UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number 811-7762

 

 

First Eagle Funds

(Exact name of registrant as specified in charter)

 

 

1345 Avenue of the Americas
New York, NY 10105
(Address of principal executive offices) (Zip code)

 

Sheelyn Michael
First Eagle Funds
1345 Avenue of the Americas
New York, NY 10105
(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-212-632-2700

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2024

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

Item 1.             Reports to Stockholders.

 

Semiannual Report

April 30, 2024

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 First Eagle High Income Fund)

First Eagle Short Duration High Yield Municipal Fund

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seek", "think", "ought", "try" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

Table of Contents

Letter from the President					6
Management's Discussion of Fund Performance					8
Performance Chart					18
First Eagle Global Fund
Fund Overview					32
Consolidated Schedule of Investments					34
First Eagle Overseas Fund
Fund Overview					46
Consolidated Schedule of Investments					48
First Eagle U.S. Value Fund
Fund Overview					58
Consolidated Schedule of Investments					60
First Eagle Gold Fund
Fund Overview					66
Consolidated Schedule of Investments					68
First Eagle Global Income Builder Fund
Fund Overview					72
Schedule of Investments					74
First Eagle Rising Dividend Fund
Fund Overview					90
Schedule of Investments					92
First Eagle Small Cap Opportunity Fund
Fund Overview					96
Schedule of Investments					98
First Eagle U.S. Smid Cap Opportunity Fund
Fund Overview					110
Schedule of Investments					112
First Eagle Global Real Assets Fund
Fund Overview					118
Consolidated Schedule of Investments					120
First Eagle High Yield Municipal Fund (formerly First Eagle High Income Fund)
Fund Overview					124
Schedule of Investments					126
First Eagle Short Duration High Yield Municipal Fund
Fund Overview					156
Schedule of Investments					158

Statements of Assets and Liabilities					164
Statements of Operations					176
Statements of Changes in Net Assets					188
Financial Highlights					206
Notes to Financial Statements					226
Fund Expenses					260
General Information					266
Board Considerations for Approval of Advisory Agreement					267

This page was intentionally left blank.

Letter from the President

Dear Fellow Shareholders,

As was the case in 2023, interest rate expectations continued to be the primary driver of financial markets through the first four months of 2024. While confidence in a potential Federal Reserve pivot fueled rallies across a range of equity and fixed income assets beginning in late 2023, "higher for longer" has reemerged as the dominant policy narrative in 2024 as macroeconomic readings have tempered expectations around the timing and magnitude of federal funds rate cuts. Even still, a number of equity markets ended the six-month period covered by this report at or near all-time highs.

Among the more curious recent developments has been the concurrent success of both equity markets and gold prices despite interest rates—both nominal and real—that persist at levels not seen since before the global financial crisis. High interest rates generally would be expected to weigh on equity valuation multiples, while the price of gold historically has been inversely related to changes in the real interest rate. However, we have seen the price of gold and valuation multiples increase in the face of higher interest rates. We think perhaps the most plausible explanation for this paradox is a fundamental shift to a higher rate of nominal growth in the global economy, which we attribute to the very large primary fiscal deficits currently facing many of its largest participants.

The world's largest economies—including the US, China, the euro zone, Japan and India—have been growing their government debt at a fairly rapid rate, continuing to run primary deficits even as mounting interest expenses drive total debt burdens still higher. The stimulative impact of this spending appears to have buoyed activity in general, with everything from equities and gold to wage growth and corporate earnings and revenues being marked higher. This nominal growth may also explain the persistent success of certain names in the US tech space, where multiples continue to expand for companies viewed as "staples" in today's high-tech world. It's reasonable to think that the persistence of higher levels of nominal growth in developed markets ultimately may result in a valuation increase for businesses well-positioned to benefit from such growth.

Tumultuous geopolitical conditions continue to feed into the investment environment from the top down, even without the emergence of a truly global conflagration. Deteriorating global relations have prompted ever-rising defense budgets across the developed world, for example, contributing to the deficit spending and nominal drift I mentioned above. These conditions are promoting a risk premium in oil prices, while supporting better-than-expected demand and sticky supply levels. And they also may be a key factor behind gold's resilience throughout the current rate-hike cycle; it's been our experience that the gold market sometimes serves as the metaphorical canary in the coalmine, sussing out

Letter from the President

potential dangers before they manifest in asset prices more broadly. Meanwhile, there are significant elections scheduled for more than 70 countries in 2024, adding to the list of things that could potentially upend positive market momentum with little advance warning.¹​

For some time now, assets promising growth have been assigned premium valuations, suggesting a low level of risk aversion in the markets. Should the environment become more complex—if the soft-landing scenario fails to play out, or sovereign debt concerns promote a broad repricing of government paper, or if any one of the global military hotspots ignites into broader engagement, or conflict emerges in reaction to the outcome of an election in a major economy—the market may start to value potential resilience over expected growth. Resilience has traded at a premium in the past, and there's no reason to believe it won't do so again under the right circumstances. However these scenarios play out, First Eagle remains committed to preparing to defend against the permanent impairment of your capital across investment environments.

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

Sincerely,

Mehdi Mahmud,

President

June 2024

¹​  Source: The Economist; data as of November 13, 2023.

Management's Discussion of Fund Performance (unaudited)

GLOBAL EQUITIES

Equity-oriented funds managed by the Global Value team, listed below, delivered positive absolute returns in the six-month period covered in this report. Notably, the low level of risk aversion apparent in the markets buoyed growth stocks while serving as a headwind to the relative performance of more value-oriented names. Despite the rise in real interest rates and the US dollar, gold and gold-related equities played their part effectively as a potential hedge against extreme risk and market turbulence in many of our funds. We remain cautious amid persistent vulnerabilities and increasing uncertainty in global financial and geopolitical structures. As always, we continue to seek resilience in our funds from the bottom up, searching for cash flow-generative companies with strong market positions, healthy balance sheets and prudent management teams, and buying these stocks only when available at a "margin of safety" to our estimate of their intrinsic value.²​

First Eagle Global Fund

The net asset value ("NAV") of the fund's Class A shares³​ increased 13.86%⁴​ for the six months ended April 30, 2024, while the MSCI World Index increased 20.29%. The fund's position in short-term investments⁵​ was 9.5% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Meta Platforms, Inc., Class A (interactive media & services, United States), HCA Healthcare, Inc. (health care providers & services, United States), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan) and MS&AD Insurance Group Holdings, Inc. (insurance, Japan). Collectively, they accounted for 4.48% of this period's performance.⁶​

