N-CSRS 1 a19-10464_1ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-7762

 

First Eagle Funds

(Exact name of registrant as specified in charter)

 

1345 Avenue of the Americas

New York, NY

 

10105

(Address of principal executive offices)

 

(Zip code)

 

Sheelyn Michael

First Eagle Funds

1345 Avenue of the Americas

New York, NY 10105

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

1-212-632-2700

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

April 30, 2019

 

 

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.

 


Semi-Annual Report

April 30, 2019

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 Yield Fund

First Eagle Fund of America

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.feim.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly or, if you are a direct investor, by calling 800.334.2143 or by visiting www.Fundreports.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with a Fund, you can call 800.334.2143 or visit www.Fundreports.com. Your election to receive reports in paper will apply to all funds held with First Eagle or your financial intermediary.

Advised by First Eagle Investment Management, LLC



Forward-Looking Statement Disclosure

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seem", "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 | Semi-Annual Report | April 30, 2019
2



Table of Contents

Letter from the President

   

4

   

Management's Discussion of Fund Performance

   

7

   

Performance Chart

   

12

   

First Eagle Global Fund:

 

Fund Overview

   

18

   

Consolidated Schedule of Investments

   

20

   

First Eagle Overseas Fund:

 

Fund Overview

   

36

   

Consolidated Schedule of Investments

   

38

   

First Eagle U.S. Value Fund:

 

Fund Overview

   

52

   

Consolidated Schedule of Investments

   

54

   

First Eagle Gold Fund:

 

Fund Overview

   

60

   

Consolidated Schedule of Investments

   

62

   

First Eagle Global Income Builder Fund:

 

Fund Overview

   

66

   

Schedule of Investments

   

68

   

First Eagle High Yield Fund:

 

Fund Overview

   

82

   

Schedule of Investments

   

84

   

First Eagle Fund of America:

 

Fund Overview

   

92

   

Schedule of Investments

   

94

   

Statements of Assets and Liabilities

   

102

   

Statements of Operations

   

110

   

Statements of Changes in Net Assets

   

114

   

Financial Highlights

   

126

   

Notes to Financial Statements

   

146

   

Fund Expenses

   

174

   

General Information

   

180

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
3



Letter from the President

Mehdi Mahmud

Dear Fellow Shareholders,

As noted in past letters, global risks and market volatility have traveled along divergent paths for many quarters. Economic and geopolitical perils—fiscal imbalances, slowing growth, trade tensions, spreading populism—increased steadily while volatility, often seen as a proxy for risk perception, remained relatively calm. Though our crystal ball is foggy at best, we argued that such a divergence was unlikely to persist; either the economic and geopolitical risks would resolve favorably, or market volatility and risk perception would increase materially.

The latter scenario unfolded during the fourth quarter of 2018. Investor sentiment shifted negatively, and heightened risk sensitivity sent markets into a tailspin. A clear change in posture for monetary policy in the US and elsewhere, along with fiscal stimulus in China, injected stability, which in turn resulted in a rapid rally in the first quarter of 2019, with the MSCI World Index approaching its prior peak toward the end of April. This mini-cycle—a period of volatility with a snapback to the prior high—is a good example of the role we generally strive to serve in customers' portfolios: preventing permanent impairment of capital during down markets and generating attractive absolute returns during up markets. As of November 1, 2018, our Global, Overseas and U.S. Value Funds held approximately 30% of their portfolios in defensive assets—cash and cash equivalents, gold and gold-related equities, and short-term bonds. This positioning both shielded the funds against the full force of the stock market downdraft and supplied the liquidity that enabled us to take advantage of emerging opportunities to buy stocks we considered to be at attractive discounted prices.

The perception of a policy U-turn by the US Federal Reserve ("Fed") appeared pivotal in helping reverse investor sentiment at the start of 2019. Stocks and other global risk assets rebounded on expectations that the Fed would proceed cautiously with any additional rate hikes or adjustments to its ongoing balance-sheet reduction. In addition, amid slowing economic growth, China eased monetary conditions while cutting business taxes and boosting infrastructure spending. The European Central Bank signaled that it would keep its rate-hike plans on hold until 2020 or later. The Bank of Japan announced that it would hold interest rates at their extremely low levels until at least the spring of 2020.

First Eagle Funds | Semi-Annual Report | April 30, 2019
4



Letter from the President

Improved investor sentiment proved fleeting, however, as a mid-May escalation of trade tensions between the US and China gave those already wary of weak global economic momentum another reason to fret. This latest tit-for-tat exchange of tariffs prompted investors to take refuge in perceived safe havens like Treasuries and gold, sending risk assets sharply lower and volatility higher. In early June, however, equity markets began another leg higher on Fed comments that the economic impact of trade frictions could be grounds for more accommodative monetary policy.

As shareholders, you know that First Eagle does not attempt to predict economic or market developments. We invest with a "margin of safety"1 mindset, one security at a time. While fourth quarter market volatility enabled us to build positions in companies we believed to be attractively priced, we remain acutely aware of the longer-term risks that continue to develop across the globe. A continuation of protectionist trade policies likely would be felt broadly, weighing on the growth and productivity of economies worldwide. This includes Europe, which already is contending with slow growth, the ongoing challenge of Brexit and the continued destabilizing rise of anti-establishment sentiment. Debt, too, remains a key concern. China, which has been the epicenter of global debt creation, has opted once again to spur its economy with measures that will add to its sovereign debt, while the US is likely to face persistent budget deficits for years to come despite the overall strength of its economy. Given the magnitude of the global debt overhang, even small downshifts in economic conditions could cause the debt cycle to turn viciously negative—a risk investors have not yet priced into asset valuations.

We believe that our patient, long-term-oriented, "margin of safety" driven approach to value investing has led us to be positioned appropriately for current conditions. We think it is important to remain prudent and to proceed with caution while taking advantage of volatility by deploying capital into great businesses at sensible valuations.

Global Value Team

The Global Value team strives to capitalize on all phases of the market cycle. In falling markets, it aims to buy stocks that are trading below its estimate of intrinsic value; when markets rise it focuses on selling stocks as their prices approach intrinsic value. The Global Value team pursued this countercyclical strategy in the mini-cycle of the November-to-April period, and late-2018 market volatility enabled the team, notably, to expand existing positions across a number of economic sectors. In the Global, Overseas and U.S. Value Funds, holdings of defensive assets—cash, cash equivalents, bonds, gold and gold-related investments—declined in late 2018 but rebuilt as the bull market resumed in 2019 and those Funds became net sellers of stocks.

1  First Eagle defines a "margin of safety" as the difference between a company's purchase price and our estimate of its intrinsic value. Any perceived "margin of safety" or "discount to intrinsic or fundamental value" is no guarantee against loss.

First Eagle Funds | Semi-Annual Report | April 30, 2019
5



Letter from the President

High Yield Team

The high yield market2 passed through its own mini-cycle in this period, marked by losses in 2018 and a powerful rebound at the start of 2019. While the recovery spurred many investors to take a procyclical stance and reach for yield, the High Yield team continued to exercise discipline, striving to reduce exposure to risks for which it believed the market did not provide adequate compensation. The High Yield team emphasized higher credit quality issues (including a considerable number of investment grade bonds), kept duration short and tried to avoid smaller bond issues that might face liquidity constraints in a market downturn.

Fund of America Team

The 2018 decline in the US equity market3 presented a challenge for Fund of America, given the perceived cyclicality of its holdings. However, many of the largest detractors from the Fund's performance in 2018 were among the largest contributors in the bullish environment that emerged in the first few months of 2019, as investors once again were interested in the potential impact of catalysts such as management change and mergers and acquisitions. The Fund of America team has noted that domestic US equity funds have generally seen net outflows over the historically long tenure of the current bull market. The team views this persistent skepticism constructively, as it is rare for a bull market to end when people are pulling money out of it rather than adding to the exuberance of a market top.

Thank you for entrusting your assets to our stewardship.

Sincerely,

Mehdi Mahmud
President

June 2019

2  E.g., the Bloomberg Barclays U.S. Corporate High Yield Index.

3  E.g., the S&P 500 Index.

First Eagle Funds | Semi-Annual Report | April 30, 2019
6



Management's Discussion of Fund Performance (unaudited)*

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 7.50% for the six months ending April 30, 2019, while the MSCI World Index increased 8.83%. The Fund's cash and cash equivalents position was 14.6% as of April 30, 2019.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Oracle Corp. (software, US), Comcast Corp. (media, US), KIA Motors Corp. (automobiles, South Korea) and Teradata Corp. (software, US). Collectively, they accounted for 1.69% points of this period's performance.

The five largest detractors were National Oilwell Varco, Inc. (energy equipment & services, US), Schlumberger Ltd. (energy equipment & services, US), Cielo SA (IT services, Brazil), Sompo Holdings, Inc. (insurance, Japan) and KDDI Corp. (wireless telecommunication services, Japan). Their combined negative performance over the six months subtracted 0.96% points from performance.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares increased 7.01% for the six months ending April 30, 2019, while the MSCI EAFE Index increased 7.45%. The Fund's cash and cash equivalents position was 12.9% as of April 30, 2019.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were gold bullion, KIA Motors Corp. (automobiles, South Korea), Nestle SA (food products, Switzerland), Danone SA (food products, France) and Jardine Matheson Holdings Ltd. (industrial conglomerates, Hong Kong). Collectively, they accounted for 1.94% points of this period's performance.

