First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 80.3% | ||||||||
| Belgium - 0.9% | ||||||||
| Groupe Bruxelles Lambert NV | 6,469,396 | 482,805,254 | ||||||
| Brazil - 1.1% | ||||||||
| Ambev SA, ADR | 165,216,473 | 340,345,935 | ||||||
| Itausa SA (Preference) | 141,581,549 | 254,569,690 | ||||||
| 594,915,625 | ||||||||
| Canada - 4.9% | ||||||||
| Agnico Eagle Mines Ltd. | 2,830,107 | 218,369,101 | ||||||
| Barrick Gold Corp. | 25,083,139 | 464,288,903 | ||||||
| Franco-Nevada Corp. | 1,260,834 | 162,479,691 | ||||||
| Imperial Oil Ltd. | 10,896,401 | 780,620,014 | ||||||
| Nutrien Ltd. | 4,461,321 | 228,419,635 | ||||||
| Power Corp. of Canada | 12,323,141 | 356,667,305 | ||||||
| Wheaton Precious Metals Corp. | 7,936,282 | 474,272,212 | ||||||
| 2,685,116,861 | ||||||||
| China - 1.9% | ||||||||
| Alibaba Group Holding Ltd. | 41,871,592 | 412,025,872 | ||||||
| Prosus NV | 17,763,598 | 619,652,961 | ||||||
| 1,031,678,833 | ||||||||
| France - 3.0% | ||||||||
| Danone SA | 9,424,033 | 612,233,287 | ||||||
| Legrand SA | 1,954,335 | 211,159,898 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 145,168 | 102,396,049 | ||||||
| Sanofi SA | 4,031,951 | 415,664,046 | ||||||
| Sodexo SA | 2,131,829 | 201,899,905 | ||||||
| Wendel SE | 867,489 | 83,115,473 | ||||||
| 1,626,468,658 | ||||||||
| Germany - 0.9% | ||||||||
| Brenntag SE | 1,126,149 | 80,110,102 | ||||||
| Henkel AG & Co. KGaA (Preference) | 3,516,726 | 300,827,210 | ||||||
| Merck KGaA | 597,571 | 106,769,432 | ||||||
| 487,706,744 | ||||||||
| Hong Kong - 1.2% | ||||||||
| CK Asset Holdings Ltd. | 41,933,000 | 160,228,987 | ||||||
| Guoco Group Ltd. | 12,748,580 | 106,063,434 | ||||||
| Hongkong Land Holdings Ltd. | 31,759,300 | 102,570,270 | ||||||
| Hysan Development Co. Ltd. | 22,829,954 | 31,265,419 | ||||||
| Jardine Matheson Holdings Ltd. | 7,051,271 | 248,408,962 | ||||||
| 648,537,072 | ||||||||
| Japan - 6.9% | ||||||||
| Chofu Seisakusho Co. Ltd. (a) | 2,955,000 | 42,288,075 | ||||||
| FANUC Corp. | 16,005,400 | 474,508,493 | ||||||
| Hirose Electric Co. Ltd. | 1,258,915 | 157,620,955 | ||||||
| Hoshizaki Corp. | 5,977,100 | 188,241,618 | ||||||
| Keyence Corp. | 263,400 | 115,174,386 | ||||||
| Komatsu Ltd. | 6,756,000 | 192,056,693 | ||||||
| Mitsubishi Electric Corp. | 24,592,300 | 409,751,444 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 26,478,960 | 624,229,510 | ||||||
| Secom Co. Ltd. | 6,337,130 | 404,643,174 | ||||||
| Shimano, Inc. | 2,469,690 | 438,133,318 | ||||||
| SMC Corp. | 442,156 | 215,137,883 | ||||||
| Sompo Holdings, Inc. | 18,813,600 | 428,986,161 | ||||||
| T Hasegawa Co. Ltd. (a) | 3,002,800 | 64,474,579 | ||||||
| USS Co. Ltd. | 2,597,200 | 23,425,468 | ||||||
| 3,778,671,757 | ||||||||
| Mexico - 1.2% | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | 4,913,976 | 541,765,854 | ||||||
| Fresnillo plc | 5,590,827 | 42,366,841 | ||||||
| Industrias Penoles SAB de CV* | 6,401,020 | 93,512,406 | ||||||
| 677,645,101 | ||||||||
| Netherlands - 0.4% | ||||||||
| Heineken Holding NV | 2,580,124 | 190,130,556 | ||||||
| Pluxee NV* | 2,131,829 | 49,969,792 | ||||||
| 240,100,348 | ||||||||
| Norway - 0.3% | ||||||||
| Orkla ASA | 16,166,787 | 136,439,484 | ||||||
| South Korea - 1.6% | ||||||||
| Hyundai Mobis Co. Ltd. | 999,985 | 161,787,876 | ||||||
| KT&G Corp. | 5,242,098 | 357,363,545 | ||||||
| NAVER Corp. | 1,363,651 | 173,923,474 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 4,049,795 | 192,797,964 | ||||||
| 885,872,859 | ||||||||
| Sweden - 1.0% | ||||||||
| Investor AB, Class A | 4,970,940 | 140,531,525 | ||||||
| Investor AB, Class B | 11,255,824 | 319,554,292 | ||||||
| Svenska Handelsbanken AB, Class A | 10,429,006 | 105,269,044 | ||||||
| 565,354,861 | ||||||||
| Switzerland - 2.9% | ||||||||
| Cie Financiere Richemont SA (Registered) | 4,644,824 | 708,481,377 | ||||||
| Nestle SA (Registered) | 3,086,462 | 312,635,926 | ||||||
| Schindler Holding AG | 1,798,637 | 481,412,742 | ||||||
| Schindler Holding AG (Registered) | 211,870 | 55,624,263 | ||||||
| 1,558,154,308 | ||||||||
| Taiwan - 0.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2,980,143 | 494,107,709 | ||||||
| Thailand - 0.3% | ||||||||
| Bangkok Bank PCL, NVDR | 42,690,800 | 164,132,599 | ||||||
| United Kingdom - 7.4% | ||||||||
| BAE Systems plc | 30,239,911 | 504,344,674 | ||||||
| Berkeley Group Holdings plc (a) | 6,766,463 | 441,730,969 | ||||||
| British American Tobacco plc | 20,885,096 | 741,024,769 | ||||||
| Derwent London plc, REIT | 3,706,091 | 109,485,114 | ||||||
| Diageo plc | 5,981,121 | 186,102,485 | ||||||
| Haleon plc | 107,935,852 | 484,135,794 | ||||||
| Lloyds Banking Group plc | 396,239,696 | 302,707,374 | ||||||
| Reckitt Benckiser Group plc | 9,376,596 | 504,401,306 | ||||||
| Unilever plc | 12,894,404 | 789,973,360 | ||||||
| 4,063,905,845 | ||||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| United States - 43.5% | ||||||||
| Alphabet, Inc., Class A | 2,694,360 | 462,190,514 | ||||||
| Alphabet, Inc., Class C | 4,503,302 | 779,746,741 | ||||||
| American Express Co. | 1,903,714 | 481,715,791 | ||||||
| Analog Devices, Inc. | 2,674,970 | 618,934,559 | ||||||
| Bank of New York Mellon Corp. (The) | 11,016,077 | 716,816,130 | ||||||
| Becton Dickinson & Co. | 1,925,423 | 464,142,468 | ||||||
| Berkshire Hathaway, Inc., Class A* | 675 | 444,967,310 | ||||||
| Bio-Rad Laboratories, Inc., Class A* | 525,458 | 177,793,969 | ||||||
| Brown & Brown, Inc. | 2,287,048 | 227,401,183 | ||||||
| BXP, Inc., REIT | 2,473,129 | 176,358,829 | ||||||
| CH Robinson Worldwide, Inc. (a) | 8,084,325 | 719,909,141 | ||||||
| Charles Schwab Corp. (The) | 2,570,105 | 167,545,145 | ||||||
| Charter Communications, Inc., Class A* | 257,512 | 97,782,457 | ||||||
| Colgate-Palmolive Co. | 5,896,055 | 584,829,696 | ||||||
| Comcast Corp., Class A | 21,961,227 | 906,339,838 | ||||||
| Cummins, Inc. | 1,455,755 | 424,789,309 | ||||||
| Deere & Co. | 381,724 | 141,993,694 | ||||||
| Dentsply Sirona, Inc. (a) | 10,435,979 | 283,232,470 | ||||||
| Douglas Emmett, Inc., REIT (a) | 9,162,021 | 147,416,918 | ||||||
| Elevance Health, Inc. | 1,543,213 | 821,035,612 | ||||||
| Equity Residential, REIT | 6,189,955 | 431,006,567 | ||||||
| Expeditors International of Washington, Inc. | 1,961,371 | 244,818,328 | ||||||
| Extra Space Storage, Inc., REIT | 1,155,209 | 184,394,461 | ||||||
| Exxon Mobil Corp. | 9,538,191 | 1,131,134,071 | ||||||
| Fidelity National Financial, Inc. | 4,297,027 | 238,098,266 | ||||||
| Flowserve Corp. (a) | 7,892,216 | 398,951,519 | ||||||
| HCA Healthcare, Inc. | 3,109,934 | 1,129,061,539 | ||||||
| IPG Photonics Corp.* (a) | 3,319,802 | 266,912,081 | ||||||
| JG Boswell Co. | 2,485 | 1,377,311 | ||||||
| Kraft Heinz Co. (The) | 4,471,740 | 157,449,965 | ||||||
| Medtronic plc | 6,658,084 | 534,777,307 | ||||||
| Meta Platforms, Inc., Class A | 2,584,560 | 1,227,226,625 | ||||||
| Microsoft Corp. | 466,954 | 195,350,206 | ||||||
| Mills Music Trust (a) | 31,592 | 1,091,504 | ||||||
| Newmont Corp. | 8,257,354 | 405,188,361 | ||||||
| Noble Corp. plc | 2,010,900 | 94,954,698 | ||||||
| NOV, Inc. (a) | 28,255,276 | 588,274,846 | ||||||
| ONEOK, Inc. | 2,398,383 | 199,857,255 | ||||||
| Oracle Corp. | 10,164,584 | 1,417,451,239 | ||||||
| Philip Morris International, Inc. | 7,954,243 | 916,010,624 | ||||||
| PPG Industries, Inc. | 853,547 | 108,383,398 | ||||||
| Ross Stores, Inc. | 1,271,219 | 182,076,697 | ||||||
| Royal Gold, Inc. | 1,476,988 | 204,001,583 | ||||||
| RPM International, Inc. | 850,166 | 103,261,162 | ||||||
| Salesforce, Inc. | 1,878,799 | 486,233,181 | ||||||
| Schlumberger NV | 20,475,698 | 988,771,457 | ||||||
| Texas Instruments, Inc. | 2,800,783 | 570,827,583 | ||||||
| UGI Corp. | 1,723,649 | 42,712,022 | ||||||
| UnitedHealth Group, Inc. | 275,783 | 158,895,133 | ||||||
| Universal Health Services, Inc., Class B | 3,368,166 | 719,979,164 | ||||||
| US Bancorp | 5,965,007 | 267,709,514 | ||||||
| Walt Disney Co. (The) | 2,946,738 | 276,079,883 | ||||||
| Weyerhaeuser Co., REIT | 10,347,140 | 328,625,166 | ||||||
| Willis Towers Watson plc | 2,814,965 | 794,608,320 | ||||||
| 23,840,492,810 | ||||||||
| TOTAL COMMON STOCKS
(Cost $27,945,878,383) | 43,962,106,728 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 11.4% | ||||||||
| Gold bullion* | ||||||||
| (Cost $2,609,762,251) | 2,541,551 | 6,225,047,019 | ||||||
| Investments | Principal | Value ($) | ||||||
| CORPORATE BONDS - 0.0% (b) | ||||||||
| United States - 0.0% (b) | ||||||||
| Bausch & Lomb, Inc. | ||||||||
| 7.13%, 8/1/2028‡ (Cost $5,196,186) | 5,467,000 | 5,029,640 | ||||||
| SHORT-TERM INVESTMENTS - 8.3% | ||||||||
| COMMERCIAL PAPER - 8.2% | ||||||||
| AES Corp. (The) | ||||||||
| 5.85%, 8/1/2024 (c) | 94,550,000 | 94,534,673 | ||||||
| Amphenol Corp. | ||||||||
| 5.34%, 8/1/2024 (c)(d) | 26,263,000 | 26,259,118 | ||||||
| Apple, Inc. | ||||||||
| 5.32%, 8/7/2024 (c)(d) | 60,000,000 | 59,938,517 | ||||||
| 5.30%, 8/9/2024 (c)(d) | 50,000,000 | 49,934,125 | ||||||
| 5.31%, 8/15/2024 (c)(d) | 50,000,000 | 49,890,209 | ||||||
| 5.33%, 8/16/2024 (c)(d) | 40,000,000 | 39,906,222 | ||||||
| 5.35%, 9/5/2024 (c)(d) | 50,000,000 | 49,735,100 | ||||||
| Caisse des Depots et Consignations | ||||||||
| 5.36%, 10/18/2024 (c)(d) | 75,000,000 | 74,127,544 | ||||||
| Engie SA | ||||||||
| 5.37%, 8/15/2024 (c) | 50,000,000 | 49,890,604 | ||||||
| 5.39%, 8/16/2024 (c) | 50,000,000 | 49,883,437 | ||||||
| 5.41%, 8/26/2024 (c)(d) | 135,000,000 | 134,485,222 | ||||||
| 5.42%, 9/18/2024 (c) | 100,000,000 | 99,277,613 | ||||||
| 5.45%, 9/26/2024 (c) | 50,000,000 | 49,580,258 | ||||||
| 5.38%, 11/1/2024 (c) | 64,139,000 | 63,259,339 | ||||||
| Entergy Corp. | ||||||||
| 5.40%, 8/1/2024 (c)(d) | 34,143,000 | 34,137,887 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.43%, 8/1/2024 (c)(d) | 103,584,000 | 103,568,400 | ||||||
| Government of Quebec | ||||||||
| 5.28%, 10/30/2024 (c)(d) | 50,000,000 | 49,340,604 | ||||||
| Honeywell International, Inc. | ||||||||
| 5.37%, 8/28/2024 (c)(d) | 50,000,000 | 49,793,500 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal | Value ($) | ||||||
| Hydro-Quebec | ||||||||
| 5.36%, 8/2/2024 (c)(d) | 50,000,000 | 49,985,381 | ||||||
| 5.35%, 8/23/2024 (c) | 75,000,000 | 74,746,042 | ||||||
| 5.27%, 11/1/2024 (c)(d) | 32,650,000 | 32,210,423 | ||||||
| Johnson & Johnson | ||||||||
| 5.37%, 8/1/2024 (c)(d) | 100,000,000 | 99,985,329 | ||||||
| 5.38%, 8/8/2024 (c)(d) | 100,000,000 | 99,882,472 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 5.33%, 8/6/2024 (c) | 75,000,000 | 74,935,000 | ||||||
| 5.37%, 8/21/2024 (c)(d) | 75,000,000 | 74,772,062 | ||||||
| 5.37%, 9/3/2024 (c)(d) | 100,000,000 | 99,500,641 | ||||||
| 5.32%, 10/18/2024 (c) | 97,000,000 | 95,875,313 | ||||||
| L'Oreal SA | ||||||||
| 5.39%, 9/11/2024 (c) | 100,000,000 | 99,381,433 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | ||||||||
| 5.55%, 8/21/2024 (c)(d) | 35,000,000 | 34,891,587 | ||||||
| 5.41%, 8/22/2024 (c)(d) | 50,000,000 | 49,837,750 | ||||||
| LVMH Moet Hennessy Louis Vuitton, Inc. | ||||||||
| 5.41%, 8/6/2024 (c) | 21,940,000 | 21,920,588 | ||||||
| Nederlandse Waterschapsbank NV | ||||||||
| 5.39%, 8/26/2024 (c)(d) | 33,350,000 | 33,221,862 | ||||||
| 5.34%, 10/22/2024 (c)(d) | 100,000,000 | 98,789,737 | ||||||
| 5.28%, 10/29/2024 (c) | 100,000,000 | 98,690,000 | ||||||
| NRW Bank | ||||||||
| 5.40%, 8/5/2024 (c)(d) | 66,079,000 | 66,030,752 | ||||||
| 5.39%, 8/12/2024 (c) | 75,000,000 | 74,868,500 | ||||||
| 5.39%, 8/15/2024 (c) | 50,000,000 | 49,890,417 | ||||||
| 5.40%, 9/13/2024 (c)(d) | 60,000,000 | 59,614,609 | ||||||
| 5.40%, 9/24/2024 (c)(d) | 50,000,000 | 49,598,831 | ||||||
| 5.35%, 10/17/2024 (c)(d) | 60,000,000 | 59,317,500 | ||||||
| 5.32%, 10/28/2024 (c) | 85,861,000 | 84,746,595 | ||||||
| 5.30%, 10/30/2024 (c) | 60,000,000 | 59,203,851 | ||||||
| Philip Morris International, Inc. | ||||||||
| 5.34%, 8/2/2024 (c) | 80,000,000 | 79,976,432 | ||||||
| 5.34%, 8/9/2024 (c) | 50,000,000 | 49,933,594 | ||||||
| Province of Quebec | ||||||||
| 5.34%, 8/13/2024 (c)(d) | 100,000,000 | 99,808,611 | ||||||
| 5.35%, 8/22/2024 (c) | 24,350,000 | 24,271,133 | ||||||
| 5.35%, 9/20/2024 (c) | 70,000,000 | 69,473,723 | ||||||
| PSP Capital, Inc. | ||||||||
| 5.38%, 8/14/2024 (c)(d) | 100,000,000 | 99,793,451 | ||||||
| 5.36%, 8/22/2024 (c) | 50,000,000 | 49,839,006 | ||||||
| 5.38%, 8/27/2024 (c)(d) | 150,000,000 | 149,407,875 | ||||||
| 5.33%, 10/23/2024 (c)(d) | 50,000,000 | 49,389,367 | ||||||
| 5.33%, 10/24/2024 (c)(d) | 50,000,000 | 49,382,372 | ||||||
| 5.32%, 10/25/2024 (c)(d) | 100,000,000 | 98,750,770 | ||||||
| Sanofi SA | ||||||||
| 5.41%, 9/6/2024 (c)(d) | 100,000,000 | 99,454,010 | ||||||
| 5.41%, 9/13/2024 (c)(d) | 100,000,000 | 99,350,430 | ||||||
| 5.38%, 10/17/2024 (c)(d) | 75,500,000 | 74,634,972 | ||||||
| Siemens Capital Co. LLC | ||||||||
| 5.33%, 8/19/2024 (c)(d) | 40,000,000 | 39,888,744 | ||||||
| 5.33%, 8/20/2024 (c)(d) | 100,000,000 | 99,707,222 | ||||||
| Svensk Exportkredit AB | ||||||||
| 5.39%, 9/25/2024 (c) | 150,000,000 | 148,768,311 | ||||||
| 5.40%, 10/4/2024 (c) | 150,000,000 | 148,571,354 | ||||||
| 5.34%, 10/16/2024 (c) | 100,000,000 | 98,874,303 | ||||||
| Sysco Corp. | ||||||||
| 5.40%, 8/1/2024 (c)(d) | 21,009,000 | 21,005,868 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.37%, 8/1/2024 (c) | 65,000,000 | 64,990,407 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $4,485,303,345) | 4,484,711,002 | |||||||
| U.S. TREASURY OBLIGATIONS - 0.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 5.22%, 9/5/2024 (c) | 20,000,000 | 19,897,395 | ||||||
| 5.28%, 12/5/2024 (c) | 20,000,000 | 19,647,631 | ||||||
| 5.12%, 3/20/2025 (c)(e) | 20,000,000 | 19,397,582 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $58,907,942) | 58,942,608 | |||||||
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (b) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (f) (Cost $706,742) | 706,742 | 706,742 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $4,544,918,029) | 4,544,360,352 | |||||||
| Total Investments - 100.0% (Cost $35,105,754,849) | 54,736,543,739 | |||||||
| Other assets less liabilities - 0.0% (b) | 27,628,109 | |||||||
| Net Assets - 100.0% | 54,764,171,848 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Affiliated company as defined under the Investment Company Act of 1940. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | The rate shown was the current yield as of July 31, 2024. |
| (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 July 31, 2024 amounted to $2,609,329,076, which represents approximately 4.76% of net assets of the Fund. |
| (e) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (f) | Represents 7-day effective yield as of July 31, 2024. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2024 | ||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
| EUR | 205,770,000 | USD | 222,622,563 | Bank of New York Mellon | 8/7/2024 | $ | 122,874 | |||||
| JPY | 15,907,827,000 | USD | 103,187,020 | Bank of New York Mellon | 8/7/2024 | 3,081,734 | ||||||
| USD | 225,169,584 | EUR | 205,770,000 | Bank of New York Mellon | 8/7/2024 | 2,424,147 | ||||||
| USD | 108,731,543 | JPY | 15,907,827,000 | Bank of New York Mellon | 8/7/2024 | 2,462,788 | ||||||
| JPY | 11,921,844,000 | USD | 77,636,390 | Goldman Sachs | 9/4/2024 | 2,358,731 | ||||||
| USD | 281,260,696 | EUR | 257,494,000 | Goldman Sachs | 9/4/2024 | 2,134,677 | ||||||
| USD | 80,206,163 | JPY | 11,921,844,000 | Goldman Sachs | 9/4/2024 | 211,042 | ||||||
| USD | 286,176,006 | EUR | 263,027,000 | JPMorgan Chase Bank | 10/2/2024 | 687,403 | ||||||
| Total unrealized appreciation | 13,483,396 | |||||||||||
| USD | 106,835,859 | GBP | 84,149,000 | Goldman Sachs | 9/4/2024 | (1,377,921 | ) | |||||
| USD | 111,676,779 | GBP | 87,781,000 | JPMorgan Chase Bank | 10/2/2024 | (1,229,739 | ) | |||||
| USD | 262,647,254 | EUR | 244,054,000 | UBS AG | 11/6/2024 | (2,724,570 | ) | |||||
| USD | 238,009,426 | EUR | 218,819,000 | Bank of New York Mellon | 12/4/2024 | (241,547 | ) | |||||
| Total unrealized depreciation | (5,573,777 | ) | ||||||||||
| Net unrealized appreciation | $ | 7,909,619 | ||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| 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 Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Aerospace & Defense | 0.9 | % | ||
| Air Freight & Logistics | 1.7 | |||
| Automobile Components | 0.3 | |||
| Banks | 2.1 | |||
| Beverages | 2.2 | |||
| Broadline Retail | 1.9 | |||
| Capital Markets | 1.6 | |||
| Chemicals | 0.9 | |||
| Commercial Services & Supplies | 0.8 | |||
| Commodities | 11.4 | |||
| Consumer Finance | 0.9 | |||
| Electrical Equipment | 1.2 | |||
| Electronic Equipment, Instruments & Components | 1.0 | |||
| Energy Equipment & Services | 3.1 | |||
| Entertainment | 0.5 | |||
| Financial Services | 2.6 | |||
| Food Products | 2.3 | |||
| Gas Utilities | 0.1 | |||
| Health Care Equipment & Supplies | 2.3 | |||
| Health Care Providers & Services | 5.2 | |||
| Hotels, Restaurants & Leisure | 0.4 | |||
| Household Durables | 0.9 | |||
| Household Products | 2.6 | |||
| Industrial Conglomerates | 0.6 | |||
| Insurance | 4.8 | |||
| Interactive Media & Services | 4.7 | |||
| Leisure Products | 0.8 | |||
| Life Sciences Tools & Services | 0.3 | |||
| Machinery | 4.8 | |||
| Media | 1.9 | |||
| Metals & Mining | 3.7 | |||
| Office REITs | 0.8 | |||
| Oil, Gas & Consumable Fuels | 3.9 | |||
| Personal Care Products | 2.3 | |||
| Pharmaceuticals | 1.0 | |||
| Real Estate Management & Development | 0.6 | |||
| Residential REITs | 0.8 | |||
| Semiconductors & Semiconductor Equipment | 3.0 | |||
| Software | 3.9 | |||
| Specialized REITs | 0.9 | |||
| Specialty Retail | 0.3 | |||
| Technology Hardware, Storage & Peripherals | 0.3 | |||
| Textiles, Apparel & Luxury Goods | 1.5 | |||
| Tobacco | 3.8 | |||
| Trading Companies & Distributors | 0.1 | |||
| Short-Term Investments | 8.3 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
Affiliated Securities
| Security Description | Shares
at July 31, 2024 | Market Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/ Depreciation | Market Value July 31, 2024 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 5.4% | ||||||||||||||||||||||||||||||||
| Japan 0.2% | ||||||||||||||||||||||||||||||||
| Chofu Seisakusho Co. Ltd. | 2,955,000 | $ | 44,698,784 | $ | — | $ | (2,526,394 | ) | $ | (1,237,440 | ) | $ | 1,353,125 | $ | 42,288,075 | $ | 847,259 | |||||||||||||||
| T Hasegawa Co. Ltd. | 3,002,800 | 62,909,936 | — | — | — | 1,564,643 | 64,474,579 | 553,429 | ||||||||||||||||||||||||
| 107,608,720 | — | (2,526,394 | ) | (1,237,440 | ) | 2,917,768 | 106,762,654 | 1,400,688 | ||||||||||||||||||||||||
| United Kingdom 0.8% | ||||||||||||||||||||||||||||||||
| Berkeley Group Holdings plc | 6,766,463 | 332,616,729 | — | — | — | 109,114,240 | 441,730,969 | 5,682,144 | ||||||||||||||||||||||||
| United States 4.4% | ||||||||||||||||||||||||||||||||
| CH Robinson Worldwide, Inc. | 8,084,325 | 547,603,660 | 111,156,693 | — | — | 61,148,788 | 719,909,141 | 13,944,976 | ||||||||||||||||||||||||
| Dentsply Sirona, Inc.^ | 10,435,979 | 209,857,889 | 98,610,927 | — | — | (25,236,346 | ) | 283,232,470 | 3,603,295 | |||||||||||||||||||||||
| Douglas Emmett, Inc., REIT | 9,162,021 | 102,706,255 | — | — | — | 44,710,663 | 147,416,918 | 5,222,352 | ||||||||||||||||||||||||
| Flowserve Corp. | 7,892,216 | 289,802,171 | — | — | — | 109,149,348 | 398,951,519 | 4,893,174 | ||||||||||||||||||||||||
| IPG Photonics Corp.* | 3,319,802 | 266,058,242 | 19,827,887 | — | — | (18,974,048 | ) | 266,912,081 | — | |||||||||||||||||||||||
| Mills Music Trust | 31,592 | 1,074,444 | — | — | — | 17,060 | 1,091,504 | 53,000 | ||||||||||||||||||||||||
| NOV, Inc. | 28,255,276 | 537,029,309 | 26,137,540 | — | — | 25,107,997 | 588,274,846 | 4,708,423 | ||||||||||||||||||||||||
| 1,954,131,970 | 255,733,047 | — | — | 195,923,462 | 2,405,788,479 | 32,425,220 | ||||||||||||||||||||||||||
| Total Common Stocks | 2,394,357,419 | 255,733,047 | (2,526,394 | ) | (1,237,440 | ) | 307,955,470 | 2,954,282,102 | 39,508,052 | |||||||||||||||||||||||
| Total | $ | 2,394,357,419 | $ | 255,733,047 | $ | (2,526,394 | ) | $ | (1,237,440 | ) | $ | 307,955,470 | $ | 2,954,282,102 | $ | 39,508,052 | ||||||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of October 31, 2023. |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 87.1% | ||||||||
| Belgium - 1.9% | ||||||||
| Groupe Bruxelles Lambert NV | 2,764,501 | 206,312,244 | ||||||
| Legris Industries SA*‡ (a)(b)(c) | 905,366 | 22,251,993 | ||||||
| 228,564,237 | ||||||||
| Brazil - 2.0% | ||||||||
| Ambev SA, ADR | 74,960,614 | 154,418,865 | ||||||
| Itausa SA (Preference) | 51,723,362 | 93,000,821 | ||||||
| 247,419,686 | ||||||||
| Canada - 9.2% | ||||||||
| Agnico Eagle Mines Ltd. | 814,125 | 62,817,322 | ||||||
| Barrick Gold Corp. | 6,165,298 | 114,119,666 | ||||||
| Franco-Nevada Corp. | 316,575 | 40,796,019 | ||||||
| Imperial Oil Ltd. | 6,867,660 | 492,000,326 | ||||||
| Nutrien Ltd. | 2,328,574 | 119,222,989 | ||||||
| Power Corp. of Canada | 5,849,907 | 169,313,210 | ||||||
| Wheaton Precious Metals Corp. | 2,245,148 | 134,170,044 | ||||||
| 1,132,439,576 | ||||||||
| Chile - 0.8% | ||||||||
| Cia Cervecerias Unidas SA, ADR (c) | 9,392,572 | 103,130,441 | ||||||
| China - 2.9% | ||||||||
| Alibaba Group Holding Ltd. | 14,966,828 | 147,276,950 | ||||||
| Prosus NV | 6,142,389 | 214,266,813 | ||||||
| 361,543,763 | ||||||||
| Faroe Islands - 0.3% | ||||||||
| Bakkafrost P/F | 801,656 | 41,874,262 | ||||||
| Finland - 0.1% | ||||||||
| Kesko OYJ, Class B | 702,790 | 12,712,567 | ||||||
| France - 5.8% | ||||||||
| Danone SA | 4,221,052 | 274,221,084 | ||||||
| Laurent-Perrier (c) | 558,938 | 72,286,823 | ||||||
| Legrand SA | 812,472 | 87,785,106 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 33,358 | 23,529,479 | ||||||
| Sanofi SA | 1,580,799 | 162,968,575 | ||||||
| Sodexo SA | 686,065 | 64,975,408 | ||||||
| Wendel SE | 439,181 | 42,078,616 | ||||||
| 727,845,091 | ||||||||
| Germany - 2.4% | ||||||||
| Brenntag SE | 557,632 | 39,667,892 | ||||||
| FUCHS SE (Preference) | 2,322,615 | 100,920,304 | ||||||
| Henkel AG & Co. KGaA (Preference) | 1,476,257 | 126,281,739 | ||||||
| Merck KGaA | 226,858 | 40,533,259 | ||||||
| 307,403,194 | ||||||||
| Hong Kong - 3.0% | ||||||||
| CK Asset Holdings Ltd. | 20,256,000 | 77,399,622 | ||||||
| Great Eagle Holdings Ltd. | 22,777,700 | 30,981,064 | ||||||
| Guoco Group Ltd. | 7,806,340 | 64,945,839 | ||||||
| Hongkong Land Holdings Ltd. | 15,883,500 | 51,297,569 | ||||||
| Hysan Development Co. Ltd. | 17,131,457 | 23,461,378 | ||||||
| Jardine Matheson Holdings Ltd. | 3,666,800 | 129,177,560 | ||||||
| 377,263,032 | ||||||||
| Japan - 16.9% | ||||||||
| As One Corp. | 2,756,760 | 59,396,239 | ||||||
| Chofu Seisakusho Co. Ltd. | 1,608,500 | 23,018,737 | ||||||
| Daiichikosho Co. Ltd. (c) | 5,732,560 | 69,191,420 | ||||||
| FANUC Corp. | 6,535,400 | 193,753,533 | ||||||
| Hirose Electric Co. Ltd. | 758,730 | 94,995,887 | ||||||
| Hoshizaki Corp. | 2,725,600 | 85,839,513 | ||||||
| Kansai Paint Co. Ltd. | 8,474,330 | 139,177,365 | ||||||
| Keyence Corp. | 74,800 | 32,707,077 | ||||||
| Komatsu Ltd. | 3,814,300 | 108,431,297 | ||||||
| MISUMI Group, Inc. | 830,100 | 15,276,033 | ||||||
| Mitsubishi Electric Corp. | 10,601,000 | 176,631,509 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 9,185,000 | 216,532,222 | ||||||
| Nagaileben Co. Ltd. | 1,687,224 | 30,280,438 | ||||||
| Nihon Kohden Corp. | 4,940,200 | 76,125,627 | ||||||
| Pilot Corp. | 709,700 | 21,317,877 | ||||||
| Secom Co. Ltd. | 2,783,500 | 177,734,128 | ||||||
| Shimano, Inc. | 971,870 | 172,413,796 | ||||||
| SK Kaken Co. Ltd. | 437,805 | 28,085,218 | ||||||
| SMC Corp. | 195,690 | 95,216,015 | ||||||
| Sompo Holdings, Inc. | 6,648,400 | 151,596,270 | ||||||
| T Hasegawa Co. Ltd. | 1,906,436 | 40,934,014 | ||||||
| TIS, Inc. | 2,317,600 | 49,646,336 | ||||||
| USS Co. Ltd. | 2,082,400 | 18,782,225 | ||||||
| 2,077,082,776 | ||||||||
| Mexico - 2.5% | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | 2,045,714 | 225,539,968 | ||||||
| Fresnillo plc | 1,426,722 | 10,811,586 | ||||||
| Grupo Mexico SAB de CV, Series B | 6,905,948 | 38,920,323 | ||||||
| Industrias Penoles SAB de CV* | 2,246,692 | 32,821,890 | ||||||
| 308,093,767 | ||||||||
| Netherlands - 1.4% | ||||||||
| HAL Trust | 644,459 | 79,614,842 | ||||||
| Heineken Holding NV | 984,286 | 72,532,500 | ||||||
| Pluxee NV* | 801,545 | 18,788,110 | ||||||
| 170,935,452 | ||||||||
| Norway - 1.0% | ||||||||
| Orkla ASA | 14,829,598 | 125,154,287 | ||||||
| Singapore - 1.7% | ||||||||
| Haw Par Corp. Ltd. (c) | 19,436,313 | 151,759,749 | ||||||
| UOL Group Ltd. | 15,047,300 | 60,795,883 | ||||||
| 212,555,632 | ||||||||
| South Korea - 4.3% | ||||||||
| Fursys, Inc. (c) | 872,463 | 27,875,464 | ||||||
| Hyundai Mobis Co. Ltd. | 505,396 | 81,768,172 | ||||||
| KT&G Corp. | 2,323,602 | 158,404,259 | ||||||
| NAVER Corp. | 609,111 | 77,687,547 | ||||||
| NongShim Co. Ltd. | 197,002 | 69,314,954 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 2,345,824 | 111,677,280 | ||||||
| 526,727,676 | ||||||||
| Sweden - 3.3% | ||||||||
| Industrivarden AB, Class A | 123,708 | 4,243,702 | ||||||
| Industrivarden AB, Class C | 1,572,517 | 53,303,847 | ||||||
| Investor AB, Class A | 966,810 | 27,332,312 | ||||||
| Investor AB, Class B | 8,216,652 | 233,271,808 | ||||||
| L E Lundbergforetagen AB, Class B | 296,080 | 14,967,898 | ||||||
| Svenska Handelsbanken AB, Class A | 6,838,494 | 69,026,878 | ||||||
| 402,146,445 | ||||||||
| Switzerland - 4.8% | ||||||||
| Cie Financiere Richemont SA (Registered) | 1,663,507 | 253,737,005 | ||||||
| Nestle SA (Registered) | 1,236,148 | 125,212,711 | ||||||
| Schindler Holding AG | 682,064 | 182,557,292 | ||||||
| Schindler Holding AG (Registered) | 82,435 | 21,642,451 | ||||||
| 583,149,459 | ||||||||
| Taiwan - 2.1% | ||||||||
| Taiwan Secom Co. Ltd. | 8,545,694 | 34,575,075 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,358,315 | 225,208,627 | ||||||
| 259,783,702 | ||||||||
| Thailand - 0.8% | ||||||||
| Bangkok Bank PCL, NVDR | 20,440,959 | 78,589,010 | ||||||
| Thai Beverage PCL | 52,214,985 | 19,717,861 | ||||||
| 98,306,871 | ||||||||
| Turkey - 0.8% | ||||||||
| AG Anadolu Grubu Holding A/S | 7,420,450 | 95,506,694 | ||||||
| United Kingdom - 15.1% | ||||||||
| BAE Systems plc | 12,360,125 | 206,143,570 | ||||||
| Berkeley Group Holdings plc | 2,349,985 | 153,412,670 | ||||||
| Big Yellow Group plc, REIT | 2,602,379 | 40,470,653 | ||||||
| British American Tobacco plc | 8,116,884 | 287,995,425 | ||||||
| Diageo plc | 2,035,999 | 63,350,077 | ||||||
| Great Portland Estates plc, REIT | 7,832,988 | 35,345,480 | ||||||
| Haleon plc | 35,038,000 | 157,159,550 | ||||||
| Lloyds Banking Group plc | 182,339,363 | 139,298,183 | ||||||
| Reckitt Benckiser Group plc | 3,791,584 | 203,963,135 | ||||||
| Shell plc | 8,047,499 | 294,250,160 | ||||||
| Unilever plc | 4,820,100 | 295,302,566 | ||||||
| 1,876,691,469 | ||||||||
| United States - 4.0% | ||||||||
| Newmont Corp. | 2,558,784 | 125,559,531 | ||||||
| Royal Gold, Inc. | 454,973 | 62,840,871 | ||||||
| Willis Towers Watson plc | 1,095,555 | 309,253,265 | ||||||
| 497,653,667 | ||||||||
| TOTAL COMMON STOCKS (Cost $7,793,802,032) | 10,773,983,746 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 10.4% | ||||||||
| Gold bullion* | ||||||||
| (Cost $429,791,638) | 525,552 | 1,287,239,980 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| FOREIGN GOVERNMENT SECURITIES - 0.6% | ||||||||
| Singapore - 0.6% | ||||||||
| Republic of Singapore | ||||||||
| 1.25%, 11/1/2026 (Cost $74,861,154) | SGD | 108,048,000 | 77,877,493 | |||||
| SHORT-TERM INVESTMENTS - 2.0% | ||||||||
| COMMERCIAL PAPER - 1.8% | ||||||||
| AES Corp. (The) | ||||||||
| 5.85%, 8/1/2024 (d) | 36,295,000 | 36,289,117 | ||||||
| Amphenol Corp. | ||||||||
| 5.34%, 8/1/2024 (d)(e) | 10,082,000 | 10,080,510 | ||||||
| Engie SA | ||||||||
| 5.42%, 8/26/2024 (d)(e) | 15,000,000 | 14,942,802 | ||||||
| 5.38%, 11/1/2024 (d) | 10,561,000 | 10,416,157 | ||||||
| Entergy Corp. | ||||||||
| 5.40%, 8/1/2024 (d)(e) | 13,106,000 | 13,104,037 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.43%, 8/1/2024 (d)(e) | 39,763,000 | 39,757,012 | ||||||
| Hydro-Quebec | ||||||||
| 5.36%, 8/2/2024 (d)(e) | 6,450,000 | 6,448,114 | ||||||
| 5.37%, 8/28/2024 (d)(e) | 40,000,000 | 39,835,111 | ||||||
| NRW Bank | ||||||||
| 5.40%, 8/5/2024 (d)(e) | 8,921,000 | 8,914,486 | ||||||
| 5.40%, 9/13/2024 (d)(e) | 10,000,000 | 9,935,768 | ||||||
| 5.32%, 10/28/2024 (d) | 14,139,000 | 13,955,488 | ||||||
| Sysco Corp. | ||||||||
| 5.40%, 8/1/2024 (d)(e) | 8,066,000 | 8,064,797 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $211,774,530) | 211,743,399 | |||||||
| U.S. TREASURY OBLIGATIONS - 0.2% | ||||||||
| U.S. Treasury Bills | ||||||||
| 5.22%, 9/5/2024 (d) | 10,000,000 | 9,948,697 | ||||||
| 5.28%, 12/5/2024 (d) | 10,000,000 | 9,823,816 | ||||||
| 5.12%, 3/20/2025 (d)(f) | 10,000,000 | 9,698,791 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,453,971) | 29,471,304 | |||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (g) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (h) (Cost $80,920) | 80,920 | 80,920 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $241,309,421) | 241,295,623 | |||||||
| Total Investments -
100.1% (Cost $8,539,764,245) | 12,380,396,842 | |||||||
| Liabilities in excess of other assets - (0.1)% | (9,879,057 | ) | ||||||
| Net Assets - 100.0% | 12,370,517,785 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at July 31, 2024 amounted to $22,251,993, which represents approximately 0.18% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Legris Industries SA | 04/30/04 | $ | 23,433,066 | $ | 24.58 | |||||
| (b) | Security fair valued as of July 31, 2024 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2024 amounted to $22,251,993, which represents approximately 0.18% of net assets of the Fund. |
| (c) | Affiliated company as defined under the Investment Company Act of 1940. |
| (d) | The rate shown was the current yield as of July 31, 2024. |
| (e) | 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 July 31, 2024 amounted to $151,082,637, which represents approximately 1.22% of net assets of the Fund. |
| (f) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (g) | Represents less than 0.05% of net assets. |
| (h) | Represents 7-day effective yield as of July 31, 2024. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2024
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
| EUR | 114,306,000 | USD | 123,667,661 | Bank of New York Mellon | 8/7/2024 | $ | 68,257 | |||||
| JPY | 8,146,206,000 | USD | 52,840,826 | Bank of New York Mellon | 8/7/2024 | 1,578,119 | ||||||
| USD | 125,082,541 | EUR | 114,306,000 | Bank of New York Mellon | 8/7/2024 | 1,346,623 | ||||||
| USD | 55,680,109 | JPY | 8,146,206,000 | Bank of New York Mellon | 8/7/2024 | 1,261,164 | ||||||
| GBP | 6,763,000 | USD | 8,560,944 | Goldman Sachs | 9/4/2024 | 136,127 | ||||||
| JPY | 7,396,688,000 | USD | 48,168,065 | Goldman Sachs | 9/4/2024 | 1,463,431 | ||||||
| USD | 165,772,910 | EUR | 151,765,000 | Goldman Sachs | 9/4/2024 | 1,258,162 | ||||||
| USD | 49,762,433 | JPY | 7,396,688,000 | Goldman Sachs | 9/4/2024 | 130,937 | ||||||
