First Eagle Global Fund (SGIIX) N-CSR Certified annual shareholder report (management investment company)

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, 2023

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.

Insert-annual report here.

Annual Report

October 31, 2023

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 Rising Dividend Fund
(formerly First Eagle Fund of America)

First Eagle Small Cap Opportunity Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Global Real Assets 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, 2023
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Table of Contents

Letter from the President	6
Management's Discussion of Fund Performance	8
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	54
Consolidated Schedule of Investments	56
First Eagle Gold Fund
Fund Overview	62
Consolidated Schedule of Investments	64
First Eagle Global Income Builder Fund
Fund Overview	68
Schedule of Investments	70
First Eagle High Income Fund
Fund Overview	86
Schedule of Investments	88
First Eagle Rising Dividend (formerly First Eagle Fund of America)
Fund Overview	96
Schedule of Investments	98
First Eagle Small Cap Opportunity Fund
Fund Overview	102
Schedule of Investments	104
First Eagle U.S. Smid Cap Opportunity Fund
Fund Overview	116
Schedule of Investments	118
First Eagle Global Real Assets Fund
Fund Overview	124
Consolidated Schedule of Investments	126

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Statements of Assets and Liabilities	132
Statements of Operations	142
Statements of Changes in Net Assets	152
Financial Highlights	166
Notes to Financial Statements	186
Report of Independent Registered Accounting Firm	223
Fund Expenses	225
General Information	232
Board Considerations for Continuation of Advisory Agreement	233
Board Review of Management's Liquidity Risk Management Program	238
Tax Information	239
Privacy Notice	240
Additional Information	245

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Letter from the President

Dear Fellow Shareholders,

Financial market sentiment fluctuated significantly over the 12 months covered by this report, as investors sought to discern the path of global monetary policy while also processing the potential impacts of a range of exogenous shocks, from wars and other geopolitical tensions to bank failures and threats of government shutdowns in the US. Despite these potential headwinds, risk assets generally moved higher over the past year, even if much of the heavy lifting at the index level was done by a small cohort of very large tech-oriented companies tapping into secular growth trends like artificial intelligence.

We have seen indicators of slowing in many Asian and European economies, but the U.S. economy continues to be strong 18 months into a rate-hike cycle that brought the Federal Reserve's policy rate from zero to an upper bound of 5.5%. Such persistence is not guaranteed, however, and it seems likely that conditions will become more challenging as the aggregate impacts of policy tightening mount. And though Fed rhetoric suggests the central bank is still hopeful for a "soft landing," the prospects of such an outcome do not necessarily appear more certain now than they have at any other point since the Fed began squeezing liquidity from the system. Inflation has eased considerably, but it remains above the Fed's target—and the last mile may be the hardest mile. Energy costs, housing prices and tight labor markets are all fighting against the Fed, and it's unclear what it will take to tame them. It may be a bumpy ride from here to the terminal rate.¹​

Perhaps more concerning, however, is the massive amount of sovereign debt outstanding. It's been our observation that the accumulation of debt in certain pockets of the economy has often served as fertile breeding ground for crises, and we believe sovereign debt is at the epicenter of indebtedness today. We believe fiscal policy has been on an unsustainable trajectory since the global financial crisis, not just in the US but across advanced economies, as governments provided extensive support in response to two large-scale economic dislocations. This federal largesse was supported by very low interest rates that kept interest expenses manageable and by long-lived, large-scale quantitative easing programs that provided ample demand to absorb government debt issuance.

While the ongoing rollback of crisis-era monetary accommodation continues to alter the calculus of government borrowing, indications that near-term fiscal policy will be adjusted to reflect the new math are limited. There are signs that investors have slowly begun demanding greater premia for exposure to government debt, and a meaningful rerating of this risk could have significant and far-reaching impacts.

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Recognizing that the true state of uncertainty is well beyond what one can measure statistically at any given point in time, First Eagle has maintained the distinction between backward-looking quantifiable risks, which can be modeled and thus managed, and the true unknown "risk" of investing. We will continue to look for opportunities where we can find them, but we remain on our guard. Across market cycles, macroeconomic conditions and disruptive events, we remain focused on our goal of delivering long-term shareholder value while avoiding the permanent impairment of your capital.

As always, I want to thank you for entrusting your assets to our stewardship.

Sincerely,

Mehdi Mahmud,

President

December 2023

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Management's Discussion of Fund Performance (unaudited)

Global Equities

Equity-oriented funds managed by the Global Value team, listed below, delivered positive absolute returns in the 12-month period covered in this report, though bias toward growth stocks relative to value stocks in many equity markets served as a headwind to relative performance. Gold and gold-related equities, which many of our funds hold as a potential hedge against extreme risk and market turbulence, played their part effectively despite the rise in real interest rates. We are hopeful that the move toward a more normal policy environment in which money again has a cost may promote the effective allocation of capital across the economy and performance more in line with historical norms. At the same time, we are cognizant of the many persistent vulnerabilities in global financial and political structures. As always, we continue to seek resilience in our funds from the bottom up, searching for cash-flow-generative companies with strong market positions, healthy balance sheets and prudent management teams, and buying these stocks only when available at a discount to our estimate of their intrinsic value.²​

First Eagle Global Fund

The net asset value ("NAV") of the fund's Class A shares³​ increased 10.36%^~​ for the 12 months ended October 31, 2023, while the MSCI World Index increased 10.48%. The fund's position in short-term investments⁴​ was 9.7% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Meta Platforms, Inc., Class A (interactive media & services, United States), Oracle Corp. (software, United States), Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico) and Comcast Corp., Class A (media, United States). Collectively, they accounted for 6.06% of this period's performance.⁵​

The five largest detractors during the first quarter were British American Tobacco PLC (tobacco, United Kingdom), Nutrien Ltd. (chemicals, Canada), Elevance Health, Inc. (health care providers & services, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and Charles Schwab Corp. (capital markets, United States). In aggregate, they detracted 1.22% from fund performance in this period.⁵​

First Eagle Overseas Fund

The NAV of the fund's Class A shares³​ increased 11.11% for the 12 months ended October 31, 2023, while the MSCI EAFE Index increased 14.40%. The fund's position in short-term investments⁴​ was 5.0% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were gold bullion, Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico), Cie Financiere Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan) and Danone SA (food products, France). Collectively, they accounted for 4.85% of this period's performance.⁵​

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Management's Discussion of Fund Performance

The five largest detractors were Nutrien Ltd. (chemicals, Canada), British American Tobacco PLC (tobacco, United Kingdom), Ambev SA, ADR (beverages, Brazil), As One Corp. (health care providers & services, Japan) and Hirose Electric Co Ltd. (electronic equipment, instruments & components, Japan). In aggregate they detracted 1.41% from fund performance in this period.⁵​

First Eagle U.S. Value Fund

The NAV of the fund's Class A shares³​ increased 8.81% for the 12 months ended October 31, 2023, while the S&P 500 Index increased 10.14%. The fund's position in short-term investments⁴​ was 10.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Meta Platforms, Inc., Class A (interactive media & services, United States), gold bullion, Oracle Corp. (software, United States), Comcast Corp., Class A (media, United States), and Microsoft Corp. (software, United States). Collectively, they accounted for 8.36% of this period's performance.⁵​

The five largest detractors during the first quarter were Elevance Health Inc. (health benefits, United States), Nutrien Ltd. (chemicals, Canada), Charles Schwab Corp. (capital markets, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and US Bancorp (banks, United States). In aggregate, they detracted 1.93% from fund performance in this period.⁵​

First Eagle Gold Fund

The NAV of the fund's Class A shares³​ increased 15.84% for the 12 months ended October 31, 2023, while the FTSE Gold Mines Index increased 16.27%. The fund's position in short-term investments⁴​ was 8.8% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Gold Fund over the period were gold bullion, Wheaton Precious Metals Corp. (metals & mining, Brazil), Alamos Gold Inc., Class A (metals and mining & Canada) Newcrest Mining Ltd. (metals & mining, Australia) and Dundee Precious Metals, Inc. (metals & mining, Canada). Collectively, they accounted for 13.32% of this period's performance.⁵​

The five largest detractors were MAG Silver Corp. (metals & mining, Canada), Novagold Resources, (metals & mining, Canada), Newmont Corp. (metals & mining, United States), Fresnillo plc (metals & mining, Mexico) and Pan American Silver Corp., CRV (metals & mining, Canada). In aggregate, they detracted 1.18% from fund performance in this period.⁵​

First Eagle Global Income Builder Fund

The NAV of the fund's Class A shares³​ increased 6.35% for the 12 months ended October 31, 2023, while the MSCI World Index increased 10.48% and the Bloomberg U.S. Aggregate Bond Index was up 0.36%. The composite index increased 6.44% over the same time period. The fund's position in short-term investments⁴​ was 2.2% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were gold bullion, Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico), Comcast Corp., Class A (media, United States),

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Management's Discussion of Fund Performance

Magellan Midstream Partners LP (oil & gas producers, United States) and FUCHS SE (Preference) (chemicals, Germany). Collectively, they accounted for 2.80% of this period's performance.⁵​

The five largest detractors were British American Tobacco plc (tobacco, United Kingdom), US Bancorp (banks, United States), Boston Properties, Inc., REIT (office REITs, United States), Douglas Emmett, Inc., REIT (office REITs, United States) and Fidelity National Information Services, Inc. (financial services, United States). In aggregate, they detracted 1.00% from fund performance in this period.⁵​

First Eagle Rising Dividend Fund

The NAV of the fund's Class A shares³​ increased 14.17% for the 12 months ended October 31, 2023, while the S&P 500 Index increased 10.14%. The fund's position in short-term investments⁴​ was 1.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Rising Dividend Fund over the period were Meta Platforms, Inc., Class A (interactive media & services, United States), Oracle Corp. (software, United States), Comcast Corp., Class A (media, United States), Alphabet, Inc., Class A (interactive media & services, United States) and Microsoft Corp. (software, United States). Collectively, they accounted for 11.03% of this period's performance.⁵​

The five largest detractors were Medtronic plc (health care equipment & supplies, United States), UnitedHealth Group, Inc. (health care providers & services, United States), Fidelity National Information Services Inc (information technology services, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and Equity Residential, REIT (residential REITs, United States). In aggregate, they detracted 2.08% from fund performance in this period.⁵​

First Eagle Global Real Assets Fund

The NAV of the fund's Class I shares increased 3.53%^~​ for the 12 months ended October 31, 2023, while the MSCI World Index increased 10.48%. The fund's position in short-term investments⁴​ was 3.0% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Global Real Assets Fund over the period were gold bullion, FUCHS SE (Preference) (chemicals, Germany), United Utilities Group plc (water utilities, United Kingdom), Grupo Mexico SAB de CV, Series B (metals & mining, Mexico) and Schlumberger NV (energy equipment & services, United States). Collectively, they accounted for 4.10% of this period's performance.⁵​

The five largest detractors were UGI Corp. (utilities, United States), Extra Space Storage, Inc., REIT (specialized REITs, United States), Douglass Emmett, Inc., REIT (office REITs, United States), ICL Group Ltd. (chemicals, Israel) and SBA Communications Corp., REIT (specialized REITs, United States). In aggregate, they detracted 2.15% from fund performance in this period.⁵​

Fixed Income

High yield bonds have generally been resilient in the face of the pressures dragging down investment grade bonds over the last 12 months, with lower-quality paper—which one would assume would be most fundamentally challenged by a

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Management's Discussion of Fund Performance

higher cost of capital—leading the way. While it seems logical that a persistently high cost of capital would have a negative impact on the less financially sound companies, we've yet to see evidence in leveraged credit performance. In such an environment, we believe it is wise to focus on seeking to minimize downside risk through shorter-duration, higher-quality, more-liquid issues from companies that we believe have the pricing power to pass along rising input prices. We are comfortable being highly selective, allocating capital countercyclically as spread widening presents idiosyncratic opportunities.

First Eagle High Income Fund

The NAV of the fund's Class I shares increased 5.49% for the 12 months ended October 31, 2023, while the Bloomberg U.S. Corporate High Yield Index increased 6.23%. The fund's short-term investments⁴​ position was 9.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle High Income Fund over the period were Seg Holding LLC 5.63%. due 10/15/2028 (retail, United States); IHO Verwaltungs GmbH 4.75%, 9/15/2026 (automobile components, Germany); Koppers Inc. 6.0%, due 2/15/2025 (chemicals, United States); Carnival Corp. 5.75%, due 3/1/2027 (hotel, restaurants & leisure, United States) and Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, due 1/15/2028 (financial services, Mexico). Collectively, they accounted for 0.67% of this period's performance.⁵​

The five largest detractors Scripps Escrow Ii, Inc., 5.38%, due 1/15/2031 (media, United States); Spirit Loyalty Cayman Ltd., 8.0%, 9/20/2025 (passenger airlines, United States); United Natural Foods, Inc., 6.75%, due 10/15/2028 (consumer staples distribution & retail, United States); Hawaiian Brands intellectual Property Ltd., 5.75%, due 1/20/2026 (passenger airlines, United States); and Hertz Corp., 5.0%, due 12/01/2029 (ground transportation, United States). In aggregate, they detracted 0.84% from fund performance in this period.⁵​

U.S. Small Cap Equities

Historically, smaller companies have led market rebounds, but these stocks have been unable to shake the negative sentiment associated with March's banking turmoil. While the funds managed by the Small Cap team lost ground over the past 12 months as a result, they were able to deliver relative outperformance. Conditions likely will become more challenging as the accumulated impacts of policy tightening continue to reverberate—especially for those smaller businesses with more limited financing options—but our experience has been that such environments often provide us with potential attractive opportunities to move into stocks we consider undervalued relative to their fundamentals. As always, we remain focused on finding what we consider are the best stocks while controlling the one variable that we can—the price we pay for each stock.

First Eagle Small Cap Opportunity Fund

The NAV of the fund's Class I shares decreased 3.08% for the 12 months ended October 31, 2023, while the Russell 2000^®​ Value Index decreased 9.93%. The fund's position in short-term investments⁴​ was 8.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were CIRCOR International, Inc. (machinery,

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Management's Discussion of Fund Performance

United States), Axcelis Technologies, Inc. (semiconductors & semiconductor equipment, United States), Beazer Homes USA, Inc. (household durables, United States), Tactile Systems Technology, Inc. (health care equipment & supplies, United States) and Modine Manufacturing Co. (automotive components, United States). Collectively, they accounted for 2.63% of this period's performance.⁵​

The five largest detractors were Enviva, Inc. (oil, gas & consumable fuels, United States), CareDx, Inc. (biotechnology, United States), ADTRAN Holdings, Inc. (communications equipment, United States), Ameresco, Inc., Class A (construction & engineering , United States) and Barnes Group, Inc. (machinery industrial machinery, United States). In aggregate, they detracted 2.68% from fund performance in this period.⁵​

First Eagle U.S. Smid Cap Opportunity Fund

The NAV of the fund's Class I shares decreased 2.6% for the 12 months ended October 31, 2023, while the Russell 2500^TM​ Value Index decreased 4.94%. The fund's position in short-term investments⁴​ was 5.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle U.S. Smid Cap Opportunity Fund over the period XPO, Inc. (ground transportation, United States), Beazer Homes USA, Inc. (household durables, United States), Lennox International, Inc. (building products, United States), Onto Innovation, Inc. (semiconductors & semiconductor equipment, United States) and Cardinal Health, Inc. (health care providers & services, United States. Collectively, they accounted for 4.19% of this period's performance.⁵​

The five largest detractors were Ameresco, Inc., Class A (construction & engineering, United States), SM Energy Co. (oil, gas & consumable fuels, United States), Pacira Biosciences, Inc. (pharmaceuticals, United States), CareDx, Inc. (biotechnology, United States) and Cracker Barrel Old Country Store, Inc. (hotels, restaurants & leisure, United States). In aggregate they detracted 3.56% from fund performance in this period.⁵​

¹  ​The terminal rate is the long-term interest rate where prices are stable and full employment is achieved.

²​  "Intrinsic value" is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

³​  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.

⁴​  Includes short-term commercial paper that settles in 90 days or less, long-term commercial paper that settles in 91 days or greater and other short-term investments, such as U.S. treasury bills or money market funds.

⁵​  Exact net returns for individual investments cannot be calculated due to the lack of a mechanism to precisely allocate fees and other expenses to individual investments.

~  The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

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Management's Discussion of Fund Performance

Matthew McLennan Co-Head of the Global Value Team Portfolio Manager Global, Overseas, Global, Overseas and U.S. Value Funds	T. Kimball Brooker, Jr. Co-Head of the Global Value Team Portfolio Manager Global, Overseas, U.S. Value and Global Income Builder Funds
Matt Lamphier Portfolio Manager U.S. Value Fund	Edward Meigs Portfolio Manager Global Income Builder and High Income Funds
Sean Slein Portfolio Manager Global Income Builder and High Income Funds	Thomas Kertsos Portfolio Manager Gold Fund
Max Belmont Portfolio Manager Gold Fund	Manish Gupta Portfolio Manager Global and Rising Dividend Funds

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Management's Discussion of Fund Performance

Christian Heck Portfolio Manager Overseas and Rising Dividend Funds	Julien Albertini Portfolio Manager Global, Global Income Builder and Rising Dividend Funds
Alan Barr Portfolio Manager Overseas Fund	Mark Wright Portfolio Manager U.S. Value Fund
Idanna Appio Portfolio Manager Global Income Builder Fund	Bill Hench Portfolio Manager Small Cap Opportunity and U.S. Smid Cap Opportunity Funds
Benjamin Bahr Portfolio Manager Global Real Assets Fund	John Masi Portfolio Manager Global Real Assets Fund

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Management's Discussion of Fund Performance

George Ross Portfolio Manager Global Real Assets Fund	David Wang Portfolio Manager Global Real Assets Fund

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 2023 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.

