UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENTINVESTMENT COMPANIES

Investment Company Act file number 811-7762

First Eagle Funds

(Exact name of registrant as specified in charter)

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

Sheelyn MichaelFirst Eagle Funds1345 Avenue of the AmericasNew 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, 2023

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

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

Item 1. Reports to Stockholders.

Semiannual Report

April 30, 2023

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle High Income Fund

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

First Eagle Small Cap Opportunity Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Global Real Assets Fund

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

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

First Eagle Funds | Semiannual Report | April 30, 2023
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Table of Contents

Letter from the President	6
Management's Discussion of Fund Performance	9
Performance Chart	17
First Eagle Global Fund
Fund Overview	30
Consolidated Schedule of Investments	32
First Eagle Overseas Fund
Fund Overview	44
Consolidated Schedule of Investments	46
First Eagle U.S. Value Fund
Fund Overview	58
Consolidated Schedule of Investments	60
First Eagle Gold Fund
Fund Overview	66
Consolidated Schedule of Investments	68
First Eagle Global Income Builder Fund
Fund Overview	72
Schedule of Investments	74
First Eagle High Income Fund
Fund Overview	90
Schedule of Investments	92
First Eagle Rising Dividend Fund (formerly First Eagle Fund of America)
Fund Overview	102
Schedule of Investments	104
First Eagle Small Cap Opportunity Fund
Fund Overview	108
Schedule of Investments	110
First Eagle U.S. Smid Cap Opportunity Fund
Fund Overview	122
Schedule of Investments	124
First Eagle Global Real Assets Fund
Fund Overview	128
Consolidated Schedule of Investments	130

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Statements of Assets and Liabilities	136
Statements of Operations	146
Statements of Changes in Net Assets	156
Financial Highlights	170
Notes to Financial Statements	200
Fund Expenses	234
General Information	242

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Letter from the President

Dear Fellow Shareholders,

Over the last six months, financial markets broadly have staged an impressive rebound off the painful lows of 2022, when there appeared to be nowhere to hide as nearly every asset class, sector and geography declined.¹​ We think the pullback in 2022 largely represented a rational and mathematical response to higher interest rates. The rising cost of money prompted a shift out of growth stocks and into value stocks as investors focused on companies that are generating consistent cash flows in the here and now. Bondholders may have been the cohort of investors most surprised by the year's events. After 40 years of steadily declining yields, most market participants had a limited frame of reference for the Federal Reserve's aggressive pace of rate hikes in 2022, which drove the Bloomberg Global Aggregate Bond Index to its largest-ever calendar decline.

Sentiment fluctuated wildly during this recovery as market participants attempted to interpret signals from the Fed and other central banks about the future trajectory of interest rate hikes. Much of the recovery in stocks has been fueled by expectations of a meaningful decline in inflation and that the Fed could begin to cut rates before year end. We are skeptical of such an outcome, as labor market strength has supported economic conditions and helped core inflation persist above the Fed's target rate. Underscoring our skepticism is the knowledge that the stickiness of labor prices has historically been difficult to walk back without job losses or an economic slowdown.

We've previously expressed our concerns that 2022's transition from an environment marked by a generational-low cost of capital to one in which money has a price could expose the vulnerabilities inherent in the financial system. The rapidity of policy tightening—the federal funds rate is 500 basis points higher than it was in March 2022—raised the stakes further, and the collapse of multiple banks in the US and Europe served as an unintended consequence of this inflation-fighting effort.

Despite the fates met by midsized Silicon Valley Bank, Signature Bank and First Republic Bank in the US and the much larger Credit Suisse in Europe, the recovery in risk assets has persisted. So, too, have a number of the market dynamics that characterized the early part of 2023. Growth stocks, for example, retained the momentum built over the first few months of the year, and non-US stocks continued to outperform domestic stocks after breaking out of a multiyear slump last year.¹​

¹​  Source: FactSet, data as of April 30, 2023.

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Letter from the President

We are wary about reading too much into any of these trends, however. In our view, significant risks persist, and it's important to be realistic about the many obstacles that stand in the way of more sanguine investment conditions. It's worth noting that crises, in our observation, historically have found fertile ground in areas of the economy where excesses of debt have built up. If the Fed does not cut interest rates over the near and medium term, higher interest payments could erode corporate profitability and the threat of insolvency increases if companies are unable to refinance their debt maturities.

Sovereigns are another locus of indebtedness, and it's possible that recent issues in the banking sector are merely the opening act of a sovereign credibility crisis. On top of a massive stock of public debt, the lack of fiscal discipline among policymakers suggests a possibility that investors may soon demand increased risk premia for bonds issued by national governments.

There's no way of knowing if the worst is behind or lies ahead. As the Fed calibrates policy around its need to balance price stability with financial stability, volatility seems to be a likely outcome. We will continue to look for opportunities where we can find them, but we remain wary. As always, we seek to offer clients a differentiated range of investment strategies that meet their specific investment needs and that we believe will demonstrate resilience through different states of the world. Across market cycles, macroeconomic conditions and disruptive events, we remain focused on our goal of delivering long-term shareholder value while avoiding the permanent impairment of your capital.

Global Value Team

Though financial markets rebounded over the last six months, the Global Value team is maintaining a "healthy paranoia" in this environment, seeking to avoid permanent impairment of client capital. We continue to seek resilience in our portfolios from the bottom up, searching for cash-flow-generative companies with strong market positions, healthy balance sheets and prudent management teams, and buying these stocks only when available at a "margin of safety."²​ In addition, many of our portfolios hold gold-related securities as a potential hedge against a range of adverse market developments, including elevated sovereign risk.

High Income Team

Despite the seemingly obvious increase in risks both operational and systemic, high yield markets appear relatively placid. Though yield compensation is more attractive than it has been in years, spreads are more or less equal to the long-term historical average and well off the high levels of mid-2022.³​ The potential downside, meanwhile, appears significant, as credit risk replaces duration risk as

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

³​  Source: Bloomberg; data as of April 30, 2023.

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Letter from the President

the primary threat to fixed income returns. In this environment, we believe it is wise to seek to minimize downside risk through shorter-duration, higher-quality, more-liquid issues from companies that have the pricing power to pass along rising input prices.

Small Cap Team

Historically, small companies have led markets in up periods, but March's banking turmoil appears to have had a disproportionately large negative impact on sentiment toward small- and micro-cap stocks. Such volatility provides us with ample opportunity to move into stocks we consider undervalued relative to their fundamentals, and we continue to build positions in companies we believe are demonstrating positive idiosyncratic trends that ultimately will be recognized by the market. When this may happen is beyond our control, but we are confident we will be rewarded if we exercise discipline in the one area that we can control: the price we pay for such stocks.

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

Sincerely,

Mehdi Mahmud

President

June 2023

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Management's Discussion
of Fund Performance

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares* increased 15.13% for the six months ended April 30, 2023, while the MSCI World Index increased 12.26%. The Fund's short-term investments** position was 10.3% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Meta Platforms, Inc., Class A (interactive media & services, United States), Cie Financiere Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Oracle Corp.(software, United States) and Comcast Corp., Class A (media, United States). Collectively, they accounted for 5.48% of this period's performance.

The five largest detractors were NOV, Inc. (energy equipment & services, United States), Elevance Health, Inc. (health care providers & services, United States), Charles Schwab Corp. (The) (capital markets, United States), Nutrien Ltd. (chemicals, Canada) and Fidelity National Information Services, Inc. (financial services, United States). In aggregate, they detracted 1.03% from Fund performance in this period.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares* increased 18.66% for the six months ended April 30, 2023, while the MSCI EAFE Index increased 24.19%. The Fund's short-term investments** position was 6.7% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were gold bullion, Cie Financiere Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Prosus NV (Broadline Retail, China), Danone SA (food products, France) and Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico). Collectively, they accounted for 5.20% of this period's performance.

The five largest detractors were Nutrien Ltd. (chemicals, Canada), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada), British American Tobacco plc (tobacco, United Kingdom), Ambev SA, ADR (beverages, Brazil) and Itausa SA (Preference) (banks, Brazil). In aggregate, they detracted 0.72% from Fund performance in this period.

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares* increased 11.33% for the six months ended April 30, 2023, while the S&P 500 Index increased 8.63%. The Fund's short-term investments** position was 10.8% as of April 30, 2023.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were gold bullion, Meta Platforms, Inc., Class A (interactive

*  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.

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

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9

Management's Discussion of Fund Performance

media & services, United States), HCA Healthcare, Inc. (health care providers & services, United States), Comcast Corp., Class A (media, United States) and Oracle Corp. (software, United States). Collectively, they accounted for 7.40% of this period's performance.

The five largest detractors were NOV, Inc. (energy equipment & services, United States), Elevance Health, Inc. (health care providers & services, United States), Charles Schwab Corp. (The) (capital markets, United States), Nutrien Ltd. (chemicals, Canada) and US Bancorp (banks, United States). In aggregate, they detracted 1.75% from Fund performance in this period.

First Eagle Gold Fund

The NAV of the Fund's Class A shares* increased 33.04% for the six months ended April 30, 2023, while the FTSE Gold Mines Index increased 39.92%. The Fund's short-term investments** position was 8.4% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Gold Fund over the period was Wheaton Precious Metals Corp. (metals & mining, Brazil), gold bullion, Newcrest Mining Ltd. (metals & mining, Australia), Alamos Gold, Inc., Class A (metals & mining, Canada) and Dundee Precious Metals, Inc. (metals & mining, Canada). Collectively, they accounted for 19.05% of this period's performance.

Given the period's positive market dynamics, only one stock was a detractor to performance: Pan American Silver Corp., CVR, expiring 2/22/2029 (metals & mining, Canada). The next four lagging positions were MAG Silver Corp. (metals & mining, Canada), Northern Star Resources Ltd. (metals & mining, Australia), Fresnillo plc (metals & mining, Mexico) and Industrias Penoles SAB de CV (metals & mining, Mexico). In aggregate, they contributed 1.10% to Fund performance in this period.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares* increased 12.52% for the six months ended April 30, 2023, while the MSCI World Index increased 12.26% and the Bloomberg U.S. Aggregate Bond Index was up 6.91%. The composite index⁵​ increased 10.26% over the same time period. The Fund's short-term investments** position was 5.9% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were gold bullion, Cie Financiere Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Unilever plc (personal care products, United Kingdom), Nestle SA (Registered) (food products, United States) and Cia Cervecerias Unidas SA, ADR (beverages, Chile). Collectively, they accounted for 3.64% of this period's performance.

The five largest detractors were US Bancorp (banks, United States), Boston Properties, Inc., REIT (office REITs, United States), Wells Fargo & Co. (banks, United States), Douglas Emmett, Inc., REIT (office REITs, United States) and Fidelity National Information Services Inc. (financial services, United States). In aggregate, they detracted 0.61% from Fund performance in this period.

⁵​  The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

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Management's Discussion of Fund Performance

First Eagle High Income Fund

The NAV of the Fund's Class I shares increased 5.54% for the six months ended April 30, 2023, while the Bloomberg U.S. Corporate High Yield Index increased 6.21%. The Fund's short-term investments** position was 9.9% as of April 30, 2023.

The five largest contributors to the performance of First Eagle High Income Fund over the period were Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028 (financial services, Mexico); Koppers, Inc. 6.00%, 2/15/2025 (chemicals, United States); Cheplapharm Arzneimittel Gmbh 5.50% , 1/15/2028 (pharmaceuticals, Germany); DaVita, Inc. 4.63%, 6/1/2030 (health care providers & services, United States); and Triton Water Holdings, Inc. 6.25%, 4/1/2029 (beverages, United States). Collectively, they accounted for 0.65% of this period's performance.

The five largest detractors were Scripps Escrow II, Inc. 5.38%, 1/15/2031 (media, United States); Gray Escrow II, Inc. 5.38%, 11/15/2031 (media, United States); Level 3 Financing, Inc. 4.25%, 7/1/2028 (diversified telecommunication services, United States); Petrofac Ltd. 9.75%, 11/15/2026 (energy equipment & services & equipment, United Kingdom); and Petroleos Mexicanos 6.70%, 2/16/2032 (oil, gas & consumable fuels, Mexico). In aggregate, they detracted 0.42% from Fund performance in this period.

First Eagle Rising Dividend Fund

The NAV of the Fund's Class A shares* increased 15.59% for the six months ended April 30, 2023, while the S&P 500 Index increased 8.63%. The Fund's short-term investments** position was 0.8% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Rising Dividend Fund over the period were Meta Platforms, Inc., Class A (interactive media & services, United States), Comcast Corp., Class A (media, United States), Oracle Corp. (software, United States), HCA Healthcare, Inc. (health care providers & services, United States) and Ross Stores, Inc. (special retail, United States). Collectively, they accounted for 9.29% of this period's performance.

Given the period's positive market dynamics, only three stocks were detractors to performance: UnitedHealth Group, Inc. (health care providers & services, United States), Fidelity National Information Services Inc. (financial services, United States) and Bank of New York Mellon Corp. (The) (capital markets, United States). The next two lagging positions were Accenture plc, Class A (IT services, United States) and TE Connectivity Ltd. (electronic equipment, instruments & components, United States). In aggregate, they detracted 1.25% from Fund performance in this period.

First Eagle Small Cap Opportunity Fund

The NAV of the Fund's Class I shares increased 3.40% for the six months ended April 30, 2023, while the Russell 2000^®​ Value Index decreased 6.72%. The Fund's short-term investments** position was 7.3% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were Axcelis Technologies, Inc. (semiconductors & semiconductor equipment, United States), Community Health Systems, Inc. (health

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Management's Discussion of Fund Performance

care providers & services, United States), inTEST Corp. (semiconductors & semiconductor equipment, United States), Tactile Systems Technology, Inc. (health care equipment & supplies, United States) and Beazer Homes USA, Inc. (household durables, United States). Collectively, they accounted for 2.42% of this period's performance.

The five largest detractors were ProPetro Holding Corp. (energy equipment & services, United States), Bioventus, Inc., Class A (health care equipment & supplies, United States), ADTRAN Holdings, Inc. (communications equipment, United States), CareDx, Inc. (biotechnology, United States) and Enviva, Inc. (oil, gas & consumable fuels, United States). In aggregate, they detracted 2.00% from Fund performance in this period.

First Eagle U.S. Smid Cap Opportunity Fund

The NAV of the Fund's Class I shares increased 1.76% for the six months ended April 30, 2023, while the Russell 2500^TM​ Value Index decreased 1.18%. The Fund's position in short-term investments** was 4.5% as of April 30, 2023.

The five largest contributors to the performance of First Eagle U.S. Smid Cap Opportunity Fund over the period were Tenet Healthcare Corp. (health care providers & services, United States), Beazer Homes USA, Inc. (household durable, United States), XPO, Inc. (ground transportation, United States), AZEK Co., Inc. (The) (building products, United States) and Performance Food Group Co. (consumer staples distribution & retail, United States). Collectively, they accounted for 3.02% of this period's performance.

The five largest detractors were SM Energy Co. (oil, gas & consumable fuels, United States), Ameris Bancorp (banks, United States), CareDx, Inc. (biotechnology, United States), HF Sinclair Corp. (oil, gas & consumable fuels, United States) and Matador Resources Co. (oil, gas & consumable fuels, United States). In aggregate, they detracted 2.83% from Fund performance in this period.

First Eagle Global Real Assets Fund

The NAV of the Fund's Class I shares increased 9.80% for the six months ended April 30, 2023, while the MSCI World Index increased 12.26%. The Fund's position in short-term investments** was 1.8% as of April 30, 2023.

The five largest contributors to the performance of First Eagle Global Real Assets Fund over the period were gold bullion, Grupo Mexico SAB de CV, Series B (metals & mining, Mexico), Wheaton Precious Metals Corp. (metals & mining, Brazil), United Utilities Group plc (water utilities, United Kingdom) and FUCHS PETROLUB SE (Preference) (chemicals, Germany). Collectively, they accounted for 5.08% of this period's performance.

The five largest detractors were NOV, Inc. (energy equipment & services, United States), National Energy Services Reunited Corp. (energy equipment & services, Untied States), ICL Group Ltd. (chemicals, Israel), Douglas Emmett, Inc., REIT (office REITs, United States) and Boston Properties, Inc., REIT (office REITs, United States). In aggregate, they detracted 1.78% from Fund performance in this period.

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Management's Discussion of Fund Performance

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

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Management's Discussion of Fund Performance

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

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Management's Discussion of Fund Performance

David Wang
Portfolio Manager
Global Real Assets Fund

June 2023

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 June 2023 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

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Management's Discussion of Fund Performance

A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. "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.

Credit risk is the risk that interest and/or principal on a fixed income security will not be paid on time and in full.

Duration is a measure of a fixed income security's price sensitivity to changes in interest rates.

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

Margin of safety is defined by First Eagle as the difference between a company's market value and our estimate of its intrinsic value, which is based on a judgment of what a prudent and rational business buyer would pay in cash for all of a company in normal markets. An investment made with a margin of safety is no guarantee against loss.

Volatility is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater degree of dispersion, the greater degree of risk.

One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.

Bloomberg Global Aggregate Bond Index measures the performance of global investment grade debt from 24 local currency markets, including treasury, government-related, corporate, and securitized fixed rate bonds from both developed and emerging markets.

Bloomberg US Aggregate Bond Index measures the performance of investment grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS.

Bloomberg US Corporate High Yield Bond Index measures the performance of the US dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk are excluded.

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

MSCI EAFE Index measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada.

MSCI World Value Index measures the performance of large and midcap securities exhibiting value style characteristics across 23 developed markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield.

Russell 2000^®​ Index measures the performance of the small cap segment of the US equity universe. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

Russell 2500^TM​ Value Index measures the performance of the small to mid-cap value segment of the US equity universe. The value investment style characteristics for index construction are defined as Russell 2500^TM​ Index companies with relatively lower price-to-book ratios, lower Institutional Brokers' Estimate System forecast medium term (two year) growth and lower sales per share historical growth (five years).

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

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Performance Chart¹​ (unaudited)

	One Year			Three Years			Five Years			Ten Years			Since Inception			Inception Date
First Eagle Global Fund
Class A (SGENX) without sales charge		6.32	%		11.54	%		6.31	%		6.43	%		12.35	%	01/01/792​
with sales charge		1.01	%		9.65	%		5.22	%		5.88	%		12.22	%	01/01/792​
Class C (FESGX) without sales charge		5.51	%		10.70	%		5.51	%		5.63	%		8.90	%	06/05/00
with sales charge		4.51	%		10.70	%		5.51	%		5.63	%		8.90	%	06/05/00
Class I (SGIIX)		6.58	%		11.82	%		6.59	%		6.71	%		9.87	%	07/31/98
Class R3 (EARGX)		6.17	%		11.17	%		—			—			6.08	%	05/01/18
Class R4 (EAGRX)		6.29	%		11.57	%		6.40	%		—			5.17	%	01/17/18
Class R5 (FRGLX)		6.31	%		10.91	%		—			—			6.24	%	07/29/19
Class R6 (FEGRX)		6.65	%		11.89	%		6.66	%		—			6.63	%	03/01/17
MSCI World Index3​		3.18	%		13.10	%		8.14	%		8.71	%		9.50	%	01/01/79
First Eagle Overseas Fund
Class A (SGOVX) without sales charge		5.69	%		7.98	%		3.45	%		4.22	%		9.29	%	08/31/93
with sales charge		0.39	%		6.15	%		2.39	%		3.68	%		9.10	%	08/31/93
Class C (FESOX) without sales charge		4.89	%		7.18	%		2.68	%		3.45	%		7.76	%	06/05/00
with sales charge		3.89	%		7.18	%		2.68	%		3.45	%		7.76	%	06/05/00
Class I (SGOIX)		5.96	%		8.28	%		3.74	%		4.51	%		9.11	%	07/31/98
Class R3 (EAROX)		5.36	%		7.73	%		—			—			3.28	%	05/01/18
Class R4 (FIORX)		5.63	%		8.08	%		3.54	%		—			2.58	%	01/17/18
Class R5 (FEROX)		5.65	%		7.90	%		—			—			5.22	%	03/11/19
Class R6 (FEORX)		6.05	%		8.37	%		3.82	%		—			4.49	%	03/01/17
MSCI EAFE Index4​		8.42	%		11.68	%		3.63	%		4.76	%		5.02	%	08/31/93

First Eagle Funds | Semiannual Report | April 30, 2023
17

Performance Chart¹​ (unaudited)

	One Year			Three Years			Five Years			Ten Years			Since Inception			Inception Date
First Eagle U.S. Value Fund
Class A (FEVAX) without sales charge		5.00	%		13.46	%		7.45	%		7.63	%		8.63	%	09/04/01
with sales charge		-0.26	%		11.54	%		6.35	%		7.08	%		8.37	%	09/04/01
Class C (FEVCX) without sales charge		4.20	%		12.59	%		6.62	%		6.81	%		7.81	%	09/04/01
with sales charge		3.24	%		12.59	%		6.62	%		6.81	%		7.81	%	09/04/01
Class I (FEVIX)		5.29	%		13.76	%		7.75	%		7.92	%		8.91	%	09/04/01
Class R3 (EARVX)		4.79	%		13.25	%		—			—			7.28	%	05/01/18
Class R4 (FIVRX)		4.92	%		13.33	%		—			—			7.21	%	07/29/19
Class R5 (FERVX)		5.16	%		13.54	%		—			—			7.40	%	07/29/19
Class R6 (FEVRX)		5.40	%		13.82	%		7.79	%		—			7.56	%	03/01/17
S&P 500 Index5​		2.66	%		14.52	%		11.45	%		12.20	%		8.29	%	09/04/01
First Eagle Gold Fund
Class A (SGGDX) without sales charge		5.70	%		4.80	%		10.47	%		2.88	%		5.86	%	08/31/93
with sales charge		0.39	%		3.02	%		9.34	%		2.35	%		5.68	%	08/31/93
Class C (FEGOX) without sales charge		4.89	%		4.03	%		9.64	%		2.09	%		5.47	%	05/15/03
with sales charge		3.89	%		4.03	%		9.64	%		2.09	%		5.47	%	05/15/03
Class I (FEGIX)		5.92	%		5.07	%		10.77	%		3.16	%		6.55	%	05/15/03
Class R3 (EAURX)		5.42	%		4.64	%		—			—			10.39	%	05/01/18
Class R4 (FIURX)		5.66	%		4.90	%		—			—			10.70	%	07/29/19
Class R5 (FERUX)		5.84	%		4.98	%		—			—			10.74	%	07/29/19
Class R6 (FEURX)		6.03	%		5.16	%		10.86	%		—			7.43	%	03/01/17
FTSE Gold Mines Index6​		-8.96	%		-3.20	%		7.04	%		0.89	%		0.26	%	08/31/93
MSCI World Index3​		3.18	%		13.10	%		8.14	%		8.71	%		7.21	%	08/31/93

First Eagle Funds | Semiannual Report | April 30, 2023
18

Performance Chart¹​ (unaudited)

	One Year			Three Years			Five Years			Ten Years			Since Inception			Inception Date
First Eagle Global Income Builder Fund
Class A (FEBAX) without sales charge		5.68	%		9.35	%		4.90	%		5.13	%		5.76	%	05/01/12
with sales charge		0.39	%		7.51	%		3.83	%		4.60	%		5.26	%	05/01/12
Class C (FEBCX) without sales charge		4.83	%		8.50	%		4.09	%		4.34	%		4.95	%	05/01/12
with sales charge		3.83	%		8.50	%		4.09	%		4.34	%		4.95	%	05/01/12
Class I (FEBIX)		5.96	%		9.61	%		5.17	%		5.40	%		6.02	%	05/01/12
Class R3 (FBRRX)		5.47	%		9.11	%		—			—			4.74	%	05/01/18
Class R4 (FIBRX)		5.58	%		9.19	%		—			—			5.28	%	07/29/19
Class R5 (EABRX)		5.67	%		9.29	%		—			—			5.38	%	07/29/19
Class R6 (FEBRX)		6.03	%		9.69	%		5.22	%		—			5.60	%	03/01/17
Composite Index7​		1.99	%		6.58	%		5.65	%		5.94	%		6.48	%	05/01/12
MSCI World Index3​		3.18	%		13.10	%		8.14	%		8.71	%		9.38	%	05/01/12
Bloomberg U.S. Aggregate Bond Index8​		-0.43	%		-3.15	%		1.18	%		1.32	%		1.53	%	05/01/12
First Eagle High Income Fund
Class A (FEHAX) without sales charge		1.92	%		4.45	%		2.27	%		2.70	%		3.87	%	01/03/12
with sales charge		-2.69	%		2.84	%		1.33	%		2.23	%		3.46	%	01/03/12
Class C (FEHCX) without sales charge		1.32	%		3.71	%		1.50	%		1.94	%		3.10	%	01/03/12
with sales charge		0.34	%		3.71	%		1.50	%		1.94	%		3.10	%	01/03/12
Class I (FEHIX)		2.31	%		4.77	%		2.55	%		3.00	%		6.43	%	11/19/079​
Class R3 (EARHX)		1.78	%		4.27	%		—			—			2.12	%	05/01/18
Class R4 (FIHRX)		0.84	%		3.65	%		—			—			1.06	%	07/29/19
Class R5 (FERHX)		2.12	%		4.49	%		—			—			1.76	%	07/29/19
Class R6 (FEHRX)		2.36	%		4.79	%		2.56	%		—			2.76	%	03/01/17
Bloomberg U.S. Corporate High Yield Index10​		1.22	%		4.71	%		3.28	%		4.01	%		6.07	%	11/19/07

First Eagle Funds | Semiannual Report | April 30, 2023
19

Performance Chart¹​ (unaudited)

	One Year			Three Years			Five Years			Ten Years			Since Inception			Inception Date
First Eagle Rising Dividend Fund11​
Class A (FEFAX) without sales charge		6.23	%		11.06	%		3.11	%		5.53	%		7.25	%	11/20/98
with sales charge		0.90	%		9.18	%		2.06	%		4.99	%		7.02	%	11/20/98
Class C (FEAMX) without sales charge		5.45	%		10.23	%		2.34	%		4.74	%		6.49	%	03/02/98
with sales charge		4.45	%		10.23	%		2.34	%		4.74	%		6.49	%	03/02/98
Class I (FEAIX)		6.52	%		11.36	%		3.40	%		5.83	%		5.92	%	03/08/13
Class R3 (EARFX)		6.19	%		10.94	%		—			—			3.03	%	05/01/18
Class R4 (EAFRX)		6.43	%		11.21	%		—			—			4.81	%	07/29/19
Class R5 (FERFX)		6.52	%		11.32	%		—			—			4.91	%	07/29/19
Class R6 (FEFRX)		6.57	%		11.35	%		3.42	%		—			4.28	%	03/01/17
S&P 500 Index5​		2.66	%		14.52	%		11.45	%		12.20	%		7.59	%	11/20/98
First Eagle Small Cap Opportunity Fund
Class A (FESAX) without sales charge		-2.67	%		—			—			—			-7.64	%	07/01/21
with sales charge		-7.51	%		—			—			—			-10.18	%	07/01/21
Class I (FESCX)		-2.45	%		—			—			—			-5.35	%	04/27/21
Class R6 (FESRX)		-2.45	%		—			—			—			-7.42	%	07/01/21
Russell 2000®​ Value Index12​		-7.99	%		—			—			—			-7.54	%	04/27/21
Russell 2000®​ Index13​		-3.65	%		—			—			—			-11.04	%	04/27/21
First Eagle U.S. Smid Cap Opportunity Fund
Class A (FESAX) without sales charge		—			—			—			—			-8.79	%	08/15/22
with sales charge		—			—			—			—			-13.38	%	08/15/22
Class I (FESCX)		—			—			—			—			-8.62	%	08/15/22
Class R6 (FESRX)		—			—			—			—			-8.65	%	08/15/22
Russell 2500TM​ Value Index14​		—			—			—			—			-9.49	%	08/15/22
Russell 2500TM​ Index15​		—			—			—			—			-8.71	%	08/15/22

First Eagle Funds | Semiannual Report | April 30, 2023
20

Performance Chart¹​ (unaudited)

	One Year			Three Years		Five Years		Ten Years		Since Inception			Inception Date
First Eagle Global Real Assets Fund
Class A (FERAX) without sales charge		1.05	%		—		—		—		3.44	%	11/30/21
with sales charge		-4.03	%		—		—		—		-0.27	%	11/30/21
Class I (FEREX)		1.35	%		—		—		—		3.72	%	11/30/21
Class R6 (FERRX)		1.27	%		—		—		—		3.66	%	11/30/21
MSCI World Index3​		3.18	%		—		—		—		-4.58	%	11/30/21
Consumer Price Index +400bps16​		8.35	%		—		—		—		10.01	%	11/30/21

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

The average annual returns for Class A Shares "with sales charge" of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Income Fund gives effect to the deduction of the maximum sales charge of 4.50%.

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

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

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

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

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

First Eagle Funds | Semiannual Report | April 30, 2023
21

Performance Chart¹​ (unaudited)

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

²​  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.

³​  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.

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

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

⁹​  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.

¹⁰​  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.

¹¹​  Effective on August 14, 2020, Rising Dividend Fund 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. At a meeting of the Board of Trustees (the "Board") of First Eagle Funds held on December 14, 2022, the Board approved changes to the First Eagle Rising Dividend Fund's name (formerly First Eagle Fund of America), 80% investment policy and principal investment strategy.

¹²​  The Russell 2000^®​ Value Index is a widely followed, unmanaged index that measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000^®​ companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^®​ Value Index is completely reconstituted annually. One cannot invest directly in an index.

¹³​  The Russell 2000^®​ Index is a widely followed, unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^®​ Index is a subset of the Russell 3000^®​ Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap

First Eagle Funds | Semiannual Report | April 30, 2023
22

Performance Chart¹​ (unaudited)

and current index membership. The Russell 2000^®​ Index is completely reconstituted annually. One cannot invest directly in an index.

¹⁴​  The Russell 2500^TM​ Value Index is a widely followed, unmanaged index that measures the performance of the small-to mid-cap value segment of the U.S. equity universe, commonly referred to as "smid" cap. It includes those Russell 2500^TM​ companies with relatively low price-to-book ratios and lower forecasted growth values.

¹⁵​  The Russell 2500^TM​ Index is a widely followed, unmanaged index that measures the performance of the smid cap segment of the U.S. equity universe. The Russell 2500^TM​ Index is a subset of the Russell 3000^®​ Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500^TM​ Index is completely reconstituted annually.

¹⁶  ​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.

Expense ratios as stated in the most recent prospectus.

	Class A			Class C			Class I			Class R3			Class R4			Class R5			Class R6
First Eagle Global Fund		1.11	%		1.87	%		0.86	%		1.20	%		1.07	%		1.11	%		0.79	%
First Eagle Overseas Fund		1.15			1.89			0.89			1.40			1.01			1.17			0.80
First Eagle U.S. Value Fund17,18​		1.16			1.92			0.88			1.34			1.14			1.02			0.83
First Eagle Gold Fund		1.19			1.93			0.94			1.45			1.10			0.99			0.85
First Eagle Global Income Builder Fund		1.16			1.94			0.93			1.33			1.40			1.17			0.87
First Eagle High Income Fund17,19​		1.13			1.88			0.86			1.28			2.36			1.12			0.78
First Eagle Rising Dividend Fund17,20​		1.05			1.84			0.74			1.15			1.04			1.31			0.69
First Eagle Small Cap Opportunity Fund17,21​		1.42			—			1.18			—			—			—			1.29
First Eagle U.S. Smid Cap Opportunity Fund17,22​		24.63			—			24.38			—			—			—			24.38
First Eagle Global Real Assets Fund17,23​		5.13			—			4.75			—			—			—			4.76

¹⁷​  For the First Eagle U.S. Value Fund, First Eagle High Income Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.

¹⁸​  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.

¹⁹​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive 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

First Eagle Funds | Semiannual Report | April 30, 2023
23

Performance Chart¹​ (unaudited)

interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²⁰​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 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 repaymentis taken into account) to exceed the lesser of: (1) 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.69% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²¹  ​These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

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

²³​  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive and/ or reimburse certain fees and

First Eagle Funds | Semiannual Report | April 30, 2023
24

Performance Chart¹​ (unaudited)

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

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

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

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

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

To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. As of the date of this Semiannual Report, the Global Fund has significant exposure to Europe

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25

Performance Chart¹​ (unaudited)

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

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

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

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

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

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

By investing in its Subsidiary, each of the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Global Real Assets 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

First Eagle Funds | Semiannual Report | April 30, 2023
26

Performance Chart¹​ (unaudited)

be developing or marketing new products or services for which markets are not yet established and may never become established. Each Fund (except the First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid Cap Opportunity Fund) considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. The First Eagle Small Cap Opportunity Fund considers small companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2000^®​ Index at the time of investment. The First Eagle U.S. Smid Cap Opportunity Fund considers small and medium companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2500 ^TM​ Index at the time of investment. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

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

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

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

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

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

Funds that invest in bonds are subject to credit and interest rate risk. The value of a Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by a Fund. An increase in interest rates tends to reduce the market value

First Eagle Funds | Semiannual Report | April 30, 2023
27

Performance Chart¹​ (unaudited)

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.

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First Eagle Global Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns (%)			One-Year		Five-Years		Ten-Years
First Eagle Global Fund	Class A	without sales load		6.32		6.31		6.43
		with sales load		1.01		5.22		5.88
MSCI World Index				3.18		8.14		8.71
Consumer Price Index				5.52		3.61		2.78

Asset Allocation* (%)

Sectors* (%)

Consumer Staples	13.6
Commodities	11.3
Financials	10.6
Industrials	10.4
Information Technology	8.6
Health Care	6.9
Consumer Discretionary	6.8
Energy	6.4
Communication Services	5.7
Materials	5.0
Real Estate	3.2
Foreign Government Securities	0.9
Utilities	0.3
Short-Term Investments	10.3

Countries*~ (%)

United States	53.5
Japan	6.9
United Kingdom	5.8
Canada	3.7
France	3.0
Switzerland	2.4
Brazil	2.0
South Korea	1.9
Hong Kong	1.8
Mexico	1.8
China	1.7
Belgium	1.2
Sweden	0.9
Germany	0.9
Taiwan	0.8
Thailand	0.4
Australia	0.4
Norway	0.2
Peru	0.1
Indonesia	0.1
Netherlands	0.1
Ireland	0.1
Short-Term Investments	10.3

^{^}​  Less than 0.05%.

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

**  Includes short-term commercial paper (4.6% of total investments) that settles in 90 days or less, long-term commercial paper (5.6% of total investments) that settles in 91 days or greater and other short-term investments (0.1% of total investments), such as U.S. treasury bills or money market funds.

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

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

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First Eagle Global Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

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

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)	11.3
Oracle Corp. (Software, United States)	2.9
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.3
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	2.0
Schlumberger NV (Energy Equipment & Services, United States)	2.0
Comcast Corp., Class A (Media, United States)	1.9
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	1.8
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	1.6
Unilever plc (Personal Care Products, United Kingdom)	1.5
British American Tobacco plc (Tobacco, United Kingdom)	1.4
Total	28.7

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

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

  Percentages are based on total net assets

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First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 77.3%
Australia — 0.4%
Newcrest Mining Ltd.		9,296,442		177,514,358
Belgium — 1.2%
Groupe Bruxelles Lambert NV		6,469,396		580,637,307
Brazil — 2.0%
Ambev SA, ADR		149,620,059		418,936,165
Itausa SA (Preference)		97,473,480		169,627,854
Wheaton Precious Metals Corp.		7,936,282		391,893,605
				980,457,624
Canada — 3.7%
Agnico Eagle Mines Ltd.		2,298,700		130,404,164
Barrick Gold Corp.		20,128,459		383,245,859
Franco-Nevada Corp.		769,497		116,760,670
Imperial Oil Ltd.		10,896,401		555,416,063
Nutrien Ltd.		4,138,319		287,199,339
Power Corp. of Canada		12,323,141		330,078,449
				1,803,104,544
China — 1.7%
Alibaba Group Holding Ltd.*		34,738,392		367,310,791
Prosus NV*		6,294,726		471,056,583
				838,367,374
France — 3.0%
Danone SA		10,211,219		675,815,850
Legrand SA		1,954,335		184,985,574
LVMH Moet Hennessy Louis Vuitton SE		145,168		139,634,390
Sodexo SA		3,140,841		336,597,652
Wendel SE		913,708		102,499,102
				1,439,532,568
Germany — 0.9%
Brenntag SE		1,126,149		91,786,396
Henkel AG & Co. KGaA (Preference)		4,137,100		334,478,488
				426,264,884

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First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Hong Kong — 1.8%
CK Asset Holdings Ltd.		37,986,500		224,618,996
Guoco Group Ltd.		12,748,580		107,770,967
Hongkong Land Holdings Ltd.		31,759,300		141,342,789
Hysan Development Co. Ltd.		23,322,348		65,910,025
Jardine Matheson Holdings Ltd.		7,051,271		340,870,994
				880,513,771
Ireland — 0.1%
CRH plc		570,979		27,552,007
Japan — 6.9%
Chofu Seisakusho Co. Ltd. (a)		3,224,200		58,206,441
FANUC Corp.		13,602,500		459,372,935
Hirose Electric Co. Ltd.		1,258,915		169,901,785
Hoshizaki Corp.		5,662,600		199,443,423
Keyence Corp.		263,400		118,781,889
Komatsu Ltd.		6,756,000		168,020,850
Mitsubishi Electric Corp.		24,592,300		304,917,003
Mitsubishi Estate Co. Ltd.		16,785,262		206,866,663
MS&AD Insurance Group Holdings, Inc.		10,476,620		343,867,020
Secom Co. Ltd.		6,337,130		405,791,741
Shimano, Inc.		1,939,490		299,946,962
SMC Corp.		442,156		220,523,016
Sompo Holdings, Inc.		7,546,000		314,891,562
T Hasegawa Co. Ltd. (a)		3,002,800		71,489,487
USS Co. Ltd.		1,298,600		21,821,664
				3,363,842,441
Mexico — 1.4%
Fomento Economico Mexicano SAB de CV, ADR		5,421,458		525,989,855
Fresnillo plc		5,590,827		50,033,333
Industrias Penoles SAB de CV*		6,401,020		98,364,127
				674,387,315
Netherlands — 0.1%
Heineken Holding NV		334,290		32,085,561
Norway — 0.2%
Orkla ASA		16,166,787		116,203,398

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33

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
South Korea — 1.6%
Hyundai Mobis Co. Ltd.		999,985		162,857,865
KT&G Corp.		5,242,098		335,921,217
Lotte Corp.		567,781		11,910,664
Lotte Wellfood Co. Ltd.		148,981		11,805,758
NAVER Corp.		629,662		91,222,529
Samsung Electronics Co. Ltd. (Preference)		4,049,795		169,301,214
				783,019,247
Sweden — 0.9%
Investor AB, Class A		4,970,940		109,001,971
Investor AB, Class B		11,255,824		241,810,548
Svenska Handelsbanken AB, Class A		10,429,006		92,190,185
				443,002,704
Switzerland — 2.4%
Cie Financiere Richemont SA (Registered)		4,644,824		767,793,455
Schindler Holding AG		1,798,637		401,944,728
				1,169,738,183
Taiwan — 0.8%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,606,256		388,307,381
Thailand — 0.4%
Bangkok Bank PCL, NVDR		42,690,800		196,864,257
United Kingdom — 5.7%
BAE Systems plc		30,239,911		385,255,980
Berkeley Group Holdings plc (a)		6,766,463		378,666,148
British American Tobacco plc		19,154,797		707,689,113
Lloyds Banking Group plc		396,239,696		240,724,258
Reckitt Benckiser Group plc		4,483,021		362,272,108
Unilever plc		12,894,404		718,182,895
				2,792,790,502
United States — 42.1%
Alphabet, Inc., Class A*		2,694,360		289,212,602
Alphabet, Inc., Class C*		4,503,302		487,347,341
American Express Co.		1,903,714		307,145,217
Analog Devices, Inc.		2,464,848		443,376,858
Bank of New York Mellon Corp. (The)		11,016,077		469,174,719
Becton Dickinson & Co.		1,130,197		298,722,369

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First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
United States — 42.1% (continued)
Berkshire Hathaway, Inc., Class A*		675		339,443,987
Boston Properties, Inc., REIT		2,473,129		131,966,163
Brown & Brown, Inc.		3,486,931		224,523,487
CH Robinson Worldwide, Inc. (a)		6,806,508		686,572,462
Charles Schwab Corp. (The)		2,570,105		134,262,285
Colgate-Palmolive Co.		7,218,573		576,042,125
Comcast Corp., Class A		21,961,227		908,535,961
Cummins, Inc.		1,455,755		342,160,655
Deere & Co.		381,724		144,299,307
Dentsply Sirona, Inc.		6,900,950		289,356,834
Douglas Emmett, Inc., REIT (a)		9,162,021		118,006,831
Elevance Health, Inc.		1,258,041		589,580,915
Equity Residential, REIT		5,716,613		361,575,772
Expeditors International of Washington, Inc.		1,875,971		213,560,539
Exxon Mobil Corp.		9,538,191		1,128,749,523
Fidelity National Financial, Inc.		3,078,584		109,258,946
Flowserve Corp. (a)		7,892,216		263,521,092
Haleon plc		68,822,768		302,592,972
HCA Healthcare, Inc.		3,109,934		893,577,336
IPG Photonics Corp.* (a)		3,097,302		356,127,784
JG Boswell Co.		2,485		1,694,770
Kraft Heinz Co. (The)		4,471,740		175,605,230
Medtronic plc		3,519,853		320,130,630
Meta Platforms, Inc., Class A*		4,124,147		991,115,007
Microsoft Corp.		1,584,979		487,000,648
Mills Music Trust (a)		31,592		1,303,170
Nestle SA (Registered)		3,086,462		395,960,896
Newmont Corp.		7,901,033		374,508,964
NOV, Inc. (a)		26,905,276		450,663,373
Oracle Corp.		14,601,623		1,383,065,731
Philip Morris International, Inc.		6,664,841		666,284,155
PPG Industries, Inc.		853,547		119,718,502
Ross Stores, Inc.		2,633,277		281,049,654
Royal Gold, Inc.		1,476,988		195,612,291
RPM International, Inc.		174,428		14,308,329

