Proof - tm228399d1

Date: 03/24/2022 05:28 AM

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First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 79.8%

Australia - 0.3%
Newcrest Mining Ltd.		9,296,442		144,200,500

Belgium - 1.4%
Groupe Bruxelles Lambert SA		6,469,396		694,184,839

Brazil - 1.6%
Ambev SA, ADR		103,309,902		292,367,022
Itausa SA (Preference)		102,984,133		197,624,963
Wheaton Precious Metals Corp.		7,523,631		303,352,802
				793,344,787
Canada - 3.2%
Agnico Eagle Mines Ltd.		2,298,700		109,785,688
Barrick Gold Corp.		11,518,361		220,576,613
Franco-Nevada Corp.		769,497		101,742,014
Imperial Oil Ltd.		10,896,401		445,833,942
Nutrien Ltd.		4,867,965		339,783,957
Power Corp. of Canada		11,884,483		382,016,265
				1,599,738,479
China - 1.1%
Alibaba Group Holding Ltd., ADR*		2,211,619		278,199,554
Prosus NV*		2,928,965		243,677,743
				521,877,297
France - 3.8%
Danone SA		10,211,219		636,680,772
Legrand SA		1,954,335		198,898,713
LVMH Moet Hennessy Louis Vuitton SE		185,038		151,986,041
Saint Jean Groupe SA*		93,252		2,283,854
Sanofi		4,031,951		421,589,025
Sodexo SA		3,827,240		355,947,159
Wendel SE		1,067,994		116,001,610
				1,883,387,174
Germany - 0.8%
Brenntag SE		1,126,149		96,484,205
Henkel AG & Co. KGaA (Preference)		3,583,218		293,065,878
				389,550,083
Hong Kong - 2.1%
CK Asset Holdings Ltd.		37,986,500		253,575,346
Guoco Group Ltd.		12,748,580		142,339,273
Hongkong Land Holdings Ltd.		31,759,300		172,005,666
Hysan Development Co. Ltd.		23,322,348		71,489,104
Jardine Matheson Holdings Ltd.		6,979,771		412,245,952
				1,051,655,341
Ireland - 0.3%
CRH plc		3,284,015		164,826,033

Japan - 8.1%
Chofu Seisakusho Co. Ltd.(a)		3,224,200		55,270,582
FANUC Corp.		2,442,000		482,901,437
Hirose Electric Co. Ltd.		1,555,415		231,846,801
Hoshizaki Corp.		2,080,300		153,722,608
Hoya Corp.		1,172,040		151,976,487
Keyence Corp.		466,500		239,278,421
Komatsu Ltd.		6,756,000		169,771,197
Mitsubishi Electric Corp.		21,420,200		268,253,752
Mitsubishi Estate Co. Ltd.		24,622,380		354,621,999
MS&AD Insurance Group Holdings, Inc.		10,849,820		372,143,938
Olympus Corp.		2,001,224		44,781,485
Secom Co. Ltd.		6,337,130		446,223,297
Shimano, Inc.		1,517,390		340,262,783
SMC Corp.		442,156		246,617,615
Sompo Holdings, Inc.		7,911,500		370,206,550
T Hasegawa Co. Ltd.(a)		3,002,800		65,892,679
USS Co. Ltd.		1,298,600		21,194,052
				4,014,965,683
Mexico - 0.8%
Fomento Economico Mexicano SAB de CV, ADR		3,414,770		256,858,999
Fresnillo plc		5,590,827		47,381,172
Industrias Penoles SAB de CV		6,401,020		68,574,821
				372,814,992
Norway - 0.3%
Orkla ASA		14,016,004		133,942,585

South Korea - 1.5%
Hyundai Mobis Co. Ltd.		612,650		120,264,693
KT&G Corp.		5,242,098		338,617,874
Lotte Confectionery Co. Ltd.*		161,797		15,800,299
Lotte Corp.*		913,277		20,403,775
Namyang Dairy Products Co. Ltd.*		7,644		2,381,022
NAVER Corp.		304,531		80,438,993
Samsung Electronics Co. Ltd. (Preference)		3,025,981		170,203,187
				748,109,843
Sweden - 1.0%
Investor AB, Class A		4,970,940		113,085,357
Investor AB, Class B		11,255,824		244,385,692
Svenska Handelsbanken AB, Class A		12,783,537		136,241,315
				493,712,364
Switzerland - 2.4%
Cie Financiere Richemont SA (Registered)		5,404,588		785,469,610
Nestle SA (Registered)		3,276,025		423,060,548
				1,208,530,158
Taiwan - 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,728,591		579,867,114

Thailand - 0.4%
Bangkok Bank PCL, NVDR		47,278,400		193,422,775

United Kingdom - 5.8%
BAE Systems plc		30,239,911		236,650,263
Berkeley Group Holdings plc		4,792,343		273,499,080
British American Tobacco plc		19,154,797		817,814,163
GlaxoSmithKline plc		14,146,132		315,685,166

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
Lloyds Banking Group plc		437,703,164		303,753,803
Reckitt Benckiser Group plc		4,483,021		363,224,120
Unilever plc		10,328,072		527,529,704
				2,838,156,299
United States - 43.7%
Alleghany Corp.*		309,855		205,743,720
Alphabet, Inc., Class A*		134,718		364,556,338
Alphabet, Inc., Class C*		148,554		403,171,099
American Express Co.		2,777,005		499,361,039
Analog Devices, Inc.		2,347,969		384,996,477
Anthem, Inc.		1,418,918		625,728,649
Bank of New York Mellon Corp. (The)		10,924,432		647,381,840
Becton Dickinson and Co.		1,130,197		287,228,266
Berkshire Hathaway, Inc., Class A*		728		342,018,040
Booking Holdings, Inc.*		140,748		345,695,385
Boston Properties, Inc., REIT		1,627,005		182,354,720
Brown & Brown, Inc.		5,245,466		347,669,487
CH Robinson Worldwide, Inc.(a)		7,426,526		777,185,946
Charles Schwab Corp. (The)		3,340,935		293,000,000
Colgate-Palmolive Co.		7,521,578		620,154,106
Comcast Corp., Class A		20,976,453		1,048,612,885
Cummins, Inc.		1,379,077		304,610,528
Deere & Co.		856,533		322,399,021
DENTSPLY SIRONA, Inc.		5,236,329		279,724,695
Douglas Emmett, Inc., REIT		4,502,078		140,554,875
Equity Residential, REIT		3,857,349		342,262,577
Expeditors International of Washington, Inc.		1,672,498		191,467,571
Exxon Mobil Corp.		17,012,219		1,292,248,155
Flowserve Corp.(a)		7,892,216		257,444,086
HCA Healthcare, Inc.		1,657,849		397,966,652
IPG Photonics Corp.*		1,686,752		260,552,581
J G Boswell Co.		2,485		2,485,000
Kraft Heinz Co. (The)		4,471,740		160,088,292
Meta Platforms, Inc., Class A*		2,418,974		757,767,795
Microsoft Corp.		1,716,838		533,902,281
Mills Music Trust(a)		31,592		1,516,416
Newmont Corp.		8,146,408		498,315,777
NOV, Inc.(a)		24,797,848		407,180,664
Oracle Corp.		18,452,220		1,497,582,175
Philip Morris International, Inc.		8,199,501		843,318,678
PPG Industries, Inc.		784,198		122,491,728
Royal Gold, Inc.		1,295,545		131,562,595
salesforce.com, Inc.*		1,339,249		311,549,495
Schlumberger NV		19,339,054		755,576,840
Scotts Miracle-Gro Co. (The)		841,222		127,192,766
Teradata Corp.*(a)		9,658,435		389,621,268
Texas Instruments, Inc.		2,221,032		398,653,034
Travelers Cos., Inc. (The)		2,167,437		360,184,681
UGI Corp.		6,123,570		277,703,900
Union Pacific Corp.		1,281,211		313,320,150
Universal Health Services, Inc., Class B		2,977,657		387,274,069
US Bancorp		6,565,740		382,060,411
W R Berkley Corp.		3,504,173		296,102,619
Wells Fargo & Co.		6,275,140		337,602,532
Weyerhaeuser Co., REIT		12,883,978		520,899,231
Willis Towers Watson plc		2,526,356		591,066,250
				21,569,107,385
TOTAL COMMON STOCKS (Cost $24,913,542,704)				39,395,393,731

Investments	Ounces		Value ($)

COMMODITIES - 10.4%

Gold bullion*
(Cost $3,015,662,623)		2,848,707		5,123,911,837

Investments	Principal Amount ($)		Value ($)

FOREIGN GOVERNMENT SECURITIES - 1.3%

Colombia - 0.2%
Titulos de Tesoreria
5.75%, 11/3/2027	COP	504,289,700,000		111,490,116

Indonesia - 0.1%
Republic of Indonesia
8.38%, 3/15/2024	IDR	853,795,000,000		64,174,134

Malaysia - 0.2%
Malaysia Government Bond
3.42%, 8/15/2022	MYR	443,682,000		107,040,541

Mexico - 0.4%
Mex Bonos Desarr Fix Rt
8.00%, 12/7/2023	MXN	911,940,000		44,549,251
10.00%, 12/5/2024	MXN	816,590,000		42,044,409
5.75%, 3/5/2026	MXN	1,813,230,000		82,306,472
				168,900,132
Peru - 0.2%
Republic of Peru
8.20%, 8/12/2026(b)	PEN	249,858,000		73,316,518

South Korea - 0.2%
Republic of Korea
1.25%, 3/10/2026	KRW	131,948,880,000		104,561,627

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $674,284,334)				629,483,068

Investments	Principal Amount ($)		Value ($)

CORPORATE BONDS - 0.0%(c)

United States - 0.0%(c)
Bausch & Lomb, Inc.
7.13%, 8/1/2028‡ (Cost $5,067,594)		5,467,000		5,808,688

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Number of Warrants		Value ($)

WARRANTS - 0.0%(c)

Switzerland - 0.0%(c)
Cie Financiere Richemont SA, expiring 11/22/2023*
(Cost $–)		12,749,074		13,070,329

Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 8.3%

COMMERCIAL PAPER - 8.2%
Alphabet, Inc.
0.10%, 3/16/2022(d)		26,237,000		26,233,825
Amazon.com, Inc.
0.06%, 3/3/2022(d)		50,000,000		49,996,082
0.06%, 3/9/2022(d)		75,000,000		74,992,369
American Honda Finance Corp.
0.20%, 2/4/2022(d)		41,250,000		41,249,327
0.25%, 2/8/2022(d)		20,000,000		19,999,262
0.20%, 2/11/2022(d)		40,593,000		40,590,705
0.31%, 3/22/2022(d)		29,730,000		29,718,025
0.31%, 3/23/2022(d)		29,730,000		29,717,660
0.35%, 4/12/2022(d)		26,013,000		25,995,095
Apple, Inc.
0.06%, 2/1/2022(b)(d)		40,000,000		39,999,945
0.05%, 2/15/2022(b)(d)		16,667,000		16,666,722
0.07%, 3/1/2022(b)(d)		50,000,000		49,997,261
BNG Bank NV
0.11%, 4/12/2022(b)(d)		70,000,000		69,977,220
0.12%, 4/13/2022(b)(d)		81,997,000		81,969,777
0.14%, 4/19/2022(b)(d)		52,027,000		52,007,386
0.14%, 4/20/2022(b)(d)		52,027,000		52,007,020
BP Capital Markets plc
0.27%, 2/22/2022(d)		25,000,000		24,997,739
0.32%, 3/25/2022(d)		85,373,000		85,351,507
0.19%, 4/11/2022(d)		36,332,000		36,317,377
0.19%, 4/18/2022(d)		99,000,000		98,953,838
0.19%, 4/19/2022(d)		41,065,000		41,045,426
CenterPoint Energy, Inc.
0.13%, 2/1/2022(d)		54,347,000		54,346,772
Cigna Corp.
0.31%, 3/15/2022(b)(d)		35,000,000		34,988,629
0.33%, 4/1/2022(d)		24,000,000		23,987,200
Danaher Corp.
0.19%, 2/10/2022(b)(d)		25,408,000		25,406,878
0.17%, 2/14/2022(b)(d)		33,333,000		33,330,614
Entergy Corp.
0.10%, 2/1/2022(b)(d)		23,170,000		23,169,923
Erste Abwicklungsanstalt
0.18%, 4/21/2022(b)(d)		42,346,000		42,326,898
0.18%, 4/25/2022(b)(d)		42,346,000		42,324,855
European Investment Bank
0.15%, 5/2/2022(d)		36,002,000		35,987,257
0.15%, 5/3/2022(d)		40,084,000		40,067,303
0.14%, 5/5/2022(d)		24,000,000		23,989,597
Export Development Corp.
0.10%, 2/7/2022(d)		68,750,000		68,749,332
0.10%, 2/9/2022(d)		32,474,000		32,473,594
0.10%, 2/23/2022(d)		32,474,000		32,472,630
FMS Wertmanagement
0.13%, 2/22/2022(b)(d)		56,004,000		56,000,817
General Motors Financial Co., Inc.
0.27%, 2/1/2022(d)		44,807,000		44,806,681
Hydro-Quebec
0.13%, 4/14/2022(b)(d)		100,342,000		100,310,055
0.14%, 5/4/2022(d)		72,000,000		71,966,148
Kreditanstalt fuer Wiederaufbau
0.15%, 4/1/2022(b)(d)		42,325,000		42,314,348
0.08%, 4/4/2022(d)		93,165,000		93,139,240
0.17%, 5/6/2022(b)(d)		50,000,000		49,969,125
0.17%, 5/9/2022(b)(d)		75,000,000		74,950,387
0.18%, 5/10/2022(b)(d)		76,185,000		76,133,461
Linde, Inc.
0.05%, 3/2/2022(d)		67,450,000		67,444,941
LVMH Moet Hennessy Louis Vuitton SE
0.10%, 2/17/2022(b)(d)		50,000,000		49,998,489
0.12%, 2/23/2022(b)(d)		21,056,000		21,054,924
0.12%, 4/11/2022(d)		85,712,000		85,681,501
0.13%, 4/18/2022(d)		25,523,000		25,512,464
0.12%, 4/22/2022(b)(d)		22,214,000		22,204,103
MetLife Short Term Funding LLC
0.10%, 2/3/2022(b)(d)		28,905,000		28,904,879
0.14%, 3/24/2022(d)		50,000,000		49,990,684
0.15%, 3/28/2022(b)(d)		53,270,000		53,258,482
0.14%, 3/29/2022(d)		23,000,000		22,994,829
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(d)		20,974,000		20,973,907

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)
Nederlandse Waterschapsbank NV
0.18%, 4/19/2022(b)(d)		43,000,000		42,980,808
Nestle Capital Corp.
0.07%, 2/2/2022(d)		50,000,000		49,999,900
Nestle Finance International Ltd.
0.06%, 2/15/2022(b)(d)		58,900,000		58,898,528
Nordea Bank Abp
0.11%, 3/8/2022(b)(d)		35,880,000		35,876,914
0.08%, 3/14/2022(b)(d)		65,700,000		65,692,948
0.08%, 3/21/2022(b)(d)		40,575,000		40,569,533
0.18%, 4/5/2022(b)(d)		93,165,000		93,142,640
0.19%, 4/21/2022(d)		32,900,000		32,882,673
0.15%, 4/22/2022(b)(d)		55,439,000		55,408,689
0.16%, 4/26/2022(d)		54,627,000		54,592,433
0.16%, 4/27/2022(d)		43,829,000		43,800,207
0.16%, 4/28/2022(d)		43,829,000		43,799,237
0.16%, 4/29/2022(b)(d)		43,829,000		43,798,251
NRW Bank
0.06%, 2/25/2022(d)		64,010,000		64,007,333
Nutrien Ltd.
0.30%, 3/4/2022(d)		40,000,000		39,989,582
Philip Morris International, Inc.
0.08%, 2/28/2022(d)		33,877,000		33,874,734
Province of Quebec
0.07%, 2/16/2022(b)(d)		32,961,000		32,960,238
0.07%, 2/17/2022(b)(d)		42,757,000		42,755,910
0.07%, 2/18/2022(d)		22,577,000		22,576,368
PSP Capital, Inc.
0.12%, 3/3/2022(d)		37,336,000		37,333,074
0.17%, 3/7/2022(d)		46,152,000		46,147,648
0.13%, 4/6/2022(b)(d)		25,000,000		24,992,642
0.14%, 4/7/2022(b)(d)		50,000,000		49,984,784
0.13%, 4/8/2022(b)(d)		78,300,000		78,275,372
0.21%, 5/11/2022(b)(d)		9,850,000		9,842,968
Rockwell Automation, Inc.
0.18%, 2/1/2022(d)		35,000,000		34,999,903
Siemens Capital Co. LLC
0.10%, 4/20/2022(d)		46,020,000		46,003,943
Stanley Black & Decker, Inc.
0.22%, 3/4/2022(d)		25,000,000		24,995,711
0.22%, 3/17/2022(d)		50,000,000		49,986,875
0.22%, 3/18/2022(d)		50,000,000		49,986,392
0.30%, 4/6/2022(b)(d)		43,400,000		43,379,234
0.31%, 4/26/2022(b)(d)		9,795,000		9,787,484
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(b)(d)		42,174,000		42,173,788
Western Union Co. (The)
0.15%, 2/1/2022(b)(d)		27,594,000		27,593,881
0.18%, 2/3/2022(d)		8,446,000		8,445,882
TOTAL COMMERCIAL PAPER (Cost $4,040,744,213)				4,040,551,022

U.S. TREASURY OBLIGATIONS - 0.1%
U.S. Treasury Bills
0.04%, 2/24/2022(d)		15,000,000		14,999,662
0.05%, 3/10/2022(d)		15,000,000		14,999,495
TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,998,923)				29,999,157

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.0%(c)
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (e)(Cost $263,883)		263,883		263,883
TOTAL SHORT-TERM INVESTMENTS (Cost $4,071,007,019)				4,070,814,062

Total Investments - 99.8% (Cost $32,679,564,274)				49,238,481,715
Other assets less liabilities - 0.2%				110,644,011
Net Assets - 100.0%				49,349,125,726

*	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 January 31, 2022 amounted to $2,010,703,328, which represents approximately 4.07% 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 January 31, 2022.
(e)	Represents 7-day effective yield as of January 31, 2022.