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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		10.36	%~​		7.14	%		6.27	%		5.40	%		12.10	%	01/01/792​
with sales charge		4.84	%~​		5.32	%		5.18	%		4.86	%		11.97	%	01/01/792​
Class C (FESGX) without sales charge		9.53	%		6.33	%		5.46	%		4.61	%		8.48	%	06/05/00
with sales charge		8.53	%		6.33	%		5.46	%		4.61	%		8.48	%	06/05/00
Class I (SGIIX)		10.63	%		7.41	%		6.53	%		5.67	%		9.49	%	07/31/98
Class R3 (EARGX)		10.16	%		6.78	%		6.01	%		—			4.67	%	05/01/18
Class R4 (EAGRX)		10.36	%		7.15	%		6.33	%		—			3.95	%	01/17/18
Class R5 (FRGLX)		10.43	%~​		6.93	%		—			—			4.45	%	07/29/19
Class R6 (FEGRX)		10.70	%		7.48	%		6.61	%		—			5.47	%	03/01/17
MSCI World Index3​		10.48	%		8.14	%		8.27	%		7.53	%		9.35	%	01/01/79
First Eagle Overseas Fund
Class A (SGOVX) without sales charge		11.11	%		3.24	%		3.74	%		3.10	%		8.89	%	08/31/93
with sales charge		5.55	%		1.49	%		2.68	%		2.58	%		8.70	%	08/31/93
Class C (FESOX) without sales charge		10.26	%		2.47	%		2.97	%		2.34	%		7.27	%	06/05/00
with sales charge		9.26	%		2.47	%		2.97	%		2.34	%		7.27	%	06/05/00
Class I (SGOIX)		11.36	%		3.51	%		4.02	%		3.38	%		8.64	%	07/31/98
Class R3 (EAROX)		10.80	%		3.00	%		3.50	%		—			1.73	%	05/01/18
Class R4 (FIORX)		11.07	%~​		3.33	%		3.84	%		—			1.22	%	01/17/18
Class R5 (FEROX)		11.27	%		3.25	%		—			—			3.19	%	03/11/19
Class R6 (FEORX)		11.45	%		3.59	%		4.10	%		—			3.15	%	03/01/17
MSCI EAFE Index4​		14.40	%		5.73	%		4.10	%		3.05	%		4.64	%	08/31/93

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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		8.81	%		9.64	%		7.12	%		6.70	%		8.32	%	09/04/01
with sales charge		3.36	%		7.79	%		6.02	%		6.16	%		8.06	%	09/04/01
Class C (FEVCX) without sales charge		8.00	%		8.81	%		6.30	%		5.89	%		7.50	%	09/04/01
with sales charge		7.00	%		8.81	%		6.30	%		5.89	%		7.50	%	09/04/01
Class I (FEVIX)		9.08	%		9.95	%		7.41	%		6.99	%		8.59	%	09/04/01
Class R3 (EARVX)		8.46	%		9.41	%		6.92	%		—			6.11	%	05/01/18
Class R4 (FIVRX)		8.70	%		9.54	%		—			—			5.74	%	07/29/19
Class R5 (FERVX)		9.01	%		9.76	%		—			—			5.95	%	07/29/19
Class R6 (FEVRX)		9.14	%		10.00	%		7.45	%		—			6.62	%	03/01/17
S&P 500 Index5​		10.14	%		10.36	%		11.01	%		11.18	%		8.16	%	09/04/01
First Eagle Gold Fund
Class A (SGGDX) without sales charge		15.84	%		-4.61	%		11.76	%		2.97	%		5.28	%	08/31/93
with sales charge		10.07	%		-6.22	%		10.62	%		2.44	%		5.10	%	08/31/93
Class C (FEGOX) without sales charge		14.99	%		-5.32	%		10.93	%		2.18	%		4.61	%	05/15/03
with sales charge		13.99	%		-5.32	%		10.93	%		2.18	%		4.61	%	05/15/03
Class I (FEGIX)		16.10	%		-4.38	%		12.05	%		3.24	%		5.68	%	05/15/03
Class R3 (EAURX)		15.50	%~​		-4.83	%		11.61	%		—			6.63	%	05/01/18
Class R4 (FIURX)		15.82	%		-4.55	%		—			—			5.88	%	07/29/19
Class R5 (FERUX)		15.93	%		-4.46	%		—			—			5.93	%	07/29/19
Class R6 (FEURX)		16.21	%		-4.29	%		12.15	%		—			4.68	%	03/01/17
FTSE Gold Mines Index6​		16.27	%		-12.32	%		6.77	%		0.79	%		-0.36	%	08/31/93
MSCI World Index3​		10.48	%		8.14	%		8.27	%		7.53	%		7.03	%	08/31/93

First Eagle Funds | Annual Report | October 31, 2023
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		6.35	%		5.80	%		4.41	%		4.01	%		4.98	%	05/01/12
with sales charge		1.05	%		4.02	%		3.34	%		3.48	%		4.51	%	05/01/12
Class C (FEBCX) without sales charge		5.65	%		5.04	%		3.62	%		3.23	%		4.19	%	05/01/12
with sales charge		4.65	%		5.04	%		3.62	%		3.23	%		4.19	%	05/01/12
Class I (FEBIX)		6.69	%		6.09	%		4.66	%		4.28	%		5.25	%	05/01/12
Class R3 (FBRRX)		6.01	%		5.60	%		4.17	%		—			3.20	%	05/01/18
Class R4 (FIBRX)		6.17	%		5.68	%		—			—			3.25	%	07/29/19
Class R5 (EABRX)		6.40	%		5.83	%		—			—			3.38	%	07/29/19
Class R6 (FEBRX)		6.68	%		6.17	%		4.71	%		—			4.31	%	03/01/17
Composite Index7​		6.44	%		2.69	%		5.21	%		5.07	%		5.87	%	05/01/12
MSCI World Index3​		10.48	%		8.14	%		8.27	%		7.53	%		8.80	%	05/01/12
Bloomberg U.S. Aggregate Bond Index8​		0.36	%		-5.57	%		-0.06	%		0.88	%		0.91	%	05/01/12
First Eagle High Income Fund9​
Class A (FEHAX) without sales charge		5.37	%		0.64	%		1.96	%		2.53	%		3.70	%	01/03/12
with sales charge		0.58	%		-0.89	%		1.01	%		2.06	%		3.30	%	01/03/12
Class C (FEHCX) without sales charge		4.45	%		-0.11	%		1.19	%		1.77	%		2.92	%	01/03/12
with sales charge		3.45	%		-0.11	%		1.19	%		1.77	%		2.92	%	01/03/12
Class I (FEHIX)		5.49	%		0.90	%		2.23	%		2.82	%		6.22	%	11/19/0710​
Class R3 (EARHX)		5.24	%~​		0.50	%		1.81	%		—			1.91	%	05/01/18
Class R4 (FIHRX)		5.05	%		-0.03	%		—			—			0.91	%	07/29/19
Class R5 (FERHX)		5.43	%		0.70	%		—			—			1.54	%	07/29/19
Class R6 (FEHRX)		5.48	%		0.94	%		2.23	%		—			2.54	%	03/01/17
Bloomberg U.S. Corporate High Yield Index11​		6.23	%		1.19	%		3.05	%		3.86	%		5.87	%	11/19/07

First Eagle Funds | Annual Report | October 31, 2023
18

Performance Chart¹​ (unaudited)

	One Year			Three Years			Five Years			Ten Years			Since Inception			Inception Date
First Eagle Rising Dividend Fund (formerly First Eagle Fund of America)12​
Class A (FEFAX) without sales charge		14.17	%		6.77	%		5.24	%		4.18	%		7.04	%	11/20/98
with sales charge		8.45	%		4.96	%		4.16	%		3.65	%		6.82	%	11/20/98
Class C (FEAMX) without sales charge		13.31	%		5.97	%		4.46	%		3.41	%		6.30	%	03/02/98
with sales charge		12.31	%		5.97	%		4.46	%		3.41	%		6.30	%	03/02/98
Class I (FEAIX)		14.43	%		7.03	%		5.52	%		4.48	%		5.52	%	03/08/13
Class R3 (EARFX)		14.04	%		6.65	%		5.12	%		—			2.50	%	05/01/18
Class R4 (EAFRX)		14.34	%		6.93	%		—			—			3.94	%	07/29/19
Class R5 (FERFX)		14.43	%		7.03	%		—			—			4.04	%	07/29/19
Class R6 (FEFRX)		14.48	%		7.05	%		5.54	%		—			3.77	%	03/01/17
S&P 500 Index5​		10.14	%		10.36	%		11.01	%		11.18	%		7.49	%	04/10/87
First Eagle Small Cap Opportunity Fund
Class A (FESAX) without sales charge		-3.31	%		—			—			—			-8.67	%	07/01/21
with sales charge		-8.18	%		—			—			—			-10.64	%	07/01/21
Class I (FESCX)		-3.08	%		—			—			—			-6.74	%	04/27/21
Class R6 (FESRX)		-3.08	%		—			—			—			-8.44	%	07/01/21
Russell 2000® ​Value Index13​		-9.93	%		—			—			—			-7.36	%	04/27/21
Russell 2000®​ Index14​		-8.56	%		—			—			—			-10.86	%	04/27/21
First Eagle U.S. Smid Cap Opportunity Fund
Class A (FEMAX) without sales charge		-2.90	%		—			—			—			-10.78	%	08/15/22
with sales charge		-7.73	%		—			—			—			-14.50	%	08/15/22
Class I (FESMX)		-2.60	%		—			—			—			-10.47	%	08/15/22
Class R6 (FEXRX)		-2.64	%		—			—			—			-10.50	%	08/15/22
Russell 2500TM ​Value Index15​		-4.94	%		—			—			—			-10.74	%	08/15/22
Russell 2500TM​ Index16​		-4.63	%		—			—			—			-10.76	%	08/15/22

First Eagle Funds | Annual Report | October 31, 2023
19

Performance Chart¹​ (unaudited)

	One Year			Three Years		Five Years		Ten Years		Since Inception			Inception Date
First Eagle Global Real Assets Fund
Class A (FERAX) without sales charge		3.17	%		—		—		—		-0.66	%	11/30/21
with sales charge		-1.95	%		—		—		—		-3.30	%	11/30/21
Class I (FEREX)		3.53	%~​		—		—		—		-0.37	%	11/30/21
Class R6 (FERRX)		3.55	%~​		—		—		—		-0.36	%	11/30/21
MSCI World Index3​		10.48	%		—		—		—		-4.21	%	11/30/21
Consumer Price Index +400bps17​		7.22	%		—		—		—		9.45	%	11/30/21

¹  ​The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteagle.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 Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets 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 "with sales charge" 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 Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets 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 Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets 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 Rising Dividend Fund are offered without a sales charge. On December 1, 2023, Class R3 Shares, Class R4 Shares, Class R5 Shares of

First Eagle Funds | Annual Report | October 31, 2023
20

Performance Chart¹​ (unaudited)

the above mentioned Funds were closed to new investors. Please refer to Note 8 Subsequent Events for further details.

Class R6 Shares of First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund are offered without a sales charge.

~  The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

²​  First Eagle Global 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  ​MSCI World Index (Net) measures the performance of large and midcap securities across 23 developed markets countries around the world. The index provides total returns in US dollars with net dividends reinvested. Indexes are unmanaged and one cannot invest directly in an index.

⁴  ​MSCI EAFE Index (Net) measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A Net Return Index tracks price changes and reinvestment of distribution income net of withholding taxes. Indexes are unmanaged and one cannot invest directly in an index.

⁵  ​S&P 500 Index (Gross/Total) is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the US economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of US equities, it is also considered a proxy for the total market. The S&P 500 includes dividends reinvested. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

⁶  ​FTSE Gold Mines Index (Price) measures the performance of the shares of companies whose principal activity is the mining of gold and 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 in the worldwide market. A Price Return Index only measures price changes. Indexes are unmanaged and 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  ​Bloomberg U.S. Aggregate Bond Index (Gross/Total) measures the performance of investment grade, US 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. A Total Return Index tracks price changes and reinvestment of distribution income. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

⁹​  Effective on or about December 27, 2023, the Fund is expected to change its name and investment strategy. This is further described at Note 8 to the Financial Statements (See "Note 8 - Subsequent Events").

¹⁰  ​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.

¹¹  ​Bloomberg U.S. Corporate High Yield Index (Gross/Total) measures the performance of the US dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk are excluded. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

First Eagle Funds | Annual Report | October 31, 2023
21

Performance Chart¹​ (unaudited)

¹²​  Effective March 1, 2023, First Eagle Rising Dividend Fund changed its name and principal investment strategy. Prior to August 14, 2020, the Fund pursued a different investment objective and principal investment strategy. Performance for the periods prior to March 1, 2023 and August 14, 2020 shown is based on the investment strategies utilized by the Fund at those times.

¹³  ​Russell 2000^®​ Value Index (Gross/Total) measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium-term growth (two years) and lower sales per share historical growth (five years). A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁴  ​The Russell 2000^®​ Index (Gross/Total) measures the performance of the small-cap segment of the US equity universe. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁵  ​Russell 2500^TM​ Value Index (Gross/Total) measures the performance of small to midcap segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁶  ​The Russell 2500^TM​ Index (Gross/Total) measures the performance of the small to midcap segment of the US equity universe, commonly referred to as "smid" cap. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁷  ​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. Indexes are unmanaged and one cannot invest directly in an index.

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	%		1.20	%		1.07	%		1.11	%		0.79	%
First Eagle Overseas Fund		1.15			1.89			0.89			1.40			1.01			1.17			0.80
First Eagle U.S. Value Fund18,19​		1.16			1.92			0.88			1.34			1.14			1.02			0.83
First Eagle Gold Fund		1.19			1.93			0.94			1.45			1.10			0.99			0.85
First Eagle Global Income Builder Fund		1.16			1.94			0.93			1.33			1.40			1.17			0.87
First Eagle High Income Fund18,20​		1.13			1.88			0.86			1.28			2.36			1.12			0.78
First Eagle Rising Dividend Fund18,21​		1.05			1.84			0.74			1.15			1.04			1.31			0.69
First Eagle Small Cap Opportunity Fund18,22​		1.42			—			1.18			—			—			—			1.29
First Eagle U.S. Smid Cap Opportunity Fund18,23​		24.63			—			24.38			—			—			—			24.38
First Eagle Global Real Assets Fund18,24​		5.13			—			4.75			—			—			—			4.76

First Eagle Funds | Annual Report | October 31, 2023
22

Performance Chart¹​ (unaudited)

¹⁸  ​For the First Eagle U.S. Value Fund, First Eagle High Income Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.

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 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.

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, 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 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% 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 is taken into account) to exceed the lesser of: (1) 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% 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, 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 is taken into account) to exceed the lesser of: (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.

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 1.25%, 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 the lesser of: (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.

²³  ​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

First Eagle Funds | Annual Report | October 31, 2023
23

Performance Chart¹​ (unaudited)

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 the lesser of: (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.

²⁴  ​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 the lesser of: (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.

These expense ratios are presented as of March 1, 2023 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

There are risks associated with investing in funds that invest in securities of foreign companies, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

All securities may be subject to adverse market trends. The value and liquidity of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments including those of a particular type, may decline significantly and rapidly. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. 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 and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of a Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If a Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

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,

First Eagle Funds | Annual Report | October 31, 2023
24

Performance Chart¹​ (unaudited)

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. As of the date of this Annual Report, First Eagle Global Fund has significant exposure to Europe and Japan; the Overseas Fund has significant exposure to Canada, Europe and Japan; the Gold Fund has significant exposure to Brazil and Canada; the Global Income Builder Fund has significant exposure to Europe; and the Real Assets Fund has significant exposure to Canada. A Fund's exposure to a particular county is determined in accordance with the Adviser's "country of risk" assessment. "Country of risk" is based on a multi-factor country of risk assessment determined by the Adviser, including factors such as an issuer's country of domicile, and the country of the stock exchange on which it trades, among others.

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.

Investment in Brazilian issuers involves risks that are specific to Brazil, including legal, regulatory, political (including, instability and corruption), currency and economic risks. Brazilian issuers are subject to possible regulatory and economic interventions by the Brazilian government, including the imposition of wage and price controls and the limitation of imports. In addition, the market for Brazilian securities is directly influenced by the flow of international capital and economic and market conditions of certain countries, especially other emerging market countries in Central and South America. The Brazilian economy has historically been exposed to high rates of inflation and unemployment, a high level of debt and violence, each of which may reduce and/or prevent economic growth. Political tensions in Brazil may exacerbate these risks.

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 Fund is indirectly

First Eagle Funds | Annual Report | October 31, 2023
25

Performance Chart¹​ (unaudited)

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^TM​ 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.

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 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 Funds | Annual Report | October 31, 2023
26

Performance Chart¹​ (unaudited)

First Eagle High Income and First Eagle 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 a 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, 2023
27

First Eagle Global Fund

Fund Overview

Data as of October 31, 2023 (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		10.36	†​		6.27		5.40
		with sales load		4.84	†​		5.18		4.86
MSCI World Index				10.48			8.27		7.53
Consumer Price Index				3.23			4.01		2.79

Asset Allocation* (%)

Sectors* (%)

Consumer Staples	13.3
Commodities	11.8
Financials	10.6
Industrials	9.9
Information Technology	8.5
Energy	7.5
Communication Services	7.3
Health Care	6.5
Consumer Discretionary	6.2
Materials	4.4
Real Estate	3.3
Foreign Government Securities	0.8
Utilities	0.2
Short-Term Investments	9.7

Countries*~ (%)

United States	55.8
Japan	6.9
United Kingdom	5.5
Canada	3.6
France	2.6
Switzerland	2.1
Mexico	2.0
Brazil	1.9
South Korea	1.9
China	1.7
Hong Kong	1.5
Belgium	1.0
Taiwan	0.9
Sweden	0.8
Germany	0.7
Netherlands	0.4
Thailand	0.4
Australia	0.3
Norway	0.2
Indonesia	0.1
Short-Term Investments	9.7

^{^}​  Less than 0.05%.

*  Asset Allocation, Sectors 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 (7.1% 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 returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

  The Fund's portfolio composition is subject to change at any time.