The five largest detractors during the first quarter were Schlumberger NV (energy equipment & services, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States), Reckitt Benckiser Group plc (household products, United Kingdom), Comcast Corp., Class A (media, United States) and NOV, Inc. (energy equipment & services, United States). In aggregate, they detracted 0.76% from fund performance in this period.⁶​

First Eagle Overseas Fund

The NAV of the fund's Class A shares³​ increased 11.69% for the six months ended April 30, 2024, while the MSCI EAFE Index increased 18.63%. The fund's position in short-term investments⁵​ was 2.7% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were gold bullion, Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada), MS&AD Insurance Group Holdings, Inc. (insurance, Japan) and Mitsubishi Electric Corp (electrical equipment, Japan). Collectively, they accounted for 4.61% of this period's performance.⁶​

Management's Discussion of Fund Performance (unaudited)

The five largest detractors were Reckitt Benckiser Group plc (household products, United Kingdom), Daiichikosho Co. Ltd. (entertainment, Japan), CK Asset Holdings Ltd. (real estate management & development, Hong Kong), Bangkok Bank PLC, NVDR (banks, Thailand) and Alibaba Group Holding Ltd. (broadline retail, China). In aggregate they detracted 0.68% from fund performance in this period.⁶​

First Eagle U.S. Value Fund

The NAV of the fund's Class A shares³​ increased 15.32% for the six months ended April 30, 2024, while the S&P 500 Index increased 20.98%. The fund's position in short-term investments⁵​ was 10.4% as of April 30, 2024.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Meta Platforms, Inc., Class A (interactive media & services, United States), gold bullion, HCA Healthcare, Inc. (health care providers & services, United States), Bank of New York Mellon Corp. (The) (capital markets, United States) and Universal Health Services, Inc., Class B (health care providers & services, United States). Collectively, they accounted for 6.35% of this period's performance.⁶​

The five largest detractors during the first quarter were Schlumberger NV (energy equipment & services, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States), Comcast Corp., Class A (media, United States), NOV, Inc. (energy equipment & services, United States) and Becton Dickinson & Co. (health care equipment & services, United States). In aggregate, they detracted 0.90% from fund performance in this period.⁶​

First Eagle Gold Fund

The NAV of the fund's Class A shares³​ increased 13.37%⁴​ for the six months ended April 30, 2024, while the FTSE Gold Mines Index increased 17.19% and the MSCI World Index increased 20.29%. The fund's position in short-term investments⁵​ was 6.3% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Wheaton Precious Metals Corp. (metals & mining, Canada), gold bullion, Agnico Eagle Mines Ltd. (metals & mining, Canada), Anglogold Ashanti plc (metals & mining, United Kingdom) and Northern Star Resources Ltd. (metals & mining, Australia). Collectively, they accounted for 10.44% of this period's performance.⁶​

The five largest detractors were Novagold Resources, Inc. (metals & mining, Canada), B2Gold Corp. (metals & mining, Canada), Newmont Corp. (metals & mining, United States), Fresnillo plc (metals & mining, Mexico) and Newmont Corp., ADR (metals & mining, Australia). In aggregate, they detracted 1.41% from fund performance in this period.⁶​

First Eagle Global Income Builder Fund

The NAV of the fund's Class A shares³​ increased 9.33% for the six months ended April 30, 2024, while the MSCI World Index increased 20.29% and the Bloomberg U.S. Aggregate Bond Index was up 4.97%. The composite index increased 14.00% over the same time period.⁷​ The fund's position in short-term investments⁵​ was 1.0% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were gold bullion, Colgate-Palmolive Company

Management's Discussion of Fund Performance (unaudited)

(household products, United States), HCA Healthcare, Inc. (health care providers & services, United States), Exxon Mobil Corp. (oil, gas & consumable fuels, United States) and Bank of New York Mellon Corp. (The) (capital markets, United States). Collectively, they accounted for 2.38% of this period's performance.⁶​

The five largest detractors were Reckitt Benckiser Group plc (household products, United Kingdom), CK Asset Holdings Ltd. (real estate management & development, Hong Kong), CH Robinson Worldwide, Inc. (air freight & logistics, United States), Comcast Corp., Class A (media, United States) and Schlumberger NV (energy equipment & services, United States). In aggregate, they detracted 0.46% from fund performance in this period.⁶​

First Eagle Rising Dividend Fund

The NAV of the fund's Class A shares³​ increased 14.59% for the six months ended April 30, 2024, while the S&P 500 Index increased 20.98%. The fund's position in short-term investments⁵​ was 1.1% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Rising Dividend Fund over the period were Alphabet, Inc., Class A (interactive media & services, United States), Texas Instruments, Inc. (semiconductors & semiconductor equipment, United States), Meta Platforms, Inc., Class A (interactive media & services, United States), HCA Healthcare, Inc. (health care providers & services, United States) and Schindler Holding AG (machinery, Switzerland). Collectively, they accounted for 6.63% of this period's performance.⁶​

The five largest detractors were UnitedHealth Group, Inc. (health care providers & services, United States), Becton Dickinson & Co. (health care equipment & supplies, United States), Comcast Corp., Class A (media, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and Nestle SA (Registered) (food products, Switzerland). In aggregate, they detracted 2.08% from fund performance in this period.⁶​

First Eagle Global Real Assets Fund

The NAV of the fund's Class I shares increased 10.84%⁴​ for the six months ended April 30, 2024, while the MSCI World Index increased 20.29% and the Consumer Price Index for Urban Consumers (CPI-U) increased 1.85%. The fund's position in short-term investments⁵​ was 6.2% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Global Real Assets Fund over the period were Grupo Mexico SAB de CV, Series B (metals & mining, Mexico), TF Administradora Industrial S de RL de CV, REIT (industrial REITS, Mexico), gold bullion, HCA Healthcare, Inc. (health care providers & services, United States) and Extra Space Storage, Inc., REIT (specialized REITs, United States). Collectively, they accounted for 3.37% of this period's performance.⁶​

The five largest detractors were Charter Communications, Inc., Class A (media, United States), Schlumberger NV (energy equipment & services, United States), NOV, Inc. (energy equipment & services, United States), CK Asset Holdings Ltd. (real estate management & development, Hong Kong) and Comcast Corp., Class A (media, United States). In aggregate, they detracted 1.47% from fund performance in this period.⁶​

Management's Discussion of Fund Performance (unaudited)

FIXED INCOME

While risk appetites in general remained intact over the last six months, interest rates since the start of 2024 have retraced some of their late-2023 rally across the entire yield curve. Longer-duration fixed income assets for the most part lost ground, and the bond market in general continues to be marked by minimal term premia for government paper and very tight spreads on credit, suggesting the possibility of insufficient compensation for additional risk. Municipal bonds—and high yield municipal bonds, in particular—have held up relatively well in a market not terribly supportive of fixed-rate assets, and we believe conditions continue to be favorable for investment in fixed-rate, tax-exempt bonds. In such an environment, we believe there are a number of unloved, overlooked or contrarian sectors in which fundamental, research-driven managers can uncover particularly attractive investment opportunities, particularly on the very short and long ends of the municipal bond yield curve. Through rigorous underwriting we seek to uncover what we consider hidden gems that are well-managed and well-positioned in their markets while offering favorable yields and dollar prices that we believe have the potential to compensate over the long term.