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First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
United States — 42.1% (continued)
Salesforce, Inc.*		1,385,077		274,757,725
Sanofi		4,031,951		434,516,329
Schlumberger NV		19,905,698		982,346,196
Texas Instruments, Inc.		2,333,362		390,138,126
UGI Corp.		4,677,898		158,487,184
Union Pacific Corp.		518,453		101,461,252
Universal Health Services, Inc., Class B		3,368,166		506,403,758
US Bancorp		5,965,007		204,480,440
Walmart, Inc.		1,383,386		208,849,784
Weyerhaeuser Co., REIT		10,347,140		309,482,957
Willis Towers Watson plc		2,553,725		591,442,710
WR Berkley Corp.		236,774		13,950,724
				20,443,032,617
Total Common Stocks (Cost $25,591,101,542)				37,557,218,043
	Ounces
Commodities — 11.3%
Gold bullion* (Cost $2,902,970,315)		2,764,801		5,499,742,271
	Principal Amount ($)
Foreign Government Securities — 0.9%
Indonesia — 0.1%
Republic of Indonesia 8.38%, 3/15/2024	IDR	853,795,000,000		59,308,198
Mexico — 0.4%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023	MXN	911,940,000		49,672,187
Series M 20, 10.00%, 12/5/2024	MXN	816,590,000		44,878,273
Series M, 5.75%, 3/5/2026	MXN	1,813,230,000		91,313,494
				185,863,954
Peru — 0.1%
Republic of Peru 8.20%, 8/12/2026 (b)	PEN	221,343,000		62,341,881

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First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
South Korea — 0.3%
Republic of Korea 1.25%, 3/10/2026	KRW	158,937,690,000		112,085,267
Total Foreign Government Securities (Cost 443,589,386)				419,599,300
Corporate Bonds — 0.0% (c)
United States — 0.0% (c)
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡ (Cost $5,128,319)		5,467,000		5,036,474
Short-Term Investments — 10.3%
Commercial Paper — 10.2%
AES Corp. (The) 5.63%, 5/1/2023 (d)		48,495,000		48,472,292
Amazon.com, Inc. 4.57%, 5/5/2023 (d)		120,369,000		120,255,251
4.71%, 6/2/2023 (d)		80,827,000		80,449,572
BNG Bank NV 4.95%, 7/10/2023 (b)(d)		102,834,000		101,799,509
4.95%, 7/11/2023 (b)(d)		103,833,000		102,774,152
4.96%, 7/12/2023 (b)(d)		58,333,000		57,730,226
BP Capital Markets plc 4.98%, 5/11/2023 (b)(d)		38,636,000		38,566,255
5.06%, 6/14/2023 (d)		34,211,000		33,983,480
5.09%, 6/27/2023 (b)(d)		37,500,000		37,180,000
5.06%, 6/29/2023 (d)		75,000,000		74,338,408
Coca-Cola Co. (The) 4.84%, 5/8/2023 (b)(d)		47,000,000		46,937,007
5.09%, 6/20/2023 (b)(d)		15,000,000		14,891,681
4.98%, 7/20/2023 (b)(d)		75,000,000		74,152,363
Engie SA 4.81%, 5/12/2023 (b)(d)		19,000,000		18,963,233
4.86%, 5/18/2023 (b)(d)		70,000,000		69,803,067
4.86%, 5/23/2023 (d)		80,000,000		79,717,055
5.27%, 7/28/2023 (d)		50,000,000		49,354,785
5.28%, 7/31/2023 (d)		50,000,000		49,331,816
Entergy Corp. 5.00%, 5/1/2023 (b)(d)		22,805,000		22,795,452

First Eagle Funds | Semiannual Report | April 30, 2023
37

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 10.2% (continued)
Estee Lauder Cos., Inc. (The) 4.91%, 6/12/2023 (d)		66,000,000		65,588,325
4.99%, 6/21/2023 (b)(d)		100,000,000		99,248,800
5.01%, 6/27/2023 (b)(d)		40,664,000		40,323,778
European Investment Bank 5.05%, 6/13/2023 (d)		97,500,000		96,909,351
Export Development Canada 5.06%, 8/21/2023 (d)		25,322,000		24,918,926
Export Development Corp. 4.97%, 7/19/2023 (d)		50,000,000		49,431,581
FMS Wertmanagement 5.01%, 6/9/2023 (b)(d)		74,000,000		73,571,442
5.01%, 7/5/2023 (b)(d)		68,981,000		68,328,600
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (d)		75,889,000		75,856,330
Global Payments, Inc. 5.63%, 5/1/2023 (d)		34,413,000		34,396,858
Henkel Corp. 5.08%, 8/21/2023 (d)		100,000,000		98,395,750
Honeywell International, Inc. 5.03%, 8/15/2023 (d)		50,000,000		49,258,194
Hydro-Quebec 4.76%, 5/4/2023 (d)		8,256,000		8,249,417
4.81%, 5/8/2023 (b)(d)		40,000,000		39,946,678
4.71%, 5/9/2023 (b)(d)		40,000,000		39,941,309
4.68%, 5/11/2023 (d)		48,100,000		48,016,488
4.79%, 6/8/2023 (d)		32,088,000		31,908,748
4.94%, 6/14/2023 (b)(d)		24,450,000		24,293,173
5.04%, 7/26/2023 (d)		33,600,000		33,187,242
Illinois Tool Works, Inc. 5.00%, 6/8/2023 (d)		36,372,000		36,164,716
Johnson & Johnson 4.83%, 7/12/2023 (b)(d)		50,000,000		49,493,229
Kreditanstalt fuer Wiederaufbau 4.69%, 5/3/2023 (d)		72,125,000		72,076,766
4.60%, 5/15/2023 (d)		50,000,000		49,884,967
5.01%, 6/12/2023 (b)(d)		50,000,000		49,689,062
4.93%, 7/5/2023 (b)(d)		88,889,000		88,045,631

First Eagle Funds | Semiannual Report | April 30, 2023
38

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 10.2% (continued)
5.03%, 7/14/2023 (b)(d)		50,000,000		49,462,497
Linde, Inc. 4.81%, 5/18/2023 (d)		50,000,000		49,865,028
L'Oreal SA 5.01%, 7/13/2023 (b)(d)		93,000,000		92,020,100
LVMH Moet Hennessy Louis Vuitton SE 4.82%, 6/5/2023(b)(d)		51,000,000		50,735,625
5.07%, 7/5/2023 (b)(d)		45,619,000		45,193,065
5.06%, 8/14/2023 (b)(d)		36,487,000		35,941,009
Nestle Finance International Ltd. 4.79%, 5/31/2023 (d)		10,000,000		9,955,780
NRW Bank 4.71%, 5/15/2023 (d)		65,000,000		64,850,426
4.91%, 6/6/2023 (b)(d)		100,000,000		99,467,975
5.02%, 6/8/2023 (b)(d)		50,000,000		49,720,061
4.90%, 7/6/2023 (b)(d)		61,111,000		60,526,876
5.09%, 7/27/2023 (d)		71,550,000		70,646,681
Oracle Corp. 5.13%, 5/12/2023 (d)		46,364,000		46,272,315
5.24%, 5/26/2023 (d)		17,105,000		17,036,618
Philip Morris International, Inc. 5.13%, 5/16/2023 (d)		51,075,000		50,945,959
5.09%, 5/17/2023 (b)(d)		100,000,000		99,732,469
5.09%, 5/24/2023 (d)		40,413,000		40,264,116
5.09%, 5/25/2023 (d)		50,000,000		49,808,712
5.19%, 7/17/2023 (b)(d)		60,000,000		59,318,267
Province of Quebec 4.87%, 6/14/2023 (d)		46,184,000		45,887,767
5.05%, 8/2/2023 (b)(d)		52,250,000		51,555,702
5.07%, 8/3/2023 (b)(d)		35,793,000		35,312,235
PSP Capital, Inc. 4.70%, 5/2/2023 (b)(d)		69,722,000		69,684,529
4.92%, 5/22/2023 (b)(d)		92,537,000		92,233,232
4.85%, 5/30/2023 (b)(d)		47,600,000		47,390,390
4.86%, 6/1/2023 (b)(d)		100,000,000		99,531,744
5.04%, 7/17/2023 (b)(d)		52,500,000		51,912,350
5.12%, 7/31/2023 (b)(d)		29,207,000		28,821,339

First Eagle Funds | Semiannual Report | April 30, 2023
39

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 10.2% (continued)
Roche Holdings, Inc. 4.84%, 5/22/2023 (b)(d)		40,000,000		39,870,907
Schlumberger Investment SA 4.93%, 5/31/2023 (d)		44,000,000		43,801,076
Unilever Capital Corp. 4.83%, 6/15/2023 (b)(d)		100,000,000		99,345,600
4.88%, 6/20/2023 (b)(d)		100,000,000		99,273,017
4.90%, 6/26/2023 (b)(d)		118,581,000		117,614,348
4.91%, 6/28/2023 (d)		72,200,000		71,591,119
UnitedHealth Group, Inc. 5.23%, 5/1/2023 (d)		98,000,000		97,960,253
5.24%, 5/10/2023 (d)		50,000,000		49,916,884
5.17%, 6/22/2023 (d)		100,000,000		99,174,542
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (b)(d)		82,923,000		82,884,828
Walt Disney Co. (The) 5.22%, 6/23/2023 (b)(d)		100,000,000		99,209,156
Total Commercial Paper (Cost $4,935,753,003)				4,933,355,562
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills 4.77%, 6/1/2023 (d)(e)		20,000,000		19,926,332
5.01%, 7/27/2023 (d)		20,000,000		19,760,991
Total U.S. Treasury Obligations (Cost $39,679,547)				39,687,323
	Shares
Investment Companies — 0.0% (c)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (f) (Cost $1,026,203)		1,026,203		1,026,203
Total Short-Term Investments (Cost $4,976,458,753)				4,974,069,088
Total Investments — 99.8% (Cost $33,919,248,315)				48,455,665,176
Other Assets Less Liabilities — 0.2%				121,314,917
Net Assets — 100.0%				48,576,980,093

First Eagle Funds | Semiannual Report | April 30, 2023
40

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

*  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 April 30, 2023 amounted to $2,877,573,849, which represents approximately 5.92% 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 April 30, 2023.

(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 April 30, 2023.

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	15,938,838,674
Aggregate gross unrealized depreciation		(1,415,382,208	)
Net unrealized appreciation	$	14,523,456,466
Federal income tax cost	$	33,919,248,315

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2023

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
GBP	12,110,000	USD	14,993,561	JPMorgan Chase Bank	5/17/2023	$	231,247
Total unrealized appreciation							231,247
USD	100,176,177	EUR	92,655,000	JPMorgan Chase Bank	5/17/2023		(2,017,032	)
USD	106,529,526	GBP	87,738,000	JPMorgan Chase Bank	5/17/2023		(3,775,524	)
USD	96,519,841	EUR	89,200,000	UBS AG	6/14/2023		(2,023,247	)
USD	101,801,683	EUR	95,872,000	Bank of New York Mellon	7/19/2023		(4,309,696	)
USD	106,877,121	EUR	96,717,000	Goldman Sachs	8/23/2023		(350,835	)
USD	90,046,084	GBP	72,083,000	Goldman Sachs	8/23/2023		(715,308	)
Total unrealized depreciation							(13,191,642	)
Net unrealized depreciation						$	(12,960,395	)

First Eagle Funds | Semiannual Report | April 30, 2023
41

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Abbreviations

ADR  — American Depositary Receipt

EUR  — Euro

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 April 30, 2023		Market Value October 31, 2022		Purchases at Cost		Proceeds from Sales
Common Stocks — 4.9%
Japan — 0.3%
Chofu Seisakusho Co. Ltd.		3,224,200	$	44,031,237	$	—	$	—
T Hasegawa Co. Ltd.		3,002,800		63,875,515		—		—
				107,906,752		—		—
United Kingdom — 0.8%
Berkeley Group Holdings plc		6,766,463		269,219,704		—		—
United States — 3.8%
CH Robinson Worldwide, Inc.		6,806,508		725,720,121		—		(65,137,068	)
Douglas Emmett, Inc., REIT		9,162,021		144,503,046		15,559,889		—
Flowserve Corp.		7,892,216		226,348,755		—		—
IPG Photonics Corp.*		3,097,302		265,314,889		—		—
Mills Music Trust		31,592		1,200,812		—		—
NOV, Inc.		26,905,276		602,678,182		—		—
				1,965,765,805		15,559,889		(65,137,068	)
Total Common Stocks				2,342,892,261		15,559,889		(65,137,068	)
Total			$	2,342,892,261	$	15,559,889	$	(65,137,068	)

First Eagle Funds | Semiannual Report | April 30, 2023
42

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Affiliated Securities (continued)

Security Description	Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Market Value April 30, 2023		Dividend Income
Common Stocks — 4.9%
Japan — 0.3%
Chofu Seisakusho Co. Ltd.	$	—	$	14,175,204		$	58,206,441	$	436,566
T Hasegawa Co. Ltd.		—		7,613,972			71,489,487		649,849
		—		21,789,176			129,695,928		1,086,415
United Kingdom — 0.8%
Berkeley Group Holdings plc		—		109,446,444			378,666,148		5,615,335
United States — 3.8%
CH Robinson Worldwide, Inc.		13,384,600		12,604,809			686,572,462		8,795,536
Douglas Emmett, Inc., REIT		—		(42,056,104	)		118,006,831		3,301,647
Flowserve Corp.		—		37,172,337			263,521,092		3,156,886
IPG Photonics Corp.*		—		90,812,895			356,127,784		—
Mills Music Trust		—		102,358			1,303,170		41,716
NOV, Inc.		—		(152,014,809	)		450,663,373		2,690,528
		13,384,600		(53,378,514	)		1,876,194,712		17,986,313
Total Common Stocks		13,384,600		77,857,106			2,384,556,788		24,688,063
Total	$	13,384,600	$	77,857,106		$	2,384,556,788	$	24,688,063

*  Non-income producing security.

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2023
43

First Eagle Overseas Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns (%)			One-Year		Five-Years		Ten-Years
First Eagle Overseas Fund	Class A	without sales load		5.69		3.45		4.22
		with sales load		0.39		2.39		3.68
MSCI EAFE Index				8.42		3.63		4.76
Consumer Price Index				5.52		3.61		2.78

Asset Allocation* (%)

Sectors* (%)

Consumer Staples	20.1
Financials	13.4
Industrials	12.9
Commodities	11.1
Consumer Discretionary	9.2
Materials	8.1
Energy	4.8
Real Estate	4.0
Health Care	3.6
Information Technology	3.2
Foreign Government Securities	1.8
Communication Services	1.1
Short-Term Investments	6.7

Countries*~ (%)

United States	18.1
Japan	15.5
United Kingdom	9.2
Canada	6.8
France	5.3
Hong Kong	4.1
South Korea	4.0
Switzerland	3.5
Brazil	3.2
Mexico	3.2
Netherlands	2.6
Sweden	2.6
China	2.6
Singapore	2.2
Germany	2.2
Belgium	2.2
Taiwan	1.6
Chile	1.2
Thailand	0.9
Norway	0.8
Faroe Islands	0.4
Turkey	0.4
Australia	0.3
Peru	0.2
Indonesia	0.1
Ireland	0.1
Short-Term Investments	6.7

*  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 (4.0% of total investments) that settles in 91 days or greater and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds | Semiannual Report | April 30, 2023
44

First Eagle Overseas Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

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

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)	11.1
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.0
Danone SA (Food Products, France)	2.4
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	2.3
Unilever plc (Personal Care Products, United Kingdom)	2.2
British American Tobacco plc (Tobacco, United Kingdom)	2.2
Groupe Bruxelles Lambert NV (Financial Services, Belgium)	2.0
Willis Towers Watson plc (Insurance, United States)	2.0
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	2.0
Shell plc (Oil, Gas & Consumable Fuels, Netherlands)	1.8
Total	31.0

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

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

  Percentages are based on total net assets.

First Eagle Funds | Semiannual Report | April 30, 2023
45

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 80.0%
Australia — 0.3%
Newcrest Mining Ltd.		2,048,366		39,113,284
Belgium — 2.1%
Groupe Bruxelles Lambert NV		2,922,262		262,277,087
Legris Industries SE*‡ (a)(b)(c)		905,366		16,899,730
				279,176,817
Brazil — 3.1%
Ambev SA, ADR		74,789,315		209,410,082
Itausa SA (Preference)		48,522,263		84,440,684
Wheaton Precious Metals Corp.		2,364,552		116,761,578
				410,612,344
Canada — 6.8%
Agnico Eagle Mines Ltd.		717,589		40,708,485
Barrick Gold Corp.		5,379,581		102,427,222
Franco-Nevada Corp.		194,071		29,447,626
Imperial Oil Ltd.		7,543,865		384,529,149
Nutrien Ltd.		2,232,687		154,948,478
Power Corp. of Canada		6,216,607		166,513,391
				878,574,351
Chile — 1.2%
Cia Cervecerias Unidas SA, ADR (b)		9,392,572		150,938,632
China — 2.5%
Alibaba Group Holding Ltd.*		13,666,828		144,507,938
Prosus NV*		2,487,528		186,150,508
				330,658,446
Faroe Islands — 0.4%
Bakkafrost P/F		801,656		58,446,517
France — 5.2%
Danone SA		4,768,985		315,628,883
Laurent-Perrier (b)		558,938		75,718,695
Legrand SA		812,472		76,903,703
LVMH Moet Hennessy Louis Vuitton SE		33,358		32,086,438

First Eagle Funds | Semiannual Report | April 30, 2023
46

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
France — 5.2% (continued)
Sodexo SA		1,240,811		132,975,235
Wendel SE		451,738		50,675,642
				683,988,596
Germany — 2.2%
Brenntag SE		628,298		51,209,217
FUCHS PETROLUB SE (Preference)		2,322,615		91,759,356
Henkel AG & Co. KGaA (Preference)		1,698,517		137,322,617
				280,291,190
Hong Kong — 4.1%
CK Asset Holdings Ltd.		19,475,000		115,158,147
Great Eagle Holdings Ltd.		22,777,700		46,511,540
Guoco Group Ltd.		7,806,340		65,991,413
Hongkong Land Holdings Ltd.		15,883,500		70,688,529
Hysan Development Co. Ltd.		17,500,405		49,456,947
Jardine Matheson Holdings Ltd.		3,779,100		182,688,422
				530,494,998
Ireland — 0.1%
CRH plc		249,126		12,021,320
Japan — 15.4%
As One Corp.		1,378,380		58,394,424
Chofu Seisakusho Co. Ltd. (b)		1,829,100		33,020,719
Daiichikosho Co. Ltd. (b)		5,732,560		102,774,580
FANUC Corp.		6,103,700		206,129,357
Hirose Electric Co. Ltd.		758,730		102,397,367
Hoshizaki Corp.		2,554,200		89,961,924
Kansai Paint Co. Ltd.		8,320,730		117,305,500
Keyence Corp.		74,800		33,731,531
Komatsu Ltd.		3,814,300		94,861,150
Mitsubishi Electric Corp.		11,266,300		139,689,514
Mitsubishi Estate Co. Ltd.		11,073,538		136,473,643
MS&AD Insurance Group Holdings, Inc.		4,583,300		150,434,559
Nagaileben Co. Ltd.		1,687,224		26,245,894
Nihon Kohden Corp.		1,975,100		54,648,251
Pilot Corp.		477,500		15,913,744

First Eagle Funds | Semiannual Report | April 30, 2023
47

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Japan — 15.4% (continued)
Secom Co. Ltd.		3,010,200		192,755,127
Shimano, Inc.		878,870		135,919,436
SK Kaken Co. Ltd.		87,561		27,731,345
SMC Corp.		208,990		104,232,681
Sompo Holdings, Inc.		3,073,900		128,272,617
T Hasegawa Co. Ltd.		1,906,436		45,387,682
USS Co. Ltd.		560,300		9,415,277
				2,005,696,322
Mexico — 2.7%
Fomento Economico Mexicano SAB de CV, ADR		2,613,173		253,530,044
Fresnillo plc		1,426,722		12,767,996
Grupo Mexico SAB de CV, Series B		6,905,948		33,958,389
Industrias Penoles SAB de CV*		2,246,692		34,524,794
				334,781,223
Netherlands — 2.6%
HAL Trust		631,823		86,735,849
Heineken Holding NV		132,575		12,724,710
Shell plc		7,707,709		238,281,863
				337,742,422
Norway — 0.8%
Orkla ASA		14,829,598		106,591,970
Singapore — 1.7%
Haw Par Corp. Ltd. (b)		19,447,213		140,466,273
UOL Group Ltd.		14,128,300		73,705,568
				214,171,841
South Korea — 3.7%
Fursys, Inc. (b)		872,463		18,819,868
Hyundai Mobis Co. Ltd.		505,396		82,308,948
KT&G Corp.		2,451,893		157,120,848
Lotte Corp.		480,394		10,077,497
Lotte Wellfood Co. Ltd.		96,320		7,632,722
NAVER Corp.		258,729		37,483,465
NongShim Co. Ltd.		203,663		60,340,460
Samsung Electronics Co. Ltd. (Preference)		2,345,824		98,066,903
				471,850,711

First Eagle Funds | Semiannual Report | April 30, 2023
48

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Sweden — 2.6%
Industrivarden AB, Class A		123,708		3,539,675
Industrivarden AB, Class C		1,572,517		44,905,629
Investor AB, Class A		1,982,447		43,470,778
Investor AB, Class B		8,384,352		180,122,287
L E Lundbergforetagen AB, Class B		63,109		3,028,042
Svenska Handelsbanken AB, Class A		6,838,494		60,450,826
				335,517,237
Switzerland — 3.4%
Cie Financiere Richemont SA (Registered)		1,767,922		292,239,047
Schindler Holding AG		724,861		161,986,025
				454,225,072
Taiwan — 1.5%
Taiwan Secom Co. Ltd.		8,545,694		30,194,980
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,075,542		174,968,191
				205,163,171
Thailand — 0.9%
Bangkok Bank PCL, NVDR		20,440,959		94,261,391
Thai Beverage PCL		52,214,985		25,092,404
				119,353,795
Turkey — 0.4%
AG Anadolu Grubu Holding A/S		9,784,125		47,785,100
United Kingdom — 9.3%
BAE Systems plc		13,135,620		167,347,588
Berkeley Group Holdings plc		2,497,480		139,764,472
British American Tobacco plc		7,639,941		282,263,658
Great Portland Estates plc, REIT		3,302,520		22,142,608
Lloyds Banking Group plc		189,904,219		115,370,955
Reckitt Benckiser Group plc		2,246,129		181,509,274
Unilever plc		5,122,575		285,313,361
				1,193,711,916
United States — 7.0%
Haleon plc		26,953,694		118,507,270
Nestle SA (Registered)		1,236,148		158,584,901
Newmont Corp.		2,665,290		126,334,746
Royal Gold, Inc.		454,973		60,256,624

First Eagle Funds | Semiannual Report | April 30, 2023
49

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
United States — 7.0% (continued)
Sanofi		1,679,882		181,037,954
Willis Towers Watson plc		1,119,400		259,253,040
				903,974,535
Total Common Stocks (Cost $7,798,190,477)				10,384,881,810
	Ounces
Commodities — 11.1%
Gold bullion* (Cost $663,216,747)		724,971		1,442,112,761
	Principal Amount ($)
Foreign Government Securities — 1.8%
Indonesia — 0.1%
Republic of Indonesia 8.38%, 3/15/2024	IDR	267,431,000,000		18,576,884
Mexico — 0.6%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023	MXN	377,210,000		20,546,139
Series M 20, 10.00%, 12/5/2024	MXN	388,030,000		21,325,410
Series M, 5.75%, 3/5/2026	MXN	665,860,000		33,532,427
				75,403,976
Peru — 0.2%
Republic of Peru 8.20%, 8/12/2026 (d)	PEN	90,458,000		25,477,751
Singapore — 0.6%
Republic of Singapore 1.25%, 11/1/2026	SGD	108,048,000		76,561,160
South Korea — 0.3%
Republic of Korea 1.25%, 3/10/2026	KRW	59,926,230,000		42,260,885
Total Foreign Government Securities (Cost $245,404,809)				238,280,656

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50

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Short-Term Investments — 6.7%
Commercial Paper — 6.5%
AES Corp. (The) 5.63%, 5/1/2023 (e)		14,813,000		14,806,064
Amazon.com, Inc. 4.71%, 6/2/2023 (e)		19,173,000		19,083,470
BNG Bank NV 4.95%, 7/10/2023 (d)(e)		22,166,000		21,943,014
4.95%, 7/11/2023 (d)(e)		21,167,000		20,951,147
4.96%, 7/12/2023 (d)(e)		16,667,000		16,494,775
BP Capital Markets plc 4.98%, 5/11/2023 (d)(e)		11,364,000		11,343,486
5.06%, 6/14/2023 (e)		15,789,000		15,683,995
5.09%, 6/27/2023 (d)(e)		6,250,000		6,196,667
5.06%, 6/29/2023 (e)		25,000,000		24,779,469
Engie SA 4.83%, 5/4/2023 (e)		50,000,000		49,958,925
4.86%, 5/5/2023 (e)		50,000,000		49,952,070
4.81%, 5/12/2023 (d)(e)		15,300,000		15,270,393
4.86%, 5/18/2023 (d)(e)		5,000,000		4,985,933
Entergy Corp. 5.00%, 5/1/2023 (d)(e)		6,963,000		6,960,085
Estee Lauder Cos., Inc. (The) 5.01%, 6/27/2023 (d)(e)		12,036,000		11,935,299
Export Development Corp. 4.97%, 7/19/2023 (e)		48,850,000		48,294,654
FMS Wertmanagement 5.01%, 7/5/2023 (d)(e)		6,019,000		5,962,074
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (e)		23,169,000		23,159,026
Global Payments, Inc. 5.63%, 5/1/2023 (e)		10,508,000		10,503,071
Hydro-Quebec 4.76%, 5/4/2023 (e)		2,444,000		2,442,051
4.69%, 5/9/2023 (d)(e)		60,000,000		59,911,963
4.79%, 6/8/2023 (e)		7,612,000		7,569,478
Illinois Tool Works, Inc. 5.00%, 6/8/2023 (e)		8,628,000		8,578,829

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51

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 6.5% (continued)
Kreditanstalt fuer Wiederaufbau 4.69%, 5/3/2023 (e)		28,875,000		28,855,690
4.93%, 7/5/2023 (d)(e)		11,111,000		11,005,580
LVMH Moet Hennessy Louis Vuitton SE 4.74%, 5/19/2023 (e)		40,000,000		39,884,920
4.82%, 6/5/2023 (d)(e)		20,000,000		19,896,323
5.08%, 7/5/2023 (d)(e)		3,981,000		3,943,830
NRW Bank 4.71%, 5/15/2023 (e)		10,000,000		9,976,989
4.90%, 7/6/2023 (d)(e)		13,889,000		13,756,243
Oracle Corp. 5.13%, 5/12/2023 (e)		13,636,000		13,609,035
5.24%, 5/26/2023 (e)		7,895,000		7,863,437
Philip Morris International, Inc. 5.13%, 5/16/2023 (e)		4,925,000		4,912,557
5.09%, 5/24/2023 (e)		9,587,000		9,551,681
5.19%, 7/17/2023 (d)(e)		10,000,000		9,886,378
5.21%, 7/27/2023 (e)		20,000,000		19,745,000
5.21%, 8/1/2023 (e)		40,000,000		39,460,927
Province of Quebec 4.87%, 6/14/2023 (e)		21,316,000		21,179,275
5.05%, 8/2/2023 (d)(e)		20,000,000		19,734,240
5.07%, 8/3/2023 (d)(e)		14,207,000		14,016,174
PSP Capital, Inc. 4.70%, 5/2/2023 (d)(e)		30,278,000		30,261,727
4.92%, 5/22/2023 (d)(e)		7,463,000		7,438,502
5.04%, 7/17/2023 (d)(e)		8,750,000		8,652,058
5.11%, 7/31/2023 (d)(e)		21,593,000		21,307,878
Unilever Capital Corp. 4.91%, 6/26/2023 (d)(e)		11,419,000		11,325,914
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (d)(e)		25,322,000		25,310,344
Total Commercial Paper (Cost $848,748,685)				848,340,640

First Eagle Funds | Semiannual Report | April 30, 2023
52

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 0.2%
U.S. Treasury Bills 4.77%, 6/1/2023 (e)(f)		10,000,000		9,963,166
5.01%, 7/27/2023 (e)		10,000,000		9,880,496
Total U.S. Treasury Obligations (Cost $19,839,774)				19,843,662
	Shares
Investment Companies — 0.0% (g)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (h) (Cost $407,734)		407,734		407,734
Total Short-Term Investments (Cost $868,996,193)				868,592,036
Total Investments — 99.6% (Cost $9,575,808,226)				12,933,867,263
Other Assets Less Liabilities — 0.4%				45,570,761
Net Assets — 100.0%				12,979,438,024

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(a)  Security fair valued as of April 30, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2023 amounted to $16,899,730, which represents approximately 0.13% of net assets of the Fund.

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

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

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Legris Industries SE	04/30/04	$	23,433,066	$	18.67

(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 April 30, 2023 amounted to $403,967,778, which represents approximately 3.11% of net assets of the Fund.

(e)  The rate shown was the current yield as of April 30, 2023.

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

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

(h)  Represents 7-day effective yield as of April 30, 2023.

First Eagle Funds | Semiannual Report | April 30, 2023
53

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,810,664,389
Aggregate gross unrealized depreciation		(459,285,627	)
Net unrealized appreciation	$	3,351,378,762
Federal income tax cost	$	9,575,808,226

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2023

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
GBP	5,081,000	USD	6,290,857	JPMorgan Chase Bank	5/17/2023	$	97,025
Total unrealized appreciation							97,025
USD	49,509,120	EUR	45,792,000	JPMorgan Chase Bank	5/17/2023		(996,859	)
USD	44,918,390	GBP	36,995,000	JPMorgan Chase Bank	5/17/2023		(1,592,077	)
USD	57,339,494	EUR	52,991,000	UBS AG	6/14/2023		(1,201,949	)
USD	59,695,083	EUR	56,218,000	Bank of New York Mellon	7/19/2023		(2,527,146	)
USD	52,973,887	EUR	47,938,000	Goldman Sachs	8/23/2023		(173,892	)
USD	35,924,494	GBP	28,758,000	Goldman Sachs	8/23/2023		(285,377	)
Total unrealized depreciation							(6,777,300	)
Net unrealized depreciation						$	(6,680,275	)

Abbreviations

ADR  — American Depositary Receipt

EUR  — Euro

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 | Semiannual Report | April 30, 2023
54

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Affiliated Securities

Security Description	Shares at April 30, 2023		Market Value October 31, 2022		Purchases at Cost		Proceeds from Sales
Common Stocks — 4.1%
Belgium — 0.1%
Legris Industries SE*‡ (a)(b)		905,366	$	14,924,062	$	—	$	—
Chile — 1.2%
Cia Cervecerias Unidas SA, ADR		9,392,572		101,533,703		—		—
France — 0.6%
Laurent-Perrier		558,938		54,469,274		—		—
Japan — 1.0%
Chofu Seisakusho Co. Ltd.		1,829,100		24,979,077		—		—
Daiichikosho Co. Ltd.		5,732,560		82,184,041		—		—
				107,163,118		—		—
Singapore — 1.1%
Haw Par Corp. Ltd.		19,447,213		129,829,745		—		—
South Korea — 0.1%
Fursys, Inc.		872,463		16,775,972		—		—
Namyang Dairy Products Co. Ltd. (Preference)^​		—		2,237,746		—		(3,232,534	)
				19,013,718		—		(3,232,534	)
Total Common Stocks				426,933,620		—		(3,232,534	)
Total			$	426,933,620	$	—	$	(3,232,534	)

First Eagle Funds | Semiannual Report | April 30, 2023
55

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Affiliated Securities (continued)

Security Description	Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Market Value April 30, 2023		Dividend Income
Common Stocks — 4.1%
Belgium — 0.1%
Legris Industries SE*‡ (a)(b)	$	—	$	1,975,668		$	16,899,730	$	—
Chile — 1.2%
Cia Cervecerias Unidas SA, ADR		—		49,404,929			150,938,632		2,728,182
France — 0.6%
Laurent-Perrier		—		21,249,421			75,718,695		—
Japan — 1.0%
Chofu Seisakusho Co. Ltd.		—		8,041,642			33,020,719		247,666
Daiichikosho Co. Ltd.		—		20,590,539			102,774,580		1,107,904
		—		28,632,181			135,795,299		1,355,570
Singapore — 1.1%
Haw Par Corp. Ltd.		—		10,636,528			140,466,273		—
South Korea — 0.1%
Fursys, Inc.		—		2,043,896			18,819,868		592,152
Namyang Dairy Products Co. Ltd. (Preference)^​		3,055,024		(2,060,236	)		—		10,871
		3,055,024		(16,340	)		18,819,868		603,023
Total Common Stocks		3,055,024		111,882,387			538,638,497		4,686,775
Total	$	3,055,024	$	111,882,387		$	538,638,497	$	4,686,775

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

^{^}​  Represents an unaffiliated issuer as of April 30, 2023.

(a)  Security fair valued as of April 30, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2023 amounted to $16,899,730, 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.

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First Eagle U.S. Value Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns^​ (%)			One-Year		Five-Years		Ten-Years
First Eagle U.S. Value Fund	Class A	without sales charge		5.00		7.45		7.63
		with sales charge		-0.26		6.35		7.08
S&P 500 Index				2.66		11.45		12.20
Consumer Price Index				5.52		3.61		2.78

Asset Allocation* (%)

Sectors* (%)

Commodities	12.1
Information Technology	11.9
Health Care	11.6
Communication Services	9.8
Financials	9.8
Energy	9.4
Industrials	8.1
Consumer Staples	7.1
Materials	4.7
Real Estate	3.2
Consumer Discretionary	0.9
Utilities	0.6
Short-Term Investments	10.8

^{^}​  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 (1.7% of total investments) that settles in 90 days or less, long-term commercial paper (8.3% of total investments) that settles in 91 days or greater and other short-term investments (0.8% of total investments), such as U.S. treasury bills or money market funds.

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

First Eagle Funds | Semiannual Report | April 30, 2023
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First Eagle U.S. Value Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

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

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)	12.1
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.8
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.7
Oracle Corp. (Software, United States)	3.4
Comcast Corp., Class A (Media, United States)	3.2
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	3.1
Philip Morris International, Inc. (Tobacco, United States)	3.1
CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States)	2.5
Colgate-Palmolive Co. (Household Products, United States)	2.5
Elevance Health, Inc. (Health Care Providers & Services, United States)	2.5
Total	39.9

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

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

  Percentages are based on total net assets.

First Eagle Funds | Semiannual Report | April 30, 2023
59

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 73.4%
Aerospace & Defense — 1.1%
Aerojet Rocketdyne Holdings, Inc.*		240,464		13,564,574
Air Freight & Logistics — 3.4%
CH Robinson Worldwide, Inc.		301,426		30,404,841
Expeditors International of Washington, Inc.		94,942		10,808,197
				41,213,038
Banks — 0.9%
US Bancorp		330,658		11,334,956
Capital Markets — 2.7%
Bank of New York Mellon Corp. (The)		589,455		25,104,889
Charles Schwab Corp. (The)		143,493		7,496,074
				32,600,963
Chemicals — 1.4%
Nutrien Ltd. (Canada)		158,929		11,029,672
PPG Industries, Inc.		37,210		5,219,075
RPM International, Inc.		6,621		543,121
				16,791,868
Consumer Finance — 1.1%
American Express Co.		78,997		12,745,376
Consumer Staples Distribution & Retail — 0.7%
Walmart, Inc.		58,370		8,812,119
Electronic Equipment, Instruments & Components — 1.7%
IPG Photonics Corp.*		172,551		19,839,914
Energy Equipment & Services — 3.3%
NOV, Inc.		999,361		16,739,297
Schlumberger NV		471,530		23,270,005
				40,009,302
Financial Services — 1.6%
Berkshire Hathaway, Inc., Class A*		37		18,606,559
Food Products — 0.7%
Kraft Heinz Co. (The)		206,681		8,116,363
Gas Utilities — 0.6%
UGI Corp.		194,116		6,576,650

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60

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Ground Transportation — 0.4%
Union Pacific Corp.		24,414		4,777,820
Health Care Equipment & Supplies — 3.2%
Becton Dickinson & Co.		44,564		11,778,711
Dentsply Sirona, Inc.		350,379		14,691,391
Medtronic plc		131,450		11,955,378
				38,425,480
Health Care Providers & Services — 8.4%
Elevance Health, Inc.		63,028		29,538,072
HCA Healthcare, Inc.		157,427		45,233,500
Universal Health Services, Inc., Class B		170,425		25,623,399
				100,394,971
Household Products — 2.5%
Colgate-Palmolive Co.		376,279		30,027,064
Insurance — 2.8%
Brown & Brown, Inc.		197,669		12,727,907
Fidelity National Financial, Inc.		116,065		4,119,147
Willis Towers Watson plc		67,171		15,556,803
WR Berkley Corp.		9,977		587,845
				32,991,702
Interactive Media & Services — 6.7%
Alphabet, Inc., Class A*		145,960		15,667,346
Alphabet, Inc., Class C*		188,322		20,380,207
Meta Platforms, Inc., Class A*		181,732		43,673,834
				79,721,387
Machinery — 3.2%
Cummins, Inc.		73,903		17,370,161
Deere & Co.		20,543		7,765,665
Flowserve Corp.		378,708		12,645,060
				37,780,886
Media — 3.2%
Comcast Corp., Class A		920,308		38,073,142
Metals & Mining — 3.3%
Agnico Eagle Mines Ltd. (Canada)		82,024		4,653,183
Barrick Gold Corp. (Canada)		522,110		9,940,974

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Metals & Mining — 3.3% (continued)
Franco-Nevada Corp. (Canada)		21,527		3,266,429
Newcrest Mining Ltd. (Australia)		236,346		4,512,996
Newmont Corp.		252,516		11,969,259
Royal Gold, Inc.		38,764		5,133,904
				39,476,745
Office REITs — 0.8%
Boston Properties, Inc., REIT		102,688		5,479,432
Douglas Emmett, Inc., REIT		359,380		4,628,814
				10,108,246
Oil, Gas & Consumable Fuels — 3.1%
Exxon Mobil Corp.		317,531		37,576,619
Residential REITs — 1.3%
Equity Residential, REIT		254,518		16,098,263
Semiconductors & Semiconductor Equipment — 3.6%
Analog Devices, Inc.		126,112		22,685,026
Texas Instruments, Inc.		119,213		19,932,414
				42,617,440
Software — 6.7%
Microsoft Corp.		89,751		27,576,892
Oracle Corp.		425,031		40,258,937
Salesforce, Inc.*		61,730		12,245,380
				80,081,209
Specialized REITs — 1.0%
Weyerhaeuser Co., REIT		401,701		12,014,877
Specialty Retail — 0.9%
Ross Stores, Inc.		100,220		10,696,481
Tobacco — 3.1%
Philip Morris International, Inc.		372,296		37,218,431
Total Common Stocks (Cost $501,303,975)				878,292,445
	Ounces
Commodities — 12.1%
Gold bullion* (Cost $78,780,493)		72,529		144,274,124

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Master Limited Partnerships — 2.9%
Oil, Gas & Consumable Fuels — 2.9%
Enterprise Products Partners LP		623,041		16,392,209
Magellan Midstream Partners LP		337,252		18,818,661
Total Master Limited Partnerships (Cost $28,023,469)				35,210,870
	Principal Amount ($)
Convertible Preferred Stocks — 0.4%
Banks — 0.4%
Bank of America Corp. Series L, 7.25%, (a) (Cost $5,693,463)		4,250		5,031,703
Corporate Bonds — 0.4%
Financial Services — 0.3%
Mexico Remittances Funding Fiduciary Estate Management Sarl (Mexico) 4.88%, 1/15/2028(b)		3,925,400		3,536,668
Food Products — 0.1%
Post Holdings, Inc. 5.75%, 3/1/2027 (b)		666,000		662,008
Health Care Equipment & Supplies — 0.0% (c)
Bausch & Lomb, Inc. 7.13%, 8/1/2028‡		600,000		552,750
Total Corporate Bonds (Cost $4,549,883)				4,751,426
Short-Term Investments — 10.8%
Commercial Paper — 10.0%
AES Corp. (The) 5.63%, 5/1/2023 (d)		3,663,000		3,661,285
Amazon.com, Inc. 4.80%, 6/16/2023 (d)		10,000,000		9,935,279
Coca-Cola Co. (The) 5.09%, 6/20/2023 (b)(d)		10,000,000		9,927,788
4.86%, 6/21/2023 (b)(d)		5,000,000		4,963,205
Entergy Corp. 5.00%, 5/1/2023 (b)(d)		1,722,000		1,721,279
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (d)		5,728,000		5,725,534

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 10.0% (continued)
Global Payments, Inc. 5.63%, 5/1/2023 (d)		2,598,000		2,596,781
Honeywell International, Inc. 5.03%, 8/15/2023 (d)		10,000,000		9,851,639
Johnson & Johnson 4.86%, 7/17/2023 (b)(d)		10,000,000		9,892,222
Linde, Inc. (United Kingdom) 4.81%, 6/6/2023 (d)		10,000,000		9,947,328
PepsiCo, Inc. 4.91%, 6/23/2023 (d)		5,000,000		4,961,881
4.96%, 7/10/2023 (b)(d)		5,000,000		4,950,026
Philip Morris International, Inc. 4.71%, 5/8/2023 (b)(d)		10,000,000		9,986,056
Procter & Gamble Co. (The) 4.78%, 5/18/2023 (d)		10,000,000		9,973,006
UnitedHealth Group, Inc. 5.17%, 6/22/2023 (d)		10,000,000		9,917,454
5.48%, 6/28/2023 (d)		5,000,000		4,953,894
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (b)(d)		6,262,000		6,259,117
Total Commercial Paper (Cost $119,281,482)				119,223,774
	Shares
Investment Companies — 0.0% (c)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (e) (Cost $31,167)		31,167		31,167

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 0.8%
U.S. Treasury Bills 4.77%, 6/1/2023 (d)		5,000,000		4,981,583
5.01%, 7/27/2023 (d)		5,000,000		4,940,248
Total U.S. Treasury Obligations (Cost $9,919,887)				9,921,831
Total Short-Term Investments (Cost $129,232,536)				129,176,772
Total Investments — 100.0% (Cost $747,583,819)				1,196,737,340
Liabilities in Excess of Other Assets — 0.0% (c)				(367,719	)
Net Assets — 100.0%				1,196,369,621

*  Non-income producing security.

