# EDGAR Filing Document

**Accession Number:** 0000906352
**File Stem:** 0001104659-23-001300
**Filing Date:** 2023-1
**Character Count:** 761080
**Document Hash:** 40b17d0949fe175c0159f888f781373c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-001300.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001104659-23-001300

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST EAGLE FUNDS
- **CENTRAL INDEX KEY:** 0000906352
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07762
- **FILM NUMBER:** 23510285

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-698-3393

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EAGLE  FUNDS INC
- **DATE OF NAME CHANGE:** 20030103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EAGLE SOGEN FUNDS INC
- **DATE OF NAME CHANGE:** 20000403

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOGEN FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### First Eagle Global Fund (Series ID: S000011211)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030894 | Class A      | SGENX           |
| C000030895 | Class I      | SGIIX           |
| C000030896 | Class C      | FESGX           |
| C000179763 | Class R3     | EARGX           |
| C000179764 | Class R4     | EAGRX           |
| C000179765 | Class R5     | FRGLX           |
| C000179766 | Class R6     | FEGRX           |

### First Eagle Overseas Fund (Series ID: S000011212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030897 | Class A      | SGOVX           |
| C000030898 | Class I      | SGOIX           |
| C000030899 | Class C      | FESOX           |
| C000179767 | Class R3     | EAROX           |
| C000179768 | Class R4     | FIORX           |
| C000179769 | Class R5     | FEROX           |
| C000179770 | Class R6     | FEORX           |

### First Eagle U.S. Value Fund (Series ID: S000011213)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030900 | Class A      | FEVAX           |
| C000030901 | Class I      | FEVIX           |
| C000030902 | Class C      | FEVCX           |
| C000179771 | Class R4     | FIVRX           |
| C000179772 | Class R5     | FERVX           |
| C000179773 | Class R6     | FEVRX           |
| C000179774 | Class R3     | EARVX           |

### First Eagle Gold Fund (Series ID: S000011214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030903 | Class A      | SGGDX           |
| C000030904 | Class I      | FEGIX           |
| C000030905 | Class C      | FEGOX           |
| C000179775 | Class R3     | EAURX           |
| C000179776 | Class R4     | FIURX           |
| C000179777 | Class R5     | FERUX           |
| C000179778 | Class R6     | FEURX           |

### First Eagle Fund of America (Series ID: S000011215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030907 | Class C      | FEAMX           |
| C000030908 | Class A      | FEFAX           |
| C000124490 | Class I      | FEAIX           |
| C000179779 | Class R3     | EARFX           |
| C000179780 | Class R4     | EAFRX           |
| C000179781 | Class R5     | FERFX           |
| C000179782 | Class R6     | FEFRX           |

### First Eagle High Income Fund (Series ID: S000035180)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000108220 | Class A      | FEHAX           |
| C000108221 | Class C      | FEHCX           |
| C000108222 | Class I      | FEHIX           |
| C000179783 | Class R3     | EARHX           |
| C000179784 | Class R4     | FIHRX           |
| C000179785 | Class R5     | FERHX           |
| C000179786 | Class R6     | FEHRX           |

### First Eagle Global Income Builder Fund (Series ID: S000035750)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109583 | Class A      | FEBAX           |
| C000109584 | Class C      | FEBCX           |
| C000109585 | Class I      | FEBIX           |
| C000179787 | Class R3     | FBRRX           |
| C000179788 | Class R4     | FIBRX           |
| C000179789 | Class R5     | EABRX           |
| C000179790 | Class R6     | FEBRX           |

### First Eagle Small Cap Opportunity Fund (Series ID: S000072438)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228685 | Class R6     | FESRX           |
| C000228686 | Class A      | FESAX           |
| C000228687 | Class I      | FESCX           |

### First Eagle Global Real Assets Fund (Series ID: S000074462)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232391 | Class R6     | FERRX           |
| C000232392 | Class I      | FEREX           |
| C000232393 | Class A      | FERAX           |

### First Eagle U.S. Smid Cap Opportunity Fund (Series ID: S000077255)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237506 | Class A      |  |
| C000237507 | Class I      |  |
| C000237508 | Class R6     |  |

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> 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<br> New York, NY 10105<br> (Address of principal executive offices) (Zip code)

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

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

**Date of fiscal year end: October 31**

**Date of reporting period: October 31, 2022**

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

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

**Item 1. Reports to Stockholders.**

![](j22310262_aa001.jpg)

Annual Report

**October 31, 2022**

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle High Income Fund

First Eagle Fund of America

First Eagle Small Cap Opportunity Fund

First Eagle Global Real Assets Fund

First Eagle U.S. Smid Cap Opportunity Fund

Advised by First Eagle Investment Management, LLC

![](j22310262_aa002.jpg)

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**Forward-Looking Statement Disclosure**

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>2

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**Table of Contents**

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| | |
|:---|:---|
| **Letter from the President** | 6 |
| **Management's Discussion of Fund Performance** | 9 |
| **Performance Chart** | 16 |
| **First Eagle Global Fund** | **First Eagle Global Fund** |
| Fund Overview | 28 |
| Consolidated Schedule of Investments | 30 |
| **First Eagle Overseas Fund** | **First Eagle Overseas Fund** |
| Fund Overview | 42 |
| Consolidated Schedule of Investments | 44 |
| **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** |
| Fund Overview | 56 |
| Consolidated Schedule of Investments | 58 |
| **First Eagle Gold Fund** | **First Eagle Gold Fund** |
| Fund Overview | 64 |
| Consolidated Schedule of Investments | 66 |
| **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** |
| Fund Overview | 70 |
| Schedule of Investments | 72 |
| **First Eagle High Income Fund** | **First Eagle High Income Fund** |
| Fund Overview | 88 |
| Schedule of Investments | 90 |
| **First Eagle Fund of America** | **First Eagle Fund of America** |
| Fund Overview | 100 |
| Schedule of Investments | 102 |
| **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** |
| Fund Overview | 106 |
| Schedule of Investments | 108 |
| **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** |
| Fund Overview | 120 |
| Consolidated Schedule of Investments | 122 |
| **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** |
| Fund Overview | 128 |
| Schedule of Investments | 130 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>3

------

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | 136 |
| **Statements of Operations** | 146 |
| **Statements of Changes in Net Assets** | 156 |
| **Financial Highlights** | 170 |
| **Notes to Financial Statements** | 190 |
| **Report of Independent Registered Accounting Firm** | 225 |
| **Fund Expenses** | 227 |
| **General Information** | 235 |
| **Board Considerations for Continuation of Advisory Agreement** | 236 |
| **Board's Review of Management's Liquidity Risk Management Program** | 240 |
| **Tax Information** | 241 |
| **Privacy Notice** | 242 |
| **Additional Information** | 247 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>4

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Letter from the President (unaudited)

![](j22310262_ba003.jpg)

Dear Fellow Shareholders,

In my letter to you last year, I refenced the famous opening lines of Charles Dickens's *A Tale of Two Cities* to highlight the dualities evident in the late-2021 investment environment. As 2022 wore on, however, it became increasingly clear that the balance had shifted toward "the worst of times" for those accustomed to conditions supportive of risk assets. Already in a precarious state entering the year, markets have been battered by the emergence of three significant shocks to global economic growth: Russia's invasion of Ukraine, tightening monetary policy and a slowdown in China.

While inflation already had begun to emerge in advance of Russia's late-February attack on its neighbor to the east, boots on the ground in Ukraine—prompting a variety of sanctions and counter-sanctions and a sharp re-rating of such commodities as oil, natural gas and wheat—likely helped transform the price pressures oft-described by the Federal Reserve as "transitory" into something decidedly more persistent. With inflation spiking to levels not seen in decades, central bankers in both developed and developing markets were roused to decisive action, essentially bringing a swift end to the era of cheap money. Meanwhile, China, whose resilience in recent decades has helped bolster global GDP in times of need, faces its own set of economic headwinds, including a correction in its immense property market.

In recent years we've marveled at the markets' resolute complacency in the face of the many distortions—and their attendant risks—that emerged in the aftermath of the Covid-19 outbreak. While massive fiscal and monetary policy support fueled a broad rebound from the initial dislocations of the pandemic, the spoils were concentrated in the growth-oriented stocks representative of the new economy. Old-line names typical of value stocks, in contrast, were afforded valuations suggestive of fading relevance. As we've seen during 2022's selloff, however, these widening relative valuations served to increase the potential velocity of the eventual return to equilibrium, like a rubber band stretched to its breaking point before release.

For example, though both were down for the 12-month period covered by this report, the MSCI World Value Index outperformed the MSCI World Growth Index by more than 1,800 basis points.<sup>1</sup> Bondholders, meanwhile, may have been the most surprised cohort of investors. Rising interest rates pushed prices sharply lower across fixed income assets, with longer-duration, fixed-rate instruments particularly susceptible to the selloff. The Bloomberg U.S. Aggregate Index has

<sup>1</sup> Source: FactSet; data as of October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>6

------

Year Ended Oct 31, 2022

delivered an annual negative return only four times since its inception in 1976, including last year's 1.5% decline; with the index losing 15.7% over the first 10 months of the year, 2022 not only is on track to become number five, it also is poised to smash the previous record swoon of -2.9%.<sup>2</sup>

While conditions over the past year have been painful for owners of nearly all financial assets, such a cleansing can be healthy for markets, particularly given the rapid and concentrated appreciation experienced in the wake of the Covid-19 outbreak. Of course, there's no way of knowing if the worst of this episode is behind us or still lies ahead. The risks I mentioned earlier persist, as do many others, and the potential for an idiosyncratic threat to emerge somewhere in the financial system appears elevated given the less-forgiving environment.

So, do we have *Great Expectations* for the coming year? Hardly. But this is why First Eagle seeks to offer clients a differentiated range of investment strategies and solutions that we believe will have the potential to demonstrate resilience through different states of the world. Across market cycles, macroeconomic conditions and disruptive events, our goal is to deliver long-term shareholder value while avoiding the permanent impairment of client capital.

**Global Value Team**

After finishing 2021 on a high note, global equities staggered out of the gates in 2022 in the face of the myriad risks discussed above and remained volatile since. While the Global Value team's core funds delivered negative absolute returns in the 12-month period covered in this report, they substantially outpaced their benchmarks and index-based peers thanks to what we consider strong stock selection. The energy sector in particular, buoyed by rising oil prices, contributed strongly to performance. Gold and gold-related equities, which many of our funds hold as a potential hedge against extreme risk scenarios and market turbulence, played their part effectively.

**High Income Team**

Though high yield bonds had been resilient in the face of the pressures dragging down investment grade bonds, performance by the asset class began to unravel in 2022. With borrowers given pause by higher rates and investors seeking to preserve liquidity, high yield new issuance has been off sharply this year, while secondary-market spreads have widened considerably. In this uncertain investment environment, we remained intent on minimizing downside risk, looking to allocate capital countercyclically as opportunities emerged. The team sought issues of higher credit quality and seniority in the capital structure, with a focus on businesses with the pricing power to pass along rising input costs to their customers.

<sup>2</sup> Source: FactSet; data as of October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>7

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Year Ended Oct 31, 2022

**Small Cap Team**

Although smaller companies are often seen as especially vulnerable to volatility, the Small Cap team seeks to leverage such conditions to uncover stocks whose market prices have become disconnected from their normalized value, especially once-larger companies whose shrinking market capitalizations have pushed them into the team's investment universe. Even well-managed companies can be subject to risk-off trading, but company-specific growth drivers or catalysts, such as a new management team or product innovation, can pave a more economically resilient path to operational success regardless of macroeconomic conditions.

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

Sincerely,

![](j22310262_ba004.jpg)

**Mehdi Mahmud**

President

December 2022

First Eagle Funds \| Annual Report \| October 31, 2022<br>8

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Management's Discussion of Fund Performance (unaudited)

**First Eagle Global Fund**

The net asset value ("NAV") of the Fund's Class A shares\* decreased 11.90% for the 12 months ended October 31, 2022, while the net return of the MSCI World Index decreased 18.48%. The Fund's cash and cash equivalents position was 7.1% as of October 31, 2022.

The five largest contributors to the performance of First Eagle Global Fund over the period were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), NOV Inc. (energy equipment & services, United States), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada) and Elevance Health Inc. (health care providers & services, United States). Collectively, they accounted for 3.70% of this period's performance.

The five largest detractors were Meta Platforms, Inc., Class A (interactive media & services, United States), gold bullion, Comcast Corp., Class A (media, United States), Groupe Bruxelles Lambert NV (diversified financial services, Belgium) and Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan). In aggregate they detracted 4.21% from Fund performance in this period.

**First Eagle Overseas Fund**

The NAV of the Fund's Class A shares\* decreased 15.62% for the 12 months ended October 31, 2022 while the MSCI EAFE Index decreased 23.00%. The Fund's cash and cash equivalents position was 3.7% as of October 31, 2022.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Imperial Oil Ltd. (oil, gas & consumable fuels, Canada), British American Tobacco plc (tobacco, United Kingdom), Shell plc (oil, gas & consumable fuels, Netherlands), Nutrien Ltd. (chemicals, Canada) and BAE Systems plc (aerospace & defense, United Kingdom). Collectively, they accounted for 2.31% of this period's performance.

The five largest detractors were Groupe Bruxelles Lambert NV (diversified financial services, Belgium), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan), gold bullion, Alibaba Group Holding Ltd. (internet & direct marketing retail, China) and FANUC Corp. (machinery, Japan). In aggregate they detracted 3.57% from fund performance in this period.

**First Eagle U.S. Value Fund**

The NAV of the Fund's Class A shares\* decreased 9.12% for the 12 months ended October 31, 2022, while the S&P 500 Index decreased 14.61%. The Fund's cash and cash equivalents position was 9.4% as of October 31, 2022.

The five largest contributors to the performance of First Eagle US Value Fund over the period were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), NOV Inc. (energy

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>9

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Management's Discussion of Fund Performance (unaudited)

equipment & services, United States), Elevance Health Inc. (health care providers & services, United States) and W.R. Berkley Corp (insurance, United States). Collectively, they accounted for 4.67% of this period's performance.

The five largest detractors were Meta Platforms, Inc., Class A (interactive media & services, United States), Comcast Corp., Class A (media, United States), gold bullion, Teradata Corp. (software, United States), and Oracle Corp. (software, United States). In aggregate they detracted 6.63% from fund performance in this period.

**First Eagle Gold Fund**

The NAV of the Fund's Class A shares\* decreased 15.24% for the 12 months ended October 31, 2022, while the FTSE Gold Mines Index decreased 26.46%. The Fund's cash and cash equivalents position was 3.1% as of October 31, 2022.

Given the period's negative market dynamics, only two stocks were positive contributors to performance: Alamos Gold Inc. (metals & mining, Canada) and AngloGold Ashanti Ltd., ADR (metals & mining, Tanzania). The next three top-performing positions were Industrias Peñoles SAB de CV (metals & mining, Mexico), Agnico Eagle Mines Ltd. (metals & mining, Canada) and Pan American Silver Corp. CVR (metals & mining, Canada). Collectively, they accounted for 0.39% of this period's performance.

The five largest detractors were gold bullion, Newcrest Mining Ltd. (metals & mining, Australia), Newmont Corp. (metals & mining, United States), Novagold Resources, Inc. (metals & mining, Canada) and Wheaton Precious Metals Corp. (metals & mining, Brazil). In aggregate they detracted 9.00% from fund performance in this period.

**First Eagle Global Income Builder Fund**

The NAV of the Fund's Class A shares\* decreased 8.23% for the 12 months ended October 31, 2022, while the MSCI World Index decreased 18.48% and the Bloomberg U.S. Aggregate Bond Index was down 15.68%. The composite index<sup>3</sup> decreased 17.10% over the same time period. The Fund's cash and cash equivalents position was 2.5% as of October 31, 2022.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), British American Tobacco plc (tobacco, United Kingdom), Schlumberger NV (energy equipment & services, United States), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada) and Magellan Midstream Partners LP (oil & gas producers, United States). Collectively, they accounted for 3.35% of this period's performance.

The five largest detractors were Groupe Bruxelles Lambert NV (diversified financial services, Belgium), gold bullion, Jardine Matheson Holdings Ltd. (industrial conglomerates, Hong Kong), Danone SA (food, France) and Comcast Corp., Class A (media, United States). In aggregate they detracted 2.60% from fund performance in this period.

<sup>3</sup> The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

First Eagle Funds \| Annual Report \| October 31, 2022<br>10

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Management's Discussion of Fund Performance (unaudited)

**First Eagle High Income Fund**

The NAV of the Fund's Class I shares decreased 9.23% for the 12 months ended October 31, 2022, while the Bloomberg U.S. Corporate High Yield Index decreased 11.76%. The Fund's cash and cash equivalents position was 7.3% as of October 31, 2022.

The five largest contributors to the performance of First Eagle High Income Fund over the period were EnQuest plc 7.00%, 4/15/2023 (oil, gas & consumable fuels, United Kingdom); Valvoline Inc. 4.25%, 2/15/2030 (chemicals, United States); CITGO Petroleum Corp. 7.00%, 6/15/2025 (oil, gas & consumable fuels, United States); Iris Holding, Inc. 10.00%, 12/15/2028 (chemicals, United States); and Taylor Morrison Communities, Inc. 5.88%, 4/15/2023 (household durables, United States). Collectively, they accounted for 0.36% of this period's performance.

The five largest detractors were Glatfelter Corp. 4.75%, 11/15/2029 (paper & forest products, United States); Vista Outdoor, Inc. 4.50%, 3/15/2029 (leisure products, United States); IHO Verwaltungs GmbH 4.75%, 9/15/2026 (auto components, Germany); Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (pharmaceuticals, Germany); and Valvoline Inc. 3.63% 6/15/2031 (chemicals, United States). In aggregate they detracted 1.27% from fund performance in this period.

**First Eagle Fund of America**

The NAV of the Fund's Class A shares\* decreased 21.94% for the 12 months ended October 31, 2022, while the S&P 500 Index decreased 14.61%. The Fund's cash and cash equivalents position was 1.1% as of October 31, 2022.

The five largest contributors to the performance of First Eagle Fund of America over the period were UnitedHealth Group, Inc. (health care providers & services, United States), PepsiCo, Inc. (beverages, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States), Enterprise Products Partners LP (oil & gas pipelines, United States) and Magellan Midstream Partners LP (oil & gas producers, United States). Collectively, they accounted for 2.19% of this period's performance.

The five largest detractors were Meta Platforms, Inc., Class A (interactive media & services, United States), Alphabet Inc., Class A (interactive media & services, United States), Comcast Corp., Class A (media, United States), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan) and Microsoft Corp. (software, United States), and. In aggregate they detracted 13.51% from fund performance in this period.

**First Eagle Small Cap Opportunity Fund**

The NAV of the Fund's Class I shares decreased 13.00% for the 12 months ended October 31, 2022, while the Russell 2000<sup>®</sup> Value Index decreased 10.73%. The Fund's position in cash and cash equivalents was 8.8% as of October 31, 2022.

The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were PBF Energy, Inc., Class A (oil, gas & consumable fuels, United States), RPC, Inc. (energy equipment & services, United States), Sierra Wireless, Inc. (technology hardware, United States), Helmerich & Payne, Inc. (energy equipment & services, United States) and AdaptHealth Corp. (healthcare services, United States). Collectively, they accounted for 2.02% of this period's performance.

First Eagle Funds \| Annual Report \| October 31, 2022<br>11

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Management's Discussion of Fund Performance (unaudited)

The five largest detractors were Community Health Systems, Inc. (health care providers & services, United States), Sientra, Inc. (health care equipment & supplies, United States), Kaleyra, Inc. (software, Italy), Conn's, Inc. (hardline retail, United States) and HCI Group, Inc. (insurance, United States). In aggregate they detracted 2.71% from fund performance in this period.

**First Eagle Global Real Assets Fund**

The NAV of the Fund's Class I shares decreased 4.10% from its November 30, 2021, inception through October 31, 2022, while the MSCI World Index decreased 16.65%. The Fund's position in cash and cash equivalents was 1.4% as of October 31, 2022.

The five largest contributors to the performance of First Eagle Global Real Assets Fund over the period were NOV, Inc. (energy equipment & services, United States), Exxon Mobil Corp. (oil, gas and consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), Chevron Corp. (oil, gas & consumable fuels, United States) and Imperial Oil Ltd. (oil, gas & consumable fuels, Canada). Collectively, they accounted for 6.84% of this period's performance.

The five largest detractors were gold bullion, Alrosa PJSC (metals & mining, Russia), Douglas Emmett, Inc. (REITs, United States), Charter Communications, Inc., Class A (cable & satellite, United States) and Home Depot, Inc. (The) (hardline retail, United States). In aggregate they detracted 4.01% from fund performance in this period.

**First Eagle U.S. Smid Cap Opportunity Fund**

The NAV of the Fund's Class I shares decreased 10.20% from its August 15, 2022, inception through October 31, 2022, while the Russell 2500<sup>TM</sup> Value Index decreased 8.42%. The Fund's position in cash and cash equivalents was 1.2% as of October 31, 2022.

The five largest contributors to the performance of First Eagle U.S. Smid Cap Opportunity Fund over the period were HF Sinclair Corp. (oil & gas producers, United States), Curtiss-Wright Corp. (aerospace & defense, United States), Matador Resources Co. (oil & gas producers, United States), Cardinal Health, Inc. (healthcare facilities & services, United States) and Chuy's Holdings, Inc. (restaurants, United States). Collectively, they accounted for 1.51% of this period's performance.

The five largest detractors were Generac Holdings, Inc. (electrical equipment, United States), Owens & Minor, Inc. (healthcare facilities & services, United States), Coherent Corp. (semiconductor equipment, United States), Tenet Healthcare Corp. (healthcare facilities & services, United States) and B Riley Financial, Inc. (financial services, United States). In aggregate they detracted 3.73% from fund performance in this period.

First Eagle Funds \| Annual Report \| October 31, 2022<br>12

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Management's Discussion of Fund Performance (unaudited)

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|:---|:---|
| ![](j22310262_ba005.jpg)  | ![](j22310262_ba006.jpg)  |
| **Matthew McLennan**<br> Co-Head of the Global Value Team<br>Portfolio Manager<br>Global, Overseas,<br>U.S. Value and Gold Funds | **T. Kimball Brooker, Jr.**<br> Co-Head of the Global Value Team<br>Portfolio Manager<br>Global, Overseas,<br>U.S. Value and<br>Global Income Builder Funds |
| ![](j22310262_ba007.jpg)  | ![](j22310262_ba008.jpg)  |
| **Matt Lamphier**<br> Portfolio Manager<br>U.S. Value Fund | **Edward Meigs**<br> Portfolio Manager<br>Global Income Builder and<br>High Income Funds |
| ![](j22310262_ba009.jpg)  | ![](j22310262_ba010.jpg)  |
| **Sean Slein**<br> Portfolio Manager<br>Global Income Builder and<br>High Income Funds | **Thomas Kertsos**<br> Portfolio Manager<br>Gold Fund |
| ![](j22310262_ba011.jpg)  | ![](j22310262_ba012.jpg)  |
| **Manish Gupta**<br> Portfolio Manager<br>Global Fund and <br>Fund of America | **Christian Heck**<br> Portfolio Manager<br>Overseas Fund and<br>Fund of America |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>13

------

Management's Discussion of Fund Performance (unaudited)

---

| | |
|:---|:---|
| ![](j22310262_ba013.jpg)  | ![](j22310262_ba014.jpg)  |
| **Julien Albertini**<br> Portfolio Manager<br>Global Fund,<br>Global Income Builder Fund and<br>Fund of America | **Alan Barr**<br> Portfolio Manager<br>Overseas Fund |
| ![](j22310262_ba015.jpg)  | ![](j22310262_ba016.jpg)  |
| **Mark Wright**<br> Portfolio Manager<br>U.S. Value Fund | **Idanna Appio**<br> Portfolio Manager<br>Global Income<br>Builder Fund |
| ![](j22310262_ba017.jpg)  | ![](j22310262_ba018.jpg)  |
| **Bill Hench**<br> Portfolio Manager<br>Small Cap Opportunity Fund<br>U.S. Smid Cap Opportunity Fund | **Benjamin Bahr**<br> Portfolio Manager<br>Global Real Assets Fund |
| ![](j22310262_ba019.jpg)  | ![](j22310262_ba020.jpg)  |
| **John Masi**<br> Portfolio Manager<br>Global Real Assets Fund | **George Ross**<br> Portfolio Manager<br>Global Real Assets Fund |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>14

------

Management's Discussion of Fund Performance (unaudited)

---

| |
|:---|
| ![](j22310262_ba021.jpg)  |
| **David Wang** <br> Portfolio Manager <br>Global Real Assets Fund |

---

December 2022

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

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of December 2022 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

First Eagle Funds \| Annual Report \| October 31, 2022<br>15

------

Performance Chart<sup>1</sup> (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **One-<br>Year** | **Three-<br>Years** | **Five-<br>Years** | **Ten-<br>Years** | **Since<br>Inception** | **Inception Date** |
| **First Eagle Global Fund** | **First Eagle Global Fund** | **First Eagle Global Fund** | **First Eagle Global Fund** | **First Eagle Global Fund** | **First Eagle Global Fund** | **First Eagle Global Fund** |
| Class A (SGENX)<br>without sales charge | -11.90% | 3.29% | 3.60% | 5.97% | 12.14% | 01/01/79<sup>2</sup> |
| with sales charge | -16.31% | 1.54% | 2.54% | 5.43% | 12.01% | 01/01/79<sup>2</sup> |
| Class C (FESGX) | -12.57% | 2.50% | 2.81% | 5.17% | 8.44% | 06/05/00 |
| Class I (SGIIX) | -11.69% | 3.55% | 3.87% | 6.25% | 9.44% | 07/31/98 |
| Class R3 (EARGX) | -11.99% | 2.97% |  |  | 3.49% | 05/01/18 |
| Class R4 (EAGRX) | -11.88% | 3.36% |  |  | 2.65% | 01/17/18 |
| Class R5 (FRGLX) | -11.90% | 2.64% |  |  | 2.69% | 07/29/19 |
| Class R6 (FEGRX) | -11.62% | 3.62% | 3.94% |  | 4.57% | 03/01/17 |
| MSCI World Index<sup>3</sup> | -18.48% | 6.11% | 6.37% | 8.94% | 9.32% | 01/01/79 |
| **First Eagle Overseas Fund** | **First Eagle Overseas Fund** | **First Eagle Overseas Fund** | **First Eagle Overseas Fund** | **First Eagle Overseas Fund** | **First Eagle Overseas Fund** | **First Eagle Overseas Fund** |
| Class A (SGOVX)<br>without sales charge | -15.62% | -1.11% | 0.05% | 3.50% | 8.81% | 08/31/93 |
| with sales charge | -19.85% | -2.79% | -0.96% | 2.97% | 8.62% | 08/31/93 |
| Class C (FESOX) | -16.23% | -1.84% | -0.68% | 2.75% | 7.14% | 06/05/00 |
| Class I (SGOIX) | -15.40% | -0.83% | 0.34% | 3.79% | 8.53% | 07/31/98 |
| Class R3 (EAROX) | -15.85% | -1.32% |  |  | -0.18% | 05/01/18 |
| Class R4 (FIORX) | -15.49% | -0.97% |  |  | -0.73% | 01/17/18 |
| Class R5 (FEROX) | -15.70% | -1.20% |  |  | 1.08% | 03/11/19 |
| Class R6 (FEORX) | -15.32% | -0.75% | 0.42% |  | 1.75% | 03/01/17 |
| MSCI EAFE Index<sup>4</sup> | -23.00% | -1.27% | -0.09% | 4.13% | 4.33% | 08/31/93 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>16

------

Performance Chart<sup>1</sup> (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **One-<br>Year** | **Three-<br>Years** | **Five-<br>Years** | **Ten-<br>Years** | **Since<br>Inception** | **Inception Date** |
| **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** | **First Eagle U.S. Value Fund** |
| Class A (FEVAX)<br>without sales charge | -9.12% | 5.80% | 5.74% | 7.23% | 8.29% | 09/04/01 |
| with sales charge | -13.66% | 4.01% | 4.66% | 6.69% | 8.03% | 09/04/01 |
| Class C (FEVCX) | -9.82% | 4.99% | 4.92% | 6.42% | 7.48% | 09/04/01 |
| Class I (FEVIX) | -8.88% | 6.09% | 6.03% | 7.53% | 8.57% | 09/04/01 |
| Class R3 (EARVX) | -9.28% | 5.61% |  |  | 5.59% | 05/01/18 |
| Class R4 (FIVRX) | -9.17% | 5.68% |  |  | 4.85% | 07/29/19 |
| Class R5 (FERVX) | -9.03% | 5.87% |  |  | 5.03% | 07/29/19 |
| Class R6 (FEVRX) | -8.83% | 6.12% | 6.06% |  | 6.18% | 03/01/17 |
| S&P 500 Index<sup>5</sup> | -14.61% | 10.22% | 10.44% | 12.79% | 8.07% | 09/04/01 |
| **First Eagle Gold Fund** | **First Eagle Gold Fund** | **First Eagle Gold Fund** | **First Eagle Gold Fund** | **First Eagle Gold Fund** | **First Eagle Gold Fund** | **First Eagle Gold Fund** |
| Class A (SGGDX)<br>without sales charge | -15.24% | 1.81% | 3.60% | -4.05% | 4.93% | 08/31/93 |
| with sales charge | -19.49% | 0.09% | 2.54% | -4.54% | 4.75% | 08/31/93 |
| Class C (FEGOX) | -15.87% | 1.06% | 2.83% | -4.79% | 4.10% | 05/15/03 |
| Class I (FEGIX) | -15.00% | 2.09% | 3.89% | -3.79% | 5.17% | 05/15/03 |
| Class R3 (EAURX) | -15.46% | 1.68% |  |  | 4.75% | 05/01/18 |
| Class R4 (FIURX) | -15.14% | 1.96% |  |  | 3.00% | 07/29/19 |
| Class R5 (FERUX) | -15.02% | 1.97% |  |  | 3.04% | 07/29/19 |
| Class R6 (FEURX) | -14.91% | 2.18% | 3.98% |  | 2.77% | 03/01/17 |
| FTSE Gold<br>Mines Index<sup>6</sup> | -26.46% | -7.61% | -0.08% | -7.64% | -0.89% | 08/31/93 |
| MSCI World Index<sup>3</sup> | -18.48% | 6.11% | 6.37% | 8.94% | 6.91% | 08/31/93 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>17

------

Performance Chart<sup>1</sup> (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **One-<br>Year** | **Three-<br>Years** | **Five-<br>Years** | **Ten-<br>Years** | **Since<br>Inception** | **Inception Date** |
| **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** |
| Class A (FEBAX)<br>without sales charge | -8.23% | 2.47% | 2.58% | 4.65% | 4.85% | 05/01/12 |
| with sales charge | -12.81% | 0.74% | 1.54% | 4.12% | 4.34% | 05/01/12 |
| Class C (FEBCX) | -8.95% | 1.69% | 1.78% | 3.86% | 4.05% | 05/01/12 |
| Class I (FEBIX) | -7.98% | 2.72% | 2.83% | 4.91% | 5.11% | 05/01/12 |
| Class R3 (FBRRX) | -8.29% | 2.28% |  |  | 2.59% | 05/01/18 |
| Class R4 (FIBRX) | -8.37% | 2.37% |  |  | 2.37% | 07/29/19 |
| Class R5 (EABRX) | -8.20% | 2.47% |  |  | 2.47% | 07/29/19 |
| Class R6 (FEBRX) | -7.85% | 2.80% | 2.89% |  | 3.89% | 03/01/17 |
| Composite Index<sup>7</sup> | -17.10% | 2.46% | 3.90% | 5.83% | 5.81% | 05/01/12 |
| MSCI World Index<sup>3</sup> | -18.48% | 6.11% | 6.37% | 8.94% | 8.64% | 05/01/12 |
| Bloomberg<br>U.S. Aggregate <br>Bond Index<sup>8</sup> | -15.68% | -3.77% | -0.54% | 0.74% | 0.96% | 05/01/12 |
| **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** |
| Class A (FEHAX)<br>without sales charge | -9.59% | 0.33% | 1.41% | 2.74% | 3.55% | 01/03/12 |
| with sales charge | -13.63% | -1.20% | 0.47% | 2.27% | 3.11% | 01/03/12 |
| Class C (FEHCX) | -10.15% | -0.38% | 0.65% | 1.99% | 2.78% | 01/03/12 |
| Class I (FEHIX) | -9.23% | 0.64% | 1.69% | 3.05% | 6.27% | 11/19/07<sup>9</sup> |
| Class R3 (EARHX) | -9.72% | 0.17% |  |  | 1.18% | 05/01/18 |
| Class R4 (FIHRX) | -10.61% | -0.43% |  |  | -0.32% | 07/29/19 |
| Class R5 (FERHX) | -9.50% | 0.37% |  |  | 0.38% | 07/29/19 |
| Class R6 (FEHRX) | -9.16% | 0.67% | 1.71% |  | 2.03% | 03/01/17 |
| Bloomberg<br>U.S. Corporate <br>High Yield Index<sup>10</sup> | -11.76% | 0.31% | 2.01% | 4.12% | 5.85% | 11/19/07 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>18

------

Performance Chart<sup>1</sup> (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **One-<br>Year** | **Three-<br>Years** | **Five-<br>Years** | **Ten-<br>Years** | **Since<br>Inception** | **Inception Date** |
| **First Eagle Fund of America<sup>11</sup>** | **First Eagle Fund of America<sup>11</sup>** | **First Eagle Fund of America<sup>11</sup>** | **First Eagle Fund of America<sup>11</sup>** | **First Eagle Fund of America<sup>11</sup>** | **First Eagle Fund of America<sup>11</sup>** | **First Eagle Fund of America<sup>11</sup>** |
| Class A (FEFAX)<br>without sales charge | -21.94% | 1.67% | -0.06% | 5.50% | 6.75% | 11/20/98 |
| with sales charge | -25.84% | -0.05% | -1.08% | 4.96% | 6.53% | 11/20/98 |
| Class C (FEAMX) | -22.50% | 0.92% | -0.80% | 4.71% | 6.02% | 03/02/98 |
| Class I (FEAIX) | -21.71% | 1.96% | 0.23% |  | 4.64% | 03/08/13 |
| Class R3 (EARFX) | -22.01% | 1.55% |  |  | 0.10% | 05/01/18 |
| Class R4 (EAFRX) | -21.81% | 1.80% |  |  | 0.94% | 07/29/19 |
| Class R5 (FERFX) | -21.73% | 1.90% |  |  | 1.04% | 07/29/19 |
| Class R6 (FEFRX) | -21.75% | 1.94% | 0.24% |  | 1.99% | 03/01/17 |
| S&P 500 Index<sup>5</sup> | -14.61% | 10.22% | 10.44% | 12.79% | 7.38% | 04/10/87 |
| **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** |
| Class A (FESAX)<br>without sales charge | -13.22% |  |  |  | -12.49% | 07/01/21 |
| with sales charge | -17.53% |  |  |  | -15.77% | 07/01/21 |
| Class I (FESCX) | -13.00% |  |  |  | -9.08% | 04/27/21 |
| Class R6 (FESRX) | -13.00% |  |  |  | -12.26% | 07/01/21 |
| Russell 2000 <br>Value Index<sup>12</sup> | -10.73% |  |  |  | -5.65% | 04/27/21 |
| Russell 2000 Index<sup>13</sup> | -18.54% |  |  |  | -12.36% | 04/27/21 |
| **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** | **First Eagle Global Real Assets Fund** |
| Class A (FERAX)<br>without sales charge |  |  |  |  | -4.30% | 11/30/21 |
| with sales charge |  |  |  |  | -9.12% | 11/30/21 |
| Class I (FEREX) |  |  |  |  | -4.10% | 11/30/21 |
| Class R6 (FERRX) |  |  |  |  | -4.10% | 11/30/21 |
| MSCI World Index<sup>3</sup> |  |  |  |  | -16.65% | 11/30/21 |
| Consumer Price <br>Index +400bps<sup>14</sup> |  |  |  |  | 10.88% | 11/30/21 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>19

------

Performance Chart<sup>1</sup> (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **One-<br>Year** | **Three-<br>Years** | **Five-<br>Years** | **Ten-<br>Years** | **Since<br>Inception** | **Inception Date** |
| **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** | **First Eagle U.S. Smid Cap Opportunity Fund** |
| Class A (FESAX)<br>without sales charge |  |  |  |  | -10.30% | 08/15/22 |
| with sales charge |  |  |  |  | -14.81% | 08/15/22 |
| Class I (FESMX) |  |  |  |  | -10.20% | 08/15/22 |
| Class R6 (FEXRX) |  |  |  |  | -10.20% | 08/15/22 |
| Russell 2500 <br>Value Index<sup>15</sup> |  |  |  |  | -8.42% | 08/15/22 |
| Russell 2500 Index<sup>16</sup> |  |  |  |  | -8.74% | 08/15/22 |

---

<sup>1</sup> **The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at feim.com or by calling 800.334.2143. The average annual returns for Class A Shares "with sales charge" of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Income Fund gives effect to the deduction of the maximum sales charge of 4.50%.**

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

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

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

Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund require $1 million minimum investment and are offered without a sales charge.

Class R3 Shares, Class R4 Shares, Class R5 Shares and Class R6 Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America are offered without a sales charge.

First Eagle Funds \| Annual Report \| October 31, 2022<br>20

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Performance Chart<sup>1</sup> (unaudited)

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

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

<sup>3</sup> The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index.

<sup>4</sup> The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada. One cannot invest directly in an index.

<sup>5</sup> The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.

<sup>6</sup> The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, and includes dividends reinvested. One cannot invest directly in an index.

<sup>7</sup> The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

<sup>8</sup> The Bloomberg U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. One cannot invest directly in an index.

<sup>9</sup> First Eagle High Income Fund commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization on December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities.

<sup>10</sup> The Bloomberg U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.

<sup>11</sup> Effective on August 14, 2020, Fund of America is managed by a portfolio management team at First Eagle Investment Management, LLC. Prior to that date, the Fund was managed by a third-party subadviser.

<sup>12</sup> The Russell 2000<sup>®</sup> 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<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index is completely reconstituted annually. One cannot invest directly in an index.

<sup>13</sup> The Russell 2000<sup>®</sup> 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<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> 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<sup>®</sup> Index is completely reconstituted annually. One cannot invest directly in an index.

First Eagle Funds \| Annual Report \| October 31, 2022<br>21

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Performance Chart<sup>1</sup> (unaudited)

<sup>14</sup> The Consumer Price Index +400bps presents the Consumer Price Index for All Urban Consumers (CPI-U), plus 400 basis points annualized, a measure of the average change over time in the prices paid by urban consumers for consumer goods and services.

<sup>15</sup> The Russell 2500<sup>TM</sup> 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<sup>TM</sup> companies with relatively low price-to-book ratios and lower forecasted growth values.

<sup>16</sup> The Russell 2500<sup>TM</sup> 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<sup>TM</sup> Index is a subset of the Russell 3000<sup>®</sup> 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<sup>TM</sup> Index is completely reconstituted annually.

Expense ratios as stated in the most recent prospectus.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Class A | Class C | Class I | Class R3 | Class R4 | Class R5 | Class R6 |
| First Eagle Global Fund | 1.11% | 1.87% | 0.86% | 1.51% | 1.10% | 1.11% | 0.78% |
| First Eagle Overseas Fund | 1.16 | 1.89 | 0.88 | 1.34 | 1.06 | 1.20 | 0.79 |
| First Eagle U.S. Value Fund<sup>17,18</sup> | 1.16 | 1.95 | 0.89 | 1.31 | 1.21 | 1.13 | 0.84 |
| First Eagle Gold Fund | 1.22 | 1.95 | 0.96 | 1.34 | 1.11 | 1.03 | 0.85 |
| First Eagle Global Income <br>Builder Fund | 1.17 | 1.94 | 0.93 | 1.32 | 1.17 | 1.16 | 0.87 |
| First Eagle High Income Fund | 1.06 | 1.84 | 0.80 | 1.23 | 1.49 | 1.03 | 0.75 |
| First Eagle Fund of America<sup>17,19</sup> | 1.04 | 1.79 | 0.70 | 1.12 | 1.08 | 1.35 | 0.67 |
| First Eagle Small Cap <br>Opportunity Fund<sup>17,20</sup> | 1.31 |  | 1.06 |  |  |  | 1.07 |
| First Eagle Real Assets Fund<sup>17,21</sup> | 6.91 |  | 6.66 |  |  |  | 6.66 |
| First Eagle U.S. Smid Cap <br>Opportunity Fund<sup>17,22</sup> | 6.94 |  | 6.69 |  |  |  | 6.69 |

---

<sup>17</sup> For the First Eagle U.S. Value Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.

<sup>18</sup> These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2024. This waiver has the effect of reducing the management fee for the term of the waiver from 0.75% to 0.70% on First Eagle U.S. Value Fund.

<sup>19</sup> These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment

First Eagle Funds \| Annual Report \| October 31, 2022<br>22

------

Performance Chart<sup>1</sup> (unaudited)

is taken into account) to exceed either: (1) 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

<sup>20</sup> These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

<sup>21</sup> These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.10%, 0.85% and 0.85% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

<sup>22</sup> These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.20%, 0.95% and 0.95% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

These expense ratios are presented as of March 1, 2022 (except for First Eagle U.S. Smid Cap Opportunity Fund's expense ratios presented as of August 15, 2022) and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>23

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Performance Chart<sup>1</sup> (unaudited)

All securities may be subject to adverse market trends. The value and liquidity of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiments or publicity. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

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

To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. Currently, a substantial portion of the companies in which the First Eagle Gold Fund invests are domiciled in Canada, although the mining operations of such companies may take place in other countries. Currently, a substantial portion of the companies in which the First Eagle Global Fund and First Eagle Overseas Fund invest are domiciled in Japan, although the operations of such companies may take place in other countries.

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

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

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>24

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Performance Chart<sup>1</sup> (unaudited)

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

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

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

Holding illiquid securities restricts or otherwise limits the ability for a Fund to freely dispose of its investments for specific periods of time. A Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including junk bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments.

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

If one or more investors in a Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement and can result in a Fund's current expenses being allocated

First Eagle Funds \| Annual Report \| October 31, 2022<br>25

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Performance Chart<sup>1</sup> (unaudited)

over a smaller asset base, which generally results in an increase in a Fund's expense ratio. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets when a significant investor purchases, redeems or owns a substantial portion of a Fund's shares.

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

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

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

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

First Eagle Global Real Assets Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund's portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.

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

All investments involve the risk of loss.

First Eagle Funds \| Annual Report \| October 31, 2022<br>26

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First Eagle Global Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns (%)**  | | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle Global Fund | Class A | without sales load | -11.90 | 3.60 | 5.97 |
|  |  | with sales load | -16.31 | 2.54 | 5.43 |
| MSCI World Index |  |  | -18.48 | 6.37 | 8.94 |
| Consumer Price Index |  |  | 7.75 | 3.85 | 2.57 |

---

**Asset Allocation\* (%)**

![](j22310262_ca022.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Consumer Staples | 13.6 |
| Financials | 13.2 |
| Industrials | 10.7 |
| Commodities | 10.6 |
| Information Technology | 9.4 |
| Energy | 8.9 |
| Health Care | 6.4 |
| Consumer Discretionary | 5.9 |
| Materials | 4.8 |
| Communication Services | 4.1 |
| Real Estate | 3.7 |
| Foreign Government Securities | 1.1 |
| Utilities | 0.5 |
| Short-Term Investments | 7.1 |

---

**Countries\*~ (%)**

---

| | |
|:---|:---|
| United States | 56.5 |
| Japan | 7.0 |
| United Kingdom | 6.1 |
| Canada | 4.1 |
| France | 3.5 |
| Brazil | 2.1 |
| South Korea | 1.9 |
| Hong Kong | 1.9 |
| Switzerland | 1.9 |
| Mexico | 1.6 |
| China | 1.3 |
| Belgium | 1.1 |
| Sweden | 0.9 |
| Germany | 0.8 |
| Taiwan | 0.7 |
| Thailand | 0.4 |
| Ireland | 0.3 |
| Australia | 0.2 |
| Norway | 0.2 |
| Colombia | 0.2 |
| Peru | 0.1 |
| Indonesia | 0.1 |
| Short-Term Investments | 7.1 |

---

<sup>^</sup> Less than 0.05%.

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

\*\* Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less, long-term commercial paper (6.3% of total investments) that settles in 91 days or greater and other short-term investments (0.1% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>28

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First Eagle Global Fund \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j22310262_ca023.jpg)

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

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

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Gold bullion\*\* (Precious Metal) | 10.6 |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 3.7 |
| Oracle Corp. (Software, United States) | 3.4 |
| Schlumberger NV (Energy Equipment & Services, United States) | 2.4 |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.8 |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 1.7 |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 1.7 |
| Philip Morris International, Inc. (Tobacco, United States) | 1.6 |
| Comcast Corp. (Media, United States) | 1.6 |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.6 |
| **Total** | **30.1** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets

First Eagle Funds \| Annual Report \| October 31, 2022<br>29

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First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 81.1%** | **Common Stocks — 81.1%** | **Common Stocks — 81.1%** |
| **Australia — 0.2%** | **Australia — 0.2%** | **Australia — 0.2%** |
| Newcrest Mining Ltd. | 9296442 | 102960708 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Groupe Bruxelles Lambert NV | 6469396 | 476965415 |
| **Brazil — 2.1%** | **Brazil — 2.1%** | **Brazil — 2.1%** |
| Ambev SA, ADR | 135881898 | 413080970 |
| Itausa SA (Preference) | 102984133 | 214122464 |
| Wheaton Precious Metals Corp. | 7776226 | 254204828 |
|  |  | **881408262** |
| **Canada — 4.1%** | **Canada — 4.1%** | **Canada — 4.1%** |
| Agnico Eagle Mines Ltd. | 2298700 | 101120190 |
| Barrick Gold Corp. | 20128459 | 302530739 |
| Franco-Nevada Corp. | 769497 | 95077939 |
| Imperial Oil Ltd. | 10896401 | 592749498 |
| Nutrien Ltd. | 4138319 | 349687955 |
| Power Corp. of Canada | 13272144 | 329575095 |
|  |  | **1770741416** |
| **China — 1.3%** | **China — 1.3%** | **China — 1.3%** |
| Alibaba Group Holding Ltd.\* | 34738392 | 270087757 |
| Prosus NV\* | 6294726 | 272194633 |
|  |  | **542282390** |
| **France — 3.5%** | **France — 3.5%** | **France — 3.5%** |
| Danone SA | 10211219 | 507492661 |
| Legrand SA | 1954335 | 148929522 |
| LVMH Moet Hennessy Louis Vuitton SE | 145168 | 91600267 |
| Sanofi | 4031951 | 346981089 |
| Sodexo SA | 3480088 | 308274535 |
| Wendel SE | 1067994 | 83626062 |
|  |  | **1486904136** |
| **Germany — 0.8%** | **Germany — 0.8%** | **Germany — 0.8%** |
| Brenntag SE | 1126149 | 68330616 |
| Henkel AG & Co. KGaA (Preference) | 4137100 | 260631575 |
|  |  | **328962191** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>30

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First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| CK Asset Holdings Ltd. | 37986500 | 210011067 |
| Guoco Group Ltd. | 12748580 | 111981374 |
| Hongkong Land Holdings Ltd. | 31759300 | 122269746 |
| Hysan Development Co. Ltd. | 23322348 | 50833311 |
| Jardine Matheson Holdings Ltd. | 7051271 | 324837977 |
|  |  | **819933475** |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| CRH plc | 3284015 | 118283185 |
| **Japan — 7.0%** | **Japan — 7.0%** | **Japan — 7.0%** |
| Chofu Seisakusho Co. Ltd. (a) | 3224200 | 44031237 |
| FANUC Corp. | 2720500 | 355981860 |
| Hirose Electric Co. Ltd. | 1258915 | 163308262 |
| Hoshizaki Corp. | 5662600 | 162233463 |
| Keyence Corp. | 412600 | 155577146 |
| Komatsu Ltd. | 6756000 | 132351356 |
| Mitsubishi Electric Corp. | 24592300 | 216378143 |
| Mitsubishi Estate Co. Ltd. | 24622380 | 309633789 |
| MS&AD Insurance Group Holdings, Inc. | 11209120 | 296830988 |
| Secom Co. Ltd. | 6337130 | 361029474 |
| Shimano, Inc. | 1517390 | 234805909 |
| SMC Corp. | 442156 | 177482423 |
| Sompo Holdings, Inc. | 7663700 | 319517271 |
| T Hasegawa Co. Ltd. (a) | 3002800 | 63875515 |
| USS Co. Ltd. | 1298600 | 19594240 |
|  |  | **3012631076** |
| **Mexico — 1.2%** | **Mexico — 1.2%** | **Mexico — 1.2%** |
| Fomento Economico Mexicano SAB de CV, ADR | 5421458 | 388284822 |
| Fresnillo plc | 5590827 | 46742281 |
| Industrias Penoles SAB de CV | 6401020 | 72613600 |
|  |  | **507640703** |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Orkla ASA | 14016004 | 94540167 |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>31

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First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
| Hyundai Mobis Co. Ltd. | 999985 | 153377031 |
| KT&G Corp. | 5242098 | 352067482 |
| Lotte Confectionery Co. Ltd. | 161797 | 14753278 |
| Lotte Corp. | 913277 | 20871265 |
| Namyang Dairy Products Co. Ltd. | 7644 | 1949227 |
| NAVER Corp. | 629662 | 74689451 |
| Samsung Electronics Co. Ltd. (Preference) | 3025981 | 113086695 |
|  |  | **730794429** |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Investor AB, Class A | 4970940 | 84529673 |
| Investor AB, Class B | 11255824 | 183702005 |
| Svenska Handelsbanken AB, Class A | 12783537 | 118772284 |
|  |  | **387003962** |
| **Switzerland — 1.8%** | **Switzerland — 1.8%** | **Switzerland — 1.8%** |
| Cie Financiere Richemont SA (Registered) | 5088998 | 497365875 |
| Schindler Holding AG | 1798637 | 293296461 |
|  |  | **790662336** |
| **Taiwan — 0.7%** | **Taiwan — 0.7%** | **Taiwan — 0.7%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4606256 | 283515057 |
| **Thailand — 0.4%** | **Thailand — 0.4%** | **Thailand — 0.4%** |
| Bangkok Bank PCL, NVDR | 47278400 | 181047499 |
| **United Kingdom — 6.1%** | **United Kingdom — 6.1%** | **United Kingdom — 6.1%** |
| BAE Systems plc | 30239911 | 282851127 |
| Berkeley Group Holdings plc (a) | 6766463 | 269219704 |
| British American Tobacco plc | 19154797 | 756489459 |
| Haleon plc\* | 68822768 | 211041966 |
| Lloyds Banking Group plc | 437703164 | 210214807 |
| Reckitt Benckiser Group plc | 4483021 | 297511292 |
| Unilever plc | 12894404 | 588529913 |
|  |  | **2615858268** |
| **United States — 45.8%** | **United States — 45.8%** | **United States — 45.8%** |
| Alphabet, Inc., Class A\* | 2694360 | 254643964 |
| Alphabet, Inc., Class C\* | 3980259 | 376771317 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>32

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 45.8% (continued)** | **United States — 45.8% (continued)** | **United States — 45.8% (continued)** |
| American Express Co. | 2268791 | 336802024 |
| Analog Devices, Inc. | 2464848 | 351536622 |
| Bank of New York Mellon Corp. (The) | 11504615 | 484459338 |
| Becton Dickinson and Co. | 1130197 | 266692586 |
| Berkshire Hathaway, Inc., Class A\* | 728 | 323996400 |
| Boston Properties, Inc., REIT | 2154970 | 156666319 |
| Brown & Brown, Inc. | 3486931 | 204996674 |
| CH Robinson Worldwide, Inc. (a) | 7426526 | 725720121 |
| Charles Schwab Corp. (The) | 2951646 | 235157637 |
| Colgate-Palmolive Co. | 7218573 | 533019430 |
| Comcast Corp., Class A | 21961227 | 697049345 |
| Cummins, Inc. | 1455755 | 355946655 |
| Deere & Co. | 658326 | 260578597 |
| Dentsply Sirona, Inc. | 6900950 | 212687279 |
| Douglas Emmett, Inc., REIT | 8215068 | 144503046 |
| DR Horton, Inc. | 1345092 | 103410673 |
| Elevance Health, Inc. | 1329736 | 727059753 |
| Embecta Corp. | 226039 | 6989126 |
| Equity Residential, REIT | 4091633 | 257854712 |
| Expeditors International of Washington, Inc. | 1875971 | 183563762 |
| Exxon Mobil Corp. | 14460804 | 1602401691 |
| Fidelity National Information Services, Inc. | 1678512 | 139299711 |
| Flowserve Corp. (a) | 7892216 | 226348755 |
| GSK plc | 7314932 | 119826623 |
| HCA Healthcare, Inc. | 3109934 | 676317347 |
| IPG Photonics Corp.\* (a) | 3097302 | 265314889 |
| J.G. Boswell Co. | 2485 | 2248925 |
| Kraft Heinz Co. (The) | 4471740 | 172027838 |
| Meta Platforms, Inc., Class A\* | 3855034 | 359134968 |
| Microsoft Corp. | 1584979 | 367921175 |
| Mills Music Trust (a) | 31592 | 1200812 |
| Nestle SA (Registered) | 3086462 | 335988556 |
| Newmont Corp. | 7901033 | 334371717 |
| NOV, Inc. (a) | 26905276 | 602678182 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>33

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Value ($)** |
| **United States — 45.8% (continued)** | **United States — 45.8% (continued)** | **United States — 45.8% (continued)** | **United States — 45.8% (continued)** |
| Oracle Corp. |  | 18452220 | 1440564815 |
| Philip Morris International, Inc. |  | 7595711 | 697666055 |
| PPG Industries, Inc. |  | 842157 | 96157486 |
| Ross Stores, Inc. |  | 2633277 | 251978276 |
| Royal Gold, Inc. |  | 1332749 | 126557845 |
| RPM International, Inc. |  | 174428 | 16495656 |
| Salesforce, Inc.\* |  | 1385077 | 225199669 |
| Schlumberger NV |  | 19905698 | 1035693467 |
| Teradata Corp.\* |  | 4979250 | 157294508 |
| Texas Instruments, Inc. |  | 2333362 | 374807938 |
| Travelers Cos., Inc. (The) |  | 1415688 | 261137809 |
| UGI Corp. |  | 6123570 | 216345728 |
| Union Pacific Corp. |  | 783660 | 154490732 |
| Universal Health Services, Inc., Class B |  | 3368166 | 390269394 |
| US Bancorp |  | 6565740 | 278715663 |
| W.R. Berkley Corp. |  | 2398044 | 178366513 |
| Walmart, Inc. |  | 1383386 | 196897329 |
| Wells Fargo & Co. |  | 6275140 | 288593689 |
| Weyerhaeuser Co., REIT |  | 10347140 | 320037040 |
| Willis Towers Watson plc |  | 2553725 | 557248332 |
|  |  |  | **19669704513** |
| **Total Common Stocks<br>(Cost $27,100,759,551)** | **Total Common Stocks<br>(Cost $27,100,759,551)** | **Total Common Stocks<br>(Cost $27,100,759,551)** | **34801839188** |
|  | **Ounces** | **Ounces** |  |
| **Commodities — 10.5%** | **Commodities — 10.5%** | **Commodities — 10.5%** | **Commodities — 10.5%** |
| Gold bullion\*<br>(Cost $2,917,123,385) |  | 2775387 | 4530486527 |
|  | **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Foreign Government Securities — 1.1%** | **Foreign Government Securities — 1.1%** | **Foreign Government Securities — 1.1%** | **Foreign Government Securities — 1.1%** |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Titulos de Tesoreria<br>Series B, 5.75%, 11/3/2027‡ | COP | 504289700000 | 73916471 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>34

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Republic of Indonesia<br>8.38%, 3/15/2024 | IDR | 853795000000 | 55823605 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Mex Bonos Desarr Fix Rt<br>Series M, 8.00%, 12/7/2023 | MXN | 911940000 | 44747795 |
| Series M 20, 10.00%, 12/5/2024 | MXN | 816590000 | 41022427 |
| Series M, 5.75%, 3/5/2026 | MXN | 1813230000 | 80688371 |
|  |  |  | **166458593** |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Republic of Peru<br>8.20%, 8/12/2026‡ (b) | PEN | 221343000 | 57335959 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Republic of Korea<br>1.25%, 3/10/2026 | KRW | 158937690000 | 101330370 |
| **Total Foreign Government Securities<br>(Cost $574,414,953)** | **Total Foreign Government Securities<br>(Cost $574,414,953)** | **Total Foreign Government Securities<br>(Cost $574,414,953)** | **454864998** |
| **Corporate Bonds — 0.0% (c)** | **Corporate Bonds — 0.0% (c)** | **Corporate Bonds — 0.0% (c)** | **Corporate Bonds — 0.0% (c)** |
| **United States — 0.0% (c)** | **United States — 0.0% (c)** | **United States — 0.0% (c)** | **United States — 0.0% (c)** |
| Bausch & Lomb, Inc.<br>7.13%, 8/1/2028‡ (Cost $5,103,390) |  | 5467000 | 5207318 |
|  | **Number of Warrants** | **Number of Warrants** |  |
| **Warrants — 0.0% (c)** | **Warrants — 0.0% (c)** | **Warrants — 0.0% (c)** | **Warrants — 0.0% (c)** |
| **Switzerland — 0.0% (c)** | **Switzerland — 0.0% (c)** | **Switzerland — 0.0% (c)** | **Switzerland — 0.0% (c)** |
| Cie Financiere Richemont SA, expiring 11/22/2023, <br>price 67.00\* (Cost $—) |  | 11129290 | 5446000 |
|  | **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Short-Term Investments — 7.1%** | **Short-Term Investments — 7.1%** | **Short-Term Investments — 7.1%** | **Short-Term Investments — 7.1%** |
| **Commercial Paper — 7.0%** | **Commercial Paper — 7.0%** | **Commercial Paper — 7.0%** | **Commercial Paper — 7.0%** |
| Amazon.com, Inc.<br>2.67%, 11/21/2022 (d) |  | 38000000 | 37919978 |
| 3.07%, 12/13/2022 (d) |  | 50000000 | 49774609 |
| Apple, Inc.<br>3.23%, 12/14/2022 (b)(d) |  | 58649000 | 58379260 |
| 3.55%, 12/20/2022 (b)(d) |  | 75000000 | 74604167 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>35

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 7.0% (continued)** | **Commercial Paper — 7.0% (continued)** | **Commercial Paper — 7.0% (continued)** |
| BNG Bank NV<br>2.79%, 11/17/2022 (b)(d) | 87499000 | 87351533 |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (d) | 49408000 | 49403356 |
| Credit Agricole Corporate and Investment Bank<br>3.02%, 11/1/2022 (d) | 46735000 | 46730992 |
| DuPont de Nemours, Inc.<br>3.86%, 11/8/2022 (b)(d) | 14500000 | 14487559 |
| Engie SA<br>2.85%, 12/7/2022 (d) | 57814000 | 57572695 |
| 3.16%, 12/8/2022 (d) | 98600000 | 98176507 |
| 3.15%, 12/12/2022 (d) | 52915000 | 52661643 |
| 4.35%, 1/26/2023 (d) | 100000000 | 98929900 |
| 4.43%, 1/30/2023 (d) | 50000000 | 49435295 |
| Entergy Corp.<br>3.25%, 11/1/2022 (b)(d) | 30193000 | 30190243 |
| Export Development Canada<br>2.56%, 11/7/2022 (d) | 18606000 | 18593482 |
| 2.73%, 11/9/2022 (d) | 16912000 | 16897286 |
| 2.77%, 11/15/2022 (d) | 22400000 | 22366960 |
| 2.73%, 11/18/2022 (d) | 37091000 | 37024793 |
| 2.98%, 11/21/2022 (d) | 100000000 | 99790000 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (d) | 82347000 | 82338791 |
| Henkel US Operations Corp.<br>2.57%, 11/2/2022 (b)(d) | 42401000 | 42393681 |
| Hydro-Quebec<br>2.66%, 11/18/2022 (d) | 29600000 | 29547386 |
| Kreditanstalt fuer Wiederaufbau<br>2.71%, 11/1/2022 (b)(d) | 70000000 | 69995178 |
| 2.72%, 11/8/2022 (b)(d) | 84092000 | 84041508 |
| 2.83%, 11/16/2022 (b)(d) | 43110000 | 43052367 |
| 2.82%, 11/29/2022 (b)(d) | 35301000 | 35206191 |
| Linde, Inc.<br>3.64%, 1/13/2023 (d) | 58850000 | 58363340 |
| LVMH Moet Hennessy Louis Vuitton SE<br>2.78%, 12/2/2022 (b)(d) | 48400000 | 48235956 |
| 2.79%, 12/5/2022 (d) | 55266000 | 55060856 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>36

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 7.0% (continued)** | **Commercial Paper — 7.0% (continued)** | **Commercial Paper — 7.0% (continued)** |
| 3.23%, 12/14/2022 (b)(d) | 48932000 | 48702764 |
| 4.20%, 1/24/2023 (b)(d) | 105500000 | 104433117 |
| 4.15%, 2/3/2023 (b)(d) | 49475000 | 48907460 |
| MetLife Short Term Funding LLC<br>2.67%, 11/16/2022 (d) | 14000000 | 13977749 |
| Nederlandse Waterschapsbank NV<br>2.67%, 11/4/2022 (b)(d) | 92109000 | 92075298 |
| 2.67%, 11/7/2022 (b)(d) | 92109000 | 92046494 |
| Nestle Finance International Ltd.<br>2.79%, 12/5/2022 (b)(d) | 87893000 | 87580418 |
| 3.84%, 1/31/2023 (b)(d) | 90800000 | 89841889 |
| NRW Bank<br>2.71%, 11/10/2022 (b)(d) | 100000000 | 99907611 |
| 2.79%, 11/22/2022 (d) | 55300000 | 55184051 |
| 2.90%, 12/6/2022 (d) | 36311000 | 36183476 |
| 3.41%, 12/15/2022 (b)(d) | 74500000 | 74171269 |
| 2.93%, 12/22/2022 (d) | 21407000 | 21298281 |
| Oesterreichische Kontrollbank AG<br>4.09%, 1/17/2023 (d) | 35200000 | 34877240 |
| Province of Quebec<br>2.54%, 11/3/2022 (b)(d) | 87599000 | 87576363 |
| 2.68%, 11/22/2022 (b)(d) | 54750000 | 54632428 |
| 2.83%, 11/30/2022 (b)(d) | 36749000 | 36639365 |
| 3.86%, 1/23/2023 (b)(d) | 49525000 | 49052597 |
| 3.99%, 1/25/2023 (b)(d) | 29550000 | 29260645 |
| PSP Capital, Inc.<br>2.73%, 11/4/2022 (d) | 46055000 | 46038282 |
| 3.45%, 12/15/2022 (d) | 19045000 | 18953703 |
| 3.69%, 1/9/2023 (d) | 39200000 | 38891071 |
| 3.91%, 1/17/2023 (d) | 29150000 | 28888777 |
| 3.97%, 1/20/2023 (b)(d) | 50000000 | 49531212 |
| 4.13%, 1/23/2023 (d) | 50000000 | 49510234 |
| 4.17%, 1/27/2023 (b)(d) | 31200000 | 30876706 |
| Siemens Capital Co. LLC<br>3.94%, 1/20/2023 (d) | 50000000 | 49542462 |
| **Total Commercial Paper<br>(Cost $3,018,686,335)** | **Total Commercial Paper<br>(Cost $3,018,686,335)** | **3017106474** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>37

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Bills<br>2.64%, 11/17/2022 (d) | 15000000 | 14981035 |
| 2.96%, 12/1/2022 (d)(e) | 15000000 | 14956968 |
| **Total U.S. Treasury Obligations<br>(Cost $29,945,717)** | **Total U.S. Treasury Obligations<br>(Cost $29,945,717)** | **29938003** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 2.84% (f) (Cost $76,724) | 76724 | 76724 |
| **Total Short-Term Investments<br>(Cost $3,048,708,776)** | **Total Short-Term Investments<br>(Cost $3,048,708,776)** | **3047121201** |
| **Total Investments — 99.8%<br>(Cost $33,646,110,055)** | **Total Investments — 99.8%<br>(Cost $33,646,110,055)** | **42844965232** |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | **84415226** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **42929380458** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

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

(b) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $1,720,509,238, which represents approximately 4.01% of net assets of the Fund.