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of January 31, 2022

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
USD	170,168,578	EUR	143,584,000	UBS AG	2/16/2022	8,816,107
USD	75,237,945	GBP	54,378,000	UBS AG	2/16/2022	2,111,275
USD	132,031,257	EUR	113,933,000	Goldman Sachs	3/16/2022	3,917,290
USD	94,397,949	GBP	69,372,000	Goldman Sachs	3/16/2022	1,122,854
USD	111,272,646	EUR	97,701,000	JPMorgan Chase Bank	4/20/2022	1,304,445
Net unrealized appreciation						17,271,971

Abbreviations
ADR	American Depositary Receipt
COP	Colombian Peso
EUR	Euro
Fix Rt	Fixed Rate
GBP	British Pound
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysia Ringgit
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

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		0.5	%
Air Freight & Logistics		2.0
Auto Components		0.2
Banks		3.1
Beverages		1.1
Capital Markets		1.9
Chemicals		1.3
Commercial Services & Supplies		0.9
Commodities		10.4
Construction Materials		0.3
Consumer Finance		1.0
Diversified Financial Services		3.1
Electrical Equipment		0.9
Electronic Equipment, Instruments & Components		1.5
Energy Equipment & Services		2.3
Entertainment		0.0	*
Equity Real Estate Investment Trusts (REITs)		2.4
Food Products		2.8
Foreign Government Securities		1.3
Gas Utilities		0.6
Health Care Equipment & Supplies		1.6
Health Care Providers & Services		2.9
Hotels, Restaurants & Leisure		1.4
Household Durables		0.7
Household Products		2.6
Industrial Conglomerates		1.2
Insurance		5.9
Interactive Media & Services		3.3
Internet & Direct Marketing Retail		1.1
Leisure Products		0.7
Machinery		3.9
Media		2.1
Metals & Mining		3.3
Oil, Gas & Consumable Fuels		3.5
Personal Products		1.1
Pharmaceuticals		1.5
Real Estate Management & Development		1.7
Road & Rail		0.6
Semiconductors & Semiconductor Equipment		2.8
Software		5.5
Specialty Retail		0.0	*
Technology Hardware, Storage & Peripherals		0.3
Textiles, Apparel & Luxury Goods		1.9
Tobacco		4.1
Trading Companies & Distributors		0.2
Short-Term Investments		8.3
Total Investments		99.8	%

*	Less than 0.05%

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Affiliated Securities

Security Description	Shares at January 31, 2022		Market Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Market Value January 31, 2022		Dividend Income		Capital Gain Distributions
COMMON STOCKS—4.0%
Japan—0.3%
Chofu Seisakusho Co. Ltd.		3,224,200	$	58,257,118	$	–	$	–	$	–	$	(2,986,536	)	$	55,270,582	$	454,330	$	–
T Hasegawa Co. Ltd.		3,002,800		73,329,979		–		–		–		(7,437,300	)		65,892,679		117,670		–
				131,587,097		–		–		–		(10,423,836	)		121,163,261		572,000		–

United States—3.7%
CH Robinson Worldwide, Inc.		7,426,526		720,298,757		–		–		–		56,887,189			777,185,946		4,084,589		–
Flowserve Corp.		7,892,216		265,336,302		–		–		–		(7,892,216	)		257,444,086		1,578,443		–
Mills Music Trust		31,592		1,927,112		–		–		–		(410,696	)		1,516,416		25,746		–
NOV, Inc.		24,797,848		347,665,829		–		–		–		59,514,835			407,180,664		1,239,892		–
Teradata Corp.*		9,658,435		546,281,084		–		–		–		(156,659,816	)		389,621,268		–		–
				1,881,509,084		–		–		–		(48,560,704	)		1,832,948,380		6,928,670		–

Total COMMON STOCKS				2,013,096,181		–		–		–		(58,984,540	)		1,954,111,641		7,500,670		–
Total			$	2,013,096,181	$	–	$	–	$	–	$	(58,984,540	)	$	1,954,111,641	$	7,500,670	$	–

* Non-income producing security.

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 80.4%

Australia - 0.3%
Newcrest Mining Ltd.		2,725,136		42,270,578

Belgium - 2.6%
Groupe Bruxelles Lambert SA		3,140,042		336,935,558
Legris Industries SE*‡(a)(b)(c)		905,366		17,504,866
				354,440,424
Brazil - 2.6%
Ambev SA, ADR		65,314,679		184,840,542
Itausa SA (Preference)		47,442,852		91,042,101
Wheaton Precious Metals Corp.		2,256,314		90,974,580
				366,857,223
Canada - 6.4%
Agnico Eagle Mines Ltd.		717,589		34,271,981
Barrick Gold Corp.		3,513,293		67,279,561
Franco-Nevada Corp.		224,985		29,747,260
Imperial Oil Ltd.		8,488,821		347,326,106
Nutrien Ltd.		2,775,107		193,702,469
Power Corp. of Canada		6,484,234		208,430,005
				880,757,382
Chile - 1.1%
Cia Cervecerias Unidas SA, ADR(b)		9,392,572		156,574,175

China - 1.7%
Alibaba Group Holding Ltd., ADR*		974,990		122,643,992
Prosus NV*		1,315,836		109,472,099
				232,116,091
Faroe Islands - 0.3%
Bakkafrost P/F		647,046		44,606,387

France - 6.6%
Danone SA		5,117,957		319,110,266
Laurent-Perrier(b)		558,938		63,421,829
Legrand SA		812,472		82,687,786
LVMH Moet Hennessy Louis Vuitton SE		30,062		24,692,249
Saint Jean Groupe SA*		18,420		451,128
Sanofi		1,917,334		200,480,356
Sodexo SA		1,804,517		167,826,606
Wendel SE		493,657		53,619,222
				912,289,442
Germany - 2.0%
Brenntag SE		694,013		59,460,420
FUCHS PETROLUB SE (Preference)		1,930,453		83,424,845
Henkel AG & Co. KGaA (Preference)		1,581,332		129,334,707
				272,219,972
Hong Kong - 4.7%
CK Asset Holdings Ltd.		19,475,000		130,003,550
Great Eagle Holdings Ltd.		22,777,700		63,991,664
Guoco Group Ltd.		7,806,340		87,158,630
Hongkong Land Holdings Ltd.		15,883,500		86,023,684
Hysan Development Co. Ltd.		17,500,405		53,643,324
Jardine Matheson Holdings Ltd.		3,892,300		229,890,769
				650,711,621
Ireland - 0.6%
CRH plc		1,586,739		79,639,068

Japan - 17.2%
As One Corp.		1,418,280		70,271,769
Chofu Seisakusho Co. Ltd.(b)		1,829,100		31,355,195
Daiichikosho Co. Ltd.(b)		2,866,280		81,219,248
FANUC Corp.		1,241,140		245,433,370
Hirose Electric Co. Ltd.		919,830		137,107,874
Hoshizaki Corp.		1,032,500		76,296,012
Hoya Corp.		483,210		62,657,041
Kansai Paint Co. Ltd.		3,559,930		73,896,296
Keyence Corp.		209,100		107,252,128
Komatsu Ltd.		3,814,300		95,849,360
Mitsubishi Electric Corp.		10,867,500		136,098,059
Mitsubishi Estate Co. Ltd.		15,918,150		229,259,973
MS&AD Insurance Group Holdings, Inc.		4,659,600		159,822,181
Nagaileben Co. Ltd.		1,687,224		30,824,447
Olympus Corp.		840,372		18,805,044
Pilot Corp.		473,900		16,879,056
Secom Co. Ltd.		3,108,600		218,889,267
Shimano, Inc.		694,470		155,729,440
SK Kaken Co. Ltd.		87,561		28,845,704
SMC Corp.		208,990		116,566,586
Sompo Holdings, Inc.		4,966,400		232,395,097
T Hasegawa Co. Ltd.		1,906,436		41,834,347
USS Co. Ltd.		560,300		9,144,484
Yokogawa Electric Corp.		13,600		222,843
				2,376,654,821
Mexico - 1.3%
Fomento Economico Mexicano SAB de CV, ADR		1,956,404		147,160,709
Fresnillo plc		1,426,722		12,091,192
Grupo Mexico SAB de CV, Series B		566,938		2,434,799
Industrias Penoles SAB de CV		2,246,692		24,069,055
				185,755,755
Netherlands - 2.2%
HAL Trust		618,494		97,038,524
Shell plc		8,311,366		212,093,053
				309,131,577
Norway - 1.0%
Orkla ASA		13,903,113		132,863,753

Singapore - 2.0%
ComfortDelGro Corp. Ltd.		20,481,815		20,681,129
Haw Par Corp. Ltd.(b)		19,447,213		167,576,828
United Overseas Bank Ltd.		828,500		18,515,871

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
UOL Group Ltd.		14,128,300		76,617,431
				283,391,259
South Korea - 3.5%
Fursys, Inc.*(b)		872,463		25,427,770
Hyundai Mobis Co. Ltd.		383,757		75,332,438
KT&G Corp.		2,525,785		163,155,276
Lotte Confectionery Co. Ltd.*		104,605		10,215,210
Lotte Corp.*		772,717		17,263,485
Namyang Dairy Products Co. Ltd.		4,387		1,366,502
Namyang Dairy Products Co. Ltd. (Preference)(b)		15,711		2,539,008
NAVER Corp.		126,327		33,368,086
NongShim Co. Ltd.		203,663		54,969,305
Samsung Electronics Co. Ltd. (Preference)		1,863,921		104,840,478
				488,477,558
Sweden - 2.7%
Industrivarden AB, Class A		123,708		3,910,650
Industrivarden AB, Class C		1,572,517		48,843,320
Investor AB, Class A		2,623,962		59,693,273
Investor AB, Class B		8,384,352		182,040,485
Svenska Handelsbanken AB, Class A		8,041,032		85,697,783
				380,185,511
Switzerland - 4.5%
Cie Financiere Richemont SA (Registered)		2,414,653		350,930,830
Nestle SA (Registered)		2,078,798		268,452,597
				619,383,427
Taiwan - 2.2%
Taiwan Secom Co. Ltd.		8,545,694		31,383,458
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,190,953		268,676,566
				300,060,024
Thailand - 0.8%
Bangkok Bank PCL, NVDR		21,880,059		89,514,487
Thai Beverage PCL		52,214,985		25,419,597
				114,934,084
Turkey - 0.2%
AG Anadolu Grubu Holding A/S		9,256,418		26,309,415

United Kingdom - 10.4%
BAE Systems plc		13,135,620		102,796,200
Berkeley Group Holdings plc		1,832,834		104,599,861
British American Tobacco plc		8,552,722		365,158,513
GlaxoSmithKline plc		7,145,873		159,467,344
Great Portland Estates plc, REIT		1,005,391		10,416,808
Hiscox Ltd.		6,200,408		81,500,503
Lloyds Banking Group plc		217,111,612		150,669,411
Reckitt Benckiser Group plc		2,333,629		189,075,701
Ultra Electronics Holdings plc		400,204		15,701,298
Unilever plc		5,126,746		261,860,181
				1,441,245,820
United States - 3.5%
Newmont Corp.		2,780,992		170,113,281
Royal Gold, Inc.		407,717		41,403,661
Willis Towers Watson plc		1,144,034		267,658,195
				479,175,137
TOTAL COMMON STOCKS (Cost $7,865,176,473)				11,130,050,504

Investments	Ounces		Value ($)
COMMODITIES - 10.9%

Gold bullion* (Cost $799,500,107)		836,267		1,504,177,431

Investments	Principal Amount ($)		Value ($)

FOREIGN GOVERNMENT SECURITIES - 2.4%

Colombia - 0.4%
Titulos de Tesoreria
5.75%, 11/3/2027	COP	231,789,600,000		51,244,849

Indonesia - 0.2%
Republic of Indonesia
8.38%, 3/15/2024	IDR	267,431,000,000		20,101,023

Malaysia - 0.3%
Malaysia Government Bond
3.42%, 8/15/2022	MYR	181,499,000		43,787,557

Mexico - 0.5%
Mex Bonos Desarr Fix Rt
8.00%, 12/7/2023	MXN	377,210,000		18,427,114
10.00%, 12/5/2024	MXN	388,030,000		19,978,805
5.75%, 3/5/2026	MXN	665,860,000		30,224,841
				68,630,760
Peru - 0.2%
Republic of Peru
8.20%, 8/12/2026(d)	PEN	102,111,000		29,962,711

Singapore - 0.5%
Republic of Singapore
3.13%, 9/1/2022	SGD	97,397,000		73,118,944

South Korea - 0.3%
Republic of Korea
1.25%, 3/10/2026	KRW	59,926,230,000		47,487,967

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $353,946,460)				334,333,811

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Number of Warrants		Value ($)
WARRANTS - 0.0%(e)

Switzerland - 0.0%(e)
Cie Financiere Richemont SA, expiring 11/22/2023* (Cost $–)		5,585,194		5,725,932

Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 6.2%

COMMERCIAL PAPER - 6.0%
Alphabet, Inc.
0.10%, 3/16/2022(f)		12,733,000		12,731,459
American Honda Finance Corp.
0.20%, 2/4/2022(f)		17,625,000		17,624,712
0.20%, 2/11/2022(f)		8,891,000		8,890,498
0.31%, 3/22/2022(f)		14,428,000		14,422,189
0.31%, 3/23/2022(f)		14,428,000		14,422,011
0.35%, 4/12/2022(f)		3,674,000		3,671,471
BNG Bank NV
0.12%, 4/13/2022(d)(f)		18,003,000		17,997,023
0.14%, 4/19/2022(d)(f)		7,348,000		7,345,230
0.14%, 4/20/2022(d)(f)		7,348,000		7,345,178
BP Capital Markets plc
0.32%, 3/25/2022(f)		21,927,000		21,921,480
0.19%, 4/11/2022(f)		5,131,000		5,128,935
0.19%, 4/19/2022(f)		8,509,000		8,504,944
CenterPoint Energy, Inc.
0.13%, 2/1/2022(f)		21,226,000		21,225,911
Danaher Corp.
0.19%, 2/10/2022(d)(f)		4,592,000		4,591,797
Entergy Corp.
0.10%, 2/1/2022(d)(f)		9,050,000		9,049,970
Erste Abwicklungsanstalt
0.18%, 4/21/2022(d)(f)		7,654,000		7,650,547
0.18%, 4/25/2022(d)(f)		7,654,000		7,650,178
European Investment Bank
0.15%, 5/2/2022(f)		13,998,000		13,992,268
0.15%, 5/3/2022(f)		8,716,000		8,712,369
0.14%, 5/5/2022(f)		25,000,000		24,989,164
Export Development Corp.
0.10%, 2/7/2022(f)		29,375,000		29,374,715
0.10%, 2/9/2022(f)		7,113,000		7,112,911
0.10%, 2/23/2022(f)		7,113,000		7,112,700
FMS Wertmanagement
0.13%, 2/22/2022(d)(f)		18,996,000		18,994,920
General Motors Financial Co., Inc.
0.27%, 2/1/2022(f)		17,483,000		17,482,876
Hydro-Quebec
0.11%, 4/14/2022(d)(f)		14,258,000		14,253,461
Kreditanstalt fuer Wiederaufbau
0.10%, 3/4/2022(d)(f)		49,000,000		48,996,821
0.10%, 3/11/2022(f)		49,000,000		48,995,647
0.15%, 4/1/2022(d)(f)		31,671,000		31,663,030
0.08%, 4/4/2022(f)		6,835,000		6,833,110
0.18%, 5/10/2022(d)(f)		35,565,000		35,540,940
LVMH Moet Hennessy Louis Vuitton SE
0.12%, 4/11/2022(f)		6,288,000		6,285,762
0.13%, 4/18/2022(f)		16,311,000		16,304,267
0.12%, 4/22/2022(d)(f)		2,286,000		2,284,982
Mitsubishi International Corp.
0.10%, 2/2/2022(d)(f)		49,000,000		48,999,809
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(f)		8,228,000		8,227,963
Nordea Bank Abp
0.11%, 3/8/2022(d)(f)		12,170,000		12,168,953
0.18%, 4/5/2022(d)(f)		6,835,000		6,833,360
0.15%, 4/22/2022(d)(f)		11,487,000		11,480,719
0.16%, 4/26/2022(f)		9,873,000		9,866,753
0.16%, 4/27/2022(f)		6,171,000		6,166,946
0.16%, 4/28/2022(f)		6,171,000		6,166,809
0.16%, 4/29/2022(d)(f)		6,171,000		6,166,671
Philip Morris International, Inc.
0.08%, 2/28/2022(f)		6,123,000		6,122,590
Province of Quebec
0.07%, 2/16/2022(d)(f)		7,220,000		7,219,833
0.07%, 2/17/2022(d)(f)		22,243,000		22,242,433
0.07%, 2/18/2022(f)		11,723,000		11,722,672
PSP Capital, Inc.
0.09%, 2/8/2022(d)(f)		32,800,000		32,799,490
0.09%, 2/14/2022(d)(f)		30,000,000		29,999,183
0.12%, 3/3/2022(f)		12,664,000		12,663,008
0.17%, 3/7/2022(f)		3,848,000		3,847,637
0.21%, 5/11/2022(d)(f)		18,401,000		18,387,864
Siemens Capital Co. LLC
0.10%, 4/20/2022(f)		6,480,000		6,477,739
Stanley Black & Decker, Inc.
0.31%, 4/26/2022(d)(f)		6,005,000		6,000,392
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(d)(f)		16,455,000		16,454,917
Western Union Co. (The)
0.15%, 2/1/2022(d)(f)		10,778,000		10,777,953
0.18%, 2/3/2022(f)		6,032,000		6,031,916
TOTAL COMMERCIAL PAPER (Cost $835,955,546)				835,929,086

U.S. TREASURY OBLIGATIONS - 0.2%
U.S. Treasury Bills
0.04%, 2/24/2022(f)		10,000,000		9,999,775
0.05%, 3/10/2022(f)		10,000,000		9,999,663
TOTAL U.S. TREASURY OBLIGATIONS (Cost $19,999,282)				19,999,438

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.0%(e)
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (g)(Cost $56,471)		56,471		56,471
TOTAL SHORT-TERM INVESTMENTS (Cost $856,011,299)				855,984,995

Total Investments - 99.9% (Cost $9,874,634,339)				13,830,272,673
Other assets less liabilities - 0.1%				18,769,735
Net Assets - 100.0%				13,849,042,408

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(a)	Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $17,504,866, 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			$	19.33

(d)	Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at January 31, 2022 amounted to $472,858,365, which represents approximately 3.41% of net assets of the Fund.
(e)	Represents less than 0.05% of net assets.
(f)	The rate shown was the current yield as of January 31, 2022.
(g)	Represents 7-day effective yield as of January 31, 2022.