| USD | 139,824,517 | EUR | 128,514,000 | JPMorgan Chase Bank | 10/2/2024 | 335,863 | ||||||
| Total unrealized appreciation | 7,578,683 | |||||||||||
| USD | 43,895,830 | GBP | 34,579,000 | Goldman Sachs | 9/4/2024 | (572,009 | ) | |||||
| USD | 45,006,069 | GBP | 35,376,000 | JPMorgan Chase Bank | 10/2/2024 | (495,588 | ) | |||||
| USD | 127,975,615 | EUR | 118,916,000 | UBS AG | 11/6/2024 | (1,327,555 | ) | |||||
| USD | 131,935,835 | EUR | 121,298,000 | Bank of New York Mellon | 12/4/2024 | (133,897 | ) | |||||
| Total unrealized depreciation | (2,529,049 | ) | ||||||||||
| Net unrealized appreciation | $ | 5,049,634 | ||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited 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 |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Aerospace & Defense | 1.7 | % | ||
| Automobile Components | 0.7 | |||
| Banks | 3.1 | |||
| Beverages | 5.7 | |||
| Broadline Retail | 2.9 | |||
| Chemicals | 3.4 | |||
| Commercial Services & Supplies | 2.3 | |||
| Commodities | 10.4 | |||
| Consumer Staples Distribution & Retail | 0.1 | |||
| Electrical Equipment | 2.1 | |||
| Electronic Equipment,Instruments & Components | 1.1 | |||
| Entertainment | 0.6 | |||
| Financial Services | 5.3 | |||
| Food Products | 5.1 | |||
| Foreign Government Securities | 0.6 | |||
| Health Care Equipment & Supplies | 0.8 | |||
| Health Care Providers & Services | 0.5 | |||
| Hotels, Restaurants & Leisure | 0.5 | |||
| Household Durables | 1.4 | |||
| Household Products | 2.6 | |||
| Industrial Conglomerates | 2.3 | |||
| Insurance | 6.9 | |||
| Interactive Media & Services | 0.6 | |||
| IT Services | 0.4 | |||
| Leisure Products | 1.4 | |||
| Machinery | 6.0 | |||
| Metals & Mining | 5.0 | |||
| Office REITs | 0.3 | |||
| Oil, Gas & Consumable Fuels | 6.4 | |||
| Personal Care Products | 3.7 | |||
| Pharmaceuticals | 2.8 | |||
| Real Estate Management & Development | 2.0 | |||
| Semiconductors & Semiconductor Equipment | 1.8 | |||
| Specialized REITs | 0.3 | |||
| Specialty Retail | 0.2 | |||
| Technology Hardware, Storage & Peripherals | 0.9 | |||
| Textiles, Apparel & Luxury Goods | 2.3 | |||
| Tobacco | 3.6 | |||
| Trading Companies & Distributors | 0.3 | |||
| Short-Term Investments | 2.0 | |||
| Total Investments | 100.1 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
Affiliated Securities
| Security Description | Shares
at July 31, 2024 | Market
Value October 31, 2023 | Purchases
at Cost | Proceeds from Sales | Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/ Depreciation | Market
Value July 31, 2024 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 3.6% | ||||||||||||||||||||||||||||||||
| Belgium 0.2% | ||||||||||||||||||||||||||||||||
| Legris Industries SA*‡(a)(b) | 905,366 | $ | 15,384,962 | $ | — | $ | — | $ | — | $ | 6,867,031 | $ | 22,251,993 | $ | — | |||||||||||||||||
| Chile 0.8% | ||||||||||||||||||||||||||||||||
| Cia Cervecerias Unidas SA, ADR | 9,392,572 | 105,666,435 | — | — | — | (2,535,994 | ) | 103,130,441 | 2,390,913 | |||||||||||||||||||||||
| France 0.6% | ||||||||||||||||||||||||||||||||
| Laurent-Perrier | 558,938 | 69,786,652 | — | — | — | 2,500,171 | 72,286,823 | 1,087,248 | ||||||||||||||||||||||||
| Japan 0.6% | ||||||||||||||||||||||||||||||||
| Daiichikosho Co. Ltd. | 5,732,560 | 84,735,608 | — | — | — | (15,544,188 | ) | 69,191,420 | 986,092 | |||||||||||||||||||||||
| Singapore 1.2% | ||||||||||||||||||||||||||||||||
| Haw Par Corp. Ltd. | 19,436,313 | 135,861,236 | — | (78,442 | ) | 31,779 | 15,945,176 | 151,759,749 | 2,882,350 | |||||||||||||||||||||||
| South Korea 0.2% | ||||||||||||||||||||||||||||||||
| Fursys,Inc. | 872,463 | 18,766,466 | — | — | — | 9,108,998 | 27,875,464 | 632,116 | ||||||||||||||||||||||||
| Total Common Stocks | 430,201,359 | — | (78,442 | ) | 31,779 | 16,341,194 | 446,495,890 | 7,978,719 | ||||||||||||||||||||||||
| Total | $ | 430,201,359 | $ | — | $ | (78,442 | ) | $ | 31,779 | $ | 16,341,194 | $ | 446,495,890 | $ | 7,978,719 | |||||||||||||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Security fair valued as of July 31, 2024 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2024 amounted to $22,251,993, which represents approximately 0.18% of net assets of the Fund. |
| (b) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at July 31, 2024 amounted to $22,251,993, which represents approximately 0.18% of net assets of the Fund. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 77.4% | ||||||||
| Air Freight & Logistics - 3.3% | ||||||||
| CH Robinson Worldwide, Inc. | 362,126 | 32,247,320 | ||||||
| Expeditors International of Washington, Inc. | 98,323 | 12,272,677 | ||||||
| 44,519,997 | ||||||||
| Banks - 1.1% | ||||||||
| US Bancorp | 330,658 | 14,839,931 | ||||||
| Capital Markets - 3.5% | ||||||||
| Bank of New York Mellon Corp. (The) | 589,455 | 38,355,837 | ||||||
| Charles Schwab Corp. (The) | 143,493 | 9,354,308 | ||||||
| 47,710,145 | ||||||||
| Chemicals - 1.2% | ||||||||
| Nutrien Ltd. (Canada) | 158,929 | 8,137,165 | ||||||
| PPG Industries, Inc. | 37,210 | 4,724,925 | ||||||
| RPM International, Inc. | 30,241 | 3,673,072 | ||||||
| 16,535,162 | ||||||||
| Consumer Finance - 1.5% | ||||||||
| American Express Co. | 78,997 | 19,989,401 | ||||||
| Electronic Equipment, Instruments & Components - 1.1% | ||||||||
| IPG Photonics Corp.* | 186,242 | 14,973,857 | ||||||
| Energy Equipment & Services - 3.6% | ||||||||
| Noble Corp. plc | 73,511 | 3,471,189 | ||||||
| NOV, Inc. | 1,034,361 | 21,535,396 | ||||||
| Schlumberger NV | 486,530 | 23,494,534 | ||||||
| 48,501,119 | ||||||||
| Entertainment - 0.7% | ||||||||
| Walt Disney Co. (The) | 109,127 | 10,224,109 | ||||||
| Financial Services - 1.5% | ||||||||
| Berkshire Hathaway, Inc., Class A* | 32 | 21,094,747 | ||||||
| Food Products - 0.7% | ||||||||
| Kraft Heinz Co. (The) | 262,298 | 9,235,513 | ||||||
| Gas Utilities - 0.1% | ||||||||
| UGI Corp. | 71,525 | 1,772,389 | ||||||
| Health Care Equipment & Supplies - 3.8% | ||||||||
| Becton Dickinson & Co. | 76,260 | 18,383,236 | ||||||
| Dentsply Sirona, Inc. | 503,680 | 13,669,875 | ||||||
| Medtronic plc | 246,406 | 19,791,330 | ||||||
| 51,844,441 | ||||||||
| Health Care Providers & Services - 10.3% | ||||||||
| Elevance Health, Inc. | 76,733 | 40,824,258 | ||||||
| HCA Healthcare, Inc. | 157,427 | 57,153,872 | ||||||
| UnitedHealth Group, Inc. | 10,154 | 5,850,329 | ||||||
| Universal Health Services, Inc., Class B | 170,425 | 36,430,048 | ||||||
| 140,258,507 | ||||||||
| Household Products - 2.7% | ||||||||
| Colgate-Palmolive Co. | 365,303 | 36,234,405 | ||||||
| Insurance - 3.4% | ||||||||
| Brown & Brown, Inc. | 85,039 | 8,455,428 | ||||||
| Fidelity National Financial, Inc. | 158,855 | 8,802,155 | ||||||
| Willis Towers Watson plc | 104,185 | 29,409,342 | ||||||
| 46,666,925 | ||||||||
| Interactive Media & Services - 7.3% | ||||||||
| Alphabet, Inc., Class A | 126,759 | 21,744,239 | ||||||
| Alphabet, Inc., Class C | 188,322 | 32,607,954 | ||||||
| Meta Platforms, Inc., Class A | 95,714 | 45,447,879 | ||||||
| 99,800,072 | ||||||||
| Life Sciences Tools & Services - 0.5% | ||||||||
| Bio-Rad Laboratories, Inc., Class A* | 19,277 | 6,522,566 | ||||||
| Machinery - 3.6% | ||||||||
| Cummins, Inc. | 73,903 | 21,564,896 | ||||||
| Deere & Co. | 20,543 | 7,641,585 | ||||||
| Flowserve Corp. | 378,708 | 19,143,689 | ||||||
| 48,350,170 | ||||||||
| Media - 3.1% | ||||||||
| Charter Communications, Inc., Class A* | 9,493 | 3,604,682 | ||||||
| Comcast Corp., Class A | 920,308 | 37,981,111 | ||||||
| 41,585,793 | ||||||||
| Metals & Mining - 3.0% | ||||||||
| Agnico Eagle Mines Ltd. (Canada) | 82,024 | 6,328,915 | ||||||
| Barrick Gold Corp. (Canada) | 619,890 | 11,474,164 | ||||||
| Franco-Nevada Corp. (Canada) | 31,259 | 4,028,248 | ||||||
| Newmont Corp. | 278,379 | 13,660,058 | ||||||
| Royal Gold, Inc. | 38,764 | 5,354,084 | ||||||
| 40,845,469 | ||||||||
| Office REITs - 1.0% | ||||||||
| BXP, Inc., REIT | 102,688 | 7,322,681 | ||||||
| Douglas Emmett, Inc., REIT | 359,380 | 5,782,424 | ||||||
| 13,105,105 | ||||||||
| Oil, Gas & Consumable Fuels - 3.3% | ||||||||
| Exxon Mobil Corp. | 317,531 | 37,656,001 | ||||||
| ONEOK, Inc. | 88,869 | 7,405,454 | ||||||
| 45,061,455 | ||||||||
| Residential REITs - 1.5% | ||||||||
| Equity Residential, REIT | 296,839 | 20,668,900 | ||||||
| Semiconductors & Semiconductor Equipment - 4.3% | ||||||||
| Analog Devices, Inc. | 132,445 | 30,645,124 | ||||||
| Texas Instruments, Inc. | 137,787 | 28,082,369 | ||||||
| 58,727,493 | ||||||||
| Software - 6.1% | ||||||||
| Microsoft Corp. | 22,886 | 9,574,358 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Oracle Corp. | 376,864 | 52,553,685 | ||||||
| Salesforce, Inc. | 80,777 | 20,905,087 | ||||||
| 83,033,130 | ||||||||
| Specialized REITs - 1.4% | ||||||||
| Extra Space Storage, Inc., REIT | 42,904 | 6,848,336 | ||||||
| Weyerhaeuser Co., REIT | 401,701 | 12,758,024 | ||||||
| 19,606,360 | ||||||||
| Specialty Retail - 0.5% | ||||||||
| Ross Stores, Inc. | 46,793 | 6,702,161 | ||||||
| Tobacco - 3.3% | ||||||||
| Philip Morris International, Inc. | 390,627 | 44,984,605 | ||||||
| TOTAL COMMON
STOCKS (Cost $550,061,863) | 1,053,393,927 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 11.9% | ||||||||
| Gold bullion* (Cost $70,602,215) | 66,311 | 162,416,352 | ||||||
| Investments | Shares | Value ($) | ||||||
| MASTER LIMITED PARTNERSHIPS - 1.5% | ||||||||
| Oil, Gas & Consumable Fuels - 1.5% | ||||||||
| Enterprise
Products Partners LP (Cost $14,041,160) | 685,243 | 19,776,113 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| CORPORATE BONDS - 0.9% | ||||||||
| Banks - 0.1% | ||||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 4.65%, 1/27/2026 | 1,205,000 | 1,193,848 | ||||||
| Financial Services - 0.2% | ||||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
| 4.88%, 1/15/2028 ‡ (a)(b) | 2,892,400 | 2,653,614 | ||||||
| Health Care Equipment & Supplies - 0.2% | ||||||||
| Bausch & Lomb, Inc. | ||||||||
| 7.13%, 8/1/2028‡ | 600,000 | 552,000 | ||||||
| Embecta Corp. | ||||||||
| 5.00%, 2/15/2030 (b) | 3,000,000 | 2,569,730 | ||||||
| 3,121,730 | ||||||||
| Oil, Gas & Consumable Fuels - 0.4% | ||||||||
| Enterprise Products Operating LLC | ||||||||
| Series E, 5.25%, 8/16/2077 | 2,600,000 | 2,510,236 | ||||||
| 5.38%, 2/15/2078 | 2,750,000 | 2,598,403 | ||||||
| 5,108,639 | ||||||||
| TOTAL CORPORATE
BONDS (Cost $11,811,056) | 12,077,831 | |||||||
| CONVERTIBLE PREFERRED STOCKS - 0.4% | ||||||||
| Banks - 0.4% | ||||||||
| Bank of America Corp. | ||||||||
| Series L, 7.25%, (c) (Cost $5,693,463) | 4,250 | 5,087,293 | ||||||
| SHORT-TERM INVESTMENTS - 7.9% | ||||||||
| COMMERCIAL PAPER - 5.5% | ||||||||
| AES Corp. (The) | ||||||||
| 5.85%, 8/1/2024 (d) | 15,191,000 | 15,188,537 | ||||||
| Amphenol Corp. | ||||||||
| 5.34%, 8/1/2024 (b)(d) | 4,220,000 | 4,219,376 | ||||||
| Entergy Corp. | ||||||||
| 5.40%, 8/1/2024 (b)(d) | 5,486,000 | 5,485,178 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.43%, 8/1/2024 (b)(d) | 16,643,000 | 16,640,494 | ||||||
| Honeywell International, Inc. | ||||||||
| 5.40%, 12/9/2024 (b)(d) | 10,000,000 | 9,811,730 | ||||||
| PepsiCo, Inc. | ||||||||
| 5.37%, 9/16/2024 (d) | 10,000,000 | 9,931,254 | ||||||
| Sysco Corp. | ||||||||
| 5.40%, 8/1/2024 (b)(d) | 3,376,000 | 3,375,497 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.37%, 8/1/2024 (d) | 10,000,000 | 9,998,524 | ||||||
| TOTAL COMMERCIAL
PAPER (Cost $74,658,100) | 74,650,590 | |||||||
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (e) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (f) | ||||||||
| (Cost $35,652) | 35,652 | 35,652 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| U.S. TREASURY OBLIGATIONS - 2.4% | ||||||||
| U.S. Treasury Bills | ||||||||
| 5.22%, 8/15/2024 (d) | 5,000,000 | 4,989,762 | ||||||
| 5.22%, 9/5/2024 (d) | 5,000,000 | 4,974,348 | ||||||
| 5.24%, 9/19/2024 (d) | 9,100,000 | 9,035,007 | ||||||
| 5.20%, 11/14/2024 (d) | 9,000,000 | 8,866,344 | ||||||
| 5.28%, 12/5/2024 (d) | 5,000,000 | 4,911,908 | ||||||
| TOTAL U.S. TREASURY
OBLIGATIONS (Cost $32,777,759) | 32,777,369 | |||||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $107,471,511) | 107,463,611 | |||||||
| Total
Investments - 100.0% (Cost $759,681,268) | 1,360,215,127 | |||||||
| Other assets less liabilities - 0.0% (e) | 449,825 | |||||||
| Net Assets - 100.0% | 1,360,664,952 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at July 31, 2024 amounted to $2,653,614, which represents approximately 0.20% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying
Value Per Share/Principal | |||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | 06/03/22-07/15/22 | $ | 2,554,315 | $ | 91.74 | |||||
| (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 July 31, 2024 amounted to $44,755,619, which represents approximately 3.29% of net assets of the Fund. |
| (c) | Perpetual security. The rate reflected was the rate in effect on July 31, 2024. The maturity date reflects the next call date. |
| (d) | The rate shown was the current yield as of July 31, 2024. |
| (e) | Represents less than 0.05% of net assets. |
| (f) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| REIT | Real Estate Investment Trust |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Value Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Air Freight & Logistics | 3.3 | % | ||
| Banks | 1.6 | |||
| Capital Markets | 3.5 | |||
| Chemicals | 1.2 | |||
| Commodities | 11.9 | |||
| Consumer Finance | 1.5 | |||
| Electronic Equipment, Instruments & Components | 1.1 | |||
| Energy Equipment & Services | 3.6 | |||
| Entertainment | 0.7 | |||
| Financial Services | 1.7 | |||
| Food Products | 0.7 | |||
| Gas Utilities | 0.1 | |||
| Health Care Equipment & Supplies | 4.0 | |||
| Health Care Providers & Services | 10.3 | |||
| Household Products | 2.7 | |||
| Insurance | 3.4 | |||
| Interactive Media & Services | 7.3 | |||
| Life Sciences Tools & Services | 0.5 | |||
| Machinery | 3.6 | |||
| Media | 3.1 | |||
| Metals & Mining | 3.0 | |||
| Office REITs | 1.0 | |||
| Oil, Gas & Consumable Fuels | 5.2 | |||
| Residential REITs | 1.5 | |||
| Semiconductors & Semiconductor Equipment | 4.3 | |||
| Software | 6.1 | |||
| Specialized REITs | 1.4 | |||
| Specialty Retail | 0.5 | |||
| Tobacco | 3.3 | |||
| Short-Term Investments | 7.9 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 79.1% | ||||||||
| Australia - 4.7% | ||||||||
| Northern Star Resources Ltd. | 13,228,483 | 122,775,326 | ||||||
| Canada - 57.4% | ||||||||
| Agnico Eagle Mines Ltd. | 1,793,824 | 138,410,220 | ||||||
| Alamos Gold, Inc., Class A | 7,340,172 | 125,096,329 | ||||||
| B2Gold Corp. | 17,553,298 | 52,635,102 | ||||||
| Barrick Gold Corp. | 16,161,427 | 299,148,014 | ||||||
| Dundee Precious Metals, Inc. (a) | 14,672,108 | 124,016,587 | ||||||
| Franco-Nevada Corp. | 933,486 | 120,295,389 | ||||||
| G Mining Ventures Corp. | 1,941,626 | 13,627,173 | ||||||
| Kinross Gold Corp. | 3,900,000 | 35,334,000 | ||||||
| MAG Silver Corp.* | 5,137,579 | 70,366,580 | ||||||
| Novagold Resources, Inc.* (a) | 23,427,501 | 111,983,455 | ||||||
| Orla Mining Ltd.* | 7,840,941 | 29,190,915 | ||||||
| Wheaton Precious Metals Corp. | 6,361,144 | 380,141,965 | ||||||
| 1,500,245,729 | ||||||||
| Mexico - 1.2% | ||||||||
| Fresnillo plc | 1,477,558 | 11,196,817 | ||||||
| Industrias Penoles SAB de CV* | 1,403,600 | 20,505,171 | ||||||
| 31,701,988 | ||||||||
| South Africa - 4.5% | ||||||||
| Gold Fields Ltd., ADR | 6,827,329 | 117,156,966 | ||||||
| United Kingdom - 1.9% | ||||||||
| Anglogold Ashanti plc | 1,766,965 | 49,616,377 | ||||||
| United States - 9.4% | ||||||||
| Newmont Corp. | 2,473,906 | 121,394,568 | ||||||
| Royal Gold, Inc. | 891,278 | 123,103,317 | ||||||
| 244,497,885 | ||||||||
| TOTAL COMMON
STOCKS (Cost $1,242,426,138) | 2,065,994,271 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 18.0% | ||||||||
| Gold bullion* | 157,286 | 385,242,951 | ||||||
| Silver bullion* | 2,922,438 | 84,523,325 | ||||||
| TOTAL COMMODITIES
(Cost $345,752,669) | 469,766,276 | |||||||
| Investments | Number of Rights | Value ($) | ||||||
| RIGHTS - 0.1% | ||||||||
| Canada - 0.1% | ||||||||
| Pan American Silver Corp., CVR, expiring 2/22/2029* | ||||||||
| Cost $45,973,715 | 6,835,667 | 3,102,026 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 2.8% | ||||||||
| COMMERCIAL PAPER - 2.8% | ||||||||
| AES Corp. (The) | ||||||||
| 5.85%, 8/1/2024 (b) | 25,276,000 | 25,271,903 | ||||||
| Amphenol Corp. | ||||||||
| 5.34%, 8/1/2024 (b)(c) | 7,021,000 | 7,019,962 | ||||||
| Entergy Corp. | ||||||||
| 5.40%, 8/1/2024 (b)(c) | 9,127,000 | 9,125,633 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.43%, 8/1/2024 (b)(c) | 27,691,000 | 27,686,830 | ||||||
| Sysco Corp. | ||||||||
| 5.40%, 8/1/2024 (b)(c) | 5,617,000 | 5,616,162 | ||||||
| TOTAL COMMERCIAL
PAPER (Cost $74,732,000) | 74,720,490 | |||||||
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (d) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (e) (Cost $62,564) | 62,564 | 62,564 | ||||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $74,794,564) | 74,783,054 | |||||||
| Total
Investments - 100.0% (Cost $1,708,947,086) | 2,613,645,627 | |||||||
| Liabilities in excess of other assets - 0.0% (d) | (732,866 | ) | ||||||
| Net Assets - 100.0% | 2,612,912,761 | |||||||
| * | 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 July 31, 2024. |
| (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 July 31, 2024 amounted to $49,448,587, which represents approximately 1.89% of net assets of the Fund. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Commodities | 18.0 | % | ||
| Metals & Mining | 79.2 | |||
| Short-Term Investments | 2.8 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2024 (unaudited)
Affiliated Securities
| Security Description | Shares
at July 31, 2024 | Market Value October 31, 2023 | Purchases
at Cost | Proceeds from Sales | Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/ Depreciation | Market Value July 31, 2024 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 11.7% | ||||||||||||||||||||||||||||||||
| Canada 11.7% | ||||||||||||||||||||||||||||||||
| Dundee Precious Metals, Inc. | 14,672,108 | $ | 93,341,751 | $ | 6,655,129 | $ | (4,360,052 | ) | $ | 846,401 | $ | 27,533,358 | $ | 124,016,587 | $ | 1,547,729 | ||||||||||||||||
| MAG Silver Corp.*^ | 5,137,579 | 54,322,011 | 6,687,094 | (11,382,104 | ) | (2,304,442 | ) | 23,044,021 | 70,366,580 | — | ||||||||||||||||||||||
| Novagold Resources, Inc.* | 23,427,501 | 62,447,299 | 23,708,098 | — | — | 25,828,058 | 111,983,455 | — | ||||||||||||||||||||||||
| Total Common Stocks | 210,111,061 | 37,050,321 | (15,742,156 | ) | (1,458,041 | ) | 76,405,437 | 306,366,622 | 1,547,729 | |||||||||||||||||||||||
| Total | $ | 210,111,061 | $ | 37,050,321 | $ | (15,742,156 | ) | $ | (1,458,041 | ) | $ | 76,405,437 | $ | 306,366,622 | $ | 1,547,729 | ||||||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of July 31, 2024. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 63.3% | ||||||||
| Brazil - 1.5% | ||||||||
| Ambev SA, ADR | 8,439,962 | 17,386,322 | ||||||
| Itausa SA (Preference) | 4,565,824 | 8,209,547 | ||||||
| 25,595,869 | ||||||||
| Canada - 4.5% | ||||||||
| Agnico Eagle Mines Ltd. | 16,806 | 1,296,739 | ||||||
| Barrick Gold Corp. | 90,496 | 1,675,081 | ||||||
| Franco-Nevada Corp. | 42,649 | 5,496,042 | ||||||
| Franco-Nevada Corp. | 32,962 | 4,250,779 | ||||||
| Imperial Oil Ltd. | 238,922 | 17,116,413 | ||||||
| Nutrien Ltd. | 87,298 | 4,469,658 | ||||||
| Power Corp. of Canada | 883,284 | 25,564,791 | ||||||
| Wheaton Precious Metals Corp. (a) | 281,516 | 16,823,396 | ||||||
| 76,692,899 | ||||||||
| Chile - 1.3% | ||||||||
| Cia Cervecerias Unidas SA, ADR | 1,327,830 | 14,579,573 | ||||||
| Quinenco SA | 2,083,758 | 7,260,936 | ||||||
| 21,840,509 | ||||||||
| Finland - 0.1% | ||||||||
| Kesko OYJ, Class B | 97,249 | 1,759,109 | ||||||
| France - 1.7% | ||||||||
| Danone SA | 101,186 | 6,573,559 | ||||||
| Sanofi SA | 161,273 | 16,626,042 | ||||||
| Sodexo SA | 38,666 | 3,661,955 | ||||||
| Wendel SE | 19,995 | 1,915,752 | ||||||
| 28,777,308 | ||||||||
| Germany - 1.1% | ||||||||
| FUCHS SE (Preference) | 341,114 | 14,821,797 | ||||||
| Henkel AG & Co. KGaA (Preference) | 56,692 | 4,849,538 | ||||||
| 19,671,335 | ||||||||
| Hong Kong - 2.9% | ||||||||
| CK Asset Holdings Ltd. | 2,483,000 | 9,487,720 | ||||||
| Great Eagle Holdings Ltd. | 675,644 | 918,977 | ||||||
| Hongkong Land Holdings Ltd. | 3,179,200 | 10,267,588 | ||||||
| Jardine Matheson Holdings Ltd. | 770,800 | 27,154,484 | ||||||
| Mandarin Oriental International Ltd. | 1,047,200 | 1,727,880 | ||||||
| 49,556,649 | ||||||||
| Japan - 3.0% | ||||||||
| FANUC Corp. | 294,600 | 8,733,940 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 250,100 | 5,895,994 | ||||||
| Nagaileben Co. Ltd. | 22,700 | 407,395 | ||||||
| Nohmi Bosai Ltd. | 70,300 | 1,161,170 | ||||||
| Secom Co. Ltd. | 176,700 | 11,282,781 | ||||||
| Shimano, Inc. | 91,300 | 16,197,001 | ||||||
| Sompo Holdings, Inc. | 204,800 | 4,669,833 | ||||||
| USS Co. Ltd. | 429,800 | 3,876,585 | ||||||
| 52,224,699 | ||||||||
| Mexico - 2.7% | ||||||||
| Coca-Cola Femsa SAB de CV, ADR (a) | 179,026 | 16,189,321 | ||||||
| Fomento Economico Mexicano SAB de CV, ADR (a) | 153,196 | 16,889,859 | ||||||
| GMexico Transportes SAB de CV (b) | 1,116,309 | 2,170,185 | ||||||
| Grupo Mexico SAB de CV, Series B | 2,026,562 | 11,421,234 | ||||||
| 46,670,599 | ||||||||
| Netherlands - 0.8% | ||||||||
| HAL Trust | 40,521 | 5,005,862 | ||||||
| Heineken Holding NV | 114,835 | 8,462,246 | ||||||
| 13,468,108 | ||||||||
| Norway - 0.9% | ||||||||
| Orkla ASA | 1,929,729 | 16,285,934 | ||||||
| Singapore - 0.7% | ||||||||
| United Overseas Bank Ltd. | 386,000 | 9,359,992 | ||||||
| UOL Group Ltd. | 764,200 | 3,087,611 | ||||||
| 12,447,603 | ||||||||
| South Korea - 2.3% | ||||||||
| KT&G Corp. | 419,335 | 28,586,845 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 227,622 | 10,836,365 | ||||||
| 39,423,210 | ||||||||
| Sweden - 0.6% | ||||||||
| Svenska Handelsbanken AB, Class A | 996,753 | 10,061,097 | ||||||
| Switzerland - 4.6% | ||||||||
| Cie Financiere Richemont SA (Registered) | 168,707 | 25,733,110 | ||||||
| Nestle SA (Registered) | 350,514 | 35,504,493 | ||||||
| Schindler Holding AG | 61,668 | 16,505,699 | ||||||
| Schindler Holding AG (Registered) | 7,544 | 1,980,599 | ||||||
| 79,723,901 | ||||||||
| Taiwan - 0.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a) | 47,844 | 7,932,535 | ||||||
| Thailand - 0.7% | ||||||||
| Bangkok Bank PCL, NVDR | 1,467,900 | 5,643,610 | ||||||
| Thai Beverage PCL | 17,954,100 | 6,779,978 | ||||||
| 12,423,588 | ||||||||
| United Kingdom - 10.0% | ||||||||
| BAE Systems plc | 807,624 | 13,469,645 | ||||||
| Berkeley Group Holdings plc | 222,665 | 14,536,106 | ||||||
| British American Tobacco plc | 1,195,354 | 42,412,394 | ||||||
| Diageo plc | 190,079 | 5,914,305 | ||||||
| Great Portland Estates plc, REIT | 523,564 | 2,362,524 | ||||||
| Haleon plc | 4,109,584 | 18,433,140 | ||||||
| Lloyds Banking Group plc | 11,546,087 | 8,820,635 | ||||||
| Reckitt Benckiser Group plc | 239,281 | 12,871,798 | ||||||
| Unilever plc | 871,901 | 53,416,859 | ||||||
| 172,237,406 | ||||||||
| United States - 23.4% | ||||||||
| Analog Devices, Inc. (a) | 64,448 | 14,911,978 | ||||||
| Bank of New York Mellon Corp. (The) (a) | 258,634 | 16,829,314 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Becton Dickinson & Co. | 84,288 | 20,318,465 | ||||||
| BXP, Inc., REIT (a) | 125,907 | 8,978,428 | ||||||
| CH Robinson Worldwide, Inc. (a) | 150,984 | 13,445,125 | ||||||
| Colgate-Palmolive Co. (a) | 287,438 | 28,510,975 | ||||||
| Comcast Corp., Class A (a) | 541,473 | 22,346,591 | ||||||
| Douglas Emmett, Inc., REIT | 366,396 | 5,895,312 | ||||||
| Elevance Health, Inc. (a) | 17,617 | 9,372,773 | ||||||
| Equity Residential, REIT (a) | 345,193 | 24,035,789 | ||||||
| Exxon Mobil Corp. (a) | 395,470 | 46,898,787 | ||||||
| Fidelity National Financial, Inc. | 84,603 | 4,687,852 | ||||||
| Fidelity National Information Services, Inc. (a) | 51,600 | 3,964,428 | ||||||
| General Dynamics Corp. (a) | 7,297 | 2,179,687 | ||||||
| HCA Healthcare, Inc. (a) | 75,005 | 27,230,565 | ||||||
| IDACORP, Inc. | 62,953 | 6,153,656 | ||||||
| Kraft Heinz Co. (The) | 133,886 | 4,714,126 | ||||||
| Linde plc | 53 | 24,036 | ||||||
| Medtronic plc (a) | 233,926 | 18,788,936 | ||||||
| ONEOK, Inc. (a) | 126,214 | 10,517,413 | ||||||
| Oracle Corp. (a) | 29,638 | 4,133,019 | ||||||
| Philip Morris International, Inc. (a) | 366,592 | 42,216,735 | ||||||
| Royal Gold, Inc. | 90,423 | 12,489,225 | ||||||
| Schlumberger NV | 153,224 | 7,399,187 | ||||||
| Texas Instruments, Inc. (a) | 121,579 | 24,779,016 | ||||||
| Truist Financial Corp. | 44 | 1,966 | ||||||
| UGI Corp. | 27,556 | 682,838 | ||||||
| Universal Health Services, Inc., Class B | 19,258 | 4,116,590 | ||||||
| US Bancorp (a) | 326,193 | 14,639,542 | ||||||
| Weyerhaeuser Co., REIT | 129,131 | 4,101,201 | ||||||
| 404,363,555 | ||||||||
| TOTAL COMMON STOCKS (Cost $920,192,329) | 1,091,155,913 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| CORPORATE BONDS - 11.4% | ||||||||
| Australia - 0.2% | ||||||||
| Coronado Finance Pty. Ltd. | ||||||||
| 10.75%, 5/15/2026 (c) | 1,459,000 | 1,511,705 | ||||||
| Nufarm Australia Ltd. | ||||||||
| 5.00%, 1/27/2030 (c) | 2,595,000 | 2,386,992 | ||||||
| 3,898,697 | ||||||||
| Canada - 0.8% | ||||||||
| TransCanada PipeLines Ltd. | ||||||||
| (United States SOFR Compounded Index + 1.52%), 6.91%, 3/9/2026 (d) | 4,400,000 | 4,402,815 | ||||||
| Transcanada Trust | ||||||||
| Series 16-A, 5.88%, 8/15/2076 | 9,142,000 | 8,934,892 | ||||||
| 13,337,707 | ||||||||
| Germany - 0.3% | ||||||||
| IHO Verwaltungs GmbH | ||||||||
| 4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026 (c)(e) | 3,879,000 | 3,782,195 | ||||||
| 6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027 (c)(e) | 1,336,632 | 1,325,986 | ||||||
| 5,108,181 | ||||||||
| Mexico - 0.6% | ||||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
| 4.88%, 1/15/2028‡ (c)(f) | 11,046,000 | 10,134,082 | ||||||
| Poland - 0.1% | ||||||||
| Canpack SA | ||||||||
| 3.13%, 11/1/2025 (c) | 420,000 | 403,930 | ||||||
| 3.88%, 11/15/2029 (c) | 1,000,000 | 897,367 | ||||||
| 1,301,297 | ||||||||
| United Kingdom - 0.1% | ||||||||
| BAT Capital Corp. | ||||||||
| 3.22%, 9/6/2026 | 2,425,000 | 2,343,318 | ||||||
| United States - 9.3% | ||||||||
| ACCO Brands Corp. | ||||||||
| 4.25%, 3/15/2029 (c) | 6,858,000 | 6,243,684 | ||||||
| American Airlines, Inc. | ||||||||
| 5.50%, 4/20/2026 (c) | 2,489,572 | 2,472,902 | ||||||
| 5.75%, 4/20/2029 (c) | 502,000 | 490,557 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 4.63%, 10/1/2027 (c) | 2,959,000 | 2,842,467 | ||||||
| Aramark Services, Inc. | ||||||||
| 5.00%, 2/1/2028 (c) | 1,800,000 | 1,758,096 | ||||||
| Ball Corp. | ||||||||
| 6.88%, 3/15/2028 | 4,152,000 | 4,269,074 | ||||||
| Bank of New York Mellon Corp. (The) | ||||||||
| Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(g) | 9,889,000 | 9,125,336 | ||||||
| Boston Properties LP | ||||||||
| REIT, 3.20%, 1/15/2025 | 1,817,000 | 1,795,228 | ||||||
| Carnival Corp. | ||||||||
| 4.00%, 8/1/2028 (c) | 1,206,000 | 1,141,067 | ||||||
| CCO Holdings LLC | ||||||||
| 5.13%, 5/1/2027 (c) | 1,807,000 | 1,755,075 | ||||||
| 5.38%, 6/1/2029 (c) | 1,900,000 | 1,776,233 | ||||||
| 6.38%, 9/1/2029 (c) | 1,835,000 | 1,786,674 | ||||||
| Centene Corp. | ||||||||
| 4.25%, 12/15/2027 | 3,573,000 | 3,459,369 | ||||||
| 4.63%, 12/15/2029 | 450,000 | 433,107 | ||||||
| Charles River Laboratories International, Inc. | ||||||||
| 4.25%, 5/1/2028 (c) | 2,282,000 | 2,173,606 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| 3.75%, 3/15/2029 (c) | 1,522,000 | 1,407,970 | ||||||
| Charter Communications Operating LLC | ||||||||
| 4.20%, 3/15/2028 | 1,850,000 | 1,778,716 | ||||||
| CITGO Petroleum Corp. | ||||||||
| 7.00%, 6/15/2025 (c) | 9,457,000 | 9,450,908 | ||||||
| 6.38%, 6/15/2026 (c) | 4,182,000 | 4,182,167 | ||||||
| Crown Americas LLC | ||||||||
| 4.75%, 2/1/2026 | 875,000 | 861,616 | ||||||
| 5.25%, 4/1/2030 | 900,000 | 881,444 | ||||||
| Edgewell Personal Care Co. | ||||||||
| 5.50%, 6/1/2028 (c) | 1,770,000 | 1,735,104 | ||||||
| 4.13%, 4/1/2029 (c) | 1,557,000 | 1,448,840 | ||||||
| Embecta Corp. | ||||||||
| 5.00%, 2/15/2030 (c) | 4,893,000 | 4,191,230 | ||||||
| 6.75%, 2/15/2030 (c) | 2,292,000 | 2,043,683 | ||||||
| Enterprise Products Operating LLC | ||||||||
| Series E, 5.25%, 8/16/2077 | 4,500,000 | 4,344,640 | ||||||
| Fair Isaac Corp. | ||||||||
| 5.25%, 5/15/2026 (c) | 1,715,000 | 1,705,668 | ||||||
| 4.00%, 6/15/2028 (c) | 2,764,000 | 2,600,618 | ||||||
| GE HealthCare Technologies, Inc. | ||||||||
| 5.60%, 11/15/2025 | 2,525,000 | 2,539,571 | ||||||
| HCA, Inc. | ||||||||
| 5.38%, 2/1/2025 | 8,401,000 | 8,385,252 | ||||||
| 5.88%, 2/15/2026 | 3,449,000 | 3,470,542 | ||||||
| 3.50%, 9/1/2030 | 2,788,000 | 2,572,137 | ||||||
| Iron Mountain, Inc. | ||||||||
| REIT, 4.88%, 9/15/2027 (c) | 3,609,000 | 3,524,026 | ||||||
| REIT, 5.25%, 3/15/2028 (c) | 1,005,000 | 984,666 | ||||||
| REIT, 5.00%, 7/15/2028 (c) | 1,596,000 | 1,547,154 | ||||||
| REIT, 4.88%, 9/15/2029 (c) | 1,322,000 | 1,263,109 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 2.60%, 2/24/2026 | 1,750,000 | 1,723,218 | ||||||
| KeyBank NA | ||||||||
| 4.15%, 8/8/2025 | 2,575,000 | 2,541,661 | ||||||
| KFC Holding Co. | ||||||||
| 4.75%, 6/1/2027 (c) | 2,322,000 | 2,272,353 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.00%, 6/1/2026 | 1,800,000 | 1,744,520 | ||||||
| Laboratory Corp. of America Holdings | ||||||||
| 3.60%, 2/1/2025 | 2,625,000 | 2,597,017 | ||||||
| Lamb Weston Holdings, Inc. | ||||||||
| 4.13%, 1/31/2030 (c) | 2,583,000 | 2,357,998 | ||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 4.65%, 1/27/2026 | 3,480,000 | 3,447,793 | ||||||
| 4.70%, 1/27/2028 | 3,825,000 | 3,764,255 | ||||||
| Mellon Capital IV | ||||||||
| Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), 6.17%, 8/30/2024 (d)(g) | 2,125,000 | 1,844,722 | ||||||
| Mileage Plus Holdings LLC | ||||||||
| 6.50%, 6/20/2027 (c) | 3,263,739 | 3,292,741 | ||||||
| MSCI, Inc. | ||||||||
| 4.00%, 11/15/2029 (c) | 4,725,000 | 4,475,983 | ||||||
| PRA Group, Inc. | ||||||||
| 7.38%, 9/1/2025 (c) | 2,123,000 | 2,121,216 | ||||||
| Roller Bearing Co. of America, Inc. | ||||||||
| 4.38%, 10/15/2029 (c) | 4,405,000 | 4,112,033 | ||||||
| Service Corp. International | ||||||||
| 4.63%, 12/15/2027 | 1,749,000 | 1,700,338 | ||||||
| 5.13%, 6/1/2029 | 857,000 | 839,875 | ||||||
| Teleflex, Inc. | ||||||||
| 4.63%, 11/15/2027 | 2,919,000 | 2,838,757 | ||||||
| 4.25%, 6/1/2028 (c) | 782,000 | 742,834 | ||||||
| Truist Financial Corp. | ||||||||
| Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024‡ (d)(g) | 14,157,000 | 13,944,709 | ||||||
| WESCO Distribution, Inc. | ||||||||
| 7.25%, 6/15/2028 (c) | 2,136,000 | 2,188,848 | ||||||
| 160,992,407 | ||||||||
| TOTAL CORPORATE BONDS (Cost $196,292,296) | 197,115,689 | |||||||
| U.S. TREASURY OBLIGATIONS - 10.1% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 6.63%, 2/15/2027 | 7,350,000 | 7,815,692 | ||||||
| 6.13%, 11/15/2027 | 21,467,400 | 22,872,005 | ||||||