The five largest detractors were Cielo SA (IT services, Brazil), Sompo Holdings, Inc. (insurance, Japan), KDDI Corp. (wireless telecommunication services, Japan), NTT DOCOMO, Inc. (wireless telecommunication services, Japan) and Telefonica Deutschland Holding AG (diversified telecommunication services, Germany). Their combined negative performance over the six months subtracted 0.97% points from performance.

*  Performance information for Class A Shares is without the effect of sales charges and assumes all distributions have been reinvested. If a sales charge was included values would be lower.

First Eagle Funds | Semi-Annual Report | April 30, 2019
7



Management's Discussion of Fund Performance

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 7.40% for the six months ending April 30, 2019, while the S&P 500 Index increased 9.76%. The Fund's cash and cash equivalents position was 17.5% as of April 30, 2019.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Teradata Corp. (software, US), gold bullion, Oracle Corp. (software, US), Comcast Corp. (media, US) and Colgate-Palmolive Co. (household products, US). Collectively, they accounted for 2.77% points of this period's performance.

The five largest detractors were National Oilwell Varco, Inc. (energy equipment & services, US), Schlumberger Ltd. (energy equipment & services, US), CH Robinson Worldwide, Inc. (air freight & logistics, US), Vista Outdoor, Inc. (leisure products, US) and Devon Energy Corp. (oil, gas & consumable fuels, US). Their combined negative performance over the six months subtracted 1.16% points from performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares increased 10.24% for the six months ending April 30, 2019, while the FTSE Gold Mines Index increased 10.40%. The Fund's cash and cash equivalents position was 5.7% as of April 30, 2019.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Wheaton Precious Metals Corp. (metals & mining, Canada), gold bullion, Tahoe Resources, Inc. (metals & mining, US), Newcrest Mining Ltd. (metals & mining, Australia) and Goldcorp Inc. (metals & mining, Canada). Collectively, they accounted for 6.04% points of this period's performance.

The five largest detractors were Industrias Penoles SAB de CV (metals & mining, Mexico), Fresnillo plc (metals & mining, Mexico), Orla Mining Ltd. (metals & mining, Canada), Guyana Goldfields, Inc. (metals & mining, Canada) and Newmont Goldcorp Corp. (metals & mining, US). Their combined negative performance over the six months subtracted 0.99% points from performance.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares increased 5.74% for the six months ending April 30, 2019, while the MSCI World Index increased 8.83% and the Bloomberg Barclays U.S. Aggregate Bond Index increased 5.49%. The composite index1 returned 7.69% over the same time period. The Fund's cash and cash equivalents position was 7.9% as of April 30, 2019.

1  The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.

First Eagle Funds | Semi-Annual Report | April 30, 2019
8



Management's Discussion of Fund Performance

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Nestle SA (food products, Switzerland), Jardine Matheson Holdings Ltd. (industrial conglomerates, Hong Kong), gold bullion, Colgate-Palmolive Co. (household products, US) and KIA Motors Corp. (automobiles, South Korea). Collectively, they accounted for 1.37% points of this period's performance.

The five largest detractors were Cloud Peak Energy Resources LLC (oil, gas & consumable fuels, US), Cielo SA (IT services, Brazil), Schlumberger Ltd. (energy equipment & services, US), National Oilwell Varco, Inc. (energy equipment & services, US) and NTT DOCOMO, Inc. (wireless telecommunication services, Japan). Their combined negative performance over the six months subtracted 0.82% points from performance.

First Eagle High Yield Fund

The NAV of the Fund's Class I shares increased 1.79% for the six months ending April 30, 2019, while the Bloomberg Barclays U.S. Corporate High Yield Index increased 5.54%. The Fund's cash and cash equivalents position was 5.8% as of April 30, 2019.

The five largest contributors to the performance of First Eagle High Yield Fund over the period were Caelus Energy Alaska 03 LLC, Second Lien Term Loan 9.84% due 04/15/2020 (oil, gas & consumable fuels, US), JBS USA LUX SA 6.75% due 02/15/2028 (food products, US), AMN Healthcare, Inc 5.13% due 10/01/2024 (professional services, US), Shea Homes LP 5.88% due 04/01/2023 (household durables, US) and Acco Brands Corp. 5.25% due 12/15/2024 (commercial services & supplies, US). Collectively, they accounted for 0.80% points of this period's performance.

The five largest detractors were Cloud Peak Energy Resources LLC 12.0% due 11/01/2021 (oil, gas & consumable fuels, US), Southeastern Grocers Inc. (food & staples retailing, US), Ultra Resources, Inc. 7.13% due 04/15/2025 (oil, gas & consumable fuels, US), Weight Watchers International, Inc. 8.63% due 12/01/2025 (diversified consumer services, US) and California Resources Corp. 8.0% due 12/15/2022 (oil, gas & consumable fuels, US). Their combined negative performance over the six months subtracted 2.12% points from performance.

First Eagle Fund of America

The NAV of the Fund's Class Y shares increased 6.76% for the six months ending April 30, 2019, while the S&P 500 Index increased 9.76%. The Fund's cash and cash equivalents position was 5.4% as of April 30, 2019.

First Eagle Funds | Semi-Annual Report | April 30, 2019
9



Management's Discussion of Fund Performance

The five largest contributors to the performance of First Eagle Fund of America over the period were Versum Materials, Inc. (semiconductors & semiconductor equipment, US), Ball Corp. (containers & packaging, US), Cree, Inc. (semiconductors & semiconductor equipment, US), Wyndham Destinations, Inc. (hotels, restaurants & leisure, US) and Post Holdings, Inc. (food products, US). Collectively, they accounted for 6.82% points of this period's performance.

The five largest detractors were Perrigo Co. plc (pharmaceuticals, US), HP, Inc. (technology hardware, storage & peripherals, US), Albemarle Corp. (chemicals, US), Intrexon Corp. (biotechnology, US) and Conduent, Inc. (IT services, US). Their combined negative performance over the six months subtracted 4.30% points from performance.

 

 
Matthew McLennan
Head of the Global Value Team
Portfolio Manager
Global, Overseas,
U.S. Value and Gold Funds
  T. Kimball Brooker, Jr.
Portfolio Manager
Global, Overseas,
U.S. Value and
Global Income Builder Funds
 

 

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

 

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

First Eagle Funds | Semi-Annual Report | April 30, 2019
10



Management's Discussion of Fund Performance

 

 
Harold Levy
Portfolio Manager
Fund of America
  Eric Stone
Portfolio Manager
Fund of America
 

 

 
Lukasz Thieme
Portfolio Manager
Fund of America
  Julien Albertini
Portfolio Manager
Global Income Builder Fund
 

June 2019

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 feim.com or by calling 800.334.2143.

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of June 2019 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 | Semi-Annual Report | April 30, 2019
11



Performance Chart1 (unaudited)

    One-
Year
  Three-
Years
  Five-
Years
  Ten-
Years
  Since
Inception
 

Inception Date

 

First Eagle Global Fund

 
Class A (SGENX)
without sales charge
   

3.26

%

   

6.38

%

   

5.04

%

   

9.52

%

   

12.89

%

 

1/1/19792

 

with sales charge

   

-1.90

%

   

4.57

%

   

3.97

%

   

8.96

%

   

12.78

%

 

1/1/19792

 
Class C (FESGX)    

1.52

%

   

5.58

%

   

4.25

%

   

8.70

%

   

9.46

%

 

06/05/00

 
Class I (SGIIX)    

3.54

%

   

6.66

%

   

5.31

%

   

9.80

%

   

10.36

%

 

07/31/98

 
Class R3 (EARGX)    

3.20

%

   

     

     

     

3.20

%

 

05/01/18

 
Class R4 (EAGRX)    

3.44

%

   

     

     

     

-0.79

%

 

01/17/18

 
Class R6 (FEGRX)    

3.61

%

   

     

     

     

5.15

%

 

03/01/17

 

MSCI World Index3

   

6.48

%

   

11.39

%

   

7.31

%

   

11.58

%

   

9.59

%

 

01/01/79

 

First Eagle Overseas Fund

 
Class A (SGOVX)
without sales charge
   

-1.21

%

   

3.53

%

   

2.97

%

   

8.03

%

   

10.03

%

 

08/31/93

 

with sales charge

   

-6.13

%

   

1.76

%

   

1.92

%

   

7.47

%

   

9.86

%

 

08/31/93

 
Class C (FESOX)    

-2.88

%

   

2.76

%

   

2.21

%

   

7.23

%

   

8.61

%

 

06/05/00

 
Class I (SGOIX)    

-0.91

%

   

3.82

%

   

3.25

%

   

8.31

%

   

9.93

%

 

07/31/98

 
Class R3 (EAROX)    

-1.04

%

   

     

     

     

-1.04

%

 

05/01/18

 
Class R4 (FIORX)    

-1.06

%

   

     

     

     

-3.83

%

 

01/17/18

 
Class R5 (FEROX)    

     

     

     

     

3.17

%

 

03/11/19

 
Class R6 (FEORX)    

-0.86

%

   

     

     

     

3.53

%

 

03/01/17

 

MSCI EAFE Index4

   

-3.22

%

   

7.24

%

   

2.60

%

   

7.95

%

   

4.95

%

 

08/31/93

 

First Eagle U.S. Value Fund

 
Class A (FEVAX)
without sales charge
   

6.59

%

   

8.69

%

   

6.57

%

   

10.01

%

   

8.85

%

 

09/04/01

 

with sales charge

   

1.29

%

   

6.84

%

   

