First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||||
COMMON STOCKS - 79.6% | ||||||||||
Belgium - 1.0% | ||||||||||
Groupe Bruxelles Lambert NV | 6,469,396 | 490,442,877 | ||||||||
Brazil - 1.2% | ||||||||||
Ambev SA, ADR | 149,620,059 | 392,004,555 | ||||||||
Itausa SA (Preference) | 103,903,979 | 209,720,610 | ||||||||
601,725,165 | ||||||||||
Canada - 4.4% | ||||||||||
Agnico Eagle Mines Ltd. | 2,298,700 | 112,981,588 | ||||||||
Barrick Gold Corp. | 21,719,042 | 338,817,055 | ||||||||
Franco-Nevada Corp. | 1,260,834 | 136,413,339 | ||||||||
Imperial Oil Ltd. | 10,896,401 | 628,521,624 | ||||||||
Nutrien Ltd. | 4,461,321 | 222,486,078 | ||||||||
Power Corp. of Canada | 12,323,141 | 359,212,984 | ||||||||
Wheaton Precious Metals Corp. | 7,936,282 | 371,973,537 | ||||||||
2,170,406,205 | ||||||||||
China - 1.5% | ||||||||||
Alibaba Group Holding Ltd. | 34,738,392 | 311,567,882 | ||||||||
Prosus NV | 14,526,770 | 432,195,685 | ||||||||
743,763,567 | ||||||||||
France - 3.4% | ||||||||||
Danone SA | 10,211,219 | 680,308,606 | ||||||||
Legrand SA | 1,954,335 | 189,405,691 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 145,168 | 120,788,337 | ||||||||
Sanofi SA | 4,031,951 | 403,781,822 | ||||||||
Sodexo SA | 2,131,829 | 240,489,546 | ||||||||
Wendel SE | 867,489 | 78,648,801 | ||||||||
1,713,422,803 | ||||||||||
Germany - 0.9% | ||||||||||
Brenntag SE | 1,126,149 | 99,562,865 | ||||||||
Henkel AG & Co. KGaA (Preference) | 3,516,726 | 269,586,969 | ||||||||
Merck KGaA | 597,571 | 98,046,826 | ||||||||
467,196,660 | ||||||||||
Hong Kong - 1.4% | ||||||||||
CK Asset Holdings Ltd. | 37,986,500 | 171,408,156 | ||||||||
Guoco Group Ltd. | 12,748,580 | 116,593,669 | ||||||||
Hongkong Land Holdings Ltd. | 31,759,300 | 99,136,889 | ||||||||
Hysan Development Co. Ltd. | 23,322,348 | 40,254,225 | ||||||||
Jardine Matheson Holdings Ltd. | 7,051,271 | 283,137,795 | ||||||||
710,530,734 | ||||||||||
Japan - 6.9% | ||||||||||
Chofu Seisakusho Co. Ltd. (a) | 3,136,200 | 44,863,717 | ||||||||
FANUC Corp. | 16,005,400 | 442,747,409 | ||||||||
Hirose Electric Co. Ltd. | 1,258,915 | 146,478,351 | ||||||||
Hoshizaki Corp. | 5,662,600 | 206,013,219 | ||||||||
Keyence Corp. | 263,400 | 117,844,601 | ||||||||
Komatsu Ltd. | 6,756,000 | 192,207,926 | ||||||||
Mitsubishi Electric Corp. | 24,592,300 | 364,957,119 | ||||||||
MS&AD Insurance Group Holdings, Inc. | 10,476,620 | 432,629,509 | ||||||||
Secom Co. Ltd. | 6,337,130 | 459,951,210 | ||||||||
Shimano, Inc. | 2,260,590 | 324,564,961 | ||||||||
SMC Corp. | 442,156 | 246,123,701 | ||||||||
Sompo Holdings, Inc. | 7,121,400 | 369,254,946 | ||||||||
T Hasegawa Co. Ltd. (a) | 3,002,800 | 67,384,489 | ||||||||
USS Co. Ltd. | 1,298,600 | 24,558,365 | ||||||||
3,439,579,523 | ||||||||||
Mexico - 1.6% | ||||||||||
Fomento Economico Mexicano SAB de CV, ADR | 4,913,976 | 666,040,307 | ||||||||
Fresnillo plc | 5,590,827 | 37,395,239 | ||||||||
Industrias Penoles SAB de CV* | 6,401,020 | 84,176,677 | ||||||||
787,612,223 | ||||||||||
Netherlands - 0.4% | ||||||||||
Heineken Holding NV | 2,538,232 | 212,977,172 | ||||||||
Norway - 0.3% | ||||||||||
Orkla ASA | 16,166,787 | 126,636,512 | ||||||||
South Korea - 1.6% | ||||||||||
Hyundai Mobis Co. Ltd. | 999,985 | 156,751,143 | ||||||||
KT&G Corp. | 5,242,098 | 356,013,204 | ||||||||
Lotte Corp.* | 217,718 | 4,729,216 | ||||||||
NAVER Corp. | 721,340 | 107,567,786 | ||||||||
Samsung Electronics Co. Ltd. (Preference) | 4,049,795 | 177,202,242 | ||||||||
802,263,591 | ||||||||||
Sweden - 1.0% | ||||||||||
Investor AB, Class A | 4,970,940 | 115,932,023 | ||||||||
Investor AB, Class B | 11,255,824 | 265,015,846 | ||||||||
Svenska Handelsbanken AB, Class A | 10,429,006 | 112,428,246 | ||||||||
493,376,115 | ||||||||||
Switzerland - 3.1% | ||||||||||
Cie Financiere Richemont SA (Registered) | 4,644,824 | 689,917,013 | ||||||||
Nestle SA (Registered) | 3,086,462 | 351,704,220 | ||||||||
Schindler Holding AG | 1,798,637 | 448,020,399 | ||||||||
Schindler Holding AG (Registered) | 211,870 | 50,433,735 | ||||||||
1,540,075,367 | ||||||||||
Taiwan - 1.0% | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4,606,256 | 520,322,678 | ||||||||
Thailand - 0.3% | ||||||||||
Bangkok Bank PCL, NVDR | 42,690,800 | 169,659,932 | ||||||||
United Kingdom - 6.5% | ||||||||||
BAE Systems plc | 30,239,911 | 450,467,990 | ||||||||
Berkeley Group Holdings plc (a) | 6,766,463 | 409,740,900 | ||||||||
British American Tobacco plc | 19,979,503 | 589,067,875 | ||||||||
Derwent London plc, REIT | 3,397,186 | 91,560,428 | ||||||||
Diageo plc | 3,588,503 | 129,609,053 | ||||||||
Haleon plc | 68,822,768 | 279,541,941 | ||||||||
Lloyds Banking Group plc | 396,239,696 | 212,406,587 | ||||||||
Reckitt Benckiser Group plc | 6,194,803 | 447,889,719 | ||||||||
Unilever plc | 12,894,404 | 628,571,601 | ||||||||
3,238,856,094 | ||||||||||
United States - 43.1% | ||||||||||
Alphabet, Inc., Class A* | 2,694,360 | 377,479,836 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Alphabet, Inc., Class C* | 4,503,302 | 638,568,224 | ||||||
American Express Co. | 1,903,714 | 382,151,548 | ||||||
Analog Devices, Inc. | 2,674,970 | 514,557,229 | ||||||
Bank of New York Mellon Corp. (The) | 11,016,077 | 610,951,630 | ||||||
Becton Dickinson & Co. | 1,259,112 | 300,688,537 | ||||||
Berkshire Hathaway, Inc., Class A* | 675 | 390,163,493 | ||||||
Boston Properties, Inc., REIT | 2,473,129 | 164,463,078 | ||||||
Brown & Brown, Inc. | 2,287,048 | 177,383,443 | ||||||
CH Robinson Worldwide, Inc. (a) | 7,346,325 | 617,752,469 | ||||||
Charles Schwab Corp. (The) | 2,570,105 | 161,711,007 | ||||||
Colgate-Palmolive Co. | 7,218,573 | 607,803,847 | ||||||
Comcast Corp., Class A | 21,961,227 | 1,022,075,505 | ||||||
Cummins, Inc. | 1,455,755 | 348,362,171 | ||||||
Deere & Co. | 381,724 | 150,238,932 | ||||||
Dentsply Sirona, Inc. | 6,983,795 | 242,686,876 | ||||||
Douglas Emmett, Inc., REIT (a) | 9,162,021 | 124,145,385 | ||||||
Elevance Health, Inc. | 1,258,041 | 620,767,751 | ||||||
Equity Residential, REIT | 6,189,955 | 372,573,391 | ||||||
Expeditors International of Washington, Inc. | 1,894,425 | 239,322,710 | ||||||
Extra Space Storage, Inc., REIT | 1,155,209 | 166,858,388 | ||||||
Exxon Mobil Corp. | 9,538,191 | 980,621,417 | ||||||
Fidelity National Financial, Inc. | 4,297,027 | 214,980,261 | ||||||
Flowserve Corp. (a) | 7,892,216 | 315,136,185 | ||||||
HCA Healthcare, Inc. | 3,109,934 | 948,218,877 | ||||||
IPG Photonics Corp.* (a) | 3,097,302 | 303,194,893 | ||||||
JG Boswell Co. | 2,485 | 1,474,847 | ||||||
Kraft Heinz Co. (The) | 4,471,740 | 166,035,706 | ||||||
Medtronic plc | 6,323,862 | 553,590,879 | ||||||
Meta Platforms, Inc., Class A* | 4,124,147 | 1,608,994,711 | ||||||
Microsoft Corp. | 466,954 | 185,651,571 | ||||||
Mills Music Trust (a) | 31,592 | 1,154,372 | ||||||
Newmont Corp. | 8,879,115 | 306,418,259 | ||||||
Noble Corp. plc | 2,010,900 | 88,741,017 | ||||||
NOV, Inc. (a) | 26,905,276 | 524,921,935 | ||||||
ONEOK, Inc. | 2,183,545 | 149,026,946 | ||||||
Oracle Corp. | 13,402,937 | 1,497,108,063 | ||||||
Philip Morris International, Inc. | 7,032,600 | 638,911,710 | ||||||
PPG Industries, Inc. | 853,547 | 120,384,269 | ||||||
Ross Stores, Inc. | 1,271,219 | 178,326,601 | ||||||
Royal Gold, Inc. | 1,476,988 | 168,952,657 | ||||||
RPM International, Inc. | 850,166 | 90,678,706 | ||||||
Salesforce, Inc.* | 1,385,077 | 389,331,294 | ||||||
Schlumberger NV | 19,905,698 | 969,407,493 | ||||||
Texas Instruments, Inc. | 2,800,783 | 448,461,374 | ||||||
UGI Corp. | 4,677,898 | 103,568,662 | ||||||
Universal Health Services, Inc., Class B | 3,368,166 | 534,898,442 | ||||||
US Bancorp | 5,965,007 | 247,786,391 | ||||||
Walmart, Inc. | 1,383,386 | 228,604,536 | ||||||
Walt Disney Co. (The) | 2,946,738 | 283,034,185 | ||||||
Weyerhaeuser Co., REIT | 10,347,140 | 339,075,778 | ||||||
Willis Towers Watson plc | 2,868,912 | 706,613,026 | ||||||
21,524,010,513 | ||||||||
TOTAL COMMON STOCKS (Cost $26,915,557,500) | 39,752,857,731 |
Investments | Ounces | Value ($) | ||||||
COMMODITIES - 11.2% | ||||||||
Gold bullion* | ||||||||
(Cost $2,902,970,281) | 2,764,803 | 5,623,499,025 |
Investments | Principal Amount ($) | Value ($) | ||||||||
FOREIGN GOVERNMENT SECURITIES - 0.7% | ||||||||||
Indonesia - 0.1% | ||||||||||
Republic of Indonesia | ||||||||||
8.38%, 3/15/2024 | IDR | 853,795,000,000 | 54,183,519 | |||||||
Mexico - 0.4% | ||||||||||
Mex Bonos Desarr Fix Rt | ||||||||||
Series M, 10.00%, 12/5/2024 | MXN | 1,329,050,000 | 76,745,369 | |||||||
Series M, 5.75%, 3/5/2026 | MXN | 1,813,230,000 | 97,132,618 | |||||||
173,877,987 | ||||||||||
South Korea - 0.2% | ||||||||||
Republic of Korea | ||||||||||
1.25%, 3/10/2026 | KRW | 158,937,690,000 | 114,246,684 | |||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost 349,368,504) | 342,308,190 | |||||||||
CORPORATE BONDS - 0.0% (b) | ||||||||||
United States - 0.0% (b) | ||||||||||
Bausch & Lomb, Inc. | ||||||||||
7.13%, 8/1/2028‡ (Cost $5,168,273) | 5,467,000 | 4,927,134 | ||||||||
SHORT-TERM INVESTMENTS - 8.5% | ||||||||||
COMMERCIAL PAPER - 8.4% | ||||||||||
Alimentation Couche-Tard, Inc. | ||||||||||
5.84%, 2/1/2024 (c)(d) | 36,109,000 | 36,103,492 | ||||||||
BNG Bank NV | ||||||||||
5.46%, 3/8/2024 (c)(d) | 38,750,000 | 38,537,088 | ||||||||
Caisse d'Amortissement de la Dette Sociale | ||||||||||
5.55%, 2/1/2024 (c)(d) | 21,150,000 | 21,146,879 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Cisco Systems, Inc. | ||||||||
5.36%, 3/11/2024 (c) | 75,000,000 | 74,555,834 | ||||||
CVS Caremark Corp. | ||||||||
5.42%, 2/1/2024 (c) | 74,378,000 | 74,366,861 | ||||||
Engie SA | ||||||||
5.62%, 2/6/2024 (c) | 50,000,000 | 49,956,012 | ||||||
5.48%, 3/4/2024 (c) | 70,000,000 | 69,663,061 | ||||||
5.33%, 4/2/2024 (c) | 50,000,000 | 49,543,840 | ||||||
5.39%, 4/25/2024 (c) | 37,500,000 | 37,033,680 | ||||||
Entergy Corp. | ||||||||
5.40%, 2/1/2024 (c)(d) | 26,119,000 | 26,115,088 | ||||||
Erste Abwicklungsanstalt | ||||||||
5.34%, 2/14/2024 (c)(d) | 97,250,000 | 97,048,569 | ||||||
Export Development Canada | ||||||||
5.34%, 4/12/2024 (c) | 50,000,000 | 49,471,400 | ||||||
General Motors Financial Co., Inc. | ||||||||
5.43%, 2/1/2024 (c)(d) | 106,377,000 | 106,360,917 | ||||||
Global Payments, Inc. | ||||||||
5.96%, 2/1/2024 (c) | 47,489,000 | 47,481,121 | ||||||
Hydro-Quebec | ||||||||
5.37%, 2/29/2024 (c) | 94,850,000 | 94,444,313 | ||||||
5.38%, 3/13/2024 (c)(d) | 50,000,000 | 49,690,017 | ||||||
5.29%, 4/8/2024 (c)(d) | 50,000,000 | 49,500,703 | ||||||
5.30%, 4/9/2024 (c)(d) | 100,000,000 | 98,987,042 | ||||||
5.33%, 5/3/2024 (c)(d) | 33,000,000 | 32,553,120 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
5.30%, 4/16/2024 (c)(d) | 140,000,000 | 138,449,713 | ||||||
5.37%, 4/23/2024 (c) | 70,000,000 | 69,153,084 | ||||||
5.33%, 4/26/2024 (c) | 37,500,000 | 37,029,807 | ||||||
5.29%, 5/2/2024 (c)(d) | 117,000,000 | 115,430,808 | ||||||
Microsoft Corp. | ||||||||
5.45%, 2/23/2024 (c)(d) | 7,330,000 | 7,305,288 | ||||||
5.40%, 3/6/2024 (c)(d) | 25,000,000 | 24,871,626 | ||||||
5.45%, 3/15/2024 (c)(d) | 90,250,000 | 89,667,072 | ||||||
5.38%, 3/18/2024 (c) | 90,000,000 | 89,378,934 | ||||||
5.35%, 4/3/2024 (c)(d) | 50,000,000 | 49,537,213 | ||||||
5.34%, 4/5/2024 (c)(d) | 75,000,000 | 74,283,871 | ||||||
Nederlandse Waterschapsbank NV | ||||||||
5.35%, 4/15/2024 (c) | 85,000,000 | 84,053,490 | ||||||
5.28%, 5/20/2024 (c) | 75,000,000 | 73,801,229 | ||||||
NRW Bank | ||||||||
5.41%, 3/13/2024 (c)(d) | 100,000,000 | 99,385,167 | ||||||
5.26%, 4/2/2024 (c)(d) | 33,333,000 | 33,030,466 | ||||||
5.30%, 4/19/2024 (c) | 73,000,000 | 72,155,775 | ||||||
5.32%, 4/30/2024 (c) | 50,000,000 | 49,341,250 | ||||||
Oesterreichische Kontrollbank AG | ||||||||
5.56%, 2/5/2024 (c) | 68,072,000 | 68,021,756 | ||||||
Ontario Teachers' Finance Trust | ||||||||
5.54%, 2/8/2024 (c)(d) | 56,691,000 | 56,623,967 | ||||||
Oracle Corp. | ||||||||
5.58%, 2/2/2024 (c) | 119,000,000 | 118,964,149 | ||||||
5.57%, 2/7/2024 (c) | 84,000,000 | 83,911,310 | ||||||
5.55%, 4/1/2024 (c) | 50,000,000 | 49,538,433 | ||||||
5.48%, 4/26/2024 (c) | 25,000,000 | 24,677,620 | ||||||
Philip Morris International, Inc. | ||||||||
5.38%, 2/6/2024 (c) | 50,000,000 | 49,955,024 | ||||||
5.46%, 2/20/2024 (c) | 100,000,000 | 99,699,694 | ||||||
5.61%, 2/22/2024 (c) | 100,000,000 | 99,669,538 | ||||||
5.56%, 2/27/2024 (c) | 50,000,000 | 49,796,925 | ||||||
5.54%, 3/5/2024 (c) | 49,330,000 | 49,077,298 | ||||||
5.54%, 3/6/2024 (c) | 30,000,000 | 29,841,771 | ||||||
Procter & Gamble Co.(The) | ||||||||
5.37%, 4/9/2024 (c) | 37,500,000 | 37,119,997 | ||||||
Province of Quebec | ||||||||
5.41%, 2/12/2024 (c)(d) | 50,000,000 | 49,911,636 | ||||||
5.38%, 2/21/2024 (c)(d) | 25,700,000 | 25,620,454 | ||||||
5.41%, 3/7/2024 (c)(d) | 120,000,000 | 119,364,000 | ||||||
5.41%, 3/11/2024 (c)(d) | 120,000,000 | 119,294,222 | ||||||
5.40%, 3/14/2024 (c)(d) | 100,000,000 | 99,368,338 | ||||||
PSP Capital, Inc. | ||||||||
5.47%, 2/8/2024 (c)(d) | 50,000,000 | 49,941,323 | ||||||
5.44%, 2/23/2024 (c)(d) | 100,000,000 | 99,662,567 | ||||||
5.43%, 3/8/2024 (c)(d) | 50,000,000 | 49,728,427 | ||||||
5.30%, 5/3/2024 (c)(d) | 100,000,000 | 98,637,912 | ||||||
Sanofi SA | ||||||||
5.35%, 3/15/2024 (c)(d) | 25,000,000 | 24,837,302 | ||||||
5.34%, 3/19/2024 (c)(d) | 35,850,000 | 35,595,608 | ||||||
Siemens Capital Co. LLC | ||||||||
5.41%, 2/1/2024 (c) | 60,600,000 | 60,591,144 | ||||||
5.35%, 3/25/2024 (c)(d) | 89,000,000 | 88,294,052 | ||||||
5.35%, 4/4/2024 (c)(d) | 75,000,000 | 74,295,200 | ||||||
United Parcel Service, Inc. | ||||||||
5.14%, 3/12/2024 (c) | 50,000,000 | 49,708,502 | ||||||
5.14%, 3/20/2024 (c) | 50,000,000 | 49,651,805 | ||||||
Walt Disney Co. (The) | ||||||||
5.69%, 3/1/2024 (c)(d) | 50,000,000 | 49,772,084 | ||||||
TOTAL COMMERCIAL PAPER (Cost $4,171,214,123) | 4,170,605,888 | |||||||
U.S. TREASURY OBLIGATIONS - 0.1% | ||||||||
U.S. Treasury Bills | ||||||||
5.32%, 3/7/2024 (c)(e) | 20,000,000 | 19,897,511 | ||||||
5.29%, 6/13/2024 (c) | 20,000,000 | 19,624,521 | ||||||
5.17%, 6/27/2024 (c)(e) | 20,000,000 | 19,589,421 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $59,106,489) | 59,111,453 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund Consolidated Schedule of Investments January 31, 2024 (unaudited)
| ||||||||
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES - 0.0% (b) | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (f) (Cost $1,288,280) | 1,288,280 | 1,288,280 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,231,608,892) | 4,231,005,621 | |||||||
Total Investments - 100.0% (Cost $34,404,673,450) | 49,954,597,701 | |||||||
Liabilities in excess of other assets - 0.0% (b) | (19,740,070 | ) | ||||||
Net Assets - 100.0% | 49,934,857,631 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | Affiliated company as defined under the Investment Company Act of 1940. |
(b) | Represents less than 0.05% of net assets. |
(c) | The rate shown was the current yield as of January 31, 2024. |
(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 January 31, 2024 amounted to $2,228,951,231, which represents approximately 4.46% of net assets of the Fund. |
(e) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
(f) | Represents 7-day effective yield as of January 31, 2024. |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of January 31, 2024
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
USD | 54,714,746 | EUR | 49,812,000 | UBS AG | 2/21/2024 | $ | 839,180 | |||||
USD | 78,960,114 | JPY | 11,505,223,000 | UBS AG | 2/21/2024 | 550,352 | ||||||
USD | 22,114,029 | EUR | 20,115,000 | Bank of New York Mellon | 3/13/2024 | 338,535 | ||||||
USD | 270,073,794 | EUR | 248,893,000 | Goldman Sachs | 4/17/2024 | 234,705 | ||||||
USD | 80,277,729 | JPY | 11,429,943,000 | Goldman Sachs | 4/17/2024 | 1,698,539 | ||||||
USD | 227,334,564 | EUR | 207,940,000 | JPMorgan Chase Bank | 6/5/2024 | 1,426,745 | ||||||
Total unrealized appreciation | 5,088,056 | |||||||||||
USD | 180,084,137 | EUR | 168,788,000 | UBS AG | 2/21/2024 | (2,473,259 | ) | |||||
USD | 212,888,064 | EUR | 198,485,000 | Bank of New York Mellon | 3/13/2024 | (1,981,873 | ) | |||||
USD | 88,988,600 | JPY | 13,161,850,000 | Bank of New York Mellon | 3/13/2024 | (1,011,920 | ) | |||||
USD | 91,908,644 | GBP | 73,123,000 | Goldman Sachs | 4/17/2024 | (811,137 | ) | |||||
USD | 91,154,232 | GBP | 71,983,000 | JPMorgan Chase Bank | 6/5/2024 | (129,813 | ) | |||||
USD | 109,862,487 | JPY | 15,953,736,000 | JPMorgan Chase Bank | 6/5/2024 | (614,694 | ) | |||||
Total unrealized depreciation | (7,022,696 | ) | ||||||||||
Net unrealized depreciation | $ | (1,934,640 | ) |
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 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Aerospace & Defense | 0.9 | % | ||
Air Freight & Logistics | 1.7 | |||
Automobile Components | 0.3 | |||
Banks | 1.9 | |||
Beverages | 2.8 | |||
Broadline Retail | 1.5 | |||
Capital Markets | 1.5 | |||
Chemicals | 1.0 | |||
Commercial Services & Supplies | 0.9 | |||
Commodities | 11.3 | |||
Consumer Finance | 0.8 | |||
Consumer Staples Distribution & Retail | 0.5 | |||
Electrical Equipment | 1.1 | |||
Electronic Equipment, Instruments & Components | 1.1 | |||
Energy Equipment & Services | 3.2 | |||
Entertainment | 0.6 | |||
Financial Services | 2.7 | |||
Food Products | 2.7 | |||
Foreign Government Securities | 0.7 | |||
Gas Utilities | 0.2 | |||
Health Care Equipment & Supplies | 2.2 | |||
Health Care Providers & Services | 4.2 | |||
Hotels, Restaurants & Leisure | 0.5 | |||
Household Durables | 0.9 | |||
Household Products | 2.7 | |||
Industrial Conglomerates | 0.8 | |||
Insurance | 4.5 | |||
Interactive Media & Services | 5.5 | |||
Leisure Products | 0.6 | |||
Machinery | 4.8 | |||
Media | 2.0 | |||
Metals & Mining | 3.1 | |||
Office REITs | 0.8 | |||
Oil, Gas & Consumable Fuels | 3.5 | |||
Personal Care Products | 1.8 | |||
Pharmaceuticals | 1.0 | |||
Real Estate Management & Development | 0.6 | |||
Residential REITs | 0.7 | |||
Semiconductors & Semiconductor Equipment | 3.0 | |||
Software | 4.1 | |||
Specialized REITs | 1.0 | |||
Specialty Retail | 0.4 | |||
Technology Hardware, Storage & Peripherals | 0.4 | |||
Textiles, Apparel & Luxury Goods | 1.6 | |||
Tobacco | 3.2 | |||
Trading Companies & Distributors | 0.2 | |||
Short-Term Investments | 8.5 | |||
Total Investments | 100.0 | % |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Affiliated Securities
Security Description | Shares at January 31, 2024 | Market Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/Depreciation | Market Value January 31, 2024 | Dividend Income | ||||||||||||||||
Common Stocks 4.8% | ||||||||||||||||||||||||
Japan 0.2% | ||||||||||||||||||||||||
Chofu Seisakusho Co. Ltd. | 3,136,200 | $ | 44,698,784 | $ | — | $ | — | $ | — | $ | 164,933 | $ | 44,863,717 | $ | 399,318 | |||||||||
T Hasegawa Co. Ltd. | 3,002,800 | 62,909,936 | — | — | — | 4,474,553 | 67,384,489 | — | ||||||||||||||||
107,608,720 | — | — | — | 4,639,486 | 112,248,206 | 399,318 | ||||||||||||||||||
United Kingdom 0.8% | ||||||||||||||||||||||||
Berkeley Group Holdings plc | 6,766,463 | 332,616,729 | — | — | — | 77,124,171 | 409,740,900 | — | ||||||||||||||||
United States 3.8% | ||||||||||||||||||||||||
CH Robinson Worldwide, Inc. | 7,346,325 | 547,603,660 | 55,621,250 | — | — | 14,527,559 | 617,752,469 | 4,082,100 | ||||||||||||||||
Douglas Emmett, Inc., REIT | 9,162,021 | 102,706,255 | — | — | — | 21,439,130 | 124,145,385 | 1,740,784 | ||||||||||||||||
Flowserve Corp. | 7,892,216 | 289,802,171 | — | — | — | 25,334,014 | 315,136,185 | 1,578,443 | ||||||||||||||||
IPG Photonics Corp.* | 3,097,302 | 266,058,242 | — | — | — | 37,136,651 | 303,194,893 | — | ||||||||||||||||
Mills Music Trust | 31,592 | 1,074,444 | — | — | — | 79,928 | 1,154,372 | 20,237 | ||||||||||||||||
NOV, Inc. | 26,905,276 | 537,029,309 | — | — | — | (12,107,374 | ) | 524,921,935 | 1,345,264 | |||||||||||||||
1,744,274,081 | 55,621,250 | — | — | 86,409,908 | 1,886,305,239 | 8,766,828 | ||||||||||||||||||
Total Common Stocks | 2,184,499,530 | 55,621,250 | — | — | 168,173,565 | 2,408,294,345 | 9,166,146 | |||||||||||||||||
Total | $ | 2,184,499,530 | $ | 55,621,250 | $ | — | $ | — | $ | 168,173,565 | $ | 2,408,294,345 | $ | 9,166,146 |
* | Non-income producing security. |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 83.6% | ||||||||
Belgium - 1.9% | ||||||||
Groupe Bruxelles Lambert NV | 2,922,262 | 221,535,764 | ||||||
Legris Industries SA*‡ (a)(b)(c) | 905,366 | 15,713,571 | ||||||
237,249,335 | ||||||||
Brazil - 2.5% | ||||||||
Ambev SA, ADR | 74,789,315 | 195,948,005 | ||||||
Itausa SA (Preference) | 51,723,362 | 104,398,842 | ||||||
300,346,847 | ||||||||
Canada - 8.2% | ||||||||
Agnico Eagle Mines Ltd. | 717,589 | 35,269,650 | ||||||
Barrick Gold Corp. | 5,600,959 | 87,374,960 | ||||||
Franco-Nevada Corp. | 316,575 | 34,251,180 | ||||||
Imperial Oil Ltd. | 7,543,865 | 435,142,051 | ||||||
Nutrien Ltd. | 2,436,243 | 121,495,438 | ||||||
Power Corp. of Canada | 6,216,607 | 181,210,776 | ||||||
Wheaton Precious Metals Corp. | 2,364,552 | 110,826,552 | ||||||
1,005,570,607 | ||||||||
Chile - 0.9% | ||||||||