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

(d) The rate shown was the current yield as of October 31, 2022.

(e) All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts.

(f) Represents 7-day effective yield as of October 31, 2022.

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $12128371152 |
| Aggregate gross unrealized depreciation | (3362044343) |
| Net unrealized appreciation | $8766326809 |
| Federal income tax cost | $34078041910 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>38

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

**Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency <br>Purchased** | **Currency <br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 72618227 | GBP | 62729000 | JPMorgan Chase Bank | 11/16/2022 | $653543 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 653543 |
| USD | 66747194 | GBP | 59209000 | Goldman Sachs | 12/14/2022 | (1250056) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (1250056) |
| **Net unrealized depreciation** | **Net unrealized depreciation** |  |  |  |  | $(596513) |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

COP — Colombian Peso

Fix Rt — Fixed Rate

GBP — British Pound

IDR — Indonesian Rupiah

KRW — South Korean Won

MXN — Mexican Peso

NVDR — Non-Voting Depositary Receipt

PEN — Peruvian Sol

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

REIT — Real Estate Investment Trust

USD — United States Dollar

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at <br>October 31, 2022** | **Market Value <br>October 31, 2021** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** |
| **Common Stocks — 5.5%** | **Common Stocks — 5.5%** | **Common Stocks — 5.5%** | **Common Stocks — 5.5%** | **Common Stocks — 5.5%** |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| Chofu Seisakusho Co. Ltd. | 3224200 | $58257118 | $— | $— |
| T Hasegawa Co. Ltd. | 3002800 | 73329979 |  |  |
|  |  | **131587097** | **—** | **—** |
| **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |
| Berkeley Group Holdings plc | 6766463 | 283752032 | 99055817 |  |
| **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** |
| CH Robinson Worldwide, Inc. | 7426526 | 720298757 |  |  |
| Flowserve Corp. | 7892216 | 265336302 |  |  |
| IPG Photonics Corp.\* | 3097302 | 268210435 | 157726534 |  |
| Mills Music Trust | 31592 | 1927112 |  |  |
| NOV, Inc. | 26905276 | 347665829 | 47265079 | (17287636) |
| Teradata Corp.\*^ | 4979250 | 546281084 |  | (178972996) |
|  |  | **2149719519** | **204991613** | **(196260632)** |
| **Total Common Stocks** |  | **2565058648** | **304047430** | **(196260632)** |
| **Total** |  | $**2565058648** | $**304047430** | $**(196260632)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>39

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2022

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Net Realized <br>Gain <br>(Loss)** | **Change in <br>Unrealized <br>Appreciation/<br>(Depreciation)** | **Market Value <br>October 31, 2022** | **Dividend <br>Income** |
| **Common Stocks — 5.5%** | **Common Stocks — 5.5%** | **Common Stocks — 5.5%** | **Common Stocks — 5.5%** | **Common Stocks — 5.5%** |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| Chofu Seisakusho Co. Ltd. | $— | $(14225881) | $44031237 | $837357 |
| T Hasegawa Co. Ltd. |  | (9454464) | 63875515 | 1322344 |
|  | **—** | **(23680345)** | **107906752** | **2159701** |
| **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |
| Berkeley Group Holdings plc |  | (113588145) | 269219704 | 1569809 |
| **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** |
| CH Robinson Worldwide, Inc. |  | 5421364 | 725720121 | 16338357 |
| Flowserve Corp. |  | (38987547) | 226348755 | 6313773 |
| IPG Photonics Corp.\* |  | (160622080) | 265314889 |  |
| Mills Music Trust |  | (726300) | 1200812 | 96166 |
| NOV, Inc. | (32766366) | 257801276 | 602678182 | 4959941 |
| Teradata Corp.\*^ | (7931408) | (202082172) | 157294508 |  |
|  | **(40697774)** | **(139195459)** | **1978557267** | **27708237** |
| **Total Common Stocks** | **(40697774)** | **(276463949)** | **2355683723** | **31437747** |
| **Total** | $**(40697774)** | $**(276463949)** | $**2355683723** | $**31437747** |

---

\* Non-income producing security.

^ Represents an unaffiliated issuer as of October 31, 2022.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>40

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First Eagle Overseas Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. Management's research-driven process focuses on seeking securities that may be undervalued.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns (%)**  | | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle Overseas Fund | Class A | without sales load | -15.62 | 0.05 | 3.50 |
|  |  | with sales load | -19.85 | -0.96 | 2.97 |
| MSCI EAFE Index |  |  | -23.00 | -0.09 | 4.13 |
| Consumer Price Index |  |  | 7.75 | 3.85 | 2.57 |

---

**Asset Allocation\* (%)**

![](j22310262_cc024.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Consumer Staples | 20.6 |
| Financials | 14.7 |
| Industrials | 12.4 |
| Commodities | 10.6 |
| Consumer Discretionary | 8.2 |
| Materials | 8.1 |
| Energy | 6.2 |
| Real Estate | 4.8 |
| Health Care | 4.3 |
| Information Technology | 3.2 |
| Foreign Government Securities | 2.2 |
| Communication Services | 1.0 |
| Short-Term Investments | 3.7 |

---

**Countries\*~ (%)**

---

| | |
|:---|:---|
| United States | 16.3 |
| Japan | 15.8 |
| United Kingdom | 11.1 |
| Canada | 8.6 |
| France | 6.5 |
| Hong Kong | 4.4 |
| South Korea | 4.2 |
| Brazil | 3.5 |
| Switzerland | 3.0 |
| Mexico | 2.9 |
| Netherlands | 2.7 |
| Sweden | 2.6 |
| Singapore | 2.5 |
| Belgium | 2.1 |
| China | 1.9 |
| Germany | 1.9 |
| Taiwan | 1.4 |
| Thailand | 0.9 |
| Chile | 0.9 |
| Norway | 0.8 |
| Ireland | 0.5 |
| Turkey | 0.4 |
| Faroe Islands | 0.4 |
| Colombia | 0.3 |
| Australia | 0.3 |
| Peru | 0.2 |
| Indonesia | 0.2 |
| Short-Term Investments | 3.7 |

---

<sup>^</sup> Less than 0.05%.

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

\*\* Includes short-term commercial paper (0.4% of total investments) that settles in 90 days or less, long-term commercial paper (3.1% of total investments) that settles in 91 days or greater and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>42

------

First Eagle Overseas Fund \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j22310262_cc025.jpg)

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

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

The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption in urban households.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Gold bullion\*\* (Precious Metal) | 10.6 |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 4.1 |
| British American Tobacco plc (Tobacco, United Kingdom) | 3.0 |
| Unilever plc (Personal Products, United Kingdom) | 2.4 |
| Danone SA (Food Products, France) | 2.3 |
| Willis Towers Watson plc (Insurance, United States) | 2.2 |
| Groupe Bruxelles Lambert NV (Diversified Financial Services, Belgium) | 2.1 |
| Shell plc (Oil, Gas & Consumable Fuels, Netherlands) | 2.1 |
| Ambev SA (Beverages, Brazil) | 2.0 |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.9 |
| **Total** | **32.7** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>43

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 83.4%** | **Common Stocks — 83.4%** | **Common Stocks — 83.4%** |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| Newcrest Mining Ltd. | 2725136 | 30181647 |
| **Belgium — 2.2%** | **Belgium — 2.2%** | **Belgium — 2.2%** |
| Groupe Bruxelles Lambert NV | 3140042 | 231504060 |
| Legris Industries SE\*‡ (a)(b)(c) | 905366 | 14924062 |
|  |  | **246428122** |
| **Brazil — 3.5%** | **Brazil — 3.5%** | **Brazil — 3.5%** |
| Ambev SA, ADR | 72445785 | 220235186 |
| Itausa SA (Preference) | 47442852 | 98642190 |
| Wheaton Precious Metals Corp. | 2324671 | 75993495 |
|  |  | **394870871** |
| **Canada — 8.6%** | **Canada — 8.6%** | **Canada — 8.6%** |
| Agnico Eagle Mines Ltd. | 717589 | 31566858 |
| Barrick Gold Corp. | 5379581 | 80855103 |
| Franco-Nevada Corp. | 224985 | 27798822 |
| Imperial Oil Ltd. | 8488821 | 461780397 |
| Nutrien Ltd. | 2312816 | 195432952 |
| Power Corp. of Canada | 6759452 | 167851331 |
|  |  | **965285463** |
| **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** |
| Cia Cervecerias Unidas SA, ADR (a) | 9392572 | 101533703 |
| **China — 1.9%** | **China — 1.9%** | **China — 1.9%** |
| Alibaba Group Holding Ltd.\* | 13533428 | 105221140 |
| Prosus NV\* | 2571207 | 111183353 |
|  |  | **216404493** |
| **Faroe Islands — 0.4%** | **Faroe Islands — 0.4%** | **Faroe Islands — 0.4%** |
| Bakkafrost P/F | 801656 | 40097137 |
| **France — 6.5%** | **France — 6.5%** | **France — 6.5%** |
| Danone SA | 5117957 | 254359995 |
| Laurent-Perrier (a) | 558938 | 54469274 |
| Legrand SA | 812472 | 61914189 |
| LVMH Moet Hennessy Louis Vuitton SE | 33358 | 21048728 |
| Sanofi | 1917334 | 165001668 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>44

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **France — 6.5% (continued)** | **France — 6.5% (continued)** | **France — 6.5% (continued)** |
| Sodexo SA | 1563795 | 138524708 |
| Wendel SE | 493657 | 38654329 |
|  |  | **733972891** |
| **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** |
| Brenntag SE | 628298 | 38122832 |
| FUCHS PETROLUB SE (Preference) | 2322615 | 66517530 |
| Henkel AG & Co. KGaA (Preference) | 1698517 | 107004220 |
|  |  | **211644582** |
| **Hong Kong — 4.4%** | **Hong Kong — 4.4%** | **Hong Kong — 4.4%** |
| CK Asset Holdings Ltd. | 19475000 | 107668922 |
| Great Eagle Holdings Ltd. | 22777700 | 41771814 |
| Guoco Group Ltd. | 7806340 | 68569572 |
| Hongkong Land Holdings Ltd. | 15883500 | 61149695 |
| Hysan Development Co. Ltd. | 17500405 | 38143824 |
| Jardine Matheson Holdings Ltd. | 3892300 | 179310490 |
|  |  | **496614317** |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| CRH plc | 1586739 | 57150939 |
| **Japan — 15.8%** | **Japan — 15.8%** | **Japan — 15.8%** |
| As One Corp. | 1404380 | 59886125 |
| Chofu Seisakusho Co. Ltd. (a) | 1829100 | 24979077 |
| Daiichikosho Co. Ltd. (a) | 2866280 | 82184041 |
| FANUC Corp. | 1259640 | 164825947 |
| Hirose Electric Co. Ltd. | 758730 | 98423545 |
| Hoshizaki Corp. | 2554200 | 73177818 |
| Kansai Paint Co. Ltd. | 3986530 | 52020990 |
| Keyence Corp. | 164800 | 62140363 |
| Komatsu Ltd. | 3814300 | 74722880 |
| Mitsubishi Electric Corp. | 11266300 | 99127820 |
| Mitsubishi Estate Co. Ltd. | 15918150 | 200175495 |
| MS&AD Insurance Group Holdings, Inc. | 4764500 | 126169694 |
| Nagaileben Co. Ltd. | 1687224 | 23155183 |
| Nihon Kohden Corp. | 1740100 | 38964575 |
| Pilot Corp. | 477500 | 18564864 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>45

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Japan — 15.8% (continued)** | **Japan — 15.8% (continued)** | **Japan — 15.8% (continued)** |
| Secom Co. Ltd. | 3108600 | 177098501 |
| Shimano, Inc. | 694470 | 107464567 |
| SK Kaken Co. Ltd. | 87561 | 22332633 |
| SMC Corp. | 208990 | 83889061 |
| Sompo Holdings, Inc. | 3104300 | 129425403 |
| T Hasegawa Co. Ltd. | 1906436 | 40553677 |
| USS Co. Ltd. | 560300 | 8454222 |
| Yokogawa Electric Corp. | 13600 | 227407 |
|  |  | **1767963888** |
| **Mexico — 2.3%** | **Mexico — 2.3%** | **Mexico — 2.3%** |
| Fomento Economico Mexicano SAB de CV, ADR | 2689571 | 192627075 |
| Fresnillo plc | 1426722 | 11928153 |
| Grupo Mexico SAB de CV, Series B | 6905948 | 25036806 |
| Industrias Penoles SAB de CV | 2246692 | 25486625 |
|  |  | **255078659** |
| **Netherlands — 2.7%** | **Netherlands — 2.7%** | **Netherlands — 2.7%** |
| HAL Trust | 631823 | 72796262 |
| Shell plc | 8311366 | 230267288 |
|  |  | **303063550** |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Orkla ASA | 13903113 | 93778699 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| Haw Par Corp. Ltd. (a) | 19447213 | 129829745 |
| United Overseas Bank Ltd. | 828500 | 16254174 |
| UOL Group Ltd. | 14128300 | 61709449 |
|  |  | **207793368** |
| **South Korea — 3.9%** | **South Korea — 3.9%** | **South Korea — 3.9%** |
| Fursys, Inc. (a) | 872463 | 16775972 |
| Hyundai Mobis Co. Ltd. | 505396 | 77517301 |
| KT&G Corp. | 2525785 | 169635662 |
| Lotte Confectionery Co. Ltd. | 104605 | 9538290 |
| Lotte Corp. | 772717 | 17659025 |
| Namyang Dairy Products Co. Ltd. | 4387 | 1118689 |
| Namyang Dairy Products Co. Ltd. (Preference) (a) | 15711 | 2237746 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>46

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **South Korea — 3.9% (continued)** | **South Korea — 3.9% (continued)** | **South Korea — 3.9% (continued)** |
| NAVER Corp. | 258729 | 30690000 |
| NongShim Co. Ltd. | 203663 | 43140254 |
| Samsung Electronics Co. Ltd. (Preference) | 1863921 | 69658291 |
|  |  | **437971230** |
| **Sweden — 2.6%** | **Sweden — 2.6%** | **Sweden — 2.6%** |
| Industrivarden AB, Class A | 123708 | 2801725 |
| Industrivarden AB, Class C | 1572517 | 35311527 |
| Investor AB, Class A | 2230372 | 37926955 |
| Investor AB, Class B | 8384352 | 136837807 |
| L E Lundbergforetagen AB, Class B | 63109 | 2490763 |
| Svenska Handelsbanken AB, Class A | 8041032 | 74709506 |
|  |  | **290078283** |
| **Switzerland — 3.0%** | **Switzerland — 3.0%** | **Switzerland — 3.0%** |
| Cie Financiere Richemont SA (Registered) | 2206863 | 215684570 |
| Schindler Holding AG | 724861 | 118200152 |
|  |  | **333884722** |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| Taiwan Secom Co. Ltd. | 8545694 | 24482542 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2158747 | 132870878 |
|  |  | **157353420** |
| **Thailand — 0.9%** | **Thailand — 0.9%** | **Thailand — 0.9%** |
| Bangkok Bank PCL, NVDR | 21880059 | 83787310 |
| Thai Beverage PCL | 52214985 | 21215169 |
|  |  | **105002479** |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| AG Anadolu Grubu Holding A/S | 9784125 | 45230077 |
| **United Kingdom — 11.1%** | **United Kingdom — 11.1%** | **United Kingdom — 11.1%** |
| BAE Systems plc | 13135620 | 122864942 |
| Berkeley Group Holdings plc | 2497480 | 99368138 |
| British American Tobacco plc | 8552722 | 337776696 |
| Great Portland Estates plc, REIT | 3302520 | 19467692 |
| Haleon plc\* | 26953694 | 82652307 |
| Hiscox Ltd. | 5212439 | 53697054 |
| Lloyds Banking Group plc | 217111612 | 104271752 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>47

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Value ($)** |
| **United Kingdom — 11.1% (continued)** | **United Kingdom — 11.1% (continued)** | **United Kingdom — 11.1% (continued)** | **United Kingdom — 11.1% (continued)** |
| Reckitt Benckiser Group plc |  | 2333629 | 154869000 |
| Unilever plc |  | 5850523 | 267031170 |
|  |  |  | **1241998751** |
| **United States — 5.5%** | **United States — 5.5%** | **United States — 5.5%** | **United States — 5.5%** |
| GSK plc |  | 3695113 | 60530011 |
| Nestle SA (Registered) |  | 1440734 | 156836578 |
| Newmont Corp. |  | 2665290 | 112795073 |
| Royal Gold, Inc. |  | 417668 | 39661753 |
| Willis Towers Watson plc |  | 1144034 | 249639659 |
|  |  |  | **619463074** |
| **Total Common Stocks<br>(Cost $8,333,105,235)** | **Total Common Stocks<br>(Cost $8,333,105,235)** | **Total Common Stocks<br>(Cost $8,333,105,235)** | **9352844365** |
|  | **Ounces** | **Ounces** |  |
| **Commodities — 10.6%** | **Commodities — 10.6%** | **Commodities — 10.6%** | **Commodities — 10.6%** |
| Gold bullion\*<br>(Cost $666,559,699) |  | 727675 | 1187841810 |
|  | **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Foreign Government Securities — 2.2%** | **Foreign Government Securities — 2.2%** | **Foreign Government Securities — 2.2%** | **Foreign Government Securities — 2.2%** |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Titulos de Tesoreria<br>Series B, 5.75%, 11/3/2027‡ | COP | 231789600000 | 33974656 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Republic of Indonesia<br>8.38%, 3/15/2024 | IDR | 267431000000 | 17485418 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Mex Bonos Desarr Fix Rt<br>Series M, 8.00%, 12/7/2023 | MXN | 377210000 | 18509239 |
| Series M 20, 10.00%, 12/5/2024 | MXN | 388030000 | 19493176 |
| Series M, 5.75%, 3/5/2026 | MXN | 665860000 | 29630636 |
|  |  |  | **67633051** |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Republic of Peru<br>8.20%, 8/12/2026‡ (d) | PEN | 90458000 | 23431942 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>48

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** |
| Republic of Singapore<br>1.25%, 11/1/2026‡ | SGD | 108048000 | 70831128 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Republic of Korea<br>1.25%, 3/10/2026 | KRW | 59926230000 | 38205834 |
| **Total Foreign Government Securities<br>(Cost 305,014,061)** | **Total Foreign Government Securities<br>(Cost 305,014,061)** | **Total Foreign Government Securities<br>(Cost 305,014,061)** | **251562029** |
|  | **Number of Warrants** | **Number of Warrants** |  |
| **Warrants — 0.0% (e)** | **Warrants — 0.0% (e)** | **Warrants — 0.0% (e)** | **Warrants — 0.0% (e)** |
| **Switzerland — 0.0% (e)** | **Switzerland — 0.0% (e)** | **Switzerland — 0.0% (e)** | **Switzerland — 0.0% (e)** |
| Cie Financiere Richemont SA, expiring 11/22/2023\*<br>(Cost $—) |  | 4875589 | 2385818 |
|  | **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |
| **Commercial Paper — 3.5%** | **Commercial Paper — 3.5%** | **Commercial Paper — 3.5%** | **Commercial Paper — 3.5%** |
| BNG Bank NV<br>2.79%, 11/17/2022 (d)(f) |  | 11065000 | 11046352 |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (f) |  | 11013000 | 11011964 |
| Credit Agricole Corporate and Investment Bank<br>3.02%, 11/1/2022 (f) |  | 10417000 | 10416107 |
| Engie SA<br>2.85%, 12/7/2022 (f) |  | 7186000 | 7156007 |
| 3.15%, 12/12/2022 (f) |  | 44472000 | 44259068 |
| Entergy Corp.<br>3.25%, 11/1/2022 (d)(f) |  | 6730000 | 6729386 |
| Export Development Canada<br>2.56%, 11/7/2022 (f) |  | 1594000 | 1592928 |
| 2.73%, 11/9/2022 (f) |  | 5119000 | 5114546 |
| 2.77%, 11/15/2022 (f) |  | 20000000 | 19970500 |
| 2.73%, 11/18/2022 (f) |  | 4871000 | 4862305 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (f) |  | 18355000 | 18353170 |
| Henkel US Operations Corp.<br>2.57%, 11/2/2022 (d)(f) |  | 7599000 | 7597688 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>49

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 3.5% (continued)** | **Commercial Paper — 3.5% (continued)** | **Commercial Paper — 3.5% (continued)** |
| Kreditanstalt fuer Wiederaufbau<br>2.71%, 11/1/2022 (d)(f) | 20000000 | 19998622 |
| 2.72%, 11/8/2022 (d)(f) | 25454000 | 25438716 |
| 2.83%, 11/16/2022 (d)(f) | 6072000 | 6063883 |
| 2.82%, 11/29/2022 (d)(f) | 14699000 | 14659523 |
| LVMH Moet Hennessy Louis Vuitton SE<br>2.79%, 12/5/2022 (f) | 4734000 | 4716428 |
| 3.23%, 12/14/2022 (d)(f) | 20568000 | 20471643 |
| Nederlandse Waterschapsbank NV<br>2.67%, 11/4/2022 (d)(f) | 7891000 | 7888113 |
| 2.67%, 11/7/2022 (d)(f) | 7891000 | 7885645 |
| Nestle Finance International Ltd.<br>2.79%, 12/5/2022 (d)(f) | 40207000 | 40064008 |
| NRW Bank<br>2.90%, 12/6/2022 (f) | 13689000 | 13640924 |
| 2.93%, 12/22/2022 (f) | 9793000 | 9743265 |
| Province of Quebec<br>2.54%, 11/3/2022 (d)(f) | 15701000 | 15696942 |
| 2.68%, 11/22/2022 (d)(f) | 30000000 | 29935577 |
| 2.83%, 11/30/2022 (d)(f) | 15301000 | 15255352 |
| PSP Capital, Inc.<br>2.73%, 11/4/2022 (f) | 3945000 | 3943568 |
| 3.45%, 12/15/2022 (f) | 8005000 | 7966626 |
| **Total Commercial Paper<br>(Cost $391,696,455)** | **Total Commercial Paper<br>(Cost $391,696,455)** | **391478856** |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Bills<br>2.64%, 11/17/2022 (f) | 10000000 | 9987357 |
| 2.96%, 12/1/2022 (f)(g) | 10000000 | 9971312 |
| **Total U.S. Treasury Obligations<br>(Cost $19,963,811)** | **Total U.S. Treasury Obligations<br>(Cost $19,963,811)** | **19958669** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>50

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 2.84% (h) (Cost $31,172) | 31172 | 31172 |
| **Total Short-Term Investments<br>(Cost $411,691,438)** | **Total Short-Term Investments<br>(Cost $411,691,438)** | **411468697** |
| **Total Investments — 99.9%<br>(Cost $9,716,370,433)** | **Total Investments — 99.9%<br>(Cost $9,716,370,433)** | **11206102719** |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | **11833720** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **11217936439** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

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

(b) Security fair valued as of October 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2022 amounted to $14,924,062, which represents approximately 0.13% of net assets of the Fund.

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

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Legris Industries SE | 04/30/04 | $23433066 | $16.48 |

---

(d) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $252,163,392, which represents approximately 2.25% of net assets of the Fund.

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

(f) The rate shown was the current yield as of October 31, 2022.

(g) All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts.

(h) Represents 7-day effective yield as of October 31, 2022.

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $2645407188 |
| Aggregate gross unrealized depreciation | (1599774715) |
| Net unrealized appreciation | $1045632473 |
| Federal income tax cost | $10160216818 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>51

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First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

**Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 30978714 | GBP | 26760000 | JPMorgan Chase Bank | 11/16/2022 | $278800 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 278800 |
| USD | 28418484 | GBP | 25209000 | Goldman Sachs | 12/14/2022 | (532228) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (532228) |
| **Net unrealized depreciation** | **Net unrealized depreciation** |  |  |  |  | $(253428) |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

COP — Colombian Peso

Fix Rt — Fixed Rate

GBP — British Pound

IDR — Indonesian Rupiah

KRW — South Korean Won

MXN — Mexican Peso

NVDR — Non-Voting Depositary Receipt

PEN — Peruvian Sol

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

REIT — Real Estate Investment Trust

SGD — Singapore Dollar

USD — United States Dollar

First Eagle Funds \| Annual Report \| October 31, 2022<br>52

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First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>October 31, 2022** | **Market Value <br>October 31, 2021** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** |
| **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Legris Industries SE\*‡ (a)(b) | 905366 | $20293634 | $— | $— |
| **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** |
| Cia Cervecerias Unidas SA | 9392572 | 158828392 |  |  |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Laurent-Perrier | 558938 | 62287158 |  |  |
| **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** |
| Chofu Seisakusho Co. Ltd. | 1829100 | 33049468 |  |  |
| Daiichikosho Co. Ltd. | 2866280 | 104073016 |  |  |
|  |  | **137122484** | **—** | **—** |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| Haw Par Corp. Ltd. | 19447213 | 181739911 |  |  |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Fursys, Inc. | 872463 | 29143019 |  |  |
| Namyang Dairy Products Co. <br>Ltd. (Preference) | 15711 | 3049776 |  |  |
|  |  | **32192795** | **—** | **—** |
| **Total Common Stocks** |  | **592464374** | **—** | **—** |
| **Total** |  | $**592464374** | $**—** | $**—** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>53

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First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2022

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Net Realized<br>Gain<br>(Loss)** | **Change in <br>Unrealized <br>Appreciation/<br>(Depreciation)** | **Market Value <br>October 31, 2022** | **Dividend <br>Income** |
| **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Legris Industries SE\*‡ (a)(b) | $— | $(5369572) | $14924062 | $— |
| **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** |
| Cia Cervecerias Unidas SA |  | (57294689) | 101533703 | 11040861 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Laurent-Perrier |  | (7817884) | 54469274 | 967915 |
| **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** |
| Chofu Seisakusho Co. Ltd. |  | (8070391) | 24979077 | 474669 |
| Daiichikosho Co. Ltd. |  | (21888975) | 82184041 | 2207190 |
|  | **—** | **(29959366)** | **107163118** | **2681859** |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| Haw Par Corp. Ltd. |  | (51910166) | 129829745 | 4207957 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Fursys, Inc. |  | (12367047) | 16775972 | 674805 |
| Namyang Dairy Products Co. <br>Ltd. (Preference) |  | (812030) | 2237746 | 11610 |
|  | **—** | **(13179077)** | **19013718** | **686415** |
| **Total Common Stocks** | **—** | **(165530754)** | **426933620** | **19585007** |
| **Total** | $**—** | $**(165530754)** | $**426933620** | $**19585007** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Security fair valued as of October 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2022 amounted to $14,924,062, which represents approximately 0.13% of net assets of the Fund.

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

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>54

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First Eagle U.S. Value Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)** | | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle U.S. Value Fund | Class A | without sales charge | -9.12 | 5.74 | 7.23 |
|  |  | with sales charge | -13.66 | 4.66 | 6.69 |
| S&P 500 Index |  |  | -14.61 | 10.44 | 12.79 |
| Consumer Price Index |  |  | 7.75 | 3.85 | 2.57 |

---

**Asset Allocation\* (%)**

![](j22310262_ce026.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Financials | 13.2 |
| Information Technology | 12.7 |
| Energy | 12.1 |
| Commodities | 10.4 |
| Health Care | 9.7 |
| Industrials | 9.1 |
| Consumer Staples | 7.3 |
| Communication Services | 6.6 |
| Materials | 4.3 |
| Real Estate | 3.2 |
| Consumer Discretionary | 1.2 |
| Utilities | 0.8 |
| Short-Term Investments | 9.4 |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

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

\*\* Includes short-term commercial paper (3.7% of total investments) that settles in 90 days or less, long-term commercial paper (4.8% of total investments) that settles in 91 days or greater and other short-term investments (0.9% of total investments), such as U.S. treasury bills or money market funds.

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>56

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First Eagle U.S. Value Fund \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j22310262_ce027.jpg)

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

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

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

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Gold bullion\*\* (Precious Metal) | 10.4 |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 5.0 |
| Oracle Corp. (Software, United States) | 4.2 |
| Philip Morris International, Inc. (Tobacco, United States) | 3.3 |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 3.0 |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.0 |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 2.8 |
| Comcast Corp. (Media, United States) | 2.6 |
| Colgate-Palmolive Co. (Household Products, United States) | 2.4 |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.2 |
| **Total** | **38.9** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>57

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First Eagle U.S. Value Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 76.3%** | **Common Stocks — 76.3%** | **Common Stocks — 76.3%** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| Aerojet Rocketdyne Holdings, Inc.\* | 240464 | 11650481 |
| **Air Freight & Logistics — 3.7%** | **Air Freight & Logistics — 3.7%** | **Air Freight & Logistics — 3.7%** |
| CH Robinson Worldwide, Inc. | 330334 | 32280238 |
| Expeditors International of Washington, Inc. | 94942 | 9290075 |
|  |  | **41570313** |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| US Bancorp | 345798 | 14679125 |
| Wells Fargo & Co. | 235971 | 10852306 |
|  |  | **25531431** |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Bank of New York Mellon Corp. (The) | 602359 | 25365338 |
| Charles Schwab Corp. (The) | 153075 | 12195485 |
|  |  | **37560823** |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Nutrien Ltd. (Canada) | 158929 | 13429501 |
| PPG Industries, Inc. | 37118 | 4238133 |
| RPM International, Inc. | 6621 | 626148 |
|  |  | **18293782** |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| American Express Co. | 100738 | 14954556 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| Berkshire Hathaway, Inc., Class A\* | 38 | 16911900 |
| **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
| IPG Photonics Corp.\* | 172551 | 14780719 |
| **Energy Equipment & Services — 4.1%** | **Energy Equipment & Services — 4.1%** | **Energy Equipment & Services — 4.1%** |
| NOV, Inc. | 999361 | 22385686 |
| Schlumberger NV | 471530 | 24533706 |
|  |  | **46919392** |
| **Equity Real Estate Investment Trusts (REITs) — 3.2%** | **Equity Real Estate Investment Trusts (REITs) — 3.2%** | **Equity Real Estate Investment Trusts (REITs) — 3.2%** |
| Boston Properties, Inc. | 90032 | 6545326 |
| Douglas Emmett, Inc. | 344416 | 6058278 |
| Equity Residential | 188465 | 11877064 |
| Weyerhaeuser Co. | 401701 | 12424612 |
|  |  | **36905280** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>58

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First Eagle U.S. Value Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| Walmart, Inc. | 58370 | 8307802 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Kraft Heinz Co. (The) | 206681 | 7951018 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| UGI Corp. | 242612 | 8571482 |
| **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
| Becton Dickinson and Co. | 44564 | 10515767 |
| Dentsply Sirona, Inc. | 350379 | 10798681 |
| Embecta Corp. | 8912 | 275559 |
|  |  | **21590007** |
| **Health Care Providers & Services — 7.8%** | **Health Care Providers & Services — 7.8%** | **Health Care Providers & Services — 7.8%** |
| Elevance Health, Inc. | 63079 | 34489705 |
| HCA Healthcare, Inc. | 157427 | 34235649 |
| Universal Health Services, Inc., Class B | 170425 | 19747145 |
|  |  | **88472499** |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc. | 51378 | 3949941 |
| **Household Products — 2.4%** | **Household Products — 2.4%** | **Household Products — 2.4%** |
| Colgate-Palmolive Co. | 376279 | 27784441 |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| Brown & Brown, Inc. | 197669 | 11620960 |
| Travelers Cos., Inc. (The) | 78023 | 14392123 |
| W.R. Berkley Corp. | 94520 | 7030398 |
| Willis Towers Watson plc | 67171 | 14657384 |
|  |  | **47700865** |
| **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** |
| Alphabet, Inc., Class A\* | 145960 | 13794679 |
| Alphabet, Inc., Class C\* | 167497 | 15855266 |
| Meta Platforms, Inc., Class A\* | 170629 | 15895798 |
|  |  | **45545743** |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Fidelity National Information Services, Inc. | 63699 | 5286380 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>59

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First Eagle U.S. Value Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
| Cummins, Inc. | 73903 | 18070023 |
| Deere & Co. | 33728 | 13350217 |
| Flowserve Corp. | 378708 | 10861345 |
|  |  | **42281585** |
| **Media — 2.6%** | **Media — 2.6%** | **Media — 2.6%** |
| Comcast Corp., Class A | 920308 | 29210576 |
| **Metals & Mining — 2.7%** | **Metals & Mining — 2.7%** | **Metals & Mining — 2.7%** |
| Agnico Eagle Mines Ltd. (Canada) | 82024 | 3608249 |
| Barrick Gold Corp. (Canada) | 522110 | 7847313 |
| Franco-Nevada Corp. (Canada) | 21527 | 2659845 |
| Newcrest Mining Ltd. (Australia) | 236346 | 2617598 |
| Newmont Corp. | 252516 | 10686477 |
| Royal Gold, Inc. | 38764 | 3681030 |
|  |  | **31100512** |
| **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** |
| Exxon Mobil Corp. | 517613 | 57356697 |
| **Road & Rail — 0.7%** | **Road & Rail — 0.7%** | **Road & Rail — 0.7%** |
| Union Pacific Corp. | 40148 | 7914777 |
| **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** |
| Analog Devices, Inc. | 126112 | 17986094 |
| Texas Instruments, Inc. | 119213 | 19149184 |
|  |  | **37135278** |
| **Software — 7.7%** | **Software — 7.7%** | **Software — 7.7%** |
| Microsoft Corp. | 89751 | 20833899 |
| Oracle Corp. | 616514 | 48131248 |
| Salesforce, Inc.\* | 61730 | 10036681 |
| Teradata Corp.\* | 258661 | 8171101 |
|  |  | **87172929** |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| Ross Stores, Inc. | 100220 | 9590052 |
| **Tobacco — 3.3%** | **Tobacco — 3.3%** | **Tobacco — 3.3%** |
| Philip Morris International, Inc. | 414932 | 38111504 |
| **Total Common Stocks<br>(Cost $545,788,642)** | **Total Common Stocks<br>(Cost $545,788,642)** | **870112765** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>60

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First Eagle U.S. Value Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities — 10.4%** | **Commodities — 10.4%** | **Commodities — 10.4%** |
| Gold bullion <br>(Cost $78,780,488)\* | 72529 | 118394428 |
|  | **Shares** |  |
| **Master Limited Partnerships — 3.0%** | **Master Limited Partnerships — 3.0%** | **Master Limited Partnerships — 3.0%** |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| Enterprise Products Partners LP | 623041 | 15731785 |
| Magellan Midstream Partners LP | 337252 | 18194745 |
| **Total Master Limited Partnerships<br>(Cost $28,023,469)** | **Total Master Limited Partnerships<br>(Cost $28,023,469)** | **33926530** |
|  | **Principal Amount ($)** |  |
| **Convertible Preferred Stocks — 0.4%** | **Convertible Preferred Stocks — 0.4%** | **Convertible Preferred Stocks — 0.4%** |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Bank of America Corp.<br>Series L, 7.25%, (a) (Cost $5,693,463) | 4250 | 4931955 |
| **Corporate Bonds — 0.4%** | **Corporate Bonds — 0.4%** | **Corporate Bonds — 0.4%** |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| Mexico Remittances Funding Fiduciary Estate <br>Management Sarl (Mexico)<br>4.88%, 1/15/2028‡ (b) | 4132000 | 3383044 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Post Holdings, Inc.<br>5.75%, 3/1/2027 (b) | 666000 | 643796 |
| **Health Care Equipment & Supplies — 0.0% (c)** | **Health Care Equipment & Supplies — 0.0% (c)** | **Health Care Equipment & Supplies — 0.0% (c)** |
| Bausch & Lomb, Inc.<br>7.13%, 8/1/2028‡ | 600000 | 571500 |
| **Total Corporate Bonds<br>(Cost $4,668,901)** | **Total Corporate Bonds<br>(Cost $4,668,901)** | **4598340** |
| **Short-Term Investments — 9.4%** | **Short-Term Investments — 9.4%** | **Short-Term Investments — 9.4%** |
| **Commercial Paper — 8.5%** | **Commercial Paper — 8.5%** | **Commercial Paper — 8.5%** |
| Amazon.com, Inc.<br>2.67%, 11/21/2022 (d) | 12000000 | 11974730 |
| Apple, Inc.<br>3.23%, 12/14/2022 (b)(d) | 12451000 | 12393735 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>61

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First Eagle U.S. Value Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 8.5% (continued)** | **Commercial Paper — 8.5% (continued)** | **Commercial Paper — 8.5% (continued)** |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (d) | 10052000 | 10051055 |
| Credit Agricole Corporate and <br>Investment Bank (France)<br>3.02%, 11/1/2022 (d) | 9508000 | 9507185 |
| Entergy Corp.<br>3.25%, 11/1/2022 (b)(d) | 6143000 | 6142439 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (d) | 16753000 | 16751330 |
| Honeywell International, Inc.<br>3.84%, 1/23/2023 (b)(d) | 10000000 | 9906620 |
| MetLife Short Term Funding LLC<br>2.67%, 11/16/2022 (d) | 10000000 | 9984107 |
| Philip Morris International, Inc.<br>4.01%, 1/25/2023 (d) | 10000000 | 9900001 |
| **Total Commercial Paper<br>(Cost $96,649,354)** | **Total Commercial Paper<br>(Cost $96,649,354)** | **96611202** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares, 2.84%, (e) (Cost $19,010) | 19010 | 19010 |
|  | **Principal Amount ($)** |  |
| **U.S. Treasury Obligations — 0.9%** | **U.S. Treasury Obligations — 0.9%** | **U.S. Treasury Obligations — 0.9%** |
| U.S. Treasury Bills<br>2.96%, 12/1/2022 (d) (Cost $9,975,500) | 10000000 | 9971312 |
| **Total Short-Term Investments<br>(Cost $106,643,864)** | **Total Short-Term Investments<br>(Cost $106,643,864)** | **106601524** |
| **Total Investments — 99.9%<br>(Cost $769,598,827)** | **Total Investments — 99.9%<br>(Cost $769,598,827)** | **1138565542** |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | **1190595** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1139756137** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Perpetual security. The rate reflected was the rate in effect on October 31, 2022. The maturity date reflects the next call date.

First Eagle Funds \| Annual Report \| October 31, 2022<br>62

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First Eagle U.S. Value Fund \| Consolidated Schedule of Investments \| October 31, 2022

(b) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $32,469,634, which represents approximately 2.85% of net assets of the Fund.

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

(d) The rate shown was the current yield as of October 31, 2022.

(e) Represents 7-day effective yield as of October 31, 2022.

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $412823847 |
| Aggregate gross unrealized depreciation | (39689399) |
| Net unrealized appreciation | $373134448 |
| Federal income tax cost | $765431094 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>63

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First Eagle Gold Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Gold Fund is a non-diversified fund that seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. In seeking to achieve its objective, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in gold, and/or securities directly related to gold or issuers principally engaged in the gold industry.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns (%)**  | | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle Gold Fund | Class A | without sales load | -15.24 | 3.60 | -4.05 |
|  |  | with sales load | -19.49 | 2.54 | -4.54 |
| FTSE Gold Mines Index |  |  | -26.46 | -0.08 | -7.64 |
| MSCI World Index |  |  | -18.48 | 6.37 | 8.94 |
| Consumer Price Index |  |  | 7.75 | 3.85 | 2.57 |

---

**Asset Allocation\* (%)**

![](j22310262_cg028.jpg)

**Sectors\* (%)**

Materials 75.8 <br> Commodities 21.1 <br> Short-Term Investments 3.1

**Countries\*~ (%)**

---

| | |
|:---|:---|
| Canada | 41.1 |
| United States | 35.8 |
| Brazil | 11.1 |
| Australia | 4.7 |
| Mexico | 2.9 |
| Tanzania | 1.3 |
| Short-Term Investments | 3.1 |

---

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

\*\* Includes short-term commercial paper (1.4% of total investments) that settles in 90 days or less, long-term commercial paper (1.7% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>64

------

First Eagle Gold Fund \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j22310262_cg029.jpg)

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

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

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

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Gold bullion\*\* (Precious Metal) | 16.5 |
| Wheaton Precious Metals Corp. (Metals & Mining, Brazil) | 11.1 |
| Newmont Corp. (Metals & Mining, United States) | 9.8 |
| Barrick Gold Corp. (Metals & Mining, Canada) | 7.7 |
| Alamos Gold, Inc. (Metals & Mining, Canada) | 4.9 |
| Franco-Nevada Corp. (Metals & Mining, Canada) | 4.9 |
| Royal Gold, Inc. (Metals & Mining, United States) | 4.9 |
| Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | 4.8 |
| Novagold Resources, Inc. (Metals & Mining, Canada) | 4.7 |
| Newcrest Mining Ltd. (Metals & Mining, Australia) | 4.7 |
| **Total** | **74.0** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>65

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 75.2%** | **Common Stocks — 75.2%** | **Common Stocks — 75.2%** |
| **Australia — 4.6%** | **Australia — 4.6%** | **Australia — 4.6%** |
| Newcrest Mining Ltd. | 7518396 | 83268349 |
| **Brazil — 11.1%** | **Brazil — 11.1%** | **Brazil — 11.1%** |
| Wheaton Precious Metals Corp. | 6037452 | 197364308 |
| **Canada — 40.6%** | **Canada — 40.6%** | **Canada — 40.6%** |
| Agnico Eagle Mines Ltd. | 1939024 | 85297984 |
| Alamos Gold, Inc., Class A | 11041299 | 87124428 |
| B2Gold Corp. | 26480330 | 80858937 |
| Barrick Gold Corp. | 9080585 | 136481192 |
| Dundee Precious Metals, Inc. (a) | 13799108 | 62596607 |
| Franco-Nevada Corp. | 701323 | 86654458 |
| Kinross Gold Corp. | 4330528 | 15719817 |
| MAG Silver Corp.\* | 4897100 | 65062216 |
| Novagold Resources, Inc.\* (a) | 18026001 | 83460385 |
| Orla Mining Ltd.\* | 6508741 | 20543609 |
|  |  | **723799633** |
| **Mexico — 2.9%** | **Mexico — 2.9%** | **Mexico — 2.9%** |
| Fresnillo plc | 4277558 | 35762655 |
| Industrias Penoles SAB de CV | 1403600 | 15922532 |
|  |  | **51685187** |
| **Tanzania — 1.3%** | **Tanzania — 1.3%** | **Tanzania — 1.3%** |
| AngloGold Ashanti Ltd., ADR | 1778138 | 23204701 |
| **United States — 14.7%** | **United States — 14.7%** | **United States — 14.7%** |
| Newmont Corp. | 4134445 | 174969712 |
| Royal Gold, Inc. | 911721 | 86577026 |
|  |  | **261546738** |
| **Total Common Stocks<br>(Cost $1,146,331,831)** | **Total Common Stocks<br>(Cost $1,146,331,831)** | **1340868916** |
|  | **Ounces** |  |
| **Commodities — 20.9%** | **Commodities — 20.9%** | **Commodities — 20.9%** |
| Gold bullion\* | 180140 | 294056198 |
| Silver bullion\* | 4134934 | 79138914 |
| **Total Commodities<br>(Cost $265,004,606)** | **Total Commodities<br>(Cost $265,004,606)** | **373195112** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>66

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Rights** | **Value ($)** |
| **Rights — 0.2%** | **Rights — 0.2%** | **Rights — 0.2%** |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Pan American Silver Corp., CVR, expiring 2/22/2029\*<br>(Cost $45,973,716) | 6835667 | 4169757 |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Commercial Paper — 3.1%** | **Commercial Paper — 3.1%** | **Commercial Paper — 3.1%** |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (b) | 5622000 | 5621472 |
| Credit Agricole Corporate and Investment Bank<br>3.02%, 11/1/2022 (b) | 5318000 | 5317544 |
| Entergy Corp.<br>3.25%, 11/1/2022 (b)(c) | 3436000 | 3435686 |
| Export Development Canada<br>2.73%, 11/9/2022 (b) | 5119000 | 5114547 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (b) | 9370000 | 9369066 |
| Kreditanstalt fuer Wiederaufbau<br>2.72%, 11/8/2022 (b)(c) | 25454000 | 25438716 |
| **Total Commercial Paper<br>(Cost $54,302,554)** | **Total Commercial Paper<br>(Cost $54,302,554)** | **54297031** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (d)** | **Investment Companies — 0.0% (d)** | **Investment Companies — 0.0% (d)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 2.84% (e) (Cost $7,603) | 7603 | 7603 |
| **Total Short-Term Investments<br>(Cost $54,310,157)** | **Total Short-Term Investments<br>(Cost $54,310,157)** | **54304634** |
| **Total Investments — 99.4%<br>(Cost $1,511,620,310)** | **Total Investments — 99.4%<br>(Cost $1,511,620,310)** | **1772538419** |
| **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | **9789674** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1782328093** |

---

\* Non-income producing security.

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

(b) The rate shown was the current yield as of October 31, 2022.

(c) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $28,874,402, which represents approximately 1.62% of net assets of the Fund.

First Eagle Funds \| Annual Report \| October 31, 2022<br>67

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2022

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

(e) Represents 7-day effective yield as of October 31, 2022.

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

CVR — Contingent Value Rights

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $369368254 |
| Aggregate gross unrealized depreciation | (190327903) |
| Net unrealized appreciation | $179040351 |
| Federal income tax cost | $1593498068 |

---

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at <br>October 31, 2022** | **Market Value <br>October 31, 2021** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** |
| **Common Stock — 8.2%** | **Common Stock — 8.2%** | **Common Stock — 8.2%** | **Common Stock — 8.2%** | **Common Stock — 8.2%** |
| **Canada — 8.2%** | **Canada — 8.2%** | **Canada — 8.2%** | **Canada — 8.2%** | **Canada — 8.2%** |
| Dundee Precious <br>Metals, Inc. | 13799108 | $88398243 | $1629147 | $— |
| Novagold Resources, Inc.\* | 18026001 | 82366441 | 46990950 | (10246628) |
| **Total Common Stock** |  | $**170764684** | $**48620097** | $**(10246628)** |
| **Total** |  | $**170764684** | $**48620097** | $**(10246628)** |
| **Security Description** | **Net Realized <br>Gain <br>(Loss)** | **Change in <br>Unrealized <br>Appreciation/ <br>(Depreciation)** | **Market Value <br>October 31, <br>2022** | **Dividend<br>Income** |
| **Common Stock — 8.2%** | **Common Stock — 8.2%** | **Common Stock — 8.2%** | **Common Stock — 8.2%** | **Common Stock — 8.2%** |
| **Canada — 8.2%** | **Canada — 8.2%** | **Canada — 8.2%** | **Canada — 8.2%** | **Canada — 8.2%** |
| Dundee Precious <br>Metals, Inc. | $— | $(27430783) | $62596607 | $1719968 |
| Novagold Resources, Inc.\* | (7980613) | (27669765) | 83460385 |  |
| **Total Common Stock** | $**(7980613)** | $**(55100548)** | $**146056992** | $**1719968** |
| **Total** | $**(7980613)** | $**(55100548)** | $**146056992** | $**1719968** |

---

\* Non-income producing security.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>68

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First Eagle Global Income Builder Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. Fundamental research drives the identification of income-producing investment opportunities across all market environments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)**  | | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle Global Income Builder | Class A | without sales load | -8.23 | 2.58 | 4.65 |
|  |  | with sales load | -12.81 | 1.54 | 4.12 |
| Composite Index |  |  | -17.10 | 3.90 | 5.83 |
| MSCI World Index |  |  | -18.48 | 6.37 | 8.94 |
| Bloomberg U.S. Aggregate Index |  |  | -15.68 | -0.54 | 0.74 |

---

**Asset Allocation\* (%)**

![](j22310262_ci030.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Consumer Staples | 23.3 |
| Financials | 14.7 |
| Energy | 10.5 |
| Industrials | 9.0 |
| U.S. Treasury Obligations | 8.0 |
| Commodities | 6.4 |
| Health Care | 5.8 |
| Real Estate | 4.7 |
| Consumer Discretionary | 3.8 |
| Materials | 3.8 |
| Information Technology | 3.2 |
| Foreign Government Securities | 1.6 |
| Communication Services | 1.2 |
| Mutual Funds | 0.8 |
| Utilities | 0.7 |
| Short-Term Investments | 2.5 |

---

**Countries\*~ (%)**

---

| | |
|:---|:---|
| United States | 54.1 |
| United Kingdom | 9.0 |
| Hong Kong | 3.9 |
| Canada | 3.8 |
| Mexico | 3.4 |
| France | 3.3 |
| Japan | 2.5 |
| Brazil | 2.3 |
| South Korea | 2.2 |
| Sweden | 2.0 |
| Germany | 1.8 |
| Belgium | 1.6 |
| Switzerland | 1.5 |
| Chile | 1.3 |
| Singapore | 1.2 |
| Norway | 0.9 |
| Thailand | 0.7 |
| Turkey | 0.5 |
| Poland | 0.4 |
| Colombia | 0.3 |
| Netherlands | 0.3 |
| Australia | 0.3 |
| Taiwan | 0.2 |
| Short-Term Investments | 2.5 |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

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

\*\* Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>70

------

First Eagle Global Income Builder Fund \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j22310262_ci031.jpg)

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

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

The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The MSCI World Index provides total returns in U.S. dollars with net dividends reinvested. The Bloomberg U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS. One cannot invest directly in an index.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Gold bullion (Precious Metal) | 6.4 |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 3.6 |
| Unilever plc (Personal Products, United Kingdom) | 2.7 |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.6 |
| Nestle SA (Registered) (Food Products, United States) | 2.2 |
| Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | 1.9 |
| Philip Morris International, Inc. (Tobacco, United States) | 1.8 |
| KT&G Corp. (Tobacco, South Korea) | 1.7 |
| Groupe Bruxelles Lambert NV (Diversified Financial Services, Belgium) | 1.6 |
| Power Corp. of Canada (Insurance, Canada) | 1.5 |
| **Total** | **26.0** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>71

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 63.8%** | **Common Stocks — 63.8%** | **Common Stocks — 63.8%** |
| **Belgium — 1.6%** | **Belgium — 1.6%** | **Belgium — 1.6%** |
| Groupe Bruxelles Lambert NV | 302863 | 22329005 |
| **Brazil — 2.0%** | **Brazil — 2.0%** | **Brazil — 2.0%** |
| Ambev SA, ADR | 4525512 | 13757557 |
| Itausa SA (Preference) | 3628050 | 7543366 |
| Wheaton Precious Metals Corp. | 235189 | 7688328 |
|  |  | **28989251** |
| **Canada — 3.4%** | **Canada — 3.4%** | **Canada — 3.4%** |
| Agnico Eagle Mines Ltd. | 16806 | 739299 |
| Barrick Gold Corp. | 90496 | 1360155 |
| Franco-Nevada Corp. | 42649 | 5269649 |
| Franco-Nevada Corp. | 32962 | 4073444 |
| Imperial Oil Ltd. | 254278 | 13832380 |
| Nutrien Ltd. (a) | 28543 | 2411883 |
| Power Corp. of Canada | 875590 | 21742731 |
|  |  | **49429541** |
| **Chile — 1.3%** | **Chile — 1.3%** | **Chile — 1.3%** |
| Cia Cervecerias Unidas SA, ADR | 1180964 | 12766221 |
| Quinenco SA | 2083758 | 5541228 |
|  |  | **18307449** |
| **France — 3.2%** | **France — 3.2%** | **France — 3.2%** |
| Danone SA | 409081 | 20331129 |
| Sanofi | 151208 | 13012637 |
| Sodexo SA | 116109 | 10285214 |
| Wendel SE | 26895 | 2105932 |
|  |  | **45734912** |
| **Germany — 1.5%** | **Germany — 1.5%** | **Germany — 1.5%** |
| Brenntag SE | 50931 | 3090307 |
| FUCHS PETROLUB SE (Preference) | 296220 | 8483465 |
| Henkel AG & Co. KGaA (Preference) | 149355 | 9409158 |
|  |  | **20982930** |
| **Hong Kong — 3.9%** | **Hong Kong — 3.9%** | **Hong Kong — 3.9%** |
| CK Asset Holdings Ltd. | 2196000 | 12140742 |
| Great Eagle Holdings Ltd. | 1662774 | 3049346 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>72

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hong Kong — 3.9% (continued)** | **Hong Kong — 3.9% (continued)** | **Hong Kong — 3.9% (continued)** |
| Guoco Group Ltd. | 167700 | 1473049 |
| Hongkong Land Holdings Ltd. | 2123300 | 8174467 |
| Hysan Development Co. Ltd. | 1193083 | 2600440 |
| Jardine Matheson Holdings Ltd. | 585800 | 26986636 |
| Mandarin Oriental International Ltd.\* | 1047200 | 1727880 |
|  |  | **56152560** |
| **Japan — 2.5%** | **Japan — 2.5%** | **Japan — 2.5%** |
| Daiwa Industries Ltd. | 181700 | 1523642 |
| FANUC Corp. | 31300 | 4095656 |
| Komatsu Ltd. | 144200 | 2824906 |
| Mitsubishi Electric Corp. | 221700 | 1950653 |
| MS&AD Insurance Group Holdings, Inc. | 232800 | 6164824 |
| Secom Co. Ltd. | 213100 | 12140414 |
| Sompo Holdings, Inc. | 123400 | 5144830 |
| USS Co. Ltd. | 123600 | 1864968 |
|  |  | **35709893** |
| **Mexico — 2.3%** | **Mexico — 2.3%** | **Mexico — 2.3%** |
| Bolsa Mexicana de Valores SAB de CV | 341523 | 621922 |
| Coca-Cola Femsa SAB de CV, ADR (a) | 204479 | 12839236 |
| Fomento Economico Mexicano SAB de CV, ADR | 167196 | 11974578 |
| Fresnillo plc | 178369 | 1491260 |
| GMexico Transportes SAB de CV (b) | 359128 | 668120 |
| Grupo Mexico SAB de CV, Series B | 1310559 | 4751297 |
|  |  | **32346413** |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| HAL Trust | 39727 | 4577195 |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Orkla ASA | 1923187 | 12972201 |
| **Singapore — 0.9%** | **Singapore — 0.9%** | **Singapore — 0.9%** |
| Haw Par Corp. Ltd. | 687800 | 4591758 |
| United Overseas Bank Ltd. | 232800 | 4567256 |
| UOL Group Ltd. | 764200 | 3337865 |
|  |  | **12496879** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>73

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **South Korea — 2.0%** | **South Korea — 2.0%** | **South Korea — 2.0%** |
| KT&G Corp. | 353926 | 23770222 |
| Samsung Electronics Co. Ltd. (Preference) | 139229 | 5203254 |
|  |  | **28973476** |
| **Sweden — 2.0%** | **Sweden — 2.0%** | **Sweden — 2.0%** |
| Industrivarden AB, Class A | 10611 | 240317 |
| Industrivarden AB, Class C | 425124 | 9546337 |
| Investor AB, Class A | 639643 | 10876979 |
| Svenska Handelsbanken AB, Class A | 831749 | 7727809 |
|  |  | **28391442** |
| **Switzerland — 1.5%** | **Switzerland — 1.5%** | **Switzerland — 1.5%** |
| Cie Financiere Richemont SA (Registered) | 128167 | 12526217 |
| Schindler Holding AG | 57851 | 9433528 |
|  |  | **21959745** |
| **Taiwan — 0.2%** | **Taiwan — 0.2%** | **Taiwan — 0.2%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 47844 | 2944798 |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Bangkok Bank PCL, NVDR | 1644800 | 6298583 |
| Thai Beverage PCL | 9335100 | 3792891 |
|  |  | **10091474** |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| Coca-Cola Icecek A/S | 829152 | 7658267 |
| **United Kingdom — 8.1%** | **United Kingdom — 8.1%** | **United Kingdom — 8.1%** |
| BAE Systems plc | 807624 | 7554168 |
| Berkeley Group Holdings plc | 222665 | 8859253 |
| British American Tobacco plc | 944257 | 37291988 |
| Haleon plc\* | 3403644 | 10437123 |
| Hiscox Ltd. | 43544 | 448578 |
| Linde plc | 4836 | 1437985 |
| Lloyds Banking Group plc | 9591729 | 4606600 |
| Reckitt Benckiser Group plc | 120054 | 7967266 |
| Unilever plc | 840315 | 38353887 |
|  |  | **116956848** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>74

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 25.0%** | **United States — 25.0%** | **United States — 25.0%** |
| Analog Devices, Inc. (a) | 37082 | 5288635 |
| Bank of New York Mellon Corp. (The) (a) | 336334 | 14163025 |
| Becton Dickinson and Co. (a) | 32527 | 7675396 |
| Boston Properties, Inc., REIT | 99274 | 7217220 |
| CH Robinson Worldwide, Inc. (a) | 107646 | 10519167 |
| Colgate-Palmolive Co. (a) | 260791 | 19256807 |
| Comcast Corp., Class A | 481922 | 15296204 |
| Douglas Emmett, Inc., REIT | 331773 | 5835887 |
| Elevance Health, Inc. (a) | 15305 | 8368315 |
| Embecta Corp. | 6505 | 201135 |
| Equity Residential, REIT | 205504 | 12950862 |
| Exxon Mobil Corp. (a) | 467828 | 51840021 |
| Fidelity National Information Services, Inc. (a) | 51661 | 4287346 |
| General Dynamics Corp. | 7297 | 1822791 |
| GSK plc | 403994 | 6617866 |
| HCA Healthcare, Inc. (a) | 86699 | 18854431 |
| IDACORP, Inc. (a) | 33468 | 3504100 |
| Kraft Heinz Co. (The) (a) | 148824 | 5725259 |
| Nestle SA (Registered) | 290284 | 31599968 |
| Oracle Corp. (a) | 114325 | 8925353 |
| Philip Morris International, Inc. (a) | 288668 | 26514156 |
| Ross Stores, Inc. (a) | 79798 | 7635871 |
| Royal Gold, Inc. | 78566 | 7460627 |
| RPM International, Inc. (a) | 5268 | 498195 |
| Schlumberger NV (a) | 287827 | 14975639 |
| Texas Instruments, Inc. (a) | 75878 | 12188283 |
| Travelers Cos., Inc. (The) (a) | 8515 | 1570677 |
| UGI Corp. | 152737 | 5396198 |
| Union Pacific Corp. (a) | 6543 | 1289887 |
| Universal Health Services, Inc., Class B (a) | 58958 | 6831463 |
| US Bancorp | 278702 | 11830900 |
| Walmart, Inc. (a) | 51142 | 7279041 |
| Wells Fargo & Co. (a) | 267858 | 12318789 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>75