5.48

%

   

9.45

%

   

8.54

%

 

09/04/01

 
Class C (FEVCX)    

4.81

%

   

7.85

%

   

5.76

%

   

9.19

%

   

8.03

%

 

09/04/01

 
Class I (FEVIX)    

6.88

%

   

8.98

%

   

6.85

%

   

10.30

%

   

9.12

%

 

09/04/01

 
Class R3 (EARVX)    

6.48

%

   

     

     

     

6.48

%

 

05/01/18

 
Class R6 (FEVRX)    

6.91

%

   

     

     

     

6.72

%

 

03/01/17

 

S&P 500 Index5

   

13.49

%

   

14.87

%

   

11.63

%

   

15.32

%

   

7.69

%

 

09/04/01

 

First Eagle Funds | Semi-Annual Report | April 30, 2019
12



Performance Chart (unaudited)

    One-
Year
  Three-
Years
  Five-
Years
  Ten-
Years
  Since
Inception
 

Inception Date

 

First Eagle Gold Fund

 
Class A (SGGDX)
without sales charge
   

-9.42

%

   

-7.48

%

   

-3.17

%

   

-1.99

%

   

4.35

%

 

08/31/93

 

with sales charge

   

-13.96

%

   

-9.05

%

   

-4.16

%

   

-2.49

%

   

4.20

%

 

08/31/93

 
Class C (FEGOX)    

-10.99

%

   

-8.19

%

   

-3.92

%

   

-2.75

%

   

3.16

%

 

05/15/03

 
Class I (FEGIX)    

-9.12

%

   

-7.20

%

   

-2.89

%

   

-1.73

%

   

4.22

%

 

05/15/03

 
Class R3 (EAURX)    

-9.36

%

   

     

     

     

-9.36

%

 

05/01/18

 
Class R6 (FEURX)    

-9.05

%

   

     

     

     

-7.49

%

 

03/01/17

 
FTSE Gold
Mines Index6
   

-7.13

%

   

-7.71

%

   

-2.17

%

   

-5.07

%

   

-1.31

%

 

08/31/93

 

MSCI World Index3

   

6.48

%

   

11.39

%

   

7.31

%

   

11.58

%

   

7.00

%

 

08/31/93

 

First Eagle Global Income Builder Fund

 
Class A (FEBAX)
without sales charge
   

2.34

%

   

5.92

%

   

3.45

%

   

     

5.88

%

 

05/01/12

 

with sales charge

   

-2.77

%

   

4.13

%

   

2.39

%

   

     

5.10

%

 

05/01/12

 
Class C (FEBCX)    

0.58

%

   

5.14

%

   

2.67

%

   

     

5.08

%

 

05/01/12

 
Class I (FEBIX)    

2.69

%

   

6.20

%

   

3.73

%

   

     

6.15

%

 

05/01/12

 
Class R3 (FBRRX)    

2.43

%

   

     

     

     

2.43

%

 

05/01/18

 
Class R6 (FEBRX)    

2.73

%

   

     

     

     

5.13

%

 

03/01/17

 

Composite Index7

   

6.28

%

   

7.65

%

   

5.55

%

   

     

6.96

%

 

05/01/12

 

MSCI World Index3

   

6.48

%

   

11.39

%

   

7.31

%

   

     

9.83

%

 

05/01/12

 
Bloomberg Barclays
U.S. Aggregate
Bond Index8
   

5.29

%

   

1.90

%

   

2.57

%

   

     

2.33

%

 

05/01/12

 

First Eagle Funds | Semi-Annual Report | April 30, 2019
13



Performance Chart (unaudited)

    One-
Year
  Three-
Years
  Five-
Years
  Ten-
Years
  Since
Inception
 

Inception Date

 

First Eagle High Yield Fund

 
Class A (FEHAX)
without sales charge
   

3.03

%

   

6.09

%

   

2.61

%

   

     

4.87

%

 

01/03/12

 

with sales charge

   

-1.62

%

   

4.48

%

   

1.68

%

   

     

4.22

%

 

01/03/12

 

Class C (FEHCX)

   

1.27

%

   

5.35

%

   

1.88

%

   

     

4.09

%

 

01/03/12

 

Class I (FEHIX)

   

3.32

%

   

6.44

%

   

2.93

%

   

9.43

%

   

7.90

%

 

11/19/079

 

Class R3 (EARHX)

   

2.94

%

   

     

     

     

2.94

%

 

05/01/18

 

Class R6 (FEHRX)

   

3.28

%

   

     

     

     

3.47

%

 

03/01/17

 
Bloomberg Barclays
U.S. Corporate High
Yield Index10
   

6.74

%

   

7.69

%

   

4.84

%

   

10.15

%

   

7.63

%

 

11/19/07

 

First Eagle Fund of America

 
Class A (FEFAX)
without sales charge
   

-4.80

%

   

4.88

%

   

2.52

%

   

10.78

%

   

7.65

%

 

11/20/98

 

with sales charge

   

-9.55

%

   

3.10

%

   

1.48

%

   

10.21

%

   

7.38

%

 

11/20/98

 

Class C (FEAMX)

   

-6.26

%

   

4.09

%

   

1.75

%

   

9.94

%

   

6.89

%

 

03/02/98

 

Class I (FEAIX)

   

-4.54

%

   

5.18

%

   

2.82

%

   

     

6.21

%

 

03/08/13

 

Class Y (FEAFX)11

   

-4.82

%

   

4.87

%

   

2.51

%

   

10.77

%

   

10.85

%

 

04/10/87

 

Class R3 (EARFX)

   

-4.73

%

   

     

     

     

-4.73

%

 

05/01/18

 

Class R6 (FEFRX)

   

-4.44

%

   

     

     

     

2.08

%

 

03/01/17

 

S&P 500 Index5

   

13.49

%

   

14.87

%

   

11.63

%

   

15.32

%

   

9.90

%

 

04/10/87

 

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

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.

First Eagle Funds | Semi-Annual Report | April 30, 2019
14



Performance Chart (unaudited)

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 Yield Fund, and First Eagle Fund of America require $1 million minimum investment and are offered without a sales charge.

Class Y Shares of First Eagle Fund of America are offered without a sales charge.

Class R4 Shares of First Eagle Global Fund and First Eagle Overseas Fund are offered without a sales charge.

Class R5 Shares of First Eagle Overseas Fund are offered without a sales charge.

Class R3 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 Yield Fund, and First Eagle Fund of America are offered without a sales charge.

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

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

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

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

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

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

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

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

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

11  As of September 1, 2005 First Eagle Fund of America Class Y is closed to new accounts.

First Eagle Funds | Semi-Annual Report | April 30, 2019
15



Performance Chart (unaudited)

Expense Ratios As Stated In The Most Recent Prospectus16

   

Class A

 

Class C

 

Class I

 

Class Y

 

Class R3

 

Class R4

 

Class R512

 

Class R6

 

First Eagle Global Fund

   

1.11

%

   

1.86

%

   

0.84

%

   

     

1.25

%

   

1.02

%

   

N/A

     

0.78

%

 

First Eagle Overseas Fund

   

1.15

     

1.88

     

0.86

     

     

1.21

     

1.03

     

0.95

%

   

0.80

   
First Eagle U.S. Value
Fund13,14
   

1.15

     

1.90

     

0.87

     

     

1.24

     

N/A

     

N/A

     

0.86

   

First Eagle Gold Fund

   

1.29

     

2.05

     

1.00

     

     

1.32

     

N/A

     

N/A

     

0.91

   
First Eagle Global Income
Builder Fund
   

1.18

     

1.93

     

0.92

     

     

1.27

     

N/A

     

N/A

     

0.88

   

First Eagle High Yield Fund13,15

   

1.26

     

2.01

     

0.97

     

     

1.36

     

N/A

     

N/A

     

1.01

   

First Eagle Fund of America

   

1.32

     

2.06

     

1.02

     

1.33

%

   

1.38

     

N/A

     

N/A

     

0.98

   

12  Class R5 Shares commenced investment operations on March 11, 2019 for the First Eagle Overseas Fund. The percentages shown above are based on anticipated expenses of Class R5 for the first fiscal year. However, the rate at which expenses are accrued during the fiscal year may not be constant and, at any particular point, may be greater or less than the stated average percentage.

13  For the First Eagle U.S. Value Fund and High Yield Funds, had fees not been waived and/or expenses reimbursed, returns would have been lower.

14  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 28, 2020. 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.

15  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 0.10% of the average daily value of the Fund's net assets for the period through February 28, 2020. This waiver has the effect of reducing the management fee for the term of the waiver from 0.70% to 0.60% on First Eagle High Yield Fund.

16  Certain other share classes were newly organized during the period but did not yet have assets or expenses during the period.

These expense ratios are presented as of March 1, 2019 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 countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

All securities may be subject to adverse market trends. The value 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. 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.

In addition to investments in larger companies, each Fund may 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 the Fund is a large holder of a small

First Eagle Funds | Semi-Annual Report | April 30, 2019
16



Performance Chart (unaudited)

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. The Funds consider 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.

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.

The event-driven investment style of the First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all, or does not have the desired effect on the market price of the securities.

First Eagle High Yield and Global Income Builder Funds invest in high yield instruments (commonly known as "junk bonds") which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade instruments 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 Yield 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. The fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. The market for bank loans may be illiquid and the fund may have difficulty selling them, especially in the case of leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. At times, 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. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations.

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

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.

All investments involve the risk of loss.