First Eagle Funds | Annual Report | October 31, 2023
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)	11.8
Oracle Corp. (Software, United States)	3.0
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	2.7
Schlumberger NV (Energy Equipment & Services, United States)	2.4
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.2
Comcast Corp., Class A (Media, United States)	2.0
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	1.5
Willis Towers Watson plc (Insurance, United States)	1.5
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	1.3
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	1.3
Total	29.7

*  Holdings in cash, short-term commercial paper, long-term 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, 2023
29

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 77.6%
Australia — 0.3%
Newcrest Mining Ltd. (a)		9,296,442		142,499,893
Belgium — 1.0%
Groupe Bruxelles Lambert NV		6,469,396		473,175,466
Brazil — 1.9%
Ambev SA, ADR		149,620,059		378,538,749
Itausa SA*		1,482,691		2,523,229
Itausa SA (Preference)		97,473,480		167,039,394
Wheaton Precious Metals Corp.		7,936,282		335,307,915
				883,409,287
Canada — 3.6%
Agnico Eagle Mines Ltd.		2,298,700		107,811,392
Barrick Gold Corp.		20,128,459		321,652,775
Franco-Nevada Corp.		769,497		93,610,343
Imperial Oil Ltd.		10,896,401		620,978,959
Nutrien Ltd.		4,461,321		239,572,938
Power Corp. of Canada		12,323,141		296,892,836
				1,680,519,243
China — 1.6%
Alibaba Group Holding Ltd.*		34,738,392		357,634,492
Prosus NV*		14,526,770		406,249,595
				763,884,087
France — 2.6%
Danone SA		10,211,219		607,470,059
Legrand SA		1,954,335		169,062,453
LVMH Moet Hennessy Louis Vuitton SE		145,168		103,930,210
Sodexo SA		2,477,142		262,152,487
Wendel SE		867,489		64,981,413
				1,207,596,622
Germany — 0.7%
Brenntag SE		1,126,149		83,742,265
Henkel AG & Co. KGaA (Preference)		3,516,726		253,679,314
				337,421,579

First Eagle Funds | Annual Report | October 31, 2023
30

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Hong Kong — 1.5%
CK Asset Holdings Ltd.		37,986,500		189,868,867
Guoco Group Ltd.		12,748,580		95,763,702
Hongkong Land Holdings Ltd.		31,759,300		100,731,659
Hysan Development Co. Ltd.		23,322,348		42,930,761
Jardine Matheson Holdings Ltd.		7,051,271		285,725,535
				715,020,524
Japan — 6.9%
Chofu Seisakusho Co. Ltd. (b)		3,136,200		44,698,784
FANUC Corp.		16,005,400		397,196,694
Hirose Electric Co. Ltd.		1,258,915		142,633,965
Hoshizaki Corp.		5,662,600		182,871,718
Keyence Corp.		263,400		101,967,070
Komatsu Ltd.		6,756,000		155,228,551
Mitsubishi Electric Corp.		24,592,300		281,987,885
Mitsubishi Estate Co. Ltd.		10,704,178		137,016,910
MS&AD Insurance Group Holdings, Inc.		10,476,620		383,868,982
Secom Co. Ltd.		6,337,130		440,144,394
Shimano, Inc.		2,260,590		325,312,723
SMC Corp.		442,156		204,171,340
Sompo Holdings, Inc.		7,121,400		308,498,818
T Hasegawa Co. Ltd. (b)		3,002,800		62,909,936
USS Co. Ltd.		1,298,600		22,698,097
				3,191,205,867
Mexico — 1.6%
Fomento Economico Mexicano SAB de CV, ADR		5,421,458		614,847,552
Fresnillo plc		5,590,827		37,629,591
Industrias Penoles SAB de CV*		6,401,020		71,458,943
				723,936,086
Netherlands — 0.4%
Heineken Holding NV		2,538,232		193,117,540
Norway — 0.2%
Orkla ASA		16,166,787		111,429,514

First Eagle Funds | Annual Report | October 31, 2023
31

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
South Korea — 1.7%
Hyundai Mobis Co. Ltd.		999,985		154,862,440
KT&G Corp.		5,242,098		330,688,753
Lotte Corp.		478,555		9,229,495
Lotte Wellfood Co. Ltd.		99,845		8,438,327
NAVER Corp.		721,340		100,845,622
Samsung Electronics Co. Ltd. (Preference)		4,049,795		161,686,961
				765,751,598
Sweden — 0.8%
Investor AB, Class A		4,970,940		90,477,739
Investor AB, Class B		11,255,824		206,624,320
Svenska Handelsbanken AB, Class A		10,429,006		88,914,535
				386,016,594
Switzerland — 2.1%
Cie Financiere Richemont SA (Registered)		4,644,824		547,975,512
Schindler Holding AG		1,798,637		363,905,211
Schindler Holding AG (Registered)		211,870		41,302,143
				953,182,866
Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,606,256		397,565,955
Thailand — 0.4%
Bangkok Bank PCL, NVDR		42,690,800		187,075,478
United Kingdom — 5.5%
BAE Systems plc		30,239,911		406,617,399
Berkeley Group Holdings plc (b)		6,766,463		332,616,729
British American Tobacco plc		19,154,797		572,200,673
Derwent London plc, REIT		3,383,761		75,200,743
Lloyds Banking Group plc		396,239,696		192,849,855
Reckitt Benckiser Group plc		5,493,332		367,542,154
Unilever plc		12,894,404		609,961,312
				2,556,988,865
United States — 43.9%
Alphabet, Inc., Class A*		2,694,360		334,316,189
Alphabet, Inc., Class C*		4,503,302		564,263,741
American Express Co.		1,903,714		277,999,355
Analog Devices, Inc.		2,674,970		420,853,030

First Eagle Funds | Annual Report | October 31, 2023
32

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
United States — 43.9% (continued)
Bank of New York Mellon Corp. (The)		11,016,077		468,183,272
Becton Dickinson & Co.		1,130,197		285,691,198
Berkshire Hathaway, Inc., Class A*		675		349,531,875
Boston Properties, Inc., REIT		2,473,129		132,485,521
Brown & Brown, Inc.		3,021,843		209,776,341
CH Robinson Worldwide, Inc. (b)		6,691,967		547,603,660
Charles Schwab Corp. (The)		2,570,105		133,748,264
Colgate-Palmolive Co.		7,218,573		542,259,204
Comcast Corp., Class A		21,961,227		906,779,063
Cummins, Inc.		1,455,755		314,879,806
Deere & Co.		381,724		139,466,681
Dentsply Sirona, Inc.		6,900,950		209,857,889
Douglas Emmett, Inc., REIT (b)		9,162,021		102,706,255
Elevance Health, Inc.		1,258,041		566,231,674
Equity Residential, REIT		5,947,526		329,076,614
Expeditors International of Washington, Inc.		1,875,971		204,949,832
Extra Space Storage, Inc., REIT		1,117,963		115,809,787
Exxon Mobil Corp.		9,538,191		1,009,617,517
Fidelity National Financial, Inc.		4,297,027		167,970,785
Flowserve Corp. (b)		7,892,216		289,802,171
Haleon plc		68,822,768		275,847,882
HCA Healthcare, Inc.		3,109,934		703,280,475
IPG Photonics Corp.* (b)		3,097,302		266,058,242
JG Boswell Co.		2,485		1,494,727
Kraft Heinz Co. (The)		4,471,740		140,680,940
Medtronic plc		6,323,862		446,211,703
Meta Platforms, Inc., Class A*		4,124,147		1,242,481,767
Microsoft Corp.		1,102,682		372,827,811
Mills Music Trust (b)		31,592		1,074,444
Nestle SA (Registered)		3,086,462		332,840,298
Newmont Corp.		7,901,033		296,051,706
Noble Corp. plc		1,830,953		85,487,196
NOV, Inc. (b)		26,905,276		537,029,309
ONEOK, Inc.		2,183,545		142,367,134
Oracle Corp.		13,402,937		1,385,863,686

First Eagle Funds | Annual Report | October 31, 2023
33

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
United States — 43.9% (continued)
Philip Morris International, Inc.		6,664,841		594,237,224
PPG Industries, Inc.		853,547		104,789,965
Ross Stores, Inc.		2,633,277		305,381,134
Royal Gold, Inc.		1,476,988		154,094,158
RPM International, Inc.		850,166		77,594,651
Salesforce, Inc.*		1,385,077		278,165,014
Sanofi SA		4,031,951		366,126,234
Schlumberger NV		19,905,698		1,107,951,151
Texas Instruments, Inc.		2,800,783		397,739,194
UGI Corp.		4,677,898		97,300,278
Universal Health Services, Inc., Class B		3,368,166		424,018,418
US Bancorp		5,965,007		190,164,423
Walmart, Inc.		1,383,386		226,059,106
Walt Disney Co. (The)*		2,946,738		240,424,353
Weyerhaeuser Co., REIT		10,347,140		296,859,447
Willis Towers Watson plc		2,868,912		676,747,652
				20,391,109,446
Total Common Stocks (Cost $26,790,095,470)				36,060,906,510
	Ounces
Commodities — 11.8%
Gold bullion* (Cost $2,902,970,282)		2,764,801		5,488,517,064
	Principal Amount ($)
Foreign Government Securities — 0.8%
Indonesia — 0.1%
Republic of Indonesia 8.38%, 3/15/2024	IDR	853,795,000,000		54,011,872
Mexico — 0.4%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023	MXN	911,940,000		50,359,786
Series M, 10.00%, 12/5/2024	MXN	816,590,000		44,673,529
Series M, 5.75%, 3/5/2026	MXN	1,813,230,000		90,375,873
				185,409,188

First Eagle Funds | Annual Report | October 31, 2023
34

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
South Korea — 0.3%
Republic of Korea 1.25%, 3/10/2026	KRW	158,937,690,000		110,334,384
Total Foreign Government Securities (Cost 367,344,007)				349,755,444
Corporate Bonds — 0.0% (c)
United States — 0.0% (c)
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡ (Cost $5,154,748)		5,467,000		4,954,469
Short-Term Investments — 9.7%
Commercial Paper — 9.6%
AES Corp. (The) 6.00%, 11/1/2023 (d)		34,840,000		34,834,147
Alimentation Couche-Tard, Inc. 5.81%, 1/10/2024 (d)(e)		65,185,000		64,449,383
5.78%, 1/16/2024 (d)(e)		47,967,000		47,378,714
5.84%, 2/1/2024 (d)(e)		36,109,000		35,571,139
American Honda Finance Corp. 5.72%, 12/12/2023 (d)		47,000,000		46,693,262
5.73%, 12/19/2023 (d)		50,000,000		49,618,163
BASF SE 5.53%, 11/29/2023 (d)		50,000,000		49,777,228
BP Capital Markets plc 5.61%, 12/27/2023 (d)		75,000,000		74,342,837
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (d)		16,932,000		16,929,494
Engie Regeneration Apollo Ltd. 5.49%, 12/21/2023 (d)		100,000,000		99,233,017
Engie SA 5.53%, 12/11/2023 (d)		71,850,000		71,410,032
5.65%, 1/12/2024 (d)		150,000,000		148,323,838
5.63%, 1/30/2024 (d)		50,000,000		49,294,497
Entergy Corp. 5.40%, 11/1/2023 (d)(e)		21,743,000		21,739,739
European Investment Bank 5.26%, 12/22/2023 (d)		40,000,000		39,690,504
5.33%, 12/28/2023 (d)		93,000,000		92,195,894

First Eagle Funds | Annual Report | October 31, 2023
35

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 9.6% (continued)
FMS Wertmanagement 5.44%, 11/2/2023 (d)(e)		100,000,000		99,970,802
5.44%, 11/6/2023 (d)(e)		50,000,000		49,956,107
5.51%, 1/16/2024 (d)		100,000,000		98,844,715
5.48%, 1/19/2024 (d)(e)		58,880,000		58,173,004
5.48%, 1/23/2024 (d)(e)		39,253,000		38,757,862
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (d)		107,511,000		107,494,658
Global Payments, Inc. 5.96%, 11/1/2023 (d)		37,110,000		37,103,840
Hydro-Quebec 5.33%, 11/3/2023 (d)(e)		113,000,000		112,950,428
5.40%, 11/27/2023 (d)		80,000,000		79,680,440
John Deere Capital Corp. 5.38%, 11/14/2023 (d)		50,000,000		49,896,580
Kreditanstalt fuer Wiederaufbau 5.33%, 11/21/2023 (d)(e)		78,571,000		78,331,293
5.53%, 1/19/2024 (d)		63,000,000		62,236,066
5.52%, 1/23/2024 (d)(e)		55,000,000		54,299,043
5.52%, 1/26/2024 (d)(e)		75,000,000		74,009,288
LVMH Moet Hennessy Louis Vuitton SE 5.51%, 1/12/2024 (d)(e)		41,300,000		40,850,138
Microsoft Corp. 5.42%, 12/5/2023 (d)(e)		99,400,000		98,884,754
5.40%, 12/11/2023 (d)(e)		37,500,000		37,272,208
5.40%, 12/15/2023 (d)(e)		90,000,000		89,399,812
5.41%, 12/19/2023 (d)(e)		80,000,000		79,419,514
5.41%, 12/20/2023 (d)(e)		47,780,000		47,426,295
5.41%, 1/2/2024 (d)(e)		50,000,000		49,534,063
Nederlandse Waterschapsbank NV 5.42%, 11/1/2023 (d)		125,000,000		124,981,517
NRW Bank 5.41%, 11/8/2023 (d)(e)		40,000,000		39,952,967
5.43%, 11/14/2023 (d)		50,000,000		49,896,969
5.42%, 11/22/2023 (d)(e)		31,429,000		31,327,026
5.46%, 11/27/2023 (d)		85,714,000		85,372,258
5.43%, 11/28/2023 (d)		80,906,000		80,571,397

First Eagle Funds | Annual Report | October 31, 2023
36

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 9.6% (continued)
5.47%, 12/8/2023 (d)(e)		100,000,000		99,436,024
5.44%, 12/12/2023 (d)(e)		70,000,000		69,562,724
Oesterreichische Kontrollbank AG 5.46%, 11/30/2023 (d)		49,200,000		48,980,240
5.50%, 1/22/2024 (d)		55,000,000		54,313,897
5.56%, 2/5/2024 (d)		68,072,000		67,075,573
Ontario Teachers' Finance Trust 5.38%, 11/6/2023 (d)(e)		9,155,000		9,146,887
5.39%, 11/17/2023 (d)(e)		3,400,000		3,391,430
5.54%, 2/8/2024 (d)(e)		56,691,000		55,834,651
Oracle Corp. 5.57%, 11/3/2023 (d)(e)		35,000,000		34,984,179
5.56%, 11/8/2023 (d)(e)		76,700,000		76,607,360
5.58%, 11/15/2023 (d)(e)		75,000,000		74,829,000
5.62%, 12/20/2023 (d)(e)		44,815,000		44,465,401
Philip Morris International, Inc. 5.49%, 11/13/2023 (d)		64,286,000		64,161,397
5.38%, 11/16/2023 (d)		34,000,000		33,918,858
5.39%, 11/17/2023 (d)(e)		25,400,000		25,335,598
5.51%, 12/1/2023 (d)		75,000,000		74,652,563
5.48%, 12/4/2023 (d)		90,000,000		89,542,814
Province of Quebec 5.40%, 11/20/2023 (d)(e)		70,000,000		69,793,241
PSP Capital, Inc. 5.43%, 11/7/2023 (d)(e)		74,250,000		74,173,193
5.40%, 11/9/2023 (d)(e)		66,700,000		66,611,231
5.52%, 1/17/2024 (d)(e)		100,000,000		98,832,167
5.48%, 1/29/2024 (d)(e)		100,000,000		98,652,500
Siemens Capital Co. LLC 5.43%, 1/18/2024 (d)(e)		70,000,000		69,181,407
5.41%, 2/1/2024 (d)		60,600,000		59,762,927
United Parcel Service, Inc. 5.48%, 1/22/2024 (d)(e)		50,000,000		49,379,998
5.47%, 1/26/2024 (d)(e)		37,800,000		37,308,080
Vulcan Materials Co. 5.62%, 11/29/2023 (d)		32,970,000		32,822,482

First Eagle Funds | Annual Report | October 31, 2023
37

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 9.6% (continued)
Walt Disney Co. (The) 5.50%, 1/3/2024 (d)(e)		90,000,000		89,133,227
Total Commercial Paper (Cost $4,470,591,460)				4,469,963,981
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 5.33%, 11/16/2023 (d)		20,000,000		19,956,094
5.34%, 12/14/2023 (d)		20,000,000		19,873,568
Total U.S. Treasury Obligations (Cost $39,831,155)				39,829,662
	Shares
Investment Companies — 0.0% (c)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (f) (Cost $331,992)		331,992		331,992
Total Short-Term Investments (Cost $4,510,754,607)				4,510,125,635
Total Investments — 99.9% (Cost $34,576,319,114)				46,414,259,122
Other Assets Less Liabilities — 0.1%				67,764,828
Net Assets — 100.0%				46,482,023,950

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(a)  Security fair valued as of October 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2023 amounted to $142,499,893, which represents approximately 0.31% of net assets of the Fund.

(b)  Affiliated company as defined under the Investment Company Act of 1940.

(c)  Represents less than 0.05% of net assets.

(d)  The rate shown was the current yield as of October 31, 2023.

(e)  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, 2023 amounted to $2,396,311,877, which represents approximately 5.16% of net assets of the Fund.

(f)  Represents 7-day effective yield as of October 31, 2023.

First Eagle Funds | Annual Report | October 31, 2023
38

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

As of October 31, 2023, 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	$	14,155,250,017
Aggregate gross unrealized depreciation		(2,745,806,565	)
Net unrealized appreciation	$	11,409,443,452
Federal income tax cost	$	35,050,422,870

Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2023

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	203,967,511	EUR	181,448,000	Bank of New York Mellon	11/15/2023	$	11,874,082
USD	89,809,702	JPY	12,204,420,000	Bank of New York Mellon	11/15/2023		9,121,460
USD	189,230,950	EUR	172,420,000	Goldman Sachs	12/20/2023		6,371,435
USD	65,891,578	GBP	51,704,000	Goldman Sachs	12/20/2023		3,023,143
USD	75,914,511	JPY	10,850,461,000	Goldman Sachs	12/20/2023		3,727,175
USD	200,497,087	EUR	185,316,000	JPMorgan Chase Bank	01/24/2024		3,620,549
USD	107,711,215	GBP	86,296,000	JPMorgan Chase Bank	01/24/2024		2,750,063
USD	96,186,951	JPY	13,887,472,000	JPMorgan Chase Bank	01/24/2024		3,255,294
USD	180,084,137	EUR	168,788,000	UBS AG	02/21/2024		529,887
USD	78,960,114	JPY	11,505,223,000	UBS AG	02/21/2024		1,622,167
Total unrealized appreciation							45,895,255
EUR	33,670,000	USD	36,028,752	JPMorgan Chase Bank	01/24/2024		(258,322	)
GBP	9,226,000	USD	11,251,245	JPMorgan Chase Bank	01/24/2024		(29,733	)
Total unrealized depreciation							(288,055	)
Net unrealized appreciation						$	45,607,200

Abbreviations

ADR  — American Depositary Receipt

EUR  — Euro

Fix Rt  — Fixed Rate

GBP  — British Pound

IDR  — Indonesian Rupiah

JPY  — Japanese Yen

KRW  — South Korean Won

MXN  — Mexican Peso

NVDR  — Non-Voting Depositary Receipt

Preference  — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT  — Real Estate Investment Trust

USD  — United States Dollar

First Eagle Funds | Annual Report | October 31, 2023
39

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Affiliated Securities

Security Description	Shares at October 31, 2023		Market Value October 31, 2022		Purchases at Cost		Proceeds from Sales
Common Stocks — 4.7%
Japan — 0.2%
Chofu Seisakusho Co. Ltd.		3,136,200	$	44,031,237	$	—	$	(1,561,269	)
T Hasegawa Co. Ltd.		3,002,800		63,875,515		—		—
				107,906,752		—		(1,561,269	)
United Kingdom — 0.7%
Berkeley Group Holdings plc		6,766,463		269,219,704		—		—
United States — 3.7%
CH Robinson Worldwide, Inc.		6,691,967		725,720,121		—		(77,227,324	)
Douglas Emmett, Inc., REIT		9,162,021		144,503,046		15,559,889		—
Flowserve Corp.		7,892,216		226,348,755		—		—
IPG Photonics Corp.*		3,097,302		265,314,889		—		—
Mills Music Trust		31,592		1,200,812		—		—
NOV, Inc.		26,905,276		602,678,182		—		—
				1,965,765,805		15,559,889		(77,227,324	)
Total Common Stocks				2,342,892,261		15,559,889		(78,788,593	)
Total			$	2,342,892,261	$	15,559,889	$	(78,788,593	)

First Eagle Funds | Annual Report | October 31, 2023
40

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

Affiliated Securities (continued)

Security Description	Net Realized Gains (Loss)			Change in Unrealized Appreciation/ Depreciation			Market Value October 31, 2023		Dividend Income
Common Stocks — 4.7%
Japan — 0.2%
Chofu Seisakusho Co. Ltd.	$	(307,179	)	$	2,535,995		$	44,698,784	$	835,640
T Hasegawa Co. Ltd.		—			(965,579	)		62,909,936		1,211,937
		(307,179	)		1,570,416			107,608,720		2,047,577
United Kingdom — 0.7%
Berkeley Group Holdings plc		—			63,397,025			332,616,729		10,729,483
United States — 3.7%
CH Robinson Worldwide, Inc.		16,286,445			(117,175,582	)		547,603,660		16,959,736
Douglas Emmett, Inc., REIT		—			(57,356,680	)		102,706,255		6,783,215
Flowserve Corp.		—			63,453,416			289,802,171		6,313,773
IPG Photonics Corp.*		—			743,353			266,058,242		—
Mills Music Trust		—			(126,368	)		1,074,444		98,721
NOV, Inc.		—			(65,648,873	)		537,029,309		5,381,055
		16,286,445			(176,110,734	)		1,744,274,081		35,536,500
Total Common Stocks		15,979,266			(111,143,293	)		2,184,499,530		48,313,560
Total	$	15,979,266		$	(111,143,293	)	$	2,184,499,530	$	48,313,560

*  Non-income producing security.