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of January 31, 2022

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation) ($)

USD

105,151,249

EUR

88,724,000

UBS AG

2/16/2022

5,447,684

USD

32,823,380

GBP

23,723,000

UBS AG

2/16/2022

921,067

USD

82,605,146

EUR

71,282,000

Goldman Sachs

3/16/2022

2,450,846

USD

42,000,910

GBP

30,866,000

Goldman Sachs

3/16/2022

499,597

USD

54,136,948

EUR

47,534,000

JPMorgan Chase Bank

4/20/2022

634,645

Net unrealized appreciation

9,953,839

Abbreviations
ADR	American Depositary Receipt
COP	Colombian Peso
EUR	Euro
Fix Rt	Fixed Rate
GBP	British Pound
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysia Ringgit
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

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		0.9	%
Auto Components		0.5
Banks		3.1
Beverages		4.2
Chemicals		3.0
Commercial Services & Supplies		2.1
Commodities		10.9
Construction Materials		0.6
Diversified Financial Services		5.6
Electrical Equipment		1.6
Electronic Equipment, Instruments & Components		1.8
Entertainment		0.6
Equity Real Estate Investment Trusts (REITs)		0.1
Food Products		6.0
Foreign Government Securities		2.4
Health Care Equipment & Supplies		0.8
Health Care Providers & Services		0.5
Hotels, Restaurants & Leisure		1.2
Household Durables		1.0
Household Products		2.3
Industrial Conglomerates		2.6
Insurance		6.9
Interactive Media & Services		0.2
Internet & Direct Marketing Retail		1.7
Leisure Products		1.1
Machinery		4.0
Metals & Mining		3.7
Oil, Gas & Consumable Fuels		4.0
Personal Products		1.9
Pharmaceuticals		3.8
Real Estate Management & Development		4.6
Road & Rail		0.1
Semiconductors & Semiconductor Equipment		2.0
Specialty Retail		0.1
Technology Hardware, Storage & Peripherals		0.8
Textiles, Apparel & Luxury Goods		2.8
Tobacco		3.8
Trading Companies & Distributors		0.4
Short-Term Investments		6.2
Total Investments		99.9	%

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Overseas Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Security Description	Shares at January 31, 2022		Market Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Market Value January 31, 2022		Dividend Income		Capital Gain Distributions
Common Stock — 3.9%
Belgium — 0.1%
Legris Industries SE*‡(a)(b)		905,366	$	20,293,634	$	–	$	–	$	–	$	(2,788,768	)	$	17,504,866	$	–	$	–

Chile — 1.1%
Cia Cervecerias Unidas SA, ADR		9,392,572		158,828,392		–		–		–		(2,254,217	)		156,574,175		5,757,412		–

France — 0.5%
Laurent-Perrier		558,938		62,287,158		–		–		–		1,134,671			63,421,829		–		–

Japan — 0.8%
Chofu Seisakusho Co. Ltd.		1,829,100		33,049,468		–		–		–		(1,694,273	)		31,355,195		257,743		–
Daiichikosho Co. Ltd.		2,866,280		104,073,016		–		–		–		(22,853,768	)		81,219,248		–		–
				137,122,484		–		–		–		(24,548,041	)		112,574,443		257,743		–

Singapore — 1.2%
Haw Par Corp. Ltd.		19,447,213		181,739,911		–		–		–		(14,163,083	)		167,576,828		–		–

South Korea — 0.2%
Fursys, Inc.		872,463		29,143,019		–		–		–		(3,715,249	)		25,427,770		614,022		–
Namyang Dairy Products Co. Ltd. (Preference)		15,711		3,049,776		–		–		–		(510,768	)		2,539,008		11,610		–
				32,192,795		–		–		–		(4,226,017	)		27,966,778		625,632		–

Total COMMON STOCKS				592,464,374		–		–		–		(46,845,455	)		545,618,919		6,640,787		–
Total			$	592,464,374	$	–	$	–	$	–	$	(46,845,455	)	$	545,618,919	$	6,640,787	$	–

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at January 31, 2022 amounted to $17,504,866, 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 Consolidated Schedule of Investments.

(Continued)

First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 79.4%

Aerospace & Defense - 0.3%
Aerojet Rocketdyne Holdings, Inc.		100,016		3,859,617

Air Freight & Logistics - 3.6%
CH Robinson Worldwide, Inc.		330,334		34,569,453
Expeditors International of Washington, Inc.		89,172		10,208,411
				44,777,864
Banks - 2.6%
US Bancorp		345,798		20,121,985
Wells Fargo & Co.		235,971		12,695,240
				32,817,225
Capital Markets - 4.1%
Bank of New York Mellon Corp. (The)		607,458		35,997,961
Charles Schwab Corp. (The)		172,271		15,108,167
				51,106,128
Chemicals - 1.9%
Nutrien Ltd. (Canada)		188,399		13,150,250
PPG Industries, Inc.		36,734		5,737,851
Scotts Miracle-Gro Co. (The)		32,921		4,977,655
				23,865,756
Consumer Finance - 1.7%
American Express Co.		120,858		21,732,686

Diversified Financial Services - 1.4%
Berkshire Hathaway, Inc., Class A*		38		17,852,590

Electronic Equipment, Instruments & Components - 1.0%
IPG Photonics Corp.*		84,209		13,007,764

Energy Equipment & Services - 2.7%
NOV, Inc.		998,989		16,403,400
Schlumberger NV		451,018		17,621,273
				34,024,673
Equity Real Estate Investment Trusts (REITs) - 3.8%
Boston Properties, Inc.		64,068		7,180,742
Douglas Emmett, Inc.		180,779		5,643,920
Equity Residential		161,312		14,313,214
Weyerhaeuser Co.		505,903		20,453,658
				47,591,534
Food Products - 0.6%
Kraft Heinz Co. (The)		206,681		7,399,180

Gas Utilities - 0.9%
UGI Corp.		242,612		11,002,454

Health Care Equipment & Supplies - 2.0%
Becton Dickinson and Co.		44,564		11,325,495
DENTSPLY SIRONA, Inc.		269,029		14,371,529
				25,697,024
Health Care Providers & Services - 5.8%
Anthem, Inc.		66,423		29,291,879
HCA Healthcare, Inc.		99,146		23,799,997
Universal Health Services, Inc., Class B		154,116		20,044,327
				73,136,203
Hotels, Restaurants & Leisure - 1.3%
Booking Holdings, Inc.*		6,842		16,804,842

Household Products - 2.6%
Colgate-Palmolive Co.		391,362		32,267,797

Insurance - 6.3%
Alleghany Corp.*		19,289		12,807,896
Brown & Brown, Inc.		264,735		17,546,636
Travelers Cos., Inc. (The)		113,399		18,844,646
W R Berkley Corp.		181,882		15,369,029
Willis Towers Watson plc		60,742		14,211,198
				78,779,405
Interactive Media & Services - 6.1%
Alphabet, Inc., Class A*		7,298		19,748,899
Alphabet, Inc., Class C*		7,229		19,619,289
Meta Platforms, Inc., Class A*		120,766		37,831,157
				77,199,345
Machinery - 3.5%
Cummins, Inc.		70,664		15,608,264
Deere & Co.		44,166		16,624,083
Flowserve Corp.		378,708		12,353,455
				44,585,802
Media - 3.6%
Comcast Corp., Class A		920,308		46,006,197

Metals & Mining - 2.9%
Agnico Eagle Mines Ltd. (Canada)		82,024		3,917,458
Barrick Gold Corp. (Canada)		311,133		5,958,197
Franco-Nevada Corp. (Canada)		21,527		2,846,275
Newcrest Mining Ltd. (Australia)		236,346		3,666,049
Newmont Corp.		261,386		15,988,982
Royal Gold, Inc.		38,764		3,936,484
				36,313,445
Oil, Gas & Consumable Fuels - 3.7%
Exxon Mobil Corp.		613,644		46,612,398

Road & Rail - 1.3%
Union Pacific Corp.		66,064		16,155,951

Semiconductors & Semiconductor Equipment - 3.2%
Analog Devices, Inc.		122,205		20,037,954
Texas Instruments, Inc.		115,515		20,733,787
				40,771,741
Software - 8.9%
Microsoft Corp.		95,262		29,624,577
Oracle Corp.		616,514		50,036,276
salesforce.com, Inc.*		58,794		13,677,248

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
Teradata Corp.*		463,744		18,707,433
				112,045,534
Tobacco - 3.6%
Philip Morris International, Inc.		435,178		44,758,057

TOTAL COMMON STOCKS (Cost $517,002,979)				1,000,171,212

Investments	Ounces		Value ($)

COMMODITIES - 10.5%

Gold bullion (Cost $79,442,806)*		73,531		132,258,565

Investments	Shares		Value ($)

MASTER LIMITED PARTNERSHIPS - 2.1%

Oil, Gas & Consumable Fuels - 2.1%
Enterprise Products Partners LP		526,087		12,436,697
Magellan Midstream Partners LP		288,808		14,114,047

TOTAL MASTER LIMITED PARTNERSHIPS (Cost $23,074,793)				26,550,744

Investments	Principal Amount ($)		Value ($)

CONVERTIBLE PREFERRED STOCKS - 0.3%

Banks - 0.3%
Bank of America Corp.
Series L, 7.25%, (a) (Cost $3,257,648)		2,250		3,168,000

Investments	Principal Amount ($)		Value ($)

CORPORATE BONDS - 0.0%(b)

Health Care Equipment & Supplies - 0.0%(b)
Bausch & Lomb, Inc.
7.13%, 8/1/2028‡ (Cost $554,025)		600,000		637,500

Investments	Principal Amount ($)		Value ($)

SHORT-TERM INVESTMENTS - 7.3%

COMMERCIAL PAPER - 6.1%
CenterPoint Energy, Inc.
0.13%, 2/1/2022(c)		9,757,000		9,756,959
Cigna Corp.
0.30%, 4/18/2022(c)		10,000,000		9,992,193
Entergy Corp.
0.10%, 2/1/2022(c)(d)		4,160,000		4,159,986
General Motors Financial Co., Inc.
0.27%, 2/1/2022(c)		8,036,000		8,035,943
Johnson & Johnson
0.10%, 4/14/2022(c)(d)		11,700,000		11,696,750
MetLife Short Term Funding LLC
0.09%, 2/25/2022(c)(d)		15,000,000		14,999,469
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(c)		3,782,000		3,781,983
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(c)(d)		7,564,000		7,563,962
Western Union Co. (The)
0.15%, 2/1/2022(c)(d)		4,954,000		4,953,978
0.18%, 2/3/2022(c)		1,584,000		1,583,978
TOTAL COMMERCIAL PAPER (Cost $76,527,411)				76,525,201

Investments	Shares		Value ($)

INVESTMENT COMPANIES - 0.0%(b)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 0.03%, (e)
(Cost $19,935)		19,935		19,935

Investments	Principal Amount ($)		Value ($)

U.S. TREASURY OBLIGATIONS - 1.2%
U.S. Treasury Bills
0.04%, 2/24/2022(c) (Cost $14,999,617)		15,000,000		14,999,662

TOTAL SHORT-TERM INVESTMENTS (Cost $91,546,963)				91,544,798

Total Investments - 99.6% (Cost $714,879,214)				1,254,330,819
Other assets less liabilities - 0.4%				5,330,017
Net Assets - 100.0%				1,259,660,836

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(a)	Perpetual security. The rate reflected was the rate in effect on January 31, 2022. The maturity date reflects the next call date.
(b)	Represents less than 0.05% of net assets.
(c)	The rate shown was the current yield as of January 31, 2022.
(d)	Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at January 31, 2022 amounted to $43,374,145, which represents approximately 3.44% of net assets of the Fund.
(e)	Represents 7-day effective yield as of January 31, 2022.

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle U.S. Value Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		0.3	%
Air Freight & Logistics		3.6
Banks		2.9
Capital Markets		4.1
Chemicals		1.9
Commodities		10.5
Consumer Finance		1.7
Diversified Financial Services		1.4
Electronic Equipment, Instruments & Components		1.0
Energy Equipment & Services		2.7
Equity Real Estate Investment Trusts (REITs)		3.8
Food Products		0.6
Gas Utilities		0.9
Health Care Equipment & Supplies		2.0
Health Care Providers & Services		5.8
Hotels, Restaurants & Leisure		1.3
Household Products		2.6
Insurance		6.3
Interactive Media & Services		6.1
Machinery		3.5
Media		3.6
Metals & Mining		2.9
Oil, Gas & Consumable Fuels		5.8
Road & Rail		1.3
Semiconductors & Semiconductor Equipment		3.2
Software		8.9
Tobacco		3.6
Short-Term Investments		7.3
Total Investments		99.6	%

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Gold Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares	Value ($)

COMMON STOCKS - 67.5%

Australia - 4.2%
Newcrest Mining Ltd.	5,458,152		84,663,385

Brazil - 7.8%
Wheaton Precious Metals Corp.	3,899,281		157,219,010

Canada - 37.4%
Agnico Eagle Mines Ltd.	1,068,425		51,027,874
Alamos Gold, Inc., Class A	10,942,781		74,636,283
B2Gold Corp.	24,094,999		86,815,164
Barrick Gold Corp.	6,871,570		131,590,566
Dundee Precious Metals, Inc.(a)	13,440,008		78,981,127
Franco-Nevada Corp.	427,322		56,500,026
Kinross Gold Corp.	4,330,528		23,384,851
Kirkland Lake Gold Ltd.	2,551,869		96,120,432
MAG Silver Corp.*	3,950,702		53,643,643
Novagold Resources, Inc.*	12,091,992		79,807,147
Orla Mining Ltd.*	5,733,294		18,853,140
			751,360,253
Mexico - 2.6%
Fresnillo plc	4,277,558		36,251,472
Industrias Penoles SAB de CV	1,403,600		15,036,919
			51,288,391
Tanzania, United Republic Of - 1.2%
AngloGold Ashanti Ltd., ADR	1,286,240		23,898,339

United States - 14.3%
Newmont Corp.	3,129,008		191,401,419
Royal Gold, Inc.	949,303		96,401,720
			287,803,139
TOTAL COMMON STOCKS (Cost $951,380,820)			1,356,232,517

Investments	Ounces	Value ($)

COMMODITIES - 24.3%

Gold bullion*	237,075	426,421,176
Silver bullion*	2,776,530	62,452,770
TOTAL COMMODITIES (Cost $336,413,103)		488,873,946

Investments	Number of Rights		Value ($)
RIGHTS - 0.3%

Canada - 0.3%
Pan American Silver Corp., CVR, expiring 2/22/2029*
(Cost $45,973,716)		6,835,667		4,887,502

Investments	Principal Amount ($)		Value ($)

SHORT-TERM INVESTMENTS - 8.6%

COMMERCIAL PAPER - 8.6%
Alphabet, Inc.
0.10%, 3/16/2022(b)		5,155,000	5,154,376
American Honda Finance Corp.
0.31%, 3/22/2022(b)		5,842,000	5,839,647
0.31%, 3/23/2022(b)		5,842,000	5,839,575
Apple, Inc.
0.05%, 2/15/2022(b)(c)		8,333,000	8,332,861
CenterPoint Energy, Inc.
0.13%, 2/1/2022(b)		27,941,000	27,940,883
Danaher Corp.
0.17%, 2/14/2022(b)(c)		16,667,000	16,665,807
Entergy Corp.
0.10%, 2/1/2022(b)(c)		11,913,000	11,912,960
General Motors Financial Co., Inc.
0.27%, 2/1/2022(b)		23,013,000	23,012,837
LVMH Moet Hennessy Louis Vuitton SE
0.12%, 2/23/2022(b)(c)		3,944,000	3,943,799
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(b)		10,830,000	10,829,952
NRW Bank
0.06%, 2/25/2022(b)		11,990,000	11,989,501
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(b)(c)		21,659,000	21,658,891
Western Union Co. (The)
0.15%, 2/1/2022(b)(c)		14,187,000	14,186,939
0.18%, 2/3/2022(b)		5,420,000	5,419,924
TOTAL COMMERCIAL PAPER (Cost $172,728,396)			172,727,952

Investments	Shares	Value ($)

INVESTMENT COMPANIES - 0.0%(d)
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (e)(Cost $51,562)	51,562		51,562
TOTAL SHORT-TERM INVESTMENTS (Cost $172,779,958)			172,779,514

Total Investments - 100.7% (Cost $1,506,547,597)			2,022,773,479
Liabilities in excess of other assets - (0.7)%			(13,740,585	)
Net Assets - 100.0%			2,009,032,894

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Gold Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

*	Non-income producing security.
(a)	Affiliated company as defined under the Investment Company Act of 1940.
(b)	The rate shown was the current yield as of January 31, 2022.
(c)	Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at January 31, 2022 amounted to $76,701,257, which represents approximately 3.82% of net assets of the Fund.
(d)	Represents less than 0.05% of net assets.
(e)	Represents 7-day effective yield as of January 31, 2022.