‡  Value determined using significant unobservable inputs.

(a)  Perpetual security. The rate reflected was the rate in effect on April 30, 2023. The maturity date reflects the next call date.

(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 April 30, 2023 amounted to $51,898,369, which represents approximately 4.34% 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 April 30, 2023.

(e)  Represents 7-day effective yield as of April 30, 2023.

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	470,638,504
Aggregate gross unrealized depreciation		(21,484,983	)
Net unrealized appreciation	$	449,153,521
Federal income tax cost	$	747,583,819

Abbreviations

REIT  — Real Estate Investment Trust

See Notes to Financial Statements.

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First Eagle Gold Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns (%)			One-Year		Five-Years		Ten-Years
First Eagle Gold Fund	Class A	without sales load		5.70		10.47		2.88
		with sales load		0.39		9.34		2.35
FTSE Gold Mines Index				-8.96		7.04		0.89
MSCI World Index				3.18		8.14		8.71
Consumer Price Index				5.52		3.61		2.78

Asset Allocation* (%)

Sectors* (%)

Materials	73.9
Commodities	17.7
Short-Term Investments	8.4

Countries*~ (%)

Canada	36.3
United States	31.4
Brazil	12.7
Australia	8.8
Mexico	2.4
Short-Term Investments	8.4

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

**  Includes short-term commercial paper (7.5% of total investments) that settles in 90 days or less, long-term commercial paper (0.9% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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

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First Eagle Gold Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

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

Top 10 Holdings* (%)

Gold bullion** (Precious Metal)	13.0
Wheaton Precious Metals Corp. (Metals & Mining, Brazil)	12.6
Newmont Corp. (Metals & Mining, United States)	9.0
Barrick Gold Corp. (Metals & Mining, Canada)	7.0
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	4.9
Newcrest Mining Ltd. (Metals & Mining, Australia)	4.9
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.8
Royal Gold, Inc. (Metals & Mining, United States)	4.7
Silver bullion** (Precious Metal)	4.6
Franco-Nevada Corp. (Metals & Mining, Canada)	4.3
Total	69.8

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

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

  Percentages are based on total net assets.

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First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 73.4%
Australia — 8.8%
AngloGold Ashanti Ltd., ADR		2,484,198		66,029,983
Newcrest Mining Ltd.		6,336,848		121,001,293
Northern Star Resources Ltd.		3,483,847		31,075,268
				218,106,544
Brazil — 12.6%
Wheaton Precious Metals Corp.		6,340,844		313,110,875
Canada — 36.0%
Agnico Eagle Mines Ltd.		2,134,524		121,090,538
Alamos Gold, Inc., Class A		9,333,149		120,621,057
B2Gold Corp.		18,540,084		72,936,966
Barrick Gold Corp.		9,080,585		172,894,338
Dundee Precious Metals, Inc. (a)		14,240,008		104,473,321
Franco-Nevada Corp.		701,323		106,416,195
MAG Silver Corp.* (a)		5,431,222		70,633,747
Novagold Resources, Inc.* (a)		17,740,710		96,509,462
Orla Mining Ltd.*		6,508,741		29,400,668
				894,976,292
Mexico — 2.4%
Fresnillo plc		4,277,558		38,280,649
Industrias Penoles SAB de CV*		1,403,600		21,569,045
				59,849,694
United States — 13.6%
Newmont Corp.		4,699,082		222,736,487
Royal Gold, Inc.		879,006		116,415,554
				339,152,041
Total Common Stocks (Cost $1,122,488,265)				1,825,195,446
	Ounces
Commodities — 17.6%
Gold bullion*		162,686		323,614,184
Silver bullion*		4,596,472		115,083,697
Total Commodities (Cost $241,230,897)				438,697,881

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First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Number of Rights		Value ($)
Rights — 0.2%
Canada — 0.2%
Pan American Silver Corp., CVR, expiring 2/22/2029* (Cost $45,973,715)		6,835,667		3,827,974
	Principal Amount ($)
Short-Term Investments — 8.4%
Commercial Paper — 8.4%
AES Corp. (The) 5.63%, 5/1/2023 (b)		26,944,000		26,931,383
BP Capital Markets plc 5.09%, 6/27/2023 (b)(c)		6,250,000		6,196,667
Entergy Corp. 5.00%, 5/1/2023 (b)(c)		12,666,000		12,660,697
Estee Lauder Cos., Inc. (The) 4.91%, 6/12/2023 (b)		9,000,000		8,943,863
Export Development Canada 5.06%, 8/21/2023 (b)		9,378,000		9,228,722
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (b)		42,143,000		42,124,857
Global Payments, Inc. 5.63%, 5/1/2023 (b)		19,115,000		19,106,034
LVMH Moet Hennessy Louis Vuitton SE 5.06%, 8/14/2023 (b)(c)		13,513,000		13,310,791
Philip Morris International, Inc. 5.19%, 7/17/2023 (b)(c)		10,000,000		9,886,378
PSP Capital, Inc. 5.04%, 7/17/2023 (b)(c)		8,750,000		8,652,058
Schlumberger Investment SA 4.93%, 5/31/2023 (b)		6,000,000		5,972,874
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (b)(c)		46,059,000		46,037,798
Total Commercial Paper (Cost $209,148,890)				209,052,122

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69

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Investment Companies — 0.0% (d)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (e) (Cost $107,670)		107,670		107,670
Total Short-Term Investments (Cost $209,256,560)				209,159,792
Total Investments — 99.6% (Cost $1,618,949,437)				2,476,881,093
Other Assets Less Liabilities — 0.4%				10,704,410
Net Assets — 100.0%				2,487,585,503

*  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 April 30, 2023.

(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 April 30, 2023 amounted to $96,744,389, which represents approximately 3.89% of net assets of the Fund.

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

(e)  Represents 7-day effective yield as of April 30, 2023.

Abbreviations

ADR  — American Depositary Receipt

CVR  — Contingent Value Rights

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	901,389,426
Aggregate gross unrealized depreciation		(43,457,770	)
Net unrealized appreciation	$	857,931,656
Federal income tax cost	$	1,618,949,437

Affiliated Securities

Security Description	Shares at April 30, 2023		Market Value October 31, 2022		Purchases at Cost		Proceeds from Sales
Common Stocks — 10.9%
Canada — 10.9%
Dundee Precious Metals, Inc.		14,240,008	$	62,596,607	$	2,015,396	$	—
MAG Silver Corp.*		5,431,222		65,062,216		6,279,404		—
Novagold Resources, Inc.*		17,740,710		83,460,385		—		(1,813,442	)
Total Common Stocks			$	211,119,208	$	8,294,800	$	(1,813,442	)
Total			$	211,119,208	$	8,294,800	$	(1,813,442	)

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First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Affiliated Securities (continued)

Security Description	Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Market Value April 30, 2023		Dividend Income
Common Stocks — 10.9%
Canada — 10.9%
Dundee Precious Metals, Inc.	$	—		$	39,861,318		$	104,473,321	$	876,964
MAG Silver Corp.*		—			(707,873	)		70,633,747		—
Novagold Resources, Inc.*		(1,319,109	)		16,181,628			96,509,462		—
Total Common Stocks	$	(1,319,109	)	$	55,335,073		$	271,616,530	$	876,964
Total	$	(1,319,109	)	$	55,335,073		$	271,616,530	$	876,964

*  Non-income producing security.

See Notes to Financial Statements.

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71

First Eagle Global Income Builder Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns^​ (%)			One-Year		Five-Years		Ten-Years
First Eagle Global Income Builder Fund	Class A	without sales load		5.68		4.90		5.13
		with sales load		0.39		3.83		4.60
Composite Index				1.99		5.65		5.94
MSCI World Index				3.18		8.14		8.71
Bloomberg U.S. Aggregate Index				-0.43		1.18		1.32

Asset Allocation* (%)

Sectors* (%)

Consumer Staples	23.5
Financials	11.0
U.S. Treasury Obligations	9.8
Energy	9.4
Industrials	9.1
Commodities	6.5
Health Care	5.6
Real Estate	4.4
Materials	4.4
Consumer Discretionary	4.1
Information Technology	3.0
Foreign Government Securities	1.6
Communication Services	1.3
Utilities	0.4
Short-Term Investments	5.9

Countries*~ (%)

United States	55.2
United Kingdom	7.4
Canada	4.0
Mexico	4.0
Hong Kong	3.7
Japan	3.0
South Korea	2.2
Brazil	2.2
Switzerland	2.2
Germany	2.2
France	1.9
Chile	1.6
Norway	0.9
Singapore	0.9
Thailand	0.8
Sweden	0.4
Netherlands	0.3
Poland	0.3
Italy	0.2
Taiwan	0.2
Australia	0.2
Colombia	0.2
Saudi Arabia	0.1
Short-Term Investments	5.9

^{^}​  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 (5.9% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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

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First Eagle Global Income Builder Fund | Fund Overview

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The 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)	6.5
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.8
Unilever plc (Personal Care Products, United Kingdom)	2.8
Nestle SA (Registered) (Food Products, United States)	2.4
British American Tobacco plc (Tobacco, United Kingdom)	2.2
Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels, United States)	1.9
Philip Morris International, Inc. (Tobacco, United States)	1.9
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	1.8
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	1.7
KT&G Corp. (Tobacco, South Korea)	1.6
Total	25.6

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

  Percentages are based on total net assets.

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First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 58.9%
Brazil — 2.0%
Ambev SA, ADR		5,778,469		16,179,713
Itausa SA (Preference)		3,444,779		5,994,764
Wheaton Precious Metals Corp.		235,189		11,613,633
				33,788,110
Canada — 3.2%
Agnico Eagle Mines Ltd.		16,806		953,397
Barrick Gold Corp.		90,496		1,723,044
Franco-Nevada Corp.		42,649		6,471,404
Franco-Nevada Corp. (a)		32,962		5,002,972
Imperial Oil Ltd.		254,278		12,961,168
Nutrien Ltd. (a)		52,037		3,611,368
Power Corp. of Canada		883,284		23,658,985
				54,382,338
Chile — 1.6%
Cia Cervecerias Unidas SA, ADR		1,180,964		18,978,092
Quinenco SA		2,083,758		8,557,024
				27,535,116
France — 1.9%
Danone SA		334,535		22,140,751
Sodexo SA		73,956		7,925,717
Wendel SE		21,585		2,421,389
				32,487,857
Germany — 1.9%
Brenntag SE		99,365		8,098,711
FUCHS PETROLUB SE (Preference)		319,659		12,628,741
Henkel AG & Co. KGaA (Preference)		149,355		12,075,134
				32,802,586
Hong Kong — 3.6%
CK Asset Holdings Ltd.		2,333,500		13,798,282
Great Eagle Holdings Ltd.		1,662,774		3,395,346
Guoco Group Ltd.		167,700		1,417,663
Hongkong Land Holdings Ltd.		2,123,300		9,449,615
Hysan Development Co. Ltd.		929,083		2,625,631

First Eagle Funds | Semiannual Report | April 30, 2023
74

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Hong Kong — 3.6% (continued)
Jardine Matheson Holdings Ltd.		619,100		29,928,396
Mandarin Oriental International Ltd.*		1,047,200		1,908,949
				62,523,882
Japan — 2.9%
FANUC Corp.		181,000		6,112,590
Komatsu Ltd.		203,200		5,053,558
MS&AD Insurance Group Holdings, Inc.		242,700		7,965,978
Nagaileben Co. Ltd.		22,700		353,114
Nohmi Bosai Ltd.		50,300		648,726
Secom Co. Ltd.		227,800		14,586,944
Shimano, Inc.		46,900		7,253,202
Sompo Holdings, Inc.		119,300		4,978,341
USS Co. Ltd.		214,900		3,611,178
				50,563,631
Mexico — 2.8%
Bolsa Mexicana de Valores SAB de CV		403,523		892,129
Coca-Cola Femsa SAB de CV, ADR (a)		203,819		17,206,400
Fomento Economico Mexicano SAB de CV, ADR (a)		185,496		17,996,822
Fresnillo plc		178,369		1,596,257
GMexico Transportes SAB de CV (b)		450,782		1,039,736
Grupo Mexico SAB de CV, Series B		1,889,165		9,289,528
				48,020,872
Netherlands — 0.3%
HAL Trust		39,727		5,453,672
Heineken Holding NV		246		23,611
				5,477,283
Norway — 0.9%
Orkla ASA		2,142,238		15,397,947
Singapore — 0.6%
Haw Par Corp. Ltd.		158,300		1,143,393
United Overseas Bank Ltd.		214,100		4,547,047
UOL Group Ltd.		764,200		3,986,736
				9,677,176

First Eagle Funds | Semiannual Report | April 30, 2023
75

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
South Korea — 2.1%
KT&G Corp.		418,821		26,838,655
Samsung Electronics Co. Ltd. (Preference)		204,402		8,545,002
				35,383,657
Sweden — 0.4%
Svenska Handelsbanken AB, Class A		868,290		7,675,498
Switzerland — 2.2%
Cie Financiere Richemont SA (Registered)		144,172		23,831,757
Schindler Holding AG		61,668		13,781,062
				37,612,819
Taiwan — 0.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a)		47,844		4,033,249
Thailand — 0.8%
Bangkok Bank PCL, NVDR		1,467,900		6,769,071
Thai Beverage PCL		13,789,600		6,626,722
				13,395,793
United Kingdom — 7.2%
BAE Systems plc		807,624		10,289,117
Berkeley Group Holdings plc		222,665		12,460,823
British American Tobacco plc		1,034,381		38,216,023
Lloyds Banking Group plc		8,134,955		4,942,163
Reckitt Benckiser Group plc		120,054		9,701,542
Unilever plc		871,901		48,562,491
				124,172,159
United States — 24.3%
Analog Devices, Inc. (a)		55,082		9,908,150
Bank of New York Mellon Corp. (The) (a)		336,334		14,324,465
Becton Dickinson & Co. (a)		49,127		12,984,757
Boston Properties, Inc., REIT (a)		99,707		5,320,366
CH Robinson Worldwide, Inc. (a)		107,646		10,858,252
Colgate-Palmolive Co. (a)		327,328		26,120,774
Comcast Corp., Class A (a)		522,212		21,603,910
Douglas Emmett, Inc., REIT		366,396		4,719,181
Elevance Health, Inc.		15,305		7,172,688
Equity Residential, REIT (a)		297,606		18,823,580

First Eagle Funds | Semiannual Report | April 30, 2023
76

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
United States — 24.3% (continued)
Exxon Mobil Corp. (a)		412,370		48,799,866
Fidelity National Financial, Inc.		43,186		1,532,671
Fidelity National Information Services, Inc. (a)		51,600		3,029,952
General Dynamics Corp. (a)		7,297		1,593,227
Haleon plc		3,886,647		17,088,416
HCA Healthcare, Inc. (a)		82,105		23,591,230
IDACORP, Inc.		45,166		5,018,846
Kraft Heinz Co. (The) (a)		148,824		5,844,319
Linde plc (a)		6,853		2,531,841
Medtronic plc (a)		134,987		12,277,068
Nestle SA (Registered)		317,408		40,720,137
Oracle Corp. (a)		77,125		7,305,280
Philip Morris International, Inc. (a)		318,886		31,879,033
Ross Stores, Inc. (a)		18,300		1,953,159
Royal Gold, Inc. (a)		90,423		11,975,622
Sanofi		151,208		16,295,423
Schlumberger NV (a)		153,224		7,561,604
Texas Instruments, Inc. (a)		94,967		15,878,482
Truist Financial Corp. (a)		69,044		2,249,454
UGI Corp.		74,789		2,533,851
Union Pacific Corp. (a)		6,543		1,280,464
Universal Health Services, Inc., Class B		19,258		2,895,440
US Bancorp		318,298		10,911,255
Walmart, Inc. (a)		56,972		8,601,063
Weyerhaeuser Co., REIT		129,131		3,862,308
				419,046,134
Total Common Stocks (Cost $883,266,572)				1,013,976,107
	Principal Amount ($)
Corporate Bonds — 10.2%
Australia — 0.2%
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (b)		1,459,000		1,502,186

First Eagle Funds | Semiannual Report | April 30, 2023
77

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Australia — 0.2% (continued)
Nufarm Australia Ltd. 5.00%, 1/27/2030 (b)		2,595,000		2,306,327
				3,808,513
Canada — 0.8%
Open Text Corp. 3.88%, 2/15/2028 (b)		1,106,000		980,038
Open Text Holdings, Inc. 4.13%, 2/15/2030 (b)		6,065,000		5,178,795
TransCanada PipeLines Ltd. (United States SOFR Compounded Index + 1.52%), 6.36%, 3/9/2026 (c)		3,500,000		3,502,420
Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (c)		4,250,000		4,023,687
				13,684,940
Germany — 0.3%
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026 (b)(d)		3,879,000		3,491,386
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027 (b)(d)		1,336,632		1,234,213
				4,725,599
Mexico — 0.7%
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028 (b)		14,426,700		12,998,024
Poland — 0.3%
Canpack SA 3.13%, 11/1/2025 (b)		420,000		372,542
3.88%, 11/15/2029 (b)		6,197,000		4,964,251
				5,336,793
United Kingdom — 0.1%
BAT Capital Corp. 3.22%, 9/6/2026		2,425,000		2,299,655
United States — 7.8%
ACCO Brands Corp. 4.25%, 3/15/2029 (b)		7,408,000		6,243,277
Aircastle Ltd. 4.40%, 9/25/2023		984,000		975,371

First Eagle Funds | Semiannual Report | April 30, 2023
78

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 7.8% (continued)
American Airlines, Inc. 5.50%, 4/20/2026 (b)		4,267,833		4,190,986
5.75%, 4/20/2029 (b)		502,000		477,043
American Tower Corp. REIT, 2.40%, 3/15/2025		115,000		109,468
AMN Healthcare, Inc. 4.63%, 10/1/2027 (b)		2,959,000		2,758,904
Aramark Services, Inc. 5.00%, 4/1/2025 (b)		2,141,000		2,119,389
5.00%, 2/1/2028 (b)		194,000		184,766
Ball Corp. 6.88%, 3/15/2028		752,000		781,959
Bank of New York Mellon Corp. (The) Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (c)(e)		5,400,000		4,512,456
Boston Properties LP REIT, 3.20%, 1/15/2025		1,817,000		1,733,598
Carnival Corp. 4.00%, 8/1/2028 (b)		1,206,000		1,045,414
Centene Corp. 4.25%, 12/15/2027		2,873,000		2,745,496
4.63%, 12/15/2029		450,000		424,125
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (b)		2,282,000		2,077,597
3.75%, 3/15/2029 (b)		1,522,000		1,335,457
CITGO Petroleum Corp. 7.00%, 6/15/2025 (b)		8,657,000		8,613,715
6.38%, 6/15/2026 (b)		5,182,000		5,047,164
DCP Midstream Operating LP 6.45%, 11/3/2036 (b)		773,000		810,110
Delta Air Lines, Inc. 4.50%, 10/20/2025 (b)		5,129,186		5,029,987
DT Midstream, Inc. 4.13%, 6/15/2029 (b)		2,910,000		2,578,996
Edgewell Personal Care Co. 5.50%, 6/1/2028 (b)		1,770,000		1,693,930
4.13%, 4/1/2029 (b)		1,557,000		1,379,239

First Eagle Funds | Semiannual Report | April 30, 2023
79

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 7.8% (continued)
Embecta Corp. 5.00%, 2/15/2030 (b)		2,393,000		2,064,130
6.75%, 2/15/2030 (b)		2,292,000		2,076,580
HCA, Inc. 5.38%, 2/1/2025		1,500,000		1,500,741
5.88%, 2/15/2026		1,449,000		1,471,550
3.50%, 9/1/2030		1,588,000		1,429,346
Imola Merger Corp. 4.75%, 5/15/2029 (b)		3,133,000		2,713,027
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027 (b)		3,609,000		3,439,725
REIT, 5.25%, 3/15/2028 (b)		1,005,000		966,670
REIT, 5.00%, 7/15/2028 (b)		1,596,000		1,502,195
REIT, 4.88%, 9/15/2029 (b)		1,322,000		1,205,755
KFC Holding Co. 4.75%, 6/1/2027 (b)		1,472,000		1,448,154
Kinder Morgan Energy Partners LP 4.15%, 2/1/2024		2,700,000		2,678,484
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (b)		1,583,000		1,449,762
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (b)		4,623,630		4,616,234
MSCI, Inc. 4.00%, 11/15/2029 (b)		2,625,000		2,365,204
Pilgrim's Pride Corp. 5.88%, 9/30/2027 (b)		6,042,000		6,010,373
Post Holdings, Inc. 5.75%, 3/1/2027 (b)		2,867,000		2,849,817
PRA Group, Inc. 7.38%, 9/1/2025 (b)		1,400,000		1,391,098
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (b)		4,405,000		3,995,627
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (b)		64,000		44,480
SEG Holding LLC 5.63%, 10/15/2028 (b)		5,461,000		5,174,298
Service Corp. International 4.63%, 12/15/2027		699,000		678,352
5.13%, 6/1/2029		857,000		824,862

First Eagle Funds | Semiannual Report | April 30, 2023
80

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 7.8% (continued)
Spectrum Brands, Inc. 5.75%, 7/15/2025		1,520,000		1,505,575
Taylor Morrison Communities, Inc. 5.13%, 8/1/2030 (b)		2,000,000		1,875,412
Teleflex, Inc. 4.63%, 11/15/2027		2,919,000		2,809,538
4.25%, 6/1/2028 (b)		782,000		733,086
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (c)(e)		12,882,000		11,191,238
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027		2,978,945		2,978,372
VICI Properties LP REIT, 5.63%, 5/1/2024 (b)		1,586,000		1,578,254
WESCO Distribution, Inc. 7.25%, 6/15/2028 (b)		2,136,000		2,192,538
				133,628,924
Total Corporate Bonds (Cost 184,162,051)				176,482,448
U.S. Treasury Obligations — 9.8%
U.S. Treasury Bonds 6.13%, 11/15/2027 (f)		13,267,400		14,694,682
U.S. Treasury Inflation Linked Notes 0.63%, 1/15/2024		11,840,000		15,052,783
0.13%, 7/15/2024		3,500,000		4,323,612
0.38%, 7/15/2025		12,175,000		15,032,528
0.13%, 4/15/2027		14,230,800		14,411,139
U.S. Treasury Notes 2.63%, 12/31/2023		19,435,700		19,144,164
2.50%, 1/31/2024		14,953,900		14,688,702
1.75%, 6/30/2024		14,117,000		13,657,095
1.75%, 12/31/2024		16,847,000		16,174,436
1.75%, 3/15/2025		8,680,000		8,309,744
2.75%, 6/30/2025		8,500,000		8,281,855

First Eagle Funds | Semiannual Report | April 30, 2023
81

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 9.8% (continued)
0.38%, 12/31/2025		17,607,700		16,113,109
1.75%, 12/31/2026		9,210,000		8,619,625
				168,503,474
Total U.S. Treasury Obligations (Cost 171,947,888)				168,503,474
	Ounces
Commodities — 6.5%
Gold bullion* (Cost $69,007,802)		55,892		111,179,462
	Shares
Master Limited Partnerships — 3.8%
United States — 3.8%
Enterprise Products Partners LP		1,203,180		31,655,666
Magellan Midstream Partners LP		595,232		33,213,946
Total Master Limited Partnerships (Cost 53,608,809)				64,869,612
	Principal Amount ($)
Foreign Government Securities — 1.6%
Brazil — 0.2%
Notas do Tesouro Nacional 10.00%, 1/1/2025	BRL	21,000,000		4,076,467
Colombia — 0.2%
Republic of Colombia 3.00%, 1/30/2030		4,290,000		3,292,381
Italy — 0.2%
Italian Republic Government Bond 2.38%, 10/17/2024		4,300,000		4,116,932
Mexico — 0.4%
Mex Bonos Desarr Fix Rt Series M, 8.00%, 12/7/2023	MXN	68,770,000		3,745,812
Series M, 5.75%, 3/5/2026	MXN	56,800,000		2,860,424
				6,606,236
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 4.75%, 1/18/2028 (b)		800,000		814,144

First Eagle Funds | Semiannual Report | April 30, 2023
82

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Singapore — 0.3%
Republic of Singapore 1.25%, 11/1/2026	SGD	7,592,000		5,379,575
South Korea — 0.2%
Republic of Korea 1.25%, 3/10/2026	KRW	4,480,550,000		3,159,752
Total Foreign Government Securities (Cost 27,898,481)				27,445,487
Convertible Preferred Stocks — 1.5%
United States — 1.5%
Bank of America Corp. Series L, 7.25% (e)		10,496		12,426,529
Wells Fargo & Co. Series L, 7.50% (e)		11,123		12,991,998
				25,418,527
Total Convertible Preferred Stocks (Cost 30,438,618)				25,418,527
	Shares
Preferred Stocks — 1.3%
United States — 1.3%
Charles Schwab Corp. (The) Series D, 5.95%, 06/01/23 (e)		46,239		1,163,836
General American Investors Co., Inc. Series B, 5.95%, 06/15/23 (e)		4,712		121,098
MetLife, Inc. Series A, (ICE LIBOR USD 3 Month + 1.00%, 4.00% Floor), 5.87%, 06/15/23 (c)(e)		128,986		3,038,910
Northern Trust Corp. Series E, 4.70%, 01/01/25 (e)		135,349		3,045,352
State Street Corp. Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/26 (c)(e)		89,471		2,274,353
Truist Financial Corp. Series R, 4.75%, 09/01/25 (e)		383,073		8,232,239
US Bancorp Series A, (ICE LIBOR USD 3 Month + 1.02%), 6.28%, 06/15/23 (c)(e)		3,000		2,286,000

First Eagle Funds | Semiannual Report | April 30, 2023
83

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
United States — 1.3% (continued)
Series B, (ICE LIBOR USD 3 Month + 0.60%), 5.86%, 06/15/23 (c)(e)		140,375		2,616,590
Total Preferred Stocks (Cost 24,467,127)				22,778,378
	Principal Amount ($)
Loan Assignments — 0.1%
United States — 0.1%
Aramark Intermediate HoldCo Corp., Term Loan B3 (ICE LIBOR USD 1 Month + 1.75%), 6.77%, 3/11/2025 (c) (Cost $1,068,217)		1,078,328		1,073,206
Short-Term Investments — 5.9%
Commercial Paper — 5.9%
AES Corp. (The) 5.63%, 5/1/2023 (g)		18,678,000		18,669,254
Entergy Corp. 5.00%, 5/1/2023 (b)(g)		8,780,000		8,776,324
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (g)		29,216,000		29,203,422
Global Payments, Inc. 5.63%, 5/1/2023 (g)		13,250,000		13,243,785
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (b)(g)		31,928,000		31,913,303
Total Commercial Paper (Cost $101,852,000)				101,806,088
	Shares
Investment Companies — 0.0% (h)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (i) (Cost $53,878)		53,878		53,878
Total Short-Term Investments (Cost $101,905,878)				101,859,966
Total Investments — 99.6% (Cost $1,547,771,443)				1,713,586,667
Other Assets Less Liabilities — 0.4%				7,172,457
Net Assets — 100.0%				1,720,759,124

First Eagle Funds | Semiannual Report | April 30, 2023
84

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

*  Non-income producing security.

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

(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 April 30, 2023 amounted to $170,849,662, which represents approximately 9.93% of net assets of the Fund.

(c)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

(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 April 30, 2023. The maturity date reflects the next call date.

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

(g)  The rate shown was the current yield as of April 30, 2023.

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

(i)  Represents 7-day effective yield as of April 30, 2023.

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	241,388,773
Aggregate gross unrealized depreciation		(76,661,226	)
Net unrealized appreciation	$	164,727,547
Federal income tax cost	$	1,547,771,443

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2023

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
GBP	310,000	USD	383,815	JPMorgan Chase Bank	5/17/2023	$	5,920
Total unrealized appreciation							5,920
USD	3,561,387	EUR	3,294,000	JPMorgan Chase Bank	5/17/2023		(71,708	)
USD	2,972,345	GBP	2,448,000	JPMorgan Chase Bank	5/17/2023		(105,303	)
USD	3,827,250	EUR	3,537,000	UBS AG	6/14/2023		(80,227	)
USD	3,578,435	EUR	3,370,000	Bank of New York Mellon	7/19/2023		(151,490	)
USD	2,247,672	EUR	2,034,000	Goldman Sachs	8/23/2023		(7,378	)
USD	2,494,652	GBP	1,997,000	Goldman Sachs	8/23/2023		(19,817	)
Total unrealized depreciation							(435,923	)
Net unrealized depreciation						$	(430,003	)

First Eagle Funds | Semiannual Report | April 30, 2023
85

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Abbreviations

ADR  — American Depositary Receipt

BRL  — Brazilian Real

EUR  — Euro

Fix Rt  — Fixed Rate

GBP  — British Pound

ICE  — Intercontinental Exchange

KRW  — South Korean Won

LIBOR  — London Interbank Offered Rate

MXN  — Mexican Peso

NVDR  — Non-Voting Depositary Receipt

PIK  — Pay in Kind

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

REIT  — Real Estate Investment Trust

SGD  — Singapore Dollar

SOFR  — Secured Overnight Financing Rate

USD  — United States Dollar

Written Call Options Contracts as of April 30, 2023:

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Analog Devices, Inc.	Exchange Traded		90	USD	(1,618,920	)	USD	200.00	09/15/2023		(42,570	)
Analog Devices, Inc.	Exchange Traded		90	USD	(1,618,920	)	USD	210.00	09/15/2023		(24,300	)
Analog Devices, Inc.	Exchange Traded		99	USD	(1,780,812	)	USD	230.00	09/15/2023		(7,177	)
Bank of New York Mellon Corp. (The)	Exchange Traded		328	USD	(1,396,952	)	USD	60.00	09/15/2023		(4,920	)
Bank of New York Mellon Corp. (The)	Exchange Traded		329	USD	(1,401,211	)	USD	65.00	09/15/2023		(4,935	)
Becton Dickinson & Co.	Exchange Traded		99	USD	(2,616,669	)	USD	270.00	09/15/2023		(107,217	)
Becton Dickinson & Co.	Exchange Traded		67	USD	(1,770,877	)	USD	290.00	09/15/2023		(26,800	)
Becton Dickinson & Co.	Exchange Traded		66	USD	(1,744,446	)	USD	300.00	06/16/2023		(8,580	)
Becton Dickinson & Co.	Exchange Traded		66	USD	(1,744,446	)	USD	300.00	09/15/2023		(10,890	)
Boston Properties, Inc., REIT	Exchange Traded		300	USD	(1,600,800	)	USD	60.00	07/21/2023		(45,300	)
Boston Properties, Inc., REIT	Exchange Traded		300	USD	(1,600,800	)	USD	65.00	07/21/2023		(19,500	)
CH Robinson Worldwide, Inc.	Exchange Traded		182	USD	(1,835,834	)	USD	105.00	07/21/2023		(49,140	)
CH Robinson Worldwide, Inc.	Exchange Traded		182	USD	(1,835,834	)	USD	110.00	07/21/2023		(23,296	)

First Eagle Funds | Semiannual Report | April 30, 2023
86

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Written Call Options Contracts as of April 30, 2023: (continued)

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
CH Robinson Worldwide, Inc.	Exchange Traded		178	USD	(1,795,486	)	USD	120.00	07/21/2023		(8,010	)
CH Robinson Worldwide, Inc.	Exchange Traded		175	USD	(1,765,225	)	USD	125.00	07/21/2023		(16,625	)
Coca-Cola Femsa SAB de CV, ADR	Exchange Traded		226	USD	(1,907,892	)	USD	90.00	08/18/2023		(37,290	)
Colgate-Palmolive Co.	Exchange Traded		223	USD	(1,779,540	)	USD	80.00	05/19/2023		(26,760	)
Colgate-Palmolive Co.	Exchange Traded		440	USD	(3,511,200	)	USD	82.50	08/18/2023		(111,320	)
Colgate-Palmolive Co.	Exchange Traded		223	USD	(1,779,540	)	USD	85.00	08/18/2023		(28,990	)
Colgate-Palmolive Co.	Exchange Traded		196	USD	(1,564,080	)	USD	90.00	05/19/2023		(980	)
Colgate-Palmolive Co.	Exchange Traded		210	USD	(1,675,800	)	USD	90.00	08/18/2023		(10,500	)
Comcast Corp., Class A	Exchange Traded		446	USD	(1,845,102	)	USD	40.00	05/19/2023		(74,482	)
Comcast Corp., Class A	Exchange Traded		446	USD	(1,845,102	)	USD	40.00	06/16/2023		(97,674	)
Comcast Corp., Class A	Exchange Traded		434	USD	(1,795,458	)	USD	50.00	06/16/2023		(2,604	)
Comcast Corp., Class A	Exchange Traded		414	USD	(1,712,718	)	USD	50.00	07/21/2023		(1,242	)
Equity Residential, REIT	Exchange Traded		254	USD	(1,606,550	)	USD	75.00	07/21/2023		(20,320	)
Exxon Mobil Corp.	Exchange Traded		161	USD	(1,905,274	)	USD	120.00	06/16/2023		(54,740	)
Exxon Mobil Corp.	Exchange Traded		146	USD	(1,727,764	)	USD	125.00	05/19/2023		(5,986	)
Exxon Mobil Corp.	Exchange Traded		158	USD	(1,869,772	)	USD	125.00	07/21/2023		(47,084	)
Exxon Mobil Corp.	Exchange Traded		146	USD	(1,727,764	)	USD	130.00	05/19/2023		(1,022	)
Exxon Mobil Corp.	Exchange Traded		145	USD	(1,715,930	)	USD	130.00	06/16/2023		(9,135	)
Exxon Mobil Corp.	Exchange Traded		146	USD	(1,727,764	)	USD	135.00	05/19/2023		(438	)
Exxon Mobil Corp.	Exchange Traded		158	USD	(1,869,772	)	USD	135.00	10/20/2023		(46,926	)
Exxon Mobil Corp.	Exchange Traded		145	USD	(1,715,930	)	USD	160.00	01/19/2024		(14,065	)
Exxon Mobil Corp.	Exchange Traded		145	USD	(1,715,930	)	USD	165.00	01/19/2024		(9,425	)
Fidelity National Information Services, Inc.	Exchange Traded		516	USD	(3,029,952	)	USD	60.00	09/15/2023		(248,712	)

First Eagle Funds | Semiannual Report | April 30, 2023
87

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Written Call Options Contracts as of April 30, 2023: (continued)

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Fomento Economico Mexicano SAB de CV, ADR	Exchange Traded		183	USD	(1,775,466	)	USD	95.00	09/15/2023		(137,250	)
Franco-Nevada Corp.	Exchange Traded		122	USD	(1,851,184	)	USD	180.00	07/21/2023		(17,385	)
General Dynamics Corp.	Exchange Traded		72	USD	(1,572,048	)	USD	290.00	08/18/2023		(8,280	)
HCA Healthcare, Inc.	Exchange Traded		135	USD	(3,878,955	)	USD	260.00	06/16/2023		(425,250	)
HCA Healthcare, Inc.	Exchange Traded		152	USD	(4,367,416	)	USD	260.00	09/15/2023		(599,640	)
HCA Healthcare, Inc.	Exchange Traded		64	USD	(1,838,912	)	USD	290.00	06/16/2023		(48,000	)
HCA Healthcare, Inc.	Exchange Traded		64	USD	(1,838,912	)	USD	300.00	05/19/2023		(7,360	)
HCA Healthcare, Inc.	Exchange Traded		62	USD	(1,781,446	)	USD	300.00	09/15/2023		(84,940	)
HCA Healthcare, Inc.	Exchange Traded		64	USD	(1,838,912	)	USD	310.00	09/15/2023		(63,040	)
HCA Healthcare, Inc.	Exchange Traded		65	USD	(1,867,645	)	USD	320.00	06/16/2023		(6,987	)
HCA Healthcare, Inc.	Exchange Traded		64	USD	(1,838,912	)	USD	320.00	09/15/2023		(38,080	)
Kraft Heinz Co. (The)	Exchange Traded		381	USD	(1,496,187	)	USD	50.00	07/21/2023		(5,334	)
Linde plc	Exchange Traded		68	USD	(2,512,260	)	USD	365.00	10/20/2023		(187,680	)
Medtronic plc	Exchange Traded		197	USD	(1,791,715	)	USD	100.00	08/18/2023		(25,413	)
Medtronic plc	Exchange Traded		187	USD	(1,700,765	)	USD	105.00	11/17/2023		(32,631	)
Nutrien Ltd.	Exchange Traded		237	USD	(1,644,140	)	USD	80.00	06/16/2023		(15,168	)
Oracle Corp.	Exchange Traded		183	USD	(1,733,376	)	USD	95.00	05/19/2023		(30,561	)
Oracle Corp.	Exchange Traded		187	USD	(1,771,264	)	USD	100.00	06/16/2023		(29,733	)
Philip Morris International, Inc.	Exchange Traded		163	USD	(1,629,511	)	USD	120.00	09/15/2023		(2,445	)
Philip Morris International, Inc.	Exchange Traded		326	USD	(3,259,022	)	USD	125.00	09/15/2023		(4,890	)
Ross Stores, Inc.	Exchange Traded		183	USD	(1,953,159	)	USD	100.00	05/19/2023		(149,145	)
Royal Gold, Inc.	Exchange Traded		133	USD	(1,761,452	)	USD	170.00	07/21/2023		(8,313	)
Royal Gold, Inc.	Exchange Traded		118	USD	(1,562,792	)	USD	170.00	10/20/2023		(29,795	)
Royal Gold, Inc.	Exchange Traded		133	USD	(1,761,452	)	USD	175.00	07/21/2023		(6,318	)

First Eagle Funds | Semiannual Report | April 30, 2023
88

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2023 (unaudited)

Written Call Options Contracts as of April 30, 2023: (continued)

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Schlumberger NV	Exchange Traded		326	USD	(1,608,810	)	USD	70.00	11/17/2023		(23,472	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Exchange Traded		181	USD	(1,525,830	)	USD	110.00	05/19/2023		(543	)
Texas Instruments, Inc.	Exchange Traded		94	USD	(1,571,680	)	USD	200.00	07/21/2023		(2,350	)
Texas Instruments, Inc.	Exchange Traded		189	USD	(3,160,080	)	USD	210.00	07/21/2023		(1,512	)
Texas Instruments, Inc.	Exchange Traded		94	USD	(1,571,680	)	USD	210.00	09/15/2023		(4,700	)
Texas Instruments, Inc.	Exchange Traded		91	USD	(1,521,520	)	USD	220.00	06/16/2023		(1,638	)
Truist Financial Corp.	Exchange Traded		690	USD	(2,248,020	)	USD	40.00	06/16/2023		(13,800	)
Union Pacific Corp.	Exchange Traded		65	USD	(1,272,050	)	USD	220.00	05/19/2023		(650	)
Walmart, Inc.	Exchange Traded		113	USD	(1,705,961	)	USD	170.00	06/16/2023		(1,017	)
Walmart, Inc.	Exchange Traded		113	USD	(1,705,961	)	USD	170.00	09/15/2023		(12,995	)
Walmart, Inc.	Exchange Traded		111	USD	(1,675,767	)	USD	175.00	09/15/2023		(7,160	)
											(3,282,430	)
									Total Written Options Contracts (Premiums Received ($2,624,756))		(3,282,430	)

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2023
89

First Eagle High Income Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns^​ (%)		One-Year		Five-Years		Ten-Years
First Eagle High Income Fund	Class I		2.31		2.55		3.00
Bloomberg U.S. Corporate High Yield Index			1.22		3.28		4.01

Asset Allocation* (%)

Sectors* (%)

Industrials	16.6
Energy	13.6
Consumer Discretionary	12.3
Consumer Staples	11.9
Health Care	9.4
Communication Services	6.1
Information Technology	5.7
Financials	5.4
Materials	5.2
Real Estate	3.9
Short-Term Investments	9.9

Countries*~ (%)

United States	75.4
Canada	5.6
Germany	3.6
Mexico	2.3
Poland	1.1
Australia	0.9
United Kingdom	0.6
Singapore	0.6
Short-Term Investments	9.9

^{^}​  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 (9.9% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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

First Eagle Funds | Semiannual Report | April 30, 2023
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First Eagle High Income Fund | Fund Overview

Growth of a $1,000,000 Initial Investment

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

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

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

Top 10 Holdings* (%)

CITGO Petroleum Corp. (Oil, Gas & Consumable Fuels, United States)	2.2
Mexico Remittances Funding Fiduciary Estate Management Sarl (Financial Services, Mexico)	1.7
SEG Holding LLC (Consumer Staples Distribution & Retail, United States)	1.7
Pilgrim's Pride Corp. (Food Products, United States)	1.6
Consensus Cloud Solutions, Inc. (Software, United States)	1.5
IHO Verwaltungs GmbH (Automobile Components, Germany)	1.5
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels, Canada)	1.5
Centene Corp. (Health Care Providers & Services, United States)	1.4
Vista Outdoor, Inc. (Leisure Products, United States)	1.4
Sprint LLC (Wireless Telecommunication Services, United States)	1.4
Total	15.9

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

  Percentages are based on total net assets.