First Eagle High Yield Municipal Fund

The NAV of the fund's Class I shares increased 9.26% for the six months ended April 30, 2024, while the S&P Municipal Yield Index increased 11.60%, the S&P Municipal Bond Index increased 7.14%, and the Bloomberg U.S. Corporate High Yield Index increased 8.99%. The fund's short-term investments⁵​ position was 0.0% as of April 30, 2024.

The five largest contributors to the performance of First Eagle High Yield Municipal Fund over the period were New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC, Revenue, Series 2021 A-1, 5.50%, due 01/01/2057 (nursing home, United States); Iowa Finance Authority, Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, due 05/15/2048 (continuing care retirement community, United States); Hawaiian Brands Intellectual Property Ltd., 5.75%, due 1/20/2026 (passenger airlines, United States); Carnival Corp., 5.75%, due 3/1/2027 (hotel, restaurants & leisure, United States); and Florida Development Finance Corp. Brightline Trains Florida LLC, Revenue, AMT, Series 2019 B, 7.38%, due 01/01/2049 (public transportation, United States). Collectively, they accounted for 1.03% of this period's performance.⁶​

The five largest detractors were Buckeye Ohio Tobacco Settlement Financing Authority, Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, due 06/01/2057 (tobacco master settlement agreement, United States); District of Columbia, Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, due 06/15/2046 (tobacco master settlement agreement, United States); Southeastern Ohio Port Authority, Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, due 12/01/2043 (hospital, United States); Public Financing Authority, Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, due 02/01/2041 (hospital, United States); and Nassau County Tobacco Settlement Corp., Revenue, Series 2006 A-3, 5.13%, due 06/01/2046 (tobacco master settlement agreement, United States). In aggregate, they detracted 0.23% from fund performance in this period.⁶​

Management's Discussion of Fund Performance (unaudited)

First Eagle Short Duration High Yield Municipal Fund

The NAV of the fund's Class I shares increased 2.03% from its launch on January 2, 2024 through April 30, 2024, while the S&P Short Duration Municipal Yield Index increased 0.75% and the S&P Municipal Bond decreased 1.17%. The fund's short-term investments⁵​ position was 0.1% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Short Duration High Yield Municipal Fund over the period were County of Prince George's, Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, due 07/01/2030 (tax increment financing, United States); Florida Development Finance Corp., AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, due 07/15/2032 (public transportation, United States); Bucks County Industrial Development Authority, Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, due 07/01/2027 (hospital, United States); Florida Development Finance Corp., Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2019 A, 6.50%, due 01/01/2049 (public transportation, United States); and City of Houston, Airport System, United Airlines, Inc., Revenue, AMT, Series 2018, 5.00%, due 07/15/2028 (economic/industrial development, United States). Collectively, they accounted for 0.43% of this period's performance.⁶​

The five largest detractors were Abilene Convention Center Hotel Development Corp., City of Abilene Abilene Convention Center, Revenue, Second Lien, Series 2021 B, 3.75%, due 10/01/2031 (economic/industrial development, United States); Public Finance Authority, Guilford College, Revenue, Refunding, Series 2016, 5.00%, due 01/01/2026 (higher education, United States); Michigan Finance Authority, Aquinas College, Revenue, Refunding, Series 2021, 4.00%, due 05/01/2031 (higher education, United States); Reagan Hospital District of Reagan County, GO, Series 2014 A, 5.00%, due 02/01/2029 (general obligation hospital/health district, United States); and Suffolk Regional Off-Track Betting Co., Revenue, Series 2024, 6.00%, due 12/01/2053 (Indian tribal bond, United States). In aggregate, they detracted 0.19% from fund performance in this period.⁶​

US SMALL CAP EQUITIES

The renewed enthusiasm for risk assets that emerged toward the end of 2023 persisted into 2024, but the pendulum swung back in favor of large-cap growth names more recently. While there are a number of ways in which our target universe may receive a boost from Fed rate cuts—from greater operational and financial flexibility to an uptick in mergers and acquisition activity—none of our investments are based on the assumption the much-anticipated central bank pivot will come to pass. Regardless of the Fed's actions in 2024, it seems likely companies that are cheap for a reason will continue to face a challenging operating environment, while many of those with solid businesses and catalysts for improvement may progress toward valuations more consistent with historical levels. By controlling what we pay for these assets, we seek to construct a portfolio that is a little cheaper than the market on a valuation basis while being well-positioned for strong upside should our investment theses play out.

Management's Discussion of Fund Performance (unaudited)

First Eagle Small Cap Opportunity Fund

The NAV of the fund's Class I shares increased 19.00% for the six months ended April 30, 2024, while the Russell 2000^®​ Value Index increased 18.09%, the Russell 2000^®​ Index increased 19.66%. The fund's position in short-term investments⁵​ was 7.2%, and the S&P 500 Index increased 20.98% as of April 30, 2024.

The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were Tenet Healthcare Corp. (health care providers & services, United States), Century Aluminum Co. (metals & mining, United States), FTAI Aviation Ltd. (trading companies & distributors, United States), Chefs' Warehouse, Inc. (The) (consumer staples distribution & retail, United States) and Ultra Clean Holdings, Inc. (semiconductors & semiconductor equipment, United States). Collectively, they accounted for 2.51% of this period's performance.⁶​

The five largest detractors were Comtech Telecommunications Corp. (communication equipment, United States), Oil States International, Inc. (energy equipment & services, United States), Hain Celestial Group, Inc. (food products, United States), QuidelOrtho Corp. (health care equipment & supplies, United States) and B Riley Financial, Inc. (capital markets, United States). In aggregate, they detracted 0.90% from fund performance in this period.⁶​

First Eagle U.S. Smid Cap Opportunity Fund

The NAV of the fund's Class I shares increased 21.45% for the six months ended April 30, 2024, while the Russell 2500^TM​ Value Index increased 19.80%, the Russell 2500^TM​ Index increased 20.39%, and the S&P 500 Index increased 20.98%. The fund's position in short-term investments⁵​ was 5.2% as of April 30, 2024.