Abbreviations
ADR	American Depositary Receipt
CVR	Contingent Value Rights

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Commodities		24.3	%
Metals & Mining		67.8
Short-Term Investments		8.6
Total Investments		100.7	%

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Gold Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Affiliated Securities

Security Description Shares at
January 31,
2022 Market Value
October 31, 2021 Purchases at
Cost Proceeds
from Sales Net Realized Gain
(Loss) Change in Unrealized
Appreciation/
(Depreciation) Market Value
January 31, 2022 Dividend
Income

Common Stock — 3.9%

Canada — 3.9%

Dundee Precious Metals, Inc. 13,440,008 $ 88,398,243 $ - $ - $ - $ (9,417,116 ) $ 78,981,127 $ 340,210

Total Common Stock 88,398,243 - - - (9,417,116 ) 78,981,127 340,210

Total $ 88,398,243 $ - $ - $ - $ (9,417,116 ) $ 78,981,127 $ 340,210

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 65.9%

Belgium - 2.3%
Groupe Bruxelles Lambert SA		288,053		30,908,917

Brazil - 1.6%
Ambev SA, ADR		4,069,165		11,515,737
Itausa SA (Preference)		2,760,475		5,297,309
Wheaton Precious Metals Corp.		111,232		4,484,874
				21,297,920
Canada - 3.4%
Agnico Eagle Mines Ltd.		51,582		2,463,551
Franco-Nevada Corp.		38,495		5,089,765
Imperial Oil Ltd.		287,984		11,783,069
Nutrien Ltd.(a)		69,643		4,861,081
Power Corp. of Canada		692,979		22,275,201
				46,472,667
Chile - 1.6%
Cia Cervecerias Unidas SA, ADR		988,140		16,472,294
Quinenco SA		1,752,388		4,552,083
				21,024,377
France - 4.2%
Danone SA		409,081		25,506,652
Sanofi		151,208		15,810,617
Sodexo SA		147,121		13,682,785
Wendel SE		15,480		1,681,381
				56,681,435
Germany - 1.6%
Brenntag SE		21,951		1,880,679
FUCHS PETROLUB SE (Preference)		210,103		9,079,636
Henkel AG & Co. KGaA (Preference)		128,103		10,477,347
				21,437,662
Hong Kong - 5.1%
CK Asset Holdings Ltd.		2,196,000		14,659,194
Great Eagle Holdings Ltd.		1,749,774		4,915,814
Guoco Group Ltd.		167,700		1,872,389
Hongkong Land Holdings Ltd.		2,123,300		11,499,612
Hysan Development Co. Ltd.		1,193,083		3,657,112
Jardine Matheson Holdings Ltd.		505,700		29,868,140
Mandarin Oriental International Ltd.*		1,047,200		2,274,819
				68,747,080
Japan - 3.1%
FANUC Corp.		20,800		4,113,165
Komatsu Ltd.		101,500		2,550,589
Mitsubishi Electric Corp.		413,000		5,172,165
MS&AD Insurance Group Holdings, Inc.		199,600		6,846,190
Secom Co. Ltd.		213,100		15,005,244
Sompo Holdings, Inc.		124,400		5,821,108
USS Co. Ltd.		123,600		2,017,238
				41,525,699
Mexico - 1.5%
Coca-Cola Femsa SAB de CV, ADR(a)		173,224		9,149,692
Fomento Economico Mexicano SAB de CV, ADR(a)		109,992		8,273,598
Fresnillo plc		330,580		2,801,601
Grupo Mexico SAB de CV, Series B		37,296		160,173
				20,385,064
Netherlands - 0.4%
HAL Trust		38,889		6,101,484

Norway - 1.1%
Orkla ASA		1,625,290		15,531,927

Singapore - 0.5%
ComfortDelGro Corp. Ltd.		1,015,700		1,025,584
UOL Group Ltd.		1,001,900		5,433,280
				6,458,864
South Korea - 1.7%
KT&G Corp.		277,804		17,944,991
Samsung Electronics Co. Ltd. (Preference)		91,052		5,121,427
				23,066,418
Sweden - 1.9%
Industrivarden AB, Class A		10,611		335,434
Industrivarden AB, Class C		220,278		6,841,967
Investor AB, Class A		426,079		9,692,995
Svenska Handelsbanken AB, Class A		781,746		8,331,505
				25,201,901
Switzerland - 3.8%
Cie Financiere Richemont SA (Registered)		121,841		17,707,622
Nestle SA (Registered)		256,690		33,148,530
				50,856,152
Taiwan - 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a)		35,510		4,354,591

Thailand - 0.8%
Bangkok Bank PCL, NVDR		1,644,800		6,729,115
Thai Beverage PCL		9,335,100		4,544,566
				11,273,681
Turkey - 0.5%
Coca-Cola Icecek A/S		829,152		7,131,721

United Kingdom - 9.3%
BAE Systems plc		807,624		6,320,271
Berkeley Group Holdings plc		146,398		8,354,936
British American Tobacco plc		887,976		37,912,140
GlaxoSmithKline plc		781,272		17,434,871
Hiscox Ltd.		107,281		1,410,142
Linde plc(a)		4,400		1,402,192
Lloyds Banking Group plc		9,349,373		6,488,205
Reckitt Benckiser Group plc		120,054		9,727,036

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
Unilever plc		730,976		37,336,257
				126,386,050
United States - 21.2%
American Express Co.(a)		23,781		4,276,299
Analog Devices, Inc.		16,314		2,675,007
Anthem, Inc.(a)		21,834		9,628,576
Bank of New York Mellon Corp. (The)(a)		283,179		16,781,188
Becton Dickinson and Co.		32,527		8,266,412
Boston Properties, Inc., REIT		61,203		6,859,632
CH Robinson Worldwide, Inc.(a)		101,678		10,640,603
Colgate-Palmolive Co.		260,791		21,502,218
Comcast Corp., Class A(a)		181,382		9,067,286
Douglas Emmett, Inc., REIT		268,324		8,377,075
Equity Residential, REIT(a)		136,143		12,079,968
Exxon Mobil Corp.(a)		560,428		42,570,111
General Dynamics Corp.		7,297		1,547,694
HCA Healthcare, Inc.(a)		42,461		10,192,763
IDACORP, Inc.		24,631		2,714,829
Kraft Heinz Co. (The)		148,824		5,327,899
Oracle Corp.(a)		88,952		7,219,344
Philip Morris International, Inc.(a)		289,726		29,798,319
PPG Industries, Inc.		4,617		721,175
Royal Gold, Inc.		53,578		5,440,846
Schlumberger NV(a)		244,930		9,569,415
Scotts Miracle-Gro Co. (The)(a)		13,331		2,015,647
Texas Instruments, Inc.(a)		62,488		11,215,971
Travelers Cos., Inc. (The)		30,204		5,019,301
UGI Corp.(a)		152,737		6,926,623
Union Pacific Corp.		5,763		1,409,342
Universal Health Services, Inc., Class B(a)		31,604		4,110,416
US Bancorp(a)		187,393		10,904,399
Wells Fargo & Co.(a)		266,859		14,357,014
Weyerhaeuser Co., REIT		129,131		5,220,766
				286,436,138
TOTAL COMMON STOCKS (Cost $753,430,993)				891,279,748

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 10.8%

Australia - 0.4%
Coronado Finance Pty. Ltd.
10.75%, 5/15/2026(b)		1,643,000		1,771,984
Nufarm Australia Ltd.
5.75%, 4/30/2026(b)		946,000		974,474
5.00%, 1/27/2030(b)		2,595,000		2,582,025
				5,328,483
Canada - 0.5%
Open Text Corp.
3.88%, 2/15/2028(b)		1,106,000		1,083,858
Open Text Holdings, Inc.
4.13%, 2/15/2030(b)		774,000		756,128
4.13%, 12/1/2031(b)		5,953,000		5,744,645
				7,584,631
Germany - 0.4%
IHO Verwaltungs GmbH
4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026(b)(c)		3,879,000		3,927,488
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027(b)(c)		1,336,632		1,376,330
				5,303,818
Mexico - 0.7%
Mexico Remittances Funding Fiduciary Estate Management Sarl
4.88%, 1/15/2028‡(b)		9,977,000		9,216,354

Poland - 0.5%
Canpack SA
3.13%, 11/1/2025(b)		420,000		417,242
3.88%, 11/15/2029(b)		6,197,000		5,934,721
				6,351,963
United States - 8.3%
ACCO Brands Corp.
4.25%, 3/15/2029(b)		8,173,000		7,803,458
Aircastle Ltd.
4.40%, 9/25/2023		984,000		1,019,305
American Airlines, Inc.
5.50%, 4/20/2026(b)		502,000		513,922
5.75%, 4/20/2029(b)		502,000		513,923
American Tower Corp.
REIT, 2.40%, 3/15/2025		115,000		115,606
AMN Healthcare, Inc.
4.63%, 10/1/2027(b)		1,109,000		1,119,824
Andeavor Logistics LP
3.50%, 12/1/2022‡		111,000		111,264
Aramark Services, Inc.
5.00%, 4/1/2025(b)		1,541,000		1,561,341
5.00%, 2/1/2028(b)		194,000		192,545
Carnival Corp.
4.00%, 8/1/2028(b)		1,206,000		1,147,244
Centene Corp.
4.25%, 12/15/2027		1,355,000		1,387,981
4.63%, 12/15/2029		684,000		711,237
3.38%, 2/15/2030		1,113,000		1,092,131
Charles River Laboratories International, Inc.
3.75%, 3/15/2029(b)		683,000		658,890
CITGO Petroleum Corp.
7.00%, 6/15/2025(b)		4,631,000		4,665,732
6.38%, 6/15/2026(b)		5,182,000		5,156,090
DCP Midstream Operating LP
6.45%, 11/3/2036(b)		773,000		977,845
Dell International LLC
5.85%, 7/15/2025		2,000,000		2,222,655
Delta Air Lines, Inc.
4.50%, 10/20/2025(b)		6,155,158		6,385,843
Domtar Corp.

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)
6.75%, 10/1/2028(b)		1,327,000		1,302,689
DT Midstream, Inc.
4.13%, 6/15/2029(b)		1,779,000		1,754,966
Edgewell Personal Care Co.
4.13%, 4/1/2029(b)		4,888,000		4,811,845
Embecta Corp.
5.00%, 2/15/2030(b)		2,446,000		2,449,058
Energizer Holdings, Inc.
4.75%, 6/15/2028(b)		46,000		44,850
4.38%, 3/31/2029(b)		149,000		140,835
Imola Merger Corp.
4.75%, 5/15/2029(b)		3,133,000		3,048,315
Iron Mountain, Inc.
REIT, 5.25%, 7/15/2030(b)		7,522,000		7,468,970
Lamb Weston Holdings, Inc.
4.13%, 1/31/2030(b)		933,000		921,715
Level 3 Financing, Inc.
3.75%, 7/15/2029(b)		128,000		116,800
Lumen Technologies, Inc.
5.38%, 6/15/2029(b)		751,000		712,016
Mileage Plus Holdings LLC
6.50%, 6/20/2027(b)		3,324,031		3,531,783
Pilgrim's Pride Corp.
5.88%, 9/30/2027(b)		3,343,000		3,490,435
4.25%, 4/15/2031(b)		2,699,000		2,663,076
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029(b)		2,635,000		2,608,334
SBA Communications Corp.
REIT, 3.13%, 2/1/2029		715,000		666,344
Scotts Miracle-Gro Co. (The)
4.38%, 2/1/2032		4,518,000		4,389,011
Scripps Escrow II, Inc.
5.38%, 1/15/2031(b)		64,000		63,304
SEG Holding LLC
5.63%, 10/15/2028(b)		5,461,000		5,679,440
Spectrum Brands, Inc.
5.75%, 7/15/2025		1,520,000		1,548,500
Sprint Communications, Inc.
6.00%, 11/15/2022		1,800,000		1,854,000
Sylvamo Corp.
7.00%, 9/1/2029(b)		2,234,000		2,289,224
Taylor Morrison Communities, Inc.
5.88%, 4/15/2023(b)		3,107,000		3,184,675
5.13%, 8/1/2030(b)		2,000,000		2,072,920
Teleflex, Inc.
4.63%, 11/15/2027		824,000		840,480
Truist Financial Corp.
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024(d)(e)		4,424,000		4,512,480
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/2027		3,627,169		3,901,512
Valvoline, Inc.
4.25%, 2/15/2030(b)		224,000		216,368
3.63%, 6/15/2031(b)		511,000		468,306
WESCO Distribution, Inc.
7.13%, 6/15/2025(b)		1,295,000		1,356,124
7.25%, 6/15/2028(b)		2,136,000		2,290,860
Western Digital Corp.
4.75%, 2/15/2026		4,523,000		4,746,504
				112,502,575
TOTAL CORPORATE BONDS (COST $145,804,892)				146,287,824

Investments	Ounces		Value ($)

COMMODITIES - 7.7%

Gold bullion*
(Cost $71,533,113)		57,789		103,943,174

Investments	Principal Amount ($)		Value ($)

U.S. TREASURY OBLIGATIONS - 4.0%
U.S. Treasury Notes
1.63%, 12/15/2022		9,300,000		9,373,020
2.63%, 12/31/2023		7,100,000		7,295,527
2.50%, 1/31/2024		12,380,900		12,702,997
1.75%, 6/30/2024		12,850,000		12,995,064
1.75%, 12/31/2024		12,247,000		12,379,516
				54,746,124
TOTAL U.S. TREASURY OBLIGATIONS (Cost $55,311,243)				54,746,124

Investments	Shares		Value ($)
MASTER LIMITED PARTNERSHIPS - 2.9%

United States - 2.9%
Enterprise Products Partners LP(a)		937,551		22,163,705
Magellan Midstream Partners LP(a)		354,179		17,308,728
TOTAL MASTER LIMITED PARTNERSHIPS (COST $35,107,719)				39,472,433

Investments	Principal Amount ($)		Value ($)
CONVERTIBLE PREFERRED STOCKS - 1.9%

United States - 1.9%
Bank of America Corp.
Series L, 7.25%, (d)		6,646		9,357,568
Wells Fargo & Co.

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)
Series L, 7.50%, (d)		11,123		15,840,375
				25,197,943
TOTAL CONVERTIBLE PREFERRED STOCKS (COST $25,557,862)				25,197,943

Investments	Shares		Value ($)
PREFERRED STOCKS - 1.1%

United States - 1.1%
Charles Schwab Corp. (The)
Series D 5.95%, 06/01/22(d)		46,239		1,189,267
General American Investors Co., Inc.
Series B 5.95%, 03/09/22(d)		4,712		126,814
MetLife, Inc.
Series A (ICE LIBOR USD 3 Month + 1.00%, 4.00% Floor), 4.00%, 03/09/22(d)(e)		128,986		3,189,824
Northern Trust Corp.
Series E 4.70%, 01/01/25(d)		101,453		2,566,761
State Street Corp.
Series G (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/26(d)(e)		24,946		690,256
Truist Financial Corp.
Series R 4.75%, 09/01/25(d)		175,050		4,449,771
US Bancorp
Series B (ICE LIBOR USD 3 Month + 0.60%), 3.50%, 03/09/22(d)(e)		90,050		2,056,742
TOTAL PREFERRED STOCKS (COST $14,202,643)				14,269,435

Investments	Shares		Value ($)
CLOSED END FUNDS - 1.1%

United Kingdom - 1.1%
Caledonia Investments plc (Cost $10,284,424)		291,700		14,397,778


Investments	Principal Amount ($)		Value ($)
FOREIGN GOVERNMENT SECURITIES - 1.0%

Colombia - 0.2%
Titulos de Tesoreria
5.75%, 11/3/2027	COP	13,660,300,000		3,020,066

Indonesia - 0.1%
Republic of Indonesia
8.38%, 3/15/2024	IDR	24,460,000,000		1,838,497

Mexico - 0.5%
Mex Bonos Desarr Fix Rt
8.00%, 12/7/2023	MXN	68,770,000		3,359,489
5.75%, 3/5/2026	MXN	56,800,000		2,578,276
				5,937,765
South Korea - 0.2%
Republic of Korea
1.25%, 3/10/2026	KRW	3,508,690,000		2,780,428

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $14,599,807)				13,576,756

Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 3.2%

COMMERCIAL PAPER - 3.2%
CenterPoint Energy, Inc.
0.13%, 2/1/2022(f)		10,546,000		10,545,956
Entergy Corp.
0.10%, 2/1/2022(b)(f)		4,496,000		4,495,985
General Motors Financial Co., Inc.
0.27%, 2/1/2022(f)		8,686,000		8,685,938
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(f)		4,088,000		4,087,982
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(b)(f)		8,175,000		8,174,959
Western Union Co. (The)
0.15%, 2/1/2022(b)(f)		5,355,000		5,354,977
0.18%, 2/3/2022(f)		2,328,000		2,327,967
TOTAL COMMERCIAL PAPER (Cost $43,673,977)				43,673,764

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.0%(g)
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (h)(Cost $5,103)		5,103		5,103

TOTAL SHORT-TERM INVESTMENTS (Cost $43,679,080)				43,678,867

Total Investments - 99.6% (Cost $1,169,511,776)				1,346,850,082
Other assets less liabilities - 0.4%				5,553,679
Net Assets - 100.0%				1,352,403,761

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

(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 January 31, 2022 amounted to $135,194,735, which represents approximately 10.00% of net assets of the Fund.
(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)	Perpetual security. The rate reflected was the rate in effect on January 31, 2022. The maturity date reflects the next call date.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022.
(f)	The rate shown was the current yield as of January 31, 2022.
(g)	Represents less than 0.05% of net assets.
(h)	Represents 7-day effective yield as of January 31, 2022.