First Eagle Funds | Semiannual Report | April 30, 2023
91

First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Corporate Bonds — 87.8%
Australia — 0.9%
Coronado Finance Pty. Ltd. 10.75%, 5/15/2026 (a)		867,000		892,663
Nufarm Australia Ltd. 5.00%, 1/27/2030 (a)		859,000		763,443
				1,656,106
Canada — 5.5%
Kronos Acquisition Holdings, Inc. 5.00%, 12/31/2026 (a)		2,000,000		1,850,881
7.00%, 12/31/2027 (a)		932,000		819,160
Open Text Corp. 3.88%, 2/15/2028 (a)		2,190,000		1,940,581
Open Text Holdings, Inc. 4.13%, 2/15/2030 (a)		393,000		335,576
Precision Drilling Corp. 6.88%, 1/15/2029 (a)		1,944,000		1,783,620
Ritchie Bros Holdings, Inc. 7.75%, 3/15/2031 (a)		500,000		531,250
TransCanada PipeLines Ltd. (United States SOFR Compounded Index + 1.52%), 6.36%, 3/9/2026 (b)		2,700,000		2,701,866
				9,962,934
Germany — 3.6%
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a)		2,640,000		2,409,359
IHO Verwaltungs GmbH 4.75%, (4.75% Cash or 5.50% PIK) 9/15/2026 (a)(c)		3,041,000		2,737,124
6.00%, (6.00% Cash or 6.75% PIK) 5/15/2027 (a)(c)		780,244		720,458
Mercer International, Inc. 5.13%, 2/1/2029		795,000		663,878
				6,530,819
Mexico — 2.2%
Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, 1/15/2028 (a)		3,444,700		3,103,571
Petroleos Mexicanos 6.70%, 2/16/2032		1,200,000		923,728
				4,027,299

First Eagle Funds | Semiannual Report | April 30, 2023
92

First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Poland — 1.1%
Canpack SA 3.13%, 11/1/2025 (a)		200,000		177,401
3.88%, 11/15/2029 (a)		2,147,000		1,719,904
				1,897,305
Singapore — 0.6%
Avation Capital SA 6.50%, (8.25% Cash or 9.00% PIK) 10/31/2026‡ (a)(c)		1,250,917		1,070,663
United Kingdom — 0.6%
Petrofac Ltd. 9.75%, 11/15/2026 (a)		1,600,000		1,119,253
United States — 73.3%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)		2,114,000		1,781,626
American Airlines, Inc. 5.50%, 4/20/2026 (a)		1,251,333		1,228,801
5.75%, 4/20/2029 (a)		185,000		175,803
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)		2,626,000		2,448,422
4.00%, 4/15/2029 (a)		1,609,000		1,415,920
Antero Midstream Partners LP 7.88%, 5/15/2026 (a)		615,000		631,465
5.38%, 6/15/2029 (a)		1,294,000		1,211,681
Antero Resources Corp. 8.38%, 7/15/2026‡ (a)		604,000		629,797
Aramark Services, Inc. 5.00%, 4/1/2025 (a)		623,000		616,711
6.38%, 5/1/2025 (a)		1,163,000		1,163,000
5.00%, 2/1/2028 (a)		57,000		54,287
Arcosa, Inc. 4.38%, 4/15/2029 (a)		163,000		148,480
Arko Corp. 5.13%, 11/15/2029 (a)		1,000,000		810,300
Ashland LLC 3.38%, 9/1/2031 (a)		1,500,000		1,241,025
Avantor Funding, Inc. 3.88%, 11/1/2029 (a)		2,000,000		1,761,723
Ball Corp. 6.88%, 3/15/2028		367,000		381,621

First Eagle Funds | Semiannual Report | April 30, 2023
93

First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 73.3% (continued)
Boyd Gaming Corp. 4.75%, 12/1/2027		872,000		841,554
4.75%, 6/15/2031 (a)		162,000		148,323
BWX Technologies, Inc. 4.13%, 6/30/2028‡ (a)		1,000,000		915,307
4.13%, 4/15/2029 (a)		653,000		590,965
Carnival Corp. 5.75%, 3/1/2027 (a)		1,242,000		1,022,165
4.00%, 8/1/2028 (a)		424,000		367,542
Centene Corp. 4.25%, 12/15/2027		2,641,000		2,523,792
4.63%, 12/15/2029		809,000		762,483
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (a)		857,000		780,237
3.75%, 3/15/2029 (a)		1,182,000		1,037,129
Cinemark USA, Inc. 8.75%, 5/1/2025 (a)		1,603,000		1,635,060
CITGO Petroleum Corp. 7.00%, 6/15/2025 (a)		3,956,000		3,936,220
6.38%, 6/15/2026 (a)		802,000		781,132
CNX Midstream Partners LP 4.75%, 4/15/2030 (a)		1,079,000		903,379
CNX Resources Corp. 7.38%, 1/15/2031 (a)		250,000		241,204
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a)		648,000		602,448
Conduent Business Services LLC 6.00%, 11/1/2029 (a)		2,000,000		1,643,760
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (a)		3,000,000		2,758,365
Crestwood Midstream Partners LP 6.00%, 2/1/2029 (a)		1,868,000		1,760,590
7.38%, 2/1/2031 (a)		1,000,000		1,000,000
Crocs, Inc. 4.13%, 8/15/2031 (a)		500,000		422,215
Crown Americas LLC 4.75%, 2/1/2026		1,844,000		1,807,731
Dana, Inc. 5.38%, 11/15/2027		1,255,000		1,179,540

First Eagle Funds | Semiannual Report | April 30, 2023
94

First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 73.3% (continued)
DaVita, Inc. 4.63%, 6/1/2030 (a)		2,234,000		1,945,968
Delta Air Lines, Inc. 4.50%, 10/20/2025 (a)		1,997,857		1,959,218
7.38%, 1/15/2026		1,528,000		1,610,465
DT Midstream, Inc. 4.13%, 6/15/2029 (a)		1,243,000		1,101,612
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)		2,065,000		1,884,911
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		618,000		591,440
4.13%, 4/1/2029 (a)		669,000		592,621
Embecta Corp. 5.00%, 2/15/2030 (a)		801,000		690,919
6.75%, 2/15/2030 (a)		693,000		627,866
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)		8,000		7,194
4.38%, 3/31/2029 (a)		871,000		761,620
EnLink Midstream LLC 6.50%, 9/1/2030 (a)		1,000,000		1,010,170
Entegris Escrow Corp. 4.75%, 4/15/2029 (a)		1,000,000		930,122
Fair Isaac Corp. 4.00%, 6/15/2028 (a)		2,169,000		2,020,494
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)		914,000		841,323
6.75%, 5/1/2029 (a)		308,000		247,891
6.00%, 1/15/2030 (a)		1,000,000		764,913
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)		2,000,000		1,881,760
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)		1,000,000		641,020
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a)		1,240,000		1,155,207
HCA, Inc. 3.50%, 9/1/2030		607,000		546,356
Hertz Corp. (The) 5.00%, 12/1/2029 (a)		2,000,000		1,636,240

First Eagle Funds | Semiannual Report | April 30, 2023
95

First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 73.3% (continued)
Howard Hughes Corp. (The) 4.38%, 2/1/2031 (a)		62,000		50,229
Imola Merger Corp. 4.75%, 5/15/2029 (a)		1,184,000		1,025,287
Ingles Markets, Inc. 4.00%, 6/15/2031 (a)		1,500,000		1,295,400
Interface, Inc. 5.50%, 12/1/2028 (a)		2,794,000		2,239,377
International Game Technology plc 5.25%, 1/15/2029 (a)		967,000		927,232
IQVIA, Inc. 5.00%, 10/15/2026 (a)		800,000		785,882
5.00%, 5/15/2027 (a)		1,075,000		1,048,857
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027 (a)		763,000		727,213
REIT, 5.25%, 3/15/2028 (a)		621,000		597,316
REIT, 5.00%, 7/15/2028 (a)		220,000		207,069
REIT, 4.88%, 9/15/2029 (a)		870,000		793,500
REIT, 4.50%, 2/15/2031 (a)		940,000		817,317
ITT Holdings LLC 6.50%, 8/1/2029 (a)		1,250,000		1,037,837
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		1,312,000		1,158,548
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)		581,000		569,941
4.13%, 1/31/2030 (a)		1,117,000		1,022,984
Level 3 Financing, Inc. 4.25%, 7/1/2028 (a)		589,000		343,355
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a)		250,000		221,984
6.13%, 3/15/2032 (a)		500,000		437,667
MGIC Investment Corp. 5.25%, 8/15/2028		612,000		584,852
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a)		660,360		659,304
Moog, Inc. 4.25%, 12/15/2027 (a)		155,000		145,729
MSCI, Inc. 4.00%, 11/15/2029 (a)		1,000,000		901,030

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First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 73.3% (continued)
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a)		646,000		583,394
Oxford Finance LLC 6.38%, 2/1/2027 (a)		250,000		232,264
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a)		1,000,000		835,100
Pilgrim's Pride Corp. 5.88%, 9/30/2027 (a)		2,985,000		2,969,375
Post Holdings, Inc. 5.75%, 3/1/2027 (a)		1,786,000		1,775,296
PRA Group, Inc. 7.38%, 9/1/2025 (a)		2,000,000		1,987,283
Radian Group, Inc. 4.50%, 10/1/2024		645,000		622,425
Range Resources Corp. 4.75%, 2/15/2030 (a)		1,000,000		920,000
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)		1,019,000		924,301
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (a)		596,000		632,506
5.50%, 8/31/2026 (a)		1,000,000		916,719
5.38%, 7/15/2027 (a)		100,000		88,780
8.25%, 1/15/2029 (a)		500,000		526,465
SBA Communications Corp. REIT, 3.88%, 2/15/2027		609,000		568,016
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a)		2,452,000		1,704,140
Sealed Air Corp. 4.00%, 12/1/2027 (a)		1,252,000		1,170,038
6.13%, 2/1/2028 (a)		250,000		253,675
SEG Holding LLC 5.63%, 10/15/2028 (a)		3,198,000		3,030,105
Service Corp. International 4.63%, 12/15/2027		124,000		120,337
5.13%, 6/1/2029		125,000		120,313
Shea Homes LP 4.75%, 2/15/2028		668,000		607,880
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a)		1,000,000		1,010,079

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First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 73.3% (continued)
Sprint LLC 7.88%, 9/15/2023		2,500,000		2,520,238
Staples, Inc. 10.75%, 4/15/2027 (a)		500,000		338,468
Sunoco LP 4.50%, 4/30/2030		2,000,000		1,784,938
Teleflex, Inc. 4.63%, 11/15/2027		1,005,000		967,313
4.25%, 6/1/2028 (a)		1,026,000		961,824
Thor Industries, Inc. 4.00%, 10/15/2029 (a)		1,250,000		1,024,997
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)		2,138,000		1,795,920
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a)		1,830,000		1,674,450
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027		559,136		559,029
United Airlines, Inc. 4.38%, 4/15/2026 (a)		343,000		327,572
4.63%, 4/15/2029 (a)		229,000		207,251
United Natural Foods, Inc. 6.75%, 10/15/2028 (a)		1,530,000		1,452,276
United Rentals North America, Inc. 6.00%, 12/15/2029 (a)		100,000		101,489
United Wholesale Mortgage LLC 5.50%, 4/15/2029 (a)		326,000		281,175
VICI Properties LP REIT, 4.25%, 12/1/2026 (a)		245,000		233,459
REIT, 5.75%, 2/1/2027 (a)		2,415,000		2,399,492
REIT, 3.75%, 2/15/2027 (a)		305,000		285,068
REIT, 4.13%, 8/15/2030 (a)		305,000		271,929
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a)		3,203,000		2,520,473
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)		1,850,000		1,898,968
White Cap Parent LLC 8.25%, (8.25% Cash or 9.00% PIK) 3/15/2026 (a)(c)		1,972,000		1,808,071
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)		1,222,000		1,136,203

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First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 73.3% (continued)
Ziff Davis, Inc. 4.63%, 10/15/2030 (a)		1,588,000		1,395,268
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a)		1,000,000		873,370
				132,826,775
Total Corporate Bonds (Cost 173,108,155)				159,091,154
Loan Assignments — 1.3%
United States — 1.3%
Aramark Intermediate HoldCo Corp., Term Loan B3 (ICE LIBOR USD 1 Month + 1.75%), 6.77%, 3/11/2025 (b)		1,258,050		1,252,074
BJ's Wholesale Club, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 7.58%, 2/3/2027 (b)		1,070,112		1,071,857
				2,323,931
Total Loan Assignments (Cost 2,315,861)				2,323,931
Short-Term Investments — 9.8%
Commercial Paper — 9.8%
AES Corp. (The) 5.63%, 5/1/2023 (d)		3,269,000		3,267,469
Entergy Corp. 5.00%, 5/1/2023 (a)(d)		1,536,000		1,535,357
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (d)		5,112,000		5,109,799
Global Payments, Inc. 5.63%, 5/1/2023 (d)		2,319,000		2,317,912
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (a)(d)		5,586,000		5,583,429
Total Commercial Paper (Cost $17,822,001)				17,813,966

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First Eagle High Income Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Investment Companies — 0.0% (e)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (f) (Cost $9,742)		9,742		9,742
Total Short-Term Investments (Cost $17,831,743)				17,823,708
Total Investments — 98.9% (Cost $193,255,759)				179,238,793
Other Assets Less Liabilities — 1.1%				1,938,225
Net Assets — 100.0%				181,177,018

‡  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 April 30, 2023 amounted to $143,811,585, which represents approximately 79.38% of net assets of the Fund.

(b)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

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

(d)  The rate shown was the current yield as of April 30, 2023.

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

(f)  Represents 7-day effective yield as of April 30, 2023.

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	678,625
Aggregate gross unrealized depreciation		(14,695,591	)
Net unrealized depreciation	$	(14,016,966	)
Federal income tax cost	$	193,255,759

Abbreviations

ICE  — Intercontinental Exchange

LIBOR  — London Interbank Offered Rate

PIK  — Pay in Kind

REIT  — Real Estate Investment Trust

SOFR  — Secured Overnight Financing Rate

USD  — United States Dollar

See Notes to Financial Statements.

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

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

The First Eagle Rising Dividend Fund is a non-diversified domestic fund that seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments. Normally, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) are invested in dividends paying equity securities where the dividends are expected to increase over time.

Average Annual Returns^​ (%)			One-Year		Five-Years		Ten-Years
First Eagle Rising Dividend	Class A	without sales charge		6.23		3.11		5.53
		with sales charge		0.90		2.06		4.99
S&P 500 Index				2.66		11.45		12.20

Asset Allocation* (%)

Sectors* (%)

Information Technology	20.7
Health Care	19.8
Communication Services	16.0
Consumer Staples	14.7
Industrials	8.9
Consumer Discretionary	8.2
Energy	5.0
Financials	3.4
Real Estate	2.5
Short-Term Investments	0.8

^{^}​  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 (0.8% of total investments) that settles in 90 days or less, long-term commercial paper (0.0% of total investments) that settles in 91 days or greater and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.

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

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First Eagle Rising Dividend Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

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

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

Top 10 Holdings* (%)

Medtronic plc (Health Care Equipment & Supplies, United States)	6.9
Comcast Corp., Class A (Media, United States)	6.8
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	6.6
Oracle Corp. (Software, United States)	5.9
UnitedHealth Group, Inc. (Health Care Providers & Services, United States)	5.5
Philip Morris International, Inc. (Tobacco, United States)	5.1
Colgate-Palmolive Co. (Household Products, United States)	4.6
Alphabet, Inc., Class A (Interactive Media & Services, United States)	4.6
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	4.5
Home Depot, Inc. (The) (Specialty Retail, United States)	4.5
Total	55.0

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

  Percentages are based on total net assets.

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First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 93.7%
Air Freight & Logistics — 5.3%
CH Robinson Worldwide, Inc.		94,956		9,578,212
Expeditors International of Washington, Inc.		91,832		10,454,155
				20,032,367
Beverages — 3.8%
PepsiCo, Inc.		74,429		14,207,752
Capital Markets — 2.6%
Bank of New York Mellon Corp. (The)		231,988		9,880,369
Electronic Equipment, Instruments & Components — 4.2%
TE Connectivity Ltd.		130,411		15,958,394
Financial Services — 0.7%
Fidelity National Information Services, Inc.		44,494		2,612,688
Food Products — 1.1%
Nestle SA (Registered)		33,108		4,247,411
Health Care Equipment & Supplies — 10.3%
Becton Dickinson & Co.		49,191		13,001,673
Medtronic plc		283,697		25,802,242
				38,803,915
Health Care Providers & Services — 9.3%
HCA Healthcare, Inc.		49,962		14,355,582
UnitedHealth Group, Inc.		42,191		20,761,769
				35,117,351
Hotels, Restaurants & Leisure — 1.5%
Starbucks Corp.		50,722		5,797,017
Household Products — 4.6%
Colgate-Palmolive Co.		217,388		17,347,562
Interactive Media & Services — 9.1%
Alphabet, Inc., Class A*		161,035		17,285,497
Meta Platforms, Inc., Class A*		70,487		16,939,436
				34,224,933
IT Services — 0.2%
Accenture plc, Class A		2,702		757,343
Machinery — 3.5%
Schindler Holding AG (Switzerland)		58,574		13,089,640

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First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Media — 6.9%
Comcast Corp., Class A		622,503		25,752,949
Residential REITs — 2.5%
Equity Residential, REIT		150,608		9,525,956
Semiconductors & Semiconductor Equipment — 7.6%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		44,164		3,723,025
Texas Instruments, Inc.		148,904		24,896,749
				28,619,774
Software — 8.6%
Microsoft Corp.		32,778		10,071,368
Oracle Corp.		234,684		22,229,269
				32,300,637
Specialty Retail — 6.7%
Home Depot, Inc. (The)		55,929		16,808,902
Ross Stores, Inc.		77,026		8,220,985
				25,029,887
Tobacco — 5.2%
Philip Morris International, Inc.		193,614		19,355,591
Total Common Stocks (Cost $302,719,679)				352,661,536
Master Limited Partnerships — 5.0%
Oil, Gas & Consumable Fuels — 5.0%
Enterprise Products Partners LP		352,670		9,278,748
Magellan Midstream Partners LP		169,247		9,443,982
Total Master Limited Partnerships (Cost $17,670,763)				18,722,730
	Principal Amount ($)
Short-Term Investments — 0.8%
Commercial Paper — 0.8%
AES Corp. (The) 5.63%, 5/1/2023 (a)		587,000		586,725
Entergy Corp. 5.00%, 5/1/2023 (a)(b)		276,000		275,885
General Motors Financial Co., Inc. 5.15%, 5/1/2023 (a)		919,000		918,604

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First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 0.8% (continued)
Global Payments, Inc. 5.63%, 5/1/2023 (a)		417,000		416,805
Walgreens Boots Alliance, Inc. 5.53%, 5/1/2023 (a)(b)		1,004,000		1,003,538
Total Commercial Paper (Cost $3,203,000)				3,201,557
	Shares
Investment Companies — 0.0% (c)
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.86% (d) (Cost $2,542)		2,542		2,542
Total Short-Term Investments (Cost $3,205,542)				3,204,099
Total Investments — 99.5% (Cost $323,595,984)				374,588,365
Other Assets Less Liabilities — 0.5%				1,875,668
Net Assets — 100.0%				376,464,033

*  Non-income producing security.

(a)  The rate shown was the current yield as of April 30, 2023.

(b)  Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at April 30, 2023 amounted to $1,279,423, which represents approximately 0.34% of net assets of the Fund.

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

(d)  Represents 7-day effective yield as of April 30, 2023.

Abbreviations

ADR  — American Depositary Receipt

REIT  — Real Estate Investment Trust

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	53,797,267
Aggregate gross unrealized depreciation		(2,804,886	)
Net unrealized appreciation	$	50,992,381
Federal income tax cost	$	323,595,984

See Notes to Financial Statements.

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First Eagle Small Cap Opportunity Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns^​ (%)		One-Year		Since Inception (4/27/21)
First Eagle Small Cap Opportunity Fund	Class I		-2.45		-5.35
Russell 2000®​ Value Index			-7.99		-7.54
Russell 2000®​ Index			-3.65		-11.04

Asset Allocation* (%)

Sectors* (%)

Industrials	23.7
Consumer Discretionary	16.9
Information Technology	16.4
Health Care	11.7
Energy	7.5
Materials	6.6
Financials	3.5
Real Estate	3.1
Consumer Staples	1.9
Communication Services	1.4
Short-Term Investments	7.3

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

†  Less than 0.05%.

*  Asset Allocation and 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 (7.3% of total investments), such as U.S. treasury bills or money market funds.

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

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108

First Eagle Small Cap Opportunity Fund | Fund Overview

Growth of a $1,000,000 Initial Investment

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

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

The Russell 2000^®​ Value Index is a widely followed, unmanaged index that measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000^®​ companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^®​ Value Index is completely reconstituted annually. One cannot invest directly in an index.

The Russell 2000^®​ Index is a widely followed, unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^®​ Index is a subset of the Russell 3000^®​ Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^®​ Index is completely reconstituted annually. One cannot invest directly in an index.

Top 10 Holdings* (%)

Beazer Homes USA, Inc. (Household Durables, United States)	0.9
Tenet Healthcare Corp. (Health Care Providers & Services, United States)	0.9
Louisiana-Pacific Corp. (Paper & Forest Products, United States)	0.9
Lithia Motors, Inc., Class A (Specialty Retail, United States)	0.9
Air Lease Corp. (Trading Companies & Distributors, United States)	0.9
Community Health Systems, Inc. (Health Care Providers & Services, United States)	0.8
Amedisys, Inc. (Health Care Providers & Services, United States)	0.8
Carpenter Technology Corp. (Metals & Mining, United States)	0.8
Patterson Cos., Inc. (Health Care Providers & Services, United States)	0.8
Pacira BioSciences, Inc. (Pharmaceuticals, United States)	0.8
Total	8.5

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

  Percentages are based on total net assets.

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 93.1%
Aerospace & Defense — 4.8%
AAR Corp.*		113,100		5,969,418
Astronics Corp.*		324,816		4,787,788
Curtiss-Wright Corp.		24,009		4,077,449
Ducommun, Inc.*		131,271		6,563,550
Hexcel Corp.		77,954		5,618,924
Leonardo DRS, Inc.*		135,737		2,042,842
Mercury Systems, Inc.*		58,712		2,798,801
Spirit AeroSystems Holdings, Inc., Class A		78,121		2,324,881
Triumph Group, Inc.*		418,761		4,526,806
V2X, Inc.*		120,339		5,198,645
				43,909,104
Air Freight & Logistics — 0.4%
GXO Logistics, Inc.*		46,615		2,476,655
Radiant Logistics, Inc.*		228,634		1,508,984
				3,985,639
Automobile Components — 1.2%
Goodyear Tire & Rubber Co. (The)*		518,030		5,527,380
Modine Manufacturing Co.*		170,881		3,573,122
Superior Industries International, Inc.*		399,505		1,961,569
				11,062,071
Banks — 0.5%
Ameris Bancorp		28,963		970,261
Axos Financial, Inc.*		13,403		545,100
Old National Bancorp		82,223		1,102,610
Seacoast Banking Corp. of Florida		89,225		1,979,903
				4,597,874
Biotechnology — 1.0%
CareDx, Inc.*		511,108		4,134,864
Ironwood Pharmaceuticals, Inc.*		478,030		4,976,292
				9,111,156
Building Products — 2.1%
American Woodmark Corp.*		48,085		2,429,254
AZEK Co., Inc. (The)*		185,583		5,036,723

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Building Products — 2.1% (continued)
Gibraltar Industries, Inc.*		72,668		3,636,307
Insteel Industries, Inc.		111,664		3,074,110
PGT Innovations, Inc.*		69,429		1,781,548
Quanex Building Products Corp.		193,733		3,700,300
				19,658,242
Capital Markets — 0.8%
B Riley Financial, Inc.		62,438		1,966,797
Evercore, Inc., Class A		29,424		3,356,395
Moelis & Co., Class A		59,694		2,261,209
				7,584,401
Chemicals — 2.5%
AdvanSix, Inc.		135,731		5,114,344
Huntsman Corp.		155,482		4,165,363
Intrepid Potash, Inc.*		117,980		3,041,524
Livent Corp.*		297,492		6,500,200
LSB Industries, Inc.*		480,764		4,293,223
				23,114,654
Commercial Services & Supplies — 1.7%
ARC Document Solutions, Inc.		93,864		285,347
Harsco Corp.*		145,614		1,000,368
Heritage-Crystal Clean, Inc.*		143,563		5,018,963
Performant Financial Corp.*		994,127		3,220,971
Quest Resource Holding Corp.*		244,601		1,314,730
VSE Corp.		102,211		4,322,503
				15,162,882
Communications Equipment — 2.3%
ADTRAN Holdings, Inc.		471,658		4,301,521
Aviat Networks, Inc.*		143,735		4,715,945
CalAmp Corp.*		588,446		1,494,653
Ceragon Networks Ltd. (Israel)*		266,018		518,735
Clearfield, Inc.*		27,677		1,208,932
Comtech Telecommunications Corp.		188,235		1,948,232
Digi International, Inc.*		57,418		1,731,727
DZS, Inc.*		228,374		1,552,943

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Communications Equipment — 2.3% (continued)
Lantronix, Inc.*		460,172		1,693,433
PCTEL, Inc.		409,512		1,949,277
				21,115,398
Construction & Engineering — 1.2%
Ameresco, Inc., Class A*		156,908		6,527,373
Arcosa, Inc.		54,037		3,649,659
Orion Group Holdings, Inc.*		513,036		1,221,025
				11,398,057
Consumer Staples Distribution & Retail — 0.9%
Chefs' Warehouse, Inc. (The)*		211,681		7,040,510
Natural Grocers by Vitamin Cottage, Inc.		87,259		941,525
				7,982,035
Diversified Consumer Services — 0.8%
American Public Education, Inc.*		101,694		579,656
Lincoln Educational Services Corp.*		397,151		2,315,390
Regis Corp.*		1,459,188		1,823,985
Universal Technical Institute, Inc.*		329,919		2,329,228
				7,048,259
Diversified REITs — 1.0%
Alexander & Baldwin, Inc., REIT		218,055		4,193,198
Armada Hoffler Properties, Inc., REIT		460,785		5,400,400
				9,593,598
Electrical Equipment — 1.2%
Babcock & Wilcox Enterprises, Inc.*		61,497		382,511
EnerSys		34,430		2,856,657
Generac Holdings, Inc.*		62,101		6,347,964
LSI Industries, Inc.		81,640		1,036,012
Orion Energy Systems, Inc.*		328,699		506,197
				11,129,341
Electronic Equipment, Instruments & Components — 3.5%
Advanced Energy Industries, Inc.		74,237		6,421,500
Airgain, Inc.*		314,947		1,848,739
Avnet, Inc.		33,477		1,381,261
Belden, Inc.		77,971		6,151,132

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Electronic Equipment, Instruments & Components — 3.5% (continued)
Coherent Corp.*		213,735		7,296,913
Fabrinet (Thailand)*		31,026		2,945,919
Iteris, Inc.*		429,462		1,979,820
TTM Technologies, Inc.*		341,515		4,033,292
VIA Optronics AG, ADR (Germany)*		163,472		436,470
				32,495,046
Energy Equipment & Services — 3.3%
Archrock, Inc.		29,070		299,130
DMC Global, Inc.*		107,336		2,032,944
Helix Energy Solutions Group, Inc.*		308,428		2,236,103
Helmerich & Payne, Inc.		38,477		1,275,897
Liberty Energy, Inc., Class A		187,053		2,396,149
Newpark Resources, Inc.*		179,283		717,132
NexTier Oilfield Solutions, Inc.*		272,900		2,205,032
NOV, Inc.		172,963		2,897,130
Oil States International, Inc.*		668,870		4,708,845
ProPetro Holding Corp.*		669,127		4,643,741
RPC, Inc.		230,014		1,699,804
US Silica Holdings, Inc.*		366,582		4,783,895
				29,895,802
Financial Services — 0.9%
NMI Holdings, Inc., Class A*		167,996		3,931,107
Radian Group, Inc.		134,779		3,271,086
Walker & Dunlop, Inc.		10,988		739,602
				7,941,795
Food Products — 1.1%
Hain Celestial Group, Inc. (The)*		159,115		2,852,932
Ingredion, Inc.		25,763		2,735,258
Real Good Food Co., Inc. (The), Class A*		290,768		1,142,718
Utz Brands, Inc.		168,739		3,190,854
				9,921,762
Ground Transportation — 0.7%
Daseke, Inc.*		444,861		3,638,963
Heartland Express, Inc.		175,657		2,543,513
				6,182,476

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Health Care Equipment & Supplies — 2.3%
Accuray, Inc.*		486,466		1,624,797
Artivion, Inc.*		258,828		3,589,944
Neuronetics, Inc.*		463,854		1,062,226
Orthofix Medical, Inc.*		140,466		2,644,975
QuidelOrtho Corp.*		74,844		6,732,218
Sight Sciences, Inc.*		301,024		2,910,902
Tactile Systems Technology, Inc.*		160,045		2,917,620
				21,482,682
Health Care Providers & Services — 6.6%
Acadia Healthcare Co., Inc.*		40,100		2,898,829
AdaptHealth Corp.*		126,973		1,508,439
Addus HomeCare Corp.*		12,260		1,002,132
Amedisys, Inc.*		94,631		7,598,869
Brookdale Senior Living, Inc.*		864,168		3,707,281
Community Health Systems, Inc.*		1,229,192		7,793,077
Enhabit, Inc.*		233,153		2,856,124
InfuSystem Holdings, Inc.*		224,417		2,102,787
Option Care Health, Inc.*		113,928		3,662,785
Patterson Cos., Inc.		278,164		7,541,026
Pennant Group, Inc. (The)*		240,625		3,337,469
Quipt Home Medical Corp.*		320,135		1,917,609
RadNet, Inc.*		43,977		1,216,404
Select Medical Holdings Corp.		63,768		1,944,924
Surgery Partners, Inc.*		89,289		3,541,202
Tenet Healthcare Corp.*		113,721		8,338,024
				60,966,981
Health Care REITs — 0.6%
Physicians Realty Trust, REIT		407,195		5,871,752
Health Care Technology — 0.4%
Health Catalyst, Inc.*		90,174		1,136,192
HealthStream, Inc.		70,578		1,739,042
iCAD, Inc.*		623,424		903,965
				3,779,199

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Hotel & Resort REITs — 0.5%
Chatham Lodging Trust, REIT		162,555		1,664,563
Park Hotels & Resorts, Inc., REIT		126,615		1,525,711
Pebblebrook Hotel Trust, REIT		128,905		1,834,318
				5,024,592
Hotels, Restaurants & Leisure — 4.9%
BJ's Restaurants, Inc.*		107,953		3,512,791
Bloomin' Brands, Inc.		138,408		3,428,366
Cheesecake Factory, Inc. (The)		160,972		5,423,147
Chuy's Holdings, Inc.*		163,943		5,718,332
Cracker Barrel Old Country Store, Inc.		37,295		3,959,237
Denny's Corp.*		466,926		5,234,241
Dine Brands Global, Inc.		15,653		1,016,349
Noodles & Co., Class A*		419,144		2,070,571
ONE Group Hospitality, Inc. (The)*		250,723		1,963,161
Potbelly Corp.*		392,609		4,114,542
Red Robin Gourmet Burgers, Inc.*		211,884		2,769,324
Ruth's Hospitality Group, Inc.		195,728		3,162,965
Six Flags Entertainment Corp.*		108,601		2,635,746
				45,008,772
Household Durables — 4.7%
Beazer Homes USA, Inc.*		403,725		8,603,380
Cavco Industries, Inc.*		12,123		3,639,567
Century Communities, Inc.		81,980		5,520,533
Dixie Group, Inc. (The)*		213,469		155,832
LGI Homes, Inc.*		51,593		6,129,249
MDC Holdings, Inc.		94,825		3,884,980
Skyline Champion Corp.*		54,662		4,054,281
Snap One Holdings Corp.*		147,453		1,439,141
Sonos, Inc.*		118,643		2,508,113
Toll Brothers, Inc.		86,344		5,518,245
Vizio Holding Corp., Class A*		226,291		1,939,314
				43,392,635

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Insurance — 1.3%
Old Republic International Corp.		197,272		4,985,063
Stewart Information Services Corp.		173,481		7,225,484
				12,210,547
Interactive Media & Services — 0.9%
Cars.com, Inc.*		195,428		3,824,526
EverQuote, Inc., Class A*		301,434		2,100,995
QuinStreet, Inc.*		221,997		2,466,387
				8,391,908
IT Services — 0.4%
Squarespace, Inc., Class A*		110,087		3,423,706
Leisure Products — 0.7%
Clarus Corp.		186,323		1,812,923
Topgolf Callaway Brands Corp.*		223,642		4,958,143
				6,771,066
Machinery — 5.4%
Astec Industries, Inc.		110,913		4,578,489
Barnes Group, Inc.		158,845		6,676,256
Blue Bird Corp.*		167,966		3,140,964
CIRCOR International, Inc.*		181,286		5,047,002
Columbus McKinnon Corp.		152,797		5,303,584
EnPro Industries, Inc.		60,677		5,720,021
Graham Corp.*		136,436		1,755,931
John Bean Technologies Corp.		50,365		5,475,179
Luxfer Holdings plc (United Kingdom)		151,791		2,314,813
Manitex International, Inc.*		209,834		1,084,842
Park-Ohio Holdings Corp.		98,131		1,272,759
Shyft Group, Inc. (The)		92,603		2,322,483
Trinity Industries, Inc.		174,193		4,171,922
Wabash National Corp.		41,845		1,074,161
				49,938,406
Media — 0.5%
Magnite, Inc.*		349,100		3,281,540
Marchex, Inc., Class B*		478,344		894,503
				4,176,043

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Metals & Mining — 3.2%
Carpenter Technology Corp.		143,757		7,581,744
Century Aluminum Co.*		339,585		2,917,035
Coeur Mining, Inc.*		941,156		3,199,931
Commercial Metals Co.		79,638		3,718,298
Ferroglobe plc*		747,421		3,019,581
Haynes International, Inc.		86,570		4,069,656
Hecla Mining Co.		845,582		5,115,771
				29,622,016
Oil, Gas & Consumable Fuels — 4.3%
Callon Petroleum Co.*		200,748		6,652,789
Chesapeake Energy Corp.		25,532		2,110,986
Dorian LPG Ltd.		120,179		2,670,377
Earthstone Energy, Inc., Class A*		333,997		4,528,999
Enviva, Inc.		200,799		4,317,178
Matador Resources Co.		127,989		6,275,301
Navigator Holdings Ltd.*		361,717		4,995,312
PBF Energy, Inc., Class A		57,018		1,987,647
Permian Resources Corp.		313,888		3,280,130
SM Energy Co.		95,419		2,679,366
				39,498,085
Paper & Forest Products — 0.9%
Louisiana-Pacific Corp.		135,062		8,068,604
Passenger Airlines — 1.8%
Alaska Air Group, Inc.*		125,471		5,452,970
Allegiant Travel Co.*		56,474		5,868,213
JetBlue Airways Corp.*		698,709		4,988,782
				16,309,965
Pharmaceuticals — 1.4%
Assertio Holdings, Inc.*		816,557		4,499,229
Pacira BioSciences, Inc.*		165,841		7,514,256
Societal CDMO, Inc.*		1,462,358		1,067,814
				13,081,299

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First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Professional Services — 0.3%
GEE Group, Inc.*		1,062,770		526,071
Heidrick & Struggles International, Inc.		73,567		1,847,268
				2,373,339
Retail REITs — 0.9%
Macerich Co. (The), REIT		153,600		1,534,464
Tanger Factory Outlet Centers, Inc., REIT		104,334		2,045,990
Whitestone REIT, REIT		499,091		4,466,864
				8,047,318
Semiconductors & Semiconductor Equipment — 7.9%
Alpha & Omega Semiconductor Ltd.*		247,998		5,922,192
Amkor Technology, Inc.		178,891		4,001,792
Amtech Systems, Inc.*		333,052		2,874,239
Axcelis Technologies, Inc.*		18,155		2,147,737
Cohu, Inc.*		132,142		4,471,685
Diodes, Inc.*		52,449		4,180,185
Everspin Technologies, Inc.*		183,583		1,141,886
FormFactor, Inc.*		208,551		5,695,528
Ichor Holdings Ltd.*		204,407		5,692,735
inTEST Corp.*		262,670		4,990,730
Kulicke & Soffa Industries, Inc. (Singapore)		85,434		4,071,784
MKS Instruments, Inc.		67,237		5,639,167
Onto Innovation, Inc.*		80,464		6,515,975
SMART Global Holdings, Inc.*		310,714		4,791,210
Ultra Clean Holdings, Inc.*		182,497		5,208,464
Veeco Instruments, Inc.*		290,294		5,347,216
				72,692,525
Software — 2.4%
Digital Turbine, Inc.*		392,700		4,606,371
Everbridge, Inc.*		215,506		5,663,498
SecureWorks Corp., Class A*		477,028		4,326,644
Synchronoss Technologies, Inc.*		934,467		826,069
Upland Software, Inc.*		293,124		1,075,765
Yext, Inc.*		473,834		4,160,262
Zeta Global Holdings Corp., Class A*		126,651		1,229,781
				21,888,390

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118

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Specialty Retail — 3.4%
America's Car-Mart, Inc.*		26,606		2,138,856
CarParts.com, Inc.*		733,555		3,477,051
Container Store Group, Inc. (The)*		487,081		1,505,080
Lithia Motors, Inc., Class A		35,792		7,906,095
RH*		9,768		2,492,110
Shoe Carnival, Inc.		193,676		4,502,967
Sportsman's Warehouse Holdings, Inc.*		312,851		1,945,933
Tile Shop Holdings, Inc.*		208,192		976,421
Tilly's, Inc., Class A*		279,493		2,098,992
Zumiez, Inc.*		221,830		3,878,698
				30,922,203
Textiles, Apparel & Luxury Goods — 1.3%
Skechers USA, Inc., Class A*		17,028		905,719
Steven Madden Ltd.		134,592		4,716,104
Unifi, Inc.*		716,292		6,289,044
				11,910,867
Trading Companies & Distributors — 4.2%
Air Lease Corp.		196,387		7,898,685
FTAI Aviation Ltd.		196,389		5,587,267
H&E Equipment Services, Inc.		115,754		4,225,021
Herc Holdings, Inc.		69,715		6,972,894
NOW, Inc.*		232,719		2,483,112
Titan Machinery, Inc.*		145,843		4,572,178
Univar Solutions, Inc.*		73,459		2,607,795
WESCO International, Inc.		30,920		4,452,480
				38,799,432
Total Common Stocks (Cost $857,124,477)				856,541,924
	Number of Rights
Rights — 0.0% (a)
IT Services — 0.0% (a)
Flexion, Inc., CVR*‡ (b) (Cost $27,802)		44,841		—

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119

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Short-Term Investments — 7.3%
Investment Companies — 7.3%
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (c) (Cost $67,626,761)		67,626,761		67,626,761
Total Investments — 100.4% (Cost $924,779,040)				924,168,685
Liabilities in Excess of Other Assets — (0.4%)				(3,697,058	)
Net Assets — 100.0%				920,471,627

*  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 April 30, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2023 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c)  Represents 7-day effective yield as of April 30, 2023.

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	74,752,079
Aggregate gross unrealized depreciation		(75,362,434	)
Net unrealized depreciation	$	(610,355	)
Federal income tax cost	$	924,779,040

Abbreviations

ADR  — American Depositary Receipt

CVR  — Contingent Value Rights

REIT  — Real Estate Investment Trust

See Notes to Financial Statements.

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First Eagle U.S. Smid Cap Opportunity Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns^​ (%)		Since Inception (8/15/22)
First Eagle U.S. Smid Cap Opportunity Fund	Class I		-8.62
Russell 2500TM​ Value Index			-9.49
Russell 2500TM​ Index			-8.71

Asset Allocation* (%)

Sectors* (%)

Consumer Discretionary	21.8
Industrials	21.6
Health Care	16.1
Information Technology	12.2
Energy	6.3
Consumer Staples	6.0
Financials	5.9
Materials	5.6
Short-Term Investments	4.5

^{^}​  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 (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 (4.5% of total investments), such as U.S. treasury bills or money market funds.

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

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

Growth of a $1,000,000 Initial Investment

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

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

The Russell 2500^TM​ Value Index is a widely followed, unmanaged index that measures the performance of the small- to mid-cap value segment of the U.S. equity universe, commonly referred to as "smid" cap. It includes those Russell 2500 ^TM​ companies with relatively low price-to-book ratios and lower forecasted growth values. The Russell 2500^TM​ Value Index is completely reconstituted annually. One cannot invest directly in an index.

The Russell 2500^TM​ Index is a widely followed, unmanaged index that measures the performance of the smid cap segment of the U.S. equity universe. The Russell 2500^TM​ Index is a subset of the Russell 3000^®​ Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500^TM​ Index is completely reconstituted annually. One cannot invest directly in an index.

Top 10 Holdings* (%)

Tenet Healthcare Corp. (Health Care Providers & Services, United States)	2.7
Cardinal Health, Inc. (Health Care Providers & Services, United States)	2.5
Performance Food Group Co. (Consumer Staples Distribution & Retail, United States)	2.3
Generac Holdings, Inc. (Electrical Equipment, United States)	2.2
Air Lease Corp. (Trading Companies & Distributors, United States)	2.2
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels, United States)	2.1
Curtiss-Wright Corp. (Aerospace & Defense, United States)	2.1
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.1
Lennox International, Inc. (Building Products, United States)	2.1
Pacira BioSciences, Inc. (Pharmaceuticals, United States)	2.0
Total	22.3

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

  Percentages are based on total net assets.