The five largest contributors to the performance of First Eagle U.S. Smid Cap Opportunity Fund over the period Tenet Healthcare Corp. (health care providers & services, United States), MKS Instruments, Inc. (semiconductors & semiconductor equipment, United States), Onto Innovation, Inc. (semiconductors & semiconductor equipment, United States), XPO, Inc. (ground transportation, United States) and Ingersoll Rand, Inc. (machinery, United States). Collectively, they accounted for 6.06% of this period's performance.⁶​

The five largest detractors were Bio-Rad Laboratories, Inc., Class A (life sciences tools & services, United States), Ameresco, Inc., Class A (construction & engineering, United States), QuidelOrtho Corp. (health care equipment & supplies, United States), Chuy's Holdings, Inc. (hotels, restaurants & leisure, United States) and Topgolf Callaway Brands Corp. (leisure products, United States). In aggregate they detracted 0.83% from fund performance in this period.⁶​

Management's Discussion of Fund Performance (unaudited)

Matthew McLennan Co-Head of the Global Value Team Portfolio Manager Global, Overseas and U.S. Value Funds				T. Kimball Brooker, Jr. Co-Head of the Global Value Team Portfolio Manager Global, Overseas, U.S. Value and Global Income Builder Funds
Matt Lamphier Portfolio Manager U.S. Value Fund				Thomas Kertsos Portfolio Manager Gold Fund
Max Belmont Portfolio Manager Gold Fund				Manish Gupta Portfolio Manager Global and Rising Dividend Funds
Christian Heck Portfolio Manager Overseas and Rising Dividend Funds				Julien Albertini Portfolio Manager Global, Global Income Builder and Rising Dividend Funds
Alan Barr Portfolio Manager Overseas Fund				Mark Wright Portfolio Manager U.S. Value Fund

Management's Discussion of Fund Performance (unaudited)

Idanna Appio Portfolio Manager Global Income Builder Fund				Bill Hench Portfolio Manager Small Cap Opportunity and U.S. Smid Cap Opportunity Funds
Benjamin Bahr Portfolio Manager Global Real Assets Fund				John Masi Portfolio Manager Global Real Assets Fund
George Ross Portfolio Manager Global Real Assets Fund				David Wang Portfolio Manager Global Real Assets Fund
John Miller Head and Chief Investment Officer of High Yield Municipal Credit Team Portfolio Manager High Yield Municipal and Short Duration High Yield Municipal Funds

²​  First Eagle defines "margin of safety" as the difference between a company's market price and our estimate of its intrinsic value. "Intrinsic value" is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

³​  Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

⁴​  The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States.

Management's Discussion of Fund Performance (unaudited)

⁵​  Includes short-term commercial paper that settles in 90 days or less, long-term commercial paper that settles in 91 days or greater and other short-term investments, such as U.S. treasury bills or money market funds.

⁶​  Exact net returns for individual investments cannot be calculated due to the lack of a mechanism to precisely allocate fees and other expenses to individual investments.

⁷​  The Composite Index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

The performance data quoted herein represent past performance and do not guarantee future results. Market volatility can dramatically impact a fund's' short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month-end are available by calling 800.334.2143.

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management team as of June 2024 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

Management's Discussion of Fund Performance (unaudited)

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

The federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis.

Sovereign debt is issued by a country's government to borrow money, and is also known as government debt, public debt and national debt.

Tax exempt means that the interest component of bond debt service payments is exempt from federal and sometimes state and local income taxes for the bond holder.

Term premium is the compensation that investors require for bearing the risk that interest rates may change over the life of the bond.

The yield curve measures the spread between yields on short- and long-term maturity bonds; an inverted yield curve occurs when longer-dated bond yields are lower than short-dated bond yields.

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

Performance Chart¹​ (unaudited)

				One Year				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Global Fund
Class A without sales charge					9.15	%			7.49	%			6.26	%			12.28	%		1/1/19792​
with sales charge					3.69	%			6.40	%			5.71	%			12.15	%		1/1/19792​
Class C without sales charge					8.30	%			6.68	%			5.46	%			8.87	%		06/05/00
with sales charge					7.30	%			6.68	%			5.46	%			8.87	%		06/05/00
Class I					9.40	%			7.77	%			6.53	%			9.86	%		07/31/98
Class R6					9.48	%			7.84	%			—				7.02	%		03/01/17
MSCI World Index3​					18.39	%			10.46	%			8.87	%			9.69	%		01/01/79
First Eagle Overseas Fund
Class A without sales charge					4.58	%			4.63	%			3.80	%			9.13	%		08/31/93
with sales charge					-0.64	%			3.56	%			3.27	%			8.95	%		08/31/93
Class C without sales charge					3.86	%			3.86	%			3.03	%			7.60	%		06/05/00
with sales charge					2.86	%			3.86	%			3.03	%			7.60	%		06/05/00
Class I					4.84	%			4.92	%			4.08	%			8.94	%		07/31/98
Class R6					4.93	%			5.00	%			—				4.55	%		03/01/17
MSCI EAFE Index4​					9.28	%			6.18	%			4.38	%			5.15	%		08/31/93
First Eagle U.S. Value Fund
Class A without sales charge					12.70	%			8.65	%			7.60	%			8.81	%		09/04/01
with sales charge					7.06	%			7.55	%			7.05	%			8.56	%		09/04/01
Class C without sales charge					11.89	%			7.83	%			6.79	%			7.99	%		09/04/01
with sales charge					10.89	%			7.83	%			6.79	%			7.99	%		09/04/01
Class I					12.99	%			8.95	%			7.90	%			9.09	%		09/04/01
Class R6					13.02	%			9.00	%			—				8.30	%		03/01/17
S&P 500 Index5​					22.66	%			13.19	%			12.41	%			8.86	%		09/04/01

Performance Chart¹​ (unaudited)