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 25.0% (continued)** | **United States — 25.0% (continued)** | **United States — 25.0% (continued)** |
| Weyerhaeuser Co., REIT (a) | 129131 | 3994022 |
|  |  | **359733536** |
| **Total Common Stocks<br>(Cost $905,478,835)** | **Total Common Stocks<br>(Cost $905,478,835)** | **916737815** |
|  | **Principal Amount ($)** |  |
| **Corporate Bonds — 10.2%** | **Corporate Bonds — 10.2%** | **Corporate Bonds — 10.2%** |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| Coronado Finance Pty. Ltd.<br>10.75%, 5/15/2026 (c) | 1643000 | 1710774 |
| Nufarm Australia Ltd.<br>5.00%, 1/27/2030 (c) | 2595000 | 2195136 |
|  |  | **3905910** |
| **Canada — 0.4%** | **Canada — 0.4%** | **Canada — 0.4%** |
| Open Text Corp.<br>3.88%, 2/15/2028 (c) | 1106000 | 946670 |
| Open Text Holdings, Inc.<br>4.13%, 2/15/2030 (c) | 6065000 | 4829256 |
|  |  | **5775926** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| IHO Verwaltungs GmbH<br>4.75%, (4.75% Cash or 5.50% PIK) 9/15/2026 (c)(d) | 3879000 | 3266572 |
| 6.00%, (6.00% Cash or 6.75% PIK) 5/15/2027 (c)(d) | 1336632 | 1147833 |
|  |  | **4414405** |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| Mexico Remittances Funding Fiduciary <br>Estate Management Sarl<br>4.88%, 1/15/2028‡ (c) | 13186000 | 10795940 |
| **Poland — 0.4%** | **Poland — 0.4%** | **Poland — 0.4%** |
| Canpack SA<br>3.13%, 11/1/2025 (c) | 420000 | 364482 |
| 3.88%, 11/15/2029 (c) | 6197000 | 4918869 |
|  |  | **5283351** |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| BAT Capital Corp.<br>3.22%, 9/6/2026 | 1525000 | 1355292 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>76

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 8.0%** | **United States — 8.0%** | **United States — 8.0%** |
| ACCO Brands Corp.<br>4.25%, 3/15/2029 (c) | 7873000 | 6255099 |
| Aircastle Ltd.<br>4.40%, 9/25/2023 | 984000 | 961697 |
| American Airlines, Inc.<br>5.50%, 4/20/2026 (c) | 4267833 | 4064350 |
| 5.75%, 4/20/2029 (c) | 502000 | 456820 |
| American Tower Corp.<br>REIT, 2.40%, 3/15/2025 | 115000 | 106348 |
| AMN Healthcare, Inc.<br>4.63%, 10/1/2027 (c) | 2959000 | 2768411 |
| Aramark Services, Inc.<br>5.00%, 4/1/2025 (c) | 2141000 | 2069690 |
| 5.00%, 2/1/2028 (c) | 194000 | 176754 |
| Carnival Corp.<br>4.00%, 8/1/2028 (c) | 1206000 | 971644 |
| Centene Corp.<br>4.25%, 12/15/2027 | 2873000 | 2650342 |
| 4.63%, 12/15/2029 | 450000 | 407250 |
| Charles River Laboratories International, Inc.<br>4.25%, 5/1/2028 (c) | 2282000 | 2075935 |
| 3.75%, 3/15/2029 (c) | 1522000 | 1316530 |
| CITGO Petroleum Corp.<br>7.00%, 6/15/2025 (c) | 4631000 | 4559914 |
| 6.38%, 6/15/2026 (c) | 5182000 | 5103545 |
| DCP Midstream Operating LP<br>6.45%, 11/3/2036 (c) | 773000 | 729882 |
| Delta Air Lines, Inc.<br>4.50%, 10/20/2025 (c) | 6155158 | 5997812 |
| DT Midstream, Inc.<br>4.13%, 6/15/2029 (c) | 2910000 | 2515695 |
| Edgewell Personal Care Co.<br>5.50%, 6/1/2028 (c) | 1770000 | 1664738 |
| 4.13%, 4/1/2029 (c) | 2309000 | 1972013 |
| Embecta Corp.<br>5.00%, 2/15/2030 (c) | 2773000 | 2377182 |
| 6.75%, 2/15/2030 (c) | 2292000 | 2097180 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>77

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First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 8.0% (continued)** | **United States — 8.0% (continued)** | **United States — 8.0% (continued)** |
| HCA, Inc.<br>5.38%, 2/1/2025 | 1400000 | 1382325 |
| 5.88%, 2/15/2026 | 1349000 | 1335974 |
| 3.50%, 9/1/2030 | 1588000 | 1315499 |
| Imola Merger Corp.<br>4.75%, 5/15/2029 (c) | 3133000 | 2701273 |
| Iron Mountain, Inc.<br>REIT, 5.25%, 3/15/2028 (c) | 1005000 | 924600 |
| REIT, 5.00%, 7/15/2028 (c) | 1596000 | 1427782 |
| REIT, 4.88%, 9/15/2029 (c) | 1322000 | 1136589 |
| REIT, 5.25%, 7/15/2030 (c) | 3609000 | 3113892 |
| KFC Holding Co.<br>4.75%, 6/1/2027 (c) | 1472000 | 1405156 |
| Lamb Weston Holdings, Inc.<br>4.13%, 1/31/2030 (c) | 1583000 | 1381912 |
| Level 3 Financing, Inc.<br>3.75%, 7/15/2029 (c) | 128000 | 97247 |
| Mileage Plus Holdings LLC<br>6.50%, 6/20/2027 (c) | 5167587 | 5108702 |
| Pilgrim's Pride Corp.<br>5.88%, 9/30/2027 (c) | 3343000 | 3267582 |
| 4.25%, 4/15/2031 (c) | 2699000 | 2247758 |
| Post Holdings, Inc.<br>5.75%, 3/1/2027 (c) | 2867000 | 2771414 |
| PRA Group, Inc.<br>7.38%, 9/1/2025 (c) | 1200000 | 1147853 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (c) | 2635000 | 2312160 |
| Scripps Escrow II, Inc.<br>5.38%, 1/15/2031 (c) | 64000 | 52000 |
| SEG Holding LLC<br>5.63%, 10/15/2028 (c) | 5461000 | 5046724 |
| Service Corp. International<br>4.63%, 12/15/2027 | 296000 | 274252 |
| 5.13%, 6/1/2029 | 455000 | 423815 |
| Spectrum Brands, Inc.<br>5.75%, 7/15/2025 | 1520000 | 1499754 |
| Sprint Communications LLC<br>6.00%, 11/15/2022 | 1800000 | 1800198 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>78

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First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 8.0% (continued)** | **United States — 8.0% (continued)** | **United States — 8.0% (continued)** |
| Sylvamo Corp.<br>7.00%, 9/1/2029 (c) | 2234000 | 2075959 |
| Taylor Morrison Communities, Inc.<br>5.88%, 4/15/2023 (c) | 4127000 | 4116683 |
| 5.13%, 8/1/2030 (c) | 2000000 | 1659372 |
| Teleflex, Inc.<br>4.63%, 11/15/2027 | 2919000 | 2750720 |
| 4.25%, 6/1/2028 (c) | 782000 | 707553 |
| Truist Financial Corp.<br>Series N, (US Treasury Yield Curve Rate T Note <br>Constant Maturity 5 Year + 3.00%), 4.80%, <br>9/1/2024 (e)(f) | 5074000 | 4555183 |
| United Airlines Pass-Through Trust<br>Series 2020-1, Class A, 5.88%, 10/15/2027 | 3276142 | 3161076 |
| WESCO Distribution, Inc.<br>7.25%, 6/15/2028 (c) | 2136000 | 2166887 |
|  |  | **114666725** |
| **Total Corporate Bonds<br>(Cost 159,074,647)** | **Total Corporate Bonds<br>(Cost 159,074,647)** | **146197549** |
| **U.S. Treasury Obligations — 8.0%** | **U.S. Treasury Obligations — 8.0%** | **U.S. Treasury Obligations — 8.0%** |
| U.S. Treasury Bonds<br>6.13%, 11/15/2027 | 13267400 | 14340194 |
| U.S. Treasury Inflation Linked Notes<br>0.13%, 4/15/2027 | 8730800 | 8540435 |
| U.S. Treasury Notes<br>0.25%, 6/15/2023 | 7465200 | 7270696 |
| 2.63%, 12/31/2023 | 13035700 | 12744943 |
| 2.50%, 1/31/2024 | 14953900 | 14566033 |
| 1.75%, 6/30/2024 | 14117000 | 13472360 |
| 1.75%, 12/31/2024 | 16847000 | 15918441 |
| 1.75%, 3/15/2025 | 3530000 | 3316132 |
| 0.38%, 12/31/2025 | 16107700 | 14208753 |
| 1.75%, 12/31/2026 | 9210000 | 8316702 |
| 2.75%, 8/15/2032 | 2371900 | 2122480 |
|  |  | **114817169** |
| **Total U.S. Treasury Obligations<br>(Cost 120,819,807)** | **Total U.S. Treasury Obligations<br>(Cost 120,819,807)** | **114817169** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>79

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Ounces** | **Ounces** | **Value ($)** |
| **Commodities — 6.4%** | **Commodities — 6.4%** | **Commodities — 6.4%** | **Commodities — 6.4%** |
| Gold bullion\*<br>(Cost $69,667,432) |  | 56395 | 92057700 |
|  | **Shares** | **Shares** |  |
| **Master Limited Partnerships — 3.9%** | **Master Limited Partnerships — 3.9%** | **Master Limited Partnerships — 3.9%** | **Master Limited Partnerships — 3.9%** |
| **United States — 3.9%** | **United States — 3.9%** | **United States — 3.9%** | **United States — 3.9%** |
| Enterprise Products Partners LP (a) |  | 1053527 | 26601557 |
| Magellan Midstream Partners LP (a) |  | 539143 | 29086765 |
| **Total Master Limited Partnerships<br>(Cost 47,213,777)** | **Total Master Limited Partnerships<br>(Cost 47,213,777)** | **Total Master Limited Partnerships<br>(Cost 47,213,777)** | **55688322** |
|  | **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Foreign Government Securities — 1.6%** | **Foreign Government Securities — 1.6%** | **Foreign Government Securities — 1.6%** | **Foreign Government Securities — 1.6%** |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Notas do Tesouro Nacional<br>10.00%, 1/1/2025 | BRL | 21000000 | 3931618 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Titulos de Tesoreria<br>Series B, 5.75%, 11/3/2027‡ | COP | 19880400000 | 2913978 |
| 3.00%, 1/30/2030 |  | 2690000 | 1897698 |
|  |  |  | **4811676** |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Mex Bonos Desarr Fix Rt<br>Series M, 8.00%, 12/7/2023 | MXN | 68770000 | 3374461 |
| Series M, 5.75%, 3/5/2026 | MXN | 56800000 | 2527588 |
|  |  |  | **5902049** |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| Republic of Singapore<br>1.25%, 11/1/2026‡ | SGD | 7592000 | 4976954 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Republic of Korea<br>1.25%, 3/10/2026 | KRW | 4480550000 | 2856565 |
| **Total Foreign Government Securities<br>(Cost 26,413,737)** | **Total Foreign Government Securities<br>(Cost 26,413,737)** | **Total Foreign Government Securities<br>(Cost 26,413,737)** | **22478862** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>80

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Convertible Preferred Stocks — 1.6%** | **Convertible Preferred Stocks — 1.6%** | **Convertible Preferred Stocks — 1.6%** |
| **United States — 1.6%** | **United States — 1.6%** | **United States — 1.6%** |
| Bank of America Corp.<br>Series L, 7.25%, (e) | 9346 | 10845659 |
| Wells Fargo & Co.<br>Series L, 7.50%, (e) | 11123 | 12964190 |
|  |  | **23809849** |
| **Total Convertible Preferred Stocks<br>(Cost 29,039,814)** | **Total Convertible Preferred Stocks<br>(Cost 29,039,814)** | **23809849** |
|  | **Shares** |  |
| **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** |
| **United States — 1.1%** | **United States — 1.1%** | **United States — 1.1%** |
| Charles Schwab Corp. (The)<br>Series D 5.95%, 12/01/22 (e) | 46239 | 1064884 |
| General American Investors Co., Inc.<br>Series B 5.95%, 12/03/21 (e) | 4712 | 117720 |
| MetLife, Inc.<br>Series A (ICE LIBOR USD 3 Month + 1.00%, 4.00% Floor),<br>4.29%, 12/03/21 (e)(f) | 128986 | 2648083 |
| Northern Trust Corp.<br>Series E 4.70%, 01/01/25 (e) | 101453 | 2031089 |
| State Street Corp.<br>Series G (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/26 (e)(f) | 57946 | 1393601 |
| Truist Financial Corp.<br>Series R 4.75%, 09/01/25 (e) | 347125 | 6578019 |
| US Bancorp<br>Series B (ICE LIBOR USD 3 Month + 0.60%, 3.50% Floor),<br>4.68%, 12/03/21 (e)(f) | 140375 | 2511309 |
| **Total Preferred Stocks<br>(Cost 19,766,820)** | **Total Preferred Stocks<br>(Cost 19,766,820)** | **16344705** |
| **Closed End Funds — 0.8%** | **Closed End Funds — 0.8%** | **Closed End Funds — 0.8%** |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |
| Caledonia Investments plc (Cost $10,284,424) | 291700 | 11316005 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>81

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First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Commercial Paper — 2.5%** | **Commercial Paper — 2.5%** | **Commercial Paper — 2.5%** |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (g) | 8563000 | 8562195 |
| Credit Agricole Corporate and Investment Bank<br>3.02%, 11/1/2022 (g) | 8100000 | 8099306 |
| Entergy Corp.<br>3.25%, 11/1/2022 (c)(g) | 5233000 | 5232522 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (g) | 14272000 | 14270577 |
| **Total Commercial Paper<br>(Cost $36,168,000)** | **Total Commercial Paper<br>(Cost $36,168,000)** | **36164600** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (h)** | **Investment Companies — 0.0% (h)** | **Investment Companies — 0.0% (h)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 2.84% (i) (Cost $7,746) | 7746 | 7746 |
| **Total Short-Term Investments<br>(Cost $36,175,746)** | **Total Short-Term Investments<br>(Cost $36,175,746)** | **36172346** |
| **Total Investments — 99.9%<br>(Cost $1,423,935,039)** | **Total Investments — 99.9%<br>(Cost $1,423,935,039)** | **1435620322** |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | **1644461** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1437264783** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) All or a portion of the security pledged as collateral for call options written.

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $127,450,346, which represents approximately 8.87% of net assets of the Fund.

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

(e) Perpetual security. The rate reflected was the rate in effect on October 31, 2022. The maturity date reflects the next call date.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2022.

(g) The rate shown was the current yield as of October 31, 2022.

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

(i) Represents 7-day effective yield as of October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>82

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First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $156579800 |
| Aggregate gross unrealized depreciation | (149173114) |
| Net unrealized appreciation | $7406686 |
| Federal income tax cost | $1423915416 |

---

**Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 2016626 | GBP | 1742000 | JPMorgan Chase Bank | 11/16/2022 | $18149 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 18149 |
| USD | 1880361 | GBP | 1668000 | Goldman Sachs | 12/14/2022 | (35216) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (35216) |
| **Net unrealized depreciation** | **Net unrealized depreciation** |  |  |  |  | $(17067) |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

BRL — Brazilian real

COP — Colombian Peso

Fix Rt — Fixed Rate

GBP — British Pound

ICE — Intercontinental Exchange

KRW — Korea (Rep.) Won

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

NVDR — Non-Voting Depositary Receipt

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

REIT — Real Estate Investment Trust

SGD — Singapore Dollar

USD — United States Dollar

**Written Call Options Contracts as of October 31, 2022:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Analog <br>Devices, Inc. | Exchange Traded | 163 | USD | (2324706) | USD | 180.00 | 12/16/2022 | (2852) |
| Analog <br>Devices, Inc. | Exchange Traded | 87 | USD | (1240794) | USD | 190.00 | 12/16/2022 | (870) |
| Analog <br>Devices, Inc. | Exchange Traded | 84 | USD | (1198008) | USD | 195.00 | 12/16/2022 | (1260) |
| Bank of New York <br>Mellon Corp. (The) | Exchange Traded | 323 | USD | (1360153) | USD | 50.00 | 12/16/2022 | (3876) |
| Bank of New York <br>Mellon Corp. (The) | Exchange Traded | 320 | USD | (1347520) | USD | 50.00 | 01/20/2023 | (9601) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>83

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First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

**Written Call Options Contracts as of October 31, 2022: (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Bank of New York <br>Mellon Corp. (The) | Exchange Traded | 340 | USD | (1431740) | USD | 55.00 | 01/20/2023 | (6800) |
| Becton Dickinson <br>and Co. | Exchange Traded | 54 | USD | (1274238) | USD | 290.00 | 12/16/2022 | (4050) |
| Becton Dickinson <br>and Co. | Exchange Traded | 61 | USD | (1439417) | USD | 300.00 | 12/16/2022 | (2898) |
| Becton Dickinson <br>and Co. | Exchange Traded | 57 | USD | (1345029) | USD | 300.00 | 01/20/2023 | (2422) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 139 | USD | (1358308) | USD | 115.00 | 11/18/2022 | (10425) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 138 | USD | (1348536) | USD | 120.00 | 11/18/2022 | (10350) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 142 | USD | (1387624) | USD | 120.00 | 01/20/2023 | (6390) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 133 | USD | (1299676) | USD | 125.00 | 11/18/2022 | (9975) |
| Coca-Cola Femsa <br>SAB de CV, ADR | Exchange Traded | 235 | USD | (1475565) | USD | 70.00 | 11/18/2022 | (3525) |
| Coca-Cola Femsa <br>SAB de CV, ADR | Exchange Traded | 464 | USD | (2913456) | USD | 80.00 | 02/17/2023 | (6960) |
| Colgate-Palmolive <br>Co. | Exchange Traded | 164 | USD | (1210976) | USD | 90.00 | 11/18/2022 | (2460) |
| Colgate-Palmolive <br>Co. | Exchange Traded | 179 | USD | (1321736) | USD | 90.00 | 01/20/2023 | (5370) |
| Colgate-Palmolive <br>Co. | Exchange Traded | 179 | USD | (1321736) | USD | 92.50 | 01/20/2023 | (4475) |
| Colgate-Palmolive <br>Co. | Exchange Traded | 337 | USD | (2488408) | USD | 95.00 | 11/18/2022 | (5055) |
| Elevance Health, <br>Inc. | Exchange Traded | 30 | USD | (1640310) | USD | 490.00 | 12/16/2022 | (190200) |
| Elevance Health, <br>Inc. | Exchange Traded | 31 | USD | (1694987) | USD | 500.00 | 12/16/2022 | (168950) |
| Elevance Health, <br>Inc. | Exchange Traded | 29 | USD | (1585633) | USD | 520.00 | 01/20/2023 | (134241) |
| Elevance Health, <br>Inc. | Exchange Traded | 29 | USD | (1585633) | USD | 550.00 | 03/17/2023 | (115565) |
| Enterprise <br>Products <br>Partners LP | Exchange Traded | 544 | USD | (1373600) | USD | 28.00 | 01/20/2023 | (15232) |
| Enterprise <br>Products <br>Partners LP | Exchange Traded | 561 | USD | (1416525) | USD | 29.00 | 12/16/2022 | (2805) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>84

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

**Written Call Options Contracts as of October 31, 2022: (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Enterprise <br>Products <br>Partners LP | Exchange Traded | 544 | USD | (1373600) | USD | 29.00 | 01/20/2023 | (8160) |
| Exxon Mobil Corp. | Exchange Traded | 164 | USD | (1817284) | USD | 105.00 | 11/18/2022 | (119228) |
| Exxon Mobil Corp. | Exchange Traded | 161 | USD | (1784041) | USD | 110.00 | 01/20/2023 | (123970) |
| Exxon Mobil Corp. | Exchange Traded | 158 | USD | (1750798) | USD | 120.00 | 11/18/2022 | (7900) |
| Exxon Mobil Corp. | Exchange Traded | 154 | USD | (1706474) | USD | 125.00 | 01/20/2023 | (33880) |
| Exxon Mobil Corp. | Exchange Traded | 134 | USD | (1484854) | USD | 125.00 | 03/17/2023 | (54136) |
| Exxon Mobil Corp. | Exchange Traded | 154 | USD | (1706474) | USD | 130.00 | 01/20/2023 | (19558) |
| Exxon Mobil Corp. | Exchange Traded | 134 | USD | (1484854) | USD | 130.00 | 03/17/2023 | (39396) |
| Exxon Mobil Corp. | Exchange Traded | 293 | USD | (3246733) | USD | 135.00 | 01/20/2023 | (22854) |
| Exxon Mobil Corp. | Exchange Traded | 141 | USD | (1562421) | USD | 135.00 | 03/17/2023 | (28200) |
| Exxon Mobil Corp. | Exchange Traded | 145 | USD | (1606745) | USD | 140.00 | 01/20/2023 | (6235) |
| Exxon Mobil Corp. | Exchange Traded | 141 | USD | (1562421) | USD | 140.00 | 03/17/2023 | (18471) |
| Exxon Mobil Corp. | Exchange Traded | 129 | USD | (1429449) | USD | 145.00 | 03/17/2023 | (10965) |
| Exxon Mobil Corp. | Exchange Traded | 129 | USD | (1429449) | USD | 150.00 | 03/17/2023 | (8385) |
| Fidelity National <br>Information <br>Services, Inc. | Exchange Traded | 172 | USD | (1427428) | USD | 100.00 | 01/20/2023 | (10750) |
| Fidelity National <br>Information <br>Services, Inc. | Exchange Traded | 176 | USD | (1460624) | USD | 100.00 | 04/21/2023 | (38720) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 125 | USD | (2718375) | USD | 220.00 | 01/20/2023 | (175000) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 47 | USD | (1022109) | USD | 220.00 | 03/17/2023 | (94470) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 152 | USD | (3305544) | USD | 230.00 | 12/16/2022 | (86640) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 135 | USD | (2935845) | USD | 240.00 | 01/20/2023 | (75600) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 67 | USD | (1457049) | USD | 250.00 | 12/16/2022 | (12395) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 67 | USD | (1457049) | USD | 260.00 | 12/16/2022 | (6867) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 64 | USD | (1391808) | USD | 280.00 | 01/20/2023 | (5760) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 64 | USD | (1391808) | USD | 290.00 | 03/17/2023 | (13120) |
| HCA <br>Healthcare, Inc. | Exchange Traded | 68 | USD | (1478796) | USD | 300.00 | 01/20/2023 | (3400) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>85

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

**Written Call Options Contracts as of October 31, 2022: (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| IDACORP, Inc. | Exchange Traded | 128 | USD | (1340160) | USD | 130.00 | 02/17/2023 | (61440) |
| Kraft Heinz <br>Co. (The) | Exchange Traded | 407 | USD | (1565729) | USD | 37.50 | 11/18/2022 | (60643) |
| Kraft Heinz <br>Co. (The) | Exchange Traded | 407 | USD | (1565729) | USD | 40.00 | 01/20/2023 | (44770) |
| Magellan <br>Midstream <br>Partners LP | Exchange Traded | 282 | USD | (1521390) | USD | 60.00 | 01/20/2023 | (11280) |
| Magellan <br>Midstream <br>Partners LP | Exchange Traded | 275 | USD | (1483625) | USD | 60.00 | 04/21/2023 | (31900) |
| Magellan <br>Midstream <br>Partners LP | Exchange Traded | 272 | USD | (1467440) | USD | 62.50 | 01/20/2023 | (5440) |
| Magellan <br>Midstream <br>Partners LP | Exchange Traded | 272 | USD | (1467440) | USD | 65.00 | 01/20/2023 | (2720) |
| Nutrien Ltd. | Exchange Traded | 158 | USD | (1335100) | USD | 100.00 | 12/16/2022 | (18960) |
| Oracle Corp. | Exchange Traded | 187 | USD | (1459909) | USD | 80.00 | 12/16/2022 | (57970) |
| Oracle Corp. | Exchange Traded | 372 | USD | (2904204) | USD | 80.00 | 01/20/2023 | (151032) |
| Oracle Corp. | Exchange Traded | 187 | USD | (1459909) | USD | 85.00 | 12/16/2022 | (24497) |
| Philip Morris <br>International, Inc. | Exchange Traded | 58 | USD | (532730) | USD | 120.00 | 11/18/2022 | (580) |
| Philip Morris <br>International, Inc. | Exchange Traded | 136 | USD | (1249160) | USD | 120.00 | 12/16/2022 | (2040) |
| Philip Morris <br>International, Inc. | Exchange Traded | 146 | USD | (1341010) | USD | 120.00 | 01/20/2023 | (2190) |
| Philip Morris <br>International, Inc. | Exchange Traded | 136 | USD | (1249160) | USD | 125.00 | 11/18/2022 | (1360) |
| Philip Morris <br>International, Inc. | Exchange Traded | 136 | USD | (1249160) | USD | 125.00 | 12/16/2022 | (2040) |
| Ross Stores, Inc. | Exchange Traded | 183 | USD | (1751127) | USD | 95.00 | 11/18/2022 | (93330) |
| Ross Stores, Inc. | Exchange Traded | 183 | USD | (1751127) | USD | 95.00 | 01/20/2023 | (141825) |
| RPM <br>International, Inc. | Exchange Traded | 52 | USD | (491764) | USD | 100.00 | 11/18/2022 | (5200) |
| Schlumberger NV | Exchange Traded | 398 | USD | (2070794) | USD | 40.00 | 11/18/2022 | (495112) |
| Schlumberger NV | Exchange Traded | 398 | USD | (2070794) | USD | 42.50 | 11/18/2022 | (396010) |
| Schlumberger NV | Exchange Traded | 400 | USD | (2081200) | USD | 42.50 | 12/16/2022 | (400000) |
| Schlumberger NV | Exchange Traded | 400 | USD | (2081200) | USD | 60.00 | 01/20/2023 | (76400) |
| Schlumberger NV | Exchange Traded | 276 | USD | (1436028) | USD | 65.00 | 01/20/2023 | (28980) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>86

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2022

**Written Call Options Contracts as of October 31, 2022: (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Schlumberger NV | Exchange Traded | 279 | USD | (1451637) | USD | 70.00 | 01/20/2023 | (15345) |
| Schlumberger NV | Exchange Traded | 276 | USD | (1436028) | USD | 70.00 | 02/17/2023 | (25392) |
| Texas <br>Instruments, Inc. | Exchange Traded | 84 | USD | (1349292) | USD | 185.00 | 01/20/2023 | (16380) |
| Texas <br>Instruments, Inc. | Exchange Traded | 78 | USD | (1252914) | USD | 200.00 | 11/18/2022 | (234) |
| Travelers Cos., <br>Inc. (The) | Exchange Traded | 85 | USD | (1567910) | USD | 165.00 | 01/20/2023 | (195925) |
| Union Pacific Corp. | Exchange Traded | 65 | USD | (1281410) | USD | 220.00 | 01/20/2023 | (16575) |
| Universal Health <br>Services, Inc., <br>Class B | Exchange Traded | 154 | USD | (1784398) | USD | 115.00 | 12/16/2022 | (100870) |
| Walmart, Inc. | Exchange Traded | 113 | USD | (1608329) | USD | 160.00 | 12/16/2022 | (5085) |
| Walmart, Inc. | Exchange Traded | 43 | USD | (612019) | USD | 160.00 | 01/20/2023 | (4687) |
| Wells Fargo & Co. | Exchange Traded | 337 | USD | (1549863) | USD | 50.00 | 11/18/2022 | (5392) |
| Wells Fargo & Co. | Exchange Traded | 326 | USD | (1499274) | USD | 52.50 | 11/18/2022 | (1630) |
| Wells Fargo & Co. | Exchange Traded | 311 | USD | (1430289) | USD | 55.00 | 11/18/2022 | (311) |
| Wells Fargo & Co. | Exchange Traded | 322 | USD | (1480878) | USD | 55.00 | 01/20/2023 | (12558) |
| Wells Fargo & Co. | Exchange Traded | 325 | USD | (1494675) | USD | 57.50 | 01/20/2023 | (6175) |
| Weyerhaeuser <br>Co., REIT | Exchange Traded | 216 | USD | (668088) | USD | 35.00 | 01/20/2023 | (8208) |
|  |  |  |  |  |  |  |  | **(4281153)** |
| **Total Written Options Contracts (Premiums Received ($2744984))** |  |  |  |  |  |  |  | **(4281153)** |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>87

------

First Eagle High Income Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle High Income Fund seeks to provide investors with a high level of current income. To pursue this objective, the Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield, below investment-grade instruments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)** | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle High Income Fund | Class I | -9.23 | 1.69 | 3.05 |
| Bloomberg U.S. Corporate High Yield Index |  | -11.76 | 2.01 | 4.12 |

---

**Asset Allocation\* (%)**

![](j22310262_ck032.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Industrials | 15.9 |
| Consumer Discretionary | 15.1 |
| Consumer Staples | 12.0 |
| Energy | 11.4 |
| Health Care | 8.7 |
| Communication Services | 7.8 |
| Materials | 7.1 |
| Information Technology | 5.7 |
| Financials | 5.3 |
| Real Estate | 3.7 |
| Short-Term Investments | 7.3 |

---

**Countries\*~ (%)**

---

| | |
|:---|:---|
| United States | 79.1 |
| Germany | 4.4 |
| Canada | 4.1 |
| Mexico | 1.8 |
| Poland | 1.1 |
| Australia | 1.0 |
| United Kingdom | 0.7 |
| Singapore | 0.5 |
| Short-Term Investments | 7.3 |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

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

\*\* Includes short-term commercial paper (7.3% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>88

------

First Eagle High Income Fund \| Fund Overview

**Growth of a $1,000,000 Initial Investment**

![](j22310262_ck033.jpg)

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

**Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.**

The Bloomberg U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| CITGO Petroleum Corp. (Oil, Gas & Consumable Fuels, United States) | 2.2 |
| G-III Apparel Group Ltd. (Textiles, Apparel & Luxury Goods, United States) | 2.1 |
| Taylor Morrison Communities, Inc. (Household Durables, United States) | 1.8 |
| Mexico Remittances Funding Fiduciary Estate Management Sarl (Diversified Financial Services, Mexico) | 1.7 |
| SEG Holding LLC (Food & Staples Retailing, United States) | 1.7 |
| Consensus Cloud Solutions, Inc. (Software, United States) | 1.5 |
| IHO Verwaltungs GmbH (Auto Components, Germany) | 1.5 |
| Sprint Corp. (Wireless Telecommunication Services, United States) | 1.4 |
| Vista Outdoor, Inc. (Leisure Products, United States) | 1.4 |
| AMN Healthcare, Inc. (Professional Services, United States) | 1.4 |
| **Total** | **16.7** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>89

------

First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Corporate Bonds — 90.7%** | **Corporate Bonds — 90.7%** | **Corporate Bonds — 90.7%** |
| **Australia — 1.0%** | **Australia — 1.0%** | **Australia — 1.0%** |
| Coronado Finance Pty. Ltd.<br>10.75%, 5/15/2026 (a) | 977000 | 1017301 |
| Nufarm Australia Ltd.<br>5.00%, 1/27/2030 (a) | 859000 | 726637 |
|  |  | **1743938** |
| **Canada — 4.1%** | **Canada — 4.1%** | **Canada — 4.1%** |
| Kronos Acquisition Holdings, Inc.<br>5.00%, 12/31/2026 (a) | 2000000 | 1812940 |
| 7.00%, 12/31/2027 (a) | 932000 | 782880 |
| Open Text Corp.<br>3.88%, 2/15/2028 (a) | 2190000 | 1874508 |
| Open Text Holdings, Inc.<br>4.13%, 2/15/2030 (a) | 393000 | 312926 |
| Precision Drilling Corp.<br>6.88%, 1/15/2029 (a) | 1944000 | 1787761 |
| Ritchie Bros Auctioneers, Inc.<br>5.38%, 1/15/2025 (a) | 634000 | 624490 |
|  |  | **7195505** |
| **Germany — 4.3%** | **Germany — 4.3%** | **Germany — 4.3%** |
| Cheplapharm Arzneimittel GmbH<br>5.50%, 1/15/2028 (a) | 2640000 | 2189352 |
| IHO Verwaltungs GmbH<br>4.75%, (4.75% Cash or 5.50% PIK) 9/15/2026 (a)(b) | 3041000 | 2560878 |
| 6.00%, (6.00% Cash or 6.75% PIK) 5/15/2027 (a)(b) | 1280244 | 1099410 |
| 6.37%, (6.38% Cash or 7.13% PIK) 5/15/2029 (a)(b) | 689000 | 587944 |
| Mercer International, Inc.<br>5.13%, 2/1/2029 | 1395000 | 1145644 |
|  |  | **7583228** |
| **Mexico — 1.8%** | **Mexico — 1.8%** | **Mexico — 1.8%** |
| Mexico Remittances Funding Fiduciary Estate <br>Management Sarl<br>4.88%, 1/15/2028‡ (a) | 3626000 | 2968761 |
| Petroleos Mexicanos<br>6.70%, 2/16/2032 | 200000 | 151250 |
|  |  | **3120011** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>90

------

First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Poland — 1.0%** | **Poland — 1.0%** | **Poland — 1.0%** |
| Canpack SA<br>3.13%, 11/1/2025 (a) | 200000 | 173563 |
| 3.88%, 11/15/2029 (a) | 2147000 | 1704181 |
|  |  | **1877744** |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| Avation Capital SA<br>6.50%, (8.25% Cash or 9.00% PIK) 10/31/2026 (a)(b) | 1235474 | 972713 |
| **United Kingdom — 0.7%** | **United Kingdom — 0.7%** | **United Kingdom — 0.7%** |
| Petrofac Ltd.<br>9.75%, 11/15/2026 (a) | 1600000 | 1185803 |
| **United States — 77.3%** | **United States — 77.3%** | **United States — 77.3%** |
| ACCO Brands Corp.<br>4.25%, 3/15/2029 (a) | 2114000 | 1679573 |
| American Airlines, Inc.<br>5.50%, 4/20/2026 (a) | 1251333 | 1191672 |
| 5.75%, 4/20/2029 (a) | 185000 | 168350 |
| AMN Healthcare, Inc.<br>4.63%, 10/1/2027 (a) | 2626000 | 2456859 |
| 4.00%, 4/15/2029 (a) | 1609000 | 1384509 |
| Antero Midstream Partners LP<br>7.88%, 5/15/2026 (a) | 615000 | 627300 |
| 5.38%, 6/15/2029 (a) | 1294000 | 1180516 |
| Antero Resources Corp.<br>8.38%, 7/15/2026 (a) | 604000 | 639479 |
| Aramark Services, Inc.<br>5.00%, 4/1/2025 (a) | 623000 | 602250 |
| 6.38%, 5/1/2025 (a) | 1163000 | 1150506 |
| 5.00%, 2/1/2028 (a) | 57000 | 51933 |
| Arcosa, Inc.<br>4.38%, 4/15/2029 (a) | 163000 | 140527 |
| Arko Corp.<br>5.13%, 11/15/2029 (a) | 1000000 | 791745 |
| Ashland LLC<br>3.38%, 9/1/2031 (a) | 1500000 | 1173570 |
| Avantor Funding, Inc.<br>3.88%, 11/1/2029 (a) | 2000000 | 1687607 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>91

------

First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 77.3% (continued)** | **United States — 77.3% (continued)** | **United States — 77.3% (continued)** |
| Boyd Gaming Corp.<br>4.75%, 12/1/2027 | 872000 | 803391 |
| 4.75%, 6/15/2031 (a) | 162000 | 136848 |
| BWX Technologies, Inc.<br>4.13%, 6/30/2028 (a) | 1000000 | 875000 |
| 4.13%, 4/15/2029 (a) | 653000 | 564584 |
| Carnival Corp.<br>5.75%, 3/1/2027 (a) | 1242000 | 860688 |
| 4.00%, 8/1/2028 (a) | 424000 | 341606 |
| Centene Corp.<br>4.25%, 12/15/2027 | 2641000 | 2436322 |
| 4.63%, 12/15/2029 | 809000 | 732145 |
| Charles River Laboratories International, Inc.<br>4.25%, 5/1/2028 (a) | 857000 | 779613 |
| 3.75%, 3/15/2029 (a) | 182000 | 157430 |
| Cinemark USA, Inc.<br>8.75%, 5/1/2025 (a) | 1603000 | 1607462 |
| CITGO Petroleum Corp.<br>7.00%, 6/15/2025 (a) | 3956000 | 3895275 |
| 6.38%, 6/15/2026 (a) | 802000 | 789858 |
| CNX Midstream Partners LP<br>4.75%, 4/15/2030 (a) | 1079000 | 887478 |
| CNX Resources Corp.<br>7.38%, 1/15/2031 (a) | 250000 | 248167 |
| Cogent Communications Group, Inc.<br>3.50%, 5/1/2026 (a) | 648000 | 584820 |
| Conduent Business Services LLC<br>6.00%, 11/1/2029 (a) | 2000000 | 1640000 |
| Consensus Cloud Solutions, Inc.<br>6.00%, 10/15/2026 (a) | 3000000 | 2702250 |
| Crestwood Midstream Partners LP<br>6.00%, 2/1/2029 (a) | 1868000 | 1746767 |
| Crocs, Inc.<br>4.13%, 8/15/2031 (a) | 500000 | 378705 |
| Crown Americas LLC<br>4.75%, 2/1/2026 | 1844000 | 1764911 |
| Dana, Inc.<br>5.38%, 11/15/2027 | 1255000 | 1135775 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>92

------

First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 77.3% (continued)** | **United States — 77.3% (continued)** | **United States — 77.3% (continued)** |
| DaVita, Inc.<br>4.63%, 6/1/2030 (a) | 2234000 | 1741682 |
| Delta Air Lines, Inc.<br>4.50%, 10/20/2025 (a) | 1122845 | 1094141 |
| 7.38%, 1/15/2026 | 1528000 | 1560073 |
| DT Midstream, Inc.<br>4.13%, 6/15/2029 (a) | 1243000 | 1074574 |
| Dycom Industries, Inc.<br>4.50%, 4/15/2029 (a) | 2065000 | 1800948 |
| Edgewell Personal Care Co.<br>5.50%, 6/1/2028 (a) | 618000 | 581247 |
| 4.13%, 4/1/2029 (a) | 993000 | 848077 |
| Embecta Corp.<br>5.00%, 2/15/2030 (a) | 801000 | 686665 |
| 6.75%, 2/15/2030 (a) | 693000 | 634095 |
| Energizer Holdings, Inc.<br>4.75%, 6/15/2028 (a) | 8000 | 6642 |
| 4.38%, 3/31/2029 (a) | 871000 | 697314 |
| EnLink Midstream LLC<br>6.50%, 9/1/2030 (a) | 1000000 | 982500 |
| Entegris Escrow Corp.<br>4.75%, 4/15/2029 (a) | 1000000 | 883569 |
| Fair Isaac Corp.<br>4.00%, 6/15/2028 (a) | 2169000 | 1962598 |
| Frontier Communications Holdings LLC<br>5.88%, 10/15/2027 (a) | 914000 | 840721 |
| 6.75%, 5/1/2029 (a) | 308000 | 253715 |
| 6.00%, 1/15/2030 (a) | 1000000 | 782000 |
| G-III Apparel Group Ltd.<br>7.88%, 8/15/2025 (a) | 3821000 | 3618984 |
| Gray Escrow II, Inc.<br>5.38%, 11/15/2031 (a) | 1000000 | 802500 |
| Hawaiian Brand Intellectual Property Ltd.<br>5.75%, 1/20/2026 (a) | 1240000 | 1141629 |
| HCA, Inc.<br>3.50%, 9/1/2030 | 607000 | 502839 |
| Hertz Corp. (The)<br>5.00%, 12/1/2029 (a) | 2000000 | 1584300 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>93

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First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 77.3% (continued)** | **United States — 77.3% (continued)** | **United States — 77.3% (continued)** |
| Howard Hughes Corp. (The)<br>4.38%, 2/1/2031 (a) | 62000 | 46587 |
| Imola Merger Corp.<br>4.75%, 5/15/2029 (a) | 1184000 | 1020845 |
| Ingles Markets, Inc.<br>4.00%, 6/15/2031 (a) | 1500000 | 1245664 |
| Interface, Inc.<br>5.50%, 12/1/2028 (a) | 1794000 | 1415576 |
| International Game Technology plc<br>5.25%, 1/15/2029 (a) | 967000 | 897255 |
| IQVIA, Inc.<br>5.00%, 10/15/2026 (a) | 800000 | 762624 |
| 5.00%, 5/15/2027 (a) | 1075000 | 1024346 |
| Iris Holding, Inc.<br>10.00%, 12/15/2028 (a) | 1000000 | 850000 |
| Iron Mountain, Inc.<br>REIT, 5.25%, 3/15/2028 (a) | 621000 | 571320 |
| REIT, 5.00%, 7/15/2028 (a) | 220000 | 196812 |
| REIT, 4.88%, 9/15/2029 (a) | 870000 | 747983 |
| REIT, 5.25%, 7/15/2030 (a) | 763000 | 658326 |
| REIT, 4.50%, 2/15/2031 (a) | 940000 | 761395 |
| ITT Holdings LLC<br>6.50%, 8/1/2029 (a) | 1250000 | 1004381 |
| Jefferies Finance LLC<br>5.00%, 8/15/2028 (a) | 1150000 | 902785 |
| Kaiser Aluminum Corp.<br>4.63%, 3/1/2028 (a) | 1312000 | 1147738 |
| Koppers, Inc.<br>6.00%, 2/15/2025 (a) | 2389000 | 2138155 |
| Lamb Weston Holdings, Inc.<br>4.88%, 5/15/2028 (a) | 581000 | 540079 |
| 4.13%, 1/31/2030 (a) | 1117000 | 975107 |
| Level 3 Financing, Inc.<br>4.25%, 7/1/2028 (a) | 589000 | 485925 |
| 3.75%, 7/15/2029 (a) | 2024000 | 1537714 |
| Macy's Retail Holdings LLC<br>5.88%, 3/15/2030 (a) | 250000 | 209889 |
| 6.13%, 3/15/2032 (a) | 500000 | 415434 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>94

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First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 77.3% (continued)** | **United States — 77.3% (continued)** | **United States — 77.3% (continued)** |
| Maxar Technologies, Inc.<br>7.75%, 6/15/2027 (a) | 2000000 | 1960700 |
| MGIC Investment Corp.<br>5.25%, 8/15/2028 | 612000 | 555225 |
| Mileage Plus Holdings LLC<br>6.50%, 6/20/2027 (a) | 738049 | 729639 |
| Moog, Inc.<br>4.25%, 12/15/2027 (a) | 155000 | 138703 |
| Mueller Water Products, Inc.<br>4.00%, 6/15/2029 (a) | 646000 | 560160 |
| Oxford Finance LLC<br>6.38%, 2/1/2027 (a) | 250000 | 228750 |
| PennyMac Financial Services, Inc.<br>5.75%, 9/15/2031 (a) | 1000000 | 752993 |
| Pilgrim's Pride Corp.<br>5.88%, 9/30/2027 (a) | 638000 | 623607 |
| 4.25%, 4/15/2031 (a) | 2347000 | 1954608 |
| Post Holdings, Inc.<br>5.75%, 3/1/2027 (a) | 1786000 | 1726455 |
| PRA Group, Inc.<br>7.38%, 9/1/2025 (a) | 2000000 | 1913089 |
| Radian Group, Inc.<br>4.50%, 10/1/2024 | 645000 | 610570 |
| Range Resources Corp.<br>4.75%, 2/15/2030 (a) | 1000000 | 884010 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (a) | 1019000 | 894152 |
| Royal Caribbean Cruises Ltd.<br>11.50%, 6/1/2025 (a) | 596000 | 641874 |
| 5.50%, 8/31/2026 (a) | 1000000 | 817600 |
| 5.38%, 7/15/2027 (a) | 100000 | 77732 |
| 8.25%, 1/15/2029 (a) | 500000 | 498362 |
| SBA Communications Corp.<br>REIT, 3.88%, 2/15/2027 | 609000 | 548100 |
| Scripps Escrow II, Inc.<br>5.38%, 1/15/2031 (a) | 2452000 | 1992250 |
| Sealed Air Corp.<br>4.00%, 12/1/2027 (a) | 1252000 | 1115130 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>95

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First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 77.3% (continued)** | **United States — 77.3% (continued)** | **United States — 77.3% (continued)** |
| SEG Holding LLC<br>5.63%, 10/15/2028 (a) | 3198000 | 2955397 |
| Shea Homes LP<br>4.75%, 2/15/2028 (a) | 668000 | 563451 |
| Sprint Communications LLC<br>6.00%, 11/15/2022 | 1026000 | 1026113 |
| Sprint Corp.<br>7.88%, 9/15/2023 | 2500000 | 2541008 |
| Staples, Inc.<br>10.75%, 4/15/2027 (a) | 500000 | 364128 |
| Sunoco LP<br>4.50%, 4/30/2030 | 2000000 | 1700820 |
| Sylvamo Corp.<br>7.00%, 9/1/2029 (a) | 397000 | 368915 |
| Taylor Morrison Communities, Inc.<br>5.88%, 4/15/2023 (a) | 3228000 | 3219930 |
| Teleflex, Inc.<br>4.63%, 11/15/2027 | 1005000 | 947062 |
| 4.25%, 6/1/2028 (a) | 1026000 | 928325 |
| Thor Industries, Inc.<br>4.00%, 10/15/2029 (a) | 1250000 | 1010975 |
| Triton Water Holdings, Inc.<br>6.25%, 4/1/2029 (a) | 2138000 | 1619273 |
| Turning Point Brands, Inc.<br>5.63%, 2/15/2026 (a) | 1830000 | 1599741 |
| United Airlines Pass-Through Trust<br>Series 2020-1, Class A, 5.88%, 10/15/2027 | 614919 | 593321 |
| United Airlines, Inc.<br>4.38%, 4/15/2026 (a) | 343000 | 313042 |
| 4.63%, 4/15/2029 (a) | 229000 | 195861 |
| United Natural Foods, Inc.<br>6.75%, 10/15/2028 (a) | 1530000 | 1477781 |
| United Wholesale Mortgage LLC<br>5.50%, 4/15/2029 (a) | 326000 | 245944 |
| VICI Properties LP<br>REIT, 4.25%, 12/1/2026 (a) | 245000 | 223163 |
| REIT, 5.75%, 2/1/2027 (a) | 2415000 | 2281499 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>96

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First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 77.3% (continued)** | **United States — 77.3% (continued)** | **United States — 77.3% (continued)** |
| REIT, 3.75%, 2/15/2027 (a) | 305000 | 267213 |
| REIT, 4.13%, 8/15/2030 (a) | 305000 | 251944 |
| Vista Outdoor, Inc.<br>4.50%, 3/15/2029 (a) | 3203000 | 2502632 |
| WESCO Distribution, Inc.<br>7.25%, 6/15/2028 (a) | 1850000 | 1876751 |
| White Cap Parent LLC<br>8.25%, 3/15/2026 (a)(b) | 1972000 | 1666340 |
| Wyndham Hotels & Resorts, Inc.<br>4.38%, 8/15/2028 (a) | 1222000 | 1075751 |
| Ziff Davis, Inc.<br>4.63%, 10/15/2030 (a) | 1588000 | 1342209 |
| ZipRecruiter, Inc.<br>5.00%, 1/15/2030 (a) | 500000 | 409075 |
|  |  | **136423617** |
| **Total Corporate Bonds<br>(Cost 179,819,113)** | **Total Corporate Bonds<br>(Cost 179,819,113)** | **160102559** |
| **Loan Assignments — 0.8%** | **Loan Assignments — 0.8%** | **Loan Assignments — 0.8%** |
| **United States — 0.8%** | **United States — 0.8%** | **United States — 0.8%** |
| BJ's Wholesale Club, Inc., 1st Lien Term Loan B<br>(ICE LIBOR USD 1 Month + 2.00%), 5.35%, 2/3/2024 (c) <br>(Cost $1,430,656) | 1431382 | 1431382 |
| **Short-Term Investments — 7.2%** | **Short-Term Investments — 7.2%** | **Short-Term Investments — 7.2%** |
| **Commercial Paper — 7.2%** | **Commercial Paper — 7.2%** | **Commercial Paper — 7.2%** |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (d) | 2999000 | 2998718 |
| Credit Agricole Corporate and Investment Bank<br>3.02%, 11/1/2022 (d) | 2836000 | 2835757 |
| Entergy Corp.<br>3.25%, 11/1/2022 (a)(d) | 1833000 | 1832833 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (d) | 4998000 | 4997502 |
| **Total Commercial Paper<br>(Cost $12,666,000)** | **Total Commercial Paper<br>(Cost $12,666,000)** | **12664810** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>97

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First Eagle High Income Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 2.84% (f) (Cost $2,113) | 2113 | 2113 |
| **Total Short-Term Investments<br>(Cost $12,668,113)** | **Total Short-Term Investments<br>(Cost $12,668,113)** | **12666923** |
| **Total Investments — 98.7%<br>(Cost $193,917,882)** | **Total Investments — 98.7%<br>(Cost $193,917,882)** | **174200864** |
| **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | **2283782** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **176484646** |

---

‡ Value determined using significant unobservable inputs.

(a) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $143,180,823, which represents approximately 81.13% of net assets of the Fund.

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

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2022.

(d) The rate shown was the current yield as of October 31, 2022.

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

(f) Represents 7-day effective yield as of October 31, 2022.

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $348539 |
| Aggregate gross unrealized depreciation | (20207847) |
| Net unrealized depreciation | $(19859308) |
| Federal income tax cost | $194060172 |

---

**<u>Abbreviations</u>**

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

USD — United States Dollar

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>98

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First Eagle Fund of America

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Fund of America is a non-diversified U.S. equity fund that seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)** | | | **One-Year** | **Five-Years** | **Ten-Years** |
| First Eagle Fund of America | Class A | without sales charge | -21.94 | -0.06 | 5.50 |
|  |  | with sales charge | -25.84 | -1.08 | 4.96 |
| S&P 500 Index |  |  | -14.61 | 10.44 | 12.79 |

---

**Asset Allocation\* (%)**

![](j22310262_cm034.jpg)

**Sectors\* (%)**

---

| | | |
|:---|:---|:---|
| Information Technology | 33.7 |  |
| Health Care | 20.9 |  |
| Communication Services | 13.1 |  |
| Consumer Staples | 10.9 |  |
| Consumer Discretionary | 10.7 |  |
| Industrials | 5.9 |  |
| Energy | 2.1 |  |
| Financials | 1.6 |  |
| Real Estate | 0.0 | † |
| Short-Term Investments | 1.1 |  |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

† Less than 0.05%.

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

\*\* Includes short-term commercial paper (1.1% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>100

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First Eagle Fund of America \| Fund Overview

**Growth of a $10,000 Initial Investment**

![](j22310262_cm035.jpg)

**Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.**

**The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.**

The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Oracle Corp. (Software, United States) | 10.0 |
| UnitedHealth Group, Inc. (Health Care Providers & Services, United States) | 9.2 |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States) | 8.7 |
| Comcast Corp. (Media, United States) | 5.5 |
| Ross Stores, Inc. (Specialty Retail, United States) | 4.9 |
| Alphabet, Inc. (Interactive Media & Services, United States) | 4.7 |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.5 |
| Colgate-Palmolive Co. (Household Products, United States) | 4.5 |
| TE Connectivity Ltd. (Electronic Equipment, Instruments & Components, Switzerland) | 4.5 |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.4 |
| **Total** | **60.9** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>101

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First Eagle Fund of America \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 95.6%** | **Common Stocks — 95.6%** | **Common Stocks — 95.6%** |
| **Air Freight & Logistics — 5.8%** | **Air Freight & Logistics — 5.8%** | **Air Freight & Logistics — 5.8%** |
| CH Robinson Worldwide, Inc. | 115463 | 11283044 |
| Expeditors International of Washington, Inc. | 102464 | 10026103 |
|  |  | **21309147** |
| **Beverages — 4.3%** | **Beverages — 4.3%** | **Beverages — 4.3%** |
| PepsiCo, Inc. | 85918 | 15600990 |
| **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
| Bank of New York Mellon Corp. (The) | 87441 | 3682141 |
| **Electronic Equipment, Instruments & Components — 4.5%** | **Electronic Equipment, Instruments & Components — 4.5%** | **Electronic Equipment, Instruments & Components — 4.5%** |
| TE Connectivity Ltd. (Switzerland) | 133192 | 16280058 |
| **Equity Real Estate Investment Trusts (REITs) — 0.0% (a)** | **Equity Real Estate Investment Trusts (REITs) — 0.0% (a)** | **Equity Real Estate Investment Trusts (REITs) — 0.0% (a)** |
| Equity Residential | 1392 | 87724 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Nestle SA (Registered) | 33816 | 3681169 |
| **Health Care Equipment & Supplies — 7.8%** | **Health Care Equipment & Supplies — 7.8%** | **Health Care Equipment & Supplies — 7.8%** |
| Becton Dickinson and Co. | 50238 | 11854661 |
| Medtronic plc | 188731 | 16483765 |
|  |  | **28338426** |
| **Health Care Providers & Services — 12.9%** | **Health Care Providers & Services — 12.9%** | **Health Care Providers & Services — 12.9%** |
| HCA Healthcare, Inc. | 61222 | 13313948 |
| UnitedHealth Group, Inc. | 60447 | 33557152 |
|  |  | **46871100** |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |
| Starbucks Corp. | 51805 | 4485795 |
| **Household Products — 4.5%** | **Household Products — 4.5%** | **Household Products — 4.5%** |
| Colgate-Palmolive Co. | 222025 | 16394326 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| Willis Towers Watson plc | 9022 | 1968691 |
| **Interactive Media & Services — 7.4%** | **Interactive Media & Services — 7.4%** | **Interactive Media & Services — 7.4%** |
| Alphabet, Inc., Class A\* | 181414 | 17145437 |
| Meta Platforms, Inc., Class A\* | 104287 | 9715377 |
|  |  | **26860814** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>102

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First Eagle Fund of America \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Accenture plc, Class A | 11205 | 3181099 |
| **Media — 5.5%** | **Media — 5.5%** | **Media — 5.5%** |
| Comcast Corp., Class A | 635771 | 20179372 |
| **Semiconductors & Semiconductor Equipment — 13.8%** | **Semiconductors & Semiconductor Equipment — 13.8%** | **Semiconductors & Semiconductor Equipment — 13.8%** |
| Analog Devices, Inc. | 109112 | 15561553 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 45107 | 2776336 |
| Texas Instruments, Inc. | 198290 | 31851323 |
|  |  | **50189212** |
| **Software — 14.2%** | **Software — 14.2%** | **Software — 14.2%** |
| Microsoft Corp. | 66013 | 15323598 |
| Oracle Corp. | 466384 | 36410599 |
|  |  | **51734197** |
| **Specialty Retail — 9.3%** | **Specialty Retail — 9.3%** | **Specialty Retail — 9.3%** |
| Home Depot, Inc. (The) | 54313 | 16083709 |
| Ross Stores, Inc. | 187399 | 17932210 |
|  |  | **34015919** |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| Philip Morris International, Inc. | 40489 | 3718915 |
| **Total Common Stocks<br>(Cost $331,776,527)** | **Total Common Stocks<br>(Cost $331,776,527)** | **348579095** |
| **Master Limited Partnerships — 2.1%** | **Master Limited Partnerships — 2.1%** | **Master Limited Partnerships — 2.1%** |
| **Oil, Gas & Consumable Fuels — 2.1%** | **Oil, Gas & Consumable Fuels — 2.1%** | **Oil, Gas & Consumable Fuels — 2.1%** |
| Enterprise Products Partners LP | 144469 | 3647842 |
| Magellan Midstream Partners LP | 69202 | 3733448 |
| **Total Master Limited Partnerships<br>(Cost $7,300,875)** | **Total Master Limited Partnerships<br>(Cost $7,300,875)** | **7381290** |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Commercial Paper — 1.1%** | **Commercial Paper — 1.1%** | **Commercial Paper — 1.1%** |
| CenterPoint Energy, Inc.<br>3.40%, 11/1/2022 (b) | 964000 | 963909 |
| Credit Agricole Corporate and Investment Bank (France)<br>3.02%, 11/1/2022 (b) | 912000 | 911922 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>103

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First Eagle Fund of America \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments — 1.1% (continued)** | **Short-Term Investments — 1.1% (continued)** | **Short-Term Investments — 1.1% (continued)** |
| **Commercial Paper — 1.1% (continued)** | **Commercial Paper — 1.1% (continued)** | **Commercial Paper — 1.1% (continued)** |
| Entergy Corp.<br>3.25%, 11/1/2022 (b)(c) | 589000 | 588946 |
| General Motors Financial Co., Inc.<br>3.55%, 11/1/2022 (b) | 1607000 | 1606840 |
| **Total Commercial Paper<br>(Cost $4,072,000)** | **Total Commercial Paper<br>(Cost $4,072,000)** | **4071617** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (a)** | **Investment Companies — 0.0% (a)** | **Investment Companies — 0.0% (a)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares, 2.84% (d) (Cost $1,636) | 1636 | 1636 |
| **Total Short-Term Investments<br>(Cost $4,073,636)** | **Total Short-Term Investments<br>(Cost $4,073,636)** | **4073253** |
| **Total Investments — 98.8%<br>(Cost $343,151,038)** | **Total Investments — 98.8%<br>(Cost $343,151,038)** | **360033638** |
| **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | **4518647** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **364552285** |

---

\* Non-income producing security.

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

(b) The rate shown was the current yield as of October 31, 2022.

(c) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at October 31, 2022 amounted to $588,946, which represents approximately 0.16% of net assets of the Fund.

(d) Represents 7-day effective yield as of October 31, 2022.

**<u>Abbreviation</u>**

ADR — American Depositary Receipt

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $45761579 |
| Aggregate gross unrealized depreciation | (28884300) |
| Net unrealized appreciation | $16877279 |
| Federal income tax cost | $343156359 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>104

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First Eagle Small Cap Opportunity Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)** | | **One-Year** | **Since<br>Inception<br>(4/27/21)** |
| First Eagle Small Cap Opportunity Fund | Class I | -13.00 | -9.08 |
| Russell 2000 Value Index |  | -10.73 | -5.65 |
| Russell 2000 Index |  | -18.54 | -12.36 |

---

**Asset Allocation\* (%)**

![](j22310262_co036.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Industrials | 20.2 |
| Consumer Discretionary | 16.1 |
| Information Technology | 14.7 |
| Health Care | 11.8 |
| Energy | 10.0 |
| Financials | 6.1 |
| Real Estate | 4.8 |
| Materials | 4.4 |
| Communication Services | 1.6 |
| Consumer Staples | 1.5 |
| Short-Term Investments | 8.8 |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

† Less than 0.05%.

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

\*\* Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (8.8% of total investments), such as U.S. treasury bills or money market funds.

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>106

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First Eagle Small Cap Opportunity Fund \| Fund Overview

**Growth of a $1,000,000 Initial Investment**

![](j22310262_co037.jpg)

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

**Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.**

The Russell 2000<sup>®</sup> 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<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Value Index is completely reconstituted annually. One cannot invest directly in an index.