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2023
41

First Eagle Overseas Fund

Fund Overview

Data as of October 31, 2023 (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		11.11		3.74		3.10
		with sales load		5.55		2.68		2.58
MSCI EAFE Index				14.40		4.10		3.05
Consumer Price Index				3.23		4.01		2.79

Asset Allocation* (%)

Sectors* (%)
Consumer Staples	20.2
Financials	13.8
Industrials	13.6
Commodities	12.2
Consumer Discretionary	8.5
Materials	7.5
Energy	6.0
Real Estate	3.6
Health Care	3.5
Information Technology	3.2
Foreign Government Securities	1.8
Communication Services	1.1
Short-Term Investments	5.0

Countries*~ (%)

United States	19.3
Japan	15.8
United Kingdom	9.2
Canada	7.2
France	4.9
South Korea	4.3
Mexico	3.7
Hong Kong	3.6
Netherlands	3.6
Brazil	3.2
Switzerland	3.1
Sweden	2.6
China	2.5
Singapore	2.3
Germany	2.1
Belgium	1.8
Taiwan	1.8
Thailand	0.9
Chile	0.9
Norway	0.9
Turkey	0.6
Faroe Islands	0.3
Australia	0.3
Indonesia	0.1
Short-Term Investments	5.0

*  Asset Allocation, Sectors and Countries percentages are based on total investments in the portfolio.

**  Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less, long-term commercial paper (3.3% 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, 2023
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)	12.1
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.6
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	2.5
Willis Towers Watson plc (Insurance, United States)	2.5
Danone SA (Food Products, France)	2.4
Shell plc (Oil, Gas & Consumable Fuels, Netherlands)	2.4
Unilever plc (Personal Care Products, United Kingdom)	2.0
British American Tobacco plc (Tobacco, United Kingdom)	1.9
Groupe Bruxelles Lambert NV (Financial Services, Belgium)	1.8
Secom Co. Ltd. (Commercial Services & Supplies, Japan)	1.8
Total	33.0

*  Holdings in cash, short-term commercial paper, long-term 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, 2023
43

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 81.0%
Australia — 0.3%
Newcrest Mining Ltd. (a)		2,048,366		31,398,242
Belgium — 1.8%
Groupe Bruxelles Lambert NV		2,922,262		213,735,978
Brazil — 3.1%
Ambev SA, ADR		74,789,315		189,216,967
Itausa SA*		738,082		1,256,061
Itausa SA (Preference)		48,522,263		83,152,150
Wheaton Precious Metals Corp.		2,364,552		99,902,322
				373,527,500
Canada — 7.2%
Agnico Eagle Mines Ltd.		717,589		33,655,661
Barrick Gold Corp.		5,379,581		85,965,704
Franco-Nevada Corp.		194,071		23,608,998
Imperial Oil Ltd.		7,543,865		429,920,066
Nutrien Ltd.		2,436,243		130,826,249
Power Corp. of Canada		6,216,607		149,772,374
				853,749,052
Chile — 0.9%
Cia Cervecerias Unidas SA, ADR (b)		9,392,572		105,666,435
China — 2.5%
Alibaba Group Holding Ltd.*		13,666,828		140,701,075
Prosus NV*		5,606,068		156,776,961
				297,478,036
Faroe Islands — 0.3%
Bakkafrost P/F		801,656		36,186,436
France — 5.0%
Danone SA		4,768,985		283,709,085
Laurent-Perrier (b)		558,938		69,786,652
Legrand SA		812,472		70,284,014
LVMH Moet Hennessy Louis Vuitton SE		33,358		23,882,012
Sodexo SA		970,202		102,675,126
Wendel SE		439,181		32,897,941
				583,234,830

First Eagle Funds | Annual Report | October 31, 2023
44

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Germany — 2.1%
Brenntag SE		628,298		46,721,258
FUCHS SE (Preference)		2,322,615		94,333,104
Henkel AG & Co. KGaA (Preference)		1,476,257		106,489,918
				247,544,280
Hong Kong — 3.6%
CK Asset Holdings Ltd.		19,475,000		97,342,376
Great Eagle Holdings Ltd.		22,777,700		37,120,421	��
Guoco Group Ltd.		7,806,340		58,639,003
Hongkong Land Holdings Ltd.		15,883,500		50,378,040
Hysan Development Co. Ltd.		17,500,405		32,213,983
Jardine Matheson Holdings Ltd.		3,779,100		153,133,438
				428,827,261
Japan — 15.7%
As One Corp.		1,378,380		43,928,824
Chofu Seisakusho Co. Ltd.		1,704,600		24,294,862
Daiichikosho Co. Ltd. (b)		5,732,560		84,735,608
FANUC Corp.		6,945,600		172,364,912
Hirose Electric Co. Ltd.		758,730		85,963,444
Hoshizaki Corp.		2,554,200		82,487,010
Kansai Paint Co. Ltd.		8,320,730		121,771,472
Keyence Corp.		74,800		28,956,480
Komatsu Ltd.		3,814,300		87,638,879
Mitsubishi Electric Corp.		11,266,300		129,185,156
Mitsubishi Estate Co. Ltd.		7,062,358		90,400,447
MS&AD Insurance Group Holdings, Inc.		4,583,300		167,934,573
Nagaileben Co. Ltd.		1,687,224		23,283,442
Nihon Kohden Corp.		2,470,100		58,340,696
Pilot Corp.		477,500		16,204,206
Secom Co. Ltd.		3,010,200		209,072,980
Shimano, Inc.		976,470		140,520,004
SK Kaken Co. Ltd.		437,805		20,507,442
SMC Corp.		208,990		96,503,877
Sompo Holdings, Inc.		2,964,000		128,400,384

First Eagle Funds | Annual Report | October 31, 2023
45

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Japan — 15.7% (continued)
T Hasegawa Co. Ltd.		1,906,436		39,940,644
USS Co. Ltd.		560,300		9,793,427
				1,862,228,769
Mexico — 3.0%
Fomento Economico Mexicano SAB de CV, ADR		2,613,173		296,359,950
Fresnillo plc		1,426,722		9,602,688
Grupo Mexico SAB de CV, Series B		6,905,948		28,165,420
Industrias Penoles SAB de CV*		2,246,692		25,081,352
				359,209,410
Netherlands — 3.6%
HAL Trust		644,459		72,593,966
Heineken Holding NV		973,676		74,080,665
Shell plc		8,552,371		279,385,716
				426,060,347
Norway — 0.9%
Orkla ASA		14,829,598		102,212,944
Singapore — 1.6%
Haw Par Corp. Ltd. (b)		19,447,213		135,861,236
UOL Group Ltd.		14,128,300		60,848,250
				196,709,486
South Korea — 4.0%
Fursys, Inc. (b)		872,463		18,766,466
Hyundai Mobis Co. Ltd.		505,396		78,268,032
KT&G Corp.		2,451,893		154,673,461
Lotte Corp.		404,901		7,808,991
Lotte Wellfood Co. Ltd.		64,551		5,455,481
NAVER Corp.		286,676		40,078,215
NongShim Co. Ltd.		203,663		66,983,765
Samsung Electronics Co. Ltd. (Preference)		2,345,824		93,656,383
				465,690,794
Sweden — 2.6%
Industrivarden AB, Class A		123,708		3,200,996
Industrivarden AB, Class C		1,572,517		40,554,123
Investor AB, Class A		1,982,447		36,083,180
Investor AB, Class B		8,384,352		153,912,413

First Eagle Funds | Annual Report | October 31, 2023
46

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Sweden — 2.6% (continued)
L E Lundbergforetagen AB, Class B		296,080		12,091,907
Svenska Handelsbanken AB, Class A		6,838,494		58,302,921
				304,145,540
Switzerland — 3.1%
Cie Financiere Richemont SA (Registered)		1,767,922		208,571,512
Schindler Holding AG		724,861		146,655,882
Schindler Holding AG (Registered)		82,435		16,069,959
				371,297,353
Taiwan — 1.8%
Taiwan Secom Co. Ltd.		8,545,694		31,125,991
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,075,542		179,140,030
				210,266,021
Thailand — 1.0%
Bangkok Bank PCL, NVDR		20,440,959		89,574,385
Thai Beverage PCL		52,214,985		20,623,929
				110,198,314
Turkey — 0.6%
AG Anadolu Grubu Holding A/S		9,784,125		70,964,424
United Kingdom — 9.2%
BAE Systems plc		13,135,620		176,626,566
Berkeley Group Holdings plc		2,497,480		122,767,778
Big Yellow Group plc, REIT		2,602,379		30,265,907
British American Tobacco plc		7,639,941		228,223,738
Great Portland Estates plc, REIT		4,895,618		23,206,478
Lloyds Banking Group plc		189,904,219		92,426,381
Reckitt Benckiser Group plc		2,577,229		172,434,562
Unilever plc		5,122,575		242,320,046
				1,088,271,456
United States — 7.1%
Haleon plc		26,953,694		108,032,844
Legris Industries SA*‡ (a)(b)(c)		905,366		15,384,962
Nestle SA (Registered)		1,236,148		133,304,693
Newmont Corp.		2,665,290		99,868,416
Royal Gold, Inc.		454,973		47,467,333

First Eagle Funds | Annual Report | October 31, 2023
47

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
United States — 7.1% (continued)
Sanofi SA		1,679,882		152,543,736
Willis Towers Watson plc		1,237,899		292,007,995
				848,609,979
Total Common Stocks (Cost $7,922,012,650)				9,587,212,887
	Ounces
Commodities — 12.1%
Gold bullion* (Cost $663,216,747)		724,971		1,439,169,397
	Principal Amount ($)
Foreign Government Securities — 1.7%
Indonesia — 0.1%
Republic of Indonesia 8.38%, 3/15/2024	IDR	267,431,000,000		16,917,936
Mexico — 0.6%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023	MXN	377,210,000		20,830,553
Series M, 10.00%, 12/5/2024	MXN	388,030,000		21,228,119
Series M, 5.75%, 3/5/2026	MXN	665,860,000		33,188,111
				75,246,783
Singapore — 0.6%
Republic of Singapore 1.25%, 11/1/2026	SGD	108,048,000		73,841,810
South Korea — 0.4%
Republic of Korea 1.25%, 3/10/2026	KRW	59,926,230,000		41,600,729
Total Foreign Government Securities (Cost $214,674,072)				207,607,258
Short-Term Investments — 5.0%
Commercial Paper — 4.8%
AES Corp. (The) 6.00%, 11/1/2023 (d)		21,250,000		21,246,430
Alimentation Couche-Tard, Inc. 5.78%, 1/16/2024 (d)(e)		13,133,000		12,971,932

First Eagle Funds | Annual Report | October 31, 2023
48

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 4.8% (continued)
5.84%, 2/1/2024 (d)(e)		3,891,000		3,833,041
BP Capital Markets plc 5.61%, 12/27/2023 (d)		25,000,000		24,780,946
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (d)		10,248,000		10,246,483
Engie Regeneration Apollo Ltd. 5.49%, 12/21/2023 (d)		40,000,000		39,693,207
Entergy Corp. 5.40%, 11/1/2023 (d)(e)		13,357,000		13,354,996
European Investment Bank 5.26%, 12/22/2023 (d)		35,000,000		34,729,191
5.33%, 12/28/2023 (d)		57,000,000		56,507,161
FMS Wertmanagement 5.48%, 1/19/2024 (d)(e)		16,120,000		15,926,441
5.48%, 1/23/2024 (d)(e)		10,747,000		10,611,437
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (d)		65,570,000		65,560,033
Global Payments, Inc. 5.96%, 11/1/2023 (d)		22,665,000		22,661,238
Hydro-Quebec 5.33%, 11/3/2023 (d)(e)		7,000,000		6,996,929
5.40%, 11/27/2023 (d)		15,200,000		15,139,284
5.42%, 12/18/2023 (d)(e)		49,940,000		49,584,960
Kreditanstalt fuer Wiederaufbau 5.33%, 11/21/2023 (d)(e)		21,429,000		21,363,624
Microsoft Corp. 5.40%, 12/11/2023 (d)(e)		12,500,000		12,424,069
NRW Bank 5.41%, 11/8/2023 (d)(e)		20,000,000		19,976,483
5.42%, 11/22/2023 (d)(e)		8,571,000		8,543,191
5.46%, 11/27/2023 (d)		14,286,000		14,229,042
5.43%, 11/28/2023 (d)		19,094,000		19,015,033
Oesterreichische Kontrollbank AG 5.46%, 11/30/2023 (d)		20,000,000		19,910,666
5.50%, 1/22/2024 (d)		20,000,000		19,750,508
5.56%, 2/5/2024 (d)		10,000,000		9,853,622
Ontario Teachers' Finance Trust 5.38%, 11/6/2023 (d)(e)		10,000,000		9,991,138

First Eagle Funds | Annual Report | October 31, 2023
49

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 4.8% (continued)
5.54%, 2/8/2024 (d)(e)		6,109,000		6,016,720
Philip Morris International, Inc. 5.49%, 11/13/2023 (d)		10,714,000		10,693,233
Total Commercial Paper (Cost $575,714,594)				575,611,038
U.S. Treasury Obligations — 0.2%
U.S. Treasury Bills 5.33%, 11/16/2023 (d)		10,000,000		9,978,047
5.34%, 12/14/2023 (d)		10,000,000		9,936,784
Total U.S. Treasury Obligations (Cost $19,915,578)				19,914,831
	Shares
Investment Companies — 0.0% (f)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (g) (Cost $63,532)		63,532		63,532
Total Short-Term Investments (Cost $595,693,704)				595,589,401
Total Investments — 99.8% (Cost $9,395,597,173)				11,829,578,943
Other Assets Less Liabilities — 0.2%				22,887,113
Net Assets — 100.0%				11,852,466,056

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(a)  Security fair valued as of October 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2023 amounted to $46,783,204, which represents approximately 0.39% of net assets of the Fund.

(b)  Affiliated company as defined under the Investment Company Act of 1940.

(c)  Represents a security that is subject to legal or contractual restrictions on resale.

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Legris Industries SE	04/30/04	$	23,433,066	$	16.99

(d)  The rate shown was the current yield as of October 31, 2023.

(e)  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, 2023 amounted to $191,594,961, which represents approximately 1.62% of net assets of the Fund.

First Eagle Funds | Annual Report | October 31, 2023
50

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

(f)  Represents less than 0.05% of net assets.

(g)  Represents 7-day effective yield as of October 31, 2023.

As of October 31, 2023, 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	$	3,295,098,499
Aggregate gross unrealized depreciation		(1,309,832,997	)
Net unrealized appreciation	$	1,985,265,502
Federal income tax cost	$	9,869,653,328

Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2023

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	112,757,226	EUR	100,308,000	Bank of New York Mellon	11/15/2023	$	6,564,225
USD	52,874,960	JPY	7,185,284,000	Bank of New York Mellon	11/15/2023		5,370,209
USD	105,974,600	EUR	96,560,000	Goldman Sachs	12/20/2023		3,568,181
USD	26,060,206	GBP	20,449,000	Goldman Sachs	12/20/2023		1,195,657
USD	48,573,204	JPY	6,942,568,000	Goldman Sachs	12/20/2023		2,384,799
USD	113,529,111	EUR	104,933,000	JPMorgan Chase Bank	01/24/2024		2,050,093
USD	44,926,271	GBP	35,994,000	JPMorgan Chase Bank	01/24/2024		1,147,049
USD	55,304,253	JPY	7,984,828,000	JPMorgan Chase Bank	01/24/2024		1,871,684
USD	101,500,843	EUR	95,134,000	UBS AG	02/21/2024		298,660
USD	43,864,496	JPY	6,391,465,000	UBS AG	02/21/2024		901,158
Total unrealized appreciation							25,351,715
GBP	3,670,000	USD	4,475,620	JPMorgan Chase Bank	01/24/2024		(11,828	)
Total unrealized depreciation							(11,828	)
Net unrealized appreciation						$	25,339,887

Abbreviations

ADR  — American Depositary Receipt

EUR  — Euro

Fix Rt  — Fixed Rate

GBP  — British Pound

IDR  — Indonesian Rupiah

JPY  — Japanese Yen

KRW  — South Korean Won

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

First Eagle Funds | Annual Report | October 31, 2023
51

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Affiliated Securities

Security Description	Shares at October 31, 2023		Market Value October 31, 2022		Purchases at Cost		Proceeds from Sales
Common Stocks — 3.8%
Belgium — 0.1%
Legris Industries SA*‡ (a)(b)		905,366	$	14,924,062	$	—	$	—
Chile — 0.9%
Cia Cervecerias Unidas SA, ADR		9,392,572		101,533,703		—		—
France — 0.6%
Laurent-Perrier		558,938		54,469,274		—		—
Japan — 0.9%
Chofu Seisakusho Co. Ltd.^​		1,704,600		24,979,077		—		(2,208,873	)
Daiichikosho Co. Ltd.		5,732,560		82,184,041		—		—
				107,163,118		—		(2,208,873	)
Singapore — 1.1%
Haw Par Corp. Ltd.		19,447,213		129,829,745		—		—
South Korea — 0.2%
Fursys, Inc.		872,463		16,775,972		—		—
Namyang Dairy Products Co. Ltd. (Preference)^​		—		2,237,746		—		(3,232,535	)
				19,013,718		—		(3,232,535	)
Total Common Stocks				426,933,620		—		(5,441,408	)
Total			$	426,933,620	$	—	$	(5,441,408	)

First Eagle Funds | Annual Report | October 31, 2023
52

First Eagle Overseas Fund | Consolidated Schedule of Investments | October 31, 2023

Affiliated Securities (continued)

Security Description	Net Realized Gains (Loss)			Change in Unrealized Appreciation/ Depreciation			Market Value October 31, 2023		Dividend Income
Common Stocks — 3.8%
Belgium — 0.1%
Legris Industries SA*‡ (a)(b)	$	—		$	460,900		$	15,384,962	$	—
Chile — 0.9%
Cia Cervecerias Unidas SA, ADR		—			4,132,732			105,666,435		2,449,848
France — 0.6%
Laurent-Perrier		—			15,317,378			69,786,652		1,244,364
Japan — 0.9%
Chofu Seisakusho Co. Ltd.^​		(186,207	)		1,710,865			24,294,862		472,686
Daiichikosho Co. Ltd.		—			2,551,567			84,735,608		2,077,190
		(186,207	)		4,262,432			109,030,470		2,549,876
Singapore — 1.1%
Haw Par Corp. Ltd.		—			6,031,491			135,861,236		5,066,729
South Korea — 0.2%
Fursys, Inc.		—			1,990,494			18,766,466		592,152
Namyang Dairy Products Co. Ltd. (Preference)^​		3,055,025			(2,060,236	)		—		10,187
		3,055,025			(69,742	)		18,766,466		602,339
Total Common Stocks		2,868,818			30,135,191			454,496,221		11,913,156
Total	$	2,868,818		$	30,135,191		$	454,496,221	$	11,913,156

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

^  Represents an unaffiliated issuer as of October 31, 2023.