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123

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 95.6%
Aerospace & Defense — 4.2%
Curtiss-Wright Corp.		3,376		573,346
Mercury Systems, Inc.*		6,753		321,915
Spirit AeroSystems Holdings, Inc., Class A		8,485		252,514
				1,147,775
Air Freight & Logistics — 1.2%
GXO Logistics, Inc.*		6,198		329,300
Automobile Components — 1.0%
Goodyear Tire & Rubber Co. (The)*		25,508		272,170
Biotechnology — 0.5%
CareDx, Inc.*		16,815		136,033
Building Products — 3.3%
AZEK Co., Inc. (The)*		12,025		326,359
Lennox International, Inc.		1,973		556,208
				882,567
Capital Markets — 1.7%
Evercore, Inc., Class A		2,312		263,730
Raymond James Financial, Inc.		2,092		189,389
				453,119
Chemicals — 3.9%
Huntsman Corp.		10,417		279,072
International Flavors & Fragrances, Inc.		4,699		455,615
Westlake Corp.		2,827		321,656
				1,056,343
Communications Equipment — 1.9%
Ciena Corp.*		11,150		513,346
Construction & Engineering — 1.0%
Ameresco, Inc., Class A*		6,271		260,874
Consumer Staples Distribution & Retail — 4.2%
Casey's General Stores, Inc.		2,227		509,582
Performance Food Group Co.*		9,900		620,631
				1,130,213
Containers & Packaging — 0.3%
Sealed Air Corp.		1,442		69,202

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124

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Electrical Equipment — 3.9%
EnerSys		5,701		473,012
Generac Holdings, Inc.*		5,802		593,080
				1,066,092
Electronic Equipment, Instruments & Components — 2.9%
Belden, Inc.		4,125		325,421
Coherent Corp.*		13,739		469,050
				794,471
Financial Services — 2.7%
Radian Group, Inc.		19,079		463,047
Rocket Cos., Inc., Class A*		29,835		265,830
				728,877
Food Products — 1.8%
Ingredion, Inc.		4,563		484,454
Ground Transportation — 1.3%
XPO, Inc.*		8,017		354,191
Health Care Equipment & Supplies — 3.1%
QuidelOrtho Corp.*		3,695		332,365
Zimmer Biomet Holdings, Inc.		3,682		509,736
				842,101
Health Care Providers & Services — 8.4%
Amedisys, Inc.*		4,520		362,956
Cardinal Health, Inc.		8,088		664,025
Quest Diagnostics, Inc.		3,555		493,469
Tenet Healthcare Corp.*		10,105		740,899
				2,261,349
Hotels, Restaurants & Leisure — 7.9%
Aramark		12,980		450,406
Cheesecake Factory, Inc. (The)		13,379		450,738
Chuy's Holdings, Inc.*		9,573		333,906
Cracker Barrel Old Country Store, Inc.		4,260		452,242
Denny's Corp.*		20,882		234,087
Vail Resorts, Inc.		861		207,088
				2,128,467

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First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Household Durables — 4.5%
Beazer Homes USA, Inc.*		20,189		430,228
LGI Homes, Inc.*		4,270		507,276
Toll Brothers, Inc.		4,497		287,403
				1,224,907
Insurance — 1.5%
Old Republic International Corp.		16,476		416,348
IT Services — 0.8%
Amdocs Ltd.		2,331		212,704
Leisure Products — 1.5%
Topgolf Callaway Brands Corp.*		17,781		394,205
Life Sciences Tools & Services — 2.1%
Avantor, Inc.*		14,725		286,843
PerkinElmer, Inc.		2,224		290,210
				577,053
Machinery — 4.6%
Donaldson Co., Inc.		6,682		424,641
Dover Corp.		3,513		513,460
Ingersoll Rand, Inc.		5,176		295,136
				1,233,237
Metals & Mining — 1.4%
Cleveland-Cliffs, Inc.*		25,553		393,005
Oil, Gas & Consumable Fuels — 6.3%
Chesapeake Energy Corp.		6,938		573,634
HF Sinclair Corp.		9,883		435,939
Matador Resources Co.		8,567		420,040
Permian Resources Corp.		26,882		280,917
				1,710,530
Pharmaceuticals — 2.0%
Pacira BioSciences, Inc.*		11,952		541,545
Semiconductors & Semiconductor Equipment — 6.6%
Amkor Technology, Inc.		17,676		395,412
MKS Instruments, Inc.		6,820		571,994
ON Semiconductor Corp.*		6,879		495,013
Onto Innovation, Inc.*		3,834		310,477
				1,772,896

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First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Specialty Retail — 4.8%
Advance Auto Parts, Inc.		2,140		268,634
Chewy, Inc., Class A*		9,563		296,549
Lithia Motors, Inc., Class A		1,979		437,141
RH*		1,109		282,939
				1,285,263
Textiles, Apparel & Luxury Goods — 2.2%
Deckers Outdoor Corp.*		391		187,422
Skechers USA, Inc., Class A*		2,207		117,390
Steven Madden Ltd.		8,078		283,053
				587,865
Trading Companies & Distributors — 2.1%
Air Lease Corp.		14,452		581,259
Total Common Stocks (Cost $25,202,059)				25,841,761
Short-Term Investments — 4.5%
Investment Companies — 4.5%
JP Morgan U.S. Government Money Market Fund, Capital Shares, 4.86% (a) (Cost $1,218,767)		1,218,767		1,218,767
Total Investments — 100.1% (Cost $26,420,826)				27,060,528
Liabilities in Excess of Other Assets — (0.1%)				(29,494	)
Net Assets — 100.0%				27,031,034

*  Non-income producing security.

(a)  Represents 7-day effective yield as of April 30, 2023.

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,341,484
Aggregate gross unrealized depreciation		(701,782	)
Net unrealized appreciation	$	639,702
Federal income tax cost	$	26,420,826

See Notes to Financial Statements.

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First Eagle Global Real Assets Fund

Fund Overview

Data as of April 30, 2023 (unaudited)

Investment Objective

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

Average Annual Returns^​ (%)		One-Year		Since Inception (11/30/21)
First Eagle Global Real Assets Fund	Class I		1.35		3.72
MSCI World Index			3.18		-4.58
Consumer Price Index +400bps			8.35		10.01

Asset Allocation* (%)

Sectors* (%)

Materials	21.8
Energy	21.7
Real Estate	18.9
Commodities	10.5
Industrials	9.0
Utilities	6.8
Consumer Staples	2.7
Communication Services	2.2
Health Care	1.4
U.S. Treasury Obligations	1.0
Consumer Discretionary	0.9
Investment Funds	0.8
Information Technology	0.5
Short-Term Investments	1.8

Countries*~ (%)

United States	53.3
Canada	9.7
United Kingdom	6.2
Japan	4.7
Hong Kong	4.0
Mexico	3.2
Singapore	2.7
Australia	2.6
Brazil	2.0
Germany	1.9
Spain	1.6
Netherlands	1.5
Faroe Islands	1.1
France	1.1
Belgium	0.9
Ireland	0.6
Israel	0.6
South Korea	0.5
Russia	0.0
Short-Term Investments	1.8

^{^}​  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 (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 (1.8% of total investments), such as U.S. treasury bills or money market funds.

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

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

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First Eagle Global Real Assets Fund | Fund Overview

Growth of a $1,000,000 Initial Investment

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

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

The 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)	10.5
Schlumberger NV (Energy Equipment & Services, United States)	3.6
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	3.1
United Utilities Group plc (Water Utilities, United Kingdom)	3.0
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	2.8
Glencore plc (Metals & Mining, Australia)	2.6
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	2.5
NOV, Inc. (Energy Equipment & Services, United States)	2.2
Komatsu Ltd. (Machinery, Japan)	2.1
Wheaton Precious Metals Corp. (Metals & Mining, Brazil)	2.1
Total	34.5

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

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

  Percentages are based on total net assets.

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First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 82.3%
Australia — 2.6%
Glencore plc		49,381		291,478
Belgium — 0.9%
Shurgard Self Storage Ltd., REIT		1,959		101,293
Brazil — 2.0%
Wheaton Precious Metals Corp.		4,705		232,151
Canada — 9.7%
Canadian National Railway Co.		1,552		185,001
Canadian Pacific Kansas City Ltd.		2,146		169,165
Franco-Nevada Corp.		1,137		172,524
Imperial Oil Ltd.		5,515		281,113
Nutrien Ltd.		3,266		226,572
StorageVault Canada, Inc.		16,844		71,983
				1,106,358
Faroe Islands — 1.1%
Bakkafrost P/F		1,747		127,369
France — 1.1%
Air Liquide SA		659		118,548
Germany — 1.9%
FUCHS PETROLUB SE (Preference)		5,518		217,999
Hong Kong — 4.0%
CK Asset Holdings Ltd.		29,000		171,481
Guoco Group Ltd.		6,000		50,721
Hongkong Land Holdings Ltd.		35,300		157,101
Hysan Development Co. Ltd.		26,000		73,477
				452,780
Ireland — 0.7%
CRH plc		1,516		73,153
Israel — 0.6%
ICL Group Ltd.		11,589		71,620
Japan — 4.7%
Kansai Paint Co. Ltd.		10,400		146,619
Komatsu Ltd.		9,700		241,238

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First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Japan — 4.7% (continued)
Mitsubishi Estate Co. Ltd.		5,700		70,249
Shin-Etsu Chemical Co. Ltd.		2,600		74,193
				532,299
Mexico — 3.2%
GMexico Transportes SAB de CV		17,656		40,724
Grupo Mexico SAB de CV, Series B		65,017		319,706
				360,430
Netherlands — 1.4%
Shell plc		5,288		163,477
Russia — 0.0% (a)
Alrosa PJSC*‡ (b)		48,132		—
Singapore — 2.7%
Sheng Siong Group Ltd.		89,700		119,132
UOL Group Ltd.		36,300		189,372
				308,504
South Korea — 0.5%
Samsung Electronics Co. Ltd. (Preference)		1,337		55,893
Spain — 1.6%
Aena SME SA* (c)		1,085		182,732
United Kingdom — 6.2%
Berkeley Group Holdings plc		1,931		108,063
Big Yellow Group plc, REIT		6,124		94,266
Great Portland Estates plc, REIT		5,551		37,218
Severn Trent plc		2,643		97,351
United Utilities Group plc		24,876		337,928
Victrex plc		1,445		30,534
				705,360
United States — 37.4%
American Homes 4 Rent, Class A, REIT		6,947		231,057
American Water Works Co., Inc.		197		29,205
Ball Corp.		664		35,311
Boston Properties, Inc., REIT		1,771		94,501
Charter Communications, Inc., Class A*		504		185,825
Chevron Corp.		1,063		179,200

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First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
United States — 37.4% (continued)
Comcast Corp., Class A		1,529		63,255
Cummins, Inc.		446		104,828
Deere & Co.		130		49,143
Douglas Emmett, Inc., REIT		7,915		101,945
EOG Resources, Inc.		585		69,890
Equinix, Inc., REIT		201		145,540
Equity Residential, REIT		3,122		197,466
Extra Space Storage, Inc., REIT		374		56,863
Exxon Mobil Corp.		2,996		354,547
HCA Healthcare, Inc.		556		159,755
IDACORP, Inc.		1,089		121,010
Ivanhoe Electric, Inc.*		2,250		26,797
Mid-America Apartment Communities, Inc., REIT		825		126,885
NOV, Inc.		15,189		254,416
Phillips 66		1,664		164,736
PPG Industries, Inc.		633		88,785
Royal Gold, Inc.		1,453		192,435
RPM International, Inc.		1,942		159,302
SBA Communications Corp., REIT		680		177,405
Schlumberger NV		8,291		409,161
Terreno Realty Corp., REIT		832		51,243
UGI Corp.		5,612		190,135
Walmart, Inc.		400		60,388
Williams Cos., Inc. (The)		5,826		176,295
				4,257,324
Total Common Stocks (Cost $9,016,323)				9,358,768
	Ounces
Commodities — 10.5%
Gold bullion* (Cost $1,072,789)		602		1,196,611

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First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

Investments	Shares		Value ($)
Master Limited Partnerships — 3.6%
United States — 3.6%
Enterprise Products Partners LP		8,209		215,979
Magellan Midstream Partners LP		3,465		193,347
Total Master Limited Partnerships (Cost $349,842)				409,326
	Principal Amount ($)
U.S. Treasury Obligations — 1.0%
U.S. Treasury Inflation Linked Notes 0.13%, 4/15/2027 (Cost $109,929)		107,000		108,356
	Shares
Exchange Traded Funds — 0.8%
United States
iShares Gold Trust (Cost $81,555)		2,356		88,845
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.86% (d) (Cost $209,197)		209,197		209,197
Total Investments — 100.0% (Cost $10,839,635)				11,371,103
Other Assets Less Liabilities — 0.0% (a)				1,153
Net Assets — 100.0%				11,372,256

*  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 April 30, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2023 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c)  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.

(d)  Represents 7-day effective yield as of April 30, 2023.

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First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2023 (unaudited)

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,172,266
Aggregate gross unrealized depreciation		(640,798	)
Net unrealized appreciation	$	531,468
Federal income tax cost	$	10,839,635

Abbreviations

PJSC  — Public Joint Stock Company

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

REIT  — Real Estate Investment Trust

See Notes to Financial Statements.

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Statements of Assets and Liabilities

	First Eagle Global Fund*		First Eagle Overseas Fund*
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	28,586,172,143	$	8,556,649,904
Investments in affiliates		2,430,105,857		355,941,575
Gold bullion		2,902,970,315		663,216,747
Silver bullion		—		—
Investments, at Value (Note 1)
Investments in non-affiliates		40,571,366,117		10,953,116,005
Investments in affiliates		2,384,556,788		538,638,497
Gold bullion		5,499,742,271		1,442,112,761
Silver bullion		—		—
Unrealized appreciation on forward foreign currency exchange contracts		231,247		97,025
Receivable for investment securities sold		39,576,530		18,294,306
Foreign tax reclaims receivable		42,177,320		21,706,231
Receivable for Fund shares sold		47,521,702		23,081,197
Accrued interest and dividends receivable		136,793,703		61,617,258
Investment for trustee deferred compensation plan (Note 2)		6,747,807		3,702,326
Due from adviser		—		—
Other assets		165,392		52,645
Total Assets		48,728,878,877		13,062,418,251
Liabilities
Investment advisory fees payable (Note 2)		29,748,846		7,977,942
Due to custodian		—		297
Payable for investment securities purchased		32,362,639		15,295,142
Distribution fees payable (Note 3)		3,933,179		371,788
Administrative fees payable (Note 2)		704,901		267,409
Trustee deferred compensation plan (Note 2)		6,747,807		3,702,326
Service fees payable (Note 3)		362,158		19,409
Trustee fees payable		237,290		72,768
IRS compliance fees for foreign withholding tax claims payable		20,941,890		34,796,781
Unrealized depreciation on forward foreign currency exchange contracts		13,191,642		6,777,300
Payable for Fund shares redeemed		30,359,020		9,250,764
Accrued expenses and other liabilities		13,309,412		4,448,301
Total Liabilities		151,898,784		82,980,227
Net Assets	$	48,576,980,093	$	12,979,438,024
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	774,381	$	521,146
Capital surplus		33,485,940,153		9,920,450,151
Total distributable earnings (losses)		15,090,265,559		3,058,466,727
Net Assets	$	48,576,980,093	$	12,979,438,024

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April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*		First Eagle Gold Fund*
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	668,803,326	$	1,175,089,496
Investments in affiliates		—		202,629,044
Gold bullion		78,780,493		163,695,617
Silver bullion		—		77,535,280
Investments, at Value (Note 1)
Investments in non-affiliates		1,052,463,216		1,766,566,682
Investments in affiliates		—		271,616,530
Gold bullion		144,274,124		323,614,184
Silver bullion		—		115,083,697
Unrealized appreciation on forward foreign currency exchange contracts		—		—
Receivable for investment securities sold		—		20,167,741
Foreign tax reclaims receivable		—		—
Receivable for Fund shares sold		859,758		7,142,287
Accrued interest and dividends receivable		879,506		569,422
Investment for trustee deferred compensation plan (Note 2)		3,886,618		280,210
Due from adviser		48,751		—
Other assets		12,664		17,402
Total Assets		1,202,424,637		2,505,058,155
Liabilities
Investment advisory fees payable (Note 2)		731,238		1,560,094
Due to custodian		—		624
Payable for investment securities purchased		—		8,269,996
Distribution fees payable (Note 3)		136,334		223,657
Administrative fees payable (Note 2)		62,919		47,051
Trustee deferred compensation plan (Note 2)		3,886,618		280,210
Service fees payable (Note 3)		6,962		28,130
Trustee fees payable		6,538		9,490
IRS compliance fees for foreign withholding tax claims payable		—		—
Unrealized depreciation on forward foreign currency exchange contracts		—		—
Payable for Fund shares redeemed		900,466		6,496,609
Accrued expenses and other liabilities		323,941		556,791
Total Liabilities		6,055,016		17,472,652
Net Assets	$	1,196,369,621	$	2,487,585,503
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	62,437	$	95,490
Capital surplus		698,701,512		2,344,799,992
Total distributable earnings (losses)		497,605,672		142,690,021
Net Assets	$	1,196,369,621	$	2,487,585,503

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Statements of Assets and Liabilities (continued)

	First Eagle Global Fund*			First Eagle Overseas Fund*
Class A
Net assets	$	13,923,802,528		$	1,520,840,335
Shares outstanding		222,515,185			62,429,047
Net asset value per share and redemption proceeds per share	$	62.57		$	24.36
Offering price per share (NAV per share plus maximum sales charge)**	$	65.86	(1)​	$	25.64	(1)​
Class C
Net assets	$	1,743,636,586		$	92,408,093
Shares outstanding		29,182,557			3,999,790
Net asset value per share and redemption proceeds per share	$	59.75		$	23.10
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)​	$	59.15		$	22.87
Class I
Net assets	$	30,862,614,730		$	9,961,155,025
Shares outstanding		490,182,522			398,506,890
Net asset value per share and redemption proceeds per share	$	62.96		$	25.00
Class R3
Net assets	$	4,543,894		$	393,443
Shares outstanding		72,693			15,830
Net asset value per share and redemption proceeds per share	$	62.51		$	24.85
Class R4
Net assets	$	1,502,768		$	5,117,592
Shares outstanding		23,867			205,613
Net asset value per share and redemption proceeds per share	$	62.96		$	24.89
Class R5
Net assets	$	117,638		$	31,677
Shares outstanding		1,896			1,272
Net asset value per share and redemption proceeds per share	$	62.04	(3)​	$	24.92	(3)​
Class R6
Net assets	$	2,040,761,949		$	1,399,491,859
Shares outstanding		32,402,484			55,987,893
Net asset value per share and redemption proceeds per share	$	62.98		$	25.00

*  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.

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

⁽²⁾​  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.

⁽³⁾​  Net asset value may not recalculate due to rounding of fractional shares.

  See Notes to Financial Statements.

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April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Class A
Net assets	$	565,797,471		$	665,413,245
Shares outstanding		29,820,839			25,981,625
Net asset value per share and redemption proceeds per share	$	18.97		$	25.61
Offering price per share (NAV per share plus maximum sales charge)**	$	19.97	(1)​	$	26.96	(1)​
Class C
Net assets	$	33,404,312		$	132,723,046
Shares outstanding		1,869,076			5,728,067
Net asset value per share and redemption proceeds per share	$	17.87		$	23.17
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)​	$	17.69		$	22.94
Class I
Net assets	$	565,243,160		$	1,534,741,241
Shares outstanding		29,102,686			57,953,070
Net asset value per share and redemption proceeds per share	$	19.42		$	26.48
Class R3
Net assets	$	72,107		$	2,619,565
Shares outstanding		3,722			99,782
Net asset value per share and redemption proceeds per share	$	19.37		$	26.25
Class R4
Net assets	$	41,708		$	1,816,656
Shares outstanding		2,158			68,577
Net asset value per share and redemption proceeds per share	$	19.33		$	26.49
Class R5
Net assets	$	86,813		$	551,230
Shares outstanding		4,483			20,816
Net asset value per share and redemption proceeds per share	$	19.36		$	26.48
Class R6
Net assets	$	31,724,050		$	149,720,520
Shares outstanding		1,633,694			5,638,465
Net asset value per share and redemption proceeds per share	$	19.42		$	26.55

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139

Statements of Assets and Liabilities (continued)

	First Eagle Global Income Builder Fund		First Eagle High Income Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	1,478,763,641	$	193,255,759
Gold bullion		69,007,802		—
Investments, at Value (Note 1)
Investments in non-affiliates		1,602,407,205		179,238,793
Gold bullion		111,179,462		—
Cash		5,527		51,448
Unrealized appreciation on forward foreign currency exchange contracts		5,920		—
Receivable for investment securities sold		758,130		—
Foreign tax reclaims receivable		2,473,489		—
Receivable for Fund shares sold		2,836,854		146,263
Accrued interest and dividends receivable		9,706,316		2,377,495
Investment for trustee deferred compensation plan (Note 2)		509,637		249,736
Due from adviser		—		25,360
Other assets		13,011		8,534
Total Assets		1,729,895,551		182,097,629
Liabilities
Investment advisory fees payable (Note 2)		1,049,203		66,558
Option contracts written, at value (premiums received $2,624,756, $—, $— and $—, respectively)		3,282,430		—
Due to custodian		—		—
Payable for investment securities purchased		744,040		—
Distribution fees payable (Note 3)		192,703		18,348
Administrative fees payable (Note 2)		69,949		7,396
Trustee deferred compensation plan (Note 2)		509,637		249,736
Service fees payable (Note 3)		20,347		1,366
Trustee fees payable		5,369		2,054
IRS compliance fees for foreign withholding tax claims payable		276,252		—
Payable for distributions to shareholders		325,708		80,097
Unrealized depreciation on forward foreign currency exchange contracts		435,923		—
Payable for Fund shares redeemed		2,010,250		307,477
Accrued expenses and other liabilities		214,616		187,579
Total Liabilities		9,136,427		920,611
Net Assets	$	1,720,759,124	$	181,177,018
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	134,427	$	22,659
Capital surplus		1,549,233,973		314,793,076
Total distributable earnings (losses)		171,390,724		(133,638,717	)
Net Assets	$	1,720,759,124	$	181,177,018

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140

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**		First Eagle Small Cap Opportunity Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	323,595,984	$	924,779,040
Gold bullion		—		—
Investments, at Value (Note 1)
Investments in non-affiliates		374,588,365		924,168,685
Gold bullion		—		—
Cash		—		—
Unrealized appreciation on forward foreign currency exchange contracts		—		—
Receivable for investment securities sold		3,772,639		3,102,154
Foreign tax reclaims receivable		119,283		—
Receivable for Fund shares sold		148,442		3,969,558
Accrued interest and dividends receivable		365,268		447,276
Investment for trustee deferred compensation plan (Note 2)		1,659,775		356,327
Due from adviser		61,192		25,723
Other assets		10,272		67,063
Total Assets		380,725,236		932,136,786
Liabilities
Investment advisory fees payable (Note 2)		151,986		629,835
Option contracts written, at value (premiums received $2,624,756, $—, $— and $—, respectively)		—		—
Due to custodian		—		14
Payable for investment securities purchased		1,850,307		10,189,180
Distribution fees payable (Note 3)		60,007		10,935
Administrative fees payable (Note 2)		53,668		89,060
Trustee deferred compensation plan (Note 2)		1,659,775		356,327
Service fees payable (Note 3)		2,509		—
Trustee fees payable		25,081		—
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		143,739		389,808
Accrued expenses and other liabilities		314,131		—
Total Liabilities		4,261,203		11,665,159
Net Assets	$	376,464,033	$	920,471,627
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	16,589	$	104,866
Capital surplus		307,107,549		965,036,373
Total distributable earnings (losses)		69,339,895		(44,669,612	)
Net Assets	$	376,464,033	$	920,471,627

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141

Statements of Assets and Liabilities (continued)

	First Eagle Global Income Builder Fund			First Eagle High Income Fund
Class A
Net assets	$	648,368,724		$	70,035,151
Shares outstanding		50,531,264			8,761,334
Net asset value per share and redemption proceeds per share	$	12.83		$	7.99
Offering price per share (NAV per share plus maximum sales charge)*	$	13.51	(1)​	$	8.37	(2)​
Class C
Net assets	$	97,161,471		$	6,423,282
Shares outstanding		7,517,966			804,158
Net asset value per share and redemption proceeds per share	$	12.92		$	7.99
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)​	$	12.79		$	7.91
Class I
Net assets	$	911,676,724		$	103,369,619
Shares outstanding		71,393,477			12,925,182
Net asset value per share and redemption proceeds per share	$	12.77		$	8.00
Class R3
Net assets	$	63,026		$	465,172
Shares outstanding		4,916			58,136
Net asset value per share and redemption proceeds per share	$	12.82		$	8.00
Class R4
Net assets	$	57,965		$	10,406
Shares outstanding		4,533			1,301
Net asset value per share and redemption proceeds per share	$	12.79		$	8.00
Class R5
Net assets	$	12,177		$	10,673
Shares outstanding		953			1,337
Net asset value per share and redemption proceeds per share	$	12.78		$	8.00	(4)​
Class R6
Net assets	$	63,419,037		$	862,715
Shares outstanding		4,974,138			107,860
Net asset value per share and redemption proceeds per share	$	12.75		$	8.00

*  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. 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.

**  First Eagle Rising Dividend Fund was known as First Eagle Fund of America prior to March 1, 2023.

⁽¹⁾​  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.

⁽²⁾​  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.

⁽³⁾​  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.

⁽⁴⁾​  Net asset value may not recalculate due to rounding of fractional shares.

  See Notes to Financial Statements.

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142

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**			First Eagle Small Cap Opportunity Fund
Class A
Net assets	$	260,126,769		$	53,634,194
Shares outstanding		11,397,064			6,128,901
Net asset value per share and redemption proceeds per share	$	22.82		$	8.75
Offering price per share (NAV per share plus maximum sales charge)*	$	24.02	(1)​	$	9.21	(1)​
Class C
Net assets	$	11,897,136		$	—
Shares outstanding		852,684			—
Net asset value per share and redemption proceeds per share	$	13.95		$	—
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)​	$	13.81		$	—
Class I
Net assets	$	98,086,798		$	820,173,352
Shares outstanding		4,075,433			93,424,359
Net asset value per share and redemption proceeds per share	$	24.07		$	8.78
Class R3
Net assets	$	58,043		$	—
Shares outstanding		2,431			—
Net asset value per share and redemption proceeds per share	$	23.89	(4)​	$	—
Class R4
Net assets	$	36,769		$	—
Shares outstanding		1,530			—
Net asset value per share and redemption proceeds per share	$	24.04	(4)​	$	—
Class R5
Net assets	$	11,972		$	—
Shares outstanding		498			—
Net asset value per share and redemption proceeds per share	$	24.05	(4)​	$	—
Class R6
Net assets	$	6,246,546		$	46,664,081
Shares outstanding		259,553			5,312,570
Net asset value per share and redemption proceeds per share	$	24.07		$	8.78

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143

Statements of Assets and Liabilities (continued)

	First Eagle U.S. Smid Cap Opportunity Fund		First Eagle Global Real Assets Fund*
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	26,420,826	$	9,766,846
Gold bullion		—		1,072,789
Investments, at Value (Note 1)
Investments in non-affiliates		27,060,528		10,174,492
Gold bullion		—		1,196,611
Receivable for investment securities sold		—		2,428
Foreign tax reclaims receivable		—		1,986
Accrued interest and dividends receivable		13,141		21,048
Due from adviser		7,736		32,787
Other assets		683		7,716
Total Assets		27,082,088		11,437,068
Liabilities
Investment advisory fees payable (Note 2)		17,314		5,984
Due to custodian		—		92
Payable for investment securities purchased		—		1,213
Distribution fees payable (Note 3)		12		318
Administrative fees payable (Note 2)		181		318
Accrued expenses and other liabilities		33,547		56,887
Total Liabilities		51,054		64,812
Net Assets	$	27,031,034	$	11,372,256
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	2,967	$	1,100
Capital surplus		26,448,443		11,016,051
Total distributable earnings (losses)		579,624		355,105
Net Assets	$	27,031,034	$	11,372,256

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144

April 30, 2023 (unaudited)

	First Eagle U.S. Smid Cap Opportunity Fund			First Eagle Global Real Assets Fund*
Class A
Net assets	$	56,937		$	1,655,080
Shares outstanding		6,252			159,329
Net asset value per share and redemption proceeds per share	$	9.11		$	10.39
Offering price per share (NAV per share plus maximum sales charge)**	$	9.59	(1)​	$	10.94	(1)​
Class I
Net assets	$	26,928,416		$	8,617,515
Shares outstanding		2,955,417			834,619
Net asset value per share and redemption proceeds per share	$	9.11		$	10.33
Class R6
Net assets	$	45,681		$	1,099,661
Shares outstanding		5,019			106,523
Net asset value per share and redemption proceeds per share	$	9.10		$	10.32

*  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 (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.

⁽¹⁾​  The maximum sales charge is 5.00% for Class A shares. Classes C and R6 have no front-end sales charges.

  See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2023
145

Statements of Operations

	First Eagle Global Fund*			First Eagle Overseas Fund*
Investment Income
Interest (net of $232,497, $72,039, $— and $— foreign taxes withheld)	$	95,717,370		$	18,164,643
Dividends from:
Non-affiliates (net of $26,696,540, $13,945,365, $55,676 and $1,450,263 foreign taxes withheld)		457,276,019			142,246,405
Affiliated issuers (net of $121,431, $706,700, $— and $154,758 foreign taxes withheld)		24,688,063			4,686,775
Total Income		577,681,452			165,097,823
Expenses
Investment advisory fees (Note 2)		172,338,989			45,613,970
Distributions fee (Note 3)
Class A		16,679,059			1,841,618
Class C		6,643,558			354,942
Class R3		6,901			434
Class R4		727			4,837
Shareholder servicing agent fees		16,358,317			4,696,573
Service fees (Note 3)
Class C		2,214,519			118,314
Class R3		2,760			174
Administrative fees (Note 2)		1,712,560			631,454
Professional fees		492,271			381,720
Custodian and accounting fees		3,290,686			1,266,392
Shareholder reporting fees		994,746			283,471
Trustees' fees		769,434			224,602
Insurance fees		137,821			48,566
Registration and filing fees		349,565			129,522
Other expenses		260,744			78,515
Total Expenses		222,252,657			55,675,104
Expense waiver (Note 2)		—			—
Expense reductions due to earnings credits (Note 1)		(576,109	)		(88,583	)
Net Expenses		221,676,548			55,586,521
Net Investment Income (Note 1)		356,004,904			109,511,302
Realized and Unrealized Gains ( Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		780,840,003			90,423,218
Transactions from investments in affiliates		13,384,600			3,055,024
Commodity related transactions		3,291,796			1,112,290
Settlement of foreign currency and foreign currency transactions		866,489			616,083
Settlement of forward foreign currency exchange contracts		(21,773,918	)		(10,754,224	)
		776,608,970			84,452,391

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146

April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Investment Income
Interest (net of $232,497, $72,039, $— and $— foreign taxes withheld)	$	3,015,670		$	1,620,318
Dividends from:
Non-affiliates (net of $26,696,540, $13,945,365, $55,676 and $1,450,263 foreign taxes withheld)		10,583,499			16,532,093
Affiliated issuers (net of $121,431, $706,700, $— and $154,758 foreign taxes withheld)		—			876,964
Total Income		13,599,169			19,029,375
Expenses
Investment advisory fees (Note 2)		4,368,746			8,170,854
Distributions fee (Note 3)
Class A		690,460			745,574
Class C		130,187			459,299
Class R3		86			2,629
Class R4		19			801
Shareholder servicing agent fees		429,195			1,002,940
Service fees (Note 3)
Class C		43,396			153,100
Class R3		34			1,052
Administrative fees (Note 2)		169,589			133,609
Professional fees		125,613			132,941
Custodian and accounting fees		118,630			344,624
Shareholder reporting fees		30,263			57,810
Trustees' fees		29,726			43,809
Insurance fees		18,768			21,671
Registration and filing fees		55,150			98,629
Other expenses		13,511			18,916
Total Expenses		6,223,373			11,388,258
Expense waiver (Note 2)		(291,258	)		—
Expense reductions due to earnings credits (Note 1)		(39,856	)		(51,189	)
Net Expenses		5,892,259			11,337,069
Net Investment Income (Note 1)		7,706,910			7,692,306
Realized and Unrealized Gains ( Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		39,251,328			(4,705,258	)
Transactions from investments in affiliates		—			(1,319,109	)
Commodity related transactions		5			(4,193,892	)
Settlement of foreign currency and foreign currency transactions		(227	)		(22,516	)
Settlement of forward foreign currency exchange contracts		—			—
		39,251,106			(10,240,775	)

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147

Statements of Operations (continued)

	First Eagle Global Fund*			First Eagle Overseas Fund*
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $1,522,263, $490,896, $— and $—)	$	5,258,182,315		$	1,755,953,469
Investment in affiliates		77,857,106			111,882,387
Foreign currency and foreign currency translations		5,632,370			2,818,610
Forward foreign currency exchange contracts		(12,363,882	)		(6,426,847	)
		5,329,307,909			1,864,227,619
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions		6,105,916,879			1,948,680,010
Net Increase in Net Assets Resulting from Operations	$	6,461,921,783		$	2,058,191,312

*  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.

  See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2023
148

April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*		First Eagle Gold Fund*
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $1,522,263, $490,896, $— and $—)	$	80,186,806	$	541,678,474
Investment in affiliates		—		55,335,073
Foreign currency and foreign currency translations		—		1,822
Forward foreign currency exchange contracts		—		—
		80,186,806		597,015,369
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions		119,437,912		586,774,594
Net Increase in Net Assets Resulting from Operations	$	127,144,822	$	594,466,900

First Eagle Funds | Semiannual Report | April 30, 2023
149

Statements of Operations (continued)

	First Eagle Global Income Builder Fund			First Eagle High Income Fund
Investment Income
Interest (net of $1,254, $—, $— and $— foreign taxes withheld)	$	8,723,105		$	5,393,450
Dividends from:
Non-affiliates (net of $1,232,279, $—, $63,365 and $— foreign taxes withheld)		21,107,567			2,935
Total Income		29,830,672			5,396,385
Expenses
Investment advisory fees (Note 2)		5,960,837			400,911
Distributions fee (Note 3)
Class A		753,309			85,833
Class C		377,116			26,653
Class R3		75			521
Class R4		27			5
Shareholder servicing agent fees		473,017			103,775
Service fees (Note 3) Class C		125,705			8,884
Class R3		30			209
Administrative fees (Note 2)		397,401			44,547
Professional fees		155,389			111,040
Custodian and accounting fees		178,538			73,774
Shareholder reporting fees		35,339			6,622
Trustees' fees		21,656			3,876
Insurance fees		19,027			16,125
Registration and filing fees		68,527			34,451
Other expenses		15,365			7,004
Total Expenses		8,581,358			924,230
Expense waiver (Note 2)		—			(106,016	)
Expense reductions due to earnings credits (Note 1)		(23,592	)		(16,594	)
Net Expenses		8,557,766			801,620
Net Investment Income (Note 1)		21,272,906			4,594,765
Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		5,949,619			(782,315	)
Commodity related transactions		359,658			—
Settlement of foreign currency and foreign currency transactions		28,416			—
Settlement of forward foreign currency exchange contracts		(742,259	)		—
Expiration or closing of option contracts written		2,882,797			—
		8,478,231			(782,315	)

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150

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**			First Eagle Small Cap Opportunity Fund
Investment Income
Interest (net of $1,254, $—, $— and $— foreign taxes withheld)	$	104,616		$	—
Dividends from:
Non-affiliates (net of $1,232,279, $—, $63,365 and $— foreign taxes withheld)		4,327,892			4,875,958
Total Income		4,432,508			4,875,958
Expenses
Investment advisory fees (Note 2)		915,584			3,236,242
Distributions fee (Note 3)
Class A		313,072			59,318
Class C		52,906			—
Class R3		67			—
Class R4		17			—
Shareholder servicing agent fees		248,051			345,082
Service fees (Note 3) Class C		17,635			—
Class R3		27			—
Administrative fees (Note 2)		161,330			123,264
Professional fees		128,887			69,351
Custodian and accounting fees		68,645			88,888
Shareholder reporting fees		14,190			12,066
Trustees' fees		11,309			4,162
Insurance fees		16,750			16,563
Registration and filing fees		48,690			75,039
Other expenses		12,105			5,565
Total Expenses		2,009,265			4,035,540
Expense waiver (Note 2)		(401,230	)		(152,735	)
Expense reductions due to earnings credits (Note 1)		(33,813	)		(7,487	)
Net Expenses		1,574,222			3,875,318
Net Investment Income (Note 1)		2,858,286			1,000,640
Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		16,861,691			(31,873,229	)
Commodity related transactions		—			—
Settlement of foreign currency and foreign currency transactions		(37,747	)		—
Settlement of forward foreign currency exchange contracts		—			—
Expiration or closing of option contracts written		—			—
		16,823,944			(31,873,229	)

First Eagle Funds | Semiannual Report | April 30, 2023
151

Statements of Operations (continued)

	First Eagle Global Income Builder Fund			First Eagle High Income Fund
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $22,160, $—, $— and $—)	$	154,107,781		$	5,700,052
Foreign currency and foreign currency translations		290,961			—
Forward foreign currency exchange contracts		(412,936	)		—
Option contracts written		878,495			—
		154,864,301			5,700,052
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions and option contracts written		163,342,532			4,917,737
Net Increase in Net Assets Resulting from Operations	$	184,615,438		$	9,512,502

**  First Eagle Rising Dividend Fund was known as First Eagle Fund of America prior to March 1, 2023.

  See Notes to Financial Statements.

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152

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**		First Eagle Small Cap Opportunity Fund
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $22,160, $—, $— and $—)	$	34,109,781	$	41,452,415
Foreign currency and foreign currency translations		5,406		—
Forward foreign currency exchange contracts		—		—
Option contracts written		—		—
		34,115,187		41,452,415
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions and option contracts written		50,939,131		9,579,186
Net Increase in Net Assets Resulting from Operations	$	53,797,417	$	10,579,826

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153

Statements of Operations (continued)

April 30, 2023 (unaudited)

	First Eagle U.S. Smid Cap Opportunity Fund			First Eagle Global Real Assets Fund*
Investment Income
Interest (net of $— and $— foreign taxes withheld)	$	—		$	2,286
Dividends from: Non-affiliates (net of $— and $5,072 foreign taxes withheld)		56,479			133,354
Total Income		56,479			135,640
Expenses
Investment advisory fees (Note 2)		24,963			36,864
Distributions fee (Note 3) Class A		67			1,798
Shareholder servicing agent fees		946			2,179
Service fees (Note 3)
Administrative fees (Note 2)		380			743
Professional fees		50,458			82,911
Custodian and accounting fees		38,195			66,562
Shareholder reporting fees		22			41
Trustees' fees		70			2,684
Insurance fees		—			15,647
Registration and filing fees		4,618			22,486
Other expenses		1,257			1,691
Total Expenses		120,976			233,606
Expense waiver (Note 2)		(87,863	)		(182,690	)
Expense reductions due to earnings credits (Note 1)		(752	)		(850	)
Net Expenses		32,361			50,066
Net Investment Income (Note 1)		24,118			85,574
Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		(73,580	)		(176,577	)
Settlement of foreign currency and foreign currency transactions		—			(750	)
		(73,580	)		(177,327	)
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $— and $—)		757,880			1,054,058
Foreign currency and foreign currency translations		—			182
		757,880			1,054,240
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and related transactions		684,300			876,913
Net Increase in Net Assets Resulting from Operations	$	708,418		$	962,487

*  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.

  See Notes to Financial Statements.