The Russell 2000<sup>®</sup> 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<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> 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<sup>®</sup> Index is completely reconstituted annually. One cannot invest directly in an index.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Chuy's Holdings, Inc. (Hotels, Restaurants & Leisure, United States) | 0.9 |
| Air Lease Corp. (Trading Companies & Distributors, United States) | 0.8 |
| Curtiss-Wright Corp. (Aerospace & Defense, United States) | 0.8 |
| Herc Holdings, Inc. (Trading Companies & Distributors, United States) | 0.7 |
| Ducommun, Inc. (Aerospace & Defense, United States) | 0.7 |
| Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts (REITs), United States) | 0.7 |
| Enviva, Inc. (Oil, Gas & Consumable Fuels, United States) | 0.7 |
| Cohu, Inc. (Semiconductors & Semiconductor Equipment, United States) | 0.7 |
| CareDx, Inc. (Biotechnology, United States) | 0.7 |
| BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure, United States) | 0.7 |
| **Total** | **7.4** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 89.2%** | **Common Stocks — 89.2%** | **Common Stocks — 89.2%** |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| AAR Corp.\* | 35061 | 1553904 |
| Astronics Corp.\* | 158204 | 1464969 |
| Curtiss-Wright Corp. | 25692 | 4311888 |
| Ducommun, Inc.\* | 87390 | 4125682 |
| Hexcel Corp. | 34362 | 1913964 |
| Kaman Corp. | 91848 | 2948321 |
| Mercury Systems, Inc.\* | 44633 | 2160237 |
| Triumph Group, Inc.\* | 79568 | 720090 |
|  |  | **19199055** |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| GXO Logistics, Inc.\* | 30602 | 1118197 |
| Radiant Logistics, Inc.\* | 162292 | 985113 |
|  |  | **2103310** |
| **Airlines — 1.6%** | **Airlines — 1.6%** | **Airlines — 1.6%** |
| Alaska Air Group, Inc.\* | 64415 | 2863891 |
| Allegiant Travel Co.\* | 38508 | 2890025 |
| JetBlue Airways Corp.\* | 382396 | 3074464 |
|  |  | **8828380** |
| **Auto Components — 1.6%** | **Auto Components — 1.6%** | **Auto Components — 1.6%** |
| Goodyear Tire & Rubber Co. (The)\* | 287036 | 3645357 |
| Modine Manufacturing Co.\* | 189576 | 3397202 |
| Superior Industries International, Inc.\* | 443438 | 2030946 |
|  |  | **9073505** |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Harley-Davidson, Inc. | 29163 | 1254009 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| First Foundation, Inc. | 90245 | 1440310 |
| Independent Bank Group, Inc. | 57926 | 3654551 |
| Old National Bancorp | 114879 | 2247033 |
| Seacoast Banking Corp. of Florida | 125723 | 3884841 |
| Texas Capital Bancshares, Inc.\* | 45878 | 2752680 |
|  |  | **13979415** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>108

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| CareDx, Inc.\* | 197911 | 3940408 |
| Ironwood Pharmaceuticals, Inc.\* | 250373 | 2739081 |
|  |  | **6679489** |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| AZEK Co., Inc. (The)\* | 131985 | 2311057 |
| Gibraltar Industries, Inc.\* | 41671 | 2128555 |
| PGT Innovations, Inc.\* | 34436 | 733831 |
| Quanex Building Products Corp. | 73346 | 1625348 |
|  |  | **6798791** |
| **Capital Markets — 0.7%** | **Capital Markets — 0.7%** | **Capital Markets — 0.7%** |
| Ashford, Inc., REIT\* | 42371 | 642345 |
| B Riley Financial, Inc. | 76218 | 3100548 |
|  |  | **3742893** |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| AdvanSix, Inc. | 25041 | 910992 |
| Huntsman Corp. | 105481 | 2822671 |
| Livent Corp.\* | 89259 | 2817907 |
| LSB Industries, Inc.\* | 57369 | 1011415 |
|  |  | **7562985** |
| **Commercial Services & Supplies — 2.6%** | **Commercial Services & Supplies — 2.6%** | **Commercial Services & Supplies — 2.6%** |
| ARC Document Solutions, Inc. | 98244 | 237750 |
| Harsco Corp.\* | 154736 | 818553 |
| Heritage-Crystal Clean, Inc.\* | 135524 | 3722844 |
| IAA, Inc.\* | 59192 | 2245153 |
| Interface, Inc. | 24189 | 273578 |
| Kimball International, Inc., Class B | 168899 | 1248164 |
| Performant Financial Corp.\* | 651377 | 1511195 |
| Quest Resource Holding Corp.\* | 142550 | 1262993 |
| VSE Corp. | 66881 | 3095921 |
|  |  | **14416151** |
| **Communications Equipment — 2.4%** | **Communications Equipment — 2.4%** | **Communications Equipment — 2.4%** |
| ADTRAN Holdings, Inc. | 36900 | 828774 |
| Aviat Networks, Inc.\* | 116101 | 3791859 |
| CalAmp Corp.\* | 450994 | 1713777 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>109

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Communications Equipment — 2.4% (continued)** | **Communications Equipment — 2.4% (continued)** | **Communications Equipment — 2.4% (continued)** |
| Ceragon Networks Ltd. (Israel)\* | 238772 | 429790 |
| Comtech Telecommunications Corp. | 35609 | 393479 |
| Digi International, Inc.\* | 29826 | 1202883 |
| DZS, Inc.\* | 191318 | 3040043 |
| Lantronix, Inc.\* | 118231 | 597066 |
| PCTEL, Inc.\* | 301605 | 1402463 |
|  |  | **13400134** |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| Arcosa, Inc. | 23707 | 1521989 |
| Bowman Consulting Group Ltd.\* | 28882 | 446227 |
| Orion Group Holdings, Inc.\* | 147074 | 335329 |
|  |  | **2303545** |
| **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
| American Public Education, Inc.\* | 134213 | 1719268 |
| Lincoln Educational Services Corp.\* | 386921 | 2147412 |
| Regis Corp.\* | 1167238 | 1365668 |
| Universal Technical Institute, Inc.\* | 280744 | 1937134 |
|  |  | **7169482** |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Ooma, Inc.\* | 35902 | 582689 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| Babcock & Wilcox Enterprises, Inc.\* | 200736 | 915356 |
| EnerSys | 45487 | 3015333 |
| Generac Holdings, Inc.\* | 9879 | 1145075 |
| LSI Industries, Inc. | 171622 | 1318057 |
| Orion Energy Systems, Inc.\* | 328699 | 558789 |
|  |  | **6952610** |
| **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
| Advanced Energy Industries, Inc. | 44572 | 3505588 |
| Airgain, Inc.\* | 89344 | 648638 |
| Avnet, Inc. | 35712 | 1435265 |
| Coherent Corp.\* | 88044 | 2959159 |
| Fabrinet (Thailand)\* | 27300 | 3123120 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>110

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Electronic Equipment, Instruments & Components — 2.8% (continued)** | **Electronic Equipment, Instruments & Components — 2.8% (continued)** | **Electronic Equipment, Instruments & Components — 2.8% (continued)** |
| Iteris, Inc.\* | 458987 | 1376961 |
| TTM Technologies, Inc.\* | 166669 | 2551702 |
| VIA Optronics AG, ADR (Germany)\* | 163472 | 222322 |
|  |  | **15822755** |
| **Energy Equipment & Services — 5.1%** | **Energy Equipment & Services — 5.1%** | **Energy Equipment & Services — 5.1%** |
| Archrock, Inc. | 73923 | 555162 |
| DMC Global, Inc.\* | 152651 | 3303368 |
| Helix Energy Solutions Group, Inc.\* | 340179 | 2381253 |
| Helmerich & Payne, Inc. | 21332 | 1056147 |
| Liberty Energy, Inc., Class A\* | 190350 | 3218819 |
| Newpark Resources, Inc.\* | 368481 | 1348640 |
| NexTier Oilfield Solutions, Inc.\* | 58447 | 589146 |
| NOV, Inc. | 161150 | 3609760 |
| Oil States International, Inc.\* | 471969 | 3053639 |
| ProPetro Holding Corp.\* | 322920 | 3823373 |
| RPC, Inc. | 263796 | 2936049 |
| US Silica Holdings, Inc.\* | 208056 | 2993926 |
|  |  | **28869282** |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Lions Gate Entertainment Corp., Class A\* | 257865 | 2078392 |
| **Equity Real Estate Investment Trusts (REITs) — 4.6%** | **Equity Real Estate Investment Trusts (REITs) — 4.6%** | **Equity Real Estate Investment Trusts (REITs) — 4.6%** |
| Alexander & Baldwin, Inc. | 145087 | 2826295 |
| Armada Hoffler Properties, Inc. | 253660 | 2965285 |
| Braemar Hotels & Resorts, Inc. | 373647 | 1842080 |
| Chatham Lodging Trust\* | 154664 | 2005992 |
| Diversified Healthcare Trust | 713275 | 970054 |
| Macerich Co. (The) | 204407 | 2275050 |
| Park Hotels & Resorts, Inc. | 133038 | 1740137 |
| Pebblebrook Hotel Trust | 72623 | 1164873 |
| Physicians Realty Trust | 230656 | 3473679 |
| Tanger Factory Outlet Centers, Inc. | 227861 | 4103777 |
| Whitestone REIT | 260828 | 2454391 |
|  |  | **25821613** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>111

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Food & Staples Retailing — 0.4%** | **Food & Staples Retailing — 0.4%** | **Food & Staples Retailing — 0.4%** |
| Chefs' Warehouse, Inc. (The)\* | 60536 | 2217434 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Alico, Inc. | 13480 | 412757 |
| Hain Celestial Group, Inc. (The)\* | 16932 | 316798 |
| Ingredion, Inc. | 17148 | 1528230 |
| Real Good Food Co., Inc. (The), Class A\* | 187245 | 1252669 |
| Utz Brands, Inc. | 147084 | 2384232 |
|  |  | **5894686** |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Accuray, Inc.\* | 70850 | 144534 |
| Artivion, Inc.\* | 112320 | 1253491 |
| Bioventus, Inc., Class A\* | 338056 | 2751776 |
| Neuronetics, Inc.\* | 296090 | 985980 |
| Orthofix Medical, Inc.\* | 135474 | 2175713 |
| SeaSpine Holdings Corp.\* | 32075 | 206242 |
| Sientra, Inc.\* | 913007 | 250894 |
| Sight Sciences, Inc.\* | 324533 | 2541093 |
| Tactile Systems Technology, Inc.\* | 303820 | 2260421 |
|  |  | **12570144** |
| **Health Care Providers & Services — 6.1%** | **Health Care Providers & Services — 6.1%** | **Health Care Providers & Services — 6.1%** |
| Acadia Healthcare Co., Inc.\* | 16189 | 1316166 |
| AdaptHealth Corp.\* | 96067 | 2190328 |
| Addus HomeCare Corp.\* | 12852 | 1316302 |
| Amedisys, Inc.\* | 25514 | 2489911 |
| Brookdale Senior Living, Inc.\* | 623151 | 2785485 |
| Community Health Systems, Inc.\* | 857048 | 2459728 |
| Enhabit, Inc.\* | 78117 | 970213 |
| InfuSystem Holdings, Inc.\* | 49313 | 376258 |
| Option Care Health, Inc.\* | 30406 | 920085 |
| Owens & Minor, Inc. | 133721 | 2273257 |
| Patterson Cos., Inc. | 135891 | 3529089 |
| Pennant Group, Inc. (The)\* | 134310 | 1653356 |
| Quipt Home Medical Corp.\* | 242508 | 1047634 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>112

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Health Care Providers & Services — 6.1% (continued)** | **Health Care Providers & Services — 6.1% (continued)** | **Health Care Providers & Services — 6.1% (continued)** |
| RadNet, Inc.\* | 82731 | 1581817 |
| Select Medical Holdings Corp. | 74310 | 1908281 |
| Surgery Partners, Inc.\* | 128667 | 3498456 |
| Tenet Healthcare Corp.\* | 83314 | 3695809 |
|  |  | **34012175** |
| **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** |
| Health Catalyst, Inc.\* | 259310 | 2287114 |
| HealthStream, Inc.\* | 70210 | 1734187 |
| iCAD, Inc.\* | 517616 | 988647 |
|  |  | **5009948** |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| BJ's Restaurants, Inc.\* | 119912 | 3939109 |
| Bloomin' Brands, Inc. | 97950 | 2351779 |
| Cheesecake Factory, Inc. (The) | 101969 | 3651510 |
| Chuy's Holdings, Inc.\* | 172121 | 5043145 |
| Denny's Corp.\* | 249684 | 2828920 |
| Drive Shack, Inc.\* | 1082683 | 686746 |
| Noodles & Co., Class A\* | 230422 | 1341056 |
| Potbelly Corp.\* | 317259 | 1579950 |
| Ruth's Hospitality Group, Inc. | 100511 | 2088619 |
| Six Flags Entertainment Corp.\* | 110864 | 2472267 |
|  |  | **25983101** |
| **Household Durables — 3.0%** | **Household Durables — 3.0%** | **Household Durables — 3.0%** |
| Beazer Homes USA, Inc.\* | 198186 | 2241484 |
| Cavco Industries, Inc.\* | 12419 | 2815015 |
| Century Communities, Inc. | 64610 | 2875791 |
| Dixie Group, Inc. (The)\* | 213469 | 234816 |
| LGI Homes, Inc.\* | 37020 | 3407691 |
| MDC Holdings, Inc. | 13917 | 423912 |
| Skyline Champion Corp.\* | 41716 | 2428288 |
| Sonos, Inc.\* | 43247 | 697141 |
| Toll Brothers, Inc. | 40310 | 1736555 |
|  |  | **16860693** |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>113

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| HCI Group, Inc. | 38204 | 1399795 |
| Old Republic International Corp. | 98559 | 2287554 |
| Stewart Information Services Corp. | 47325 | 1843782 |
|  |  | **5531131** |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Cars.com, Inc.\* | 152326 | 2114285 |
| QuinStreet, Inc.\* | 39924 | 455533 |
|  |  | **2569818** |
| **Internet & Direct Marketing Retail — 0.3%** | **Internet & Direct Marketing Retail — 0.3%** | **Internet & Direct Marketing Retail — 0.3%** |
| CarParts.com, Inc.\* | 363153 | 1699556 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Squarespace, Inc., Class A\* | 92797 | 2061021 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Topgolf Callaway Brands Corp.\* | 98288 | 1839951 |
| **Machinery — 4.0%** | **Machinery — 4.0%** | **Machinery — 4.0%** |
| Astec Industries, Inc. | 55445 | 2420174 |
| Blue Bird Corp.\* | 137266 | 1258729 |
| CIRCOR International, Inc.\* | 142938 | 2954528 |
| Columbus McKinnon Corp. | 79296 | 2261522 |
| EnPro Industries, Inc. | 27211 | 2897972 |
| Luxfer Holdings plc (United Kingdom) | 66293 | 959260 |
| Manitex International, Inc.\* | 134087 | 611437 |
| Park-Ohio Holdings Corp. | 121655 | 1383217 |
| Shyft Group, Inc. (The) | 84908 | 1951186 |
| Trinity Industries, Inc. | 79300 | 2262429 |
| Wabash National Corp. | 161637 | 3499441 |
|  |  | **22459895** |
| **Marine — 0.0% (a)** | **Marine — 0.0% (a)** | **Marine — 0.0% (a)** |
| Diana Shipping, Inc. (Greece) | 46759 | 201999 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Magnite, Inc.\* | 362254 | 2640832 |
| Marchex, Inc., Class B\* | 440037 | 708459 |
|  |  | **3349291** |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>114

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** |
| Carpenter Technology Corp. | 85597 | 3201328 |
| Century Aluminum Co.\* | 321082 | 2315001 |
| Commercial Metals Co. | 67512 | 3071796 |
| Ferroglobe plc\* | 334148 | 1948083 |
| Haynes International, Inc. | 53438 | 2613653 |
| Hecla Mining Co. | 675234 | 3085819 |
|  |  | **16235680** |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |
| Ladder Capital Corp. | 198602 | 2119083 |
| **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** |
| Alto Ingredients, Inc.\* | 683867 | 2824371 |
| Callon Petroleum Co.\* | 79323 | 3487039 |
| Chesapeake Energy Corp. | 26031 | 2662190 |
| Dorian LPG Ltd. | 105187 | 1900729 |
| Earthstone Energy, Inc., Class A\* | 205189 | 3315854 |
| Enviva, Inc. | 67703 | 4051348 |
| Matador Resources Co. | 29789 | 1979479 |
| Navigator Holdings Ltd.\* | 213931 | 2684834 |
| PBF Energy, Inc., Class A\* | 37499 | 1659331 |
| SM Energy Co. | 38781 | 1744369 |
|  |  | **26309544** |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| Assertio Holdings, Inc.\* | 507142 | 1308426 |
| Pacira BioSciences, Inc.\* | 67824 | 3510570 |
| Societal CDMO, Inc.\* | 940419 | 1711563 |
|  |  | **6530559** |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| GEE Group, Inc.\* | 907670 | 572014 |
| Heidrick & Struggles International, Inc. | 61366 | 1728066 |
|  |  | **2300080** |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Anywhere Real Estate, Inc.\* | 86178 | 640303 |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>115

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Road & Rail — 0.7%** | **Road & Rail — 0.7%** | **Road & Rail — 0.7%** |
| Daseke, Inc.\* | 268593 | 1600814 |
| Heartland Express, Inc. | 149139 | 2219189 |
|  |  | **3820003** |
| **Semiconductors & Semiconductor Equipment — 7.2%** | **Semiconductors & Semiconductor Equipment — 7.2%** | **Semiconductors & Semiconductor Equipment — 7.2%** |
| Alpha & Omega Semiconductor Ltd.\* | 94301 | 3088358 |
| Amkor Technology, Inc. | 158828 | 3302034 |
| Amtech Systems, Inc.\* | 164607 | 1517676 |
| Axcelis Technologies, Inc.\* | 59500 | 3451000 |
| Cohu, Inc.\* | 121085 | 3986118 |
| Diodes, Inc.\* | 29407 | 2107600 |
| FormFactor, Inc.\* | 92751 | 1874498 |
| Ichor Holdings Ltd.\* | 116811 | 2971672 |
| inTEST Corp.\* | 318325 | 2578432 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 73352 | 3076383 |
| MKS Instruments, Inc. | 24525 | 2014729 |
| Onto Innovation, Inc.\* | 56266 | 3760819 |
| Ultra Clean Holdings, Inc.\* | 113651 | 3535683 |
| Veeco Instruments, Inc.\* | 162366 | 2959932 |
|  |  | **40224934** |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| Digital Turbine, Inc.\* | 100320 | 1464672 |
| Everbridge, Inc.\* | 63727 | 1996567 |
| Kaleyra, Inc. (Italy)\* | 321894 | 276861 |
| SecureWorks Corp., Class A\* | 270269 | 2210800 |
| Synchronoss Technologies, Inc.\* | 506331 | 536711 |
| Upland Software, Inc.\* | 72059 | 579354 |
| Yext, Inc.\* | 241065 | 1282466 |
| Zeta Global Holdings Corp., Class A\* | 132776 | 1107352 |
|  |  | **9454783** |
| **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** |
| America's Car-Mart, Inc.\* | 34949 | 2389114 |
| Container Store Group, Inc. (The)\* | 377586 | 2050292 |
| Lithia Motors, Inc., Class A | 17232 | 3414521 |
| LL Flooring Holdings, Inc.\* | 149128 | 1240745 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>116

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First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Specialty Retail — 3.2% (continued)** | **Specialty Retail — 3.2% (continued)** | **Specialty Retail — 3.2% (continued)** |
| RH\* | 7910 | 2008586 |
| Sonic Automotive, Inc., Class A | 13759 | 643233 |
| Sportsman's Warehouse Holdings, Inc.\* | 268315 | 2409469 |
| Tile Shop Holdings, Inc. | 123227 | 485514 |
| Tilly's, Inc., Class A | 217787 | 1929593 |
| Zumiez, Inc.\* | 53464 | 1199197 |
|  |  | **17770264** |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Allbirds, Inc., Class A\* | 159897 | 550046 |
| Columbia Sportswear Co. | 17854 | 1330123 |
| Skechers USA, Inc., Class A\* | 34569 | 1190211 |
| Steven Madden Ltd. | 70939 | 2118948 |
| Unifi, Inc.\* | 286972 | 2617184 |
|  |  | **7806512** |
| **Thrifts & Mortgage Finance — 1.4%** | **Thrifts & Mortgage Finance — 1.4%** | **Thrifts & Mortgage Finance — 1.4%** |
| Axos Financial, Inc.\* | 28878 | 1125087 |
| MGIC Investment Corp. | 36459 | 497665 |
| NMI Holdings, Inc., Class A\* | 85670 | 1878743 |
| Radian Group, Inc. | 71233 | 1486633 |
| Walker & Dunlop, Inc. | 35038 | 3152018 |
|  |  | **8140146** |
| **Trading Companies & Distributors — 3.7%** | **Trading Companies & Distributors — 3.7%** | **Trading Companies & Distributors — 3.7%** |
| Air Lease Corp. | 125256 | 4420284 |
| H&E Equipment Services, Inc. | 58277 | 2200539 |
| Herc Holdings, Inc. | 35746 | 4204087 |
| NOW, Inc.\* | 226090 | 2878126 |
| Titan Machinery, Inc.\* | 103820 | 3569332 |
| Univar Solutions, Inc.\* | 114587 | 2919677 |
| WESCO International, Inc.\* | 2769 | 381485 |
|  |  | **20573530** |
| **Total Common Stocks<br>(Cost $542,731,789)** | **Total Common Stocks<br>(Cost $542,731,789)** | **500824749** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>117

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Master Limited Partnerships — 0.3%** | **Master Limited Partnerships — 0.3%** | **Master Limited Partnerships — 0.3%** |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Fortress Transportation and Infrastructure Investors LLC <br>Class A (Cost $1,642,301) | 87133 | 1514372 |
|  | **Number of Rights** |  |
| **Rights — 0.0% (a)** | **Rights — 0.0% (a)** | **Rights — 0.0% (a)** |
| **IT Services — 0.0% (a)** | **IT Services — 0.0% (a)** | **IT Services — 0.0% (a)** |
| Flexion, Inc., CVR\*‡ (b)<br>(Cost $27,801) | 44841 |  |
|  | **Shares** |  |
| **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** |
| **Investment Companies — 8.6%** | **Investment Companies — 8.6%** | **Investment Companies — 8.6%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares, 2.84%, (c) (Cost $48,459,455) | 48459455 | 48459455 |
| **Total Investments — 98.1%<br>(Cost $592,861,346)** | **Total Investments — 98.1%<br>(Cost $592,861,346)** | **550798576** |
| **Other Assets Less Liabilities — 1.9%** | **Other Assets Less Liabilities — 1.9%** | **10505651** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **561304227** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

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

(b) Security fair valued as of October 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c) Represents 7-day effective yield as of October 31, 2022.

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

CVR — Contingent Value Rights

REIT — Real Estate Investment Trust

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $34884263 |
| Aggregate gross unrealized depreciation | (78993198) |
| Net unrealized depreciation | $(44108935) |
| Federal income tax cost | $594907511 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>118

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First Eagle Global Real Assets Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle Global Real Assets Fund seeks long-term growth of capital.

---

| | | |
|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)** | | **For the Period <br>11/30/21† – 10/31/22** |
| First Eagle Global Real Assets | Class I | -4.10 |
| MSCI World Index |  | -16.65 |
| Consumer Price Index +400bps |  | 10.88 |

---

**Asset Allocation\* (%)**

![](j22310262_cq038.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Energy | 26.6 |
| Materials | 20.5 |
| Real Estate | 17.1 |
| Industrials | 9.2 |
| Commodities | 8.7 |
| Utilities | 6.5 |
| Consumer Discretionary | 3.0 |
| Communication Services | 2.0 |
| Investment Funds | 1.5 |
| Consumer Staples | 1.4 |
| Health Care | 1.1 |
| U.S. Treasury Obligations | 1.0 |
| Short-Term Investments | 1.4 |

---

**Countries\*~ (%)**

---

| | | |
|:---|:---|:---|
| United States | 60.6 |  |
| Canada | 10.9 |  |
| United Kingdom | 4.8 |  |
| Japan | 3.6 |  |
| Hong Kong | 3.1 |  |
| Australia | 2.7 |  |
| Mexico | 2.4 |  |
| Singapore | 1.5 |  |
| Germany | 1.5 |  |
| Spain | 1.2 |  |
| Netherlands | 1.1 |  |
| Ireland | 1.1 |  |
| Israel | 1.0 |  |
| Brazil | 0.9 |  |
| Faroe Islands | 0.8 |  |
| France | 0.8 |  |
| Belgium | 0.6 |  |
| Russia | 0.0 | \*\*\* |
| Short-Term Investments | 1.4 |  |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

† Commencement of operations.

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

\*\* Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (1.4% 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.

\*\*\* Less than 0.05%.

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>120

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First Eagle Global Real Assets Fund \| Fund Overview

**Growth of a $1,000,000 Initial Investment**

![](j22310262_cq039.jpg)

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

**Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.**

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Gold bullion\*\* (Precious Metal) | 8.7 |
| Schlumberger NV (Energy Equipment & Services, United States) | 3.7 |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 3.5 |
| NOV, Inc. (Energy Equipment & Services, United States) | 3.5 |
| Chevron Corp. (Oil, Gas & Consumable Fuels, United States) | 3.3 |
| Glencore plc (Metals & Mining, Australia) | 2.7 |
| Nutrien Ltd. (Chemicals, Canada) | 2.6 |
| United Utilities Group plc (Water Utilities, United Kingdom) | 2.5 |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 2.5 |
| Grupo Mexico SAB de CV (Metals & Mining, Mexico) | 2.2 |
| **Total** | **35.2** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>121

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First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 84.2%** | **Common Stocks — 84.2%** | **Common Stocks — 84.2%** |
| **Australia — 2.7%** | **Australia — 2.7%** | **Australia — 2.7%** |
| Glencore plc | 43634 | 250157 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| Shurgard Self Storage SA | 1231 | 53599 |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Wheaton Precious Metals Corp. | 2671 | 87383 |
| **Canada — 11.0%** | **Canada — 11.0%** | **Canada — 11.0%** |
| Barrick Gold Corp. | 3561 | 53558 |
| Canadian National Railway Co. | 1374 | 162780 |
| Canadian Pacific Railway Ltd. | 1899 | 141566 |
| Franco-Nevada Corp. | 1007 | 124423 |
| Imperial Oil Ltd. | 4296 | 233697 |
| Nutrien Ltd. | 2888 | 244018 |
| StorageVault Canada, Inc. | 14877 | 68251 |
|  |  | **1028293** |
| **Faroe Islands — 0.8%** | **Faroe Islands — 0.8%** | **Faroe Islands — 0.8%** |
| Bakkafrost P/F | 1545 | 77278 |
| **France — 0.8%** | **France — 0.8%** | **France — 0.8%** |
| Air Liquide SA | 584 | 76395 |
| **Germany — 1.5%** | **Germany — 1.5%** | **Germany — 1.5%** |
| FUCHS PETROLUB SE (Preference) | 4878 | 139701 |
| **Hong Kong — 3.1%** | **Hong Kong — 3.1%** | **Hong Kong — 3.1%** |
| CK Asset Holdings Ltd. | 24000 | 132686 |
| Hongkong Land Holdings Ltd. | 31000 | 119347 |
| Hysan Development Co. Ltd. | 19000 | 41412 |
|  |  | **293445** |
| **Ireland — 1.1%** | **Ireland — 1.1%** | **Ireland — 1.1%** |
| CRH plc | 2834 | 102075 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| ICL Group Ltd. | 10239 | 92356 |
| **Japan — 3.7%** | **Japan — 3.7%** | **Japan — 3.7%** |
| Kansai Paint Co. Ltd. | 3700 | 48282 |
| Komatsu Ltd. | 8800 | 172394 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>122

------

First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Japan — 3.7% (continued)** | **Japan — 3.7% (continued)** | **Japan — 3.7% (continued)** |
| Mitsubishi Estate Co. Ltd. | 5600 | 70421 |
| Shin-Etsu Chemical Co. Ltd. | 500 | 51965 |
|  |  | **343062** |
| **Mexico — 2.4%** | **Mexico — 2.4%** | **Mexico — 2.4%** |
| GMexico Transportes SAB de CV (a) | 11815 | 21981 |
| Grupo Mexico SAB de CV, Series B | 57449 | 208276 |
|  |  | **230257** |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| Shell plc | 3691 | 102259 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC\*‡ (b) | 48132 |  |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| UOL Group Ltd. | 32100 | 140206 |
| **Spain — 1.2%** | **Spain — 1.2%** | **Spain — 1.2%** |
| Aena SME SA\* (a) | 963 | 113183 |
| **United Kingdom — 4.8%** | **United Kingdom — 4.8%** | **United Kingdom — 4.8%** |
| Berkeley Group Holdings plc | 1708 | 67957 |
| Big Yellow Group plc, REIT | 3664 | 47147 |
| Great Portland Estates plc, REIT | 4900 | 28884 |
| Severn Trent plc | 2336 | 67042 |
| United Utilities Group plc | 21981 | 236872 |
|  |  | **447902** |
| **United States — 46.0%** | **United States — 46.0%** | **United States — 46.0%** |
| American Homes 4 Rent, Class A, REIT | 6139 | 196080 |
| American Water Works Co., Inc. | 175 | 25434 |
| Ball Corp. | 588 | 29041 |
| Boston Properties, Inc., REIT | 828 | 60196 |
| Charter Communications, Inc., Class A\* | 397 | 145945 |
| Chevron Corp. | 1711 | 309520 |
| Comcast Corp., Class A | 1351 | 42881 |
| Cummins, Inc. | 396 | 96826 |
| Deere & Co. | 222 | 87872 |
| Douglas Emmett, Inc., REIT | 4859 | 85470 |
| DR Horton, Inc. | 1728 | 132849 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>123

------

First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 46.0% (continued)** | **United States — 46.0% (continued)** | **United States — 46.0% (continued)** |
| EOG Resources, Inc. | 667 | 91059 |
| Equinix, Inc., REIT | 178 | 100826 |
| Equity Residential, REIT | 2337 | 147278 |
| Exxon Mobil Corp. | 2954 | 327333 |
| HCA Healthcare, Inc. | 493 | 107213 |
| Home Depot, Inc. (The) | 283 | 83805 |
| IDACORP, Inc. | 966 | 101140 |
| Mid-America Apartment Communities, Inc., REIT | 733 | 115411 |
| National Energy Services Reunited Corp.\* | 11107 | 83969 |
| Newmont Corp. | 1155 | 48880 |
| NOV, Inc. | 14566 | 326278 |
| Phillips 66 | 1725 | 179900 |
| PPG Industries, Inc. | 750 | 85635 |
| Royal Gold, Inc. | 1287 | 122213 |
| RPM International, Inc. | 1719 | 162566 |
| SBA Communications Corp., REIT | 603 | 162750 |
| Schlumberger NV | 6672 | 347144 |
| Terreno Realty Corp., REIT | 737 | 42112 |
| UGI Corp. | 5040 | 178063 |
| Union Pacific Corp. | 324 | 63873 |
| Walmart, Inc. | 357 | 50812 |
| Williams Cos., Inc. (The) | 4980 | 162995 |
|  |  | **4303369** |
| **Total Common Stocks<br>(Cost $8,350,374)** | **Total Common Stocks<br>(Cost $8,350,374)** | **7880920** |
|  | **Ounces** |  |
| **Commodities — 8.7%** | **Commodities — 8.7%** | **Commodities — 8.7%** |
| Gold bullion\* | 501 | 817535 |
| **Total Commodities<br>(Cost $893,007)** | **Total Commodities<br>(Cost $893,007)** | **817535** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>124

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First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Master Limited Partnerships — 3.6%** | **Master Limited Partnerships — 3.6%** | **Master Limited Partnerships — 3.6%** |
| **United States — 3.6%** | **United States — 3.6%** | **United States — 3.6%** |
| Enterprise Products Partners LP | 7060 | 178265 |
| Magellan Midstream Partners LP | 2972 | 160339 |
| **Total Master Limited Partnerships<br>(Cost $300,218)** | **Total Master Limited Partnerships<br>(Cost $300,218)** | **338604** |
| **Exchange Traded Funds — 1.5%** | **Exchange Traded Funds — 1.5%** | **Exchange Traded Funds — 1.5%** |
| **United States — 1.5%** | **United States — 1.5%** | **United States — 1.5%** |
| iShares Gold Trust<br>(Cost $155,999) | 4625 | 143283 |
| **U.S. Treasury Obligations — 1.0%** | **U.S. Treasury Obligations — 1.0%** | **U.S. Treasury Obligations — 1.0%** |
| U.S. Treasury Inflation Linked Notes<br>0.92%, 4/15/2027 (Cost $92,839) | 91500 | 89505 |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 2.84% (c) (Cost $130,701) | 130701 | 130701 |
| **Total Investments — 100.4%<br>(Cost $9,923,138)** | **Total Investments — 100.4%<br>(Cost $9,923,138)** | **9400548** |
| **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | **(40153)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **9360395** |

---

\* 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 October 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at October 31, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c) Represents 7-day effective yield as of October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>125

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First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2022

**<u>Abbreviations</u>**

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

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $892274 |
| Aggregate gross unrealized depreciation | (1398155) |
| Net unrealized depreciation | $(505881) |
| Federal income tax cost | $9906429 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>126

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First Eagle U.S. Smid Cap Opportunity Fund

**Fund Overview**

Data as of October 31, 2022 (unaudited)

**Investment Objective**

The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital.

---

| | | |
|:---|:---|:---|
| **Average Annual Returns<sup>^</sup> (%)** | | **For the Period<br>8/15/22† – 10/31/22** |
| First Eagle U.S. Smid Cap Opportunity Fund | Class I | -10.20 |
| Russell 2500 Value Index |  | -8.42 |
| Russell 2500 Index |  | -8.74 |

---

**Asset Allocation\* (%)**

![](j22310262_cs040.jpg)

**Sectors\* (%)**

---

| | |
|:---|:---|
| Industrials | 19.3 |
| Consumer Discretionary | 18.3 |
| Health Care | 15.1 |
| Financials | 14.1 |
| Energy | 11.7 |
| Information Technology | 9.6 |
| Consumer Staples | 5.9 |
| Materials | 4.8 |
| Short-Term Investments | 1.2 |

---

<sup>^</sup> Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

† Commencement of operations.

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

\*\* Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (1.2% of total investments), such as U.S. treasury bills or money market funds.

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>128

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First Eagle U.S. Smid Cap Opportunity Fund \| Fund Overview

**Growth of a $1,000,000 Initial Investment**

![](j22310262_cs041.jpg)

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

**Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.**

The Russell 2500<sup>TM</sup> 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<sup>TM</sup> companies with relatively low price-to-book ratios and lower forecasted growth values. The Russell 2500<sup>TM</sup> Value Index is completely reconstituted annually. One cannot invest directly in an index.

The Russell 2500<sup>TM</sup> 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<sup>TM</sup> Index is a subset of the Russell 3000<sup>®</sup> 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<sup>TM</sup> Index is completely reconstituted annually. One cannot invest directly in an index.

**Top 10 Holdings\* (%)**

---

| | |
|:---|:---|
| Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels, United States) | 2.9 |
| HF Sinclair Corp. (Oil, Gas & Consumable Fuels, United States) | 2.5 |
| Curtiss-Wright Corp. (Aerospace & Defense, United States) | 2.4 |
| Matador Resources Co. (Oil, Gas & Consumable Fuels, United States) | 2.4 |
| Cardinal Health, Inc. (Health Care Providers & Services, United States) | 2.3 |
| Casey's General Stores, Inc. (Food & Staples Retailing, United States) | 2.2 |
| SM Energy Co. (Oil, Gas & Consumable Fuels, United States) | 2.1 |
| Quest Diagnostics, Inc. (Health Care Providers & Services, United States) | 2.1 |
| Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States) | 2.1 |
| Ameris Bancorp (Banks, United States) | 2.0 |
| **Total** | **23.0** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based on total net assets.

First Eagle Funds \| Annual Report \| October 31, 2022<br>129

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First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 96.4%** | **Common Stocks — 96.4%** | **Common Stocks — 96.4%** |
| **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** |
| Curtiss-Wright Corp. | 164 | 27524 |
| Mercury Systems, Inc.\* | 401 | 19408 |
|  |  | **46932** |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| GXO Logistics, Inc.\* | 272 | 9939 |
| **Airlines — 1.5%** | **Airlines — 1.5%** | **Airlines — 1.5%** |
| JetBlue Airways Corp.\* | 2152 | 17302 |
| **Auto Components — 1.2%** | **Auto Components — 1.2%** | **Auto Components — 1.2%** |
| Goodyear Tire & Rubber Co. (The)\* | 1101 | 13983 |
| **Banks — 6.6%** | **Banks — 6.6%** | **Banks — 6.6%** |
| Ameris Bancorp | 450 | 23179 |
| Independent Bank Group, Inc. | 296 | 18675 |
| Seacoast Banking Corp. of Florida | 612 | 18911 |
| Texas Capital Bancshares, Inc.\* | 235 | 14100 |
|  |  | **74865** |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| CareDx, Inc.\* | 438 | 8721 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| AZEK Co., Inc. (The)\* | 481 | 8422 |
| Lennox International, Inc. | 83 | 19387 |
|  |  | **27809** |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| B Riley Financial, Inc. | 350 | 14238 |
| Raymond James Financial, Inc. | 87 | 10278 |
|  |  | **24516** |
| **Chemicals — 3.3%** | **Chemicals — 3.3%** | **Chemicals — 3.3%** |
| Chemours Co. (The) | 520 | 14888 |
| Huntsman Corp. | 615 | 16457 |
| Westlake Corp. | 60 | 5799 |
|  |  | **37144** |
| **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** |
| Ciena Corp.\* | 419 | 20070 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>130

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First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Electrical Equipment — 3.5%** | **Electrical Equipment — 3.5%** | **Electrical Equipment — 3.5%** |
| EnerSys | 332 | 22008 |
| Generac Holdings, Inc.\* | 159 | 18430 |
|  |  | **40438** |
| **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** |
| Belden, Inc. | 181 | 12603 |
| Coherent Corp.\* | 425 | 14284 |
|  |  | **26887** |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| Liberty Energy, Inc., Class A\* | 1006 | 17011 |
| **Food & Staples Retailing — 4.2%** | **Food & Staples Retailing — 4.2%** | **Food & Staples Retailing — 4.2%** |
| Casey's General Stores, Inc. | 109 | 25365 |
| Performance Food Group Co.\* | 440 | 22898 |
|  |  | **48263** |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Ingredion, Inc. | 193 | 17200 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| QuidelOrtho Corp.\* | 165 | 14820 |
| Zimmer Biomet Holdings, Inc. | 106 | 12015 |
|  |  | **26835** |
| **Health Care Providers & Services — 8.4%** | **Health Care Providers & Services — 8.4%** | **Health Care Providers & Services — 8.4%** |
| Amedisys, Inc.\* | 161 | 15712 |
| Cardinal Health, Inc. | 348 | 26413 |
| Owens & Minor, Inc. | 546 | 9282 |
| Quest Diagnostics, Inc. | 168 | 24133 |
| Select Medical Holdings Corp. | 116 | 2979 |
| Tenet Healthcare Corp.\* | 396 | 17567 |
|  |  | **96086** |
| **Hotels, Restaurants & Leisure — 8.7%** | **Hotels, Restaurants & Leisure — 8.7%** | **Hotels, Restaurants & Leisure — 8.7%** |
| Aramark | 628 | 22922 |
| Bloomin' Brands, Inc. | 171 | 4106 |
| Cheesecake Factory, Inc. (The) | 669 | 23957 |
| Chuy's Holdings, Inc.\* | 426 | 12482 |
| Cracker Barrel Old Country Store, Inc. | 178 | 20331 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>131

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First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hotels, Restaurants & Leisure — 8.7% (continued)** | **Hotels, Restaurants & Leisure — 8.7% (continued)** | **Hotels, Restaurants & Leisure — 8.7% (continued)** |
| Denny's Corp.\* | 928 | 10514 |
| Vail Resorts, Inc. | 24 | 5259 |
|  |  | **99571** |
| **Household Durables — 2.2%** | **Household Durables — 2.2%** | **Household Durables — 2.2%** |
| Beazer Homes USA, Inc.\* | 235 | 2658 |
| LGI Homes, Inc.\* | 185 | 17029 |
| Toll Brothers, Inc. | 122 | 5256 |
|  |  | **24943** |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| HCI Group, Inc. | 246 | 9014 |
| Old Republic International Corp. | 730 | 16943 |
|  |  | **25957** |
| **Internet & Direct Marketing Retail — 1.5%** | **Internet & Direct Marketing Retail — 1.5%** | **Internet & Direct Marketing Retail — 1.5%** |
| Chewy, Inc., Class A\* | 430 | 16654 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Amdocs Ltd. | 66 | 5696 |
| **Leisure Products — 1.3%** | **Leisure Products — 1.3%** | **Leisure Products — 1.3%** |
| Topgolf Callaway Brands Corp.\* | 780 | 14602 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Avantor, Inc.\* | 626 | 12626 |
| PerkinElmer, Inc. | 37 | 4943 |
|  |  | **17569** |
| **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
| Donaldson Co., Inc. | 59 | 3389 |
| Dover Corp. | 88 | 11501 |
| Flowserve Corp. | 698 | 20019 |
|  |  | **34909** |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Cleveland-Cliffs, Inc.\* | 1277 | 16588 |
| **Oil, Gas & Consumable Fuels — 10.0%** | **Oil, Gas & Consumable Fuels — 10.0%** | **Oil, Gas & Consumable Fuels — 10.0%** |
| Chesapeake Energy Corp. | 327 | 33442 |
| HF Sinclair Corp. | 471 | 28811 |
| Matador Resources Co. | 410 | 27245 |
| SM Energy Co. | 538 | 24199 |
|  |  | **113697** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>132

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First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Pacira BioSciences, Inc.\* | 366 | 18944 |
| **Road & Rail — 1.5%** | **Road & Rail — 1.5%** | **Road & Rail — 1.5%** |
| XPO Logistics, Inc.\* | 340 | 17592 |
| **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| Amkor Technology, Inc. | 635 | 13202 |
| MKS Instruments, Inc. | 212 | 17416 |
| ON Semiconductor Corp.\* | 197 | 12102 |
| Onto Innovation, Inc.\* | 166 | 11095 |
|  |  | **53815** |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| Lithia Motors, Inc., Class A | 70 | 13871 |
| RH\* | 23 | 5840 |
|  |  | **19711** |
| **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| Deckers Outdoor Corp.\* | 10 | 3499 |
| Skechers USA, Inc., Class A\* | 94 | 3236 |
| Steven Madden Ltd. | 255 | 7617 |
|  |  | **14352** |
| **Thrifts & Mortgage Finance — 2.7%** | **Thrifts & Mortgage Finance — 2.7%** | **Thrifts & Mortgage Finance — 2.7%** |
| Radian Group, Inc. | 816 | 17030 |
| Walker & Dunlop, Inc. | 157 | 14124 |
|  |  | **31154** |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| Air Lease Corp. | 550 | 19409 |
| **Total Common Stocks<br>(Cost $1,217,342)** | **Total Common Stocks<br>(Cost $1,217,342)** | **1099164** |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares, 2.84%, (a) (Cost $13,401) | 13401 | 13401 |
| **Total Investments — 97.6%<br>(Cost $1,230,743)** | **Total Investments — 97.6%<br>(Cost $1,230,743)** | **1112565** |
| **Other Assets Less Liabilities — 2.4%** | **Other Assets Less Liabilities — 2.4%** | **26801** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1139366** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>133

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First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2022

\* Non-income producing security.

(a) Represents 7-day effective yield as of October 31, 2022.

As of October 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $31608 |
| Aggregate gross unrealized depreciation | (150150) |
| Net unrealized appreciation | $(118542) |
| Federal income tax cost | $1231107 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>134

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------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $28487427553 | $8693691650 |
| Investments in affiliates | 2241559117 | 356119084 |
| Gold bullion | 2917123385 | 666559699 |
| Silver bullion |  |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 36116089490 | 9591327289 |
| Investments in affiliates | 2198389215 | 426933620 |
| Gold bullion | 4530486527 | 1187841810 |
| Silver bullion |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 653543 | 278800 |
| Receivable for investment securities sold | 42967223 | 1573708 |
| Foreign tax reclaims receivable | 43147758 | 22473102 |
| Receivable for Fund shares sold | 34572897 | 20101150 |
| Accrued interest and dividends receivable | 74774316 | 32673509 |
| Investment for trustee deferred compensation plan (Note 2) | 5968019 | 3395176 |
| Other assets | 252885 | 87845 |
| **Total Assets** | **43047301873** | **11286686009** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 26564311 | 7088617 |
| Due to custodian | 159490 | 15450 |
| Payable for investment securities purchased | 6896870 | 1635348 |
| Distribution fees payable (Note 3) | 3686513 | 354788 |
| Administrative fees payable (Note 2) | 263974 | 112840 |
| Trustee deferred compensation plan (Note 2) | 5968019 | 3395176 |
| Service fees payable (Note 3) | 363575 | 19630 |
| Trustee fees payable | 4910 | 4911 |
| IRS compliance fees for foreign withholding tax claims payable | 20941890 | 34796781 |
| Unrealized depreciation on forward foreign currency exchange contracts | 1250056 | 532228 |
| Payable for Fund shares redeemed | 36516971 | 15523463 |
| Accrued expenses and other liabilities | 15304836 | 5270338 |
| **Total Liabilities** | **117921415** | **68749570** |
| **Net Assets** | $**42929380458** | $**11217936439** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Capital stock (par value, $0.001 per share) | 756492 | 515942 |
| Capital surplus | 32414627829 | 9779522768 |
| Total distributable earnings (losses) | 10513996137 | 1437897729 |
| **Net Assets** | $**42929380458** | $**11217936439** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>136

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $690818339 | $1099398009 |
| Investments in affiliates |  | 147217695 |
| Gold bullion | 78780488 | 197540077 |
| Silver bullion |  | 67464529 |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 1020171114 | 1253286315 |
| Investments in affiliates |  | 146056992 |
| Gold bullion | 118394428 | 294056198 |
| Silver bullion |  | 79138914 |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Receivable for investment securities sold | 1616534 | 23265286 |
| Foreign tax reclaims receivable |  |  |
| Receivable for Fund shares sold | 689293 | 1907995 |
| Accrued interest and dividends receivable | 961743 | 29 |
| Investment for trustee deferred compensation plan (Note 2) | 3638481 | 220479 |
| Other assets | 75789 | 76544 |
| **Total Assets** | **1145547382** | **1798008752** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 696235 | 1135065 |
| Due to custodian | 5971 | 571 |
| Payable for investment securities purchased | 20487 | 11614011 |
| Distribution fees payable (Note 3) | 131892 | 172597 |
| Administrative fees payable (Note 2) | 12624 | 4166 |
| Trustee deferred compensation plan (Note 2) | 3638481 | 220479 |
| Service fees payable (Note 3) | 7213 | 22458 |
| Trustee fees payable | 7503 | 4912 |
| IRS compliance fees for foreign withholding tax claims payable |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |
| Payable for Fund shares redeemed | 791853 | 1590559 |
| Accrued expenses and other liabilities | 478986 | 915841 |
| **Total Liabilities** | **5791245** | **15680659** |
| **Net Assets** | $**1139756137** | $**1782328093** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Capital stock (par value, $0.001 per share) | 61326 | 91167 |
| Capital surplus | 679550160 | 2234013805 |
| Total distributable earnings (losses) | 460144651 | (451776879) |
| **Net Assets** | $**1139756137** | $**1782328093** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>137

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $12562350617 | $1394388384 |
| Shares outstanding | 222066205 | 65581973 |
| Net asset value per share and redemption proceeds per share | $56.57 | $21.26 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $59.55<br><sup>(1)</sup> | $22.38<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $1738497110 | $92476123 |
| Shares outstanding | 32037627 | 4564760 |
| Net asset value per share and redemption proceeds per share | $54.26 | $20.26 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $53.72 | $20.06 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $26919899076 | $8462922444 |
| Shares outstanding | 472421232 | 387720084 |
| Net asset value per share and redemption proceeds per share | $56.98 | $21.83 |
| **Class R3** | **Class R3** | **Class R3** |
| Net assets | $7133615 | $296993 |
| Shares outstanding | 126209 | 13692 |
| Net asset value per share and redemption proceeds per share | $56.52 | $21.69 |
| **Class R4** | **Class R4** | **Class R4** |
| Net assets | $1266132 | $12542736 |
| Shares outstanding | 22267 | 576504 |
| Net asset value per share and redemption proceeds per share | $56.86 | $21.76 |
| **Class R5** | **Class R5** | **Class R5** |
| Net assets | $99997 | $37674 |
| Shares outstanding | 1782 | 1735 |
| Net asset value per share and redemption proceeds per share | $56.09<br><sup>(3)</sup> | $21.71 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $1700133911 | $1255272085 |
| Shares outstanding | 29816528 | 57482854 |
| Net asset value per share and redemption proceeds per share | $57.02 | $21.84 |

---

\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

\*\* A contingent deferred sales charge (CDSC) of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

<sup>(1)</sup> The maximum sales charge is 5.00% for Class A shares. Classes C, I, R3, R4 and R6 have no front-end sales charges.

<sup>(2)</sup> The maximum CDSC is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

<sup>(3)</sup> Net asset value may not recalculate due to rounding of fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>138

------

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $540286706 | $494372448 |
| Shares outstanding | 29351025 | 25679365 |
| Net asset value per share and redemption proceeds per share | $18.41 | $19.25 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $19.38<br><sup>(1)</sup> | $20.26<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $34952799 | $104358998 |
| Shares outstanding | 2009999 | 5969493 |
| Net asset value per share and redemption proceeds per share | $17.39 | $17.48 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $17.22 | $17.31 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $538423875 | $1075241747 |
| Shares outstanding | 28579801 | 54080450 |
| Net asset value per share and redemption proceeds per share | $18.84 | $19.88 |
| **Class R3** | **Class R3** | **Class R3** |
| Net assets | $64438 | $1012885 |
| Shares outstanding | 3437 | 51308 |
| Net asset value per share and redemption proceeds per share | $18.75 | $19.74 |
| **Class R4** | **Class R4** | **Class R4** |
| Net assets | $32528 | $1324613 |
| Shares outstanding | 1735 | 66536 |
| Net asset value per share and redemption proceeds per share | $18.76 | $19.91 |
| **Class R5** | **Class R5** | **Class R5** |
| Net assets | $75182 | $579722 |
| Shares outstanding | 4005 | 29137 |
| Net asset value per share and redemption proceeds per share | $18.77 | $19.90 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $25920609 | $105437680 |
| Shares outstanding | 1375767 | 5291172 |
| Net asset value per share and redemption proceeds per share | $18.84 | $19.93 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>139

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income <br>Builder Fund** | **First Eagle <br>High Income Fund** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $1354267607 | $193917882 |
| Gold bullion | 69667432 |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 1343562622 | 174200864 |
| Gold bullion | 92057700 |  |
| Cash |  | 506 |
| Unrealized appreciation on forward foreign currency exchange contracts | 18149 |  |
| Receivable for investment securities sold | 1456680 | 267637 |
| Foreign tax reclaims receivable | 2209219 |  |
| Receivable for Fund shares sold | 5366351 | 176558 |
| Accrued interest and dividends receivable | 5780082 | 2523882 |
| Due from custodian |  |  |
| Investment for trustee deferred compensation plan (Note 2) | 639992 | 250921 |
| Other assets | 13068 | 23903 |
| **Total Assets** | **1451103863** | **177444271** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 882511 | 66485 |
| Option contracts written, at value (premiums received $2,744,984, $—, $— and <br>$—, respectively) | 4281153 |  |
| Due to custodian | 373 |  |
| Payable for investment securities purchased | 5107953 |  |
| Distribution fees payable (Note 3) | 172900 | 19086 |
| Administrative fees payable (Note 2) | 58836 | 7387 |
| Trustee deferred compensation plan (Note 2) | 639992 | 250921 |
| Service fees payable (Note 3) | 20653 | 1587 |
| Trustee fees payable | 289 | 645 |
| IRS compliance fees for foreign withholding tax claims payable | 276252 |  |
| Payable for distributions to shareholders | 122032 | 83562 |
| Unrealized depreciation on forward foreign currency exchange contracts | 35216 |  |
| Payable for Fund shares redeemed | 1715520 | 189780 |
| Accrued expenses and other liabilities | 525400 | 340172 |
| **Total Liabilities** | **13839080** | **959625** |
| **Net Assets** | $**1437264783** | $**176484646** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Capital stock (par value, $0.001 per share) | 123971 | 22694 |
| Capital surplus | 1419624838 | 315046423 |
| Total distributable earnings (losses) | 17515974 | (138584471) |
| **Net Assets** | $**1437264783** | $**176484646** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>140

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap <br>Opportunity Fund** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $343151038 | $592861346 |
| Gold bullion |  |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 360033638 | 550798576 |
| Gold bullion |  |  |
| Cash |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Receivable for investment securities sold | 10830818 | 2025208 |
| Foreign tax reclaims receivable | 42645 |  |
| Receivable for Fund shares sold | 36784 | 14463697 |
| Accrued interest and dividends receivable | 428300 | 207984 |
| Due from custodian | 18201572 | 37755 |
| Investment for trustee deferred compensation plan (Note 2) | 1532877 | 344616 |
| Other assets | 61581 | 338799 |
| **Total Assets** | **391168215** | **568216635** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 150629 | 356645 |
| Option contracts written, at value (premiums received $2,744,984, $—, $— and <br>$—, respectively) |  |  |
| Due to custodian |  |  |
| Payable for investment securities purchased | 23703355 | 5691511 |
| Distribution fees payable (Note 3) | 61146 | 7176 |
| Administrative fees payable (Note 2) |  | 125 |
| Trustee deferred compensation plan (Note 2) | 1532877 | 344616 |
| Service fees payable (Note 3) | 3464 |  |
| Trustee fees payable | 18706 |  |
| IRS compliance fees for foreign withholding tax claims payable |  |  |
| Payable for distributions to shareholders |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |
| Payable for Fund shares redeemed | 653668 | 350868 |
| Accrued expenses and other liabilities | 492085 | 161467 |
| **Total Liabilities** | **26615930** | **6912408** |
| **Net Assets** | $**364552285** | $**561304227** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Capital stock (par value, $0.001 per share) | 18183 | 66059 |
| Capital surplus | 338253611 | 615879494 |
| Total distributable earnings (losses) | 26280491 | (54641326) |
| **Net Assets** | $**364552285** | $**561304227** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>141

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br>Global Income <br>Builder Fund** | **First Eagle <br>High Income Fund** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $541001908 | $68391423 |
| Shares outstanding | 46560925 | 8796579 |
| Net asset value per share and redemption proceeds per share | $11.62 | $7.77 |
| Offering price per share (NAV per share plus maximum sales charge)\* | $12.23<br><sup>(1)</sup> | $8.14<br><sup>(2)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $98977264 | $7376016 |
| Shares outstanding | 8456225 | 949515 |
| Net asset value per share and redemption proceeds per share | $11.70 | $7.77 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(3)</sup> | $11.58 | $7.69 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $751297085 | $99295110 |
| Shares outstanding | 64970999 | 12765238 |
| Net asset value per share and redemption proceeds per share | $11.56 | $7.78 |
| **Class R3** | **Class R3** | **Class R3** |
| Net assets | $56075 | $402494 |
| Shares outstanding | 4832 | 51721 |
| Net asset value per share and redemption proceeds per share | $11.61 | $7.78 |
| **Class R4** | **Class R4** | **Class R4** |
| Net assets | $48612 | $9894 |
| Shares outstanding | 4202 | 1278 |
| Net asset value per share and redemption proceeds per share | $11.57 | $7.74 |
| **Class R5** | **Class R5** | **Class R5** |
| Net assets | $10823 | $10120 |
| Shares outstanding | 936 | 1302 |
| Net asset value per share and redemption proceeds per share | $11.57 | $7.78 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $45873016 | $999589 |
| Shares outstanding | 3973194 | 128496 |
| Net asset value per share and redemption proceeds per share | $11.55 | $7.78 |

---

\* A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge. With respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a contingent deferred sales charge 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.

<sup>(1)</sup> The maximum sales charge is 5.00% for Class A shares. Classes C, I, R3, R4, R5 and R6 have no front-end sales charges.

<sup>(2)</sup> The maximum sales charge is 4.50% for Class A shares. Classes C, I, R3, R4, R5 and R6 have no front-end sales charges.

<sup>(3)</sup> The maximum contingent deferred sales charge (CDSC) is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>142

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap <br>Opportunity Fund** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $246150826 | $37219675 |
| Shares outstanding | 12125113 | 4392441 |
| Net asset value per share and redemption proceeds per share | $20.30 | $8.47 |
| Offering price per share (NAV per share plus maximum sales charge)\* | $21.37<br><sup>(1)</sup> | $8.92<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $16001828 | $— |
| Shares outstanding | 1267183 |  |
| Net asset value per share and redemption proceeds per share | $12.63 | $— |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(3)</sup> | $12.50 | $— |
| **Class I** | **Class I** | **Class I** |
| Net assets | $97102922 | $501227339 |
| Shares outstanding | 4542657 | 58977677 |
| Net asset value per share and redemption proceeds per share | $21.38 | $8.50 |
| **Class R3** | **Class R3** | **Class R3** |
| Net assets | $50234 | $— |
| Shares outstanding | 2368 |  |
| Net asset value per share and redemption proceeds per share | $21.22 | $— |
| **Class R4** | **Class R4** | **Class R4** |
| Net assets | $30422 | $— |
| Shares outstanding | 1425 |  |
| Net asset value per share and redemption proceeds per share | $21.35 | $— |
| **Class R5** | **Class R5** | **Class R5** |
| Net assets | $10343 | $— |
| Shares outstanding | 484 |  |
| Net asset value per share and redemption proceeds per share | $21.36 | $— |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $5205710 | $22857213 |
| Shares outstanding | 243545 | 2688408 |
| Net asset value per share and redemption proceeds per share | $21.37 | $8.50 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>143

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $9030131 | $1230743 |
| Gold bullion | 893007 |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 8583013 | 1112565 |
| Gold bullion | 817535 |  |
| Foreign tax reclaims receivable | 1032 |  |
| Accrued interest and dividends receivable | 8635 | 502 |
| Other assets | 97983 | 131889 |
| **Total Assets** | **9508198** | **1244956** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 4875 | 636 |
| Distribution fees payable (Note 3) | 247 | 9 |
| Administrative fees payable (Note 2) | 139 | 127 |
| Trustee fees payable |  | 55 |
| Accrued expenses and other liabilities | 142542 | 104763 |
| **Total Liabilities** | **147803** | **105590** |
| **Net Assets** | $**9360395** | $**1139366** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Capital stock (par value, $0.001 per share) | 976 | 127 |
| Capital surplus | 9787042 | 1264415 |
| Total distributable earnings (losses) | (427623) | (125176) |
| **Net Assets** | $**9360395** | $**1139366** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>144

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $1286453 | $48573 |
| Shares outstanding | 134467 | 5413 |
| Net asset value per share and redemption proceeds per share | $9.57 | $8.97 |
| Offering price per share (NAV per share plus maximum <br>sales charge)\*\* | $10.07<br><sup>(1)</sup> | $9.45<br><sup>(1)</sup> |
| **Class I** | **Class I** | **Class I** |
| Net assets | $7073975 | $1045902 |
| Shares outstanding | 737628 | 116486 |
| Net asset value per share and redemption proceeds per share | $9.59 | $8.98 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $999967 | $44891 |
| Shares outstanding | 104276 | 5000 |
| Net asset value per share and redemption proceeds per share | $9.59 | $8.98 |

---

\* First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Real Asset Cayman Fund, Ltd.