First Eagle Funds | Semi-Annual Report | April 30, 2019
17



First Eagle Global Fund

Fund Overview

Data as of April 30, 2019 (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

   

3.26

     

5.04

     

9.52

   
           

with sales load

   

-1.90

     

3.97

     

8.96

   

MSCI World Index

           

6.48

     

7.31

     

11.58

   

Consumer Price Index

           

2.00

     

1.51

     

1.83

   

Asset Allocation* (%)

Sectors* (%)

 

Financials

   

14.2

   

Industrials

   

12.3

   

Commodities

   

8.7

   

Consumer Staples

   

8.3

   

Materials

   

7.7

   

Information Technology

   

7.6

   

Communication Services

   

6.9

   

Energy

   

6.1

   

Consumer Discretionary

   

5.2

   

Health Care

   

4.2

   

Real Estate

   

3.5

   

Foreign Government Securities

   

0.5

   

Utilities

   

0.2

   

Short-Term Investments

   

14.6

   

Countries*~ (%)

United States

   

45.3

   

Japan

   

11.2

   

United Kingdom

   

6.2

   

France

   

5.2

   

Canada

   

4.5

   

Switzerland

   

2.4

   

Hong Kong

   

2.4

   

South Korea

   

2.1

   

Sweden

   

1.0

   

Germany

   

0.8

   

Thailand

   

0.7

   

Belgium

   

0.5

   

Mexico

   

0.5

   

Australia

   

0.5

   

Taiwan

   

0.4

   

Singapore

   

0.4

   

Ireland

   

0.3

   

Brazil

   

0.3

   

Norway

   

0.2

   

Denmark

   

0.2

   

Russia

   

0.2

   

Indonesia

   

0.1

   

Italy

   

0.0

^

 

Israel

   

0.0

^

 

Malaysia

   

0.0

^

 

Venezuela

   

   

Short-Term Investments

   

14.6

   

^Less than 0.05%.

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

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

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

First Eagle Funds | Semi-Annual Report | April 30, 2019
18



First Eagle Global Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets. 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)

   

8.6

   

Oracle Corp. (Software, United States)

   

2.4

   

Comcast Corp. (Media, United States)

   

2.1

   

Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)

   

1.8

   

FANUC Corp. (Machinery, Japan)

   

1.6

   

Schlumberger Ltd. (Energy Equipment & Services, United States)

   

1.5

   

British American Tobacco plc (Tobacco, United Kingdom)

   

1.5

   

Weyerhaeuser Co. (Equity Real Estate Investment Trusts (REITs), United States)

   

1.5

   

Danone SA (Food Products, France)

   

1.3

   

Philip Morris International, Inc. (Tobacco, United States)

   

1.3

   

Total

   

23.6

   

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

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

Percentages are based on total net assets.

First Eagle Funds | Semi-Annual Report | April 30, 2019
19



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

Common Stocks — 75.8%

 

Australia — 0.5%

 

Newcrest Mining Ltd.

   

13,960,883

     

246,622,189

   

Belgium — 0.5%

 

Groupe Bruxelles Lambert SA

   

2,788,865

     

267,062,257

   

Brazil — 0.3%

 

Cielo SA

   

71,021,952

     

139,106,014

   

Canada — 4.5%

 

Agnico Eagle Mines Ltd.

   

5,969,324

     

247,203,176

   

Barrick Gold Corp.

   

23,564,409

     

299,739,283

   

Cenovus Energy, Inc.

   

13,128,069

     

130,099,164

   

Franco-Nevada Corp.

   

2,231,051

     

159,855,629

   

Imperial Oil Ltd.

   

10,087,781

     

293,062,952

   

Nutrien Ltd.

   

11,230,751

     

608,482,089

   

Power Corp. of Canada

   

8,981,703

     

206,089,087

   

Wheaton Precious Metals Corp.

   

13,906,393

     

301,490,600

   
     

2,246,021,980

   

Denmark — 0.2%

 

ISS A/S

   

3,009,360

     

93,716,417

   

France — 5.2%

 

Bouygues SA

   

1,321,840

     

49,757,208

   

Cie de Saint-Gobain

   

8,744,290

     

358,515,322

   

Danone SA

   

8,247,355

     

666,756,778

   

Legrand SA

   

2,040,139

     

150,058,086

   

LVMH Moet Hennessy Louis Vuitton SE

   

320,194

     

125,713,678

   

Rexel SA

   

11,789,132

     

158,491,838

   

Robertet SA

   

157,260

     

100,361,816

   

Robertet SA CI (non-voting)‡ (a)

   

42,252

     

18,875,373

   

Sabeton SA (b)

   

385,000

     

9,501,905

   

Sanofi

   

5,076,679

     

442,936,671

   

Sodexo SA

   

3,415,190

     

391,666,259

   

Wendel SA

   

1,067,994

     

147,927,668

   
     

2,620,562,602

   

Germany — 0.8%

 

HeidelbergCement AG

   

4,420,456

     

357,703,440

   

Hornbach Baumarkt AG

   

29,871

     

576,257

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
20



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

Germany — 0.8% (continued)

 

Hornbach Holding AG & Co. KGaA (b)

   

1,181,422

     

64,067,755

   
     

422,347,452

   

Hong Kong — 2.4%

 

CK Asset Holdings Ltd.

   

26,868,500

     

216,037,238

   

Guoco Group Ltd.

   

12,693,580

     

188,949,183

   

Hang Lung Properties Ltd.

   

69,905,969

     

164,539,535

   

Hysan Development Co. Ltd.

   

23,322,348

     

130,715,508

   

Jardine Matheson Holdings Ltd.

   

6,979,771

     

459,478,911

   

Jardine Strategic Holdings Ltd.

   

520,800

     

19,701,422

   
     

1,179,421,797

   

Ireland — 0.3%

 

CRH plc

   

4,704,407

     

157,930,173

   

Israel — 0.0% (c)

 

Israel Chemicals Ltd.

   

2,913,659

     

15,470,913

   

Italy — 0.0% (c)

 

Italmobiliare SpA

   

932,842

     

20,758,106

   

Japan — 11.2%

 

Chofu Seisakusho Co. Ltd. (b)

   

3,346,500

     

70,656,849

   

FANUC Corp.

   

4,297,200

     

807,338,873

   

Hirose Electric Co. Ltd. (b)

   

2,622,015

     

303,890,981

   

Hoshizaki Corp.

   

1,628,700

     

105,592,722

   

Hoya Corp.

   

2,572,540

     

181,692,431

   

KDDI Corp.

   

27,239,700

     

627,808,276

   

Keyence Corp.

   

387,100

     

241,857,678

   

Komatsu Ltd.

   

942,500

     

24,345,161

   

Mitsubishi Electric Corp.

   

16,621,500

     

237,852,553

   

Mitsubishi Estate Co. Ltd.

   

30,826,080

     

521,267,486

   

MS&AD Insurance Group Holdings, Inc.

   

6,636,820

     

206,296,894

   

Nissin Foods Holdings Co. Ltd.

   

1,933,930

     

127,990,427

   

NTT DOCOMO, Inc.

   

16,534,400

     

359,054,173

   

Olympus Corp.

   

1,619,924

     

18,181,391

   

Secom Co. Ltd.

   

6,562,730

     

552,131,348

   

Shimano, Inc.

   

1,737,990

     

255,455,654

   

SMC Corp.

   

698,556

     

291,762,439

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
21



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

Japan — 11.2% (continued)

 

Sompo Holdings, Inc.

   

16,952,900

     

639,856,512

   

T Hasegawa Co. Ltd. (b)

   

3,002,800

     

48,519,954

   
     

5,621,551,802

   

Mexico — 0.5%

 

Fresnillo plc

   

18,230,274

     

178,552,478

   

Industrias Penoles SAB de CV

   

6,401,020

     

73,461,772

   
     

252,014,250

   

Norway — 0.2%

 

Orkla ASA

   

13,983,441

     

109,749,633

   

Russia — 0.2%

 

Gazprom PJSC, ADR

   

15,687,012

     

78,424,628

   

South Korea — 2.0%

 

Hyundai Mobis Co. Ltd.

   

1,067,561

     

212,952,037

   

Kia Motors Corp.

   

9,085,322

     

352,182,625

   

KT&G Corp.

   

4,321,898

     

378,046,084

   

Lotte Confectionery Co. Ltd.

   

153,688

     

24,328,294

   

Lotte Corp.

   

913,277

     

38,377,201

   

Namyang Dairy Products Co. Ltd. (b)

   

39,989

     

21,018,915

   
     

1,026,905,156

   

Sweden — 1.0%

 

Investor AB, Class A

   

5,109,626

     

242,712,632

   

Investor AB, Class B

   

3,394,798

     

161,903,734

   

Svenska Handelsbanken AB, Class A

   

7,369,262

     

80,495,170

   
     

485,111,536

   

Switzerland — 2.4%

 

Cie Financiere Richemont SA (Registered)

   

4,561,324

     

333,443,474

   

Nestle SA (Registered)

   

5,532,272

     

532,634,161

   

Pargesa Holding SA

   

4,327,670

     

340,106,996

   
     

1,206,184,631

   

Taiwan — 0.4%

 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

   

4,821,460

     

211,276,377

   

Thailand — 0.6%

 

Bangkok Bank PCL, NVDR

   

50,457,600

     

321,033,083

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
22



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

United Kingdom — 6.2%

 

Berkeley Group Holdings plc

   

5,013,920

     

245,966,040

   

British American Tobacco plc

   

18,990,473

     

743,456,992

   

BT Group plc

   

46,726,193

     

139,431,654

   

Diageo plc

   

5,015,267

     

211,432,186

   

GlaxoSmithKline plc

   

14,471,132

     

297,283,698

   

Liberty Global plc, Class C*

   

2,133,100

     

55,780,565

   

Linde plc

   

2,507,088

     

452,139,200

   

Lloyds Banking Group plc

   

499,952,090

     

408,878,258

   

TechnipFMC plc

   

13,809,138

     

339,566,703

   

Unilever NV, CVA

   

1,496,617

     

90,552,183

   

WPP plc

   

9,574,565

     

119,469,480

   
     

3,103,956,959

   

United States — 36.4%

 

3M Co.

