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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-7762

First Eagle Funds

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas

New York, NY 10105-4300

(Address of principal executive offices) (Zip code)

Sheelyn Michael

First Eagle Funds

1345 Avenue of the Americas

New York, NY 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-212-698-3300

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N- CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549- 1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

First Eagle Global Fund Class A - SGENX

First Eagle Global Fund Class C - FESGX

First Eagle Global Fund Class I - SGIIX

First Eagle Global Fund Class R6 - FEGRX

First Eagle Overseas Fund Class A - SGOVX

First Eagle Overseas Fund Class C - FESOX

First Eagle Overseas Fund Class I - SGOIX

First Eagle Overseas Fund Class R6 - FEORX

First Eagle U.S. Fund Class A - FEVAX

First Eagle U.S. Fund Class C - FEVCX

First Eagle U.S. Fund Class I - FEVIX

First Eagle U.S. Fund Class R6 - FEVRX

First Eagle Gold Fund Class A - SGGDX

First Eagle Gold Fund Class C - FEGOX

First Eagle Gold Fund Class I - FEGIX

First Eagle Gold Fund Class R6 - FEURX

First Eagle Global Income Builder Fund Class A - FEBAX

First Eagle Global Income Builder Fund Class C - FEBCX

First Eagle Global Income Builder Fund Class I - FEBIX

First Eagle Global Income Builder Fund Class R6 - FEBRX

First Eagle Rising Dividend Fund Class A - FEFAX

First Eagle Rising Dividend Fund Class C - FEAMX

First Eagle Rising Dividend Fund Class I - FEAIX

First Eagle Rising Dividend Fund Class R6 - FEFRX

First Eagle Small Cap Opportunity Fund Class A - FESAX

First Eagle Small Cap Opportunity Fund Class C - FECCX

First Eagle Small Cap Opportunity Fund Class I - FESCX

First Eagle Small Cap Opportunity Fund Class R6 - FESRX

First Eagle U.S. Smid Cap Opportunity Fund Class A - FEMAX

First Eagle U.S. Smid Cap Opportunity Fund Class I - FESMX

First Eagle U.S. Smid Cap Opportunity Fund Class R6 - FEXRX

First Eagle Global Real Assets Fund Class A - FERAX

First Eagle Global Real Assets Fund Class I - FEREX

First Eagle Global Real Assets Fund Class R6 - FERRX

First Eagle High Yield Municipal Fund Class A - FEHAX

First Eagle High Yield Municipal Fund Class C - FEHCX

First Eagle High Yield Municipal Fund Class I - FEHIX

First Eagle High Yield Municipal Fund Class R6 - FEHRX

First Eagle Short Duration High Yield Municipal Fund Class A - FDUAX

First Eagle Short Duration High Yield Municipal Fund Class C - FDYCX

First Eagle Short Duration High Yield Municipal Fund Class I - FDUIX

First Eagle Short Duration High Yield Municipal Fund Class R6 - FDURX

First Eagle Core Plus Municipal Fund Class A - FPMAX

First Eagle Core Plus Municipal Fund Class C - FPLCX

First Eagle Core Plus Municipal Fund Class I - FPMMX

First Eagle Core Plus Municipal Fund Class R6 - FPCPX

April 30, 2026

Semi-Annual Shareholder Report

Class A | SGENX

This Semi-Annual Shareholder Report contains important information about the Class A shares of the Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$57	1.09%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$74,866,788,287
Number of Portfolio Holdings226
Portfolio Turnover Rate12.28%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	83.9%
Commodities	10.4%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.7%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference4}	10.4%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	2.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	1.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
SLB Ltd. (Energy Equipment & Services, United States)	1.5%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.4%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	1.3%
Prosus NV (Broadline Retail, China)	1.3%
Total	25.3%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.2% of total investments) that settles in 90 days or less; long-term commercial paper (4.2% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.7%
Others^{Footnote Reference1}	3.7%
Consumer Discretionary	5.9%
Materials	6.1%
Energy	7.0%
Communication Services	8.0%
Health Care	8.8%
Information Technology	9.8%
Industrials	10.0%
Commodities	10.4%
Financials	12.0%
Consumer Staples	12.6%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	50.4%
United Kingdom	7.5%
Japan	6.5%
Canada	5.2%
South Korea	3.9%
France	3.9%
Switzerland	3.0%
Mexico	2.7%
Hong Kong	2.2%
China	2.0%
Others^{Footnote Reference4}	7.0%
Short-Term Investments	5.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Global Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | SGENX

First Eagle Investments

For more information, please scan the QR code to navigate to the Mutual Fund Shareholder Reports webpage. If you wish to view additional information about the Fund, including but not limited to financial statements, holdings, or the Fund's prospectus, please visit http://www.firsteagle.com.