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Statements of Changes in Net Assets

	First Eagle Global Fund*						First Eagle Overseas Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations
Net investment income (loss)	$	356,004,904		$	457,314,720		$	109,511,302		$	189,690,854
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions		776,608,970			1,946,747,824			84,452,391			560,679,922
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations		5,329,307,909			(8,317,863,790	)		1,864,227,619			(2,854,703,672	)
Net increase (decrease) in net assets resulting from operations		6,461,921,783			(5,913,801,246	)		2,058,191,312			(2,104,332,896	)
Distributions to Shareholders
Distributable earnings:
Class A		(532,262,215	)		(887,753,790	)		(51,515,549	)		(102,137,338	)
Class C		(73,844,904	)		(132,799,923	)		(3,499,629	)		(7,259,256	)
Class I		(1,201,145,307	)		(1,844,356,025	)		(330,889,508	)		(614,760,402	)
Class R3		(300,468	)		(67,027	)		(10,928	)		(19,902	)
Class R4		(52,892	)		(120,800	)		(516,040	)		(576,641	)
Class R5		(4,292	)		(6,725	)		(1,389	)		(3,821	)
Class R6		(78,042,283	)		(131,255,084	)		(51,189,271	)		(88,673,786	)
Decrease in net assets resulting from distributions		(1,885,652,361	)		(2,996,359,374	)		(437,622,314	)		(813,431,146	)
Fund Share Transactions
Class A
Net proceeds from shares sold		505,994,378			1,182,824,369			76,553,469			194,202,849
Net asset value of shares issued for reinvested dividends and distributions		462,969,675			771,492,296			46,987,934			93,004,480
Cost of shares redeemed		(946,505,425	)		(1,866,821,008	)		(196,546,349	)		(412,816,545	)
Increase (decrease) in net assets from Fund share transactions		22,458,628			87,495,657			(73,004,946	)		(125,609,216	)
Class C
Net proceeds from shares sold		78,908,030			167,583,781			6,365,763			8,129,789
Net asset value of shares issued for reinvested dividends and distributions		69,690,281			124,431,035			3,306,288			6,746,821
Cost of shares redeemed		(313,979,234	)		(761,341,546	)		(22,129,433	)		(51,235,080	)
Decrease in net assets from Fund share transactions		(165,380,923	)		(469,326,730	)		(12,457,382	)		(36,358,470	)
Class I
Net proceeds from shares sold		2,708,237,791			5,297,637,292			1,636,024,226			2,452,117,096
Net asset value of shares issued for reinvested dividends and distributions		1,040,505,108			1,581,825,307			293,043,001			551,561,993
Cost of shares redeemed		(2,687,563,425	)		(4,764,010,265	)		(1,655,957,286	)		(3,417,433,001	)
Increase (decrease) in net assets from Fund share transactions		1,061,179,474			2,115,452,334			273,109,941			(413,753,912	)
Class R3
Net proceeds from shares sold		1,104,875			8,283,108			45,057			89,417
Net asset value of shares issued for reinvested dividends and distributions		300,468			67,027			10,928			19,902
Cost of shares redeemed		(4,613,539	)		(1,396,981	)		(5,287	)		(111,375	)
Increase (decrease) in net assets from Fund share transactions		(3,208,196	)		6,953,154			50,698			(2,056	)

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156

April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*						First Eagle Gold Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations
Net investment income (loss)	$	7,706,910		$	9,225,295		$	7,692,306		$	7,788,278
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions		39,251,106			87,821,395			(10,240,775	)		(6,051,841	)
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations		80,186,806			(211,933,175	)		597,015,369			(338,058,322	)
Net increase (decrease) in net assets resulting from operations		127,144,822			(114,886,485	)		594,466,900			(336,321,885	)
Distributions to Shareholders
Distributable earnings:
Class A		(42,377,864	)		(53,052,982	)		—			(5,573,400	)
Class C		(2,657,277	)		(4,233,440	)		—			(343,996	)
Class I		(42,529,115	)		(49,533,778	)		—			(15,999,745	)
Class R3		(4,891	)		(5,774	)		—			(11,410	)
Class R4		(2,596	)		(1,055	)		—			(9,117	)
Class R5		(5,987	)		(6,233	)		—			(4,694	)
Class R6		(2,106,071	)		(2,212,723	)		—			(1,358,289	)
Decrease in net assets resulting from distributions		(89,683,801	)		(109,045,985	)		—			(23,300,651	)
Fund Share Transactions
Class A
Net proceeds from shares sold		21,121,970			47,475,322			72,432,904			136,526,999
Net asset value of shares issued for reinvested dividends and distributions		37,419,319			46,028,292			—			5,272,465
Cost of shares redeemed		(50,463,598	)		(83,546,172	)		(63,627,096	)		(127,981,717	)
Increase (decrease) in net assets from Fund share transactions		8,077,691			9,957,442			8,805,808			13,817,747
Class C
Net proceeds from shares sold		2,712,973			5,432,456			10,962,197			19,039,520
Net asset value of shares issued for reinvested dividends and distributions		2,429,213			3,904,705			—			318,229
Cost of shares redeemed		(7,640,933	)		(19,670,181	)		(15,974,902	)		(38,215,792	)
Decrease in net assets from Fund share transactions		(2,498,747	)		(10,333,020	)		(5,012,705	)		(18,858,043	)
Class I
Net proceeds from shares sold		55,548,851			125,720,994			295,260,082			452,464,455
Net asset value of shares issued for reinvested dividends and distributions		28,326,301			30,253,156			—			14,000,367
Cost of shares redeemed		(75,109,686	)		(99,876,278	)		(197,402,395	)		(522,992,298	)
Increase (decrease) in net assets from Fund share transactions		8,765,466			56,097,872			97,857,687			(56,527,476	)
Class R3
Net proceeds from shares sold		472			270			1,138,113			813,440
Net asset value of shares issued for reinvested dividends and distributions		4,890			5,774			—			11,410
Cost of shares redeemed		(63	)		(8	)		(68,511	)		(980,977	)
Increase (decrease) in net assets from Fund share transactions		5,299			6,036			1,069,602			(156,127	)

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Statements of Changes in Net Assets (continued)

	First Eagle Global Fund*						First Eagle Overseas Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class R4
Net proceeds from shares sold		159,295			1,038,726			1,302,940			13,912,646
Net asset value of shares issued for reinvested dividends and distributions		52,892			120,800			516,040			576,641
Cost of shares redeemed		(122,997	)		(1,544,248	)		(11,018,804	)		(8,452,427	)
Increase (decrease) in net assets from Fund share transactions		89,190			(384,722	)		(9,199,824	)		6,036,860
Class R5
Net proceeds from shares sold		2,866			4,311			4,462			78,964
Net asset value of shares issued for reinvested dividends and distributions		4,292			6,725			1,389			1,541
Cost of shares redeemed		(446	)		(848	)		(17,466	)		(102,209	)
Increase (decrease) in net assets from Fund share transactions		6,712			10,188			(11,615	)		(21,704	)
Class R6
Net proceeds from shares sold		250,300,324			591,696,468			95,295,981			148,248,855
Net asset value of shares issued for reinvested dividends and distributions		69,480,659			118,445,610			50,566,252			88,413,667
Cost of shares redeemed		(163,595,655	)		(717,034,874	)		(183,416,518	)		(233,216,655	)
Increase (decrease) in net assets from Fund share transactions		156,185,328			(6,892,796	)		(37,554,285	)		3,445,867
Increase (decrease) in net assets from Fund share transactions		1,071,330,213			1,733,307,085			140,932,587			(566,262,631	)
Net increase (decrease) in net assets		5,647,599,635			(7,176,853,535	)		1,761,501,585			(3,484,026,673	)
Net Assets (Note 1)
Beginning of period		42,929,380,458			50,106,233,993			11,217,936,439			14,701,963,112
End of period	$	48,576,980,093		$	42,929,380,458		$	12,979,438,024		$	11,217,936,439
Changes in Shares Outstanding
Class A
Shares outstanding, beginning of period		222,066,205			220,800,407			65,581,973			70,974,129
Shares sold		8,433,431			19,157,991			3,302,003			8,142,552
Shares issued on reinvestment of distributions		7,841,628			12,524,226			2,061,779			3,814,786
Shares redeemed		(15,826,079	)		(30,416,419	)		(8,516,708	)		(17,349,494	)
Shares outstanding, end of period		222,515,185			222,066,205			62,429,047			65,581,973
Class C
Shares outstanding, beginning of period		32,037,627			39,993,648			4,564,760			6,180,394
Shares sold		1,372,960			2,805,075			288,471			347,938
Shares issued on reinvestment of distributions		1,232,366			2,091,278			152,504			288,449
Shares redeemed		(5,460,396	)		(12,852,374	)		(1,005,945	)		(2,252,021	)
Shares outstanding, end of period		29,182,557			32,037,627			3,999,790			4,564,760
Class I
Shares outstanding, beginning of period		472,421,232			439,008,116			387,720,084			404,269,481
Shares sold		44,918,071			85,489,726			68,426,532			101,298,361
Shares issued on reinvestment of distributions		17,531,678			25,550,401			12,544,649			22,088,987
Shares redeemed		(44,688,459	)		(77,627,011	)		(70,184,375	)		(139,936,745	)
Shares outstanding, end of period		490,182,522			472,421,232			398,506,890			387,720,084

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158

April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*						First Eagle Gold Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class R4
Net proceeds from shares sold		5,193			20,612			284,453			1,311,538
Net asset value of shares issued for reinvested dividends and distributions		2,596			1,055			—			9,117
Cost of shares redeemed		(24	)		(8	)		(221,043	)		(543,647	)
Increase (decrease) in net assets from Fund share transactions		7,765			21,659			63,410			777,008
Class R5
Net proceeds from shares sold		8,135			24,565			44,411			298,054
Net asset value of shares issued for reinvested dividends and distributions		928			1,075			—			4,550
Cost of shares redeemed		(165	)		(11,379	)		(256,808	)		(26,344	)
Increase (decrease) in net assets from Fund share transactions		8,898			14,261			(212,397	)		276,260
Class R6
Net proceeds from shares sold		5,254,171			9,424,409			26,464,342			53,488,559
Net asset value of shares issued for reinvested dividends and distributions		2,096,998			2,189,977			—			1,340,795
Cost of shares redeemed		(2,565,078	)		(6,717,531	)		(18,245,237	)		(31,213,306	)
Increase (decrease) in net assets from Fund share transactions		4,786,091			4,896,855			8,219,105			23,616,048
Increase (decrease) in net assets from Fund share transactions		19,152,463			60,661,105			110,790,510			(37,054,583	)
Net increase (decrease) in net assets		56,613,484			(163,271,365	)		705,257,410			(396,677,119	)
Net Assets (Note 1)
Beginning of period		1,139,756,137			1,303,027,502			1,782,328,093			2,179,005,212
End of period	$	1,196,369,621		$	1,139,756,137		$	2,487,585,503		$	1,782,328,093
Changes in Shares Outstanding
Class A
Shares outstanding, beginning of period		29,351,025			28,742,223			25,679,365			25,243,851
Shares sold		1,156,194			2,428,210			3,038,386			5,983,477
Shares issued on reinvestment of distributions		2,066,224			2,393,567			—			239,982
Shares redeemed		(2,752,604	)		(4,212,975	)		(2,736,126	)		(5,787,945	)
Shares outstanding, end of period		29,820,839			29,351,025			25,981,625			25,679,365
Class C
Shares outstanding, beginning of period		2,009,999			2,557,732			5,969,493			6,938,928
Shares sold		157,767			296,957			505,181			913,518
Shares issued on reinvestment of distributions		141,976			213,488			—			15,840
Shares redeemed		(440,666	)		(1,058,178	)		(746,607	)		(1,898,793	)
Shares outstanding, end of period		1,869,076			2,009,999			5,728,067			5,969,493
Class I
Shares outstanding, beginning of period		28,579,801			25,734,780			54,080,450			56,991,845
Shares sold		2,982,998			6,336,739			12,040,292			19,631,559
Shares issued on reinvestment of distributions		1,529,498			1,541,169			—			618,391
Shares redeemed		(3,989,611	)		(5,032,887	)		(8,167,672	)		(23,161,345	)
Shares outstanding, end of period		29,102,686			28,579,801			57,953,070			54,080,450

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Statements of Changes in Net Assets (continued)

	First Eagle Global Fund*						First Eagle Overseas Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class R3
Shares outstanding, beginning of period		126,209			18,803			13,692			14,036
Shares sold		18,266			129,610			1,891			3,580
Shares issued on reinvestment of distributions		5,091			1,088			469			798
Shares redeemed		(76,873	)		(23,292	)		(222	)		(4,722	)
Shares outstanding, end of period		72,693			126,209			15,830			13,692
Class R4
Shares outstanding, beginning of period		22,267			30,042			576,504			375,210
Shares sold		2,704			16,282			55,570			559,606
Shares issued on reinvestment of distributions		890			1,951			22,138			23,149
Shares redeemed		(1,994	)		(26,008	)		(448,599	)		(381,461	)
Shares outstanding, end of period		23,867			22,267			205,613			576,504
Class R5
Shares outstanding, beginning of period		1,782			1,616			1,735			2,583
Shares sold		48			70			187			3,086
Shares issued on reinvestment of distributions		73			110			60			62
Shares redeemed		(7	)		(14	)		(710	)		(3,996	)
Shares outstanding, end of period		1,896			1,782			1,272			1,735
Class R6
Shares outstanding, beginning of period		29,816,528			30,779,066			57,482,854			57,163,246
Shares sold		4,130,325			9,537,442			3,976,660			6,184,889
Shares issued on reinvestment of distributions		1,170,694			1,913,190			2,165,578			3,542,214
Shares redeemed		(2,715,063	)		(12,413,170	)		(7,637,199	)		(9,407,495	)
Shares outstanding, end of period		32,402,484			29,816,528			55,987,893			57,482,854

*  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.

  See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2023
160

April 30, 2023 (unaudited)

	First Eagle U.S. Value Fund*						First Eagle Gold Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class R3
Shares outstanding, beginning of period		3,437			3,130			51,308			57,335
Shares sold		25			13			51,383			34,672
Shares issued on reinvestment of distributions		264			294			—			505
Shares redeemed		(4	)		—			(2,909	)		(41,204	)
Shares outstanding, end of period		3,722			3,437			99,782			51,308
Class R4
Shares outstanding, beginning of period		1,735			568			66,536			34,208
Shares sold		283			1,113			11,118			57,045
Shares issued on reinvestment of distributions		141			54			—			401
Shares redeemed		(1	)		—			(9,077	)		(25,118	)
Shares outstanding, end of period		2,158			1,735			68,577			66,536
Class R5
Shares outstanding, beginning of period		4,005			3,298			29,137			18,471
Shares sold		437			1,214			1,841			11,622
Shares issued on reinvestment of distributions		50			55			—			201
Shares redeemed		(9	)		(562	)		(10,162	)		(1,157	)
Shares outstanding, end of period		4,483			4,005			20,816			29,137
Class R6
Shares outstanding, beginning of period		1,375,767			1,130,595			5,291,172			4,347,949
Shares sold		280,501			470,343			1,081,617			2,269,800
Shares issued on reinvestment of distributions		113,290			111,620			—			59,118
Shares redeemed		(135,864	)		(336,791	)		(734,324	)		(1,385,695	)
Shares outstanding, end of period		1,633,694			1,375,767			5,638,465			5,291,172

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Statements of Changes in Net Assets (continued)

	First Eagle Global Income Builder Fund						First Eagle High Income Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations
Net investment income (loss)	$	21,272,906		$	30,681,489		$	4,594,765		$	9,023,686
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions and option contracts written		8,478,231			30,060,613			(782,315	)		(4,500,753	)
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations and option contracts written		154,864,301			(179,390,272	)		5,700,052			(24,985,566	)
Net increase (decrease) in net assets resulting from operations		184,615,438			(118,648,170	)		9,512,502			(20,462,633	)
Distributions to Shareholders
Distributable earnings:
Class A		(11,408,425	)		(31,633,200	)		(1,721,961	)		(3,347,056	)
Class C		(1,543,437	)		(6,507,996	)		(150,937	)		(377,549	)
Class I		(16,691,204	)		(45,872,345	)		(2,659,079	)		(5,163,847	)
Class R3		(1,053	)		(3,661	)		(10,204	)		(17,682	)
Class R4		(911	)		(1,847	)		(176	)		(375	)
Class R5		(211	)		(747	)		(266	)		(456	)
Class R6		(1,095,447	)		(1,981,325	)		(24,125	)		(47,703	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(30,740,688	)		(86,001,121	)		(4,566,748	)		(8,954,668	)
Fund Share Transactions
Class A
Net proceeds from shares sold		98,857,910			191,100,234			7,511,235			14,920,601
Net asset value of shares issued for reinvested dividends and distributions		10,262,218			28,735,474			1,656,445			3,210,190
Cost of shares redeemed		(60,011,495	)		(94,392,245	)		(9,455,425	)		(22,274,378	)
Increase (decrease) in net assets from Fund share transactions		49,108,633			125,443,463			(287,745	)		(4,143,587	)
Class C
Net proceeds from shares sold		8,419,174			13,101,415			1,189,892			764,680
Net asset value of shares issued for reinvested dividends and distributions		1,457,609			6,183,312			150,298			376,204
Cost of shares redeemed		(21,740,807	)		(56,197,995	)		(2,504,662	)		(7,307,331	)
Decrease in net assets from Fund share transactions		(11,864,024	)		(36,913,268	)		(1,164,472	)		(6,166,447	)
Class I
Net proceeds from shares sold		187,110,755			281,489,340			10,177,793			13,244,198
Net asset value of shares issued for reinvested dividends and distributions		14,890,755			38,792,769			2,240,778			4,219,117
Cost of shares redeemed		(122,001,521	)		(132,835,519	)		(11,108,602	)		(33,855,594	)
Increase (decrease) in net assets from Fund share transactions		79,999,989			187,446,590			1,309,969			(16,392,279	)
Class Y^​
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		—			—			—			—

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162

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**						First Eagle Small Cap Opportunity Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations
Net investment income (loss)	$	2,858,286		$	2,892,440		$	1,000,640		$	(30,091	)
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions and option contracts written		16,823,944			8,893,058			(31,873,229	)		(12,290,978	)
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations and option contracts written		34,115,187			(124,003,382	)		41,452,415			(43,272,599	)
Net increase (decrease) in net assets resulting from operations		53,797,417			(112,217,884	)		10,579,826			(55,593,668	)
Distributions to Shareholders
Distributable earnings:
Class A		(7,185,597	)		(28,960,882	)		—			—
Class C		(643,242	)		(6,438,710	)		—			—
Class I		(2,753,586	)		(18,554,874	)		(580,595	)		—
Class R3		(1,409	)		(7,565	)		—			—
Class R4		(901	)		(1,612	)		—			—
Class R5		(306	)		(1,584	)		—			—
Class R6		(152,972	)		(844,134	)		(27,517	)		—
Class Y		—			(14,342,072	)		—			—
Decrease in net assets resulting from distributions		(10,738,013	)		(69,151,433	)		(608,112	)		—
Fund Share Transactions
Class A
Net proceeds from shares sold		7,050,157			124,325,543			18,578,713			34,689,417
Net asset value of shares issued for reinvested dividends and distributions		6,748,656			27,071,267			—			—
Cost of shares redeemed		(29,291,591	)		(51,621,626	)		(3,134,972	)		(3,412,636	)
Increase (decrease) in net assets from Fund share transactions		(15,492,778	)		99,775,184			15,443,741			31,276,781
Class C
Net proceeds from shares sold		136,439			852,632			—			—
Net asset value of shares issued for reinvested dividends and distributions		639,840			6,416,617			—			—
Cost of shares redeemed		(6,256,189	)		(15,866,782	)		—			—
Decrease in net assets from Fund share transactions		(5,479,910	)		(8,597,533	)		—			—
Class I
Net proceeds from shares sold		2,119,564			9,732,803			423,641,923			557,173,815
Net asset value of shares issued for reinvested dividends and distributions		1,532,153			10,757,623			551,566			—
Cost of shares redeemed		(14,200,231	)		(36,713,178	)		(113,963,855	)		(98,007,637	)
Increase (decrease) in net assets from Fund share transactions		(10,548,514	)		(16,222,752	)		310,229,634			459,166,178
Class Y^​
Net proceeds from shares sold		—			384,358			—			—
Net asset value of shares issued for reinvested dividends and distributions		—			13,462,427			—			—
Cost of shares redeemed		—			(112,753,811	)		—			—
Decrease in net assets from Fund share transactions		—			(98,907,026	)		—			—

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Statements of Changes in Net Assets (continued)

	First Eagle Global Income Builder Fund						First Eagle High Income Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class R3
Net proceeds from shares sold		—			—			41,155			50,017
Net asset value of shares issued for reinvested dividends and distributions		1,053			3,661			10,192			17,677
Cost of shares redeemed		—			—			(177	)		(46,715	)
Increase in net assets from Fund share transactions		1,053			3,661			51,170			20,979
Class R4
Net proceeds from shares sold		3,220			23,922			—			—
Net asset value of shares issued for reinvested dividends and distributions		910			1,847			176			375
Cost of shares redeemed		(43	)		(52	)		—			—
Increase in net assets from Fund share transactions		4,087			25,717			176			375
Class R5
Net asset value of shares issued for reinvested dividends and distributions		211			746			266			456
Increase in net assets from Fund share transactions		211			746			266			456
Class R6
Net proceeds from shares sold		17,564,936			32,031,477			40,320			178,703
Net asset value of shares issued for reinvested dividends and distributions		1,091,087			1,967,018			23,855			47,695
Cost of shares redeemed		(6,286,381	)		(7,431,039	)		(226,921	)		(149,320	)
Increase (decrease) in net assets from Fund share transactions		12,369,642			26,567,456			(162,746	)		77,078
Increase (decrease) in net assets from Fund share transactions		129,619,591			302,574,365			(253,382	)		(26,603,425	)
Net increase (decrease) in net assets		283,494,341			97,925,074			4,692,372			(56,020,726	)
Net Assets (Note 1)
Beginning of period		1,437,264,783			1,339,339,709			176,484,646			232,505,372
End of period	$	1,720,759,124		$	1,437,264,783		$	181,177,018		$	176,484,646
Changes in Shares Outstanding
Class A
Shares outstanding, beginning of period		46,560,925			36,430,773			8,796,579			9,337,274
Shares sold		8,003,496			15,433,507			950,806			1,768,389
Shares issued on reinvestment of distributions		824,719			2,308,259			208,916			390,328
Shares redeemed		(4,857,876	)		(7,611,614	)		(1,194,967	)		(2,699,412	)
Shares outstanding, end of period		50,531,264			46,560,925			8,761,334			8,796,579
Class C
Shares outstanding, beginning of period		8,456,225			11,404,016			949,515			1,686,722
Shares sold		680,968			1,050,747			151,498			90,401
Shares issued on reinvestment of distributions		116,474			491,852			18,972			45,503
Shares redeemed		(1,735,701	)		(4,490,390	)		(315,827	)		(873,111	)
Shares outstanding, end of period		7,517,966			8,456,225			804,158			949,515

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164

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**						First Eagle Small Cap Opportunity Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class R3
Net proceeds from shares sold		—			—			—			—
Net asset value of shares issued for reinvested dividends and distributions		1,409			7,565			—			—
Cost of shares redeemed		—			—			—			—
Increase in net assets from Fund share transactions		1,409			7,565			—			—
Class R4
Net proceeds from shares sold		1,500			20,612			—			—
Net asset value of shares issued for reinvested dividends and distributions		900			1,612			—			—
Cost of shares redeemed		(18	)		(8	)		—			—
Increase in net assets from Fund share transactions		2,382			22,216			—			—
Class R5
Net asset value of shares issued for reinvested dividends and distributions		306			1,584			—			—
Increase in net assets from Fund share transactions		306			1,584			—			—
Class R6
Net proceeds from shares sold		778,864			1,692,266			26,519,560			23,931,613
Net asset value of shares issued for reinvested dividends and distributions		150,422			822,187			27,517			—
Cost of shares redeemed		(559,837	)		(2,019,488	)		(3,024,766	)		(1,967,426	)
Increase (decrease) in net assets from Fund share transactions		369,449			494,965			23,522,311			21,964,187
Increase (decrease) in net assets from Fund share transactions		(31,147,656	)		(23,425,797	)		349,195,686			512,407,146
Net increase (decrease) in net assets		11,911,748			(204,795,114	)		359,167,400			456,813,478
Net Assets (Note 1)
Beginning of period		364,552,285			569,347,399			561,304,227			104,490,749
End of period	$	376,464,033		$	364,552,285		$	920,471,627		$	561,304,227
Changes in Shares Outstanding
Class A
Shares outstanding, beginning of period		12,125,113			7,916,180			4,392,441			1,030,504
Shares sold		328,042			5,331,190			2,093,525			3,746,248
Shares issued on reinvestment of distributions		314,124			1,079,146			—			—
Shares redeemed		(1,370,215	)		(2,201,403	)		(357,065	)		(384,311	)
Shares outstanding, end of period		11,397,064			12,125,113			6,128,901			4,392,441
Class C
Shares outstanding, beginning of period		1,267,183			1,886,112			—			—
Shares sold		10,476			59,765			—			—
Shares issued on reinvestment of distributions		48,594			406,254			—			—
Shares redeemed		(473,569	)		(1,084,948	)		—			—
Shares outstanding, end of period		852,684			1,267,183			—			—

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Statements of Changes in Net Assets (continued)

	First Eagle Global Income Builder Fund						First Eagle High Income Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class I
Shares outstanding, beginning of period		64,970,999			49,589,679			12,765,238			14,699,977
Shares sold		15,244,082			23,089,982			1,283,717			1,571,583
Shares issued on reinvestment of distributions		1,201,861			3,133,723			282,398			512,337
Shares redeemed		(10,023,465	)		(10,842,385	)		(1,406,171	)		(4,018,659	)
Shares outstanding, end of period		71,393,477			64,970,999			12,925,182			12,765,238
Class Y^​
Shares outstanding, beginning of period		—			—			—			—
Shares sold		—			—			—			—
Shares issued on reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
Shares outstanding, end of period		—			—			—			—
Class R3
Shares outstanding, beginning of period		4,832			4,538			51,721			49,309
Shares sold		—			—			5,153			5,981
Shares issued on reinvestment of distributions		84			294			1,284			2,152
Shares redeemed		—			—			(22	)		(5,721	)
Shares outstanding, end of period		4,916			4,832			58,136			51,721
Class R4
Shares outstanding, beginning of period		4,202			2,034			1,278			1,233
Shares sold		261			2,023			—			—
Shares issued on reinvestment of distributions		73			149			23			45
Shares redeemed		(3	)		(4	)		—			—
Shares outstanding, end of period		4,533			4,202			1,301			1,278
Class R5
Shares outstanding, beginning of period		936			876			1,302			1,246
Shares issued on reinvestment of distributions		17			60			35			56
Shares outstanding, end of period		953			936			1,337			1,302
Class R6
Shares outstanding, beginning of period		3,973,194			1,818,684			128,496			118,716
Shares sold		1,423,929			2,605,580			5,114			22,336
Shares issued on reinvestment of distributions		88,150			159,638			3,007			5,816
Shares redeemed		(511,135	)		(610,708	)		(28,757	)		(18,372	)
Shares outstanding, end of period		4,974,138			3,973,194			107,860			128,496

^  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 Rising Dividend Fund was known as First Eagle Fund of America prior to March 1, 2023.

  See Notes to Financial Statements.

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166

April 30, 2023 (unaudited)

	First Eagle Rising Dividend Fund**						First Eagle Small Cap Opportunity Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022			For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Class I
Shares outstanding, beginning of period		4,542,657			5,200,341			58,977,677			9,541,918
Shares sold		92,721			382,965			47,205,578			60,695,082
Shares issued on reinvestment of distributions		67,656			406,411			61,766			—
Shares redeemed		(627,601	)		(1,447,060	)		(12,820,662	)		(11,259,323	)
Shares outstanding, end of period		4,075,433			4,542,657			93,424,359			58,977,677
Class Y^​
Shares outstanding, beginning of period		—			4,092,457			—			—
Shares sold		—			14,302			—			—
Shares issued on reinvestment of distributions		—			509,680			—			—
Shares redeemed		—			(4,616,439	)		—			—
Shares outstanding, end of period		—			—			—			—
Class R3
Shares outstanding, beginning of period		2,368			2,080			—			—
Shares sold		—			—			—			—
Shares issued on reinvestment of distributions		63			288			—			—
Shares redeemed		—			—			—			—
Shares outstanding, end of period		2,431			2,368			—			—
Class R4
Shares outstanding, beginning of period		1,425			423			—			—
Shares sold		66			940			—			—
Shares issued on reinvestment of distributions		40			62			—			—
Shares redeemed		(1	)		—			—			—
Shares outstanding, end of period		1,530			1,425			—			—
Class R5
Shares outstanding, beginning of period		484			424			—			—
Shares issued on reinvestment of distributions		14			60			—			—
Shares outstanding, end of period		498			484			—			—
Class R6
Shares outstanding, beginning of period		243,545			226,370			2,688,408			126,466
Shares sold		34,343			69,668			2,957,880			2,791,232
Shares issued on reinvestment of distributions		6,640			31,109			3,078			—
Shares redeemed		(24,975	)		(83,602	)		(336,796	)		(229,290	)
Shares outstanding, end of period		259,553			243,545			5,312,570			2,688,408

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167

Statements of Changes in Net Assets (continued)

	First Eagle U.S. Smid Cap Opportunity Fund						First Eagle Global Real Assets Fund*
	For the Six Months Ended April 30, 2023 (unaudited)			For the Period 8/15/22†​ - 10/31/22			For the Six Months Ended April 30, 2023 (unaudited)			For the Period 11/30/21†​ - 10/31/22
Operations
Net investment income	$	24,118		$	1,307		$	85,574		$	137,271
Net realized gain (loss) on investments and foreign currency related transactions		(73,580	)		(8,329	)		(177,327	)		(80,111	)
Change in unrealized appreciation (depreciation) on investments and foreign currency related translations		757,880			(118,178	)		1,054,240			(522,772	)
Net increase (decrease) in net assets resulting from operations		708,418			(125,200	)		962,487			(465,612	)
Distributions to Shareholders
Distributable earnings:
Class A		(60	)		—			(13,695	)		—
Class I		(3,378	)		—			(145,313	)		—
Class R6		(180	)		—			(20,751	)		—
Decrease in net assets resulting from distributions		(3,618	)		—			(179,759	)		—
Fund Share Transactions
Class A
Net proceeds from shares sold		8,250			53,566			246,690			1,321,434
Net asset value of shares issued for reinvested dividends and distributions		60			—			13,695			—
Cost of shares redeemed		—			—			(3,430	)		(7,237	)
Increase in net assets from Fund share transactions		8,310			53,566			256,955			1,314,197
Class I
Net proceeds from shares sold		25,175,000			1,161,000			2,157,470			7,488,585
Net asset value of shares issued for reinvested dividends and distributions		3,378			—			145,313			—
Cost of shares redeemed		—			—			(1,353,478	)		(21,770	)
Increase in net assets from Fund share transactions		25,178,378			1,161,000			949,305			7,466,815
Class R6
Net proceeds from shares sold		—			50,000			2,137			1,044,995
Net asset value of shares issued for reinvested dividends and distributions		180			—			20,751			—
Cost of shares redeemed		—			—			(15	)		—
Increase in net assets from Fund share transactions		180			50,000			22,873			1,044,995

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168

Statements of Changes in Net Assets (continued)

	First Eagle U.S. Smid Cap Opportunity Fund				First Eagle Global Real Assets Fund*
	For the Six Months Ended April 30, 2023 (unaudited)		For the Period 8/15/22†​ - 10/31/22		For the Six Months Ended April 30, 2023 (unaudited)			For the Period 11/30/21†​ - 10/31/22
Increase in net assets from Fund share transactions		25,186,868		1,264,566		1,229,133			9,826,007
Net increase in net assets		25,891,668		1,139,366		2,011,861			9,360,395
Net Assets (Note 1)
Beginning of period		1,139,366				9,360,395			—
End of period	$	27,031,034	$	1,139,366	$	11,372,256		$	9,360,395
Changes in Shares Outstanding
Class A
Shares outstanding, beginning of period		5,413		—		134,467			—
Shares sold		833		5,413		23,859			135,216
Shares issued on reinvestment of distributions		6		—		1,338			—
Shares redeemed		—		—		(335	)		(749	)
Shares outstanding, end of period		6,252		5,413		159,329			134,467
Class I
Shares outstanding, beginning of period		116,486		—		737,628			—
Shares sold		2,838,574		116,486		219,703			739,870
Shares issued on reinvestment of distributions		357		—		14,288			—
Shares redeemed		—		—		(137,000	)		(2,242	)
Shares outstanding, end of period		2,955,417		116,486		834,619			737,628
Class R6
Shares outstanding, beginning of period		5,000		—		104,276			—
Shares sold		—		5,000		209			104,276
Shares issued on reinvestment of distributions		19		—		2,040			—
Shares redeemed		—		—		(2	)		—
Shares outstanding, end of period		5,019		5,000		106,523			104,276

*  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.

†  Inception date.

  See Notes to Financial Statements.

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First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle Global Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	56.57		0.42			8.00			8.42			(0.06	)		(2.36	)		—		(2.42	)
October 31, 2022	$	68.42		0.51			(8.32	)		(7.81	)		(1.24	)		(2.80	)		—		(4.04	)
October 31, 2021	$	55.42		0.67	(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***
Six Months Ended April 30, 2023 (unaudited)	$	54.26		0.18			7.67			7.85			—			(2.36	)		—		(2.36	)
October 31, 2022	$	65.60		0.04			(7.99	)		(7.95	)		(0.59	)		(2.80	)		—		(3.39	)
October 31, 2021	$	53.12		0.15	(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***
Six Months Ended April 30, 2023 (unaudited)	$	56.98		0.50			8.05			8.55			(0.21	)		(2.36	)		—		(2.57	)
October 31, 2022	$	68.90		0.67			(8.38	)		(7.71	)		(1.41	)		(2.80	)		—		(4.21	)
October 31, 2021	$	55.79		0.85	(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***
Six Months Ended April 30, 2023 (unaudited)	$	56.52		0.37			8.00			8.37			(0.02	)		(2.36	)		—		(2.38	)
October 31, 2022	$	68.23		0.51			(8.37	)		(7.86	)		(1.05	)		(2.80	)		—		(3.85	)
October 31, 2021	$	55.47		0.23	(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 5/01/18^​-10/31/18	$	58.95		0.28			(2.61	)		(2.33	)		—			—			—		—

First Eagle Funds | Semiannual Report | April 30, 2023
170

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Global Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	62.57		15.13	%(b)	$	13,923,803		1.10	%(c)		1.10	%(c)		1.40	%(c)		1.41	%(c)		1.90	%(b)
October 31, 2022	$	56.57		(11.90	)%	$	12,562,351		1.11	%		1.11	%		0.84	%		0.84	%		10.87	%
October 31, 2021	$	68.42		26.49	%(g)	$	15,108,210		1.11	%		1.11	%		1.03	%(d)		1.03	%(d)		7.29	%
October 31, 2020	$	55.42		(1.12	)%	$	12,112,205		1.11	%		1.11	%		0.87	%		0.87	%		10.84	%
October 31, 2019	$	59.15		11.44	%	$	13,638,545		1.11	%		1.11	%		1.13	%		1.13	%		10.26	%
October 31, 2018	$	56.37		(2.82	)%	$	12,357,124		1.11	%		1.11	%		0.84	%		0.84	%		14.91	%
First Eagle Global Fund Class C***
Six Months Ended April 30, 2023 (unaudited)	$	59.75		14.71	%(b)	$	1,743,637		1.87	%(c)		1.87	%(c)		0.62	%(c)		0.62	%(c)		1.90	%(b)
October 31, 2022	$	54.26		(12.57	)%	$	1,738,497		1.87	%		1.87	%		0.06	%		0.06	%		10.87	%
October 31, 2021	$	65.60		25.53	%(g)	$	2,623,491		1.87	%		1.87	%		0.24	%(d)		0.24	%(d)		7.29	%
October 31, 2020	$	53.12		(1.86	)%	$	3,423,967		1.87	%		1.87	%		0.13	%		0.13	%		10.84	%
October 31, 2019	$	56.69		10.58	%	$	5,619,288		1.87	%		1.86	%		0.33	%		0.33	%		10.26	%
October 31, 2018	$	54.11		(3.54	)%	$	8,667,512		1.86	%		1.86	%		0.09	%		0.09	%		14.91	%
First Eagle Global Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	62.96		15.28	%(b)	$	30,862,615		0.86	%(c)		0.86	%(c)		1.66	%(c)		1.66	%(c)		1.90	%(b)
October 31, 2022	$	56.98		(11.69	)%	$	26,919,899		0.86	%		0.86	%		1.09	%		1.09	%		10.87	%
October 31, 2021	$	68.90		26.82	%(g)	$	30,248,818		0.86	%		0.86	%		1.29	%(d)		1.29	%(d)		7.29	%
October 31, 2020	$	55.79		(0.86	)%	$	24,274,791		0.86	%		0.86	%		1.14	%		1.14	%		10.84	%
October 31, 2019	$	59.52		11.72	%	$	30,133,165		0.85	%		0.85	%		1.38	%		1.38	%		10.26	%
October 31, 2018	$	56.73		(2.54	)%	$	29,334,134		0.84	%		0.84	%		1.11	%		1.11	%		14.91	%
First Eagle Global Fund Class R3***
Six Months Ended April 30, 2023 (unaudited)	$	62.51		15.05	%(b)	$	4,544		1.26	%(c)		1.26	%(c)		1.25	%(c)		1.26	%(c)		1.90	%(b)
October 31, 2022	$	56.52		(11.99	)%	$	7,134		1.20	%		1.20	%		0.84	%		0.84	%		10.87	%
October 31, 2021	$	68.23		25.57	%(g)	$	1,283		1.51	%		1.51	%		0.36	%(d)		0.36	%(d)		7.29	%
October 31, 2020	$	55.47		(1.21	)%	$	4,503		1.18	%		1.18	%		0.86	%		0.87	%		10.84	%
October 31, 2019	$	59.34		11.31	%	$	11,813		1.14	%		1.14	%		1.03	%		1.03	%		10.26	%
For The Period 5/01/18^​-10/31/18	$	56.62		(3.95	)%(b)	$	48		1.25	%(c)		1.25	%(c)		0.95	%(c)		0.95	%(c)		14.91	%(b)

First Eagle Funds | Semiannual Report | April 30, 2023
171

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle Global Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	56.86		0.43			8.04			8.47			(0.01	)		(2.36	)		—		(2.37	)
October 31, 2022	$	68.70		0.56			(8.39	)		(7.83	)		(1.21	)		(2.80	)		—		(4.01	)
October 31, 2021	$	55.72		0.67	(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 1/17/18^​-10/31/18	$	61.60		0.55			(5.45	)		(4.90	)		—			—			—		—
First Eagle Global Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	56.09		0.43			7.93			8.36			(0.05	)		(2.36	)		—		(2.41	)
October 31, 2022	$	68.00		0.51			(8.26	)		(7.75	)		(1.36	)		(2.80	)		—		(4.16	)
October 31, 2021	$	54.98		0.91	(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 7/29/19^​-10/31/19	$	58.99		0.12			0.36			0.48			—			—			—		—
First Eagle Global Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	57.02		0.52			8.05			8.57			(0.25	)		(2.36	)		—		(2.61	)
October 31, 2022	$	68.95		0.71			(8.38	)		(7.67	)		(1.46	)		(2.80	)		—		(4.26	)
October 31, 2021	$	55.83		0.90	(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***
Six Months Ended April 30, 2023 (unaudited)	$	21.26		0.18			3.73			3.91			(0.02	)		(0.79	)		—		(0.81	)
October 31, 2022	$	26.71		0.30			(4.30	)		(4.00	)		(0.87	)		(0.58	)		—		(1.45	)
October 31, 2021	$	22.80		0.31	(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 Funds | Semiannual Report | April 30, 2023
172

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Global Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	62.96		15.13	%(b)	$	1,503		1.10	%(c)		1.10	%(c)		1.42	%(c)		1.43	%(c)		1.90	%(b)
October 31, 2022	$	56.86		(11.88	)%	$	1,266		1.07	%		1.07	%		0.90	%		0.90	%		10.87	%
October 31, 2021	$	68.70		26.51	%(g)	$	2,064		1.10	%		1.10	%		1.02	%(d)		1.02	%(d)		7.29	%
October 31, 2020	$	55.72		(0.95	)%	$	2,162		0.96	%		0.96	%		1.04	%		1.04	%		10.84	%
October 31, 2019	$	59.48		11.53	%	$	1,825		0.97	%		0.97	%		1.28	%		1.28	%		10.26	%
For The Period 1/17/18^​-10/31/18	$	56.70		(7.95	)%(b)	$	117		1.02	%(c)		1.02	%(c)		1.18	%(c)		1.18	%(c)		14.91	%(b)
First Eagle Global Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	62.04		15.16	%(b)	$	118		1.08	%(c)		1.08	%(c)		1.44	%(c)		1.44	%(c)		1.90	%(b)
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	%(g)	$	110		1.11	%		1.11	%		1.36	%(d)		1.36	%(d)		7.29	%
October 31, 2020	$	54.98		(2.32	)%	$	10		2.29	%		2.29	%		(0.28	)%		(0.28	)%		10.84	%
For The Period 7/29/19^​-10/31/19	$	59.47		0.81	%(b)	$	10		1.35	%(c)		1.35	%(c)		0.82	%(c)		0.82	%(c)		10.26	%(b)
First Eagle Global Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	62.98		15.31	%(b)	$	2,040,762		0.79	%(c)		0.79	%(c)		1.73	%(c)		1.73	%(c)		1.90	%(b)
October 31, 2022	$	57.02		(11.62	)%	$	1,700,134		0.79	%		0.79	%		1.15	%		1.15	%		10.87	%
October 31, 2021	$	68.95		26.91	%(g)	$	2,122,258		0.78	%		0.78	%		1.38	%(d)		1.38	%(d)		7.29	%
October 31, 2020	$	55.83		(0.79	)%	$	1,555,290		0.79	%		0.79	%		1.15	%		1.15	%		10.84	%
October 31, 2019	$	59.55		11.79	%	$	944,249		0.79	%		0.79	%		1.44	%		1.44	%		10.26	%
October 31, 2018	$	56.76		(2.49	)%	$	782,213		0.78	%		0.78	%		1.21	%		1.21	%		14.91	%
First Eagle Overseas Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	24.36		18.66	%(b)	$	1,520,840		1.15	%(c)		1.15	%(c)		1.54	%(c)		1.55	%(c)		1.24	%(b)
October 31, 2022	$	21.26		(15.62	)%	$	1,394,388		1.15	%		1.15	%		1.24	%		1.24	%		8.99	%
October 31, 2021	$	26.71		17.35	%(h)	$	1,895,378		1.16	%		1.16	%		1.20	%(e)		1.20	%(e)		9.93	%
October 31, 2020	$	22.80		(2.35	)%	$	1,742,861		1.15	%		1.15	%		0.82	%		0.82	%		13.20	%
October 31, 2019	$	24.65		11.82	%	$	2,125,742		1.15	%		1.15	%		1.38	%		1.38	%		6.99	%
October 31, 2018	$	22.71		(7.27	)%	$	2,173,765		1.15	%		1.15	%		1.04	%		1.04	%		12.10	%

First Eagle Funds | Semiannual Report | April 30, 2023
173

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle Overseas Fund Class C***
Six Months Ended April 30, 2023 (unaudited)	$	20.26		0.08			3.55			3.63			—			(0.79	)		—		(0.79	)
October 31, 2022	$	25.44		0.11			(4.09	)		(3.98	)		(0.62	)		(0.58	)		—		(1.20	)
October 31, 2021	$	21.83		0.10	(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***
Six Months Ended April 30, 2023 (unaudited)	$	21.83		0.22			3.82			4.04			(0.08	)		(0.79	)		—		(0.87	)
October 31, 2022	$	27.39		0.37			(4.40	)		(4.03	)		(0.95	)		(0.58	)		—		(1.53	)
October 31, 2021	$	23.38		0.40	(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***
Six Months Ended April 30, 2023 (unaudited)	$	21.69		0.16			3.79			3.95			—			(0.79	)		—		(0.79	)
October 31, 2022	$	27.24		0.24			(4.38	)		(4.14	)		(0.83	)		(0.58	)		—		(1.41	)
October 31, 2021	$	23.29		0.31	(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 5/01/18^​-10/31/18	$	25.10		0.16			(2.04	)		(1.88	)		—			—			—		—
First Eagle Overseas Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	21.76		0.13			3.83			3.96			(0.04	)		(0.79	)		—		(0.83	)
October 31, 2022	$	27.29		0.38			(4.42	)		(4.04	)		(0.91	)		(0.58	)		—		(1.49	)
October 31, 2021	$	23.34		0.35	(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 1/17/18^​-10/31/18	$	26.15		0.31			(3.23	)		(2.92	)		—			—			—		—