Cia Cervecerias Unidas SA, ADR (c) | 9,392,572 | 111,865,533 | ||||||
China - 2.4% | ||||||||
Alibaba Group Holding Ltd. | 13,666,828 | 122,577,483 | ||||||
Prosus NV | 5,606,068 | 166,789,892 | ||||||
289,367,375 | ||||||||
Faroe Islands - 0.4% | ||||||||
Bakkafrost P/F | 801,656 | 44,771,058 | ||||||
France - 6.4% | ||||||||
Danone SA | 4,768,985 | 317,727,153 | ||||||
Laurent-Perrier (c) | 558,938 | 74,599,471 | ||||||
Legrand SA | 812,472 | 78,741,270 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 33,358 | 27,755,823 | ||||||
Sanofi SA | 1,679,882 | 168,232,653 | ||||||
Sodexo SA | 801,545 | 90,421,508 | ||||||
Wendel SE | 439,181 | 39,817,288 | ||||||
797,295,166 | ||||||||
Germany - 2.4% | ||||||||
Brenntag SE | 557,632 | 49,300,261 | ||||||
FUCHS SE (Preference) | 2,322,615 | 101,808,383 | ||||||
Henkel AG & Co. KGaA (Preference) | 1,476,257 | 113,167,659 | ||||||
Merck KGaA | 226,858 | 37,221,865 | ||||||
301,498,168 | ||||||||
Hong Kong - 3.4% | ||||||||
CK Asset Holdings Ltd. | 19,475,000 | 87,877,900 | ||||||
Great Eagle Holdings Ltd. | 22,777,700 | 33,531,696 | ||||||
Guoco Group Ltd. | 7,806,340 | 71,393,819 | ||||||
Hongkong Land Holdings Ltd. | 15,883,500 | 49,580,462 | ||||||
Hysan Development Co. Ltd. | 17,500,405 | 30,205,588 | ||||||
Jardine Matheson Holdings Ltd. | 3,779,100 | 151,746,549 | ||||||
424,336,014 | ||||||||
Japan - 15.9% | ||||||||
As One Corp. | 1,378,380 | 52,036,163 | ||||||
Chofu Seisakusho Co. Ltd. | 1,704,600 | 24,384,507 | ||||||
Daiichikosho Co. Ltd. (c) | 5,732,560 | 78,535,274 | ||||||
FANUC Corp. | 6,945,600 | 192,131,806 | ||||||
Hirose Electric Co. Ltd. | 758,730 | 88,280,400 | ||||||
Hoshizaki Corp. | 2,554,200 | 92,925,328 | ||||||
Kansai Paint Co. Ltd. | 8,320,730 | 139,121,168 | ||||||
Keyence Corp. | 74,800 | 33,465,361 | ||||||
Komatsu Ltd. | 3,814,300 | 108,516,680 | ||||||
Mitsubishi Electric Corp. | 11,266,300 | 167,195,276 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,237,000 | 174,965,899 | ||||||
Nagaileben Co. Ltd. | 1,687,224 | 26,772,147 | ||||||
Nihon Kohden Corp. | 2,470,100 | 75,281,006 | ||||||
Pilot Corp. | 477,500 | 13,334,579 | ||||||
Secom Co. Ltd. | 2,958,100 | 214,699,979 | ||||||
Shimano, Inc. | 976,470 | 140,197,005 | ||||||
SK Kaken Co. Ltd. | 437,805 | 21,595,762 | ||||||
SMC Corp. | 195,690 | 108,929,760 | ||||||
Sompo Holdings, Inc. | 2,846,300 | 147,584,794 | ||||||
T Hasegawa Co. Ltd. | 1,906,436 | 42,781,476 | ||||||
USS Co. Ltd. | 560,300 | 10,596,067 | ||||||
1,953,330,437 | ||||||||
Mexico - 3.0% | ||||||||
Fomento Economico Mexicano SAB de CV, ADR | 2,174,086 | 294,675,617 | ||||||
Fresnillo plc | 1,426,722 | 9,542,884 | ||||||
Grupo Mexico SAB de CV, Series B | 6,905,948 | 35,634,154 | ||||||
Industrias Penoles SAB de CV* | 2,246,692 | 29,545,145 | ||||||
369,397,800 | ||||||||
Netherlands - 3.6% | ||||||||
HAL Trust | 644,459 | 80,333,414 | ||||||
Heineken Holding NV | 973,676 | 81,698,899 | ||||||
Shell plc | 8,552,371 | 267,676,716 | ||||||
429,709,029 | ||||||||
Norway - 0.9% | ||||||||
Orkla ASA | 14,829,598 | 116,162,139 | ||||||
Singapore - 1.6% | ||||||||
Haw Par Corp. Ltd. (c) | 19,447,213 | 137,460,090 | ||||||
UOL Group Ltd. | 14,128,300 | 65,605,889 | ||||||
203,065,979 | ||||||||
South Korea - 3.9% | ||||||||
Fursys, Inc. (c) | 872,463 | 20,003,273 | ||||||
Hyundai Mobis Co. Ltd. | 505,396 | 79,222,589 | ||||||
KT&G Corp. | 2,451,893 | 166,518,498 | ||||||
Lotte Corp.* | 184,208 | 4,001,320 | ||||||
NAVER Corp. | 286,676 | 42,749,747 | ||||||
NongShim Co. Ltd. | 203,663 | 57,668,032 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Samsung Electronics Co. Ltd. (Preference) | 2,345,824 | 102,643,534 | ||||||
472,806,993 | ||||||||
Sweden - 3.0% | ||||||||
Industrivarden AB, Class A | 123,708 | 3,894,574 | ||||||
Industrivarden AB, Class C | 1,572,517 | 49,422,772 | ||||||
Investor AB, Class A | 1,542,690 | 35,978,542 | ||||||
Investor AB, Class B | 8,384,352 | 197,407,683 | ||||||
L E Lundbergforetagen AB, Class B | 296,080 | 15,437,853 | ||||||
Svenska Handelsbanken AB, Class A | 6,838,494 | 73,721,300 | ||||||
375,862,724 | ||||||||
Switzerland - 4.9% | ||||||||
Cie Financiere Richemont SA (Registered) | 1,767,922 | 262,597,564 | ||||||
Nestle SA (Registered) | 1,236,148 | 140,859,816 | ||||||
Schindler Holding AG | 724,861 | 180,554,784 | ||||||
Schindler Holding AG (Registered) | 82,435 | 19,622,905 | ||||||
603,635,069 | ||||||||
Taiwan - 2.2% | ||||||||
Taiwan Secom Co. Ltd. | 8,545,694 | 31,789,493 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2,075,542 | 234,453,224 | ||||||
266,242,717 | ||||||||
Thailand - 0.9% | ||||||||
Bangkok Bank PCL, NVDR | 20,440,959 | 81,235,576 | ||||||
Thai Beverage PCL | 52,214,985 | 20,385,324 | ||||||
101,620,900 | ||||||||
Turkey - 0.5% | ||||||||
AG Anadolu Grubu Holding A/S | 8,696,484 | 65,628,434 | ||||||
United Kingdom - 11.0% | ||||||||
BAE Systems plc | 13,135,620 | 195,674,397 | ||||||
Berkeley Group Holdings plc | 2,497,480 | 151,234,065 | ||||||
Big Yellow Group plc, REIT | 2,602,379 | 37,630,480 | ||||||
British American Tobacco plc | 7,936,742 | 234,003,806 | ||||||
Diageo plc | 1,347,668 | 48,674,886 | ||||||
Great Portland Estates plc, REIT | 4,895,618 | 25,759,216 | ||||||
Haleon plc | 26,953,694 | 109,479,583 | ||||||
Lloyds Banking Group plc | 189,904,219 | 101,799,258 | ||||||
Reckitt Benckiser Group plc | 2,833,967 | 204,898,313 | ||||||
Unilever plc | 5,122,575 | 249,713,377 | ||||||
1,358,867,381 | ||||||||
United States - 3.7% | ||||||||
Newmont Corp. | 2,865,728 | 98,896,273 | ||||||
Royal Gold, Inc. | 454,973 | 52,044,362 | ||||||
Willis Towers Watson plc | 1,237,899 | 304,894,524 | ||||||
455,835,159 | ||||||||
TOTAL COMMON STOCKS (Cost $7,863,235,513) | 10,284,464,864 |
Investments | Ounces | Value ($) | ||||||
COMMODITIES - 11.0% | ||||||||
Gold bullion* | ||||||||
(Cost $598,234,591) | 663,251 | 1,349,025,300 |
Investments | Principal Amount ($) | Value ($) | |||||||
FOREIGN GOVERNMENT SECURITIES - 1.7% | |||||||||
Indonesia - 0.1% | |||||||||
Republic of Indonesia | |||||||||
8.38%, 3/15/2024 | IDR | 267,431,000,000 | 16,971,700 | ||||||
Mexico - 0.6% | |||||||||
Mex Bonos Desarr Fix Rt | |||||||||
Series M, 10.00%, 12/5/2024 | MXN | 580,560,000 | 33,524,165 | ||||||
Series M, 5.75%, 3/5/2026 | MXN | 665,860,000 | 35,669,344 | ||||||
69,193,509 | |||||||||
Singapore - 0.6% | |||||||||
Republic of Singapore | |||||||||
1.25%, 11/1/2026 | SGD | 108,048,000 | 76,966,581 | ||||||
South Korea - 0.4% | |||||||||
Republic of Korea | |||||||||
1.25%, 3/10/2026 | KRW | 59,926,230,000 | 43,075,831 | ||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost 206,335,510) | 206,207,621 | ||||||||
SHORT-TERM INVESTMENTS - 3.7% | |||||||||
COMMERCIAL PAPER - 3.5% | |||||||||
Alimentation Couche-Tard, Inc. | |||||||||
5.84%, 2/1/2024 (d)(e) | 3,891,000 | 3,890,407 | |||||||
CVS Caremark Corp. | |||||||||
5.42%, 2/1/2024 (d) | 44,812,000 | 44,805,289 | |||||||
Engie SA | |||||||||
5.48%, 3/4/2024 (d) | 30,000,000 | 29,855,598 | |||||||
5.39%, 4/25/2024 (d) | 12,500,000 | 12,344,560 | |||||||
Entergy Corp. | |||||||||
5.40%, 2/1/2024 (d)(e) | 15,736,000 | 15,733,643 | |||||||
General Motors Financial Co., Inc. | |||||||||
5.43%, 2/1/2024 (d)(e) | 64,089,000 | 64,079,310 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Global Payments, Inc. | ||||||||
5.96%, 2/1/2024 (d) | 28,611,000 | 28,606,253 | ||||||
Hydro-Quebec | ||||||||
5.33%, 5/3/2024 (d)(e) | 22,000,000 | 21,702,080 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
5.33%, 4/26/2024 (d) | 12,500,000 | 12,343,269 | ||||||
5.29%, 5/2/2024 (d)(e) | 38,000,000 | 37,490,348 | ||||||
Nederlandse Waterschapsbank NV | ||||||||
5.35%, 4/15/2024 (d) | 15,000,000 | 14,832,969 | ||||||
5.28%, 5/20/2024 (d) | 25,000,000 | 24,600,410 | ||||||
NRW Bank | ||||||||
5.26%, 3/28/2024 (d)(e) | 50,000,000 | 49,582,792 | ||||||
5.26%, 4/2/2024 (d)(e) | 16,667,000 | 16,515,728 | ||||||
5.30%, 4/19/2024 (d) | 25,000,000 | 24,710,882 | ||||||
5.32%, 4/30/2024 (d) | 20,000,000 | 19,736,500 | ||||||
Oesterreichische Kontrollbank AG | ||||||||
5.56%, 2/5/2024 (d) | 10,000,000 | 9,992,619 | ||||||
Ontario Teachers' Finance Trust | ||||||||
5.54%, 2/8/2024 (d)(e) | 6,109,000 | 6,101,777 | ||||||
TOTAL COMMERCIAL PAPER (Cost $437,002,556) | 436,924,434 | |||||||
U.S. TREASURY OBLIGATIONS - 0.2% | ||||||||
U.S. Treasury Bills | ||||||||
5.32%, 3/7/2024 (d)(f) | 10,000,000 | 9,948,755 | ||||||
5.29%, 6/13/2024 (d) | 10,000,000 | 9,812,261 | ||||||
5.17%, 6/27/2024 (d)(f) | 10,000,000 | 9,794,710 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,553,244) | 29,555,726 |
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES - 0.0% (g) | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (h) (Cost $856,838) | 856,838 | 856,838 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $467,412,638) | 467,336,998 | |||||||
Total Investments - 100.0% (Cost $9,135,218,252) | 12,307,034,783 | |||||||
Other assets less liabilities - 0.0% (g) | 377,364 | |||||||
Net Assets - 100.0% | 12,307,412,147 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | Represents a security that is subject to legal or contractual restrictions on resale. Total value of all such securities at January 31, 2024 amounted to $15,713,571, which represents approximately 0.13% of net assets of the Fund. |
Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
Legris Industries SA | 04/30/04 | $ | 23,433,066 | $ | 17.36 |
(b) | Security fair valued as of January 31, 2024 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2024 amounted to $15,713,571, which represents approximately 0.13% of net assets of the Fund. |
(c) | Affiliated company as defined under the Investment Company Act of 1940. |
(d) | The rate shown was the current yield as of January 31, 2024. |
(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 January 31, 2024 amounted to $215,096,085, which represents approximately 1.75% of net assets of the Fund. |
(f) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
(g) | Represents less than 0.05% of net assets. |
(h) | Represents 7-day effective yield as of January 31, 2024. |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of January 31, 2024
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
USD | 30,832,790 | EUR | 28,070,000 | UBS AG | 2/21/2024 | $ | 472,894 | |||||
USD | 43,864,496 | JPY | 6,391,465,000 | UBS AG | 2/21/2024 | 305,735 | ||||||
USD | 32,839,580 | EUR | 29,871,000 | Bank of New York Mellon | 3/13/2024 | 502,729 | ||||||
USD | 145,023,615 | EUR | 133,650,000 | Goldman Sachs | 4/17/2024 | 126,031 | ||||||
USD | 50,355,457 | JPY | 7,169,610,000 | Goldman Sachs | 4/17/2024 | 1,065,435 | ||||||
USD | 127,105,757 | EUR | 116,262,000 | JPMorgan Chase Bank | 6/5/2024 | 797,712 | ||||||
Total unrealized appreciation | 3,270,536 | |||||||||||
USD | 101,500,843 | EUR | 95,134,000 | UBS AG | 2/21/2024 | (1,394,003 | ) | |||||
USD | 100,105,709 | EUR | 93,333,000 | Bank of New York Mellon | 3/13/2024 | (931,930 | ) | |||||
USD | 50,430,047 | JPY | 7,458,851,000 | Bank of New York Mellon | 3/13/2024 | (573,457 | ) | |||||
USD | 36,604,093 | GBP | 29,123,000 | Goldman Sachs | 4/17/2024 | (323,799 | ) | |||||
USD | 37,953,176 | GBP | 29,971,000 | JPMorgan Chase Bank | 6/5/2024 | (54,049 | ) | |||||
USD | 62,014,275 | JPY | 9,005,434,000 | JPMorgan Chase Bank | 6/5/2024 | (346,978 | ) | |||||
Total unrealized depreciation | (3,624,216 | ) | ||||||||||
Net unrealized depreciation | $ | (353,680 | ) |
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 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Aerospace & Defense | 1.6 | % | ||
Automobile Components | 0.7 | |||
Banks | 2.9 | |||
Beverages | 6.6 | |||
Broadline Retail | 2.4 | |||
Chemicals | 3.5 | |||
Commercial Services & Supplies | 2.3 | |||
Commodities | 11.0 | |||
Electrical Equipment | 2.0 | |||
Electronic Equipment, Instruments & Components | 1.0 | |||
Entertainment | 0.6 | |||
Financial Services | 5.2 | |||
Food Products | 5.5 | |||
Foreign Government Securities | 1.7 | |||
Health Care Equipment & Supplies | 0.8 | |||
Health Care Providers & Services | 0.4 | |||
Hotels, Restaurants & Leisure | 0.7 | |||
Household Durables | 1.4 | |||
Household Products | 2.6 | |||
Industrial Conglomerates | 2.4 | |||
Insurance | 6.6 | |||
Interactive Media & Services | 0.4 | |||
Leisure Products | 1.1 | |||
Machinery | 5.8 | |||
Metals & Mining | 4.0 | |||
Office REITs | 0.2 | |||
Oil, Gas & Consumable Fuels | 5.7 | |||
Personal Care Products | 2.9 | |||
Pharmaceuticals | 2.8 | |||
Real Estate Management & Development | 2.2 | |||
Semiconductors & Semiconductor Equipment | 1.9 | |||
Specialized REITs | 0.3 | |||
Specialty Retail | 0.1 | |||
Technology Hardware, Storage & Peripherals | 0.8 | |||
Textiles, Apparel & Luxury Goods | 2.4 | |||
Tobacco | 3.3 | |||
Trading Companies & Distributors | 0.4 | |||
Short-Term Investments | 3.8 | |||
Total Investments | 100.0 | % |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Affiliated Securities | ||||||||||||||||||||||||||||||||
Security Description | Shares at January 31, 2024 | Market Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/Depreciation | Market Value January 31, 2024 | Dividend Income | ||||||||||||||||||||||||
Common Stocks 3.6% | ||||||||||||||||||||||||||||||||
Belgium 0.1% | ||||||||||||||||||||||||||||||||
Legris Industries SA*‡ (a)(b) | 905,366 | $ | 15,384,962 | $ | — | $ | — | $ | — | $ | 328,609 | $ | 15,713,571 | $ | — | |||||||||||||||||
Chile 0.9% | ||||||||||||||||||||||||||||||||
Cia Cervecerias Unidas SA, ADR | 9,392,572 | 105,666,435 | — | — | — | 6,199,098 | 111,865,533 | 1,128,781 | ||||||||||||||||||||||||
France 0.6% | ||||||||||||||||||||||||||||||||
Laurent-Perrier | 558,938 | 69,786,652 | — | — | — | 4,812,819 | 74,599,471 | — | ||||||||||||||||||||||||
Japan 0.7% | ||||||||||||||||||||||||||||||||
Daiichikosho Co. Ltd. | 5,732,560 | 84,735,608 | — | — | — | (6,200,334 | ) | 78,535,274 | — | |||||||||||||||||||||||
Singapore 1.1% | ||||||||||||||||||||||||||||||||
Haw Par Corp. Ltd. | 19,447,213 | 135,861,236 | — | — | — | 1,598,854 | 137,460,090 | — | ||||||||||||||||||||||||
South Korea 0.2% | ||||||||||||||||||||||||||||||||
Fursys, Inc. | 872,463 | 18,766,466 | — | — | — | 1,236,807 | 20,003,273 | 619,167 | ||||||||||||||||||||||||
Total Common Stocks | 430,201,359 | — | — | — | 7,975,853 | 438,177,212 | 1,747,948 | |||||||||||||||||||||||||
Total | $ | 430,201,359 | $ | — | $ | — | $ | — | $ | 7,975,853 | $ | 438,177,212 | $ | 1,747,948 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | Represents a security that is subject to legal or contractual restrictions on resale. |
(b) | Security fair valued as of January 31, 2024 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2024 amounted to $15,713,571, which represents approximately 0.13% of net assets of the Fund. |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 75.2% | ||||||||
Air Freight & Logistics - 3.2% | ||||||||
CH Robinson Worldwide, Inc. | 326,978 | 27,495,580 | ||||||
Expeditors International of Washington, Inc. | 95,532 | 12,068,558 | ||||||
39,564,138 | ||||||||
Banks - 1.1% | ||||||||
US Bancorp | 330,658 | 13,735,533 | ||||||
Capital Markets - 3.4% | ||||||||
Bank of New York Mellon Corp. (The) | 589,455 | 32,691,174 | ||||||
Charles Schwab Corp. (The) | 143,493 | 9,028,580 | ||||||
41,719,754 | ||||||||
Chemicals - 1.3% | ||||||||
Nutrien Ltd. (Canada) | 158,929 | 7,925,789 | ||||||
PPG Industries, Inc. | 37,210 | 5,248,099 | ||||||
RPM International, Inc. | 30,241 | 3,225,505 | ||||||
16,399,393 | ||||||||
Consumer Finance - 1.3% | ||||||||
American Express Co. | 78,997 | 15,857,858 | ||||||
Consumer Staples Distribution & Retail - 0.8% | ||||||||
Walmart, Inc. | 58,370 | 9,645,642 | ||||||
Electronic Equipment, Instruments & Components - 1.4% | ||||||||
IPG Photonics Corp.* | 178,742 | 17,497,054 | ||||||
Energy Equipment & Services - 3.7% | ||||||||
Noble Corp. plc | 73,511 | 3,244,041 | ||||||
NOV, Inc. | 999,361 | 19,497,533 | ||||||
Schlumberger NV | 471,530 | 22,963,511 | ||||||
45,705,085 | ||||||||
Entertainment - 0.8% | ||||||||
Walt Disney Co. (The) | 109,127 | 10,481,648 | ||||||
Financial Services - 1.5% | ||||||||
Berkshire Hathaway, Inc., Class A* | 32 | 18,496,640 | ||||||
Food Products - 0.8% | ||||||||
Kraft Heinz Co. (The) | 262,298 | 9,739,125 | ||||||
Gas Utilities - 0.3% | ||||||||
UGI Corp. | 194,116 | 4,297,728 | ||||||
Health Care Equipment & Supplies - 3.6% | ||||||||
Becton Dickinson & Co. | 46,956 | 11,213,562 | ||||||
Dentsply Sirona, Inc. | 353,557 | 12,286,106 | ||||||
Medtronic plc | 233,051 | 20,401,285 | ||||||
43,900,953 | ||||||||
Health Care Providers & Services - 8.6% | ||||||||
Elevance Health, Inc. | 63,028 | 31,100,537 | ||||||
HCA Healthcare, Inc. | 157,427 | 47,999,492 | ||||||
Universal Health Services, Inc., Class B | 170,425 | 27,065,194 | ||||||
106,165,223 | ||||||||
Household Products - 2.6% | ||||||||
Colgate-Palmolive Co. | 376,279 | 31,682,692 | ||||||
Insurance - 3.3% | ||||||||
Brown & Brown, Inc. | 85,039 | 6,595,625 | ||||||
Fidelity National Financial, Inc. | 158,855 | 7,947,516 | ||||||
Willis Towers Watson plc | 104,185 | 25,660,765 | ||||||
40,203,906 | ||||||||
Interactive Media & Services - 8.2% | ||||||||
Alphabet, Inc., Class A* | 145,960 | 20,448,996 | ||||||
Alphabet, Inc., Class C* | 188,322 | 26,704,059 | ||||||
Meta Platforms, Inc., Class A* | 138,169 | 53,905,254 | ||||||
101,058,309 | ||||||||
Machinery - 3.3% | ||||||||
Cummins, Inc. | 73,903 | 17,684,988 | ||||||
Deere & Co. | 20,543 | 8,085,314 | ||||||
Flowserve Corp. | 378,708 | 15,121,810 | ||||||
40,892,112 | ||||||||
Media - 3.5% | ||||||||
Comcast Corp., Class A | 920,308 | 42,831,134 | ||||||
Metals & Mining - 2.5% | ||||||||
Agnico Eagle Mines Ltd. (Canada) | 82,024 | 4,031,497 | ||||||
Barrick Gold Corp. (Canada) | 552,455 | 8,618,298 | ||||||
Franco-Nevada Corp. (Canada) | 31,259 | 3,382,003 | ||||||
Newmont Corp. | 284,854 | 9,830,311 | ||||||
Royal Gold, Inc. | 38,764 | 4,434,214 | ||||||
30,296,323 | ||||||||
Office REITs - 0.9% | ||||||||
Boston Properties, Inc., REIT | 102,688 | 6,828,752 | ||||||
Douglas Emmett, Inc., REIT | 359,380 | 4,869,599 | ||||||
11,698,351 | ||||||||
Oil, Gas & Consumable Fuels - 3.1% | ||||||||
Exxon Mobil Corp. | 317,531 | 32,645,362 | ||||||
ONEOK, Inc. | 80,792 | 5,514,054 | ||||||
38,159,416 | ||||||||
Residential REITs - 1.4% | ||||||||
Equity Residential, REIT | 296,839 | 17,866,739 | ||||||
Semiconductors & Semiconductor Equipment - 3.8% | ||||||||
Analog Devices, Inc. | 132,445 | 25,477,120 | ||||||
Texas Instruments, Inc. | 137,787 | 22,062,455 | ||||||
47,539,575 | ||||||||
Software - 6.0% | ||||||||
Microsoft Corp. | 22,886 | 9,099,016 | ||||||
Oracle Corp. | 425,031 | 47,475,962 | ||||||
Salesforce, Inc.* | 61,730 | 17,351,686 | ||||||
73,926,664 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Specialized REITs - 1.6% | ||||||||
Extra Space Storage, Inc., REIT | 42,904 | 6,197,054 | ||||||
Weyerhaeuser Co., REIT | 401,701 | 13,163,742 | ||||||
19,360,796 | ||||||||
Specialty Retail - 0.5% | ||||||||
Ross Stores, Inc. | 46,793 | 6,564,122 | ||||||
Tobacco - 2.7% | ||||||||
Philip Morris International, Inc. | 372,296 | 33,823,092 | ||||||
TOTAL COMMON STOCKS (Cost $527,228,422) | 929,109,005 |
Investments | Ounces | Value ($) | ||||||
COMMODITIES - 11.9% | ||||||||
Gold bullion* (Cost $78,780,492) | 72,529 | 147,520,509 |
Investments | Shares | Value ($) | ||||||
MASTER LIMITED PARTNERSHIPS - 1.4% | ||||||||
Oil, Gas & Consumable Fuels - 1.4% | ||||||||
Enterprise Products Partners LP (Cost $12,353,309) | 623,041 | 16,672,577 |
Investments | Principal Amount ($) | Value ($) | ||||||
CORPORATE BONDS - 0.8% | ||||||||
Banks - 0.1% | ||||||||
Manufacturers & Traders Trust Co. | ||||||||
4.65%, 1/27/2026 | 1,205,000 | 1,188,973 | ||||||
Financial Services - 0.2% | ||||||||
Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
4.88%, 1/15/2028‡ (a) | 3,305,600 | 2,901,092 | ||||||
Food Products - 0.1% | ||||||||
Post Holdings, Inc. | ||||||||
5.75%, 3/1/2027 (a) | 666,000 | 662,773 | ||||||
Health Care Equipment & Supplies - 0.0% (b) | ||||||||
Bausch & Lomb, Inc. | ||||||||
7.13%, 8/1/2028‡ | 600,000 | 540,750 | ||||||
Oil, Gas & Consumable Fuels - 0.4% | ||||||||
Enterprise Products Operating LLC | ||||||||
Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 8/16/2077 (c) | 2,600,000 | 2,503,924 | ||||||
(CME Term SOFR 3 Month + 2.83%), 5.38%, 2/15/2078 (c) | 2,750,000 | 2,562,382 | ||||||
5,066,306 | ||||||||
TOTAL CORPORATE BONDS (Cost $10,236,522) | 10,359,894 | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.4% | ||||||||
Banks - 0.4% | ||||||||
Bank of America Corp. | ||||||||
Series L, 7.25%, (d) (Cost $5,693,463) | 4,250 | 5,175,863 | ||||||
SHORT-TERM INVESTMENTS - 10.5% | ||||||||
COMMERCIAL PAPER - 7.9% | ||||||||
Cisco Systems, Inc. | ||||||||
5.39%, 4/12/2024 (a)(e) | 12,500,000 | 12,367,100 | ||||||
Coca-Cola Co. (The) | ||||||||
5.28%, 7/1/2024 (e) | 10,000,000 | 9,782,358 | ||||||
CVS Caremark Corp. | ||||||||
5.42%, 2/1/2024 (e) | 10,208,000 | 10,206,471 | ||||||
Entergy Corp. | ||||||||
5.40%, 2/1/2024 (a)(e) | 3,585,000 | 3,584,463 | ||||||