Important Notice Regarding Delivery of Shareholder Materials

Unless we are notified otherwise, we send one copy of these materials to shareholders with the same residential address (provided they have the same last name or are reasonably believed to be family members) for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.334.2143 and we will send separate copies of these materials within 30 days after receiving your request.

April 30, 2026

Semi-Annual Shareholder Report

Class C | FESGX

This Semi-Annual Shareholder Report contains important information about the Class C shares of the Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$97	1.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$74,866,788,287
Number of Portfolio Holdings226
Portfolio Turnover Rate12.28%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	83.9%
Commodities	10.4%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.7%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference4}	10.4%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	2.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	1.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
SLB Ltd. (Energy Equipment & Services, United States)	1.5%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.4%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	1.3%
Prosus NV (Broadline Retail, China)	1.3%
Total	25.3%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.2% of total investments) that settles in 90 days or less; long-term commercial paper (4.2% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.7%
Others^{Footnote Reference1}	3.7%
Consumer Discretionary	5.9%
Materials	6.1%
Energy	7.0%
Communication Services	8.0%
Health Care	8.8%
Information Technology	9.8%
Industrials	10.0%
Commodities	10.4%
Financials	12.0%
Consumer Staples	12.6%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	50.4%
United Kingdom	7.5%
Japan	6.5%
Canada	5.2%
South Korea	3.9%
France	3.9%
Switzerland	3.0%
Mexico	2.7%
Hong Kong	2.2%
China	2.0%
Others^{Footnote Reference4}	7.0%
Short-Term Investments	5.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Global Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FESGX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | SGIIX

This Semi-Annual Shareholder Report contains important information about the Class I shares of the Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$45	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$74,866,788,287
Number of Portfolio Holdings226
Portfolio Turnover Rate12.28%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	83.9%
Commodities	10.4%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.7%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference4}	10.4%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	2.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	1.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
SLB Ltd. (Energy Equipment & Services, United States)	1.5%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.4%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	1.3%
Prosus NV (Broadline Retail, China)	1.3%
Total	25.3%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.2% of total investments) that settles in 90 days or less; long-term commercial paper (4.2% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.7%
Others^{Footnote Reference1}	3.7%
Consumer Discretionary	5.9%
Materials	6.1%
Energy	7.0%
Communication Services	8.0%
Health Care	8.8%
Information Technology	9.8%
Industrials	10.0%
Commodities	10.4%
Financials	12.0%
Consumer Staples	12.6%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	50.4%
United Kingdom	7.5%
Japan	6.5%
Canada	5.2%
South Korea	3.9%
France	3.9%
Switzerland	3.0%
Mexico	2.7%
Hong Kong	2.2%
China	2.0%
Others^{Footnote Reference4}	7.0%
Short-Term Investments	5.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Global Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | SGIIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEGRX

This Semi-Annual Shareholder Report contains important information about the Class R6 shares of the Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$41	0.78%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$74,866,788,287
Number of Portfolio Holdings226
Portfolio Turnover Rate12.28%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	83.9%
Commodities	10.4%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.7%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference4}	10.4%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	2.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	1.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
SLB Ltd. (Energy Equipment & Services, United States)	1.5%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.4%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	1.3%
Prosus NV (Broadline Retail, China)	1.3%
Total	25.3%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.2% of total investments) that settles in 90 days or less; long-term commercial paper (4.2% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.7%
Others^{Footnote Reference1}	3.7%
Consumer Discretionary	5.9%
Materials	6.1%
Energy	7.0%
Communication Services	8.0%
Health Care	8.8%
Information Technology	9.8%
Industrials	10.0%
Commodities	10.4%
Financials	12.0%
Consumer Staples	12.6%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	50.4%
United Kingdom	7.5%
Japan	6.5%
Canada	5.2%
South Korea	3.9%
France	3.9%
Switzerland	3.0%
Mexico	2.7%
Hong Kong	2.2%
China	2.0%
Others^{Footnote Reference4}	7.0%
Short-Term Investments	5.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Global Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEGRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | SGOVX