   

2,352,267

     

445,778,119

   

Alleghany Corp.*

   

418,350

     

274,805,748

   

Alphabet, Inc., Class A*

   

134,718

     

161,521,493

   

Alphabet, Inc., Class C*

   

163,012

     

193,736,502

   

American Express Co.

   

2,970,047

     

348,178,610

   

Analog Devices, Inc.

   

2,899,743

     

337,066,126

   

Anthem, Inc.

   

1,120,526

     

294,731,954

   

Bank of New York Mellon Corp. (The)

   

12,448,145

     

618,174,881

   

BB&T Corp.

   

8,242,132

     

421,997,158

   

Berkshire Hathaway, Inc., Class A*

   

865

     

281,194,209

   

Booking Holdings, Inc.*

   

99,817

     

185,159,537

   

Brown & Brown, Inc.

   

7,986,426

     

253,569,025

   

CH Robinson Worldwide, Inc.

   

4,051,312

     

328,156,272

   

Cincinnati Financial Corp.

   

1,071,839

     

103,089,475

   

Cintas Corp.

   

481,614

     

104,577,664

   

Colgate-Palmolive Co.

   

8,044,177

     

585,535,644

   

Comcast Corp., Class A

   

24,265,172

     

1,056,262,937

   

ConocoPhillips

   

2,243,060

     

141,581,947

   

Cummins, Inc.

   

1,698,225

     

282,397,835

   

Deere & Co.

   

3,176,107

     

526,058,602

   

DENTSPLY SIRONA, Inc.

   

4,419,926

     

225,990,816

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
23



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

United States — 36.4% (continued)

 

Exxon Mobil Corp.

   

11,628,713

     

933,553,080

   

Facebook, Inc., Class A*

   

1,528,101

     

295,534,733

   

Flowserve Corp. (b)

   

8,414,508

     

412,563,327

   

H&R Block, Inc.

   

4,834,057

     

131,534,691

   

HCA Healthcare, Inc.

   

1,665,329

     

211,879,809

   

IPG Photonics Corp.*

   

1,136,199

     

198,528,051

   

JG Boswell Co.

   

2,485

     

1,659,980

   

Microsoft Corp.

   

3,129,275

     

408,683,315

   

Mills Music Trust (b)

   

31,592

     

834,029

   

National Oilwell Varco, Inc.

   

14,744,541

     

385,422,302

   

Newmont Goldcorp Corp.

   

9,496,629

     

294,965,297

   

NOW, Inc.* (b)

   

5,851,664

     

85,551,328

   

Omnicom Group, Inc.

   

5,479,376

     

438,514,461

   

Oracle Corp.

   

21,694,881

     

1,200,377,766

   

Philip Morris International, Inc.

   

7,481,865

     

647,630,234

   

Royal Gold, Inc.

   

1,260,596

     

109,747,488

   

San Juan Basin Royalty Trust (b)

   

3,908,035

     

17,703,399

   

Schlumberger Ltd.

   

17,555,849

     

749,283,635

   

Scotts Miracle-Gro Co. (The)

   

2,003,105

     

170,303,987

   

Synchrony Financial

   

4,598,056

     

159,414,602

   

Teradata Corp.* (b)

   

10,721,521

     

487,507,560

   

Texas Instruments, Inc.

   

2,493,377

     

293,794,612

   

Tiffany & Co.

   

1,855,384

     

200,047,503

   

Travelers Cos., Inc. (The)

   

1,371,426

     

197,142,487

   

UGI Corp.

   

2,250,707

     

122,686,039

   

Union Pacific Corp.

   

2,240,160

     

396,597,926

   

Universal Health Services, Inc., Class B

   

2,116,279

     

268,492,317

   

US Bancorp

   

7,819,459

     

416,933,554

   

Varian Medical Systems, Inc.*

   

957,070

     

130,324,222

   

Vista Outdoor, Inc.* (b)

   

3,252,457

     

28,068,704

   

Wells Fargo & Co.

   

5,277,457

     

255,481,693

   

Weyerhaeuser Co., REIT

   

27,360,795

     

733,269,306

   

Willis Towers Watson plc

   

2,058,297

     

379,426,469

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
24



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

United States — 36.4% (continued)

 

WR Berkley Corp.

   

6,530,600

     

400,325,780

   
     

18,333,348,240

   
Total Common Stocks
(Cost $27,800,749,226)
   

38,158,576,195

   
   

Ounces

     

Commodities — 8.6%

 
Gold bullion*
(Cost $3,612,150,427)
   

3,388,066

     

4,349,802,618

   
   

Principal Amount ($)

     

Foreign Government Securities — 0.6%

 

Indonesia — 0.2%

 
Indonesia Treasury Bond
8.25%, 7/15/2021
 

IDR

965,460,000,000

     

69,610,276

   

Malaysia — 0.0% (c)

 
Malaysia Government Bond
3.66%, 10/15/2020
 

MYR

54,021,000

     

13,115,063

   

Singapore — 0.4%

 
Singapore Government Bond
3.25%, 9/1/2020
 

SGD

119,604,000

     

89,478,319

   

2.25%, 6/1/2021

 

SGD

147,741,000

     

109,331,164

   
     

198,809,483

   

Venezuela, Bolivarian Republic of — 0.0%

 
Venezuela Government Bond
(Oil Indexed Payment Obligation)
Zero Coupon, 4/15/2020‡ (a)(d)(e)
   

53,230

     

   
Total Foreign Government Securities
(Cost $282,856,230)
   

281,534,822

   

Corporate Bonds — 0.0% (c)

 

United States — 0.0% (c)

 
Bausch & Lomb, Inc.
7.13%, 8/1/2028‡
(Cost $4,953,827)
   

5,467,000

     

5,453,333

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
25



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Principal Amount ($)

 

Value ($)

 

Short-Term Investments — 14.5%

 

Commercial Paper — 14.5%

 
American Honda Finance Corp.
2.50%, 7/8/2019 (f)
   

35,000,000

     

34,832,560

   
Apple, Inc.
2.48%, 5/2/2019 (f)(g)
   

40,313,000

     

40,307,632

   

2.47%, 5/10/2019 (f)(g)

   

40,802,000

     

40,774,606

   

2.47%, 5/15/2019 (f)(g)

   

60,000,000

     

59,939,250

   

2.46%, 6/4/2019 (f)(g)

   

33,961,000

     

33,880,371

   

2.48%, 6/5/2019 (f)(g)

   

40,429,000

     

40,330,272

   

2.47%, 6/10/2019 (f)(g)

   

72,979,000

     

72,775,867

   

2.47%, 6/11/2019 (f)(g)

   

27,233,000

     

27,155,350

   

2.49%, 7/9/2019 (f)(g)

   

36,487,000

     

36,313,180

   

2.49%, 7/10/2019 (f)(g)

   

39,336,000

     

39,145,853

   
Avery Dennison Corp.
2.50%, 5/1/2019 (f)
   

12,640,000

     

12,639,118

   
BASF SE
2.51%, 5/15/2019 (f)
   

66,526,000

     

66,458,088

   

2.50%, 5/16/2019 (f)

   

61,194,000

     

61,127,340

   

2.51%, 6/26/2019 (f)

   

32,887,000

     

32,756,354

   
Berkshire Hathaway Energy Co.
2.60%, 5/10/2019 (f)
   

43,037,000

     

43,005,989

   
Boeing Co. (The)
2.56%, 5/22/2019 (f)
   

36,243,000

     

36,186,477

   

2.63%, 6/10/2019 (f)

   

40,629,000

     

40,511,978

   

2.62%, 7/10/2019 (f)

   

80,384,000

     

79,972,284

   

2.62%, 7/23/2019 (f)

   

50,000,000

     

49,695,967

   
BP Capital Markets plc
2.47%, 5/20/2019 (f)
   

30,336,000

     

30,294,187

   

2.56%, 6/14/2019 (f)

   

39,500,000

     

39,374,193

   

2.63%, 6/17/2019 (f)

   

38,975,000

     

38,842,173

   

2.67%, 6/20/2019 (f)

   

38,975,000

     

38,833,430

   

2.63%, 7/3/2019 (f)

   

72,431,000

     

72,096,337

   

2.63%, 7/8/2019 (f)

   

27,056,000

     

26,920,549

   

2.63%, 7/11/2019 (f)

   

38,278,000

     

38,077,423

   
Bunge Asset Funding Corp.
2.65%, 5/1/2019 (f)
   

12,898,000

     

12,897,046

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
26



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Principal Amount ($)

 

Value ($)

 

Commercial Paper — 14.5% (continued)

 
Chevron Corp.
2.43%, 5/6/2019 (f)
   

33,912,000

     

33,898,447

   

2.49%, 5/13/2019 (f)

   

69,100,000

     

69,039,739

   