| U.S. Treasury Inflation Linked Notes | ||||||||
| 0.38%, 7/15/2025 | 13,375,000 | 17,286,469 | ||||||
| 0.13%, 4/15/2027 | 14,230,800 | 15,007,021 | ||||||
| 1.25%, 4/15/2028 | 13,225,000 | 13,526,213 | ||||||
| U.S. Treasury Notes | ||||||||
| 1.75%, 12/31/2024 | 17,647,000 | 17,398,839 | ||||||
| 1.75%, 3/15/2025 | 12,430,000 | 12,188,319 | ||||||
| 2.75%, 6/30/2025 | 17,750,000 | 17,431,609 | ||||||
| 0.38%, 12/31/2025 | 21,807,700 | 20,581,869 | ||||||
| 1.75%, 12/31/2026 | 12,960,000 | 12,249,731 | ||||||
| 4.63%, 9/30/2028 | 3,350,000 | 3,432,965 | ||||||
| 3.38%, 5/15/2033 | 12,050,000 | 11,461,621 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| 3.88%, 8/15/2033 (h) | 2,700,000 | 2,664,563 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost 174,853,928) | 173,916,916 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 7.4% | ||||||||
| Gold bullion* | ||||||||
| (Cost $64,357,110) | 52,290 | 128,074,711 | ||||||
| Investments | Shares | Value ($) | ||||||
| PREFERRED STOCKS - 1.7% | ||||||||
| United States - 1.7% | ||||||||
| Charles Schwab Corp. (The) | ||||||||
| Series D, 5.95%, (g) | 46,239 | 1,153,201 | ||||||
| MetLife, Inc. | ||||||||
| Series A, (SOFR + 1.00%, 4.00% Floor), 6.60%, (d)(g) | 128,986 | 3,103,403 | ||||||
| Northern Trust Corp. | ||||||||
| Series E, 4.70%, (g) | 135,349 | 2,778,715 | ||||||
| State Street Corp. | ||||||||
| Series G, 5.35%, (g) | 100,371 | 2,446,041 | ||||||
| Truist Financial Corp. | ||||||||
| Series R, 4.75%, (g) | 499,123 | 9,997,434 | ||||||
| US Bancorp | ||||||||
| Series A, (CME Term SOFR 3 Month + 1.28%), 6.58%, (d)(g) | 5,200 | 4,440,800 | ||||||
| Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 6.16%, (d)(g) | 213,750 | 4,653,337 | ||||||
| TOTAL PREFERRED STOCKS (Cost 30,138,537) | 28,572,931 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| FOREIGN GOVERNMENT SECURITIES - 1.5% | ||||||||
| Brazil - 0.3% | ||||||||
| Federative Republic of Brazil | ||||||||
| 6.25%, 3/18/2031 | 850,000 | 857,348 | ||||||
| Notas do Tesouro Nacional | ||||||||
| 10.00%, 1/1/2025 | BRL | 24,000,000 | 4,227,993 | |||||
| 10.00%, 1/1/2027 | BRL | 5,000,000 | 853,688 | |||||
| 5,939,029 | ||||||||
| Canada - 0.1% | ||||||||
| Province of Quebec | ||||||||
| 2.50%, 4/20/2026 | 893,000 | 863,484 | ||||||
| Colombia - 0.2% | ||||||||
| Republic of Colombia | ||||||||
| 3.00%, 1/30/2030 | 4,290,000 | 3,573,462 | ||||||
| Italy - 0.3% | ||||||||
| Republic of Italy | ||||||||
| 2.38%, 10/17/2024 | 5,300,000 | 5,262,884 | ||||||
| Mexico - 0.2% | ||||||||
| Mex Bonos Desarr Fix Rt | ||||||||
| Series M, 5.75%, 3/5/2026 | MXN | 55,300,000 | 2,758,648 | |||||
| Romania - 0.1% | ||||||||
| Romania Government Bond | ||||||||
| 6.63%, 2/17/2028 (c) | 2,450,000 | 2,530,654 | ||||||
| Saudi Arabia - 0.2% | ||||||||
| Kingdom of Saudi Arabia | ||||||||
| 4.75%, 1/18/2028 (c) | 2,600,000 | 2,595,169 | ||||||
| Singapore - 0.1% | ||||||||
| Republic of Singapore | ||||||||
| 1.25%, 11/1/2026 | SGD | 2,492,000 | 1,796,153 | |||||
| TOTAL FOREIGN GOVERNMENT SECURITIES (Cost 26,214,754) | 25,319,483 | |||||||
| CONVERTIBLE PREFERRED STOCKS - 1.5% | ||||||||
| United States - 1.5% | ||||||||
| Bank of America Corp. | ||||||||
| Series L, 7.25%, (g) | 10,496 | 12,563,817 | ||||||
| Wells Fargo & Co. | ||||||||
| Series L, 7.50%, (g) | 11,123 | 13,378,188 | ||||||
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $30,438,618) | 25,942,005 | |||||||
| Investments | Shares | Value ($) | ||||||
| MASTER LIMITED PARTNERSHIPS - 1.0% | ||||||||
| United States - 1.0% | ||||||||
| Enterprise Products Partners LP (Cost $11,024,328) | 612,186 | 17,667,688 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| ASSET-BACKED SECURITIES - 0.2% | ||||||||
| United States - 0.2% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $3,330,332) | 3,342,078 | 3,380,255 | ||||||
| MUNICIPAL BONDS - 0.2% | ||||||||
| New York 0.2% | ||||||||
| Oneida Indian Nation of New York, | ||||||||
| Revenue, Series 2024 A, 8.00%, 09/01/2040 (c) (Cost $2,933,560) | 3,000,000 | 3,016,083 | ||||||
| LOAN ASSIGNMENTS - 0.1% | ||||||||
| United States - 0.1% | ||||||||
| Aramark Services, Inc., Term B-7 Loan - First Lien | ||||||||
| (SOFR 1 month + 2.00%), 7.34%, 4/6/2028 (d) (Cost $2,500,000) | 2,500,000 | 2,509,688 | ||||||
| SHORT-TERM INVESTMENTS - 0.9% | ||||||||
| COMMERCIAL PAPER - 0.9% | ||||||||
| AES Corp. (The) | ||||||||
| 5.85%, 8/1/2024 (i) | 5,578,000 | 5,577,096 | ||||||
| Amphenol Corp. | ||||||||
| 5.34%, 8/1/2024 (c)(i) | 1,550,000 | 1,549,771 | ||||||
| Entergy Corp. | ||||||||
| 5.40%, 8/1/2024 (c)(i) | 2,014,000 | 2,013,698 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.43%, 8/1/2024 (c)(i) | 6,111,000 | 6,110,080 | ||||||
| Sysco Corp. | ||||||||
| 5.40%, 8/1/2024 (c)(i) | 1,240,000 | 1,239,815 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $16,493,000) | 16,490,460 | |||||||
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (j) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (k) (Cost $4,934) | 4,934 | 4,934 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $16,497,934) | 16,495,394 | |||||||
| Total Investments
- 99.3% (Cost $1,478,773,726) | 1,713,166,756 | |||||||
| Other assets less liabilities - 0.7% | 11,638,484 | |||||||
| Net Assets - 100.0% | 1,724,805,240 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | All or a portion of the security pledged as collateral for call options written. |
| (b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | Securities exempt from registration under Rule 144A or section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2024 amounted to $119,587,037, which represents approximately 6.93% of net assets of the Fund. |
| (d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2024. |
| (e) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (f) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at July 31, 2024 amounted to $10,134,082, which represents approximately 0.59% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | 01/12/21 - 08/23/23 | $ | 10,675,812 | $ | 91.74 | |||||
| (g) | Perpetual security. The rate reflected was the rate in effect on July 31, 2024. The maturity date reflects the next call date. |
| (h) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (i) | The rate shown was the current yield as of July 31, 2024. |
| (j) | Represents less than 0.05% of net assets. |
| (k) | Represents 7-day effective yield as of July 31, 2024. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2024
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
| EUR | 5,491,000 | USD | 5,940,713 | Bank of New York Mellon | 8/7/2024 | $ | 3,279 | |||||
| JPY | 273,049,000 | USD | 1,771,148 | Bank of New York Mellon | 8/7/2024 | 52,896 | ||||||
| USD | 6,008,681 | EUR | 5,491,000 | Bank of New York Mellon | 8/7/2024 | 64,689 | ||||||
| USD | 1,866,316 | JPY | 273,049,000 | Bank of New York Mellon | 8/7/2024 | 42,272 | ||||||
| JPY | 221,611,000 | USD | 1,443,156 | Goldman Sachs | 9/4/2024 | 43,846 | ||||||
| USD | 7,801,207 | EUR | 7,142,000 | Goldman Sachs | 9/4/2024 | 59,209 | ||||||
| USD | 1,490,924 | JPY | 221,611,000 | Goldman Sachs | 9/4/2024 | 3,923 | ||||||
| USD | 7,688,967 | EUR | 7,067,000 | JPMorgan Chase Bank | 10/2/2024 | 18,469 | ||||||
| Total unrealized appreciation | 288,583 | |||||||||||
| USD | 3,127,910 | GBP | 2,465,000 | Goldman Sachs | 9/4/2024 | (42,027 | ) | |||||
| USD | 3,745,417 | GBP | 2,944,000 | JPMorgan Chase Bank | 10/2/2024 | (41,243 | ) | |||||
| USD | 6,980,136 | EUR | 6,486,000 | UBS AG | 11/6/2024 | (72,408 | ) | |||||
| USD | 6,936,263 | EUR | 6,377,000 | Bank of New York Mellon | 12/4/2024 | (7,039 | ) | |||||
| Total unrealized depreciation | (162,717 | ) | ||||||||||
| Net unrealized appreciation | $ | 125,866 | ||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| EUR | Euro |
| Fix Rt | Fixed Rate |
| GBP | British Pound |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NVDR | Non-Voting Depositary Receipt |
| PIK | Pay in Kind |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| SGD | Singapore Dollar |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
Written Call Options Contracts as of July 31, 2024:
| Description | Counterparty | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | ||||||||||||
| Analog Devices, Inc. | Exchange Traded | 75 | USD | (1,735,350 | ) | USD | 260.00 | 9/20/2024 | (15,000 | ) | ||||||||
| Analog Devices, Inc. | Exchange Traded | 75 | USD | (1,735,350 | ) | USD | 310.00 | 12/20/2024 | (9,000 | ) | ||||||||
| Analog Devices, Inc. | Exchange Traded | 75 | USD | (1,735,350 | ) | USD | 320.00 | 12/20/2024 | (6,000 | ) | ||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 702 | USD | (4,567,914 | ) | USD | 60.00 | 12/20/2024 | (498,420 | ) | ||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 329 | USD | (2,140,803 | ) | USD | 62.50 | 12/20/2024 | (174,370 | ) | ||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 330 | USD | (2,147,310 | ) | USD | 65.00 | 12/20/2024 | (125,400 | ) | ||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 263 | USD | (1,711,341 | ) | USD | 75.00 | 12/20/2024 | (17,095 | ) | ||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 311 | USD | (2,023,677 | ) | USD | 75.00 | 1/17/2025 | (30,322 | ) | ||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 287 | USD | (1,867,509 | ) | USD | 80.00 | 1/17/2025 | (12,915 | ) | ||||||||
| BXP, Inc., REIT | Exchange Traded | 286 | USD | (2,039,466 | ) | USD | 80.00 | 10/18/2024 | (38,610 | ) | ||||||||
| BXP, Inc., REIT | Exchange Traded | 286 | USD | (2,039,466 | ) | USD | 90.00 | 1/17/2025 | (39,325 | ) | ||||||||
| BXP, Inc., REIT | Exchange Traded | 250 | USD | (1,782,750 | ) | USD | 95.00 | 1/17/2025 | (20,625 | ) | ||||||||
| CH Robinson Worldwide, Inc. | Exchange Traded | 195 | USD | (1,736,475 | ) | USD | 105.00 | 1/17/2025 | (36,075 | ) | ||||||||
| CH Robinson Worldwide, Inc. | Exchange Traded | 195 | USD | (1,736,475 | ) | USD | 110.00 | 1/17/2025 | (22,425 | ) | ||||||||
| CH Robinson Worldwide, Inc. | Exchange Traded | 204 | USD | (1,816,620 | ) | USD | 120.00 | 11/15/2024 | (15,810 | ) | ||||||||
| Coca-Cola Femsa SAB de CV, ADR | Exchange Traded | 202 | USD | (1,826,686 | ) | USD | 100.00 | 11/15/2024 | (41,915 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 143 | USD | (1,418,417 | ) | USD | 85.00 | 8/16/2024 | (208,065 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 218 | USD | (2,162,342 | ) | USD | 97.50 | 8/16/2024 | (53,410 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 205 | USD | (2,033,395 | ) | USD | 97.50 | 1/17/2025 | (143,500 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 185 | USD | (1,835,015 | ) | USD | 100.00 | 8/16/2024 | (15,725 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 354 | USD | (3,511,326 | ) | USD | 105.00 | 8/16/2024 | (3,540 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 354 | USD | (3,511,326 | ) | USD | 110.00 | 11/15/2024 | (21,240 | ) | ||||||||
| Colgate-Palmolive Co. | Exchange Traded | 185 | USD | (1,835,015 | ) | USD | 115.00 | 11/15/2024 | (5,088 | ) | ||||||||
| Comcast Corp., Class A | Exchange Traded | 400 | USD | (1,650,800 | ) | USD | 65.00 | 1/17/2025 | (2,000 | ) | ||||||||
| Elevance Health, Inc. | Exchange Traded | 31 | USD | (1,649,293 | ) | USD | 600.00 | 9/20/2024 | (3,798 | ) | ||||||||
| Elevance Health, Inc. | Exchange Traded | 31 | USD | (1,649,293 | ) | USD | 600.00 | 12/20/2024 | (28,675 | ) | ||||||||
| Equity Residential, REIT | Exchange Traded | 255 | USD | (1,775,565 | ) | USD | 75.00 | 10/18/2024 | (18,487 | ) | ||||||||
| Equity Residential, REIT | Exchange Traded | 263 | USD | (1,831,269 | ) | USD | 75.00 | 11/15/2024 | (30,902 | ) | ||||||||
| Equity Residential, REIT | Exchange Traded | 514 | USD | (3,578,982 | ) | USD | 80.00 | 11/15/2024 | (20,560 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 169 | USD | (2,004,171 | ) | USD | 125.00 | 12/20/2024 | (73,515 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 148 | USD | (1,755,132 | ) | USD | 135.00 | 8/16/2024 | (444 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 152 | USD | (1,802,568 | ) | USD | 140.00 | 9/20/2024 | (1,216 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 145 | USD | (1,719,555 | ) | USD | 145.00 | 8/16/2024 | (1,450 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 170 | USD | (2,016,030 | ) | USD | 145.00 | 12/20/2024 | (9,690 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 144 | USD | (1,707,696 | ) | USD | 150.00 | 9/20/2024 | (792 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 149 | USD | (1,766,991 | ) | USD | 150.00 | 10/18/2024 | (1,341 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 143 | USD | (1,695,837 | ) | USD | 150.00 | 12/20/2024 | (5,005 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 144 | USD | (1,707,696 | ) | USD | 155.00 | 10/18/2024 | (4,320 | ) | ||||||||
| Exxon Mobil Corp. | Exchange Traded | 149 | USD | (1,766,991 | ) | USD | 155.00 | 12/20/2024 | (2,831 | ) | ||||||||
| Fidelity National Information Services, Inc. | Exchange Traded | 516 | USD | (3,964,428 | ) | USD | 72.50 | 10/18/2024 | (356,040 | ) | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | Exchange Traded | 145 | USD | (1,598,625 | ) | USD | 140.00 | 10/18/2024 | (52,200 | ) | ||||||||
| General Dynamics Corp. | Exchange Traded | 72 | USD | (2,150,712 | ) | USD | 280.00 | 1/17/2025 | (183,600 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 118 | USD | (4,283,990 | ) | USD | 330.00 | 9/20/2024 | (448,990 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 66 | USD | (2,396,130 | ) | USD | 350.00 | 1/17/2025 | (249,810 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (1,815,250 | ) | USD | 370.00 | 9/20/2024 | (54,250 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 52 | USD | (1,887,860 | ) | USD | 375.00 | 9/20/2024 | (42,120 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 47 | USD | (1,706,335 | ) | USD | 390.00 | 10/18/2024 | (30,080 | ) | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Description | Counterparty | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | ||||||||||||
| HCA Healthcare, Inc. | Exchange Traded | 47 | USD | (1,706,335 | ) | USD | 410.00 | 12/20/2024 | (41,830 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (1,815,250 | ) | USD | 415.00 | 12/20/2024 | (42,500 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (1,815,250 | ) | USD | 420.00 | 12/20/2024 | (40,250 | ) | ||||||||
| HCA Healthcare, Inc. | Exchange Traded | 54 | USD | (1,960,470 | ) | USD | 450.00 | 1/17/2025 | (25,920 | ) | ||||||||
| Medtronic plc | Exchange Traded | 204 | USD | (1,638,528 | ) | USD | 100.00 | 1/17/2025 | (8,160 | ) | ||||||||
| Medtronic plc | Exchange Traded | 200 | USD | (1,606,400 | ) | USD | 105.00 | 1/17/2025 | (13,400 | ) | ||||||||
| Medtronic plc | Exchange Traded | 200 | USD | (1,606,400 | ) | USD | 120.00 | 11/15/2024 | (37,000 | ) | ||||||||
| ONEOK, Inc. | Exchange Traded | 487 | USD | (4,058,171 | ) | USD | 90.00 | 10/18/2024 | (33,116 | ) | ||||||||
| ONEOK, Inc. | Exchange Traded | 217 | USD | (1,808,261 | ) | USD | 92.50 | 1/17/2025 | (28,427 | ) | ||||||||
| ONEOK, Inc. | Exchange Traded | 210 | USD | (1,749,930 | ) | USD | 95.00 | 10/18/2024 | (4,200 | ) | ||||||||
| Oracle Corp. | Exchange Traded | 134 | USD | (1,868,630 | ) | USD | 150.00 | 9/20/2024 | (45,560 | ) | ||||||||
| Philip Morris International, Inc. | Exchange Traded | 508 | USD | (5,850,128 | ) | USD | 120.00 | 12/20/2024 | (187,452 | ) | ||||||||
| Philip Morris International, Inc. | Exchange Traded | 187 | USD | (2,153,492 | ) | USD | 120.00 | 1/17/2025 | (75,174 | ) | ||||||||
| Philip Morris International, Inc. | Exchange Traded | 168 | USD | (1,934,688 | ) | USD | 125.00 | 12/20/2024 | (36,120 | ) | ||||||||
| Philip Morris International, Inc. | Exchange Traded | 150 | USD | (1,727,400 | ) | USD | 140.00 | 1/17/2025 | (6,375 | ) | ||||||||
| Philip Morris International, Inc. | Exchange Traded | 142 | USD | (1,635,272 | ) | USD | 150.00 | 12/20/2024 | (1,562 | ) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Exchange Traded | 113 | USD | (1,873,540 | ) | USD | 200.00 | 8/16/2024 | (1,582 | ) | ||||||||
| Texas Instruments, Inc. | Exchange Traded | 85 | USD | (1,732,385 | ) | USD | 240.00 | 8/16/2024 | (11,135 | ) | ||||||||
| Texas Instruments, Inc. | Exchange Traded | 260 | USD | (5,299,060 | ) | USD | 250.00 | 9/20/2024 | (4,680 | ) | ||||||||
| Texas Instruments, Inc. | Exchange Traded | 85 | USD | (1,732,385 | ) | USD | 250.00 | 10/18/2024 | (5,058 | ) | ||||||||
| Texas Instruments, Inc. | Exchange Traded | 167 | USD | (3,403,627 | ) | USD | 260.00 | 9/20/2024 | (1,336 | ) | ||||||||
| Texas Instruments, Inc. | Exchange Traded | 85 | USD | (1,732,385 | ) | USD | 260.00 | 12/20/2024 | (11,348 | ) | ||||||||
| Texas Instruments, Inc. | Exchange Traded | 85 | USD | (1,732,385 | ) | USD | 280.00 | 12/20/2024 | (4,037 | ) | ||||||||
| Universal Health Services, Inc., Class B | Exchange Traded | 80 | USD | (1,710,080 | ) | USD | 240.00 | 9/20/2024 | (9,600 | ) | ||||||||
| Universal Health Services, Inc., Class B | Exchange Traded | 80 | USD | (1,710,080 | ) | USD | 240.00 | 10/18/2024 | (20,160 | ) | ||||||||
| US Bancorp | Exchange Traded | 397 | USD | (1,781,736 | ) | USD | 60.00 | 9/20/2024 | (1,985 | ) | ||||||||
| Wheaton Precious Metals Corp. | Exchange Traded | 339 | USD | (2,025,864 | ) | USD | 70.00 | 9/20/2024 | (13,560 | ) | ||||||||
| (3,887,518 | ) | |||||||||||||||||
| Total Written Options Contracts (Premiums Received ($2,179,055)) | (3,887,518 | ) | ||||||||||||||||
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Aerospace & Defense | 0.9 | % | ||
| Air Freight & Logistics | 0.8 | |||
| Automobile Components | 0.3 | |||
| Banks | 7.3 | |||
| Beverages | 5.0 | |||
| Capital Markets | 2.3 | |||
| Chemicals | 1.2 | |||
| Commercial Services & Supplies | 1.2 | |||
| Commodities | 7.4 | |||
| Consumer Finance | 0.1 | |||
| Consumer Staples Distribution & Retail | 0.1 | |||
| Containers & Packaging | 0.5 | |||
| Diversified Consumer Services | 0.1 | |||
| Diversified Telecommunication Services | 0.3 | |||
| Electric Utilities | 0.4 | |||
| Electronic Equipment, Instruments & Components | 0.1 | |||
| Energy Equipment & Services | 0.4 | |||
| Financial Services | 1.4 | |||
| Food Products | 3.9 | |||
| Foreign Government Securities | 1.5 | |||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Income Builder Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Gas Utilities | 0.0 | %* | ||
| Ground Transportation | 0.1 | |||
| Health Care Equipment & Supplies | 3.0 | |||
| Health Care Providers & Services | 3.5 | |||
| Hotels, Restaurants & Leisure | 0.5 | |||
| Hotels, Restaurants and Leisure | 0.1 | |||
| Household Durables | 0.8 | |||
| Household Products | 2.8 | |||
| Industrial Conglomerates | 2.0 | |||
| Insurance | 2.6 | |||
| Leisure Products | 0.9 | |||
| Life Sciences Tools & Services | 0.2 | |||
| Machinery | 1.8 | |||
| Media | 1.4 | |||
| Metals & Mining | 3.1 | |||
| Office REITs | 1.0 | |||
| Oil, Gas & Consumable Fuels | 7.3 | |||
| Passenger Airlines | 0.6 | |||
| Personal Care Products | 4.4 | |||
| Pharmaceuticals | 1.0 | |||
| Professional Services | 0.2 | |||
| Real Estate Management & Development | 1.4 | |||
| Residential REITs | 1.4 | |||
| Semiconductors & Semiconductor Equipment | 2.8 | |||
| Software | 0.5 | |||
| Specialized REITs | 0.6 | |||
| Specialty Retail | 0.2 | |||
| Technology Hardware, Storage & Peripherals | 0.6 | |||
| Textiles, Apparel & Luxury Goods | 1.5 | |||
| Tobacco | 6.7 | |||
| Trading Companies & Distributors | 0.1 | |||
| U.S. Treasury Obligations | 10.1 | |||
| Short-Term Investments | 0.9 | |||
| Total Investments | 99.3 | % | ||
| * | Less than 0.05% |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 96.7% | ||||||||
| Air Freight & Logistics - 5.5% | ||||||||
| CH Robinson Worldwide, Inc. | 136,764 | 12,178,834 | ||||||
| Expeditors International of Washington, Inc. | 90,837 | 11,338,275 | ||||||
| 23,517,109 | ||||||||
| Beverages - 2.6% | ||||||||
| PepsiCo, Inc. | 63,147 | 10,903,593 | ||||||
| Electronic Equipment, Instruments & Components - 4.7% | ||||||||
| TE Connectivity Ltd. | 128,999 | 19,908,416 | ||||||
| Food Products - 0.4% | ||||||||
| Nestle SA (Registered) (Switzerland) | 16,864 | 1,708,199 | ||||||
| Health Care Equipment & Supplies - 6.9% | ||||||||
| Becton Dickinson & Co. | 64,686 | 15,593,207 | ||||||
| Medtronic plc | 171,950 | 13,811,024 | ||||||
| 29,404,231 | ||||||||
| Health Care Providers & Services - 11.2% | ||||||||
| Elevance Health, Inc. | 15,101 | 8,034,185 | ||||||
| HCA Healthcare, Inc. | 48,122 | 17,470,692 | ||||||
| UnitedHealth Group, Inc. | 38,262 | 22,045,034 | ||||||
| 47,549,911 | ||||||||
| Hotels, Restaurants & Leisure - 0.9% | ||||||||
| Starbucks Corp. | 50,172 | 3,910,907 | ||||||
| Household Products - 3.5% | ||||||||
| Colgate-Palmolive Co. | 149,013 | 14,780,599 | ||||||
| Insurance - 4.2% | ||||||||
| Fidelity National Financial, Inc. | 98,296 | 5,446,581 | ||||||
| Willis Towers Watson plc | 43,652 | 12,322,087 | ||||||
| 17,768,668 | ||||||||
| Interactive Media & Services - 10.1% | ||||||||
| Alphabet, Inc., Class A | 149,998 | 25,730,657 | ||||||
| Meta Platforms, Inc., Class A | 36,096 | 17,139,464 | ||||||
| 42,870,121 | ||||||||
| IT Services - 0.2% | ||||||||
| Accenture plc, Class A (Ireland) | 2,689 | 889,037 | ||||||
| Machinery - 4.2% | ||||||||
| Schindler Holding AG (Switzerland) | 67,234 | 17,995,462 | ||||||
| Media - 5.5% | ||||||||
| Comcast Corp., Class A | 567,210 | 23,408,757 | ||||||
| Oil, Gas & Consumable Fuels - 4.9% | ||||||||
| Exxon Mobil Corp. | 111,728 | 13,249,824 | ||||||
| ONEOK, Inc. | 93,222 | 7,768,189 | ||||||
| 21,018,013 | ||||||||
| Pharmaceuticals - 0.2% | ||||||||
| Merck KGaA (Germany) | 4,233 | 756,320 | ||||||
| Semiconductors & Semiconductor Equipment - 7.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 15,430 | 2,558,294 | ||||||
| Texas Instruments, Inc. | 133,665 | 27,242,264 | ||||||
| 29,800,558 | ||||||||
| Software - 9.0% | ||||||||
| Microsoft Corp. | 15,133 | 6,330,891 | ||||||
| Oracle Corp. | 196,170 | 27,355,906 | ||||||
| Salesforce, Inc. | 17,666 | 4,571,961 | ||||||
| 38,258,758 | ||||||||
| Specialized REITs - 2.9% | ||||||||
| Extra Space Storage, Inc., REIT | 78,297 | 12,497,767 | ||||||
| Specialty Retail - 7.6% | ||||||||
| Home Depot, Inc. (The) | 55,327 | 20,369,188 | ||||||
| Ross Stores, Inc. | 84,165 | 12,054,953 | ||||||
| 32,424,141 | ||||||||
| Tobacco - 5.2% | ||||||||
| British American Tobacco plc (United Kingdom) | 129,273 | 4,586,739 | ||||||
| Philip Morris International, Inc. | 150,598 | 17,342,866 | ||||||
| 21,929,605 | ||||||||
| TOTAL COMMON STOCKS (Cost $295,818,591) | 411,300,172 | |||||||
| MASTER LIMITED PARTNERSHIPS - 2.4% | ||||||||
| Oil, Gas & Consumable Fuels - 2.4% | ||||||||
| Enterprise Products Partners LP (Cost $8,719,025) | 348,856 | 10,067,984 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 0.9% | ||||||||
| COMMERCIAL PAPER - 0.9% | ||||||||
| AES Corp. (The) | ||||||||
| 5.85%, 8/1/2024 (a) | 1,259,000 | 1,258,796 | ||||||
| Amphenol Corp. | ||||||||
| 5.34%, 8/1/2024 (a)(b) | 350,000 | 349,948 | ||||||
| Entergy Corp. | ||||||||
| 5.40%, 8/1/2024 (a)(b) | 455,000 | 454,932 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.43%, 8/1/2024 (a)(b) | 1,379,000 | 1,378,793 | ||||||
| Sysco Corp. | ||||||||
| 5.40%, 8/1/2024 (a)(b) | 280,000 | 279,958 | ||||||
| TOTAL COMMERCIAL PAPER (Cost $3,723,000) | 3,722,427 | |||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (c) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (d) (Cost $2,248) | 2,248 | 2,248 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,725,248) | 3,724,675 | |||||||
| Total Investments - 100.0% (Cost $308,262,864) | 425,092,831 | |||||||
| Other assets less liabilities - 0.0% (c) | 203,664 | |||||||
| Net Assets - 100.0% | 425,296,495 | |||||||
| (a) | The rate shown was the current yield as of July 31, 2024. |
| (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 July 31, 2024 amounted to $2,463,631, which represents approximately 0.58% of net assets of the Fund. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Air Freight & Logistics | 5.5 | % | ||
| Beverages | 2.6 | |||
| Electronic Equipment, Instruments & Components | 4.7 | |||
| Food Products | 0.4 | |||
| Health Care Equipment & Supplies | 6.9 | |||
| Health Care Providers & Services | 11.2 | |||
| Hotels, Restaurants & Leisure | 0.9 | |||
| Household Products | 3.5 | |||
| Insurance | 4.2 | |||
| Interactive Media & Services | 10.1 | |||
| IT Services | 0.2 | |||
| Machinery | 4.2 | |||
| Media | 5.5 | |||
| Oil, Gas & Consumable Fuels | 7.3 | |||
| Pharmaceuticals | 0.2 | |||
| Semiconductors & Semiconductor Equipment | 7.0 | |||
| Software | 9.0 | |||
| Specialized REITs | 2.9 | |||
| Specialty Retail | 7.6 | |||
| Tobacco | 5.2 | |||
| Short-Term Investments | 0.9 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 94.4% | ||||||||
| Aerospace & Defense - 4.2% | ||||||||
| AAR Corp.* | 183,260 | 11,838,596 | ||||||
| Astronics Corp.* | 355,254 | 8,181,500 | ||||||
| Curtiss-Wright Corp. | 40,393 | 11,903,817 | ||||||
| Ducommun, Inc.* | 206,830 | 13,272,281 | ||||||
| Hexcel Corp. | 68,609 | 4,542,602 | ||||||
| Kratos Defense & Security Solutions, Inc.* | 378,088 | 8,522,103 | ||||||
| Leonardo DRS, Inc.* | 341,473 | 9,629,539 | ||||||
| Triumph Group, Inc.* | 637,097 | 10,442,020 | ||||||
| V2X, Inc.* | 165,434 | 8,624,074 | ||||||
| 86,956,532 | ||||||||
| Air Freight & Logistics - 1.2% | ||||||||
| Air Transport Services Group, Inc.* | 467,459 | 7,544,788 | ||||||
| GXO Logistics, Inc.* | 244,871 | 13,707,879 | ||||||
| Radiant Logistics, Inc.* | 467,342 | 2,906,867 | ||||||
| 24,159,534 | ||||||||
| Automobile Components - 0.7% | ||||||||
| Goodyear Tire & Rubber Co. (The)* | 877,433 | 10,265,966 | ||||||
| Modine Manufacturing Co.* | 29,493 | 3,470,147 | ||||||
| 13,736,113 | ||||||||
| Banks - 3.6% | ||||||||
| Ameris Bancorp | 269,230 | 16,393,415 | ||||||
| Axos Financial, Inc.* | 192,754 | 14,072,969 | ||||||
| Dime Community Bancshares, Inc. | 476,270 | 12,040,106 | ||||||
| Old National Bancorp | 496,423 | 9,938,388 | ||||||
| Seacoast Banking Corp. of Florida | 598,036 | 16,649,322 | ||||||
| Valley National Bancorp | 742,392 | 6,236,093 | ||||||
| 75,330,293 | ||||||||
| Beverages - 0.1% | ||||||||
| Duckhorn Portfolio, Inc. (The)* | 349,171 | 2,534,981 | ||||||
| Biotechnology - 1.1% | ||||||||
| CareDx, Inc.* | 824,760 | 16,486,952 | ||||||
| Ironwood Pharmaceuticals, Inc., Class A* | 1,005,503 | 6,867,586 | ||||||
| 23,354,538 | ||||||||
| Building Products - 2.1% | ||||||||
| AZEK Co., Inc. (The), Class A* | 83,188 | 3,734,309 | ||||||
| Gibraltar Industries, Inc.* | 64,647 | 4,801,333 | ||||||
| Insteel Industries, Inc. | 341,369 | 11,691,888 | ||||||
| Janus International Group, Inc.* | 760,244 | 10,962,719 | ||||||
| JELD-WEN Holding, Inc.* | 310,559 | 5,183,230 | ||||||
| Quanex Building Products Corp. | 211,023 | 7,048,168 | ||||||
| 43,421,647 | ||||||||
| Capital Markets - 1.6% | ||||||||
| Evercore, Inc., Class A | 63,686 | 15,946,338 | ||||||
| Forge Global Holdings, Inc.* | 203,783 | 295,485 | ||||||
| Moelis & Co., Class A | 113,943 | 7,748,124 | ||||||
| Perella Weinberg Partners, Class A | 431,835 | 8,161,681 | ||||||
| 32,151,628 | ||||||||
| Chemicals - 5.2% | ||||||||
| AdvanSix, Inc. | 570,746 | 15,963,766 | ||||||
| American Vanguard Corp. | 501,142 | 4,820,986 | ||||||
| Ashland, Inc. | 104,424 | 10,092,580 | ||||||
| Huntsman Corp. | 604,103 | 14,456,185 | ||||||
| Intrepid Potash, Inc.* | 553,861 | 14,450,233 | ||||||
| Kronos Worldwide, Inc. | 382,020 | 4,568,959 | ||||||
| LSB Industries, Inc.* | 1,433,001 | 13,054,639 | ||||||
| Mativ Holdings, Inc. | 413,353 | 7,890,909 | ||||||
| Minerals Technologies, Inc. | 57,156 | 4,479,887 | ||||||
| Stepan Co. | 66,762 | 5,650,068 | ||||||
| Tronox Holdings plc, Class A | 712,628 | 11,516,068 | ||||||
| 106,944,280 | ||||||||
| Commercial Services & Supplies - 2.0% | ||||||||
| ARC Document Solutions, Inc. | 208,026 | 634,479 | ||||||
| CECO Environmental Corp.* | 537,463 | 15,693,920 | ||||||
| Interface, Inc., Class A | 160,790 | 2,778,451 | ||||||
| Quest Resource Holding Corp.* | 195,164 | 1,647,184 | ||||||
| Stericycle, Inc.* | 174,370 | 10,209,364 | ||||||
| VSE Corp. | 110,996 | 9,877,534 | ||||||
| 40,840,932 | ||||||||
| Communications Equipment - 1.5% | ||||||||
| ADTRAN Holdings, Inc. | 704,039 | 4,766,344 | ||||||
| Aviat Networks, Inc.* | 106,150 | 3,290,650 | ||||||
| Ceragon Networks Ltd. (Israel)* | 457,515 | 1,267,317 | ||||||
| Digi International, Inc.* | 241,948 | 6,605,180 | ||||||
| Lantronix, Inc.* | 847,896 | 3,476,374 | ||||||
| NETGEAR, Inc.* | 107,326 | 1,704,337 | ||||||
| NetScout Systems, Inc.* | 223,535 | 4,548,937 | ||||||
| Viavi Solutions, Inc.* | 634,130 | 5,098,405 | ||||||
| 30,757,544 | ||||||||
| Construction & Engineering - 0.8% | ||||||||
| Ameresco, Inc., Class A* | 83,705 | 2,642,567 | ||||||
| Arcosa, Inc. | 124,209 | 11,540,258 | ||||||
| Orion Group Holdings, Inc.* | 227,421 | 1,867,126 | ||||||
| 16,049,951 | ||||||||
| Consumer Staples Distribution & Retail - 0.8% | ||||||||
| Chefs' Warehouse, Inc. (The)* | 340,113 | 14,145,300 | ||||||
| Natural Grocers by Vitamin Cottage, Inc. | 75,097 | 2,048,646 | ||||||
| 16,193,946 | ||||||||
| Containers & Packaging - 0.9% | ||||||||
| Sealed Air Corp. | 351,996 | 13,393,448 | ||||||
| TriMas Corp. | 226,563 | 5,568,918 | ||||||
| 18,962,366 | ||||||||
| Diversified Consumer Services - 1.0% | ||||||||
| Chegg, Inc.* | 636,139 | 2,169,234 | ||||||
| Lincoln Educational Services Corp.* | 715,962 | 10,102,224 | ||||||
| Universal Technical Institute, Inc.* | 474,755 | 8,991,860 | ||||||
| 21,263,318 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Diversified REITs - 0.4% | ||||||||
| Armada Hoffler Properties, Inc., REIT | 751,196 | 8,924,209 | ||||||
| Electrical Equipment - 0.9% | ||||||||
| EnerSys | 8,501 | 934,515 | ||||||
| Generac Holdings, Inc.* | 27,491 | 4,279,799 | ||||||
| LSI Industries, Inc. | 406,695 | 6,938,216 | ||||||
| Thermon Group Holdings, Inc.* | 223,680 | 7,338,941 | ||||||
| 19,491,471 | ||||||||
| Electronic Equipment, Instruments & Components - 4.8% | ||||||||
| Advanced Energy Industries, Inc. | 101,713 | 11,836,342 | ||||||
| Airgain, Inc.* (a) | 539,752 | 4,037,345 | ||||||
| Avnet, Inc. | 142,433 | 7,657,198 | ||||||
| Belden, Inc. | 81,760 | 7,578,334 | ||||||
| Benchmark Electronics, Inc. | 266,447 | 12,754,818 | ||||||
| Coherent Corp.* | 94,122 | 6,558,421 | ||||||
| Fabrinet (Thailand)* | 44,157 | 9,739,268 | ||||||
| Iteris, Inc.* | 478,403 | 2,348,959 | ||||||
| Plexus Corp.* | 52,193 | 6,689,577 | ||||||
| Sanmina Corp.* | 179,386 | 13,513,147 | ||||||
| SmartRent, Inc., Class A* | 1,276,927 | 2,349,546 | ||||||
| TTM Technologies, Inc.* | 675,334 | 13,087,973 | ||||||
| 98,150,928 | ||||||||
| Energy Equipment & Services - 2.3% | ||||||||
| Helix Energy Solutions Group, Inc.* | 274,543 | 3,239,607 | ||||||
| Helmerich & Payne, Inc. | 106,515 | 4,305,336 | ||||||
| Liberty Energy, Inc., Class A | 252,751 | 6,103,937 | ||||||
| NOV, Inc. | 182,764 | 3,805,147 | ||||||
| Oil States International, Inc.* | 1,912,313 | 10,938,430 | ||||||