First Eagle Overseas Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$59	1.12%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$17,191,174,042
Number of Portfolio Holdings166
Portfolio Turnover Rate10.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	85.5%
Commodities	9.0%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	9.0%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.2%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	2.5%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	2.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.0%
Prosus NV (Broadline Retail, China)	1.9%
SMC Corp. (Machinery, Japan)	1.8%
Dassault Systemes SE (Software, France)	1.8%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	1.6%
Total	28.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.6% of total investments) that settles in 91 days or more; and other short-term investments (0.4% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Others^{Footnote Reference1}	0.8%
Real Estate	3.0%
Health Care	4.6%
Energy	6.1%
Materials	8.0%
Commodities	9.0%
Information Technology	9.0%
Consumer Discretionary	9.4%
Industrials	11.9%
Financials	13.7%
Consumer Staples	18.7%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
Japan	14.7%
United Kingdom	12.5%
United States^{Footnote Reference3}	10.9%
Canada	8.5%
South Korea	6.5%
France	6.5%
Switzerland	4.3%
Hong Kong	4.3%
Mexico	4.2%
Germany	3.2%
Others^{Footnote Reference4}	18.9%
Short-Term Investments	5.5%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Overseas Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | SGOVX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FESOX

First Eagle Overseas Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$98	1.86%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$17,191,174,042
Number of Portfolio Holdings166
Portfolio Turnover Rate10.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	85.5%
Commodities	9.0%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	9.0%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.2%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	2.5%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	2.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.0%
Prosus NV (Broadline Retail, China)	1.9%
SMC Corp. (Machinery, Japan)	1.8%
Dassault Systemes SE (Software, France)	1.8%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	1.6%
Total	28.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.6% of total investments) that settles in 91 days or more; and other short-term investments (0.4% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Others^{Footnote Reference1}	0.8%
Real Estate	3.0%
Health Care	4.6%
Energy	6.1%
Materials	8.0%
Commodities	9.0%
Information Technology	9.0%
Consumer Discretionary	9.4%
Industrials	11.9%
Financials	13.7%
Consumer Staples	18.7%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
Japan	14.7%
United Kingdom	12.5%
United States^{Footnote Reference3}	10.9%
Canada	8.5%
South Korea	6.5%
France	6.5%
Switzerland	4.3%
Hong Kong	4.3%
Mexico	4.2%
Germany	3.2%
Others^{Footnote Reference4}	18.9%
Short-Term Investments	5.5%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Overseas Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FESOX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | SGOIX

First Eagle Overseas Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$46	0.87%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$17,191,174,042
Number of Portfolio Holdings166
Portfolio Turnover Rate10.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	85.5%
Commodities	9.0%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	9.0%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.2%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	2.5%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	2.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.0%
Prosus NV (Broadline Retail, China)	1.9%
SMC Corp. (Machinery, Japan)	1.8%
Dassault Systemes SE (Software, France)	1.8%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	1.6%
Total	28.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.6% of total investments) that settles in 91 days or more; and other short-term investments (0.4% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Others^{Footnote Reference1}	0.8%
Real Estate	3.0%
Health Care	4.6%
Energy	6.1%
Materials	8.0%
Commodities	9.0%
Information Technology	9.0%
Consumer Discretionary	9.4%
Industrials	11.9%
Financials	13.7%
Consumer Staples	18.7%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
Japan	14.7%
United Kingdom	12.5%
United States^{Footnote Reference3}	10.9%
Canada	8.5%
South Korea	6.5%
France	6.5%
Switzerland	4.3%
Hong Kong	4.3%
Mexico	4.2%
Germany	3.2%
Others^{Footnote Reference4}	18.9%
Short-Term Investments	5.5%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Overseas Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | SGOIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEORX

First Eagle Overseas Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$42	0.79%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$17,191,174,042
Number of Portfolio Holdings166
Portfolio Turnover Rate10.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	85.5%
Commodities	9.0%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	9.0%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.2%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	2.5%
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France)	2.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.0%
Prosus NV (Broadline Retail, China)	1.9%
SMC Corp. (Machinery, Japan)	1.8%
Dassault Systemes SE (Software, France)	1.8%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	1.6%
Total	28.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.6% of total investments) that settles in 91 days or more; and other short-term investments (0.4% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Others^{Footnote Reference1}	0.8%
Real Estate	3.0%
Health Care	4.6%
Energy	6.1%
Materials	8.0%
Commodities	9.0%
Information Technology	9.0%
Consumer Discretionary	9.4%
Industrials	11.9%
Financials	13.7%
Consumer Staples	18.7%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
Japan	14.7%
United Kingdom	12.5%
United States^{Footnote Reference3}	10.9%
Canada	8.5%
South Korea	6.5%
France	6.5%
Switzerland	4.3%
Hong Kong	4.3%
Mexico	4.2%
Germany	3.2%
Others^{Footnote Reference4}	18.9%
Short-Term Investments	5.5%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

First Eagle Overseas Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEORX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEVAX

First Eagle U.S. Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$59	1.13%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,652,642,257
Number of Portfolio Holdings87
Portfolio Turnover Rate11.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	76.0%
Commodities	11.8%
Master Limited Partnerships	1.9%
Corporate Bonds	1.2%
Convertible Preferred Stocks	0.3%
Convertible Bonds	0.3%
Preferred Stocks	0.2%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	11.7%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.3%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	2.8%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Philip Morris International, Inc. (Tobacco, United States)	2.3%
Oracle Corp. (Software, United States)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.1%
Total	37.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.7% of total investments) that settles in 90 days or less; long-term commercial paper (2.7% of total investments) that settles in 91 days or more; and other short-term investments (3.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	8.3%
Real Estate	4.6%
Consumer Staples	5.1%
Materials	6.4%
Industrials	7.8%
Information Technology	8.9%
Energy	10.3%
Financials	10.9%
Commodities	11.8%
Communication Services	12.2%
Health Care	13.7%

First Eagle U.S. Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEVAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEVCX

First Eagle U.S. Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$98	1.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,652,642,257
Number of Portfolio Holdings87
Portfolio Turnover Rate11.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	76.0%
Commodities	11.8%
Master Limited Partnerships	1.9%
Corporate Bonds	1.2%
Convertible Preferred Stocks	0.3%
Convertible Bonds	0.3%
Preferred Stocks	0.2%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	11.7%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.3%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	2.8%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Philip Morris International, Inc. (Tobacco, United States)	2.3%
Oracle Corp. (Software, United States)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.1%
Total	37.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.7% of total investments) that settles in 90 days or less; long-term commercial paper (2.7% of total investments) that settles in 91 days or more; and other short-term investments (3.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	8.3%
Real Estate	4.6%
Consumer Staples	5.1%
Materials	6.4%
Industrials	7.8%
Information Technology	8.9%
Energy	10.3%
Financials	10.9%
Commodities	11.8%
Communication Services	12.2%
Health Care	13.7%

First Eagle U.S. Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEVCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEVIX

First Eagle U.S. Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$45	0.88%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,652,642,257
Number of Portfolio Holdings87
Portfolio Turnover Rate11.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	76.0%
Commodities	11.8%
Master Limited Partnerships	1.9%
Corporate Bonds	1.2%
Convertible Preferred Stocks	0.3%
Convertible Bonds	0.3%
Preferred Stocks	0.2%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	11.7%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.3%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	2.8%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Philip Morris International, Inc. (Tobacco, United States)	2.3%
Oracle Corp. (Software, United States)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.1%
Total	37.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.7% of total investments) that settles in 90 days or less; long-term commercial paper (2.7% of total investments) that settles in 91 days or more; and other short-term investments (3.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	8.3%
Real Estate	4.6%
Consumer Staples	5.1%
Materials	6.4%
Industrials	7.8%
Information Technology	8.9%
Energy	10.3%
Financials	10.9%
Commodities	11.8%
Communication Services	12.2%
Health Care	13.7%

First Eagle U.S. Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEVIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEVRX

First Eagle U.S. Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$42	0.81%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,652,642,257
Number of Portfolio Holdings87
Portfolio Turnover Rate11.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	76.0%
Commodities	11.8%
Master Limited Partnerships	1.9%
Corporate Bonds	1.2%
Convertible Preferred Stocks	0.3%
Convertible Bonds	0.3%
Preferred Stocks	0.2%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	11.7%
Alphabet, Inc., Class C (Interactive Media & Services, United States)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.3%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	2.8%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Philip Morris International, Inc. (Tobacco, United States)	2.3%
Oracle Corp. (Software, United States)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.1%
Total	37.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.7% of total investments) that settles in 90 days or less; long-term commercial paper (2.7% of total investments) that settles in 91 days or more; and other short-term investments (3.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	8.3%
Real Estate	4.6%
Consumer Staples	5.1%
Materials	6.4%
Industrials	7.8%
Information Technology	8.9%
Energy	10.3%
Financials	10.9%
Commodities	11.8%
Communication Services	12.2%
Health Care	13.7%

First Eagle U.S. Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEVRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | SGGDX

First Eagle Gold Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$63	1.12%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$5,378,075,140
Number of Portfolio Holdings28
Portfolio Turnover Rate10.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	73.1%
Commodities	25.0%
Rights	0.1%
Short-Term Investments	1.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	21.0%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	10.6%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.3%
Newmont Corp. (Metals & Mining, United States)	6.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.9%
DPM Metals, Inc. (Metals & Mining, Canada)	4.9%
G Mining Ventures Corp. (Metals & Mining, Canada)	4.8%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.5%
Barrick Mining Corp. (Metals & Mining, Canada)	4.0%
Kinross Gold Corp. (Metals & Mining, Canada)	3.8%
Total	72.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.8% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.8%
Commodities	25.0%
Materials	73.2%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Table Summary
Canada	51.2%
United States^{Footnote Reference2}	35.5%
Australia	4.0%
South Africa	2.8%
United Kingdom	2.6%
Mexico	2.1%
Short-Term Investments	1.8%

Footnote	Description
Footnote¹	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote²	Includes gold and silver bullion.

First Eagle Gold Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | SGGDX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEGOX

First Eagle Gold Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$105	1.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$5,378,075,140
Number of Portfolio Holdings28
Portfolio Turnover Rate10.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	73.1%
Commodities	25.0%
Rights	0.1%
Short-Term Investments	1.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	21.0%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	10.6%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.3%
Newmont Corp. (Metals & Mining, United States)	6.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.9%
DPM Metals, Inc. (Metals & Mining, Canada)	4.9%
G Mining Ventures Corp. (Metals & Mining, Canada)	4.8%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.5%
Barrick Mining Corp. (Metals & Mining, Canada)	4.0%
Kinross Gold Corp. (Metals & Mining, Canada)	3.8%
Total	72.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.8% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.8%
Commodities	25.0%
Materials	73.2%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Table Summary
Canada	51.2%
United States^{Footnote Reference2}	35.5%
Australia	4.0%
South Africa	2.8%
United Kingdom	2.6%
Mexico	2.1%
Short-Term Investments	1.8%

Footnote	Description
Footnote¹	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote²	Includes gold and silver bullion.

First Eagle Gold Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEGOX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEGIX

First Eagle Gold Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$50	0.88%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$5,378,075,140
Number of Portfolio Holdings28
Portfolio Turnover Rate10.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	73.1%
Commodities	25.0%
Rights	0.1%
Short-Term Investments	1.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	21.0%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	10.6%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.3%
Newmont Corp. (Metals & Mining, United States)	6.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.9%
DPM Metals, Inc. (Metals & Mining, Canada)	4.9%
G Mining Ventures Corp. (Metals & Mining, Canada)	4.8%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.5%
Barrick Mining Corp. (Metals & Mining, Canada)	4.0%
Kinross Gold Corp. (Metals & Mining, Canada)	3.8%
Total	72.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.8% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.8%
Commodities	25.0%
Materials	73.2%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Table Summary
Canada	51.2%
United States^{Footnote Reference2}	35.5%
Australia	4.0%
South Africa	2.8%
United Kingdom	2.6%
Mexico	2.1%
Short-Term Investments	1.8%

Footnote	Description
Footnote¹	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote²	Includes gold and silver bullion.