				One Year				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Gold Fund
Class A without sales charge					-1.29	%			12.39	%			4.32	%			5.62	%		08/31/93
with sales charge					-6.23	%			11.24	%			3.79	%			5.44	%		08/31/93
Class C without sales charge					-1.98	%			11.55	%			3.53	%			5.11	%		05/15/03
with sales charge					-2.96	%			11.55	%			3.53	%			5.11	%		05/15/03
Class I					-1.05	%			12.68	%			4.61	%			6.18	%		05/15/03
Class R6					-0.91	%			12.78	%			—				6.22	%		03/01/17
FTSE Gold Mines Index6​					-2.62	%			8.06	%			2.82	%			0.16	%		08/31/93
MSCI World Index3​					18.39	%			10.46	%			8.87	%			7.56	%		08/31/93
First Eagle Global Income Builder Fund
Class A without sales charge					3.35	%			5.11	%			4.27	%			5.55	%		05/01/12
with sales charge					-1.86	%			4.03	%			3.74	%			5.10	%		05/01/12
Class C without sales charge					2.60	%			4.30	%			3.48	%			4.75	%		05/01/12
with sales charge					1.60	%			4.30	%			3.48	%			4.75	%		05/01/12
Class I					3.57	%			5.35	%			4.54	%			5.82	%		05/01/12
Class R6					3.65	%			5.41	%			—				5.32	%		03/01/17
Composite Index7​					10.16	%			6.41	%			5.98	%			6.78	%		05/01/12
MSCI World Index3​					18.39	%			10.46	%			8.87	%			10.09	%		05/01/12
Bloomberg U.S. Aggregate Bond Index8​					-1.47	%			-0.16	%			1.20	%			1.28	%		05/01/12

Performance Chart¹​ (unaudited)

				One Year				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Rising Dividend Fund9​
Class A without sales charge					13.19	%			6.74	%			4.61	%			7.47	%		11/20/98
with sales charge					7.53	%			5.65	%			4.07	%			7.26	%		11/20/98
Class C without sales charge					12.30	%			5.94	%			3.82	%			6.71	%		03/02/98
with sales charge					11.32	%			5.94	%			3.82	%			6.71	%		03/02/98
Class I					13.43	%			7.03	%			4.90	%			6.58	%		03/08/13
Class R6					13.44	%			7.03	%			—				5.51	%		03/01/17
S&P 500 Index5​					22.66	%			13.19	%			12.41	%			7.92	%		04/10/87
First Eagle Small Cap Opportunity Fund
Class A without sales charge					11.35	%			—				—				-1.33	%		07/01/21
with sales charge					5.79	%			—				—				-3.10	%		07/01/21
Class I					11.54	%			—				—				-0.04	%		04/27/21
Class R6					11.66	%			—				—				-1.08	%		07/01/21
Russell 2000®​ Value Index10​					14.03	%			—				—				-0.88	%		04/27/21
Russell 2000®​ Index11​					13.32	%			—				—				-3.59	%		04/27/21
S&P 500 Index5​					22.66	%			—				—				7.95	%		04/27/21
First Eagle U.S. Smid Cap Opportunity Fund
Class A without sales charge					15.85	%			—				—				3.28	%		08/15/22
with sales charge					10.05	%			—				—				0.20	%		08/15/22
Class I					16.25	%			—				—				3.61	%		08/15/22
Class R6					16.24	%			—				—				3.58	%		08/15/22
Russell 2500TM​ Value Index12​					15.24	%			—				—				2.48	%		08/15/22
Russell 2500TM​ Index13​					14.79	%			—				—				2.76	%		08/15/22
S&P 500 Index5​					22.66	%			—				—				11.70	%		08/15/22

Performance Chart¹​ (unaudited)

				One Year				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Global Real Assets Fund
Class A without sales charge					4.25	%			—				—				3.77	%		11/30/21
with sales charge					-0.99	%			—				—				1.58	%		11/30/21
Class I					4.51	%			—				—				4.05	%		11/30/21
Class R6					4.64	%			—				—				4.07	%		11/30/21
MSCI World Index3​					18.39	%			—				—				4.32	%		11/30/21
Consumer Price Index for Urban Consumers (CPI-U)14​					3.36	%			—				—				4.93	%		11/30/21
First Eagle High Yield Municipal Fund (formerly First Eagle High Income Fund)15​
Class A without sales charge					9.11	%			3.45	%			3.03	%			4.29	%		01/03/12
with sales charge					4.16	%			2.50	%			2.56	%			3.90	%		01/03/12
Class C without sales charge					8.18	%			2.65	%			2.26	%			3.50	%		01/03/12
with sales charge					7.18	%			2.65	%			2.26	%			3.50	%		01/03/12
Class I					9.21	%			3.69	%			3.31	%			6.60	%		11/19/0716​
Class R6					9.53	%			3.77	%			—				3.68	%		03/01/17
S&P Municipal Yield Index17​					5.83	%			2.63	%			4.23	%			4.42	%		11/19/07
S&P Municipal Bond Index18​					2.35	%			1.38	%			2.46	%			3.41	%		11/19/07
Bloomberg U.S. Corporate High Yield Index19​					9.02	%			3.72	%			4.28	%			6.39	%		11/19/07

Performance Chart¹​ (unaudited)

				One Year				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Short Duration High Yield Municipal Fund
Class A without sales charge					—				—				—				1.93	%		1/2/24
with sales charge					—				—				—				-0.66	%		1/2/24
Class I					—				—				—				2.03	%		1/2/24
Class R6					—				—				—				2.02	%		1/2/24
S&P Short Duration Municipal Yield Index20​					—				—				—				0.75	%		1/2/24
S&P Municipal Bond Index18​					—				—				—				-1.16	%		1/2/24

¹​  The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteagle.com or by calling 800.334.2143.

The average annual returns for Class A Shares "with sales charge" of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Yield Municipal Fund gives effect to the deduction of the maximum sales charge of 4.50% (Effective March 1, 2024, the maximum sales charge changed to 2.50%). The average annual returns for Class A Shares "with sales charge" of First Eagle Short Duration High Yield Municipal Fund give effect to the deduction of the maximum sales charge of 2.50%.

The average annual returns for Class C Shares "with sales charge" reflect the maximum contingent deferred sales charge (CDSC), which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to the shares sold or redeemed within the first year of purchase.

For First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, a CDSC of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1 million or more without an initial sales charge.

With respect to the First Eagle Global Income Builder Fund, First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund, a CDSC of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle 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 and First Eagle Short Duration High Yield Municipal Fund require $1 million minimum investment and are offered without a sales charge.

Performance Chart¹​ (unaudited)

Class R6 Shares are offered without a sales charge.

²​  First Eagle Global Fund commenced operations on April 28, 1970. Performance for periods prior to January 1, 2000, occurred while a prior portfolio manager of the fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

³​  The MSCI World Index captures large- and mid-cap representation across 23 developed markets countries. Developed markets countries include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the U.S. With 1,480 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

⁴​  The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada.

⁵​  The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested.

⁶​  The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, and includes dividends reinvested.

⁷​  The Composite Index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

⁸​  The Bloomberg U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency MBS, ABS and CMBS (agency and non-agency).

⁹  ​Effective March 1, 2023, First Eagle Rising Dividend Fund changed its name and principal investment strategy. Prior to August 14, 2020, the Fund pursued a different investment objective and principal investment strategy. Performance for the periods prior to March 1, 2023 and August 14, 2020 shown is based on the investment strategies utilized by the Fund at those times. The fund launched with share class Y on April 10, 1987. Class Y terminated in 2022.