(a)  Security fair valued as of October 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2023 amounted to $15,384,962, 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, 2023
53

First Eagle U.S. Value Fund

Fund Overview

Data as of October 31, 2023 (unaudited)

Investment Objective

The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. Management utilizes a highly disciplined, bottom-up, value-oriented approach in seeking to achieve its investment objective.

Average Annual Returns^​ (%)			One Year		Five Years		Ten Years
First Eagle U.S. Value Fund	Class A	without sales charge		8.81		7.12		6.70
		with sales charge		3.36		6.02		6.16
S&P 500 Index				10.14		11.01		11.18
Consumer Price Index				3.23		4.01		2.79

Asset Allocation* (%)

Sectors* (%)

Commodities	12.6
Communication Services	12.2
Information Technology	11.7
Health Care	10.9
Financials	10.8
Energy	9.2
Consumer Staples	6.8
Industrials	6.3
Materials	4.2
Real Estate	3.6
Consumer Discretionary	1.0
Utilities	0.4
Short-Term Investments	10.3

^{^}​  Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

*  Asset Allocation and Sectors 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 (6.7% of total investments) that settles in 91 days or greater and other short-term investments (2.9% 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, 2023
54

First Eagle U.S. Value Fund | Fund Overview

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.

The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.

The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)	12.6
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	4.5
Oracle Corp. (Software, United States)	3.9
Comcast Corp., Class A (Media, United States)	3.3
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.1
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	3.0
Philip Morris International, Inc. (Tobacco, United States)	2.9
Elevance Health, Inc. (Health Care Providers & Services, United States)	2.5
Colgate-Palmolive Co. (Household Products, United States)	2.5
Schlumberger NV (Energy Equipment & Services, United States)	2.3
Total	40.6

*  Holdings in cash, short-term commercial paper, long-term 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, 2023
55

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 75.1%
Air Freight & Logistics — 3.0%
CH Robinson Worldwide, Inc.		294,701		24,115,383
Expeditors International of Washington, Inc.		94,942		10,372,413
				34,487,796
Banks — 0.9%
US Bancorp		330,658		10,541,377
Capital Markets — 2.9%
Bank of New York Mellon Corp. (The)		589,455		25,051,837
Charles Schwab Corp. (The)		143,493		7,467,376
				32,519,213
Chemicals — 1.4%
Nutrien Ltd. (Canada)		158,929		8,534,487
PPG Industries, Inc.		37,210		4,568,272
RPM International, Inc.		30,241		2,760,096
				15,862,855
Consumer Finance — 1.0%
American Express Co.		78,997		11,535,932
Consumer Staples Distribution & Retail — 0.8%
Walmart, Inc.		58,370		9,538,242
Electronic Equipment, Instruments & Components — 1.3%
IPG Photonics Corp.*		172,551		14,822,131
Energy Equipment & Services — 4.3%
Noble Corp. plc		67,617		3,157,038
NOV, Inc.		999,361		19,947,245
Schlumberger NV		471,530		26,245,360
				49,349,643
Entertainment — 0.8%
Walt Disney Co. (The)*		109,127		8,903,672
Financial Services — 1.7%
Berkshire Hathaway, Inc., Class A*		37		19,159,525
Food Products — 0.6%
Kraft Heinz Co. (The)		206,681		6,502,184
Gas Utilities — 0.4%
UGI Corp.		194,116		4,037,613

First Eagle Funds | Annual Report | October 31, 2023
56

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Health Care Equipment & Supplies — 3.4%
Becton Dickinson & Co.		44,564		11,264,888
Dentsply Sirona, Inc.		350,379		10,655,025
Medtronic plc		233,051		16,444,079
				38,363,992
Health Care Providers & Services — 7.5%
Elevance Health, Inc.		63,028		28,368,273
HCA Healthcare, Inc.		157,427		35,600,542
Universal Health Services, Inc., Class B		170,425		21,454,803
				85,423,618
Household Products — 2.5%
Colgate-Palmolive Co.		376,279		28,266,078
Insurance — 3.7%
Brown & Brown, Inc.		167,967		11,660,269
Fidelity National Financial, Inc.		158,855		6,209,642
Willis Towers Watson plc		104,185		24,576,200
				42,446,111
Interactive Media & Services — 8.2%
Alphabet, Inc., Class A*		145,960		18,110,717
Alphabet, Inc., Class C*		188,322		23,596,746
Meta Platforms, Inc., Class A*		169,755		51,142,089
				92,849,552
Machinery — 3.3%
Cummins, Inc.		73,903		15,985,219
Deere & Co.		20,543		7,505,590
Flowserve Corp.		378,708		13,906,158
				37,396,967
Media — 3.3%
Comcast Corp., Class A		920,308		37,999,517
Metals & Mining — 2.8%
Agnico Eagle Mines Ltd. (Canada)		82,024		3,847,009
Barrick Gold Corp. (Canada)		522,110		8,343,318
Franco-Nevada Corp. (Canada)		21,527		2,618,788
Newcrest Mining Ltd. (Australia) (a)		236,346		3,622,814

First Eagle Funds | Annual Report | October 31, 2023
57

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Metals & Mining — 2.8% (continued)
Newmont Corp.		252,516		9,461,775
Royal Gold, Inc.		38,764		4,044,248
				31,937,952
Office REITs — 0.8%
Boston Properties, Inc., REIT		102,688		5,500,996
Douglas Emmett, Inc., REIT		359,380		4,028,650
				9,529,646
Oil, Gas & Consumable Fuels — 3.4%
Exxon Mobil Corp.		317,531		33,610,656
ONEOK, Inc.		80,792		5,267,639
				38,878,295
Residential REITs — 1.4%
Equity Residential, REIT		278,138		15,389,376
Semiconductors & Semiconductor Equipment — 3.5%
Analog Devices, Inc.		132,445		20,837,572
Texas Instruments, Inc.		137,787		19,567,132
				40,404,704
Software — 6.9%
Microsoft Corp.		64,625		21,850,359
Oracle Corp.		425,031		43,948,205
Salesforce, Inc.*		61,730		12,397,236
				78,195,800
Specialized REITs — 1.4%
Extra Space Storage, Inc., REIT		41,479		4,296,809
Weyerhaeuser Co., REIT		401,701		11,524,802
				15,821,611
Specialty Retail — 1.0%
Ross Stores, Inc.		100,220		11,622,513
Tobacco — 2.9%
Philip Morris International, Inc.		372,296		33,193,911
Total Common Stocks (Cost $532,198,898)				854,979,826

First Eagle Funds | Annual Report | October 31, 2023
58

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Ounces		Value ($)
Commodities — 12.6%
Gold bullion* (Cost $78,780,493)		72,529		143,979,658
	Shares
Master Limited Partnerships — 1.4%
Oil, Gas & Consumable Fuels — 1.4%
Enterprise Products Partners LP (Cost $12,353,309)		623,041		16,223,988
	Principal Amount ($)
Convertible Preferred Stocks — 0.4%
Banks — 0.4%
Bank of America Corp. Series L, 7.25%, (b) (Cost $5,693,463)		4,250		4,476,100
Corporate Bonds — 0.4%
Financial Services — 0.3%
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028 (c)		3,512,200		3,104,552
Food Products — 0.1%
Post Holdings, Inc. 5.75%, 3/1/2027 (c)		666,000		634,902
Health Care Equipment & Supplies — 0.0% (d)
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡		600,000		543,750
Total Corporate Bonds (Cost $4,250,257)				4,283,204
Short-Term Investments — 10.3%
Commercial Paper — 7.4%
AES Corp. (The) 6.00%, 11/1/2023 (e)		1,298,000		1,297,782
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (e)		626,000		625,907
Entergy Corp. 5.40%, 11/1/2023 (c)(e)		816,000		815,878
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (e)		4,006,000		4,005,391

First Eagle Funds | Annual Report | October 31, 2023
59

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 7.4% (continued)
Global Payments, Inc. 5.96%, 11/1/2023 (e)		1,383,000		1,382,770
Johnson & Johnson 5.35%, 11/7/2023 (c)(e)		10,000,000		9,989,714
5.38%, 11/21/2023 (c)(e)		10,000,000		9,969,095
Microsoft Corp. 5.40%, 12/15/2023 (c)(e)		10,000,000		9,933,312
Oracle Corp. 5.76%, 1/25/2024 (e)		10,000,000		9,864,200
PepsiCo, Inc. 5.25%, 11/13/2023 (c)(e)		8,500,000		8,483,855
United Parcel Service, Inc. 5.19%, 12/12/2023 (e)		10,000,000		9,937,770
Walt Disney Co. (The) 5.50%, 1/3/2024 (c)(e)		10,000,000		9,903,692
5.61%, 1/4/2024 (c)(e)		8,150,000		8,070,292
Total Commercial Paper (Cost $84,293,745)				84,279,658
	Shares
Investment Companies — 0.0% (d)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (f) (Cost $26,191)		26,191		26,191
	Principal Amount ($)
U.S. Treasury Obligations — 2.9%
U.S. Treasury Bills 5.33%, 11/16/2023 (e)		5,000,000		4,989,023
5.34%, 12/14/2023 (e)		5,000,000		4,968,392
5.33%, 1/4/2024 (e)		5,000,000		4,952,889

First Eagle Funds | Annual Report | October 31, 2023
60

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 2.9% (continued)
5.42%, 1/23/2024 (e)		9,000,000		8,889,688
5.43%, 3/21/2024 (e)		9,100,000		8,910,253
Total U.S. Treasury Obligations (Cost $32,712,306)				32,710,245
Total Short-Term Investments (Cost $117,032,242)				117,016,094
Total Investments — 100.2% (Cost $750,308,662)				1,140,958,870
Liabilities in Excess of Other Assets — (0.2%)				(1,824,590	)
Net Assets — 100.0%				1,139,134,280

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(a)  Security fair valued as of October 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2023 amounted to $3,622,814, which represents approximately 0.32% of net assets of the Fund.

(b)  Perpetual security. The rate reflected was the rate in effect on October 31, 2023. The maturity date reflects the next call date.

(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, 2023 amounted to $60,905,292, which represents approximately 5.35% of net assets of the Fund.

(d)  Represents less than 0.05% of net assets.

(e)  The rate shown was the current yield as of October 31, 2023.

(f)  Represents 7-day effective yield as of October 31, 2023.

As of October 31, 2023, 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	$	427,266,656
Aggregate gross unrealized depreciation		(32,921,830	)
Net unrealized appreciation	$	394,344,826
Federal income tax cost	$	746,614,044

Abbreviations

REIT  — Real Estate Investment Trust

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2023
61

First Eagle Gold Fund

Fund Overview

Data as of October 31, 2023 (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		15.84		11.76		2.97
		with sales load		10.07		10.62		2.44
FTSE Gold Mines Index				16.27		6.77		0.79
MSCI World Index				10.48		8.27		7.53
Consumer Price Index				3.23		4.01		2.79

Asset Allocation* (%)

Sectors* (%)

Materials	70.1
Commodities	21.1
Short-Term Investments	8.8

Countries*~ (%)

Canada	34.0
United States	33.2
Brazil	12.5
Australia	8.3
Mexico	2.1
United Kingdom	1.1
Short-Term Investments	8.8

*  Asset Allocation, Sectors and Countries percentages are based on total investments in the portfolio.

**  Includes short-term commercial paper (8.1% of total investments) that settles in 90 days or less, long-term commercial paper (0.7% 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, 2023
62

First Eagle Gold Fund | Fund Overview

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.

The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with dividends reinvested. The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The index is unmanaged and includes dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)	16.1
Wheaton Precious Metals Corp. (Metals & Mining, Brazil)	12.4
Barrick Gold Corp. (Metals & Mining, Canada)	8.7
Newmont Corp. (Metals & Mining, United States)	7.4
Silver bullion** (Precious Metal)	4.9
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.8
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	4.6
Royal Gold, Inc. (Metals & Mining, United States)	4.5
Newcrest Mining Ltd. (Metals & Mining, Australia)	4.4
Franco-Nevada Corp. (Metals & Mining, Canada)	4.3
Total	72.1

*  Holdings in cash, short-term commercial paper, long-term 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, 2023
63

First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 69.4%
Australia — 8.2%
Newcrest Mining Ltd. (a)		6,262,689		95,997,212
Northern Star Resources Ltd.		11,077,071		81,115,003
				177,112,215
Brazil — 12.4%
Wheaton Precious Metals Corp.		6,340,844		267,900,659
Canada — 33.6%
Agnico Eagle Mines Ltd.		2,134,524		100,111,369
Alamos Gold, Inc., Class A		8,311,143		102,904,147
B2Gold Corp.		3,110,042		9,957,517
Barrick Gold Corp.		11,780,585		188,253,748
Dundee Precious Metals, Inc. (b)		14,240,008		93,341,751
Franco-Nevada Corp.		768,800		93,525,552
MAG Silver Corp.* (b)		5,431,222		54,322,011
Novagold Resources, Inc.* (b)		17,740,710		62,447,299
Orla Mining Ltd.*		6,508,741		19,947,467
				724,810,861
Mexico — 2.1%
Fresnillo plc		4,277,558		28,790,510
Industrias Penoles SAB de CV*		1,403,600		15,669,342
				44,459,852
United Kingdom — 1.1%
Anglogold Ashanti plc		1,377,003		24,565,733
United States — 12.0%
Newmont Corp.		4,288,765		160,700,024
Royal Gold, Inc.		930,778		97,108,069
				257,808,093
Total Common Stocks (Cost $1,146,994,410)				1,496,657,413

First Eagle Funds | Annual Report | October 31, 2023
64

First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Ounces		Value ($)
Commodities — 20.9%
Gold bullion*		174,689		346,781,982
Silver bullion*		4,596,472		105,169,108
Total Commodities (Cost $265,746,632)				451,951,090
	Number of Rights
Rights — 0.2%
Canada — 0.2%
Pan American Silver Corp., CVR, expiring 2/22/2029* (Cost $45,973,716)		6,835,667		3,455,430
	Principal Amount ($)
Short-Term Investments — 8.8%
Commercial Paper — 8.8%
AES Corp. (The) 6.00%, 11/1/2023 (c)		21,099,000		21,095,455
Alimentation Couche-Tard, Inc. 5.81%, 1/10/2024 (c)(d)		14,815,000		14,647,812
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (c)		10,176,000		10,174,494
Entergy Corp. 5.40%, 11/1/2023 (c)(d)		13,262,000		13,260,011
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (c)		65,105,000		65,095,104
Global Payments, Inc. 5.96%, 11/1/2023 (c)		22,473,000		22,469,269
Henkel Corp. 5.42%, 11/14/2023 (c)(d)		15,000,000		14,968,939
Oracle Corp. 5.62%, 12/20/2023 (c)(d)		10,185,000		10,105,548
Vulcan Materials Co. 5.62%, 11/29/2023 (c)		17,030,000		16,953,802
Total Commercial Paper (Cost $188,799,807)				188,770,434

First Eagle Funds | Annual Report | October 31, 2023
65

First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Investment Companies — 0.0% (e)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (f) (Cost $138,274)		138,274		138,274
Total Short-Term Investments (Cost $188,938,081)				188,908,708
Total Investments — 99.3% (Cost $1,647,652,839)				2,140,972,641
Other Assets Less Liabilities — 0.7%				16,605,443
Net Assets — 100.0%				2,157,578,084

*  Non-income producing security.

(a)  Security fair valued as of October 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2023 amounted to $95,997,212, which represents approximately 4.45% of net assets of the Fund.

(b)  Affiliated company as defined under the Investment Company Act of 1940.

(c)  The rate shown was the current yield as of October 31, 2023.

(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, 2023 amounted to $52,982,310, which represents approximately 2.46% of net assets of the Fund.

(e)  Represents less than 0.05% of net assets.

(f)  Represents 7-day effective yield as of October 31, 2023.

Abbreviations

CVR  — Contingent Value Rights

As of October 31, 2023, 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	$	573,351,377
Aggregate gross unrealized depreciation		(158,621,291	)
Net unrealized appreciation	$	414,730,086
Federal income tax cost	$	1,726,242,555

Affiliated Securities

Security Description	Shares at October 31, 2023		Market Value October 31, 2022		Purchases at Cost		Proceeds from Sales
Common Stocks — 9.7%
Canada — 9.7%
Dundee Precious Metals, Inc.		14,240,008	$	62,596,607	$	2,015,396	$	—
MAG Silver Corp.*		5,431,222		65,062,216		6,279,404		—
Novagold Resources, Inc.*		17,740,710		83,460,385		—		(1,813,442	)
Total Common Stocks			$	211,119,208	$	8,294,800	$	(1,813,442	)
Total			$	211,119,208	$	8,294,800	$	(1,813,442	)

First Eagle Funds | Annual Report | October 31, 2023
66

First Eagle Gold Fund | Consolidated Schedule of Investments | October 31, 2023

Affiliated Securities (continued)

Security Description	Net Realized Gains (Loss)			Change in Unrealized Appreciation/ Depreciation			Market Value October 31, 2023		Dividend Income
Common Stocks — 9.7%
Canada — 9.7%
Dundee Precious Metals, Inc.	$	—		$	28,729,748		$	93,341,751	$	1,895,288
MAG Silver Corp.*		—			(17,019,609	)		54,322,011		—
Novagold Resources, Inc.*		(1,319,109	)		(17,880,535	)		62,447,299		—
Total Common Stocks	$	(1,319,109	)	$	(6,170,396	)	$	210,111,061	$	1,895,288
Total	$	(1,319,109	)	$	(6,170,396	)	$	210,111,061	$	1,895,288

*  Non-income producing security.

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2023
67

First Eagle Global Income Builder Fund

Fund Overview

Data as of October 31, 2023 (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 Fund	Class A	without sales load		6.35		4.41		4.01
		with sales load		1.05		3.34		3.48
Composite Index				6.44		5.21		5.07
MSCI World Index				10.48		8.27		7.53
Bloomberg U.S. Aggregate Bond Index				0.36		-0.06		0.88

Asset Allocation* (%)

Sectors* (%)

Consumer Staples	22.7
U.S. Treasury Obligations	15.1
Financials	11.3
Energy	8.2
Industrials	7.7
Commodities	6.8
Health Care	6.3
Real Estate	4.5
Materials	4.2
Consumer Discretionary	4.1
Information Technology	3.1
Foreign Government Securities	1.7
Communication Services	1.5
Utilities	0.4
Asset-Backed Securities	0.2
Short-Term Investments	2.2

Countries*~ (%)

United States	59.5
United Kingdom	7.3
Canada	4.3
Mexico	3.9
Hong Kong	3.3
Japan	3.2
South Korea	2.3
Brazil	2.3
Switzerland	1.9
Germany	1.9
France	1.7
Chile	1.2
Norway	0.9
Singapore	0.9
Thailand	0.8
Netherlands	0.8
Sweden	0.5
Italy	0.3
Taiwan	0.3
Australia	0.2
Colombia	0.2
Saudi Arabia	0.1
Poland	0.0	***
Short-Term Investments	2.2

^{^}​  Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

*  Asset Allocation, Sectors and Countries percentages are based on total investments in the portfolio.

