 29,163 | | | | 1,254,009 | | |
Banks — 2.5% | |
First Foundation, Inc. | | | 90,245 | | | | 1,440,310 | | |
Independent Bank Group, Inc. | | | 57,926 | | | | 3,654,551 | | |
Old National Bancorp | | | 114,879 | | | | 2,247,033 | | |
Seacoast Banking Corp. of Florida | | | 125,723 | | | | 3,884,841 | | |
Texas Capital Bancshares, Inc.* | | | 45,878 | | | | 2,752,680 | | |
| | | 13,979,415 | | |
First Eagle Funds | Annual Report | October 31, 2022
108
First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Biotechnology — 1.2% | |
CareDx, Inc.* | | | 197,911 | | | | 3,940,408 | | |
Ironwood Pharmaceuticals, Inc.* | | | 250,373 | | | | 2,739,081 | | |
| | | 6,679,489 | | |
Building Products — 1.2% | |
AZEK Co., Inc. (The)* | | | 131,985 | | | | 2,311,057 | | |
Gibraltar Industries, Inc.* | | | 41,671 | | | | 2,128,555 | | |
PGT Innovations, Inc.* | | | 34,436 | | | | 733,831 | | |
Quanex Building Products Corp. | | | 73,346 | | | | 1,625,348 | | |
| | | 6,798,791 | | |
Capital Markets — 0.7% | |
Ashford, Inc., REIT* | | | 42,371 | | | | 642,345 | | |
B Riley Financial, Inc. | | | 76,218 | | | | 3,100,548 | | |
| | | 3,742,893 | | |
Chemicals — 1.3% | |
AdvanSix, Inc. | | | 25,041 | | | | 910,992 | | |
Huntsman Corp. | | | 105,481 | | | | 2,822,671 | | |
Livent Corp.* | | | 89,259 | | | | 2,817,907 | | |
LSB Industries, Inc.* | | | 57,369 | | | | 1,011,415 | | |
| | | 7,562,985 | | |
Commercial Services & Supplies — 2.6% | |
ARC Document Solutions, Inc. | | | 98,244 | | | | 237,750 | | |
Harsco Corp.* | | | 154,736 | | | | 818,553 | | |
Heritage-Crystal Clean, Inc.* | | | 135,524 | | | | 3,722,844 | | |
IAA, Inc.* | | | 59,192 | | | | 2,245,153 | | |
Interface, Inc. | | | 24,189 | | | | 273,578 | | |
Kimball International, Inc., Class B | | | 168,899 | | | | 1,248,164 | | |
Performant Financial Corp.* | | | 651,377 | | | | 1,511,195 | | |
Quest Resource Holding Corp.* | | | 142,550 | | | | 1,262,993 | | |
VSE Corp. | | | 66,881 | | | | 3,095,921 | | |
| | | 14,416,151 | | |
Communications Equipment — 2.4% | |
ADTRAN Holdings, Inc. | | | 36,900 | | | | 828,774 | | |
Aviat Networks, Inc.* | | | 116,101 | | | | 3,791,859 | | |
CalAmp Corp.* | | | 450,994 | | | | 1,713,777 | | |
First Eagle Funds | Annual Report | October 31, 2022
109
First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Communications Equipment — 2.4% (continued) | |
Ceragon Networks Ltd. (Israel)* | | | 238,772 | | | | 429,790 | | |
Comtech Telecommunications Corp. | | | 35,609 | | | | 393,479 | | |
Digi International, Inc.* | | | 29,826 | | | | 1,202,883 | | |
DZS, Inc.* | | | 191,318 | | | | 3,040,043 | | |
Lantronix, Inc.* | | | 118,231 | | | | 597,066 | | |
PCTEL, Inc.* | | | 301,605 | | | | 1,402,463 | | |
| | | 13,400,134 | | |
Construction & Engineering — 0.4% | |
Arcosa, Inc. | | | 23,707 | | | | 1,521,989 | | |
Bowman Consulting Group Ltd.* | | | 28,882 | | | | 446,227 | | |
Orion Group Holdings, Inc.* | | | 147,074 | | | | 335,329 | | |
| | | 2,303,545 | | |
Diversified Consumer Services — 1.3% | |
American Public Education, Inc.* | | | 134,213 | | | | 1,719,268 | | |
Lincoln Educational Services Corp.* | | | 386,921 | | | | 2,147,412 | | |
Regis Corp.* | | | 1,167,238 | | | | 1,365,668 | | |
Universal Technical Institute, Inc.* | | | 280,744 | | | | 1,937,134 | | |
| | | 7,169,482 | | |