¹⁰​  The Russell 2000^®​ Value Index is a widely followed, unmanaged index that measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000^®​ companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^®​ Value Index is completely reconstituted annually.

¹¹​  The Russell 2000^®​ Index is a widely followed, unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^®​ Index is a subset of the Russell 3000^®​ Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^®​ Index is completely reconstituted annually.

¹²​  The Russell 2500^TM​ Value Index is a widely followed, unmanaged index that measures the performance of the small- to mid-cap value segment of the U.S. equity universe, commonly referred to as "smid" cap. It includes those Russell 2500^TM​ companies with relatively low price-to-book ratios and lower forecasted growth values. The Russell 2500^TM​ Value Index is completely reconstituted annually.

Performance Chart¹​ (unaudited)

¹³​  The Russell 2500^TM​ Index is a widely followed, unmanaged index that measures the performance of the smid cap segment of the U.S. equity universe. The Russell 2500^TM​ Index is a subset of the Russell 3000^®​ Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500^TM​ Index is completely reconstituted annually.

¹⁴​  The Consumer Price Index for Urban Consumers (CPI-U) is a measurement of changes in the cost of living, and is comprised of components such as housing, food transportation, and energy. It is calculated monthly by the U.S. Bureau of Labor Statistics and covers approximately 93% of the total U.S. population.

¹⁵  ​Effective December 27, 2023, First Eagle High Yield Municipal Fund changed its name and principal investment strategy. Performance for the periods prior to December 27, 2023 shown is based on the investment strategies utilized by the First Eagle High Income Fund.

¹⁶​  First Eagle High Yield Municipal Fund commenced operations on December 30, 2011, and is the successor to another mutual fund pursuant to a reorganization on December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities.

¹⁷​  S&P Municipal Yield Index is a market value-weighted index that seeks to provide a measure of an investing strategy used in the municipal market that allocates a different percentage to bonds rated below investment grade and non-rated bonds than to bonds rated investment grade. The S&P Municipal Yield Index, whose constituents are derived from S&P Municipal Bond Index, incorporates a strategy of proportional investing in municipal bonds that typically have higher yields than other municipal bonds. Both tax-exempt bonds and bonds subject to the Alternative Minimum Tax (AMT) are included in the Index.

¹⁸​  The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. It tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT).

¹⁹​  The Bloomberg U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations.

²⁰​  The S&P Short Duration Municipal Yield Index measures the market-value-weighted performance of bonds issued by state and local municipalities in the U.S. and its territories with a minimum maturity of 6 months and a maximum maturity of 4 years.

Expense ratios as stated in the most recent prospectus.

				Class A				Class C				Class I				Class R6
First Eagle Global Fund					1.10	%			1.86	%			0.86	%			0.79	%
First Eagle Overseas Fund					1.15				1.88				0.88				0.80
First Eagle U.S. Value Fund					1.16				1.91				0.91				0.84
First Eagle Gold Fund					1.19				1.92				0.94				0.85
First Eagle Global Income Builder Fund					1.18				1.94				0.97				0.89

Performance Chart¹​ (unaudited)

				Class A				Class C				Class I				Class R6
First Eagle Rising Dividend Fund21,22​					1.10	%			1.82	%			0.77	%			0.74	%
First Eagle Small Cap Opportunity Fund21,23​					1.33				—				1.10				1.03
First Eagle U.S. Smid Cap Opportunity Fund21,24​					7.09				—				2.97				8.97
First Eagle Global Real Assets Fund21,25​					5.91				—				5.46				5.51
First Eagle High Yield ​Municipal Fund21,26 ​					1.53				2.28				1.28				1.28
First Eagle Short Duration High Yield Municipal Fund21,27​					1.35				—				1.10				1.10

²¹​  For the 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 and First Eagle Short Duration High Yield Municipal Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.

²²​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 1.65%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.90%, 1.65%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²³​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²⁴​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.20%, 0.95% and 0.95% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Performance Chart¹​ (unaudited)

²⁵​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²⁶​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.85%, 1.60%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²⁷​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

These expense ratios are presented as of March 1, 2024 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

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

All securities may be subject to adverse market trends. The value and liquidity of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments including those of a

Performance Chart¹​ (unaudited)

particular type, may decline significantly and rapidly. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of a Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If a Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

The COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. Additionally, COVID-19 remains a challenge for global supply chain normalization. More recently, a number of major economies, including the United States, are adjusting to reduced levels of market and monetary support following periods of fiscal and monetary interventions, together with rising inflation and increases in interest rate targets by central banks. These circumstances have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. As of the date of this Semiannual Report, First Eagle Global Fund has significant exposure to Europe and Japan; the Overseas Fund has significant exposure to Canada, Europe and Japan; the Gold Fund has significant exposure to Australia and Canada; the Global Income Builder Fund has significant exposure to Europe and Canada; and the Real Assets Fund has significant exposure to Canada, Europe, and Mexico. A Fund's exposure to a particular county is determined in accordance with the Adviser's "country of risk" assessment. "Country of risk" is based on a multi-factor country of risk assessment determined by the Adviser, including factors such as an issuer's country of domicile, and the country of the stock exchange on which it trades, among others.

Investment in Australian issuers involve regulatory, political, currency, security, and economic risks specific to Australia. The Australian economy is susceptible to adverse changes in certain commodities markets, including those related to the mining and agricultural industries. The Australian economy is also becoming increasingly dependent on its growing services industry. The Australian economy is also heavily dependent on trading with key partners, including the U.S., China, Japan, South Korea, other Asian and certain European countries. Economic events in the U.S., Asia, or in other key trading countries can have a significant economic effect on the Australian economy. Reduction in spending on Australian products and services, or changes in any of the economies may cause an adverse impact on the Australian economy.

Canada is a significant exporter of natural resources, such as oil, natural gas and agricultural products. As a result, the Canadian economy is susceptible to adverse changes in certain commodities markets. It is also heavily dependent on trading with key partners, including the United States, Mexico, and China. Any reduction in trading with these key partners may adversely affect the Canadian economy. Canada's dependency on the economy of the United States, in particular, makes Canada's economy vulnerable to political and regulatory changes affecting the United States economy. These and other factors could negatively affect a Fund's performance.

Performance Chart¹​ (unaudited)

A Fund's investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom's ("UK") exit from the European Union ("Brexit"). Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. Further, political or economic disruptions in European countries, even in countries in which a Fund is not invested, may adversely affect security values and thus a Fund's holdings.