**  Includes short-term commercial paper (2.2% 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.

***  Less than 0.05%.

~  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, 2023
68

First Eagle Global Income Builder Fund | Fund Overview

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The 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)	6.8
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.7
Unilever plc (Personal Care Products, United Kingdom)	2.5
Nestle SA (Registered) (Food Products, United States)	2.2
British American Tobacco plc (Tobacco, United Kingdom)	2.1
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	1.9
Philip Morris International, Inc. (Tobacco, United States)	1.7
Colgate-Palmolive Co. (Household Products, United States)	1.7
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	1.7
KT&G Corp. (Tobacco, South Korea)	1.6
Total	24.9

*  Holdings in cash, short-term commercial paper, long-term 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, 2023
69

First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 58.3%
Brazil — 2.0%
Ambev SA, ADR		6,045,675		15,295,558
Itausa SA*		52,397		89,169
Itausa SA (Preference)		3,444,779		5,903,285
Wheaton Precious Metals Corp.		281,516		11,894,051
				33,182,063
Canada — 3.1%
Agnico Eagle Mines Ltd.		16,806		788,219
Barrick Gold Corp.		90,496		1,446,126
Franco-Nevada Corp.		42,649		5,188,308
Franco-Nevada Corp.		32,962		4,006,531
Imperial Oil Ltd.		238,922		13,616,013
Nutrien Ltd. (a)		87,298		4,687,902
Power Corp. of Canada		883,284		21,280,345
				51,013,444
Chile — 1.2%
Cia Cervecerias Unidas SA, ADR		1,232,370		13,864,163
Quinenco SA		2,083,758		5,639,883
				19,504,046
France — 1.5%
Danone SA		291,291		17,329,034
Sodexo SA		59,517		6,298,601
Wendel SE		19,995		1,497,775
				25,125,410
Germany — 1.6%
Brenntag SE		103,547		7,699,923
FUCHS SE (Preference)		319,659		12,982,963
Henkel AG & Co. KGaA (Preference)		81,279		5,863,067
				26,545,953
Hong Kong — 3.3%
CK Asset Holdings Ltd.		2,483,000		12,410,840
Great Eagle Holdings Ltd.		1,662,774		2,709,794
Hongkong Land Holdings Ltd.		2,370,400		7,518,249
Hysan Development Co. Ltd.		1,277,083		2,350,799

First Eagle Funds | Annual Report | October 31, 2023
70

First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Hong Kong — 3.3% (continued)
Jardine Matheson Holdings Ltd.		675,500		27,372,030
Mandarin Oriental International Ltd.		1,047,200		1,570,800
				53,932,512
Japan — 3.2%
FANUC Corp.		294,600		7,310,917
MS&AD Insurance Group Holdings, Inc.		242,700		8,892,658
Nagaileben Co. Ltd.		22,700		313,257
Nohmi Bosai Ltd.		70,300		846,482
Secom Co. Ltd.		203,100		14,106,279
Shimano, Inc.		87,400		12,577,394
Sompo Holdings, Inc.		104,800		4,539,933
USS Co. Ltd.		214,900		3,756,215
				52,343,135
Mexico — 2.8%
Bolsa Mexicana de Valores SAB de CV		403,523		629,155
Coca-Cola Femsa SAB de CV, ADR		203,819		15,494,320
Fomento Economico Mexicano SAB de CV, ADR		167,196		18,961,698
GMexico Transportes SAB de CV (b)		1,116,309		2,302,089
Grupo Mexico SAB de CV, Series B		2,026,562		8,265,190
				45,652,452
Netherlands — 0.8%
HAL Trust		40,521		4,564,418
Heineken Holding NV		113,543		8,638,747
				13,203,165
Norway — 0.9%
Orkla ASA		2,142,238		14,765,367
Singapore — 0.6%
United Overseas Bank Ltd.		292,600		5,771,447
UOL Group Ltd.		764,200		3,291,283
				9,062,730
South Korea — 2.1%
KT&G Corp.		419,335		26,453,029
Samsung Electronics Co. Ltd. (Preference)		204,402		8,160,694
				34,613,723

First Eagle Funds | Annual Report | October 31, 2023
71

First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Sweden — 0.5%
Svenska Handelsbanken AB, Class A		891,201		7,598,109
Switzerland — 1.9%
Cie Financiere Richemont SA (Registered)		151,851		17,914,700
Schindler Holding AG		61,668		12,476,840
Schindler Holding AG (Registered)		7,544		1,470,635
				31,862,175
Taiwan — 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		47,844		4,129,416
Thailand — 0.8%
Bangkok Bank PCL, NVDR		1,467,900		6,432,489
Thai Beverage PCL		17,954,100		7,091,529
				13,524,018
United Kingdom — 7.1%
BAE Systems plc		807,624		10,859,621
Berkeley Group Holdings plc		222,665		10,945,468
British American Tobacco plc		1,181,438		35,292,445
Great Portland Estates plc, REIT		327,228		1,551,144
Lloyds Banking Group plc		7,973,632		3,880,767
Reckitt Benckiser Group plc		193,995		12,979,616
Unilever plc		871,901		41,244,704
				116,753,765
United States — 24.6%
Analog Devices, Inc.		73,648		11,587,040
Bank of New York Mellon Corp. (The) (a)		336,334		14,294,195
Becton Dickinson & Co. (a)		63,027		15,931,965
Boston Properties, Inc., REIT		125,907		6,744,838
CH Robinson Worldwide, Inc.		107,646		8,808,672
Colgate-Palmolive Co. (a)		368,873		27,709,740
Comcast Corp., Class A (a)		541,473		22,357,420
Douglas Emmett, Inc., REIT		366,396		4,107,299
Elevance Health, Inc. (a)		17,617		7,929,236
Equity Residential, REIT (a)		340,956		18,865,095
Exxon Mobil Corp. (a)		412,370		43,649,364

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
United States — 24.6% (continued)
Fidelity National Financial, Inc.		84,603		3,307,131
Fidelity National Information Services, Inc.		51,600		2,534,076
General Dynamics Corp.		7,297		1,760,839
Haleon plc		4,109,584		16,471,585
HCA Healthcare, Inc. (a)		75,005		16,961,631
IDACORP, Inc.		52,533		4,975,400
Kraft Heinz Co. (The)		133,886		4,212,054
Linde plc (a)		6,853		2,618,942
Medtronic plc		224,887		15,868,027
Nestle SA (Registered)		331,974		35,799,671
ONEOK, Inc.		52,140		3,399,528
Oracle Corp.		29,638		3,064,569
Philip Morris International, Inc. (a)		318,886		28,431,876
Royal Gold, Inc.		90,423		9,433,832
RPM International, Inc. (a)		26,018		2,374,663
Sanofi SA		161,273		14,644,592
Schlumberger NV (a)		153,224		8,528,448
Texas Instruments, Inc.		121,579		17,265,434
Truist Financial Corp.		69,044		1,958,088
UGI Corp.		74,789		1,555,611
Union Pacific Corp.		6,500		1,349,465
Universal Health Services, Inc., Class B		19,258		2,424,390
US Bancorp		318,298		10,147,340
Walmart, Inc. (a)		56,972		9,309,794
Weyerhaeuser Co., REIT (a)		129,131		3,704,768
				404,086,618
Total Common Stocks (Cost $936,748,768)				956,898,101

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 15.0%
U.S. Treasury Bonds 6.63%, 2/15/2027		7,350,000		7,725,539
6.13%, 11/15/2027		21,467,400		22,440,142
U.S. Treasury Inflation Linked Notes 0.63%, 1/15/2024		11,840,000		15,439,573
0.13%, 7/15/2024		13,800,000		17,431,078
0.25%, 1/15/2025		6,900,000		8,611,299
0.38%, 7/15/2025		12,175,000		15,098,355
0.13%, 4/15/2027		14,230,800		14,173,418
1.25%, 4/15/2028		13,225,000		12,796,806
U.S. Treasury Notes 2.63%, 12/31/2023		25,735,700		25,615,020
2.50%, 1/31/2024		14,953,900		14,845,835
1.75%, 6/30/2024		4,317,000		4,211,604
3.00%, 7/31/2024		13,200,000		12,959,203
1.75%, 12/31/2024		12,947,000		12,420,522
1.75%, 3/15/2025		8,680,000		8,277,533
2.75%, 6/30/2025		17,750,000		17,070,508
0.38%, 12/31/2025		21,807,700		19,760,672
1.75%, 12/31/2026		1,860,000		1,690,638
4.63%, 9/30/2028		3,350,000		3,319,641
3.38%, 5/15/2033		12,050,000		10,654,836
3.88%, 8/15/2033		2,700,000		2,485,266
				247,027,488
Total U.S. Treasury Obligations (Cost 252,363,567)				247,027,488
Corporate Bonds — 10.7%
Australia — 0.2%
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (c)		1,459,000		1,507,975
Nufarm Australia Ltd. 5.00%, 1/27/2030 (c)		2,595,000		2,251,136
				3,759,111

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Canada — 1.2%
Nutrien Ltd. 4.90%, 3/27/2028		866,000		829,585
Open Text Corp. 3.88%, 2/15/2028 (c)		1,106,000		961,197
Open Text Holdings, Inc. 4.13%, 2/15/2030 (c)		6,065,000		5,025,453
TransCanada PipeLines Ltd. (United States SOFR Compounded Index + 1.52%), 6.87%, 3/9/2026 (d)		4,400,000		4,412,009
Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.88%, 8/15/2076 (d)		9,142,000		8,188,664
				19,416,908
Germany — 0.3%
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026 (c)(e)		3,879,000		3,604,871
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027 (c)(e)		1,336,632		1,243,749
				4,848,620
Mexico — 0.7%
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028 (c)		13,413,000		11,856,203
Poland — 0.0% (f)
Canpack SA 3.13%, 11/1/2025 (c)		420,000		385,031
United Kingdom — 0.2%
BAT Capital Corp. 3.22%, 9/6/2026		2,425,000		2,245,847
United States — 8.1%
ACCO Brands Corp. 4.25%, 3/15/2029 (c)		5,958,000		4,944,192
American Airlines, Inc. 5.50%, 4/20/2026 (c)		3,556,528		3,458,540
5.75%, 4/20/2029 (c)		502,000		452,832
American Tower Corp. REIT, 2.40%, 3/15/2025		115,000		109,208
AMN Healthcare, Inc. 4.63%, 10/1/2027 (c)		2,959,000		2,655,525

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 8.1% (continued)
Ball Corp. 6.88%, 3/15/2028		1,552,000		1,547,402
Bank of New York Mellon Corp. (The) Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(g)		7,689,000		5,951,333
Boston Properties LP REIT, 3.20%, 1/15/2025		1,817,000		1,738,716
Carnival Corp. 4.00%, 8/1/2028 (c)		1,206,000		1,049,003
Centene Corp. 4.25%, 12/15/2027		2,873,000		2,644,022
4.63%, 12/15/2029		450,000		401,967
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (c)		2,282,000		2,027,648
3.75%, 3/15/2029 (c)		1,522,000		1,284,675
CITGO Petroleum Corp. 7.00%, 6/15/2025 (c)		9,457,000		9,292,686
6.38%, 6/15/2026 (c)		5,182,000		5,091,090
CVS Health Corp. 3.88%, 7/20/2025		875,000		846,449
1.30%, 8/21/2027		1,000,000		843,465
4.30%, 3/25/2028		850,000		796,354
DCP Midstream Operating LP 6.45%, 11/3/2036 (c)		773,000		737,780
Delta Air Lines, Inc. 4.50%, 10/20/2025 (c)		4,101,200		3,986,268
DT Midstream, Inc. 4.13%, 6/15/2029 (c)		2,910,000		2,502,044
Edgewell Personal Care Co. 5.50%, 6/1/2028 (c)		1,770,000		1,615,417
4.13%, 4/1/2029 (c)		1,557,000		1,302,041
Embecta Corp. 5.00%, 2/15/2030 (c)		3,893,000		3,091,315
6.75%, 2/15/2030 (c)		2,292,000		1,900,068
GE HealthCare Technologies, Inc. 5.60%, 11/15/2025		1,700,000		1,690,680

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 8.1% (continued)
HCA, Inc. 5.38%, 2/1/2025		4,401,000		4,354,301
5.88%, 2/15/2026		2,649,000		2,625,692
3.50%, 9/1/2030		1,588,000		1,314,298
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027 (c)		3,609,000		3,299,086
REIT, 5.25%, 3/15/2028 (c)		1,005,000		919,215
REIT, 5.00%, 7/15/2028 (c)		1,596,000		1,428,225
REIT, 4.88%, 9/15/2029 (c)		1,322,000		1,151,543
KeyBank NA 4.15%, 8/8/2025		1,000,000		930,009
KFC Holding Co. 4.75%, 6/1/2027 (c)		1,472,000		1,391,114
Kinder Morgan Energy Partners LP 4.15%, 2/1/2024		3,116,000		3,099,493
Kraft Heinz Foods Co. 3.00%, 6/1/2026		1,800,000		1,682,031
Laboratory Corp. of America Holdings 3.60%, 2/1/2025		1,800,000		1,747,900
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (c)		2,583,000		2,191,217
Manufacturers & Traders Trust Co. 4.70%, 1/27/2028		2,825,000		2,559,951
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (c)		4,079,674		4,030,218
MSCI, Inc. 4.00%, 11/15/2029 (c)		3,825,000		3,292,708
Post Holdings, Inc. 5.75%, 3/1/2027 (c)		2,867,000		2,733,131
PRA Group, Inc. 7.38%, 9/1/2025 (c)		2,123,000		1,985,005
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (c)		4,405,000		3,735,484
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (c)		1,202,000		746,346
SEG Holding LLC 5.63%, 10/15/2028 (c)		5,461,000		5,470,448

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 8.1% (continued)
Service Corp. International 4.63%, 12/15/2027		699,000		646,547
5.13%, 6/1/2029		857,000		784,155
Taylor Morrison Communities, Inc. 5.13%, 8/1/2030 (c)		2,000,000		1,680,807
Teleflex, Inc. 4.63%, 11/15/2027		2,919,000		2,670,885
4.25%, 6/1/2028 (c)		782,000		690,116
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (d)(g)		12,882,000		10,556,959
VICI Properties LP REIT, 5.63%, 5/1/2024 (c)		1,586,000		1,575,126
WESCO Distribution, Inc. 7.25%, 6/15/2028 (c)		2,136,000		2,122,437
				133,375,167
Total Corporate Bonds (Cost 186,686,901)				175,886,887
	Ounces
Commodities — 6.8%
Gold bullion* (Cost $69,007,802)		55,892		110,952,542
	Shares
Master Limited Partnerships — 1.9%
United States — 1.9%
Enterprise Products Partners LP (Cost $25,415,226)		1,203,180		31,330,807
	Principal Amount ($)
Foreign Government Securities — 1.7%
Brazil — 0.2%
Notas do Tesouro Nacional 10.00%, 1/1/2025	BRL	21,000,000		4,114,194

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Colombia — 0.2%
Republic of Colombia 3.00%, 1/30/2030		4,290,000		3,298,545
Italy — 0.3%
Republic of Italy 2.38%, 10/17/2024		4,300,000		4,152,467
Mexico — 0.4%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023	MXN	68,770,000		3,797,665
Series M, 5.75%, 3/5/2026	MXN	56,800,000		2,831,053
				6,628,718
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 4.75%, 1/18/2028 (c)		1,750,000		1,693,125
Singapore ��� 0.3%
Republic of Singapore 1.25%, 11/1/2026	SGD	7,592,000		5,188,500
South Korea — 0.2%
Republic of Korea 1.25%, 3/10/2026	KRW	4,480,550,000		3,110,393
Total Foreign Government Securities (Cost 29,020,214)				28,185,942
	Shares
Preferred Stocks — 1.4%
United States — 1.4%
Charles Schwab Corp. (The) Series D, 5.95% (g)		46,239		1,045,464
General American Investors Co., Inc. Series B, 5.95% (g)		4,712		114,832
MetLife, Inc. Series A, (SOFR USD 3 Month + 1.00%, 4.00% Floor), 6.67% (d)(g)		128,986		2,922,823
Northern Trust Corp. Series E, 4.70% (g)		135,349		2,625,771
State Street Corp. Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35% (d)(g)		100,371		2,195,114

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
United States — 1.4% (continued)
Truist Financial Corp. Series R, 4.75% (g)		383,073		6,830,191
US Bancorp Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 6.26% (d)(g)		140,375		2,709,237
Series A, (CME Term SOFR 3 Month + 1.28%), 6.68% (d)(g)		5,200		3,847,376
Total Preferred Stocks (Cost 26,374,893)				22,290,808
	Principal Amount ($)
Convertible Preferred Stocks — 1.4%
United States — 1.4%
Bank of America Corp. Series L, 7.25% (g)		10,496		11,054,387
Wells Fargo & Co. Series L, 7.50% (g)		11,123		11,749,225
				22,803,612
Total Convertible Preferred Stocks (Cost 30,438,618)				22,803,612
Loan Assignments — 0.3%
United States — 0.3%
Aramark Intermediate HoldCo Corp., Term Loan B-5 (SOFR 1 month + 2.50%), 7.94%, 4/6/2028 (d)		2,500,000		2,500,525
SBA Senior Finance II LLC, Term Loan (CME Term SOFR USD 1 Month + 1.75%), 7.18%, 4/11/2025 (d)		1,745,395		1,746,521
				4,247,046
Total Loan Assignments (Cost 4,247,075)				4,247,046
Asset-Backed Securities — 0.2%
United States — 0.2%
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $4,282,065)		4,299,207		4,232,743

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Short-Term Investments — 2.2%
Commercial Paper — 2.2%
AES Corp. (The) 6.00%, 11/1/2023 (h)		5,717,000		5,716,039
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (h)		2,757,000		2,756,592
Entergy Corp. 5.40%, 11/1/2023 (c)(h)		3,594,000		3,593,461
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (h)		17,641,000		17,638,319
Global Payments, Inc. 5.96%, 11/1/2023 (h)		6,089,000		6,087,989
Total Commercial Paper (Cost $35,798,000)				35,792,400
	Shares
Investment Companies — 0.0% (f)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (i) (Cost $16,392)		16,392		16,392
Total Short-Term Investments (Cost $35,814,392)				35,808,792
Total Investments — 99.9% (Cost $1,600,399,521)				1,639,664,768
Other Assets Less Liabilities — 0.1%				1,927,302
Net Assets — 100.0%				1,641,592,070

*  Non-income producing security.

(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, 2023 amounted to $115,955,551, which represents approximately 7.06% of net assets of the Fund.

(d)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2023.

(e)  Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

(f)  Represents less than 0.05% of net assets.

(g)  Perpetual security. The rate reflected was the rate in effect on October 31, 2023. The maturity date reflects the next call date.

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

(h)  The rate shown was the current yield as of October 31, 2023.

(i)  Represents 7-day effective yield as of October 31, 2023.