| ProPetro Holding Corp.* | 419,824 | 4,026,112 | ||||||
| RPC, Inc. | 268,034 | 2,002,214 | ||||||
| SEACOR Marine Holdings, Inc.* | 473,336 | 6,560,437 | ||||||
| Smart Sand, Inc.* | 141,097 | 293,482 | ||||||
| US Silica Holdings, Inc.* | 452,932 | 7,015,917 | ||||||
| 48,290,619 | ||||||||
| Financial Services - 3.1% | ||||||||
| Cantaloupe, Inc.* | 408,465 | 3,181,942 | ||||||
| International Money Express, Inc.* | 479,164 | 10,642,233 | ||||||
| MGIC Investment Corp. | 648,479 | 16,108,218 | ||||||
| NMI Holdings, Inc., Class A* | 388,568 | 15,290,151 | ||||||
| Radian Group, Inc. | 415,547 | 15,416,794 | ||||||
| Remitly Global, Inc.* | 241,110 | 3,185,063 | ||||||
| 63,824,401 | ||||||||
| Food Products - 1.3% | ||||||||
| Hain Celestial Group, Inc. (The)* | 361,680 | 2,799,403 | ||||||
| Ingredion, Inc. | 91,781 | 11,414,803 | ||||||
| Mama's Creations, Inc.* | 713,121 | 5,433,982 | ||||||
| Utz Brands, Inc. | 421,208 | 6,250,727 | ||||||
| 25,898,915 | ||||||||
| Ground Transportation - 1.7% | ||||||||
| FTAI Infrastructure, Inc. | 351,519 | 3,624,161 | ||||||
| Heartland Express, Inc. | 607,893 | 7,884,372 | ||||||
| Proficient Auto Logistics, Inc.* | 147,918 | 2,980,548 | ||||||
| RXO, Inc.* | 228,385 | 7,242,088 | ||||||
| Werner Enterprises, Inc. | 329,503 | 12,913,223 | ||||||
| 34,644,392 | ||||||||
| Health Care Equipment & Supplies - 2.8% | ||||||||
| Alphatec Holdings, Inc.* | 254,715 | 2,572,621 | ||||||
| AngioDynamics, Inc.* | 299,188 | 2,345,634 | ||||||
| Artivion, Inc.* | 548,871 | 14,901,848 | ||||||
| Embecta Corp. | 356,762 | 5,590,460 | ||||||
| Enovis Corp.* | 254,898 | 12,143,341 | ||||||
| ICU Medical, Inc.* | 37,692 | 4,786,130 | ||||||
| Neuronetics, Inc.* | 957,815 | 1,791,114 | ||||||
| Silk Road Medical, Inc.* | 184,160 | 4,974,162 | ||||||
| Varex Imaging Corp.* | 320,570 | 4,741,230 | ||||||
| Zimvie, Inc.* | 214,607 | 4,536,792 | ||||||
| 58,383,332 | ||||||||
| Health Care Providers & Services - 4.4% | ||||||||
| Acadia Healthcare Co., Inc.* | 147,615 | 9,572,833 | ||||||
| AdaptHealth Corp., Class A* | 817,379 | 9,285,426 | ||||||
| Brookdale Senior Living, Inc.* | 968,179 | 7,484,024 | ||||||
| InfuSystem Holdings, Inc.* | 620,061 | 4,278,421 | ||||||
| Option Care Health, Inc.* | 209,219 | 6,211,712 | ||||||
| Pennant Group, Inc. (The)* | 344,352 | 10,265,133 | ||||||
| Performant Financial Corp.* | 2,045,820 | 7,589,992 | ||||||
| RadNet, Inc.* | 84,204 | 5,031,189 | ||||||
| Select Medical Holdings Corp. | 257,865 | 10,252,712 | ||||||
| Surgery Partners, Inc.* | 281,434 | 8,544,336 | ||||||
| Tenet Healthcare Corp.* | 80,180 | 12,002,946 | ||||||
| 90,518,724 | ||||||||
| Health Care Technology - 0.7% | ||||||||
| HealthStream, Inc. | 485,372 | 14,420,402 | ||||||
| iCAD, Inc.* | 637,491 | 841,488 | ||||||
| 15,261,890 | ||||||||
| Hotels, Restaurants & Leisure - 2.3% | ||||||||
| BJ's Restaurants, Inc.* | 74,615 | 2,356,342 | ||||||
| Cheesecake Factory, Inc. (The) | 298,017 | 11,589,881 | ||||||
| Chuy's Holdings, Inc.* | 338,922 | 12,570,617 | ||||||
| Denny's Corp.* | 1,180,722 | 8,690,114 | ||||||
| El Pollo Loco Holdings, Inc.* | 197,593 | 2,382,971 | ||||||
| Potbelly Corp.* | 986,320 | 7,200,136 | ||||||
| Red Robin Gourmet Burgers, Inc.* | 637,969 | 3,579,006 | ||||||
| 48,369,067 | ||||||||
| Household Durables - 3.9% | ||||||||
| Beazer Homes USA, Inc.* | 439,016 | 14,781,669 | ||||||
| Cavco Industries, Inc.* | 10,863 | 4,504,017 | ||||||
| Century Communities, Inc. | 100,910 | 10,566,286 | ||||||
| Ethan Allen Interiors, Inc. | 120,580 | 3,722,305 | ||||||
| Installed Building Products, Inc. | 41,471 | 11,211,685 | ||||||
| LGI Homes, Inc.* | 86,348 | 9,936,064 | ||||||
| Skyline Champion Corp.* | 99,417 | 8,103,480 | ||||||
| Smith Douglas Homes Corp., Class A* | 79,509 | 2,615,051 | ||||||
| Sonos, Inc.* | 338,036 | 4,563,486 | ||||||
| Taylor Morrison Home Corp., Class A* | 140,699 | 9,438,089 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Universal Electronics, Inc.* | 148,331 | 1,763,655 | ||||||
| 81,205,787 | ||||||||
| Household Products - 0.6% | ||||||||
| Spectrum Brands Holdings, Inc. | 143,544 | 12,145,258 | ||||||
| Insurance - 4.0% | ||||||||
| Axis Capital Holdings Ltd. | 186,907 | 14,158,205 | ||||||
| Citizens, Inc., Class A* | 425,249 | 1,101,395 | ||||||
| First American Financial Corp. | 167,484 | 10,146,181 | ||||||
| Kemper Corp. | 261,187 | 16,731,639 | ||||||
| Lincoln National Corp. | 426,132 | 14,190,196 | ||||||
| Old Republic International Corp. | 392,480 | 13,587,657 | ||||||
| Stewart Information Services Corp. | 178,240 | 12,601,568 | ||||||
| 82,516,841 | ||||||||
| Interactive Media & Services - 1.6% | ||||||||
| Cars.com, Inc.* | 498,249 | 10,273,894 | ||||||
| DHI Group, Inc.* | 609,933 | 1,293,058 | ||||||
| EverQuote, Inc., Class A* | 456,985 | 11,922,739 | ||||||
| QuinStreet, Inc.* | 545,946 | 10,209,190 | ||||||
| 33,698,881 | ||||||||
| IT Services - 0.4% | ||||||||
| Backblaze, Inc., Class A* | 1,012,336 | 6,701,665 | ||||||
| Brightcove, Inc.* | 586,277 | 1,395,339 | ||||||
| 8,097,004 | ||||||||
| Leisure Products - 0.3% | ||||||||
| AMMO, Inc.* | 1,366,387 | 2,486,825 | ||||||
| Clarus Corp. | 507,081 | 3,062,769 | ||||||
| 5,549,594 | ||||||||
| Life Sciences Tools & Services - 0.5% | ||||||||
| Fortrea Holdings, Inc.* | 358,102 | 9,880,034 | ||||||
| Machinery - 4.4% | ||||||||
| Astec Industries, Inc. | 200,622 | 7,039,826 | ||||||
| Barnes Group, Inc. | 340,978 | 13,755,053 | ||||||
| Columbus McKinnon Corp. | 173,915 | 6,636,596 | ||||||
| Enpro, Inc. | 59,908 | 10,240,674 | ||||||
| Gencor Industries, Inc.* | 62,748 | 1,545,483 | ||||||
| Graham Corp.* | 297,837 | 9,760,118 | ||||||
| John Bean Technologies Corp. | 67,485 | 6,639,174 | ||||||
| Luxfer Holdings plc (United Kingdom) | 281,815 | 3,646,686 | ||||||
| Manitex International, Inc.* | 277,094 | 1,410,408 | ||||||
| Mayville Engineering Co., Inc.* | 262,371 | 5,013,910 | ||||||
| Park-Ohio Holdings Corp. | 161,377 | 5,038,190 | ||||||
| Shyft Group, Inc. (The) | 451,461 | 7,571,001 | ||||||
| Trinity Industries, Inc. | 376,175 | 12,436,346 | ||||||
| 90,733,465 | ||||||||
| Metals & Mining - 4.9% | ||||||||
| Arch Resources, Inc. | 77,194 | 11,312,781 | ||||||
| Carpenter Technology Corp. | 109,699 | 16,001,793 | ||||||
| Century Aluminum Co.* | 602,027 | 9,096,628 | ||||||
| Coeur Mining, Inc.* | 2,220,016 | 14,407,904 | ||||||
| Commercial Metals Co. | 206,425 | 12,406,143 | ||||||
| Ferroglobe plc | 1,603,027 | 8,896,800 | ||||||
| Haynes International, Inc. | 145,729 | 8,678,162 | ||||||
| Hecla Mining Co. | 1,493,030 | 8,629,713 | ||||||
| Kaiser Aluminum Corp. | 145,173 | 11,423,663 | ||||||
| 100,853,587 | ||||||||
| Multi-Utilities - 0.8% | ||||||||
| Black Hills Corp. | 287,908 | 17,000,967 | ||||||
| Oil, Gas & Consumable Fuels - 4.5% | ||||||||
| Dorian LPG Ltd. | 269,989 | 11,031,751 | ||||||
| Golar LNG Ltd. (Bermuda) | 112,467 | 3,925,098 | ||||||
| Matador Resources Co. | 258,381 | 15,885,264 | ||||||
| Navigator Holdings Ltd. | 532,783 | 8,854,853 | ||||||
| PBF Energy, Inc., Class A | 297,308 | 12,115,301 | ||||||
| Permian Resources Corp., Class A | 668,939 | 10,261,524 | ||||||
| Riley Exploration Permian, Inc. | 232,861 | 6,820,499 | ||||||
| Scorpio Tankers, Inc. (Monaco) | 106,303 | 8,151,314 | ||||||
| SM Energy Co. | 170,827 | 7,892,207 | ||||||
| Vital Energy, Inc.* | 197,662 | 8,620,040 | ||||||
| 93,557,851 | ||||||||
| Paper & Forest Products - 0.7% | ||||||||
| Louisiana-Pacific Corp. | 144,512 | 14,185,298 | ||||||
| Passenger Airlines - 0.3% | ||||||||
| Allegiant Travel Co. | 91,667 | 5,139,769 | ||||||
| Professional Services - 0.2% | ||||||||
| Asure Software, Inc.* | 349,201 | 3,596,770 | ||||||
| Real Estate Management & Development - 0.4% | ||||||||
| Forestar Group, Inc.* | 258,688 | 8,182,301 | ||||||
| Retail REITs - 1.1% | ||||||||
| Macerich Co. (The), REIT | 388,985 | 6,227,650 | ||||||
| Tanger, Inc., REIT | 107,677 | 3,111,865 | ||||||
| Whitestone REIT, REIT | 1,017,077 | 14,035,663 | ||||||
| 23,375,178 | ||||||||
| Semiconductors & Semiconductor Equipment - 6.5% | ||||||||
| Alpha & Omega Semiconductor Ltd.* | 423,940 | 17,551,116 | ||||||
| Amkor Technology, Inc. | 490,145 | 16,008,136 | ||||||
| Amtech Systems, Inc.* | 659,161 | 3,783,584 | ||||||
| Cohu, Inc.* | 227,125 | 7,265,729 | ||||||
| FormFactor, Inc.* | 100,276 | 5,370,783 | ||||||
| Ichor Holdings Ltd.* | 372,042 | 12,649,428 | ||||||
| inTEST Corp.* | 534,965 | 5,777,622 | ||||||
| Kulicke & Soffa Industries, Inc. (Singapore) | 226,335 | 10,676,222 | ||||||
| MKS Instruments, Inc. | 130,465 | 16,425,543 | ||||||
| Onto Innovation, Inc.* | 13,655 | 2,612,201 | ||||||
| SMART Global Holdings, Inc.* | 437,705 | 10,242,297 | ||||||
| Ultra Clean Holdings, Inc.* | 315,723 | 13,658,177 | ||||||
| Veeco Instruments, Inc.* | 307,583 | 12,737,012 | ||||||
| 134,757,850 | ||||||||
| Software - 1.5% | ||||||||
| 8x8, Inc.* | 1,051,196 | 3,237,684 | ||||||
| SecureWorks Corp., Class A* | 787,840 | 6,066,368 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Silvaco Group, Inc.* | 254,545 | 4,324,719 | ||||||
| Zeta Global Holdings Corp., Class A* | 839,173 | 17,975,086 | ||||||
| 31,603,857 | ||||||||
| Specialized REITs - 0.5% | ||||||||
| Outfront Media, Inc., REIT | 648,063 | 10,511,582 | ||||||
| Specialty Retail - 2.2% | ||||||||
| CarParts.com, Inc.* | 512,842 | 517,970 | ||||||
| Lithia Motors, Inc., Class A | 19,738 | 5,454,201 | ||||||
| Monro, Inc. | 248,533 | 7,659,787 | ||||||
| National Vision Holdings, Inc.* | 444,886 | 6,433,052 | ||||||
| RH* | 4,587 | 1,330,597 | ||||||
| Shoe Carnival, Inc. | 258,921 | 10,996,375 | ||||||
| Tile Shop Holdings, Inc.* | 327,098 | 2,361,648 | ||||||
| Tilly's, Inc., Class A* | 399,165 | 2,339,107 | ||||||
| Zumiez, Inc.* | 341,180 | 8,672,796 | ||||||
| 45,765,533 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.3% | ||||||||
| Steven Madden Ltd. | 106,953 | 4,849,249 | ||||||
| Unifi, Inc.* | 113,187 | 637,243 | ||||||
| 5,486,492 | ||||||||
| Trading Companies & Distributors - 3.3% | ||||||||
| Air Lease Corp., Class A | 313,336 | 15,547,732 | ||||||
| Custom Truck One Source, Inc.* | 377,370 | 1,890,624 | ||||||
| DNOW, Inc.* | 241,614 | 3,711,191 | ||||||
| FTAI Aviation Ltd. | 196,543 | 21,904,717 | ||||||
| H&E Equipment Services, Inc. | 194,197 | 10,156,503 | ||||||
| Herc Holdings, Inc. | 37,563 | 5,853,818 | ||||||
| Titan Machinery, Inc.* | 320,524 | 5,714,943 | ||||||
| WESCO International, Inc. | 17,121 | 2,995,319 | ||||||
| 67,774,847 | ||||||||
| TOTAL COMMON STOCKS (Cost $1,548,651,923) | 1,950,034,297 | |||||||
| Investments | Number of Rights | Value ($) | ||||||
| RIGHTS - 0.0% (b) | ||||||||
| IT Services - 0.0% (b) | ||||||||
| Flexion, Inc., CVR*‡ (c) (Cost $27,801) | 44,841 | — | ||||||
| Investments | Shares | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 5.4% | ||||||||
| INVESTMENT COMPANIES - 5.4% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (d) (Cost $110,934,361) | 110,934,361 | 110,934,361 | ||||||
| Total Investments - 99.8% (Cost $1,659,614,085) | 2,060,968,658 | |||||||
| Other assets less liabilities - 0.2% | 5,091,547 | |||||||
| Net Assets - 100.0% | 2,066,060,205 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Affiliated company as defined under the Investment Company Act of 1940. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | Security fair valued as of July 31, 2024 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2024 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (d) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| 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
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 4.2 | % | ||
| Air Freight & Logistics | 1.2 | |||
| Automobile Components | 0.7 | |||
| Banks | 3.6 | |||
| Beverages | 0.1 | |||
| Biotechnology | 1.1 | |||
| Building Products | 2.1 | |||
| Capital Markets | 1.6 | |||
| Chemicals | 5.2 | |||
| Commercial Services & Supplies | 2.0 | |||
| Communications Equipment | 1.5 | |||
| Construction & Engineering | 0.8 | |||
| Consumer Staples Distribution & Retail | 0.8 | |||
| Containers & Packaging | 0.9 | |||
| Diversified Consumer Services | 1.0 | |||
| Diversified REITs | 0.4 | |||
| Electrical Equipment | 0.9 | |||
| Electronic Equipment, Instruments & Components | 4.8 | |||
| Energy Equipment & Services | 2.3 | |||
| Financial Services | 3.1 | |||
| Food Products | 1.3 | |||
| Ground Transportation | 1.7 | |||
| Health Care Equipment & Supplies | 2.8 | |||
| Health Care Providers & Services | 4.4 | |||
| Health Care Technology | 0.7 | |||
| Hotels, Restaurants & Leisure | 2.3 | |||
| Household Durables | 3.9 | |||
| Household Products | 0.6 | |||
| Insurance | 4.0 | |||
| Interactive Media & Services | 1.6 | |||
| IT Services | 0.4 | |||
| Leisure Products | 0.3 | |||
| Life Sciences Tools & Services | 0.5 | |||
| Machinery | 4.4 | |||
| Metals & Mining | 4.9 | |||
| Multi-Utilities | 0.8 | |||
| Oil, Gas & Consumable Fuels | 4.5 | |||
| Paper & Forest Products | 0.7 | |||
| Passenger Airlines | 0.3 | |||
| Professional Services | 0.2 | |||
| Real Estate Management & Development | 0.4 | |||
| Retail REITs | 1.1 | |||
| Semiconductors & Semiconductor Equipment | 6.5 | |||
| Software | 1.5 | |||
| Specialized REITs | 0.5 | |||
| Specialty Retail | 2.2 | |||
| Textiles, Apparel & Luxury Goods | 0.3 | |||
| Trading Companies & Distributors | 3.3 | |||
| Short-Term Investments | 5.4 | |||
| Total Investments | 99.8 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
Affiliated Securities
| Security Description | Shares at July 31, 2024 | Market Value October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gains (Loss) | Change in Unrealized Appreciation/ Depreciation | Market Value July 31, 2024 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 0.2% | ||||||||||||||||||||||||||||||||
| United States 0.2% | ||||||||||||||||||||||||||||||||
| Airgain, Inc.*^ | 539,752 | $ | 1,356,325 | $ | 935,811 | $ | (115,746 | ) | $ | (183,686 | ) | $ | 2,044,641 | $ | 4,037,345 | $ | — | |||||||||||||||
| Total Common Stocks | 1,356,325 | 935,811 | (115,746 | ) | (183,686 | ) | 2,044,641 | 4,037,345 | — | |||||||||||||||||||||||
| Total | $ | 1,356,325 | $ | 935,811 | $ | (115,746 | ) | $ | (183,686 | ) | $ | 2,044,641 | $ | 4,037,345 | $ | — | ||||||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of October 31, 2023. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 94.1% | ||||||||
| Aerospace & Defense - 4.0% | ||||||||
| AAR Corp.* | 8,968 | 579,333 | ||||||
| Curtiss-Wright Corp. | 4,456 | 1,313,183 | ||||||
| 1,892,516 | ||||||||
| Air Freight & Logistics - 1.3% | ||||||||
| GXO Logistics, Inc.* | 10,711 | 599,602 | ||||||
| Automobile Components - 1.0% | ||||||||
| Goodyear Tire & Rubber Co. (The)* | 41,899 | 490,218 | ||||||
| Biotechnology - 1.6% | ||||||||
| CareDx, Inc.* | 20,615 | 412,094 | ||||||
| Exelixis, Inc.* | 15,471 | 362,795 | ||||||
| 774,889 | ||||||||
| Building Products - 2.6% | ||||||||
| AZEK Co., Inc. (The), Class A* | 7,300 | 327,697 | ||||||
| Lennox International, Inc. | 1,602 | 934,767 | ||||||
| 1,262,464 | ||||||||
| Capital Markets - 4.7% | ||||||||
| Evercore, Inc., Class A | 4,690 | 1,174,329 | ||||||
| Houlihan Lokey, Inc., Class A | 3,300 | 495,825 | ||||||
| Raymond James Financial, Inc. | 4,793 | 555,988 | ||||||
| 2,226,142 | ||||||||
| Chemicals - 3.9% | ||||||||
| Huntsman Corp. | 22,872 | 547,327 | ||||||
| International Flavors & Fragrances, Inc. | 4,977 | 495,112 | ||||||
| Westlake Corp. | 5,552 | 820,919 | ||||||
| 1,863,358 | ||||||||
| Construction & Engineering - 1.9% | ||||||||
| Quanta Services, Inc. | 3,518 | 933,607 | ||||||
| Consumer Staples Distribution & Retail - 4.0% | ||||||||
| Casey's General Stores, Inc. | 2,193 | 850,533 | ||||||
| Chefs' Warehouse, Inc. (The)* | 10,979 | 456,617 | ||||||
| Performance Food Group Co.* | 8,600 | 593,400 | ||||||
| 1,900,550 | ||||||||
| Containers & Packaging - 0.9% | ||||||||
| Sealed Air Corp. | 11,062 | 420,909 | ||||||
| Electrical Equipment - 1.7% | ||||||||
| EnerSys | 2,171 | 238,658 | ||||||
| Generac Holdings, Inc.* | 2,335 | 363,513 | ||||||
| NEXTracker, Inc., Class A* | 4,163 | 204,570 | ||||||
| 806,741 | ||||||||
| Electronic Equipment, Instruments & Components - 5.2% | ||||||||
| Avnet, Inc. | 5,528 | 297,185 | ||||||
| Belden, Inc. | 5,525 | 512,112 | ||||||
| Coherent Corp.* | 5,801 | 404,214 | ||||||
| Fabrinet (Thailand)* | 2,616 | 576,985 | ||||||
| Flex Ltd.* | 15,248 | 490,223 | ||||||
| Trimble, Inc.* | 3,603 | 196,508 | ||||||
| 2,477,227 | ||||||||
| Financial Services - 4.6% | ||||||||
| MGIC Investment Corp. | 18,325 | 455,193 | ||||||
| Radian Group, Inc. | 24,831 | 921,230 | ||||||
| Rocket Cos., Inc., Class A* | 52,300 | 846,737 | ||||||
| 2,223,160 | ||||||||
| Food Products - 1.6% | ||||||||
| Ingredion, Inc. | 5,982 | 743,981 | ||||||
| Ground Transportation - 2.4% | ||||||||
| Knight-Swift Transportation Holdings, Inc., Class A | 6,295 | 342,637 | ||||||
| XPO, Inc.* | 7,135 | 819,740 | ||||||
| 1,162,377 | ||||||||
| Health Care Equipment & Supplies - 3.4% | ||||||||
| Align Technology, Inc.* | 2,926 | 678,481 | ||||||
| Enovis Corp.* | 4,708 | 224,289 | ||||||
| Zimmer Biomet Holdings, Inc. | 6,627 | 737,916 | ||||||
| 1,640,686 | ||||||||
| Health Care Providers & Services - 7.7% | ||||||||
| Amedisys, Inc.* | 3,155 | 309,348 | ||||||
| Cardinal Health, Inc. | 9,779 | 986,017 | ||||||
| Ensign Group, Inc. (The) | 1,975 | 277,981 | ||||||
| Quest Diagnostics, Inc. | 4,635 | 659,560 | ||||||
| Tenet Healthcare Corp.* | 9,633 | 1,442,060 | ||||||
| 3,674,966 | ||||||||
| Hotels, Restaurants & Leisure - 4.2% | ||||||||
| Aramark | 13,985 | 479,266 | ||||||
| Cheesecake Factory, Inc. (The) | 17,515 | 681,159 | ||||||
| Chuy's Holdings, Inc.* | 14,233 | 527,902 | ||||||
| Denny's Corp.* | 42,348 | 311,681 | ||||||
| 2,000,008 | ||||||||
| Household Durables - 4.2% | ||||||||
| Beazer Homes USA, Inc.* | 19,280 | 649,157 | ||||||
| LGI Homes, Inc.* | 3,439 | 395,726 | ||||||
| PulteGroup, Inc. | 1,262 | 166,584 | ||||||
| Skyline Champion Corp.* | 2,895 | 235,971 | ||||||
| Toll Brothers, Inc. | 3,791 | 541,014 | ||||||
| 1,988,452 | ||||||||
| Insurance - 3.8% | ||||||||
| Axis Capital Holdings Ltd. | 9,012 | 682,659 | ||||||
| First American Financial Corp. | 5,947 | 360,269 | ||||||
| Old Republic International Corp. | 22,160 | 767,179 | ||||||
| 1,810,107 | ||||||||
| Life Sciences Tools & Services - 3.8% | ||||||||
| Avantor, Inc.* | 19,514 | 522,000 | ||||||
| Bio-Rad Laboratories, Inc., Class A* | 3,073 | 1,039,780 | ||||||
| Revvity, Inc. | 2,094 | 263,027 | ||||||
| 1,824,807 | ||||||||
| Machinery - 3.8% | ||||||||
| Donaldson Co., Inc. | 10,021 | 749,771 | ||||||
| Dover Corp. | 4,626 | 852,387 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Ingersoll Rand, Inc. | 2,242 | 225,097 | ||||||
| 1,827,255 | ||||||||
| Multi-Utilities - 0.8% | ||||||||
| Black Hills Corp. | 6,430 | 379,691 | ||||||
| Oil, Gas & Consumable Fuels - 6.0% | ||||||||
| Chesapeake Energy Corp. | 9,574 | 730,783 | ||||||
| HF Sinclair Corp. | 13,391 | 689,235 | ||||||
| Matador Resources Co. | 12,837 | 789,219 | ||||||
| Permian Resources Corp., Class A | 41,971 | 643,835 | ||||||
| 2,853,072 | ||||||||
| Passenger Airlines - 1.1% | ||||||||
| Delta Air Lines, Inc. | 12,794 | 550,398 | ||||||
| Semiconductors & Semiconductor Equipment - 9.0% | ||||||||
| Amkor Technology, Inc. | 24,276 | 792,854 | ||||||
| Entegris, Inc. | 6,176 | 730,559 | ||||||
| MKS Instruments, Inc. | 8,947 | 1,126,427 | ||||||
| ON Semiconductor Corp.* | 9,863 | 771,780 | ||||||
| Onto Innovation, Inc.* | 4,493 | 859,511 | ||||||
| 4,281,131 | ||||||||
| Specialty Retail - 1.4% | ||||||||
| Lithia Motors, Inc., Class A | 1,394 | 385,204 | ||||||
| RH* | 135 | 39,161 | ||||||
| Warby Parker, Inc., Class A* | 15,900 | 261,873 | ||||||
| 686,238 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.9% | ||||||||
| Steven Madden Ltd. | 9,178 | 416,131 | ||||||
| Trading Companies & Distributors - 2.6% | ||||||||
| Air Lease Corp., Class A | 18,692 | 927,497 | ||||||
| FTAI Aviation Ltd. | 2,849 | 317,521 | ||||||
| 1,245,018 | ||||||||
| TOTAL COMMON STOCKS (Cost $35,938,812) | 44,955,701 | |||||||
| SHORT-TERM INVESTMENTS - 5.3% | ||||||||
| INVESTMENT COMPANIES - 5.3% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares
5.33% (a) (Cost $2,539,315) | 2,539,315 | 2,539,315 | ||||||
| Total Investments
- 99.4% (Cost $38,478,127) | 47,495,016 | |||||||
| Other assets less liabilities - 0.6% | 278,194 | |||||||
| Net Assets - 100.0% | 47,773,210 | |||||||
| * | Non-income producing security. |
| (a) | Represents 7-day effective yield as of July 31, 2024. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Aerospace & Defense | 4.0 | % | ||
| Air Freight & Logistics | 1.3 | |||
| Automobile Components | 1.0 | |||
| Biotechnology | 1.6 | |||
| Building Products | 2.6 | |||
| Capital Markets | 4.7 | |||
| Chemicals | 3.9 | |||
| Construction & Engineering | 1.9 | |||
| Consumer Staples Distribution & Retail | 4.0 | |||
| Containers & Packaging | 0.9 | |||
| Electrical Equipment | 1.7 | |||
| Electronic Equipment, Instruments & Components | 5.2 | |||
| Financial Services | 4.6 | |||
| Food Products | 1.6 | |||
| Ground Transportation | 2.4 | |||
| Health Care Equipment & Supplies | 3.4 | |||
| Health Care Providers & Services | 7.7 | |||
| Hotels, Restaurants & Leisure | 4.2 | |||
| Household Durables | 4.2 | |||
| Insurance | 3.8 | |||
| Life Sciences Tools & Services | 3.8 | |||
| Machinery | 3.8 | |||
| Multi-Utilities | 0.8 | |||
| Oil, Gas & Consumable Fuels | 6.0 | |||
| Passenger Airlines | 1.1 | |||
| Semiconductors & Semiconductor Equipment | 9.0 | |||
| Specialty Retail | 1.4 | |||
| Textiles, Apparel & Luxury Goods | 0.9 | |||
| Trading Companies & Distributors | 2.6 | |||
| Short-Term Investments | 5.3 | |||
| Total Investments | 99.4 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| ||||||||
| COMMON STOCKS - 92.4% | ||||||||
| Australia - 2.2% | ||||||||
| Glencore plc | 54,056 | 299,948 | ||||||
| Belgium - 1.1% | ||||||||
| Shurgard Self Storage Ltd., REIT | 3,933 | 153,767 | ||||||
| Canada - 12.8% | ||||||||
| Agnico Eagle Mines Ltd. | 2,142 | 165,275 | ||||||
| Canadian National Railway Co. | 1,696 | 196,336 | ||||||
| Canadian Pacific Kansas City Ltd. | 2,348 | 196,901 | ||||||
| Franco-Nevada Corp. | 934 | 120,362 | ||||||
| Imperial Oil Ltd. | 4,861 | 348,243 | ||||||
| Nutrien Ltd. | 5,525 | 283,363 | ||||||
| StorageVault Canada, Inc. | 29,758 | 101,086 | ||||||
| Wheaton Precious Metals Corp. | 5,915 | 353,662 | ||||||
| 1,765,228 | ||||||||
| Faroe Islands - 0.9% | ||||||||
| Bakkafrost P/F | 2,363 | 123,431 | ||||||
| France - 1.1% | ||||||||
| Air Liquide SA | 791 | 144,325 | ||||||
| Germany - 2.1% | ||||||||
| FUCHS SE (Preference) | 6,769 | 294,121 | ||||||
| Hong Kong - 3.0% | ||||||||
| CK Asset Holdings Ltd. | 43,500 | 166,217 | ||||||
| Guoco Group Ltd. | 15,000 | 124,794 | ||||||
| Hongkong Land Holdings Ltd. | 39,000 | 125,955 | ||||||
| 416,966 | ||||||||
| Japan - 4.4% | ||||||||
| Kansai Paint Co. Ltd. | 18,400 | 302,191 | ||||||
| Komatsu Ltd. | 7,800 | 221,735 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 2,000 | 88,861 | ||||||
| 612,787 | ||||||||
| Mexico - 8.2% | ||||||||
| FIBRA Macquarie Mexico, REIT (a) | 173,126 | 289,085 | ||||||
| GMexico Transportes SAB de CV (a) | 61,412 | 119,389 | ||||||
| Grupo Mexico SAB de CV, Series B | 60,976 | 343,647 | ||||||
| Prologis Property Mexico SA de CV, REIT | 20,091 | 67,074 | ||||||
| TF Administradora Industrial S de RL de CV, REIT | 142,013 | 305,430 | ||||||
| 1,124,625 | ||||||||
| Russia - 0.0% | ||||||||
| Alrosa PJSC‡ (b) | 48,132 | — | ||||||
| Singapore - 2.0% | ||||||||
| Sheng Siong Group Ltd. | 137,100 | 157,903 | ||||||
| UOL Group Ltd. | 28,100 | 113,533 | ||||||
| 271,436 | ||||||||
| South Korea - 1.5% | ||||||||
| Samsung Electronics Co. Ltd. (Preference) | 4,290 | 204,233 | ||||||
| Spain - 1.1% | ||||||||
| Aena SME SA (a) | 826 | 156,939 | ||||||
| United Kingdom - 11.5% | ||||||||
| Ashtead Group plc | 3,007 | 217,008 | ||||||
| Big Yellow Group plc, REIT | 13,194 | 205,185 | ||||||
| Cranswick plc | 2,492 | 152,651 | ||||||
| Derwent London plc, REIT | 6,702 | 197,990 | ||||||
| Great Portland Estates plc, REIT | 49,225 | 222,123 | ||||||
| Shell plc | 9,829 | 359,389 | ||||||
| United Utilities Group plc | 17,101 | 227,266 | ||||||
| 1,581,612 | ||||||||
| United States - 40.5% | ||||||||
| American Homes 4 Rent, Class A, REIT | 1,822 | 65,756 | ||||||
| American Water Works Co., Inc. | 1,157 | 164,710 | ||||||
| BXP, Inc., REIT | 2,859 | 203,875 | ||||||
| Charter Communications, Inc., Class A* | 208 | 78,982 | ||||||
| Comcast Corp., Class A | 5,649 | 233,134 | ||||||
| CRH plc | 4,231 | 359,877 | ||||||
| Cummins, Inc. | 484 | 141,231 | ||||||
| Deere & Co. | 341 | 126,845 | ||||||
| Diamond Offshore Drilling, Inc.* | 9,765 | 160,341 | ||||||
| Douglas Emmett, Inc., REIT | 11,646 | 187,384 | ||||||
| EastGroup Properties, Inc., REIT | 528 | 98,731 | ||||||
| Equinix, Inc., REIT | 84 | 66,380 | ||||||
| Equity Residential, REIT | 3,927 | 273,437 | ||||||
| Extra Space Storage, Inc., REIT | 2,264 | 361,380 | ||||||
| Exxon Mobil Corp. | 1,008 | 119,539 | ||||||
| HCA Healthcare, Inc. | 855 | 310,408 | ||||||
| IDACORP, Inc. | 2,569 | 251,120 | ||||||
| Mid-America Apartment Communities, Inc., REIT | 727 | 101,613 | ||||||
| Noble Corp. plc | 4,581 | 216,315 | ||||||
| NOV, Inc. | 1,746 | 36,352 | ||||||
| ONEOK, Inc. | 3,764 | 313,654 | ||||||
| PNM Resources, Inc. | 3,582 | 148,940 | ||||||
| Reliance, Inc. | 649 | 197,659 | ||||||
| Royal Gold, Inc. | 1,588 | 219,335 | ||||||
| RPM International, Inc. | 1,752 | 212,798 | ||||||
| SBA Communications Corp., Class A, REIT | 878 | 192,756 | ||||||
| Schlumberger NV | 4,246 | 205,039 | ||||||
| Terreno Realty Corp., REIT | 1,947 | 133,194 | ||||||
| UGI Corp. | 4,723 | 117,036 | ||||||
| Universal Health Services, Inc., Class B | 737 | 157,541 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Williams Cos., Inc. (The) | 3,064 | 131,568 | ||||||
| 5,586,930 | ||||||||
| TOTAL COMMON
STOCKS (Cost $11,712,922) | 12,736,348 | |||||||
| Investments | Ounces | Value ($) | ||||||
| COMMODITIES - 3.6% | ||||||||
| Gold bullion* (Cost $423,554) | 201 | 491,868 | ||||||
| Investments | Shares | Value ($) | ||||||
| MASTER LIMITED PARTNERSHIPS - 3.2% | ||||||||
| United States - 3.2% | ||||||||
| Black Stone Minerals LP | 5,534 | 83,231 | ||||||
| Enterprise Products Partners LP | 12,526 | 361,501 | ||||||
| TOTAL
MASTER LIMITED PARTNERSHIPS (Cost 386,656) | 444,732 | |||||||
| EXCHANGE TRADED FUNDS - 1.1% | ||||||||
| United States | ||||||||
| iShares Gold Trust (Cost $134,892) | 3,386 | 156,772 | ||||||
| Short-Term Investment - 0.5% | ||||||||
| INVESTMENT COMPANIES - 0.5% | ||||||||
| JP Morgan U.S. Government Money
Market Fund, Capital Shares 5.33% (c) (Cost $64,434) | 64,434 | 64,434 | ||||||
| Total
Investments - 100.8% (Cost $12,722,458) | 13,894,154 | |||||||
| Liabilities in excess of other assets - (0.8)% | (104,406 | ) | ||||||
| Net Assets - 100.0% | 13,789,748 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (b) | Security fair valued as of July 31, 2024 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2024 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (c) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Chemicals | 9.6 | % | ||
| Commodities | 3.6 | |||
| Commodity Funds | 1.1 | |||
| Construction Materials | 2.6 | |||
| Consumer Staples Distribution & Retail | 1.2 | |||
| Electric Utilities | 2.9 | |||
| Energy Equipment & Services | 4.6 | |||
| Food Products | 2.0 | |||
| Gas Utilities | 0.8 | |||
| Ground Transportation | 3.7 | |||
| Health Care Providers & Services | 3.3 | |||
| Industrial Conglomerates | 0.9 | |||
| Industrial REITs | 6.5 | |||
| Machinery | 3.5 | |||
| Media | 2.3 | |||
| Metals & Mining | 12.4 | |||
| Office REITs | 5.9 | |||
| Oil, Gas & Consumable Fuels | 12.4 | |||
| Real Estate Management & Development | 3.6 | |||
| Residential REITs | 3.2 | |||
| Specialized REITs | 7.1 | |||
| Technology Hardware, Storage & Peripherals | 1.5 | |||
| Trading Companies & Distributors | 1.6 | |||
| Transportation Infrastructure | 1.1 | |||
| Water Utilities | 2.9 | |||
| Short-Term Investments | 0.5 | |||
| Total Investments | 100.8 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| MUNICIPAL BONDS - 105.9% | ||||||||
| Alabama 3.5% | ||||||||
| Alabama Housing Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054 (a) | 7,500,000 | 7,543,814 | ||||||
| Columbia Industrial Development Board, | ||||||||
| Alabama Power Co., Revenue, AMT, Refunding, Series 1998, 4.25%, 08/01/2024 (b)(c) | 9,600,000 | 9,600,000 | ||||||
| Homewood Educational Building Authority, | ||||||||
| CHF - Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2049 | 3,200,000 | 3,391,672 | ||||||
| CHF - Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2054 | 11,020,000 | 11,596,075 | ||||||
| CHF - Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2049 | 5,615,000 | 5,964,765 | ||||||
| CHF - Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2054 | 6,575,000 | 6,934,312 | ||||||
| CHF - Horizons II LLC, Revenue, Series 2024 C, 5.00%, 10/01/2056 | 7,505,000 | 7,540,904 | ||||||
| Hoover Industrial Development Board, | ||||||||
| United States Steel Corp., Revenue, AMT, Series 2019, 5.75%, 10/01/2049 | 1,750,000 | 1,826,774 | ||||||
| Mobile County Industrial Development Authority, | ||||||||
| AM/NS Calvert LLC, Revenue, AMT, Series 2024 A, 5.00%, 06/01/2054 | 12,000,000 | 12,281,171 | ||||||
| Walker County Economic & Industrial Development Authority, | ||||||||
| Alabama Power Co., Revenue, First Series, AMT, Series 2023, 4.25%, 08/01/2024 (b)(c) | 19,960,000 | 19,960,000 | ||||||
| 86,639,487 | ||||||||
| American Samoa 0.1% | ||||||||
| American Samoa Economic Development Authority, | ||||||||
| Revenue, Series 2018, 6.50%, 09/01/2028 (d) | 250,000 | 259,939 | ||||||
| Revenue, Series 2021 A, 5.00%, 09/01/2038 (d) | 1,000,000 | 1,009,511 | ||||||
| 1,269,450 | ||||||||
| Arizona 0.7% | ||||||||
| Arizona Industrial Development Authority, | ||||||||
| Mater Academy of Nevada Obligated Group, Revenue, Series 2020 A, 5.00%, 12/15/2040 (d) | 1,840,000 | 1,825,466 | ||||||
| Maricopa County Industrial Development Authority, | ||||||||
| Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (d) | 2,300,000 | 2,354,685 | ||||||
| Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 (d) | 2,000,000 | 2,101,016 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 6.50%, 07/01/2039 (d) | 380,000 | 385,279 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 7.13%, 07/01/2054 (d) | 2,000,000 | 2,010,895 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 7.38%, 07/01/2063 (d) | 1,850,000 | 1,859,962 | ||||||
| Sierra Vista Industrial Development Authority, | ||||||||
| Fit Kids, Inc., Revenue, Series 2024, 5.38%, 06/15/2034 (d) | 325,000 | 328,225 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (d) | 550,000 | 554,909 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.30%, 06/15/2054 (d) | 1,120,000 | 1,129,863 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.38%, 06/15/2064 (d) | 1,640,000 | 1,646,076 | ||||||
| Superstition Vistas, | ||||||||