General Motors Financial Co., Inc. | ||||||||
5.43%, 2/1/2024 (a)(e) | 14,600,000 | 14,597,793 | ||||||
Global Payments, Inc. | ||||||||
5.96%, 2/1/2024 (e) | 6,518,000 | 6,516,919 | ||||||
Microsoft Corp. | ||||||||
5.38%, 3/18/2024 (e) | 10,000,000 | 9,930,993 | ||||||
5.36%, 5/29/2024 (a)(e) | 8,000,000 | 7,861,625 | ||||||
Oracle Corp. | ||||||||
5.44%, 4/30/2024 (e) | 10,000,000 | 9,865,250 | ||||||
Procter & Gamble Co.(The) | ||||||||
5.37%, 4/9/2024 (e) | 12,500,000 | 12,373,332 | ||||||
TOTAL COMMERCIAL PAPER (Cost $97,100,420) | 97,086,304 |
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES - 0.0% (b) | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (f) | ||||||||
(Cost $27,183) | 27,183 | 27,183 |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 2.6% | ||||||||
U.S. Treasury Bills | ||||||||
5.32%, 3/7/2024 (e) | 5,000,000 | 4,974,378 | ||||||
5.43%, 3/21/2024 (e) | 9,100,000 | 9,034,756 | ||||||
5.17%, 5/9/2024 (e) | 5,000,000 | 4,929,595 | ||||||
5.29%, 6/13/2024 (e) | 5,000,000 | 4,906,130 | ||||||
5.14%, 7/18/2024 (e) | 9,000,000 | 8,790,420 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $32,634,333) | 32,635,279 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $129,761,936) | 129,748,766 | |||||||
Total Investments - 100.2% (Cost $764,054,144) | 1,238,586,614 | |||||||
Liabilities in excess of other assets - (0.2%) | (2,441,576 | ) | ||||||
Net Assets - 100.0% | 1,236,145,038 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at January 31, 2024 amounted to $41,974,846, which represents approximately 3.40% of net assets of the Fund. |
(b) | Represents less than 0.05% of net assets. |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2024. |
(d) | Perpetual security. The rate reflected was the rate in effect on January 31, 2024. The maturity date reflects the next call date. |
(e) | The rate shown was the current yield as of January 31, 2024. |
(f) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
REIT | Real Estate Investment Trust |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Air Freight & Logistics | 3.2 | % | ||
Banks | 1.6 | |||
Capital Markets | 3.4 | |||
Chemicals | 1.3 | |||
Commodities | 11.9 | |||
Consumer Finance | 1.3 | |||
Consumer Staples Distribution & Retail | 0.8 | |||
Electronic Equipment, Instruments & Components | 1.4 | |||
Energy Equipment & Services | 3.7 | |||
Entertainment | 0.8 | |||
Financial Services | 1.7 | |||
Food Products | 0.9 | |||
Gas Utilities | 0.3 | |||
Health Care Equipment & Supplies | 3.6 | |||
Health Care Providers & Services | 8.6 | |||
Household Products | 2.6 | |||
Insurance | 3.3 | |||
Interactive Media & Services | 8.2 | |||
Machinery | 3.3 | |||
Media | 3.5 | |||
Metals & Mining | 2.5 | |||
Office REITs | 0.9 | |||
Oil, Gas & Consumable Fuels | 4.9 | |||
Residential REITs | 1.4 | |||
Semiconductors & Semiconductor Equipment | 3.8 | |||
Software | 6.0 | |||
Specialized REITs | 1.6 | |||
Specialty Retail | 0.5 | |||
Tobacco | 2.7 | |||
Short-Term Investments | 10.5 | |||
Total Investments | 100.2 | % |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 84.3% | ||||||||
Australia - 4.8% | ||||||||
Northern Star Resources Ltd. | 11,776,996 | 101,020,803 | ||||||
Canada - 56.8% | ||||||||
Agnico Eagle Mines Ltd. | 2,078,824 | 102,174,636 | ||||||
Alamos Gold, Inc., Class A | 8,311,143 | 100,639,970 | ||||||
B2Gold Corp. | 23,333,222 | 65,082,065 | ||||||
Barrick Gold Corp. | 18,561,427 | 289,558,261 | ||||||
Dundee Precious Metals, Inc. (a) | 15,200,008 | 97,342,459 | ||||||
Franco-Nevada Corp. | 917,800 | 99,299,482 | ||||||
G Mining Ventures Corp.* | 1,095,209 | 1,596,645 | ||||||
Kinross Gold Corp. | 3,900,000 | 21,489,000 | ||||||
MAG Silver Corp.* (a) | 6,081,222 | 54,730,772 | ||||||
Novagold Resources, Inc.* (a) | 17,740,710 | 45,416,218 | ||||||
Orla Mining Ltd.* | 7,840,941 | 26,127,722 | ||||||
Wheaton Precious Metals Corp. | 6,340,844 | 297,195,358 | ||||||
1,200,652,588 | ||||||||
Mexico - 2.2% | ||||||||
Fresnillo plc | 4,277,558 | 28,611,206 | ||||||
Industrias Penoles SAB de CV* | 1,403,600 | 18,458,056 | ||||||
47,069,262 | ||||||||
South Africa - 3.3% | ||||||||
Gold Fields Ltd., ADR | 4,641,037 | 68,687,348 | ||||||
United Kingdom - 4.8% | ||||||||
Anglogold Ashanti plc | 5,812,586 | 102,417,765 | ||||||
United States - 12.4% | ||||||||
Newmont Corp. | 4,646,577 | 160,353,372 | ||||||
Royal Gold, Inc. | 891,278 | 101,953,291 | ||||||
262,306,663 | ||||||||
TOTAL COMMON STOCKS (Cost $1,437,491,040) | 1,782,154,429 | |||||||
Investments | Ounces | Value ($) | ||||||
COMMODITIES - 14.0% | ||||||||
Gold bullion* | 83,075 | 168,970,458 | ||||||
Silver bullion* | 5,558,475 | 126,841,069 | ||||||
TOTAL COMMODITIES (Cost $152,266,452) | 295,811,527 | |||||||
Investments | Number of | Value ($) | ||||||
RIGHTS - 0.1% | ||||||||
Canada - 0.1% | ||||||||
Pan American Silver Corp., CVR, expiring 2/22/2029* | ||||||||
Cost $45,973,715 | 6,835,667 | 3,182,345 | ||||||
Investments | Principal | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 2.2% | ||||||||
COMMERCIAL PAPER - 2.2% | ||||||||
CVS Caremark Corp. | ||||||||
5.42%, 2/1/2024 (b) | 13,556,000 | 13,553,970 | ||||||
Entergy Corp. | ||||||||
5.40%, 2/1/2024 (b)(c) | 4,760,000 | 4,759,287 | ||||||
General Motors Financial Co., Inc. | ||||||||
5.43%, 2/1/2024 (b)(c) | 19,387,000 | 19,384,069 | ||||||
Global Payments, Inc. | ||||||||
5.96%, 2/1/2024 (b) | 8,655,000 | 8,653,564 | ||||||
TOTAL COMMERCIAL PAPER (Cost $46,358,000) | 46,350,890 | |||||||
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES - 0.0% (d) | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (e) (Cost $29,954) | 29,954 | 29,954 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,387,954) | 46,380,844 | |||||||
Total Investments - 100.6% (Cost $1,682,119,161) | 2,127,529,145 | |||||||
Liabilities in excess of other assets - (0.6)% | (12,253,620 | ) | ||||||
Net Assets - 100.0% | 2,115,275,525 |
* | Non-income producing security. |
(a) | Affiliated company as defined under the Investment Company Act of 1940. |
(b) | The rate shown was the current yield as of January 31, 2024. |
(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 January 31, 2024 amounted to $24,143,356, which represents approximately 1.14% of net assets of the Fund. |
(d) | Represents less than 0.05% of net assets. |
(e) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
ADR | American Depositary Receipt |
CVR | Contingent Value Rights |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Commodities | 14.0 | % | ||
Metals & Mining | 84.4 | |||
Short-Term Investments | 2.2 | |||
Total Investments | 100.6 | % |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
January 31, 2024 (unaudited)
Affiliated Securities
Security Description | Shares at January 31, 2024 | Market Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/ Depreciation | Market Value January 31, 2024 | Dividend Income | ||||||||||||||||||||||||
Common Stocks 9.3% | ||||||||||||||||||||||||||||||||
Canada 9.3% | ||||||||||||||||||||||||||||||||
Dundee Precious Metals, Inc. | 15,200,008 | $ | 93,341,751 | $ | 6,655,129 | $ | — | $ | — | $ | (2,654,421 | ) | $ | 97,342,459 | $ | 519,772 | ||||||||||||||||
MAG Silver Corp.* | 6,081,222 | 54,322,011 | 6,687,094 | — | — | (6,278,333 | ) | 54,730,772 | — | |||||||||||||||||||||||
Novagold Resources, Inc.* | 17,740,710 | 62,447,299 | — | — | — | (17,031,081 | ) | 45,416,218 | — | |||||||||||||||||||||||
Total Common Stocks | 210,111,061 | 13,342,223 | — | — | (25,963,835 | ) | 197,489,449 | 519,772 | ||||||||||||||||||||||||
Total | $ | 210,111,061 | $ | 13,342,223 | $ | — | $ | — | $ | (25,963,835 | ) | $ | 197,489,449 | $ | 519,772 |
* | Non-income producing security. |
See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||||
COMMON STOCKS - 61.2% | ||||||||||
Brazil - 1.4% | ||||||||||
Ambev SA, ADR | 6,421,747 | 16,824,977 | ||||||||
Itausa SA (Preference) | 3,672,034 | 7,411,662 | ||||||||
24,236,639 | ||||||||||
Canada - 4.0% | ||||||||||
Agnico Eagle Mines Ltd. | 16,806 | 826,018 | ||||||||
Barrick Gold Corp. | 90,496 | 1,411,738 | ||||||||
Franco-Nevada Corp. | 42,649 | 4,614,321 | ||||||||
Franco-Nevada Corp. | 32,962 | 3,568,137 | ||||||||
Imperial Oil Ltd. | 238,922 | 13,781,398 | ||||||||
Nutrien Ltd. | 87,298 | 4,353,551 | ||||||||
Power Corp. of Canada | 883,284 | 25,747,257 | ||||||||
Wheaton Precious Metals Corp. (a) | 281,516 | 13,194,655 | ||||||||
67,497,075 | ||||||||||
Chile - 1.3% | ||||||||||
Cia Cervecerias Unidas SA, ADR | 1,327,830 | 15,814,455 | ||||||||
Quinenco SA | 2,083,758 | 7,071,947 | ||||||||
22,886,402 | ||||||||||
France - 2.3% | ||||||||||
Danone SA | 229,993 | 15,322,971 | ||||||||
Sanofi SA | 161,273 | 16,150,768 | ||||||||
Sodexo SA | 54,727 | 6,173,699 | ||||||||
Wendel SE | 19,995 | 1,812,799 | ||||||||
39,460,237 | ||||||||||
Germany - 1.4% | ||||||||||
Brenntag SE | 29,533 | 2,611,013 | ||||||||
FUCHS SE (Preference) | 341,114 | 14,952,226 | ||||||||
Henkel AG & Co. KGaA (Preference) | 81,279 | 6,230,727 | ||||||||
23,793,966 | ||||||||||
Hong Kong - 3.2% | ||||||||||
CK Asset Holdings Ltd. | 2,483,000 | 11,204,150 | ||||||||
Great Eagle Holdings Ltd. | 1,345,774 | 1,981,152 | ||||||||
Hongkong Land Holdings Ltd. | 2,934,100 | 9,158,815 | ||||||||
Hysan Development Co. Ltd. | 1,027,083 | 1,772,739 | ||||||||
Jardine Matheson Holdings Ltd. | 720,400 | 28,927,050 | ||||||||
Mandarin Oriental International Ltd. | 1,047,200 | 1,570,800 | ||||||||
54,614,706 | ||||||||||
Japan - 3.2% | ||||||||||
FANUC Corp. | 294,600 | 8,149,336 | ||||||||
MS&AD Insurance Group Holdings, Inc. | 209,600 | 8,655,382 | ||||||||
Nagaileben Co. Ltd. | 22,700 | 360,194 | ||||||||
Nohmi Bosai Ltd. | 70,300 | 1,061,745 | ||||||||
Secom Co. Ltd. | 203,100 | 14,741,072 | ||||||||
Shimano, Inc. | 87,400 | 12,548,484 | ||||||||
Sompo Holdings, Inc. | 104,800 | 5,434,033 | ||||||||
USS Co. Ltd. | 214,900 | 4,064,063 | ||||||||
55,014,309 | ||||||||||
Mexico - 3.0% | ||||||||||
Bolsa Mexicana de Valores SAB de CV | 403,523 | 817,526 | ||||||||
Coca-Cola Femsa SAB de CV, ADR (a) | 187,816 | 17,831,251 | ||||||||
Fomento Economico Mexicano SAB de CV, ADR (a) | 153,196 | 20,764,186 | ||||||||
GMexico Transportes SAB de CV (b) | 1,116,309 | 2,550,229 | ||||||||
Grupo Mexico SAB de CV, Series B | 2,026,562 | 10,456,902 | ||||||||
52,420,094 | ||||||||||
Netherlands - 0.8% | ||||||||||
HAL Trust | 40,521 | 5,051,043 | ||||||||
Heineken Holding NV | 113,543 | 9,527,131 | ||||||||
14,578,174 | ||||||||||
Norway - 1.0% | ||||||||||
Orkla ASA | 2,142,238 | 16,780,425 | ||||||||
Singapore - 0.6% | ||||||||||
United Overseas Bank Ltd. | 292,600 | 6,167,581 | ||||||||
UOL Group Ltd. | 764,200 | 3,548,623 | ||||||||
9,716,204 | ||||||||||
South Korea - 2.2% | ||||||||||
KT&G Corp. | 419,335 | 28,478,826 | ||||||||
Samsung Electronics Co. Ltd. (Preference) | 227,622 | 9,959,795 | ||||||||
38,438,621 | ||||||||||
Sweden - 0.6% | ||||||||||
Svenska Handelsbanken AB, Class A | 891,201 | 9,607,451 | ||||||||
Switzerland - 4.7% | ||||||||||
Cie Financiere Richemont SA (Registered) | 168,707 | 25,058,825 | ||||||||
Nestle SA (Registered) | 331,974 | 37,828,639 | ||||||||
Schindler Holding AG | 61,668 | 15,360,810 | ||||||||
Schindler Holding AG (Registered) | 7,544 | 1,795,781 | ||||||||
80,044,055 | ||||||||||
Taiwan - 0.5% | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a) | 79,844 | 9,019,178 | ||||||||
Thailand - 0.7% | ||||||||||
Bangkok Bank PCL, NVDR | 1,467,900 | 5,833,665 | ||||||||
Thai Beverage PCL | 17,954,100 | 7,009,485 | ||||||||
12,843,150 | ||||||||||
United Kingdom - 8.7% | ||||||||||
BAE Systems plc | 807,624 | 12,030,748 | ||||||||
Berkeley Group Holdings plc | 222,665 | 13,483,405 | ||||||||
British American Tobacco plc | 1,246,229 | 36,743,330 | ||||||||
Diageo plc | 124,310 | 4,489,811 | ||||||||
Great Portland Estates plc, REIT | 327,228 | 1,721,772 | ||||||||
Haleon plc | 4,109,584 | 16,692,166 | ||||||||
Lloyds Banking Group plc | 11,546,087 | 6,189,347 | ||||||||
Reckitt Benckiser Group plc | 216,495 | 15,652,779 | ||||||||
Unilever plc | 871,901 | 42,503,105 | ||||||||
149,506,463 | ||||||||||
United States - 21.6% | ||||||||||
Analog Devices, Inc. (a) | 73,648 | 14,166,929 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||||
Bank of New York Mellon Corp. (The) (a) | 296,834 | 16,462,414 | ||||||||
Becton Dickinson & Co. (a) | 73,838 | 17,633,253 | ||||||||
Boston Properties, Inc., REIT (a) | 125,907 | 8,372,816 | ||||||||
CH Robinson Worldwide, Inc. (a) | 129,767 | 10,912,107 | ||||||||
Colgate-Palmolive Co. (a) | 368,873 | 31,059,107 | ||||||||
Comcast Corp., Class A (a) | 541,473 | 25,200,153 | ||||||||
Douglas Emmett, Inc., REIT | 366,396 | 4,964,666 | ||||||||
Elevance Health, Inc. (a) | 17,617 | 8,692,932 | ||||||||
Equity Residential, REIT | 345,193 | 20,777,167 | ||||||||
Exxon Mobil Corp. (a) | 412,370 | 42,395,760 | ||||||||
Fidelity National Financial, Inc. | 84,603 | 4,232,688 | ||||||||
Fidelity National Information Services, Inc. (a) | 51,600 | 3,212,616 | ||||||||
General Dynamics Corp. (a) | 7,297 | 1,933,632 | ||||||||
HCA Healthcare, Inc. (a) | 75,005 | 22,869,024 | ||||||||
IDACORP, Inc. (a) | 52,533 | 4,863,505 | ||||||||
Kraft Heinz Co. (The) | 133,886 | 4,971,187 | ||||||||
Linde plc (a) | 6,853 | 2,774,300 | ||||||||
Medtronic plc | 224,887 | 19,686,608 | ||||||||
ONEOK, Inc. (a) | 77,140 | 5,264,805 | ||||||||
Oracle Corp. (a) | 29,638 | 3,310,565 | ||||||||
Philip Morris International, Inc. (a) | 318,886 | 28,970,793 | ||||||||
Royal Gold, Inc. (a) | 90,423 | 10,343,487 | ||||||||
RPM International, Inc. | 6,018 | 641,880 | ||||||||
Schlumberger NV | 153,224 | 7,462,009 | ||||||||
Texas Instruments, Inc. (a) | 121,579 | 19,467,229 | ||||||||
Truist Financial Corp. | 44 | 1,631 | ||||||||
UGI Corp. | 74,789 | 1,655,828 | ||||||||
Universal Health Services, Inc., Class B | 19,258 | 3,058,363 | ||||||||
US Bancorp (a) | 326,193 | 13,550,057 | ||||||||
Walmart, Inc. (a) | 56,972 | 9,414,623 | ||||||||
Weyerhaeuser Co., REIT | 129,131 | 4,231,623 | ||||||||
372,553,757 | ||||||||||
TOTAL COMMON STOCKS (Cost $945,309,654) | 1,053,010,906 | |||||||||
Investments | Principal | Value ($) | ||||||||
U.S. TREASURY OBLIGATIONS - 12.1% | ||||||||||
U.S. Treasury Bonds | ||||||||||
6.63%, 2/15/2027 | 7,350,000 | 7,906,705 | ||||||||
6.13%, 11/15/2027 | 21,467,400 | 23,114,352 | ||||||||
U.S. Treasury Inflation Linked Notes | ||||||||||
0.13%, 7/15/2024 | 13,800,000 | 17,693,019 | ||||||||
0.25%, 1/15/2025 | 9,500,000 | 12,023,503 | ||||||||
0.38%, 7/15/2025 | 12,175,000 | 15,375,919 | ||||||||
0.13%, 4/15/2027 | 14,230,800 | 14,634,085 | ||||||||
1.25%, 4/15/2028 | 13,225,000 | 13,254,360 | ||||||||
U.S. Treasury Notes | ||||||||||
1.75%, 6/30/2024 | 4,317,000 | 4,256,461 | ||||||||
3.00%, 7/31/2024 | 13,200,000 | 13,062,844 | ||||||||
1.75%, 12/31/2024 | 17,647,000 | 17,169,290 | ||||||||
1.75%, 3/15/2025 | 8,680,000 | 8,408,411 | ||||||||
2.75%, 6/30/2025 | 17,750,000 | 17,344,385 | ||||||||
0.38%, 12/31/2025 | 21,807,700 | 20,276,049 | ||||||||
1.75%, 12/31/2026 | 6,360,000 | 5,970,698 | ||||||||
4.63%, 9/30/2028 (c) | 3,350,000 | 3,453,379 | ||||||||
3.38%, 5/15/2033 | 12,050,000 | 11,517,164 | ||||||||
3.88%, 8/15/2033 (c) | 2,700,000 | 2,683,969 | ||||||||
208,144,593 | ||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost 208,744,451) | 208,144,593 | |||||||||
CORPORATE BONDS - 11.3% | ||||||||||
Australia - 0.2% | ||||||||||
Coronado Finance Pty. Ltd. | ||||||||||
10.75%, 5/15/2026 (d) | 1,459,000 | 1,532,942 | ||||||||
Nufarm Australia Ltd. | ||||||||||
5.00%, 1/27/2030 (d) | 2,595,000 | 2,374,581 | ||||||||
3,907,523 | ||||||||||
Canada - 0.8% | ||||||||||
Nutrien Ltd. | ||||||||||
4.90%, 3/27/2028 | 866,000 | 870,316 | ||||||||
TransCanada PipeLines Ltd. | ||||||||||
(United States SOFR Compounded Index + 1.52%), 6.88%, 3/9/2026 (e) | 4,400,000 | 4,403,552 | ||||||||
Transcanada Trust | ||||||||||
Series 16-A, 5.88%, 8/15/2076 (e) | 9,142,000 | 8,782,418 | ||||||||
14,056,286 | ||||||||||
Germany - 0.3% | ||||||||||
IHO Verwaltungs GmbH | ||||||||||
4.75%, 9/15/2026 (d) | 3,879,000 | 3,792,188 | ||||||||
6.00%, 5/15/2027 (d) | 1,336,632 | 1,323,399 | ||||||||
5,115,587 | ||||||||||
Mexico - 0.7% | ||||||||||
Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||||
4.88%, 1/15/2028‡ (d) | 12,624,000 | 11,079,194 | ||||||||
Poland - 0.0% (f) | ||||||||||
Canpack SA | ||||||||||
3.13%, 11/1/2025 (d) | 420,000 | 401,373 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal | Value ($) | ||||||||
United Kingdom - 0.1% | ||||||||||
BAT Capital Corp. | ||||||||||
3.22%, 9/6/2026 | 2,425,000 | 2,321,840 | ||||||||
United States - 9.2% | ||||||||||
ACCO Brands Corp. | ||||||||||
4.25%, 3/15/2029 (d) | 6,858,000 | 6,218,038 | ||||||||
American Airlines, Inc. | ||||||||||
5.50%, 4/20/2026 (d) | 3,200,875 | 3,165,700 | ||||||||
5.75%, 4/20/2029 (d) | 502,000 | 492,979 | ||||||||
American Tower Corp. | ||||||||||
REIT, 2.40%, 3/15/2025 | 115,000 | 111,441 | ||||||||
AMN Healthcare, Inc. | ||||||||||
4.63%, 10/1/2027 (d) | 2,959,000 | 2,820,519 | ||||||||
Ball Corp. | ||||||||||
6.88%, 3/15/2028 | 2,552,000 | 2,635,371 | ||||||||
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 (e)(g) | 9,889,000 | 8,869,191 | ||||||||
Boston Properties LP | ||||||||||
REIT, 3.20%, 1/15/2025 | 1,817,000 | 1,776,511 | ||||||||
Carnival Corp. | ||||||||||
4.00%, 8/1/2028 (d) | 1,206,000 | 1,115,565 | ||||||||
Centene Corp. | ||||||||||
4.25%, 12/15/2027 | 2,873,000 | 2,761,832 | ||||||||
4.63%, 12/15/2029 | 450,000 | 430,721 | ||||||||
Charles River Laboratories International, Inc. | ||||||||||
4.25%, 5/1/2028 (d) | 2,282,000 | 2,155,783 | ||||||||
3.75%, 3/15/2029 (d) | 1,522,000 | 1,384,215 | ||||||||
CITGO Petroleum Corp. | ||||||||||
7.00%, 6/15/2025 (d) | 9,457,000 | 9,455,657 | ||||||||
6.38%, 6/15/2026 (d) | 5,182,000 | 5,172,919 | ||||||||
CVS Health Corp. | ||||||||||
3.88%, 7/20/2025 | 875,000 | 861,092 | ||||||||
1.30%, 8/21/2027 | 1,000,000 | 888,684 | ||||||||
4.30%, 3/25/2028 | 850,000 | 835,170 | ||||||||
DCP Midstream Operating LP | ||||||||||
6.45%, 11/3/2036 (d) | 773,000 | 814,784 | ||||||||
Delta Air Lines, Inc. | ||||||||||
4.50%, 10/20/2025 (d) | 3,588,550 | 3,546,165 | ||||||||
DT Midstream, Inc. | ||||||||||
4.13%, 6/15/2029 (d) | 2,910,000 | 2,673,556 | ||||||||
Edgewell Personal Care Co. | ||||||||||
5.50%, 6/1/2028 (d) | 1,770,000 | 1,732,511 | ||||||||
4.13%, 4/1/2029 (d) | 1,557,000 | 1,403,340 | ||||||||
Embecta Corp. | ||||||||||
5.00%, 2/15/2030 (d) | 4,893,000 | 4,003,844 | ||||||||
6.75%, 2/15/2030 (d) | 2,292,000 | 1,996,905 | ||||||||
Enterprise Products Operating LLC | ||||||||||
Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 8/16/2077 (e) | 3,600,000 | 3,466,972 | ||||||||
Fair Isaac Corp. | ||||||||||
4.00%, 6/15/2028 (d) | 2,764,000 | 2,573,991 | ||||||||
GE HealthCare Technologies, Inc. | ||||||||||
5.60%, 11/15/2025 | 1,700,000 | 1,715,526 | ||||||||
HCA, Inc. | ||||||||||
5.38%, 2/1/2025 | 4,401,000 | 4,396,949 | ||||||||
5.88%, 2/15/2026 | 3,449,000 | 3,481,625 | ||||||||
3.50%, 9/1/2030 | 2,788,000 | 2,529,723 | ||||||||
Iron Mountain, Inc. | ||||||||||
REIT, 4.88%, 9/15/2027 (d) | 3,609,000 | 3,487,411 | ||||||||
REIT, 5.25%, 3/15/2028 (d) | 1,005,000 | 974,655 | ||||||||
REIT, 5.00%, 7/15/2028 (d) | 1,596,000 | 1,526,868 | ||||||||
REIT, 4.88%, 9/15/2029 (d) | 1,322,000 | 1,235,351 | ||||||||
KeyBank NA | ||||||||||
4.15%, 8/8/2025 | 1,775,000 | 1,735,635 | ||||||||
KFC Holding Co. | ||||||||||
4.75%, 6/1/2027 (d) | 1,472,000 | 1,440,367 | ||||||||
Kraft Heinz Foods Co. | ||||||||||
3.00%, 6/1/2026 | 1,800,000 | 1,729,074 | ||||||||
Laboratory Corp. of America Holdings | ||||||||||
3.60%, 2/1/2025 | 2,625,000 | 2,580,382 | ||||||||
Lamb Weston Holdings, Inc. | ||||||||||
4.13%, 1/31/2030 (d) | 2,583,000 | 2,357,051 | ||||||||
Manufacturers & Traders Trust Co. | ||||||||||
4.65%, 1/27/2026 | 3,480,000 | 3,433,714 | ||||||||
4.70%, 1/27/2028 | 3,825,000 | 3,749,029 | ||||||||
Mileage Plus Holdings LLC | ||||||||||
6.50%, 6/20/2027 (d) | 3,807,696 | 3,813,394 | ||||||||
MSCI, Inc. | ||||||||||
4.00%, 11/15/2029 (d) | 4,725,000 | 4,389,668 | ||||||||
Post Holdings, Inc. | ||||||||||
5.75%, 3/1/2027 (d) | 2,867,000 | 2,853,111 | ||||||||
PRA Group, Inc. | ||||||||||
7.38%, 9/1/2025 (d) | 2,123,000 | 2,136,417 | ||||||||
Roller Bearing Co. of America, Inc. | ||||||||||
4.38%, 10/15/2029 (d) | 4,405,000 | 4,048,823 | ||||||||
Scripps Escrow II, Inc. | ||||||||||
5.38%, 1/15/2031 (d) | 1,202,000 | 913,159 | ||||||||
SEG Holding LLC | ||||||||||
5.63%, 10/15/2028 (d) | 5,461,000 | 5,531,611 | ||||||||
Service Corp. International | ||||||||||
4.63%, 12/15/2027 | 699,000 | 678,205 | ||||||||
5.13%, 6/1/2029 | 857,000 | 836,646 | ||||||||
Taylor Morrison Communities, Inc. | ||||||||||
5.13%, 8/1/2030 (d) | 2,000,000 | 1,904,884 | ||||||||
Teleflex, Inc. | ||||||||||
4.63%, 11/15/2027 | 2,919,000 | 2,831,809 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||||
4.25%, 6/1/2028 (d) | 782,000 | 741,860 | ||||||||
Truist Financial Corp. | ||||||||||
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (e)(g) | 14,157,000 | 13,512,856 | ||||||||