As of October 31, 2023, 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	$	176,620,595
Aggregate gross unrealized depreciation		(134,342,956	)
Net unrealized appreciation	$	42,277,639
Federal income tax cost	$	1,598,255,456

Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2023

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	6,867,188	EUR	6,109,000	Bank of New York Mellon	11/15/2023	$	399,777
USD	1,419,259	JPY	192,866,000	Bank of New York Mellon	11/15/2023		144,146
USD	7,084,363	EUR	6,455,000	Goldman Sachs	12/20/2023		238,532
USD	1,786,709	GBP	1,402,000	Goldman Sachs	12/20/2023		81,975
USD	1,327,202	JPY	189,697,000	Goldman Sachs	12/20/2023		65,162
USD	6,296,774	EUR	5,820,000	JPMorgan Chase Bank	01/24/2024		113,706
USD	2,854,542	GBP	2,287,000	JPMorgan Chase Bank	01/24/2024		72,882
USD	1,455,541	JPY	210,151,000	JPMorgan Chase Bank	01/24/2024		49,260
USD	5,864,887	EUR	5,497,000	UBS AG	02/21/2024		17,257
USD	1,104,391	JPY	160,920,000	UBS AG	02/21/2024		22,689
Total unrealized appreciation							1,205,386
EUR	1,286,000	USD	1,373,165	Goldman Sachs	12/20/2023		(9,302	)
Total unrealized depreciation							(9,302	)
Net unrealized appreciation						$	1,196,084

Abbreviations

ADR  — American Depositary Receipt

BRL  — Brazilian Real

EUR  — Euro

Fix Rt  — Fixed Rate

GBP  — British Pound

ICE  — Intercontinental Exchange

JPY  — Japanese Yen

KRW  — South Korean Won

LIBOR  — London Interbank Offered Rate

MXN  — Mexican Peso

NVDR  — Non-Voting Depositary Receipt

PIK  — Pay in Kind

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

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

SGD  — Singapore Dollar

SOFR  — Secured Overnight Financing Rate

USD  — United States Dollar

Written Call Options Contracts as of October 31, 2023:

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Bank of New York Mellon Corp. (The)	Exchange Traded		382	USD	(1,623,500	)	USD	50.00	12/15/2023		(5,730	)
Bank of New York Mellon Corp. (The)	Exchange Traded		395	USD	(1,678,750	)	USD	50.00	01/19/2024		(9,875	)
Becton Dickinson & Co.	Exchange Traded		69	USD	(1,744,182	)	USD	290.00	12/15/2023		(2,932	)
Becton Dickinson & Co.	Exchange Traded		62	USD	(1,567,236	)	USD	320.00	12/15/2023		(8,370	)
Becton Dickinson & Co.	Exchange Traded		62	USD	(1,567,236	)	USD	320.00	01/19/2024		(4,650	)
Colgate-Palmolive Co.	Exchange Traded		220	USD	(1,652,640	)	USD	85.00	11/17/2023		(660	)
Comcast Corp., Class A	Exchange Traded		446	USD	(1,841,534	)	USD	45.00	01/19/2024		(20,070	)
Comcast Corp., Class A	Exchange Traded		380	USD	(1,569,020	)	USD	60.00	01/19/2024		(760	)
Elevance Health, Inc.	Exchange Traded		39	USD	(1,755,351	)	USD	500.00	12/15/2023		(5,265	)
Elevance Health, Inc.	Exchange Traded		39	USD	(1,755,351	)	USD	530.00	12/15/2023		(2,243	)
Equity Residential, REIT	Exchange Traded		536	USD	(2,965,688	)	USD	75.00	12/15/2023		(40,200	)
Equity Residential, REIT	Exchange Traded		275	USD	(1,521,575	)	USD	80.00	12/15/2023		(20,625	)
Equity Residential, REIT	Exchange Traded		258	USD	(1,427,514	)	USD	80.00	01/19/2024		(1,935	)
Exxon Mobil Corp.	Exchange Traded		148	USD	(1,566,580	)	USD	125.00	11/17/2023		(444	)
Exxon Mobil Corp.	Exchange Traded		148	USD	(1,566,580	)	USD	130.00	11/17/2023		(148	)
Exxon Mobil Corp.	Exchange Traded		148	USD	(1,566,580	)	USD	135.00	12/15/2023		(592	)
Exxon Mobil Corp.	Exchange Traded		161	USD	(1,704,185	)	USD	135.00	01/19/2024		(3,059	)
Exxon Mobil Corp.	Exchange Traded		161	USD	(1,704,185	)	USD	140.00	01/19/2024		(1,932	)
Exxon Mobil Corp.	Exchange Traded		159	USD	(1,683,015	)	USD	150.00	01/19/2024		(795	)
HCA Healthcare, Inc.	Exchange Traded		66	USD	(1,492,524	)	USD	290.00	11/17/2023		(660	)
Linde plc	Exchange Traded		68	USD	(2,598,688	)	USD	375.00	01/19/2024		(146,200	)
Nutrien Ltd.	Exchange Traded		269	USD	(1,444,530	)	USD	90.00	12/15/2023		(4,035	)

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First Eagle Global Income Builder Fund | Schedule of Investments | October 31, 2023

Written Call Options Contracts as of October 31, 2023: (continued)

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Nutrien Ltd.	Exchange Traded		269	USD	(1,444,530	)	USD	95.00	01/19/2024		(2,690	)
Philip Morris International, Inc.	Exchange Traded		184	USD	(1,640,544	)	USD	110.00	01/19/2024		(1,472	)
Philip Morris International, Inc.	Exchange Traded		178	USD	(1,587,048	)	USD	120.00	01/19/2024		(1,780	)
RPM International, Inc.	Exchange Traded		200	USD	(1,825,400	)	USD	100.00	11/17/2023		(3,000	)
Schlumberger NV	Exchange Traded		326	USD	(1,814,516	)	USD	70.00	11/17/2023		(1,304	)
Schlumberger NV	Exchange Traded		356	USD	(1,981,496	)	USD	70.00	01/19/2024		(11,748	)
Schlumberger NV	Exchange Traded		306	USD	(1,703,196	)	USD	75.00	01/19/2024		(4,896	)
Walmart, Inc.	Exchange Traded		113	USD	(1,846,533	)	USD	175.00	12/15/2023		(8,927	)
Weyerhaeuser Co., REIT	Exchange Traded		560	USD	(1,606,640	)	USD	35.00	01/19/2024		(5,600	)
Weyerhaeuser Co., REIT	Exchange Traded		516	USD	(1,480,404	)	USD	40.00	01/19/2024		(5,160	)
											(327,757	)
Total Written Options Contracts (Premiums Received ($722,046))											(327,757	)

See Notes to Financial Statements.

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First Eagle High Income Fund

Fund Overview

Data as of October 31, 2023 (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		5.49		2.23		2.82
Bloomberg U.S. Corporate High Yield Index			6.23		3.05		3.86

Asset Allocation* (%)

Sectors* (%)
Industrials	15.9
Financials	11.9
Consumer Discretionary	11.7
Energy	10.8
Consumer Staples	9.9
Health Care	9.1
Materials	6.1
Information Technology	5.4
Communication Services	5.2
Real Estate	3.6
Asset-Backed Securities	0.6
Short-Term Investments	9.8

Countries*~ (%)

United States	79.2
Canada	4.4
Mexico	2.7
Germany	2.1
Poland	1.3
Australia	0.5
Short-Term Investments	9.8

^{^}​  Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

*  Asset Allocation, Sectors and Countries percentages are based on total investments in the portfolio.

**  Includes short-term commercial paper (9.8% 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.

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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)	2.5
Ford Motor Credit Co. LLC (Consumer Finance, United States)	2.2
Mexico Remittances Funding Fiduciary Estate Management Sarl (Financial Services, Mexico)	1.9
Carnival Corp. (Hotels, Restaurants & Leisure, United States)	1.9
Ford Motor Credit Co. LLC (Consumer Finance, United States)	1.6
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure, United States)	1.6
Mileage Plus Holdings LLC (Passenger Airlines, United States)	1.6
AMN Healthcare, Inc. (Professional Services, United States)	1.5
Interface, Inc. (Commercial Services & Supplies, United States)	1.5
Cheplapharm Arzneimittel GmbH (Pharmaceuticals, Germany)	1.5
Total	17.8

*  Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

  Percentages are based on total net assets.

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87

First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Corporate Bonds — 83.4%
Australia — 0.5%
Nufarm Australia Ltd. 5.00%, 1/27/2030 (a)		859,000		745,174
Canada — 4.1%
Kronos Acquisition Holdings, Inc. 5.00%, 12/31/2026 (a)		2,000,000		1,809,103
Open Text Corp. 3.88%, 2/15/2028 (a)		2,190,000		1,903,274
Open Text Holdings, Inc. 4.13%, 2/15/2030 (a)		393,000		325,639
Precision Drilling Corp. 6.88%, 1/15/2029 (a)		1,944,000		1,799,956
Ritchie Bros Holdings, Inc. 7.75%, 3/15/2031 (a)		500,000		501,250
				6,339,222
Germany — 2.0%
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a)		2,640,000		2,341,645
IHO Verwaltungs GmbH 6.00% (6.00% Cash or 6.75% PIK) 5/15/2027 (a)(b)		780,244		726,025
				3,067,670
Mexico — 2.5%
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028 (a)		3,351,550		2,962,548
Petroleos Mexicanos 6.70%, 2/16/2032		1,200,000		884,779
				3,847,327
Poland — 1.2%
Canpack SA 3.13%, 11/1/2025 (a)		200,000		183,348
3.88%, 11/15/2029 (a)		2,147,000		1,685,395
				1,868,743
United States — 73.1%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)		1,964,000		1,629,808

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First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 73.1% (continued)
American Airlines, Inc. 5.50%, 4/20/2026 (a)		1,042,778		1,014,048
5.75%, 4/20/2029 (a)		185,000		166,880
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)		2,626,000		2,356,678
4.00%, 4/15/2029 (a)		609,000		504,362
Antero Midstream Partners LP 7.88%, 5/15/2026 (a)		615,000		619,338
5.38%, 6/15/2029 (a)		1,294,000		1,175,014
Antero Resources Corp. 8.38%, 7/15/2026‡ (a)		604,000		621,196
Arcosa, Inc. 4.38%, 4/15/2029 (a)		163,000		142,217
Ashland, Inc. 3.38%, 9/1/2031 (a)		1,500,000		1,149,864
Avantor Funding, Inc. 3.88%, 11/1/2029 (a)		2,000,000		1,673,872
B&G Foods, Inc. 8.00%, 9/15/2028 (a)		1,000,000		974,492
Ball Corp. 6.88%, 3/15/2028		367,000		365,913
6.00%, 6/15/2029		500,000		479,415
Boyd Gaming Corp. 4.75%, 12/1/2027		872,000		793,516
4.75%, 6/15/2031 (a)		162,000		134,443
BWX Technologies, Inc. 4.13%, 6/30/2028 (a)		1,000,000		879,985
4.13%, 4/15/2029 (a)		653,000		558,315
Caesars Entertainment, Inc. 6.25%, 7/1/2025 (a)		2,500,000		2,459,718
Carnival Corp. 5.75%, 3/1/2027 (a)		3,242,000		2,894,658
4.00%, 8/1/2028 (a)		424,000		368,804
CCO Holdings LLC 5.00%, 2/1/2028 (a)		2,500,000		2,244,843
Centene Corp. 4.25%, 12/15/2027		641,000		589,912
4.63%, 12/15/2029		809,000		722,648

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First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 73.1% (continued)
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (a)		857,000		761,479
3.75%, 3/15/2029 (a)		1,182,000		997,691
Cinemark USA, Inc. 8.75%, 5/1/2025 (a)		963,000		973,150
CITGO Petroleum Corp. 7.00%, 6/15/2025 (a)		3,956,000		3,887,265
6.38%, 6/15/2026 (a)		802,000		787,930
CNX Resources Corp. 7.38%, 1/15/2031 (a)		250,000		238,869
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a)		648,000		586,600
Conduent Business Services LLC 6.00%, 11/1/2029 (a)		2,000,000		1,648,663
Crown Americas LLC 4.75%, 2/1/2026		1,844,000		1,773,222
Dana, Inc. 5.38%, 11/15/2027		1,255,000		1,154,600
Delta Air Lines, Inc. 4.50%, 10/20/2025 (a)		1,597,862		1,553,084
DT Midstream, Inc. 4.13%, 6/15/2029 (a)		1,243,000		1,068,743
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		618,000		564,027
4.13%, 4/1/2029 (a)		669,000		559,451
Embecta Corp. 5.00%, 2/15/2030 (a)		801,000		636,050
6.75%, 2/15/2030 (a)		693,000		574,497
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)		8,000		6,833
4.38%, 3/31/2029 (a)		871,000		711,017
EnLink Midstream LLC 6.50%, 9/1/2030 (a)		1,000,000		959,869
Entegris Escrow Corp. 4.75%, 4/15/2029 (a)		1,000,000		895,544
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a)		1,500,000		1,410,000
Fair Isaac Corp. 4.00%, 6/15/2028 (a)		2,169,000		1,931,468

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First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 73.1% (continued)
Ford Motor Credit Co. LLC 3.81%, 1/9/2024		2,500,000		2,487,607
5.58%, 3/18/2024		3,418,000		3,402,353
Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a)		1,000,000		965,000
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)		2,000,000		1,981,705
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)		1,000,000		630,251
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a)		1,240,000		916,198
Hertz Corp. (The) 5.00%, 12/1/2029 (a)		2,000,000		1,435,809
Howard Hughes Corp. (The) 4.38%, 2/1/2031 (a)		62,000		47,194
Imola Merger Corp. 4.75%, 5/15/2029 (a)		1,184,000		1,032,203
Ingles Markets, Inc. 4.00%, 6/15/2031 (a)		500,000		397,500
Interface, Inc. 5.50%, 12/1/2028 (a)		2,794,000		2,348,944
International Game Technology plc 5.25%, 1/15/2029 (a)		967,000		879,854
IQVIA, Inc. 5.00%, 10/15/2026 (a)		800,000		762,654
5.00%, 5/15/2027 (a)		1,075,000		1,011,342
6.50%, 5/15/2030 (a)		250,000		242,500
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027 (a)		763,000		697,479
REIT, 5.25%, 3/15/2028 (a)		621,000		567,992
REIT, 5.00%, 7/15/2028 (a)		220,000		196,873
REIT, 4.88%, 9/15/2029 (a)		870,000		757,824
ITT Holdings LLC 6.50%, 8/1/2029 (a)		1,250,000		1,045,313
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		1,312,000		1,093,247
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)		581,000		536,487
4.13%, 1/31/2030 (a)		1,117,000		947,576

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First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 73.1% (continued)
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a)		250,000		211,497
6.13%, 3/15/2032 (a)		500,000		412,930
MGIC Investment Corp. 5.25%, 8/15/2028		612,000		562,535
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a)		2,457,671		2,427,878
Moog, Inc. 4.25%, 12/15/2027 (a)		155,000		137,990
MSCI, Inc. 4.00%, 11/15/2029 (a)		1,000,000		860,839
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a)		646,000		552,330
NCR Atleos Escrow Corp. 9.50%, 4/1/2029 (a)		500,000		490,115
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a)		1,000,000		815,337
Post Holdings, Inc. 5.75%, 3/1/2027 (a)		1,786,000		1,702,606
PRA Group, Inc. 7.38%, 9/1/2025 (a)		2,426,000		2,268,310
Radian Group, Inc. 4.50%, 10/1/2024		645,000		628,552
Range Resources Corp. 4.75%, 2/15/2030 (a)		1,000,000		888,150
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)		1,019,000		864,122
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a)		214,000		226,164
5.50%, 8/31/2026 (a)		1,000,000		943,680
5.38%, 7/15/2027 (a)		100,000		92,158
8.25%, 1/15/2029 (a)		500,000		512,561
SBA Communications Corp. REIT, 3.88%, 2/15/2027		609,000		554,613
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a)		2,452,000		1,522,496
Sealed Air Corp. 4.00%, 12/1/2027 (a)		1,252,000		1,100,549
6.13%, 2/1/2028 (a)		250,000		237,955

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First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
United States — 73.1% (continued)
Service Corp. International 4.63%, 12/15/2027		124,000		114,695
5.13%, 6/1/2029		125,000		114,375
Shea Homes LP 4.75%, 2/15/2028		668,000		587,093
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a)		1,000,000		737,500
Starwood Property Trust, Inc. REIT, 5.50%, 11/1/2023 (a)		2,000,000		2,000,000
REIT, 3.75%, 12/31/2024 (a)		1,000,000		945,000
Sunoco LP 4.50%, 4/30/2030		2,000,000		1,708,248
Teleflex, Inc. 4.63%, 11/15/2027		1,005,000		919,575
4.25%, 6/1/2028 (a)		1,026,000		905,446
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)		2,138,000		1,762,107
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a)		1,830,000		1,679,025
United Airlines, Inc. 4.38%, 4/15/2026 (a)		343,000		318,172
4.63%, 4/15/2029 (a)		229,000		193,437
United Natural Foods, Inc. 6.75%, 10/15/2028 (a)		1,530,000		1,203,926
United Wholesale Mortgage LLC 5.50%, 4/15/2029 (a)		326,000		273,025
VICI Properties LP REIT, 5.75%, 2/1/2027 (a)		2,415,000		2,311,188
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)		1,850,000		1,838,253
White Cap Parent LLC 8.25% (8.25% Cash or 9.00% PIK) 3/15/2026 (a)(b)		1,972,000		1,850,605
Ziff Davis, Inc. 4.63%, 10/15/2030 (a)		1,588,000		1,329,503
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a)		1,000,000		781,030
				112,169,466
Total Corporate Bonds (Cost 141,634,688)				128,037,602

First Eagle Funds | Annual Report | October 31, 2023
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First Eagle High Income Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Loan Assignments — 0.9%
United States — 0.9%
BJ's Wholesale Club, Inc., 1st Lien Term Loan B (SOFR 1 month + 2.00%), 7.35%, 2/5/2029 (c) (Cost $1,450,933)		1,451,211		1,455,521
Asset-Backed Securities — 0.5%
United States — 0.5%
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $823,399)		826,845		814,063
Short-Term Investments — 9.3%
Commercial Paper — 9.3%
AES Corp. (The) 6.00%, 11/1/2023 (d)		2,271,000		2,270,618
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (d)		1,095,000		1,094,838
Entergy Corp. 5.40%, 11/1/2023 (a)(d)		1,428,000		1,427,786
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (d)		7,007,000		7,005,935
Global Payments, Inc. 5.96%, 11/1/2023 (d)		2,419,000		2,418,598
Total Commercial Paper (Cost $14,220,000)				14,217,775
	Shares
Investment Companies — 0.0% (e)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (f) (Cost $7,164)		7,164		7,164
Total Short-Term Investments (Cost $14,227,164)				14,224,939
Total Investments — 94.1% (Cost $158,136,184)				144,532,125
Other Assets Less Liabilities — 5.9%				9,052,091
Net Assets — 100.0%				153,584,216

First Eagle Funds | Annual Report | October 31, 2023
94

First Eagle High Income Fund | Schedule of Investments | October 31, 2023

‡  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, 2023 amounted to $111,621,737, which represents approximately 72.68% 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, 2023.

(d)  The rate shown was the current yield as of October 31, 2023.

(e)  Represents less than 0.05% of net assets.

(f)  Represents 7-day effective yield as of October 31, 2023.