The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect a Fund. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect a Fund.

The Mexican economy is dependent upon external trade with other economies, specifically with the United States and certain Latin American countries. Mexico is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Mexico is dependent on, among other things, the U.S. economy and any change in the price or demand for Mexican exports may have an adverse impact on the Mexican economy. Recent political developments in the United States have raised potential implications for the current trade arrangements between the United States and Mexico, which could negatively affect the value of Mexican securities.

The value of a Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

By investing in its Subsidiary, each of the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Global Real Assets Fund is indirectly exposed to the risks associated with that Subsidiary's investments. The Subsidiaries are not registered under the 1940 Act and are not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or a Subsidiary to operate as expected and could adversely affect the Fund.

In addition to investments in larger companies, each Fund may (and the First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid Cap Opportunity Fund generally will) invest in small and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when a Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. Each Fund (except the First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid Cap Opportunity Fund) considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. The First Eagle Small Cap Opportunity Fund considers small companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2000^®​ Index at the time of investment. The First Eagle U.S. Smid Cap Opportunity Fund considers small and medium companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2500^TM​ Index at the time of investment. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

Holding illiquid securities restricts or otherwise limits the ability for a Fund to freely dispose of its investments for specific periods of time. A Fund might not be able to sell illiquid securities at its desired

Performance Chart¹​ (unaudited)

price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including junk bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments.

Investment in gold and gold-related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals including specific changes in U.S. and foreign regulatory policies, tax, currency or mining laws, increased environmental costs, international monetary and political policies, economic conditions within an individual country, trade imbalances, and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold, and accordingly, the value of investments in such securities may also be affected. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

If one or more investors in a Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement and can result in a Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in a Fund's expense ratio. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets when a significant investor purchases, redeems or owns a substantial portion of a Fund's shares.

First Eagle Global Income Builder Funds will invests in high yield instruments (commonly known as "high yield" or "junk" bonds) which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may experience extreme price fluctuations. The securities of such companies may be considered speculative and the ability of such companies to pay their debts on schedule may be uncertain.

First Eagle Global Income Builder Fund invests in bank loans. These investments potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. The market for bank loans may be illiquid and the Fund may have difficulty selling them, especially in the case of leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

Funds that invest in bonds are subject to credit and interest rate risk. The value of a Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by a Fund. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and markets impact.

Income generation and dividends are not guaranteed. If dividend paying stocks in a Fund's portfolio stop paying or reduce dividends, a Fund's ability to generate income will be adversely affected.

First Eagle Global Real Assets Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund's portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy

Performance Chart¹​ (unaudited)

conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.

An investment strategy that employs a "value" approach may pose a risk to a Fund that such investment strategy may not be successfully achieved. In any Fund, an investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, a Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented strategies.

Like other bonds, municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest. In the event of a default in the payment of interest and/or repayment of principal, a Fund may enforce its rights by taking possession of, and managing, the assets securing the issuer's obligations on such securities. These actions may increase a Fund's operating expenses. In addition, lawmakers may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. State or federal regulation with respect to a specific sector could impact the revenue stream for a given subset of the market. Municipal bonds may have lower overall liquidity than other types of bonds, and there may be less publicly available and timely information about the financial condition of municipal issuers than for issuers of other securities.

All investments involve the risk of loss.

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First Eagle Global Fund

Fund Overview

Data as of April 30, 2024 (unaudited)

Investment Objective

The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. This fund is managed with a highly disciplined, bottom-up, value-oriented style.

Average Annual Returns (%)												One-Year				Five-Years				Ten-Years
First Eagle Global Fund				Class A				without sales load					9.15				7.49				6.26
								with sales load					3.69				6.40				5.71
MSCI World Index													18.39				10.46				8.87

Asset Allocation* (%)

Sectors* (%)

Consumer Staples				13.0
Commodities				12.0
Financials				11.4
Industrials				10.6
Information Technology				8.0
Health Care				7.6
Energy				7.0
Communication Services				7.0
Consumer Discretionary				5.9
Materials				4.5
Real Estate				3.0
Foreign Government Securities				0.4
Utilities				0.1
Short-Term Investments				9.5

Countries*~ (%)

United States				53.4
Japan				7.0
United Kingdom				6.6
Canada				4.8
France				3.2
Switzerland				2.8
South Korea				1.8
China				1.7
Mexico				1.6
Hong Kong				1.4
Taiwan				1.2
Brazil				1.1
Sweden				1.0
Belgium				1.0
Germany				0.9
Netherlands				0.5
Thailand				0.3
Norway				0.2
Short-Term Investments				9.5

^{^}​  Less than 0.05%.

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

**  Includes short-term commercial paper (3.3% of total investments) that settles in 90 days or less, long-term commercial paper (6.1% of total investments) that settles in 91 days or greater and other short-term investments (0.1% of total investments), such as U.S. treasury bills or money market funds.

~  Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.

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

First Eagle Global Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

The MSCI World Index captures large- and mid-cap representation across 23 developed markets countries. Developed markets countries include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the U.S. With 1,480 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. One cannot invest directly in an index.

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)					11.9
Oracle Corp. (Software, United States)					2.2
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)					2.2
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)					2.2
HCA Healthcare, Inc. (Health Care Providers & Services, United States)					1.9
Schlumberger NV (Energy Equipment & Services, United States)					1.8
Comcast Corp., Class A (Media, United States)					1.6
Elevance Health, Inc. (Health Care Providers & Services, United States)					1.5
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)					1.5
Alphabet, Inc., Class C (Interactive Media & Services, United States)					1.4
Total					28.2

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

**  The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.

  Percentages are based on total net assets

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2024 (unaudited)

Investments				Shares				Value ($)
Common Stocks — 77.9%
Belgium — 0.9%
Groupe Bruxelles Lambert NV					6,469,396				480,223,030
Brazil — 1.1%
Ambev SA, ADR					149,620,059				347,118,537
Itausa SA (Preference)					103,903,979				191,295,698
									538,414,235
Canada — 4.8%
Agnico Eagle Mines Ltd.					2,830,107				179,224,006
Barrick Gold Corp.					25,083,139				417,383,433
Franco-Nevada Corp.					1,260,834				151,778,165
Imperial Oil Ltd.					10,896,401				749,169,618
Nutrien Ltd.					4,461,321				235,423,909
Power Corp. of Canada					12,323,141				328,342,580
Wheaton Precious Metals Corp.					7,936,282				413,797,743
									2,475,119,454
China — 1.7%
Alibaba Group Holding Ltd.					37,671,592				352,721,548
Prosus NV					15,821,294				529,379,709
									882,101,257
France — 3.2%
Danone SA					10,211,219				639,092,854
Legrand SA					1,954,335				200,840,342
LVMH Moet Hennessy Louis Vuitton SE					145,168				119,246,270
Sanofi SA					4,031,951				398,328,595
Sodexo SA					2,131,829				185,625,741
Wendel SE					867,489				88,462,885
									1,631,596,687
Germany — 0.9%
Brenntag SE					1,126,149				89,870,528
Henkel AG & Co. KGaA (Preference)					3,516,726				279,374,890
Merck KGaA					597,571				94,954,995
									464,200,413
Hong Kong — 1.4%
CK Asset Holdings Ltd.					37,986,500				162,034,309
Guoco Group Ltd.					12,748,580				121,411,943