VICI Properties LP | ||||||||||
REIT, 5.63%, 5/1/2024 (d) | 1,586,000 | 1,583,531 | ||||||||
WESCO Distribution, Inc. | ||||||||||
7.25%, 6/15/2028 (d) | 2,136,000 | 2,194,101 | ||||||||
157,706,891 | ||||||||||
TOTAL CORPORATE BONDS (Cost 195,709,983) | 194,588,694 | |||||||||
Investments | Ounces | Value ($) | ||||||||
COMMODITIES - 6.4% | ||||||||||
Gold bullion* | ||||||||||
(Cost $66,803,475) | 54,191 | 110,222,733 | ||||||||
Investments | Principal Amount ($) | Value ($) | ||||||||
FOREIGN GOVERNMENT SECURITIES - 2.0% | ||||||||||
Brazil - 0.3% | ||||||||||
Notas do Tesouro Nacional | ||||||||||
10.00%, 1/1/2025 | BRL | 24,000,000 | 4,876,213 | |||||||
Canada - 0.0% (f) | ||||||||||
Province of Quebec | ||||||||||
2.50%, 4/20/2026 | 893,000 | 858,091 | ||||||||
Colombia - 0.2% | ||||||||||
Republic of Colombia | ||||||||||
3.00%, 1/30/2030 | 4,290,000 | 3,564,707 | ||||||||
Italy - 0.3% | ||||||||||
Republic of Italy | ||||||||||
2.38%, 10/17/2024 | 5,300,000 | 5,184,513 | ||||||||
Mexico - 0.5% | ||||||||||
Mex Bonos Desarr Fix Rt | ||||||||||
Series M, 10.00%, 12/5/2024 | MXN | 45,000,000 | 2,598,504 | |||||||
Series M, 5.75%, 3/5/2026 | MXN | 111,800,000 | 5,988,996 | |||||||
8,587,500 | ||||||||||
Romania - 0.1% | ||||||||||
Romania Government Bond | ||||||||||
6.63%, 2/17/2028 (d) | 850,000 | 879,878 | ||||||||
Saudi Arabia - 0.1% | ||||||||||
Kingdom of Saudi Arabia | ||||||||||
4.75%, 1/18/2028 (d) | 1,750,000 | 1,752,097 | ||||||||
Singapore - 0.3% | ||||||||||
Republic of Singapore | ||||||||||
1.25%, 11/1/2026 | SGD | 7,592,000 | 5,408,062 | |||||||
South Korea - 0.2% | ||||||||||
Republic of Korea | ||||||||||
1.25%, 3/10/2026 | KRW | 4,480,550,000 | 3,220,683 | |||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost 34,364,140) | 34,331,744 | |||||||||
Investments | Shares | Value ($) | ||||||||
PREFERRED STOCKS - 1.6% | ||||||||||
United States - 1.6% | ||||||||||
Charles Schwab Corp. (The) | ||||||||||
Series D, 5.95%, (g) | 46,239 | 1,173,083 | ||||||||
General American Investors Co., Inc. | ||||||||||
Series B, 5.95%, (g) | 4,712 | 118,271 | ||||||||
MetLife, Inc. | ||||||||||
Series A, (SOFR 3 Month + 1.00%, 4.00% Floor), 6.65%, (e)(g) | 128,986 | 3,078,896 | ||||||||
Northern Trust Corp. | ||||||||||
Series E, 4.70%, (g) | 135,349 | 2,999,334 | ||||||||
State Street Corp. | ||||||||||
Series G, 5.35%, (e)(g) | 100,371 | 2,429,982 | ||||||||
Truist Financial Corp. | ||||||||||
Series R, 4.75%, (g) | 499,123 | 10,741,127 | ||||||||
US Bancorp | ||||||||||
Series A, (CME Term SOFR 3 Month + 1.28%), 6.60%, (e)(g) | 5,200 | 4,368,052 | ||||||||
Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 6.18%, (e)(g) | 153,884 | 3,250,030 | ||||||||
TOTAL PREFERRED STOCKS (Cost 29,007,091) | 28,158,775 | |||||||||
Investments | Principal Amount ($) | Value ($) | ||||||||
CONVERTIBLE PREFERRED STOCKS - 1.5% | ||||||||||
United States - 1.5% | ||||||||||
Bank of America Corp. | ||||||||||
Series L, 7.25%, (g) | 10,496 | 12,782,554 | ||||||||
Wells Fargo & Co. | ||||||||||
Series L, 7.50%, (g) | 11,123 | 13,458,830 | ||||||||
26,241,384 | ||||||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost 30,438,618) | 26,241,384 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||||
MASTER LIMITED PARTNERSHIPS - 1.2% | ||||||||||
United States - 1.2% | ||||||||||
Enterprise Products Partners LP (Cost $15,109,296) | 784,848 | 21,002,533 | ||||||||
Investments | Principal Amount ($) | Value ($) | ||||||||
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 $3,964,913) | 3,980,164 | 4,014,554 | ||||||||
LOAN ASSIGNMENTS - 0.2% | ||||||||||
United States - 0.2% | ||||||||||
Aramark Intermediate HoldCo Corp., Term Loan B-5 | ||||||||||
(SOFR 1 month + 2.50%), 7.95%, 4/6/2028 (e) (Cost $2,500,000) | 2,500,000 | 2,500,625 | ||||||||
SHORT-TERM INVESTMENTS - 2.1% | ||||||||||
COMMERCIAL PAPER - 2.1% | ||||||||||
CVS Caremark Corp. | ||||||||||
5.42%, 2/1/2024 (h) | 10,559,000 | 10,557,419 | ||||||||
Entergy Corp. | ||||||||||
5.40%, 2/1/2024 (d)(h) | 3,708,000 | 3,707,445 | ||||||||
General Motors Financial Co., Inc. | ||||||||||
5.43%, 2/1/2024 (d)(h) | 15,102,000 | 15,099,717 | ||||||||
Global Payments, Inc. | ||||||||||
5.96%, 2/1/2024 (h) | 6,742,000 | 6,740,881 | ||||||||
TOTAL COMMERCIAL PAPER (Cost $36,111,000) | 36,105,462 | |||||||||
Investments | Shares | Value ($) | ||||||||
INVESTMENT COMPANIES - 0.0% (f) | ||||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (i) (Cost $10,355) | 10,355 | 10,355 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $36,121,355) | 36,115,817 | |||||||||
Total Investments - 99.8% (Cost $1,568,072,976) | 1,718,332,358 | |||||||||
Other assets less liabilities - 0.2% | 2,635,797 | |||||||||
Net Assets - 100.0% | 1,720,968,155 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | All or a portion of the security pledged as collateral for call options written. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
(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 January 31, 2024 amounted to $133,801,547, which represents approximately 7.77% of net assets of the Fund. |
(e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2024. |
(f) | Represents less than 0.05% of net assets. |
(g) | Perpetual security. The rate reflected was the rate in effect on January 31, 2024. The maturity date reflects the next call date. |
(h) | The rate shown was the current yield as of January 31, 2024. |
(i) | Represents 7-day effective yield as of January 31, 2024. |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of January 31, 2024
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
USD | 1,756,382 | EUR | 1,599,000 | UBS AG | 2/21/2024 | $ | 26,938 | |||||||||||
USD | 1,104,391 | JPY | 160,920,000 | UBS AG | 2/21/2024 | 7,698 | ||||||||||||
USD | 772,864 | EUR | 703,000 | Bank of New York Mellon | 3/13/2024 | 11,831 | ||||||||||||
USD | 7,202,894 | EUR | 6,638,000 | Goldman Sachs | 4/17/2024 | 6,260 | ||||||||||||
USD | 1,455,808 | JPY | 207,278,000 | Goldman Sachs | 4/17/2024 | 30,802 | ||||||||||||
USD | 7,645,237 | EUR | 6,993,000 | JPMorgan Chase Bank | 6/5/2024 | 47,981 | ||||||||||||
Total unrealized appreciation | 131,510 | |||||||||||||||||
USD | 5,864,887 | EUR | 5,497,000 | UBS AG | 2/21/2024 | (80,548 | ) | |||||||||||
USD | 6,856,908 | EUR | 6,393,000 | Bank of New York Mellon | 3/13/2024 | (63,834 | ) | |||||||||||
USD | 1,637,573 | JPY | 242,205,000 | Bank of New York Mellon | 3/13/2024 | (18,621 | ) | |||||||||||
USD | 2,460,956 | GBP | 1,958,000 | Goldman Sachs | 4/17/2024 | (21,783 | ) | |||||||||||
USD | 3,084,780 | GBP | 2,436,000 | JPMorgan Chase Bank | 6/5/2024 | (4,393 | ) | |||||||||||
USD | 1,481,047 | JPY | 215,071,000 | JPMorgan Chase Bank | 6/5/2024 | (8,287 | ) | |||||||||||
Total unrealized depreciation | (197,466 | ) | ||||||||||||||||
Net unrealized depreciation | $ | (65,956 | ) |
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 |
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 |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Written Call Options Contracts as of January 31, 2024 : | ||||||||||||||||||||
Description | Counterparty | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | ||||||||||||||
Analog Devices, Inc. | Exchange Traded | 92 | USD | (1,769,712 | ) | USD | 220.00 | 6/21/2024 | (36,340 | ) | ||||||||||
Analog Devices, Inc. | Exchange Traded | 87 | USD | (1,673,532 | ) | USD | 240.00 | 6/21/2024 | (9,135 | ) | ||||||||||
Bank of New York Mellon Corp. (The) | Exchange Traded | 382 | USD | (2,118,572 | ) | USD | 52.50 | 3/15/2024 | (168,080 | ) | ||||||||||
Bank of New York Mellon Corp. (The) | Exchange Traded | 329 | USD | (1,824,634 | ) | USD | 55.00 | 2/16/2024 | (42,770 | ) | ||||||||||
Bank of New York Mellon Corp. (The) | Exchange Traded | 702 | USD | (3,893,292 | ) | USD | 55.00 | 6/21/2024 | (247,806 | ) | ||||||||||
Bank of New York Mellon Corp. (The) | Exchange Traded | 330 | USD | (1,830,180 | ) | USD | 60.00 | 6/21/2024 | (42,900 | ) | ||||||||||
Bank of New York Mellon Corp. (The) | Exchange Traded | 314 | USD | (1,741,444 | ) | USD | 65.00 | 6/21/2024 | (10,990 | ) | ||||||||||
Bank of New York Mellon Corp. (The) | Exchange Traded | 311 | USD | (1,724,806 | ) | USD | 75.00 | 1/17/2025 | (14,773 | ) | ||||||||||
Becton Dickinson & Co. | Exchange Traded | 68 | USD | (1,623,908 | ) | USD | 275.00 | 3/15/2024 | (13,940 | ) | ||||||||||
Becton Dickinson & Co. | Exchange Traded | 138 | USD | (3,295,578 | ) | USD | 290.00 | 6/21/2024 | (15,180 | ) | ||||||||||
Boston Properties, Inc., REIT | Exchange Traded | 237 | USD | (1,576,050 | ) | USD | 90.00 | 7/19/2024 | (16,590 | ) | ||||||||||
Boston Properties, Inc., REIT | Exchange Traded | 242 | USD | (1,609,300 | ) | USD | 95.00 | 4/19/2024 | (44,770 | ) | ||||||||||
Boston Properties, Inc., REIT | Exchange Traded | 250 | USD | (1,662,500 | ) | USD | 95.00 | 1/17/2025 | (38,125 | ) | ||||||||||
Boston Properties, Inc., REIT | Exchange Traded | 242 | USD | (1,609,300 | ) | USD | 100.00 | 6/21/2024 | (4,840 | ) | ||||||||||
CH Robinson Worldwide, Inc. | Exchange Traded | 402 | USD | (3,380,418 | ) | USD | 105.00 | 5/17/2024 | (50,250 | ) | ||||||||||
Coca-Cola Femsa SAB de CV, ADR | Exchange Traded | 200 | USD | (1,898,800 | ) | USD | 90.00 | 5/17/2024 | (180,000 | ) | ||||||||||
Coca-Cola Femsa SAB de CV, ADR | Exchange Traded | 187 | USD | (1,775,378 | ) | USD | 100.00 | 2/16/2024 | (9,350 | ) | ||||||||||
Colgate-Palmolive Co. | Exchange Traded | 433 | USD | (3,645,860 | ) | USD | 85.00 | 5/17/2024 | (121,240 | ) | ||||||||||
Colgate-Palmolive Co. | Exchange Traded | 214 | USD | (1,801,880 | ) | USD | 85.00 | 8/16/2024 | (89,880 | ) | ||||||||||
Colgate-Palmolive Co. | Exchange Traded | 215 | USD | (1,810,300 | ) | USD | 90.00 | 6/21/2024 | (29,025 | ) | ||||||||||
Colgate-Palmolive Co. | Exchange Traded | 218 | USD | (1,835,560 | ) | USD | 95.00 | 6/21/2024 | (9,265 | ) | ||||||||||
Colgate-Palmolive Co. | Exchange Traded | 205 | USD | (1,726,100 | ) | USD | 95.00 | 8/16/2024 | (15,888 | ) | ||||||||||
Comcast Corp., Class A | Exchange Traded | 400 | USD | (1,861,600 | ) | USD | 55.00 | 6/21/2024 | (12,800 | ) | ||||||||||
Comcast Corp., Class A | Exchange Traded | 400 | USD | (1,861,600 | ) | USD | 65.00 | 1/17/2025 | (13,600 | ) | ||||||||||
Elevance Health, Inc. | Exchange Traded | 39 | USD | (1,924,416 | ) | USD | 520.00 | 3/15/2024 | (16,224 | ) | ||||||||||
Elevance Health, Inc. | Exchange Traded | 35 | USD | (1,727,040 | ) | USD | 530.00 | 2/16/2024 | (3,588 | ) | ||||||||||
Elevance Health, Inc. | Exchange Traded | 35 | USD | (1,727,040 | ) | USD | 550.00 | 3/15/2024 | (2,380 | ) | ||||||||||
Exxon Mobil Corp. | Exchange Traded | 169 | USD | (1,737,489 | ) | USD | 115.00 | 5/17/2024 | (24,674 | ) | ||||||||||
Exxon Mobil Corp. | Exchange Traded | 169 | USD | (1,737,489 | ) | USD | 125.00 | 12/20/2024 | (43,433 | ) | ||||||||||
Fidelity National Information Services, Inc. | Exchange Traded | 516 | USD | (3,212,616 | ) | USD | 72.50 | 6/21/2024 | (77,400 | ) | ||||||||||
Fomento Economico Mexicano SAB de CV, ADR | Exchange Traded | 140 | USD | (1,897,560 | ) | USD | 125.00 | 4/19/2024 | (197,400 | ) | ||||||||||
Fomento Economico Mexicano SAB de CV, ADR | Exchange Traded | 133 | USD | (1,802,682 | ) | USD | 130.00 | 4/19/2024 | (137,655 | ) | ||||||||||
Fomento Economico Mexicano SAB de CV, ADR | Exchange Traded | 254 | USD | (3,442,716 | ) | USD | 150.00 | 4/19/2024 | (45,720 | ) | ||||||||||
Fomento Economico Mexicano SAB de CV, ADR | Exchange Traded | 133 | USD | (1,802,682 | ) | USD | 155.00 | 4/19/2024 | (27,596 | ) | ||||||||||
Fomento Economico Mexicano SAB de CV, ADR | Exchange Traded | 128 | USD | (1,734,912 | ) | USD | 180.00 | 7/19/2024 | (35,200 | ) | ||||||||||
General Dynamics Corp. | Exchange Traded | 72 | USD | (1,907,928 | ) | USD | 280.00 | 1/17/2025 | (114,480 | ) | ||||||||||
HCA Healthcare, Inc. | Exchange Traded | 66 | USD | (2,012,340 | ) | USD | 320.00 | 6/21/2024 | (93,060 | ) | ||||||||||
HCA Healthcare, Inc. | Exchange Traded | 121 | USD | (3,689,290 | ) | USD | 325.00 | 3/15/2024 | (38,720 | ) | ||||||||||
HCA Healthcare, Inc. | Exchange Traded | 59 | USD | (1,798,910 | ) | USD | 330.00 | 3/15/2024 | (13,511 | ) | ||||||||||
HCA Healthcare, Inc. | Exchange Traded | 118 | USD | (3,597,820 | ) | USD | 330.00 | 9/20/2024 | (201,190 | ) | ||||||||||
HCA Healthcare, Inc. | Exchange Traded | 66 | USD | (2,012,340 | ) | USD | 350.00 | 6/21/2024 | (34,650 | ) | ||||||||||
HCA Healthcare, Inc. | Exchange Traded | 64 | USD | (1,951,360 | ) | USD | 370.00 | 6/21/2024 | (17,760 | ) | ||||||||||
IDACORP, Inc. | Exchange Traded | 175 | USD | (1,620,150 | ) | USD | 110.00 | 2/16/2024 | (84,000 | ) |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Description | Counterparty | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | ||||||||||||||
Linde plc | Exchange Traded | 68 | USD | (2,752,844 | ) | USD | 370.00 | 6/21/2024 | (317,220 | ) | ||||||||||
ONEOK, Inc. | Exchange Traded | 487 | USD | (3,323,775 | ) | USD | 80.00 | 4/19/2024 | (9,740 | ) | ||||||||||
Oracle Corp. | Exchange Traded | 155 | USD | (1,731,350 | ) | USD | 150.00 | 6/21/2024 | (7,595 | ) | ||||||||||
Philip Morris International, Inc. | Exchange Traded | 182 | USD | (1,653,470 | ) | USD | 110.00 | 6/21/2024 | (2,275 | ) | ||||||||||
Philip Morris International, Inc. | Exchange Traded | 187 | USD | (1,698,895 | ) | USD | 120.00 | 1/17/2025 | (4,862 | ) | ||||||||||
Royal Gold, Inc. | Exchange Traded | 137 | USD | (1,567,143 | ) | USD | 155.00 | 4/19/2024 | (10,617 | ) | ||||||||||
Royal Gold, Inc. | Exchange Traded | 145 | USD | (1,658,655 | ) | USD | 160.00 | 4/19/2024 | (33,350 | ) | ||||||||||
Royal Gold, Inc. | Exchange Traded | 141 | USD | (1,612,899 | ) | USD | 170.00 | 6/21/2024 | (18,330 | ) | ||||||||||
Royal Gold, Inc. | Exchange Traded | 145 | USD | (1,658,655 | ) | USD | 175.00 | 7/19/2024 | (17,038 | ) | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Exchange Traded | 170 | USD | (1,920,320 | ) | USD | 110.00 | 2/16/2024 | (75,990 | ) | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Exchange Traded | 150 | USD | (1,694,400 | ) | USD | 125.00 | 3/15/2024 | (13,500 | ) | ||||||||||
Texas Instruments, Inc. | Exchange Traded | 96 | USD | (1,537,152 | ) | USD | 220.00 | 6/21/2024 | (1,632 | ) | ||||||||||
Texas Instruments, Inc. | Exchange Traded | 98 | USD | (1,569,176 | ) | USD | 230.00 | 6/21/2024 | (1,029 | ) | ||||||||||
US Bancorp | Exchange Traded | 378 | USD | (1,570,212 | ) | USD | 60.00 | 6/21/2024 | (4,158 | ) | ||||||||||
Walmart, Inc. | Exchange Traded | 111 | USD | (1,834,275 | ) | USD | 170.00 | 2/16/2024 | (6,660 | ) | ||||||||||
Walmart, Inc. | Exchange Traded | 107 | USD | (1,768,175 | ) | USD | 190.00 | 4/19/2024 | (3,638 | ) | ||||||||||
Walmart, Inc. | Exchange Traded | 111 | USD | (1,834,275 | ) | USD | 190.00 | 6/21/2024 | (11,877 | ) | ||||||||||
Wheaton Precious Metals Corp. | Exchange Traded | 360 | USD | (1,687,320 | ) | USD | 70.00 | 6/21/2024 | (7,560 | ) | ||||||||||
(2,993,249 | ) | |||||||||||||||||||
Total Written Options Contracts (Premiums Received ($1,880,590)) | (2,993,249 | ) |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Aerospace & Defense | 0.8 | % | ||
Air Freight & Logistics | 0.6 | |||
Automobile Components | 0.3 | |||
Banks | 6.7 | |||
Beverages | 5.4 | |||
Capital Markets | 2.2 | |||
Chemicals | 1.5 | |||
Commercial Services & Supplies | 1.2 | |||
Commodities | 6.4 | |||
Consumer Finance | 0.1 | |||
Consumer Staples Distribution & Retail | 0.9 | |||
Containers & Packaging | 0.2 | |||
Diversified Consumer Services | 0.1 | |||
Diversified REITs | 0.1 | |||
Electric Utilities | 0.3 | |||
Electronic Equipment, Instruments & Components | 0.1 | |||
Energy Equipment & Services | 0.4 | |||
Financial Services | 1.2 | |||
Food & Staples Retailing | 0.1 | |||
Food Products | 4.8 | |||
Foreign Government Securities | 2.0 | |||
Gas Utilities | 0.1 | |||
Ground Transportation | 0.1 | |||
Health Care Equipment & Supplies | 2.8 | |||
Health Care Providers & Services | 3.1 | |||
Hotels, Restaurants & Leisure | 0.6 | |||
Household Durables | 0.9 | |||
Household Products | 3.1 | |||
Industrial Conglomerates | 2.1 | |||
Insurance | 2.7 | |||
Leisure Products | 0.7 | |||
Life Sciences Tools & Services | 0.2 | |||
Machinery | 1.7 | |||
Media | 1.5 | |||
Metals & Mining | 2.6 | |||
Office REITs | 1.0 | |||
Oil, Gas & Consumable Fuels | 6.9 | |||
Passenger Airlines | 0.9 | |||
Personal Care Products | 3.6 | |||
Pharmaceuticals | 0.9 | |||
Professional Services | 0.2 | |||
Real Estate Management & Development | 1.6 | |||
Residential REITs | 1.2 | |||
Semiconductors & Semiconductor Equipment | 2.5 | |||
Software | 0.3 | |||
Specialized REITs | 0.7 | |||
Specialty Retail | 0.2 | |||
Technology Hardware, Storage & Peripherals | 0.6 | |||
Textiles, Apparel & Luxury Goods | 1.5 | |||
Tobacco | 5.6 | |||
Trading Companies & Distributors | 0.3 | |||
U.S. Treasury Obligations | 12.1 | |||
Short-Term Investments | 2.1 | |||
Total Investments | 99.8 | % |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 94.7% | ||||||||
Air Freight & Logistics - 4.9% | ||||||||
CH Robinson Worldwide, Inc. | 94,920 | 7,981,823 | ||||||
Expeditors International of Washington, Inc. | 91,798 | 11,596,841 | ||||||
19,578,664 | ||||||||
Beverages - 2.7% | ||||||||
PepsiCo, Inc. | 63,814 | 10,754,573 | ||||||
Capital Markets - 2.6% | ||||||||
Bank of New York Mellon Corp. (The) | 188,837 | 10,472,900 | ||||||
Electronic Equipment, Instruments & Components - 4.6% | ||||||||
TE Connectivity Ltd. | 130,363 | 18,536,315 | ||||||
Food Products - 0.5% | ||||||||
Nestle SA (Registered) | 16,950 | 1,931,463 | ||||||
Health Care Equipment & Supplies - 10.1% | ||||||||
Becton Dickinson & Co. | 65,370 | 15,611,010 | ||||||
Medtronic plc | 282,270 | 24,709,916 | ||||||
40,320,926 | ||||||||
Health Care Providers & Services - 8.6% | ||||||||
HCA Healthcare, Inc. | 48,630 | 14,827,287 | ||||||
UnitedHealth Group, Inc. | 38,665 | 19,786,427 | ||||||
34,613,714 | ||||||||
Hotels, Restaurants & Leisure - 1.2% | ||||||||
Starbucks Corp. | 50,703 | 4,716,900 | ||||||
Household Products - 3.5% | ||||||||
Colgate-Palmolive Co. | 168,171 | 14,159,998 | ||||||
Insurance - 1.2% | ||||||||
Fidelity National Financial, Inc. | 99,336 | 4,969,780 | ||||||
Interactive Media & Services - 9.0% | ||||||||
Alphabet, Inc., Class A* | 155,202 | 21,743,800 | ||||||
Meta Platforms, Inc., Class A* | 36,476 | 14,230,747 | ||||||
35,974,547 | ||||||||
IT Services - 0.2% | ||||||||
Accenture plc, Class A | 2,702 | 983,204 | ||||||
Machinery - 4.2% | ||||||||
Schindler Holding AG (Switzerland) | 67,944 | 16,924,092 | ||||||
Media - 6.6% | ||||||||
Comcast Corp., Class A | 570,094 | 26,532,175 | ||||||
Oil, Gas & Consumable Fuels - 4.6% | ||||||||
Exxon Mobil Corp. | 117,006 | 12,029,387 | ||||||
ONEOK, Inc. | 94,208 | 6,429,696 | ||||||
18,459,083 | ||||||||
Pharmaceuticals - 0.2% | ||||||||
Merck KGaA (Germany) | 4,233 | 694,532 | ||||||
Semiconductors & Semiconductor Equipment - 7.2% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 44,146 | 4,986,732 | ||||||
Texas Instruments, Inc. | 148,848 | 23,833,542 | ||||||
28,820,274 | ||||||||
Software - 7.6% | ||||||||
Microsoft Corp. | 15,292 | 6,079,794 | ||||||
Oracle Corp. | 218,229 | 24,376,179 | ||||||
30,455,973 | ||||||||
Specialized REITs - 2.9% | ||||||||
Extra Space Storage, Inc., REIT | 79,126 | 11,428,959 | ||||||
Specialty Retail - 7.9% | ||||||||
Home Depot, Inc. (The) | 55,910 | 19,733,993 | ||||||
Ross Stores, Inc. | 85,056 | 11,931,656 | ||||||
31,665,649 | ||||||||
Tobacco - 4.4% | ||||||||
British American Tobacco plc (United Kingdom) | 130,640 | 3,851,739 | ||||||
Philip Morris International, Inc. | 152,190 | 13,826,461 | ||||||
17,678,200 | ||||||||
TOTAL COMMON STOCKS (Cost $300,094,620) | 379,671,921 | |||||||
MASTER LIMITED PARTNERSHIPS - 2.3% | ||||||||
Oil, Gas & Consumable Fuels - 2.3% | ||||||||
Enterprise Products Partners LP (Cost $8,814,357) | 352,542 | 9,434,024 |
Investments | Principal Amount ($) | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 1.5% | ||||||||
COMMERCIAL PAPER - 1.5% | ||||||||
CVS Caremark Corp. | ||||||||
5.42%, 2/1/2024 (a) | 1,730,000 | 1,729,741 | ||||||
Entergy Corp. | ||||||||
5.40%, 2/1/2024 (a)(b) | 608,000 | 607,909 | ||||||
General Motors Financial Co., Inc. | ||||||||
5.43%, 2/1/2024 (a)(b) | 2,476,000 | 2,475,626 | ||||||
Global Payments, Inc. | ||||||||
5.96%, 2/1/2024 (a) | 1,105,000 | 1,104,817 | ||||||
TOTAL COMMERCIAL PAPER (Cost $5,919,000) | 5,918,093 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES - 0.0% (c) | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (d) | ||||||||
(Cost $2,726) | 2,726 | 2,726 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,921,726) | 5,920,819 | |||||||
Total Investments - 98.5% (Cost $314,830,703) | 395,026,764 | |||||||
Other assets less liabilities - 1.5% | 5,910,265 | |||||||
Net Assets - 100.0% | 400,937,029 |
* | Non-income producing security. |
(a) | The rate shown was the current yield as of January 31, 2024. |
(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 January 31, 2024 amounted to $3,083,535, which represents approximately 0.77% of net assets of the Fund. |