\*\* A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

<sup>(1)</sup> The maximum sales charge is 5.00% for Class A shares. Classes I and R6 have no front-end sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>145

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| | **First Eagle<br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $804,766, $293,298, $— and $— foreign taxes withheld) | $64391678 | $17823641 |
| Dividends from: |  |  |
| Non-affiliates (net of $48,254,403, $26,748,317, $104,939 and $2,617,972 <br>foreign taxes withheld) | 822302613 | 271906165 |
| Affiliated issuers (net of $239,967, $5,333,055, $— and $303,524 foreign <br>taxes withheld) | 31437747 | 19585007 |
| **Total Income** | **918132038** | **309314813** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 353969256 | 97482180 |
| Distributions fee (Note 3) |  |  |
| Class A | 34903708 | 4154923 |
| Class C | 16452380 | 954943 |
| Class R3 | 15351 | 953 |
| Class R4 | 2026 | 16217 |
| Shareholder servicing agent fees | 33354283 | 10218157 |
| Service fees (Note 3) |  |  |
| Class C | 5484127 | 318314 |
| Class R3 | 6140 | 381 |
| Administrative fees (Note 2) | 3119812 | 1232472 |
| Professional fees | 789560 | 585229 |
| Custodian and accounting fees | 7447670 | 2933566 |
| Shareholder reporting fees | 2217969 | 729618 |
| Trustees' fees | 1578042 | 493549 |
| Registration and filing fees | 673820 | 230306 |
| Other expenses | 957629 | 297330 |
| **Total Expenses** | **460971773** | **119648138** |
| Expense waiver (Note 2) |  |  |
| Expense reductions due to earnings credits (Note 1) | (154455) | (24179) |
| **Net Expenses** | **460817318** | **119623959** |
| **Net Investment Income (Note 1)** | **457314720** | **189690854** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 1887650019 | 456209286 |
| Transactions from investments in affiliates | (40697774) |  |
| Commodity related transactions | 32926723 | 70113414 |
| Settlement of foreign currency and foreign currency transactions | (10275477) | (6307625) |
| Settlement of forward foreign currency exchange contracts | 77144333 | 40664847 |
|  | **1946747824** | **560679922** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>146

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $804,766, $293,298, $— and $— foreign taxes withheld) | $1125961 | $1790402 |
| Dividends from: |  |  |
| Non-affiliates (net of $48,254,403, $26,748,317, $104,939 and $2,617,972 <br>foreign taxes withheld) | 20211412 | 26474828 |
| Affiliated issuers (net of $239,967, $5,333,055, $— and $303,524 foreign <br>taxes withheld) |  | 1719968 |
| **Total Income** | **21337373** | **29985198** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 9096992 | 15677281 |
| Distributions fee (Note 3) |  |  |
| Class A | 1463122 | 1420811 |
| Class C | 331702 | 982563 |
| Class R3 | 170 | 2784 |
| Class R4 | 19 | 1477 |
| Shareholder servicing agent fees | 835197 | 2004427 |
| Service fees (Note 3) |  |  |
| Class C | 110568 | 327521 |
| Class R3 | 68 | 1113 |
| Administrative fees (Note 2) | 212083 | 284930 |
| Professional fees | 195646 | 218650 |
| Custodian and accounting fees | 250718 | 746293 |
| Shareholder reporting fees | 26181 | 171598 |
| Trustees' fees | 50723 | 107255 |
| Registration and filing fees | 109205 | 198963 |
| Other expenses | 46925 | 64845 |
| **Total Expenses** | **12729319** | **22210511** |
| Expense waiver (Note 2) | (606484) |  |
| Expense reductions due to earnings credits (Note 1) | (10757) | (13591) |
| **Net Expenses** | **12112078** | **22196920** |
| **Net Investment Income (Note 1)** | **9225295** | **7788278** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 86732642 | 10389262 |
| Transactions from investments in affiliates |  | (7980613) |
| Commodity related transactions | 1091550 | (8432273) |
| Settlement of foreign currency and foreign currency transactions | (2797) | (28217) |
| Settlement of forward foreign currency exchange contracts |  |  |
|  | **87821395** | **(6051841)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>147

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle<br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of decrease <br>in deferred capital gain country tax accruals of $2,704,393, $742,263, $— and $—) | $(8024733962) | $(2680208325) |
| Investment in affiliates | (276463949) | (165530754) |
| Foreign currency and foreign currency translations | (5073497) | (2582746) |
| Forward foreign currency exchange contracts | (11592382) | (6381847) |
|  | **(8317863790)** | **(2854703672)** |
| Net realized and unrealized gains (losses) on investments, commodity, foreign <br>currency and forward contract related transactions | (6371115966) | (2294023750) |
| **Net Decrease in Net Assets Resulting from Operations** | $**(5913801246)** | $**(2104332896)** |

---

\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>148

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of decrease <br>in deferred capital gain country tax accruals of $2,704,393, $742,263, $— and $—) | $(211933175) | $(282940135) |
| Investment in affiliates |  | (55100548) |
| Foreign currency and foreign currency translations |  | (17639) |
| Forward foreign currency exchange contracts |  |  |
|  | **(211933175)** | **(338058322)** |
| Net realized and unrealized gains (losses) on investments, commodity, foreign <br>currency and forward contract related transactions | (124111780) | (344110163) |
| **Net Decrease in Net Assets Resulting from Operations** | $**(114886485)** | $**(336321885)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>149

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income<br>Builder Fund** | **First Eagle <br>High Income Fund** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $18,325, $—, $— and $— foreign taxes withheld) | $10319013 | $11073553 |
| Non-cash dividend income from non-affiliates |  |  |
| Dividends from: |  |  |
| Non-affiliates (net of $2,726,681, $—, $96,698 and $— foreign taxes withheld) | 35581742 | 750 |
| **Total Income** | **45900755** | **11074303** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 10282779 | 909581 |
| Distributions fee (Note 3) |  |  |
| Class A | 1284959 | 193011 |
| Class C | 961758 | 80746 |
| Class Y |  |  |
| Class R3 | 149 | 1055 |
| Class R4 | 35 | 11 |
| Shareholder servicing agent fees | 793900 | 206863 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C | 320586 | 26916 |
| Class R3 | 60 | 422 |
| Administrative fees (Note 2) | 685539 | 101067 |
| Professional fees | 237354 | 241795 |
| Custodian and accounting fees | 354337 | 156901 |
| Shareholder reporting fees | 88289 | 35733 |
| Trustees' fees | 41807 | 8495 |
| Registration and filing fees | 127202 | 65285 |
| Other expenses | 46636 | 27421 |
| **Total Expenses** | **15225390** | **2055302** |
| Expense waiver (Note 2) |  |  |
| Expense reductions due to earnings credits (Note 1) | (6124) | (4685) |
| **Net Expenses** | **15219266** | **2050617** |
| **Net Investment Income (Loss) (Note 1)** | **30681489** | **9023686** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 23341658 | (4504923) |
| Commodity related transactions | 781169 |  |
| Settlement of foreign currency and foreign currency transactions | (411996) |  |
| Settlement of forward foreign currency exchange contracts | 2617970 | 4170 |
| Expiration or closing of option contracts written | 3731812 |  |
|  | **30060613** | **(4500753)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>150

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap <br>Opportunity Fund** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $18,325, $—, $— and $— foreign taxes withheld) | $52553 | $51298 |
| Non-cash dividend income from non-affiliates |  | 437755 |
| Dividends from: |  |  |
| Non-affiliates (net of $2,726,681, $—, $96,698 and $— foreign taxes withheld) | 6758050 | 3133522 |
| **Total Income** | **6810603** | **3622575** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 2251188 | 3036674 |
| Distributions fee (Note 3) |  |  |
| Class A | 639949 | 66882 |
| Class C | 192368 |  |
| Class Y | 98474 |  |
| Class R3 | 142 |  |
| Class R4 | 18 |  |
| Shareholder servicing agent fees | 451642 | 317507 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C | 64123 |  |
| Class R3 | 57 |  |
| Administrative fees (Note 2) | 336414 | 267738 |
| Professional fees | 258456 | 113353 |
| Custodian and accounting fees | 151426 | 233116 |
| Shareholder reporting fees |  | 45888 |
| Trustees' fees | 19353 | 7446 |
| Registration and filing fees | 15522 | 168631 |
| Other expenses | 37679 | 17579 |
| **Total Expenses** | **4516811** | **4274814** |
| Expense waiver (Note 2) | (589391) | (620830) |
| Expense reductions due to earnings credits (Note 1) | (9257) | (1318) |
| **Net Expenses** | **3918163** | **3652666** |
| **Net Investment Income (Loss) (Note 1)** | **2892440** | **(30091)** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 8893502 | (12290978) |
| Commodity related transactions |  |  |
| Settlement of foreign currency and foreign currency transactions | (444) |  |
| Settlement of forward foreign currency exchange contracts |  |  |
| Expiration or closing of option contracts written |  |  |
|  | **8893058** | **(12290978)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>151

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income<br>Builder Fund** | **First Eagle <br>High Income Fund** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of decrease <br>in deferred capital gain country tax accruals of $15,248, $—, $— and $—) | $(177314992) | $(24981396) |
| Foreign currency and foreign currency translations | (246809) |  |
| Forward foreign currency exchange contracts | (441243) | (4170) |
| Option contracts written | (1387228) |  |
|  | **(179390272)** | **(24985566)** |
| Net realized and unrealized gains (losses) on investments, commodity, foreign <br>currency and forward contract related transactions | (149329659) | (29486319) |
| **Net Decrease in Net Assets Resulting from Operations** | $**(118648170)** | $**(20462633)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>152

------

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap <br>Opportunity Fund** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of decrease <br>in deferred capital gain country tax accruals of $15,248, $—, $— and $—) | $(124000469) | $(43272599) |
| Foreign currency and foreign currency translations | (2913) |  |
| Forward foreign currency exchange contracts |  |  |
| Option contracts written |  |  |
|  | **(124003382)** | **(43272599)** |
| Net realized and unrealized gains (losses) on investments, commodity, foreign <br>currency and forward contract related transactions | (115110324) | (55563577) |
| **Net Decrease in Net Assets Resulting from Operations** | $**(112217884)** | $**(55593668)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>153

------

Statements of Operations (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| | **For the Period of <br>11/30/21<sup>†</sup> - 10/31/22** | **For the Period of <br>8/15/22<sup>†</sup> - 10/31/22** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $— and $— foreign taxes withheld) | $77 | $— |
| Dividends from: |  |  |
| Non-affiliates (net of $9,794 and $— foreign taxes withheld) | 211720 | 3561 |
| **Total Income** | **211797** | **3561** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 55098 | 1757 |
| Distributions fee (Note 3) |  |  |
| Class A | 2423 | 24 |
| Shareholder servicing agent fees | 1916 | 950 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Administrative fees (Note 2) | 1259 | 313 |
| Professional fees | 152098 | 85532 |
| Custodian and accounting fees | 110777 | 20715 |
| Shareholder reporting fees | 13520 | 438 |
| Trustees' fees | 15478 | 55 |
| Registration and filing fees | 45443 | 678 |
| Other expenses | 17033 | 781 |
| **Total Expenses** | **415045** | **111243** |
| Expense waiver (Note 2) | (340298) | (108833) |
| Expense reductions due to earnings credits (Note 1) | (221) | (156) |
| **Net Expenses** | **74526** | **2254** |
| **Net Investment Income (Note 1)** | **137271** | **1307** |
| **Realized and Unrealized Gains (Losses) on <br>Investments and Foreign Currency Related <br>Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on <br>Investments and Foreign Currency Related <br>Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on <br>Investments and Foreign Currency Related <br>Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | (75017) | (8329) |
| Settlement of foreign currency and foreign currency <br>transactions | (5094) |  |
|  | **(80111)** | **(8329)** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related <br>transactions (net of decrease in deferred capital gain <br>country tax accruals of $— and $—) | (522590) | (118178) |
| Foreign currency and foreign currency translations | (182) |  |
|  | **(522772)** | **(118178)** |
| Net realized and unrealized gains (losses) on investments, <br>commodity, foreign currency related transactions | (602883) | (126507) |
| **Net Decrease in Net Assets Resulting from Operations** | $**(465612)** | $**(125200)** |

---

\* First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Real Assets Cayman Fund, Ltd.

† Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>154

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** | **First Eagle <br>Overseas Fund\*** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $457314720 | $553637335 | $189690854 | $215668996 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions | 1946747824 | 2129762697 | 560679922 | 348615395 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | (8317863790) | 8135117030 | (2854703672) | 1691859962 |
| **Net increase (decrease) in net assets resulting from operations** | **(5913801246)** | **10818517062** | **(2104332896)** | **2256144353** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (887753790) | (315110484) | (102137338) | (3992024) |
| Class C | (132799923) | (59920144) | (7259256) |  |
| Class I | (1844356025) | (697013867) | (614760402) | (50625638) |
| Class R3 | (67027) | (90445) | (19902) | (397) |
| Class R4 | (120800) | (60986) | (576641) | (42486) |
| Class R5 | (6725) | (171) | (3821) | (49) |
| Class R6 | (131255084) | (45909407) | (88673786) | (7148037) |
| **Decrease in net assets resulting from distributions** | **(2996359374)** | **(1118105504)** | **(813431146)** | **(61808631)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 1182824369 | 1958094631 | 194202849 | 271060705 |
| Net asset value of shares issued for reinvested dividends and distributions | 771492296 | 270175856 | 93004480 | 3615181 |
| Cost of shares redeemed | (1866821008) | (2069167872) | (412816545) | (417274314) |
| **Increase (decrease) in net assets from Fund share transactions** | **87495657** | **159102615** | **(125609216)** | **(142598428)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 167583781 | 211517631 | 8129789 | 13123996 |
| Net asset value of shares issued for reinvested dividends and distributions | 124431035 | 56376781 | 6746821 |  |
| Cost of shares redeemed | (761341546) | (1813430699) | (51235080) | (120592115) |
| **Decrease in net assets from Fund share transactions** | **(469326730)** | **(1545536287)** | **(36358470)** | **(107468119)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 5297637292 | 4246081289 | 2452117096 | 2302030422 |
| Net asset value of shares issued for reinvested dividends and distributions | 1581825307 | 588547599 | 551561993 | 45022820 |
| Cost of shares redeemed | (4764010265) | (4589066510) | (3417433001) | (2646191859) |
| **Increase (decrease) in net assets from Fund share transactions** | **2115452334** | **245562378** | **(413753912)** | **(299138617)** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Net proceeds from shares sold | 8283108 | 876728 | 89417 | 239092 |
| Net asset value of shares issued for reinvested dividends and distributions | 67027 | 90445 | 19902 | 397 |
| Cost of shares redeemed | (1396981) | (4634476) | (111375) | (76147) |
| **Increase (decrease) in net assets from Fund share transactions** | **6953154** | **(3667303)** | **(2056)** | **163342** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>156

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** | **First Eagle <br>Gold Fund\*** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $9225295 | $6650324 | $7788278 | $2263352 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions | 87821395 | 120920519 | (6051841) | 7064245 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | (211933175) | 224319454 | (338058322) | (303450211) |
| **Net increase (decrease) in net assets resulting from operations** | **(114886485)** | **351890297** | **(336321885)** | **(294122614)** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (53052982) | (9095373) | (5573400) | (7576869) |
| Class C | (4233440) | (833896) | (343996) | (1315313) |
| Class I | (49533778) | (10728386) | (15999745) | (20539044) |
| Class R3 | (5774) | (883) | (11410) | (5218) |
| Class R4 | (1055) | (164) | (9117) | (12726) |
| Class R5 | (6233) | (1064) | (4694) | (15658) |
| Class R6 | (2212723) | (331599) | (1358289) | (2703539) |
| **Decrease in net assets resulting from distributions** | **(109045985)** | **(20991365)** | **(23300651)** | **(32168367)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 47475322 | 103650653 | 136526999 | 159538696 |
| Net asset value of shares issued for reinvested dividends and distributions | 46028292 | 7757290 | 5272465 | 7065621 |
| Cost of shares redeemed | (83546172) | (106777772) | (127981717) | (147476619) |
| **Increase (decrease) in net assets from Fund share transactions** | **9957442** | **4630171** | **13817747** | **19127698** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 5432456 | 6219008 | 19039520 | 39114458 |
| Net asset value of shares issued for reinvested dividends and distributions | 3904705 | 810746 | 318229 | 1196048 |
| Cost of shares redeemed | (19670181) | (82151287) | (38215792) | (52180435) |
| **Decrease in net assets from Fund share transactions** | **(10333020)** | **(75121533)** | **(18858043)** | **(11869929)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 125720994 | 66536522 | 452464455 | 647468297 |
| Net asset value of shares issued for reinvested dividends and distributions | 30253156 | 6724589 | 14000367 | 17491897 |
| Cost of shares redeemed | (99876278) | (144556147) | (522992298) | (544118010) |
| **Increase (decrease) in net assets from Fund share transactions** | **56097872** | **(71295036)** | **(56527476)** | **120842184** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Net proceeds from shares sold | 270 | 359 | 813440 | 997974 |
| Net asset value of shares issued for reinvested dividends and distributions | 5774 | 883 | 11410 | 5218 |
| Cost of shares redeemed | (8) |  | (980977) | (37131) |
| **Increase (decrease) in net assets from Fund share transactions** | **6036** | **1242** | **(156127)** | **966061** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>157

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** | **First Eagle <br>Overseas Fund\*** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Net proceeds from shares sold | 1038726 | 367850 | 13912646 | 4138776 |
| Net asset value of shares issued for reinvested dividends and distributions | 120800 | 60986 | 576641 | 42486 |
| Cost of shares redeemed | (1544248) | (985907) | (8452427) | (2503381) |
| **Increase (decrease) in net assets from Fund share transactions** | **(384722)** | **(557071)** | **6036860** | **1677881** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Net proceeds from shares sold | 4311 | 98664 | 78964 | 52034 |
| Net asset value of shares issued for reinvested dividends and distributions | 6725 | 171 | 1541 | 36 |
| Cost of shares redeemed | (848) | (356) | (102209) | (14713) |
| **Increase (decrease) in net assets from Fund share transactions** | **10188** | **98479** | **(21704)** | **37357** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 591696468 | 547188387 | 148248855 | 778104946 |
| Net asset value of shares issued for reinvested dividends and distributions | 118445610 | 42756670 | 88413667 | 7029534 |
| Cost of shares redeemed | (717034874) | (412053977) | (233216655) | (327281255) |
| **Increase (decrease) in net assets from Fund share transactions** | **(6892796)** | **177891080** | **3445867** | **457853225** |
| **Increase (decrease) in net assets from Fund share transactions** | **1733307085** | **(967106109)** | **(566262631)** | **(89473359)** |
| **Net increase (decrease) in net assets** | **(7176853535)** | **8733305449** | **(3484026673)** | **2104862363** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 50106233993 | 41372928544 | 14701963112 | 12597100749 |
| **End of period** | $**42929380458** | $**50106233993** | $**11217936439** | $**14701963112** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 220800407 | 218563801 | 70974129 | 76443647 |
| Shares sold | 19157991 | 29881785 | 8142552 | 10333179 |
| Shares issued on reinvestment of distributions | 12524226 | 4522528 | 3814786 | 144089 |
| Shares redeemed | (30416419) | (32167707) | (17349494) | (15946786) |
| **Shares outstanding, end of period** | **222066205** | **220800407** | **65581973** | **70974129** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 39993648 | 64457855 | 6180394 | 10447967 |
| Shares sold | 2805075 | 3378111 | 347938 | 524854 |
| Shares issued on reinvestment of distributions | 2091278 | 977406 | 288449 |  |
| Shares redeemed | (12852374) | (28819724) | (2252021) | (4792427) |
| **Shares outstanding, end of period** | **32037627** | **39993648** | **4564760** | **6180394** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 439008116 | 435121397 | 404269481 | 414893100 |
| Shares sold | 85489726 | 65246449 | 101298361 | 86058044 |
| Shares issued on reinvestment of distributions | 25550401 | 9805858 | 22088987 | 1753908 |
| Shares redeemed | (77627011) | (71165588) | (139936745) | (98435571) |
| **Shares outstanding, end of period** | **472421232** | **439008116** | **387720084** | **404269481** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>158

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** | **First Eagle <br>Gold Fund\*** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Net proceeds from shares sold | 20612 |  | 1311538 | 143688 |
| Net asset value of shares issued for reinvested dividends and distributions | 1055 | 163 | 9117 | 12726 |
| Cost of shares redeemed | (8) |  | (543647) | (161843) |
| **Increase (decrease) in net assets from Fund share transactions** | **21659** | **163** | **777008** | **(5429)** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Net proceeds from shares sold | 24565 | 6497 | 298054 | 489510 |
| Net asset value of shares issued for reinvested dividends and distributions | 1075 | 195 | 4550 | 6374 |
| Cost of shares redeemed | (11379) | (1579) | (26344) | (635993) |
| **Increase (decrease) in net assets from Fund share transactions** | **14261** | **5113** | **276260** | **(140109)** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 9424409 | 9618164 | 53488559 | 52184021 |
| Net asset value of shares issued for reinvested dividends and distributions | 2189977 | 331191 | 1340795 | 2615039 |
| Cost of shares redeemed | (6717531) | (4400411) | (31213306) | (137817966) |
| **Increase (decrease) in net assets from Fund share transactions** | **4896855** | **5548944** | **23616048** | **(83018906)** |
| **Increase (decrease) in net assets from Fund share transactions** | **60661105** | **(136230936)** | **(37054583)** | **45901570** |
| **Net increase (decrease) in net assets** | **(163271365)** | **194667996** | **(396677119)** | **(280389411)** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 1303027502 | 1108359506 | 2179005212 | 2459394623 |
| **End of period** | $**1139756137** | $**1303027502** | $**1782328093** | $**2179005212** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 28742223 | 28622135 | 25243851 | 24499606 |
| Shares sold | 2428210 | 5009985 | 5983477 | 6553740 |
| Shares issued on reinvestment of distributions | 2393567 | 424359 | 239982 | 283988 |
| Shares redeemed | (4212975) | (5314256) | (5787945) | (6093483) |
| **Shares outstanding, end of period** | **29351025** | **28742223** | **25679365** | **25243851** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 2557732 | 6326967 | 6938928 | 7523782 |
| Shares sold | 296957 | 317332 | 913518 | 1747101 |
| Shares issued on reinvestment of distributions | 213488 | 46435 | 15840 | 52597 |
| Shares redeemed | (1058178) | (4133002) | (1898793) | (2384552) |
| **Shares outstanding, end of period** | **2009999** | **2557732** | **5969493** | **6938928** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 25734780 | 29211135 | 56991845 | 52495301 |
| Shares sold | 6336739 | 3221373 | 19631559 | 25667583 |
| Shares issued on reinvestment of distributions | 1541169 | 360955 | 618391 | 682477 |
| Shares redeemed | (5032887) | (7058683) | (23161345) | (21853516) |
| **Shares outstanding, end of period** | **28579801** | **25734780** | **54080450** | **56991845** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>159

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Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** | **First Eagle <br>Overseas Fund\*** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Shares outstanding, beginning of period | 18803 | 81176 | 14036 | 7866 |
| Shares sold | 129610 | 12973 | 3580 | 9029 |
| Shares issued on reinvestment of distributions | 1088 | 1507 | 798 | 16 |
| Shares redeemed | (23292) | (76853) | (4722) | (2875) |
| **Shares outstanding, end of period** | **126209** | **18803** | **13692** | **14036** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Shares outstanding, beginning of period | 30042 | 38806 | 375210 | 313837 |
| Shares sold | 16282 | 5570 | 559606 | 152455 |
| Shares issued on reinvestment of distributions | 1951 | 1017 | 23149 | 1658 |
| Shares redeemed | (26008) | (15351) | (381461) | (92740) |
| **Shares outstanding, end of period** | **22267** | **30042** | **576504** | **375210** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Shares outstanding, beginning of period | 1616 | 179 | 2583 | 1149 |
| Shares sold | 70 | 1439 | 3086 | 1967 |
| Shares issued on reinvestment of distributions | 110 | 3 | 62 | 1 |
| Shares redeemed | (14) | (5) | (3996) | (534) |
| **Shares outstanding, end of period** | **1782** | **1616** | **1735** | **2583** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 30779066 | 27859910 | 57163246 | 39321157 |
| Shares sold | 9537442 | 8479644 | 6184889 | 29729795 |
| Shares issued on reinvestment of distributions | 1913190 | 712255 | 3542214 | 273949 |
| Shares redeemed | (12413170) | (6272743) | (9407495) | (12161655) |
| **Shares outstanding, end of period** | **29816528** | **30779066** | **57482854** | **57163246** |

---

\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>160

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>U.S. Value Fund\*** | **First Eagle <br>Gold Fund\*** | **First Eagle <br>Gold Fund\*** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Shares outstanding, beginning of period | 3130 | 3066 | 57335 | 17463 |
| Shares sold | 13 | 16 | 34672 | 41239 |
| Shares issued on reinvestment of distributions | 294 | 48 | 505 | 204 |
| Shares redeemed |  |  | (41204) | (1571) |
| **Shares outstanding, end of period** | **3437** | **3130** | **51308** | **57335** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Shares outstanding, beginning of period | 568 | 559 | 34208 | 34389 |
| Shares sold | 1113 |  | 57045 | 5754 |
| Shares issued on reinvestment of distributions | 54 | 9 | 401 | 495 |
| Shares redeemed |  |  | (25118) | (6430) |
| **Shares outstanding, end of period** | **1735** | **568** | **66536** | **34208** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Shares outstanding, beginning of period | 3298 | 3042 | 18471 | 24936 |
| Shares sold | 1214 | 317 | 11622 | 18203 |
| Shares issued on reinvestment of distributions | 55 | 10 | 201 | 249 |
| Shares redeemed | (562) | (71) | (1157) | (24917) |
| **Shares outstanding, end of period** | **4005** | **3298** | **29137** | **18471** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 1130595 | 869157 | 4347949 | 7695443 |
| Shares sold | 470343 | 454941 | 2269800 | 2075323 |
| Shares issued on reinvestment of distributions | 111620 | 17787 | 59118 | 101871 |
| Shares redeemed | (336791) | (211290) | (1385695) | (5524688) |
| **Shares outstanding, end of period** | **1375767** | **1130595** | **5291172** | **4347949** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>161

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>High Income Fund** | **First Eagle <br>High Income Fund** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $30681489 | $26995384 | $9023686 | $8907944 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions | 30060613 | 43231035 | (4500753) | 11878855 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | (179390272) | 177328350 | (24985566) | (4458030) |
| **Net increase (decrease) in net assets resulting from operations** | **(118648170)** | **247554769** | **(20462633)** | **16328769** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (31633200) | (12699011) | (3347056) | (2910556) |
| Class C | (6507996) | (4377364) | (377549) | (772667) |
| Class I | (45872345) | (21982727) | (5163847) | (5413507) |
| Class R3 | (3661) | (1631) | (17682) | (17032) |
| Class R4 | (1847) | (418) | (375) | (354) |
| Class R5 | (747) | (334) | (456) | (408) |
| Class R6 | (1981325) | (640895) | (47703) | (42767) |
| Class Y |  |  |  |  |
| **Return of capital:** | **Return of capital:** | **Return of capital:** | **Return of capital:** | **Return of capital:** |
| Class I |  |  |  |  |
| **Decrease in net assets resulting from distributions** | **(86001121)** | **(39702380)** | **(8954668)** | **(9157291)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** |
| Net proceeds from shares sold | 191100234 | 153255338 | 14920601 | 24546075 |
| Net asset value of shares issued for reinvested dividends and distributions | 28735474 | 11336614 | 3210190 | 2761204 |
| Cost of shares redeemed | (94392245) | (96685311) | (22274378) | (18791615) |
| **Increase (decrease) in net assets from Fund share transactions** | **125443463** | **67906641** | **(4143587)** | **8515664** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 13101415 | 10077229 | 764680 | 1288489 |
| Net asset value of shares issued for reinvested dividends and distributions | 6183312 | 4155711 | 376204 | 768043 |
| Cost of shares redeemed | (56197995) | (78177054) | (7307331) | (19919680) |
| **Decrease in net assets from Fund share transactions** | **(36913268)** | **(63944114)** | **(6166447)** | **(17863148)** |
| **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** |
| Net proceeds from shares sold | 281489340 | 99851184 | 13244198 | 36668620 |
| Net asset value of shares issued for reinvested dividends and distributions | 38792769 | 18371835 | 4219117 | 4012824 |
| Cost of shares redeemed | (132835519) | (188343019) | (33855594) | (39095303) |
| **Increase (decrease) in net assets from Fund share transactions** | **187446590** | **(70120000)** | **(16392279)** | **1586141** |
| **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** |
| Net proceeds from shares sold |  |  |  |  |
| Net asset value of shares issued for reinvested dividends and distributions |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |
| **Decrease in net assets from Fund share transactions** | **—** | **—** | **—** | **—** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>162

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>Small Cap Opportunity Fund** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Period 4/27/21<sup>†</sup> - <br>10/31/21** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $2892440 | $1929180 | $(30091) | $(62622) |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions | 8893058 | 75204810 | (12290978) | (56150) |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | (124003382) | 100158206 | (43272599) | 1209829 |
| **Net increase (decrease) in net assets resulting from operations** | **(112217884)** | **177292196** | **(55593668)** | **1091057** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (28960882) | (34250353) |  |  |
| Class C | (6438710) | (14232302) |  |  |
| Class I | (18554874) | (27133065) |  | (180133) |
| Class R3 | (7565) | (7909) |  |  |
| Class R4 | (1612) | (1644) |  |  |
| Class R5 | (1584) | (1663) |  |  |
| Class R6 | (844134) | (943282) |  |  |
| Class Y | (14342072) | (18434569) |  |  |
| **Return of capital:** | **Return of capital:** | **Return of capital:** | **Return of capital:** | **Return of capital:** |
| Class I |  |  |  | (6867) |
| **Decrease in net assets resulting from distributions** | **(69151433)** | **(95004787)** | **—** | **(187000)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** |
| Net proceeds from shares sold | 124325543 | 34275190 | 34689417 | 10022376 |
| Net asset value of shares issued for reinvested dividends and distributions | 27071267 | 31645707 |  |  |
| Cost of shares redeemed | (51621626) | (67236306) | (3412636) | (69573) |
| **Increase (decrease) in net assets from Fund share transactions** | **99775184** | **(1315409)** | **31276781** | **9952803** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 852632 | 685542 |  |  |
| Net asset value of shares issued for reinvested dividends and distributions | 6416617 | 14128456 |  |  |
| Cost of shares redeemed | (15866782) | (43952029) |  |  |
| **Decrease in net assets from Fund share transactions** | **(8597533)** | **(29138031)** | **—** | **—** |
| **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** |
| Net proceeds from shares sold | 9732803 | 21531018 | 557173815 | 94395435 |
| Net asset value of shares issued for reinvested dividends and distributions | 10757623 | 15548851 |  | 187000 |
| Cost of shares redeemed | (36713178) | (66673502) | (98007637) | (2214359) |
| **Increase (decrease) in net assets from Fund share transactions** | **(16222752)** | **(29593633)** | **459166178** | **92368076** |
| **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** |
| Net proceeds from shares sold | 384358 | 810447 |  |  |
| Net asset value of shares issued for reinvested dividends and distributions | 13462427 | 17360601 |  |  |
| Cost of shares redeemed | (112753811) | (22168976) |  |  |
| **Decrease in net assets from Fund share transactions** | **(98907026)** | **(3997928)** | **—** | **—** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>163

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>High Income Fund** | **First Eagle <br>High Income Fund** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Net proceeds from shares sold |  |  | 50017 | 74597 |
| Net asset value of shares issued for reinvested dividends and distributions | 3661 | 1630 | 17677 | 17031 |
| Cost of shares redeemed |  |  | (46715) | (115918) |
| **Increase (decrease) in net assets from Fund share transactions** | **3661** | **1630** | **20979** | **(24290)** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Net proceeds from shares sold | 23922 | 15901 |  |  |
| Net asset value of shares issued for reinvested dividends and distributions | 1847 | 418 | 375 | 354 |
| Cost of shares redeemed | (52) |  |  |  |
| **Increase in net assets from Fund share transactions** | **25717** | **16319** | **375** | **354** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Net asset value of shares issued for reinvested dividends and distributions | 746 | 334 | 456 | 408 |
| **Increase in net assets from Fund share transactions** | **746** | **334** | **456** | **408** |
| **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** |
| Net proceeds from shares sold | 32031477 | 9734233 | 178703 | 114077 |
| Net asset value of shares issued for reinvested dividends and distributions | 1967018 | 634033 | 47695 | 42759 |
| Cost of shares redeemed | (7431039) | (4406797) | (149320) | (155301) |
| **Increase in net assets from Fund share transactions** | **26567456** | **5961469** | **77078** | **1535** |
| **Increase (decrease) in net assets from Fund share transactions** | **302574365** | **(60177721)** | **(26603425)** | **(7783336)** |
| **Net increase (decrease) in net assets** | **97925074** | **147674668** | **(56020726)** | **(611858)** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 1339339709 | 1191665041 | 232505372 | 233117230 |
| **End of period** | $**1437264783** | $**1339339709** | $**176484646** | $**232505372** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** |
| Shares outstanding, beginning of period | 36430773 | 31324150 | 9337274 | 8395840 |
| Shares sold | 15433507 | 11640714 | 1768389 | 2732559 |
| Shares issued on reinvestment of distributions | 2308259 | 879064 | 390328 | 307930 |
| Shares redeemed | (7611614) | (7413155) | (2699412) | (2099055) |
| **Shares outstanding, end of period** | **46560925** | **36430773** | **8796579** | **9337274** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 11404016 | 16265829 | 1686722 | 3674826 |
| Shares sold | 1050747 | 774278 | 90401 | 144091 |
| Shares issued on reinvestment of distributions | 491852 | 326144 | 45503 | 85793 |
| Shares redeemed | (4490390) | (5962235) | (873111) | (2217988) |
| **Shares outstanding, end of period** | **8456225** | **11404016** | **949515** | **1686722** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>164

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>Small Cap Opportunity Fund** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Period 4/27/21<sup>†</sup> - <br>10/31/21** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Net proceeds from shares sold |  |  |  |  |
| Net asset value of shares issued for reinvested dividends and distributions | 7565 | 7909 |  |  |
| Cost of shares redeemed |  |  |  |  |
| **Increase (decrease) in net assets from Fund share transactions** | **7565** | **7909** | **—** | **—** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Net proceeds from shares sold | 20612 |  |  |  |
| Net asset value of shares issued for reinvested dividends and distributions | 1612 | 1644 |  |  |
| Cost of shares redeemed | (8) |  |  |  |
| **Increase in net assets from Fund share transactions** | **22216** | **1644** | **—** | **—** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Net asset value of shares issued for reinvested dividends and distributions | 1584 | 1663 |  |  |
| **Increase in net assets from Fund share transactions** | **1584** | **1663** | **—** | **—** |
| **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** |
| Net proceeds from shares sold | 1692266 | 2059053 | 23931613 | 1265813 |
| Net asset value of shares issued for reinvested dividends and distributions | 822187 | 926982 |  |  |
| Cost of shares redeemed | (2019488) | (2408802) | (1967426) |  |
| **Increase in net assets from Fund share transactions** | **494965** | **577233** | **21964187** | **1265813** |
| **Increase (decrease) in net assets from Fund share transactions** | **(23425797)** | **(63456552)** | **512407146** | **103586692** |
| **Net increase (decrease) in net assets** | **(204795114)** | **18830857** | **456813478** | **104490749** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 569347399 | 550516542 | 104490749 |  |
| **End of period** | $**364552285** | $**569347399** | $**561304227** | $**104490749** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** | **Class A<sup>^^</sup>** |
| Shares outstanding, beginning of period | 7916180 | 7878416 | 1030504 |  |
| Shares sold | 5331190 | 1239730 | 3746248 | 1037642 |
| Shares issued on reinvestment of distributions | 1079146 | 1295879 |  |  |
| Shares redeemed | (2201403) | (2497845) | (384311) | (7138) |
| **Shares outstanding, end of period** | **12125113** | **7916180** | **4392441** | **1030504** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 1886112 | 3357306 |  |  |
| Shares sold | 59765 | 38913 |  |  |
| Shares issued on reinvestment of distributions | 406254 | 859395 |  |  |
| Shares redeemed | (1084948) | (2369502) |  |  |
| **Shares outstanding, end of period** | **1267183** | **1886112** | **—** | **—** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>165

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>High Income Fund** | **First Eagle <br>High Income Fund** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** |
| **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** |
| Shares outstanding, beginning of period | 49589679 | 55060055 | 14699977 | 14522650 |
| Shares sold | 23089982 | 7643282 | 1571583 | 4094049 |
| Shares issued on reinvestment of distributions | 3133723 | 1430928 | 512337 | 447331 |
| Shares redeemed | (10842385) | (14544586) | (4018659) | (4364053) |
| **Shares outstanding, end of period** | **64970999** | **49589679** | **12765238** | **14699977** |
| **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** |
| Shares outstanding, beginning of period |  |  |  |  |
| Shares sold |  |  |  |  |
| Shares issued on reinvestment of distributions |  |  |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Shares outstanding, beginning of period | 4538 | 4411 | 49309 | 51915 |
| Shares sold |  |  | 5981 | 8363 |
| Shares issued on reinvestment of distributions | 294 | 127 | 2152 | 1899 |
| Shares redeemed |  |  | (5721) | (12868) |
| **Shares outstanding, end of period** | **4832** | **4538** | **51721** | **49309** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Shares outstanding, beginning of period | 2034 | 848 | 1233 | 1193 |
| Shares sold | 2023 | 1154 |  |  |
| Shares issued on reinvestment of distributions | 149 | 32 | 45 | 40 |
| Shares redeemed | (4) |  |  |  |
| **Shares outstanding, end of period** | **4202** | **2034** | **1278** | **1233** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Shares outstanding, beginning of period | 876 | 850 | 1246 | 1200 |
| Shares issued on reinvestment of distributions | 60 | 26 | 56 | 46 |
| **Shares outstanding, end of period** | **936** | **876** | **1302** | **1246** |
| **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** |
| Shares outstanding, beginning of period | 1818684 | 1367750 | 118716 | 118516 |
| Shares sold | 2605580 | 738013 | 22336 | 12648 |
| Shares issued on reinvestment of distributions | 159638 | 49194 | 5816 | 4767 |
| Shares redeemed | (610708) | (336273) | (18372) | (17215) |
| **Shares outstanding, end of period** | **3973194** | **1818684** | **128496** | **118716** |

---

† Commencement of operations.

^ Class I Shares of First Eagle Small Cap Opportunity Fund commenced investment operations on April 27, 2021.

^^ Class A and R6 Shares of First Eagle Small Cap Opportunity Fund commenced investment operations on July 1, 2021.

^^^ On February 28, 2022, First Eagle Fund of America's Class Y shares converted into Class A shares. As a result, Class Y shares were terminated.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>166

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Fund of America** | **First Eagle <br>Fund of America** | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>Small Cap Opportunity Fund** |
| | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Year Ended <br>October 31, 2021** | **For the <br>Year Ended <br>October 31, 2022** | **For the <br>Period 4/27/21<sup>†</sup> - <br>10/31/21** |
| **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** | **Class I<sup>^</sup>** |
| Shares outstanding, beginning of period | 5200341 | 6209982 | 9541918 |  |
| Shares sold | 382965 | 777660 | 60695082 | 9743185 |
| Shares issued on reinvestment of distributions | 406411 | 608263 |  | 18756 |
| Shares redeemed | (1447060) | (2395564) | (11259323) | (220023) |
| **Shares outstanding, end of period** | **4542657** | **5200341** | **58977677** | **9541918** |
| **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** | **Class Y<sup>^^^</sup>** |
| Shares outstanding, beginning of period | 4092457 | 4180448 |  |  |
| Shares sold | 14302 | 29759 |  |  |
| Shares issued on reinvestment of distributions | 509680 | 685664 |  |  |
| Shares redeemed | (4616439) | (803414) |  |  |
| **Shares outstanding, end of period** | **—** | **4092457** | **—** | **—** |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| Shares outstanding, beginning of period | 2080 | 1768 |  |  |
| Shares sold |  |  |  |  |
| Shares issued on reinvestment of distributions | 288 | 312 |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **2368** | **2080** | **—** | **—** |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| Shares outstanding, beginning of period | 423 | 359 |  |  |
| Shares sold | 940 |  |  |  |
| Shares issued on reinvestment of distributions | 62 | 64 |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **1425** | **423** | **—** | **—** |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Shares outstanding, beginning of period | 424 | 359 |  |  |
| Shares issued on reinvestment of distributions | 60 | 65 |  |  |
| **Shares outstanding, end of period** | **484** | **424** | **—** | **—** |
| **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** | **Class R6<sup>^^</sup>** |
| Shares outstanding, beginning of period | 226370 | 203180 | 126466 |  |
| Shares sold | 69668 | 71582 | 2791232 | 126466 |
| Shares issued on reinvestment of distributions | 31109 | 36246 |  |  |
| Shares redeemed | (83602) | (84638) | (229290) |  |
| **Shares outstanding, end of period** | **243545** | **226370** | **2688408** | **126466** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>167

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>U.S. Smid Cap<br>Opportunity Fund** |
| | **For the Period <br>11/30/21<sup>†</sup> - <br>10/31/22** | **For the Period <br>8/15/22<sup>†</sup> - <br>10/31/22** |
| **Operations** | **Operations** | **Operations** |
| Net investment income | $137271 | $1307 |
| Net realized gain (loss) on investments, commodity and foreign currency <br>related transactions | (80111) | (8329) |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity and foreign currency related translations | (522772) | (118178) |
| **Net decrease in net assets resulting from operations** | **(465612)** | **(125200)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 1321434 | 53566 |
| Cost of shares redeemed | (7237) |  |
| **Increase in net assets from Fund share transactions** | **1314197** | **53566** |
| **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 7488585 | 1161000 |
| Cost of shares redeemed | (21770) |  |
| **Increase in net assets from Fund share transactions** | **7466815** | **1161000** |
| **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 1044995 | 50000 |
| **Increase in net assets from Fund share transactions** | **1044995** | **50000** |
| **Increase in net assets from Fund share transactions** | **9826007** | **1264566** |
| **Net increase in net assets** | **9360395** | **1139366** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period |  |  |
| **End of period** | $**9360395** | $**1139366** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period |  |  |
| Shares sold | 135216 | 5413 |
| Shares redeemed | (749) |  |
| **Shares outstanding, end of period** | **134467** | **5413** |
| **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period |  |  |
| Shares sold | 739870 | 116486 |
| Shares redeemed | (2242) |  |
| **Shares outstanding, end of period** | **737628** | **116486** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>168

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>U.S. Smid Cap<br>Opportunity Fund** |
| | **For the Period <br>11/30/21<sup>†</sup> - <br>10/31/22** | **For the Period <br>8/15/22<sup>†</sup> - <br>10/31/22** |
| **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period |  |  |
| Shares sold | 104276 | 5000 |
| **Shares outstanding, end of period** | **104276** | **5000** |

---

\* First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Real Assets Cayman Fund, Ltd.

† Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>169

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** |
| October 31, 2022 | $68.42 | 0.51 | (8.32) | (7.81) | (1.24) | (2.80) |  | (4.04) |
| October 31, 2021 | $55.42 | 0.67<br> (d) | 13.79 | 14.46 | (0.51) | (0.95) |  | (1.46) |
| October 31, 2020 | $59.15 | 0.48 | (1.03) | (0.55) | (0.73) | (2.45) |  | (3.18) |
| October 31, 2019 | $56.37 | 0.64 | 5.37 | 6.01 | (0.43) | (2.80) |  | (3.23) |
| October 31, 2018 | $60.46 | 0.49 | (2.08) | (1.59) | (0.44) | (2.06) |  | (2.50) |
| **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** |
| October 31, 2022 | $65.60 | 0.04 | (7.99) | (7.95) | (0.59) | (2.80) |  | (3.39) |
| October 31, 2021 | $53.12 | 0.15<br> (d) | 13.28 | 13.43 |  | (0.95) |  | (0.95) |
| October 31, 2020 | $56.69 | 0.07 | (1.01) | (0.94) | (0.18) | (2.45) |  | (2.63) |
| October 31, 2019 | $54.11 | 0.18 | 5.20 | 5.38 |  | (2.80) |  | (2.80) |
| October 31, 2018 | $58.14 | 0.05 | (2.02) | (1.97) |  | (2.06) |  | (2.06) |
| **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** |
| October 31, 2022 | $68.90 | 0.67 | (8.38) | (7.71) | (1.41) | (2.80) |  | (4.21) |
| October 31, 2021 | $55.79 | 0.85<br> (d) | 13.87 | 14.72 | (0.66) | (0.95) |  | (1.61) |
| October 31, 2020 | $59.52 | 0.63 | (1.03) | (0.40) | (0.88) | (2.45) |  | (3.33) |
| October 31, 2019 | $56.73 | 0.78 | 5.41 | 6.19 | (0.60) | (2.80) |  | (3.40) |
| October 31, 2018 | $60.85 | 0.66 | (2.11) | (1.45) | (0.61) | (2.06) |  | (2.67) |
| **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** |
| October 31, 2022 | $68.23 | 0.51 | (8.37) | (7.86) | (1.05) | (2.80) |  | (3.85) |
| October 31, 2021 | $55.47 | 0.23<br> (d) | 13.78 | 14.01 | (0.30) | (0.95) |  | (1.25) |
| October 31, 2020 | $59.34 | 0.48 | (1.07) | (0.59) | (0.83) | (2.45) |  | (3.28) |
| October 31, 2019 | $56.62 | 0.60 | 5.38 | 5.98 | (0.46) | (2.80) |  | (3.26) |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $58.95 | 0.28 | (2.61) | (2.33) |  |  |  |  |
| **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** |
| October 31, 2022 | $68.70 | 0.56 | (8.39) | (7.83) | (1.21) | (2.80) |  | (4.01) |
| October 31, 2021 | $55.72 | 0.67<br> (d) | 13.86 | 14.53 | (0.60) | (0.95) |  | (1.55) |
| October 31, 2020 | $59.48 | 0.57 | (1.02) | (0.45) | (0.86) | (2.45) |  | (3.31) |
| October 31, 2019 | $56.70 | 0.74 | 5.36 | 6.10 | (0.52) | (2.80) |  | (3.32) |
| For The Period <br>1/17/18<sup>^</sup>-10/31/18 | $61.60 | 0.55 | (5.45) | (4.90) |  |  |  |  |
| **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** |
| October 31, 2022 | $68.00 | 0.51 | (8.26) | (7.75) | (1.36) | (2.80) |  | (4.16) |
| October 31, 2021 | $54.98 | 0.91<br> (d) | 13.06 | 13.97 |  | (0.95) |  | (0.95) |
| October 31, 2020 | $59.47 | (0.16) | (1.06) | (1.22) | (0.82) | (2.45) |  | (3.27) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $58.99 | 0.12 | 0.36 | 0.48 |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>170

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** |
| October 31, 2022 | $56.57 | (11.90)% | $12562351 | 1.11% | 1.11% | 0.84% | 0.84% | 10.87% |
| October 31, 2021 | $68.42 | 26.49<br> %(g) | $15108210 | 1.11% | 1.11% | 1.03<br> %(d) | 1.03<br> %(d) | 7.29% |
| October 31, 2020 | $55.42 | (1.12)% | $12112205 | 1.11% | 1.11% | 0.87% | 0.87% | 10.84% |
| October 31, 2019 | $59.15 | 11.44% | $13638545 | 1.11% | 1.11% | 1.13% | 1.13% | 10.26% |
| October 31, 2018 | $56.37 | (2.82)% | $12357124 | 1.11% | 1.11% | 0.84% | 0.84% | 14.91% |
| **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** |
| October 31, 2022 | $54.26 | (12.57)% | $1738497 | 1.87% | 1.87% | 0.06% | 0.06% | 10.87% |
| October 31, 2021 | $65.60 | 25.53<br> %(g) | $2623491 | 1.87% | 1.87% | 0.24<br> %(d) | 0.24<br> %(d) | 7.29% |
| October 31, 2020 | $53.12 | (1.86)% | $3423967 | 1.87% | 1.87% | 0.13% | 0.13% | 10.84% |
| October 31, 2019 | $56.69 | 10.58% | $5619288 | 1.87% | 1.86% | 0.33% | 0.33% | 10.26% |
| October 31, 2018 | $54.11 | (3.54)% | $8667512 | 1.86% | 1.86% | 0.09% | 0.09% | 14.91% |
| **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** |
| October 31, 2022 | $56.98 | (11.69)% | $26919899 | 0.86% | 0.86% | 1.09% | 1.09% | 10.87% |
| October 31, 2021 | $68.90 | 26.82<br> %(g) | $30248818 | 0.86% | 0.86% | 1.29<br> %(d) | 1.29<br> %(d) | 7.29% |
| October 31, 2020 | $55.79 | (0.86)% | $24274791 | 0.86% | 0.86% | 1.14% | 1.14% | 10.84% |
| October 31, 2019 | $59.52 | 11.72% | $30133165 | 0.85% | 0.85% | 1.38% | 1.38% | 10.26% |
| October 31, 2018 | $56.73 | (2.54)% | $29334134 | 0.84% | 0.84% | 1.11% | 1.11% | 14.91% |
| **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** | **First Eagle Global Fund Class R3\*\*\*** |
| October 31, 2022 | $56.52 | (11.99)% | $7134 | 1.20% | 1.20% | 0.84% | 0.84% | 10.87% |
| October 31, 2021 | $68.23 | 25.57<br> %(g) | $1283 | 1.51% | 1.51% | 0.36<br> %(d) | 0.36<br> %(d) | 7.29% |
| October 31, 2020 | $55.47 | (1.21)% | $4503 | 1.18% | 1.18% | 0.86% | 0.87% | 10.84% |
| October 31, 2019 | $59.34 | 11.31% | $11813 | 1.14% | 1.14% | 1.03% | 1.03% | 10.26% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $56.62 | (3.95)%(b) | $48 | 1.25<br> %(c) | 1.25<br> %(c) | 0.95<br> %(c) | 0.95<br> %(c) | 14.91<br> %(b) |
| **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** | **First Eagle Global Fund Class R4\*\*\*** |
| October 31, 2022 | $56.86 | (11.88)% | $1266 | 1.07% | 1.07% | 0.90% | 0.90% | 10.87% |
| October 31, 2021 | $68.70 | 26.51<br> %(g) | $2064 | 1.10% | 1.10% | 1.02<br> %(d) | 1.02<br> %(d) | 7.29% |
| October 31, 2020 | $55.72 | (0.95)% | $2162 | 0.96% | 0.96% | 1.04% | 1.04% | 10.84% |
| October 31, 2019 | $59.48 | 11.53% | $1825 | 0.97% | 0.97% | 1.28% | 1.28% | 10.26% |
| For The Period <br>1/17/18<sup>^</sup>-10/31/18 | $56.70 | (7.95)%(b) | $117 | 1.02<br> %(c) | 1.02<br> %(c) | 1.18<br> %(c) | 1.18<br> %(c) | 14.91<br> %(b) |
| **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** | **First Eagle Global Fund Class R5\*\*\*** |
| October 31, 2022 | $56.09 | (11.90)% | $100 | 1.11% | 1.11% | 0.84% | 0.84% | 10.87% |
| October 31, 2021 | $68.00 | 25.65<br> %(g) | $110 | 1.11% | 1.11% | 1.36<br> %(d) | 1.36<br> %(d) | 7.29% |
| October 31, 2020 | $54.98 | (2.32)% | $10 | 2.29% | 2.29% | (0.28)% | (0.28)% | 10.84% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $59.47 | 0.81<br> %(b) | $10 | 1.35<br> %(c) | 1.35<br> %(c) | 0.82<br> %(c) | 0.82<br> %(c) | 10.26<br> %(b) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>171

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** |
| October 31, 2022 | $68.95 | 0.71 | (8.38) | (7.67) | (1.46) | (2.80) |  | (4.26) |
| October 31, 2021 | $55.83 | 0.90<br> (d) | 13.87 | 14.77 | (0.70) | (0.95) |  | (1.65) |
| October 31, 2020 | $59.55 | 0.64 | (0.99) | (0.35) | (0.92) | (2.45) |  | (3.37) |
| October 31, 2019 | $56.76 | 0.82 | 5.41 | 6.23 | (0.64) | (2.80) |  | (3.44) |
| October 31, 2018 | $60.88 | 0.72 | (2.14) | (1.42) | (0.64) | (2.06) |  | (2.70) |
| **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** |
| October 31, 2022 | $26.71 | 0.30 | (4.30) | (4.00) | (0.87) | (0.58) |  | (1.45) |
| October 31, 2021 | $22.80 | 0.31<br> (e) | 3.65 | 3.96 | (0.05) |  |  | (0.05) |
| October 31, 2020 | $24.65 | 0.19 | (0.71) | (0.52) | (0.50) | (0.83) |  | (1.33) |
| October 31, 2019 | $22.71 | 0.32 | 2.28 | 2.60 | (0.27) | (0.39) |  | (0.66) |
| October 31, 2018 | $25.33 | 0.25 | (2.03) | (1.78) | (0.40) | (0.44) |  | (0.84) |
| **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** |
| October 31, 2022 | $25.44 | 0.11 | (4.09) | (3.98) | (0.62) | (0.58) |  | (1.20) |
| October 31, 2021 | $21.83 | 0.10<br> (e) | 3.51 | 3.61 |  |  |  |  |
| October 31, 2020 | $23.58 | 0.02 | (0.69) | (0.67) | (0.25) | (0.83) |  | (1.08) |
| October 31, 2019 | $21.73 | 0.11 | 2.22 | 2.33 | (0.09) | (0.39) |  | (0.48) |
| October 31, 2018 | $24.29 | 0.08 | (1.95) | (1.87) | (0.25) | (0.44) |  | (0.69) |
| **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** |
| October 31, 2022 | $27.39 | 0.37 | (4.40) | (4.03) | (0.95) | (0.58) |  | (1.53) |
| October 31, 2021 | $23.38 | 0.40<br> (e) | 3.73 | 4.13 | (0.12) |  |  | (0.12) |
| October 31, 2020 | $25.24 | 0.26 | (0.72) | (0.46) | (0.57) | (0.83) |  | (1.40) |
| October 31, 2019 | $23.26 | 0.39 | 2.33 | 2.72 | (0.35) | (0.39) |  | (0.74) |
| October 31, 2018 | $25.91 | 0.34 | (2.08) | (1.74) | (0.47) | (0.44) |  | (0.91) |
| **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** |
| October 31, 2022 | $27.24 | 0.24 | (4.38) | (4.14) | (0.83) | (0.58) |  | (1.41) |
| October 31, 2021 | $23.29 | 0.31<br> (e) | 3.69 | 4.00 | (0.05) |  |  | (0.05) |
| October 31, 2020 | $25.13 | 0.15 | (0.74) | (0.59) | (0.42) | (0.83) |  | (1.25) |
| October 31, 2019 | $23.22 | 0.44 | 2.16 | 2.60 | (0.30) | (0.39) |  | (0.69) |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $25.10 | 0.16 | (2.04) | (1.88) |  |  |  |  |
| **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** |
| October 31, 2022 | $27.29 | 0.38 | (4.42) | (4.04) | (0.91) | (0.58) |  | (1.49) |
| October 31, 2021 | $23.34 | 0.35<br> (e) | 3.73 | 4.08 | (0.13) |  |  | (0.13) |
| October 31, 2020 | $25.20 | 0.16 | (0.66) | (0.50) | (0.53) | (0.83) |  | (1.36) |
| October 31, 2019 | $23.23 | 0.35 | 2.33 | 2.68 | (0.32) | (0.39) |  | (0.71) |
| For The Period <br>1/17/18<sup>^</sup>-10/31/18 | $26.15 | 0.31 | (3.23) | (2.92) |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>172

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** |
| October 31, 2022 | $57.02 | (11.62)% | $1700134 | 0.79% | 0.79% | 1.15% | 1.15% | 10.87% |
| October 31, 2021 | $68.95 | 26.91<br> %(g) | $2122258 | 0.78% | 0.78% | 1.38<br> %(d) | 1.38<br> %(d) | 7.29% |
| October 31, 2020 | $55.83 | (0.79)% | $1555290 | 0.79% | 0.79% | 1.15% | 1.15% | 10.84% |
| October 31, 2019 | $59.55 | 11.79% | $944249 | 0.79% | 0.79% | 1.44% | 1.44% | 10.26% |
| October 31, 2018 | $56.76 | (2.49)% | $782213 | 0.78% | 0.78% | 1.21% | 1.21% | 14.91% |
| **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** |
| October 31, 2022 | $21.26 | (15.62)% | $1394388 | 1.15% | 1.15% | 1.24% | 1.24% | 8.99% |
| October 31, 2021 | $26.71 | 17.35<br> %(h) | $1895378 | 1.16% | 1.16% | 1.20<br> %(e) | 1.20<br> %(e) | 9.93% |
| October 31, 2020 | $22.80 | (2.35)% | $1742861 | 1.15% | 1.15% | 0.82% | 0.82% | 13.20% |
| October 31, 2019 | $24.65 | 11.82% | $2125742 | 1.15% | 1.15% | 1.38% | 1.38% | 6.99% |
| October 31, 2018 | $22.71 | (7.27)% | $2173765 | 1.15% | 1.15% | 1.04% | 1.04% | 12.10% |
| **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** |
| October 31, 2022 | $20.26 | (16.23)% | $92476 | 1.89% | 1.89% | 0.48% | 0.48% | 8.99% |
| October 31, 2021 | $25.44 | 16.49<br> %(h) | $157203 | 1.89% | 1.89% | 0.41<br> %(e) | 0.41<br> %(e) | 9.93% |
| October 31, 2020 | $21.83 | (3.07)% | $228072 | 1.89% | 1.89% | 0.08% | 0.08% | 13.20% |
| October 31, 2019 | $23.58 | 10.98% | $378755 | 1.89% | 1.89% | 0.50% | 0.50% | 6.99% |
| October 31, 2018 | $21.73 | (7.92)% | $687318 | 1.88% | 1.88% | 0.32% | 0.32% | 12.10% |
| **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** |
| October 31, 2022 | $21.83 | (15.40)% | $8462922 | 0.89% | 0.89% | 1.49% | 1.49% | 8.99% |
| October 31, 2021 | $27.39 | 17.71<br> %(h) | $11072223 | 0.88% | 0.88% | 1.49<br> %(e) | 1.49<br> %(e) | 9.93% |
| October 31, 2020 | $23.38 | (2.06)% | $9698986 | 0.87% | 0.87% | 1.11% | 1.11% | 13.20% |
| October 31, 2019 | $25.24 | 12.12% | $10694125 | 0.86% | 0.86% | 1.64% | 1.64% | 6.99% |
| October 31, 2018 | $23.26 | (6.98)% | $11093973 | 0.86% | 0.86% | 1.35% | 1.35% | 12.10% |
| **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** | **First Eagle Overseas Fund Class R3\*\*\*** |
| October 31, 2022 | $21.69 | (15.85)% | $297 | 1.40% | 1.40% | 1.00% | 1.00% | 8.99% |
| October 31, 2021 | $27.24 | 17.18<br> %(h) | $382 | 1.34% | 1.34% | 1.16<br> %(e) | 1.16<br> %(e) | 9.93% |
| October 31, 2020 | $23.29 | (2.56)% | $183 | 1.36% | 1.36% | 0.65% | 0.65% | 13.20% |
| October 31, 2019 | $25.13 | 11.59% | $96 | 1.32% | 1.32% | 1.84% | 1.84% | 6.99% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $23.22 | (7.49)%(b) | $46 | 1.21<br> %(c) | 1.21<br> %(c) | 1.32<br> %(c) | 1.32<br> %(c) | 12.10<br> %(b) |
| **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** | **First Eagle Overseas Fund Class R4\*\*\*** |
| October 31, 2022 | $21.76 | (15.49)% | $12543 | 1.01% | 1.01% | 1.58% | 1.58% | 8.99% |
| October 31, 2021 | $27.29 | 17.53<br> %(h) | $10239 | 1.06% | 1.06% | 1.29<br> %(e) | 1.29<br> %(e) | 9.93% |
| October 31, 2020 | $23.34 | (2.22)% | $7326 | 0.91% | 0.91% | 0.69% | 0.69% | 13.20% |
| October 31, 2019 | $25.20 | 11.92% | $91 | 1.04% | 1.04% | 1.48% | 1.48% | 6.99% |
| For The Period <br>1/17/18<sup>^</sup>-10/31/18 | $23.23 | (11.17)%(b) | $78 | 1.03<br> %(c) | 1.03<br> %(c) | 1.60<br> %(c) | 1.60<br> %(c) | 12.10<br> %(b) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>173

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** |
| October 31, 2022 | $27.27 | 0.23 | (4.33) | (4.10) | (0.88) | (0.58) |  | (1.46) |
| October 31, 2021 | $23.27 | 0.33<br> (e) | 3.70 | 4.03 | (0.03) |  |  | (0.03) |
| October 31, 2020 | $25.20 | 0.18 | (0.75) | (0.57) | (0.53) | (0.83) |  | (1.36) |
| For The Period <br>3/11/19<sup>^</sup>-10/31/19 | $23.37 | 0.28 | 1.55 | 1.83 |  |  |  |  |
| **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** |
| October 31, 2022 | $27.40 | 0.39 | (4.40) | (4.01) | (0.97) | (0.58) |  | (1.55) |
| October 31, 2021 | $23.39 | 0.45<br> (e) | 3.70 | 4.15 | (0.14) |  |  | (0.14) |
| October 31, 2020 | $25.25 | 0.28 | (0.72) | (0.44) | (0.59) | (0.83) |  | (1.42) |
| October 31, 2019 | $23.27 | 0.41 | 2.33 | 2.74 | (0.37) | (0.39) |  | (0.76) |
| October 31, 2018 | $25.92 | 0.36 | (2.09) | (1.73) | (0.48) | (0.44) |  | (0.92) |
| **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** |
| October 31, 2022 | $22.23 | 0.13 | (2.08) | (1.95) | (0.17) | (1.70) |  | (1.87) |
| October 31, 2021 | $16.97 | 0.09 | 5.49 | 5.58 | (0.20) | (0.12) |  | (0.32) |
| October 31, 2020 | $18.84 | 0.14 | (0.48) | (0.34) | (0.16) | (1.37) |  | (1.53) |
| October 31, 2019 | $19.89 | 0.16 | 1.44 | 1.60 | (0.12) | (2.53) |  | (2.65) |
| October 31, 2018 | $21.26 | 0.11 | 0.31 | 0.42 | (0.03) | (1.76) |  | (1.79) |
| **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** |
| October 31, 2022 | $21.08 | (0.02) | (1.97) | (1.99) |  | (1.70) |  | (1.70) |
| October 31, 2021 | $16.06 | (0.06) | 5.22 | 5.16 | (0.02) | (0.12) |  | (0.14) |
| October 31, 2020 | $17.89 | 0.01 | (0.47) | (0.46) |  | (1.37) |  | (1.37) |
| October 31, 2019 | $19.03 | 0.02 | 1.37 | 1.39 |  | (2.53) |  | (2.53) |
| October 31, 2018 | $20.54 | (0.04) | 0.29 | 0.25 |  | (1.76) |  | (1.76) |
| **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** |
| October 31, 2022 | $22.71 | 0.19 | (2.13) | (1.94) | (0.23) | (1.70) |  | (1.93) |
| October 31, 2021 | $17.32 | 0.15 | 5.61 | 5.76 | (0.25) | (0.12) |  | (0.37) |
| October 31, 2020 | $19.21 | 0.20 | (0.51) | (0.31) | (0.21) | (1.37) |  | (1.58) |
| October 31, 2019 | $20.23 | 0.21 | 1.48 | 1.69 | (0.18) | (2.53) |  | (2.71) |
| October 31, 2018 | $21.61 | 0.18 | 0.29 | 0.47 | (0.09) | (1.76) |  | (1.85) |
| **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** |
| October 31, 2022 | $22.61 | 0.09 | (2.11) | (2.02) | (0.14) | (1.70) |  | (1.84) |
| October 31, 2021 | $17.25 | 0.07 | 5.58 | 5.65 | (0.17) | (0.12) |  | (0.29) |
| October 31, 2020 | $19.15 | 0.11 | (0.50) | (0.39) | (0.14) | (1.37) |  | (1.51) |
| October 31, 2019 | $20.20 | 0.14 | 1.48 | 1.62 | (0.14) | (2.53) |  | (2.67) |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $20.37 | 0.06 | (0.23) | (0.17) |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>174