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2024 (unaudited)

Investments				Shares				Value ($)
Hong Kong — 1.4% (continued)
Hongkong Land Holdings Ltd.					31,759,300				101,476,693
Hysan Development Co. Ltd.					23,322,348				36,349,842
Jardine Matheson Holdings Ltd.					7,051,271				270,557,268
									691,830,055
Japan — 7.0%
Chofu Seisakusho Co. Ltd. (a)					3,136,200				45,339,646
FANUC Corp.					16,005,400				474,068,717
Hirose Electric Co. Ltd.					1,258,915				133,628,587
Hoshizaki Corp.					5,662,600				195,125,940
Keyence Corp.					263,400				115,835,381
Komatsu Ltd.					6,756,000				201,708,136
Mitsubishi Electric Corp.					24,592,300				428,641,982
MS&AD Insurance Group Holdings, Inc.					26,478,960				476,066,428
Secom Co. Ltd.					6,337,130				440,192,907
Shimano, Inc.					2,469,690				401,356,770
SMC Corp.					442,156				232,294,025
Sompo Holdings, Inc.					18,813,600				372,323,616
T Hasegawa Co. Ltd. (a)					3,002,800				58,633,551
USS Co. Ltd.					2,597,200				19,840,777
									3,595,056,463
Mexico — 1.4%
Fomento Economico Mexicano SAB de CV, ADR					4,913,976				578,178,416
Fresnillo plc					5,590,827				38,720,855
Industrias Penoles SAB de CV*					6,401,020				92,894,800
									709,794,071
Netherlands — 0.5%
Heineken Holding NV					2,538,232				204,185,437
Pluxee NV*					2,131,829				65,727,290
									269,912,727
Norway — 0.2%
Orkla ASA					16,166,787				109,973,104
South Korea — 1.6%
Hyundai Mobis Co. Ltd.					999,985				163,596,850
KT&G Corp.					5,242,098				337,778,721

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2024 (unaudited)

Investments				Shares				Value ($)
South Korea — 1.6% (continued)
NAVER Corp.					841,829				111,036,870
Samsung Electronics Co. Ltd. (Preference)					4,049,795				189,089,467
									801,501,908
Sweden — 1.0%
Investor AB, Class A					4,970,940				121,074,735
Investor AB, Class B					11,255,824				275,686,195
Svenska Handelsbanken AB, Class A					10,429,006				89,432,137
									486,193,067
Switzerland — 2.8%
Cie Financiere Richemont SA (Registered)					4,644,824				642,040,223
Nestle SA (Registered)					3,086,462				309,881,397
Schindler Holding AG					1,798,637				448,321,825
Schindler Holding AG (Registered)					211,870				51,622,921
									1,451,866,366
Taiwan — 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR					4,606,256				632,623,199
Thailand — 0.3%
Bangkok Bank PCL, NVDR					42,690,800				157,503,801
United Kingdom — 6.6%
BAE Systems plc					30,239,911				502,956,744
Berkeley Group Holdings plc (a)					6,766,463				397,364,861
British American Tobacco plc					20,559,170				603,540,699
Derwent London plc, REIT					3,397,186				87,276,250
Diageo plc					3,588,503				124,017,509
Haleon plc					83,820,988				354,004,792
Lloyds Banking Group plc					396,239,696				255,726,550
Reckitt Benckiser Group plc					7,178,278				401,316,035
Unilever plc					12,894,404				667,004,063
									3,393,207,503
United States — 41.3%
Alphabet, Inc., Class A*					2,694,360				438,587,921
Alphabet, Inc., Class C*					4,503,302				741,423,641
American Express Co.					1,903,714				445,526,187
Analog Devices, Inc.					2,674,970				536,625,732

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2024 (unaudited)

Investments				Shares				Value ($)
United States — 41.3% (continued)
Bank of New York Mellon Corp. (The)					11,016,077				622,298,190
Becton Dickinson & Co.					1,479,983				347,204,012
Berkshire Hathaway, Inc., Class A*					675				404,662,507
Boston Properties, Inc., REIT					2,473,129				153,061,954
Brown & Brown, Inc.					2,287,048				186,485,894
CH Robinson Worldwide, Inc (a)					8,084,325				573,987,075
Charles Schwab Corp. (The)					2,570,105				190,059,265
Colgate-Palmolive Co.					6,917,501				635,856,692
Comcast Corp., Class A					21,961,227				836,942,361
Cummins, Inc.					1,455,755				411,236,230
Deere & Co.					381,724				149,410,591
Dentsply Sirona, Inc.					7,189,968				215,770,940
Douglas Emmett, Inc., REIT (a)					9,162,021				125,611,308
Elevance Health, Inc.					1,464,449				774,078,452
Equity Residential, REIT					6,189,955				398,633,102
Expeditors International of Washington, Inc.					1,961,371				218,320,206
Extra Space Storage, Inc., REIT					1,155,209				155,121,464
Exxon Mobil Corp.					9,538,191				1,128,081,850
Fidelity National Financial, Inc.					4,297,027				212,702,836
Flowserve Corp. (a)					7,892,216				372,196,907
HCA Healthcare, Inc.					3,109,934				963,519,752
IPG Photonics Corp.* (a)					3,097,302				260,111,422
JG Boswell Co.					2,485				1,440,057
Kraft Heinz Co. (The)					4,471,740				172,653,881
Medtronic plc					6,323,862				507,426,687
Meta Platforms, Inc., Class A					2,584,560				1,111,800,175
Microsoft Corp.					466,954				181,799,201
Mills Music Trust (a)					31,592				1,103,509
Newmont Corp.					8,257,354				335,578,867
Noble Corp. plc					2,010,900				89,243,742
NOV, Inc. (a)					26,905,276				497,478,553
ONEOK, Inc.					2,398,383				189,760,063
Oracle Corp.					10,164,584				1,156,221,430
Philip Morris International, Inc.					7,366,039				699,331,743