(c) | Represents less than 0.05% of net assets. |
(d) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Air Freight & Logistics | 4.9 | % | ||
Beverages | 2.7 | |||
Capital Markets | 2.6 | |||
Electronic Equipment, Instruments & Components | 4.6 | |||
Food Products | 0.5 | |||
Health Care Equipment & Supplies | 10.1 | |||
Health Care Providers & Services | 8.6 | |||
Hotels, Restaurants & Leisure | 1.2 | |||
Household Products | 3.5 | |||
Insurance | 1.2 | |||
Interactive Media & Services | 9.0 | |||
IT Services | 0.2 | |||
Machinery | 4.2 | |||
Media | 6.6 | |||
Oil, Gas & Consumable Fuels | 6.9 | |||
Pharmaceuticals | 0.2 | |||
Semiconductors & Semiconductor Equipment | 7.2 | |||
Software | 7.6 | |||
Specialized REITs | 2.9 | |||
Specialty Retail | 7.9 | |||
Tobacco | 4.4 | |||
Short-Term Investments | 1.5 | |||
Total Investments | 98.5 | % | ||
See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 94.2% | ||||||||
Aerospace & Defense - 4.0% | ||||||||
AAR Corp.* | 164,638 | 10,013,283 | ||||||
Astronics Corp.* | 318,211 | 5,380,948 | ||||||
Curtiss-Wright Corp. | 37,943 | 8,444,974 | ||||||
Ducommun, Inc.* | 190,541 | 9,403,198 | ||||||
Hexcel Corp. | 107,169 | 7,114,950 | ||||||
Kratos Defense & Security Solutions, Inc.* | 221,155 | 3,744,154 | ||||||
Leonardo DRS, Inc.* | 320,320 | 6,217,411 | ||||||
Triumph Group, Inc.* | 568,329 | 9,206,930 | ||||||
V2X, Inc.* | 191,336 | 7,441,057 | ||||||
66,966,905 | ||||||||
Air Freight & Logistics - 1.0% | ||||||||
Air Transport Services Group, Inc.* | 365,318 | 5,658,776 | ||||||
GXO Logistics, Inc.* | 165,817 | 9,017,129 | ||||||
Radiant Logistics, Inc.* | 480,038 | 2,947,433 | ||||||
17,623,338 | ||||||||
Automobile Components - 1.0% | ||||||||
Goodyear Tire & Rubber Co. (The)* | 878,399 | 12,244,882 | ||||||
Modine Manufacturing Co.* | 66,815 | 4,616,248 | ||||||
16,861,130 | ||||||||
Banks - 2.7% | ||||||||
Ameris Bancorp | 204,861 | 10,169,300 | ||||||
Axos Financial, Inc.* | 162,050 | 8,982,432 | ||||||
Dime Community Bancshares, Inc. | 302,104 | 6,890,992 | ||||||
Old National Bancorp | 336,218 | 5,537,511 | ||||||
Seacoast Banking Corp. of Florida | 424,199 | 10,418,327 | ||||||
Valley National Bancorp | 417,908 | 4,020,275 | ||||||
46,018,837 | ||||||||
Beverages - 0.1% | ||||||||
Duckhorn Portfolio, Inc. (The)* | 272,721 | 2,353,582 | ||||||
Biotechnology - 1.2% | ||||||||
CareDx, Inc.* | 960,714 | 8,223,712 | ||||||
Ironwood Pharmaceuticals, Inc.* | 812,072 | 11,523,302 | ||||||
19,747,014 | ||||||||
Building Products - 3.0% | ||||||||
AZEK Co., Inc. (The)* | 126,572 | 4,880,616 | ||||||
Gibraltar Industries, Inc.* | 86,413 | 6,992,540 | ||||||
Insteel Industries, Inc. | 239,667 | 8,299,668 | ||||||
Janus International Group, Inc.* | 619,960 | 8,772,434 | ||||||
JELD-WEN Holding, Inc.* | 300,150 | 5,582,790 | ||||||
Masonite International Corp.* | 50,930 | 4,688,106 | ||||||
PGT Innovations, Inc.* | 97,526 | 4,020,022 | ||||||
Quanex Building Products Corp. | 230,949 | 7,210,228 | ||||||
50,446,404 | ||||||||
Capital Markets - 1.2% | ||||||||
B Riley Financial, Inc. | 131,360 | 3,076,451 | ||||||
Evercore, Inc., Class A | 55,535 | 9,537,026 | ||||||
Moelis & Co., Class A | 91,967 | 5,055,426 | ||||||
Perella Weinberg Partners | 244,862 | 2,877,128 | ||||||
20,546,031 | ||||||||
Chemicals - 4.1% | ||||||||
AdvanSix, Inc. | 412,109 | 10,459,326 | ||||||
American Vanguard Corp. | 239,832 | 2,618,965 | ||||||
Ashland, Inc. | 66,706 | 6,245,016 | ||||||
Huntsman Corp. | 478,591 | 11,744,623 | ||||||
Intrepid Potash, Inc.* | 413,925 | 7,616,220 | ||||||
LSB Industries, Inc.* | 981,424 | 7,301,795 | ||||||
Mativ Holdings, Inc. | 338,992 | 4,078,074 | ||||||
Minerals Technologies, Inc. | 59,913 | 3,915,315 | ||||||
Stepan Co. | 58,668 | 5,237,292 | ||||||
Tronox Holdings plc, Class A | 652,437 | 8,997,106 | ||||||
68,213,732 | ||||||||
Commercial Services & Supplies - 2.2% | ||||||||
ARC Document Solutions, Inc. | 98,655 | 291,032 | ||||||
CECO Environmental Corp.* | 498,202 | 9,630,245 | ||||||
Driven Brands Holdings, Inc.* | 122,843 | 1,610,472 | ||||||
Interface, Inc. | 22,998 | 285,405 | ||||||
Performant Financial Corp.* | 2,008,617 | 5,664,300 | ||||||
Quest Resource Holding Corp.* | 323,742 | 2,233,820 | ||||||
Stericycle, Inc.* | 219,911 | 10,555,728 | ||||||
VSE Corp. | 117,385 | 7,290,782 | ||||||
37,561,784 | ||||||||
Communications Equipment - 2.4% | ||||||||
ADTRAN Holdings, Inc. | 1,189,796 | 7,454,072 | ||||||
Aviat Networks, Inc.* | 181,294 | 5,408,000 | ||||||
Ceragon Networks Ltd. (Israel)* | 511,584 | 1,258,497 | ||||||
Comtech Telecommunications Corp.* | 484,659 | 3,067,892 | ||||||
Digi International, Inc.* | 277,123 | 6,736,860 | ||||||
Lantronix, Inc.* | 493,224 | 2,998,802 | ||||||
NETGEAR, Inc.* | 147,232 | 2,090,694 | ||||||
NetScout Systems, Inc.* | 191,893 | 4,127,618 | ||||||
Viavi Solutions, Inc.* | 664,620 | 6,533,215 | ||||||
39,675,650 | ||||||||
Construction & Engineering - 0.7% | ||||||||
Ameresco, Inc., Class A* | 93,155 | 1,903,156 | ||||||
Arcosa, Inc. | 99,281 | 7,771,717 | ||||||
Orion Group Holdings, Inc.* | 343,989 | 1,946,978 | ||||||
11,621,851 | ||||||||
Consumer Staples Distribution & Retail - 0.9% | ||||||||
Chefs' Warehouse, Inc. (The)* | 453,242 | 14,422,160 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 77,019 | 1,151,434 | ||||||
15,573,594 | ||||||||
Containers & Packaging - 0.9% | ||||||||
Sealed Air Corp. | 312,333 | 10,791,105 | ||||||
TriMas Corp. | 146,942 | 3,626,529 | ||||||
14,417,634 | ||||||||
Diversified Consumer Services - 0.7% | ||||||||
Chegg, Inc.* | 267,113 | 2,631,063 | ||||||
Lincoln Educational Services Corp.* | 522,615 | 4,682,631 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Universal Technical Institute, Inc. * | 368,084 | 5,197,346 | ||||||
12,511,040 | ||||||||
Diversified REITs - 0.8% | ||||||||
Alexander & Baldwin, Inc., REIT | 185,043 | 3,204,945 | ||||||
Armada Hoffler Properties, Inc., REIT | 841,804 | 10,067,976 | ||||||
13,272,921 | ||||||||
Electrical Equipment - 1.1% | ||||||||
Encore Wire Corp. | 8,355 | 1,884,052 | ||||||
EnerSys | 47,003 | 4,492,077 | ||||||
Generac Holdings, Inc.* | 58,565 | 6,657,084 | ||||||
GrafTech International Ltd. | 500,637 | 665,847 | ||||||
LSI Industries, Inc. | 325,733 | 4,449,513 | ||||||
18,148,573 | ||||||||
Electronic Equipment, Instruments & Components - 4.6% | ||||||||
Advanced Energy Industries, Inc. | 100,851 | 10,506,657 | ||||||
Airgain, Inc.* | 370,600 | 1,537,990 | ||||||
Avnet, Inc. | 186,693 | 8,457,193 | ||||||
Belden, Inc. | 84,995 | 6,304,929 | ||||||
Benchmark Electronics, Inc. | 267,149 | 7,245,081 | ||||||
Coherent Corp.* | 188,664 | 8,969,087 | ||||||
Fabrinet (Thailand)* | 8,359 | 1,784,730 | ||||||
Iteris, Inc.* | 458,059 | 2,207,844 | ||||||
Kimball Electronics, Inc.* | 209,150 | 4,973,587 | ||||||
Plexus Corp.* | 54,111 | 5,125,394 | ||||||
Sanmina Corp.* | 170,048 | 10,172,271 | ||||||
SmartRent, Inc.* | 1,117,592 | 3,296,897 | ||||||
TTM Technologies, Inc.* | 548,802 | 7,633,836 | ||||||
78,215,496 | ||||||||
Energy Equipment & Services - 2.0% | ||||||||
Bristow Group, Inc.* | 69,264 | 1,827,184 | ||||||
DMC Global, Inc.* | 169,972 | 2,892,923 | ||||||
Helix Energy Solutions Group, Inc.* | 267,887 | 2,518,138 | ||||||
Helmerich & Payne, Inc. | 93,631 | 3,769,584 | ||||||
KLX Energy Services Holdings, Inc.* | 122,648 | 1,192,139 | ||||||
Liberty Energy, Inc., Class A | 88,762 | 1,845,362 | ||||||
NOV, Inc. | 182,764 | 3,565,726 | ||||||
Oil States International, Inc.* | 873,239 | 5,387,885 | ||||||
ProPetro Holding Corp.* | 445,668 | 3,770,351 | ||||||
RPC, Inc. | 270,656 | 1,978,495 | ||||||
US Silica Holdings, Inc.* | 411,359 | 4,409,769 | ||||||
33,157,556 | ||||||||
Financial Services - 2.2% | ||||||||
International Money Express, Inc.* | 244,956 | 5,046,094 | ||||||
MGIC Investment Corp. | 574,817 | 11,404,369 | ||||||
NMI Holdings, Inc., Class A* | 339,493 | 10,836,617 | ||||||
Radian Group, Inc. | 353,335 | 10,239,648 | ||||||
37,526,728 | ||||||||
Food Products - 1.4% | ||||||||
Hain Celestial Group, Inc. (The)* | 662,130 | 7,091,413 | ||||||
Ingredion, Inc. | 84,765 | 9,118,171 | ||||||
Real Good Food Co., Inc. (The), Class A* | 349,620 | 405,559 | ||||||
Utz Brands, Inc. | 404,136 | 7,153,207 | ||||||
23,768,350 | ||||||||
Ground Transportation - 1.5% | ||||||||
Daseke, Inc.* | 865,492 | 7,045,105 | ||||||
Heartland Express, Inc. | 601,998 | 7,795,874 | ||||||
Werner Enterprises, Inc. | 254,666 | 10,072,040 | ||||||
24,913,019 | ||||||||
Health Care Equipment & Supplies - 3.5% | ||||||||
Accuray, Inc.* | 892,460 | 2,311,471 | ||||||
Artivion, Inc.* | 490,474 | 8,200,725 | ||||||
Embecta Corp. | 551,121 | 9,446,214 | ||||||
Enovis Corp.* | 227,659 | 13,363,583 | ||||||
Neuronetics, Inc.* | 719,563 | 2,446,514 | ||||||
QuidelOrtho Corp.* | 186,813 | 12,798,559 | ||||||
Varex Imaging Corp.* | 317,102 | 6,110,556 | ||||||
Zimvie, Inc.* | 236,689 | 4,137,324 | ||||||
58,814,946 | ||||||||
Health Care Providers & Services - 5.0% | ||||||||
Acadia Healthcare Co., Inc.* | 114,867 | 9,435,175 | ||||||
AdaptHealth Corp.* | 467,778 | 3,377,357 | ||||||
Addus HomeCare Corp.* | 46,546 | 4,030,884 | ||||||
Brookdale Senior Living, Inc.* | 952,401 | 5,209,634 | ||||||
Community Health Systems, Inc.* | 1,483,184 | 5,443,285 | ||||||
InfuSystem Holdings, Inc.* | 517,331 | 4,774,965 | ||||||
Option Care Health, Inc.* | 139,104 | 4,345,609 | ||||||
Owens & Minor, Inc.* | 267,927 | 5,280,841 | ||||||
Patterson Cos., Inc. | 199,545 | 5,958,414 | ||||||
Pennant Group, Inc. (The)* | 359,008 | 5,388,710 | ||||||
Quipt Home Medical Corp.* | 655,996 | 3,083,181 | ||||||
RadNet, Inc.* | 70,454 | 2,604,684 | ||||||
Select Medical Holdings Corp. | 219,993 | 5,717,618 | ||||||
Surgery Partners, Inc.* | 285,148 | 8,751,192 | ||||||
Tenet Healthcare Corp.* | 131,393 | 10,871,457 | ||||||
84,273,006 | ||||||||
Health Care REITs - 0.5% | ||||||||
Physicians Realty Trust, REIT | 705,232 | 8,632,040 | ||||||
Health Care Technology - 0.7% | ||||||||
HealthStream, Inc. | 409,848 | 10,910,154 | ||||||
iCAD, Inc.* | 627,366 | 846,944 | ||||||
11,757,098 | ||||||||
Hotels, Restaurants & Leisure - 5.0% | ||||||||
BJ's Restaurants, Inc.* | 184,983 | 6,402,262 | ||||||
Bloomin' Brands, Inc. | 150,796 | 4,014,190 | ||||||
Cheesecake Factory, Inc. (The) | 353,854 | 12,161,962 | ||||||
Chuy's Holdings, Inc.* | 262,298 | 8,868,295 | ||||||
Cracker Barrel Old Country Store, Inc. | 120,730 | 9,338,465 | ||||||
Denny's Corp.* | 862,377 | 9,167,068 | ||||||
Dine Brands Global, Inc. | 232,028 | 10,824,106 | ||||||
El Pollo Loco Holdings, Inc.* | 133,843 | 1,239,386 | ||||||
ONE Group Hospitality, Inc. (The)* | 933,274 | 4,106,406 | ||||||
Potbelly Corp.* | 737,222 | 9,274,253 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Red Robin Gourmet Burgers, Inc.* (a) | 848,602 | 8,638,768 | ||||||
84,035,161 | ||||||||
Household Durables - 4.4% | ||||||||
Beazer Homes USA, Inc.* | 238,487 | 7,571,962 | ||||||
Cavco Industries, Inc.* | 11,266 | 3,739,411 | ||||||
Century Communities, Inc. | 77,350 | 6,706,245 | ||||||
Dixie Group, Inc. (The)* | 95,925 | 57,555 | ||||||
Ethan Allen Interiors, Inc. | 47,124 | 1,372,722 | ||||||
Helen of Troy Ltd.* | 74,628 | 8,544,906 | ||||||
Installed Building Products, Inc. | 41,969 | 8,177,660 | ||||||
LGI Homes, Inc.* | 70,600 | 8,331,506 | ||||||
MDC Holdings, Inc. | 85,891 | 5,375,059 | ||||||
Skyline Champion Corp.* | 76,918 | 5,267,345 | ||||||
Snap One Holdings Corp.* | 169,478 | 1,338,876 | ||||||
Sonos, Inc.* | 325,052 | 5,064,310 | ||||||
Taylor Morrison Home Corp.* | 67,811 | 3,535,665 | ||||||
Toll Brothers, Inc. | 34,508 | 3,428,370 | ||||||
Universal Electronics, Inc.* | 194,902 | 1,728,781 | ||||||
Vizio Holding Corp., Class A* | 581,036 | 4,067,252 | ||||||
74,307,625 | ||||||||
Household Products - 0.3% | ||||||||
Spectrum Brands Holdings, Inc. | 69,912 | 5,496,481 | ||||||
Insurance - 3.3% | ||||||||
Citizens, Inc.* | 231,695 | 648,746 | ||||||
First American Financial Corp. | 158,555 | 9,568,794 | ||||||
Kemper Corp. | 232,975 | 13,978,500 | ||||||
Lincoln National Corp. | 294,456 | 8,082,817 | ||||||
Old Republic International Corp. | 358,119 | 10,041,657 | ||||||
Stewart Information Services Corp. | 215,895 | 13,312,086 | ||||||
55,632,600 | ||||||||
Interactive Media & Services - 1.0% | ||||||||
Cars.com, Inc.* | 238,244 | 4,152,593 | ||||||
DHI Group, Inc.* | 157,560 | 360,813 | ||||||
EverQuote, Inc., Class A* | 541,989 | 6,845,321 | ||||||
QuinStreet, Inc.* | 473,345 | 5,997,281 | ||||||
17,356,008 | ||||||||
IT Services - 0.3% | ||||||||
Backblaze, Inc., Class A* | 631,808 | 5,180,826 | ||||||
Leisure Products - 0.2% | ||||||||
AMMO, Inc.* | 189,272 | 410,720 | ||||||
Clarus Corp. | 412,784 | 2,443,681 | ||||||
2,854,401 | ||||||||
Life Sciences Tools & Services - 0.4% | ||||||||
Fortrea Holdings, Inc.* | 210,501 | 6,517,111 | ||||||
Machinery - 4.1% | ||||||||
Astec Industries, Inc. | 208,997 | 7,440,293 | ||||||
Barnes Group, Inc. | 399,223 | 13,218,274 | ||||||
Columbus McKinnon Corp. | 153,445 | 5,995,096 | ||||||
Enpro, Inc. | 59,908 | 8,949,057 | ||||||
Gencor Industries, Inc.* | 59,592 | 929,635 | ||||||
Graham Corp.* | 256,160 | 4,984,874 | ||||||
John Bean Technologies Corp. | 61,574 | 6,081,048 | ||||||
Luxfer Holdings plc (United Kingdom) | 220,109 | 1,811,497 | ||||||
Manitex International, Inc.* | 276,030 | 2,064,704 | ||||||
Park-Ohio Holdings Corp. | 100,942 | 2,497,305 | ||||||
Shyft Group, Inc. (The) | 428,777 | 4,643,655 | ||||||
Trinity Industries, Inc. | 433,763 | 10,904,802 | ||||||
69,520,240 | ||||||||
Media - 0.0% (b) | ||||||||
Marchex, Inc., Class B* | 313,459 | 426,304 | ||||||
Metals & Mining - 3.7% | ||||||||
Carpenter Technology Corp. | 130,306 | 8,025,546 | ||||||
Century Aluminum Co.* | 763,478 | 8,512,780 | ||||||
Coeur Mining, Inc.* | 2,054,881 | 5,527,630 | ||||||
Commercial Metals Co. | 163,626 | 8,544,550 | ||||||
Compass Minerals International, Inc. | 54,107 | 1,216,866 | ||||||
Ferroglobe plc* | 1,468,702 | 7,431,632 | ||||||
Haynes International, Inc. | 175,325 | 9,760,343 | ||||||
Hecla Mining Co. | 1,049,280 | 3,997,757 | ||||||
Kaiser Aluminum Corp. | 152,485 | 9,896,276 | ||||||
62,913,380 | ||||||||
Multi-Utilities - 0.7% | ||||||||
Black Hills Corp. | 211,891 | 10,967,478 | ||||||
Office REITs - 0.4% | ||||||||
Cousins Properties, Inc., REIT | 116,367 | 2,665,968 | ||||||
Highwoods Properties, Inc., REIT | 199,893 | 4,591,542 | ||||||
7,257,510 | ||||||||
Oil, Gas & Consumable Fuels - 3.3% | ||||||||
Dorian LPG Ltd. | 222,728 | 8,338,936 | ||||||
Matador Resources Co. | 204,618 | 11,231,482 | ||||||
Navigator Holdings Ltd. | 470,309 | 7,571,975 | ||||||
PBF Energy, Inc., Class A | 142,811 | 7,213,384 | ||||||
Permian Resources Corp. | 563,112 | 7,590,750 | ||||||
Riley Exploration Permian, Inc. | 116,602 | 2,590,896 | ||||||
SM Energy Co. | 91,581 | 3,395,823 | ||||||
Vital Energy, Inc.* | 163,378 | 7,160,858 | ||||||
55,094,104 | ||||||||
Paper & Forest Products - 0.7% | ||||||||
Louisiana-Pacific Corp. | 173,500 | 11,546,425 | ||||||
Passenger Airlines - 0.4% | ||||||||
Alaska Air Group, Inc.* | 66,033 | 2,365,962 | ||||||
Allegiant Travel Co. | 63,197 | 4,954,645 | ||||||
7,320,607 | ||||||||
Pharmaceuticals - 0.2% | ||||||||
Pacira BioSciences, Inc.* | 89,280 | 2,909,635 | ||||||
Societal CDMO, Inc.* | 1,162,917 | 384,693 | ||||||
3,294,328 | ||||||||
Professional Services - 0.2% | ||||||||
Asure Software, Inc.* | 257,316 | 2,274,673 | ||||||
GEE Group, Inc.* | 872,750 | 408,447 | ||||||
2,683,120 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Retail REITs - 1.0% | ||||||||
Macerich Co. (The), REIT | 193,464 | 3,054,797 | ||||||
Tanger, Inc., REIT | 70,060 | 1,884,614 | ||||||
Whitestone REIT, REIT | 913,463 | 11,801,942 | ||||||
16,741,353 | ||||||||
Semiconductors & Semiconductor Equipment - 6.9% | ||||||||
Alpha & Omega Semiconductor Ltd.* | 402,214 | 10,320,811 | ||||||
Amkor Technology, Inc. | 390,613 | 12,366,808 | ||||||
Amtech Systems, Inc.* | 542,830 | 2,214,746 | ||||||
Cohu, Inc.* | 203,148 | 6,472,295 | ||||||
Diodes, Inc.* | 68,682 | 4,623,672 | ||||||
FormFactor, Inc.* | 130,518 | 5,060,183 | ||||||
Ichor Holdings Ltd.* | 381,701 | 13,817,576 | ||||||
inTEST Corp.* | 435,998 | 5,201,456 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 177,900 | 8,951,928 | ||||||
MKS Instruments, Inc. | 125,161 | 13,323,388 | ||||||
Onto Innovation, Inc.* | 34,689 | 5,602,274 | ||||||
SMART Global Holdings, Inc.* | 278,914 | 5,480,660 | ||||||
Ultra Clean Holdings, Inc.* | 372,979 | 14,247,798 | ||||||
Veeco Instruments, Inc.* | 250,204 | 7,976,504 | ||||||
115,660,099 | ||||||||
Software - 1.4% | ||||||||
Everbridge, Inc.* | 179,047 | 4,003,491 | ||||||
SecureWorks Corp., Class A* | 810,805 | 5,586,446 | ||||||
Upland Software, Inc * | 828,750 | 3,439,312 | ||||||
Yext, Inc.* | 571,676 | 3,390,039 | ||||||
Zeta Global Holdings Corp., Class A* | 761,573 | 7,372,027 | ||||||
23,791,315 | ||||||||
Specialized REITs - 0.2% | ||||||||
Outfront Media, Inc., REIT | 231,068 | 3,008,505 | ||||||
Specialty Retail - 2.5% | ||||||||
Aaron's Co., Inc. (The) | 200,413 | 2,062,250 | ||||||
Academy Sports & Outdoors, Inc. | 70,286 | 4,409,041 | ||||||
CarParts.com, Inc.* | 748,626 | 2,013,804 | ||||||
Container Store Group, Inc. (The)* | 826,363 | 1,346,971 | ||||||
Haverty Furniture Cos., Inc. | 13,799 | 467,786 | ||||||
Lithia Motors, Inc., Class A | 23,868 | 7,037,480 | ||||||
RH* | 13,829 | 3,505,375 | ||||||
Shoe Carnival, Inc. | 372,004 | 9,486,102 | ||||||
Tile Shop Holdings, Inc.* | 335,176 | 2,175,292 | ||||||
Tilly's, Inc., Class A* | 379,583 | 2,786,139 | ||||||
Zumiez, Inc.* | 414,511 | 7,117,154 | ||||||
42,407,394 | ||||||||
Textiles, Apparel & Luxury Goods - 0.7% | ||||||||
Steven Madden Ltd. | 180,669 | 7,566,418 | ||||||
Unifi, Inc.* | 606,570 | 3,833,522 | ||||||
11,399,940 | ||||||||
Trading Companies & Distributors - 3.5% | ||||||||
Air Lease Corp. | 319,781 | 13,370,044 | ||||||
DNOW, Inc.* | 238,081 | 2,402,237 | ||||||
FTAI Aviation Ltd. | 238,137 | 12,847,491 | ||||||
H&E Equipment Services, Inc. | 194,974 | 10,487,651 | ||||||
Herc Holdings, Inc. | 74,448 | 10,980,336 | ||||||
Titan Machinery, Inc.* | 204,726 | 5,472,326 | ||||||
WESCO International, Inc. | 24,196 | 4,198,490 | ||||||
59,758,575 | ||||||||
TOTAL COMMON STOCKS (Cost $1,459,444,242) | 1,587,789,149 |
Investments | Number of Rights | Value ($) | ||||||
RIGHTS - 0.0% | ||||||||
IT Services - 0.0% | ||||||||
Flexion, Inc., CVR*‡ (c) (Cost $27,801) | 44,841 | — |
Investments | Shares | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 5.1% | ||||||||
INVESTMENT COMPANIES - 5.1% | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (d) | ||||||||
(Cost $85,294,106) | 85,294,106 | 85,294,106 | ||||||
Total Investments - 99.3% (Cost $1,544,766,149) | 1,673,083,255 | |||||||
Other assets less liabilities - 0.7% | 11,124,541 | |||||||
Net Assets - 100.0% | 1,684,207,796 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | Affiliated company as defined under the Investment Company Act of 1940. |
(b) | Represents less than 0.05% of net assets. |
(c) | Security fair valued as of January 31, 2024 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2024 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
(d) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
CVR | Contingent Value Rights |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Aerospace & Defense | 4.0 | % | ||
Air Freight & Logistics | 1.0 | |||
Automobile Components | 1.0 | |||
Banks | 2.7 | |||
Beverages | 0.1 | |||
Biotechnology | 1.2 | |||
Building Products | 3.0 | |||
Capital Markets | 1.2 | |||
Chemicals | 4.1 | |||
Commercial Services & Supplies | 2.2 | |||
Communications Equipment | 2.4 | |||
Construction & Engineering | 0.7 | |||
Consumer Staples Distribution & Retail | 0.9 | |||
Containers & Packaging | 0.9 | |||
Diversified Consumer Services | 0.7 | |||
Diversified REITs | 0.8 | |||
Electrical Equipment | 1.1 | |||
Electronic Equipment, Instruments & Components | 4.6 | |||
Energy Equipment & Services | 2.0 | |||
Financial Services | 2.2 | |||
Food Products | 1.4 | |||
Ground Transportation | 1.5 | |||
Health Care Equipment & Supplies | 3.5 | |||
Health Care Providers & Services | 5.0 | |||
Health Care REITs | 0.5 | |||
Health Care Technology | 0.7 | |||
Hotels, Restaurants & Leisure | 5.0 | |||
Household Durables | 4.4 | |||
Household Products | 0.3 | |||
Insurance | 3.3 | |||
Interactive Media & Services | 1.0 | |||
IT Services | 0.3 | |||
Leisure Products | 0.2 | |||
Life Sciences Tools & Services | 0.4 | |||
Machinery | 4.1 | |||
Media | 0.0 | * | ||
Metals & Mining | 3.7 | |||
Multi-Utilities | 0.7 | |||
Office REITs | 0.4 | |||
Oil, Gas & Consumable Fuels | 3.3 | |||
Paper & Forest Products | 0.7 | |||
Passenger Airlines | 0.4 | |||
Pharmaceuticals | 0.2 | |||
Professional Services | 0.2 | |||
Retail REITs | 1.0 | |||
Semiconductors & Semiconductor Equipment | 6.9 | |||
Software | 1.4 | |||
Specialized REITs | 0.2 | |||
Specialty Retail | 2.5 | |||
Textiles, Apparel & Luxury Goods | 0.7 | |||
Trading Companies & Distributors | 3.5 | |||
Short-Term Investments | 5.1 | |||