| Community Facilities District No. 1 Assessment Area 3, Special Assessment, Series 2024, 5.80%, 07/01/2048 | 348,000 | 357,500 | ||||||
| Tempe Industrial Development Authority, | ||||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2054 | 150,000 | 146,106 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2038 | 250,000 | 236,382 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2046 | 6,555,000 | 5,702,690 | ||||||
| 20,639,054 | ||||||||
| Arkansas 1.3% | ||||||||
| Arkansas Development Finance Authority, | ||||||||
| Hybar LLC, Revenue, AMT, Series 2023 B, 7.38%, 07/01/2048 (d) | 11,250,000 | 12,429,787 | ||||||
| Batesville Public Facilities Board, | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2026 | 1,440,000 | 1,437,322 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Arkansas | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2027 | 2,045,000 | 2,030,546 | ||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.00%, 06/01/2028 | 1,040,000 | 953,221 | ||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032 | 395,000 | 340,534 | ||||||
| Clarksville Public Educational Facilities Board, | ||||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.00%, 08/01/2044 (a) | 1,080,000 | 1,116,244 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2049 (a) | 3,365,000 | 3,486,756 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056 (a) | 6,500,000 | 6,697,399 | ||||||
| County of Johnson, | ||||||||
| Johnson Regional Medical Center, Revenue, Refunding, Series 2018, 4.50%, 11/01/2035 | 3,500,000 | 3,288,314 | ||||||
| 31,780,123 | ||||||||
| California 14.9% | ||||||||
| Antelope Valley Healthcare District, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2031 | 2,765,000 | 2,770,055 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.25%, 03/01/2036 | 1,885,000 | 1,891,459 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2041 | 2,280,000 | 2,259,962 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2046 | 3,190,000 | 3,105,023 | ||||||
| California Community Housing Agency, | ||||||||
| Arbors Apartments, Revenue, Series 2020 A, 5.00%, 08/01/2050 (d) | 2,000,000 | 1,954,475 | ||||||
| Brio Apartments & Next on Lex Apartments, Revenue, Senior Lien, Series 2021 A-1, 4.00%, 02/01/2056 (d) | 7,800,000 | 6,612,889 | ||||||
| Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 (d) | 32,500,000 | 22,383,114 | ||||||
| Exchange at Bayfront Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 02/01/2057 (d) | 3,250,000 | 2,082,721 | ||||||
| California Educational Facilities Authority, | ||||||||
| St. Mary's College of California, Revenue, Refunding, Series 2023 A, 5.50%, 10/01/2053 | 3,030,000 | 3,223,466 | ||||||
| California Housing Finance Agency, | ||||||||
| Found Middle, Revenue, Series 2024 L, 5.20%, 12/01/2027 (d) | 5,000,000 | 5,037,614 | ||||||
| California Infrastructure & Economic Development Bank, | ||||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2020 A-3, 8.00%, 08/15/2024 (b)(d)(e) | 20,000,000 | 20,974,846 | ||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2020 A-4, 8.00%, 08/15/2025 (a)(b)(d)(e) | 98,000,000 | 99,347,951 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (d) | 4,335,000 | 4,260,348 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 B, 0.00%, 01/01/2061 (d)(f) | 10,100,000 | 695,217 | ||||||
| California Municipal Finance Authority, | ||||||||
| BOLD Program, Special Tax, Series 2024 A, 5.13%, 09/01/2054 | 1,000,000 | 1,024,585 | ||||||
| BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2049 | 1,070,000 | 1,108,428 | ||||||
| BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2054 | 1,250,000 | 1,285,105 | ||||||
| Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (d) | 2,000,000 | 2,107,181 | ||||||
| City of Elk Grove Community Facilities District No. 2023-7 Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2054 | 1,000,000 | 1,025,840 | ||||||
| Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2050 | 4,000,000 | 3,314,369 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2044 | 325,000 | 340,520 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2049 | 670,000 | 694,063 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2054 | 800,000 | 822,467 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| California | ||||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.13%, 09/01/2059 | 1,250,000 | 1,297,569 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.00%, 06/01/2034 (d) | 500,000 | 514,135 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.25%, 06/01/2044 (d) | 1,000,000 | 1,000,660 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.50%, 06/01/2054 (d) | 1,250,000 | 1,247,998 | ||||||
| Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2036 (d) | 2,825,000 | 2,844,217 | ||||||
| Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2046 (d) | 1,000,000 | 981,627 | ||||||
| St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.75%, 05/01/2054 (d) | 710,000 | 737,820 | ||||||
| St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.88%, 05/01/2059 (d) | 695,000 | 725,130 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 5.90%, 06/15/2044 (d) | 775,000 | 834,311 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 6.20%, 06/15/2054 (d) | 2,200,000 | 2,367,655 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 6.38%, 06/15/2064 (d) | 4,500,000 | 4,866,260 | ||||||
| California Public Finance Authority, | ||||||||
| California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (d) | 1,500,000 | 1,581,503 | ||||||
| EEC, Inc., Revenue, Series 2020 A, 5.00%, 06/15/2050 (d) | 400,000 | 389,200 | ||||||
| California School Finance Authority, | ||||||||
| Envision Education Obligated Group, Revenue, Series 2024 A, 5.00%, 06/01/2064 (a)(d) | 2,735,000 | 2,725,424 | ||||||
| Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (d) | 1,000,000 | 1,040,246 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 4.25%, 06/01/2034 (d) | 775,000 | 784,429 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 4.75%, 06/01/2044 (d) | 1,000,000 | 1,001,650 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2054 (d) | 735,000 | 743,840 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2064 (d) | 5,475,000 | 5,509,641 | ||||||
| Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2051 (d) | 4,790,000 | 4,105,024 | ||||||
| California Statewide Communities Development Authority, | ||||||||
| Special Assessment, Series 2024 A, 5.00%, 09/02/2054 | 1,150,000 | 1,179,722 | ||||||
| Community Facilities District 2022-12 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2054 | 1,000,000 | 1,025,840 | ||||||
| Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2044 (a) | 850,000 | 877,968 | ||||||
| Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2049 (a) | 820,000 | 837,450 | ||||||
| Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2054 (a) | 850,000 | 866,309 | ||||||
| Front Porch Communities & Services Obligated Group, Revenue, Refunding, Series 2021 A, 3.00%, 04/01/2051 | 9,000,000 | 6,873,872 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2014 A, 5.50%, 12/01/2054 | 1,000,000 | 1,003,025 | ||||||
| California Statewide Financing Authority, | ||||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2037 | 1,000,000 | 1,022,968 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 800,000 | 818,382 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 B, 6.00%, 05/01/2037 | 290,000 | 296,661 | ||||||
| Chino Community Facilities District, | ||||||||
| City of Chino Community Facilities District No. 2003-3 Improvement Area No. 10, Special Tax, Series 2024, 5.00%, 09/01/2049 | 680,000 | 696,130 | ||||||
| City of Chino Community Facilities District No. 2003-3 Improvement Area No. 10, Special Tax, Series 2024, 5.00%, 09/01/2054 | 745,000 | 758,710 | ||||||
| City & County of San Francisco, | ||||||||
| Infrastructure & Revitalization Financing District No. 1 Facilities Increment, Tax Allocation, Series 2022 A, 5.00%, 09/01/2052 (d) | 1,000,000 | 992,911 | ||||||
| City of Long Beach, | ||||||||
| Marina System, Revenue, Series 2015, 5.00%, 05/15/2045 | 500,000 | 500,835 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| California | ||||||||
| City of Ontario, | ||||||||
| Community Facilities District No. 35, Special Tax, Series 2024, 5.00%, 09/01/2054 | 1,000,000 | 1,036,236 | ||||||
| City of Rancho, | ||||||||
| Mirage Community Facilities District No. 5 Improvement Area No. 1, Special Tax, Series 2024 A, 5.00%, 09/01/2054 | 1,400,000 | 1,439,317 | ||||||
| City of Rancho Cordova, | ||||||||
| Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2049 | 550,000 | 568,168 | ||||||
| Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2053 | 545,000 | 559,902 | ||||||
| CMFA Special Finance Agency I, | ||||||||
| Mix at CTR City (The), Revenue, Series 2021 A-2, 4.00%, 04/01/2056 (d) | 12,240,000 | 9,734,291 | ||||||
| CSCDA Community Improvement Authority, | ||||||||
| 777 Place-Pomona, Revenue, Senior Lien, Series 2021 A-2, 3.25%, 05/01/2057 (d) | 500,000 | 356,559 | ||||||
| CTR City Anaheim, Revenue, Series 2020 A, 5.00%, 01/01/2054 (d) | 5,500,000 | 4,896,373 | ||||||
| Escondido Portfolio, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 06/01/2058 (d) | 9,875,000 | 7,787,329 | ||||||
| Link - Glendale (The), Revenue, Series 2021 A-2, 4.00%, 07/01/2056 (d) | 965,000 | 744,788 | ||||||
| Millennium South Bay-Hawthorne, Revenue, Series 2021 A-2, 3.25%, 07/01/2056 (d) | 11,865,000 | 8,508,534 | ||||||
| MODA at Monrovia Station, Revenue, Series 2021 A-1, 3.40%, 10/01/2046 (d) | 150,000 | 124,225 | ||||||
| Monterey Station Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 07/01/2056 (d) | 6,250,000 | 4,344,779 | ||||||
| Oceanaire Apartments, Revenue, Series 2021 A-2, 4.00%, 09/01/2056 (d) | 20,365,000 | 16,117,704 | ||||||
| Parrallel-Anaheim, Revenue, Series 2021 A, 4.00%, 08/01/2056 (d) | 3,400,000 | 3,028,722 | ||||||
| Waterscape Apartments, Revenue, Senior Lien, Series 2021 A, 3.00%, 09/01/2056 (d) | 4,750,000 | 3,400,265 | ||||||
| Westgate Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 06/01/2057 (d) | 39,995,000 | 25,157,215 | ||||||
| Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 12/01/2049 (d) | 5,000,000 | 3,560,807 | ||||||
| Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 12/01/2058 (d) | 31,100,000 | 24,313,318 | ||||||
| Folsom Ranch Financing Authority, | ||||||||
| City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2049 | 400,000 | 413,213 | ||||||
| City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2053 | 460,000 | 472,578 | ||||||
| Kaweah Delta Health Care District Guild, | ||||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2030 | 65,000 | 57,698 | ||||||
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 45,000 | 39,061 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2032 | 125,000 | 106,193 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2033 | 100,000 | 83,305 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 440,000 | 392,801 | ||||||
| Revenue, Series 2015 B, 5.00%, 06/01/2040 | 455,000 | 445,323 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 5,065,000 | 4,236,116 | ||||||
| Palomar Health, | ||||||||
| Obligated Group, COP, 4.00%, 11/01/2038 | 30,000 | 26,940 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2031 | 2,485,000 | 2,480,265 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2036 | 750,000 | 740,153 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2039 | 100,000 | 96,295 | ||||||
| Obligated Group, COP, Series 2017, 5.00%, 11/01/2032 | 2,000,000 | 1,994,181 | ||||||
| Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 11/01/2042 | 1,455,000 | 1,395,361 | ||||||
| River Islands Public Financing Authority, | ||||||||
| Community Facilities District No. 2023-1 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2054 | 2,750,000 | 2,772,109 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| California | ||||||||
| Tejon Ranch Public Facilities Finance Authority, | ||||||||
| Community Facilities District No. 2008-1, Special Tax, Refunding, Series 2024 A, 5.00%, 09/01/2054 (a) | 2,250,000 | 2,313,034 | ||||||
| Woodland-Davis Clean Water Agency, | ||||||||
| Revenue, Sub. Lien, Refunding, Series 2015 B, 4.70%, 03/01/2039 (d) | 1,590,952 | 1,430,073 | ||||||
| 376,544,051 | ||||||||
| Colorado 1.5% | ||||||||
| Colorado Educational & Cultural Facilities Authority, | ||||||||
| Aspen View Academy, Inc., Revenue, Series 2021, 4.00%, 05/01/2051 | 1,235,000 | 1,092,786 | ||||||
| Expeditionary Learning School Board of Cooperative Educational Services, Revenue, Series 2019, 5.00%, 03/01/2050 (d) | 2,000,000 | 1,941,918 | ||||||
| Colorado Health Facilities Authority, | ||||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 5.00%, 09/15/2048 | 7,000,000 | 6,669,774 | ||||||
| BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 4.50%, 09/15/2038 | 190,000 | 169,606 | ||||||
| Colorado Housing and Finance Authority, | ||||||||
| Revenue, Series 2024 A-1, Class I, 4.60%, 10/01/2049 | 2,620,000 | 2,623,349 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.70%, 10/01/2054 | 3,500,000 | 3,519,541 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.80%, 10/01/2059 | 2,765,000 | 2,804,709 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.85%, 10/01/2064 | 2,150,000 | 2,186,664 | ||||||
| Revenue, Series 2024 A-1, Class I, 4.88%, 10/01/2067 | 2,230,000 | 2,249,105 | ||||||
| Hess Ranch Metropolitan District No. 5, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2024 A-1, 6.00%, 12/01/2043 | 2,500,000 | 2,532,321 | ||||||
| Special Improvement District No. 1, Special Assessment, Series 2024 A-2, 6.50%, 12/01/2043 (a) | 2,250,000 | 2,278,092 | ||||||
| Ledge Rock Center Residential Metropolitan District No. 1, | ||||||||
| GO, Series 2024 A, 6.38%, 12/01/2054 | 4,050,000 | 4,139,230 | ||||||
| Prairie Center Metropolitan District No. 3, | ||||||||
| GO, Refunding, Series 2024 A, 5.88%, 12/15/2046 | 2,125,000 | 2,287,587 | ||||||
| GO, Series 2024 B, 5.88%, 12/15/2046 | 1,000,000 | 1,076,512 | ||||||
| Sterling Ranch Community Authority Board, | ||||||||
| Sterling Ranch Metropolitan District No. 1, Special Assessment, Series 2024, 5.63%, 12/01/2043 | 1,500,000 | 1,554,529 | ||||||
| 37,125,723 | ||||||||
| Connecticut 1.0% | ||||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Goodwin University Obligated Group, Revenue, Series A-1, 5.00%, 07/01/2044 | 3,000,000 | 3,041,655 | ||||||
| Goodwin University Obligated Group, Revenue, Series A-1, 5.38%, 07/01/2054 | 6,340,000 | 6,408,379 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2044 (d) | 3,850,000 | 3,694,249 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2050 (d) | 1,265,000 | 1,176,217 | ||||||
| University of Hartford (The), Revenue, Refunding, Series 2019 N, 4.00%, 07/01/2049 | 3,560,000 | 2,707,015 | ||||||
| University of Hartford (The), Revenue, Series 2022 P, 5.38%, 07/01/2052 | 3,750,000 | 3,612,945 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2039 | 60,000 | 50,701 | ||||||
| Steel Point Infrastructure Improvement District, | ||||||||
| Tax Allocation, Series 2024, 5.63%, 04/01/2044 (d) | 1,000,000 | 1,051,951 | ||||||
| Tax Allocation, Series 2024, 6.00%, 04/01/2052 (d) | 2,500,000 | 2,673,873 | ||||||
| 24,416,985 | ||||||||
| Delaware 0.3% | ||||||||
| Town of Bridgeville, | ||||||||
| Heritage Shores Special Development District, Special Tax, Series 2024, 5.25%, 07/01/2044 (d) | 875,000 | 917,423 | ||||||
| Heritage Shores Special Development District, Special Tax, Series 2024, 5.63%, 07/01/2053 (d) | 1,535,000 | 1,619,025 | ||||||
| Town of Milton, | ||||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (d) | 1,265,000 | 1,304,980 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Delaware | ||||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.95%, 09/01/2053 (d) | 3,165,000 | 3,264,540 | ||||||
| 7,105,968 | ||||||||
| District of Columbia 1.3% | ||||||||
| District of Columbia, | ||||||||
| Latin American Montessori Bilingual Public Charter School Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2050 | 3,220,000 | 3,198,341 | ||||||
| Rocketship DC Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2049 (d) | 4,100,000 | 4,002,622 | ||||||
| Rocketship Obligated Group, Revenue, Series 2024 A, 5.75%, 06/01/2054 | 3,100,000 | 3,193,094 | ||||||
| Rocketship Obligated Group, Revenue, Series 2024 A, 6.00%, 06/01/2058 | 400,000 | 416,764 | ||||||
| Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (f) | 20,000,000 | 4,457,776 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2031 (d)(g) | 2,162,000 | 1,901,998 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2046 (d)(g) | 8,635,000 | 6,629,206 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2041 (d)(g) | 3,750,000 | 2,186,610 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2049 (d)(g) | 11,870,000 | 6,774,393 | ||||||
| 32,760,804 | ||||||||
| Florida 22.7% | ||||||||
| Academical Village Community Development District, | ||||||||
| Special Assessment, Series 2020, 3.63%, 05/01/2040 | 4,320,000 | 3,655,246 | ||||||
| Anabelle Island Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 05/01/2052 | 180,000 | 150,015 | ||||||
| Antillia Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2044 | 720,000 | 733,059 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,000,000 | 1,017,908 | ||||||
| Ave Maria Stewardship Community District, | ||||||||
| Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 1,000,000 | 824,820 | ||||||
| Ave Maria Stewardship Community District Series 2021 Assessment, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 200,000 | 168,004 | ||||||
| Boggy Branch Community Development District, | ||||||||
| Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,595,000 | 1,318,648 | ||||||
| Bridgewater North Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 05/01/2052 | 2,000,000 | 1,677,227 | ||||||
| Buckhead Trails Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2044 | 1,000,000 | 1,009,534 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,675,000 | 1,690,764 | ||||||
| Capital Projects Finance Authority, | ||||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.13%, 06/15/2044 (d) | 420,000 | 431,852 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.50%, 06/15/2054 (d) | 235,000 | 241,515 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.63%, 06/15/2059 (d) | 1,015,000 | 1,042,977 | ||||||
| Capital Trust Agency, Inc., | ||||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.20%, 08/15/2056 (d) | 1,450,000 | 1,188,012 | ||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.25%, 08/15/2061 (d) | 2,250,000 | 1,826,273 | ||||||
| Franklin Academy Obligated Group, Revenue, Series 2020, 5.00%, 12/15/2035 (d) | 1,085,000 | 1,083,652 | ||||||
| Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 (d) | 2,000,000 | 1,547,241 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (d) | 3,250,000 | 3,120,454 | ||||||
| Capital Trust Authority, | ||||||||
| IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (d) | 1,500,000 | 1,576,460 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 06/15/2044 (d) | 810,000 | 844,144 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.00%, 06/15/2054 (d) | 1,250,000 | 1,309,695 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (d) | 1,100,000 | 1,154,076 | ||||||
| Caymas Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 1,000,000 | 1,007,590 | ||||||
| Central Parc Community Development District, | ||||||||
| Special Assessment, Series 2024, 4.90%, 05/01/2031 | 475,000 | 476,300 | ||||||
| Special Assessment, Series 2024, 5.70%, 05/01/2044 | 750,000 | 755,411 | ||||||
| Special Assessment, Series 2024, 6.00%, 05/01/2054 | 750,000 | 758,135 | ||||||
| Chapel Creek Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,016,161 | ||||||
| Charlotte County Industrial Development Authority, | ||||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2051 (d) | 7,735,000 | 6,475,263 | ||||||
| City of Pompano Beach, | ||||||||
| John Knox Village of Florida, Inc. Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2056 | 500,000 | 414,942 | ||||||
| Coral Bay Lee County Community Development District, | ||||||||
| Assessment Area 2, Revenue, Series 2024, 5.25%, 05/01/2044 | 1,000,000 | 1,006,850 | ||||||
| Assessment Area 2, Revenue, Series 2024, 5.55%, 05/01/2054 | 1,220,000 | 1,230,130 | ||||||
| Coral Creek Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,700,000 | 1,731,322 | ||||||
| Coral Lakes Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053 | 1,000,000 | 1,027,809 | ||||||
| County of Palm Beach, | ||||||||
| Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.13%, 06/01/2054 | 13,250,000 | 12,969,690 | ||||||
| Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.25%, 06/01/2059 | 10,890,000 | 10,688,750 | ||||||
| Crossings Community Development District, | ||||||||
| Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 (a) | 1,000,000 | 1,001,558 | ||||||
| Area 2, Special Assessment, Series 2024, 5.60%, 05/01/2054 (a) | 1,375,000 | 1,377,116 | ||||||
| Crosswinds East Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,500,000 | 1,525,370 | ||||||
| Dowden West Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.25%, 05/01/2044 | 495,000 | 499,799 | ||||||
| Special Assessment, Series 2024, 5.55%, 05/01/2054 | 855,000 | 863,172 | ||||||
| East Nassau Stewardship District, | ||||||||
| Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,510,000 | 1,266,760 | ||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 1,505,000 | 1,501,060 | ||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 5.50%, 05/01/2055 | 1,605,000 | 1,592,883 | ||||||
| Edgewater East Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,310,000 | 1,107,586 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 9,180,000 | 7,577,584 | ||||||
| Epperson North Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051 | 2,065,000 | 1,723,875 | ||||||
| Everlands Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.55%, 06/15/2054 | 1,000,000 | 1,016,497 | ||||||
| Everlands II Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.20%, 06/15/2044 (a) | 725,000 | 725,481 | ||||||
| Special Assessment, Series 2024, 5.45%, 06/15/2054 (a) | 1,000,000 | 996,761 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Florida Development Finance Corp., | ||||||||
| AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (b)(d)(e) | 111,910,000 | 119,214,634 | ||||||
| Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 6.00%, 08/15/2057 (d) | 5,000,000 | 5,021,840 | ||||||
| Brightline Florida Holdings LLC, Revenue, AMT, Refunding, Series 2023 C, 8.25%, 08/15/2024 (b)(d)(e) | 61,710,000 | 64,429,764 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.25%, 07/01/2047 | 38,335,000 | 39,341,037 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053 | 46,060,000 | 47,834,641 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.00%, 06/01/2034 (d) | 1,190,000 | 1,226,175 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.25%, 06/01/2044 (d) | 1,000,000 | 1,014,001 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2054 (d) | 2,790,000 | 2,835,804 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2059 (d) | 1,500,000 | 1,515,042 | ||||||
| Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 (d) | 2,000,000 | 2,026,393 | ||||||
| IDEA Florida, Inc., Revenue, Series 2022, 5.25%, 06/15/2029 (d) | 2,230,000 | 2,255,329 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2044 (d) | 1,600,000 | 1,632,293 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2054 (d) | 7,200,000 | 7,349,189 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2059 (d) | 6,550,000 | 6,660,238 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2021, 3.00%, 06/01/2032 | 10,035,000 | 8,776,661 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2023, 6.13%, 07/01/2026 (b)(d)(e) | 1,265,000 | 1,298,021 | ||||||
| Gardens at Hammock Beach Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024-1, 5.38%, 05/01/2044 | 305,000 | 305,416 | ||||||
| Assessment Area 1, Special Assessment, Series 2024-1, 5.65%, 05/01/2054 | 535,000 | 535,718 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.00%, 05/01/2031 | 270,000 | 269,623 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.60%, 05/01/2044 | 990,000 | 990,491 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.88%, 05/01/2055 | 1,250,000 | 1,250,142 | ||||||
| Golden Gem Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.15%, 05/01/2031 | 535,000 | 541,233 | ||||||
| Special Assessment, Series 2024, 5.70%, 05/01/2044 | 2,900,000 | 2,941,564 | ||||||
| Special Assessment, Series 2024, 6.00%, 05/01/2055 | 5,000,000 | 5,089,219 | ||||||
| Gracewater Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 2,815,000 | 2,331,545 | ||||||
| Gulfstream Polo Community Development District, | ||||||||
| Phase 2, Special Assessment, Series 2019, 4.38%, 11/01/2049 | 445,000 | 406,402 | ||||||
| Hamilton Bluff Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,360,000 | 1,377,071 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 2,000,000 | 2,021,756 | ||||||
| Hammock Oaks Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.15%, 05/01/2054 | 1,250,000 | 1,276,550 | ||||||
| Hawthorne Mill North Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 1,000,000 | 1,000,102 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 1,400,000 | 1,402,295 | ||||||
| Highland Trails Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.85%, 05/01/2054 | 880,000 | 895,475 | ||||||
| Hillcrest Community Development District, | ||||||||
| Special Assessment, Series 2018, 5.00%, 11/01/2048 | 300,000 | 300,315 | ||||||
| Hills of Minneola Community Development District, | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2044 | 650,000 | 662,689 | ||||||
| North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,000,000 | 1,019,212 | ||||||
| South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2050 (d) | 3,000,000 | 2,557,077 | ||||||
| South Parcel Assessment Area Phase 2, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 1,900,000 | 1,598,334 | ||||||
| Hobe-St. Lucie Conservancy District, | ||||||||
| Unit of Development No. 1A, Special Assessment, Series 2024, 5.60%, 05/01/2044 | 1,900,000 | 1,965,464 | ||||||
| Unit of Development No. 1A, Special Assessment, Series 2024, 5.88%, 05/01/2055 | 2,690,000 | 2,776,350 | ||||||
| Hyde Park Community Development District No. 1, | ||||||||
| Assessments, Special Assessment, Series 2024 A, 4.75%, 05/01/2031 (a) | 295,000 | 294,811 | ||||||
| Assessments, Special Assessment, Series 2024 A, 5.35%, 05/01/2044 (a) | 425,000 | 425,317 | ||||||
| Assessments, Special Assessment, Series 2024 A, 5.63%, 05/01/2055 (a) | 685,000 | 685,505 | ||||||
| Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034 (a) | 1,705,000 | 1,703,573 | ||||||
| Lake Hideaway Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.65%, 05/01/2044 | 2,000,000 | 2,014,530 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 | 2,750,000 | 2,759,410 | ||||||
| Lake Mattie Preserve Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 570,000 | 574,489 | ||||||
| Lakes of Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024 A, 5.30%, 05/01/2044 (a) | 425,000 | 424,964 | ||||||
| Assessments, Special Assessment, Series 2024 A, 5.60%, 05/01/2055 (a) | 685,000 | 685,441 | ||||||
| Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034 (a) | 2,325,000 | 2,328,497 | ||||||
| Lakewood Ranch Stewardship District, | ||||||||
| Special Assessment, Series 2024, 5.30%, 05/01/2044 | 485,000 | 491,565 | ||||||
| Special Assessment, Series 2024, 5.55%, 05/01/2054 | 530,000 | 535,885 | ||||||
| Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 430,000 | 362,587 | ||||||
| Landings Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2031 | 275,000 | 276,150 | ||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,030,000 | 1,036,699 | ||||||
| Special Assessment, Series 2024, 5.80%, 05/01/2055 | 855,000 | 861,822 | ||||||
| Liberty Cove Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 4.80%, 05/01/2031 (a) | 340,000 | 339,975 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044 (a) | 1,085,000 | 1,080,341 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2054 (a) | 2,000,000 | 2,003,060 | ||||||
| Longleaf Community Development District, | ||||||||
| Neighborhood 4 Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 (d) | 1,000,000 | 1,028,306 | ||||||
| Los Cayos Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.55%, 06/15/2054 | 800,000 | 812,042 | ||||||
| LT Ranch Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2019, 4.00%, 05/01/2050 | 1,000,000 | 856,787 | ||||||
| Phase IIB Assessment Area, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 275,000 | 280,989 | ||||||
| Phase IIB Assessment Area, Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,000,000 | 1,021,369 | ||||||
| LTC Ranch West Residential Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024 AA-2, 6.00%, 05/01/2054 | 605,000 | 612,907 | ||||||
| Assessment Area 3, Special Assessment, Series 2024 AA-3, 6.05%, 05/01/2054 | 1,405,000 | 1,429,501 | ||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.38%, 05/01/2044 (a) | 1,000,000 | 1,001,492 | ||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.65%, 05/01/2054 (a) | 1,250,000 | 1,250,648 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Marion Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.70%, 05/01/2044 | 795,000 | 808,851 | ||||||
| Special Assessment, Series 2024, 5.95%, 05/01/2054 | 1,375,000 | 1,398,683 | ||||||
| Miami Health Facilities Authority, | ||||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2026 | 1,260,000 | 1,238,552 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 | 1,000,000 | 978,707 | ||||||
| Mirada Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Refunding, Series 2024, 6.00%, 05/01/2055 | 2,000,000 | 2,029,031 | ||||||
| North AR-1 Pasco Community Development District, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,135,000 | 1,147,644 | ||||||
| Assessment Area 5, Special Assessment, Series 2024 A, 5.75%, 05/01/2044 | 1,500,000 | 1,526,608 | ||||||
| Assessment Area 5, Special Assessment, Series 2024 A, 6.00%, 05/01/2054 | 2,000,000 | 2,039,411 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| Federation CCRC Operations Corp. Obligated Group, Revenue, Series 2020 A, 5.00%, 06/01/2055 | 145,000 | 141,428 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 B, 5.00%, 05/15/2047 | 875,000 | 854,006 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 4.00%, 05/15/2053 | 150,000 | 121,170 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 5.00%, 05/15/2053 | 2,175,000 | 2,075,935 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 C, 7.50%, 05/15/2053 | 965,000 | 1,090,407 | ||||||
| Parker Pointe Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 700,000 | 706,872 | ||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,007,377 | ||||||
| Parker Road Community Development District, | ||||||||
| Assessment Area, Special Assessment, Refunding, Series 2020, 4.10%, 05/01/2050 | 2,000,000 | 1,587,596 | ||||||
| Parrish Lakes Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,555,000 | 1,559,727 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 2,000,000 | 2,005,992 | ||||||