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** | **First Eagle Overseas Fund Class R5\*\*\*** |
| October 31, 2022 | $21.71 | (15.70)% | $38 | 1.17% | 1.17% | 0.94% | 0.94% | 8.99% |
| October 31, 2021 | $27.27 | 17.33<br> %(h) | $70 | 1.20% | 1.20% | 1.23<br> %(e) | 1.23<br> %(e) | 9.93% |
| October 31, 2020 | $23.27 | (2.51)% | $27 | 1.31% | 1.31% | 0.77% | 0.77% | 13.20% |
| For The Period <br>3/11/19<sup>^</sup>-10/31/19 | $25.20 | 7.83<br> %(b) | $16 | 1.12<br> %(c) | 1.12<br> %(c) | 1.79<br> %(c) | 1.79<br> %(c) | 6.99<br> %(b) |
| **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** |
| October 31, 2022 | $21.84 | (15.32)% | $1255272 | 0.80% | 0.80% | 1.58% | 1.58% | 8.99% |
| October 31, 2021 | $27.40 | 17.78<br> %(h) | $1566467 | 0.79% | 0.79% | 1.65<br> %(e) | 1.65<br> %(e) | 9.93% |
| October 31, 2020 | $23.39 | (1.99)% | $919645 | 0.80% | 0.80% | 1.19% | 1.19% | 13.20% |
| October 31, 2019 | $25.25 | 12.21% | $759773 | 0.80% | 0.80% | 1.74% | 1.74% | 6.99% |
| October 31, 2018 | $23.27 | (6.92)% | $592247 | 0.80% | 0.80% | 1.44% | 1.44% | 12.10% |
| **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** | **First Eagle U.S. Value Fund Class A\*\*\*** |
| October 31, 2022 | $18.41 | (9.12)% | $540287 | 1.16% | 1.11% | 0.60% | 0.65% | 10.33% |
| October 31, 2021 | $22.23 | 33.28% | $638937 | 1.16% | 1.11% | 0.40% | 0.45% | 4.02% |
| October 31, 2020 | $16.97 | (2.23)% | $485589 | 1.18% | 1.13% | 0.78% | 0.83% | 10.30% |
| October 31, 2019 | $18.84 | 9.43% | $613548 | 1.16% | 1.11% | 0.81% | 0.86% | 8.65% |
| October 31, 2018 | $19.89 | 2.01% | $590922 | 1.15% | 1.10% | 0.51% | 0.56% | 9.05% |
| **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** | **First Eagle U.S. Value Fund Class C\*\*\*** |
| October 31, 2022 | $17.39 | (9.82)% | $34953 | 1.92% | 1.87% | (0.18)% | (0.13)% | 10.33% |
| October 31, 2021 | $21.08 | 32.29% | $53912 | 1.95% | 1.90% | (0.38)% | (0.33)% | 4.02% |
| October 31, 2020 | $16.06 | (3.00)% | $101600 | 1.94% | 1.89% | 0.03% | 0.08% | 10.30% |
| October 31, 2019 | $17.89 | 8.59% | $194380 | 1.92% | 1.87% | 0.06% | 0.11% | 8.65% |
| October 31, 2018 | $19.03 | 1.20% | $361606 | 1.90% | 1.85% | (0.24)% | (0.19)% | 9.05% |
| **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** | **First Eagle U.S. Value Fund Class I\*\*\*** |
| October 31, 2022 | $18.84 | (8.88)% | $538424 | 0.88% | 0.83% | 0.88% | 0.93% | 10.33% |
| October 31, 2021 | $22.71 | 33.72% | $584344 | 0.89% | 0.84% | 0.68% | 0.73% | 4.02% |
| October 31, 2020 | $17.32 | (2.01)% | $505997 | 0.89% | 0.84% | 1.08% | 1.13% | 10.30% |
| October 31, 2019 | $19.21 | 9.79% | $749245 | 0.88% | 0.83% | 1.09% | 1.14% | 8.65% |
| October 31, 2018 | $20.23 | 2.24% | $875239 | 0.87% | 0.82% | 0.79% | 0.84% | 9.05% |
| **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** | **First Eagle U.S. Value Fund Class R3\*\*\*** |
| October 31, 2022 | $18.75 | (9.28)% | $64 | 1.34% | 1.29% | 0.42% | 0.47% | 10.33% |
| October 31, 2021 | $22.61 | 33.10% | $71 | 1.31% | 1.26% | 0.26% | 0.31% | 4.02% |
| October 31, 2020 | $17.25 | (2.46)% | $53 | 1.36% | 1.31% | 0.59% | 0.64% | 10.30% |
| October 31, 2019 | $19.15 | 9.37% | $54 | 1.26% | 1.21% | 0.71% | 0.76% | 8.65% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $20.20 | (0.83)%(b) | $50 | 1.24<br> %(c) | 1.19<br> %(c) | 0.50<br> %(c) | 0.55<br> %(c) | 9.05<br> %(b) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>175

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** |
| October 31, 2022 | $22.61 | 0.14 | (2.14) | (2.00) | (0.15) | (1.70) |  | (1.85) |
| October 31, 2021 | $17.25 | 0.09 | 5.56 | 5.65 | (0.17) | (0.12) |  | (0.29) |
| October 31, 2020 | $19.18 | 0.13 | (0.51) | (0.38) | (0.18) | (1.37) |  | (1.55) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $19.40 | 0.02 | (0.24) | (0.22) |  |  |  |  |
| **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** |
| October 31, 2022 | $22.62 | 0.16 | (2.13) | (1.97) | (0.18) | (1.70) |  | (1.88) |
| October 31, 2021 | $17.28 | 0.10 | 5.59 | 5.69 | (0.23) | (0.12) |  | (0.35) |
| October 31, 2020 | $19.18 | 0.12 | (0.46) | (0.34) | (0.19) | (1.37) |  | (1.56) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $19.40 | 0.03 | (0.25) | (0.22) |  |  |  |  |
| **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** |
| October 31, 2022 | $22.71 | 0.20 | (2.13) | (1.93) | (0.24) | (1.70) |  | (1.94) |
| October 31, 2021 | $17.32 | 0.16 | 5.61 | 5.77 | (0.26) | (0.12) |  | (0.38) |
| October 31, 2020 | $19.22 | 0.19 | (0.50) | (0.31) | (0.22) | (1.37) |  | (1.59) |
| October 31, 2019 | $20.24 | 0.21 | 1.49 | 1.70 | (0.19) | (2.53) |  | (2.72) |
| October 31, 2018 | $21.62 | 0.18 | 0.30 | 0.48 | (0.10) | (1.76) |  | (1.86) |
| **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** |
| October 31, 2022 | $22.94 | 0.05 | (3.52) | (3.47) | (0.22) |  |  | (0.22) |
| October 31, 2021 | $26.28 | (0.01 | (3.01) | (3.02) | (0.32) |  |  | (0.32) |
| October 31, 2020 | $18.66 | (0.12 | 7.74 | 7.62 |  |  |  |  |
| October 31, 2019 | $13.08 | (0.04 | 5.62 | 5.58 |  |  |  |  |
| October 31, 2018 | $16.50 | (0.07 | (3.35) | (3.42) |  |  |  |  |
| **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** |
| October 31, 2022 | $20.82 | (0.10 | (3.19) | (3.29) | (0.05) |  |  | (0.05) |
| October 31, 2021 | $23.92 | (0.17 | (2.76) | (2.93) | (0.17) |  |  | (0.17) |
| October 31, 2020 | $17.11 | (0.26 | 7.07 | 6.81 |  |  |  |  |
| October 31, 2019 | $12.09 | (0.15 | 5.17 | 5.02 |  |  |  |  |
| October 31, 2018 | $15.36 | (0.17 | (3.10) | (3.27) |  |  |  |  |
| **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** |
| October 31, 2022 | $23.68 | 0.12 | (3.64) | (3.52) | (0.28) |  |  | (0.28) |
| October 31, 2021 | $27.13 | 0.06 | (3.13) | (3.07) | (0.38) |  |  | (0.38) |
| October 31, 2020 | $19.22 | (0.06 | 7.99 | 7.93 | (0.02) |  |  | (0.02) |
| October 31, 2019 | $13.44 | 0.00 | 5.78 | 5.78 |  |  |  |  |
| October 31, 2018 | $16.90 | (0.02 | (3.44) | (3.46) |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>176

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** | **First Eagle U.S. Value Fund Class R4\*\*\*** |
| October 31, 2022 | $18.76 | (9.17)% | $33 | 1.14% | 1.09% | 0.66% | 0.71% | 10.33% |
| October 31, 2021 | $22.61 | 33.13% | $13 | 1.21% | 1.16% | 0.35% | 0.41% | 4.02% |
| October 31, 2020 | $17.25 | (2.39)% | $10 | 1.24% | 1.20% | 0.70% | 0.74% | 10.30% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $19.18 | (1.13)%(b) | $10 | 1.51<br> %(c) | 1.47<br> %(c) | 0.39<br> %(c) | 0.43<br> %(c) | 8.65<br> %(b) |
| **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** | **First Eagle U.S. Value Fund Class R5\*\*\*** |
| October 31, 2022 | $18.77 | (9.03)% | $75 | 1.02% | 0.97% | 0.74% | 0.79% | 10.33% |
| October 31, 2021 | $22.62 | 33.35% | $75 | 1.13% | 1.08% | 0.43% | 0.48% | 4.02% |
| October 31, 2020 | $17.28 | (2.18)% | $53 | 1.09% | 1.05% | 0.67% | 0.71% | 10.30% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $19.18 | (1.13)%(b) | $10 | 1.40<br> %(c) | 1.36<br> %(c) | 0.50<br> %(c) | 0.54<br> %(c) | 8.65<br> %(b) |
| **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** | **First Eagle U.S. Value Fund Class R6\*\*\*** |
| October 31, 2022 | $18.84 | (8.83)% | $25921 | 0.83% | 0.78% | 0.94% | 0.99% | 10.33% |
| October 31, 2021 | $22.71 | 33.78% | $25676 | 0.84% | 0.79% | 0.72% | 0.77% | 4.02% |
| October 31, 2020 | $17.32 | (2.02)% | $15058 | 0.86% | 0.81% | 1.03% | 1.08% | 10.30% |
| October 31, 2019 | $19.22 | 9.83% | $15949 | 0.83% | 0.78% | 1.09% | 1.14% | 8.65% |
| October 31, 2018 | $20.24 | 2.28% | $1362 | 0.86% | 0.81% | 0.82% | 0.87% | 9.05% |
| **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** |
| October 31, 2022 | $19.25 | (15.24)% | $494372 | 1.19% | 1.19% | 0.24% | 0.24% | 17.78% |
| October 31, 2021 | $22.94 | (11.60)% | $578968 | 1.22% | 1.22% | (0.03)% | (0.03)% | 5.13% |
| October 31, 2020 | $26.28 | 40.84% | $643945 | 1.21% | 1.21% | (0.52)% | (0.52)% | 3.34% |
| October 31, 2019 | $18.66 | 42.66% | $386633 | 1.29% | 1.29% | (0.27)% | (0.27)% | 20.01% |
| October 31, 2018 | $13.08 | (20.73)% | $294509 | 1.29% | 1.29% | (0.45)% | (0.45)% | 9.43% |
| **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** |
| October 31, 2022 | $17.48 | (15.87)% | $104359 | 1.93% | 1.93% | (0.51)% | (0.51)% | 17.78% |
| October 31, 2021 | $20.82 | (12.25)% | $144502 | 1.95% | 1.95% | (0.77)% | (0.77)% | 5.13% |
| October 31, 2020 | $23.92 | 39.80% | $179978 | 1.95% | 1.95% | (1.25)% | (1.25)% | 3.34% |
| October 31, 2019 | $17.11 | 41.52% | $115624 | 2.05% | 2.05% | (1.02)% | (1.02)% | 20.01% |
| October 31, 2018 | $12.09 | (21.29)% | $111685 | 2.05% | 2.05% | (1.21)% | (1.21)% | 9.43% |
| **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** |
| October 31, 2022 | $19.88 | (15.00)% | $1075242 | 0.94% | 0.94% | 0.50% | 0.50% | 17.78% |
| October 31, 2021 | $23.68 | (11.41)% | $1349701 | 0.96% | 0.96% | 0.23% | 0.23% | 5.13% |
| October 31, 2020 | $27.13 | 41.29% | $1424181 | 0.92% | 0.92% | (0.25)% | (0.25)% | 3.34% |
| October 31, 2019 | $19.22 | 43.01% | $553633 | 0.99% | 0.99% | 0.01% | 0.01% | 20.01% |
| October 31, 2018 | $13.44 | (20.47)% | $392310 | 1.00% | 1.00% | (0.15)% | (0.15)% | 9.43% |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>177

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** |
| October 31, 2022 | $23.56 | 0.00 | (3.62) | (3.62) | (0.20) |  |  | (0.20) |
| October 31, 2021 | $26.99 | (0.01 | (3.13) | (3.14) | (0.29) |  |  | (0.29) |
| October 31, 2020 | $19.17 | (0.12 | 7.95 | 7.83 | (0.01) |  |  | (0.01) |
| October 31, 2019 | $13.44 | (0.09 | 5.82 | 5.73 |  |  |  |  |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $16.35 | (0.04 | (2.87) | (2.91) |  |  |  |  |
| **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** |
| October 31, 2022 | $23.72 | 0.07 | (3.63) | (3.56) | (0.25) |  |  | (0.25) |
| October 31, 2021 | $27.19 | 0.02 | (3.12) | (3.10) | (0.37) |  |  | (0.37) |
| October 31, 2020 | $19.26 | (0.08 | 8.01 | 7.93 |  |  |  |  |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $18.54 | (0.04 | 0.76 | 0.72 |  |  |  |  |
| **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** |
| October 31, 2022 | $23.68 | 0.11 | (3.64) | (3.53) | (0.25) |  |  | (0.25) |
| October 31, 2021 | $27.16 | 0.04 | (3.14) | (3.10) | (0.38) |  |  | (0.38) |
| October 31, 2020 | $19.28 | (0.09 | 7.99 | 7.90 | (0.02) |  |  | (0.02) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $18.54 | (0.03 | 0.77 | 0.74 |  |  |  |  |
| **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** |
| October 31, 2022 | $23.74 | 0.13 | (3.63) | (3.50) | (0.31) |  |  | (0.31) |
| October 31, 2021 | $27.19 | 0.08 | (3.13) | (3.05) | (0.40) |  |  | (0.40) |
| October 31, 2020 | $19.26 | (0.03 | 7.99 | 7.96 | (0.03) |  |  | (0.03) |
| October 31, 2019 | $13.46 | 0.01 | 5.79 | 5.80 |  |  |  |  |
| October 31, 2018 | $16.91 | (0.02 | (3.43) | (3.45) |  |  |  |  |
| **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** |
| October 31, 2022 | $13.52 | 0.27 | (1.34) | (1.07) | (0.26) | (0.57) |  | (0.83) |
| October 31, 2021 | $11.47 | 0.27 | 2.17 | 2.44 | (0.26) | (0.13) |  | (0.39) |
| October 31, 2020 | $12.15 | 0.22 | (0.64) | (0.42) | (0.22) | (0.04) |  | (0.26) |
| October 31, 2019 | $11.45 | 0.25 | 0.70 | 0.95 | (0.25) |  |  | (0.25) |
| October 31, 2018 | $12.05 | 0.25 | (0.56) | (0.31) | (0.23) |  | (0.06) | (0.29) |
| **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** |
| October 31, 2022 | $13.47 | 0.17 | (1.34) | (1.17) | (0.03) | (0.57) |  | (0.60) |
| October 31, 2021 | $11.44 | 0.16 | 2.17 | 2.33 | (0.17) | (0.13) |  | (0.30) |
| October 31, 2020 | $12.11 | 0.13 | (0.63) | (0.50) | (0.13) | (0.04) |  | (0.17) |
| October 31, 2019 | $11.42 | 0.16 | 0.69 | 0.85 | (0.16) |  |  | (0.16) |
| October 31, 2018 | $12.02 | 0.16 | (0.56) | (0.40) | (0.14) |  | (0.06) | (0.20) |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>178

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** | **First Eagle Gold Fund Class R3\*\*\*** |
| October 31, 2022 | $19.74 | (15.46)% | $1013 | 1.45% | 1.45% | (0.01)% | (0.01)% | 17.78% |
| October 31, 2021 | $23.56 | (11.72)% | $1351 | 1.34% | 1.34% | (0.04)% | (0.04)% | 5.13% |
| October 31, 2020 | $26.99 | 40.84% | $471 | 1.25% | 1.25% | (0.52)% | (0.52)% | 3.34% |
| October 31, 2019 | $19.17 | 42.63% | $491 | 1.25% | 1.25% | (0.51)% | (0.51)% | 20.01% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $13.44 | (17.80)%(b) | $41 | 1.32<br> %(c) | 1.32<br> %(c) | (0.59)%(c) | (0.59)%(c) | 9.43<br> %(b) |
| **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** | **First Eagle Gold Fund Class R4\*\*\*** |
| October 31, 2022 | $19.91 | (15.14)% | $1325 | 1.10% | 1.10% | 0.32% | 0.32% | 17.78% |
| October 31, 2021 | $23.72 | (11.52)% | $811 | 1.11% | 1.11% | 0.08% | 0.08% | 5.13% |
| October 31, 2020 | $27.19 | 41.17% | $935 | 1.00% | 1.00% | (0.32)% | (0.32)% | 3.34% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $19.26 | 3.88<br> %(b) | $10 | 1.49<br> %(c) | 1.49<br> %(c) | (0.84)%(c) | (0.84)%(c) | 20.01<br> %(b) |
| **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** | **First Eagle Gold Fund Class R5\*\*\*** |
| October 31, 2022 | $19.90 | (15.02)% | $580 | 0.99% | 0.99% | 0.47% | 0.47% | 17.78% |
| October 31, 2021 | $23.68 | (11.49)% | $437 | 1.03% | 1.03% | 0.16% | 0.16% | 5.13% |
| October 31, 2020 | $27.16 | 40.94% | $677 | 0.98% | 0.98% | (0.35)% | (0.35)% | 3.34% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $19.28 | 3.99<br> %(b) | $166 | 0.96<br> %(c) | 0.96<br> %(c) | (0.65)%(c) | (0.64)%(c) | 20.01<br> %(b) |
| **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** |
| October 31, 2022 | $19.93 | (14.91)% | $105438 | 0.85% | 0.85% | 0.59% | 0.59% | 17.78% |
| October 31, 2021 | $23.74 | (11.33)% | $103234 | 0.85% | 0.85% | 0.31% | 0.31% | 5.13% |
| October 31, 2020 | $27.19 | 41.42% | $209208 | 0.85% | 0.85% | (0.14)% | (0.14)% | 3.34% |
| October 31, 2019 | $19.26 | 43.09% | $163259 | 0.89% | 0.89% | 0.03% | 0.03% | 20.01% |
| October 31, 2018 | $13.46 | (20.40)% | $74414 | 0.91% | 0.91% | (0.14)% | (0.14)% | 9.43% |
| **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** |
| October 31, 2022 | $11.62 | (8.23)% | $541002 | 1.16% | 1.16% | 2.17% | 2.18% | 13.76% |
| October 31, 2021 | $13.52 | 21.36<br> %(i) | $492402 | 1.17% | 1.17% | 2.04<br> %(f) | 2.04<br> %(f) | 22.80% |
| October 31, 2020 | $11.47 | (3.38)% | $359442 | 1.19% | 1.19% | 1.87% | 1.87% | 28.98% |
| October 31, 2019 | $12.15 | 8.40% | $392942 | 1.18% | 1.18% | 2.10% | 2.10% | 25.54% |
| October 31, 2018 | $11.45 | (2.64)% | $319003 | 1.18% | 1.18% | 2.11% | 2.11% | 22.15% |
| **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** |
| October 31, 2022 | $11.70 | (8.95)% | $98977 | 1.94% | 1.94% | 1.38% | 1.38% | 13.76% |
| October 31, 2021 | $13.47 | 20.48<br> %(i) | $153654 | 1.94% | 1.94% | 1.25<br> %(f) | 1.25<br> %(f) | 22.80% |
| October 31, 2020 | $11.44 | (4.15)% | $186154 | 1.95% | 1.95% | 1.11% | 1.11% | 28.98% |
| October 31, 2019 | $12.11 | 7.53% | $289037 | 1.94% | 1.94% | 1.36% | 1.36% | 25.54% |
| October 31, 2018 | $11.42 | (3.38)% | $297716 | 1.93% | 1.93% | 1.35% | 1.35% | 22.15% |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>179

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First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** |
| October 31, 2022 | $13.48 | 0.30 | (1.34) | (1.04) | (0.31) | (0.57) |  | (0.88) |
| October 31, 2021 | $11.45 | 0.30<br> (f) | 2.15 | 2.45 | (0.29) | (0.13) |  | (0.42) |
| October 31, 2020 | $12.12 | 0.25 | (0.63) | (0.38) | (0.25) | (0.04) |  | (0.29) |
| October 31, 2019 | $11.43 | 0.28 | 0.69 | 0.97 | (0.28) |  |  | (0.28) |
| October 31, 2018 | $12.02 | 0.28 | (0.55) | (0.27) | (0.26) |  | (0.06) | (0.32) |
| **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** |
| October 31, 2022 | $13.48 | 0.25 | (1.33) | (1.08) | (0.22) | (0.57) |  | (0.79) |
| October 31, 2021 | $11.45 | 0.25<br> (f) | 2.15 | 2.40 | (0.24) | (0.13) |  | (0.37) |
| October 31, 2020 | $12.12 | 0.18 | (0.62) | (0.44) | (0.19) | (0.04) |  | (0.23) |
| October 31, 2019 | $11.43 | 0.23 | 0.69 | 0.92 | (0.23) |  |  | (0.23) |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $11.92 | 0.13 | (0.49) | (0.36) | (0.10) |  | (0.03) | (0.13) |
| **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** |
| October 31, 2022 | $13.48 | 0.23 | (1.32) | (1.09) | (0.25) | (0.57) |  | (0.82) |
| October 31, 2021 | $11.44 | 0.27<br> (f) | 2.15 | 2.42 | (0.25) | (0.13) |  | (0.38) |
| October 31, 2020 | $12.11 | 0.21 | (0.63) | (0.42) | (0.21) | (0.04) |  | (0.25) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $12.08 | 0.04 | 0.03 | 0.07 | (0.04) |  |  | (0.04) |
| **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** |
| October 31, 2022 | $13.47 | 0.27 | (1.34) | (1.07) | (0.26) | (0.57) |  | (0.83) |
| October 31, 2021 | $11.44 | 0.27<br> (f) | 2.15 | 2.42 | (0.26) | (0.13) |  | (0.39) |
| October 31, 2020 | $12.11 | 0.23 | (0.64) | (0.41) | (0.22) | (0.04) |  | (0.26) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $12.08 | 0.04 | 0.03 | 0.07 | (0.04) |  |  | (0.04) |
| **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** |
| October 31, 2022 | $13.47 | 0.31 | (1.33) | (1.02) | (0.33) | (0.57) |  | (0.90) |
| October 31, 2021 | $11.44 | 0.31<br> (f) | 2.15 | 2.46 | (0.30) | (0.13) |  | (0.43) |
| October 31, 2020 | $12.11 | 0.24 | (0.62) | (0.38) | (0.25) | (0.04) |  | (0.29) |
| October 31, 2019 | $11.42 | 0.27 | 0.70 | 0.97 | (0.28) |  |  | (0.28) |
| October 31, 2018 | $12.01 | 0.28 | (0.54) | (0.26) | (0.27) |  | (0.06) | (0.33) |
| **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** |
| October 31, 2022 | $8.98 | 0.36 | (1.21) | (0.85) | (0.36) |  |  | (0.36) |
| October 31, 2021 | $8.71 | 0.33 | 0.27 | 0.60 | (0.33) |  |  | (0.33) |
| October 31, 2020 | $8.71 | 0.37 | (0.01) | 0.36 | (0.36) |  |  | (0.36) |
| October 31, 2019 | $8.81 | 0.41 | (0.11) | 0.30 | (0.40) |  |  | (0.40) |
| October 31, 2018 | $9.03 | 0.47 | (0.24) | 0.23 | (0.45) |  |  | (0.45) |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>180

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** |
| October 31, 2022 | $11.56 | (7.98)% | $751297 | 0.93% | 0.93% | 2.43% | 2.43% | 13.76% |
| October 31, 2021 | $13.48 | 21.62<br> %(i) | $668678 | 0.93% | 0.93% | 2.26<br> %(f) | 2.26<br> %(f) | 22.80% |
| October 31, 2020 | $11.45 | (3.14)% | $630351 | 0.94% | 0.94% | 2.11% | 2.11% | 28.98% |
| October 31, 2019 | $12.12 | 8.60% | $793440 | 0.93% | 0.93% | 2.36% | 2.36% | 25.54% |
| October 31, 2018 | $11.43 | (2.31)% | $742408 | 0.92% | 0.92% | 2.38% | 2.38% | 22.15% |
| **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** | **First Eagle Global Income Builder Fund Class R3** |
| October 31, 2022 | $11.61 | (8.29)% | $56 | 1.33% | 1.33% | 2.02% | 2.02% | 13.76% |
| October 31, 2021 | $13.48 | 21.12<br> %(i) | $61 | 1.32% | 1.32% | 1.88<br> %(f) | 1.88<br> %(f) | 22.80% |
| October 31, 2020 | $11.45 | (3.67)% | $50 | 1.49% | 1.49% | 1.58% | 1.58% | 28.98% |
| October 31, 2019 | $12.12 | 8.12% | $52 | 1.37% | 1.37% | 1.92% | 1.92% | 25.54% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $11.43 | (3.02)%(b) | $48 | 1.27<br> %(c) | 1.27<br> %(c) | 2.23<br> %(c) | 2.23<br> %(c) | 22.15<br> %(b) |
| **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** | **First Eagle Global Income Builder Fund Class R4** |
| October 31, 2022 | $11.57 | (8.37)% | $49 | 1.41% | 1.40% | 1.86% | 1.86% | 13.76% |
| October 31, 2021 | $13.48 | 21.34<br> %(i) | $27 | 1.17% | 1.17% | 2.05<br> %(f) | 2.05<br> %(f) | 22.80% |
| October 31, 2020 | $11.44 | (3.51)% | $10 | 1.25% | 1.25% | 1.84% | 1.84% | 28.98% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $12.11 | 0.59<br> %(b) | $10 | 1.49<br> %(c) | 1.49<br> %(c) | 1.34<br> %(c) | 1.34<br> %(c) | 25.54<br> %(b) |
| **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** | **First Eagle Global Income Builder Fund Class R5** |
| October 31, 2022 | $11.57 | (8.20)% | $11 | 1.17% | 1.17% | 2.19% | 2.19% | 13.76% |
| October 31, 2021 | $13.47 | 21.34<br> %(i) | $12 | 1.16% | 1.16% | 2.04<br> %(f) | 2.04<br> %(f) | 22.80% |
| October 31, 2020 | $11.44 | (3.40)% | $10 | 1.14% | 1.14% | 1.94% | 1.94% | 28.98% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $12.11 | 0.62<br> %(b) | $10 | 1.38<br> %(c) | 1.38<br> %(c) | 1.45<br> %(c) | 1.45<br> %(c) | 25.54<br> %(b) |
| **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** |
| October 31, 2022 | $11.55 | (7.85)% | $45873 | 0.87% | 0.87% | 2.49% | 2.49% | 13.76% |
| October 31, 2021 | $13.47 | 21.72<br> %(i) | $24506 | 0.87% | 0.87% | 2.35<br> %(f) | 2.35<br> %(f) | 22.80% |
| October 31, 2020 | $11.44 | (3.14)% | $15649 | 0.90% | 0.90% | 2.01% | 2.01% | 28.98% |
| October 31, 2019 | $12.11 | 8.62% | $1233 | 0.93% | 0.93% | 2.31% | 2.31% | 25.54% |
| October 31, 2018 | $11.42 | (2.27)% | $912 | 0.88% | 0.88% | 2.38% | 2.38% | 22.15% |
| **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** | **First Eagle High Income Fund Class A** |
| October 31, 2022 | $7.77 | (9.59)% | $68391 | 1.13% | 1.13% | 4.37% | 4.37% | 28.00% |
| October 31, 2021 | $8.98 | 7.01% | $83819 | 1.23% | 1.16% | 3.56% | 3.63% | 64.11% |
| October 31, 2020 | $8.71 | 4.39% | $73112 | 1.33% | 1.23% | 4.27% | 4.37% | 55.38% |
| October 31, 2019 | $8.71 | 3.54% | $73567 | 1.34% | 1.24% | 4.55% | 4.65% | 24.19% |
| October 31, 2018 | $8.81 | 2.56% | $78360 | 1.26% | 1.19% | 5.17% | 5.24% | 24.82% |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>181

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First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** |
| October 31, 2022 | $8.97 | 0.30 | (1.19 | (0.89) | (0.31) |  |  | (0.31) |
| October 31, 2021 | $8.70 | 0.26 | 0.28 | 0.54 | (0.27) |  |  | (0.27) |
| October 31, 2020 | $8.70 | 0.31 | (0.01 | 0.30 | (0.30) |  |  | (0.30) |
| October 31, 2019 | $8.80 | 0.34 | (0.10 | 0.24 | (0.34) |  |  | (0.34) |
| October 31, 2018 | $9.02 | 0.40 | (0.24 | 0.16 | (0.38) |  |  | (0.38) |
| **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** |
| October 31, 2022 | $8.98 | 0.39 | (1.21 | (0.82) | (0.38) |  |  | (0.38) |
| October 31, 2021 | $8.71 | 0.35 | 0.28 | 0.63 | (0.36) |  |  | (0.36) |
| October 31, 2020 | $8.71 | 0.39 | 0.00 | 0.39 | (0.39) |  |  | (0.39) |
| October 31, 2019 | $8.81 | 0.43 | (0.10 | 0.33 | (0.43) |  |  | (0.43) |
| October 31, 2018 | $9.04 | 0.49 | (0.25 | 0.24 | (0.47) |  |  | (0.47) |
| **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** |
| October 31, 2022 | $8.99 | 0.35 | (1.21 | (0.86) | (0.35) |  |  | (0.35) |
| October 31, 2021 | $8.72 | 0.31 | 0.28 | 0.59 | (0.32) |  |  | (0.32) |
| October 31, 2020 | $8.72 | 0.35 | 0.00 | 0.35 | (0.35) |  |  | (0.35) |
| October 31, 2019 | $8.82 | 0.40 | (0.11 | 0.29 | (0.39) |  |  | (0.39) |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $8.91 | 0.23 | (0.10 | 0.13 | (0.22) |  |  | (0.22) |
| **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** |
| October 31, 2022 | $8.98 | 0.26 | (1.20 | (0.94) | (0.30) |  |  | (0.30) |
| October 31, 2021 | $8.72 | 0.29 | 0.26 | 0.55 | (0.29) |  |  | (0.29) |
| October 31, 2020 | $8.72 | 0.33 | (0.01 | 0.32 | (0.32) |  |  | (0.32) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $8.78 | 0.08 | (0.06 | 0.02 | (0.08) |  |  | (0.08) |
| **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** |
| October 31, 2022 | $8.98 | 0.36 | (1.20 | (0.84) | (0.36) |  |  | (0.36) |
| October 31, 2021 | $8.71 | 0.33 | 0.27 | 0.60 | (0.33) |  |  | (0.33) |
| October 31, 2020 | $8.71 | 0.37 | 0.00 | 0.37 | (0.37) |  |  | (0.37) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $8.78 | 0.08 | (0.07 | 0.01 | (0.08) |  |  | (0.08) |
| **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** |
| October 31, 2022 | $8.98 | 0.39 | (1.19 | (0.80) | (0.40) |  |  | (0.40) |
| October 31, 2021 | $8.71 | 0.35 | 0.28 | 0.63 | (0.36) |  |  | (0.36) |
| October 31, 2020 | $8.71 | 0.39 | (0.01 | 0.38 | (0.38) |  |  | (0.38) |
| October 31, 2019 | $8.82 | 0.43 | (0.11 | 0.32 | (0.43) |  |  | (0.43) |
| October 31, 2018 | $9.04 | 0.49 | (0.24 | 0.25 | (0.47) |  |  | (0.47) |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>182

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** | **First Eagle High Income Fund Class C** |
| October 31, 2022 | $7.77 | (10.15)% | $7376 | 1.88% | 1.88% | 3.55% | 3.55% | 28.00% |
| October 31, 2021 | $8.97 | 6.20% | $15129 | 2.01% | 1.94% | 2.81% | 2.88% | 64.11% |
| October 31, 2020 | $8.70 | 3.60% | $31972 | 2.10% | 2.00% | 3.53% | 3.63% | 55.38% |
| October 31, 2019 | $8.70 | 2.77% | $50100 | 2.10% | 2.00% | 3.83% | 3.93% | 24.19% |
| October 31, 2018 | $8.80 | 1.68% | $62749 | 2.01% | 1.94% | 4.43% | 4.50% | 24.82% |
| **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** | **First Eagle High Income Fund Class I** |
| October 31, 2022 | $7.78 | (9.23)% | $99295 | 0.86% | 0.86% | 4.62% | 4.62% | 28.00% |
| October 31, 2021 | $8.98 | 7.29% | $132026 | 0.97% | 0.90% | 3.82% | 3.89% | 64.11% |
| October 31, 2020 | $8.71 | 4.68% | $126527 | 1.04% | 0.94% | 4.54% | 4.64% | 55.38% |
| October 31, 2019 | $8.71 | 3.84% | $144532 | 1.05% | 0.95% | 4.86% | 4.96% | 24.19% |
| October 31, 2018 | $8.81 | 2.74% | $184351 | 0.97% | 0.90% | 5.46% | 5.53% | 24.82% |
| **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** | **First Eagle High Income Fund Class R3** |
| October 31, 2022 | $7.78 | (9.72)% | $402 | 1.28% | 1.28% | 4.22% | 4.23% | 28.00% |
| October 31, 2021 | $8.99 | 6.83% | $443 | 1.40% | 1.33% | 3.39% | 3.46% | 64.11% |
| October 31, 2020 | $8.72 | 4.21% | $453 | 1.45% | 1.35% | 4.04% | 4.14% | 55.38% |
| October 31, 2019 | $8.72 | 3.44% | $52 | 1.44% | 1.34% | 4.44% | 4.54% | 24.19% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $8.82 | 1.41<br> %(b) | $51 | 1.36<br> %(c) | 1.27<br> %(c) | 4.99<br> %(c) | 5.08<br> %(c) | 24.82<br> %(b) |
| **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** | **First Eagle High Income Fund Class R4** |
| October 31, 2022 | $7.74 | (10.61)% | $10 | 2.36% | 2.36% | 3.14% | 3.14% | 28.00% |
| October 31, 2021 | $8.98 | 6.38% | $11 | 1.66% | 1.59% | 3.12% | 3.19% | 64.11% |
| October 31, 2020 | $8.72 | 3.81% | $10 | 1.84% | 1.74% | 3.74% | 3.84% | 55.38% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $8.72 | 0.24<br> %(b) | $10 | 1.70<br> %(c) | 1.59<br> %(c) | 3.43<br> %(c) | 3.54<br> %(c) | 24.19<br> %(b) |
| **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** | **First Eagle High Income Fund Class R5** |
| October 31, 2022 | $7.78 | (9.50)% | $10 | 1.13% | 1.12% | 4.38% | 4.38% | 28.00% |
| October 31, 2021 | $8.98 | 7.01% | $11 | 1.20% | 1.13% | 3.58% | 3.65% | 64.11% |
| October 31, 2020 | $8.71 | 4.41% | $10 | 1.25% | 1.15% | 4.33% | 4.43% | 55.38% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $8.71 | 0.11<br> %(b) | $10 | 1.59<br> %(c) | 1.48<br> %(c) | 3.54<br> %(c) | 3.65<br> %(c) | 24.19<br> %(b) |
| **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** | **First Eagle High Income Fund Class R6** |
| October 31, 2022 | $7.78 | (9.16)% | $1000 | 0.78% | 0.78% | 4.74% | 4.74% | 28.00% |
| October 31, 2021 | $8.98 | 7.34% | $1066 | 0.92% | 0.85% | 3.87% | 3.94% | 64.11% |
| October 31, 2020 | $8.71 | 4.64% | $1033 | 1.07% | 0.97% | 4.47% | 4.57% | 55.38% |
| October 31, 2019 | $8.71 | 3.75% | $1907 | 1.02% | 0.92% | 4.78% | 4.89% | 24.19% |
| October 31, 2018 | $8.82 | 2.80% | $401 | 1.01% | 0.93% | 5.36% | 5.44% | 24.82% |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>183

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First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** |
| October 31, 2022 | $29.80 | 0.16 | (6.00) | (5.84) | (0.12) | (3.54) |  | (3.66) |
| October 31, 2021 | $25.84 | 0.09 | 8.37 | 8.46 | (0.06) | (4.44) |  | (4.50) |
| October 31, 2020 | $26.45 | 0.01 | (0.38) | (0.37) | (0.01) | (0.23) |  | (0.24) |
| October 31, 2019 | $30.53 | 0.03 | 1.50 | 1.53 |  | (5.61) |  | (5.61) |
| October 31, 2018 | $38.18 | 0.08 | (4.15) | (4.07) |  | (3.58) |  | (3.58) |
| **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** |
| October 31, 2022 | $20.00 | (0.03) | (3.76) | (3.79) | (0.04) | (3.54) |  | (3.58) |
| October 31, 2021 | $18.74 | (0.07) | 5.77 | 5.70 |  | (4.44) |  | (4.44) |
| October 31, 2020 | $19.37 | (0.14) | (0.26) | (0.40) |  | (0.23) |  | (0.23) |
| October 31, 2019 | $24.09 | (0.12) | 1.01 | 0.89 |  | (5.61) |  | (5.61) |
| October 31, 2018 | $31.08 | (0.14) | (3.27) | (3.41) |  | (3.58) |  | (3.58) |
| **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** |
| October 31, 2022 | $31.17 | 0.21 | (6.29) | (6.08) | (0.17) | (3.54) |  | (3.71) |
| October 31, 2021 | $26.91 | 0.17 | 8.72 | 8.89 | (0.19) | (4.44) |  | (4.63) |
| October 31, 2020 | $27.54 | 0.09 | (0.37) | (0.28) | (0.12) | (0.23) |  | (0.35) |
| October 31, 2019 | $31.46 | 0.13 | 1.56 | 1.69 |  | (5.61) |  | (5.61) |
| October 31, 2018 | $39.15 | 0.21 | (4.30) | (4.09) | (0.02) | (3.58) |  | (3.60) |
| **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** |
| October 31, 2022 | $30.97 | 0.13 | (6.25) | (6.12) | (0.09) | (3.54) |  | (3.63) |
| October 31, 2021 | $26.71 | 0.07 | 8.66 | 8.73 | (0.03) | (4.44) |  | (4.47) |
| October 31, 2020 | $27.37 | (0.04) | (0.38) | (0.42) | (0.01) | (0.23) |  | (0.24) |
| October 31, 2019 | $31.40 | 0.02 | 1.56 | 1.58 |  | (5.61) |  | (5.61) |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $35.19 | 0.14 | (3.93) | (3.79) |  |  |  |  |
| **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** |
| October 31, 2022 | $31.14 | 0.20 | (6.30) | (6.10) | (0.15) | (3.54) |  | (3.69) |
| October 31, 2021 | $26.85 | 0.14 | 8.72 | 8.86 | (0.13) | (4.44) |  | (4.57) |
| October 31, 2020 | $27.52 | 0.04 | (0.40) | (0.36) | (0.08) | (0.23) |  | (0.31) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $28.16 | (0.02) | (0.62) | (0.64) |  |  |  |  |
| **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** |
| October 31, 2022 | $31.15 | 0.22 | (6.30) | (6.08) | (0.17) | (3.54) |  | (3.71) |
| October 31, 2021 | $26.88 | 0.17 | 8.72 | 8.89 | (0.18) | (4.44) |  | (4.62) |
| October 31, 2020 | $27.53 | 0.06 | (0.39) | (0.33) | (0.09) | (0.23) |  | (0.32) |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $28.16 | (0.01) | (0.62) | (0.63) |  |  |  |  |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>184

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** | **First Eagle Fund of America Class A** |
| October 31, 2022 | $20.30 | (21.94)% | $246151 | 1.05% | 0.90% | 0.54% | 0.69% | 10.87% |
| October 31, 2021 | $29.80 | 36.58% | $235888 | 1.04% | 0.90% | 0.20% | 0.34% | 40.70% |
| October 31, 2020 | $25.84 | (1.43)% | $203581 | 1.34% | 1.28% | (0.04)% | 0.02% | 97.86% |
| October 31, 2019 | $26.45 | 7.58% | $273446 | 1.38% | 1.37% | 0.11% | 0.13% | 26.42% |
| October 31, 2018 | $30.53 | (11.84)% | $388961 | 1.32% | 1.32% | 0.23% | 0.23% | 60.29% |
| **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** | **First Eagle Fund of America Class C** |
| October 31, 2022 | $12.63 | (22.50)% | $16002 | 1.84% | 1.65% | (0.36)% | (0.17)% | 10.87% |
| October 31, 2021 | $20.00 | 35.52% | $37722 | 1.79% | 1.65% | (0.54)% | (0.40)% | 40.70% |
| October 31, 2020 | $18.74 | (2.12)% | $62901 | 2.09% | 2.03% | (0.79)% | (0.73)% | 97.86% |
| October 31, 2019 | $19.37 | 6.77% | $115146 | 2.12% | 2.10% | (0.61)% | (0.60)% | 26.42% |
| October 31, 2018 | $24.09 | (12.48)% | $244240 | 2.06% | 2.06% | (0.51)% | (0.51)% | 60.29% |
| **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** | **First Eagle Fund of America Class I** |
| October 31, 2022 | $21.38 | (21.71)% | $97103 | 0.74% | 0.65% | 0.77% | 0.86% | 10.87% |
| October 31, 2021 | $31.17 | 36.88% | $162113 | 0.70% | 0.65% | 0.53% | 0.58% | 40.70% |
| October 31, 2020 | $26.91 | (1.09)% | $167093 | 1.01% | 0.96% | 0.28% | 0.33% | 97.86% |
| October 31, 2019 | $27.54 | 7.88% | $384510 | 1.05% | 1.03% | 0.45% | 0.46% | 26.42% |
| October 31, 2018 | $31.46 | (11.53)% | $612845 | 1.02% | 1.02% | 0.58% | 0.58% | 60.29% |
| **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** | **First Eagle Fund of America Class R3** |
| October 31, 2022 | $21.22 | (22.01)% | $50 | 1.15% | 1.00% | 0.38% | 0.54% | 10.87% |
| October 31, 2021 | $30.97 | 36.40% | $64 | 1.12% | 0.99% | 0.12% | 0.25% | 40.70% |
| October 31, 2020 | $26.71 | (1.56)% | $47 | 1.50% | 1.44% | (0.20)% | (0.14)% | 97.86% |
| October 31, 2019 | $27.37 | 7.48% | $48 | 1.44% | 1.42% | 0.04% | 0.06% | 26.42% |
| For The Period <br>5/01/18<sup>^</sup>-10/31/18 | $31.40 | (10.74)%(b) | $45 | 1.38<br> %(c) | 1.38<br> %(c) | 0.79<br> %(c) | 0.79<br> %(c) | 60.29<br> %(b) |
| **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** | **First Eagle Fund of America Class R4** |
| October 31, 2022 | $21.35 | (21.81)% | $30 | 1.04% | 0.75% | 0.56% | 0.85% | 10.87% |
| October 31, 2021 | $31.14 | 36.76% | $13 | 1.08% | 0.75% | 0.16% | 0.49% | 40.70% |
| October 31, 2020 | $26.85 | (1.35)% | $10 | 1.36% | 1.16% | (0.06)% | 0.13% | 97.86% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $27.52 | (2.27)%(b) | $10 | 1.66<br> %(c) | 1.62<br> %(c) | (0.25)%(c) | (0.22)%(c) | 26.42<br> %(b) |
| **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** | **First Eagle Fund of America Class R5** |
| October 31, 2022 | $21.36 | (21.73)% | $10 | 1.31% | 0.65% | 0.22% | 0.88% | 10.87% |
| October 31, 2021 | $31.15 | 36.88% | $13 | 1.35% | 0.65% | (0.11)% | 0.59% | 40.70% |
| October 31, 2020 | $26.88 | (1.25)% | $10 | 1.26% | 1.06% | 0.04% | 0.24% | 97.86% |
| For The Period <br>7/29/19<sup>^</sup>-10/31/19 | $27.53 | (2.24)%(b) | $10 | 1.55<br> %(c) | 1.51<br> %(c) | (0.14)%(c) | (0.10)%(c) | 26.42<br> %(b) |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>185

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First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** |
| October 31, 2022 | $31.17 | 0.21 | (6.30) | (6.09) | (0.17) | (3.54) |  | (3.71) |
| October 31, 2021 | $26.92 | 0.17 | 8.74 | 8.91 | (0.22) | (4.44) |  | (4.66) |
| October 31, 2020 | $27.57 | 0.07 | (0.37) | (0.30) | (0.12) | (0.23) |  | (0.35) |
| October 31, 2019 | $31.46 | 0.09 | 1.63 | 1.72 |  | (5.61) |  | (5.61) |
| October 31, 2018 | $39.15 | 0.65 | (4.73) | (4.08) | (0.03) | (3.58) |  | (3.61) |
| **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** |
| October 31, 2022 | $9.76 | (0.02 | (1.27) | (1.29) |  |  |  |  |
| For The Period <br>7/01/21<sup>^</sup>-10/31/21 | $10.12 | (0.02 | (0.34) | (0.36) |  |  |  |  |
| **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** |
| October 31, 2022 | $9.77 | 0.00 | (1.27) | (1.27) |  |  |  |  |
| For The Period <br>4/27/21<sup>^</sup>-10/31/21 | $10.00 | (0.02 | (0.02) | (0.04) | (0.00)<sup>\*\*</sup> | (0.19) | (0.00)<sup>\*\*</sup> | (0.19) |
| **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** |
| October 31, 2022 | $9.77 | 0.00 | (1.27) | (1.27) |  |  |  |  |
| For The Period <br>7/01/21<sup>^</sup>-10/31/21 | $10.12 | (0.01 | (0.34) | (0.35) |  |  |  |  |
| **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** |
| For The Period <br>11/30/21<sup>^</sup>-<br>10/31/22 | $10.00 | 0.13 | (0.56) | (0.43) |  |  |  |  |
| **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** |
| For The Period <br>11/30/21<sup>^</sup>-<br>10/31/22 | $10.00 | 0.15 | (0.56) | (0.41) |  |  |  |  |
| **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** |
| For The Period <br>11/30/21<sup>^</sup>-<br>10/31/22 | $10.00 | 0.15 | (0.56) | (0.41) |  |  |  |  |
| **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $10.00 | 0.01 | (1.04) | (1.03) |  |  |  |  |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>186

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** | **First Eagle Fund of America Class R6** |
| October 31, 2022 | $21.37 | (21.75)% | $5206 | 0.69% | 0.65% | 0.84% | 0.88% | 10.87% |
| October 31, 2021 | $31.17 | 36.93% | $7056 | 0.67% | 0.65% | 0.57% | 0.59% | 40.70% |
| October 31, 2020 | $26.92 | (1.13)% | $5471 | 1.00% | 0.95% | 0.20% | 0.26% | 97.86% |
| October 31, 2019 | $27.57 | 8.00% | $2656 | 1.00% | 0.99% | 0.32% | 0.32% | 26.42% |
| October 31, 2018 | $31.46 | (11.53)% | $4362 | 0.98% | 0.98% | 1.85% | 1.86% | 60.29% |
| **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** |
| October 31, 2022 | $8.47 | (13.22)% | $37220 | 1.41% | 1.25% | (0.42)% | (0.26)% | 45.84% |
| For The Period <br>7/01/21<sup>^</sup>-10/31/21 | $9.76 | (3.56)%(b) | $10060 | 1.95<br> %(c) | 1.25<br> %(c) | (1.30)%(c) | (0.60)%(c) | 13.63<br> %(b) |
| **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** |
| October 31, 2022 | $8.50 | (13.00)% | $501227 | 1.17% | 1.00% | (0.16)% | 0.01% | 45.84% |
| For The Period <br>4/27/21<sup>^</sup>-10/31/21 | $9.77 | (0.47)%(b) | $93195 | 2.07<br> %(c) | 1.00<br> %(c) | (1.37)%(c) | (0.30)%(c) | 13.63<br> %(b) |
| **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** |
| October 31, 2022 | $8.50 | (13.00)% | $22857 | 1.28% | 1.00% | (0.23)% | 0.04% | 45.84% |
| For The Period <br>7/01/21<sup>^</sup>-10/31/21 | $9.77 | (3.46)%(b) | $1236 | 1.98<br> %(c) | 1.00<br> %(c) | (1.29)%(c) | (0.31)%(c) | 13.63<br> %(b) |
| **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** |
| For The Period <br>11/30/21<sup>^</sup>-<br>10/31/22 | $9.57 | (4.30)%(b) | $1286 | 5.23<br> %(c) | 1.09<br> %(c) | (2.78)%(c) | 1.37<br> %(c) | 12.37<br> %(b) |
| **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** |
| For The Period <br>11/30/21<sup>^</sup>-<br>10/31/22 | $9.59 | (4.10)%(b) | $7074 | 4.85<br> %(c) | 0.85<br> %(c) | (2.34)%(c) | 1.65<br> %(c) | 12.37<br> %(b) |
| **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** |
| For The Period <br>11/30/21<sup>^</sup>-<br>10/31/22 | $9.59 | (4.10)%(b) | $1000 | 4.86<br> %(c) | 0.85<br> %(c) | (2.38)%(c) | 1.63<br> %(c) | 12.37<br> %(b) |
| **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $8.97 | (10.30)%(b) | $49 | 57.34<br> %(c) | 1.18<br> %(c) | (55.81)%(c) | 0.35<br> %(c) | 4.00<br> %(b) |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>187

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First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
| <br><br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset <br>value,<br>beginning<br>of year** | **Net<br>investment<br>income/<br>loss** | **Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments** | **Total<br>investment <br>operations** | **From net <br>investment <br>income** | **From <br>capital<br>gains** | **Return of<br>capital** | **Total<br>distributions** |
| **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $10.00 | 0.01 | (1.03) | (1.02) |  |  |  |  |
| **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $10.00 | 0.01 | (1.03) | (1.02) |  |  |  |  |

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<sup>^</sup> Commencement of investment operations.

\* Per share amounts have been calculated using the average shares method.

\*\* Amount represents less than $0.01 per share.

\*\*\* 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 financial statements are shown on a consolidated basis and includes the balances of 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.

(a) Does not take into account the sales charge of 5.00% for Class A shares for all Funds, except First Eagle High Income Fund, which has a sales charge of 4.50% and the maximum contingent deferred sales charge (CDSC) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge for all Funds, except First Eagle Global Income Builder Fund and First Eagle High Income Fund. With respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a CDSC of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

(b) Not annualized.

(c) Annualized.

(d) Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Global Fund would have been 0.44, (0.15), 0.62, 0.00, 0.41, 0.80, and 0.67 for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers income and net investment income including earnings credits and/or fee waivers ratios would have been 0.68%, (0.12)%, 0.93%, 0.00%, 0.66%, 1.01%, and 1.02% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

(e) Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Overseas Fund would have been 0.20, (0.03), 0.29, 0.22, 0.26, 0.25, and 0.35 for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers income and net investment income including earnings credits and/or fee waivers ratios would have been 0.82%, 0.03%, 1.12%, 0.79%, 0.92%, 0.86%, and 1.28% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

First Eagle Funds \| Annual Report \| October 31, 2022<br>188

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for<br>the period ended:** |<br>**Net asset<br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Operating <br>expenses <br>including <br>earnings <br>credits<br>and/or fee<br>waivers** | **Net <br>investment<br>income <br>excluding <br>earnings<br>credits<br>and/or fee<br>waivers** | **Net <br>investment <br>income <br>including<br>earnings<br>credits <br>and/or fee<br>waivers** |<br>**Portfolio <br>turnover <br>rate** |
| **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $8.98 | (10.20)%(b) | $1046 | 46.97<br> %(c) | 0.95<br> %(c) | (45.46)%(c) | 0.56<br> %(c) | 4.00<br> %(b) |
| **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $8.98 | (10.20)%(b) | $45 | 47.13<br> %(c) | 0.94<br> %(c) | (45.59)%(c) | 0.60<br> %(c) | 4.00<br> %(b) |

---

(f) Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Global Income Builder Fund would have been 0.24, 0.13, 0.28, 0.23, 0.25, 0.24, and 0.29 for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers ratios and net investment income including earnings credits and/or fee waivers would have been 1.85%, 1.06%, 2.08%, 1.70%, 1.86%, 1.85%, and 2.16% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

(g) Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Global Fund would have been 26.05%, 24.96%, 26.38%, 25.14%, 26.01%, 25.45%, and 26.48% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

(h) Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Overseas Fund would have been 16.90%, 15.94%, 17.24%, 16.80%, 17.14%, 16.99%, and 17.35% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

(i) Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Global Income Builder Fund would have been 21.09%, 20.21%, 21.44%, 20.94%, 21.16%, 21.07%, and 21.54% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2022<br>189

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Notes to Financial Statements

**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 October 31, 2022 the Trust consists of ten 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 High Income Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, 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 High Income Fund seeks to provide investors with a high level of current income. The First Eagle Fund of America 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 Global Real Assets 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 Small Cap Opportunity Fund commenced investment operations on April 27, 2021. The First Eagle Small Cap Opportunity Fund's initial capital was contributed pursuant to a private offering. The First Eagle Global Real Assets Fund commenced investment operations on November 30, 2021. The First Eagle U.S. Smid Cap Opportunity Fund commenced investment operations on August 15, 2022.

The Funds offer seven share classes, Class A shares, Class C shares, Class I shares, Class R3 shares, Class R4 shares, Class R5 shares and Class R6 shares, except for the First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund, which offer Class A shares, Class I shares and Class R6 shares. On February 28, 2022, First Eagle Fund of America's Class Y shares converted into Class A shares. As a result, Class Y shares were terminated.

First Eagle Funds \| Annual Report \| October 31, 2022<br>190

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Notes to Financial Statements

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 financial statements include the accounts of the First Eagle Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2022, the First Eagle Global Cayman Fund, Ltd. has $4,032,821,693 in net assets, representing 9.39% 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

First Eagle Funds \| Annual Report \| October 31, 2022<br>191

------

Notes to Financial Statements

financial statements include the accounts of the First Eagle Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2022, the First Eagle Overseas Cayman Fund, Ltd. has $862,095,243 in net assets, representing 7.68% 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 financial statements include the accounts of the First Eagle U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2022, the First Eagle U.S. Value Cayman Fund, Ltd. has $118,372,742 in net assets, representing 10.39% 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 financial statements include the accounts of the First Eagle Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2022, the First Eagle Gold Cayman Fund, Ltd. has $373,031,590 in net assets, representing 20.93% 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 financial statements include the accounts of the First Eagle Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2022, the First Eagle Global Real Assets Cayman Fund, Ltd. has $956,888 in net assets, representing 10.22% 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 cur- rent 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

First Eagle Funds \| Annual Report \| October 31, 2022<br>192

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Notes to Financial Statements

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>193

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Notes to Financial Statements

"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

First Eagle Funds \| Annual Report \| October 31, 2022<br>194

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Notes to Financial Statements

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. Effective September 8, 2022, and 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 and the Funds' fair valuation policy has been revised to incorporate changes required by Rule 2a-5.

The following is a summary of the Funds' inputs used to value the Funds' investments as of October 31, 2022:

**First Eagle Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $22721233053 | $12080606135<br> <sup>(a)</sup> | $— | $34801839188 |
| Corporate Bonds |  |  | 5207318<br> <sup>(b)</sup> | 5207318 |
| Commodities\* |  | 4530486527 |  | 4530486527 |
| Foreign Government Securities |  | 323612568 | 131252430<br> <sup>(b)</sup> | 454864998 |
| Warrants | 5446000 |  |  | 5446000 |
| Short-Term Investments | 76724 | 3047044477 |  | 3047121201 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 653543 |  | 653543 |
| **Total** | $**22726755777** | $**19982403250** | $**136459748** | $**42845618775** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(1250056) | $— | $(1250056) |
| **Total** | $**—** | $**(1250056)** | $**—** | $**(1250056)** |

---

(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(b) 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(b).

† 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.

First Eagle Funds \| Annual Report \| October 31, 2022<br>195

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Notes to Financial Statements

Fair Value Level 3 activity for the year ended October 31, 2022 was as follows:

**First Eagle Global Fund (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate Bonds** | **Foreign<br>Government<br>Securities** | **Total** |
| Beginning Balance — market value | $5856524 | $— | $5856524 |
| Purchases<sup>(1)</sup> |  |  |  |
| Sales<sup>(2)</sup> |  | (8643676) | (8643676) |
| Transfer In — Level 3 |  | 194180218<br> <sup>(a)</sup> | 194180218 |
| Transfer Out — Level 3 |  |  |  |
| Accrued discounts/(premiums) | 47237 | (1681471) | (1634234) |
| Realized Gains (Losses) |  | (1524697) | (1524697) |
| Change in Unrealized Appreciation (Depreciation) | (696443) | (51077944) | (51774387) |
| Ending Balance — market value | $5207318 | $131252430 | $136459748 |
| Change in unrealized gains or (losses) relating to <br>assets still held at reporting date | $(696443) | $(51077944) | $(51774387) |

---

(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 Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $2375940188 | $6961980115<br> <sup>(a)</sup> | $14924062 | $9352844365 |
| Commodities\* |  | 1187841810 |  | 1187841810 |
| Foreign Government Securities |  | 123324303 | 128237726<br> <sup>(b)</sup> | 251562029 |
| Warrants | 2385818 |  |  | 2385818 |
| Short-Term Investments | 31172 | 411437525 |  | 411468697 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 278800 |  | 278800 |
| **Total** | $**2378357178** | $**8684862553** | $**143161788** | $**11206381519** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(532228) | $— | $(532228) |
| **Total** | $**—** | $**(532228)** | $**—** | $**(532228)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>196

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Notes to Financial Statements

(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(b) 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(b).

† 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 year ended October 31, 2022 was as follows:

**First Eagle Overseas Fund (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Foreign<br>Government<br>Securities** | **<br>Total** |
| Beginning Balance — market value | $20293634 | $— | $20293634 |
| Purchases<sup>(1)</sup> |  | 72779087 | 72779087 |
| Sales<sup>(2)</sup> |  | (3532343) | (3532343) |
| Transfer In — Level 3 |  | 85622603<br> <sup>(a)</sup> | 85622603 |
| Transfer Out — Level 3 |  |  |  |
| Accrued discounts/(premiums) |  | (487362) | (487362) |
| Realized Gains (Losses) |  | (623086) | (623086) |
| Change in Unrealized Appreciation (Depreciation) | (5369572) | (25521173) | (30890745) |
| Ending Balance — market value | $14924062 | $128237726 | $143161788 |
| Change in unrealized gains or (losses) relating to <br>assets still held at reporting date | $(5369572) | $(25521173) | $(30890745) |

---

(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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
|  | **Fair Value at<br>October 31, 2022** | **Valuation<br>Technique(s)** | **Unobservable<br>Input** | **Range<br>(Weighted<br>Average)** | **Range<br>(Weighted<br>Average)** | **Direction<br>Change in Fair<br>Value Resulting<br>from Increase<br>in Unobservable<br>Inputs<sup>(a)</sup>** |
| Common Stocks | $14924062 | Market <br>Comparable <br>Companies | Enterprise<br>Value <br>Multiple | 0.31<br>11.61x (4.25x) | x -  | Increase |
| **Total** | $**14924062** |  |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>197

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Notes to Financial Statements

(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 gain value determination

**First Eagle U.S. Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $867495167 | $2617598<br> <sup>(a)</sup> | $— | $870112765 |
| Convertible Preferred Stocks | 4931955 |  |  | 4931955 |
| Corporate Bonds |  | 643796 | 3954544<br> <sup>(b)</sup> | 4598340 |
| Commodities\* |  | 118394428 |  | 118394428 |
| Master Limited Partnerships | 33926530 |  |  | 33926530 |
| Short-Term Investments | 19010 | 106582514 |  | 106601524 |
| **Total** | $**906372662** | $**228238336** | $**3954544** | $**1138565542** |

---

(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(b) 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(b).

† 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 year ended October 31, 2022 was as follows:

---

| | |
|:---|:---|
| | **Corporate Bonds** |
| Beginning Balance — market value | $642750 |
| Purchases<sup>(1)</sup> | 3416679 |
| Sales<sup>(2)</sup> |  |
| Transfer In — Level 3 |  |
| Transfer Out — Level 3 |  |
| Accrued discounts/(premiums) | 42805 |
| Realized Gains (Losses) |  |
| Change in Unrealized Appreciation (Depreciation) | (147690) |
| Ending Balance — market value | $3954544 |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $(147690) |

---

(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 Funds \| Annual Report \| October 31, 2022<br>198

------

Notes to Financial Statements

**First Eagle Gold Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1221837912 | $119031004<br> <sup>(a)</sup> | $— | $1340868916 |
| Commodities\* |  | 373195112 |  | 373195112 |
| Rights | 4169757 |  |  | 4169757 |
| Short-Term Investments | 7603 | 54297031 |  | 54304634 |
| **Total** | $**1226015272** | $**546523147** | $**—** | $**1772538419** |

---

(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(b) 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:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $456680808 | $460057007<br> <sup>(a)</sup> | $— | $916737815 |
| Convertible Preferred Stocks | 23809849 |  |  | 23809849 |
| Corporate Bonds |  | 135401609 | 10795940<br> <sup>(b)</sup> | 146197549 |
| Closed End Funds |  | 11316005 |  | 11316005 |
| Commodities\* |  | 92057700 |  | 92057700 |
| Foreign Government Securities |  | 14587930 | 7890932<br> <sup>(b)</sup> | 22478862 |
| Master Limited Partnerships | 55688322 |  |  | 55688322 |
| Preferred Stocks | 16344705 |  |  | 16344705 |
| U.S. Treasury Obligations |  | 114817169 |  | 114817169 |
| Short-Term Investments | 7746 | 36164600 |  | 36172346 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 18149 |  | 18149 |
| **Total** | $**552531430** | $**864420169** | $**18686872** | $**1435638471** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(35216) | $— | $(35216) |
| Written Options | (4281153) |  |  | (4281153) |
| **Total** | $**(4281153)** | $**(35216)** | $**—** | $**(4316369)** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>199

------

Notes to Financial Statements

(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(b) 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(b).

† 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 year ended October 31, 2022 was as follows:

**First Eagle Global Income Builder Fund (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate Bonds** | **Foreign<br>Government<br>Securities** | **<br>Total** |
| Beginning Balance — market value | $9627905 | $— | $9627905 |
| Purchases<sup>(1)</sup> | 2678107 | 6689178 | 9367285 |
| Sales<sup>(2)</sup> |  |  |  |
| Transfer In — Level 3 |  | 3330649<br> <sup>(a)</sup> | 3330649 |
| Transfer Out — Level 3 |  |  |  |
| Accrued discounts/(premiums) | 50617 | 45801 | 96418 |
| Realized Gains (Losses) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) | (1560689) | (2174696) | (3735385) |
| Ending Balance — market value | $10795940 | $7890932 | $18686872 |
| Change in unrealized gains or (losses) relating to <br>assets still held at reporting date | $(1560689) | $(2174696) | $(3735385) |

---

(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 High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $157133798 | $2968761<br> <sup>(b)</sup> | $160102559 |
| Loan Assignments |  | 1431382 |  | 1431382 |
| Short-Term Investments | 2113 | 12664810 |  | 12666923 |
| **Total** | $**2113** | $**171229990** | $**2968761** | $**174200864** |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>200

------

Notes to Financial Statements

(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(b).