2.44%, 5/21/2019 (f)

   

50,000,000

     

49,929,300

   

2.43%, 5/23/2019 (f)

   

100,000,000

     

99,845,453

   
Cisco Systems, Inc.
2.46%, 5/7/2019 (f)
   

40,802,000

     

40,782,880

   

2.46%, 5/9/2019 (f)

   

63,374,000

     

63,335,738

   

2.52%, 5/14/2019 (f)

   

34,554,000

     

34,521,387

   

2.52%, 6/6/2019 (f)

   

40,802,000

     

40,699,384

   

2.46%, 6/11/2019 (f)

   

62,650,000

     

62,470,779

   

2.46%, 6/20/2019 (f)

   

50,000,000

     

49,825,962

   
EI du Pont de Nemours & Co.
2.72%, 5/3/2019 (f)
   

50,000,000

     

49,989,250

   

2.74%, 5/6/2019 (f)

   

26,209,000

     

26,197,695

   

2.74%, 5/9/2019 (f)

   

9,467,000

     

9,460,858

   

2.73%, 7/2/2019 (f)

   

48,500,000

     

48,267,443

   
Eli Lilly & Co.
2.55%, 6/13/2019 (f)
   

52,702,000

     

52,543,929

   
Engie SA
2.61%, 5/3/2019 (f)
   

67,744,000

     

67,730,338

   

2.68%, 5/13/2019 (f)

   

70,100,000

     

70,038,107

   

2.62%, 6/4/2019 (f)

   

25,000,000

     

24,939,892

   

2.66%, 6/14/2019 (f)

   

50,868,000

     

50,709,038

   
Eni Finance USA, Inc.
2.59%, 5/1/2019 (f)
   

29,665,000

     

29,662,858

   
Erste Abwicklungsanstalt
2.55%, 5/13/2019 (f)(g)
   

40,313,000

     

40,277,698

   
EssilorLuxottica SA
2.62%, 6/3/2019 (f)
   

78,506,000

     

78,320,713

   

2.62%, 6/10/2019 (f)

   

46,464,000

     

46,331,918

   
Exxon Mobil Corp.
2.47%, 5/2/2019 (f)
   

100,000,000

     

99,986,739

   
GlaxoSmithKline Finance plc
2.52%, 5/16/2019 (f)
   

45,700,000

     

45,649,608

   

2.51%, 5/22/2019 (f)

   

22,551,000

     

22,516,740

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
27



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Principal Amount ($)

 

Value ($)

 

Commercial Paper — 14.5% (continued)

 
GlaxoSmithKline LLC
2.51%, 5/10/2019 (f)
   

70,654,000

     

70,605,935

   

2.52%, 5/31/2019 (f)

   

5,600,000

     

5,587,940

   

2.56%, 6/7/2019 (f)

   

49,962,000

     

49,829,576

   
Henkel US Operations Corp.
2.52%, 7/8/2019 (f)
   

21,218,000

     

21,116,086

   

2.52%, 7/9/2019 (f)

   

64,259,000

     

63,945,756

   

2.52%, 7/11/2019 (f)

   

34,615,000

     

34,441,371

   
Hitachi America Capital Ltd.
2.60%, 5/1/2019 (f)
   

42,563,000

     

42,559,929

   
IBM Credit LLC
2.48%, 5/8/2019 (f)
   

38,200,000

     

38,179,355

   

2.50%, 5/16/2019 (f)

   

37,123,000

     

37,082,561

   

2.54%, 6/12/2019 (f)

   

58,776,000

     

58,602,384

   
Intel Corp.
2.45%, 6/12/2019 (f)
   

24,691,000

     

24,618,656

   
John Deere Financial Ltd.
2.48%, 5/17/2019 (f)
   

153,262,000

     

153,086,060

   

2.49%, 5/21/2019 (f)

   

93,563,000

     

93,430,156

   

2.49%, 6/3/2019 (f)

   

11,643,000

     

11,616,290

   
Kreditanstalt fuer Wiederaufbau
2.49%, 6/18/2019 (f)
   

95,394,000

     

95,067,967

   

2.49%, 7/1/2019 (f)

   

32,763,000

     

32,619,623

   

2.52%, 7/2/2019 (f)

   

68,417,000

     

68,112,767

   

2.52%, 7/8/2019 (f)

   

90,652,000

     

90,210,155

   

2.52%, 7/17/2019 (f)

   

29,631,000

     

29,467,546

   
LVMH Moet Hennessy Louis Vuitton, Inc.
2.49%, 5/20/2019 (f)
   

79,000,000

     

78,890,146

   

2.62%, 6/13/2019 (f)

   

42,586,000

     

42,452,181

   

2.64%, 6/19/2019 (f)

   

36,931,000

     

36,798,664

   
Merck & Co., Inc.
2.44%, 5/6/2019 (f)
   

33,961,000

     

33,947,376

   

2.44%, 5/7/2019 (f)

   

33,961,000

     

33,945,085

   
MetLife Short Term Funding LLC
2.49%, 5/1/2019 (f)
   

48,962,000

     

48,958,691

   

2.52%, 6/12/2019 (f)

   

54,712,000

     

54,549,474

   

2.50%, 7/11/2019 (f)

   

80,902,000

     

80,493,283

   

2.51%, 7/17/2019 (f)

   

50,000,000

     

49,725,483

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
28



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Principal Amount ($)

 

Value ($)

 

Commercial Paper — 14.5% (continued)

 
Mitsubishi International Corp.
2.52%, 7/15/2019 (f)
   

69,284,000

     

68,913,069

   

2.52%, 7/16/2019 (f)

   

64,953,000

     

64,600,541

   
Nestle Finance International Ltd.
2.47%, 6/13/2019 (f)
   

60,623,000

     

60,442,653

   
Novartis Finance Corp.
2.51%, 5/8/2019 (f)
   

46,408,000

     

46,383,125

   
NRW Bank
2.55%, 5/15/2019 (f)
   

69,107,000

     

69,036,165

   

2.51%, 6/6/2019 (f)

   

42,501,000

     

42,392,888

   

2.53%, 6/21/2019 (f)

   

32,763,000

     

32,645,399

   

2.53%, 6/24/2019 (f)

   

32,763,000

     

32,638,514

   

2.54%, 7/10/2019 (f)

   

61,306,000

     

61,003,123

   

2.53%, 7/18/2019 (f)

   

162,901,000

     

162,001,944

   

2.54%, 7/22/2019 (f)

   

50,000,000

     

49,709,385

   

2.52%, 7/29/2019 (f)

   

38,900,000

     

38,653,958

   

2.54%, 8/2/2019 (f)

   

125,000,000

     

124,173,910

   
PepsiCo, Inc.
2.41%, 5/24/2019 (f)
   

31,498,000

     

31,446,637

   
Pfizer, Inc.
2.51%, 5/6/2019 (f)
   

100,000,000

     

99,959,883

   

2.51%, 5/7/2019 (f)

   

75,000,000

     

74,964,854

   

2.52%, 7/16/2019 (f)

   

41,075,000

     

40,857,032

   

2.52%, 7/17/2019 (f)

   

90,652,000

     

90,164,503

   

2.50%, 7/22/2019 (f)

   

81,741,000

     

81,272,681

   

2.50%, 7/23/2019 (f)

   

78,671,000

     

78,214,656

   

2.50%, 7/24/2019 (f)

   

61,306,000

     

60,946,006

   
Philip Morris International, Inc.
2.47%, 5/8/2019 (f)
   

27,233,000

     

27,218,173

   
Praxair, Inc.
2.44%, 6/6/2019 (f)
   

98,700,000

     

98,452,482

   
Province of Quebec Canada
2.44%, 5/29/2019 (f)
   

47,400,000

     

47,306,871

   

2.44%, 5/30/2019 (f)

   

47,400,000

     

47,303,620

   

2.48%, 6/11/2019 (f)

   

38,929,000

     

38,817,637

   

2.47%, 6/17/2019 (f)

   

76,261,000

     

76,011,068

   

2.49%, 7/9/2019 (f)

   

24,070,000

     

23,954,069

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
29



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Principal Amount ($)

 

Value ($)

 

Commercial Paper — 14.5% (continued)

 
PSP Capital, Inc.
2.47%, 5/3/2019 (f)(g)
   

17,399,000

     

17,395,520

   

2.47%, 5/8/2019 (f)(g)

   

35,655,000

     

35,635,889

   

2.54%, 5/14/2019 (f)(g)

   

90,000,000

     

89,915,055

   

2.53%, 6/4/2019 (f)(g)

   

13,543,000

     

13,510,781

   

2.51%, 6/17/2019 (f)(g)

   

40,429,000

     

40,296,178

   

2.52%, 6/19/2019 (f)(g)

   

55,153,000

     

54,964,024

   

2.52%, 7/3/2019 (f)(g)

   

17,332,000

     

17,255,493

   

2.52%, 7/17/2019 (f)(g)

   

30,731,000

     

30,565,073

   
QUALCOMM, Inc.
2.66%, 6/4/2019 (f)
   

28,307,000

     

28,233,795

   
Roche Holdings, Inc.
2.44%, 5/2/2019 (f)
   

33,912,000

     

33,907,484

   
Sanofi
2.49%, 6/14/2019 (f)
   

87,805,000

     

87,535,549

   

2.50%, 6/25/2019 (f)

   

41,075,000

     

40,916,989

   

2.51%, 6/27/2019 (f)

   

41,075,000

     