First Eagle Funds | Semiannual Report | April 30, 2023
174

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Overseas Fund Class C***
Six Months Ended April 30, 2023 (unaudited)	$	23.10		18.19	%(b)	$	92,408		1.90	%(c)		1.90	%(c)		0.77	%(c)		0.77	%(c)		1.24	%(b)
October 31, 2022	$	20.26		(16.23	)%	$	92,476		1.89	%		1.89	%		0.48	%		0.48	%		8.99	%
October 31, 2021	$	25.44		16.49	%(h)	$	157,203		1.89	%		1.89	%		0.41	%(e)		0.41	%(e)		9.93	%
October 31, 2020	$	21.83		(3.07	)%	$	228,072		1.89	%		1.89	%		0.08	%		0.08	%		13.20	%
October 31, 2019	$	23.58		10.98	%	$	378,755		1.89	%		1.89	%		0.50	%		0.50	%		6.99	%
October 31, 2018	$	21.73		(7.92	)%	$	687,318		1.88	%		1.88	%		0.32	%		0.32	%		12.10	%
First Eagle Overseas Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	25.00		18.82	%(b)	$	9,961,155		0.88	%(c)		0.88	%(c)		1.83	%(c)		1.83	%(c)		1.24	%(b)
October 31, 2022	$	21.83		(15.40	)%	$	8,462,922		0.89	%		0.89	%		1.49	%		1.49	%		8.99	%
October 31, 2021	$	27.39		17.71	%(h)	$	11,072,223		0.88	%		0.88	%		1.49	%(e)		1.49	%(e)		9.93	%
October 31, 2020	$	23.38		(2.06	)%	$	9,698,986		0.87	%		0.87	%		1.11	%		1.11	%		13.20	%
October 31, 2019	$	25.24		12.12	%	$	10,694,125		0.86	%		0.86	%		1.64	%		1.64	%		6.99	%
October 31, 2018	$	23.26		(6.98	)%	$	11,093,973		0.86	%		0.86	%		1.35	%		1.35	%		12.10	%
First Eagle Overseas Fund Class R3***
Six Months Ended April 30, 2023 (unaudited)	$	24.85		18.48	%(b)	$	393		1.44	%(c)		1.44	%(c)		1.32	%(c)		1.32	%(c)		1.24	%(b)
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	%(h)	$	382		1.34	%		1.34	%		1.16	%(e)		1.16	%(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 5/01/18^​-10/31/18	$	23.22		(7.49	)%(b)	$	46		1.21	%(c)		1.21	%(c)		1.32	%(c)		1.32	%(c)		12.10	%(b)
First Eagle Overseas Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	24.89		18.49	%(b)	$	5,118		1.27	%(c)		1.27	%(c)		1.15	%(c)		1.15	%(c)		1.24	%(b)
October 31, 2022	$	21.76		(15.49	)%	$	12,543		1.01	%		1.01	%		1.58	%		1.58	%		8.99	%
October 31, 2021	$	27.29		17.53	%(h)	$	10,239		1.06	%		1.06	%		1.29	%(e)		1.29	%(e)		9.93	%
October 31, 2020	$	23.34		(2.22	)%	$	7,326		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 1/17/18^​-10/31/18	$	23.23		(11.17	)%(b)	$	78		1.03	%(c)		1.03	%(c)		1.60	%(c)		1.60	%(c)		12.10	%(b)

First Eagle Funds | Semiannual Report | April 30, 2023
175

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle Overseas Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	21.71		0.17			3.83			4.00			—			(0.79	)		—		(0.79	)
October 31, 2022	$	27.27		0.23			(4.33	)		(4.10	)		(0.88	)		(0.58	)		—		(1.46	)
October 31, 2021	$	23.27		0.33	(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 3/11/19^​-10/31/19	$	23.37		0.28			1.55			1.83			—			—			—		—
First Eagle Overseas Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	21.84		0.23			3.82			4.05			(0.10	)		(0.79	)		—		(0.89	)
October 31, 2022	$	27.40		0.39			(4.40	)		(4.01	)		(0.97	)		(0.58	)		—		(1.55	)
October 31, 2021	$	23.39		0.45	(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***
Six Months Ended April 30, 2023 (unaudited)	$	18.41		0.11			1.91			2.02			(0.10	)		(1.36	)		—		(1.46	)
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***
Six Months Ended April 30, 2023 (unaudited)	$	17.39		0.04			1.80			1.84			—			(1.36	)		—		(1.36	)
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 Funds | Semiannual Report | April 30, 2023
176

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Overseas Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	24.92		18.70	%(b)	$	32		1.14	%(c)		1.14	%(c)		1.46	%(c)		1.46	%(c)		1.24	%(b)
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	%(h)	$	70		1.20	%		1.20	%		1.23	%(e)		1.23	%(e)		9.93	%
October 31, 2020	$	23.27		(2.51	)%	$	27		1.31	%		1.31	%		0.77	%		0.77	%		13.20	%
For The Period 3/11/19^​-10/31/19	$	25.20		7.83	%(b)	$	16		1.12	%(c)		1.12	%(c)		1.79	%(c)		1.79	%(c)		6.99	%(b)
First Eagle Overseas Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	25.00		18.87	%(b)	$	1,399,492		0.80	%(c)		0.80	%(c)		1.91	%(c)		1.91	%(c)		1.24	%(b)
October 31, 2022	$	21.84		(15.32	)%	$	1,255,272		0.80	%		0.80	%		1.58	%		1.58	%		8.99	%
October 31, 2021	$	27.40		17.78	%(h)	$	1,566,467		0.79	%		0.79	%		1.65	%(e)		1.65	%(e)		9.93	%
October 31, 2020	$	23.39		(1.99	)%	$	919,645		0.80	%		0.80	%		1.19	%		1.19	%		13.20	%
October 31, 2019	$	25.25		12.21	%	$	759,773		0.80	%		0.80	%		1.74	%		1.74	%		6.99	%
October 31, 2018	$	23.27		(6.92	)%	$	592,247		0.80	%		0.80	%		1.44	%		1.44	%		12.10	%
First Eagle U.S. Value Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	18.97		11.33	%(b)	$	565,797		1.18	%(c)		1.12	%(c)		1.16	%(c)		1.21	%(c)		2.16	%(b)
October 31, 2022	$	18.41		(9.12	)%	$	540,287		1.16	%		1.11	%		0.60	%		0.65	%		10.33	%
October 31, 2021	$	22.23		33.28	%	$	638,937		1.16	%		1.11	%		0.40	%		0.45	%		4.02	%
October 31, 2020	$	16.97		(2.23	)%	$	485,589		1.18	%		1.13	%		0.78	%		0.83	%		10.30	%
October 31, 2019	$	18.84		9.43	%	$	613,548		1.16	%		1.11	%		0.81	%		0.86	%		8.65	%
October 31, 2018	$	19.89		2.01	%	$	590,922		1.15	%		1.10	%		0.51	%		0.56	%		9.05	%
First Eagle U.S. Value Fund Class C***
Six Months Ended April 30, 2023 (unaudited)	$	17.87		10.92	%(b)	$	33,404		1.96	%(c)		1.90	%(c)		0.37	%(c)		0.43	%(c)		2.16	%(b)
October 31, 2022	$	17.39		(9.82	)%	$	34,953		1.92	%		1.87	%		(0.18	)%		(0.13	)%		10.33	%
October 31, 2021	$	21.08		32.29	%	$	53,912		1.95	%		1.90	%		(0.38	)%		(0.33	)%		4.02	%
October 31, 2020	$	16.06		(3.00	)%	$	101,600		1.94	%		1.89	%		0.03	%		0.08	%		10.30	%
October 31, 2019	$	17.89		8.59	%	$	194,380		1.92	%		1.87	%		0.06	%		0.11	%		8.65	%
October 31, 2018	$	19.03		1.20	%	$	361,606		1.90	%		1.85	%		(0.24	)%		(0.19	)%		9.05	%

First Eagle Funds | Semiannual Report | April 30, 2023
177

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations								Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss		Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle U.S. Value Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	18.84		0.14		1.95			2.09			(0.15	)		(1.36	)		—		(1.51	)
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***
Six Months Ended April 30, 2023 (unaudited)	$	18.75		0.09		1.95			2.04			(0.06	)		(1.36	)		—		(1.42	)
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 5/01/18^​-10/31/18	$	20.37		0.06		(0.23	)		(0.17	)		—			—			—		—
First Eagle U.S. Value Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	18.76		0.11		1.94			2.05			(0.12	)		(1.36	)		—		(1.48	)
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 7/29/19^​-10/31/19	$	19.40		0.02		(0.24	)		(0.22	)		—			—			—		—
First Eagle U.S. Value Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	18.77		0.12		1.96			2.08			(0.13	)		(1.36	)		—		(1.49	)
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 7/29/19^​-10/31/19	$	19.40		0.03		(0.25	)		(0.22	)		—			—			—		—

First Eagle Funds | Semiannual Report | April 30, 2023
178

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle U.S. Value Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	19.42		11.49	%(b)	$	565,243		0.91	%(c)		0.85	%(c)		1.42	%(c)		1.48	%(c)		2.16	%(b)
October 31, 2022	$	18.84		(8.88	)%	$	538,424		0.88	%		0.83	%		0.88	%		0.93	%		10.33	%
October 31, 2021	$	22.71		33.72	%	$	584,344		0.89	%		0.84	%		0.68	%		0.73	%		4.02	%
October 31, 2020	$	17.32		(2.01	)%	$	505,997		0.89	%		0.84	%		1.08	%		1.13	%		10.30	%
October 31, 2019	$	19.21		9.79	%	$	749,245		0.88	%		0.83	%		1.09	%		1.14	%		8.65	%
October 31, 2018	$	20.23		2.24	%	$	875,239		0.87	%		0.82	%		0.79	%		0.84	%		9.05	%
First Eagle U.S. Value Fund Class R3***
Six Months Ended April 30, 2023 (unaudited)	$	19.37		11.21	%(b)	$	72		1.43	%(c)		1.37	%(c)		0.91	%(c)		0.97	%(c)		2.16	%(b)
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 5/01/18^​-10/31/18	$	20.20		(0.83	)%(b)	$	50		1.24	%(c)		1.19	%(c)		0.50	%(c)		0.55	%(c)		9.05	%(b)
First Eagle U.S. Value Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	19.33		11.29	%(b)	$	42		1.24	%(c)		1.18	%(c)		1.11	%(c)		1.16	%(c)		2.16	%(b)
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 7/29/19^​-10/31/19	$	19.18		(1.13	)%(b)	$	10		1.51	%(c)		1.47	%(c)		0.39	%(c)		0.43	%(c)		8.65	%(b)
First Eagle U.S. Value Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	19.36		11.43	%(b)	$	87		1.06	%(c)		1.00	%(c)		1.28	%(c)		1.34	%(c)		2.16	%(b)
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 7/29/19^​-10/31/19	$	19.18		(1.13	)%(b)	$	10		1.40	%(c)		1.36	%(c)		0.50	%(c)		0.54	%(c)		8.65	%(b)

First Eagle Funds | Semiannual Report | April 30, 2023
179

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle U.S. Value Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	18.84		0.14			1.96			2.10			(0.16	)		(1.36	)		—		(1.52	)
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***
Six Months Ended April 30, 2023 (unaudited)	$	19.25		0.07			6.29			6.36			—			—			—		—
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***
Six Months Ended April 30, 2023 (unaudited)	$	17.48		(0.02	)		5.71			5.69			—			—			—		—
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***
Six Months Ended April 30, 2023 (unaudited)	$	19.88		0.10			6.50			6.60			—			—			—		—
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 | Semiannual Report | April 30, 2023
180

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle U.S. Value Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	19.42		11.55	%(b)	$	31,724		0.86	%(c)		0.80	%(c)		1.48	%(c)		1.54	%(c)		2.16	%(b)
October 31, 2022	$	18.84		(8.83	)%	$	25,921		0.83	%		0.78	%		0.94	%		0.99	%		10.33	%
October 31, 2021	$	22.71		33.78	%	$	25,676		0.84	%		0.79	%		0.72	%		0.77	%		4.02	%
October 31, 2020	$	17.32		(2.02	)%	$	15,058		0.86	%		0.81	%		1.03	%		1.08	%		10.30	%
October 31, 2019	$	19.22		9.83	%	$	15,949		0.83	%		0.78	%		1.09	%		1.14	%		8.65	%
October 31, 2018	$	20.24		2.28	%	$	1,362		0.86	%		0.81	%		0.82	%		0.87	%		9.05	%
First Eagle Gold Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	25.61		33.04	%(b)	$	665,413		1.17	%(c)		1.17	%(c)		0.57	%(c)		0.58	%(c)		6.21	%(b)
October 31, 2022	$	19.25		(15.24	)%	$	494,372		1.19	%		1.19	%		0.24	%		0.24	%		17.78	%
October 31, 2021	$	22.94		(11.60	)%	$	578,968		1.22	%		1.22	%		(0.03	)%		(0.03	)%		5.13	%
October 31, 2020	$	26.28		40.84	%	$	643,945		1.21	%		1.21	%		(0.52	)%		(0.52	)%		3.34	%
October 31, 2019	$	18.66		42.66	%	$	386,633		1.29	%		1.29	%		(0.27	)%		(0.27	)%		20.01	%
October 31, 2018	$	13.08		(20.73	)%	$	294,509		1.29	%		1.29	%		(0.45	)%		(0.45	)%		9.43	%
First Eagle Gold Fund Class C***
Six Months Ended April 30, 2023 (unaudited)	$	23.17		32.55	%(b)	$	132,723		1.92	%(c)		1.92	%(c)		(0.17	)%(c)		(0.16	)%(c)		6.21	%(b)
October 31, 2022	$	17.48		(15.87	)%	$	104,359		1.93	%		1.93	%		(0.51	)%		(0.51	)%		17.78	%
October 31, 2021	$	20.82		(12.25	)%	$	144,502		1.95	%		1.95	%		(0.77	)%		(0.77	)%		5.13	%
October 31, 2020	$	23.92		39.80	%	$	179,978		1.95	%		1.95	%		(1.25	)%		(1.25	)%		3.34	%
October 31, 2019	$	17.11		41.52	%	$	115,624		2.05	%		2.05	%		(1.02	)%		(1.02	)%		20.01	%
October 31, 2018	$	12.09		(21.29	)%	$	111,685		2.05	%		2.05	%		(1.21	)%		(1.21	)%		9.43	%
First Eagle Gold Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	26.48		33.20	%(b)	$	1,534,741		0.92	%(c)		0.92	%(c)		0.82	%(c)		0.82	%(c)		6.21	%(b)
October 31, 2022	$	19.88		(15.00	)%	$	1,075,242		0.94	%		0.94	%		0.50	%		0.50	%		17.78	%
October 31, 2021	$	23.68		(11.41	)%	$	1,349,701		0.96	%		0.96	%		0.23	%		0.23	%		5.13	%
October 31, 2020	$	27.13		41.29	%	$	1,424,181		0.92	%		0.92	%		(0.25	)%		(0.25	)%		3.34	%
October 31, 2019	$	19.22		43.01	%	$	553,633		0.99	%		0.99	%		0.01	%		0.01	%		20.01	%
October 31, 2018	$	13.44		(20.47	)%	$	392,310		1.00	%		1.00	%		(0.15	)%		(0.15	)%		9.43	%

First Eagle Funds | Semiannual Report | April 30, 2023
181

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains		Return of capital		Total distributions
First Eagle Gold Fund Class R3***
Six Months Ended April 30, 2023 (unaudited)	$	19.74		0.05			6.46			6.51			—			—		—		—
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 5/01/18^​-10/31/18	$	16.35		(0.04	)		(2.87	)		(2.91	)		—			—		—		—
First Eagle Gold Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	19.91		0.08			6.50			6.58			—			—		—		—
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 7/29/19^​-10/31/19	$	18.54		(0.04	)		0.76			0.72			—			—		—		—
First Eagle Gold Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	19.90		0.08			6.50			6.58			—			—		—		—
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 7/29/19^​-10/31/19	$	18.54		(0.03	)		0.77			0.74			—			—		—		—
First Eagle Gold Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	19.93		0.11			6.51			6.62			—			—		—		—
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 Funds | Semiannual Report | April 30, 2023
182

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Gold Fund Class R3***
Six Months Ended April 30, 2023 (unaudited)	$	26.25		32.98	%(b)	$	2,620		1.26	%(c)		1.25	%(c)		0.45	%(c)		0.45	%(c)		6.21	%(b)
October 31, 2022	$	19.74		(15.46	)%	$	1,013		1.45	%		1.45	%		(0.01	)%		(0.01	)%		17.78	%
October 31, 2021	$	23.56		(11.72	)%	$	1,351		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 5/01/18^​-10/31/18	$	13.44		(17.80	)%(b)	$	41		1.32	%(c)		1.32	%(c)		(0.59	)%(c)		(0.59	)%(c)		9.43	%(b)
First Eagle Gold Fund Class R4***
Six Months Ended April 30, 2023 (unaudited)	$	26.49		33.05	%(b)	$	1,817		1.12	%(c)		1.12	%(c)		0.62	%(c)		0.62	%(c)		6.21	%(b)
October 31, 2022	$	19.91		(15.14	)%	$	1,325		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 7/29/19^​-10/31/19	$	19.26		3.88	%(b)	$	10		1.49	%(c)		1.49	%(c)		(0.84	)%(c)		(0.84	)%(c)		20.01	%(b)
First Eagle Gold Fund Class R5***
Six Months Ended April 30, 2023 (unaudited)	$	26.48		33.07	%(b)	$	551		1.06	%(c)		1.05	%(c)		0.69	%(c)		0.69	%(c)		6.21	%(b)
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 7/29/19^​-10/31/19	$	19.28		3.99	%(b)	$	166		0.96	%(c)		0.96	%(c)		(0.65	)%(c)		(0.64	)%(c)		20.01	%(b)
First Eagle Gold Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	26.55		33.22	%(b)	$	149,721		0.84	%(c)		0.83	%(c)		0.91	%(c)		0.92	%(c)		6.21	%(b)
October 31, 2022	$	19.93		(14.91	)%	$	105,438		0.85	%		0.85	%		0.59	%		0.59	%		17.78	%
October 31, 2021	$	23.74		(11.33	)%	$	103,234		0.85	%		0.85	%		0.31	%		0.31	%		5.13	%
October 31, 2020	$	27.19		41.42	%	$	209,208		0.85	%		0.85	%		(0.14	)%		(0.14	)%		3.34	%
October 31, 2019	$	19.26		43.09	%	$	163,259		0.89	%		0.89	%		0.03	%		0.03	%		20.01	%
October 31, 2018	$	13.46		(20.40	)%	$	74,414		0.91	%		0.91	%		(0.14	)%		(0.14	)%		9.43	%

First Eagle Funds | Semiannual Report | April 30, 2023
183

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital			Total distributions
First Eagle Global Income Builder Fund Class A
Six Months Ended April 30, 2023 (unaudited)	$	11.62		0.16			1.29			1.45			(0.15	)		(0.09	)		—			(0.24	)
October 31, 2022	$	13.52		0.27			(1.34	)		(1.07	)		(0.26	)		(0.57	)		—			(0.83	)
October 31, 2021	$	11.47		0.27	(f)		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
Six Months Ended April 30, 2023 (unaudited)	$	11.70		0.11			1.30			1.41			(0.10	)		(0.09	)		—			(0.19	)
October 31, 2022	$	13.47		0.17			(1.34	)		(1.17	)		(0.03	)		(0.57	)		—			(0.60	)
October 31, 2021	$	11.44		0.16	(f)		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	)
First Eagle Global Income Builder Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	11.56		0.17			1.29			1.46			(0.16	)		(0.09	)		—			(0.25	)
October 31, 2022	$	13.48		0.30			(1.34	)		(1.04	)		(0.31	)		(0.57	)		—			(0.88	)
October 31, 2021	$	11.45		0.30	(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
Six Months Ended April 30, 2023 (unaudited)	$	11.61		0.14			1.29			1.43			(0.13	)		(0.09	)		—			(0.22	)
October 31, 2022	$	13.48		0.25			(1.33	)		(1.08	)		(0.22	)		(0.57	)		—			(0.79	)
October 31, 2021	$	11.45		0.25	(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 5/01/18^​-10/31/18	$	11.92		0.13			(0.49	)		(0.36	)		(0.10	)		—			(0.03	)		(0.13	)

First Eagle Funds | Semiannual Report | April 30, 2023
184

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Global Income Builder Fund Class A
Six Months Ended April 30, 2023 (unaudited)	$	12.83		12.52	%(b)	$	648,369		1.16	%(c)		1.15	%(c)		2.58	%(c)		2.58	%(c)		11.74	%(b)
October 31, 2022	$	11.62		(8.23	)%	$	541,002		1.16	%		1.16	%		2.17	%		2.18	%		13.76	%
October 31, 2021	$	13.52		21.36	%(i)	$	492,402		1.17	%		1.17	%		2.04	%(f)		2.04	%(f)		22.80	%
October 31, 2020	$	11.47		(3.38	)%	$	359,442		1.19	%		1.19	%		1.87	%		1.87	%		28.98	%
October 31, 2019	$	12.15		8.40	%	$	392,942		1.18	%		1.18	%		2.10	%		2.10	%		25.54	%
October 31, 2018	$	11.45		(2.64	)%	$	319,003		1.18	%		1.18	%		2.11	%		2.11	%		22.15	%
First Eagle Global Income Builder Fund Class C
Six Months Ended April 30, 2023 (unaudited)	$	12.92		12.10	%(b)	$	97,161		1.93	%(c)		1.93	%(c)		1.74	%(c)		1.75	%(c)		11.74	%(b)
October 31, 2022	$	11.70		(8.95	)%	$	98,977		1.94	%		1.94	%		1.38	%		1.38	%		13.76	%
October 31, 2021	$	13.47		20.48	%(i)	$	153,654		1.94	%		1.94	%		1.25	%(f)		1.25	%(f)		22.80	%
October 31, 2020	$	11.44		(4.15	)%	$	186,154		1.95	%		1.95	%		1.11	%		1.11	%		28.98	%
October 31, 2019	$	12.11		7.53	%	$	289,037		1.94	%		1.94	%		1.36	%		1.36	%		25.54	%
October 31, 2018	$	11.42		(3.38	)%	$	297,716		1.93	%		1.93	%		1.35	%		1.35	%		22.15	%
First Eagle Global Income Builder Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	12.77		12.70	%(b)	$	911,677		0.93	%(c)		0.93	%(c)		2.83	%(c)		2.84	%(c)		11.74	%(b)
October 31, 2022	$	11.56		(7.98	)%	$	751,297		0.93	%		0.93	%		2.43	%		2.43	%		13.76	%
October 31, 2021	$	13.48		21.62	%(i)	$	668,678		0.93	%		0.93	%		2.26	%(f)		2.26	%(f)		22.80	%
October 31, 2020	$	11.45		(3.14	)%	$	630,351		0.94	%		0.94	%		2.11	%		2.11	%		28.98	%
October 31, 2019	$	12.12		8.60	%	$	793,440		0.93	%		0.93	%		2.36	%		2.36	%		25.54	%
October 31, 2018	$	11.43		(2.31	)%	$	742,408		0.92	%		0.92	%		2.38	%		2.38	%		22.15	%
First Eagle Global Income Builder Fund Class R3
Six Months Ended April 30, 2023 (unaudited)	$	12.82		12.36	%(b)	$	63		1.41	%(c)		1.41	%(c)		2.32	%(c)		2.33	%(c)		11.74	%(b)
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	%(i)	$	61		1.32	%		1.32	%		1.88	%(f)		1.88	%(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 5/01/18^​-10/31/18	$	11.43		(3.02	)%(b)	$	48		1.27	%(c)		1.27	%(c)		2.23	%(c)		2.23	%(c)		22.15	%(b)

First Eagle Funds | Semiannual Report | April 30, 2023
185

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital			Total distributions
First Eagle Global Income Builder Fund Class R4
Six Months Ended April 30, 2023 (unaudited)	$	11.57		0.15			1.28			1.43			(0.12	)		(0.09	)		—			(0.21	)
October 31, 2022	$	13.48		0.23			(1.32	)		(1.09	)		(0.25	)		(0.57	)		—			(0.82	)
October 31, 2021	$	11.44		0.27	(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 7/29/19^​-10/31/19	$	12.08		0.04			0.03			0.07			(0.04	)		—			—			(0.04	)
First Eagle Global Income Builder Fund Class R5
Six Months Ended April 30, 2023 (unaudited)	$	11.57		0.16			1.28			1.44			(0.14	)		(0.09	)		—			(0.23	)
October 31, 2022	$	13.47		0.27			(1.34	)		(1.07	)		(0.26	)		(0.57	)		—			(0.83	)
October 31, 2021	$	11.44		0.27	(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 7/29/19^​-10/31/19	$	12.08		0.04			0.03			0.07			(0.04	)		—			—			(0.04	)
First Eagle Global Income Builder Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	11.55		0.18			1.28			1.46			(0.17	)		(0.09	)		—			(0.26	)
October 31, 2022	$	13.47		0.31			(1.33	)		(1.02	)		(0.33	)		(0.57	)		—			(0.90	)
October 31, 2021	$	11.44		0.31	(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
Six Months Ended April 30, 2023 (unaudited)	$	7.77		0.20			0.22			0.42			(0.20	)		—			—			(0.20	)
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	)

First Eagle Funds | Semiannual Report | April 30, 2023
186

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Global Income Builder Fund Class R4
Six Months Ended April 30, 2023 (unaudited)	$	12.79		12.42	%(b)	$	58		1.37	%(c)		1.37	%(c)		2.39	%(c)		2.39	%(c)		11.74	%(b)
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	%(i)	$	27		1.17	%		1.17	%		2.05	%(f)		2.05	%(f)		22.80	%
October 31, 2020	$	11.44		(3.51	)%	$	10		1.25	%		1.25	%		1.84	%		1.84	%		28.98	%
For The Period 7/29/19^​-10/31/19	$	12.11		0.59	%(b)	$	10		1.49	%(c)		1.49	%(c)		1.34	%(c)		1.34	%(c)		25.54	%(b)
First Eagle Global Income Builder Fund Class R5
Six Months Ended April 30, 2023 (unaudited)	$	12.78		12.46	%(b)	$	12		1.18	%(c)		1.18	%(c)		2.58	%(c)		2.58	%(c)		11.74	%(b)
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	%(i)	$	12		1.16	%		1.16	%		2.04	%(f)		2.04	%(f)		22.80	%
October 31, 2020	$	11.44		(3.40	)%	$	10		1.14	%		1.14	%		1.94	%		1.94	%		28.98	%
For The Period 7/29/19^​-10/31/19	$	12.11		0.62	%(b)	$	10		1.38	%(c)		1.38	%(c)		1.45	%(c)		1.45	%(c)		25.54	%(b)
First Eagle Global Income Builder Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	12.75		12.66	%(b)	$	63,419		0.87	%(c)		0.87	%(c)		2.92	%(c)		2.93	%(c)		11.74	%(b)
October 31, 2022	$	11.55		(7.85	)%	$	45,873		0.87	%		0.87	%		2.49	%		2.49	%		13.76	%
October 31, 2021	$	13.47		21.72	%(i)	$	24,506		0.87	%		0.87	%		2.35	%(f)		2.35	%(f)		22.80	%
October 31, 2020	$	11.44		(3.14	)%	$	15,649		0.90	%		0.90	%		2.01	%		2.01	%		28.98	%
October 31, 2019	$	12.11		8.62	%	$	1,233		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
Six Months Ended April 30, 2023 (unaudited)	$	7.99		5.41	%(b)	$	70,035		1.15	%(c)		1.01	%(c)		4.91	%(c)		5.05	%(c)		9.89	%(b)
October 31, 2022	$	7.77		(9.59	)%	$	68,391		1.13	%		1.13	%		4.37	%		4.37	%		28.00	%
October 31, 2021	$	8.98		7.01	%	$	83,819		1.23	%		1.16	%		3.56	%		3.63	%		64.11	%
October 31, 2020	$	8.71		4.39	%	$	73,112		1.33	%		1.23	%		4.27	%		4.37	%		55.38	%
October 31, 2019	$	8.71		3.54	%	$	73,567		1.34	%		1.24	%		4.55	%		4.65	%		24.19	%
October 31, 2018	$	8.81		2.56	%	$	78,360		1.26	%		1.19	%		5.17	%		5.24	%		24.82	%

First Eagle Funds | Semiannual Report | April 30, 2023
187

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations								Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss		Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains		Return of capital		Total distributions
First Eagle High Income Fund Class C
Six Months Ended April 30, 2023 (unaudited)	$	7.77		0.17		0.22			0.39			(0.17	)		—		—		(0.17	)
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
Six Months Ended April 30, 2023 (unaudited)	$	7.78		0.21		0.22			0.43			(0.21	)		—		—		(0.21	)
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
Six Months Ended April 30, 2023 (unaudited)	$	7.78		0.19		0.22			0.41			(0.19	)		—		—		(0.19	)
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 5/01/18^​-10/31/18	$	8.91		0.23		(0.10	)		0.13			(0.22	)		—		—		(0.22	)
First Eagle High Income Fund Class R4
Six Months Ended April 30, 2023 (unaudited)	$	7.74		0.18		0.22			0.40			(0.14	)		—		—		(0.14	)
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 7/29/19^​-10/31/19	$	8.78		0.08		(0.06	)		0.02			(0.08	)		—		—		(0.08	)

First Eagle Funds | Semiannual Report | April 30, 2023
188

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle High Income Fund Class C
Six Months Ended April 30, 2023 (unaudited)	$	7.99		5.02	%(b)	$	6,423		1.93	%(c)		1.79	%(c)		4.13	%(c)		4.28	%(c)		9.89	%(b)
October 31, 2022	$	7.77		(10.15	)%	$	7,376		1.88	%		1.88	%		3.55	%		3.55	%		28.00	%
October 31, 2021	$	8.97		6.20	%	$	15,129		2.01	%		1.94	%		2.81	%		2.88	%		64.11	%
October 31, 2020	$	8.70		3.60	%	$	31,972		2.10	%		2.00	%		3.53	%		3.63	%		55.38	%
October 31, 2019	$	8.70		2.77	%	$	50,100		2.10	%		2.00	%		3.83	%		3.93	%		24.19	%
October 31, 2018	$	8.80		1.68	%	$	62,749		2.01	%		1.94	%		4.43	%		4.50	%		24.82	%
First Eagle High Income Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	8.00		5.54	%(b)	$	103,370		0.89	%(c)		0.76	%(c)		5.16	%(c)		5.29	%(c)		9.89	%(b)
October 31, 2022	$	7.78		(9.23	)%	$	99,295		0.86	%		0.86	%		4.62	%		4.62	%		28.00	%
October 31, 2021	$	8.98		7.29	%	$	132,026		0.97	%		0.90	%		3.82	%		3.89	%		64.11	%
October 31, 2020	$	8.71		4.68	%	$	126,527		1.04	%		0.94	%		4.54	%		4.64	%		55.38	%
October 31, 2019	$	8.71		3.84	%	$	144,532		1.05	%		0.95	%		4.86	%		4.96	%		24.19	%
October 31, 2018	$	8.81		2.74	%	$	184,351		0.97	%		0.90	%		5.46	%		5.53	%		24.82	%
First Eagle High Income Fund Class R3
Six Months Ended April 30, 2023 (unaudited)	$	8.00		5.34	%(b)	$	465		1.31	%(c)		1.13	%(c)		4.74	%(c)		4.92	%(c)		9.89	%(b)
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 5/01/18^​-10/31/18	$	8.82		1.41	%(b)	$	51		1.36	%(c)		1.27	%(c)		4.99	%(c)		5.08	%(c)		24.82	%(b)
First Eagle High Income Fund Class R4
Six Months Ended April 30, 2023 (unaudited)	$	8.00		5.15	%(b)	$	10		2.48	%(c)		1.41	%(c)		3.58	%(c)		4.65	%(c)		9.89	%(b)
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 7/29/19^​-10/31/19	$	8.72		0.24	%(b)	$	10		1.70	%(c)		1.59	%(c)		3.43	%(c)		3.54	%(c)		24.19	%(b)

First Eagle Funds | Semiannual Report | April 30, 2023
189

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle High Income Fund Class R5
Six Months Ended April 30, 2023 (unaudited)	$	7.78		0.20			0.22			0.42			(0.20	)		—			—		(0.20	)
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 7/29/19^​-10/31/19	$	8.78		0.08			(0.07	)		0.01			(0.08	)		—			—		(0.08	)
First Eagle High Income Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	7.78		0.21			0.22			0.43			(0.21	)		—			—		(0.21	)
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	)
First Eagle Rising Dividend Fund Class A (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	20.30		0.16			3.00			3.16			(0.14	)		(0.50	)		—		(0.64	)
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 Rising Dividend Fund Class C (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	12.63		0.05			1.82			1.87			(0.05	)		(0.50	)		—		(0.55	)
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 Funds | Semiannual Report | April 30, 2023
190

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle High Income Fund Class R5
Six Months Ended April 30, 2023 (unaudited)	$	8.00		5.48	%(b)	$	11		1.16	%(c)		0.85	%(c)		4.90	%(c)		5.21	%(c)		9.89	%(b)
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 7/29/19^​-10/31/19	$	8.71		0.11	%(b)	$	10		1.59	%(c)		1.48	%(c)		3.54	%(c)		3.65	%(c)		24.19	%(b)
First Eagle High Income Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	8.00		5.55	%(b)	$	863		0.84	%(c)		0.74	%(c)		5.21	%(c)		5.32	%(c)		9.89	%(b)
October 31, 2022	$	7.78		(9.16	)%	$	1,000		0.78	%		0.78	%		4.74	%		4.74	%		28.00	%
October 31, 2021	$	8.98		7.34	%	$	1,066		0.92	%		0.85	%		3.87	%		3.94	%		64.11	%
October 31, 2020	$	8.71		4.64	%	$	1,033		1.07	%		0.97	%		4.47	%		4.57	%		55.38	%
October 31, 2019	$	8.71		3.75	%	$	1,907		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	%
First Eagle Rising Dividend Fund Class A (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	22.82		15.59	%(b)	$	260,127		1.16	%(c)		0.90	%(c)		1.26	%(c)		1.52	%(c)		18.55	%(b)
October 31, 2022	$	20.30		(21.94	)%	$	246,151		1.05	%		0.90	%		0.54	%		0.69	%		10.87	%
October 31, 2021	$	29.80		36.58	%	$	235,888		1.04	%		0.90	%		0.20	%		0.34	%		40.70	%
October 31, 2020	$	25.84		(1.43	)%	$	203,581		1.34	%		1.28	%		(0.04	)%		0.02	%		97.86	%
October 31, 2019	$	26.45		7.58	%	$	273,446		1.38	%		1.37	%		0.11	%		0.13	%		26.42	%
October 31, 2018	$	30.53		(11.84	)%	$	388,961		1.32	%		1.32	%		0.23	%		0.23	%		60.29	%
First Eagle Rising Dividend Fund Class C (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	13.95		15.13	%(b)	$	11,897		1.95	%(c)		1.65	%(c)		0.41	%(c)		0.72	%(c)		18.55	%(b)
October 31, 2022	$	12.63		(22.50	)%	$	16,002		1.84	%		1.65	%		(0.36	)%		(0.17	)%		10.87	%
October 31, 2021	$	20.00		35.52	%	$	37,722		1.79	%		1.65	%		(0.54	)%		(0.40	)%		40.70	%
October 31, 2020	$	18.74		(2.12	)%	$	62,901		2.09	%		2.03	%		(0.79	)%		(0.73	)%		97.86	%
October 31, 2019	$	19.37		6.77	%	$	115,146		2.12	%		2.10	%		(0.61	)%		(0.60	)%		26.42	%
October 31, 2018	$	24.09		(12.48	)%	$	244,240		2.06	%		2.06	%		(0.51	)%		(0.51	)%		60.29	%

First Eagle Funds | Semiannual Report | April 30, 2023
191

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle Rising Dividend Fund Class I (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	21.38		0.20			3.21			3.41			(0.22	)		(0.50	)		—		(0.72	)
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 Rising Dividend Fund Class R3 (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	21.22		0.16			3.11			3.27			(0.10	)		(0.50	)		—		(0.60	)
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 5/01/18^​-10/31/18	$	35.19		0.14			(3.93	)		(3.79	)		—			—			—		—
First Eagle Rising Dividend Fund Class R4 (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	21.35		0.19			3.20			3.39			(0.20	)		(0.50	)		—		(0.70	)
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 7/29/19^​-10/31/19	$	28.16		(0.02	)		(0.62	)		(0.64	)		—			—			—		—
First Eagle Rising Dividend Fund Class R5(formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	21.36		0.20			3.21			3.41			(0.22	)		(0.50	)		—		(0.72	)
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 7/29/19^​-10/31/19	$	28.16		(0.01	)		(0.62	)		(0.63	)		—			—			—		—

First Eagle Funds | Semiannual Report | April 30, 2023
192

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Rising Dividend Fund Class I (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	24.07		15.73	%(b)	$	98,087		0.82	%(c)		0.65	%(c)		1.59	%(c)		1.77	%(c)		18.55	%(b)
October 31, 2022	$	21.38		(21.71	)%	$	97,103		0.74	%		0.65	%		0.77	%		0.86	%		10.87	%
October 31, 2021	$	31.17		36.88	%	$	162,113		0.70	%		0.65	%		0.53	%		0.58	%		40.70	%
October 31, 2020	$	26.91		(1.09	)%	$	167,093		1.01	%		0.96	%		0.28	%		0.33	%		97.86	%
October 31, 2019	$	27.54		7.88	%	$	384,510		1.05	%		1.03	%		0.45	%		0.46	%		26.42	%
October 31, 2018	$	31.46		(11.53	)%	$	612,845		1.02	%		1.02	%		0.58	%		0.58	%		60.29	%
First Eagle Rising Dividend Fund Class R3 (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	23.89		15.56	%(b)	$	58		1.34	%(c)		1.00	%(c)		1.10	%(c)		1.43	%(c)		18.55	%(b)
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 5/01/18^​-10/31/18	$	31.40		(10.74	)%(b)	$	45		1.38	%(c)		1.38	%(c)		0.79	%(c)		0.79	%(c)		60.29	%(b)
First Eagle Rising Dividend Fund Class R4 (formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	24.04		15.70	%(b)	$	37		1.16	%(c)		0.75	%(c)		1.29	%(c)		1.69	%(c)		18.55	%(b)
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 7/29/19^​-10/31/19	$	27.52		(2.27	)%(b)	$	10		1.66	%(c)		1.62	%(c)		(0.25	)%(c)		(0.22	)%(c)		26.42	%(b)
First Eagle Rising Dividend Fund Class R5(formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	24.05		15.74	%(b)	$	12		1.21	%(c)		0.62	%(c)		1.23	%(c)		1.81	%(c)		18.55	%(b)
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 7/29/19^​-10/31/19	$	27.53		(2.24	)%(b)	$	10		1.55	%(c)		1.51	%(c)		(0.14	)%(c)		(0.10	)%(c)		26.42	%(b)

First Eagle Funds | Semiannual Report | April 30, 2023
193

First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains			Return of capital			Total distributions
First Eagle Rising Dividend Fund Class R6(formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	21.37		0.20			3.22			3.42			(0.22	)		(0.50	)		—			(0.72	)
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
Six Months Ended April 30, 2023 (unaudited)	$	8.47		0.00	**		0.28			0.28			—			—			—			—
October 31, 2022	$	9.76		(0.02	)		(1.27	)		(1.29	)		—			—			—			—
For The Period 7/01/21^​-10/31/21	$	10.12		(0.02	)		(0.34	)		(0.36	)		—			—			—			—
First Eagle Small Cap Opportunity Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	8.50		0.01			0.28			0.29			(0.01	)		—			—			(0.01	)
October 31, 2022	$	9.77		0.00	**		(1.27	)		(1.27	)		—			—			—			—
For The Period 4/27/21^​-10/31/21	$	10.00		(0.02	)		(0.02	)		(0.04	)		(0.00	)**		(0.19	)		(0.00	)**		(0.19	)
First Eagle Small Cap Opportunity Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	8.50		0.01			0.28			0.29			(0.01	)		—			—			(0.01	)
October 31, 2022	$	9.77		0.00	**		(1.27	)		(1.27	)		—			—			—			—
For The Period 7/01/21^​-10/31/21	$	10.12		(0.01	)		(0.34	)		(0.35	)		—			—			—			—
First Eagle U.S. Smid Cap Opportunity Fund Class A
Six Months Ended April 30, 2023 (unaudited)	$	8.97		0.03			0.12			0.15			(0.01	)		—			—			(0.01	)
For The Period 8/15/22^​-10/31/22	$	10.00		0.01			(1.04	)		(1.03	)		—			—			—			—

First Eagle Funds | Semiannual Report | April 30, 2023
194

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Rising Dividend Fund Class R6(formerly named First Eagle Fund of America)
Six Months Ended April 30, 2023 (unaudited)	$	24.07		15.79	%(b)	$	6,247		0.78	%(c)		0.65	%(c)		1.66	%(c)		1.79	%(c)		18.55	%(b)
October 31, 2022	$	21.37		(21.75	)%	$	5,206		0.69	%		0.65	%		0.84	%		0.88	%		10.87	%
October 31, 2021	$	31.17		36.93	%	$	7,056		0.67	%		0.65	%		0.57	%		0.59	%		40.70	%
October 31, 2020	$	26.92		(1.13	)%	$	5,471		1.00	%		0.95	%		0.20	%		0.26	%		97.86	%
October 31, 2019	$	27.57		8.00	%	$	2,656		1.00	%		0.99	%		0.32	%		0.32	%		26.42	%
October 31, 2018	$	31.46		(11.53	)%	$	4,362		0.98	%		0.98	%		1.85	%		1.86	%		60.29	%
First Eagle Small Cap Opportunity Fund Class A
Six Months Ended April 30, 2023 (unaudited)	$	8.75		3.31	%(b)	$	53,634		1.28	%(c)		1.25	%(c)		—	%****(c)		0.03	%(c)		20.91	%(b)
October 31, 2022	$	8.47		(13.22	)%	$	37,220		1.41	%		1.25	%		(0.42	)%		(0.26	)%		45.84	%
For The Period 7/01/21^​-10/31/21	$	9.76		(3.56	)%(b)	$	10,060		1.95	%(c)		1.25	%(c)		(1.30	)%(c)		(0.60	)%(c)		13.63	%(b)
First Eagle Small Cap Opportunity Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	8.78		3.40	%(b)	$	820,173		1.05	%(c)		1.00	%(c)		0.23	%(c)		0.28	%(c)		20.91	%(b)
October 31, 2022	$	8.50		(13.00	)%	$	501,227		1.17	%		1.00	%		(0.16	)%		0.01	%		45.84	%
For The Period 4/27/21^​-10/31/21	$	9.77		(0.47	)%(b)	$	93,195		2.07	%(c)		1.00	%(c)		(1.37	)%(c)		(0.30	)%(c)		13.63	%(b)
First Eagle Small Cap Opportunity Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	8.78		3.40	%(b)	$	46,664		0.99	%(c)		0.99	%(c)		0.28	%(c)		0.28	%(c)		20.91	%(b)
October 31, 2022	$	8.50		(13.00	)%	$	22,857		1.28	%		1.00	%		(0.23	)%		0.04	%		45.84	%
For The Period 7/01/21^​-10/31/21	$	9.77		(3.46	)%(b)	$	1,236		1.98	%(c)		1.00	%(c)		(1.29	)%(c)		(0.31	)%(c)		13.63	%(b)
First Eagle U.S. Smid Cap Opportunity Fund Class A
Six Months Ended April 30, 2023 (unaudited)	$	9.11		1.68	%(b)	$	57		13.25	%(c)		1.19	%(c)		(11.49	)%(c)		0.57	%(c)		3.53	%(b)
For The Period 8/15/22^​-10/31/22	$	8.97		(10.30	)%(b)	$	49		57.34	%(c)		1.18	%(c)		(55.81	)%(c)		0.35	%(c)		4.00	%(b)

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First Eagle Funds

Financial Highlights

	Per share operating performance*
			Change in net assets resulting from operations								Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss		Net realized and unrealized gains (losses) on investments			Total investment operations			From net investment income			From capital gains		Return of capital		Total distributions
First Eagle U.S. Smid Cap Opportunity Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	8.98		0.03		0.13			0.16			(0.03	)		—		—		(0.03	)
For The Period 8/15/22^​-10/31/22	$	10.00		0.01		(1.03	)		(1.02	)		—			—		—		—
First Eagle U.S. Smid Cap Opportunity Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	8.98		0.04		0.12			0.16			(0.04	)		—		—		(0.04	)
For The Period 8/15/22^​-10/31/22	$	10.00		0.01		(1.03	)		(1.02	)		—			—		—		—
First Eagle Global Real Assets Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	9.57		0.07		0.85			0.92			(0.10	)		—		—		(0.10	)
For The Period 11/30/21^​-10/31/22	$	10.00		0.13		(0.56	)		(0.43	)		—			—		—		—
First Eagle Global Real Assets Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	9.59		0.08		0.86			0.94			(0.20	)		—		—		(0.20	)
For The Period 11/30/21^​-10/31/22	$	10.00		0.15		(0.56	)		(0.41	)		—			—		—		—
First Eagle Global Real Assets Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	9.59		0.08		0.85			0.93			(0.20	)		—		—		(0.20	)
For The Period 11/30/21^​-10/31/22	$	10.00		0.15		(0.56	)		(0.41	)		—			—		—		—

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								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle U.S. Smid Cap Opportunity Fund Class I
Six Months Ended April 30, 2023 (unaudited)	$	9.11		1.76	%(b)	$	26,928		3.41	%(c)		0.95	%(c)		(1.75	)%(c)		0.71	%(c)		3.53	%(b)
For The Period 8/15/22^​-10/31/22	$	8.98		(10.20	)%(b)	$	1,046		46.97	%(c)		0.95	%(c)		(45.46	)%(c)		0.56	%(c)		4.00	%(b)
First Eagle U.S. Smid Cap Opportunity Fund Class R6
Six Months Ended April 30, 2023 (unaudited)	$	9.10		1.72	%(b)	$	46		14.45	%(c)		0.94	%(c)		(12.67	)%(c)		0.83	%(c)		3.53	%(b)
For The Period 8/15/22^​-10/31/22	$	8.98		(10.20	)%(b)	$	45		47.13	%(c)		0.94	%(c)		(45.59	)%(c)		0.60	%(c)		4.00	%(b)
First Eagle Global Real Assets Fund Class A***
Six Months Ended April 30, 2023 (unaudited)	$	10.39		9.61	%(b)	$	1,655		4.38	%(c)		1.10	%(c)		(1.99	)%(c)		1.29	%(c)		21.60	%(b)
For The Period 11/30/21^​-10/31/22	$	9.57		(4.30	)%(b)	$	1,286		5.23	%(c)		1.09	%(c)		(2.78	)%(c)		1.37	%(c)		12.37	%(b)
First Eagle Global Real Assets Fund Class I***
Six Months Ended April 30, 2023 (unaudited)	$	10.33		9.80	%(b)	$	8,618		4.07	%(c)		0.85	%(c)		(1.68	)%(c)		1.54	%(c)		21.60	%(b)
For The Period 11/30/21^​-10/31/22	$	9.59		(4.10	)%(b)	$	7,074		4.85	%(c)		0.85	%(c)		(2.34	)%(c)		1.65	%(c)		12.37	%(b)
First Eagle Global Real Assets Fund Class R6***
Six Months Ended April 30, 2023 (unaudited)	$	10.32		9.72	%(b)	$	1,100		4.13	%(c)		0.85	%(c)		(1.73	)%(c)		1.55	%(c)		21.60	%(b)
For The Period 11/30/21^​-10/31/22	$	9.59		(4.10	)%(b)	$	1,000		4.86	%(c)		0.85	%(c)		(2.38	)%(c)		1.63	%(c)		12.37	%(b)

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First Eagle Funds

Financial Highlights

^{^}​  Inception date.