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

Fair Value Level 3 activity for the year ended October 31, 2022 was as follows:

**First Eagle High Income Fund (continued)**

---

| | |
|:---|:---|
| | **Corporate Bonds** |
| Beginning Balance — market value | $3218308 |
| Purchases<sup>(1)</sup> | 237893 |
| Sales<sup>(2)</sup> |  |
| Transfer In — Level 3 |  |
| Transfer Out — Level 3 |  |
| Accrued discounts/(premiums) | 7428 |
| Realized Gains (Losses) |  |
| Change in Unrealized Appreciation (Depreciation) | (494868) |
| Ending Balance — market value | $2968761 |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $(494868) |

---

(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 Fund of America**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $344897926 | $3681169<br> <sup>(a)</sup> | $— | $348579095 |
| Master Limited Partnerships | 7381290 |  |  | 7381290 |
| Short-Term Investments | 1636 | 4071617 |  | 4073253 |
| **Total** | $**352280852** | $**7752786** | $**—** | $**360033638** |

---

(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(b) for additional details.

† See Schedule of Investments for additional detailed categorizations.

First Eagle Funds \| Annual Report \| October 31, 2022<br>201

------

Notes to Financial Statements

**First Eagle Small Cap Opportunity Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $500824749 | $— | $— |  | $500824749 |
| Master Limited Partnerships | 1514372 |  |  |  | 1514372 |
| Rights |  |  |  | <sup>^</sup> |  |
| Short-Term Investments | 48459455 |  |  |  | 48459455 |
| **Total** | $**550798576** | $**—** | $**0** |  | $**550798576** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

<sup>^</sup> Fair value represents zero.

Fair Value Level 3 activity for the year ended October 31, 2022 was as follows:

---

| | |
|:---|:---|
| | **Rights** |
| Beginning Balance — market value | $— |
| Purchases<sup>(1)</sup> | 27801 |
| Sales<sup>(2)</sup> |  |
| Transfer In — Level 3 |  |
| Transfer Out — Level 3 |  |
| Accrued discounts/(premiums) |  |
| Realized Gains (Losses) |  |
| Change in Unrealized Appreciation (Depreciation) | (27801 |
| Ending Balance — market value | $— |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $(27801 |

---

(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.

<sup>^</sup> Fair value represents zero.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
|  | **Fair Value at <br>October 31, 2022** | **Fair Value at <br>October 31, 2022** | **Valuation<br>Technique(s)** | **Unobservable<br>Input** | **Range<br>(Weighted<br>Average)** | **Direction<br>Change in Fair <br>Value Resulting <br>from Increase <br>in Unobservable <br>Inputs<sup>(a)</sup>** |
| Rights | $— | <sup>^</sup> | Discounted<br>Cash Flow | Estimated probability <br>of the company hitting<br>specified milestones | 0% | Increase |
| **Total** | $**—** | **<sup>^</sup>** |  |  |  |  |

---

<sup>^</sup> Fair value represents zero

First Eagle Funds \| Annual Report \| October 31, 2022<br>202

------

Notes to Financial Statements

**First Eagle Global Real Assets Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $5741658 | $2139262<br> <sup>(a)</sup> | $— | <sup>^</sup> | $7880920 |
| Commodities\* |  | 817535 |  |  | 817535 |
| Exchange-Traded Funds | 143283 |  |  |  | 143283 |
| Master Limited Partnerships | 338604 |  |  |  | 338604 |
| U.S. Treasury Obligations |  | 89505 |  |  | 89505 |
| Short-Term Investments | 130701 |  |  |  | 130701 |
| **Total** | $**6354246** | $**3046302** | $**—** |  | $**9400548** |

---

(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(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

<sup>^</sup> Fair value represents zero.

\* Represents gold bullion.

Fair Value Level 3 activity for the year ended October 31, 2022 was as follows:

---

| | |
|:---|:---|
| | **Common Stocks** |
| Beginning Balance — market value | $— |
| Purchases<sup>(1)</sup> | 82461 |
| Sales<sup>(2)</sup> |  |
| Transfer In — Level 3 |  |
| Transfer Out — Level 3 |  |
| Accrued discounts/(premiums) |  |
| Realized Gains (Losses) |  |
| Change in Unrealized Appreciation (Depreciation) | (82461 |
| Ending Balance — market value | $— |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $(82461 |

---

(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.

<sup>^</sup> Fair value represents zero.

First Eagle Funds \| Annual Report \| October 31, 2022<br>203

------

Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
|  | **Fair Value at <br>October 31, 2022** | **Fair Value at <br>October 31, 2022** | **Valuation<br>Technique(s)** | **Unobservable<br>Input** | **Range<br>(Weighted <br>Average)** | **Direction<br>Change in Fair<br>Value Resulting<br>from Increase<br>in Unobservable<br>Inputs<sup>(a)</sup>** |
| Common Stock | $— | <sup>^</sup> | Discounted<br>Cash Flow | Estimated<br>Recoverability | % (0%) | Increase |
| **Total** | $**—** | **<sup>^</sup>** |  |  |  |  |

---

<sup>^</sup> Fair value represents zero

**First Eagle U.S. Smid Cap Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1099164 | $— | $— | $1099164 |
| Short-Term Investments | 13401 |  |  | 13401 |
| **Total** | $**1112565** | $**—** | $**—** | $**1112565** |

---

† See Schedule of Investments for additional detailed categorizations.

**c) Investment Transactions and Income** — Investment transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from investment transactions. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. The Funds may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. Investment income is recorded net of foreign withholding taxes. Foreign taxes are accrued based on gains realized by a Fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Interest income is recorded daily on the accrual basis. In computing investment income, each Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Investment income is allocated to each Fund's share class in proportion to its relative net assets. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

First Eagle Funds \| Annual Report \| October 31, 2022<br>204

------

Notes to Financial Statements

**d) Expenses** — Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds may be allocated to each Fund in pro- portion to its relative net assets. Certain expenses are shared with the First Eagle Variable Funds, an affiliated fund group, and certain other funds also managed by the Adviser. Generally, expenses that do not pertain specifically to a Fund are allocated to each Fund based upon the percentage of net assets a Fund bears to the total net assets of all the Funds that share the expense. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

**e) Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. The market values of securities which are not traded in U.S. currency are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statements of Operations. However, for federal income tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.

**f) 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, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Global Real Assets 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 expo- sure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge.

First Eagle Funds \| Annual Report \| October 31, 2022<br>205

------

Notes to Financial Statements

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 year ended October 31, 2022, 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<br>Global <br>Fund** | **First Eagle <br>Overseas<br>Fund** | **First Eagle<br>Global<br>Income<br>Builder<br>Fund** | **First Eagle<br>High Income <br>Fund** |
| **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** |
| Average Settlement <br>Value — Purchased | $152199213 | $83690069 | $5432474 | $130556 |
| Average Settlement <br>Value — Sold | 416259005 | 218328614 | 14281208 | 134726 |

---

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

First Eagle Funds \| Annual Report \| October 31, 2022<br>206

------

Notes to Financial Statements

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 October 31, 2022, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:

**First Eagle Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized <br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $653543 | $1250056 | $77144333 | $(11592382) |

---

**First Eagle Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized<br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $278800 | $532228 | $40664847 | $(6381847) |

---

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized <br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $18149 | $35216 | $2617970 | $(441243) |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>207

------

Notes to Financial Statements

**First Eagle High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized <br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $— | $— | $4170 | $(4170) |

---

(1) Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

(2) Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

(3) Statement of Operations location: Net realized gains (losses) from settlement of forward foreign currency exchange contracts.

(4) Statement of Operations location: Changes in unrealized appreciation (depreciation) of forward foreign currency exchange contracts.

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 October 31, 2022:

**First Eagle Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Assets<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for <br>Offset** | **Collateral<br>Received\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| JPMorgan Chase Bank | $653543 | $— | $(640000) | $13543 |
| **Counterparty** | **Gross Amount <br>of Liabilities <br>Presented in <br>the Statement of <br>Assets and <br>Liabilities** | **Derivatives<br>Available for <br>Offset** | **Collateral<br>Pledged\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| Goldman Sachs | $1250056 | $— | $(1245515) | $4541 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>208

------

Notes to Financial Statements

**First Eagle Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Assets <br>Presented in <br>the Statement of <br>Assets and <br>Liabilities** | **Derivatives<br>Available for <br>Offset** | **Collateral<br>Received\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| JPMorgan Chase Bank | $278800 | $— | $(278800) | $— |
| **Counterparty** | **Gross Amount <br>of Liabilities <br>Presented in <br>the Statement of <br>Assets and <br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| Goldman Sachs | $532228 | $— | $(532228) | $— |

---

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Assets<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| JPMorgan Chase Bank | $18149 | $— | $— | $18149 |
| **Counterparty** | **Gross Amount<br>of Liabilities<br>Presented in<br>the Statement of <br>Assets and Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount <br>(Not Less <br>Than $0)** |
| Goldman Sachs | $35216 | $— | $— | $35216 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over collateralization.

**g) 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

First Eagle Funds \| Annual Report \| October 31, 2022<br>209

------

Notes to Financial Statements

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.

A Fund may be required to segregate or earmark assets to cover its obligations under option contracts. 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, implemented on August 19, 2022, 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;

First Eagle Funds \| Annual Report \| October 31, 2022<br>210

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Notes to Financial Statements

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 October 31, 2022, portfolio securities valued at $139,769,239 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.

For the year ended October 31, 2022, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income <br>Builder Fund** | **First Eagle <br>Global Income <br>Builder Fund** |
| **Options:** | **Options:** | **Options:** |
| Average Number of Contracts — Written |  | 13,364 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>211

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Notes to Financial Statements

At October 31, 2022, the Funds had the following options grouped into appropriate risk categories illustrated below:

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net Realized<br>Gains (Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Equity — Written options | $— | $4281153 | $3731812 | $(1387228) |

---

(1) Statements of Assets and Liabilities location: Investments in securities of unaffiliated issuers.

(2) Statements of Assets and Liabilities location: Option contracts written, at value.

(3) Statements of Operations location: Net realized gains (losses) from expiration or closing of option contracts written.

(4) Statements of Operations location: Changes in unrealized appreciation (depreciation) of option contracts written.

**h) 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.

**i) 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, partner- ships 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.

First Eagle Funds \| Annual Report \| October 31, 2022<br>212

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Notes to Financial Statements

**j) 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.

**k) 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.

**l) United States Income Taxes** — No provision has been made for U.S. federal income taxes since it is the intention of each Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to the regulated investment company. The Funds declare and pay such income and capital gains on an annual basis except for the First Eagle High Income Fund and the First Eagle Global Income Builder Fund which declare income daily and pay monthly, and First Eagle Fund of America which distributes income on a quarterly basis.

The Funds adopted provisions surrounding income taxes, which require the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that, based on their technical merits, have a more than 50% likelihood of being sustained upon examination. Management of the Trust has analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

At October 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward** |
|  | **Undistributed<br>Net<br>Investment**<br>**Income** | **Undistributed<br>Net<br>Realized**<br>**Gains** | **Net<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Short-Term** | **Long-Term** |
| First Eagle <br>Global Fund | $— | $1765421759 | $8757568940 | $— | $— |
| First Eagle <br>Overseas Fund |  | 398894990 | 1041987573 |  |  |
| First Eagle <br>U.S. Value <br>Fund | 5178396 | 82240901 | 373134448 |  |  |
| First Eagle <br>Gold Fund |  |  | 179034368 | 23543809 | 606827083 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>213

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Notes to Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward** |
|  | **Undistributed<br>Net<br>Investment**<br>**Income** | **Undistributed<br>Net<br>Realized**<br>**Gains** | **Net<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Short-Term** | **Long-Term** |
| First Eagle <br>Global Income <br>Builder Fund | $— | $10665537 | $7116617 | $— | $— |
| First Eagle <br>High Income <br>Fund | 522025 |  | (19859308) | 7952970 | 111144141 |
| First Eagle <br>Fund of <br>America | 1125042 | 8661550 | 16874399 |  |  |
| First Eagle <br>Small Cap <br>Op Fund | 48402 |  | (44108935) | 9839319 | 638053 |
| First Eagle <br>Global Real <br>Assets Fund | 145349 |  | (506062) | 66814 |  |
| First Eagle <br>U.S. Smid Cap <br>Opportunity <br>Fund | 1331 |  | (118542) | 7965 |  |

---

The components of distributable earnings' differences between book basis and tax basis are primarily due to the treatment of passive foreign investment companies, distributions from real estate investment trusts, the treatment of forward foreign currencies contracts, straddle loss deferral, foreign repatriated earnings for First Eagle Overseas Fund, investment in partnerships, global intangible low-taxed income from investment in certain foreign corporations for First Eagle Overseas Fund, wash sales and amortization on certain callable bond investments for First Eagle Global Income Builder and First Eagle High Income Fund.

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Funds after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. For the current year, the First Eagle Gold Fund utilized $11,718,056 in net capital loss carryforward.

Late year ordinary losses incurred after December 31st and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year For the year ended October 31, 2022, the First Eagle Small Cap Opportunity Fund had late year loss deferrals of $78,020.

**m) Reclassification of Capital Accounts** — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, a reclassification has been

First Eagle Funds \| Annual Report \| October 31, 2022<br>214

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Notes to Financial Statements

made on the Statements of Assets and Liabilities to increase (decrease) distributable earnings and capital surplus for the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net <br>Investment Income <br>(loss)** | **Undistributed Net <br>Realized Gains <br>(Losses)** | **Capital Surplus** |
| First Eagle Global Fund | $83643110 | $(168864566) | $85221456 |
| First Eagle Overseas Fund | 204126647 | (154434938) | (49691709) |
| First Eagle U.S. Value Fund | 91320 | (5248299) | 5156979 |
| First Eagle Gold Fund | 10714072 | 8460490 | (19174562) |
| First Eagle Global Income Builder Fund | 1101332 | (1100721) | (611) |
| First Eagle High Income Fund | (10500) | 19982 | (9482) |
| First Eagle Fund of America | (444) | 444 |  |
| First Eagle Small Cap Op Fund | 367806 | (365147) | (2659) |
| First Eagle Global Real Assets Fund | 28836 | 9153 | (37989) |
| First Eagle U.S. Smid Cap Opportunity Fund | 24 |  | (24) |

---

The primary permanent differences causing such reclassification include the tax treatment of currency gains and losses, distributions paid in connection with the redemption of Fund shares, non-deductible net operating losses, adjustments on certain callable bonds, investments in passive foreign investment companies and differing book and tax treatment of transactions with the Subsidiary.

At the year ended October 31, 2022, the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle Gold Cayman Fund Ltd., and First Eagle U.S. Value Cayman Fund, Ltd. had unrealized gains for tax purposes. Any unrealized losses to be recognized for tax purposes in the future can only be utilized by the Funds to the extent of tax basis realized gains in the Subsidiaries in the same year. Given the uncertainty of their future use, tax losses have been reclassified to Capital surplus.

**n) Distribution to Shareholders** — Distributions to shareholders during the fiscal year ended October 31, 2022, which are determined in accordance with income tax regulations, are recorded on ex-dividend date.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Ordinary Income** | **Long Term Capital Gains** | **Long Term Capital Gains** |
|  | **2022** | **2021** | **2022** | **2021** |
| First Eagle Global Fund | $996491550 | $413156342 | $1999867824 | $704949162 |
| First Eagle Overseas Fund | 521499594 | 61808631 | 291931553 |  |
| First Eagle U.S. Value Fund | 11950931 | 13189461 | 97095054 | 7801904 |
| First Eagle Gold Fund | 23300651 | 32168367 |  |  |
| First Eagle Global Income <br>Builder Fund | 35149999 | 26547489 | 50851122 | 13154891 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>215

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Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Ordinary Income** | **Long Term Capital Gains** | **Long Term Capital Gains** |
|  | **2022** | **2021** | **2022** | **2021** |
| First Eagle High Income Fund | $8954667 | $9157291 | $— | $— |
| First Eagle Fund of America | 22690363 | 45509723 | 46461070 | 49495064 |
| First Eagle Small Cap Op Fund |  | 180133 |  |  |
| First Eagle Global Real <br>Assets Fund |  |  |  |  |
| First Eagle U.S. Smid Cap <br>Opportunity Fund |  |  |  |  |

---

**o) Class Accounting** — Investment income, common expenses and realized/unrealized gain or loss on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

**p) Use of Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting peri- od. Actual results could differ from those estimates.

**q) Foreign Taxes** — The Funds may be subject to foreign taxes on income, and gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**Note 2 — Investment Advisory, Custody and Administration Agreements; Transactions with Related Persons**

For its services, the Adviser receives, pursuant to an Investment Advisory Agreement between the Funds and the Adviser (the "Advisory Agreement"), an annual advisory fee as follows:

---

| | |
|:---|:---|
| **Fund** | **Management Fee<br>(% of Average Daily Net Assets)** |
| First Eagle Global Fund | 0.75% |
| First Eagle Overseas Fund | 0.75 |
| First Eagle U.S. Value Fund | 0.75<br><sup>(1)</sup> |
| First Eagle Gold Fund | 0.75 |
| First Eagle Global Income Builder Fund | 0.75 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>216

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Notes to Financial Statements

---

| | |
|:---|:---|
| **Fund** | **Management Fee<br>(% of Average Daily Net Assets)** |
| First Eagle High Income Fund | 0.45% |
| First Eagle Fund of America | 0.50<br><sup>(2)</sup> |
| First Eagle Small Cap Opportunity Fund | 0.85<br><sup>(3)</sup> |
| First Eagle Global Real Assets Fund | 0.65<br><sup>(4)</sup> |
| First Eagle U.S. Smid Cap Opportunity Fund | 0.75<br><sup>(5)</sup> |

---

(1) The Adviser has agreed to waive First Eagle U.S. Value Fund's management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2024. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

(2) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 for First Eagle Fund of America so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board. First Eagle Fund of America has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 0.90%, 1.65 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2022, the Adviser reimbursed $589,391 in expenses which are included under Expense waiver in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2022, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring <br>October 31,** | **Potential Recoupment<br>Amounts Expiring <br>October 31,** | **Potential Recoupment<br>Amounts Expiring <br>October 31,** |
|  | <br>**Total Eligible<br>for Recoupment** | **2023** | **2024** | **2025** |
| Class A | $658407 | $52249 | $300262 | $305896 |
| Class C | 133881 | 15204 | 77110 | 41567 |
| Class I | 171439 | 12160 | 83807 | 75472 |
| Class R3 | 156 | 11 | 74 | 71 |
| Class R4 | 105 | 16 | 39 | 50 |
| Class R5 | 173 | 16 | 83 | 74 |
| Class R6 | 2588 | 820 | 1244 | 524 |
| **Total** | $**966749** | $**80476** | $**462619** | $**423654** |

---

(3) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 for First Eagle Small Cap Opportunity Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses,

First Eagle Funds \| Annual Report \| October 31, 2022<br>217

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Notes to Financial Statements

dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2022, the Adviser reimbursed $620,830 in expenses which are included under Expense waiver in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2022, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Potential Recoupment <br>Amounts Expiring<br>October 31,** | **Potential Recoupment <br>Amounts Expiring<br>October 31,** |
|  | <br>**Total Eligible <br>for Recoupment** | **2024** | **2025** |
| Class A | $47371 | $11812 | $35559 |
| Class I | 644148 | 177007 | 467141 |
| Class R6 | 18127 | 3249 | 14878 |
| **Total** | $**709646** | $**192068** | $**517578** |

---

(4) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 for First Eagle Global Real Assets Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.10%, 0.85% and 0.85% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2022, the Adviser reimbursed $340,298 in expenses which are included under Expense waiver in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2022, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | |
|:---|:---|:---|
|  | | **Potential Recoupment <br>Amounts Expiring<br>October 31,** |
|  | <br>**Total Eligible<br>for Recoupment** | **2025** |
| Class A | $40186 | $40189 |
| Class I | 262011 | 262027 |
| Class R6 | 38082 | 38082 |
| **Total** | $**340279** | $**340298** |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>218

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Notes to Financial Statements

(5) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 for First Eagle U.S. Smid Cap Opportunity Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.20%, 0.9% 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. For the year ended October 31, 2022, the Adviser reimbursed $108,833 in expenses which are included under Expense waiver in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2022, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | |
|:---|:---|:---|
| | | **Potential Recoupment <br>Amounts Expiring<br>October 31,** |
|  | <br>**Total Eligible<br>for Recoupment** | **2025** |
| Class A | $5340 | $5340 |
| Class I | 98971 | 98971 |
| Class R6 | 4332 | 4332 |
| **Total** | $**108643** | $**108643** |

---

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with the Adviser, the Funds (except for First Eagle Global Income Builder Fund and First Eagle High Income Fund, which pay the fee described in the next paragraphs) reimburse the Adviser for costs (including personnel and other costs) related to those services. These reimbursements may not exceed an annual rate of 0.05% of a Fund's average daily net assets.

Pursuant to Administrative Services Agreements between each of First Eagle Global Income Builder Fund and First Eagle High Income Fund, and the Adviser, each pay the Adviser a monthly administration fee that is accrued daily at an annual rate of 0.05% of the Fund's average daily net assets.

For the year ended October 31, 2022, the Funds paid/reimbursed and had payable to the Adviser amounts shown below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Reimbursed to Adviser** | **Payable to Adviser** |
| First Eagle Global Fund | $3170298 | $263974 |
| First Eagle Overseas Fund | 1138886 | 112840 |
| First Eagle U.S. Value Fund | 223056 | 12624 |
| First Eagle Gold Fund | 287738 | 4166 |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>219

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Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| **Fund** | **Reimbursed to Adviser** | **Payable to Adviser** |
| First Eagle Global Income Builder Fund | $741450 | $58836 |
| First Eagle High Income Fund | 110971 | 7387 |
| First Eagle Fund of America | 189936 |  |
| First Eagle Small Cap Opportunity Fund | 143681 | 125 |
| First Eagle Global Real Assets Fund | 1120 | 139 |
| First Eagle U.S. Smid Cap Opportunity Fund | 77 | 127 |

---

The Funds have entered into a custody agreement with J.P. Morgan Chase Bank, N.A. ("JPM"). The custody agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPM serves as custodian of the Funds' portfolio securities and other assets. JPM has directly entered into sub-custodial agreements to maintain the custody of gold and silver bullion in the Funds. Under the terms of the custody agreement between the Funds and JPM, JPM maintains and deposits in separate accounts, cash, securities and other assets of the Funds. JPM is also required, upon the order of the Funds, to deliver securities held by JPM and the sub-custodian, and to make payments for securities purchased by the Funds. JPM has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

The Funds have also entered into an agreement for administrative services with JPM, pursuant to which JPM provides certain financial reporting and other administrative services. JPM, as the Funds' administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.

FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the year ended October 31, 2022 FEF Distributors, LLC realized $344,025, $15,500, $13,042, $74,006, $15,391, $2,819, $3,909, $24,442 and $212 pertaining to the sales of shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund and First Eagle Global Real Assets Fund, respectively. For First Eagle U.S. Smid Cap Opportunity Fund, FEF Distributors, LLC did not realize anything pertaining to the sales of shares.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan"), which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of October 31, 2022, balances to the Plan are included in the fees payable to the Trustees on the Statements of Assets and Liabilities.

First Eagle Funds \| Annual Report \| October 31, 2022<br>220

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Notes to Financial Statements

**Note 3 — Plans of Distribution**

Under the terms of the Distribution Plans and Agreements ("the Plans") with FEF Distributors, LLC (the "Distributor"), pursuant to the provisions of Rule 12b-1 under the 1940 Act, 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 High Income Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle U.S. Smid Cap Opportunity Fund pay the Distributor monthly a distribution and/or service fee with respect to Class A, Class C, Class R3 and Class R4 shares based on each Fund's average daily net assets as shown in the table below. Under the Plans, the Distributor is obligated to use the amounts received under the Plans for, among other things, payments to qualifying dealers for their assistance in the distribution of a Fund's shares and the provision of shareholder services and for other expenses such as advertising costs and the payment for the printing and distribution of prospectuses to prospective investors.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Class A** | **Class C** | **Class R3** | **Class R4** |
| First Eagle Global Fund | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle Overseas Fund | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle U.S. Value Fund | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle Gold Fund | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle Global Income Builder Fund | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle High Income Fund | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle Fund of America | 0.25% | 1.00% | 0.35% | 0.10% |
| First Eagle Small Cap Opportunity Fund | 0.25% | n/a | n/a | n/a |
| First Eagle Global Real Assets Fund | 0.25% | n/a | n/a | n/a |
| First Eagle U.S, Smid Cap Opportunity Fund | 0.25% | n/a | n/a | n/a |

---

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the year ended October 31, 2022, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.

The Service fee covers expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the year ended October 31, 2022, the services fees incurred by the Funds are disclosed in the Statements of Operations.

First Eagle Funds \| Annual Report \| October 31, 2022<br>221

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Notes to Financial Statements

**Note 4 — Purchases and Sales of Securities**

For the year ended October 31, 2022, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases<br>excluding<br>U.S. Government<br>Securities** | **Sales and<br>Maturities<br>excluding<br>U.S. Government<br>Securities** | **Purchases of<br>U.S. Government<br>Securities** | **Sales and<br>Maturities of<br>U.S. Government<br>Securities** |
| First Eagle Global Fund | $4786144898 | $4709567986 | $— | $— |
| First Eagle Overseas Fund | 1100824502 | 1255812311 |  |  |
| First Eagle U.S. Value Fund | 115889312 | 187154534 |  |  |
| First Eagle Gold Fund | 449843172 | 335283656 |  |  |
| First Eagle Global Income <br>Builder Fund | 344295796 | 161720217 | 68008894 | 21952657 |
| First Eagle High Income <br>Fund | 53158986 | 86329235 |  |  |
| First Eagle Fund of America | 48415029 | 143106420 |  |  |
| First Eagle Small Cap <br>Opportunity Fund | 614844340 | 149878636 |  |  |
| First Eagle Global Real <br>Assets Fund | 10914417 | 1103069 | 92779 |  |
| First Eagle U.S. Smid Cap <br>Opportunity Fund | 1267584 | 41913 |  |  |

---

**Note 5 — Line of Credit**

On June 27, 2022, the Funds renewed a $200 million committed, unsecured line of credit ("Credit Facility") with JPM for the First Eagle Funds and First Eagle Overseas Variable Fund to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes with a termination date of June 26, 2023. Under the Credit Facility arrangement, each Fund has agreed to pay a per annum rate of interest for borrowings generally based on 1.00% plus the higher of Daily Simple Secured Overnight Financing Rate plus a ten basis point credit spread adjustment, Overnight Bank Funding Rate or Effective Federal Funds Rate and a commitment fee of 0.20% per annum on the unused portion of the Credit Facility. A portion of the commitment fees related to the Credit Facility are paid by the Funds and are included in other expenses in the Statements of Operations. During the period, the Funds had no borrowings under the agreement.

First Eagle Funds \| Annual Report \| October 31, 2022<br>222

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Notes to Financial Statements

**Note 6 — Indemnification and Investment Risk**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. The Funds may have elements of risk not typically associated with investments in the United States due to their investments in foreign countries or regions. Such foreign investments may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities. The securities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries.

The First Eagle High Income Fund and First Eagle Global Income Builder Fund invest in high yield securities which may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. These high yield securities may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments and may be subject to significant price fluctuations.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds enter into derivatives which may represent off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the Statements of Assets and Liabilities.

**Note 7 — Redemption In-Kind Transactions**

The redemption in-kind policy for all of the Funds reserves the right of the Funds to pay redemptions in-kind (i.e., payments in the form of marketable securities or, as needed, other traded assets, rather than cash) if the redemption request is large enough to affect a Fund's operations (for example, if it represents more than $250,000 or 1% of the Fund's assets). When receiving assets distributed in-kind, the recipient will bear applicable commissions or other costs on their sale. There were no redemptions in-kind during the year ended October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>223

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Notes to Financial Statements

**Note 8 — Subsequent Events**

At a meeting of the Board of Trustees of the Trust held on December 14, 2022, the Board of Trustees approved an expense limitation agreement pursuant to which the Adviser has agreed to support contractual limitations on the First Eagle High Income Fund's expenses. That agreement, which is effective as of January 1, 2023, has the effect of limiting the annual operating expenses of the Fund's Class A, C, I, R3, R4, R5 and R6 shares to 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69%, respectively, and is subject to customary exclusions (including, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any).

At that meeting, the Board of Trustees also approved changing the name of the "First Eagle Fund of America" to the "First Eagle Rising Dividend Fund," together with corresponding changes to the Fund's 80% investment policy and principal investment strategy. These changes are not expected to result in changes to the Fund's investment philosophy, or significantly alter the composition of the Fund's portfolio. They will be implemented contemporaneous with the effectiveness of an amendment to the Fund's registration statement, which is expected to be on or about March 1, 2023. Until that time, additional changes may occur.

First Eagle Funds \| Annual Report \| October 31, 2022<br>224

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of First Eagle Funds and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting the First Eagle Funds, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| First Eagle Global Fund<sup>(1)</sup> | First Eagle High Income Fund<sup>(1)</sup> |
| First Eagle Overseas Fund<sup>(1)</sup> | First Eagle Fund of America<sup>(1)</sup> |
| First Eagle U.S. Value Fund<sup>(1)</sup> | First Eagle Small Cap Opportunity Fund<sup>(2)</sup> |
| First Eagle Gold Fund<sup>(1)</sup> | First Eagle Global Real Assets Fund<sup>(3)</sup> |
| First Eagle Global Income Builder Fund<sup>(1)</sup> | First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup> |

---

(1) Statement of operations for the year ended October 31, 2022 and statement of changes in net assets for the years ended October 31, 2022 and 2021

(2) Statement of operations for the year ended October 31, 2022 and statement of changes in net assets for the year ended October 31, 2022 and for the period April 27, 2021 (commencement of investment operations) through October 31, 2021

(3) Statement of operations and statement of changes in net assets for the period November 30, 2021 (commencement of investment operations) through October 31, 2022

(4) Statement of operations and statement of changes in net assets for the period August 15, 2022 (commencement of investment operations) through October 31, 2022

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

First Eagle Funds \| Annual Report \| October 31, 2022<br>225

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Report of Independent Registered Public Accounting Firm

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

![](j22310262_ga042.jpg)

New York, New York<br>December 27, 2022

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

First Eagle Funds \| Annual Report \| October 31, 2022<br>226

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Fund Expenses (unaudited)

**Example**

As a shareholder of the First Eagle Funds, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory fees; distribution fees (12b-1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on May 1, 2022 and held for the six-months ended October 31, 2022.

**Actual Expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

First Eagle Funds \| Annual Report \| October 31, 2022<br>227

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Fund Expenses (unaudited)

**Based on Actual Total Return<sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Actual Total <br>Return Without <br>Sales Charges<sup>(2)</sup>** | **Beginning<br>Account<br>Date Value** | **Ending<br>Account<br>Value<br>10/31/22** | **Annualized<br>Expense** | **Expenses<br>Paid for <br>the Period<sup>(3)</sup>** |
| **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** |
| Class A | -7.66% | $1000 | $923.40 | 1.11% | $5.38 |
| Class C | -8.02 | 1000 | 919.80 | 1.87 | 9.05 |
| Class I | -7.54 | 1000 | 924.60 | 0.86 | 4.17 |
| Class R3 | -7.72 | 1000 | 922.80 | 1.23 | 5.96 |
| Class R4 | -7.68 | 1000 | 923.20 | 1.13 | 5.48 |
| Class R5 | -7.69 | 1000 | 923.10 | 1.17 | 5.67 |
| Class R6 | -7.51 | 1000 | 924.90 | 0.79 | 3.83 |
| **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** |
| Class A | -10.93 | 1000 | 890.70 | 1.12 | 5.34 |
| Class C | -11.26 | 1000 | 887.40 | 1.88 | 8.94 |
| Class I | -10.83 | 1000 | 891.70 | 0.88 | 4.20 |
| Class R3 | -11.07 | 1000 | 889.30 | 1.45 | 6.91 |
| Class R4 | -10.86 | 1000 | 891.40 | 1.02 | 4.86 |
| Class R5 | -10.99 | 1000 | 890.10 | 1.19 | 5.67 |
| Class R6 | -10.78 | 1000 | 892.20 | 0.81 | 3.86 |
| **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** |
| Class A | -5.69 | 1000 | 943.10 | 1.09 | 5.34 |
| Class C | -6.05 | 1000 | 939.50 | 1.82 | 8.90 |
| Class I | -5.56 | 1000 | 944.40 | 0.80 | 3.92 |
| Class R3 | -5.78 | 1000 | 942.20 | 1.32 | 6.46 |
| Class R4 | -5.73 | 1000 | 942.70 | 1.06 | 5.19 |
| Class R5 | -5.63 | 1000 | 943.70 | 0.95 | 4.65 |
| Class R6 | -5.52 | 1000 | 944.80 | 0.76 | 3.73 |
| **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** |
| Class A | -20.55 | 1000 | 794.50 | 1.17 | 5.29 |
| Class C | -20.87 | 1000 | 791.30 | 1.93 | 8.71 |
| Class I | -20.48 | 1000 | 795.20 | 0.93 | 4.21 |
| Class R3 | -20.72 | 1000 | 792.80 | 1.59 | 7.18 |
| Class R4 | -20.58 | 1000 | 794.20 | 1.23 | 5.56 |
| Class R5 | -20.46 | 1000 | 795.40 | 0.99 | 4.48 |
| Class R6 | -20.41 | 1000 | 795.90 | 0.85 | 3.85 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>228

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Fund Expenses (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Actual Total <br>Return Without <br>Sales Charges<sup>(2)</sup>** | **Beginning<br>Account<br>Date Value** | **Ending<br>Account<br>Value<br>10/31/22** | **Annualized<br>Expense** | **Expenses<br>Paid for <br>the Period<sup>(3)</sup>** |
| **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** |
| Class A | -6.07% | $1000 | $939.30 | 1.16% | $5.67 |
| Class C | -6.48 | 1000 | 935.20 | 1.93 | 9.41 |
| Class I | -5.99 | 1000 | 940.10 | 0.92 | 4.50 |
| Class R3 | -6.13 | 1000 | 938.70 | 1.38 | 6.74 |
| Class R4 | -6.08 | 1000 | 939.20 | 1.42 | 6.94 |
| Class R5 | -6.04 | 1000 | 939.60 | 1.18 | 5.77 |
| Class R6 | -5.89 | 1000 | 941.10 | 0.87 | 4.26 |
| **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** |
| Class A | -3.31 | 1000 | 966.90 | 1.14 | 5.65 |
| Class C | -3.52 | 1000 | 964.80 | 1.83 | 9.06 |
| Class I | -3.05 | 1000 | 969.50 | 0.87 | 4.32 |
| Class R3 | -3.37 | 1000 | 966.30 | 1.28 | 6.34 |
| Class R4 | -4.10 | 1000 | 959.00 | 2.78 | 13.73 |
| Class R5 | -3.19 | 1000 | 968.10 | 1.11 | 5.51 |
| Class R6 | -3.02 | 1000 | 969.80 | 0.79 | 3.92 |
| **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** |
| Class A | -8.10 | 1000 | 919.00 | 0.90 | 4.35 |
| Class C | -8.41 | 1000 | 915.90 | 1.65 | 7.97 |
| Class I | -7.96 | 1000 | 920.40 | 0.65 | 3.15 |
| Class R3 | -8.11 | 1000 | 918.90 | 0.99 | 4.79 |
| Class R4 | -8.02 | 1000 | 919.80 | 0.75 | 3.63 |
| Class R5 | -7.97 | 1000 | 920.30 | 0.62 | 3.00 |
| Class R6 | -7.96 | 1000 | 920.40 | 0.65 | 3.15 |
| **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** |
| Class A | -5.78 | 1000 | 942.20 | 1.25 | 6.12 |
| Class I | -5.66 | 1000 | 943.40 | 1.00 | 4.90 |
| Class R6 | -5.66 | 1000 | 943.40 | 1.00 | 4.90 |
| **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** |
| Class A | -7.80 | 1000 | 922.00 | 1.08 | 5.23 |
| Class I | -7.70 | 1000 | 923.00 | 0.85 | 4.12 |
| Class R6 | -7.70 | 1000 | 923.00 | 0.85 | 4.12 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>229

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Fund Expenses (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Actual Total <br>Return Without <br>Sales Charges<sup>(2)</sup>** | **Beginning<br>Account<br>Date Value** | **Ending<br>Account<br>Value<br>10/31/22** | **Annualized<br>Expense** | **Expenses<br>Paid for <br>the Period<sup>(3)</sup>** |
| **First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(4)</sup>** |
| Class A | -10.30% | $1000 | $897.00 | 1.18% | $2.36 |
| Class I | -10.20 | 1000 | 898.00 | 0.95 | 1.90 |
| Class R6 | -10.20 | 1000 | 898.00 | 0.93 | 1.86 |

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\* Consolidated Financial Statements

(1) For the six-months ended October 31, 2022.

(2) Past performance does not guarantee future results. Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year

(3) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(4) For the period August 15, 2022 to October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>230

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Fund Expenses (unaudited)

**Hypothetical Example for Comparison Purposes**

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the First Eagle Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Fund with the 5% hypothetical examples that appear in the shareholder reports of other funds.

This example is based on an investment of $1,000 invested on May 1, 2022 and held for the six-months ended October 31, 2022.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

First Eagle Funds \| Annual Report \| October 31, 2022<br>231

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Fund Expenses (unaudited)

**Based on Hypothetical Total Return<sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Hypothetical <br>Annualized <br>Total<br>Return** | **Beginning<br>Account<br>Date Value** | **Ending<br>Account<br>Value** | **Annualized<br>Expense** | **Expenses<br>Paid for <br>the Period<sup>(2)</sup>** |
| **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** | **First Eagle Global Fund\*** |
| Class A | 5.00% | $1000 | $1019.61 | 1.11% | $5.65 |
| Class C | 5.00 | 1000 | 1015.78 | 1.87 | 9.50 |
| Class I | 5.00 | 1000 | 1020.87 | 0.86 | 4.38 |
| Class R3 | 5.00 | 1000 | 1019.00 | 1.23 | 6.26 |
| Class R4 | 5.00 | 1000 | 1019.51 | 1.13 | 5.75 |
| Class R5 | 5.00 | 1000 | 1019.31 | 1.17 | 5.96 |
| Class R6 | 5.00 | 1000 | 1021.22 | 0.79 | 4.02 |
| **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** | **First Eagle Overseas Fund\*** |
| Class A | 5.00 | 1000 | 1019.56 | 1.12 | 5.70 |
| Class C | 5.00 | 1000 | 1015.73 | 1.88 | 9.55 |
| Class I | 5.00 | 1000 | 1020.77 | 0.88 | 4.48 |
| Class R3 | 5.00 | 1000 | 1017.90 | 1.45 | 7.38 |
| Class R4 | 5.00 | 1000 | 1020.06 | 1.02 | 5.19 |
| Class R5 | 5.00 | 1000 | 1019.21 | 1.19 | 6.06 |
| Class R6 | 5.00 | 1000 | 1021.12 | 0.81 | 4.13 |
| **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** | **First Eagle U.S. Value Fund\*** |
| Class A | 5.00 | 1000 | 1019.71 | 1.09 | 5.55 |
| Class C | 5.00 | 1000 | 1016.03 | 1.82 | 9.25 |
| Class I | 5.00 | 1000 | 1021.17 | 0.80 | 4.08 |
| Class R3 | 5.00 | 1000 | 1018.55 | 1.32 | 6.72 |
| Class R4 | 5.00 | 1000 | 1019.86 | 1.06 | 5.40 |
| Class R5 | 5.00 | 1000 | 1020.42 | 0.95 | 4.84 |
| Class R6 | 5.00 | 1000 | 1021.37 | 0.76 | 3.87 |
| **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** | **First Eagle Gold Fund\*** |
| Class A | 5.00 | 1000 | 1019.31 | 1.17 | 5.96 |
| Class C | 5.00 | 1000 | 1015.48 | 1.93 | 9.80 |
| Class I | 5.00 | 1000 | 1020.52 | 0.93 | 4.74 |
| Class R3 | 5.00 | 1000 | 1017.19 | 1.59 | 8.08 |
| Class R4 | 5.00 | 1000 | 1019.00 | 1.23 | 6.26 |
| Class R5 | 5.00 | 1000 | 1020.21 | 0.99 | 5.04 |
| Class R6 | 5.00 | 1000 | 1020.92 | 0.85 | 4.33 |

---

First Eagle Funds \| Annual Report \| October 31, 2022<br>232

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Fund Expenses (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Hypothetical <br>Annualized <br>Total<br>Return** | **Beginning<br>Account<br>Date Value** | **Ending<br>Account<br>Value** | **Annualized<br>Expense** | **Expenses<br>Paid for <br>the Period<sup>(2)</sup>** |
| **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** | **First Eagle Global Income Builder Fund** |
| Class A | 5.00% | $1000 | $1019.36 | 1.16% | $5.90 |
| Class C | 5.00 | 1000 | 1015.48 | 1.93 | 9.80 |
| Class I | 5.00 | 1000 | 1020.57 | 0.92 | 4.69 |
| Class R3 | 5.00 | 1000 | 1018.25 | 1.38 | 7.02 |
| Class R4 | 5.00 | 1000 | 1018.05 | 1.42 | 7.22 |
| Class R5 | 5.00 | 1000 | 1019.26 | 1.18 | 6.01 |
| Class R6 | 5.00 | 1000 | 1020.82 | 0.87 | 4.43 |
| **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** | **First Eagle High Income Fund** |
| Class A | 5.00 | 1000 | 1019.46 | 1.14 | 5.80 |
| Class C | 5.00 | 1000 | 1015.98 | 1.83 | 9.30 |
| Class I | 5.00 | 1000 | 1020.82 | 0.87 | 4.43 |
| Class R3 | 5.00 | 1000 | 1018.75 | 1.28 | 6.51 |
| Class R4 | 5.00 | 1000 | 1011.19 | 2.78 | 14.09 |
| Class R5 | 5.00 | 1000 | 1019.61 | 1.11 | 5.65 |
| Class R6 | 5.00 | 1000 | 1021.22 | 0.79 | 4.02 |
| **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** | **First Eagle Fund of America** |
| Class A | 5.00 | 1000 | 1020.67 | 0.90 | 4.58 |
| Class C | 5.00 | 1000 | 1016.89 | 1.65 | 8.39 |
| Class I | 5.00 | 1000 | 1021.93 | 0.65 | 3.31 |
| Class R3 | 5.00 | 1000 | 1020.21 | 0.99 | 5.04 |
| Class R4 | 5.00 | 1000 | 1021.42 | 0.75 | 3.82 |
| Class R5 | 5.00 | 1000 | 1022.08 | 0.62 | 3.16 |
| Class R6 | 5.00 | 1000 | 1021.93 | 0.65 | 3.31 |
| **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** | **First Eagle Small Cap Opportunity Fund** |
| Class A | 5.00 | 1000 | 1018.90 | 1.25 | 6.36 |
| Class I | 5.00 | 1000 | 1020.16 | 1.00 | 5.09 |
| Class R6 | 5.00 | 1000 | 1020.16 | 1.00 | 5.09 |
| **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** | **First Eagle Global Real Assets Fund\*** |
| Class A | 5.00 | 1000 | 1019.76 | 1.08 | 5.50 |
| Class I | 5.00 | 1000 | 1020.92 | 0.85 | 4.33 |
| Class R6 | 5.00 | 1000 | 1020.92 | 0.85 | 4.33 |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>233

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Fund Expenses (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Hypothetical <br>Annualized <br>Total<br>Return** | **Beginning<br>Account<br>Date Value** | **Ending<br>Account<br>Value** | **Annualized<br>Expense** | **Expenses<br>Paid for <br>the Period<sup>(2)</sup>** |
| **First Eagle U.S. Smid Cap Opportunity Fund<sup>(3)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(3)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(3)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(3)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(3)</sup>** | **First Eagle U.S. Smid Cap Opportunity Fund<sup>(3)</sup>** |
| Class A | 5.00% | $1000 | $1019.26 | 1.18% | $6.01 |
| Class I | 5.00 | 1000 | 1020.42 | 0.95 | 4.84 |
| Class R6 | 5.00 | 1000 | 1020.52 | 0.93 | 4.74 |

---

\* Consolidated Financial Statements

(1) For the six-months ended October 31, 2022.

(2) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(3) For the period August 15, 2022 to October 31, 2022.

First Eagle Funds \| Annual Report \| October 31, 2022<br>234

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General Information

**Form N-PORT portfolio schedule**

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT is available on the SEC's Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT from the Fund upon request by calling 1.800.334.2143.

**Proxy voting policies, procedures and record**

You may obtain (1) a description of the Funds' proxy voting policies, (2) a description of the Funds' proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Funds directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

First Eagle Funds \| Annual Report \| October 31, 2022<br>235

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Board Considerations for Continuation of Advisory Agreements

At a meeting held on June 15, 2022, the Board of Trustees of the Funds, including a majority of the independent trustees (the "Independent Trustees"), approved the continuation of the Funds' advisory agreements (the "Advisory Agreements") (and as relates to the First Eagle U.S. Smid Cap Opportunity Fund, initially approved the Advisory Agreement). The Advisory Agreements for First Eagle Small Cap Opportunity Fund and First Eagle Global Real Assets Fund were reviewed but no action was required as those agreements were still within their initial two-year terms.

In response to a letter sent to the Adviser on behalf of the Independent Trustees requesting information about the Advisory Agreements and other arrangements and plans, the Trustees received extensive materials from the Adviser, including reviews of performance and expense information compared against the Funds' respective composites, benchmarks and peer groups compiled by an independent data provider. The Trustees also had the benefit of receiving presentations from and holding discussions with management throughout the year.

Prior to approving the continuation of the Advisory Agreements, the Independent Trustees met in executive sessions with their independent counsel to discuss management's responses to their information request and reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered determinative. At the conclusion of their review, the Trustees determined that the advisory fees were fair and reasonable under the circumstances and within the range of what could be negotiated at arm's length, and that the continuance (or initial approval) of the Advisory Agreements should serve the best interests of each Fund and its shareholders. The Trustees considered the following topics in reaching their conclusion to continue (or initially approve) the Advisory Agreements:

**Nature, Quality, and Extent of Services Provided by Adviser**

• The Trustees reviewed the services provided and to be provided by the Adviser to the Funds. The Adviser provides the Funds with investment research, advice and supervision, and continuously furnishes an investment portfolio for the Funds consistent with the Funds' investment objectives, policies and restrictions as set forth in the Funds' Prospectuses. The Trustees were assured that service levels for Funds subject to fee waivers or breakpoints (whether new or continuing) are not affected by the waivers or breakpoints. The Trustees considered the commitment of the Adviser to provide high quality services to the Funds.

• The Trustees reviewed each Fund's historical relationship with the Adviser and the institutional resources available to the Funds under that relationship. The Trustees, in their deliberations, recognized that, for many of the Funds' shareholders, the decision to purchase Fund shares included a decision to

First Eagle Funds \| Annual Report \| October 31, 2022<br>236

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Board Considerations for Continuation of Advisory Agreements

select the Adviser as the investment adviser and that there is a strong association in the minds of Fund shareholders between the Adviser and each of the Funds.

• The Trustees noted the background and experience of the Funds' Portfolio Managers and the quality of the Trustees' frequent meetings with them both individually and as a group throughout the year and in prior meetings. The Trustees noted the recently expanded Portfolio Manager line-up for most of the Funds.

• The Trustees considered that they received regular reports from the Adviser on the effects of market volatility and operational and investment risk.

**Investment Performance of Fund and Adviser**

• The Trustees reviewed the performance of each Fund on both an absolute and a relative basis over 1-year, 3-year, 5-year and 10-year periods (where applicable, and with no performance presented for the First Eagle Small Cap Opportunity Fund, First Eagle Global Real Assets Fund or First Eagle U.S. Smid Cap Opportunity Fund given they are recently (or newly) formed, have very limited (or no) performance to review and/or do not have advisory agreements subject to review at this time). Performance over these various periods was noted relative to the Funds' benchmarks, to the performance of peer mutual funds and to Morningstar and Lipper Category Averages (the category averages being referred to as "composites").

The comparative review reflected research and benchmarking by an independent data provider. Performance results generally were as follows (all periods ended as of March 31, 2022):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Composite #1 | Composite #2 | Peer Group | Benchmark |
| ***Global Fund*** | Outperformed over all periods shown | Outperformed over all periods shown | Outperformed over all periods shown | Lagged over all periods shown |
| ***Overseas Fund*** | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Outperformed over all periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown |
| ***U.S. Value Fund*** | Outperformed over all periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Lagged over all periods shown |
| ***Gold Fund*** | Outperformed over trailing 10-year period<br>Lagged all other periods shown | Outperformed over trailing 10-year period<br>Lagged all other periods shown | Outperformed over trailing 10-year period<br>Lagged all other periods shown | Outperformed over trailing 3-year and 10-year periods<br>Lagged all other periods shown |
| ***Global Income Builder Fund*** | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>237

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Board Considerations for Continuation of Advisory Agreements

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Composite #1 | Composite #2 | Peer Group | Benchmark |
| ***High Income Fund*** | Lagged over all periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown | Lagged over all periods shown | Outperformed over trailing 1-year period<br>Lagged all other periods shown |
| ***Fund of America*** | Lagged over all periods shown | Lagged over all periods shown | Lagged over all periods shown | Lagged over all periods shown |

---

• The Trustees reviewed with management the generally less favorable relative performance results across multiple periods for most of the Funds and noted that the current market environment could be more favorable to the Adviser's strategy (at least on a relative basis). Performance for each Fund was determined to be adequate under the circumstances, given benchmarks, peer comparisons and on an absolute basis, and reflective of each Fund's investment objective and philosophy.

• The Trustees commented on the Funds' holdings of short-term investments and, in some cases, gold positions, and noted that short-term investments and gold can be important elements of the Adviser's investment philosophy.

**Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Funds; Economies of Scale; Fall-Out Benefits**

• The Trustees reviewed the total compensation received by the Adviser and the Funds' total costs for using the Adviser's services, taking into account expenses incurred by the Adviser that are passed through to the Funds (notably under the administrative cost reimbursement program applicable to certain Funds). They concluded that this compensation was commensurate with the nature, extent, and quality of the services provided and therefore fair and reasonable under the circumstances, and referred to their prior discussion on performance of each Fund, including a review of performance against each Fund's respective composites, benchmark and peer group. As part of their analysis, the Trustees considered fees charged by investment advisers to peer mutual funds for services comparable to those provided by the Adviser and referred to an independent data provider fee report, together with a management summary of the same. They determined that the Adviser's fees were competitive, with the net management fees for some Funds being higher and for some Funds being lower than their peer averages/medians, but all being within the range of peers. The Trustees also considered, where applicable and available, the advisory fees charged to other clients of the Adviser with similar investment objective(s) to a Fund and received information that for some Funds, the fees charged to these other clients were higher or lower relative to the respective Fund. The Trustees were apprised that for some of these other accounts there are different styles and categories of services provided (e.g., regulatory and operational structures may differ, frequency and scale of cash flows may differ, etc.), which may be reflected in lower fees charged relative to the respective Fund.

First Eagle Funds \| Annual Report \| October 31, 2022<br>238

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Board Considerations for Continuation of Advisory Agreements

• While analyzing the effects of direct and indirect compensation to the Adviser and its affiliates (sometimes referred to as "fall-out benefits"), the Trustees considered the absence of affiliated broker-dealer relationships and the effects of the administrative service fees and reimbursements paid to the Adviser. The Trustees noted that the Adviser is absorbing soft dollar costs and paying them itself. With regard to other possible benefits associated with the Adviser's management of the Funds, the Trustees noted, among other things, that the Distributor is generally able to retain revenue associated with Rule 12b-1 fees on shareholders it services directly and that the Adviser may be able to extend investment and operational efficiencies associated with the Funds to its management of other types of accounts.

• The Trustees reviewed the Funds' expense ratios, which were deemed reasonable both on an absolute basis and in comparison to peer funds. The Trustees noted changes in expense ratios over time, with some Funds showing decreases and some showing increases. In general, a contributing factor to the change in expense ratio was an increase or decrease in average net assets over the relevant period. In the case of each of Fund of America and the High Income Fund, there was a decrease in the advisory fee as of August 1, 2020 and July 1, 2021, respectively. The Trustees also considered the effect of Fund asset size on particular categories of expenses, both currently and relative to prior periods. The Trustees noted the impact on expense ratios of the administrative fees or reimbursements paid to or charged by the Adviser, as the case may be. While economies of scale can be complex to assess and typically are not directly measurable, the Trustees noted that the Adviser may be able to employ economies of scale in certain areas relating to the management of the Fund, potentially including investment management, trading, compliance and back-office operations. In the case of the administrative expense reimbursements, because they represent the provision of services at cost, any economies of scale realized are, by definition, for the benefit of the Funds.

• The Trustees reviewed the Adviser's financial condition and profitability. Profits to the Adviser vary meaningfully depending on the particular Fund, with some Funds showing losses to the Adviser and others showing healthy profits. Overall, profits were viewed as not excessive and providing appropriate incentives to the Adviser. The Trustees noted the cyclical and competitive nature of the global asset management industry and the related importance of profitability in maintaining the Adviser's culture and management continuity. The Trustees also noted that the Adviser has always shown the willingness to commit resources to support investment in the business and to maintain the generally high quality of the overall shareholder experience in the Funds, such as attracting and retaining qualified personnel and investing in technology. Levels of support are not solely dependent on the profits realized on a per-Fund basis. The Trustees reviewed personal investments maintained in the Funds by certain portfolio managers (with those investments being both direct and "notional" under the Adviser's compensation plans), which was viewed as evidence of commitment to the Funds by key personnel.

First Eagle Funds \| Annual Report \| October 31, 2022<br>239

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Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the "Liquidity Rule"), the Funds have adopted and implemented a liquidity risk management program (the "LRMP") reasonably designed to assess and manage each Fund's liquidity risk, which is defined under the Liquidity Rule as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors' interests in the Fund. The Funds' Board has approved First Eagle Investment Management, LLC's Liquidity Management Committee ("First Eagle") to serve as the administrator of the Funds' LRMP. As part of its responsibilities as administrator, First Eagle has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Funds' LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Funds' LRMP includes: (1) no less than annual assessments of factors that influence each Fund's liquidity risk taking into account certain factors, as applicable, including each Fund's (i) investment strategy and liquidity of portfolio investments (during both normal and reasonably foreseeable stressed conditions), (ii) short-term and long-term cash flow projections (during both normal and reasonably foreseeable stressed conditions), and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources; (2) no less than monthly classifications of each Fund's investments into one of four liquidity classifications provided for in the Liquidity Rule; (3) a 15% of net assets limit on the acquisition of "illiquid investments" (as defined under the Liquidity Rule); (4) potential establishment of a minimum percentage of a Fund's assets to be invested in investments classified as "highly liquid" (as defined under the Liquidity Rule) (at present, however, each Fund invests primarily in "highly liquid" investments in the ordinary course, which means no such minimum threshold need be specified); and (5) reporting to the Funds' Board and/or to the SEC, as required.

At a meeting of the Board on June 14, 2022, the Board reviewed a written report prepared by First Eagle (the "LRMP Report") addressing the operation, adequacy, and effectiveness of the Funds' LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (the "Reporting Period"). The LRMP Report stated that First Eagle concluded that the Funds' LRMP was reasonably designed to assess and manage each Fund's liquidity risk and was adequately and effectively implemented during the Reporting Period. The LRMP Report also stated that First Eagle concluded that each Fund's investment strategy is appropriate for an open-end fund and that its cash management program is appropriately monitored by the investment management team. The LRMP Report noted those changes to the LRMP approved by the Board earlier in the Reporting Period.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by a Fund's investment portfolio, is found in each Fund's Prospectus and Statement of Additional Information.

First Eagle Funds \| Annual Report \| October 31, 2022<br>240

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Tax Information

**Fiscal Year Ended October 31, 2022 (unaudited)**

Each Fund designates at the following amounts (or the maximum amount allowable) distributed during the fiscal year ended October 31, 2022, if any, as capital gain dividends, dividends eligible for the corporate dividends received deduction and/or qualified dividend income:

---

| | | | |
|:---|:---|:---|:---|
|  | **% of Qualifying<br>Dividend<br>Income** | **% of Dividends <br>Eligible for <br>the Dividends <br>Received <br>Deduction** | **Long-Term <br>Capital Gains** |
| First Eagle Global Fund | 81.72% | 39.16% | $2091303747 |
| First Eagle Overseas Fund | 52.41% | 1.30% | 313325102 |
| First Eagle U.S. Value Fund | 100.00% | 100.00% | 101296229 |
| First Eagle Gold Fund | 100.00% | 42.38% |  |
| First Eagle Global Income Builder Fund | 67.73% | 24.46% | 50851122 |
| First Eagle High Income Fund | 0.00% | 0.00% |  |
| First Eagle Fund of America | 36.07% | 29.38% | 46461070 |
| First Eagle Small Cap Op Fund | 0.00% | 0.00% |  |
| First Eagle Global Real Assets Fund | 0.00% | 0.00% |  |
| First Eagle U.S. Smid Cap Opportunity Fund | 0.00% | 0.00% |  |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>241

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Privacy Notice

The Trust is committed to protecting your privacy. We are providing you with this privacy notice to inform you of how we handle your personal information that we collect and may disclose to our affiliates. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy policy supersedes any of our previous policies relating to the information you disclose to us.

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| | |
|:---|:---|
| **FACTS** | <br>**WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>◼ Social Security number, income, and assets<br>◼ account balances, payment history, and account activity<br>◼ credit history and credit scores<br>◼ name, address, telephone number, occupation<br>◼ online information, such as your IP address and data gathered from your browsing activity and location<br>◼ information we encounter in public records in the ordinary course of business |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Trust chooses to share; and whether you can limit this sharing. |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>242

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Privacy Notice

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Trust share?** | **Can you limit this sharing?** |
| **For our everyday business purposes—**<br>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes—**<br>to offer our products and services to you | Yes | Yes |
| **For joint marketing with other financial companies** | No | N/A |
| **For our affiliates' everyday business purposes—**<br>information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes—**<br>information about your creditworthiness | Yes | See below |
| **For our affiliates to market to you** | Yes | Yes |
| **For nonaffiliates to market to you** | No | N/A |

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| | |
|:---|:---|
| **To limit our sharing** | ◼ Call 800.334.2143 and indicate your desire to limit our sharing<br>◼ Visit us online: www.firsteagle.com/individuals-home or<br>◼ Mail the form below<br>**Please note:**<br> If you are a *new* customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice.<br>However, you can contact us at any time to limit our sharing. |
| **Questions?** | Call 800.334.2143 or go to www.firsteagle.com/individuals-home |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>243

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Privacy Notice

✁

**Mail-in Form**

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| | |
|:---|:---|
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>❑ Apply my choices only to me | Mark any/all you want to limit:<br>❑ Do not share information about my creditworthiness with your affiliates for their everyday business purposes.<br>❑ Do not allow your affiliates to use my personal information to market to me.<br>❑ Do not share my personal information with nonaffiliates to market their products and services to me.<br>**Name<br>Address<br>City, State, Zip<br>Account #<br>Mail to:**<br> First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |

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✁

**What we do**

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| | |
|:---|:---|
| **How does the Trust protect my personal information?** | We protect personal information provided to us by our individual shareholders according to strict standards of security and confidentiality. These standards apply to both our physical facilities and any online services we may provide. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information. |
| **How does the Trust collect my personal information?** | We collect your personal information, for example, when you<br>◼ open an account, make transactions using your account, or deposit money<br>◼ subscribe to receive information, submit an application, or otherwise submit a form containing personal information\<br>◼ use our services online<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>244

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Privacy Notice

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| | |
|:---|:---|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br>◼ sharing for affiliates' everyday business purposes—information about your creditworthiness<br>◼ affiliates from using your information to market to you<br>◼ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | Your choices will apply to everyone on your account. |

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**Definitions**

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| | |
|:---|:---|
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ Affiliated companies include First Eagle Investments; First Eagle Holdings, Inc.; First Eagle Investment Management, LLC; FEF Distributors, LLC; First Eagle Separate Account Management, LLC; First Eagle Alternative Credit, LLC; First Eagle Alternative Capital BDC, Inc.; Napier Park Global Capital LLC; Napier Park Global Capital Ltd; First Eagle Investment Management Ltd; First Eagle Investment Management GmbH; First Eagle Funds (Ireland) ICAV; First Eagle Amundi Sub-Funds (Luxembourg) SICAV; and any other First Eagle Funds and any sub-funds, as applicable. |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ Nonaffiliated third parties may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors. |

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First Eagle Funds \| Annual Report \| October 31, 2022<br>245

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Privacy Notice

**Other important information**

Sharing of Personal Information with Nonaffiliated Third Parties

We will only share your personal information collected, as described above, with nonaffiliated third parties:

• At your request;

• When you authorize us to process or service a transaction or product (nonaffiliated third parties in this instance may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, and other parties providing individual shareholder servicing, accounting and recordkeeping services);

• With companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them; or

• When required by law to disclose such information to appropriate authorities.

We do not otherwise provide information about you to outside firms, organizations or individuals except as permitted by law.

What We do with Personal Information about Our Former Customers

If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the information we have in our possession about you and your account following the termination of our shareholder relationship.

First Eagle Funds \| Annual Report \| October 31, 2022<br>246

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Additional Information (unaudited)

**Management of the Trust**

The business of the Trust is managed by its Board of Trustees, which elects officers responsible for the day to day operations of the Funds and for the execution of the policies formulated by the Board of Trustees.

Pertinent information regarding the members of the Board of Trustees and principal officers of the Trust is set forth below. Some of the Trustees and officers are employees of the Adviser and its affiliates. At least a majority of the Trust's Board of Trustees are not "interested persons" as that term is defined in the Investment Company Act.