40,911,081

   
Schlumberger Investment SA
2.48%, 5/3/2019 (f)
   

33,912,000

     

33,905,218

   

2.57%, 5/13/2019 (f)

   

56,668,000

     

56,618,376

   

2.49%, 5/14/2019 (f)

   

77,958,000

     

77,884,421

   

2.50%, 5/31/2019 (f)

   

45,326,000

     

45,230,726

   
Siemens Capital Co. LLC
2.42%, 5/1/2019 (f)
   

12,871,000

     

12,870,144

   
Sysco Corp.
2.56%, 5/1/2019 (f)
   

34,824,000

     

34,821,498

   
Total Capital Canada Ltd.
2.58%, 5/1/2019 (f)
   

98,109,000

     

98,102,427

   

2.52%, 7/2/2019 (f)

   

41,075,000

     

40,893,715

   

2.52%, 7/12/2019 (f)

   

61,727,000

     

61,410,449

   

2.54%, 7/16/2019 (f)

   

100,000,000

     

99,458,647

   
Travelers Cos., Inc. (The)
2.42%, 5/1/2019 (f)
   

24,995,000

     

24,993,308

   
TWDC Holdco 613 Corp.
2.64%, 5/9/2019 (f)
   

73,533,000

     

73,488,604

   
Unilever Capital Corp.
2.51%, 5/16/2019 (f)
   

44,668,000

     

44,619,739

   

2.52%, 6/11/2019 (f)

   

55,142,000

     

54,983,485

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
30



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Principal Amount ($)

 

Value ($)

 

Commercial Paper — 14.5% (continued)

 
United Parcel Service, Inc.
2.44%, 5/7/2019 (f)
   

35,777,000

     

35,760,235

   
UnitedHealth Group Inc
2.59%, 5/20/2019 (f)
   

43,037,000

     

42,975,481

   
UnitedHealth Group, Inc.
2.59%, 6/17/2019 (f)
   

44,944,000

     

44,788,794

   
Walmart, Inc.
2.46%, 5/28/2019 (f)
   

55,690,000

     

55,584,356

   

2.51%, 6/21/2019 (f)

   

38,975,000

     

38,836,396

   
Walt Disney Co. (The)
2.55%, 5/17/2019 (f)
   

64,307,000

     

64,233,177

   
Total Commercial Paper
(Cost $7,274,484,031)
   

7,274,043,216

   

U.S. Treasury Obligations — 0.0% (c)

 
U.S. Treasury Bills
2.39%, 9/19/2019 (f)
(Cost $14,860,762)
   

15,000,000

     

14,860,469

   
   

Shares

     

Investment Companies — 0.0% (c)

 
JP Morgan U.S. Government Money Market Fund,
Agency Shares 2.27% (h)
(Cost $1,258,358)
   

1,258,358

     

1,258,358

   
Total Short-Term Investments
(Cost $7,290,603,151)
   

7,290,162,043

   
Total Investments — 99.5%
(Cost $38,991,312,861)
   

50,085,529,011

   

Other Assets Less Liabilities — 0.5%

   

228,650,696

   

Net Assets — 100.0%

   

50,314,179,707

   

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(a)  Security fair valued as of April 30, 2019 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2019 amounted to $18,875,373, which represents approximately 0.04% of net assets of the Fund.

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

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

(d)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2019.

First Eagle Funds | Semi-Annual Report | April 30, 2019
31



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

(e)  Defaulted security.

(f)  The rate shown was the current yield as of April 30, 2019.

(g)  Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

(h)  Represents 7-day effective yield as of April 30, 2019.

As of April 30, 2019, 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

 

$

13,012,860,897

   

Aggregate gross unrealized depreciation

   

(1,876,524,769

)

 

Net unrealized appreciation

 

$

11,136,336,128

   

Federal income tax cost

 

$

38,991,312,861

   

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2019

Currency
Purchased
 

Currency Sold

 

Counterparty

  Settlement
Date
  Unrealized
Appreciation
(Depreciation)
 

USD

162,358,359

   

EUR

137,586,000

   

Bank of New York Mellon

 

5/15/2019

 

$

7,864,217

   

USD

45,322,150

   

GBP

33,888,000

   

Bank of New York Mellon

 

5/15/2019

   

1,100,345

   

USD

342,550,690

   

JPY

37,779,573,000

   

Bank of New York Mellon

 

5/15/2019

   

3,023,211

   

USD

385,786,325

   

EUR

329,380,000

   

Goldman Sachs

 

6/19/2019

   

14,779,308

   

USD

49,352,921

   

GBP

37,127,000

   

Goldman Sachs

 

6/19/2019

   

812,303

   

USD

156,547,283

   

EUR

134,713,000

   

JPMorgan Chase Bank

 

7/17/2019

   

4,427,219

   

USD

35,320,939

   

GBP

26,817,000

   

JPMorgan Chase Bank

 

7/17/2019

   

210,023

   

USD

284,543,540

   

JPY

31,354,564,000

   

JPMorgan Chase Bank

 

7/17/2019

   

1,300,643

   

USD

18,399,766

   

EUR

15,683,000

   

UBS AG

 

8/21/2019

   

636,755

   

USD

16,454,121

   

JPY

1,750,159,000

   

UBS AG

 

8/21/2019

   

599,992

   

USD

192,374,787

   

EUR

166,371,000

   

HSBC Bank plc

 

9/18/2019

   

3,502,717

   

USD

320,734,143

   

JPY

34,608,497,000

   

HSBC Bank plc

 

9/18/2019

   

6,532,701

   

Total unrealized appreciation

   

44,789,434

   

USD

196,169,090

   

JPY

21,800,271,000

   

Goldman Sachs

 

6/19/2019

   

(326,715

)

 

USD

27,878,847

   

GBP

21,562,000

   

JPMorgan Chase Bank

 

7/17/2019

   

(351,812

)

 

USD

113,867,485

   

GBP

88,268,000

   

UBS AG

 

8/21/2019

   

(1,896,582

)

 

USD

50,708,685

   

GBP

38,685,000

   

HSBC Bank plc

 

9/18/2019

   

(94,347

)

 

Total unrealized depreciation

   

(2,669,456

)

 

Net unrealized appreciation

 

$

42,119,978

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
32



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Abbreviations

ADR  — American Depositary Receipt

CVA  — Dutch Certification

EUR  — Euro

GBP  — British Pound

IDR  — Indonesian Rupiah

JPY  — Japanese Yen

MYR  — Malaysian Ringgit

NVDR  — Non-Voting Depositary Receipt

PJSC  — Public Joint Stock Company

REIT  — Real Estate Investment Trust

SGD  — Singapore Dollar

USD  — United States Dollar

Affiliated Securities

Security Description

  Shares at
April 30, 2019
  Market Value
October 31, 2018
  Purchases at
Cost
  Proceeds from
Sales
 
Berkeley Group
Holdings plc^
   

5,013,920

   

$

295,107,496

   

$

   

$

(79,253,210

)

 
Chofu Seisakusho
Co. Ltd.
   

3,346,500

     

67,761,023

     

     

   

Flowserve Corp.

   

8,414,508

     

386,225,917

     

     

   

Hirose Electric Co. Ltd.

   

2,622,015

     

249,898,530

     

     

   
Hornbach Holding
AG & Co. KGaA
   

1,181,422

     

78,076,885

     

     

   

Mills Music Trust

   

31,592

     

723,773

     

     

   
Namyang Dairy
Products Co. Ltd.
   

39,989

     

21,090,245

     

     

   

NOW, Inc.*

   

5,851,664

     

75,135,366

     

     

   

NSC Groupe^

   

     

3,398,593

     

     

(2,952,039

)

 

Sabeton SA

   

385,000

     

10,347,187

     

     

   
San Juan Basin
Royalty Trust
   

3,908,035

     

19,970,059

     

     

   

T Hasegawa Co. Ltd.

   

3,002,800

     

53,319,400

     

     

   

Teradata Corp.*

   

10,721,521

     

443,722,516

     

     

(65,499,085

)

 

Vista Outdoor, Inc.*

   

3,252,457

     

40,655,713

     

     

   

Total

     

$

1,745,432,703

   

$

   

$

(147,704,334

)

 

 

Security Description

  Net Realized
Gain
(Loss)
  Change in
Unrealized
Appreciation/
(Depreciation)
  Market Value
April 30,
2019
  Dividend/
Interest
Income
  Capital Gain
Distributions
 
Berkeley Group
Holdings plc^
 

$

59,353,072

   

$

(29,241,318

)

 

$

245,966,040

   

$

595,396

   

$

   
Chofu Seisakusho
Co. Ltd.
   

     

2,895,826

     

70,656,849

     

436,797

     

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
33



First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Affiliated Securities (continued)

Security Description

  Net Realized
Gain
(Loss)
  Change in
Unrealized
Appreciation/
(Depreciation)
  Market Value
April 30,
2019
  Dividend/
Interest
Income
  Capital Gain
Distributions
 

Flowserve Corp.

 

$

   

$

26,337,410

   

$

412,563,327

   

$

3,197,513

   

$

   

Hirose Electric Co. Ltd.

   

     

53,992,451

     

303,890,981

     

2,562,114

     

   
Hornbach Holding
AG & Co. KGaA
   

     

(14,009,130

)

   

64,067,755

     

     

   

Mills Music Trust

   

     

110,256

     

834,029

     

40,119

     

   
Namyang Dairy
Products Co. Ltd.
   