Forward Foreign Currency Exchange Contracts outstanding as of January 31, 2022

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	4,811,709	EUR	4,060,000	UBS AG	2/16/2022	$	249,285
USD	1,974,411	GBP	1,427,000	UBS AG	2/16/2022		55,405
USD	6,094,392	EUR	5,259,000	Goldman Sachs	3/16/2022		180,817
USD	2,409,888	GBP	1,771,000	Goldman Sachs	3/16/2022		28,665
USD	4,922,369	EUR	4,322,000	JPMorgan Chase Bank	4/20/2022		57,705
Net unrealized appreciation						$	571,877

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Written Call Options Contracts as of January 31, 2022
Description	Counterparty	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Value ($)
American Express Co.	Exchange Traded	237	USD	(4,261,734	)	USD	170.00	4/14/2022		(364,980	)
Anthem, Inc.	Exchange Traded	33	USD	(1,455,267	)	USD	420.00	3/18/2022		(100,650	)
Anthem, Inc.	Exchange Traded	33	USD	(1,455,267	)	USD	430.00	3/18/2022		(71,280	)
Bank of New York Mellon Corp. (The)	Exchange Traded	258	USD	(1,528,908	)	USD	65.00	3/18/2022		(14,448	)
Bank of New York Mellon Corp. (The)	Exchange Traded	232	USD	(1,374,832	)	USD	70.00	3/18/2022		(2,784	)
Bank of New York Mellon Corp. (The)	Exchange Traded	218	USD	(1,291,868	)	USD	70.00	6/17/2022		(16,350	)
CH Robinson Worldwide, Inc.	Exchange Traded	124	USD	(1,297,660	)	USD	120.00	2/18/2022		(3,100	)
Coca-Cola Femsa SAB de CV	Exchange Traded	230	USD	(1,214,860	)	USD	65.00	2/18/2022		(13,800	)
Coca-Cola Femsa SAB de CV	Exchange Traded	226	USD	(1,193,732	)	USD	70.00	2/18/2022		(30,510	)
Comcast Corp.	Exchange Traded	233	USD	(1,164,767	)	USD	65.00	3/18/2022		(1,165	)
Comcast Corp.	Exchange Traded	410	USD	(2,049,590	)	USD	65.00	4/14/2022		(3,485	)
Comcast Corp.	Exchange Traded	226	USD	(1,129,774	)	USD	75.00	4/14/2022		(1,469	)
Enterprise Products Partners LP	Exchange Traded	561	USD	(1,326,204	)	USD	27.00	6/17/2022		(12,903	)
Equity Residential REIT	Exchange Traded	156	USD	(1,384,188	)	USD	90.00	2/18/2022		(24,960	)
Equity Residential REIT	Exchange Traded	156	USD	(1,384,188	)	USD	92.50	3/18/2022		(23,790	)
Equity Residential REIT	Exchange Traded	152	USD	(1,348,696	)	USD	95.00	4/14/2022		(22,040	)
Exxon Mobil Corp.	Exchange Traded	175	USD	(1,329,300	)	USD	80.00	2/18/2022		(10,150	)
Exxon Mobil Corp.	Exchange Traded	232	USD	(1,762,272	)	USD	80.00	3/18/2022		(31,320	)
Exxon Mobil Corp.	Exchange Traded	375	USD	(2,848,500	)	USD	80.00	4/14/2022		(76,500	)
Exxon Mobil Corp.	Exchange Traded	199	USD	(1,511,604	)	USD	80.00	7/15/2022		(70,645	)
Exxon Mobil Corp.	Exchange Traded	176	USD	(1,336,896	)	USD	85.00	4/14/2022		(15,840	)
Exxon Mobil Corp.	Exchange Traded	175	USD	(1,329,300	)	USD	90.00	4/14/2022		(7,350	)
Exxon Mobil Corp.	Exchange Traded	176	USD	(1,336,896	)	USD	90.00	5/20/2022		(12,848	)
Fomento Economico Mexicano SAB de CV	Exchange Traded	158	USD	(1,188,476	)	USD	95.00	4/14/2022		(75,840	)
Fomento Economico Mexicano SAB de CV	Exchange Traded	156	USD	(1,173,432	)	USD	105.00	4/14/2022		(74,880	)
HCA Healthcare, Inc.	Exchange Traded	55	USD	(1,320,275	)	USD	300.00	3/18/2022		(3,025	)
HCA Healthcare, Inc.	Exchange Traded	55	USD	(1,320,275	)	USD	310.00	3/18/2022		(2,475	)
HCA Healthcare, Inc.	Exchange Traded	65	USD	(1,560,325	)	USD	320.00	3/18/2022		(14,950	)
HCA Healthcare, Inc.	Exchange Traded	65	USD	(1,560,325	)	USD	330.00	3/18/2022		(14,950	)
Linde plc	Exchange Traded	44	USD	(1,402,192	)	USD	310.00	2/18/2022		(46,200	)
Magellan Midstream Partners LP	Exchange Traded	275	USD	(1,343,925	)	USD	55.00	4/14/2022		(4,125	)
Nutrien Ltd.	Exchange Traded	235	USD	(1,640,300	)	USD	65.00	3/18/2022		(153,925	)
Oracle Corp.	Exchange Traded	170	USD	(1,379,720	)	USD	95.00	3/18/2022		(8,500	)
Oracle Corp.	Exchange Traded	170	USD	(1,379,720	)	USD	95.00	5/20/2022		(19,720	)
Oracle Corp.	Exchange Traded	170	USD	(1,379,720	)	USD	97.50	3/18/2022		(6,120	)
Philip Morris International, Inc.	Exchange Traded	136	USD	(1,398,760	)	USD	110.00	2/18/2022		(4,080	)
Philip Morris International, Inc.	Exchange Traded	260	USD	(2,674,100	)	USD	115.00	3/18/2022		(4,680	)
Philip Morris International, Inc.	Exchange Traded	136	USD	(1,398,760	)	USD	115.00	6/17/2022		(18,088	)
Philip Morris International, Inc.	Exchange Traded	130	USD	(1,337,050	)	USD	120.00	3/18/2022		(1,430	)
Philip Morris International, Inc.	Exchange Traded	137	USD	(1,409,045	)	USD	120.00	6/17/2022		(9,590	)
Philip Morris International, Inc.	Exchange Traded	136	USD	(1,398,760	)	USD	125.00	6/17/2022		(5,712	)
Schlumberger NV	Exchange Traded	751	USD	(2,934,157	)	USD	40.00	2/18/2022		(75,100	)
Schlumberger NV	Exchange Traded	396	USD	(1,547,172	)	USD	40.00	3/18/2022		(73,260	)
Schlumberger NV	Exchange Traded	396	USD	(1,547,172	)	USD	40.00	5/20/2022		(124,740	)
Schlumberger NV	Exchange Traded	405	USD	(1,582,335	)	USD	50.00	5/20/2022		(30,375	)
Scotts Miracle-Gro Co. (The)	Exchange Traded	133	USD	(2,010,960	)	USD	170.00	2/18/2022		(16,625	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Exchange Traded	105	USD	(1,287,615	)	USD	150.00	2/18/2022		(525	)

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Description	Counterparty	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Value ($)
Taiwan Semiconductor Manufacturing Co. Ltd.	Exchange Traded	105	USD	(1,287,615	)	USD	155.00	2/18/2022	(315	)
Texas Instruments, Inc.	Exchange Traded	70	USD	(1,256,430	)	USD	200.00	2/18/2022	(700	)
Texas Instruments, Inc.	Exchange Traded	70	USD	(1,256,430	)	USD	220.00	3/18/2022	(1,890	)
Texas Instruments, Inc.	Exchange Traded	70	USD	(1,256,430	)	USD	220.00	4/14/2022	(1,575	)
Texas Instruments, Inc.	Exchange Traded	68	USD	(1,220,532	)	USD	230.00	3/18/2022	(1,088	)
UGI Corp.	Exchange Traded	301	USD	(1,365,035	)	USD	50.00	4/14/2022	(11,288	)
UGI Corp.	Exchange Traded	301	USD	(1,365,035	)	USD	50.00	7/15/2022	(28,595	)
Universal Health Services, Inc.	Exchange Traded	104	USD	(1,352,624	)	USD	160.00	4/14/2022	(15,600	)
US Bancorp	Exchange Traded	228	USD	(1,326,732	)	USD	70.00	3/18/2022	(1,254	)
US Bancorp	Exchange Traded	228	USD	(1,326,732	)	USD	75.00	3/18/2022	(1,368	)
Wells Fargo & Co.	Exchange Traded	268	USD	(1,441,840	)	USD	60.00	3/18/2022	(10,988	)
Wells Fargo & Co.	Exchange Traded	277	USD	(1,490,260	)	USD	60.00	4/14/2022	(24,099	)
Wells Fargo & Co.	Exchange Traded	248	USD	(1,334,240	)	USD	62.50	5/20/2022	(20,584	)
									(1,840,626	)
Total Written Options Contracts (Premiums Received ($1,446,247))									(1,840,626	)

Abbreviations
ADR	American Depositary Receipt
COP	Colombian Peso
EUR	Euro
Fix Rt	Fixed Rate
GBP	British Pound
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
KRW	South Korean Won
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
NVDR	Non-Voting Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
USD	United States Dollar

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Income Builder Fund
Schedule of Investments
January 31, 2022 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		0.6	%
Air Freight & Logistics		0.8
Airlines		1.1
Auto Components		0.4
Banks		6.5
Beverages		4.2
Capital Markets		1.6
Chemicals		2.0
Closed-ended Funds		1.1
Commercial Services & Supplies		1.8
Commodities		7.7
Consumer Finance		0.3
Containers & Packaging		0.5
Diversified Financial Services		4.8
Diversified Telecommunication Services		0.1
Electric Utilities		0.2
Electrical Equipment		0.4
Energy Equipment & Services		0.7
Equity Real Estate Investment Trusts (REITs)		3.0
Food & Staples Retailing		0.4
Food Products		6.4
Foreign Government Securities		1.0
Gas Utilities		0.5
Health Care Equipment & Supplies		0.7
Health Care Providers & Services		2.0
Hotels, Restaurants & Leisure		1.3
Household Durables		1.0
Household Products		3.2
Industrial Conglomerates		2.7
Insurance		3.3
Life Sciences Tools & Services		0.0	*
Machinery		0.7
Media		0.7
Metals & Mining		1.5
Oil, Gas & Consumable Fuels		8.0
Paper & Forest Products		0.3
Personal Products		3.1
Pharmaceuticals		2.6
Professional Services		0.1
Real Estate Management & Development		3.0
Road & Rail		0.2
Semiconductors & Semiconductor Equipment		1.3
Software		1.1
Specialty Retail		0.2
Technology Hardware, Storage & Peripherals		0.9
Textiles, Apparel & Luxury Goods		1.3
Tobacco		6.3
Trading Companies & Distributors		0.7
U.S. Treasury Obligations		4.0
Wireless Telecommunication Services		0.1
Short-Term Investments		3.2
Total Investments		99.6	%

*Less than 0.05%

See Notes to Schedule of Investments.

(Continued)

First Eagle High Income Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)

CORPORATE BONDS - 94.5%

Australia - 1.1%
Coronado Finance Pty. Ltd.
10.75%, 5/15/2026(a)		977,000		1,053,699
Nufarm Australia Ltd.
5.75%, 4/30/2026(a)		618,000		636,602
5.00%, 1/27/2030(a)		859,000		854,705
				2,545,006
Canada - 5.4%
Intertape Polymer Group, Inc.
4.38%, 6/15/2029(a)		1,646,000		1,625,425
Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)		2,000,000		1,870,000
7.00%, 12/31/2027(a)		932,000		843,460
Open Text Corp.
3.88%, 2/15/2028(a)		2,190,000		2,146,156
Open Text Holdings, Inc.
4.13%, 12/1/2031(a)		3,067,000		2,959,655
Precision Drilling Corp.
6.88%, 1/15/2029(a)		1,944,000		1,947,305
Ritchie Bros Auctioneers, Inc.
5.38%, 1/15/2025(a)		634,000		644,461
				12,036,462
Germany - 4.1%
Cheplapharm Arzneimittel GmbH
5.50%, 1/15/2028(a)		2,640,000		2,658,744
IHO Verwaltungs GmbH
4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026(a)(b)		3,730,000		3,776,625
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027(a)(b)		1,280,244		1,318,267
Mercer International, Inc.
5.13%, 2/1/2029		1,395,000		1,375,819
				9,129,455
Mexico - 1.5%
Mexico Remittances Funding Fiduciary Estate Management Sarl
4.88%, 1/15/2028‡(a)		3,335,000		3,080,740
Petroleos Mexicanos
6.70%, 2/16/2032(a)		200,000		197,980
				3,278,720
Poland - 1.0%
Canpack SA
3.13%, 11/1/2025(a)		200,000		198,687
3.88%, 11/15/2029(a)		2,147,000		2,056,131
				2,254,818
Singapore - 0.5%
Avation Capital SA
8.25%, (8.25% Cash or 9.00% PIK), 10/31/2026(a)(b)		1,235,474		1,031,106

United Kingdom - 2.2%
EnQuest plc
7.00%, 10/15/2023(a)(b)(c)		4,056,561		3,843,592
Petrofac Ltd.
9.75%, 11/15/2026(a)		1,000,000		1,007,500
				4,851,092
United States - 78.7%
ACCO Brands Corp.
4.25%, 3/15/2029(a)		2,711,000		2,588,422
American Airlines, Inc.
5.50%, 4/20/2026(a)		185,000		189,393
5.75%, 4/20/2029(a)		185,000		189,394
AMN Healthcare, Inc.
4.63%, 10/1/2027(a)		2,626,000		2,651,630
4.00%, 4/15/2029(a)		2,109,000		2,092,550
Antero Midstream Partners LP
7.88%, 5/15/2026(a)		615,000		661,125
5.38%, 6/15/2029(a)		1,294,000		1,302,527
Antero Resources Corp.
8.38%, 7/15/2026(a)		604,000		673,665
Aramark Services, Inc.
5.00%, 4/1/2025(a)		623,000		631,224
6.38%, 5/1/2025(a)		1,163,000		1,205,159
5.00%, 2/1/2028(a)		57,000		56,572
Arcosa, Inc.
4.38%, 4/15/2029(a)		163,000		158,518
Ardagh Metal Packaging Finance USA LLC
3.25%, 9/1/2028(a)		657,000		627,087
Arko Corp.
5.13%, 11/15/2029(a)		2,000,000		1,902,700
Ashland LLC
3.38%, 9/1/2031(a)		2,000,000		1,890,000
Avantor Funding, Inc.
3.88%, 11/1/2029(a)		2,000,000		1,920,000
B&G Foods, Inc.
5.25%, 4/1/2025		1,152,000		1,166,976
Boyd Gaming Corp.
8.63%, 6/1/2025(a)		1,884,000		1,998,736
4.75%, 12/1/2027		872,000		867,579
4.75%, 6/15/2031(a)		162,000		159,009
BWX Technologies, Inc.
4.13%, 6/30/2028(a)		1,000,000		986,250
4.13%, 4/15/2029(a)		653,000		643,205
Carnival Corp.
5.75%, 3/1/2027(a)		1,242,000		1,191,326
4.00%, 8/1/2028(a)		424,000		403,343
Centene Corp.
4.25%, 12/15/2027		2,641,000		2,705,282
4.63%, 12/15/2029		1,228,000		1,276,899
3.38%, 2/15/2030		190,000		186,437
Central Garden & Pet Co.
4.13%, 4/30/2031(a)		548,000		523,340
Charles River Laboratories International, Inc.
4.25%, 5/1/2028(a)		632,000		628,650
3.75%, 3/15/2029(a)		134,000		129,270
Ciena Corp.

See Notes to Schedule of Investments.

(Continued)

First Eagle High Income Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)

4.00%, 1/31/2030(a)		500,000		495,000
Cinemark USA, Inc.
8.75%, 5/1/2025(a)		1,603,000		1,681,146
CITGO Petroleum Corp.
7.00%, 6/15/2025(a)		3,956,000		3,985,670
6.38%, 6/15/2026(a)		802,000		797,990
Clearwater Paper Corp.
4.75%, 8/15/2028(a)		305,000		304,237
CNX Midstream Partners LP
4.75%, 4/15/2030(a)		1,079,000		1,053,644
Cogent Communications Group, Inc.
3.50%, 5/1/2026(a)		648,000		635,040
Conduent Business Services LLC
6.00%, 11/1/2029(a)		2,000,000		1,970,000
Consensus Cloud Solutions, Inc.
6.00%, 10/15/2026(a)		3,000,000		3,090,600
Crestwood Midstream Partners LP
6.00%, 2/1/2029(a)		1,868,000		1,882,010
Crocs, Inc.
4.13%, 8/15/2031(a)		500,000		446,250
Crown Americas LLC
4.75%, 2/1/2026		1,844,000		1,881,415
Dana, Inc.
5.38%, 11/15/2027		1,255,000		1,297,356
4.25%, 9/1/2030		324,000		313,875
DaVita, Inc.
4.63%, 6/1/2030(a)		734,000		714,101
3.75%, 2/15/2031(a)		1,529,000		1,404,692
Delta Air Lines, Inc.
4.50%, 10/20/2025(a)		1,122,845		1,164,927
7.38%, 1/15/2026		1,528,000		1,739,973
Diamond BC BV
4.63%, 10/1/2029(a)		250,000		234,385
Domtar Corp.
6.75%, 10/1/2028(a)		969,000		951,248
DT Midstream, Inc.
4.13%, 6/15/2029(a)		1,243,000		1,226,207
Dycom Industries, Inc.
4.50%, 4/15/2029(a)		2,065,000		2,022,316
Edgewell Personal Care Co.
4.13%, 4/1/2029(a)		2,102,000		2,069,251
Embecta Corp.
5.00%, 2/15/2030(a)		813,000		814,016
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)		8,000		7,800
4.38%, 3/31/2029(a)		871,000		823,269
Fair Isaac Corp.
4.00%, 6/15/2028(a)		2,169,000		2,147,310
Frontier Communications Holdings LLC
5.88%, 10/15/2027(a)		914,000		941,146
6.75%, 5/1/2029(a)		308,000		308,770
6.00%, 1/15/2030(a)		1,000,000		965,200
Gartner, Inc.
3.63%, 6/15/2029(a)		250,000		242,500
G-III Apparel Group Ltd.
7.88%, 8/15/2025(a)		3,821,000		4,031,155
Glatfelter Corp.
4.75%, 11/15/2029(a)		2,250,000		2,267,663
GLP Capital LP
REIT, 5.25%, 6/1/2025		3,627,000		3,890,393
Gray Escrow II, Inc.
5.38%, 11/15/2031(a)		2,000,000		1,971,990
GYP Holdings III Corp.
4.63%, 5/1/2029(a)		651,000		632,284
Hawaiian Brand Intellectual Property Ltd.
5.75%, 1/20/2026(a)		1,240,000		1,268,123
HCA, Inc.
5.88%, 5/1/2023		1,470,000		1,530,637
3.50%, 9/1/2030		607,000		604,202
Hertz Corp. (The)
5.00%, 12/1/2029(a)		2,000,000		1,925,800
Howard Hughes Corp. (The)
4.38%, 2/1/2031(a)		62,000		58,977
II-VI, Inc.
5.00%, 12/15/2029(a)		250,000		249,513
Imola Merger Corp.
4.75%, 5/15/2029(a)		1,184,000		1,151,996
Ingles Markets, Inc.
4.00%, 6/15/2031(a)		2,000,000		1,972,500
Interface, Inc.
5.50%, 12/1/2028(a)		1,294,000		1,329,585
International Game Technology plc
5.25%, 1/15/2029(a)		967,000		987,636
IQVIA, Inc.
5.00%, 10/15/2026(a)		800,000		818,400
5.00%, 5/15/2027(a)		1,075,000		1,099,403
Iron Mountain, Inc.
REIT, 5.25%, 7/15/2030(a)		1,303,000		1,293,814
REIT, 4.50%, 2/15/2031(a)		940,000		891,298
ITT Holdings LLC
6.50%, 8/1/2029(a)		1,250,000		1,199,288
JBS USA LUX SA
6.75%, 2/15/2028(a)		1,993,000		2,125,056
3.75%, 12/1/2031(a)		647,000		631,343
Jefferies Finance LLC
5.00%, 8/15/2028(a)		2,150,000		2,125,103
Kaiser Aluminum Corp.
4.63%, 3/1/2028(a)		1,312,000		1,258,628
KB Home
4.00%, 6/15/2031		2,000,000		1,970,000
Koppers, Inc.
6.00%, 2/15/2025(a)		2,389,000		2,394,973
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		581,000		604,240
4.13%, 1/31/2030(a)		327,000		323,045
Level 3 Financing, Inc.
4.25%, 7/1/2028(a)		589,000		561,936
3.75%, 7/15/2029(a)		24,000		21,900
Lumen Technologies, Inc.
4.50%, 1/15/2029(a)		2,000,000		1,832,760
5.38%, 6/15/2029(a)		434,000		411,471
Macy's Retail Holdings LLC
3.63%, 6/1/2024		552,000		560,440
MGIC Investment Corp.