First Eagle Gold Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEGIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEURX

First Eagle Gold Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$45	0.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$5,378,075,140
Number of Portfolio Holdings28
Portfolio Turnover Rate10.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	73.1%
Commodities	25.0%
Rights	0.1%
Short-Term Investments	1.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)^{Footnote Reference3}	21.0%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	10.6%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.3%
Newmont Corp. (Metals & Mining, United States)	6.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.9%
DPM Metals, Inc. (Metals & Mining, Canada)	4.9%
G Mining Ventures Corp. (Metals & Mining, Canada)	4.8%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.5%
Barrick Mining Corp. (Metals & Mining, Canada)	4.0%
Kinross Gold Corp. (Metals & Mining, Canada)	3.8%
Total	72.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.8% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.8%
Commodities	25.0%
Materials	73.2%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Table Summary
Canada	51.2%
United States^{Footnote Reference2}	35.5%
Australia	4.0%
South Africa	2.8%
United Kingdom	2.6%
Mexico	2.1%
Short-Term Investments	1.8%

Footnote	Description
Footnote¹	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote²	Includes gold and silver bullion.

First Eagle Gold Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEURX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEBAX

This Semi-Annual Shareholder Report contains important information about the Class A shares of the Fund, and a material change that occurred for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Income Builder Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$60	1.13%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,524,689,685
Number of Portfolio Holdings251
Portfolio Turnover Rate11.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	60.8%
U.S. Treasury Obligations	11.9%
Corporate Bonds	12.0%
Commodities	8.1%
Foreign Government Securities	2.0%
Preferred Stocks	1.6%
Convertible Preferred Stocks	1.3%
Master Limited Partnerships	1.1%
Convertible Bonds	0.3%
Loan Assignments	0.1%
Asset-Backed Securities	0.1%
Short-Term Investments	0.7%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)	8.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.7%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	2.3%
Nestle SA (Registered) (Food Products, Switzerland)	1.8%
Unilever plc (Personal Care Products, United Kingdom)	1.7%
Power Corp. of Canada (Insurance, Canada)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
KT&G Corp. (Tobacco, South Korea)	1.6%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.6%
U.S. Treasury Notes (U.S. Treasury Obligations, United States)	1.5%
Total	24.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	0.7%
Others^{Footnote Reference1}	8.2%
Real Estate	5.0%
Materials	5.6%
Information Technology	6.4%
Industrials	6.7%
Energy	6.9%
Health Care	7.3%
Commodities	8.1%
U.S. Treasury Obligations	12.0%
Financials	14.6%
Consumer Staples	18.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	51.7%
United Kingdom	7.5%
Canada	5.9%
South Korea	5.4%
Hong Kong	4.3%
Switzerland	4.0%
Mexico	3.9%
Japan	3.4%
Brazil	2.6%
Netherlands	1.5%
Others^{Footnote Reference4}	9.1%
Short-Term Investments	0.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

Material Fund Changes

First Eagle Global Income Builder Fund changed its name to First Eagle Global Balanced Fund effective May 15, 2026.

First Eagle Global Income Builder Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEBAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEBCX

This Semi-Annual Shareholder Report contains important information about the Class C shares of the Fund, and a material change that occurred for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Income Builder Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$101	1.91%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,524,689,685
Number of Portfolio Holdings251
Portfolio Turnover Rate11.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	60.8%
U.S. Treasury Obligations	11.9%
Corporate Bonds	12.0%
Commodities	8.1%
Foreign Government Securities	2.0%
Preferred Stocks	1.6%
Convertible Preferred Stocks	1.3%
Master Limited Partnerships	1.1%
Convertible Bonds	0.3%
Loan Assignments	0.1%
Asset-Backed Securities	0.1%
Short-Term Investments	0.7%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)	8.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.7%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	2.3%
Nestle SA (Registered) (Food Products, Switzerland)	1.8%
Unilever plc (Personal Care Products, United Kingdom)	1.7%
Power Corp. of Canada (Insurance, Canada)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
KT&G Corp. (Tobacco, South Korea)	1.6%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.6%
U.S. Treasury Notes (U.S. Treasury Obligations, United States)	1.5%
Total	24.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	0.7%
Others^{Footnote Reference1}	8.2%
Real Estate	5.0%
Materials	5.6%
Information Technology	6.4%
Industrials	6.7%
Energy	6.9%
Health Care	7.3%
Commodities	8.1%
U.S. Treasury Obligations	12.0%
Financials	14.6%
Consumer Staples	18.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	51.7%
United Kingdom	7.5%
Canada	5.9%
South Korea	5.4%
Hong Kong	4.3%
Switzerland	4.0%
Mexico	3.9%
Japan	3.4%
Brazil	2.6%
Netherlands	1.5%
Others^{Footnote Reference4}	9.1%
Short-Term Investments	0.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