Total Investments | 99.3 | % | ||
* | Less than 0.05% |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Affiliated Securities | ||||||||||||||||||||||||||||||||
Security Description | Shares at January 31, 2024 | Market Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/ Depreciation | Market Value January 31, 2024 | Dividend Income | ||||||||||||||||||||||||
Common Stocks 0.5% | ||||||||||||||||||||||||||||||||
United States 0.5% | ||||||||||||||||||||||||||||||||
Red Robin Gourmet Burgers, Inc.* | 848,602 | $ | 6,188,769 | $ | 866,520 | $ | — | $ | — | $ | 1,583,479 | $ | 8,638,768 | $ | — | |||||||||||||||||
Total Common Stocks | 6,188,769 | 866,520 | — | — | 1,583,479 | 8,638,768 | — | |||||||||||||||||||||||||
Total | $ | 6,188,769 | $ | 866,520 | $ | — | $ | — | $ | 1,583,479 | $ | 8,638,768 | $ | — |
* | Non-income producing security. |
See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 95.7% | ||||||||
Aerospace & Defense - 3.6% | ||||||||
AAR Corp.* | 6,268 | 381,220 | ||||||
Curtiss-Wright Corp. | 3,596 | 800,362 | ||||||
1,181,582 | ||||||||
Air Freight & Logistics - 1.1% | ||||||||
GXO Logistics, Inc.* | 6,548 | 356,080 | ||||||
Automobile Components - 1.5% | ||||||||
Goodyear Tire & Rubber Co. (The)* | 33,899 | 472,552 | ||||||
Biotechnology - 1.4% | ||||||||
CareDx, Inc.* | 17,115 | 146,504 | ||||||
Exelixis, Inc.* | 13,771 | 299,657 | ||||||
446,161 | ||||||||
Building Products - 2.4% | ||||||||
AZEK Co., Inc. (The)* | 6,250 | 241,000 | ||||||
Lennox International, Inc. | 1,237 | 529,634 | ||||||
770,634 | ||||||||
Capital Markets - 3.1% | ||||||||
Evercore, Inc., Class A | 3,790 | 650,857 | ||||||
Raymond James Financial, Inc. | 3,155 | 347,618 | ||||||
998,475 | ||||||||
Chemicals - 4.5% | ||||||||
FMC Corp. | 4,052 | 227,722 | ||||||
Huntsman Corp. | 14,772 | 362,505 | ||||||
International Flavors & Fragrances, Inc. | 3,027 | 244,218 | ||||||
Westlake Corp. | 4,502 | 622,852 | ||||||
1,457,297 | ||||||||
Construction & Engineering - 0.8% | ||||||||
Quanta Services, Inc. | 1,398 | 271,282 | ||||||
Consumer Staples Distribution & Retail - 4.9% | ||||||||
Casey's General Stores, Inc. | 1,773 | 481,121 | ||||||
Chefs' Warehouse, Inc. (The)* | 11,279 | 358,898 | ||||||
Performance Food Group Co.* | 10,450 | 759,506 | ||||||
1,599,525 | ||||||||
Containers & Packaging - 1.0% | ||||||||
Sealed Air Corp. | 9,062 | 313,092 | ||||||
Electrical Equipment - 2.9% | ||||||||
EnerSys | 6,021 | 575,427 | ||||||
Generac Holdings, Inc.* | 2,535 | 288,153 | ||||||
NEXTracker, Inc., Class A* | 2,063 | 93,392 | ||||||
956,972 | ||||||||
Electronic Equipment, Instruments & Components - 4.1% | ||||||||
Avnet, Inc. | 6,328 | 286,658 | ||||||
Belden, Inc. | 4,325 | 320,828 | ||||||
Coherent Corp.* | 6,081 | 289,091 | ||||||
Flex Ltd.* | 11,848 | 281,272 | ||||||
Trimble, Inc.* | 3,053 | 155,276 | ||||||
1,333,125 | ||||||||
Financial Services - 4.3% | ||||||||
MGIC Investment Corp. | 15,325 | 304,048 | ||||||
Radian Group, Inc. | 20,031 | 580,498 | ||||||
Rocket Cos., Inc., Class A* | 41,500 | 510,865 | ||||||
1,395,411 | ||||||||
Food Products - 1.6% | ||||||||
Ingredion, Inc. | 4,862 | 523,005 | ||||||
Ground Transportation - 2.9% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 4,595 | 263,661 | ||||||
XPO, Inc.* | 8,046 | 687,450 | ||||||
951,111 | ||||||||
Health Care Equipment & Supplies - 3.1% | ||||||||
Enovis Corp.* | 2,708 | 158,960 | ||||||
QuidelOrtho Corp.* | 4,050 | 277,465 | ||||||
Zimmer Biomet Holdings, Inc. | 4,627 | 581,151 | ||||||
1,017,576 | ||||||||
Health Care Providers & Services - 7.5% | ||||||||
Amedisys, Inc.* | 3,430 | 323,346 | ||||||
Cardinal Health, Inc. | 7,829 | 854,849 | ||||||
Quest Diagnostics, Inc. | 3,735 | 479,686 | ||||||
Tenet Healthcare Corp.* | 9,376 | 775,770 | ||||||
2,433,651 | ||||||||
Hotels, Restaurants & Leisure - 6.5% | ||||||||
Aramark | 11,485 | 333,984 | ||||||
Cheesecake Factory, Inc. (The) | 14,115 | 485,132 | ||||||
Chuy's Holdings, Inc.* | 10,133 | 342,597 | ||||||
Cracker Barrel Old Country Store, Inc. | 5,548 | 429,138 | ||||||
Denny's Corp.* | 30,848 | 327,914 | ||||||
Vail Resorts, Inc. | 811 | 180,042 | ||||||
2,098,807 | ||||||||
Household Durables - 3.4% | ||||||||
Beazer Homes USA, Inc.* | 9,812 | 311,531 | ||||||
LGI Homes, Inc.* | 2,489 | 293,727 | ||||||
Skyline Champion Corp.* | 1,395 | 95,529 | ||||||
Toll Brothers, Inc. | 3,891 | 386,571 | ||||||
1,087,358 | ||||||||
Insurance - 2.6% | ||||||||
First American Financial Corp. | 5,447 | 328,727 | ||||||
Old Republic International Corp. | 18,360 | 514,814 | ||||||
843,541 | ||||||||
IT Services - 0.7% | ||||||||
Amdocs Ltd. | 2,376 | 217,832 | ||||||
Life Sciences Tools & Services - 2.9% | ||||||||
Avantor, Inc.* | 15,414 | 354,368 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 1,037 | 332,763 | ||||||
Revvity, Inc. | 2,294 | 245,871 | ||||||
933,002 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
Machinery - 5.3% | ||||||||
Donaldson Co., Inc. | 8,121 | 524,536 | ||||||
Dover Corp. | 3,726 | 558,080 | ||||||
Ingersoll Rand, Inc. | 8,179 | 653,175 | ||||||
1,735,791 | ||||||||
Metals & Mining - 1.6% | ||||||||
Cleveland-Cliffs, Inc.* | 26,653 | 534,393 | ||||||
Oil, Gas & Consumable Fuels - 6.5% | ||||||||
Chesapeake Energy Corp. | 7,124 | 549,332 | ||||||
HF Sinclair Corp. | 8,903 | 502,930 | ||||||
Matador Resources Co. | 10,737 | 589,354 | ||||||
Permian Resources Corp. | 33,671 | 453,885 | ||||||
2,095,501 | ||||||||
Passenger Airlines - 0.8% | ||||||||
Delta Air Lines, Inc. | 6,278 | 245,721 | ||||||
Pharmaceuticals - 0.4% | ||||||||
Pacira BioSciences, Inc.* | 4,285 | 139,648 | ||||||
Semiconductors & Semiconductor Equipment - 9.3% | ||||||||
Amkor Technology, Inc. | 19,176 | 607,112 | ||||||
Entegris, Inc. | 3,966 | 466,798 | ||||||
MKS Instruments, Inc. | 7,147 | 760,798 | ||||||
ON Semiconductor Corp.* | 7,207 | 512,634 | ||||||
Onto Innovation, Inc.* | 4,093 | 661,020 | ||||||
3,008,362 | ||||||||
Specialty Retail - 1.9% | ||||||||
Lithia Motors, Inc., Class A | 1,749 | 515,693 | ||||||
RH* | 409 | 103,673 | ||||||
619,366 | ||||||||
Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
Steven Madden Ltd. | 8,378 | 350,871 | ||||||
Trading Companies & Distributors - 2.0% | ||||||||
Air Lease Corp. | 15,592 | 651,902 | ||||||
TOTAL COMMON STOCKS (Cost $26,780,239) | 31,039,626 | |||||||
SHORT-TERM INVESTMENTS - 4.4% | ||||||||
INVESTMENT COMPANIES - 4.4% | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (a) (Cost $1,426,482) | 1,426,482 | 1,426,482 | ||||||
Total Investments - 100.1% (Cost $28,206,721) | 32,466,108 | |||||||
Liabilities in excess of other assets - (0.1%) | (44,064 | ) | ||||||
Net Assets - 100.0% | 32,422,044 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of January 31, 2024. |
See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Aerospace & Defense | 3.6 | % | ||
Air Freight & Logistics | 1.1 | |||
Automobile Components | 1.5 | |||
Biotechnology | 1.4 | |||
Building Products | 2.4 | |||
Capital Markets | 3.1 | |||
Chemicals | 4.5 | |||
Construction & Engineering | 0.8 | |||
Consumer Staples Distribution & Retail | 4.9 | |||
Containers & Packaging | 1.0 | |||
Electrical Equipment | 2.9 | |||
Electronic Equipment, Instruments & Components | 4.1 | |||
Financial Services | 4.3 | |||
Food Products | 1.6 | |||
Ground Transportation | 2.9 | |||
Health Care Equipment & Supplies | 3.1 | |||
Health Care Providers & Services | 7.5 | |||
Hotels, Restaurants & Leisure | 6.5 | |||
Household Durables | 3.4 | |||
Insurance | 2.6 | |||
IT Services | 0.7 | |||
Life Sciences Tools & Services | 2.9 | |||
Machinery | 5.3 | |||
Metals & Mining | 1.6 | |||
Oil, Gas & Consumable Fuels | 6.5 | |||
Passenger Airlines | 0.8 | |||
Pharmaceuticals | 0.4 | |||
Semiconductors & Semiconductor Equipment | 9.3 | |||
Specialty Retail | 1.9 | |||
Textiles, Apparel & Luxury Goods | 1.1 | |||
Trading Companies & Distributors | 2.0 | |||
Short-Term Investments | 4.4 | |||
Total Investments | 100.1 | % |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 87.9% | ||||||||
Australia - 2.3% | ||||||||
Glencore plc | 51,904 | 274,622 | ||||||
Belgium - 1.4% | ||||||||
Shurgard Self Storage Ltd., REIT | 3,775 | 175,092 | ||||||
Canada - 10.6% | ||||||||
Canadian National Railway Co. | 1,630 | 202,203 | ||||||
Canadian Pacific Kansas City Ltd. | 2,255 | 181,463 | ||||||
Franco-Nevada Corp. | 898 | 97,157 | ||||||
Imperial Oil Ltd. | 4,523 | 260,894 | ||||||
Nutrien Ltd. | 4,191 | 208,981 | ||||||
StorageVault Canada, Inc. | 28,567 | 114,102 | ||||||
Wheaton Precious Metals Corp. | 4,945 | 231,756 | ||||||
1,296,556 | ||||||||
Faroe Islands - 1.0% | ||||||||
Bakkafrost P/F | 2,268 | 126,664 | ||||||
France - 1.1% | ||||||||
Air Liquide SA | 693 | 129,683 | ||||||
Germany - 2.3% | ||||||||
FUCHS SE (Preference) | 6,498 | 284,830 | ||||||
Hong Kong - 3.9% | ||||||||
CK Asset Holdings Ltd. | 33,500 | 151,164 | ||||||
Guoco Group Ltd. | 15,000 | 137,184 | ||||||
Hongkong Land Holdings Ltd. | 37,200 | 116,120 | ||||||
Hysan Development Co. Ltd. | 43,000 | 74,218 | ||||||
478,686 | ||||||||
Israel - 0.5% | ||||||||
ICL Group Ltd. | 12,182 | 55,428 | ||||||
Japan - 3.8% | ||||||||
Kansai Paint Co. Ltd. | 10,800 | 180,574 | ||||||
Komatsu Ltd. | 7,500 | 213,375 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,900 | 74,788 | ||||||
468,737 | ||||||||
Mexico - 7.0% | ||||||||
GMexico Transportes SAB de CV (a) | 58,964 | 134,704 | ||||||
Grupo Mexico SAB de CV, Series B | 43,495 | 224,431 | ||||||
Prologis Property Mexico SA de CV, REIT | 40,502 | 166,911 | ||||||
TF Administradora Industrial S de RL de CV, REIT | 150,904 | 323,262 | ||||||
849,308 | ||||||||
Netherlands - 2.4% | ||||||||
Shell plc | 9,215 | 288,416 | ||||||
Russia - 0.0% | ||||||||
Alrosa PJSC‡ (b) | 48,132 | — | ||||||
Singapore - 2.4% | ||||||||
Sheng Siong Group Ltd. | 94,500 | 109,737 | ||||||
UOL Group Ltd. | 40,200 | 186,672 | ||||||
296,409 | ||||||||
South Korea - 1.0% | ||||||||
Samsung Electronics Co. Ltd. (Preference) | 2,736 | 119,716 | ||||||
Spain - 1.2% | ||||||||
Aena SME SA (a) | 795 | 140,641 | ||||||
United Kingdom - 8.1% | ||||||||
Ashtead Group plc | 2,888 | 188,852 | ||||||
Berkeley Group Holdings plc | 2,030 | 122,926 | ||||||
Big Yellow Group plc, REIT | 10,309 | 149,069 | ||||||
Cranswick plc | 1,803 | 91,946 | ||||||
Great Portland Estates plc, REIT | 11,770 | 61,930 | ||||||
United Utilities Group plc | 24,150 | 325,271 | ||||||
Victrex plc | 3,042 | 52,545 | ||||||
992,539 | ||||||||
United States - 38.9% | ||||||||
American Homes 4 Rent, Class A, REIT | 7,618 | 267,011 | ||||||
American Water Works Co., Inc. | 861 | 106,781 | ||||||
Ball Corp. | 698 | 38,704 | ||||||
Boston Properties, Inc., REIT | 3,294 | 219,051 | ||||||
Charter Communications, Inc., Class A* | 529 | 196,106 | ||||||
CNX Resources Corp.* | 2,737 | 55,287 | ||||||
Comcast Corp., Class A | 3,015 | 140,318 | ||||||
CRH plc | 2,066 | 146,565 | ||||||
Cummins, Inc. | 467 | 111,753 | ||||||
Deere & Co. | 251 | 98,789 | ||||||
Diamond Offshore Drilling, Inc.* | 5,072 | 61,878 | ||||||
Douglas Emmett, Inc., REIT | 11,179 | 151,475 | ||||||
EastGroup Properties, Inc., REIT | 344 | 61,036 | ||||||
Equinix, Inc., REIT | 80 | 66,382 | ||||||
Equity Residential, REIT | 3,771 | 226,976 | ||||||
Extra Space Storage, Inc., REIT | 2,177 | 314,446 | ||||||
Exxon Mobil Corp. | 1,779 | 182,899 | ||||||
HCA Healthcare, Inc. | 823 | 250,933 | ||||||
IDACORP, Inc. | 1,495 | 138,407 | ||||||
Mid-America Apartment Communities, Inc., REIT | 700 | 88,466 | ||||||
Noble Corp. plc | 2,383 | 105,162 | ||||||
NOV, Inc. | 11,145 | 217,439 | ||||||
ONEOK, Inc. | 2,739 | 186,937 | ||||||
PPG Industries, Inc. | 664 | 93,651 | ||||||
Reliance Steel & Aluminum Co. | 425 | 121,303 | ||||||
Royal Gold, Inc. | 1,526 | 174,559 | ||||||
RPM International, Inc. | 1,683 | 179,509 | ||||||
SBA Communications Corp., REIT | 846 | 189,386 | ||||||
Schlumberger NV | 4,075 | 198,452 | ||||||
Terreno Realty Corp., REIT | 1,390 | 83,025 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Shares | Value ($) | ||||||
UGI Corp. | 4,534 | 100,383 | ||||||
Walmart, Inc. | 420 | 69,405 | ||||||
Williams Cos., Inc. (The) | 2,939 | 101,866 | ||||||
4,744,340 | ||||||||
TOTAL COMMON STOCKS (Cost $10,607,683) | 10,721,667 |
Investments | Ounces | Value ($) | ||||||
COMMODITIES - 8.3% | ||||||||
Gold bullion* | ||||||||
(Cost $887,337) | 501 | 1,018,656 |
Investments | Shares | Value ($) | ||||||
MASTER LIMITED PARTNERSHIPS - 3.1% | ||||||||
United States - 3.1% | ||||||||
Black Stone Minerals LP | 5,311 | 87,100 | ||||||
Enterprise Products Partners LP | 10,900 | 291,684 | ||||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost 338,981) | 378,784 | |||||||
EXCHANGE TRADED FUNDS - 0.4% | ||||||||
United States | ||||||||
iShares Gold Trust | ||||||||
(Cost $49,652) | 1,322 | 50,884 | ||||||
Short-Term Investment - 1.5% | ||||||||
INVESTMENT COMPANIES - 1.5% | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (c) (Cost $179,840) | 179,840 | 179,840 | ||||||
Total Investments - 101.2% (Cost $12,063,493) | 12,349,831 | |||||||
Liabilities in excess of other assets - (1.2)% | (146,555 | ) | ||||||
Net Assets - 100.0% | 12,203,276 |
* | Non-income producing security. |
‡ | Value determined using significant unobservable inputs. |
(a) | 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. |
(b) | Security fair valued as of January 31, 2024 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2024 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
(c) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Chemicals | 10.3 | % | ||
Commodities | 8.3 | |||
Commodity Funds | 0.4 | |||
Construction Materials | 1.2 | |||
Consumer Staples Distribution & Retail | 1.5 | |||
Containers & Packaging | 0.3 | |||
Electric Utilities | 1.1 | |||
Energy Equipment & Services | 4.8 | |||
Food Products | 1.8 | |||
Gas Utilities | 0.8 | |||
Ground Transportation | 4.2 | |||
Health Care Providers & Services | 2.1 | |||
Household Durables | 1.0 | |||
Industrial Conglomerates | 1.1 | |||
Industrial REITs | 5.2 | |||
Machinery | 3.5 | |||
Media | 2.8 | |||
Metals & Mining | 9.2 | |||
Office REITs | 3.5 | |||
Oil, Gas & Consumable Fuels | 11.9 | |||
Real Estate Management & Development | 5.3 | |||
Residential REITs | 4.8 | |||
Specialized REITs | 7.3 | |||
Technology Hardware, Storage & Peripherals | 1.0 | |||
Trading Companies & Distributors | 1.5 | |||
Transportation Infrastructure | 1.2 | |||
Water Utilities | 3.6 | |||
Short-Term Investments | 1.5 | |||
Total Investments | 101.2 | % |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
MUNICIPAL BONDS - 95.5% | ||||||||
Alabama 4.1% | ||||||||
Hoover Industrial Development Board, | ||||||||
United States Steel Corp., Revenue, Series 2019, AMT, 5.75%, 10/01/2049 | 1,750,000 | 1,802,610 | ||||||
Tuscaloosa County Industrial Development Authority, | ||||||||
Hunt Refining Co., Revenue, Refunding, Series 2019 A, 5.25%, 05/01/2044 | 3,000,000 | 2,901,716 | ||||||
Walker County Economic & Industrial Development Authority, | ||||||||
Alabama Power Co., Revenue, First Series, Series 2023, AMT, 3.70%, 02/01/2024 (b)(c)(e) | 5,000,000 | 5,000,000 | ||||||
9,704,326 | ||||||||
Arizona 1.8% | ||||||||
Maricopa County Industrial Development Authority, | ||||||||
Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (b) | 2,300,000 | 2,252,547 | ||||||
Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 | 2,000,000 | 2,034,769 | ||||||
4,287,316 | ||||||||
Arkansas 1.1% | ||||||||
Arkansas Development Finance Authority, | ||||||||
Hybar LLC, Revenue, Series 2023 B, AMT, 7.38%, 07/01/2048 (b) | 2,500,000 | 2,690,365 | ||||||
California 12.7% | ||||||||
California Community Housing Agency, | ||||||||
Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 | 10,000,000 | 6,563,433 | ||||||
California Infrastructure & Economic Development Bank, | ||||||||
WFCS Holdings II LLC, Revenue, Series 2021 B, 0.00%, 01/01/2061 (b)(d) | 10,200,000 | 514,059 | ||||||
California Municipal Finance Authority, | ||||||||
Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (b) | 2,000,000 | 2,055,451 | ||||||
California School Finance Authority, | ||||||||
Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (b) | 1,000,000 | 999,156 | ||||||
California Statewide Communities Development Authority, | ||||||||
Loma Linda University Medical Center Obligated Group, Revenue, Series 2014 A, 5.50%, 12/01/2054 (b) | 1,000,000 | 997,500 | ||||||
California Statewide Financing Authority, | ||||||||
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 800,000 | 818,538 | ||||||
CSCDA Community Improvement Authority, | ||||||||
CTR City Anaheim, Revenue, Series 2020 A, 5.00%, 01/01/2054 (b) | 5,500,000 | 4,361,068 | ||||||
Monterey Station Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 07/01/2056 (b) | 3,500,000 | 2,318,374 | ||||||
Parrallel-Anaheim, Revenue, Series 2021 A, 4.00%, 08/01/2056 (b) | 3,400,000 | 2,569,344 | ||||||
Oceanaire Apartments, Revenue, Series 2021 A-2, 4.00%, 09/01/2056 (b) | 4,000,000 | 2,960,455 | ||||||
Escondido Portfolio, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 06/01/2058 | 5,875,000 | 4,362,029 | ||||||
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 12/01/2058 (b) | 2,000,000 | 1,499,708 | ||||||
30,019,115 | ||||||||
Connecticut 1.1% | ||||||||
Connecticut State Health & Educational Facilities Authority, | ||||||||
University of Hartford (The), Revenue, Refunding, Series 2019 N, 4.00%, 07/01/2049 (b) | 3,415,000 | 2,539,265 | ||||||
District of Columbia 1.0% | ||||||||
District of Columbia, | ||||||||
Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (d) | 10,000,000 | 2,438,100 | ||||||
Florida 16.9% | ||||||||
Bridgewater North Community Development District, | ||||||||
Special Assessment, Series 2022, 4.00%, 05/01/2052 (b) | 2,000,000 | 1,543,819 | ||||||
Capital Trust Agency, Inc., | ||||||||
Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 | 2,000,000 | 1,478,294 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Florida (continued) | ||||||||
Capital Trust Authority, | ||||||||
IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (b) | 1,500,000 | 1,540,444 | ||||||
Coral Lakes Community Development District, | ||||||||
Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053 | 1,000,000 | 1,007,868 | ||||||
Epperson North Community Development District, | ||||||||
Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051 | 2,195,000 | 1,682,857 | ||||||
Florida Development Finance Corp., | ||||||||
Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 | 2,000,000 | 1,992,237 | ||||||
Brightline Trains Florida LLC, Revenue, Series 2019 B, AMT, 7.38%, 01/01/2049 (b) | 6,750,000 | 6,857,489 | ||||||
Hillcrest Community Development District, | ||||||||
Special Assessment, Series 2018, 5.00%, 11/01/2048 | 300,000 | 292,084 | ||||||
Longleaf Community Development District, | ||||||||
Neighborhood 4 Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,009,150 | ||||||
Miami Health Facilities Authority, | ||||||||
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2026 | 1,260,000 | 1,230,354 | ||||||
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 | 1,000,000 | 972,118 | ||||||
Palm Beach County Health Facilities Authority, | ||||||||
Federation CCRC Operations Corp. Obligated Group, Revenue, Refunding, Series 2022, 4.00%, 06/01/2041 | 1,500,000 | 1,257,992 | ||||||
Parker Road Community Development District, | ||||||||
Assessment Area, Special Assessment, Refunding, Series 2020, 4.10%, 05/01/2050 (b) | 2,000,000 | 1,519,477 | ||||||
Pine Island Community Development District, | ||||||||
Special Assessment, Series 2004, 5.75%, 05/01/2035 | 2,500,000 | 2,500,092 | ||||||
Silver Oaks Community Development District, | ||||||||
Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,500,000 | 1,500,000 | ||||||
Six Mile Creek Community Development District, | ||||||||
Assessment Area 2, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2052 (b) | 2,050,000 | 1,637,598 | ||||||
Tern Bay Community Development District, | ||||||||
Special Assessment, Series 2022, 4.00%, 06/15/2052 | 1,000,000 | 803,915 | ||||||
Triple Creek Community Development District, | ||||||||
Assessment Area, Special Assessment, Series 2019 A, 4.75%, 05/01/2050 | 325,000 | 293,828 | ||||||
Veranda Community Development District II, | ||||||||
Assessment Area 5 Phase 2, Special Assessment, Refunding, Series 2024, 5.63%, 05/01/2054 | 1,000,000 | 996,293 | ||||||
Village Community Development District No. 13, | ||||||||
Phase I, Special Assessment, Series 2019, 3.55%, 05/01/2039 | 1,500,000 | 1,298,469 | ||||||
Phase II, Special Assessment, Series 2020, 3.50%, 05/01/2051 | 1,500,000 | 1,183,149 | ||||||
Villages of Westport Community Development District, | ||||||||
Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 (b) | 3,225,000 | 3,225,194 | ||||||
Villamar Community Development District, | ||||||||
Assessment Area 6, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,005,269 | ||||||
West Villages Improvement District, | ||||||||
Unit of Development No. 7, Special Assessment, Series 2019, 5.00%, 05/01/2050 | 2,500,000 | 2,343,698 | ||||||