As of October 31, 2023, 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	$	153,639
Aggregate gross unrealized depreciation		(13,671,711	)
Net unrealized depreciation	$	(13,518,072	)
Federal income tax cost	$	158,050,197

Abbreviations

PIK  — Pay in Kind

REIT  — Real Estate Investment Trust

SOFR  — Secured Overnight Financing Rate

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2023
95

First Eagle Rising Dividend Fund (formerly First Eagle Fund of America)

Fund Overview

Data as of October 31, 2023 (unaudited)

Investment Objective

The First Eagle Rising Dividend Fund is a non-diversified domestic 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. Normally, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) are invested in dividends paying equity securities where the dividends are expected to increase over time.

Average Annual Returns^​ (%)			One Year		Five Years		Ten Years
First Eagle Rising Dividend Fund	Class A	without sales charge		14.17		5.24		4.18
		with sales charge		8.45		4.16		3.65
S&P 500 Index				10.14		11.01		11.18

Asset Allocation* (%)

Sectors* (%)

Information Technology	19.9
Health Care	18.8
Communication Services	16.6
Consumer Staples	11.9
Industrials	8.9
Consumer Discretionary	8.6
Energy	7.6
Financials	3.6
Real Estate	2.3
Materials	0.5
Short-Term Investments	1.3

^{^}​  Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

*  Asset Allocation and Sectors percentages are based on total investments in the portfolio.

**  Includes short-term commercial paper (1.3% 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.

  The Fund's portfolio composition is subject to change at any time.

First Eagle Funds | Annual Report | October 31, 2023
96

First Eagle Rising Dividend 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.

Top 10 Holdings* (%)

Oracle Corp. (Software, United States)	6.9
Comcast Corp., Class A (Media, United States)	6.6
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	6.0
Alphabet, Inc., Class A (Interactive Media & Services, United States)	5.9
Medtronic plc (Health Care Equipment & Supplies, United States)	5.9
UnitedHealth Group, Inc. (Health Care Providers & Services, United States)	5.8
Philip Morris International, Inc. (Tobacco, United States)	4.9
Home Depot, Inc. (The) (Specialty Retail, United States)	4.5
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components, United States)	4.3
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	4.0
Total	54.8

*  Holdings in cash, short-term commercial paper, long-term 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, 2023
97

First Eagle Rising Dividend Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 96.0%
Air Freight & Logistics — 5.0%
CH Robinson Worldwide, Inc.		94,860		7,762,394
Expeditors International of Washington, Inc.		91,739		10,022,486
				17,784,880
Beverages — 2.9%
PepsiCo, Inc.		63,773		10,412,855
Capital Markets — 2.3%
Bank of New York Mellon Corp. (The)		188,714		8,020,345
Chemicals — 0.5%
RPM International, Inc.		19,424		1,772,829
Electronic Equipment, Instruments & Components — 4.3%
TE Connectivity Ltd.		130,279		15,353,380
Food Products — 0.5%
Nestle SA (Registered)		16,940		1,826,789
Health Care Equipment & Supplies — 9.9%
Becton Dickinson & Co.		56,162		14,196,630
Medtronic plc		293,507		20,709,854
				34,906,484
Health Care Providers & Services — 9.0%
HCA Healthcare, Inc.		48,599		10,990,178
UnitedHealth Group, Inc.		38,640		20,694,038
				31,684,216
Hotels, Restaurants & Leisure — 1.3%
Starbucks Corp.		50,670		4,673,801
Household Products — 3.6%
Colgate-Palmolive Co.		168,063		12,624,893
Insurance — 1.3%
Fidelity National Financial, Inc.		115,348		4,508,953
Interactive Media & Services — 9.9%
Alphabet, Inc., Class A*		167,713		20,809,829
Meta Platforms, Inc., Class A*		46,882		14,124,140
				34,933,969
IT Services — 0.2%
Accenture plc, Class A		2,700		802,143

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First Eagle Rising Dividend Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Machinery — 3.9%
Schindler Holding AG (Switzerland)		67,900		13,737,716
Media — 6.6%
Comcast Corp., Class A		569,727		23,524,028
Oil, Gas & Consumable Fuels — 5.0%
Exxon Mobil Corp.		108,154		11,448,101
ONEOK, Inc.		94,148		6,138,450
				17,586,551
Semiconductors & Semiconductor Equipment — 7.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		44,119		3,807,911
Texas Instruments, Inc.		148,753		21,124,413
				24,932,324
Software — 8.3%
Microsoft Corp.		15,282		5,166,997
Oracle Corp.		234,447		24,241,820
				29,408,817
Specialized REITs — 2.3%
Extra Space Storage, Inc., REIT		79,075		8,191,379
Specialty Retail — 7.3%
Home Depot, Inc. (The)		55,873		15,906,484
Ross Stores, Inc.		85,002		9,857,682
				25,764,166
Tobacco — 4.9%
Philip Morris International, Inc.		193,418		17,245,149
Total Common Stocks (Cost $304,003,712)				339,695,667
Master Limited Partnerships — 2.6%
Oil, Gas & Consumable Fuels — 2.6%
Enterprise Products Partners LP (Cost $8,799,898)		352,314		9,174,256
	Principal Amount ($)
Short-Term Investments — 1.3%
Commercial Paper — 1.3%
AES Corp. (The) 6.00%, 11/1/2023 (a)		760,000		759,872

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First Eagle Rising Dividend Fund | Schedule of Investments | October 31, 2023

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 1.3% (continued)
Credit Agricole Corporate and Investment Bank 5.27%, 11/1/2023 (a)		366,000		365,946
Entergy Corp. 5.40%, 11/1/2023 (a)(b)		478,000		477,928
General Motors Financial Co., Inc. 5.45%, 11/1/2023 (a)		2,344,000		2,343,644
Global Payments, Inc. 5.96%, 11/1/2023 (a)		809,000		808,866
Total Commercial Paper (Cost $4,757,000)				4,756,256
	Shares
Investment Companies — 0.0% (c)
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.37% (d) (Cost $3,291)		3,291		3,291
Total Short-Term Investments (Cost $4,760,291)				4,759,547
Total Investments — 99.9% (Cost $317,563,901)				353,629,470
Other Assets Less Liabilities — 0.1%				185,461
Net Assets — 100.0%				353,814,931

*  Non-income producing security.

(a)  The rate shown was the current yield as of October 31, 2023.

(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, 2023 amounted to $477,928, which represents approximately 0.14% of net assets of the Fund.

(c)  Represents less than 0.05% of net assets.

(d)  Represents 7-day effective yield as of October 31, 2023.

Abbreviations

ADR  — American Depositary Receipt

REIT  — Real Estate Investment Trust

As of October 31, 2023, 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	$	46,973,648
Aggregate gross unrealized depreciation		(10,996,464	)
Net unrealized appreciation	$	35,977,184
Federal income tax cost	$	317,652,286

See Notes to Financial Statements.

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First Eagle Small Cap Opportunity Fund

Fund Overview

Data as of October 31, 2023 (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		-3.08		-6.74
Russell 2000®​ Value Index			-9.93		-7.36
Russell 2000®​ Index			-8.56		-10.86

Asset Allocation* (%)

Sectors* (%)

Industrials	22.3
Information Technology	15.5
Consumer Discretionary	13.0
Health Care	11.0
Materials	8.6
Financials	8.3
Energy	6.9
Real Estate	2.4
Consumer Staples	2.2
Communication Services	0.9
Utilities	0.6
Short-Term Investments	8.3

^{^}​  Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

†  Less than 0.05%.

*  Asset Allocation and Sectors 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 (8.3% 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.

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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* (%)

Ducommun, Inc. (Aerospace & Defense, United States)	0.8
Stewart Information Services Corp. (Insurance, United States)	0.8
Matador Resources Co. (Oil, Gas & Consumable Fuels, United States)	0.8
Air Lease Corp. (Trading Companies & Distributors, United States)	0.8
Old Republic International Corp. (Insurance, United States)	0.8
Callon Petroleum Co. (Oil, Gas & Consumable Fuels, United States)	0.8
AAR Corp. (Aerospace & Defense, United States)	0.8
Goodyear Tire & Rubber Co. (The) (Automobile Components, United States)	0.7
FTAI Aviation Ltd. (Trading Companies & Distributors, United States)	0.7
QuidelOrtho Corp. (Health Care Equipment & Supplies, United States)	0.7
Total	7.7

*  Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

  Percentages are based on total net assets.

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103

First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Common Stocks — 91.5%
Aerospace & Defense — 4.6%
AAR Corp.*		169,893		10,084,849
Astronics Corp.*		315,229		4,832,461
Curtiss-Wright Corp.		38,151		7,584,800
Ducommun, Inc.*		232,051		11,101,320
Hexcel Corp.		111,458		6,901,479
Kratos Defense & Security Solutions, Inc.*		98,502		1,679,459
Leonardo DRS, Inc.*		257,834		4,916,894
Triumph Group, Inc.*		612,174		4,566,818
V2X, Inc.*		171,700		8,768,719
				60,436,799
Air Freight & Logistics — 0.6%
GXO Logistics, Inc.*		117,346		5,927,146
Radiant Logistics, Inc.*		406,410		2,381,563
				8,308,709
Automobile Components — 1.2%
Goodyear Tire & Rubber Co. (The)*		844,878		10,054,048
Modine Manufacturing Co.*		160,526		6,340,777
				16,394,825
Banks — 2.1%
Ameris Bancorp		175,921		6,561,853
Axos Financial, Inc.*		142,109		5,120,187
Dime Community Bancshares, Inc.		159,397		2,931,311
Old National Bancorp		318,017		4,356,833
Seacoast Banking Corp. of Florida		352,966		7,133,443
Valley National Bancorp		172,893		1,345,108
				27,448,735
Biotechnology — 1.0%
CareDx, Inc.*		1,012,996		5,480,308
Ironwood Pharmaceuticals, Inc.*		783,363		7,026,766
				12,507,074
Building Products — 2.5%
AZEK Co., Inc. (The)*		147,059		3,852,946
Gibraltar Industries, Inc.*		83,583		5,086,861

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104

First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Building Products — 2.5% (continued)
Insteel Industries, Inc.		209,912		5,858,644
Janus International Group, Inc.*		451,480		4,225,853
JELD-WEN Holding, Inc.*		185,438		2,101,013
Masonite International Corp.*		28,266		2,236,971
PGT Innovations, Inc.*		109,993		3,293,190
Quanex Building Products Corp.		228,191		6,126,928
				32,782,406
Capital Markets — 1.2%
B Riley Financial, Inc.		72,543		2,626,782
Evercore, Inc., Class A		52,627		6,850,983
Moelis & Co., Class A		89,723		3,736,066
Perella Weinberg Partners		208,189		2,042,334
				15,256,165
Chemicals — 3.8%
AdvanSix, Inc.		292,471		8,057,576
Ashland, Inc.		35,507		2,720,901
Huntsman Corp.		407,776		9,513,414
Ingevity Corp.*		88,071		3,547,500
Intrepid Potash, Inc.*		333,813		6,639,541
LSB Industries, Inc.*		882,772		8,042,053
Mativ Holdings, Inc.		188,119		2,464,359
Minerals Technologies, Inc.		52,434		2,834,582
Stepan Co.		4,673		349,540
Tronox Holdings plc, Class A		584,627		6,249,663
				50,419,129
Commercial Services & Supplies — 2.2%
ARC Document Solutions, Inc.		92,937		258,365
CECO Environmental Corp.*		415,741		6,726,689
Performant Financial Corp.*		1,937,139		4,513,534
Quest Resource Holding Corp.*		336,805		2,441,836
Stericycle, Inc.*		196,338		8,096,979
VSE Corp.		117,593		6,326,504
				28,363,907

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Communications Equipment — 2.5%
ADTRAN Holdings, Inc.		1,106,961		7,272,734
Aviat Networks, Inc.*		181,294		4,840,550
Ceragon Networks Ltd. (Israel)*		500,514		850,874
Comtech Telecommunications Corp.		401,535		4,898,727
Digi International, Inc.*		169,556		4,269,420
Lantronix, Inc.*		475,760		2,174,223
NETGEAR, Inc.*		9,346		118,133
NetScout Systems, Inc.*		126,954		2,771,406
PCTEL, Inc.		349,971		2,397,301
Viavi Solutions, Inc.*		429,118		3,338,538
				32,931,906
Construction & Engineering — 1.2%
Ameresco, Inc., Class A*		282,431		7,385,571
Arcosa, Inc.		91,457		6,316,935
Orion Group Holdings, Inc.*		497,325		2,387,160
				16,089,666
Consumer Staples Distribution & Retail — 0.7%
Chefs' Warehouse, Inc. (The)*		424,197		8,072,469
Natural Grocers by Vitamin Cottage, Inc.		91,795		1,153,863
				9,226,332
Containers & Packaging — 0.6%
Sealed Air Corp.		247,370		7,616,522
Diversified Consumer Services — 0.7%
Chegg, Inc.*		123,841		932,523
Lincoln Educational Services Corp.*		460,145		3,934,240
Regis Corp.*		1,049,553		612,939
Universal Technical Institute, Inc.*		400,153		3,493,335
				8,973,037
Diversified REITs — 0.8%
Alexander & Baldwin, Inc., REIT		158,507		2,504,411
Armada Hoffler Properties, Inc., REIT		783,540		7,804,058
				10,308,469

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106

First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Electrical Equipment — 1.0%
EnerSys		46,956		4,018,494
Generac Holdings, Inc.*		60,924		5,121,881
GrafTech International Ltd.		414,236		1,429,114
LSI Industries, Inc.		194,116		2,888,446
Orion Energy Systems, Inc.*		328,368		328,368
				13,786,303
Electronic Equipment, Instruments & Components — 4.8%
Advanced Energy Industries, Inc.		83,901		7,321,201
Airgain, Inc.*		409,766		1,356,325
Avnet, Inc.		152,226		7,052,631
Belden, Inc.		72,175		5,117,208
Benchmark Electronics, Inc.		259,501		6,282,519
Coherent Corp.*		158,425		4,689,380
Fabrinet (Thailand)*		6,914		1,071,670
Iteris, Inc.*		423,553		1,872,104
Kimball Electronics, Inc.*		211,714		5,546,907
Plexus Corp.*		67,746		6,660,787
Sanmina Corp.*		181,548		9,235,347
SmartRent, Inc.*		562,712		1,356,136
TTM Technologies, Inc.*		495,741		5,696,064
				63,258,279
Energy Equipment & Services — 2.5%
Bristow Group, Inc.*		21,962		574,087
DMC Global, Inc.*		106,596		2,019,994
Helix Energy Solutions Group, Inc.*		264,570		2,592,786
Helmerich & Payne, Inc.		55,260		2,186,638
Liberty Energy, Inc., Class A		151,334		2,981,280
Newpark Resources, Inc *		75,062		519,429
NOV, Inc.		167,788		3,349,048
Oil States International, Inc.*		770,496		5,593,801
Patterson-UTI Energy, Inc.		128,160		1,627,632
ProPetro Holding Corp.*		524,449		5,496,225

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107

First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Energy Equipment & Services — 2.5% (continued)
RPC, Inc.		253,074		2,105,576
US Silica Holdings, Inc.*		266,611		3,217,995
				32,264,491
Financial Services — 2.0%
International Money Express, Inc.*		170,827		2,726,399
MGIC Investment Corp.		503,721		8,482,662
NMI Holdings, Inc., Class A*		296,873		8,119,476
Radian Group, Inc.		299,141		7,580,233
				26,908,770
Food Products — 1.5%
Hain Celestial Group, Inc. (The)*		542,078		5,989,962
Ingredion, Inc.		80,730		7,554,714
Real Good Food Co., Inc. (The), Class A*		330,786		774,039
Utz Brands, Inc.		400,201		4,878,450
				19,197,165
Ground Transportation — 1.1%
Daseke, Inc.*		788,533		3,501,086
Heartland Express, Inc.		430,671		5,021,624
Werner Enterprises, Inc.		163,080		5,923,066
				14,445,776
Health Care Equipment & Supplies — 3.1%
Accuray, Inc.*		859,996		2,270,389
Artivion, Inc.*		496,419		6,324,378
Embecta Corp.		466,010		7,046,071
Enovis Corp.*		171,903		7,890,348
Neuronetics, Inc.*		719,563		827,498
QuidelOrtho Corp.*		159,201		9,723,997
Varex Imaging Corp.*		286,809		5,176,902
Zimvie, Inc.*		270,715		1,911,248
				41,170,831
Health Care Providers & Services — 5.5%
Acadia Healthcare Co., Inc.*		127,496		9,372,231
AdaptHealth Corp.*		382,536		2,803,989

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108

First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Health Care Providers & Services — 5.5% (continued)
Addus HomeCare Corp.*		43,119		3,402,089
Amedisys, Inc.*		62,689		5,735,417
Brookdale Senior Living, Inc.*		902,236		3,527,743
Community Health Systems, Inc.*		1,462,860		3,130,520
InfuSystem Holdings, Inc.*		450,844		4,319,085
Option Care Health, Inc.*		98,864		2,741,499
Owens & Minor, Inc.*		225,584		3,232,619
Patterson Cos., Inc.		195,642		5,959,255
Pennant Group, Inc. (The)*		364,996		3,967,506
Quipt Home Medical Corp.*		590,498		2,793,056
RadNet, Inc.*		57,913		1,561,334
Select Medical Holdings Corp.		154,526		3,512,376
Surgery Partners, Inc.*		254,343		5,882,954
Tenet Healthcare Corp.*		179,204		9,623,255
				71,564,928
Health Care REITs — 0.6%
Physicians Realty Trust, REIT		737,025		8,004,091
Health Care Technology — 1.2%
HealthStream, Inc.		338,096		8,587,638
iCAD, Inc.*		618,456		828,731
NextGen Healthcare, Inc.*		246,256		5,890,444
				15,306,813
Hotels, Restaurants & Leisure — 4.7%
BJ's Restaurants, Inc.		176,577		4,541,560
Bloomin' Brands, Inc.		112,627		2,628,714
Cheesecake Factory, Inc. (The)		297,182		9,233,445
Chuy's Holdings, Inc.*		234,128		7,880,749
Cracker Barrel Old Country Store, Inc.		97,973		6,501,488
Denny's Corp.*		800,293		6,898,526
Dine Brands Global, Inc.		161,735		7,971,918
ONE Group Hospitality, Inc. (The)*		697,186		3,074,590
Potbelly Corp.*		726,506		6,393,253
Red Robin Gourmet Burgers, Inc.*		764,990		6,188,769
				61,313,012

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109

First Eagle Small Cap Opportunity Fund | Schedule of Investments | October 31, 2023

Investments	Shares		Value ($)
Household Durables — 3.1%
Beazer Homes USA, Inc.*		180,023		4,354,756
Cavco Industries, Inc.*		8,405		2,097,132
Century Communities, Inc.		56,567		3,478,870
Dixie Group, Inc. (The)*		213,275		113,249
Helen of Troy Ltd.*		61,017		5,999,191
Installed Building Products, Inc.		33,519		3,743,067
LGI Homes, Inc.*		46,242		4,370,331
MDC Holdings, Inc.		78,223		2,968,563
Skyline Champion Corp.*		47,420		2,780,235
Snap One Holdings Corp.*		161,469		1,209,403
Sonos, Inc.*		369,551		3,983,760
Toll Brothers, Inc.		18,961		1,340,732
Universal Electronics, Inc.*		153,893		1,208,060
Vizio Holding Corp., Class A*		577,523		2,939,592
				40,586,941
Insurance — 2.9%
Citizens, Inc.*		104,386		312,114