     

(71,330

)

   

21,018,915

     

29,361

     

   

NOW, Inc.*

   

     

10,415,962

     

85,551,328

     

     

   

NSC Groupe^

   

(3,305,628

)

   

2,859,074

     

     

     

   

Sabeton SA

   

     

(845,282

)

   

9,501,905

     

     

   
San Juan Basin
Royalty Trust
   

     

(2,266,660

)

   

17,703,399

     

807,236

     

   

T Hasegawa Co. Ltd.

   

     

(4,799,446

)

   

48,519,954

     

415,678

     

   

Teradata Corp.*

   

2,748,910

     

106,535,219

     

487,507,560

     

     

   

Vista Outdoor, Inc.*

   

     

(12,587,009

)

   

28,068,704

     

     

   

Total

 

$

58,796,354

   

$

139,326,023

   

$

1,795,850,746

   

$

8,084,214

   

$

   

*Non-income producing security.

^Represents an unaffiliated issuer as of April 30, 2019.

See Notes to Financial Statements.

First Eagle Funds | Semi-Annual Report | April 30, 2019
34



This page was intentionally left blank.



First Eagle Overseas Fund

Fund Overview

Data as of April 30, 2019 (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 undervalued securities.

Average Annual Returns (%)

         

One-Year

 

Five-Years

 

Ten-Years

 

First Eagle Overseas Fund

 

Class A

 

without sales load

   

-1.21

     

2.97

     

8.03

   
   

 

 

with sales load

   

-6.13

     

1.92

     

7.47

   

MSCI EAFE Index

           

-3.22

     

2.60

     

7.95

   

Consumer Price Index

           

2.00

     

1.51

     

1.83

   

Asset Allocation* (%)

Sectors* (%)

 

Industrials

   

13.3

   

Financials

   

13.1

   

Consumer Staples

   

11.8

   

Materials

   

10.8

   

Commodities

   

8.9

   

Consumer Discretionary

   

6.6

   

Health Care

   

5.3

   

Communication Services

   

5.2

   

Real Estate

   

4.5

   

Energy

   

3.8

   

Information Technology

   

2.9

   

Foreign Government Securities

   

0.9

   

Short-Term Investments

   

12.9

   

Countries*~ (%)

Japan

   

20.2

   

United States

   

11.1

   

United Kingdom

   

10.0

   

France

   

9.5

   

Canada

   

6.7

   

Hong Kong

   

5.5

   

South Korea

   

4.4

   

Switzerland

   

4.3

   

Singapore

   

2.5

   

Sweden

   

2.2

   

Germany

   

1.8

   

Thailand

   

1.2

   

Chile

   

1.0

   

Taiwan

   

0.8

   

Belgium

   

0.8

   

Norway

   

0.8

   

Netherlands

   

0.7

   

Mexico

   

0.6

   

Ireland

   

0.5

   

Denmark

   

0.5

   

Brazil

   

0.5

   

Australia

   

0.5

   

Greece

   

0.3

   

Russia

   

0.3

   

Indonesia

   

0.2

   

Turkey

   

0.1

   

Italy

   

0.1

   

Israel

   

0.0

^

 

Malaysia

   

0.0

^

 

Short-Term Investments

   

12.9

   

^  Less than 0.05%.

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

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

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

First Eagle Funds | Semi-Annual Report | April 30, 2019
36



First Eagle Overseas Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

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

   

8.9

   

FANUC Corp. (Machinery, Japan)

   

2.7

   

Danone SA (Food Products, France)

   

2.3

   

British American Tobacco plc (Tobacco, United Kingdom)

   

2.0

   

Nestle SA (Registered) (Food Products, Switzerland)

   

1.9

   

Nutrien Ltd. (Chemicals, Canada)

   

1.9

   

Sompo Holdings, Inc. (Insurance, Japan)

   

1.9

   

KDDI Corp. (Wireless Telecommunication Services, Japan)

   

1.8

   

Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)

   

1.7

   

Mitsubishi Estate Co. Ltd. (Real Estate Management & Development, Japan)

   

1.7

   

Total

   

26.8

   

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

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

Percentages are based on total net assets.

First Eagle Funds | Semi-Annual Report | April 30, 2019
37



First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

Common Stocks — 76.7%

 

Australia — 0.5%

 

Newcrest Mining Ltd.

   

3,843,310

     

67,892,950

   

Belgium — 0.8%

 

Groupe Bruxelles Lambert SA

   

907,727

     

86,924,115

   

Sofina SA

   

98,473

     

20,284,646

   
     

107,208,761

   

Brazil — 0.5%

 

Cielo SA

   

35,837,586

     

70,192,716

   

Canada — 6.6%

 

Agnico Eagle Mines Ltd.

   

1,693,611

     

70,136,253

   

Barrick Gold Corp.

   

6,972,023

     

88,684,133

   

Cenovus Energy, Inc.

   

6,627,505

     

65,678,574

   

Franco-Nevada Corp.

   

624,084

     

44,715,849

   

Imperial Oil Ltd.

   

6,877,585

     

199,802,648

   

Nutrien Ltd.

   

4,762,288

     

258,020,764

   

Power Corp. of Canada

   

4,282,626

     

98,266,719

   

Wheaton Precious Metals Corp.

   

4,232,770

     

91,766,454

   
     

917,071,394

   

Chile — 1.0%

 

Cia Cervecerias Unidas SA, ADR

   

4,800,004

     

132,192,110

   

Denmark — 0.5%

 

ISS A/S

   

2,267,957

     

70,627,909

   

France — 9.4%

 

Bouygues SA

   

525,003

     

19,762,364

   

Cie de Saint-Gobain

   

4,196,973

     

172,075,620

   

Danone SA

   

4,115,540

     

332,720,513

   

Laurent-Perrier (a)

   

558,938

     

59,179,815

   

Legrand SA

   

691,232

     

50,842,100

   

Legris Industries SA*‡ (a)(b)(c)

   

905,366

     

22,918,897

   

Rexel SA

   

7,346,731

     

98,768,671

   

Robertet SA (a)

   

178,012

     

113,605,542

   

Robertet SA CI (non-voting)‡ (b)

   

51,500

     

23,006,762

   

Sabeton SA

   

100,000

     

2,468,027

   

Sanofi

   

1,849,956

     

161,407,360

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
38



First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

France — 9.4% (continued)

 

Sodexo SA

   

1,533,521

     

175,869,698

   

Wendel SA

   

493,657

     

68,376,348

   
     

1,301,001,717

   

Germany — 1.8%

 

Hamburger Hafen und Logistik AG

   

609,312

     

15,380,169

   

HeidelbergCement AG

   

1,871,185

     

151,416,350

   

Hornbach Holding AG & Co. KGaA

   

385,305

     

20,894,842

   

Telefonica Deutschland Holding AG

   

19,522,787

     

63,413,007

   
     

251,104,368

   

Greece — 0.3%

 

JUMBO SA

   

2,457,414

     

44,850,294

   

Hong Kong — 5.4%

 

CK Asset Holdings Ltd.

   

13,955,500

     

112,209,750

   

Great Eagle Holdings Ltd.

   

22,777,700

     

107,345,004

   

Guoco Group Ltd.

   

7,806,340

     

116,200,596

   

Hang Lung Properties Ltd.

   

28,954,162

     

68,150,180

   

Hysan Development Co. Ltd.

   

17,500,405

     

98,085,079

   

Jardine Matheson Holdings Ltd.

   

3,666,900

     

241,392,335

   

Jardine Strategic Holdings Ltd.

   

233,600

     

8,836,890

   
     

752,219,834

   

Ireland — 0.5%

 

CRH plc

   

2,108,597

     

70,787,049

   

Israel — 0.1%

 

Israel Chemicals Ltd.

   

1,254,517

     

6,661,220

   

Italy — 0.1%

 

Italmobiliare SpA

   

519,057

     

11,550,338

   

Japan — 20.1%

 

As One Corp.

   

1,025,640

     

82,087,346

   

Chofu Seisakusho Co. Ltd. (a)

   

1,842,500

     

38,901,911

   

Daiichikosho Co. Ltd.

   

2,242,080

     

109,850,787

   

FANUC Corp.

   

1,989,540

     

373,785,950

   

Hirose Electric Co. Ltd.

   

1,168,730

     

135,455,559

   

Hoshizaki Corp.

   

675,300

     

43,781,399

   

Hoya Corp.

   

1,080,730

     

76,329,410

   

First Eagle Funds | Semi-Annual Report | April 30, 2019
39



First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2019 (unaudited)

Investments

 

Shares

 

Value ($)

 

Japan — 20.1% (continued)

 

Kansai Paint Co. Ltd.

   

3,559,930

     

67,874,954

   

KDDI Corp.

   

10,856,700

     

250,220,308

   

Keyence Corp.

   

161,200

     

100,716,760

   

Komatsu Ltd.

   

465,800

     

12,031,805

   

Maezawa Kasei Industries Co. Ltd. (a)

   

837,200

     

7,814,024

   

Mitsubishi Electric Corp.

   

7,169,700

     

102,597,927

   

Mitsubishi Estate Co. Ltd.

   

13,938,050

     

235,691,735

   

MS&AD Insurance Group Holdings, Inc.

   

3,666,500

     

113,968,371

   

Nagaileben Co. Ltd.

   

1,687,224

     

38,014,718

   

Nissin Foods Holdings Co. Ltd.

   

784,830

     

51,941,242

   

NTT DOCOMO, Inc.

   

7,050,600

     

153,107,905

   

Olympus Corp.

   

675,672