*  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.

****  Amount represents less than 0.01%.

(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.

(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.

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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 April 30, 2023, 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 Rising Dividend Fund (formerly named First Eagle Fund of America), First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Rising Dividend Fund, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. The First Eagle High Income Fund seeks to provide investors with a high level of current income. The First Eagle Rising Dividend Fund seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital by investing, under normal circumstances, in equity securities of small- and mid-cap ("smid cap") companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. The First Eagle Global Real Assets Fund seeks long-term growth of capital.

The 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 U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, which offer Class A shares, Class I shares and Class R6 shares only. On February 28, 2022, First Eagle Rising Dividend Fund's Class Y shares converted into Class A shares. As a result, Class Y shares were terminated.

First Eagle Investment Management, LLC (the "Adviser"), a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), manages the Funds. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership ("BCP CC Holdings"). BCP CC Holdings GP L.L.C., a Delaware limited liability company ("BCP CC Holdings GP"), is the general partner of BCP CC Holdings

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Notes to Financial Statements

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 invetment 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 Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2023, the First Eagle Global Cayman Fund, Ltd. has $4,893,463,733 in net assets, representing 10.07% 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 financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and

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Notes to Financial Statements

balances have been eliminated. As of April 30, 2023, the First Eagle Overseas Cayman Fund, Ltd. has $1,045,216,225 in net assets, representing 8.05% 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 U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2023, the First Eagle U.S. Value Cayman Fund, Ltd. has $144,269,562 in net assets, representing 12.06% 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 Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2023, the First Eagle Gold Cayman Fund, Ltd. has $438,586,754 in net assets, representing 17.63% 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 Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2023, the First Eagle Global Real Assets Cayman Fund, Ltd. has $1,303,447 in net assets, representing 11.46% of the Global Real Assets Fund's net assets.

b)  Investment Valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.

A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

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Notes to Financial Statements

All bonds, whether listed on an exchange or traded in the over-counter-market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.

Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.

Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.

The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding or have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund's NAV is calculated, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures adopted by the Board of Trustees ("Board"). The values assigned to a Fund's holdings therefore may differ on occasion from reported market values.

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Notes to Financial Statements

Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in the U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Board and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.

The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds' investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Funds are determined in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation and liquidity procedures for the Funds. Effective

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Notes to Financial Statements

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 April 30, 2023:

First Eagle Global Fund

Description†	Level 1		Level 2			Level 3‡			Total
Assets:
Common Stocks	$	23,104,882,781	$	14,452,335,262	(a)​	$	—		$	37,557,218,043
Corporate Bonds		—		—			5,036,474	(b)​		5,036,474
Commodities*		—		5,499,742,271			—			5,499,742,271
Foreign Government Securities		—		419,599,300			—			419,599,300
Short-Term Investments		1,026,203		4,973,042,885			—			4,974,069,088
Forward Foreign Currency Exchange Contracts**		—		231,247			—			231,247
Total	$	23,105,908,984	$	25,344,950,965		$	5,036,474		$	48,455,896,423
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	—	$	(13,191,642	)	$	—		$	(13,191,642	)
Total	$	—	$	(13,191,642	)	$	—		$	(13,191,642	)

(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 | Semiannual Report | April 30, 2023
205

Notes to Financial Statements

Fair Value Level 3 activity for the six month period ended April 30, 2023 was as follows:

First Eagle Global Fund (continued)

	Corporate Bonds			Foreign Government Securities			Total
Beginning Balance — market value	$	5,207,318		$	131,252,430		$	136,459,748
Purchases(1)​		—			—			—
Sales(2)​		—			(82,689,280	)		(82,689,280	)
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		—			(57,335,960	)(a)​		(57,335,960	)
Accrued discounts/(premiums)		24,929			203,430			228,359
Realized Gains (Losses)		—			(46,145,446	)		(46,145,446	)
Change in Unrealized Appreciation (Depreciation)		(195,773	)		54,714,826			54,519,053
Ending Balance — market value	$	5,036,474		$	—		$	5,036,474
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(195,773	)	$	—		$	(195,773	)

(a)  Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase 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:
Common Stocks	$	2,480,610,208	$	7,887,371,872	(a)​	$	16,899,730	$	10,384,881,810
Commodities*		—		1,442,112,761			—		1,442,112,761
Foreign Government Securities		—		238,280,656			—		238,280,656
Short-Term Investments		407,734		868,184,302			—		868,592,036
Forward Foreign Currency Exchange Contracts**		—		97,025			—		97,025
Total	$	2,481,017,942	$	10,436,046,616		$	16,899,730	$	12,933,964,288
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	—	$	(6,777,300	)	$	—	$	(6,777,300	)
Total	$	—	$	(6,777,300	)	$	—	$	(6,777,300	)

First Eagle Funds | Semiannual Report | April 30, 2023
206

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.

†  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 six month period ended April 30, 2023 was as follows:

First Eagle Overseas Fund (continued)

	Common Stocks		Foreign Government Security			Total
Beginning Balance — market value	$	14,924,062	$	128,237,726		$	143,161,788
Purchases(1)​		—		—			—
Sales(2)​		—		(38,006,954	)		(38,006,954	)
Transfer In — Level 3		—		—			—
Transfer Out — Level 3		—		(94,263,069	)(a)​		(94,263,069	)
Accrued discounts/(premiums)		—		93,311			93,311
Realized Gains (Losses)		—		(21,234,489	)		(21,234,489	)
Change in Unrealized Appreciation (Depreciation)		1,975,668		25,173,475			27,149,143
Ending Balance — market value	$	16,899,730	$	—		$	16,899,730
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	1,975,668	$	—		$	1,975,668

(a)  Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase 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
	Fair Value as of April 30, 2023		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)	Direction Change in Fair Value Resulting from Increase in Unobservable Input(a)​
Common Stock	$	16,899,730	Market Comparable Companies	Enterprise Value Multiple	0.36x - 9.35x (4.89x)	Increase

First Eagle Funds | Semiannual Report | April 30, 2023
207

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:
Common Stocks	$	873,779,449	$	4,512,996	(a)​	$	—		$	878,292,445
Convertible Preferred Stocks		5,031,703		—			—			5,031,703
Corporate Bonds		—		4,198,676			552,750	(b)​		4,751,426
Commodities*		—		144,274,124			—			144,274,124
Master Limited Partnerships		35,210,870		—			—			35,210,870
Short-Term Investments		31,167		129,145,605			—			129,176,772
Total	$	914,053,189	$	282,131,401		$	552,750		$	1,196,737,340

(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 six month period ended April 30, 2023 was as follows:

	Corporate Bonds
Beginning Balance — market value	$	3,954,544
Purchases(1)​		—
Sales(2)​		—
Transfer In — Level 3		—
Transfer Out — Level 3		(3,383,044	)(a)​
Accrued discounts/(premiums)		2,866
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(21,616	)
Ending Balance — market value	$	552,750
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(21,616	)

(a)  Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase in available market inputs to determine the price.

First Eagle Funds | Semiannual Report | April 30, 2023
208

Notes to Financial Statements

(1)  Purchases include all purchases of securities and securities received in corporate actions.

(2)  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

First Eagle Gold Fund

Description†	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	1,634,838,236	$	190,357,210	(a)​	$	—	$	1,825,195,446
Commodities*		—		438,697,881			—		438,697,881
Rights		3,827,974		—			—		3,827,974
Short-Term Investments		107,670		209,052,122			—		209,159,792
Total	$	1,638,773,880	$	838,107,213		$	—	$	2,476,881,093

(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:
Common Stocks	$	511,105,586	$	502,870,521	(a)​	$	—	$	1,013,976,107
Convertible Preferred Stocks		25,418,527		—			—		25,418,527
Corporate Bonds		—		176,482,448			—		176,482,448
Commodities*		—		111,179,462			—		111,179,462
Foreign Government Securities		—		27,445,487			—		27,445,487
Loan Assignments		—		1,073,206			—		1,073,206
Master Limited Partnerships		64,869,612		—			—		64,869,612
Preferred Stocks		22,778,378		—			—		22,778,378
U.S. Treasury Obligations		—		168,503,474			—		168,503,474
Short-Term Investments		53,878		101,806,088			—		101,859,966
Forward Foreign Currency Exchange Contracts**		—		5,920			—		5,920
Total	$	624,225,981	$	1,089,366,606		$	—	$	1,713,592,587

First Eagle Funds | Semiannual Report | April 30, 2023
209

Notes to Financial Statements

First Eagle Global Income Builder Fund (continued)

Description†	Level 1			Level 2			Level 3		Total
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	—		$	(435,923	)	$	—	$	(435,923	)
Written Options		(3,282,430	)		—			—		(3,282,430	)
Total	$	(3,282,430	)	$	(435,923	)	$	—	$	(3,718,353	)

(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.

*  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 six month period ended April 30, 2023 was as follows:

	Corporate Bonds			Foreign Government Securities			Total
Beginning Balance — market value	$	10,795,940		$	7,890,932		$	18,686,872
Purchases(1)​		—			—			—
Sales(2)​		—			(3,259,825	)		(3,259,825	)
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		(10,795,940	)(a)​		(4,976,954	)(a)​		(15,772,894	)
Accrued discounts/(premiums)		—			16,871			16,871
Realized Gains (Losses)		—			(1,651,416	)		(1,651,416	)
Change in Unrealized Appreciation (Depreciation)		—			1,980,392			1,980,392
Ending Balance — market value	$	—		$	—		$	—
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—		$	—		$	—

(a)  Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase 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 Funds | Semiannual Report | April 30, 2023
210

Notes to Financial Statements

First Eagle High Income Fund

Description†	Level 1		Level 2		Level 3‡			Total
Assets:
Corporate Bonds	$	—	$	156,475,387	$	2,615,767	(b)​	$	159,091,154
Loan Assignments		—		2,323,931		—			2,323,931
Short-Term Investments		9,742		17,813,966		—			17,823,708
Total	$	9,742	$	176,613,284	$	2,615,767		$	179,238,793

(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 six month period ended April 30, 2023 was as follows:

	Corporate Bonds
Beginning Balance — market value	$	2,968,761
Purchases(1)​		15,443
Sales(2)​		—
Transfer In — Level 3		2,501,778	(a)​
Transfer Out — Level 3		(2,968,761	)(b)​
Accrued discounts/(premiums)		18,759
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		79,787
Ending Balance — market value	$	2,615,767
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	79,787

(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.

(b)  Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase 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 Funds | Semiannual Report | April 30, 2023
211

Notes to Financial Statements

First Eagle Rising Dividend Fund

Description†	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	335,324,485	$	17,337,051	(a)​	$	—	$	352,661,536
Master Limited Partnerships		18,722,730		—			—		18,722,730
Short-Term Investments		2,542		3,201,557			—		3,204,099
Total	$	354,049,757	$	20,538,608		$	—	$	374,588,365

(a)  The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details.

†  See Schedule of Investments for additional detailed categorizations.

First Eagle Small Cap Opportunity Fund

Description†	Level 1		Level 2		Level 3‡			Total
Assets:
Common Stocks	$	856,541,924	$	—	$	—		$	856,541,924
Rights		—		—		—	^​		—
Short-Term Investments		67,626,761		—		—			67,626,761
Total	$	924,168,685	$	—	$	—		$	924,168,685

†  See Schedule of Investments for additional detailed categorizations.

‡  Value determined using significant unobservable inputs.

^{^}​  Fair value represents zero.

Fair Value Level 3 activity for the six month period ended April 30, 2023 was as follows:

	Rights
Beginning Balance — market value	$	—	^​
Purchases(1)​		—
Sales(2)​		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/(premiums)		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		—
Ending Balance — market value	$	—	^​
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—

First Eagle Funds | Semiannual Report | April 30, 2023
212

Notes to Financial Statements

(1)  Purchases include all purchases of securities and securities received in corporate actions.

(2)  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

^{^}​  Fair value represents zero.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value as of April 30, 2023			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)			Direction Change in Fair Value Resulting from Increase in Unobservable Input(a)​
Rights	$	—	^​	Discounted Cash Flow	Estimated probability of the company hitting specified milestones		0	% (0%)	Increase

^{^}​  Fair value represents zero.

(a)  This column represents the direction change in the fair value of Level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower gain value determination

First Eagle U.S. Smid Cap Opportunity Fund

Description†	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	25,841,761	$	—	$	—	$	25,841,761
Short-Term Investments		1,218,767		—		—		1,218,767
Total	$	27,060,528	$	—	$	—	$	27,060,528

†  See Schedule of Investments for additional detailed categorizations.

First Eagle Global Real Assets Fund

Description†	Level 1		Level 2			Level 3‡			Total
Assets:
Common Stocks	$	6,166,394	$	3,192,374	(a)​	$	—	^​	$	9,358,768
Commodities*		—		1,196,611			—			1,196,611
Exchange-Traded Funds		88,845		—			—			88,845
Master Limited Partnerships		409,326		—			—			409,326
U.S. Treasury Obligations		—		108,356			—			108,356
Short-Term Investments		209,197		—			—			209,197
Total	$	6,873,762	$	4,497,341		$	—		$	11,371,103

(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.

First Eagle Funds | Semiannual Report | April 30, 2023
213

Notes to Financial Statements

†  See Consolidated Schedule of Investments for additional detailed categorizations.

‡  Value determined using significant unobservable inputs.

*  Represents gold bullion.

^{^}​  Fair value represents zero.

Fair Value Level 3 activity for the six month period ended April 30, 2023 was as follows:

First Eagle Global Real Assets Fund (continued)

	Common Stocks
Beginning Balance — market value	$	—	^​
Purchases(1)​		—
Sales(2)​		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/(premiums)		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		—
Ending Balance — market value	$	—	^​
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—

(1)  Purchases include all purchases of securities and securities received in corporate actions.

(2)  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

^{^}​  Fair value represents zero.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value as of April 30, 2023			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)			Direction Change in Fair Value Resulting from Increase in Unobservable Input(a)​
Common Stock	$	—	^​	Discounted Cash Flow	Estimated Recoverability		0	% (0%)	Increase

^{^}​  Fair value represents zero.

(a)  This column represents the direction change in the fair value of Level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower gain value determination

First Eagle Funds | Semiannual Report | April 30, 2023
214

Notes to Financial Statements

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.

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

First Eagle Funds | Semiannual Report | April 30, 2023
215

Notes to Financial Statements

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 and First Eagle High Income Fund enter into forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds' currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge.

Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund's portfolio. For the six months ended April 30, 2023, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:

	First Eagle Global Fund		First Eagle Overseas Fund		First Eagle Global Income Builder Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value — Purchased	$	14,993,561	$	6,290,857	$	383,815
Average Settlement Value — Sold		500,768,916		253,168,479		17,222,148

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.

First Eagle Funds | Semiannual Report | April 30, 2023
216

Notes to Financial Statements

In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter ("OTC") derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds' custodian bank. These amounts are not reflected on the Funds' Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.

At April 30, 2023, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)​		Liability Derivative Fair Value(2)​		Net realized Gains (Losses)(3)​			Change in Appreciation (Depreciation)(4)​
Foreign currency	$	231,247	$	13,191,642	$	(21,773,918	)	$	(12,363,882	)

First Eagle Funds | Semiannual Report | April 30, 2023
217

Notes to Financial Statements

First Eagle Overseas Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)​		Liability Derivative Fair Value(2)​		Net realized Gains (Losses)(3)​			Change in Appreciation (Depreciation)(4)​
Foreign currency	$	97,025	$	6,777,300	$	(10,754,224	)	$	(6,426,847	)

First Eagle Global Income Builder Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)​		Liability Derivative Fair Value(2)​		Net realized Gains (Losses)(3)​			Change in Appreciation (Depreciation)(4)​
Foreign currency	$	5,920	$	435,923	$	(742,259	)	$	(412,936	)

(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 April 30, 2023:

First Eagle Global Fund

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*		Net Amount (Not Less Than $0)
JPMorgan Chase Bank	$	231,247	$	(231,247	)	$	—	$	—

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First Eagle Global Fund (continued)

Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	4,309,696	$	—		$	—		$	4,309,696
Goldman Sachs		1,066,143		—			(1,025,233	)		40,910
JPMorgan Chase Bank		5,792,556		(231,247	)		(5,517,727	)		43,582
UBS AG		2,023,247		—			—			2,023,247
	$	13,191,642	$	(231,247	)	$	(6,542,960	)	$	6,417,435

First Eagle Overseas Fund

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*			Net Amount (Not Less Than $0)
JPMorgan Chase Bank	$	97,025	$	(97,025	)	$	—		$	—
Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	2,527,146	$	—		$	—		$	2,527,146
Goldman Sachs		459,269		—			(459,269	)		—
JPMorgan Chase Bank		2,588,936		(97,025	)		(2,472,914	)		18,997
UBS AG		1,201,949		—			—			1,201,949
	$	6,777,300	$	(97,025	)	$	(2,932,183	)	$	3,748,092

First Eagle Global Income Builder Fund

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*		Net Amount (Not Less Than $0)
JPMorgan Chase Bank	$	5,920	$	(5,920	)	$	—	$	—

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First Eagle Global Income Builder Fund (continued)

Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	151,490	$	—		$	—		$	151,490
Goldman Sachs		27,195		—			—			27,195
JPMorgan Chase Bank		177,011		(5,920	)		(110,153	)		60,938
UBS AG		80,227		—			—			80,227
	$	435,923	$	(5,920	)	$	(110,153	)	$	319,850

*  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 cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on

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the securities underlying the call option. This "opportunity cost" may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty.

Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably

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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 April 30, 2023, portfolio securities valued at $134,749,086 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.

For the six months ended April 30, 2023, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:

	First Eagle Global Income Builder Fund
Options:
Average Number of Contracts — Written		15,549

At April 30, 2023, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Global Income Builder Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)​		Liability Derivative Fair Value(2)​		Net Realized Gains (Losses)(3)​		Change in Appreciation (Depreciation)(4)​
Equity — Written options	$	—	$	3,282,430	$	2,882,797	$	878,495

(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.

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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.

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)  New Accounting Pronouncements — In March 2020, the FASB issued Accounting Standard Update ("ASU") 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 949)" which extends the effective period of ASU 2020-04 through December 31, 2024. At this time, management is evaluating implications of these changes on the financial statements.

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Notes to Financial Statements

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments Credit Losses (Topic 326)", which is intended to address issues identified during the post implementation review of ASU 2016-3, "Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, "Receivables Troubled Debt Restructurings by Creditors", while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. There is no material impact to the financial statements and related disclosure.

In June 2022, FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this new standard.

m)  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 Rising Dividend Fund 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.

n)  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.

o)  Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the

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Notes to Financial Statements

reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

p)  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 (% 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	(1)​
First Eagle Gold Fund		0.75
First Eagle Global Income Builder Fund		0.75
First Eagle High Income Fund		0.45	(2)​
First Eagle Rising Dividend Fund		0.50	(3)​
First Eagle Small Cap Opportunity Fund		0.85	(4)​
First Eagle U.S. Smid Cap Opportunity Fund		0.75	(5)​
First Eagle Global Real Assets Fund		0.65	(6)​

(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 High Income 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 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board. First Eagle High Income Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the six months ended

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April 30, 2023, the Adviser reimbursed $106,016 in expenses which are included under Expense waiver in the Statement of Operations.

  For the six months ended April 30, 2023, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2026*
Class A	$	41,858	$	41,858
Class C		4,598		4,598
Class I		58,777		58,777
Class R3		335		335
Class R4		53		53
Class R5		15		15
Class R6		380		380
Total	$	106,016	$	106,016

*  Amounts included represent the amounts incurred for the period November 1, 2022 to April 30, 2023. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2026 will be available as of October 31, 2023.

(3)  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 Rising Dividend 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 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 Rising Dividend Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the six months ended April 30, 2023, the Adviser reimbursed $331,937 in expenses which are included under Expense waiver in the Statement of Operations.

  For the six months ended April 30, 2023, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2023		2024		2025		2026*
Class A	$	914,382	$	52,249	$	300,262	$	305,896	$	255,975
Class C		150,833		15,204		77,110		41,567		16,952

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			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2023		2024		2025		2026*
Class I	$	228,106	$	12,160	$	83,807	$	75,472	$	56,667
Class R3		232		11		74		71		76
Class R4		164		16		39		50		59
Class R5		202		16		83		74		29
Class R6		4,767		820		1,244		524		2,179
Total	$	1,298,686	$	80,476	$	462,619	$	423,654	$	331,937

*  Amounts included represent the amounts incurred for the period November 1, 2022 to April 30, 2023. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2026 will be available as of October 31, 2023.

(4)  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, 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 the lesser of: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the six months ended April 30, 2023, the Adviser reimbursed $152,735 in expenses which are included under Expense waiver in the Statement of Operations.

  For the six months ended April 30, 2023, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2024		2025		2026*
Class A	$	53,911	$	11,812	$	35,559	$	6,540
Class I		790,343		177,007		467,141		146,195
Class R6		18,127		3,249		14,878		—
Total	$	862,381	$	192,068	$	517,578	$	152,735

*  Amounts included represent the amounts incurred for the period November 1, 2022 to April 30, 2023. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2026 will be available as of October 31, 2023.

(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,

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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 the lesser of: (1) 1.20%, 0.90% 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 six months ended April 30, 2023, the Adviser reimbursed $87,712 in expenses which are included under Expense waiver in the Statement of Operations.

  For the six months ended April 30, 2023, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2025		2026*
Class A	$	8,562	$	5,340	$	3,222
Class I		180,365		98,971		81,394
Class R6		7,428		4,332		3,096
Total	$	196,355	$	108,643	$	87,712

*  Amounts included represent the amounts incurred for the period November 1, 2022 to April 30, 2023. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2026 will be available as of October 31, 2023.

(6)  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 the lesser of: (1) 1.10%, 0.85% and 0.85% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the six months ended April 30, 2023, the Adviser reimbursed $182,690 in expenses which are included under Expense waiver in the Statement of Operations.

  For the six months ended April 30, 2023, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2025		2026*
Class A	$	63,707	$	40,189	$	23,518
Class I		403,786		262,027		141,759

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			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2025		2026*
Class R6	$	55,495	$	38,082	$	17,413
Total	$	522,988	$	340,298	$	182,690

*  Amounts included represent the amounts incurred for the period November 1, 2022 to April 30, 2023. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2026 will be available as of October 31, 2023.

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 six months ended April 30, 2023, the Funds paid/reimbursed and had payable to the Adviser amounts shown below:

Fund	Reimbursed to Adviser		Adviser Waived Amount		Payable to Adviser
First Eagle Global Fund	$	1,271,633	$	—	$	704,901
First Eagle Overseas Fund		476,885		—		267,409
First Eagle U.S. Value Fund		119,293		—		62,919
First Eagle Gold Fund		90,724		—		47,051
First Eagle Global Income Builder Fund		386,288		—		69,949
First Eagle High Income Fund		44,539		—		7,396
First Eagle Rising Dividend Fund		59,088		69,293		53,668
First Eagle Small Cap Opportunity Fund		55,133		—		24,437
First Eagle U.S. Smid Cap Opportunity Fund		—		151		181
First Eagle Global Real Assets Fund		564		—		318

First Eagle Funds | Semiannual Report | April 30, 2023
229

Notes to Financial Statements

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 six months ended April 30, 2023 FEF Distributors, LLC realized $150,264, $7,546, $7,264, $34,335, $9,769, $555, $1,806, $14,611, $30 and $71 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 Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, respectively.

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 April 30, 2023, balances to the Plan are included in the fees payable to the Trustees on the Statements of Assets and Liabilities.

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 Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets 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

First Eagle Funds | Semiannual Report | April 30, 2023
230

Notes to Financial Statements

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 Rising Dividend Fund		0.25	%		1.00	%		0.35	%		0.10	%
First Eagle Small Cap Opportunity 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
First Eagle Global Real Assets 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 six months ended April 30, 2023, 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 Six months ended April 30, 2023, the services fees incurred by the Funds are disclosed in the Statements of Operations.

Note 4 — Purchases and Sales of Securities

For the six months ended April 30, 2023, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:

Fund	Purchases excluding U.S. Government Securities		Sales and Maturities excluding U.S. Government Securities		Purchases of U.S. Government Securities		Sales and Maturities of U.S. Government Securities
First Eagle Global Fund	$	807,826,417	$	3,257,469,720	$	—	$	—
First Eagle Overseas Fund		144,405,817		836,293,277		—		—
First Eagle U.S. Value Fund		22,818,576		106,748,651		—		—
First Eagle Gold Fund		129,817,294		167,181,790		—		—

First Eagle Funds | Semiannual Report | April 30, 2023
231

Notes to Financial Statements

Fund	Purchases excluding U.S. Government Securities		Sales and Maturities excluding U.S. Government Securities		Purchases of U.S. Government Securities		Sales and Maturities of U.S. Government Securities
First Eagle Global Income Builder Fund	$	180,141,777	$	178,118,124	$	55,759,935	$	3,141,459
First Eagle High Income Fund		15,949,287		21,059,316		—		—
First Eagle Rising Dividend Fund		67,900,752		103,349,241		—		—
First Eagle Small Cap Opportunity Fund		493,420,884		148,785,441		—		—
First Eagle U.S. Smid Cap Opportunity Fund		24,342,765		284,467		—		—
First Eagle Global Real Assets Fund		3,372,374		2,375,261		27,699		12,438

Note 5 — Line of Credit

On June 26, 2023, the Funds renewed a $200 million committed, unsecured line of credit ("Credit Facility") with JPM for the First Eagle Funds and First Eagle Variable Funds 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 25, 2024. 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.

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

First Eagle Funds | Semiannual Report | April 30, 2023
232

Notes to Financial Statements

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 six months ended April 30, 2023.

Note 8 — Subsequent Events

In accordance with the provision surrounding Subsequent Events adopted by the Fund, management has evaluated the possibility of subsequent events existing in the Fund's financial statements. Management has determined that there are no material events that would require disclosure in the Fund's financial statements.

First Eagle Funds | Semiannual Report | April 30, 2023
233

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 November 1, 2022 and held for the six-months ended April 30, 2023.

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 | Semiannual Report | April 30, 2023
234

Fund Expenses (unaudited)

Based on Actual Total Return⁽¹⁾​

	Actual Total Return Without Sales Charges(2)​			Beginning Account Date Value		Ending Account Value 04/30/23		Annualized Expense			Expenses Paid for the Period(3)​
First Eagle Global Fund*
Class A		15.13	%	$	1,000	$	1,151.30		1.10	%	$	5.87
Class C		14.71			1,000		1,147.10		1.87			9.96
Class I		15.28			1,000		1,152.80		0.86			4.59
Class R3		15.05			1,000		1,150.50		1.26			6.72
Class R4		15.13			1,000		1,151.30		1.10			5.87
Class R5		15.16			1,000		1,151.60		1.08			5.76
Class R6		15.31			1,000		1,153.10		0.79			4.22
First Eagle Overseas Fund*
Class A		18.66			1,000		1,186.60		1.15			6.23
Class C		18.19			1,000		1,181.90		1.90			10.28
Class I		18.82			1,000		1,188.20		0.88			4.77
Class R3		18.48			1,000		1,184.80		1.44			7.80
Class R4		18.49			1,000		1,184.90		1.27			6.88
Class R5		18.70			1,000		1,187.00		1.14			6.18
Class R6		18.87			1,000		1,188.70		0.80			4.34
First Eagle U.S. Value Fund*
Class A		11.33			1,000		1,113.30		1.12			5.87
Class C		10.92			1,000		1,109.20		1.90			9.94
Class I		11.49			1,000		1,114.90		0.85			4.46
Class R3		11.21			1,000		1,112.10		1.37			7.17
Class R4		11.29			1,000		1,112.90		1.18			6.18
Class R5		11.43			1,000		1,114.30		1.00			5.24
Class R6		11.55			1,000		1,115.50		0.80			4.20
First Eagle Gold Fund*
Class A		33.04			1,000		1,330.40		1.17			6.76
Class C		32.55			1,000		1,325.50		1.92			11.07
Class I		33.20			1,000		1,332.00		0.92			5.32
Class R3		32.98			1,000		1,329.80		1.25			7.22
Class R4		33.05			1,000		1,330.50		1.12			6.47
Class R5		33.07			1,000		1,330.70		1.05			6.07
Class R6		33.22			1,000		1,332.20		0.83			4.80

First Eagle Funds | Semiannual Report | April 30, 2023
235

Fund Expenses (unaudited)

	Actual Total Return Without Sales Charges(2)​			Beginning Account Date Value		Ending Account Value 04/30/23		Annualized Expense			Expenses Paid for the Period(3)​
First Eagle Global Income Builder Fund
Class A		12.52	%	$	1,000	$	1,125.20		1.15	%	$	6.06
Class C		12.10			1,000		1,121.00		1.93			10.15
Class I		12.70			1,000		1,127.00		0.93			4.90
Class R3		12.36			1,000		1,123.60		1.41			7.42
Class R4		12.42			1,000		1,124.20		1.37			7.22
Class R5		12.46			1,000		1,124.60		1.18			6.22
Class R6		12.66			1,000		1,126.60		0.87			4.59
First Eagle High Income Fund
Class A		5.41			1,000		1,054.10		1.01			5.14
Class C		5.02			1,000		1,050.20		1.79			9.10
Class I		5.54			1,000		1,055.40		0.76			3.87
Class R3		5.34			1,000		1,053.40		1.13			5.75
Class R4		5.15			1,000		1,051.50		1.41			7.17
Class R5		5.48			1,000		1,054.80		0.85			4.33
Class R6		5.55			1,000		1,055.50		0.74			3.77
First Eagle Rising Dividend Fund (formerly named First Eagle Fund of America)
Class A		15.59			1,000		1,155.90		0.90			4.81
Class C		15.13			1,000		1,151.30		1.65			8.80
Class I		15.73			1,000		1,157.30		0.65			3.48
Class R3		15.56			1,000		1,155.60		1.00			5.34
Class R4		15.70			1,000		1,157.00		0.75			4.01
Class R5		15.74			1,000		1,157.40		0.62			3.32
Class R6		15.79			1,000		1,157.90		0.65			3.48
First Eagle Small Cap Opportunity Fund
Class A		3.31			1,000		1,033.10		1.25			6.30
Class I		3.40			1,000		1,034.00		1.00			5.04
Class R6		3.40			1,000		1,034.00		0.99			4.99
First Eagle U.S. Smid Cap Opportunity Fund
Class A		1.68			1,000		1,016.80		1.19			5.95
Class I		1.76			1,000		1,017.60		0.95			4.75
Class R6		1.72			1,000		1,017.20		0.94			4.70

First Eagle Funds | Semiannual Report | April 30, 2023
236

Fund Expenses (unaudited)

	Actual Total Return Without Sales Charges(2)​			Beginning Account Date Value		Ending Account Value 04/30/23		Annualized Expense			Expenses Paid for the Period(3)​
First Eagle Global Real Assets Fund*
Class A		9.61	%	$	1,000	$	1,096.10		1.10	%	$	5.72
Class I		9.80			1,000		1,098.00		0.85			4.42
Class R6		9.72			1,000		1,097.20		0.85			4.42

*  Consolidated Financial Statements

(1)  For the six-months ended April 30, 2023.

(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 181/365 (to reflect the one-half year period).

First Eagle Funds | Semiannual Report | April 30, 2023
237

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 November 1, 2022 and held for the six-months ended April 30, 2023.

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 | Semiannual Report | April 30, 2023
238

Fund Expenses (unaudited)

Based on Hypothetical Total Return⁽¹⁾​

	Hypothetical Annualized Total Return			Beginning Account Date Value		Ending Account Value		Annualized Expense			Expenses Paid for the Period(2)​
First Eagle Global Fund*
Class A		5.00	%	$	1,000	$	1,019.34		1.10	%	$	5.51
Class C		5.00			1,000		1,015.52		1.87			9.35
Class I		5.00			1,000		1,020.53		0.86			4.31
Class R3		5.00			1,000		1,018.55		1.26			6.31
Class R4		5.00			1,000		1,019.34		1.10			5.51
Class R5		5.00			1,000		1,019.44		1.08			5.41
Class R6		5.00			1,000		1,020.88		0.79			3.96
First Eagle Overseas Fund*
Class A		5.00			1,000		1,019.09		1.15			5.76
Class C		5.00			1,000		1,015.37		1.90			9.49
Class I		5.00			1,000		1,020.43		0.88			4.41
Class R3		5.00			1,000		1,017.65		1.44			7.20
Class R4		5.00			1,000		1,018.50		1.27			6.36
Class R5		5.00			1,000		1,019.14		1.14			5.71
Class R6		5.00			1,000		1,020.83		0.80			4.01
First Eagle U.S. Value Fund*
Class A		5.00			1,000		1,019.24		1.12			5.61
Class C		5.00			1,000		1,015.37		1.90			9.49
Class I		5.00			1,000		1,020.58		0.85			4.26
Class R3		5.00			1,000		1,018.00		1.37			6.85
Class R4		5.00			1,000		1,018.94		1.18			5.91
Class R5		5.00			1,000		1,019.84		1.00			5.01
Class R6		5.00			1,000		1,020.83		0.80			4.01
First Eagle Gold Fund*
Class A		5.00			1,000		1,018.99		1.17			5.86
Class C		5.00			1,000		1,015.27		1.92			9.59
Class I		5.00			1,000		1,020.23		0.92			4.61
Class R3		5.00			1,000		1,018.60		1.25			6.26
Class R4		5.00			1,000		1,019.24		1.12			5.61
Class R5		5.00			1,000		1,019.59		1.05			5.26
Class R6		5.00			1,000		1,020.68		0.83			4.16

First Eagle Funds | Semiannual Report | April 30, 2023
239

Fund Expenses (unaudited)

	Hypothetical Annualized Total Return			Beginning Account Date Value		Ending Account Value		Annualized Expense			Expenses Paid for the Period(2)​
First Eagle Global Income Builder Fund
Class A		5.00	%	$	1,000	$	1,019.09		1.15	%	$	5.76
Class C		5.00			1,000		1,015.22		1.93			9.64
Class I		5.00			1,000		1,020.18		0.93			4.66
Class R3		5.00			1,000		1,017.80		1.41			7.05
Class R4		5.00			1,000		1,018.00		1.37			6.85
Class R5		5.00			1,000		1,018.94		1.18			5.91
Class R6		5.00			1,000		1,020.48		0.87			4.36
First Eagle High Income Fund
Class A		5.00			1,000		1,019.79		1.01			5.06
Class C		5.00			1,000		1,015.92		1.79			8.95
Class I		5.00			1,000		1,021.03		0.76			3.81
Class R3		5.00			1,000		1,019.19		1.13			5.66
Class R4		5.00			1,000		1,017.80		1.41			7.05
Class R5		5.00			1,000		1,020.58		0.85			4.26
Class R6		5.00			1,000		1,021.12		0.74			3.71
First Eagle Rising Dividend Fund (formerly named First Eagle Fund of America)
Class A		5.00			1,000		1,020.33		0.90			4.51
Class C		5.00			1,000		1,016.61		1.65			8.25
Class I		5.00			1,000		1,021.57		0.65			3.26
Class R3		5.00			1,000		1,019.84		1.00			5.01
Class R4		5.00			1,000		1,021.08		0.75			3.76
Class R5		5.00			1,000		1,021.72		0.62			3.11
Class R6		5.00			1,000		1,021.57		0.65			3.26
First Eagle Small Cap Opportunity Fund
Class A		5.00			1,000		1,018.60		1.25			6.26
Class I		5.00			1,000		1,019.84		1.00			5.01
Class R6		5.00			1,000		1,019.89		0.99			4.96
First Eagle U.S. Smid Cap Opportunity Fund
Class A		5.00			1,000		1,018.89		1.19			5.96
Class I		5.00			1,000		1,020.08		0.95			4.76
Class R6		5.00			1,000		1,020.13		0.94			4.71

First Eagle Funds | Semiannual Report | April 30, 2023
240

Fund Expenses (unaudited)

	Hypothetical Annualized Total Return			Beginning Account Date Value		Ending Account Value		Annualized Expense			Expenses Paid for the Period(2)​
First Eagle Global Real Assets Fund*
Class A		5.00	%	$	1,000	$	1,019.34		1.10	%	$	5.51
Class I		5.00			1,000		1,020.58		0.85			4.26
Class R6		5.00			1,000		1,020.58		0.85			4.26

*  Consolidated Financial Statements

(1)  For the six-months ended April 30, 2023.

(2)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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241

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 | Semiannual Report | April 30, 2023
242

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

Mandakini Puri^{^}​

Trustee Emeritus

Jean-Marie Eveillard*

Officers

Mehdi Mahmud

President

Robert Bruno

Senior Vice President

Joseph T. Malone

Chief Financial Officer

Seth Gelman

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
New York, NY 10105

Legal Counsel

Sidley Austin LLP

787 Seventh Avenue
New York, NY 10019

Custodian

JPMorgan Chase Bank, N.A.

4 Chase Metrotech Center, Floor 16,
Brooklyn, NY 11245

Shareholder Servicing Agent

SS&C GIDS, Inc.

330 West 9th Street
Kansas City, MO 64105
800.334.2143

Underwriter

FEF Distributors, LLC

1345 Avenue of the Americas
New York, NY 10105

Independent Registered Public
Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue
New York, NY 10017

  Additional information about the Trustees and Officers is included in the Funds' Statement of Additional Information.

^{^}​  Ms. Puri became a Trustee effective April 20, 2023.

*  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 | Semiannual Report | April 30, 2023
243

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.

Not applicable to this semiannual report.

Item 4. Principal Accountant Fees and Services

Not applicable to this semiannual report.

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

Not applicable to this semiannual report.

Item 13. Exhibits.

(a)(1) Not applicable to this semi-annual report.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.

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
By (Signature and Title)*	/s/ Mehdi Mahmud
	Mehdi Mahmud, President

Date: July 6, 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.

By (Signature and Title)*	/s/ Mehdi Mahmud
	Mehdi Mahmud, Principal Executive Officer

Date: July 6, 2023

By (Signature and Title)*	/s/ Joseph T. Malone
	Joseph T. Malone, Principal Financial Officer

Date: July 6, 2023

^*Print the name and title of each signing officer under his or her signature.