See Notes to Schedule of Investments.

(Continued)

First Eagle High Income Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)

5.75%, 8/15/2023		470,000		488,800
5.25%, 8/15/2028		612,000		632,686
Mileage Plus Holdings LLC
6.50%, 6/20/2027(a)		592,428		629,455
Moog, Inc.
4.25%, 12/15/2027(a)		155,000		155,550
Mueller Water Products, Inc.
4.00%, 6/15/2029(a)		646,000		633,080
Oxford Finance LLC
6.38%, 2/1/2027(a)		250,000		255,368
PennyMac Financial Services, Inc.
5.75%, 9/15/2031(a)		1,000,000		956,080
Pilgrim's Pride Corp.
5.88%, 9/30/2027(a)		638,000		666,137
4.25%, 4/15/2031(a)		847,000		835,727
Post Holdings, Inc.
5.63%, 1/15/2028(a)		2,000,000		2,053,640
4.63%, 4/15/2030(a)		1,826,000		1,759,808
PRA Group, Inc.
5.00%, 10/1/2029(a)		1,500,000		1,481,250
Radian Group, Inc.
4.50%, 10/1/2024		645,000		659,513
Range Resources Corp.
4.75%, 2/15/2030(a)		1,000,000		998,790
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029(a)		1,019,000		1,008,688
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023(a)		1,163,000		1,245,224
11.50%, 6/1/2025(a)		596,000		659,612
5.50%, 8/31/2026(a)		1,000,000		975,000
5.38%, 7/15/2027(a)		100,000		96,640
SBA Communications Corp.
REIT, 3.88%, 2/15/2027		609,000		615,090
REIT, 3.13%, 2/1/2029		1,242,000		1,157,482
Scotts Miracle-Gro Co. (The)
4.38%, 2/1/2032		1,602,000		1,556,263
Scripps Escrow II, Inc.
5.38%, 1/15/2031(a)		2,452,000		2,425,347
Sealed Air Corp.
4.00%, 12/1/2027(a)		1,252,000		1,255,130
SEG Holding LLC
5.63%, 10/15/2028(a)		3,198,000		3,325,920
Shea Homes LP
4.75%, 2/15/2028(a)		1,668,000		1,640,895
Sprint Communications, Inc.
6.00%, 11/15/2022		1,026,000		1,056,780
Starwood Property Trust, Inc.
REIT, 3.75%, 12/31/2024(a)		1,000,000		998,750
Sunoco LP
4.50%, 4/30/2030(a)		2,000,000		1,963,960
Sylvamo Corp.
7.00%, 9/1/2029(a)		397,000		406,814
Taylor Morrison Communities, Inc.
5.88%, 4/15/2023(a)		3,228,000		3,308,700
Teleflex, Inc.
4.63%, 11/15/2027		1,005,000		1,025,100
4.25%, 6/1/2028(a)		58,000		57,549
Thor Industries, Inc.
4.00%, 10/15/2029(a)		1,250,000		1,190,625
Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)		2,138,000		2,004,375
Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		1,830,000		1,820,850
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/2027		680,805		732,298
United Airlines, Inc.
4.38%, 4/15/2026(a)		343,000		340,462
4.63%, 4/15/2029(a)		229,000		226,588
United Natural Foods, Inc.
6.75%, 10/15/2028(a)		1,530,000		1,623,712
United Wholesale Mortgage LLC
5.50%, 4/15/2029(a)		326,000		298,583
Valvoline, Inc.
3.63%, 6/15/2031(a)		2,555,000		2,341,530
VICI Properties LP
REIT, 4.25%, 12/1/2026(a)		245,000		247,756
REIT, 3.75%, 2/15/2027(a)		305,000		301,988
REIT, 4.13%, 8/15/2030(a)		305,000		305,937
Vista Outdoor, Inc.
4.50%, 3/15/2029(a)		3,203,000		3,108,511
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)		1,542,000		1,614,782
7.25%, 6/15/2028(a)		1,850,000		1,984,125
White Cap Parent LLC
8.25%, 3/15/2026(a)(b)		1,972,000		2,001,580
Wyndham Hotels & Resorts, Inc.
4.38%, 8/15/2028(a)		1,222,000		1,212,468
Yum! Brands, Inc.
7.75%, 4/1/2025(a)		797,000		835,017
Ziff Davis, Inc.
4.63%, 10/15/2030(a)		1,588,000		1,555,049
ZipRecruiter, Inc.
5.00%, 1/15/2030(a)		500,000		494,530
				174,438,758
TOTAL CORPORATE BONDS (COST $210,220,445)				209,565,417

Investments	Principal Amount ($)		Value ($)

LOAN ASSIGNMENTS - 0.7%

United States - 0.7%
BJ's Wholesale Club, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.00%), 2.11%, 2/3/2024(d) (Cost $1,667,810)		1,669,184		1,668,700

See Notes to Schedule of Investments.

(Continued)

First Eagle High Income Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Principal Amount ($)		Value ($)
SHORT-TERM INVESTMENTS - 4.8%

COMMERCIAL PAPER - 4.8%
CenterPoint Energy, Inc.
0.13%, 2/1/2022(e)		2,551,000		2,550,989
Entergy Corp.
0.10%, 2/1/2022(a)(e)		1,088,000		1,087,997
General Motors Financial Co., Inc.
0.27%, 2/1/2022(e)		2,101,000		2,100,985
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(e)		988,000		987,996
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(a)(e)		1,977,000		1,976,990
Western Union Co. (The)
0.15%, 2/1/2022(a)(e)		1,295,000		1,294,994
0.18%, 2/3/2022(e)		593,000		592,992
TOTAL COMMERCIAL PAPER (Cost $10,592,994)				10,592,943

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.0%(f)
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (g)(Cost $1,588)		1,588		1,588

TOTAL SHORT-TERM INVESTMENTS (Cost $10,594,582)				10,594,531

Total Investments - 100.0% (Cost $222,482,837)				221,828,648
Liabilities in excess of other assets - 0.0%				(65,255	)
Net Assets - 100.0%				221,763,393

‡	Value determined using significant unobservable inputs.
(a)	Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at January 31, 2022 amounted to $184,634,103, which represents approximately 83.26% of net assets of the Fund.
(b)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)	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)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of January 31, 2022.
(e)	The rate shown was the current yield as of January 31, 2022.

(f)	Represents less than 0.05% of net assets.
(g)	Represents 7-day effective yield as of January 31, 2022.


Abbreviations
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
USD	United States Dollar

See Notes to Schedule of Investments.

(Continued)

First Eagle High Income Fund
Schedule of Investments
January 31, 2022 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace& Defense		0.8	%
Airlines		2.9
Auto Components		3.0
Automobiles		0.5
Beverages		0.9
Chemicals		4.5
Commercial Services& Supplies		2.9
Communications Equipment		0.2
Construction& Engineering		1.0
Consumer Finance		1.1
Containers& Packaging		3.4
Diversified Financial Services		2.5
Diversified Telecommunication Services		2.3
Electronic Equipment,Instruments& Components		0.1
Energy Equipment& Services		1.3
Entertainment		0.8
Equity Real Estate Investment Trusts (REITs)		3.9
Food& Staples Retailing		3.9
Food Products		4.6
Health Care Equipment& Supplies		1.4
Health Care Providers& Services		3.8
Health Care Technology		0.9
Hotels, Restaurants& Leisure		4.8
Household Durables		3.1
Household Products		1.8
Interactive Media& Services		0.9
IT Services		1.3
Leisure Products		1.4
Life Sciences Tools& Services		0.3
Machinery		0.7
Media		2.0
Metals& Mining		0.6
Mortgage Real Estate Investment Trusts (REITs)		0.5
Multiline Retail		0.3
Oil, Gas& Consumable Fuels		9.4
Paper& Forest Products		2.4
Personal Products		0.9
Pharmaceuticals		1.6
Professional Services		2.1
Real Estate Management& Development		0.0	*
Road& Rail		0.9
Software		4.7
Specialty Retail		2.0
Textiles, Apparel& Luxury Goods		2.0
Thrifts& Mortgage Finance		1.4
Tobacco		0.8
Trading Companies& Distributors		2.1
Wireless Telecommunication Services		0.5
Short-Term Investments		4.8
Total Investments		100.0	%

*	Less than 0.05%

See Notes to Schedule of Investments.

(Continued)

First Eagle Fund of America

Schedule of Investments

January 31, 2022 (unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 98.7%

Air Freight & Logistics - 5.4%
CH Robinson Worldwide, Inc.		148,413		15,531,421
Expeditors International of Washington, Inc.		104,100		11,917,368
				27,448,789
Beverages - 2.3%
PepsiCo, Inc.		66,635		11,562,505

Capital Markets - 0.9%
S&P Global, Inc.		11,410		4,737,660

Electronic Equipment, Instruments & Components - 3.8%
TE Connectivity Ltd.		135,319		19,351,970

Food Products - 0.9%
Nestle SA (Registered) (Switzerland)		34,357		4,436,807

Health Care Equipment & Supplies - 6.4%
Becton Dickinson and Co.		51,038		12,970,797
Medtronic plc		189,869		19,649,543
				32,620,340
Health Care Providers & Services - 10.7%
HCA Healthcare, Inc.		40,243		9,660,332
UnitedHealth Group, Inc.		94,210		44,520,820
				54,181,152
Hotels, Restaurants & Leisure - 0.5%
Starbucks Corp.		26,860		2,640,875

Household Products - 3.7%
Colgate-Palmolive Co.		225,568		18,598,082

Insurance - 0.4%
Willis Towers Watson plc		9,165		2,144,243

Interactive Media & Services - 13.4%
Alphabet, Inc., Class A*		13,601		36,805,258
Meta Platforms, Inc., Class A*		98,777		30,942,883
				67,748,141
Internet & Direct Marketing Retail - 2.3%
Alibaba Group Holding Ltd., ADR (China)*		91,204		11,472,551

IT Services - 1.6%
Accenture plc, Class A		15,654		5,534,942
Visa, Inc., Class A		10,177		2,301,732
				7,836,674
Media - 6.0%
Comcast Corp., Class A		602,572		30,122,574

Semiconductors & Semiconductor Equipment - 16.5%
Analog Devices, Inc.		137,020		22,467,169
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		310,735		38,105,433
Texas Instruments, Inc.		127,650		22,911,899
				83,484,501
Software - 16.2%
Microsoft Corp.		89,417		27,806,899
Oracle Corp.		488,817		39,672,388
salesforce.com, Inc.*		61,831		14,383,745
				81,863,032
Specialty Retail - 7.7%
Home Depot, Inc. (The)		55,178		20,249,223
Ross Stores, Inc.		191,443		18,713,553
				38,962,776
TOTAL COMMON STOCKS (Cost $396,655,809)				499,212,672

Investments	Principal Amount ($)	Value ($)
SHORT-TERM INVESTMENTS - 1.3%

COMMERCIAL PAPER - 1.3%
CenterPoint Energy, Inc.
0.13%, 2/1/2022(a)	1,572,000	1,571,993
Entergy Corp.
0.10%, 2/1/2022(a)(b)	671,000	670,998
General Motors Financial Co., Inc.
0.27%, 2/1/2022(a)	1,296,000	1,295,991
Mitsui & Co. USA, Inc.
0.15%, 2/1/2022(a)	610,000	609,997
Walgreens Boots Alliance, Inc.
0.17%, 2/1/2022(a)(b)	1,219,000	1,218,994
Western Union Co. (The)
0.15%, 2/1/2022(a)(b)	799,000	798,997
0.18%, 2/3/2022(a)	270,000	269,996
TOTAL COMMERCIAL PAPER (Cost $6,436,997)		6,436,966

Investments	Shares	Value ($)
INVESTMENT COMPANIES - 0.0%(c)
JP Morgan U.S. Government Money Market Fund, Capital Shares, 0.03%, (d) (Cost $1,165)	1,165	1,165

TOTAL SHORT-TERM INVESTMENTS (Cost $6,438,162)		6,438,131

Total Investments - 100.0% (Cost $403,093,971)		505,650,803
Other assets less liabilities - 0.0%		146,094
Net Assets - 100.0%		505,796,897

See Notes to Schedule of Investments.

(Continued)

First Eagle Fund of America
Schedule of Investments
January 31, 2022 (unaudited)

*	Non-income producing security.
(a)	The rate shown was the current yield as of January 31, 2022.
(b)	Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at January 31, 2022 amounted to $2,688,989, which represents approximately 0.53% of net assets of the Fund.
(c)	Represents less than 0.05% of net assets.
(d)	Represents 7-day effective yield as of January 31, 2022.

Abbreviation
ADR	American Depositary Receipt

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Air Freight & Logistics		5.4	%
Beverages		2.3
Capital Markets		0.9
Electronic Equipment, Instruments & Components		3.8
Food Products		0.9
Health Care Equipment & Supplies		6.4
Health Care Providers & Services		10.7
Hotels, Restaurants & Leisure		0.5
Household Products		3.7
Insurance		0.4
Interactive Media & Services		13.4
Internet & Direct Marketing Retail		2.3
IT Services		1.6
Media		6.0
Semiconductors & Semiconductor Equipment		16.5
Software		16.2
Specialty Retail		7.7
Short-Term Investments		1.3
Total Investments		100.0	%

See Notes to Schedule of Investments.

(Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 92.0%

Aerospace & Defense - 4.2%
AAR Corp.*		31,491		1,268,143
Astronics Corp.*		108,548		1,305,832
Curtiss-Wright Corp.		12,673		1,682,848
Ducommun, Inc.*		31,836		1,392,825
Hexcel Corp.*		21,727		1,133,498
Kaman Corp.		22,917		915,992
Mercury Systems, Inc.*		24,989		1,422,374
Triumph Group, Inc.*		54,314		989,601
				10,111,113
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings, Inc.*		17,902		1,438,067
Hub Group, Inc., Class A*		5,500		416,460
Radiant Logistics, Inc.*		80,832		501,967
				2,356,494
Airlines - 1.6%
Allegiant Travel Co.*		9,908		1,770,163
JetBlue Airways Corp.*		84,681		1,238,883
Mesa Air Group, Inc.*		180,079		900,395
				3,909,441
Auto Components - 1.3%
Horizon Global Corp.*		100,292		766,231
Modine Manufacturing Co.*		57,263		523,956
Patrick Industries, Inc.		17,796		1,146,062
Superior Industries International, Inc.*		150,477		666,613
Unique Fabricating, Inc.*		14,991		30,717
				3,133,579
Automobiles - 0.5%
Harley-Davidson, Inc.		33,876		1,171,093

Banks - 3.0%
First Foundation, Inc.		34,052		890,460
Hilltop Holdings, Inc.		42,759		1,412,330
Independent Bank Group, Inc.		16,721		1,269,458
Seacoast Banking Corp. of Florida		41,278		1,506,647
Texas Capital Bancshares, Inc.*		28,896		1,811,779
TriState Capital Holdings, Inc.*		7,130		225,237
				7,115,911
Beverages - 0.2%
MGP Ingredients, Inc.		7,273		550,275
Reed's, Inc.*		110,000		37,389
				587,664
Building Products - 2.1%
American Woodmark Corp.*		25,582		1,533,129
Apogee Enterprises, Inc.		8,337		372,247
Gibraltar Industries, Inc.*		22,659		1,241,713
JELD-WEN Holding, Inc.*		26,149		617,117
PGT Innovations, Inc.*		37,564		713,340
Quanex Building Products Corp.		26,810		584,190
				5,061,736
Capital Markets - 2.0%
Ashford, Inc.*		37,374		605,085
B Riley Financial, Inc.		25,586		1,575,330
Evercore, Inc., Class A		8,843		1,103,783
Moelis & Co., Class A		26,863		1,516,954
				4,801,152
Chemicals - 3.0%
AdvanSix, Inc.		16,752		705,092
HB Fuller Co.		7,450		534,687
Huntsman Corp.		34,219		1,226,067
Intrepid Potash, Inc.*		19,335		749,811
Livent Corp.*		51,710		1,189,847
LSB Industries, Inc.*		56,752		551,629
Olin Corp.		27,914		1,414,402
Trecora Resources*		42,239		353,540
Tronox Holdings plc, Class A		16,094		365,334
				7,090,409
Commercial Services & Supplies - 2.8%
Heritage-Crystal Clean, Inc.*		33,038		945,217
Interface, Inc.		47,114		624,732
KAR Auction Services, Inc.*		23,936		340,370
Performant Financial Corp.*		203,675		446,048
Pitney Bowes, Inc.		138,842		855,267
Quest Resource Holding Corp.*		76,146		468,298
Steelcase, Inc., Class A		91,573		1,130,011
US Ecology, Inc.*		37,081		1,059,775
VSE Corp.		16,856		869,432
				6,739,150
Communications Equipment - 2.4%
ADTRAN, Inc.		28,986		556,821
Aviat Networks, Inc.*		15,447		448,272
CalAmp Corp.*		138,596		823,260
Ceragon Networks Ltd. (Israel)*		46,925		107,927
Comtech Telecommunications Corp.		17,031		346,240
Digi International, Inc.*		26,278		587,050
DZS, Inc.*		64,909		950,268
Infinera Corp.*		104,635		881,027
PCTEL, Inc.*		71,672		376,995
Sierra Wireless, Inc. (Canada)*		47,145		691,146
				5,769,006
Construction & Engineering - 1.6%
Arcosa, Inc.		20,607		961,523
Infrastructure and Energy Alternatives, Inc.*		96,324		868,843
Northwest Pipe Co.*		26,525		752,514
Orion Group Holdings, Inc.*		84,386		270,035
Primoris Services Corp.		36,185		930,678
				3,783,593
Diversified Consumer Services - 1.8%
American Public Education, Inc.*		55,688		1,191,166
Lincoln Educational Services Corp.*		175,621		1,203,004
Regis Corp.*		430,486		641,424
Universal Technical Institute, Inc.*		119,809		869,814

See Notes to Schedule of Investments.

(Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
Zovio, Inc.*		274,268		340,092
				4,245,500
Diversified Telecommunication Services - 0.1%
Ooma, Inc.*		8,633		155,739

Electrical Equipment - 1.3%
Babcock & Wilcox Enterprises, Inc.*		77,682		551,542
EnerSys		16,455		1,232,973
LSI Industries, Inc.		92,043		684,800
Orion Energy Systems, Inc.*		182,523		587,724
				3,057,039
Electronic Equipment, Instruments & Components - 2.6%
Advanced Energy Industries, Inc.		13,227		1,139,903
Avnet, Inc.		5,681		229,285
Fabrinet (Thailand)*		7,348		831,500
II-VI, Inc.*		23,666		1,500,425
Iteris, Inc.*		235,180		936,016
TTM Technologies, Inc.*		75,191		1,012,071
VIA Optronics AG, ADR (Germany)*		77,306		619,994
				6,269,194
Energy Equipment & Services - 4.0%
Archrock, Inc.		32,320		272,781
DMC Global, Inc.*		31,841		1,284,466
Helmerich & Payne, Inc.		63,262		1,815,619
Liberty Oilfield Services, Inc., Class A*		43,630		527,923
Newpark Resources, Inc.*		236,941		841,140
NexTier Oilfield Solutions, Inc.*		77,202		464,756
Oil States International, Inc.*		252,362		1,582,310
ProPetro Holding Corp.*		44,719		469,997
RPC, Inc.*		212,338		1,254,917
US Silica Holdings, Inc.*		109,052		1,041,447
				9,555,356
Entertainment - 0.6%
Lions Gate Entertainment Corp., Class A*		81,710		1,281,213
Marcus Corp. (The)*		10,178		171,499
				1,452,712
Equity Real Estate Investment Trusts (REITs) - 4.2%
Alexander & Baldwin, Inc.		45,628		1,047,163
Armada Hoffler Properties, Inc.		66,342		930,778
Braemar Hotels & Resorts, Inc.*		210,515		1,126,255
Chatham Lodging Trust*		82,886		1,099,897
Diversified Healthcare Trust		374,544		1,142,359
Macerich Co. (The)		17,536		290,046
Park Hotels & Resorts, Inc.*		56,444		1,027,281
Physicians Realty Trust		64,082		1,170,137
Tanger Factory Outlet Centers, Inc.		69,136		1,176,003
Whitestone REIT		98,065		1,001,244
				10,011,163
Food & Staples Retailing - 0.7%
Chefs' Warehouse, Inc. (The)*		20,959		625,416
Natural Grocers by Vitamin Cottage, Inc.		66,066		964,564
				1,589,980
Food Products - 0.8%
Alico, Inc.		16,226		583,649
Real Good Food Co., Inc. (The)*		70,294		417,547
Utz Brands, Inc.		51,901		836,125
				1,837,321
Health Care Equipment & Supplies - 3.1%
Artivion, Inc.*		43,511		774,496
Bioventus, Inc., Class A*		95,723		1,247,271
IntriCon Corp.*		56,251		822,952
Neuronetics, Inc.*		220,883		790,761
Ortho Clinical Diagnostics Holdings plc*		49,357		856,837
Orthofix Medical, Inc.*		43,811		1,331,854
SeaSpine Holdings Corp.*		60,155		720,657
Sientra, Inc.*		287,689		808,406
Surgalign Holdings, Inc.*		95,504		65,898
				7,419,132
Health Care Providers & Services - 4.3%
Acadia Healthcare Co., Inc.*		15,463		814,127
Addus HomeCare Corp.*		5,960		475,787
Brookdale Senior Living, Inc.*		227,854		1,205,348
Community Health Systems, Inc.*		129,279		1,640,550
Cross Country Healthcare, Inc.*		37,987		817,100
Option Care Health, Inc.*		12,342		288,432
Owens & Minor, Inc.		26,984		1,135,757
RadNet, Inc.*		35,584		916,288
Select Medical Holdings Corp.		61,870		1,437,240
Surgery Partners, Inc.*		34,258		1,461,789
				10,192,418
Hotels, Restaurants & Leisure - 2.9%
BJ's Restaurants, Inc.*		34,778		1,046,470
Century Casinos, Inc.*		10,823		107,689
Cheesecake Factory, Inc. (The)*		25,774		919,616
Chuy's Holdings, Inc.*		51,392		1,295,592
Drive Shack, Inc.*		509,226		712,917
Noodles & Co.*		90,551		761,534
Potbelly Corp.*		104,110		572,605
Ruth's Hospitality Group, Inc.*		29,459		590,064
Six Flags Entertainment Corp.*		24,729		976,548
				6,983,035
Household Durables - 5.4%
Bassett Furniture Industries, Inc.		30,281		562,015
Beazer Homes USA, Inc.*		52,642		960,190
Cavco Industries, Inc.*		4,594		1,237,807
Century Communities, Inc.		17,554		1,155,931
Dixie Group, Inc. (The)*		73,326		306,503
Ethan Allen Interiors, Inc.		40,290		1,015,711
LGI Homes, Inc.*		11,459		1,426,760
MDC Holdings, Inc.		23,000		1,165,870
Skyline Champion Corp.*		12,932		870,841
Sonos, Inc.*		13,541		341,504
Taylor Morrison Home Corp.*		38,166		1,171,315
Toll Brothers, Inc.		15,154		893,631

See Notes to Schedule of Investments.

(Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
Traeger, Inc.*		85,308		869,289
Tri Pointe Homes, Inc.*		42,626		1,014,925
				12,992,292
Insurance - 1.2%
HCI Group, Inc.		16,607		1,127,117
Old Republic International Corp.		41,591		1,065,977
Stewart Information Services Corp.		8,272		590,869
				2,783,963
Interactive Media & Services - 0.5%
Cars.com, Inc.*		30,354		472,915
QuinStreet, Inc.*		42,354		681,476
				1,154,391
Internet & Direct Marketing Retail - 1.0%
CarParts.com, Inc.*		85,127		783,169
Overstock.com, Inc.*		32,915		1,577,945
				2,361,114
Machinery - 3.3%
Blue Bird Corp.*		24,808		384,772
CIRCOR International, Inc.*		47,577		1,321,213
Columbus McKinnon Corp.		25,844		1,118,528
EnPro Industries, Inc.		5,017		526,885
LiqTech International, Inc.*		156,368		892,861
Luxfer Holdings plc (United Kingdom)		34,030		581,233
Manitex International, Inc.*		66,970		476,157
Park-Ohio Holdings Corp.		44,022		891,005
Trinity Industries, Inc.		32,124		922,923
Wabash National Corp.		33,711		661,410
				7,776,987
Marine - 0.1%
Diana Shipping, Inc. (Greece)		91,666		325,414

Media - 0.2%
Marchex, Inc., Class B*		214,747		500,361

Metals & Mining - 3.5%
Allegheny Technologies, Inc.*		67,025		1,225,887
Carpenter Technology Corp.		43,910		1,261,095
Century Aluminum Co.*		42,230		647,808
Commercial Metals Co.		26,691		892,547
Ferroglobe plc*		165,311		839,780
Haynes International, Inc.		26,470		995,802
Hecla Mining Co.		223,392		1,108,024
Olympic Steel, Inc.		37,546		799,355
TimkenSteel Corp.*		46,672		654,808
				8,425,106
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
Ladder Capital Corp.		60,500		719,345

Multiline Retail - 0.6%
Nordstrom, Inc.*		61,628		1,386,630

Oil, Gas & Consumable Fuels - 4.7%
Alto Ingredients, Inc.*		224,482		1,162,817
Ardmore Shipping Corp. (Ireland)*		124,739		426,607
Chesapeake Energy Corp.		19,255		1,312,613
Dorian LPG Ltd.		55,959		665,353
Earthstone Energy, Inc., Class A*		123,002		1,680,207
Matador Resources Co.		39,983		1,790,039
Navigator Holdings Ltd.*		114,893		1,013,356
PBF Energy, Inc., Class A*		102,959		1,630,871
SM Energy Co.		46,734		1,533,343
				11,215,206
Paper & Forest Products - 0.2%
Glatfelter Corp.		27,574		478,685

Pharmaceuticals - 1.1%
Pacira BioSciences, Inc.*		28,832		1,809,785
Recro Pharma, Inc.*		535,382		824,488
				2,634,273
Professional Services - 0.5%
GEE Group, Inc.*		486,409		247,193
TrueBlue, Inc.*		39,386		1,047,668
				1,294,861
Real Estate Management & Development - 0.4%
Realogy Holdings Corp.*		64,702		1,067,583

Road & Rail - 1.0%
Daseke, Inc.*		71,968		804,602
Heartland Express, Inc.		54,987		822,606
US Xpress Enterprises, Inc., Class A*		173,431		782,174
				2,409,382
Semiconductors & Semiconductor Equipment - 4.3%
Alpha & Omega Semiconductor Ltd.*		30,930		1,392,778
Amkor Technology, Inc.		67,499		1,486,328
Amtech Systems, Inc.*		19,064		171,195
Cohu, Inc.*		36,017		1,187,841
FormFactor, Inc.*		11,860		506,896
Ichor Holdings Ltd.*		26,755		1,134,947
inTEST Corp.*		73,924		787,290
Kulicke & Soffa Industries, Inc. (Singapore)		19,836		1,084,831
NeoPhotonics Corp.*		47,500		729,600
Ultra Clean Holdings, Inc.*		13,241		667,611
Veeco Instruments, Inc.*		36,855		1,013,144
				10,162,461
Software - 1.5%
A10 Networks, Inc.		26,083		386,028
Avaya Holdings Corp.*		32,443		591,111
InterDigital, Inc.		6,345		437,995
Kaleyra, Inc. (Italy)*		109,359		972,202
SecureWorks Corp., Class A*		80,802		1,191,830
				3,579,166
Specialty Retail - 4.8%
Academy Sports & Outdoors, Inc.*		35,611		1,385,268
America's Car-Mart, Inc.*		17,414		1,652,937
Conn's, Inc.*		78,142		1,896,506
Foot Locker, Inc.		23,579		1,053,510
Kirkland's, Inc.*		83,239		1,409,236

See Notes to Schedule of Investments.

(Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)
Lithia Motors, Inc.		2,616		764,212
LL Flooring Holdings, Inc.*		49,591		716,094
Sonic Automotive, Inc., Class A		8,487		432,922
Sportsman's Warehouse Holdings, Inc.*		100,384		1,100,209
Zumiez, Inc.*		22,446		1,008,948
				11,419,842
Textiles, Apparel & Luxury Goods - 1.2%
Lakeland Industries, Inc.*		27,017		567,897
Skechers USA, Inc., Class A*		31,418		1,319,556
Unifi, Inc.*		56,557		1,075,149
				2,962,602
Thrifts & Mortgage Finance - 2.3%
Axos Financial, Inc.*		21,295		1,096,693
MGIC Investment Corp.		44,663		677,984
NMI Holdings, Inc., Class A*		43,283		1,070,821
Radian Group, Inc.		71,048		1,590,765
Walker & Dunlop, Inc.		8,517		1,127,736
				5,563,999
Trading Companies & Distributors - 1.8%
Air Lease Corp.		33,971		1,352,386
Herc Holdings, Inc.		3,900		625,755
Univar Solutions, Inc.*		41,938		1,111,357
WESCO International, Inc.*		9,654		1,176,726
				4,266,224
TOTAL COMMON STOCKS (Cost $231,144,230)				219,878,817

Investments	Shares		Value ($)

MASTER LIMITED PARTNERSHIPS - 0.4%

Trading Companies & Distributors - 0.4%
Fortress Transportation and Infrastructure Investors LLC (Cost $738,104)		29,878		797,444

Investments	Number of Rights		Value ($)

RIGHTS - 0.0%(a)

IT Services - 0.0%(a)
Flexion Therapeutics, Inc., CVR*‡
(Cost $27,801)		44,841		–

Investments	Shares		Value ($)

SHORT-TERM INVESTMENTS - 6.0%

INVESTMENT COMPANIES - 6.0%
JP Morgan U.S. Government Money Market Fund, Capital Shares, 0.03%, (b) (Cost $14,412,709)		14,412,709		14,412,709

Total Investments - 98.4% (Cost $246,322,844)				235,088,970
Other assets less liabilities - 1.6%				3,921,327
Net Assets - 100.0%				239,010,297

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(a)	Represents less than 0.05% of net assets.
(b)	Represents 7-day effective yield as of January 31, 2022.

Abbreviations
ADR	American Depositary Receipt
CVR	Contingent Value Rights
REIT	Real Estate Investment Trust

See Notes to Schedule of Investments.

(Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
January 31, 2022 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		4.2	%
Air Freight & Logistics		1.0
Airlines		1.6
Auto Components		1.3
Automobiles		0.5
Banks		3.0
Beverages		0.2
Building Products		2.1
Capital Markets		2.0
Chemicals		3.0
Commercial Services & Supplies		2.8
Communications Equipment		2.4
Construction & Engineering		1.6
Diversified Consumer Services		1.8
Diversified Telecommunication Services		0.1
Electrical Equipment		1.3
Electronic Equipment, Instruments & Components		2.6
Energy Equipment & Services		4.0
Entertainment		0.6
Equity Real Estate Investment Trusts (REITs)		4.2
Food & Staples Retailing		0.7
Food Products		0.8
Health Care Equipment & Supplies		3.1
Health Care Providers & Services		4.3
Hotels, Restaurants & Leisure		2.9
Household Durables		5.4
Insurance		1.2
Interactive Media & Services		0.5
Internet & Direct Marketing Retail		1.0
IT Services		0.0	*
Machinery		3.3
Marine		0.1
Media		0.2
Metals & Mining		3.5
Mortgage Real Estate Investment Trusts (REITs)		0.3
Multiline Retail		0.6
Oil, Gas & Consumable Fuels		4.7
Paper & Forest Products		0.2
Pharmaceuticals		1.1
Professional Services		0.5
Real Estate Management & Development		0.4
Road & Rail		1.0
Semiconductors & Semiconductor Equipment		4.3
Software		1.5
Specialty Retail		4.8
Textiles, Apparel & Luxury Goods		1.2
Thrifts & Mortgage Finance		2.3
Trading Companies & Distributors		2.2
Short-Term Investments		6.0
Total Investments		98.4	%

*	Less than 0.05%

See Notes to Schedule of Investments.

(Continued)

First Eagle Global Real Assets Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Shares		Value ($)

COMMON STOCKS - 85.7%

Australia - 1.7%
Glencore plc*		30,071		156,658

Belgium - 0.7%
Shurgard Self Storage SA		1,163		67,039

Brazil - 0.9%
Wheaton Precious Metals Corp.		2,102		84,748

Canada - 9.6%
Barrick Gold Corp.		3,351		64,139
Canadian National Railway Co.		1,297		158,081
Canadian Pacific Railway Ltd.		1,792		128,202
Franco-Nevada Corp.		953		126,004
Imperial Oil Ltd.		4,049		165,668
Nutrien Ltd.		2,849		198,981
StorageVault Canada, Inc.		14,003		69,841
				910,916
Faroe Islands - 1.1%
Bakkafrost P/F		1,459		100,581

France - 0.9%
Air Liquide SA		503		86,043

Germany - 1.2%
FUCHS PETROLUB SE (Preference)		2,740		118,410

Hong Kong - 3.5%
CK Asset Holdings Ltd.		20,000		133,508
Hongkong Land Holdings Ltd.		29,200		158,145
Hysan Development Co. Ltd.		14,000		42,914
				334,567
Ireland - 1.6%
CRH plc		2,673		134,159
Kingspan Group plc		204		19,636
				153,795
Israel - 0.9%
ICL Group Ltd.		9,640		87,242

Japan - 4.7%
Kansai Paint Co. Ltd.		3,200		66,425
Komatsu Ltd.		8,700		218,622
Mitsubishi Estate Co. Ltd.		5,400		77,773
Shin-Etsu Chemical Co. Ltd.		500		83,655
				446,475
Mexico - 1.8%
Grupo Mexico SAB de CV, Series B		40,705		174,814

Russia - 0.7%
Alrosa PJSC		47,508		69,889

Singapore - 1.7%
UOL Group Ltd.		30,400		164,858

South Africa - 1.5%
Anglo American plc		3,239		142,793

Spain - 1.9%
Aena SME SA*(a)		1,106		178,710

United Kingdom - 6.4%
Berkeley Group Holdings plc		1,621		92,511
Big Yellow Group plc, REIT		3,448		69,280
Great Portland Estates plc, REIT		4,610		47,764
Severn Trent plc		5,221		202,702
United Utilities Group plc		13,434		193,797
				606,054
United States - 44.9%
American Homes 4 Rent, Class A, REIT		5,786		226,406
Ball Corp.		556		53,988
Boston Properties, Inc., REIT		785		87,983
Caterpillar, Inc.		422		85,058
Charter Communications, Inc., Class A*		218		129,348
Chevron Corp.		1,751		229,959
Comcast Corp., Class A		1,609		80,434
Cummins, Inc.		375		82,830
Deere & Co.		260		97,864
Douglas Emmett, Inc., REIT		4,648		145,110
DR Horton, Inc.		730		65,131
EOG Resources, Inc.		1,434		159,862
Equinix, Inc., REIT		169		122,508
Equity Residential, REIT		2,219		196,892
Exxon Mobil Corp.		2,879		218,689
HCA Healthcare, Inc.		224		53,771
Home Depot, Inc. (The)		568		208,445
IDACORP, Inc.		914		100,741
Martin Marietta Materials, Inc.		110		42,803
Mid-America Apartment Communities, Inc., REIT		694		143,436
National Energy Services Reunited Corp.*		8,117		80,602
Newmont Corp.		1,098		67,165
NOV, Inc.		15,294		251,127
NVR, Inc.*		16		85,235
Phillips 66		1,433		121,504
PPG Industries, Inc.		538		84,036
Royal Gold, Inc.		1,216		123,485
RPM International, Inc.		1,023		90,648
SBA Communications Corp., REIT		422		137,336
Schlumberger NV		5,652		220,824
Terreno Realty Corp., REIT		698		52,189
UGI Corp.		3,874		175,686
Union Pacific Corp.		413		100,999
Williams Cos., Inc. (The)		5,019		150,269
				4,272,363
TOTAL COMMON STOCKS (Cost $7,901,762)				8,155,955

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Global Real Assets Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Investments	Ounces		Value ($)

COMMODITIES - 9.5%

Gold bullion*
(Cost $893,007)		501		900,822

Investments	Shares		Value ($)

MASTER LIMITED PARTNERSHIPS - 2.9%

United States - 2.9%
Enterprise Products Partners LP		5,784		136,734
Magellan Midstream Partners LP		2,804		137,031
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $257,831)				273,765

Investments	Shares		Value ($)

EXCHANGE TRADED FUNDS - 1.2%

United States
iShares Gold Trust*
(Cost $116,019)		3,425		117,204

Investments	Shares		Value ($)

SHORT-TERM INVESTMENTS - 1.0%

INVESTMENT COMPANIES - 1.0%
JP Morgan U.S. Government Money Market Fund, Capital Shares 0.03% (b)(Cost $98,046)		98,046		98,046

Total Investments - 100.3% (Cost $9,266,665)				9,545,792
Liabilities in excess of other assets - (0.3)%				(25,389	)
Net Assets - 100.0%				9,520,403

*	Non-income producing security.
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Represents 7-day effective yield as of January 31, 2022.