**Independent Trustees<sup>(1)</sup>**

**Lisa Anderson \| Trustee \| December 2005 to present**<br> 1345 Avenue of the Americas \| New York, New York \| 10105<br>(born October 1950)

**Principal Occupation(s) During Past 5 Years:** Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs; prior to 2016, President of the American University in Cairo

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Member Emerita, Human Rights Watch; Member, Advisory Board, School of Public Affairs, Sciences Po (Institute of Political Studies), Paris; Trustee, Hertie School of Governance (Berlin); Trustee, Tufts University; Trustee, Aga Khan University

**Candace K. Beinecke<sup>(2)</sup> \| Trustee (Chair) \| December 1999 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born November 1946)

**Principal Occupation(s) During Past 5 Years:** Senior Partner, Hughes Hubbard & Reed LLP; prior to April 2017, Chair, Hughes Hubbard & Reed LLP

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (Chair) (1 portfolio) and First Eagle Credit Opportunities Fund (Chair) (1 portfolio); Board Member, ViacomCBS, Inc.; Lead Trustee, Vornado Realty Trust; Trustee and Co-Chair, Metropolitan Museum of Art; Trustee, Chairman, The Wallace Foundation; Director, Partnership for New York City

(1) Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

(2) Ms. Beinecke also served as trustee of a predecessor fund to Fund of America since 1996.

First Eagle Funds \| Annual Report \| October 31, 2022<br>247

------

Additional Information (unaudited)

**Independent Trustees<sup>(1)</sup>—(continued)**

**Peter W. Davidson \| Trustee \| December 2019 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born May 1959)

**Principal Occupation(s) During Past 5 Years:** CEO, Aligned Climate Capital LLC; prior to 2019, Co-Founder and CEO, Aligned Intermediary, Inc.; prior to 2015, Executive Director, Loan Programs Office, U.S. Department of Energy

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Director, Envision Solar International Inc.; Chairman, Summit Ridge Energy; Director, Beam Global (BEEM); Director, PulseESG; Member, Council on Foreign Relations; Chair, JM Kaplan Fund; Chairman, Greenwood Cemetery; Board Member, Saint Ann's School.

**Jean D. Hamilton \| Trustee \| March 2003 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born January 1947)

**Principal Occupation(s) During Past 5 Years:** Private Investor/Independent Consultant/Member, Brock Capital Group LLC;

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Director, RenaissanceRe Holdings Ltd; Chairman, Investment Committee, Thomas Cole National Historic Site; Member, Investment Advisory Committee, Liz Claiborne and Art Ortenberg Foundation; prior to June 2012, Director, Four Nations

**James E. Jordan \| Trustee \| December 1999 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born April 1944)

**Principal Occupation(s) During Past 5 Years:** Private Investor and Independent Consultant

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Director, JZ Capital Partners, Plc. (Guernsey investment trust company); prior to May 2017, Trustee, World Monuments Fund.

(1) Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

First Eagle Funds \| Annual Report \| October 31, 2022<br>248

------

Additional Information (unaudited)

**Independent Trustees<sup>(1)</sup>—(continued)**

**William M. Kelly<sup>(3)</sup> \| Trustee \| December 1999 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born February 1944)

**Principal Occupation(s) During Past 5 Years:** Private Investor

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Trustee Emeritus, St. Anselm College; Vice President and Director, Sergi S. Zlinkoff Fund for Medical Research and Education; Savannah Book Festival Investment Committee

**Paul J. Lawler \| Trustee \| March 2002 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born May 1948)

**Principal Occupation(s) During Past 5 Years:** Private Investor

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Trustee and Audit Chair, The American University in Cairo; Trustee, registered investment company advised by affiliates of The Blackstone Group, L.P. (1 portfolio)

(1) Trustees who are not "interested persons" of the Trust as defined in the 1940 Act. The term of office of the Independent Trustees is indefinite.

(3) Mr. Kelly also served as trustee of a predecessor fund to Fund of America since 1998.

First Eagle Funds \| Annual Report \| October 31, 2022<br>249

------

Additional Information (unaudited)

**Interested Trustees<sup>(4)(5)</sup>**

**John P. Arnhold \| Trustee \| December 1999 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born December 1953)

**Principal Occupation(s) During Past 5 Years:** Director, First Eagle Holdings, Inc.; Managing Member, Arnhold LLC; prior to July 2017, Director, First Eagle Investment Management LLC; President, First Eagle Funds; President, First Eagle Variable Funds; Director, FEF Distributors, LLC; prior to March 2016, Co-President and Co-CEO First Eagle Holdings, Inc.; CIO and Chairman, First Eagle Investment Management, LLC; CEO and Chairman, FEF Distributors, LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Chairman, The Mulago Foundation; Director, WNET.org; Trustee Emeritus, Trinity Episcopal Schools Corp.; Trustee, Jazz at Lincoln Center; Life Trustee, International Tennis Hall of Fame; Advisor, Investment Committee of the USTA; Managing Member, New Eagle Holdings Management Company, LLC; Trustee, Conservation International; Trustee, UC Santa Barbara Foundation; prior to January 2018, Director, First Eagle Amundi; prior to June 2016, Trustee, Vassar College

**Mehdi Mahmud \| Trustee \| September 2019 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born September 1972)

**Principal Occupation(s) During Past 5 Years:** President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds and First Eagle Variable Funds; prior to March 2016, Chairman and Chief Executive Officer, Jennison Associates LLC

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee, First Eagle Variable Funds (1 portfolio) and First Eagle Credit Opportunities Fund (1 portfolio); Director, First Eagle Amundi; Director, SiriusPoint Group

(4) Each of Messrs. Arnhold and Mahmud is treated as an Interested Trustee because of the professional roles each holds or has held with the Adviser.

(5) The term of office of each Interested Trustee is indefinite.

First Eagle Funds \| Annual Report \| October 31, 2022<br>250

------

Additional Information (unaudited)

**Trustee Emeritus<sup>(6)</sup>**

**Jean-Marie Eveillard \| Trustee Emeritus \| June 2008 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born January 1940)

**Principal Occupation(s) During Past 5 Years:** Senior Adviser to First Eagle Investment Management, LLC since March 2009; formerly, Senior Vice President, First Eagle Investment Management, LLC since January 2000; previously, Portfolio Manager of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, and First Eagle Variable Funds (portfolio management tenure: 1979-2004, March 2007-March 2009)

**Number of Portfolios in the Fund Complex Overseen by Trustee:** 12

**Other Directorships/Trusteeships Held by Trustee:** Trustee Emeritus, First Eagle Variable Funds (1 portfolio); Director, Varenne Capital Partners (French money management firm); Board member, Perspective (South African money management firm); Trustee, FIAF (Alliance Francaise); prior to March 2015, Trustee, The Frick Collection

**Officers<sup>(7)</sup>**

**Mehdi Mahmud \| President \| June 2017 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born September 1972)

**Principal Occupation(s) During Past Five (5) Years:** President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Variable Funds and First Eagle Credit Opportunities Fund; prior to March 2016, Chairman and Chief Executive Officer, Jennison Associates LLC

**Robert Bruno \| Senior Vice President \| December 1999 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born June 1964)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; President, FEF Distributors, LLC; Senior Vice President, First Eagle Variable Funds and First Eagle Credit Opportunities Fund

**Joseph T. Malone \| Chief Financial Officer \| September 2008 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born September 1967)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Variable Funds and First Eagle Credit Opportunities Fund

(6) Mr. Eveillard, as Trustee Emeritus, is a former member of the Board of Trustees and is invited to attend all Board meetings. He is not a Trustee for purposes of the Trust's Declaration of Trust, Delaware law or the Investment Company Act.

(7) The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

First Eagle Funds \| Annual Report \| October 31, 2022<br>251

------

Additional Information (unaudited)

**Officers<sup>(7)</sup>—(continued)**

**Albert Pisano \| Chief Compliance Officer \| July 2015 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born April 1960)

**Principal Occupation(s) During Past Five (5) Years:** Chief Compliance Officer and Senior Vice President, First Eagle Investment Management; prior to June 30, 2014, Director and Chief Compliance Officer of Allianz Global Investors Fund Management LLC, and also served as Deputy Chief Compliance Officer for Allianz Global Investors U.S. LLC; Chief Compliance Officer, First Eagle Variable Funds and First Eagle Credit Opportunities Fund

**David O'Connor \| General Counsel \| December 2017 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born February 1966)

**Principal Occupation(s) During Past Five (5) Years:** General Counsel and Senior Vice President, First Eagle Investment Management, LLC; General Councel and Officer of First Eagle Variable Funds and First Eagle Credit Opportunities Fund; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel, FEF Distributors, LLC; Director, First Eagle Amundi; prior to January 2017, Investment Management Consultant; prior to June 2015, Executive Vice President Strategic Investment Initiatives and General Counsel, Delaware Investments

**Sheelyn Michael \| Deputy General Counsel \| December 2017 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born September 1971)

**Principal Occupation(s) During Past Five (5) Years:** Deputy General Counsel and Senior Vice President, First Eagle Investment Management, LLC; Deputy General Counsel, First Eagle Variable Funds and First Eagle Credit Opportunities Fund

**Tricia Larkin \| Treasurer \| March 2016 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born July 1979)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; Treasurer, First Eagle Variable Funds and First Eagle Credit Opportunities Fund

**Michael Luzzatto \| Vice President \| December 2004 to present**<br>1345 Avenue of the Americas \| New York, New York \| 10105<br>(born April 1977)

**Principal Occupation(s) During Past Five (5) Years:** Senior Vice President, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Vice President, First Eagle Variable Funds and First Eagle Credit Opportunities Fund

(7) The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

First Eagle Funds \| Annual Report \| October 31, 2022<br>252

------

First Eagle Funds

**Trustees**

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Peter Davidson

Jean D. Hamilton

James E. Jordan

William M. Kelly

Paul J. Lawler

Mehdi Mahmud

**Trustee Emeritus**

Jean-Marie Eveillard\*

**Officers**

Mehdi Mahmud

**President**

Robert Bruno

**Senior Vice President**

Joseph T. Malone

**Chief Financial Officer**

Albert Pisano

**Chief Compliance Officer**

David O'Connor

**General Counsel**

Sheelyn Michael

**Secretary & Deputy General Counsel**

Tricia Larkin

**Treasurer**

Michael Luzzatto

**Vice President**

**Investment Adviser**

First Eagle Investment Management, LLC

**1345 Avenue of the Americas<br>New York, NY 10105**

**Legal Counsel**

Sidley Austin LLP

**787 Seventh Avenue<br>New York, NY 10019**

**Custodian**

JPMorgan Chase Bank, N.A.

**4 Chase Metrotech Center, Floor 16, <br>Brooklyn, NY 11245**

**Shareholder Servicing Agent**

DST Systems, Inc.

**330 West 9th Street<br>Kansas City, MO 64105<br>800.334.2143**

**Underwriter**

FEF Distributors, LLC

**1345 Avenue of the Americas<br>New York, NY 10105**

**Independent Registered Public <br>Accounting Firm**

PricewaterhouseCoopers LLP

**300 Madison Avenue<br>New York, NY 10017**

&nbsp;&nbsp;&nbsp;&nbsp;Additional information about the Trustees and Officers is included in the Funds' Statement of Additional Information.

\* Mr. Eveillard is a former member of the Board of Trustees and is invited to attend all Board meetings. He is not a Trustee for purposes of the Trust's Declaration of Trust, Delaware law or the Investment Company Act.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

First Eagle Funds \| Annual Report \| October 31, 2022<br>253

------

![](j22310262_za043.jpg)

**First Eagle Funds are offered by FEF Distributors, LLC,**

1345 Avenue of the Americas, New York, NY 10105.

**First Eagle Investment Management, LLC**

1345 Avenue of the Americas, New York, NY 10105-0048

800.334.2143 www.firsteagle.com

------

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees of the registrant has designated Paul J. Lawler, William M. Kelly and Jean Hamilton as Audit Committee Financial Experts. Mr. Lawler, Mr. Kelly and Ms. Hamilton are considered by the Board to be independent trustees.

 **Item 4. Principal Accountant Fees and Services**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>:

For the Fiscal years ended October 31, 2022 and October 31, 2021, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $610,145 and $492,900, respectively. Fees included in the audit fees category are those associated with the annual audits of the financial statements and services that are normally provided in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit Related Fees</u>:

For the fiscal years ended October 31, 2022 and October 31, 2021, the aggregate PwC fees for assurance and related services rendered to the registrant were approximately $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> 

In each fiscal year ended October 31, 2022 and October 31, 2021, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $609,040 and $538,050, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to audits. This category comprises fees for tax compliance and preparation of tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>:

In each of the fiscal years ended October 31, 2022 and October 31, 2021, there were no fees billed by PwC for products and services, other than 4(a)-(c) above, rendered to the registrant.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval by the committee or a designated member thereof. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit and non-audit services requiring fees of a de minimis amount is not permitted.

(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) According to PwC, for the fiscal year ended October 31, 2022, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributable to work performed by persons who are not full-time, permanent employees of PwC was 0%.

(g) Other than as described in the table above, the aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant ("covered"), its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser ("non-covered") that provides ongoing services to the registrant was $0 in 2022 and 2021.

(h) Not applicable.

 **Item 5. Audit Committee of Listed Registrants**

Not applicable at this time.

 **Item 6. Schedule of Investments**

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Investment companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

No material change to report at this time.

**Item 11. Controls and Procedures.**

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a)(1) Not applicable to this annual report.

**Item 13. Exhibits.**

[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR.](tm2231026d1_ex99-codeeth.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto.](tm2231026d1_ex99-cert.htm)

(a)(3) Not applicable.

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.](tm2231026d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | First Eagle Funds |
| <br> By (Signature and Title)\* | <br> */s/ Mehdi Mahmud* |
|  | Mehdi Mahmud, President |

---

Date: January 5, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| <br> By (Signature and Title)\* | <br> */s/ Mehdi Mahmud* |
|  | Mehdi Mahmud, Principal Executive Officer |

---

Date: January 5, 2023

---

| | |
|:---|:---|
| <br> By (Signature and Title)\* | <br> */s/ Joseph T. Malone* |
|  | Joseph T. Malone, Principal Financial Officer |

---

Date: January 5, 2023

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**Effective October 1, 2021**

**Code of Ethics** 

**Personal Securities Transaction Policy**

![](tm2129034d1_ex99-coethimg001.jpg)

FIRST EAGLE INVESTMENT MANAGEMENT, LLC

FEF DISTRIBUTORS, LLC

FIRST EAGLE ALTERNATIVE CREDIT, LLC

FIRST EAGLE SEPARATE ACCOUNT MANAGEMENT, LLC

FIRST EAGLE INVESTMENT MANAGEMENT, LTD

FIRST EAGLE INVESTMENT MANAGEMENT, GMBH

AND

FIRST EAGLE FAMILY OF FUNDS

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **I.** | **GENERAL POLICY STATEMENT** | **3** |
|  | &nbsp;&nbsp;&nbsp;Standards of Conduct | 3 |
| **II.** | **CATEGORIES OF COVERED PERSONS** | **4** |
| **III.** | **EXEMPT SECURITIES .** | **5** |
| **IV.** | **PRE-CLEARANCE EXEMPTIONS** | **6** |
| **V.** | **PRE-CLEARANCE PROCEDURES** | **7** |
|  | &nbsp;&nbsp;&nbsp;A. Personal Trading System | 7 |
|  | &nbsp;&nbsp;&nbsp;B. How Long Are Approvals Effective? | 7 |
|  | &nbsp;&nbsp;&nbsp;C. Special Pre-Clearance Requirements | 8 |
| **VI.** | **AFFILIATED CLOSED-END FUNDS – SPECIAL PRE-CLEARANCE PROCEDURES** | **8** |
| **VII.** | **BLACKOUT PERIODS – CLIENT TRADES** | **9** |
|  | &nbsp;&nbsp;&nbsp;A. Blackout Periods | 9 |
|  | &nbsp;&nbsp;&nbsp;B. De Minimis Transactions | 10 |
| **VIII.** | **BLACKOUT PERIODS – AFFILIATED OPEN AND CLOSED-END FUNDS** | **11** |
|  | &nbsp;&nbsp;&nbsp;A. Blackout Period – Affiliated Open-End Funds | 11 |
|  | &nbsp;&nbsp;&nbsp;B. Blackout Period - Affiliated Closed-End Funds | 11 |
| **IX.** | **SHORT-TERM (FREQUENT) TRADING IN OPEN-END MUTUAL FUNDS** | **11** |
| **X.** | **BAN ON SHORT-TERM TRADING PROFITS** | **12** |
| **XI.** | **RESTRICTED/WATCH LISTS** | **13** |
| **XII.** | **PUBLIC OFFERINGS** | **13** |
| **XIII.** | **PRIVATE PLACEMENTS – SPECIAL PRE-CLEARANCE PROCEDURES** | **14** |
| **XIV.** | **REPORTABLE ACCOUNTS** | **15** |
|  | &nbsp;&nbsp;&nbsp;A. Accounts Required to be Reported | 15 |
|  | &nbsp;&nbsp;&nbsp;B. Reporting of Transactions - Designated Broker-Dealers | 16 |
|  | &nbsp;&nbsp;&nbsp;C. Reporting of Transactions - Non-Designated Broker-Dealers | &nbsp;&nbsp;&nbsp;17 |
| **XV.** | **REPORTING AND CERTIFICATION REQUIREMENTS** | **18** |
| **XVI.** | **EXEMPTIONS FROM THIS POLICY** | **18** |
| **XVII. CONSEQUENCES OF VIOLATIONS OF THIS POLICY** | **XVII. CONSEQUENCES OF VIOLATIONS OF THIS POLICY** | **19** |
| **XVIII. REPORTING OF VIOLATIONS.** | **XVIII. REPORTING OF VIOLATIONS.** | **19** |
| **XIX.** | **QUESTIONS CONCERNING THIS POLICY** | **19** |
| **XX.** | **CODE OF ETHICS OFFICE CONTACT INFORMATION** | **20** |
| **XXI.** | **DEFINITIONS** | **20** |

---

**Code of Ethics** 

**Personal Securities Transactions Policy**

I. GENERAL POLICY STATEMENT

**Standards of Conduct**

Each officer, director, employee and *certain* designated Temporary Workers (each, a "Covered Person") of First Eagle is subject to this Code of Ethics. First Eagle has a fiduciary duty that requires Covered Persons to act in the best interest of Clients. As a firm, and as individuals, it must be understood that Clients always come first and that any abuse of the positions of trust and responsibility placed in the firm by Cli-ents will not be tolerated. Furthermore, Covered Persons are obligated to avoid any action or activity that could produce conflicts between their own personal interests and those of Clients. To this end, each Covered Person must act with honesty, in-tegrity, and high ethical standards deserving of Clients' trust. Covered Persons must exercise reasonable care and professional judgment to avoid engaging in actions that put First Eagle's image or reputation at risk.

At all times, Covered Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Place the interests of Clients ahead of their personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not take inappropriate advantage of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct all personal securities transactions in full compliance with the letter and spirit of the Code
of Ethics and the Insider Trading Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Avoid any actual or potential conflicts of interest or any abuse of their positions of trust and responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Comply with all applicable Federal securities laws.

While First Eagle encourages Covered Persons and their families to develop per-sonal investment programs, they must not take any action in connection with their personal investments that could cause the appearance of unfairness or impropriety. Accordingly, Covered Persons must follow the policies set forth below with respect to personal trading. All Covered Persons must comply with the Code of Ethics – ad-herence to the Code of Ethics is a basic condition of employment. Covered Persons are required to promptly report any violation of this Code of Ethics of which they become aware, whether their own or another Covered Person's, to the Code of Ethics Office. Reports of ethical concerns or Code of Ethics violations by others may also be made on a confidential, anonymous basis via the internet at <u>www.FirstEagle.ethicspoint.com</u> or via phone at (855) 325-9019.

Application of the Code of Ethics to Disinterested Trustees

Disinterested Trustees of the First Eagle Funds are only subject to the reporting re-quirement in Section VI and XV of the Code of Ethics. Disinterested Trustees are not subject to other provisions of the Code of Ethics but are subject to the requirements of the Federal Securities Laws and other applicable laws, such as the prohibition on trading in securities of an issuer while in possession of material non-public information.

A glossary of certain terms contained within this Policy is set forth in the "Definitions" section at the end of this document for reference. Capitalized terms not defined in context are defined in the glossary.

**II.** **CATEGORIES OF COVERED PERSONS** 

Different requirements and limitations on Covered Persons are based on their activi-ties and roles within First Eagle. Covered Persons are assigned to one of the categories listed below.

Please note that a Covered Person's category under this Policy may change if their position within First Eagle changes or if they are transferred to another department or to an affiliated company. It is the Covered Person's obligation to notify the Legal and Compliance Department of changes to their position. Legal and Compliance will review the status and will notify the Covered Person if their category changes. If there are any questions regarding a Covered Person's category, please contact Legal and Compliance.

**ACCESS PERSON:**

An Access Person is any Covered Person who satisfies the definition of "Access Per-son" defined in Rule 204A-1(e)(1) under the Advisers Act and/or with respect to a First Eagle Fund as defined in Rule 17j-1(a)(1) under the 1940 Act. An Access Person generally includes any Covered Person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. has
 access to non-public information regarding any Client's purchase or sale of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. has
 access to non-public information regarding Clients' portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. is
 involved in making Securities recommendations to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. has
 access to Securities recommendations to Clients that are non-public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. is
 an Investment Person as defined below.

**INVESTMENT PERSON:**

An Investment Person is an Access Person who, in connection with his/her regular functions and duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. makes,
 or participates in making, recommendations regarding the purchase or sale of Securities on
 behalf of any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. provides
 information or advice with respect to a purchase or sale of Securities to a portfolio manager;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. helps
 execute a portfolio manager's investment recommendations.

Generally, Investment Persons include, but are not limited to, portfolio managers, research analysts and traders.

**TEMPORARY WORKER:**

A Temporary Worker's status is determined upon the start of his/her assignment with First Eagle. If a Covered Person hires a Temporary Worker, the Covered Person is required to notify the Human Resources Department, who in turn will notify the Legal and Compliance Department.

Temporary Workers may be designated as Access Persons or Investment Persons sub-ject to the Code of Ethics and certain provisions of the Code of Business Conduct. Temporary Workers who are not designated as an Access Person or Investment Per-son are deemed to be non-access persons. Non-access persons generally will not be subject to the Code of Ethics.

Temporary Workers will be notified about their designation by the Legal and Com-pliance Department. The Legal and Compliance Department, with the assistance of the Temporary Worker's supervisor, will re-review the status of a Temporary Worker periodically thereafter. The Legal and Compliance Department will notify the Tem-porary Worker as to any change in designation and the imposition of Code of Ethics requirements.

**III.** **EXEMPT SECURITIES** 

SEC Rule 204A-1 treats all Securities as "Reportable Securities" with certain limited exceptions enumerated below. As a result, this Policy does not apply to any of the following types of Securities or instruments ("Exempt Securities").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
 obligations of the United States Government, such as Treasury Notes, Treasury Bonds, Treasury
 Bills and U.S. Savings Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Money
 market instruments, bankers' acceptances, bank certificates of deposit, commercial
 paper, and high-quality short-term debt instruments, including re-purchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares
 of unaffiliated open-end mutual funds.  ***Caution:*** *Shares of the First Eagle Funds or mutual funds sub-advised by First Eagle are **not** Exempt Securities and must be reported.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 of unit investment trusts that are invested exclusively in unaffiliated open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Interests
 in 529 college savings plans that First Eagle does not manage, distrib-ute, market or underwrite. **Note:** *Please refer to Section XIII for reporting of 529 accounts.* 

Covered Persons may engage in transactions in any Exempt Security without pre-clearing or reporting any such transactions.

**IV.** **PRE-CLEARANCE EXEMPTIONS** 

The following types of transactions are not subject to the pre-clearance requirements of this Policy. Covered Persons are not required to pre-clear transactions for which they do not exercise investment discretion at the time of the transactions ("non-volitional transactions") and certain other automated transactions. The transactions listed below are, however, required to be reported through trade confirmations and/ or account statements, *unless noted otherwise.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases
 and sales of the First Eagle Open-End Mutual Funds. While First Eagle Open-End Mutual Funds
 are not subject to pre-clearance, please refer to Section VIII entitled "Short Term
 Trading in Open-End Mutual Funds for other limitations and restrictions that may apply." **Note:** *Covered Persons will be re-quired to pre-clear **Affiliated Closed-End Funds**, which include Affiliated Business Development Companies and Affiliated Interval Funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions
 in Securities made in an account that is fully managed by a third party. **Note:** *The Covered Person will be required to submit documents demonstrat-ing that the fiduciary has full discretion over the relevant account. The Covered Person will be required to complete and sign an initial and annual discretionary attestation.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases
 and sales of Securities in accordance with a pre-set amount or pre-determined schedule effected
 through an automatic investment plan or dividend reinvestment plan (DRIP). This includes
 the automatic reinvestment of divi-dends, income or interest received from a Security in
 such plans or any other type of account. **Note:** *The purchase or sale of Securities outside of a pre-set amount and/or pre-determined schedule in such plans is subject to pre-clearance and report-ing.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases
 of Securities due to an exercise of rights issued to the holders of a class of Securities
 must be pro rata, to the extent they are issued with respect to Securi-ties of which a Covered
 Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Acquisitions
 or dispositions of Securities as the result of a stock dividend, stock split, reverse stock
 split, merger, consolidation, spin-off or other similar corpo-rate distribution or reorganization
 applicable to holders of a class of Securities of which a Covered Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The automatic
 exercise or liquidation by an exchange of an in-the-money deriva-tive instrument upon expiration,
 the delivery of Securities pursuant to a written option that is exercised against a Covered
 Person and the assignment of options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases
 or sales of broad-based market exchange traded funds ("BB ETFs"). Information
 pertaining to BB ETF's is posted on the personal trading system dashboard. Transactions
 in all other ETFs must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Purchases
 and sales of open-end mutual funds and variable insurance products, including funds organized
 outside the U.S. with a structure similar to that of open-end mutual funds that are not managed
 by First Eagle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Gifts
 of Securities received, if the Covered Person does not control the timing of the gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Transactions
 in 529 College Savings Plans do not require pre-clearance and are not reportable. **Note:** *Please refer to Section XIII for reporting 529 accounts.* 

**V.** **PRE-CLEARANCE PROCEDURES** 

Covered Persons are required to obtain pre-approval for personal trades as described below.

**Note:** *Covered Persons must pre-clear transactions in Securities in which they have Ben-eficial Ownership. Additionally, a Covered Person must pre-clear Securities transactions for their spouse, domestic partner, minor children or any other person to whom a Covered Person provides significant financial support, as well as transactions in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Personal Trading System**

Covered Persons are required to pre-clear all personal transactions in Securities through the personal trading system, except for (i) transactions in Exempt Securities; and (ii) transactions listed under Pre-Clearance Exemptions.

Upon submitting a pre-clearance request through the personal trading system, a Cov-ered Person will receive an approval or denial message in connection with their re-quest. Although First Eagle retains records of all electronic pre-clearance requests, it is recommended that the Covered Person print and retain copies for their records. A link to the personal trading system can be found via the First Eagle Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. How Long Are Approvals Effective?**

Pre-clearance approvals for Securities ***traded in the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the day that a pre-clearance request has been approved. Pre-clearance approvals for Se-curities ***traded outside the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the business day following approval of a pre-clearance request. To make any modification to a previously pre-cleared trade request (for instance, date of execution or share quantity), a Covered Person must submit a new pre-clearance request and receive approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Special Pre-Clearance Requirements**

Covered Persons may be subject to special pre-clearance requirements either in ad-dition to, or in place of, those pre-clearance requirements described in this section. Such requirements may be necessary due to the risks presented by a particular posi-tion held within First Eagle. In such cases, the Code of Ethics Office will notify Covered Persons of any special pre-clearance requirements.

**VI.** **AFFILIATED CLOSED-END FUNDS – SPECIAL PRE-CLEARANCE PROCEDURES** 

Covered Persons who want to purchase or sell an Affiliated Closed-End Fund must submit a pre-clearance request through the personal trading system. In determining whether to grant approval for the trade, the Code of Ethics Office makes an assess-ment as to whether the transaction complies with this Policy, including the 60-Day Holding Period applicable to Affiliated Closed-End Funds. In addition, the respec-tive Company's CCO (or designee) for third party funds sub-advised by a Company verifies that your transaction does not conflict with any specific Fund information. Your request will be denied if the transaction would violate any requirements of this Policy.

Section 16 Requirements

Common shares of closed-end funds are registered under Section 12 of the Exchange Act. As such, there are specific reporting requirements and trading prohibitions un-der Sections 16(a) and 16(b) of the Exchange Act and Section 30(h) of the Invest-ment Company Act if you are deemed to be a "Section 16 Person" with respect to a closed-end fund that include special filing obligations with the SEC. The Legal and Compliance Department will notify you if you are deemed to be a Section 16 Person in connection with an Affiliated Closed-End Fund. Even though individuals are personally responsible to file the forms with the SEC under Section 16, the Legal and Compliance Department will manage the Section 16 filings on your behalf, if authorized by you. In connection with Affiliated Closed-End Funds, if you are a Sec-tion 16 Person, the Code of Ethics Office must provide your trade execution details to the Legal and Compliance Department or to the respective Company's CCO (or designee) for third party closed-end funds sub-advised by First Eagle or its affiliates within one business day for filing purposes.

In addition, Section 16(b) of the Exchange Act (together with Section 30 (h)) pro-hibits Section 16 Persons from profiting from the purchase and sale, or sale and purchase, of an applicable Closed- End Fund within a six-month period (referred to as "short-swing profits"). Any such profits realized are required to be forfeited to the applicable Closed-End Fund.

**VII.** **BLACKOUT PERIODS – CLIENT TRADES** 

Potential conflicts of interest are of particular concern when a Covered Person buys or sells a Security at or near the same time as First Eagle buys or sells that Security or an Equivalent Security for Clients. The potential appearance of impropriety in such cases is particularly severe if the Covered Person acts as the portfolio manager or in another investment-related capacity for the Clients in question.

To reduce the potential for conflicts of interest and the potential appearance of im-propriety that can arise in such situations, this Policy prohibits Covered Persons from trading for their Reportable Accounts during certain periods before, during and after trading is being conducted on behalf of Clients. The period during which personal securities transactions are prohibited is commonly referred to as a "blackout period." The applicable blackout period depends on (i) whether a transaction is classified as a De Minimis Transaction, as defined below; and (ii) whether the potential investor is an Access Person or an Investment Person.

First Eagle recognizes that the application of a blackout period during the period *prior* to Client transactions may result in inadvertent violations of this Policy from time to time. Covered Persons should consider carefully the potential consequences of the applicable blackout period before engaging in personal securities transactions in Securities or Equivalent Securities, which First Eagle holds, or might consider holding, in Client accounts.

Covered Persons who have any questions about the application of the blackout peri-ods to a particular situation should contact the Code of Ethics Office before submis-sion of a trade request.

The blackout periods below apply to both Securities and Equivalent Securities.

**Caution:** *Because of the many variations and complexities of options transactions, Cov-ered Persons are strongly encouraged to seek guidance from the Code of Ethics Office if they are unsure whether a particular option is deemed to be an Equivalent Security.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Blackout Periods**

The blackout periods described below do not apply to: (i) Exempt Securities; or (ii) the transactions listed under Pre-Clearance Exemptions.

Orders Under Consideration

Covered Persons may not purchase or sell a Security or Equivalent Security if such person knows the Security or Equivalent Security is being considered for purchase or sale on behalf of a Client, even though no buy or sell orders have been placed at the time.

Same-Day Blackout Period

Access Persons may not purchase or sell a Security or Equivalent Security if there is a *pending* buy or sell order for a Client in the Security or Equivalent Security, until the order is executed, withdrawn or meets the De Minimis Exemption.

Investment Persons may not purchase or sell the same Security or Equivalent Security on a day during which a buy or sell is made on behalf of any Client in that same Security or Equivalent Security. **Note:** *The De Minimis Exemption is not available to Investment Persons.*

Seven-Day Blackout Period – For Investment Persons only

The purchase or sale of a Security or Equivalent Security are prohibited within seven calendar days before and after the purchase or sale of the relevant Security or Equiva-lent Security by a Client.

Short Sale of Securities – For Investment Persons only

Short sales of any security held by a Client are not permitted. This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, purchases of put options while not owning the un-derlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. De Minimis Transactions**

The following transactions by Access Persons are defined as "De Minimis Transac-tions" under this Policy:

Purchases and sales of a Security or an Equivalent Security where, ***in aggregate, the trade*** does not exceed 1,000 shares per day in that issuer and which the issuer has a total market capitalization of $25 billion or greater at the time of investment.

Such transactions present little or no risk of conflict with Client transactions because they involve a relatively small number of highly liquid Securities. However, it should be noted that issuer market capitalization amounts often change. Accordingly, a Cov-ered Person may purchase a Security that has a market capitalization of greater than $25 billion only to find out that they cannot sell the Security at a later date because the market capitalization has fallen below $25 billion and their sale would be during a blackout period in connection with a Client trade in the same Security or Equiva-lent Security. If a Covered Person is unsure whether a Security meets the market capitalization criteria, please contact Legal and Compliance.

**Note:** *De Minimis Transactions are nevertheless (i) required to be pre-cleared and re-ported; and (ii) subject to a ban on short-term trading profits as described in the section "Ban on Short-Term Trading Profits."*

**VIII.** **BLACKOUT PERIODS – AFFILIATED OPEN AND CLOSED-END FUNDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Blackout Period – Affiliated Open-End Funds**

A personal trading blackout may be put in place in connection with shares of Affiliated Open-End Mutual Funds up until the release of certain information regarding the Funds to the public. Reasons for a personal trading blackout with respect to a Fund may include but are not limited to: (i) an upcoming change in portfolio man-agement; (ii) a planned reorganization of a Fund, including a merger into an existing Fund; or (iii) an anticipated dissolution/liquidation of a Fund. Please note that this type of information regarding the Funds is confidential and must not be discussed with, or disclosed to, anyone outside of First Eagle.

**Note:** *The blackout period applies to all share classes across all accounts in which Covered Persons are Beneficial Owners, including transactions in First Eagle 401(k) Plans if they are **not** effected through the firm's automatic investment plan, such as rebalancing transac-tions and fund transfers.*

Covered Persons are notified of such a personal trading blackout for the Funds in ad-vance of the blackout period. Information pertaining to a firm-wide blackout period for a Fund is posted on the personal trading system dashboard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Blackout Period - Affiliated Closed-End Funds**

Affiliated Closed-End Funds may be subject to blackout periods surrounding a Fund's dividend declaration press release and quarterly earnings release that may pre-vent you from purchasing or selling the Fund. Affiliated Closed-End Funds may also be subject to blackout periods surrounding events involving Funds that have not yet been disclosed to the public.

**Note:** *Refer to the Closed-End Funds Dividend Blackout Calendar posted on the Compli-ance tab of the Company Intranet.*

**IX.** **SHORT-TERM (FREQUENT) TRADING IN OPEN-END MUTUAL FUNDS** 

Covered Persons are prohibited from engaging in market timing (frequent trading) in shares of any mutual fund including the First Eagle Open-End Mutual Funds. Fre-quent trading (including exchanges) of mutual fund shares, also known as "market-timing" may increase mutual fund transaction and administration costs and other-wise negatively affect a mutual fund's investment program, possibly diluting a mutual fund's value to its longer-term investors. The Board of Trustees of the First Eagle Funds have adopted a policy to deter inappropriate trading. The policy is set forth in the First Eagle Open-End Mutual Funds' prospectus, which governs all trading activity in the Funds.

Any activity that may be deemed to be frequent trading or market timing will be re-viewed by the Code of Ethics Office, who will refer instances to the Chief Compliance Officer. The Chief Compliance Officer in consultation with members of the Legal and Compliance Department, will take disciplinary action as it deems appropriate.

Covered Persons must also comply with the holding period policy of any mutual fund held whether or not the mutual fund is part of the First Eagle Funds. Covered Persons are expected to abide by trading restrictions imposed by other mutual funds as described in the relevant prospectus.

**X.** **BAN ON SHORT-TERM TRADING PROFITS** 

Frequent personal trading can distract a Covered Person from their job and, in turn, conflict with their fiduciary duty to Clients. Short-term trading increases the risks of front running and of abuse of confidential information. Covered Persons are prohib-ited from profiting from the purchase and sale or sale and purchase (or in the case of derivatives – short sales or similar transactions) of a Security or Equivalent Security within 60 calendar days.

For clarity, except as otherwise noted, this prohibition also applies to short-term profiting through the use of derivatives and Equivalent Securities, either alone (e.g., exercising an option within 60 days of purchasing the option) or in combination with other securities transactions (e.g., selling the underlying or similar Security or Equivalent Security within 60 days of purchasing a call on such Security).

Any series of transactions made which violate (or are counter to) the spirit of the 60-day rule, such as the establishment of a long position and subsequent establishment of a short position (or vice versa), in the same Security or Equivalent Security, may be deemed a violation by the Code of Ethics Office.

A series of purchases and sales is measured on a last-in, first-out basis ("LIFO" ac-counting method) until all purchases and sales transactions of the same Security or Equivalent Security within a 60-calendar day period in a Reportable Account are matched. A purchase or sale is ordinarily deemed to occur on trade date. The pur-chase date is day 1, therefore day 61 is the first day a sale of those Securities may be made at a profit.

**The ban on short-term trading profits does not apply to the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exempt
 Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broad-Based
 ETFs or options on Broad-Based ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broad-Based
 Index Options and Index Futures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary
 option assignment/transfer and exercise.

**XI.** **RESTRICTED/WATCH LISTS** 

From time to time, First Eagle may place restrictions on personal trading in the Securities of a company. Restrictions may be implemented, for example, to enhance an information barrier by preventing the appearance of impropriety in connection with trading, or by preventing the use or appearance of the use of inside information. Covered Persons are prohibited from trading in the Securities of any issuer on the firm's restricted list if the restrictions apply to personal account dealings.

First Eagle may also place the Securities of a company on a watch list. In such cases, the Code of Ethics Office reviews any personal trading activity in the Securities of an issuer on the watch list on a post-trade basis and evaluates whether there is any ap-pearance of impropriety with respect to the personal trades by that Covered Person.

**XII.** **PUBLIC OFFERINGS** 

Covered Persons may not participate in initial public offerings of equity and equity-related Securities. Acquisitions of Securities in other public offerings are subject to pre-clearance procedures. Public offerings give rise to potential conflicts of interest that are greater than those present in other types of personal securities transactions since such offerings are generally only offered to institutional and retail investors who have a relationship with the underwriters involved in the offering. To preclude any possibility of a Covered Person profiting from his/her position with First Eagle, the following rules apply to public offerings.

Initial Public Offerings ("IPO's") – Equity Securities and certain Digital Investment Assets

As noted above, Covered Persons are prohibited from purchasing equity and eq-uity related Securities in an IPO (including ICOs, initial coin offerings of digital or token assets).

**Note:** *This prohibition does not apply to Exempt Securities, to investments in public offer-ings if such an investment is available due to the Covered Person's existing investment in a Private Placement, or to Affiliated Closed-End Funds. However, Private Placements are subject to prior review and approval by the Covered Person's Department Manager and are subject to Legal and Compliance review. Additionally, **digital assets or coins** may be deemed securities by the SEC and as such employees are prohibited from participating in the initial public offering.*

Secondary Offerings – Equity Securities

Subject to pre-clearance approval and other provisions of this Code, Covered Persons are generally permitted to purchase equity and equity related Securities in second-ary offerings of those Securities, unless First Eagle is participating in the offering on behalf of its Client accounts.

Debt Offerings

Subject to pre-clearance approval, Covered Persons are generally permitted to pur-chase debt Securities in public offerings of those Securities, unless First Eagle is par-ticipating in that offering on behalf of its Client accounts. Covered Persons cannot participate in any public offering of debt Securities if First Eagle is participating in the offering on behalf of its Client accounts unless it is an Exempt Security.

**XIII.** **PRIVATE PLACEMENTS – SPECIAL PRE-CLEARANCE PROCEDURES** 

Acquisitions of Securities in unaffiliated Private Placements (including any Digital Investment Assets or loans) are subject to special pre-clearance procedures. Private Placements typically include investments in the acquisition of securities of, or loans to, non-firm hedge funds, PIPEs, limited partnerships, limited liability companies, S corporations, and other legal entities. Prior approval is required by the Covered Person's department manager and this approval must be submitted for review to the Code of Ethics Office. The form for this purpose is located in the personal trading system. In determining whether to grant approval, the following should be consid-ered but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether
 the investment opportunity should be reserved for Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether
 the opportunity to invest has been offered to a Covered Person solely by virtue of their
 position at First Eagle; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether
 the opportunity to invest could be considered a favor or gift designed to influence a Covered
 Person's judgment as an employee of First Eagle or as compen-sation for services rendered
 to the issuer.

**Note:** *A Covered Person must provide documentation confirming their investment in an approved Private Placement to the Code of Ethics Office upon completion of their investment. The Covered Person must also notify, in advance, the Code of Ethics Office if there are any changes in the circumstances of their Private Placement investment (e.g., additional contributions, liquidation or dissolution of the company). Additional contri-butions to an existing Private Placement must be pre-cleared as new Private Placement investments. For IPOs stemming from an existing Private Placement, refer to the section "Public Offerings."*

**Investment Persons who have acquired Beneficial Ownership of Securities in a Private Placement, must disclose the investment when playing a part in any consideration of an investment by a Client in the issuer of the Securities.** Any decision to make such an investment must be independently reviewed by the Head of a Covered Person's Investment Team or by a portfolio manager who does not have Beneficial Ownership of any Securities of the issuer. The Code of Ethics Office must also be consulted in such instances.

**XIV.** **REPORTABLE ACCOUNTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Accounts Required to be Reported**

The following personal accounts are required to be reported to the Code of Ethics Office: (i) upon hire; (ii) upon a change in a Covered Person's category classification; (iii) before or at the time a new account is opened<sup>1</sup>; and (iv) annually, as described in the section "Reporting and Certification Requirements":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts
 in the name of, or for the direct or indirect benefit of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Covered Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Covered Person's spouse, domestic partner, minor children and any other person to whom a Covered Person provides significant financial support, as well as to transactions in any other account over which they exercise investment dis-cretion or trading authority, regardless of Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accounts
 that are fully managed by a third party where a Covered Person does not directly or indirectly
 influence or control investment selections for the ac-count through recommendation, advice,
 pre-approval or otherwise (i.e., suggest or direct any particular purchase or sale of securities
 or consult a particular al-location of investments to be made). **Note:** *Covered Persons will be required to provide documentation to verify that the account is fully managed by their broker or financial adviser and they will be required to execute an initial attestation and an-nual certification thereafter.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts that
 have the ability to hold Reportable Securities, even if the account currently only holds
 Exempt Securities. **Example:** *If a Covered Person has a 401(k) Plan with a prior employer that includes a First Eagle Fund as an investment option, the account is required to be reported regardless of whether a Covered Person holds that particular First Eagle Fund in their account.* 

Examples of the types of accounts that a Covered Person must report if the account holds or has the ability to transact Reportable Securities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual
 Retirement Accounts ("IRAs"), including but not limited to, Tradition-al IRAs,
 Rollover IRAs, Contributory IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k)
 Plans and Other Retirement and Savings Accounts, including Personal Choice Retirement Accounts
 offered through the First Eagle 401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee
 Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Health
 Savings Accounts;

1 FEFD personnel (includes registered representatives and associated persons) must obtain written au-thorization from the Code of Ethics Office prior to opening a Reportable Account at any Broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic
 Investment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend
 Reinvestment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct
 Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred
 Compensation Plan Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Custodial
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable
 Annuity Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529
 College Savings Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts that
 hold Digital Investment Assets (other than specifically designated Digital Currencies). **Note:** *Refer to glossary or personal trading system dashboard for a list of designated Digital Currencies that are not subject to reporting.* 

If a Covered Person is unsure whether an account is required to be reported, please contact Legal and Compliance for guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Reporting of Transactions - Designated Broker-Dealers**

SEC Rules 204A-1 and 17j-1 require an adviser's employees who have been desig-nated as Access Persons and Investment Persons to provide quarterly reports of their personal securities transactions no later than 30 days after the close of each calendar quarter.

To assist Covered Persons with this reporting requirement, First Eagle permits main-taining Reportable Accounts with broker-dealers that provide electronic feeds into the personal trading system as "Designated Broker-Dealers." A list of First Eagle's Designated Broker-Dealers is posted on the personal trading system dashboard. The Code of Ethics Office receives automated trade confirmations and/or account state-ments directly from these broker-dealers, thereby eliminating the need for a Covered Person's broker-dealer to submit copies of these documents in paper format. At the end of each calendar quarter, Covered Persons are required to review their Securities transactions via the personal trading system and affirm their accuracy.

Covered Persons are required to maintain their Reportable Accounts with a Desig-nated Broker-Dealer, unless they have submitted an exception request in writing and received prior approval from the Code of Ethics Office to maintain the account(s) with a non-Designated Broker-Dealer. For more information, please refer to the sec-tion "Reporting of Transactions – Non-Designated Broker-Dealers."

If a Covered Person opens a new Reportable Account with a Designated Broker-Dealer, they must promptly notify Legal and Compliance in writing of the new account and provide account details. FEFD personnel (including registered repre-sentatives and associated persons) must obtain written authorization from the Code of Ethics Office prior to opening a Reportable Account at any broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting of Transactions - Non-Designated Broker-Dealers**

Certain limited exceptions may be granted that would allow a Covered Person to maintain a Reportable Account with a non-Designated Broker-Dealer. For example, an exception may be granted based on the type of the account (e.g., a 401(k) ac-count with a prior employer, a spousal 401(k) account with the spouse's employer, an employee stock purchase plan account or a direct stock purchase plan account). An exception may also be granted if a Covered Person's spouse works for another invest-ment adviser or broker-dealer with their own designated or preferred broker-dealer requirement.

If the Covered Person is a new Access Person or Investment Person, they are required to transfer their Reportable Account(s) to a Designated Broker-Dealer within a rea-sonable period of time from the commencement of their employment with First Eagle or from the date they become an Access Person or Investment Person resulting from a change in their category classification, unless they have been granted an excep-tion for the account(s).

Prior to opening an account with a Non-Designated Broker-Dealer, a Covered Per-son must submit a request in writing to the Code of Ethics Office. The notification must include the name of the broker-dealer, the type of account and the reason(s) for requesting the exception. The Code of Ethics Office will notify the Covered Person as to whether their request was approved or denied.

Covered Persons are required to submit duplicate trade confirmations and/or account statements no later than 30 days after the end of the calendar quarter. The Code of Ethics Office will send a FINRA Rule 3210 Letter to the broker-dealer requesting these documents. If the broker-dealer is unable to routinely provide the documents to First Eagle, Covered Persons are required to provide the documents to the Code of Ethics Office by the deadline. At the end of each calendar quarter, Covered Per-sons will be required to review the securities transactions via the personal trading system and affirm their accuracy. If the circumstances of the non-Designated Broker-Dealer account change in any way, it is the Covered Person's responsibility to notify the Code of Ethics Office immediately. Please note that the nature of the change in circumstances reported may cause the Designated Broker-Dealer exception to be revoked. Also note that an exception request must be made for each account to the Code of Ethics Office. Covered Persons may not assume that because an exception was granted in one instance that they would necessarily be permitted to open a new account with the same non-Designated Broker-Dealer or another non-Designated Broker-Dealer.

First Eagle treats all trade confirmations and account statements as confidential and only discloses such information to the personal trading system vendor, in connection with an audit request or upon a request by a regulatory authority.

**XV.** **REPORTING AND CERTIFICATION REQUIREMENTS** 

Under SEC Rule 204A-1, advisers must provide each Supervised Person with a copy of the Code of Ethics and any amendments. The Code of Ethics must also require each Supervised Person to acknowledge its receipt, in writing. For purposes of this Code, Supervised Persons are Covered Persons. In addition, Covered Persons are required to provide a complete report of their respective Securities holdings at the time the person becomes a Covered Person and at least once a year thereafter. The information supplied must be current as of a date not more than 45 days prior to the individual becoming a Covered Person (initial report) or prior to the date the report is submitted (annual report). The Code of Ethics Office provides Covered Persons with notification of, and instructions pertaining to, their initial and annual reporting and certification requirements.

Covered Persons

Within 10 days of becoming a Covered Person (either following the commencement of employment with First Eagle or due to a change in their category classification), Covered Persons are required to (1) certify their receipt and understanding of and compliance with the Code of Ethics; and (2) complete an initial report of personal Securities holdings and accounts and submit the report, along with any relevant doc-umentation as requested by the Code of Ethics Office.

On an annual basis, Covered Persons are required to (1) re-certify their understand-ing of and compliance with the Code of Ethics; (2) provide information regarding their Securities holdings; and (3) certify to a list of their current Reportable Accounts.

Disinterested Trustees

Disinterested Trustees are required to report, with respect to any Securities transac-tion in which they have Beneficial Ownership, if they knew, or in the ordinary course of fulfilling their official duties as Disinterested Trustees, should have known, that 15 days immediately before or after the date of their transaction, the Security or Equiva-lent Security was purchased or sold by a First Eagle Fund or considered for purchase or sale by a First Eagle Fund. Such report shall be made not later than 30 days after the calendar quarter in which any Securities transaction was effected.

**XVI.** **EXEMPTIONS FROM THIS POLICY** 

A Covered Person may apply for an exemption from a provision of this Policy by making a request in writing to the Code of Ethics Office. The request must fully describe the basis upon which the request is being made. As part of the consideration process, the Code of Ethics Office will determine if a Client may be disadvantaged by the request and consider any other relevant factors in deciding whether to grant or deny the request.

No exemptions may be granted for those sections of this Policy that are mandated by Rule 17j-1 or Rule 204A-1.

**XVII.** **CONSEQUENCES OF VIOLATIONS OF THIS POLICY** 

Compliance with this Policy is considered a basic condition of employment with the firm. First Eagle takes this Policy and Covered Persons' obligations under it very seri-ously. Any violation of this Policy may constitute grounds for remedial action, which may include, without limitation: a letter of education, warning or censure, recertifi-cation of the Code, cancellation, liquidations or otherwise unwind the transaction, disgorgement of profits,<sup>2</sup> suspension of trading privileges, termination of officer title, and/or suspension or termination of employment. Situations that are questionable may be resolved against a Covered Person's personal interests. Violations of this Policy may also constitute violations of law, which could result in criminal or civil penalties for a Covered Person and First Eagle.

In addition, the Federal Securities Laws require companies and supervisors to reason-ably supervise Covered Persons with a view toward preventing violations of law and violations of a company's Code. As a result, all Covered Persons who have supervisory responsibility should endeavor to ensure that the Covered Persons they supervise, including Temporary Workers, are familiar with and remain in compliance with the requirements of this Policy.

**XVIII.** **REPORTING OF VIOLATIONS** 

Violations of this Code must be reported to the Code of Ethics Office and sub-sequently to each Company's CCO (or designee). As required by Rule 17j-1, in connection with any First Eagle Fund, the Code of Ethics Office will report on a quarterly basis or as needed, any material violations of this Policy to the Funds' CCO who in turn will report to the First Eagle Funds' Boards of Trustees.

**XIX.** **QUESTIONS CONCERNING THIS POLICY** 

Given the seriousness of the potential consequences of violations of this Policy, all Covered Persons are urged to seek guidance with respect to issues that may arise. Determining whether a situation may create a potential conflict of interest, or the appearance of such a conflict, may not always be easy, and situations inevitably arise from time to time that require interpretation of this Policy as related to particular circumstances. If a Covered Person is unsure whether a proposed transaction is con-sistent with this Policy, please consult with the Code of Ethics Office.

2 Any profits realized as a result of personal transactions that violate the Code may be required to be dis-gorged to a charity or charitable foundation selected by First Eagle, in its sole discretion.

**XX.** **CODE OF ETHICS OFFICE CONTACT INFORMATION** 

For purposes of this Policy, the contact information is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal
 Trading Helpline: **(212) 373-5488;** or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outlook
 Group E-Mail Address: <u>CodeofEthics@FEIM.com</u> 

**XXI.** **DEFINITIONS** 

The following definitions apply to terms that appear in this Policy. Additional defini-tions are contained in the text itself.

1940 Act

The Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

Access Person

Any employee, director, trustee, officer, general partner of First Eagle or any Advisory Person of First Eagle, or anyone who has access to non-public information regard-ing the First Eagle Funds' or Clients purchase or sale of securities and is under First Eagle's supervision and control. For Disinterested Trustees of the First Eagle Funds, see "Application of the Code of Ethics to Disinterested Trustees."

Advisers Act

The Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder.

Advisory Person

Any employee of First Eagle who, in connection with their regular function or duties, makes, participates in, or obtains information regarding the purchase or sale of a se-curity by a Client and whose functions relate to the making of any recommendations with respect to such purchases or sales, and shall include any natural person control relationship with First Eagle who obtains information concerning recommendations made to Clients with regard to the purchase or sale of a security.

Affiliated Closed-End Funds

Closed-end funds that are advised or sub-advised by First Eagle or its subsidiaries or distributed by FEFD. **Note:** Closed-end funds include business development com-panies and interval funds.

Affiliated Open-End Funds

Open-end mutual funds that are advised, sub-advised or distributed by First Eagle.

Beneficial Ownership

For purposes of this Policy, Beneficial Ownership is interpreted in the same way as it would under Rule 16a-1(a)(2) of the Exchange Act, and the rules thereunder. A Covered Person is considered to have Beneficial Ownership of Securities if they have or share a direct or indirect Pecuniary Interest in the Securities. Through indirect Pecuniary Interest, a Covered Person will generally be deemed to have Beneficial Ownership of Securities held by members of their immediate family sharing the same household and other individuals for whom the Covered Person provides significant economic support, and Securities held in investment vehicles for which the Covered Person serves as general partner or managing member, among other circumstances. See the definition of "Pecuniary Interest" below.

A Covered Person is also considered to have Beneficial Ownership of Securities held in a trust where (i) they act as trustee and either their or members of their immedi-ate family have a vested interest in the principal or income of the trust; or (ii) the Covered Person acts as settlor of a trust, unless the consent of all of the beneficiaries is required in order for the trust to be revoked.

Broad-Based Market Exchange Traded Fund ("BB ETF")

Generally, an index designed to reflect the movement of an entire market. BB ETFs will have a minimum of 30 securities with no one security representing more than 25% of the index at the time of purchase.

Clients

Collectively, the First Eagle Funds, sub-advised Funds, private funds, private pooled vehicles and separately managed accounts.

Control

Shall have the same meaning as set forth in Section 2(a)(9) of the 1940 Act.

Designated Broker-Dealer

As determined by the CCO, a broker-dealer that directly provides First Eagle with automated trade confirmations and/or account statements for Covered Persons.

Disinterested Trustee

Disinterested Trustee of the First Eagle Funds shall mean a trustee thereof who is not an "interested person" of the First Eagle Funds within the meaning of Section 2(a) (19) of the Act.

Digital Investment Asset

An asset that is issued and transferred using distributed ledger or blockchain technol-ogy, including, but not limited to, so-called "coins," and "tokens."

Digital Currency

Any Digital Investment Asset that has been designated as a "virtual currency" based on the use of distributed ledger or blockchain technology to store and transfer value interests. As of the Effective Date of this Code of Ethics, First Eagle recognizes Bit-coin, Ethereum, and Litecoin as Digital Currencies, which will not be subject to pre-clearance or reporting. All other distributed ledger or blockchain technology stored value interests are deemed Digital Investment Assets and are subject to pre-clearance, unless specifically designated a Digital Currency by the Code of Ethics Office. A designation by First Eagle of any distributed ledger or blockchain technology stored value interests as a Digital Currency or Digital Investment Asset is solely for purposes of this Code of Ethics and should not be relied on for any other purpose.

Equivalent Security

An "Equivalent Security" for purposes of this Policy means any option (including op-tions on digital investment assets and digital currencies), warrant, convertible secu-rity, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to the value of the underlying Security, or similar Securities with a price derived from the value of the underlying Security.

ETF

An exchange-traded fund (ETF) is an investment vehicle that has many of the at-tributes of mutual funds but trades throughout the day on an exchange like a stock.

Exchange Act

Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

Federal Securities Laws

Including without limitation, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Gramm-Leach-Bliley Act, the Dodd-Frank Act of 2010, any rules ad-opted by the SEC and other regulatory bodies under these statutes, the U.S.A. Patriot Act and Bank Secrecy Act as they apply to mutual funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

First Eagle

First Eagle Investment Management, LLC ("FEIM"), FEF Distributors, LLC, First Eagle Alternative Credit, LLC, First Eagle Separate Account Management, LLC, First Eagle Investment Management, LTD, First Eagle Investment Management, GMBH and the First Eagle Funds (individually or collectively, as the context may require).

First Eagle Funds

Open and Closed-End Funds that are part of the First Eagle Family of Funds (each a "First Eagle Fund" and collectively, the "First Eagle Funds").

IPO

An initial public offering, also referred to as a "new issue" under Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5130, means an offering of securities reg-istered under the Securities Act, the issuer of which, immediately before the registra-tion, was not subject to the requirements of Section 13 or 15(d) of the Exchange Act to file public periodic reports with the SEC.

Narrow-Based Security Indices for Futures

As set out by the NFA/CFTC (which is different from how we determine narrow based indices for ETFs) an index is considered a narrow-based security index if it has any one of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 index consists of nine or fewer component securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One
 stock constitutes more than 30% of the index's weightings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 five highest weighted stocks comprise more than 60 percent of the index's weightings;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 in the lowest 25% of the index's weighting fall below specified thresholds of average
 daily trading volume.

Non-Public Information

Non-Public Information is information which has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or when the recipient knows or should know that the information can only have been provided by an "insider" is also Non-Public Information.

NYSE

New York Stock Exchange

Pecuniary Interest

A Covered Person has a Pecuniary Interest in Securities if they have the opportunity to directly or indirectly benefit or share in any profit derived from a transaction in the Securities. The following are examples of an *indirect* pecuniary interest in Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held by members of a Covered Person's immediate family sharing the same household unless
 it can be established that profits derived from transactions in these Securities do not provide
 the Covered Person with any economic benefit, subject to review and approval by Legal and
 Compliance. Immediate family means any child, stepchild, grandchild, parent, stepparent,
 grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, broth-er-in-law or sister-in-law, and includes any adoptive relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held by any individual for whom the Covered Person provided signifi-cant economic support
 during the immediately preceding 12-month period, even if such individual does not share
 the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 Covered Person's interest as a general partner in Securities held by a partnership;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 Covered Person's interest as a managing-member in the Securities held by a lim-ited
 liability company.

A Covered Person does not have a pecuniary interest in the Securities held by a cor-poration or similar entity in which they hold an equity interest, unless the Covered Person is a controlling shareholder of the entity or has or shares investment control over the Securities held by the corporation or similar entity.

PIPEs

Private investments in public equities.

Policy

This Personal Securities Transactions Policy, also referred to as the Code of Ethics.

Private Placements

A private placement is an offering of securities that is exempt from registration under various laws and rules, such as the Securities Act, including investments in limited partnerships and hedge funds. Although private placements are subject to the Se-curities Act, the Securities offered do not have to be registered with the SEC if the issuance of the securities conforms to an exemption from registration as set forth in the Securities Act and SEC rules. As used in this Code of Ethics, a private placement includes the offering of loans.

Reportable Account

An account that is required to be reported by Covered Persons under this Policy.

SEC

Securities and Exchange Commission.

SEC Rule 204A-1

Rule 204A-1 under the Advisers Act, also known as the "Code of Ethics Rule."

Securities Act

Securities Act of 1933, as amended, and the rules and regulations thereunder.

Security

The term "Security", as defined in Section 202(a)(18) of the Advisers Act, means any note, stock, treasury stock, security future, bond, debenture, evidence of in-debtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a secu-rity, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instru-ment commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For purposes of this Policy, commodities, futures and options traded on a commodi-ties exchange, including currency futures, are not Securities. However, securities fu-tures, financial futures and futures and options on narrow-based security indices of securities are Securities.

Security Future

A security future product is a future whose underlying instrument is either a single security or a narrow-based security index.

Supervised Person

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

Temporary Worker

An intern, consultant or person working on a contract basis.

**Revision History**

First Eagle Investment Management, LLC and FEF Distributors, LLC<br> First Eagle Funds and First Eagle Variable Funds

**Amended Dates**

October 1, 2021; September 10, 2020, December 17, 2019; January 1, 2019, April 1, 2017; October 2014; September 2012; April 2012

**First Eagle Credit Opportunities Fund**

Date Adopted: October 1, 2021

**First Eagle Alternative Credit, LLC**

**First Eagle Alternative Capital BDC, Inc.**

Date Adopted: October 1, 2021

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| | |
|:---|:---|
| ![](image_001.jpg) |© 2021 First Eagle Investment Management, LLC. All rights reserved. |
| ![](image_001.jpg) | **First Eagle Investment Management, LLC** \| 1345 Avenue of the Americas, New York, NY 10105-0048 \| www.feim.com |

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## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, **MEHDI MAHMUD**, certify that:

1. I have reviewed this report on Form N-CSR of the First Eagle Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in the report any change in the registrant's internal control over financial reporting
that occurred during the most recent fiscal half-year that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 5, 2023 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

**CERTIFICATIONS**

I, **JOSEPH T. MALONE,** certify that:

1. I have reviewed this report on Form N-CSR of the First Eagle Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in the report any change in the registrant's internal control over financial reporting
that occurred during the most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit
committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 5, 2023 | /s/ Joseph T. Malone |
|  | JOSEPH T. MALONE |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002**

Name of Issuer: First Eagle Funds

In connection with the Report on Form N-CSR for the above named issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.

---

| | |
|:---|:---|
| Date: January 5, 2023 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |
| Date: January 5, 2023 | /s/ Joseph T. Malone |
|  | JOSEPH T. MALONE |
|  | Principal Financial Officer |

---