Wiregrass Community Development District, | ||||||||
Assessment Area 2, Special Assessment, Series 2016, 5.00%, 05/01/2047 | 1,020,000 | 968,841 | ||||||
40,140,529 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Georgia 4.5% | ||||||||
Development Authority of Burke County (The), | ||||||||
Georgia Power Co., Revenue, Third Series, Series 2012, AMT, 3.70%, 02/01/2024 (b)(c)(e) | 5,000,000 | 5,000,000 | ||||||
George L Smith II Congress Center Authority, | ||||||||
Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 5.00%, 01/01/2054 (b) | 6,380,000 | 5,556,184 | ||||||
10,556,184 | ||||||||
Illinois 3.9% | ||||||||
Chicago Board of Education, | ||||||||
GO, Series 2017 H, 5.00%, 12/01/2046 (b) | 2,525,000 | 2,527,745 | ||||||
GO, Series 2022 A, 5.00%, 12/01/2047 | 1,000,000 | 1,003,151 | ||||||
City of Galesburg, | ||||||||
Knox College, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2041 | 1,475,000 | 1,290,095 | ||||||
Illinois Finance Authority, | ||||||||
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2037 | 1,000,000 | 810,003 | ||||||
Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 2,070,000 | 1,898,036 | ||||||
Southwestern Illinois Development Authority, | ||||||||
United States Steel Corp., Revenue, Series 2012, AMT, 5.75%, 08/01/2042 | 2,000,000 | 2,000,349 | ||||||
9,529,379 | ||||||||
Iowa 2.7% | ||||||||
Iowa Finance Authority, | ||||||||
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 05/15/2029 | 1,000,000 | 914,287 | ||||||
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2048 | 7,105,000 | 5,510,701 | ||||||
6,424,988 | ||||||||
Kentucky 0.5% | ||||||||
City of Campbellsville, | ||||||||
Campbellsville University, Inc., Revenue, Refunding, Series 2017, 4.50%, 03/01/2047 | 840,000 | 685,715 | ||||||
Louisville/Jefferson County Metropolitan Government, | ||||||||
Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2027 (b) | 500,000 | 492,615 | ||||||
1,178,330 | ||||||||
Louisiana 1.6% | ||||||||
Calcasieu Parish Memorial Hospital Service District, | ||||||||
Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2039 (b) | 2,750,000 | 2,500,368 | ||||||
Parish of St. James, | ||||||||
NuStar Logistics LP, Revenue, Series 2010, 6.35%, 07/01/2040 | 1,000,000 | 1,089,366 | ||||||
3,589,734 | ||||||||
Maryland 1.3% | ||||||||
County of Prince George's, | ||||||||
Tax Allocation, Series 2018, 5.25%, 07/01/2048 | 3,000,000 | 2,960,875 | ||||||
Massachusetts 0.8% | ||||||||
Massachusetts Development Finance Agency, | ||||||||
Children's Hospital Corp. Obligated Group (The), Revenue, Series 2024 T, 4.00%, 03/01/2054 (b) | 2,000,000 | 1,970,220 | ||||||
Michigan 1.6% | ||||||||
Flint Hospital Building Authority, | ||||||||
Hurley Medical Center, Revenue, Series 2013 A, 5.25%, 07/01/2039 | 2,000,000 | 1,860,158 | ||||||
Michigan Finance Authority, | ||||||||
Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 1,080,000 | 944,613 | ||||||
Michigan Strategic Fund, | ||||||||
United Methodist Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 05/15/2044 | 1,000,000 | 871,823 | ||||||
3,676,594 | ||||||||
Missouri 1.7% | ||||||||
Grindstone Plaza Transportation Development District, | ||||||||
Sales Tax, Series 2006 A, 5.40%, 10/01/2026 | 265,000 | 265,021 | ||||||
Sales Tax, Series 2006 A, 5.50%, 10/01/2031 (b) | 1,925,000 | 1,925,004 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Missouri | ||||||||
Kansas City Industrial Development Authority, | ||||||||
Ward Parkway Center Community Improvement District, Sales Tax, Refunding, Series 2016 A, 5.00%, 04/01/2046 | 1,100,000 | 997,825 | ||||||
Rolla Industrial Development Authority, | ||||||||
Tax Allocation, Series 2017 A, 5.38%, 05/01/2044 | 860,000 | 853,387 | ||||||
4,041,237 | ||||||||
New Hampshire 0.5% | ||||||||
New Hampshire Business Finance Authority, | ||||||||
Covanta Holding Corp., Revenue, Refunding, Series 2018 B, 4.63%, 11/01/2042 | 1,250,000 | 1,079,507 | ||||||
New Jersey 0.7% | ||||||||
New Jersey Economic Development Authority, | ||||||||
United Airlines, Inc., Revenue, Refunding, Series 2012, AMT, 5.75%, 09/15/2027 | 500,000 | 500,261 | ||||||
Teaneck Community Charter School A New Jersey Nonprofit Corp., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2037 | 1,120,000 | 1,116,479 | ||||||
1,616,740 | ||||||||
New York 4.4% | ||||||||
Build NYC Resource Corp., | ||||||||
Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 | 1,000,000 | 1,000,548 | ||||||
City of New York, | ||||||||
GO, Series 2021-3, 3.95%, 02/01/2024 (b)(c)(e) | 5,000,000 | 5,000,000 | ||||||
New York Liberty Development Corp., | ||||||||
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (b) | 2,000,000 | 2,019,271 | ||||||
New York State Dormitory Authority, | ||||||||
Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2031 (b) | 1,000,000 | 971,181 | ||||||
Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2032 (b) | 1,100,000 | 1,064,883 | ||||||
Westchester County Local Development Corp., | ||||||||
Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 3.75%, 11/01/2037 | 255,000 | 215,942 | ||||||
10,271,825 | ||||||||
North Dakota 1.2% | ||||||||
County of Ward, | ||||||||
Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2048 (b) | 3,500,000 | 2,943,931 | ||||||
Ohio 9.5% | ||||||||
Buckeye Tobacco Settlement Financing Authority, | ||||||||
Revenue, Senior Lien, Refunding, Series 2020 B-2, Class 2, 5.00%, 06/01/2055 | 2,500,000 | 2,360,305 | ||||||
Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (d) | 29,200,000 | 2,985,353 | ||||||
County of Lucas, | ||||||||
Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048 | 5,750,000 | 5,443,073 | ||||||
County of Muskingum, | ||||||||
Genesis Healthcare System Obligated Group, Revenue, Series 2013, 5.00%, 02/15/2048 | 1,000,000 | 913,580 | ||||||
Ohio Air Quality Development Authority, | ||||||||
AMG Vanadium LLC, Revenue, Series 2019, AMT, 5.00%, 07/01/2049 (b) | 2,500,000 | 2,266,452 | ||||||
Southeastern Ohio Port Authority, | ||||||||
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043 | 2,500,000 | 2,341,221 | ||||||
State of Ohio, | ||||||||
University Hospitals Health System, Inc. Obligated Group, Revenue, Series 2015 C, 4.85%, 02/01/2024 (c)(e) | 3,530,000 | 3,530,000 | ||||||
Summit County Development Finance Authority, | ||||||||
UAkronPark, Inc., Revenue, Series 2023, 5.63%, 12/01/2048 | 800,000 | 843,484 | ||||||
UAkronPark, Inc., Revenue, Series 2023, 5.75%, 12/01/2053 | 1,400,000 | 1,478,427 | ||||||
22,161,895 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Oklahoma 1.8% | ||||||||
Oklahoma Development Finance Authority, | ||||||||
OU Medicine Obligated Group, Revenue, Series 2018 B, 5.00%, 08/15/2038 (b) | 1,500,000 | 1,475,606 | ||||||
Tulsa Airports Improvement Trust, | ||||||||
American Airlines, Inc., Revenue, Refunding, Series 2001 B, AMT, 5.50%, 12/01/2035 | 2,800,000 | 2,800,301 | ||||||
4,275,907 | ||||||||
Oregon 0.8% | ||||||||
Yamhill County Hospital Authority, | ||||||||
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2046 | 2,290,000 | 1,849,551 | ||||||
Pennsylvania 2.3% | ||||||||
Bucks County Industrial Development Authority, | ||||||||
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2046 | 4,000,000 | 3,137,976 | ||||||
Pennsylvania Higher Educational Facilities Authority, | ||||||||
Foundation for Indiana University of Pennsylvania Phase II Student Housing, Revenue, AGMC Insured, Series 2007 A, (3-month SOFR + 0.91%), 4.40%, 07/01/2039 (a) | 500,000 | 433,887 | ||||||
St. Mary Hospital Authority, | ||||||||
Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR + 1.09%), 4.61%, 11/15/2034 (a) | 2,035,000 | 1,900,530 | ||||||
5,472,393 | ||||||||
Rhode Island 0.4% | ||||||||
Tobacco Settlement Financing Corp., | ||||||||
Revenue, Series 2007 A, 0.00%, 06/01/2052 (d) | 5,500,000 | 982,774 | ||||||
Tennessee 3.0% | ||||||||
Chattanooga Health Educational & Housing Facility Board, | ||||||||
CommonSpirit Health Obligated Group, Revenue, Series 2004 C, 4.10%, 02/07/2024 (b)(c)(e) | 7,150,000 | 7,150,000 | ||||||
Texas 5.4% | ||||||||
Arlington Higher Education Finance Corp., | ||||||||
Cypress Christian School, Inc., Revenue, Series 2024, 5.75%, 06/01/2043 (b) | 1,500,000 | 1,532,218 | ||||||
City of Lago Vista, | ||||||||
Tessera on Lake Travis Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 6.00%, 09/01/2054 | 1,000,000 | 1,016,674 | ||||||
City of Princeton, | ||||||||
Eastridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2023, 5.25%, 09/01/2043 | 1,000,000 | 975,611 | ||||||
Hidalgo County Regional Mobility Authority, | ||||||||
Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2048 (d) | 7,130,000 | 1,940,921 | ||||||
Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2054 (d) | 5,000,000 | 930,390 | ||||||
Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2055 (d) | 6,100,000 | 1,074,823 | ||||||
Lubbock Educational Facilities Authority, Inc., | ||||||||
Lubbock Christian University, Revenue, Refunding, Series 2016, 2.75%, 11/01/2031 | 2,585,000 | 2,058,537 | ||||||
New Hope Cultural Education Facilities Finance Corp., | ||||||||
Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 (b) | 2,500,000 | 1,795,175 | ||||||
Reagan Hospital District of Reagan County, | ||||||||
GO, Series 2014 A, 5.00%, 02/01/2029 (b) | 1,270,000 | 1,259,840 | ||||||
12,584,189 | ||||||||
Utah 1.3% | ||||||||
Chelsey Public Infrastructure District No. 1, | ||||||||
Assessment Area 1, Special Assessment, Series 2024, 7.00%, 12/01/2042 | 1,350,000 | 1,394,980 | ||||||
Utah Charter School Finance Authority, | ||||||||
Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2052 (b) | 1,295,000 | 972,344 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
Utah | ||||||||
Utah Infrastructure Agency, | ||||||||
Revenue, Series 2021, 3.00%, 10/15/2045 (b) | 1,000,000 | 702,046 | ||||||
3,069,370 | ||||||||
Virgin Islands 0.6% | ||||||||
Virgin Islands Public Finance Authority, | ||||||||
United States Virgin Islands, Sales Tax, Refunding, Series 2014 C, 5.00%, 10/01/2030 (b) | 1,500,000 | 1,423,281 | ||||||
Virginia 1.8% | ||||||||
Tobacco Settlement Financing Corp., | ||||||||
Revenue, Senior Lien, Series 2007 B-1, 5.00%, 06/01/2047 | 2,500,000 | 2,361,719 | ||||||
Virginia College Building Authority, | ||||||||
Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (b) | 1,000,000 | 926,805 | ||||||
Marymount University, Revenue, Refunding, Series 2015 B, 5.00%, 07/01/2045 (b) | 1,000,000 | 926,806 | ||||||
4,215,330 | ||||||||
Washington 0.6% | ||||||||
King County Public Hospital District No. 4, | ||||||||
Revenue, Series 2015 A, 6.25%, 12/01/2045 (b) | 1,300,000 | 1,308,250 | ||||||
Wisconsin 3.9% | ||||||||
Public Finance Authority, | ||||||||
Guilford College, Revenue, Refunding, Series 2016, 5.00%, 01/01/2027 (b) | 830,000 | 822,705 | ||||||
Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2040 | 2,020,000 | 1,629,603 | ||||||
Austin FBO LLC, Revenue, Mandatory Put, Series 2018 A, AMT, 7.05%, 09/01/2027 (e) | 250,000 | 246,446 | ||||||
Rider University A New Jersey Non-Profit Corp., Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2048 | 1,920,000 | 1,464,763 | ||||||
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2051 (b) | 2,000,000 | 1,452,602 | ||||||
UNC Health Appalachian Obligated Group, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,675,000 | 1,314,358 | ||||||
Wisconsin Health & Educational Facilities Authority, | ||||||||
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 4.75%, 04/01/2057 | 2,920,000 | 2,144,244 | ||||||
9,074,721 | ||||||||
TOTAL MUNICIPAL BONDS (Cost $223,726,820) | 225,226,221 | |||||||
SHORT-TERM INVESTMENTS - 0.3% |
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES - 0.3% | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (f) (Cost $651,482) | 651,482 | 651,482 | ||||||
Total Investments - 95.8% (Cost $224,378,302) | 225,877,703 | |||||||
Other assets less liabilities - 4.2% | 9,965,884 | |||||||
Net Assets - 100.0% | 235,843,587 |
(a) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2024. |
(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 January 31, 2024 amounted to $103,066,845, which represents approximately 43.70% of net assets of the Fund. |
(c) | Variable Rate Demand Notes (VRDNs) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
(d) | Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity. |
(e) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on January 31, 2024. |
(f) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
AGMC | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
GO | General Obligation |
SOFR | Secured Overnight Financing Rate |
See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Airport | 0.1 | % | ||
Charter School | 5.5 | |||
Community Development District | 9.5 | |||
Continuing Care Retirement Community | 6.6 | |||
Economic/Industrial Development | 10.5 | |||
General Obligation | 2.1 | |||
General Obligation Hospital/Health District | 0.5 | |||
General Revenue Tax-Guaranteed | 0.6 | |||
Higher Education | 6.6 | |||
Hospital | 18.0 | |||
Not-For-Profit Cultural Organization | 0.6 | |||
Nursing Home | 0.8 | |||
Parking Facility | 1.0 | |||
Private/Religious School | 0.7 | |||
Public Power System | 4.2 | |||
Public Transportation | 2.9 | |||
Sales & Excise Tax | 1.4 | |||
School District | 1.5 | |||
Special Assessment Financing | 2.4 | |||
State Multi-Family Housing | 11.3 | |||
Tax Increment Financing | 1.6 | |||
Telecom | 0.3 | |||
Tobacco Master Settlement Agreement | 5.1 | |||
Toll Highway/Bridge/Tunnel | 1.7 | |||
Short-Term Investments | 0.3 | |||
Total Investments | 95.8 | % |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
MUNICIPAL BONDS - 97.9% | ||||||||
California 1.3% | ||||||||
California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 200,000 | 204,634 | ||||||
Colorado 0.7% | ||||||||
Pueblo Urban Renewal Authority, City of Pueblo, Sales Tax, Series 2017, 5.00%, 06/01/2036 | 100,000 | 98,631 | ||||||
Florida 11.3% | ||||||||
Capital Trust Agency, Inc., | ||||||||
Franklin Academy Obligated Group, Revenue, Series 2020, 4.00%, 12/15/2024 (a) | 385,000 | 381,387 | ||||||
Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2031 (a) | 500,000 | 457,592 | ||||||
Majorca Isles Community Development District, Special Assessment, Series 2015, 5.00%, 05/01/2025 (a) | 165,000 | 165,373 | ||||||
Pine Island Community Development District, Special Assessment, Series 2004, 5.75%, 05/01/2035 | 675,000 | 675,025 | ||||||
Villages of Westport Community Development District, Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 (a) | 45,000 | 45,003 | ||||||
1,724,380 | ||||||||
Georgia 6.5% | ||||||||
Development Authority of The City of Marietta, Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2027 (a) | 500,000 | 502,540 | ||||||
Main Street Natural Gas, Inc., Revenue, Mandatory Put, Series 2022 C, 4.00%, 11/01/2027 (a)(d) | 500,000 | 482,662 | ||||||
985,202 | ||||||||
Illinois 6.7% | ||||||||
Chicago Board of Education, Dedicated Capital Improvement Tax, Series 2018, 5.00%, 04/01/2037 (a) | 435,000 | 451,837 | ||||||
Illinois Finance Authority, Acero Charter Schools, Inc. Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 10/01/2028 (a) | 580,000 | 564,563 | ||||||
1,016,400 | ||||||||
Maryland 12.9% | ||||||||
County of Frederick, Mount St Mary's University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2032 (a) | 740,000 | 743,820 | ||||||
County of Prince George's, Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, 07/01/2030 (a) | 1,200,000 | 1,224,696 | ||||||
1,968,516 | ||||||||
Michigan 2.9% | ||||||||
Michigan Finance Authority, Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 500,000 | 437,321 | ||||||
Missouri 2.6% | ||||||||
Grindstone Plaza Transportation Development District, Sales Tax, Series 2006 A, 5.40%, 10/01/2026 | 400,000 | 400,033 | ||||||
Nevada 3.7% | ||||||||
City of Las Vegas, Special Improvement District No. 812, Special Assessment, Series 2015, 5.00%, 12/01/2031 | 555,000 | 559,682 | ||||||
New Jersey 0.7% | ||||||||
New Jersey Economic Development Authority, United Airlines, Inc., Revenue, Refunding, Series 2012, AMT, 5.75%, 09/15/2027 | 100,000 | 100,052 | ||||||
New York 8.3% | ||||||||
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (a) | 500,000 | 504,818 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 08/01/2024 (a) | 250,000 | 250,535 |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
January 31, 2024 (unaudited)
Investments | Principal Amount ($) | Value ($) | ||||||
New York | ||||||||
New York Transportation Development Corp., American Airlines, Inc., Revenue, Refunding, Series 2020, AMT, 5.25%, 08/01/2031 | 500,000 | 525,214 | ||||||
1,280,567 | ||||||||
Ohio 3.3% | ||||||||
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Revenue, Mandatory Put, Series 2023, AMT, 5.00%, 12/01/2028 (a)(d) | 500,000 | 501,399 | ||||||
Oklahoma 7.9% | ||||||||
Oklahoma Development Finance Authority, OU Medicine Obligated Group, Revenue, Series 2018 B, 5.00%, 08/15/2027 | 500,000 | 501,565 | ||||||
Tulsa Airports Improvement Trust, American Airlines, Inc., Revenue, Refunding, Series 2001 B, AMT, 5.50%, 12/01/2035 | 700,000 | 700,075 | ||||||
1,201,640 | ||||||||
Pennsylvania 4.4% | ||||||||
St. Mary Hospital Authority, Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, ( 3-month SOFR+ 1.09%), 4.61%, 11/15/2034 (c) | 715,000 | 667,754 | ||||||
Texas 15.7% | ||||||||
Abilene Convention Center Hotel Development Corp., City of Abilene Abilene Convention Center, Revenue, Second Lien, Series 2021 B, 3.75%, 10/01/2031 (a) | 500,000 | 457,461 | ||||||
Arlington Higher Education Finance Corp., Newman International Academy, Revenue, Series 2021 A, 4.00%, 08/15/2031 (a) | 350,000 | 321,411 | ||||||
City of Houston, Airport System, United Airlines, Inc., Revenue, Series 2018, AMT, 5.00%, 07/15/2028 | 500,000 | 508,297 | ||||||
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2025 (a) | 440,000 | 435,736 | ||||||
Reagan Hospital District of Reagan County, GO, Series 2014 A, 5.00%, 02/01/2029 (a) | 700,000 | 694,400 | ||||||
2,417,305 | ||||||||
Virginia 4.5% | ||||||||
Lower Magnolia Green Community Development Authority, Special Assessment, Series 2015, 4.00%, 03/01/2025 (a) | 680,000 | 676,257 | ||||||
Wisconsin 4.5% | ||||||||
Public Finance Authority, Guilford College, Revenue, Refunding, Series 2016, 5.00%, 01/01/2026 | 685,000 | 681,952 | ||||||
TOTAL MUNICIPAL BONDS (Cost $14,866,423) | 14,921,725 |
Investments | Shares | Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||||
INVESTMENT COMPANIES - 0.1% | ||||||||
JP Morgan U.S. Government Money Market Fund, Capital Shares 5.34% (e) | ||||||||
(Cost $7,717) | 7,717 | 7,717 | ||||||
Total Investments - 98.0% (Cost $14,874,140) | 14,929,442 | |||||||
Other assets less liabilities - 2.0% | 305,678 | |||||||
Net Assets - 100.0% | 15,235,120 |
(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 January 31, 2024 amounted to $8,861,490 which represents approximately 58.16% of net assets of the Fund. |
(b) | Variable Rate Demand Notes (VRDNs) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2024. |
(d) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on January 31, 2024. |
(e) | Represents 7-day effective yield as of January 31, 2024. |
Abbreviations | |
AMT | Alternative Minimum Tax |
GO | General Obligation |
SOFR | Secured Overnight Financing Rate |
See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
January 31, 2024 (unaudited)
Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
Charter School | 11.2 | % | ||
Community Development District | 5.8 | |||
Economic/Industrial Development | 21.6 | |||
Gas Forward Contract | 3.2 | |||
General Obligation Hospital/Health District | 4.6 | |||
Higher Education | 15.5 | |||
Hospital | 9.3 | |||
Not-For-Profit Cultural Organization | 3.0 | |||
Sales & Excise Tax | 3.3 | |||
Secondary Education | 3.0 | |||
Special Assessment Financing | 8.1 | |||
Tax Increment Financing | 8.0 | |||
Tobacco Master Settlement Agreement | 1.3 | |||
Short-Term Investments | 0.1 | |||
Total Investments | 98.0 | % |
See Notes to Schedule of Investments. | (Continued) |
FIRST EAGLE FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (unaudited)
Note 1 — Significant Accounting Policies
First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of January 31, 2024, the Trust consists of eleven separate portfolios, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund, First Eagle Global Real Assets Fund, First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund) and First Eagle Short Duration High Yield Municipal Fund (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Rising Dividend Fund, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. The First Eagle Rising Dividend Fund seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital by investing, under normal circumstances, in equity securities of small- and mid-cap (“smid cap”) companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. The First Eagle Global Real Assets Fund seeks long-term growth of capital. The First Eagle High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund incepted on January 2, 2024.