Diversified Telecommunication Services — 0.1% | |
Ooma, Inc.* | | | 35,902 | | | | 582,689 | | |
Electrical Equipment — 1.2% | |
Babcock & Wilcox Enterprises, Inc.* | | | 200,736 | | | | 915,356 | | |
EnerSys | | | 45,487 | | | | 3,015,333 | | |
Generac Holdings, Inc.* | | | 9,879 | | | | 1,145,075 | | |
LSI Industries, Inc. | | | 171,622 | | | | 1,318,057 | | |
Orion Energy Systems, Inc.* | | | 328,699 | | | | 558,789 | | |
| | | 6,952,610 | | |
Electronic Equipment, Instruments & Components — 2.8% | |
Advanced Energy Industries, Inc. | | | 44,572 | | | | 3,505,588 | | |
Airgain, Inc.* | | | 89,344 | | | | 648,638 | | |
Avnet, Inc. | | | 35,712 | | | | 1,435,265 | | |
Coherent Corp.* | | | 88,044 | | | | 2,959,159 | | |
Fabrinet (Thailand)* | | | 27,300 | | | | 3,123,120 | | |
First Eagle Funds | Annual Report | October 31, 2022
110
First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Electronic Equipment, Instruments & Components — 2.8% (continued) | |
Iteris, Inc.* | | | 458,987 | | | | 1,376,961 | | |
TTM Technologies, Inc.* | | | 166,669 | | | | 2,551,702 | | |
VIA Optronics AG, ADR (Germany)* | | | 163,472 | | | | 222,322 | | |
| | | 15,822,755 | | |
Energy Equipment & Services — 5.1% | |
Archrock, Inc. | | | 73,923 | | | | 555,162 | | |
DMC Global, Inc.* | | | 152,651 | | | | 3,303,368 | | |
Helix Energy Solutions Group, Inc.* | | | 340,179 | | | | 2,381,253 | | |
Helmerich & Payne, Inc. | | | 21,332 | | | | 1,056,147 | | |
Liberty Energy, Inc., Class A* | | | 190,350 | | | | 3,218,819 | | |
Newpark Resources, Inc.* | | | 368,481 | | | | 1,348,640 | | |
NexTier Oilfield Solutions, Inc.* | | | 58,447 | | | | 589,146 | | |
NOV, Inc. | | | 161,150 | | | | 3,609,760 | | |
Oil States International, Inc.* | | | 471,969 | | | | 3,053,639 | | |
ProPetro Holding Corp.* | | | 322,920 | | | | 3,823,373 | | |
RPC, Inc. | | | 263,796 | | | | 2,936,049 | | |
US Silica Holdings, Inc.* | | | 208,056 | | | | 2,993,926 | | |
| | | 28,869,282 | | |
Entertainment — 0.4% | |
Lions Gate Entertainment Corp., Class A* | | | 257,865 | | | | 2,078,392 | | |
Equity Real Estate Investment Trusts (REITs) — 4.6% | |
Alexander & Baldwin, Inc. | | | 145,087 | | | | 2,826,295 | | |
Armada Hoffler Properties, Inc. | | | 253,660 | | | | 2,965,285 | | |
Braemar Hotels & Resorts, Inc. | | | 373,647 | | | | 1,842,080 | | |
Chatham Lodging Trust* | | | 154,664 | | | | 2,005,992 | | |
Diversified Healthcare Trust | | | 713,275 | | | | 970,054 | | |
Macerich Co. (The) | | | 204,407 | | | | 2,275,050 | | |
Park Hotels & Resorts, Inc. | | | 133,038 | | | | 1,740,137 | | |
Pebblebrook Hotel Trust | | | 72,623 | | | | 1,164,873 | | |
Physicians Realty Trust | | | 230,656 | | | | 3,473,679 | | |
Tanger Factory Outlet Centers, Inc. | | | 227,861 | | | | 4,103,777 | | |
Whitestone REIT | | | 260,828 | | | | 2,454,391 | | |
| | | 25,821,613 | | |
First Eagle Funds | Annual Report | October 31, 2022
111
First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2022
Investments | | Shares | | Value ($) | |
Food & Staples Retailing — 0.4% | |
Chefs' Warehouse, Inc. (The)* | | | 60,536 | | | | 2,217,434 | | |
Food Products — 1.0% | |
Alico, Inc. | | | 13,480 | | | | 412,757 | | |
Hain Celestial Group, Inc. (The)* | | | 16,932 | | | | 316,798 | | |
Ingredion, Inc. | | | 17,148 | | | | 1,528,230 | | |
Real Good Food Co., Inc. (The), Class A* | |