| Parrish Plantation Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2044 | 700,000 | 718,700 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 6.05%, 05/01/2054 | 1,545,000 | 1,589,282 | ||||||
| Peace Creek Village Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 905,000 | 917,582 | ||||||
| Pine Island Community Development District, | ||||||||
| Special Assessment, Series 2004, 5.75%, 05/01/2035 | 2,300,000 | 2,310,590 | ||||||
| Preston Cove Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2022, 4.13%, 05/01/2052 | 1,870,000 | 1,580,669 | ||||||
| Regal Village Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2054 | 725,000 | 732,493 | ||||||
| River Hall Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2020 A, 3.88%, 05/01/2051 | 3,690,000 | 3,028,283 | ||||||
| Rivers Edge II Community Development District, | ||||||||
| Special Assessment, Series 2021, 4.00%, 05/01/2051 | 910,000 | 758,652 | ||||||
| Rivers Edge III Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.65%, 05/01/2044 | 1,665,000 | 1,697,459 | ||||||
| Assessments, Special Assessment, Series 2024, 5.95%, 05/01/2055 | 2,225,000 | 2,267,680 | ||||||
| Saltleaf Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 1,750,000 | 1,767,224 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056 | 3,000,000 | 3,052,602 | ||||||
| Savanna Lakes Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.25%, 06/15/2044 | 625,000 | 625,909 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 06/15/2054 | 750,000 | 751,078 | ||||||
| Sawgrass Village Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.55%, 05/01/2044 (d) | 700,000 | 709,445 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.88%, 05/01/2054 (d) | 1,380,000 | 1,401,135 | ||||||
| Shadowlawn Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,585,000 | 1,598,984 | ||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,500,000 | 1,513,016 | ||||||
| Silver Oaks Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,500,000 | 1,528,779 | ||||||
| Silverlake Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 505,000 | 510,636 | ||||||
| Six Mile Creek Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2052 | 2,255,000 | 1,889,046 | ||||||
| Solaeris Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2031 | 500,000 | 505,238 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2044 | 1,790,000 | 1,847,879 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.25%, 05/01/2055 | 2,750,000 | 2,818,525 | ||||||
| Somerset Bay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044 (d) | 920,000 | 928,854 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 (d) | 1,405,000 | 1,418,322 | ||||||
| Southern Groves Community Development District No. 5, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.45%, 05/01/2044 | 1,350,000 | 1,372,220 | ||||||
| Assessment Area, Special Assessment, Series 2024, 5.70%, 05/01/2050 | 1,035,000 | 1,051,820 | ||||||
| Southshore Bay Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 675,000 | 678,055 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 930,000 | 934,158 | ||||||
| St. Johns County Industrial Development Authority, | ||||||||
| Presbyterian Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 4.00%, 08/01/2055 | 2,325,000 | 2,014,355 | ||||||
| Summit View Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 1,025,000 | 1,035,541 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 1,425,000 | 1,442,566 | ||||||
| Talavera Community Development District, Assessments, | ||||||||
| Special Assessment, Series 2019, 3.50%, 05/01/2025 | 95,000 | 94,502 | ||||||
| Tern Bay Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 06/15/2052 | 9,260,000 | 7,845,702 | ||||||
| Triple Creek Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2019 A, 4.75%, 05/01/2050 | 325,000 | 308,069 | ||||||
| Villages Q & R Assessment Area, Special Assessment, Series 2021, 4.00%, 11/01/2051 (d) | 850,000 | 707,189 | ||||||
| Twisted Oaks Pointe Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 1,065,000 | 1,081,509 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 6.00%, 05/01/2055 | 1,375,000 | 1,399,006 | ||||||
| Two Rivers West Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.63%, 05/01/2044 (d) | 750,000 | 756,610 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 (d) | 1,250,000 | 1,260,846 | ||||||
| Veranda Community Development District II, | ||||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2051 (d) | 185,000 | 154,372 | ||||||
| Assessment Area 5 Phase 2, Special Assessment, Refunding, Series 2024, 5.63%, 05/01/2054 | 1,000,000 | 1,017,394 | ||||||
| Verano No. 2 Community Development District, | ||||||||
| Pod D, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 1,000,000 | 1,015,371 | ||||||
| Village Community Development District No. 13, | ||||||||
| Phase III, Special Assessment, Series 2021, 3.25%, 05/01/2052 | 1,740,000 | 1,343,701 | ||||||
| Villages of Westport Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 | 3,035,000 | 3,048,844 | ||||||
| Villamar Community Development District, Assessment Area 6, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,024,489 | ||||||
| West Villages Improvement District, | ||||||||
| Unit of Development No. 10 Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 1,000,000 | 1,009,965 | ||||||
| Unit of Development No. 10 Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 1,500,000 | 1,509,137 | ||||||
| Unit of Development No. 7, Special Assessment, Series 2019, 5.00%, 05/01/2050 | 2,500,000 | 2,495,494 | ||||||
| Unit of Development No. 8, Special Assessment, Series 2021, 3.50%, 05/01/2041 | 1,500,000 | 1,260,810 | ||||||
| Westside Haines City Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 2,500,000 | 2,551,210 | ||||||
| Willowbrook Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 750,000 | 757,586 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2055 | 1,100,000 | 1,110,567 | ||||||
| Windsor Cay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,015,408 | ||||||
| Wiregrass Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2016, 5.00%, 05/01/2047 | 1,020,000 | 1,020,057 | ||||||
| Yarborough Lane Community Development District, | ||||||||
| Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.35%, 05/01/2044 (a)(d) | 780,000 | 780,000 | ||||||
| Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.60%, 05/01/2055 (a)(d) | 1,620,000 | 1,620,000 | ||||||
| 568,571,810 | ||||||||
| Georgia 2.4% | ||||||||
| Bartow County Development Authority, | ||||||||
| Georgia Power Co., Revenue, First Series, AMT, Series 2022, 4.30%, 08/01/2024 (b)(c) | 10,375,000 | 10,375,000 | ||||||
| DeKalb County Development Authority, | ||||||||
| GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2055 | 500,000 | 501,108 | ||||||
| GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2063 | 1,320,000 | 1,305,114 | ||||||
| Development Authority of Burke County (The), | ||||||||
| Georgia Power Co., Revenue, Third Series, AMT, Series 2012, 4.30%, 08/01/2024 (b)(c) | 9,930,000 | 9,930,000 | ||||||
| Development Authority of Lagrange, | ||||||||
| LaGrange College Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 10/15/2052 | 10,000,000 | 8,720,109 | ||||||
| Fulton County Residential Care Facilities for the Elderly Authority, | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Georgia | ||||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Refunding, Series 2019 A, 5.00%, 04/01/2047 (d) | 2,000,000 | 1,906,026 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Refunding, Series 2019 A, 5.00%, 04/01/2054 (d) | 2,025,000 | 1,874,786 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2041 (d) | 4,000,000 | 3,505,635 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2051 (d) | 6,000,000 | 4,776,711 | ||||||
| All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2056 (d) | 3,615,000 | 2,792,386 | ||||||
| Gainesville & Hall County Hospital Authority, | ||||||||
| Northeast Georgia Health System Obligated Group, Revenue, Series 2021 A, 2.50%, 02/15/2051 | 1,350,000 | 878,370 | ||||||
| George L Smith II Congress Center Authority, | ||||||||
| Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 5.00%, 01/01/2054 (d) | 10,025,000 | 9,400,023 | ||||||
| Oconee County Industrial Development Authority, | ||||||||
| Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.25%, 12/01/2048 | 1,000,000 | 1,006,288 | ||||||
| Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.38%, 12/01/2053 | 3,000,000 | 3,020,492 | ||||||
| 59,992,048 | ||||||||
| Guam 0.1% | ||||||||
| Port Authority of Guam, | ||||||||
| Revenue, Series 2018 A, 5.00%, 07/01/2048 | 1,050,000 | 1,064,775 | ||||||
| Hawaii 0.3% | ||||||||
| State of Hawaii Department of Budget & Finance, | ||||||||
| Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2034 (d) | 3,000,000 | 3,078,874 | ||||||
| Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (d) | 2,780,000 | 2,797,171 | ||||||
| Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.13%, 07/01/2043 (d) | 2,500,000 | 2,469,482 | ||||||
| 8,345,527 | ||||||||
| Idaho 0.8% | ||||||||
| Avimor Community Infrastructure District No. 1, | ||||||||
| Assessment Area 5, Special Assessment, Series 2024, 5.88%, 09/01/2053 (d) | 2,550,000 | 2,654,723 | ||||||
| County of Nez Perce, | ||||||||
| PotlatchDeltic Corp., Revenue, Refunding, Series 2016, 2.75%, 10/01/2024 | 8,400,000 | 8,348,488 | ||||||
| Spring Valley Community Infrastructure District No. 1, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 3.75%, 09/01/2051 (d) | 1,413,000 | 1,317,697 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (d) | 9,000,000 | 9,465,800 | ||||||
| 21,786,708 | ||||||||
| Illinois 3.6% | ||||||||
| Bellwood Municipal Housing Corp., | ||||||||
| Village of Bellwood, Revenue, Series 2024, 6.38%, 12/01/2059 (d) | 8,450,000 | 8,396,179 | ||||||
| Chicago Board of Education, | ||||||||
| GO, Series 2017 H, 5.00%, 12/01/2046 | 6,525,000 | 6,538,575 | ||||||
| GO, Series 2018 D, 5.00%, 12/01/2046 | 11,500,000 | 11,530,157 | ||||||
| GO, Series 2022 A, 5.00%, 12/01/2047 | 1,000,000 | 1,012,112 | ||||||
| Illinois Finance Authority, | ||||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 5,320,000 | 4,819,216 | ||||||
| Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2051 | 4,750,000 | 4,097,239 | ||||||
| Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2029 | 2,055,000 | 2,056,042 | ||||||
| Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2044 | 2,175,000 | 2,066,556 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037 | 350,000 | 302,639 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Illinois | ||||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2040 | 250,000 | 235,307 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2036 | 325,000 | 321,555 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2051 | 410,000 | 365,638 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2056 | 440,000 | 383,979 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052 | 1,000,000 | 1,067,805 | ||||||
| Roosevelt University, Revenue, Refunding, Series 2018 B, 6.00%, 04/01/2038 (d) | 1,290,000 | 1,305,531 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2027 | 485,000 | 471,188 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2028 | 670,000 | 644,583 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2029 | 1,050,000 | 999,556 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2030 | 725,000 | 682,618 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2037 | 6,000,000 | 5,339,098 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038 | 2,165,000 | 2,165,545 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 05/01/2048 | 4,030,000 | 3,607,203 | ||||||
| Southwestern Illinois Development Authority, | ||||||||
| United States Steel Corp., Revenue, AMT, Series 2012, 5.75%, 08/01/2042 | 2,000,000 | 2,000,944 | ||||||
| Village of Bellwood, | ||||||||
| Tax Allocation, Series 2024, 5.00%, 12/01/2050 | 6,750,000 | 6,889,356 | ||||||
| Village of Lincolnwood, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2021 A, 4.82%, 01/01/2041 (d) | 5,040,000 | 4,850,514 | ||||||
| Village of Rantoul, | ||||||||
| Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (d) | 6,795,000 | 6,835,029 | ||||||
| Village of Romeoville, | ||||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2041 | 4,940,000 | 4,423,173 | ||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2046 | 2,525,000 | 2,172,712 | ||||||
| Western Illinois Economic Development Authority, | ||||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2036 | 1,500,000 | 1,317,832 | ||||||
| 86,897,881 | ||||||||
| Indiana 1.0% | ||||||||
| Indiana Finance Authority, | ||||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039 | 750,000 | 750,213 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (d) | 1,800,000 | 1,830,162 | ||||||
| Indiana Housing & Community Development Authority, | ||||||||
| Revenue, GNMA Insured, Series 2024 C-1, 4.70%, 07/01/2049 (a) | 16,030,000 | 16,072,909 | ||||||
| Revenue, GNMA Insured, Series 2024 C-1, 4.80%, 07/01/2054 (a) | 3,890,000 | 3,912,080 | ||||||
| Town of Whiteland, | ||||||||
| Patch Economic Development Area, Tax Allocation, Series 2022 A, 5.75%, 09/01/2047 (d) | 805,000 | 802,955 | ||||||
| Patch Economic Development Area, Tax Allocation, Series 2024 A, 6.13%, 03/01/2049 (d) | 2,725,000 | 2,769,464 | ||||||
| 26,137,783 | ||||||||
| Iowa 1.4% | ||||||||
| Crawford County Memorial Hospital, Inc., | ||||||||
| Revenue, Series 2024, 5.00%, 06/15/2027 (a) | 1,515,000 | 1,523,350 | ||||||
| Iowa Finance Authority, | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2047 | 4,800,000 | 4,684,835 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Iowa | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2043 | 3,920,000 | 3,886,705 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2048 | 17,790,000 | 17,282,494 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 5.00%, 05/15/2055 | 7,065,000 | 6,713,617 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 05/15/2029 | 1,000,000 | 973,998 | ||||||
| 35,064,999 | ||||||||
| Kansas 0.4% | ||||||||
| City of Colby, | ||||||||
| Citizens Medical Center, Inc., Revenue, Series 2024, 5.50%, 07/01/2026 | 7,000,000 | 7,021,402 | ||||||
| Wyandotte County-Kansas City Unified Government, | ||||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (d) | 2,500,000 | 2,572,944 | ||||||
| 9,594,346 | ||||||||
| Kentucky 0.0% (h) | ||||||||
| City of Campbellsville, | ||||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2017, 4.50%, 03/01/2047 | 840,000 | 718,354 | ||||||
| Louisville/Jefferson County Metropolitan Government, | ||||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2027 | 500,000 | 494,494 | ||||||
| 1,212,848 | ||||||||
| Louisiana 1.3% | ||||||||
| Calcasieu Parish Memorial Hospital Service District, | ||||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034 | 250,000 | 248,741 | ||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2039 | 8,305,000 | 8,123,683 | ||||||
| Greater Ouachita Water Co., | ||||||||
| Revenue, BAM Insured, Series 2024, 4.50%, 09/01/2053 | 1,500,000 | 1,506,459 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (d) | 975,000 | 971,183 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (d) | 2,900,000 | 2,745,112 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2054 (d) | 8,265,000 | 7,183,670 | ||||||
| Louisiana Public Facilities Authority, | ||||||||
| Athlos Academy of Jefferson, Revenue, Series 2024 A, 7.38%, 06/01/2054 (d) | 6,000,000 | 6,261,722 | ||||||
| Parish of St. James, | ||||||||
| NuStar Logistics LP, Revenue, Series 2010, 6.35%, 07/01/2040 (d) | 1,000,000 | 1,103,873 | ||||||
| Plaquemines Port Harbor & Terminal District, | ||||||||
| Nola Terminal LLC, Revenue, AMT, Series 2024 A, 9.00%, 12/01/2044 (d) | 5,000,000 | 4,981,912 | ||||||
| 33,126,355 | ||||||||
| Maine 0.4% | ||||||||
| Maine Health & Higher Educational Facilities Authority, | ||||||||
| Northern Light Health Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2041 | 3,500,000 | 3,441,558 | ||||||
| Northern Light Health Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2046 | 8,000,000 | 7,535,934 | ||||||
| 10,977,492 | ||||||||
| Maryland 0.3% | ||||||||
| County of Prince George's, | ||||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (d) | 3,000,000 | 3,031,610 | ||||||
| Maryland Economic Development Corp., | ||||||||
| PRG-Towson Place Properties LLC, Revenue, Senior Lien, Refunding, Series 2024 A-1, 5.00%, 06/01/2038 | 1,000,000 | 1,043,784 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Maryland | ||||||||
| Maryland Health & Higher Educational Facilities Authority, | ||||||||
| Maryland Institute College of Art, Revenue, Refunding, Series 2024, 5.50%, 06/01/2047 | 1,830,000 | 1,949,105 | ||||||
| 6,024,499 | ||||||||
| Massachusetts 0.7% | ||||||||
| Massachusetts Development Finance Agency, | ||||||||
| Suffolk University, Revenue, Series 2021, 4.00%, 07/01/2051 | 2,675,000 | 2,315,020 | ||||||
| Massachusetts Educational Financing Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2024 D, 5.00%, 07/01/2054 | 14,855,000 | 15,001,932 | ||||||
| 17,316,952 | ||||||||
| Michigan 0.7% | ||||||||
| Detroit Downtown Development Authority, | ||||||||
| Catalyst Development Area, Tax Allocation, Refunding, Series 2024, 5.00%, 07/01/2048 | 8,000,000 | 8,410,638 | ||||||
| Flint Hospital Building Authority, | ||||||||
| Hurley Medical Center, Revenue, Series 2013 A, 5.25%, 07/01/2039 | 2,000,000 | 1,959,859 | ||||||
| Hurley Medical Center, Revenue, Refunding, Series 2020, 4.00%, 07/01/2041 | 145,000 | 131,996 | ||||||
| Michigan Finance Authority, | ||||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2030 | 1,055,000 | 760,661 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2031 | 765,000 | 543,668 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2032 | 810,000 | 567,335 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2034 | 725,000 | 493,028 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2051 | 1,100,000 | 663,128 | ||||||
| Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 1,080,000 | 960,272 | ||||||
| Hanley International Academy, Inc., Revenue, Refunding, Series 2021, 5.00%, 09/01/2040 | 2,000,000 | 1,988,761 | ||||||
| Provident Group - HFH Energy LLC, Revenue, Series 2024, 5.50%, 02/28/2057 | 2,750,000 | 3,032,462 | ||||||
| Michigan Strategic Fund, | ||||||||
| United Methodist Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 05/15/2044 | 1,000,000 | 921,949 | ||||||
| 20,433,757 | ||||||||
| Minnesota 0.3% | ||||||||
| City of Bethel Housing and Health Care Facilities, | ||||||||
| Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2044 | 1,250,000 | 1,278,550 | ||||||
| Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2049 | 1,400,000 | 1,406,453 | ||||||
| City of Cologne, | ||||||||
| Cologne Academy, Revenue, Series 2014 A, 5.00%, 07/01/2045 | 3,565,000 | 3,528,182 | ||||||
| City of Marshall, | ||||||||
| Southwest & West Central Service Cooperatives, Revenue, Series 2024 A, 5.13%, 02/01/2041 | 675,000 | 689,199 | ||||||
| Southwest & West Central Service Cooperatives, Revenue, Series 2024 A, 5.38%, 02/01/2045 | 725,000 | 740,479 | ||||||
| 7,642,863 | ||||||||
| Mississippi 0.2% | ||||||||
| Mississippi Business Finance Corp., | ||||||||
| Mississippi Power Co., Revenue, First Series, AMT, Series 2022, 4.45%, 08/01/2024 (b)(c) | 4,700,000 | 4,700,000 | ||||||
| Missouri 1.0% | ||||||||
| Citizens Memorial Hospital District, | ||||||||
| Revenue, Series 2024 D, 6.75%, 02/01/2053 | 475,000 | 463,281 | ||||||
| Grindstone Plaza Transportation Development District, | ||||||||
| Revenue, Series 2006 A, 5.40%, 10/01/2026 | 365,000 | 364,647 | ||||||
| Revenue, Series 2006 A, 5.50%, 10/01/2031 | 2,280,000 | 2,268,509 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Missouri | ||||||||
| Revenue, Series 2006 A, 5.55%, 10/01/2036 | 1,840,000 | 1,804,356 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Lutheran Senior Services Obligated Group, Revenue, Refunding, Series 2019 C, 4.00%, 02/01/2048 | 1,000,000 | 890,593 | ||||||
| Industrial Development Authority of the City of St. Louis Missouri (The), | ||||||||
| Revenue, Refunding, Series 2024 A, 4.88%, 06/15/2034 | 560,000 | 572,799 | ||||||
| Revenue, Refunding, Series 2024 A, 5.75%, 06/15/2054 | 7,200,000 | 7,352,888 | ||||||
| Kansas City Industrial Development Authority, | ||||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (d) | 1,000,000 | 971,072 | ||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2046 (d) | 1,100,000 | 1,003,694 | ||||||
| Lees Summit Industrial Development Authority, | ||||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 08/15/2044 | 540,000 | 558,297 | ||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 08/15/2054 | 1,940,000 | 2,009,944 | ||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.75%, 08/15/2059 | 1,835,000 | 1,898,599 | ||||||
| Rolla Industrial Development Authority, | ||||||||
| Westside Marketplace Redevelopment Project - RPA 1, Tax Allocation, Series 2017 A, 5.38%, 05/01/2044 | 860,000 | 860,108 | ||||||
| St. Charles County Industrial Development Authority, | ||||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 4.00%, 10/01/2028 (d) | 45,000 | 42,702 | ||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 4.25%, 10/01/2034 (d) | 1,325,000 | 1,180,444 | ||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 5.00%, 10/01/2046 (d) | 3,775,000 | 3,229,037 | ||||||
| 25,470,970 | ||||||||
| Montana 0.0% (h) | ||||||||
| Montana Facility Finance Authority, | ||||||||
| Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044 | 530,000 | 394,606 | ||||||
| Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 470,000 | 316,124 | ||||||
| 710,730 | ||||||||
| Nebraska 0.1% | ||||||||
| Lincoln Airport Authority, | ||||||||
| Revenue, AMT, Series 2021, 4.00%, 07/01/2035 | 3,045,000 | 3,033,623 | ||||||
| Nevada 0.9% | ||||||||
| City of Las Vegas, | ||||||||
| Special Improvement District No. 613, Special Assessment, Series 2024, 5.25%, 12/01/2047 | 550,000 | 555,705 | ||||||
| Special Improvement District No. 613, Special Assessment, Series 2024, 5.50%, 12/01/2053 | 600,000 | 605,457 | ||||||
| State of Nevada Department of Business & Industry, | ||||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2020 A-3, 8.13%, 08/15/2024 (b)(d)(e) | 560,000 | 587,295 | ||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2020 A-4, 8.13%, 08/15/2025 (a)(b)(e) | 22,000,000 | 22,302,608 | ||||||
| 24,051,065 | ||||||||
| New Hampshire 1.0% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Brazoria-Fort Bend County Municipal Utility District No. 3, Revenue, Series 2024, 4.88%, 12/01/2033 (d) | 8,000,000 | 8,001,768 | ||||||
| Novant Health Obligated Group, Revenue, Series 2024 B, 4.10%, 08/09/2024 (b)(c) | 5,500,000 | 5,500,000 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2043 | 200,000 | 208,601 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.38%, 04/01/2049 | 295,000 | 297,800 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2054 | 275,000 | 277,650 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New Hampshire | ||||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.63%, 04/01/2059 | 350,000 | 353,827 | ||||||
| Reworld Holding Corp., Revenue, Refunding, Series 2018 B, 4.63%, 11/01/2042 (d) | 7,995,000 | 7,551,076 | ||||||
| Reworld Holding Corp., Revenue, Refunding, Series 2020 A, 3.63%, 07/02/2040 (b)(d)(e) | 250,000 | 209,026 | ||||||
| Reworld Holding Corp., Revenue, AMT, Refunding, Series 2020 B, 3.75%, 07/02/2040 (b)(d)(e) | 5,000,000 | 4,224,077 | ||||||
| New Hampshire Health and Education Facilities Authority Act, | ||||||||
| Catholic Medical Center Obligated Group, Revenue, Series 2017, 3.75%, 07/01/2040 | 1,265,000 | 1,096,828 | ||||||
| 27,720,653 | ||||||||
| New Jersey 0.3% | ||||||||
| Hillsborough Township School District, | ||||||||
| GO, Series 2020, 2.00%, 07/15/2036 | 285,000 | 217,221 | ||||||
| New Jersey Economic Development Authority, | ||||||||
| LEAP Academy University Charter School, Inc., Revenue, Series 2014 A, 6.20%, 10/01/2044 (d) | 100,000 | 100,144 | ||||||
| Teaneck Community Charter School A New Jersey Nonprofit Corp., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2037 (d) | 1,120,000 | 1,138,328 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027 | 500,000 | 500,415 | ||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2047‡ (i) | 3,250,000 | 2,528,473 | ||||||
| New Jersey Higher Education Student Assistance Authority, | ||||||||
| Revenue, AMT, Series 2024 C, 5.25%, 12/01/2054 | 4,050,000 | 4,126,596 | ||||||
| New Jersey Housing & Mortgage Finance Agency, | ||||||||
| Forest Hill House Preservation Urban Renewal LLC, Revenue, GNMA Insured, Series 2024 A-1, 5.00%, 01/20/2066 | 500,000 | 508,927 | ||||||
| 9,120,104 | ||||||||
| New Mexico 0.2% | ||||||||
| Aspire Public Improvement District, | ||||||||
| Special Tax, Series 2024, 5.05%, 10/01/2044 | 500,000 | 502,276 | ||||||
| Special Tax, Series 2024, 5.30%, 10/01/2053 | 810,000 | 813,082 | ||||||
| New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2039 | 2,000,000 | 1,862,399 | ||||||
| 3,177,757 | ||||||||
| New York 8.3% | ||||||||
| Build NYC Resource Corp., | ||||||||
| Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (d) | 1,000,000 | 1,003,218 | ||||||
| Shefa School, Revenue, Series 2021 A, 5.00%, 06/15/2051 (d) | 5,750,000 | 5,669,354 | ||||||
| Hempstead Town Local Development Corp., | ||||||||
| Evergreen Charter School, Inc., Revenue, Series 2022 A, 5.25%, 06/15/2052 | 7,000,000 | 7,148,666 | ||||||
| Monroe County Industrial Development Corp., | ||||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030 | 800,000 | 758,051 | ||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040 | 14,850,000 | 13,864,559 | ||||||
| St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2050 | 750,000 | 636,396 | ||||||
| Nassau County Tobacco Settlement Corp., | ||||||||
| Revenue, Series 2006 A-3, 5.13%, 06/01/2046 | 2,210,000 | 2,036,701 | ||||||
| New York City Industrial Development Agency, | ||||||||
| 123 Washington LLC, Revenue, Series 2007, 4.25%, 08/01/2024 (b)(c) | 3,585,000 | 3,585,000 | ||||||
| Yankee Stadium LLC, Revenue, Refunding, Series 2020 A, 3.00%, 03/01/2049 | 4,000,000 | 2,986,763 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New York | ||||||||
| New York Convention Center Development Corp., | ||||||||
| New York City Hotel Unit Fee, Revenue, Senior Lien, BAM Insured, Series A, 0.00%, 11/15/2055 (f) | 4,785,000 | 1,147,425 | ||||||
| New York Liberty Development Corp., | ||||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (d) | 2,000,000 | 2,008,449 | ||||||
| New York State Dormitory Authority, | ||||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2031 (d) | 1,000,000 | 990,773 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2032 (d) | 1,100,000 | 1,088,628 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2037 (d) | 2,000,000 | 1,944,736 | ||||||
| Montefiore Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 08/01/2024 | 5,000 | 5,000 | ||||||
| St. Joseph's College, Revenue, Series 2021, 5.00%, 07/01/2051 | 1,750,000 | 1,608,060 | ||||||
| New York Transportation Development Corp., | ||||||||
| JFK NTO LLC, Revenue, AMT, AGMC Insured, Series 2024, 5.00%, 06/30/2054 | 2,310,000 | 2,398,032 | ||||||
| JFK NTO LLC, Revenue, AMT, Series 2024, 5.00%, 06/30/2060 | 2,500,000 | 2,547,386 | ||||||
| JFK NTO LLC, Revenue, AMT, AGMC Insured, Series 2024, 5.25%, 06/30/2060 | 34,510,000 | 36,427,548 | ||||||
| JFK NTO LLC, Revenue, AMT, Series 2024, 5.50%, 06/30/2060 | 39,730,000 | 42,270,304 | ||||||
| Niagara Area Development Corp., | ||||||||
| Reworld Holding Corp., Revenue, AMT, Refunding, Series 2018 A, 4.75%, 11/01/2042 (d) | 1,500,000 | 1,421,739 | ||||||
| Oneida Indian Nation of New York, | ||||||||
| Revenue, Series 2024 B, 6.00%, 09/01/2043 (d) | 5,500,000 | 6,033,432 | ||||||
| Onondaga Civic Development Corp., | ||||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2032 | 425,000 | 442,325 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2033 | 385,000 | 401,471 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2034 | 350,000 | 365,607 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044 | 1,250,000 | 1,268,417 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.38%, 08/01/2054 | 12,230,000 | 12,533,072 | ||||||
| Suffolk Regional Off-Track Betting Co., | ||||||||
| Revenue, Series 2024, 5.75%, 12/01/2044 | 18,000,000 | 18,810,101 | ||||||
| Revenue, Series 2024, 6.00%, 12/01/2053 | 21,200,000 | 22,241,221 | ||||||
| Westchester County Industrial Development Agency, | ||||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (d) | 3,000,000 | 2,979,247 | ||||||
| Westchester County Local Development Corp., | ||||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2046 (d) | 3,135,000 | 3,142,134 | ||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2056 (d) | 6,410,000 | 6,279,535 | ||||||
| 206,043,350 | ||||||||
| North Carolina 0.3% | ||||||||
| North Carolina Capital Facilities Finance Agency, | ||||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2038 | 2,000,000 | 1,995,789 | ||||||
| North Carolina Medical Care Commission, | ||||||||
| Carolina Meadows, Inc. Obligated Group, Revenue, Series 2024, 5.25%, 12/01/2054 | 4,000,000 | 4,242,091 | ||||||
| Presbyterian Home at Charlotte, Inc. (The), Revenue, Refunding, Series 2019 A, 5.00%, 07/01/2049 | 600,000 | 570,461 | ||||||
| 6,808,341 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| North Dakota 0.4% | ||||||||
| City of Horace, | ||||||||
| GO, Refunding, Series 2024 A, 5.38%, 05/01/2050 | 800,000 | 806,518 | ||||||
| County of Ward, | ||||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2029 | 1,300,000 | 1,308,747 | ||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2031 | 1,665,000 | 1,675,444 | ||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2038 | 2,000,000 | 1,997,437 | ||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2043 | 2,800,000 | 2,734,353 | ||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2048 | 3,500,000 | 3,256,861 | ||||||
| 11,779,360 | ||||||||
| Ohio 3.9% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (f) | 53,200,000 | 4,989,128 | ||||||
| City of Brecksville, | ||||||||
| Valor Acres TIF Area, Tax Allocation, Series 2022, 5.63%, 12/01/2053 (d) | 3,880,000 | 3,847,683 | ||||||
| Cleveland-Cuyahoga County Port Authority, | ||||||||
| Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.50%, 12/01/2043 | 1,290,000 | 1,324,859 | ||||||
| Columbus-Franklin County Finance Authority, | ||||||||
| Revenue, Series 2019 A-1, 5.00%, 12/01/2051 | 5,000,000 | 5,018,239 | ||||||
| County of Butler, | ||||||||
| UC Health Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/15/2045 | 1,000,000 | 1,000,473 | ||||||
| County of Cuyahoga, | ||||||||
| Eliza Jennings Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 05/15/2032 | 2,295,000 | 2,297,713 | ||||||
| County of Fairfield, | ||||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.00%, 06/15/2043 | 4,295,000 | 3,882,634 | ||||||
| County of Hamilton, | ||||||||
| UC Health Obligated Group, Revenue, Series 2020, 4.00%, 09/15/2050 | 3,175,000 | 2,793,990 | ||||||