The Funds generally offer up to four share classes, Class A shares, Class C shares, Class I shares and Class R6 shares, except for the First Eagle Short Duration High Yield Municipal Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, which offer Class A shares, Class I shares and Class R6 shares only. On December 1, 2023, Class R3 Shares, Class R4 Shares, Class R5 Shares of the Funds were closed to new investors. On February 28, 2024, all remaining Class R3 shares, Class R4 shares, and Class R5 shares of the Funds converted into Class R6 shares. As a result, Class R3 shares, Class R4 shares, and Class R5 shares were terminated.
First Eagle Investment Management, LLC (the “Adviser”), a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”), manages the Funds. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company (“BCP CC Holdings GP”), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV Financial Services Capital Partners L.P. (“Corsair IV”). BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. (“Blackstone”) and Corsair Capital LLC (“Corsair”), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.
The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
a) | Investments in Subsidiaries — The First Eagle Global Fund (the “Global Fund”), First Eagle Overseas Fund (the “Overseas Fund”), First Eagle U.S. Value Fund (the “U.S. Value Fund”), First Eagle Gold Fund (the “Gold Fund”) and First Eagle Global Real Assets Fund (the “Global Real Assets Fund”) may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., First Eagle Gold Cayman Fund, Ltd., and First Eagle Global Real Assets Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a “Subsidiary” or collectively “the Subsidiaries”). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary’s assets represent physical gold bullion, and First Eagle Gold Cayman Fund, Ltd. also holds physical silver. Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds’ tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds’ “non- qualifying income” exceeds 10% of the Funds’ gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks. |
The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated schedule of investments include the accounts of the Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2024, the First Eagle Global Cayman Fund, Ltd. has $5,003,252,443 in net assets, representing 10.02% of the Global Fund’s net assets.
The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated schedule of investments include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2024, the First Eagle Overseas Cayman Fund, Ltd. has $974,810,313 in net assets, representing 7.92% of the Overseas Fund’s net assets.
The First Eagle U.S. Value Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated schedule of investments include the accounts of the U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2024, the First Eagle U.S. Value Cayman Fund, Ltd. has $147,505,073 in net assets, representing 11.93% of the U.S. Value Fund’s net assets.
The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated schedule of investments include the accounts of the Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2024, the First Eagle Gold Cayman Fund, Ltd. has $295,583,555 in net assets, representing 13.97% of the Gold Fund’s net assets.
The First Eagle Global Real Assets Cayman Fund, Ltd., established on September 9, 2021, is an exempted company under the laws of the Cayman Islands. The consolidated schedule of investments include the accounts of the Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2024, the First Eagle Global Real Assets Cayman Fund, Ltd. has $1,081,048 in net assets, representing 8.86% of the Global Real Assets Fund’s net assets.
b) | Investment Valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. |
A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.
All bonds, whether listed on an exchange or traded in the over-counter-market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.
Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.
Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.
The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.
Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding or have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund’s NAV is calculated, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be “fair valued” in accordance with procedures adopted by the Board of Trustees (“Board”) .. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values.
Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in the U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Board and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.
The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Other significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.
Fair valuation of securities, other financial investments or other assets (collectively, “securities”) held by the Funds are determined in good faith by the Adviser as “valuation designee” under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the “Committee”) oversees the execution of the valuation and liquidity procedures for the Funds. In accordance with Rule 2a-5 under the 1940 Act, the Funds’ Board has designated the Adviser the “valuation designee” to perform the Fund’s fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
The following is a summary of the Funds’ inputs used to value the Funds’ investments as of January 31, 2024:
First Eagle Global Fund
Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 26,114,316,527 | $ | 13,638,541,204 | (a) | $ | – | $ | 39,752,857,731 | |||||||
Corporate Bonds | – | – | 4,927,134 | (b) | 4,927,134 | |||||||||||
Commodities * | – | 5,623,499,025 | – | 5,623,499,025 | ||||||||||||
Foreign Government Securities | – | 342,308,190 | – | 342,308,190 | ||||||||||||
Short-Term Investments | 1,288,280 | 4,229,717,341 | – | 4,231,005,621 | ||||||||||||
Forward Foreign Currency Exchange Contracts** | – | 5,088,056 | – | 5,088,056 | ||||||||||||
Total | $ | 26,115,604,807 | $ | 23,839,153,816 | $ | 4,927,134 | $ | 49,959,685,757 | ||||||||
Liabilities: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | $ | – | $ | (7,022,696 | ) | $ | – | $ | (7,022,696 | ) | ||||||
Total | $ | – | $ | (7,022,696 | ) | $ | – | $ | (7,022,696 | ) |
(a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
(b) | These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1. |
† | See Consolidated Schedule of Investments for additional detailed categorizations. |
‡ | Value determined using significant unobservable inputs. |
* | Represents gold bullion. |
** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Corporate Bonds | ||||
Beginning Balance —market value | $ | 4,954,469 | ||
Purchases(1) | — | |||
Sales(2) | — | |||
Transfer In — Level 3 | — | |||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | 13,525 | |||
Realized Gains (Losses) | — | |||
Change in Unrealized Appreciation (Depreciation) | (40,860 | ) | ||
Ending Balance — market value | $ | 4,927,134 | ||
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | (40,860 | ) |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
First Eagle Overseas Fund
Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,887,936,937 | $ | 7,380,814,356 | (a) | $ | 15,713,571 | $ | 10,284,464,864 | |||||||
Commodities * | – | 1,349,025,300 | – | 1,349,025,300 | ||||||||||||
Foreign Government Securities | – | 206,207,621 | – | 206,207,621 | ||||||||||||
Short-Term Investments | 856,838 | 466,480,160 | – | 467,336,998 | ||||||||||||
Forward Foreign Currency Exchange Contracts** | – | 3,270,536 | – | 3,270,536 | ||||||||||||
Total | $ | 2,888,793,775 | $ | 9,405,797,973 | $ | 15,713,571 | $ | 12,310,305,319 | ||||||||
Liabilities: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts** | $ | – | $ | (3,624,216 | ) | $ | – | $ | (3,624,216 | ) | ||||||
Total | $ | – | $ | (3,624,216 | ) | $ | – | $ | (3,624,216 | ) |
(a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
† | See Consolidated Schedule of Investments for additional detailed categorizations. |
‡ | Value determined using significant unobservable inputs. |
* | Represents gold bullion. |
** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Common Stocks | ||||
Beginning Balance —market value | $ | 15,384,962 | ||
Purchases(1) | — | |||
Sales(2) | — | |||
Transfer In — Level 3 | — | |||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | — | |||
Realized Gains (Losses) | — | |||
Change in Unrealized Appreciation (Depreciation) | 328,609 | |||
Ending Balance — market value | $ | 15,713,571 | ||
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | 328,609 |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||
Fair Value as of January 31, 2024 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Direction Change in Fair Value Resulting from Increase in Unobservable Input (a) | ||||||||
Common Stock | $ | 15,713,571 | Market Comparable Companies | Enterprise Value Multiple | 0.33X - 11.92X (3.55X) | Increase |
Note:
(a) This column represents the direction change in the fair value of level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower fair value determination.
First Eagle U.S. Value Fund
Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 929,109,005 | $ | – | $ | – | $ | 929,109,005 | ||||||||
Convertible Preferred Stocks | 5,175,863 | – | – | 5,175,863 | ||||||||||||
Corporate Bonds | – | 6,918,052 | 3,441,842 | (b) | 10,359,894 | |||||||||||
Commodities * | – | 147,520,509 | – | 147,520,509 | ||||||||||||
Master Limited Partnerships | 16,672,577 | – | – | 16,672,577 | ||||||||||||
Short-Term Investments | 27,183 | 129,721,583 | – | 129,748,766 | ||||||||||||
Total | $ | 950,984,628 | $ | 284,160,144 | $ | 3,441,842 | $ | 1,238,586,614 |
(b) | These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1. |
† | See Consolidated Schedule of Investments for additional detailed categorizations. |
‡ | Value determined using significant unobservable inputs. |
* | Represents gold bullion. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Corporate Bonds | ||||
Beginning Balance —market value | $ | 543,750 | ||
Purchases(1) | — | |||
Sales(2) | (206,600 | ) | ||
Transfer In — Level 3 | 3,104,552 | (a) | ||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | 52,856 | |||
Realized Gains (Losses) | — | |||
Change in Unrealized Appreciation (Depreciation) | (52,716 | ) | ||
Ending Balance — market value | $ | 3,441,842 | ||
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | (52,716 | ) |
(a) | Transfers from level 2 into Level 3 are due to a decrease in market activity, e.g. frequency of trades, which resulted in a decrease in available market inputs to determine the price. |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
First Eagle Gold Fund
Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,652,522,420 | $ | 129,632,009 | (a) | $ | – | $ | 1,782,154,429 | |||||||
Commodities * | – | 295,811,527 | – | 295,811,527 | ||||||||||||
Rights | 3,182,345 | – | – | 3,182,345 | ||||||||||||
Short-Term Investments | 29,954 | 46,350,890 | – | 46,380,844 | ||||||||||||
Total | $ | 1,655,734,719 | $ | 471,794,426 | $ | – | $ | 2,127,529,145 |
(a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
† | See Consolidated Schedule of Investments for additional detailed categorizations. |
* | Represents gold and silver bullion. |
First Eagle Global Income Builder Fund
Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 543,111,998 | $ | 509,898,908 | (a) | $ | – | $ | 1,053,010,906 | |||||||
Convertible Preferred Stocks | 26,241,384 | – | – | 26,241,384 | ||||||||||||
Corporate Bonds | – | 183,509,500 | 11,079,194 | (b) | 194,588,694 | |||||||||||
Asset-Backed Securities | – | 4,014,554 | – | 4,014,554 | ||||||||||||
Commodities * | – | 110,222,733 | – | 110,222,733 | ||||||||||||
Foreign Government Securities | – | 34,331,744 | – | 34,331,744 | ||||||||||||
Loan Assignments | – | 2,500,625 | – | 2,500,625 | ||||||||||||
Master Limited Partnerships | 21,002,533 | – | – | 21,002,533 | ||||||||||||
Preferred Stocks | 28,158,775 | – | – | 28,158,775 | ||||||||||||
U.S. Treasury Obligations | – | 208,144,593 | – | 208,144,593 | ||||||||||||
Short-Term Investments | 10,355 | 36,105,462 | – | 36,115,817 | ||||||||||||
Forward Foreign Currency Exchange Contracts** | – | 131,510 | – | 131,510 | ||||||||||||
Total | $ | 618,525,045 | $ | 1,088,859,629 | $ | 11,079,194 | $ | 1,718,463,868 | ||||||||
Liabilities: | ||||||||||||||||
Options Written | $ | (2,993,249 | ) | $ | – | $ | – | $ | (2,993,249 | ) | ||||||
Forward Foreign Currency Exchange Contracts** | – | (197,466 | ) | – | (197,466 | ) | ||||||||||
Total | $ | (2,993,249 | ) | $ | (197,466 | ) | $ | – | $ | (3,190,715 | ) |
(a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
(b) | These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1. |
† | See Schedule of Investments for additional detailed categorizations. |
‡ | Value determined using significant unobservable inputs. |
* | Represents gold bullion. |
** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Corporate Bonds | ||||
Beginning Balance —market value | $ | — | ||
Purchases(1) | — | |||
Sales(2) | (789,000 | ) | ||
Transfer In — Level 3 | 11,856,203 | (a) | ||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | 56,909 | |||
Realized Gains (Losses) | — | |||
Change in Unrealized Appreciation (Depreciation) | (44,918 | ) | ||
Ending Balance — market value | $ | 11,079,194 | ||
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | (44,918 | ) |
(a) | Transfers from level 2 into Level 3 are due to a decrease in market activity, e.g. frequency of trades, which resulted in a decrease in available market inputs to determine the price. |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
First Eagle Rising Dividend Fund
Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 356,270,095 | $ | 23,401,826 | (a) | $ | – | $ | 379,671,921 | |||||||
Master Limited Partnerships | 9,434,024 | – | – | 9,434,024 | ||||||||||||
Short-Term Investments | 2,726 | 5,918,093 | – | 5,920,819 | ||||||||||||
Total | $ | 365,706,845 | $ | 29,319,919 | $ | – | $ | 395,026,764 |
(a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
† | See Schedule of Investments for additional detailed categorizations. |
First Eagle Small Cap Opportunity Fund
Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,587,789,149 | $ | – | $ | – | $ | 1,587,789,149 | ||||||||
Rights | – | – | – | ^ | – | |||||||||||
Short-Term Investments | 85,294,106 | – | – | 85,294,106 | ||||||||||||
Total | $ | 1,673,083,255 | $ | – | $ | – | $ | 1,673,083,255 |
† | See Schedule of Investments for additional detailed categorizations. |
‡ | Value determined using significant unobservable inputs. |
^ | Fair value represents zero. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Rights | ||||
Beginning Balance —market value | $ | — | ^ | |
Purchases(1) | — | |||
Sales(2) | — | |||
Transfer In — Level 3 | — | |||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | — | |||
Realized Gains (Losses) | — | |||
Change in Unrealized Appreciation (Depreciation) | — | |||
Ending Balance — market value | $ | — | ^ | |
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | — |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
^ | Fair value represents zero. |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||
Fair Value as of January 31, 2024 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Direction Change in Fair Value Resulting from Increase in Unobservable Input (a) | ||||||||
Rights | $ | - | ^ | Discounted Cash Flow | Estimated probability of the company hitting specified milestones | 0% (0%) | Increase |
Note:
^ Fair value represents zero
(a) This column represents the direction change in the fair value of level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower fair value determination.
First Eagle U.S. Smid Cap Opportunity Fund
Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 31,039,626 | $ | – | $ | – | $ | 31,039,626 | ||||||||
Short-Term Investments | 1,426,482 | – | – | 1,426,482 | ||||||||||||
Total | $ | 32,466,108 | $ | – | $ | – | $ | 32,466,108 |
† | See Schedule of Investments for additional detailed categorizations. |
First Eagle Global Real Assets Fund
Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 7,080,742 | $ | 3,640,925 | (a) | $ | – | ^ | $ | 10,721,667 | ||||||
Commodities * | – | 1,018,656 | – | 1,018,656 | ||||||||||||
Exchange-Traded Funds | 50,884 | – | – | 50,884 | ||||||||||||
Master Limited Partnerships | 378,784 | – | – | 378,784 | ||||||||||||
Short-Term Investments | 179,840 | – | – | 179,840 | ||||||||||||
Total | $ | 7,690,250 | $ | 4,659,581 | $ | – | $ | 12,349,831 |
(a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
† | See Consolidated Schedule of Investments for additional detailed categorizations. |
‡ | Value determined using significant unobservable inputs. |
* | Represents gold bullion. |
^ | Fair value represents zero. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Common Stocks | ||||
Beginning Balance —market value | $ | — | ^ | |
Purchases(1) | — | |||
Sales(2) | — | |||
Transfer In — Level 3 | — | |||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | — | |||
Realized Gains (Losses) | — | |||
Change in Unrealized Appreciation (Depreciation) | — | |||
Ending Balance — market value | $ | — | ^ | |
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | — |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
^ | Fair value represents zero. |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||
Fair Value as of January 31, 2024 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Direction Change in Fair Value Resulting from Increase in Unobservable Input (a) | ||||||||
Common Stock | $ | - | ^ | Discounted Cash Flow | Estimated Recoverability | 0% (0%) | Increase |
Note:
^ Fair value represents zero
(a) This column represents the direction change in the fair value of level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower fair value determination.
First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund)
Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Municipal Bonds | $ | – | $ | 225,226,221 | $ | – | $ | 225,226,221 | ||||||||
Short-Term Investments | 651,482 | – | – | 651,482 | ||||||||||||
Total | $ | 651,482 | $ | 225,226,221 | $ | – | $ | 225,877,703 |
† | See Schedule of Investments for additional detailed categorizations. |
Fair Value Level 3 activity for the three-month period ended January 31, 2024 was as follows:
Corporate Bonds | ||||
Beginning Balance —market value | $ | 621,196 | ||
Purchases(1) | — | |||
Sales(2) | (620,610 | ) | ||
Transfer In — Level 3 | — | |||
Transfer Out — Level 3 | — | |||
Accrued discounts/ (premiums) | — | |||
Realized Gains (Losses) | 16,610 | |||
Change in Unrealized Appreciation (Depreciation) | (17,196 | ) | ||
Ending Balance — market value | $ | — | ||
Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | — |
(1) | Purchases include all purchases of securities and securities received in corporate actions. |
(2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
First Eagle Short Duration High Yield Municipal Fund
Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Municipal Bonds | $ | – | $ | 14,921,725 | $ | – | $ | 14,921,725 | ||||||||
Short-Term Investments | 7,717 | – | – | 7,717 | ||||||||||||
Total | $ | 7,717 | $ | 14,921,725 | $ | – | $ | 14,929,442 |
† | See Schedule of Investments for additional detailed categorizations. |
c) | Forward Foreign Currency Exchange Contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Global Income Builder Fund enter into forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds’ currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge. |
Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund’s portfolio. For the period ended January 31, 2024, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:
First Eagle Global Fund | First Eagle Overseas Fund | First Eagle Global Income Builder Fund | ||||||||||
Forward Foreign Currency Exchange Contracts: | ||||||||||||
Average Settlement Value — Purchased | $ | 47,279,997 | $ | 4,475,620 | $ | 1,373,165 | ||||||
Average Settlement Value — Sold | 1,462,923,016 | 788,130,300 | 40,203,085 |
The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.
In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds’ custodian bank. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.
At January 31, 2024, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:
First Eagle Global Fund
Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
Foreign currency | $ | 5,088,056 | $ | 7,022,696 | $ | 26,798,008 | $ | (47,541,840 | ) |
First Eagle Overseas Fund
Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
Foreign currency | $ | 3,270,536 | $ | 3,624,216 | $ | 14,771,295 | $ | (25,693,567 | ) |
First Eagle Global Income Builder Fund
Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
Foreign currency | $ | 131,510 | $ | 197,466 | $ | 674,840 | $ | (1,262,040 | ) |
The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each fund as of January 31, 2024:
First Eagle Global Fund
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Received* | Net Amount (Not Less Than $0) | ||||||||||||
Bank of New York Mellon | $ | 338,535 | $ | (338,535 | ) | $ | – | $ | – | |||||||
Goldman Sachs | 1,933,244 | (811,137 | ) | (270,000 | ) | 852,107 | ||||||||||
JPMorgan Chase Bank | 1,426,745 | (744,507 | ) | (39,135 | ) | 643,103 | ||||||||||
UBS AG | 1,389,532 | (1,389,532 | ) | – | – | |||||||||||
$ | 5,088,056 | $ | (3,283,711 | ) | $ | (309,135 | ) | $ | 1,495,210 |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
Bank of New York Mellon | $ | 2,993,793 | $ | (338,535 | ) | $ | (2,655,258 | ) | $ | – | ||||||
Goldman Sachs | 811,137 | (811,137 | ) | – | – | |||||||||||
JPMorgan Chase Bank | 744,507 | (744,507 | ) | – | – | |||||||||||
UBS AG | 2,473,259 | (1,389,532 | ) | (1,083,727 | ) | – | ||||||||||
$ | 7,022,696 | $ | (3,283,711 | ) | $ | (3,738,985 | ) | $ | – |
First Eagle Overseas Fund
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Received* | Net Amount (Not Less Than $0) | ||||||||||||
Bank of New York Mellon | $ | 502,729 | $ | (502,729 | ) | $ | – | $ | – | |||||||
Goldman Sachs | 1,191,466 | (323,799 | ) | (450,000 | ) | 417,667 | ||||||||||
JPMorgan Chase Bank | 797,712 | (401,027 | ) | (61,148 | ) | 335,537 | ||||||||||
UBS AG | 778,629 | (778,629 | ) | – | – | |||||||||||
$ | 3,270,536 | $ | (2,006,184 | ) | $ | (511,148 | ) | $ | 753,204 |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
Bank of New York Mellon | $ | 1,505,387 | $ | (502,729 | ) | $ | (1,002,658 | ) | $ | – | ||||||
Goldman Sachs | 323,799 | (323,799 | ) | – | – | |||||||||||
JPMorgan Chase Bank | 401,027 | (401,027 | ) | – | – | |||||||||||
UBS AG | 1,394,003 | (778,629 | ) | (615,374 | ) | – | ||||||||||
$ | 3,624,216 | $ | (2,006,184 | ) | $ | (1,618,032 | ) | $ | – |
First Eagle Global Income Builder Fund
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Received* | Net Amount (Not Less Than $0) | ||||||||||||
Bank of New York Mellon | $ | 11,831 | $ | (11,831 | ) | $ | – | $ | – | |||||||
Goldman Sachs | 37,062 | (21,783 | ) | – | 15,279 | |||||||||||
JPMorgan Chase Bank | 47,981 | (12,680 | ) | – | 35,301 | |||||||||||
UBS AG | 34,636 | (34,636 | ) | – | – | |||||||||||
$ | 131,510 | $ | (80,930 | ) | $ | – | $ | 50,580 | ||||||||
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
Bank of New York Mellon | $ | 82,455 | $ | (11,831 | ) | $ | (70,624 | ) | $ | – | ||||||
Goldman Sachs | 21,783 | (21,783 | ) | – | $ | – | ||||||||||
JPMorgan Chase Bank | 12,680 | (12,680 | ) | – | – | |||||||||||
UBS AG | 80,548 | (34,636 | ) | (45,912 | ) | $ | – | |||||||||
$ | 197,466 | $ | (80,930 | ) | $ | (116,536 | ) | $ | – |
*The actual collateral received/pledged may be more than the amount reported due to over collateralization.
d) | Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write “covered” call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose. |
Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.
In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This “opportunity cost” may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty.
Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset coverage”).
Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.
Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.
Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.
As of January 31, 2024, portfolio securities valued at $123,970,559 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.
For the period ended January 31, 2024, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:
First Eagle Global Income Builder Fund | ||||
Options: | ||||
Average Number of Contracts — Written | 9,983 |
At January 31, 2024, the Funds had the following options grouped into appropriate risk categories illustrated below:
First Eagle Global Income Builder Fund
Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
Change in | ||||||||||||||||
Asset Derivative | Liability Derivative | Net Realized | Appreciation | |||||||||||||
Risk Type | Fair Value | Fair Value | Gains (Losses) | (Depreciation) | ||||||||||||
Equity — Written options | $ | — | $ | 2,993,249 | $ | 445,439 | $ | (1,506,948 | ) |
e) | Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. |
f) | Bank Loans — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between a Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
g) | Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”) which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. TIPS are subject to interest rate risk. |
h) | Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
i) | New Accounting Pronouncements — In June 2022, FASB issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. There is no material impact to the financial statements and related disclosures. |