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 Consolidated Schedule of Investments.

(Continued)

First Eagle Global Real Assets Fund
Consolidated Schedule of Investments
January 31, 2022 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Building Products		0.2	%
Chemicals		8.6
Commodities		9.5
Commodity ETF		1.2
Construction Materials		1.8
Containers & Packaging		0.6
Electric Utilities		1.1
Energy Equipment & Services		5.7
Equity Real Estate Investment Trusts (REITs)		12.8
Food Products		1.1
Gas Utilities		1.8
Health Care Providers & Services		0.6
Household Durables		2.6
Machinery		5.1
Media		2.2
Metals & Mining		10.6
Oil, Gas & Consumable Fuels		13.9
Real Estate Management & Development		7.5
Road & Rail		4.1
Specialty Retail		2.2
Transportation Infrastructure		1.9
Water Utilities		4.2
Short-Term Investments		1.0
Total Investments		100.3	%

See Notes to Consolidated Schedule of Investments.

(Continued)

FIRST EAGLE FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (unaudited)

First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of nine separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund, First Eagle Fund of America, First Eagle Small Cap Opportunity Fund and First Eagle Global Real Assets Fund (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. The First Eagle High Income Fund seeks to provide investors with a high level of current income. The First Eagle Fund of America seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle Global Real Assets Fund seeks long-term growth of capital. The Global Real Assets Fund commenced investment operations on November 30, 2021. The Small Cap Opportunity Fund commenced investment operations on April 27, 2021. The Small Cap Opportunity Fund’s initial capital was contributed pursuant to a private offering.

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 and First Eagle Global Real Assets Fund , which offer Class A shares, Class I shares and Class R6 shares.

First Eagle Investments (“FEI” or the “Adviser”), a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”), manages the Funds. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company (“BCP CC Holdings GP”), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV Financial Services Capital Partners L.P. (“Corsair IV”). BCP VI and Corsair IV are indirectly controlled by Blackstone, Inc. (“Blackstone”) and Corsair Capital LLC (“Corsair”), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.

The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).

a) Investments in Subsidiaries — The First Eagle Global Fund (the “Global Fund”), First Eagle Overseas Fund (the “Overseas Fund”), First Eagle U.S. Value Fund (the “U.S. Value Fund”), First Eagle Gold Fund (the “Gold Fund”) and First Eagle Global Real Assets Fund (the “Global Real Assets Fund”) may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., First Eagle Gold Cayman Fund, Ltd., and First Eagle Global Real Assets Cayman Fund, Ltd. respectively, each a wholly owned subsidiary (each referred to herein as a “Subsidiary” or collectively “the Subsidiaries”). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary’s assets represent physical gold bullion, and First Eagle Gold Cayman Fund, Ltd. also holds physical silver. Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds’ tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds’ “non-qualifying income” exceeds 10% of the Funds’ gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks.

The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2022, the First Eagle Global Cayman Fund, Ltd. has $4,575,996,777 in net assets, representing 9.27% 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 First Eagle Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2022, the First Eagle Overseas Cayman Fund, Ltd. has $1,145,340,182 in net assets, representing 8.27% of the Overseas Fund’s net assets.

The First Eagle U.S. Value Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2022, the First Eagle U.S. Value Cayman Fund, Ltd. has $132,243,234 in net assets, representing 10.50% of the U.S. Value Fund’s net assets.

The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2022, the First Eagle Gold Cayman Fund, Ltd. has $488,765,972 in net assets, representing 24.33% of the Gold Fund’s net assets.

The First Eagle Global Real Assets Cayman Fund, Ltd., established on September 9, 2021, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of January 31, 2022, the First Eagle Global Real Assets Cayman Fund, Ltd. has $1,021,358 in net assets, representing 10.73% 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 warrants), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

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

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

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

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

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding or have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund’s NAV is calculated, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be “fair valued” in accordance with procedures approved by the Board of Trustees (“Board”). The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values.

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

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

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

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

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

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

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

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

Fair valuation of securities, other financial investments or other assets (collectively, “securities”) held by the Funds are determined in good faith under the supervision and responsibility of the Board. The Board Valuation and Liquidity Committee (the “Committee”) oversees the execution of the valuation and liquidity procedures for the Funds.

The following is a summary of the Funds’ inputs used to value the Funds’ investments as of January 31, 2022:

First Eagle Global Fund

Description	Level 1		Level 2			Level 3‡			Total

Assets:†
Common Stocks	$	25,220,328,703	$	14,175,065,028	(a)	$	–		$	39,395,393,731
Corporate Bonds		–		–			5,808,688	(b)		5,808,688
Commodities ^*		–		5,123,911,837			–			5,123,911,837
Foreign Government Securities		–		629,483,068			–			629,483,068
Warrants		13,070,329		–			–			13,070,329
Short-Term Investments		263,883		4,070,550,179			–			4,070,814,062
Forward Foreign Currency Exchange Contracts^**		–		17,271,971			–			17,271,971
Total	$	25,233,662,915	$	24,016,282,083		$	5,808,688		$	49,255,753,686

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

(b) These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

^* Represents gold bullion.

^** Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

Fair Value Level 3 activity for the three-month period ended January 31, 2022 was as follows:

	Corporate Bonds
Beginning Balance —market value	$	5,856,524
Purchases⁽¹⁾		—
Sales⁽²⁾		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/ (premiums)		11,442
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(59,278	)
Ending Balance — market value	$	5,808,688
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(59,278	)

(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	$	2,593,541,236	$	8,519,004,402	(a)	$	17,504,866	$	11,130,050,504
Commodities^*		–		1,504,177,431			–		1,504,177,431
Foreign Government Securities		–		334,333,811			–		334,333,811
Warrants		5,725,932		–			–		5,725,932
Short-Term Investments		56,471		855,928,524			–		855,984,995
Forward Foreign Currency Exchange Contracts^**		–		9,953,839			–		9,953,839
Total	$	2,599,323,639	$	11,223,398,007		$	17,504,866	$	13,840,226,512

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

^* Represents gold bullion.

^** Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

Fair Value Level 3 activity for the three-month period ended January 31, 2022 was as follows:

	Common Stocks
Beginning Balance —market value	$	20,293,634
Purchases⁽¹⁾		—
Sales⁽²⁾		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/ (premiums)		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(2,788,768	)
Ending Balance — market value	$	17,504,866
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(2,788,768	)

(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 at January 31, 2021

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Direction
Change in Fair
Value Resulting
from Increase
in Unobservable
Inputs(a)

Common Stocks

17,504,866

Market Comparable Companies

Enterprise Value Multiple

0.44x - 25.74x (5.75x)

Increase

Total

17,504,866

(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	$	996,505,163	$	3,666,049	(a)	$	–		$	1,000,171,212
Convertible Preferred Stocks		3,168,000		–			–			3,168,000
Corporate Bonds		–		–			637,500	(b)		637,500
Commodities^*		–		132,258,565			–			132,258,565
Master Limited Partnerships		26,550,744		–			–			26,550,744
Short-Term Investments		19,935		91,524,863			–			91,544,798
Total	$	1,026,243,842	$	227,449,477		$	637,500		$	1,254,330,819

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

^* Represents gold bullion.

Fair Value Level 3 activity for the three-month period ended January 31, 2022 was as follows:

	Corporate Bonds
Beginning Balance —market value	$	642,750
Purchases⁽¹⁾		—
Sales⁽²⁾		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/ (premiums)		1,315
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(6,565	)
Ending Balance — market value	$	637,500
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(6,565	)

(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	$	1,235,317,660	$	120,914,857	(a)	$	–	$	1,356,232,517
Commodities ^*		–		488,873,946			–		488,873,946
Rights		4,887,502		–			–		4,887,502
Short-Term Investments		51,562		172,727,952			–		172,779,514
Total	$	1,240,256,724	$	782,516,755		$	–	$	2,022,773,479

† See Consolidated Schedule of Investments for additional detailed categorizations.

^* Represents gold bullion and silver bullion.

First Eagle Global Income Builder Fund

Description	Level 1			Level 2			Level 3‡			Total

Assets:†
Common Stocks	$	402,228,460		$	489,051,288	(a)	$	–		$	891,279,748
Convertible Preferred Stocks		25,197,943			–			–			25,197,943
Corporate Bonds		–			136,960,206			9,327,618	(b)		146,287,824
Closed End Funds		–			14,397,778			–			14,397,778
Commodities^*		–			103,943,174			–			103,943,174
Foreign Government Securities		–			13,576,756			–			13,576,756
Master Limited Partnerships		39,472,433			–			–			39,472,433
Preferred Stocks		14,269,435			–			–			14,269,435
Short-Term Investments		5,103			43,673,764			–			43,678,867
U.S. Treasury Obligations		–			54,746,124			–			54,746,124
Forward Foreign Currency Exchange Contracts^**		–			571,877			–			571,877
Total	$	481,173,374		$	856,920,967		$	9,327,618		$	1,347,421,959

Liabilities:
Written Options	$	(1,840,626	)	$	–		$	–		$	(1,840,626	)
Total	$	(1,840,626	)	$	–		$	–		$	(1,840,626	)

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

^* Represents gold bullion.

^** Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

Fair Value Level 3 activity for the three-month period ended January 31, 2022 was as follows:

	Corporate Bonds
Beginning Balance —market value	$	9,627,905
Purchases⁽¹⁾		—
Sales⁽²⁾		—
Transfer In — Level 3		111,135
Transfer Out — Level 3		—
Accrued discounts/ (premiums)		2,047
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(413,469	)
Ending Balance — market value	$	9,327,618
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(413,469	)

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

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

First Eagle High Income Fund

Description	Level 1		Level 2		Level 3‡			Total

Assets:†
Corporate Bonds	$	–	$	206,484,677	$	3,080,740	(a)	$	209,565,417
Loan Assignments		–		1,668,700		–			1,668,700
Short-Term Investments		1,588		10,592,943		–			10,594,531
Total	$	1,588	$	218,746,320	$	3,080,740		$	221,828,648

(a) 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.

	Corporate Bonds
Beginning Balance —market value	$	3,218,308
Purchases⁽¹⁾		—
Sales⁽²⁾		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/ (premiums)		742
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(138,310	)
Ending Balance — market value	$	3,080,740
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(138,310	)

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

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

First Eagle Fund of America

Description	Level 1		Level 2			Level 3		Total

Assets:†
Common Stocks	$	494,775,865	$	4,436,807	(a)	$	–	$	499,212,672
Short-Term Investments		1,165		6,436,966			–		6,438,131
Total	$	494,777,030	$	10,873,773		$	–	$	505,650,803

† 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

219,878,817

–

219,878,817

Master Limited Partnerships

797,444

–

797,444

Rights

–

Short-Term Investments

14,412,709

–

14,412,709

Total

235,088,970

–

235,088,970

† See Schedule of Investments for additional detailed categorizations.

^ Fair value represents zero

Fair Value Level 3 activity for the three-month period ended January 31, 2022 was as follows:

	Rights
Beginning Balance —market value	$	—
Purchases⁽¹⁾		27,801
Sales⁽²⁾		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued discounts/ (premiums)		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(27,801	)
Ending Balance — market value	$	—	^
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(27,801	)

^ Fair value represents zero

(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 at January 31, 2022

Valuation Technique(s)

Unobservable Input

Range (Weighted Average)

Rights

Discounted Cash Flow

Estimated probability of the company hitting specified milestones

Total

^{^} Fair value represents zero

First Eagle Global Real Assets Fund

Description	Level 1		Level 2			Level 3		Total

Assets:†
Common Stocks	$	5,642,277	$	2,513,678	(a)	$	–	$	8,155,955
Commodities ^*		–		900,822			–		900,822
Exchange-Traded Funds		117,204		–			–		117,204
Master Limited Partnerships		273,765		–			–		273,765
Short-Term Investments		98,046		–			–		98,046
Total	$	6,131,292	$	3,414,500		$	–	$	9,545,792

† See Schedule of Investments for additional detailed categorizations.

^* Represents gold bullion.

c) Forward Foreign Currency Exchange Contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund, 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 period ended January 31, 2022, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:

Derivatives Volume Disclosure
	First Eagle Global Fund		First Eagle Overseas Fund		First Eagle Global Income Builder Fund		First Eagle High Income Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value — Purchased	$	110,832,045	$	58,904,249	$	2,939,957	$	130,556
Average Settlement Value — Sold		614,279,396		337,172,090		21,713,664		134,726

The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.

In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds’ custodian bank. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. Effective late 2022, longstanding regulatory guidance governing use of derivatives by mutual funds will be withdrawn and superseded by new Rule 18f-4 under the Investment Company Act. The rule is accompanied by a new set of conditions and interpretations that will need to be assessed for the Funds in light of the Funds’ practices and stated investment restrictions. Once implemented, the rule could limit a Fund’s ability to use derivatives in support of its investment strategies and may make derivatives more costly, or may otherwise adversely affect their liquidity, value or performance. Whether those changes will materially impact a Fund is not known at this time.

At January 31, 2022, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund

					Derivative Gain (Loss) Recognized in Income
Risk Type		Asset Derivative Fair Value		Liability Derivative Fair Value	Net realized Gains (Losses)			Change in Appreciation (Depreciation)
Foreign currency	$	17,271,971	$	–	$	9,135,204	$	6,276,102

First Eagle Overseas Fund

					Derivative Gain (Loss) Recognized in Income
Risk Type		Asset Derivative Fair Value		Liability Derivative Fair Value	Net realized Gains (Losses)			Change in Appreciation (Depreciation)
Foreign currency	$	9,953,839	$	–	$	4,863,623	$	3,825,420

First Eagle Global Income Builder Fund

					Derivative Gain (Loss) Recognized in Income
Risk Type		Asset Derivative Fair Value		Liability Derivative Fair Value	Net realized Gains (Losses)			Change in Appreciation (Depreciation)
Foreign currency	$	571,877	$	–	$	404,001	$	(5,556,542	)

First Eagle High Income Fund

					Derivative Gain (Loss) Recognized in Income
Risk Type		Asset Derivative Fair Value		Liability Derivative Fair Value	Net realized Gains (Losses)			Change in Appreciation (Depreciation)
Foreign currency	$	–	$	–	$	4,170	$	(4,170	)

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each Fund as of January 31, 2022:

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)
Goldman Sachs		5,040,144		–		(4,880,000	)		160,144
JPMorgan Chase Bank		1,304,445		–		(1,230,000	)		74,445
UBS AG		10,927,382		–		–			10,927,382
	$	17,271,971	$	–	$	(6,110,000	)	$	11,161,971

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)
Goldman Sachs		2,950,443		–		(2,860,000	)		90,443
JPMorgan Chase Bank		634,645		–		(600,003	)		34,642
UBS AG	$	6,368,751	$	–	$	–		$	6,368,751
	$	9,953,839	$	–	$	(3,460,003	)	$	6,493,836

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)
Goldman Sachs	$	209,482	$	–	$	(209,482	)	$	–
JPMorgan Chase Bank		57,705		–		(10,000	)		47,705
UBS AG		304,690		–		–			304,690
	$	571,877	$	–	$	(219,482	)	$	352,395

*The actual collateral received/pledged may be more than the amount reported due to over collateralization.

d) Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write “covered” call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose.

Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

A Fund may be required to segregate or earmark assets to cover its obligations under option contracts. In general, a call option is covered 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 a Fund in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This “opportunity cost” may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

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

Effective late 2022, longstanding regulatory guidance governing use of derivatives by mutual funds will be withdrawn and superseded by new Rule 18f-4 under the Investment Company Act. The rule is accompanied by a new set of conditions and interpretations that will need to be assessed for the Funds in light of the Funds’ practices and stated investment restrictions. Once implemented, the rule could limit a Fund’s ability to use derivatives in support of its investment strategies and may make derivatives more costly, or may otherwise adversely affect their liquidity, value or performance. Whether those changes will materially impact a Fund is not known at this time.

As of January 31, 2022, portfolio securities valued at $86,101,249 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.

For the period ended January 31, 2022, 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 Contracts:
Average Number of Contracts - Purchased		–
Average Number of Contracts - Written		14,974

At January 31, 2022, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Global Income Builder Fund
						Derivative Gain (Loss) Recognized in Income
Risk Type		Asset Derivative Fair Value		Liability Derivative Fair Value		Net realized Gains (Losses)			Change in Appreciation (Depreciation)
Equity - Written options	$	–	$	(1,840,626	)	$	1,325,249	$	(245,438	)