| UC Health Obligated Group, Revenue, Series 2020, 5.00%, 09/15/2050 | 7,000,000 | 7,000,589 | ||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026 | 195,000 | 190,982 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030 | 1,000,000 | 995,395 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.25%, 05/01/2040 | 1,425,000 | 1,373,559 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050 | 3,000,000 | 2,843,350 | ||||||
| County of Lucas, | ||||||||
| Promedica Healthcare Obligated Group, Revenue, Series 2015 B, 4.00%, 11/15/2045 | 885,000 | 704,752 | ||||||
| Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048 | 16,595,000 | 16,961,514 | ||||||
| County of Muskingum, | ||||||||
| Genesis Healthcare System Obligated Group, Revenue, Series 2013, 5.00%, 02/15/2044 | 2,115,000 | 2,075,701 | ||||||
| Genesis Healthcare System Obligated Group, Revenue, Series 2013, 5.00%, 02/15/2048 | 1,000,000 | 961,540 | ||||||
| County of Washington, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042 | 100,000 | 110,039 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 11,700,000 | 12,783,435 | ||||||
| Ohio Air Quality Development Authority, | ||||||||
| American Electric Power Co., Inc., Revenue, AMT, Refunding, Series 2005 B, 2.10%, 10/01/2024 (b)(e) | 1,000,000 | 995,265 | ||||||
| AMG Vanadium LLC, Revenue, AMT, Series 2019, 5.00%, 07/01/2049 (d) | 4,500,000 | 4,237,221 | ||||||
| Ohio Valley Electric Corp., Revenue, Series 2009 C, 1.50%, 11/04/2025 (b)(e) | 1,045,000 | 998,017 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Ohio | ||||||||
| Southeastern Ohio Port Authority, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2035 | 1,750,000 | 1,679,404 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2043 | 6,695,000 | 6,204,325 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043 | 6,375,000 | 6,280,475 | ||||||
| Summit County Development Finance Authority, | ||||||||
| UAkronPark, Inc., Revenue, Series 2023, 5.63%, 12/01/2048 | 800,000 | 866,222 | ||||||
| UAkronPark, Inc., Revenue, Series 2023, 5.75%, 12/01/2053 | 1,400,000 | 1,516,052 | ||||||
| UAkronPark, Inc., Revenue, Series 2023, 6.00%, 12/01/2058 | 3,000,000 | 3,297,131 | ||||||
| Warren County Port Authority, | ||||||||
| Ohio Communities Accelerator Fund, Revenue, Series 2024 A, 6.70%, 12/01/2056 | 605,000 | 663,557 | ||||||
| 97,893,244 | ||||||||
| Oklahoma 1.1% | ||||||||
| Norman Regional Hospital Authority, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2037 | 735,000 | 645,556 | ||||||
| Obligated Group, Revenue, Series 2019, 4.00%, 09/01/2045 | 630,000 | 522,733 | ||||||
| Oklahoma County Finance Authority, | ||||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (d) | 1,800,000 | 1,847,084 | ||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.25%, 06/15/2054 (d) | 3,200,000 | 3,270,866 | ||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.50%, 06/15/2064 (d) | 11,650,000 | 12,025,533 | ||||||
| Oklahoma Development Finance Authority, | ||||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.00%, 08/15/2038 | 1,500,000 | 1,538,638 | ||||||
| Tulsa Airports Improvement Trust, | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2001 B, 5.50%, 12/01/2035 | 2,800,000 | 2,802,597 | ||||||
| Tulsa Authority for Economic Opportunity, | ||||||||
| Increment District No. 8, Tax Allocation, Series 2021, 4.38%, 12/01/2041 (d) | 1,980,000 | 1,826,390 | ||||||
| 24,479,397 | ||||||||
| Oregon 0.3% | ||||||||
| Oregon State Facilities Authority, | ||||||||
| Portland Village School, Revenue, Series 2024 A, 6.75%, 12/15/2054 (d) | 2,000,000 | 2,010,818 | ||||||
| Portland Village School, Revenue, Series 2024 A, 7.00%, 12/15/2060 (d) | 2,000,000 | 2,029,143 | ||||||
| Yamhill County Hospital Authority, | ||||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2046 | 2,300,000 | 1,932,190 | ||||||
| 5,972,151 | ||||||||
| Pennsylvania 3.5% | ||||||||
| Allegheny County Higher Education Building Authority, | ||||||||
| Carnegie Mellon University, Revenue, Refunding, Series 2008 A, 4.10%, 08/01/2024 (b)(c) | 6,700,000 | 6,700,000 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, | ||||||||
| Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2032 (d) | 750,000 | 787,828 | ||||||
| Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2042 (d) | 1,725,000 | 1,767,918 | ||||||
| Total Waterfront, Revenue, Series 2024 B, 6.00%, 05/01/2042 (d) | 12,750,000 | 13,486,640 | ||||||
| Beaver County Industrial Development Authority, | ||||||||
| Energy Harbor Generation LLC, Revenue, Refunding, Series 2008 B, 3.75%, 10/01/2047 | 10,060,000 | 8,685,679 | ||||||
| Bethlehem Redevelopment Authority, | ||||||||
| Moravian University Obligated Group, Revenue, Series 2024, 5.25%, 10/01/2049 | 1,500,000 | 1,564,244 | ||||||
| Bucks County Industrial Development Authority, | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027 | 275,000 | 273,117 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2028 | 525,000 | 520,593 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Pennsylvania | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029 | 550,000 | 544,739 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2032 | 1,000,000 | 983,986 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2033 | 1,150,000 | 1,129,044 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2034 | 1,355,000 | 1,327,734 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2035 | 1,100,000 | 1,073,838 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2036 | 1,250,000 | 1,212,107 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2037 | 2,650,000 | 2,560,990 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2038 | 1,725,000 | 1,656,981 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2039 | 2,930,000 | 2,802,818 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2040 | 3,000,000 | 2,861,071 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2046 | 9,920,000 | 7,901,780 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2051 | 5,480,000 | 4,174,020 | ||||||
| Grand View Hospital/Sellersville PA Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041 | 1,225,000 | 1,162,107 | ||||||
| Chester County Industrial Development Authority, | ||||||||
| Collegium Charter School, Revenue, Series 2017 A, 5.13%, 10/15/2037 | 1,000,000 | 1,006,411 | ||||||
| General Authority of Southcentral Pennsylvania, | ||||||||
| WellSpan Health Obligated Group, Revenue, Refunding, Series 2019 E, 4.10%, 08/01/2024 (b)(c) | 3,600,000 | 3,600,000 | ||||||
| Lehigh County General Purpose Authority, | ||||||||
| Muhlenberg College, Revenue, Refunding, Series 2024, 5.25%, 02/01/2054 | 1,600,000 | 1,688,027 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Reworld Holding Corp., Revenue, AMT, Series 2019 A, 3.25%, 08/01/2039 (d) | 3,000,000 | 2,423,585 | ||||||
| Talen Energy Supply LLC, Revenue, Refunding, Series 2009 B, 5.25%, 06/01/2027 (b)(e) | 4,500,000 | 4,571,506 | ||||||
| Talen Energy Supply LLC, Revenue, Refunding, Series 2009 C, 5.25%, 06/01/2027 (b)(e) | 6,675,000 | 6,781,548 | ||||||
| Pennsylvania Higher Education Assistance Agency, | ||||||||
| Revenue, AMT, Series 2020 B, 3.00%, 06/01/2047 | 835,000 | 623,483 | ||||||
| Pennsylvania Higher Educational Facilities Authority, | ||||||||
| Foundation for Indiana University of Pennsylvania Phase II Student Housing, Revenue, AGMC Insured, Series 2007 A, (3-month SOFR + 0.65%), 4.37%, 07/01/2039 (e) | 500,000 | 464,082 | ||||||
| Widener University, Revenue, Refunding, Series 2014, 5.00%, 07/15/2038 | 1,810,000 | 1,795,552 | ||||||
| Philadelphia Authority for Industrial Development, | ||||||||
| Frankford Valley Foundation for Literacy, Revenue, Refunding, Series 2024, 5.00%, 06/15/2043 (d) | 1,475,000 | 1,494,301 | ||||||
| Philadelphia Performing Arts Charter School, Revenue, Refunding, Series 2020, 5.00%, 06/15/2050 (d) | 1,000,000 | 1,003,417 | ||||||
| St. Mary Hospital Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR + 0.83%), 4.57%, 11/15/2034 (e) | 2,035,000 | 1,985,634 | ||||||
| 90,614,780 | ||||||||
| Puerto Rico 0.5% | ||||||||
| Children's Trust Fund, | ||||||||
| Revenue, Series 2002, 5.63%, 05/15/2043 | 295,000 | 298,795 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, | ||||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-1, 6.75%, 01/01/2045 | 5,000,000 | 5,913,736 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-2, 6.75%, 01/01/2045 | 5,000,000 | 5,913,736 | ||||||
| 12,126,267 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Rhode Island 0.7% | ||||||||
| Rhode Island Housing & Mortgage Finance Corp., | ||||||||
| Revenue, GNMA Insured, Series 83-A, 4.90%, 10/01/2054 | 16,760,000 | 16,940,255 | ||||||
| Tobacco Settlement Financing Corp., | ||||||||
| Revenue, Series 2007 A, 0.00%, 06/01/2052 (f) | 5,500,000 | 1,040,910 | ||||||
| 17,981,165 | ||||||||
| South Carolina 0.1% | ||||||||
| South Carolina Public Service Authority, | ||||||||
| Revenue, Refunding, Series 2014 A, 5.50%, 12/01/2054 | 1,775,000 | 1,784,326 | ||||||
| Tennessee 0.1% | ||||||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board, | ||||||||
| South Nashville Central Business Improvement District, Special Assessment, Series 2021 A, 4.00%, 06/01/2051 (d) | 3,140,000 | 2,673,480 | ||||||
| South Nashville Central Business Improvement District, Special Assessment, Senior Lien, Series 2021 B, 0.00%, 06/01/2043 (d)(f) | 1,800,000 | 717,989 | ||||||
| Shelby County Health Educational & Housing Facilities Board, | ||||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2024 (d) | 1,000,000 | 998,315 | ||||||
| 4,389,784 | ||||||||
| Texas 7.6% | ||||||||
| Abilene Convention Center Hotel Development Corp., | ||||||||
| City of Abilene Abilene Convention Center, Revenue, First Lien, Series 2021 A, 4.00%, 10/01/2050 | 300,000 | 245,252 | ||||||
| Arlington Higher Education Finance Corp., | ||||||||
| BASIS Texas Charter Schools, Inc., Revenue, Series 2024, 4.75%, 06/15/2049 (d) | 1,785,000 | 1,761,713 | ||||||
| BASIS Texas Charter Schools, Inc., Revenue, Series 2024, 4.88%, 06/15/2054 (d) | 1,050,000 | 1,047,416 | ||||||
| BASIS Texas Charter Schools, Inc., Revenue, Series 2024, 4.88%, 06/15/2059 (d) | 1,000,000 | 989,120 | ||||||
| BASIS Texas Charter Schools, Inc., Revenue, Series 2024, 5.00%, 06/15/2064 (d) | 1,200,000 | 1,191,632 | ||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2041 | 3,000,000 | 2,880,523 | ||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2051 | 4,505,000 | 4,148,788 | ||||||
| Cypress Christian School, Inc., Revenue, Series 2024, 5.75%, 06/01/2043 (d) | 1,500,000 | 1,554,056 | ||||||
| City of Anna, | ||||||||
| Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/15/2044 (d) | 850,000 | 852,550 | ||||||
| Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/15/2054 (d) | 1,200,000 | 1,204,043 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.00%, 09/15/2041 (d) | 867,000 | 774,448 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.25%, 09/15/2051 (d) | 1,407,000 | 1,219,545 | ||||||
| City of Celina, | ||||||||
| Special Assessment, Series 2024, 5.50%, 09/01/2044 (d) | 475,000 | 484,571 | ||||||
| Special Assessment, Series 2024, 5.75%, 09/01/2054 (d) | 1,350,000 | 1,379,978 | ||||||
| Celina Hills Public Improvement District, Special Assessment, Series 2022, 4.88%, 09/01/2042 (d) | 1,084,000 | 1,064,964 | ||||||
| Sutton Fields East Public Improvement District Phase No. 1, Special Assessment, Series 2022, 4.00%, 09/01/2043 (d) | 1,050,000 | 908,458 | ||||||
| Sutton Fields II Public Improvement District Neighborhood Improvement Area No. 5, Special Assessment, Series 2022, 4.00%, 09/01/2051 (d) | 1,000,000 | 852,776 | ||||||
| City of Dayton, | ||||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.38%, 09/01/2044 (d) | 610,000 | 604,363 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.75%, 09/01/2054 (d) | 900,000 | 901,556 | ||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Junior Lien, Series 2024 B, 6.25%, 09/01/2054 (d) | 1,250,000 | 1,253,337 | ||||||
| City of Fate, | ||||||||
| Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 08/15/2044 (d) | 900,000 | 900,398 | ||||||
| Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.75%, 08/15/2054 (d) | 1,350,000 | 1,359,535 | ||||||
| City of Justin, | ||||||||
| Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2044 (d) | 580,000 | 592,996 | ||||||
| Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (d) | 1,000,000 | 1,020,029 | ||||||
| City of Kyle, | ||||||||
| 6 Creeks Public Improvement District Improvement Area No. 3, Special Assessment, Series 2021, 3.75%, 09/01/2041 (d) | 2,000,000 | 1,768,198 | ||||||
| Limestone Creek Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2044 (d) | 550,000 | 556,602 | ||||||
| Limestone Creek Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (d) | 1,125,000 | 1,139,380 | ||||||
| City of Lago Vista, | ||||||||
| Tessera on Lake Travis Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 6.00%, 09/01/2054 (d) | 1,000,000 | 1,019,910 | ||||||
| City of Lavon, | ||||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2022, 4.13%, 09/15/2052 (d) | 900,000 | 763,848 | ||||||
| City of Manor, | ||||||||
| Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.38%, 09/15/2044 (d) | 515,000 | 519,425 | ||||||
| Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.63%, 09/15/2054 (d) | 685,000 | 689,322 | ||||||
| City of Plano, | ||||||||
| Collin Creek West Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (d) | 500,000 | 412,728 | ||||||
| City of Port Isabel, | ||||||||
| GO, Series 2024, 5.25%, 02/15/2044 | 3,270,000 | 3,425,604 | ||||||
| GO, Series 2024, 5.50%, 02/15/2054 | 2,020,000 | 2,102,636 | ||||||
| City of Princeton, | ||||||||
| Eastridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2023, 5.25%, 09/01/2043 (d) | 1,000,000 | 1,007,932 | ||||||
| City of Royse City, | ||||||||
| Liberty Crossing Public Improvement District improvement Area No. 2, Special Assessment, Series 2024, 5.63%, 09/15/2054 (a)(d) | 746,000 | 742,577 | ||||||
| City of Seagoville, | ||||||||
| Santorini Public Improvement District Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2054 (d) | 5,000,000 | 4,995,423 | ||||||
| Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (d) | 2,100,000 | 2,121,603 | ||||||
| Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (d) | 2,500,000 | 2,517,207 | ||||||
| City of Venus, | ||||||||
| Patriot Estates Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (d) | 163,000 | 137,049 | ||||||
| County of Medina, | ||||||||
| Woodlands Public Improvement District Neighborhood Improvement Area No. 1, Special Assessment, Series 2021, 4.75%, 09/01/2050 (d) | 1,000,000 | 916,338 | ||||||
| Hidalgo County Regional Mobility Authority, | ||||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2044 (f) | 3,000,000 | 1,116,634 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2045 (f) | 4,000,000 | 1,415,262 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2046 (f) | 6,000,000 | 2,017,578 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2047 (f) | 6,125,000 | 1,934,902 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2048 (f) | 7,130,000 | 2,133,697 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2049 (f) | 7,135,000 | 2,011,927 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2050 (f) | 5,145,000 | 1,373,001 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2052 (f) | 1,675,000 | 399,878 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2054 (f) | 5,000,000 | 1,072,511 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2055 (f) | 6,100,000 | 1,236,140 | ||||||
| Revenue, Senior Lien, Series 2022 A, 0.00%, 12/01/2056 (f) | 1,000,000 | 192,580 | ||||||
| Revenue, Junior Lien, Refunding, Series 2022 B, 0.00%, 12/01/2045 (f) | 5,805,000 | 1,937,664 | ||||||
| Revenue, Junior Lien, Refunding, Series 2022 B, 0.00%, 12/01/2046 (f) | 2,945,000 | 931,707 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2043 (f) | 2,000,000 | 783,123 | ||||||
| Lubbock Educational Facilities Authority, Inc., | ||||||||
| Lubbock Christian University, Revenue, Refunding, Series 2016, 2.75%, 11/01/2031 | 2,585,000 | 2,220,560 | ||||||
| New Hope Cultural Education Facilities Finance Corp., | ||||||||
| Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2041 (d) | 200,000 | 180,846 | ||||||
| NCCD-College Station Properties LLC, Revenue, Series 2015 A, 5.00%, 07/01/2030 | 1,500,000 | 1,458,750 | ||||||
| NCCD-College Station Properties LLC, Revenue, Series 2015 A, 5.00%, 07/01/2035 | 2,000,000 | 1,945,000 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2032 | 6,250,000 | 6,226,778 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.25%, 01/01/2042 | 10,400,000 | 10,099,164 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 | 50,875,000 | 48,368,633 | ||||||
| Westminster Manor, Revenue, Series 2021, 4.00%, 11/01/2049 | 2,000,000 | 1,802,394 | ||||||
| Olney Hamilton Hospital District, | ||||||||
| GO, Series 2024, 6.25%, 09/15/2054 (d) | 24,600,000 | 26,101,427 | ||||||
| Port of Beaumont Navigation District, | ||||||||
| Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group, Revenue, AMT, Refunding, Series 2020 A, 4.00%, 01/01/2050 (d) | 15,000,000 | 12,538,436 | ||||||
| Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group, Revenue, AMT, Series 2024 A, 5.13%, 01/01/2044 (d) | 1,000,000 | 1,005,760 | ||||||
| Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group, Revenue, AMT, Series 2024 A, 5.25%, 01/01/2054 (d) | 1,000,000 | 1,007,579 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., | ||||||||
| Cumberland Rest, Inc. (The), Revenue, Refunding, Series A-1, 5.00%, 10/01/2049 | 2,000,000 | 2,005,859 | ||||||
| Tioga Independent School District, | ||||||||
| GO, Refunding, BAM Insured, Series 2024, 4.50%, 08/15/2048 (a) | 265,000 | 259,202 | ||||||
| Town of Little Elm, | ||||||||
| Spiritas East Public Improvement District, Special Assessment, Series 2022, 4.00%, 09/01/2051 (d) | 1,509,000 | 1,238,390 | ||||||
| Travis County Development Authority, | ||||||||
| Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.38%, 09/01/2044 (d) | 900,000 | 906,650 | ||||||
| Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.63%, 09/01/2051 (d) | 765,000 | 771,746 | ||||||
| Village of Salado, | ||||||||
| Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.25%, 09/01/2044 (d) | 718,000 | 729,713 | ||||||
| Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.50%, 09/01/2054 (d) | 707,000 | 716,521 | ||||||
| 192,167,841 | ||||||||
| Utah 5.3% | ||||||||
| Black Desert Public Infrastructure District, | ||||||||
| GO, Series 2021 A, 4.00%, 03/01/2051 (d) | 8,280,000 | 6,985,552 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (d) | 36,885,000 | 38,088,440 | ||||||
| Chelsey Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024, 7.25%, 03/01/2054 (d) | 1,610,000 | 1,632,337 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 7.00%, 12/01/2042 (d) | 1,350,000 | 1,386,634 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Utah | ||||||||
| Firefly Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024 A-1, 6.63%, 03/01/2054 (d) | 3,645,000 | 3,765,403 | ||||||
| Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (d) | 1,805,000 | 1,867,078 | ||||||
| Military Installation Development Authority, | ||||||||
| Military Recreation Assessment Area, Revenue, Series 2021 A-1, 4.00%, 06/01/2052 | 6,500,000 | 5,440,399 | ||||||
| Military Recreation Assessment Area, Revenue, Series 2021 A-2, 4.00%, 06/01/2041 | 3,215,000 | 2,875,039 | ||||||
| Military Recreation Assessment Area, Revenue, Series 2021 A-2, 4.00%, 06/01/2052 | 12,530,000 | 10,487,414 | ||||||
| Olympia Public Infrastructure District No. 1, | ||||||||
| Revenue, Series 2024 A-2, 5.13%, 12/01/2029 (d) | 4,000,000 | 4,035,462 | ||||||
| Limited Tax Pledged, GO, Series 2024 A-1, 6.38%, 03/01/2055 (d) | 1,985,000 | 2,031,625 | ||||||
| Utah Charter School Finance Authority, | ||||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2052 (d) | 3,000,000 | 2,688,936 | ||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2057 (d) | 8,500,000 | 7,505,553 | ||||||
| Ascent Academies of Utah, Revenue, Series 2024, 6.75%, 06/15/2059 (d) | 17,000,000 | 18,028,767 | ||||||
| Athenian Academy, Inc. (The), Revenue, Series 2024 A, 6.50%, 04/15/2058 (d) | 9,060,000 | 8,758,557 | ||||||
| Freedom Academy Foundation, Revenue, Refunding, Series 2017, 5.38%, 06/15/2048 (d) | 4,820,000 | 4,522,952 | ||||||
| Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2052 (d) | 3,895,000 | 3,389,707 | ||||||
| Wallace Stegner Academy, Revenue, Series 2019 A, 5.00%, 06/15/2049 (d) | 1,590,000 | 1,495,469 | ||||||
| Utah Infrastructure Agency, | ||||||||
| Revenue, Series 2021, 3.00%, 10/15/2045 | 1,000,000 | 744,402 | ||||||
| Wood Ranch Public Infrastructure District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (d) | 4,285,000 | 4,400,016 | ||||||
| 130,129,742 | ||||||||
| Vermont 0.2% | ||||||||
| Vermont Economic Development Authority, | ||||||||
| Wake Robin Corp., Revenue, Refunding, Series 2021 A, 4.00%, 05/01/2045 | 460,000 | 404,784 | ||||||
| Vermont Housing Finance Agency, | ||||||||
| Revenue, GNMA Insured, Series 2024 C, 4.65%, 11/01/2050 | 5,935,000 | 5,936,135 | ||||||
| 6,340,919 | ||||||||
| Virgin Islands 0.1% | ||||||||
| Virgin Islands Public Finance Authority, | ||||||||
| United States Virgin Islands, Revenue, Series 2012 C, 5.00%, 10/01/2042 | 500,000 | 435,593 | ||||||
| United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (d) | 2,500,000 | 2,458,869 | ||||||
| 2,894,462 | ||||||||
| Virginia 0.7% | ||||||||
| Virginia College Building Authority, | ||||||||
| Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (d) | 1,000,000 | 887,549 | ||||||
| Marymount University, Revenue, Series 2015 B, 5.00%, 07/01/2045 (d) | 1,000,000 | 887,550 | ||||||
| Virginia Housing Development Authority, | ||||||||
| Revenue, Series 2024 D, 4.63%, 08/01/2060 | 11,835,000 | 11,729,464 | ||||||
| Virginia Small Business Financing Authority, | ||||||||
| National Senior Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 3.38%, 01/01/2051 | 4,000,000 | 3,210,146 | ||||||
| 16,714,709 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Washington 0.8% | ||||||||
| Grant County Public Hospital District No. 2, | ||||||||
| GO, Series 2024, 5.50%, 12/01/2039 | 500,000 | 548,983 | ||||||
| GO, Series 2024, 5.50%, 12/01/2044 | 1,050,000 | 1,126,016 | ||||||
| King County Public Hospital District No. 4, | ||||||||
| Revenue, Series 2015 A, 6.25%, 12/01/2045 | 1,300,000 | 1,302,741 | ||||||
| Washington State Housing Finance Commission, | ||||||||
| Bayview Manor Homes Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2059 | 1,645,000 | 1,671,905 | ||||||
| Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.00%, 07/01/2054 | 4,305,000 | 4,449,450 | ||||||
| Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.50%, 07/01/2059 | 8,000,000 | 8,583,367 | ||||||
| 17,682,462 | ||||||||
| Wisconsin 7.3% | ||||||||
| Public Finance Authority, | ||||||||
| Revenue, Series 2023-1, Class A, 5.75%, 07/01/2062 | 12,298,000 | 13,332,980 | ||||||
| Ameream LLC, Revenue, Series 2017, 7.00%, 12/01/2050 (d) | 1,250,000 | 1,246,850 | ||||||
| Austin FBO LLC, Revenue, AMT, Series 2018 A, 7.05%, 09/01/2027 (b)(d)(e) | 1,750,000 | 1,765,852 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2040 (d) | 2,020,000 | 1,771,874 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2050 (d) | 2,995,000 | 2,399,645 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2056 (d) | 2,445,000 | 1,893,211 | ||||||
| CHF - Manoa LLC, Revenue, Series 2023 B, 6.75%, 07/01/2063 (d) | 2,500,000 | 2,732,977 | ||||||
| Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2041 | 1,000,000 | 912,075 | ||||||
| Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,000,000 | 832,752 | ||||||
| Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (d) | 27,155,000 | 27,676,485 | ||||||
| Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2056 (d) | 2,440,000 | 1,790,648 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2047 (d) | 2,000,000 | 1,780,901 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2057 (d) | 1,700,000 | 1,448,961 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2040 (d) | 2,815,000 | 2,780,618 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2050 (d) | 4,640,000 | 4,468,857 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2055 (d) | 4,060,000 | 3,839,092 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2017 B, 7.13%, 06/01/2041 (d) | 2,000,000 | 1,963,742 | ||||||
| New Plan Learning, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 3.75%, 07/01/2031 | 3,490,000 | 3,267,740 | ||||||
| North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.00%, 06/15/2044 | 1,000,000 | 1,014,460 | ||||||
| North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.25%, 06/15/2054 | 1,500,000 | 1,527,361 | ||||||
| QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (a)(d) | 25,000,000 | 26,733,372 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2048‡ (d)(i) | 6,920,000 | 5,550,674 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (d) | 1,000,000 | 1,009,818 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 B, 7.00%, 07/15/2029 (d) | 706,646 | 706,602 | ||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 A, 5.00%, 06/01/2041 (d) | 6,000,000 | 6,080,580 | ||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 B, 8.00%, 06/15/2042 (d) | 21,000,000 | 21,065,201 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2041 | 5,145,000 | 4,123,537 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2051 | 2,000,000 | 1,443,106 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Wisconsin | ||||||||
| UNC Health Appalachian Obligated Group, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,675,000 | 1,296,693 | ||||||
| Washoe Barton Medical Clinic, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2041 (d) | 365,000 | 333,351 | ||||||
| Washoe Barton Medical Clinic, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2051 (d) | 510,000 | 423,093 | ||||||
| WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (d) | 9,975,000 | 9,577,392 | ||||||
| WFCS Holdings LLC, Revenue, Series 2020 A-1, 5.00%, 01/01/2055 (d) | 1,750,000 | 1,683,714 | ||||||
| Wittenberg University, Revenue, Series 2016, 5.25%, 12/01/2039 (d) | 1,500,000 | 1,372,640 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 4.75%, 04/01/2057 | 3,020,000 | 2,297,431 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2048 | 1,340,000 | 1,083,817 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2053 | 1,250,000 | 978,618 | ||||||
| Marshfield Clinic Health System Obligated Group, Revenue, Series 2016 A, 3.50%, 02/15/2046 | 515,000 | 393,115 | ||||||
| Marshfield Clinic Health System Obligated Group, Revenue, Refunding, Series 2017 C, 3.25%, 02/15/2033 | 1,060,000 | 932,691 | ||||||
| Marshfield Clinic Health System Obligated Group, Revenue, Refunding, Series 2017 C, 3.50%, 02/15/2036 | 965,000 | 844,334 | ||||||
| Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2047 | 3,100,000 | 2,434,302 | ||||||
| PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2049 | 1,000,000 | 1,022,041 | ||||||
| PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2054 | 2,000,000 | 2,037,902 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.13%, 02/01/2038 | 2,000,000 | 2,000,001 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.25%, 02/01/2043 | 30,000 | 29,860 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2046 | 1,000,000 | 864,926 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2024 A, 5.75%, 08/15/2059 | 3,000,000 | 3,166,131 | ||||||
| 177,932,023 | ||||||||
| TOTAL MUNICIPAL BONDS (Cost $2,585,978,443) | 2,654,191,513 | |||||||
SHORT-TERM INVESTMENTS - 0.0% (h)
| Investments | Shares | Value ($) | ||||||
| INVESTMENT COMPANIES - 0.0% (h) | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (j) (Cost $308,041) | 308,041 | 308,041 | ||||||
| Total Investments - 105.9% (Cost $2,586,286,484) | 2,654,499,554 | |||||||
| Liabilities in excess of other assets - (5.9)% | (147,284,783 | ) | ||||||
| Net Assets - 100.0% | 2,507,214,771 | |||||||
| ‡ | Value determined using significant unobservable inputs. |
| (a) | When-issued security. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2024. |
| (c) | Variable rate demand notes (VRDNs) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (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 July 31, 2024 amounted to $1,184,896,123, which represents approximately 47.26% of net assets of the Fund. |
| (e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2024. |
| (f) | Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity. |
| (g) | Zero coupon bond until next reset date. |
| (h) | Represents less than 0.05% of net assets. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| (i) | Represents a security that is subject to legal or contractual restrictions on resale. Total value of all such securities at July 31, 2024 amounted to $8,079,147, which represents approximately 0.32% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| New Jersey Educational Facilities Authority, Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F | 2/27/2024 | $ | 2,541,040 | $ | 77.8 | |||||
| Public Finance Authority, Rider University A New Jersey Non- Profit Corp., Revenue, Refunding, Series 2021 A | 01/19/24 - 02/07/24 | 5,519,536 | 80.21 | |||||||
| Total | $ | 8,060,576 | ||||||||
| (j) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| AGMC | Insured by Assured Guaranty Municipal Corp. |
| AMT | Alternative Money Tax |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| Economic/Industrial Development | 12.3 | |||
| Public Transportation | 10.8 | |||
| Hospital | 10.1 | |||
| Charter School | 9.6 | |||
| State Multi-Family Housing | 8.2 | |||
| Community Development District | 7.1 | |||
| Continuing Care Retirement Community | 6.5 | |||
| Higher Education | 6.1 | |||
| Special Assessment Financing | 5.3 | |||
| Airport | 3.5 | |||
| Tax Increment Financing | 3.5 | |||
| Student Housing | 2.8 | |||
| Nursing Home | 2.6 | |||
| Public Power System | 2.3 | |||
| State Single-Family Housing | 2.0 | |||
| Indian Tribal Bond | 1.6 | |||
| General Obligation Hospital/Health District | 1.1 | |||
| Miscellaneous Tax | 0.9 | |||
| Mello-Roos | 0.9 | |||
| Student Loan Revenue | 0.8 | |||
| School District | 0.8 | |||
| Private/Religious School | 0.8 | |||
| Toll Highway/Bridge/Tunnel | 0.7 | |||
| Port/Marina | 0.7 | |||
| Tobacco Master Settlement Agreement | 0.6 | |||
| General Obligation District (Other) | 0.6 | |||
| Appropriation | 0.5 | |||
| General Revenue Tax-Guaranteed | 0.4 | |||
| Sales & Excise Tax | 0.4 | |||
| Water & Sewer | 0.4 | |||
| Metro Development District | 0.4 | |||
| Local Multi-Family Housing | 0.3 | |||
| General Obligation | 0.3 | |||
| Parking Facility | 0.2 | |||
| Payments in Lieu of Taxes (PILOT) | 0.2 | |||
| Miscellaneous | 0.2 | |||
| Assisted Living | 0.1 | |||
| Not-For-Profit Cultural Organization | 0.1 | |||
| Not-For-Profit Foundation | 0.1 | |||
| Hotel Occupancy Tax | 0.1 | |||
| Telecom | - | * | ||
| Short-Term Investments | - | * | ||
| Total Investments | 105.9 | |||
* Represents less than 0.05% of net assets.
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield
Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal
Amount ($) | Value ($) | ||||||
| MUNICIPAL BONDS - 103.0% | ||||||||
| Alabama 1.2% | ||||||||
| Industrial Development Board of the City of Mobile Alabama, | ||||||||
| Alabama Power Co., Revenue, AMT, Series 2001 B, 3.70%, 08/01/2024 (a)(b) | 700,000 | 700,000 | ||||||
| Alaska 1.7% | ||||||||
| Alaska Industrial Development & Export Authority, | ||||||||
| Interior Alaska Natural Gas Utility, Revenue, Series 2020 A, 5.00%, 06/01/2028 | 930,000 | 957,766 | ||||||
| Arizona 3.4% | ||||||||
| Arizona Industrial Development Authority, | ||||||||
| Doral Academy of Northern Nevada Obliga ted Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2028 (c) | 200,000 | 199,448 | ||||||
| Industrial Development Authority of the County of Pima (The), | ||||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 5.75%, 11/15/2025 (c) | 665,000 | 670,433 | ||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 6.25%, 11/15/2035 (c) | 1,000,000 | 1,083,895 | ||||||
| 1,953,776 | ||||||||
| Arkansas 3.1% | ||||||||
| Batesville Public Facilities Board, | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2026 | 500,000 | 499,070 | ||||||
| Clarksville Public Educational Facilities Board, | ||||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2029 (d) | 195,000 | 199,170 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2034 (d) | 1,040,000 | 1,063,695 | ||||||
| 1,761,935 | ||||||||
| California 2.5% | ||||||||
| California Community College Financing Authority, | ||||||||
| NCCD-Orange Coast Properties LLC, Revenue, Series 2018, 5.00%, 05/01/2025 | 50,000 | 50,485 | ||||||
| California Statewide Financing Authority, | ||||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 200,000 | 204,596 | ||||||
| Kaweah Delta Health Care District Guild, | ||||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2029 | 300,000 | 274,262 | ||||||
| Palomar Health, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2024 | 355,000 | 355,678 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2036 | 500,000 | 493,435 | ||||||
| 1,378,456 | ||||||||
| Colorado 0.8% | ||||||||
| Colorado Health Facilities Authority, | ||||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 5.00%, 03/15/2025 | 325,000 | 325,159 | ||||||
| Pueblo Urban Renewal Authority, | ||||||||
| City of Pueblo Sales Tax, Revenue, Series 2017, 5.00%, 06/01/2036 | 100,000 | 98,349 | ||||||
| 423,508 | ||||||||
| Connecticut 1.2% | ||||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2027 (c) | 100,000 | 100,387 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2028 (c) | 100,000 | 100,566 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2029 (c) | 100,000 | 100,767 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2030 (c) | 100,000 | 100,734 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2032 (c) | 150,000 | 150,967 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2034 (c) | 125,000 | 125,731 | ||||||
| 679,152 | ||||||||
| Florida 22.2% | ||||||||
| Antillia Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2031 | 250,000 | 252,157 | ||||||
| Capital Trust Agency, Inc., | ||||||||
| Franklin Academy Obligated Group, Revenue, Series 2020, 4.00%, 12/15/2024 (c) | 385,000 | 383,298 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Florida | ||||||||
| Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2031 (c) | 500,000 | 467,801 | ||||||
| Sarasota-Manatee Jewish Housing Council Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 (c) | 625,000 | 604,588 | ||||||
| Century Park South Community Development District, | ||||||||
| Special Assessment, Series 2020, 3.00%, 05/01/2025 | 50,000 | 49,328 | ||||||
| County of Palm Beach, | ||||||||
| Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2029 (c) | 810,000 | 815,638 | ||||||
| Crossings Community Development District, | ||||||||
| Area 2, Special Assessment, Series 2024, 4.75%, 05/01/2031 (d) | 300,000 | 300,213 | ||||||
| East Nassau Stewardship District, | ||||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 4.70%, 05/01/2031 | 840,000 | 840,293 | ||||||
| Epperson North Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2018 A-1, 5.75%, 11/01/2049 (c) | 995,000 | 1,026,423 | ||||||
| Florida Development Finance Corp., | ||||||||
| AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (a)(c)(e) | 2,000,000 | 2,130,545 | ||||||
| Brightline Florida Holdings LLC, Revenue, AMT, Refunding, Series 2023 C, 8.25%, 08/15/2024 (a)(c)(e) | 1,500,000 | 1,566,110 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2019, 5.00%, 05/01/2029 (c) | 140,000 | 142,180 | ||||||
| LTC Ranch West Residential Community Development District, | ||||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 4.75%, 05/01/2031 (d) | 345,000 | 345,230 | ||||||
| Majorca Isles Community Development District, | ||||||||
| Special Assessment, Series 2015, 5.00%, 05/01/2025 | 135,000 | 135,421 | ||||||
| Marion Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.10%, 05/01/2031 | 250,000 | 252,089 | ||||||
| Miami-Dade County Industrial Development Authority, | ||||||||
| Miami Community Charter School, Revenue, Refunding, Series 2020 A, 4.25%, 06/01/2030 (c) | 570,000 | 548,450 | ||||||
| Osceola Chain Lakes Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2020, 3.50%, 05/01/2030 | 350,000 | 329,770 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 05/15/2028 | 20,000 | 20,051 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2004 B, 4.00%, 11/15/2034 | 1,200,000 | 1,142,388 | ||||||
| Pine Island Community Development District, | ||||||||
| Special Assessment, Series 2004, 5.75%, 05/01/2035 | 670,000 | 673,085 | ||||||
| Sawgrass Village Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 4.70%, 05/01/2031 (c) | 100,000 | 100,610 | ||||||
| Southern Groves Community Development District No. 5, | ||||||||
| Assessment Area, Special Assessment, Refunding, Series 2019, 3.25%, 05/01/2029 | 290,000 | 276,468 | ||||||
| Villages of Westport Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 | 40,000 | 40,182 | ||||||
| Yarborough Lane Community Development District, | ||||||||
| Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 4.75%, 05/01/2031 (c)(d) | 250,000 | 250,000 | ||||||
| 12,692,318 | ||||||||
| Georgia 1.8% | ||||||||
| Development Authority of The City of Marietta, | ||||||||
| Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2027 (c) | 500,000 | 504,790 | ||||||
| Main Street Natural Gas, Inc., | ||||||||
| Revenue, Series 2022 C, 4.00%, 11/01/2027 (a)(c)(e) | 500,000 | 492,254 | ||||||
| 997,044 | ||||||||
| Idaho 1.7% | ||||||||
| County of Nez Perce, | ||||||||
| PotlatchDeltic Corp., Revenue, Refunding, Series 2016, 2.75%, 10/01/2024 | 1,000,000 | 993,868 | ||||||
| Illinois 6.2% | ||||||||
| City of Calumet City, | ||||||||
| GO, Series 2023 B, 4.50%, 03/01/2037 | 600,000 | 567,403 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Illinois | ||||||||
| Illinois Finance Authority, | ||||||||
| Acero Charter Schools, Inc. Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 10/01/2028 (c) | 580,000 | 574,602 | ||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2030 | 1,000,000 | 956,428 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2026 | 465,000 | 456,324 | ||||||
| Village of Rantoul, | ||||||||
| Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (c) | 400,000 | 402,356 | ||||||
| Western Illinois Economic Development Authority, | ||||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2033 | 620,000 | 563,396 | ||||||
| 3,520,509 | ||||||||
| Indiana 2.2% | ||||||||
| Indiana Finance Authority, | ||||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.25%, 07/01/2028 (c) | 700,000 | 704,722 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (c) | 540,000 | 549,048 | ||||||
| 1,253,770 | ||||||||
| Iowa 1.7% | ||||||||
| Crawford County Memorial Hospital, Inc., | ||||||||
| Revenue, Series 2024, 5.00%, 06/15/2027 (d) | 1,000,000 | 1,005,511 | ||||||
| Louisiana 0.2% | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (c) | 100,000 | 94,659 | ||||||
| Maryland 5.4% | ||||||||
| City of Baltimore, | ||||||||
| Baltimore Hotel Corp., Revenue, Refunding, Series 2017, 5.00%, 09/01/2033 | 1,105,000 | 1,093,921 | ||||||
| County of Frederick, | ||||||||
| Mount St Mary's University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2032 (c) | 740,000 | 746,667 | ||||||
| County of Prince George's, | ||||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, 07/01/2030 (c) | 1,200,000 | 1,221,409 | ||||||
| 3,061,997 | ||||||||
| Massachusetts 1.7% | ||||||||
| Massachusetts Development Finance Agency, | ||||||||
| Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2030 | 465,000 | 464,980 | ||||||
| Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2031 | 485,000 | 484,979 | ||||||
| 949,959 | ||||||||
| Michigan 1.7% | ||||||||
| Flint Hospital Building Authority, | ||||||||
| Hurley Medical Center, Revenue, Refunding, Series 2020, 5.00%, 07/01/2026 | 500,000 | 501,340 | ||||||
| Michigan Finance Authority, | ||||||||
| Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 500,000 | 444,570 | ||||||
| 945,910 | ||||||||
| Minnesota 2.0% | ||||||||
| City of Landfall Village, | ||||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.75%, 08/01/2029 | 205,000 | 205,159 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.80%, 08/01/2030 | 215,000 | 215,199 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.85%, 08/01/2031 | 225,000 | 225,232 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.90%, 08/01/2032 | 235,000 | 235,242 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 5.00%, 08/01/2033 | 250,000 | 250,256 | ||||||
| 1,131,088 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Mississippi 0.3% | ||||||||
| Mississippi Business Finance Corp., | ||||||||
| Mississippi Power Co., Revenue, First Series, AMT, Series 2022, 4.45%, 08/01/2024 (a)(b) | 180,000 | 180,000 | ||||||
| Missouri 0.5% | ||||||||
| Grindstone Plaza Transportation Development District, | ||||||||
| Revenue, Series 2006 A, 5.40%, 10/01/2026 | 305,000 | 304,705 | ||||||
| Nevada 4.5% | ||||||||
| City of Las Vegas, | ||||||||
| Special Improvement District No. 812, Special Assessment, Series 2015, 5.00%, 12/01/2031 | 550,000 | 552,350 | ||||||
| State of Nevada Department of Business & Industry, | ||||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2020 A-4, 8.13%, 08/15/2025 (a)(d)(e) | 2,000,000 | 2,027,510 | ||||||
| 2,579,860 | ||||||||
| New Jersey 1.1% | ||||||||
| City of Atlantic City, | ||||||||
| GO, Refunding, Series 2013, 5.00%, 12/01/2024 | 530,000 | 529,461 | ||||||
| New Jersey Economic Development Authority, | ||||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027 | 100,000 | 100,083 | ||||||
| 629,544 | ||||||||
| New York 9.1% | ||||||||
| City of Glens Falls, | ||||||||
| Revenue, Series 2011, 5.00%, 06/15/2026 | 1,685,000 | 1,686,328 | ||||||
| City of New York, | ||||||||
| GO, Series 2021-2, 4.25%, 08/09/2024 (a)(b) | 475,000 | 475,000 | ||||||
| New York Liberty Development Corp., | ||||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 500,000 | 502,112 | ||||||
| New York State Dormitory Authority, | ||||||||
| Montefiore Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 08/01/2024 | 950,000 | 950,000 | ||||||
| Onondaga Civic Development Corp., | ||||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2029 | 200,000 | 206,686 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2030 | 320,000 | 331,398 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2031 | 350,000 | 363,452 | ||||||
| Suffolk Regional Off-Track Betting Co., | ||||||||
| Revenue, Series 2024, 6.00%, 12/01/2053 | 675,000 | 708,152 | ||||||
| 5,223,128 | ||||||||
| North Dakota 1.8% | ||||||||
| City of Horace, | ||||||||
| Special Assessment, GO, Refunding, Series 2024 B, 4.85%, 08/01/2026 (d) | 1,000,000 | 1,000,344 | ||||||
| Ohio 5.3% | ||||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026 | 75,000 | 73,455 | ||||||
| County of Washington, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 500,000 | 546,301 | ||||||
| Ohio Air Quality Development Authority, | ||||||||
| American Electric Power Co., Inc., Revenue, AMT, Refunding, Series 2005 B, 2.10%, 10/01/2024 (a)(e) | 1,500,000 | 1,492,897 | ||||||
| Ohio Valley Electric Corp., Revenue, Series 2009 C, 1.50%, 11/04/2025 (a)(e) | 1,000,000 | 955,040 | ||||||
| 3,067,693 | ||||||||
| Oklahoma 2.6% | ||||||||
| Oklahoma County Finance Authority, | ||||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 5.25%, 06/15/2034 (c) | 775,000 | 788,497 | ||||||
| Tulsa Airports Improvement Trust, | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2001 B, 5.50%, 12/01/2035 | 700,000 | 700,649 | ||||||
| 1,489,146 | ||||||||
| Pennsylvania 3.6% | ||||||||
| Bucks County Industrial Development Authority, | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027 | 200,000 | 198,630 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029 | 275,000 | 272,370 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Pennsylvania | ||||||||
| Chester County Industrial Development Authority, | ||||||||
| Collegium Charter School, Revenue, Series 2017 A, 5.13%, 10/15/2037 | 870,000 | 875,578 | ||||||
| Montgomery County Higher Education and Health Authority, | ||||||||
| Holy Redeemer Health System Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 10/01/2026 | 50,000 | 50,011 | ||||||
| St. Mary Hospital Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR+ 0.83%), 4.57%, 11/15/2034 (e) | 715,000 | 697,655 | ||||||
| 2,094,244 | ||||||||
| Texas 7.9% | ||||||||
| Abilene Convention Center Hotel Development Corp., | ||||||||
| City of Abilene Abilene Convention Center, Revenue, Second Lien, Series 2021 B, 3.75%, 10/01/2031 (c) | 500,000 | 455,130 | ||||||
| Arlington Higher Education Finance Corp., | ||||||||
| Newman International Academy, Revenue, Series 2021 A, 4.00%, 08/15/2031 | 350,000 | 330,751 | ||||||
| Austin Convention Enterprises, Inc., | ||||||||
| Revenue, First Tier, Refunding, Series 2017 A, 5.00%, 01/01/2026 | 150,000 | 150,871 | ||||||
| City of Houston, | ||||||||
| Airport System, United Airlines, Inc., Revenue, AMT, Series 2018, 5.00%, 07/15/2028 | 500,000 | 513,202 | ||||||
| Edinburg Economic Development Corp., | ||||||||
| Revenue, Series 2019, 4.00%, 08/15/2029 (c) | 585,000 | 557,964 | ||||||
| Hidalgo County Regional Mobility Authority, | ||||||||
| Revenue, Junior Lien, Refunding, Series 2022 B, 4.00%, 12/01/2038 | 100,000 | 96,048 | ||||||
| New Hope Cultural Education Facilities Finance Corp., | ||||||||
| Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2025 (c) | 440,000 | 438,906 | ||||||
| NCCD-College Station Properties LLC, Revenue, Series 2015 A, 5.00%, 07/01/2030 | 500,000 | 486,250 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2032 | 750,000 | 747,213 | ||||||
| Reagan Hospital District of Reagan County, | ||||||||
| GO, Series 2014 A, 5.00%, 02/01/2029 | 700,000 | 697,560 | ||||||
| 4,473,895 | ||||||||
| Virgin Islands 0.2% | ||||||||
| Virgin Islands Public Finance Authority, | ||||||||
| United States Virgin Islands, Revenue, Refunding, Series 2012 A, 5.00%, 10/01/2032 | 100,000 | 96,281 | ||||||
| Virginia 0.6% | ||||||||
| Lower Magnolia Green Community Development Authority, | ||||||||
| Special Assessment, Series 2015, 4.00%, 03/01/2025 (c) | 345,000 | 344,081 | ||||||
| Wisconsin 4.8% | ||||||||
| Public Finance Authority, | ||||||||
| Austin FBO LLC, Revenue, AMT, Series 2018 A, 7.05%, 09/01/2027 (a)(c)(e) | 500,000 | 504,529 | ||||||
| Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 900,000 | 917,283 | ||||||
| Guilford College, Revenue, Refunding, Series 2016, 5.00%, 01/01/2026 | 685,000 | 681,156 | ||||||
| Mary's Woods at Marylhurst Obligated Group, Revenue, Refunding, Series 2017 A, 5.00%, 05/15/2029 (c) | 85,000 | 86,008 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (c) | 503,303 | 508,245 | ||||||
| 2,697,221 | ||||||||
| TOTAL MUNICIPAL
BONDS (Cost $58,027,588) | 58,681,368 | |||||||
| Investments | Shares | Value ($) | ||||||
| SHORT-TERM INVESTMENTS - 0.1% | ||||||||
| INVESTMENT COMPANIES - 0.1% | ||||||||
| JP Morgan U.S. Government Money Market Fund, Capital Shares 5.33% (f) | ||||||||
| (Cost $75,019) | 75,019 | 75,019 | ||||||
| Total
Investments - 103.1% (Cost $58,102,607) | 58,756,387 | |||||||
| Liabilities in excess of other assets - (3.1%) | (1,763,437 | ) | ||||||
| Net Assets - 100.0% | 56,992,950 | |||||||
| (a) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2024. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2024 (unaudited)
| (b) | Variable rate demand notes (VRDNs) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (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 July 31, 2024 amounted to $21,061,833, which represents approximately 36.96% of net assets of the Fund. |
| (d) | When-issued security. |
| (e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2024. |
| (f) | Represents 7-day effective yield as of July 31, 2024. |
| Abbreviations | |
| AMT | Alternative Money Tax |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| Economic/Industrial Development | 15.4 | |||
| Hospital | 13.9 | |||
| Continuing Care Retirement Community | 11.4 | |||
| Charter School | 9.5 | |||
| Higher Education | 8.2 | |||
| Community Development District | 7.1 | |||
| Public Transportation | 6.5 | |||
| General Obligation | 4.5 | |||
| Special Assessment Financing | 3.9 | |||
| Appropriation | 3.0 | |||
| Tax Increment Financing | 2.8 | |||
| Student Housing | 2.5 | |||
| Hotel Occupancy Tax | 1.9 | |||
| Sales & Excise Tax | 1.7 | |||
| Municipal Utility (Mixed) | 1.7 | |||
| State Multi-Family Housing | 1.6 | |||
| Nursing Home | 1.3 | |||
| Indian Tribal Bond | 1.2 | |||
| General Obligation Hospital/Health District | 1.2 | |||
| Airport | 0.9 | |||
| Gas Forward Contract | 0.9 | |||
| Not-For-Profit Cultural Organization | 0.8 | |||
| Tobacco Master Settlement Agreement | 0.4 | |||
| Public Power System | 0.3 | |||
| General Revenue Tax-Guaranteed | 0.2 | |||
| Toll Highway/Bridge/Tunnel | 0.2 | |||
| Short-Term Investments | 0.1 | |||
| Total Investments | 103.1 | |||
| See Notes to Schedule of Investments. | (Continued) |
FIRST EAGLE FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (unaudited)
Note 1 — Significant Accounting Policies
First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2024, the Trust consists of eleven separate portfolios, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund, First Eagle Global Real Assets Fund, First Eagle High Yield Municipal Fund (formerly named First Eagle High Income Fund) and First Eagle Short Duration High Yield Municipal Fund (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Rising Dividend Fund, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. The First Eagle Rising Dividend Fund seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity instruments. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital by investing, under normal circumstances, in equity securities of small- and mid-cap (“smid cap”) companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. The First Eagle Global Real Assets Fund seeks long-term growth of capital. The First Eagle High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund incepted on January 2, 2024.
The Funds generally offer up to four share classes, Class A shares, Class C shares, Class I shares and Class R6 shares, except for the First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund, First Eagle Global Real Assets Fund and First Eagle Short Duration High Yield Municipal Fund, which offer Class A shares, Class I shares and Class R6 shares only. On December 1, 2023, Class R3 Shares, Class R4 Shares, Class R5 Shares of the Funds were closed to new investors. On February 28, 2024, all remaining Class R3 shares, Class R4 shares, and Class R5 shares of the Funds converted into Class R6 shares. As a result, Class R3 shares, Class R4 shares, and Class R5 shares were terminated.
First Eagle Investment Management, LLC (the “Adviser”), a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”), manages the Funds. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company (“BCP CC Holdings GP”), is the general partner of BCP CC Holdings 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 schedule of investments include the accounts of the Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2024, the First Eagle Global Cayman Fund, Ltd. has $5,479,190,105 in net assets, representing 10.01% 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 schedule of investments include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2024, the First Eagle Overseas Cayman Fund, Ltd. has $836,814,071 in net assets, representing 6.76% 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 schedule of investments include the accounts of the U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2024, the First Eagle U.S. Value Cayman Fund, Ltd. has $162,423,447 in net assets, representing 11.94% 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 schedule of investments include the accounts of the Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2024, the First Eagle Gold Cayman Fund, Ltd. has $469,691,973 in net assets, representing 17.98% 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 schedule of investments include the accounts of the Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2024, the First Eagle Global Real Assets Cayman Fund, Ltd. has $641,524 in net assets, representing 4.65% of the Global Real Assets Fund’s net assets.
| b) | Investment Valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. |
A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.
All bonds, whether listed on an exchange or traded in the over-counter-market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.
Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.
Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.
The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.
Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding or have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund’s NAV is calculated, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be “fair valued” in accordance with procedures adopted by the Board of Trustees (“Board”) as described in additional detail on the following page. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values.
Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in the U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Board and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.
The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Other significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.
Fair valuation of securities, other financial investments or other assets (collectively, “securities”) held by the Funds are determined in good faith by the Adviser as “valuation designee” under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the “Committee”) oversees the execution of the valuation and liquidity procedures for the Funds. In accordance with Rule 2a-5 under the 1940 Act, the Funds’ Board has designated the Adviser the “valuation designee” to perform the Fund’s fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
The following is a summary of the Funds’ inputs used to value the Funds’ investments as of July 31, 2024:
First Eagle Global Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 28,464,368,309 | $ | 15,497,738,419 | (a) | $ | – | $ | 43,962,106,728 | |||||||
| Corporate Bonds | – | – | 5,029,640 | (b) | 5,029,640 | |||||||||||
| Commodities* | – | 6,225,047,019 | – | 6,225,047,019 | ||||||||||||
| Short-Term Investments | 706,742 | 4,543,653,610 | – | 4,544,360,352 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 13,483,396 | – | 13,483,396 | ||||||||||||
| Total | $ | 28,465,075,051 | $ | 26,279,922,444 | $ | 5,029,640 | $ | 54,750,027,135 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (5,573,777 | ) | $ | – | $ | (5,573,777 | ) | ||||||
| Total | $ | – | $ | (5,573,777 | ) | $ | – | $ | (5,573,777 | ) | ||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
| (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. |
| † | 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 nine-month period ended July 31, 2024 was as follows:
| Corporate Bonds | ||||
| Beginning Balance —market value | $ | 4,954,469 | ||
| Purchases(1) | — | |||
| Sales(2) | — | |||
| Transfer In — Level 3 | — | |||
| Transfer Out — Level 3 | — | |||
| Accrued discounts/ (premiums) | 41,438 | |||
| Realized Gains (Losses) | — | |||
| Change in Unrealized Appreciation (Depreciation) | 33,733 | |||
| Ending Balance — market value | $ | 5,029,640 | ||
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | 33,733 | ||
| (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 | $ | 2,763,958,752 | $ | 7,987,773,001 | (a) | $ | 22,251,993 | $ | 10,773,983,746 | |||||||
| Commodities* | – | 1,287,239,980 | – | 1,287,239,980 | ||||||||||||
| Foreign Government Securities | – | 77,877,493 | – | 77,877,493 | ||||||||||||
| Short-Term Investments | 80,920 | 241,214,703 | – | 241,295,623 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 7,578,683 | – | 7,578,683 | ||||||||||||
| Total | $ | 2,764,039,672 | $ | 9,601,683,860 | $ | 22,251,993 | $ | 12,387,975,525 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (2,529,049 | ) | $ | – | $ | (2,529,049 | ) | ||||||
| Total | $ | – | $ | (2,529,049 | ) | $ | – | $ | (2,529,049 | ) | ||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
| † | See 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 nine-month period ended July 31, 2024 was as follows:
| Common Stocks | ||||
| Beginning Balance —market value | $ | 15,384,962 | ||
| Purchases(1) | — | |||
| Sales(2) | — | |||
| Transfer In — Level 3 | — | |||
| Transfer Out — Level 3 | — | |||
| Accrued discounts/ (premiums) | — | |||
| Realized Gains (Losses) | — | |||
| Change in Unrealized Appreciation (Depreciation) | 6,867,031 | |||
| Ending Balance — market value | $ | 22,251,993 | ||
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | 6,867,031 | ||
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
Quantitative Information about Level 3 Fair Value Measurements
| Fair Value as of July 31, 2024 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Direction
Change in Fair Value Resulting from Increase in Unobservable Input (a) | ||||||
| Common Stock | 22,251,993 | Market Comparable Companies | Enterprise Value Multiple | 0.82X - 9.19X (4X) | Increase |
| (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 fair value determination. |
First Eagle U.S. Value Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,053,393,927 | $ | – | $ | – | $ | 1,053,393,927 | ||||||||
| Convertible Preferred Stocks | 5,087,293 | – | – | 5,087,293 | ||||||||||||
| Corporate Bonds | – | 8,872,217 | 3,205,614 | (b) | 12,077,831 | |||||||||||
| Commodities* | – | 162,416,352 | – | 162,416,352 | ||||||||||||
| Master Limited Partnerships | 19,776,113 | – | – | 19,776,113 | ||||||||||||
| Short-Term Investments | 35,652 | 107,427,959 | – | 107,463,611 | ||||||||||||
| Total | $ | 1,078,292,985 | $ | 278,716,528 | $ | 3,205,614 | $ | 1,360,215,127 | ||||||||
| (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. |
| † | 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 nine-month period ended July 31, 2024 was as follows:
| Corporate Bonds | ||||
| Beginning Balance —market value | $ | 543,750 | ||
| Purchases(1) | — | |||
| Sales(2) | (619,800 | ) | ||
| Transfer In — Level 3 | 3,104,552 | (a) | ||
| Transfer Out — Level 3 | — | |||
| Accrued discounts/ (premiums) | 151,308 | |||
| Change in Unrealized Appreciation (Depreciation) | 25,804 | |||
| Ending Balance — market value | $ | 3,205,614 | ||
| Change in unrealized gains or (losses) relating to assets still held at reporting date | 25,804 | |||
| (a) | Transfers from level 2 into Level 3 are due to a decrease in market activity, e.g. frequency of trades, which resulted in a decrease in available market inputs to determine the price. |
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
First Eagle Gold Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,932,022,128 | $ | 133,972,143 | (a) | $ | – | $ | 2,065,994,271 | |||||||
| Commodities * | – | 469,766,276 | – | 469,766,276 | ||||||||||||
| Rights | 3,102,026 | – | – | 3,102,026 | ||||||||||||
| Short-Term Investments | 62,564 | 74,720,490 | – | 74,783,054 | ||||||||||||
| Total | $ | 1,935,186,718 | $ | 678,458,909 | $ | – | $ | 2,613,645,627 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| * | Represents gold and silver bullion. |
First Eagle Global Income Builder Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 584,823,846 | $ | 506,332,067 | (a) | $ | – | $ | 1,091,155,913 | |||||||
| Convertible Preferred Stocks | 25,942,005 | – | – | 25,942,005 | ||||||||||||
| Corporate Bonds | – | 173,036,898 | 24,078,791 | (b) | 197,115,689 | |||||||||||
| Asset-Backed Securities | – | 3,380,255 | – | 3,380,255 | ||||||||||||
| Commodities* | – | 128,074,711 | – | 128,074,711 | ||||||||||||
| Foreign Government Securities | – | 25,319,483 | – | 25,319,483 | ||||||||||||
| Loan Assignments | – | 2,509,688 | – | 2,509,688 | ||||||||||||
| Master Limited Partnerships | 17,667,688 | – | – | 17,667,688 | ||||||||||||
| Municipal Bonds | – | 3,016,083 | – | 3,016,083 | ||||||||||||
| Preferred Stocks | 28,572,931 | – | – | 28,572,931 | ||||||||||||
| U.S. Treasury Obligations | – | 173,916,916 | – | 173,916,916 | ||||||||||||
| Short-Term Investments | 4,934 | 16,490,460 | – | 16,495,394 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 288,583 | – | 288,583 | ||||||||||||
| Total | $ | 657,011,404 | $ | 1,032,365,144 | $ | 24,078,791 | $ | 1,713,455,339 | ||||||||
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (162,717 | ) | $ | – | $ | (162,717 | ) | ||||||
| Options Written | (3,887,518 | ) | – | – | (3,887,518 | ) | ||||||||||
| Total | $ | (3,887,518 | ) | $ | (162,717 | ) | $ | – | $ | (4,050,235 | ) | |||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
| (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. |
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
Fair Value Level 3 activity for the nine-month period ended July 31, 2024 was as follows:
| Corporate Bonds | ||||
| Beginning Balance —market value | $ | — | ||
| Purchases(1) | 1,173,000 | |||
| Sales(2) | (2,367,000 | ) | ||
| Transfer In — Level 3 | 22,413,161 | (a) | ||
| Transfer Out — Level 3 | — | |||
| Accrued discounts/ (premiums) | 123,085 | |||
| Change in Unrealized Appreciation (Depreciation) | 2,736,545 | |||
| Ending Balance — market value | $ | 24,078,791 | ||
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | 2,736,545 | ||
| (a) | Transfers from level 2 into Level 3 are due to a decrease in market activity, e.g. frequency of trades, which resulted in a decrease in available market inputs to determine the price. |
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
First Eagle Rising Dividend Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 386,253,452 | $ | 25,046,720 | (a) | $ | – | $ | 411,300,172 | |||||||
| Master Limited Partnerships | 10,067,984 | – | – | 10,067,984 | ||||||||||||
| Short-Term Investments | 2,248 | 3,722,427 | – | 3,724,675 | ||||||||||||
| Total | $ | 396,323,684 | $ | 28,769,147 | $ | – | $ | 425,092,831 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Small Cap Opportunity Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,950,034,297 | $ | – | $ | – | $ | 1,950,034,297 | ||||||||
| Rights | – | – | – | ^ | – | |||||||||||
| Short-Term Investments | 110,934,361 | – | – | 110,934,361 | ||||||||||||
| Total | $ | 2,060,968,658 | $ | – | $ | – | $ | 2,060,968,658 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| ^ | Fair value represents zero. |
Fair Value Level 3 activity for the nine-month period ended July 31, 2024 was as follows:
| Rights | ||||
| Beginning Balance —market value | $ | — | ^ | |
| Purchases(1) | — | |||
| Sales(2) | — | |||
| Transfer In — Level 3 | — | |||
| Transfer Out — Level 3 | — | |||
| Accrued discounts/ (premiums) | — | |||
| Realized Gains (Losses) | — | |||
| Change in Unrealized Appreciation (Depreciation) | — | |||
| Ending Balance — market value | $ | — | ^ | |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | — |
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
| ^ | Fair value represents zero. |
Quantitative Information about Level 3 Fair Value Measurements
| Fair Value as of July 31, 2024 | Valuation Technique(s) | Unobservable
Input | Range (Weighted Average) | Direction
Change in Fair Value Resulting from Increase in Unobservable Input (a) | |||||||
| Rights | -^ | Discounted Cash Flow | Estimated probability of the company hitting specified milestones | 0% (0%) | Increase |
| (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 fair value determination. |
| ^ | Fair value represents zero. |
First Eagle U.S. Smid Cap Opportunity Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 44,955,701 | $ | – | $ | – | $ | 44,955,701 | ||||||||
| Short-Term Investments | 2,539,315 | – | – | 2,539,315 | ||||||||||||
| Total | $ | 47,495,016 | $ | – | $ | – | $ | 47,495,016 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Global Real Assets Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 8,592,342 | $ | 4,144,006 | (a) | $ – ^ | $ | 12,736,348 | ||||||||
| Commodities* | – | 491,868 | – | 491,868 | ||||||||||||
| Exchange-Traded Funds | 156,772 | – | – | 156,772 | ||||||||||||
| Master Limited Partnerships | 444,732 | – | – | 444,732 | ||||||||||||
| Short-Term Investments | 64,434 | – | – | 64,434 | ||||||||||||
| Total | $ | 9,258,280 | $ | 4,635,874 | $ | – | $ | 13,894,154 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 1 for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ^ | Fair value represents zero. |
Fair Value Level 3 activity for the nine-month period ended July 31, 2024 was as follows:
| Common Stocks | ||||
| Beginning Balance —market value | $ | — | ^ | |
| Purchases(1) | — | |||
| Sales(2) | — | |||
| Transfer In — Level 3 | — | |||
| Transfer Out — Level 3 | — | |||
| Accrued discounts/ (premiums) | — | |||
| Realized Gains (Losses) | — | |||
| Change in Unrealized Appreciation (Depreciation) | — | |||
| Ending Balance — market value | $ | — | ^ | |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | — | ||
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
| ^ | Fair value represents zero. |
Quantitative Information about Level 3 Fair Value Measurements
| Fair Value as of July 31, 2024 |
Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Direction Change in Fair Value Resulting from Increase in Unobservable Input (a) | |||||||
| Common Stock | -^ | Discounted Cash Flow | Estimated Recoverability | 0% (0%) | Increase |
| (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 fair value determination. |
| ^ | Fair value represents zero. |
First Eagle High Yield Municipal Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 2,646,112,366 | $ | 8,079,147 | (b) | $ | 2,654,191,513 | |||||||
| Short-Term Investments | 308,041 | – | – | 308,041 | ||||||||||||
| Total | $ | 308,041 | $ | 2,646,112,366 | $ | 8,079,147 | $ | 2,654,499,554 | ||||||||
| (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. |
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
Fair Value Level 3 activity for the nine-month period ended July 31, 2024 was as follows:
| Municipal Bonds | Corporate Bonds | Total | ||||||||||
| Beginning Balance —market value | $ | — | $ | 621,196 | $ | 621,196 | ||||||
| Purchases(1) | 8,041,902 | — | 8,041,902 | |||||||||
| Sales(2) | — | (620,610 | ) | (620,610 | ) | |||||||
| Transfer In — Level 3 | — | — | — | |||||||||
| Transfer Out — Level 3 | — | — | — | |||||||||
| Accrued discounts/ (premiums) | 18,674 | — | 18,674 | |||||||||
| Realized Gains (Losses) | — | 16,610 | 16,610 | |||||||||
| Change in Unrealized Appreciation (Depreciation) | 18,571 | (17,196 | ) | 1,375 | ||||||||
| Ending Balance — market value | $ | 8,079,147 | $ | — | $ | 8,079,147 | ||||||
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $ | 18,571 | $ | — | $ | 18,571 | ||||||
| (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 Short Duration High Yield Municipal Fund
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 58,681,368 | $ | – | $ | 58,681,368 | ||||||||
| Short-Term Investments | 75,019 | – | – | 75,019 | ||||||||||||
| Total | $ | 75,019 | $ | 58,681,368 | $ | – | $ | 58,756,387 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| 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 and First Eagle Global Income Builder 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 nine months ended July 31, 2024, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:
| First Eagle Global Fund | First Eagle Overseas Fund | First Eagle Global Income Builder Fund | ||||||||||
| Forward Foreign Currency Exchange Contracts: | ||||||||||||
| Average Settlement Value — Purchased | $ | 287,514,294 | $ | 147,695,590 | $ | 7,709,305 | ||||||
| Average Settlement Value — Sold | 1,595,874,763 | 848,600,310 | 42,349,790 | |||||||||
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.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.
At July 31, 2024, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:
First Eagle Global Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Foreign currency | $ | 13,483,396 | $ | 5,573,777 | $ | 46,647,723 | $ | (37,697,581 | ) | |||||||
First Eagle Overseas Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Foreign currency | $ | 7,578,683 | $ | 2,529,049 | $ | 26,574,383 | $ | (20,290,253 | ) | |||||||
First Eagle Global Income Builder Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Foreign currency | $ | 288,583 | $ | 162,717 | $ | 969,313 | $ | (1,070,218 | ) | |||||||
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 July 31, 2024:
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) | ||||||||||||
| Bank of New York Mellon | $ | 8,091,543 | $ | (241,547 | ) | $ | (7,830,322 | ) | $ | 19,674 | ||||||
| Goldman Sachs | 4,704,450 | (1,377,921 | ) | (3,326,529 | ) | – | ||||||||||
| JPMorgan Chase Bank | 687,403 | (687,403 | ) | – | – | |||||||||||
| $ | 13,483,396 | $ | (2,306,871 | ) | $ | (11,156,851 | ) | $ | 19,674 | |||||||
| Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 241,547 | $ | (241,547 | ) | $ | – | $ | – | |||||||
| Goldman Sachs | 1,377,921 | (1,377,921 | ) | – | – | |||||||||||
| JPMorgan Chase Bank | 1,229,739 | (687,403 | ) | (530,909 | ) | 11,427 | ||||||||||
| UBS AG | 2,724,570 | – | (2,724,570 | ) | – | |||||||||||
| $ | 5,573,777 | $ | (2,306,871 | ) | $ | (3,255,479 | ) | $ | 11,427 | |||||||
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) | ||||||||||||
| Bank of New York Mellon | $ | 4,254,163 | $ | (133,897 | ) | $ | (4,109,265 | ) | $ | 11,001 | ||||||
| Goldman Sachs | 2,988,657 | (572,009 | ) | (2,370,000 | ) | 46,648 | ||||||||||
| JPMorgan Chase Bank | 335,863 | (335,863 | ) | – | – | |||||||||||
| $ | 7,578,683 | $ | (1,041,769 | ) | $ | (6,479,265 | ) | $ | 57,649 | |||||||
| Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 133,897 | $ | (133,897 | ) | $ | – | $ | – | |||||||
| Goldman Sachs | 572,009 | (572,009 | ) | – | – | |||||||||||
| JPMorgan Chase Bank | 495,588 | (335,863 | ) | (159,725 | ) | – | ||||||||||
| UBS AG | 1,327,555 | – | (1,327,555 | ) | – | |||||||||||
| $ | 2,529,049 | $ | (1,041,769 | ) | $ | (1,487,280 | ) | $ | – | |||||||
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) | ||||||||||||
| Bank of New York Mellon | $ | 163,136 | $ | (7,039 | ) | $ | (110,634 | ) | $ | 45,463 | ||||||
| Goldman Sachs | 106,978 | (42,027 | ) | – | 64,951 | |||||||||||
| JPMorgan Chase Bank | 18,469 | (18,469 | ) | – | – | |||||||||||
| $ | 288,583 | $ | (67,535 | ) | $ | (110,634 | ) | $ | 110,414 | |||||||
| Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset | Collateral Pledged* | Net Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 7,039 | $ | (7,039 | ) | $ | – | $ | – | |||||||
| Goldman Sachs | 42,027 | (42,027 | ) | – | $ | – | ||||||||||
| JPMorgan Chase Bank | 41,243 | (18,469 | ) | (22,774 | ) | – | ||||||||||
| UBS AG | 72,408 | – | (72,408 | ) | $ | – | ||||||||||
| $ | 162,717 | $ | (67,535 | ) | $ | (95,182 | ) | $ | – | |||||||
| * | 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.
In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This “opportunity cost” may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty.
Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset coverage”).
Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.
Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.
Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.
As of July 31, 2024, portfolio securities valued at $146,623,299 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.
For the nine months ended July 31, 2024, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:
| First Eagle Global Income Builder Fund | ||||
| Options: | ||||
| Average Number of Contracts — Written | 12,315 | |||
At July 31, 2024, the Funds had the following options grouped into appropriate risk categories illustrated below:
First Eagle Global Income Builder Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Change in | ||||||||||||||||
| Asset Derivative | Liability Derivative | Net Realized | Appreciation | |||||||||||||
| Risk Type | Fair Value | Fair Value | Gains (Losses) | (Depreciation) | ||||||||||||
| Equity — Written options | $ | — | $ | 3,887,518 | $ | 781,828 | $ | (2,102,752 | ) | |||||||
| e) | Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. |
| f) | Bank Loans — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between a Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
| g) | Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”) which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations and reflected in market value of the securities.TIPS are subject to interest rate risk. |
| h) | Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| i) | New Accounting Pronouncements — In June 2022, FASB issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. There is no material impact to the financial statements and related disclosures. |