Material Fund Changes

First Eagle Global Income Builder Fund changed its name to First Eagle Global Balanced Fund effective May 15, 2026.

First Eagle Global Income Builder Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEBCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEBIX

This Semi-Annual Shareholder Report contains important information about the Class I shares of the Fund, and a material change that occurred for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Income Builder Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$48	0.91%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,524,689,685
Number of Portfolio Holdings251
Portfolio Turnover Rate11.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	60.8%
U.S. Treasury Obligations	11.9%
Corporate Bonds	12.0%
Commodities	8.1%
Foreign Government Securities	2.0%
Preferred Stocks	1.6%
Convertible Preferred Stocks	1.3%
Master Limited Partnerships	1.1%
Convertible Bonds	0.3%
Loan Assignments	0.1%
Asset-Backed Securities	0.1%
Short-Term Investments	0.7%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)	8.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.7%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	2.3%
Nestle SA (Registered) (Food Products, Switzerland)	1.8%
Unilever plc (Personal Care Products, United Kingdom)	1.7%
Power Corp. of Canada (Insurance, Canada)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
KT&G Corp. (Tobacco, South Korea)	1.6%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.6%
U.S. Treasury Notes (U.S. Treasury Obligations, United States)	1.5%
Total	24.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	0.7%
Others^{Footnote Reference1}	8.2%
Real Estate	5.0%
Materials	5.6%
Information Technology	6.4%
Industrials	6.7%
Energy	6.9%
Health Care	7.3%
Commodities	8.1%
U.S. Treasury Obligations	12.0%
Financials	14.6%
Consumer Staples	18.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	51.7%
United Kingdom	7.5%
Canada	5.9%
South Korea	5.4%
Hong Kong	4.3%
Switzerland	4.0%
Mexico	3.9%
Japan	3.4%
Brazil	2.6%
Netherlands	1.5%
Others^{Footnote Reference4}	9.1%
Short-Term Investments	0.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

Material Fund Changes

First Eagle Global Income Builder Fund changed its name to First Eagle Global Balanced Fund effective May 15, 2026.

First Eagle Global Income Builder Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEBIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEBRX

This Semi-Annual Shareholder Report contains important information about the Class R6 shares of the Fund, and a material change that occurred for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Income Builder Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$45	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,524,689,685
Number of Portfolio Holdings251
Portfolio Turnover Rate11.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	60.8%
U.S. Treasury Obligations	11.9%
Corporate Bonds	12.0%
Commodities	8.1%
Foreign Government Securities	2.0%
Preferred Stocks	1.6%
Convertible Preferred Stocks	1.3%
Master Limited Partnerships	1.1%
Convertible Bonds	0.3%
Loan Assignments	0.1%
Asset-Backed Securities	0.1%
Short-Term Investments	0.7%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Gold bullion (Precious Metal)	8.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.7%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	2.3%
Nestle SA (Registered) (Food Products, Switzerland)	1.8%
Unilever plc (Personal Care Products, United Kingdom)	1.7%
Power Corp. of Canada (Insurance, Canada)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.6%
KT&G Corp. (Tobacco, South Korea)	1.6%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	1.6%
U.S. Treasury Notes (U.S. Treasury Obligations, United States)	1.5%
Total	24.5%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	0.7%
Others^{Footnote Reference1}	8.2%
Real Estate	5.0%
Materials	5.6%
Information Technology	6.4%
Industrials	6.7%
Energy	6.9%
Health Care	7.3%
Commodities	8.1%
U.S. Treasury Obligations	12.0%
Financials	14.6%
Consumer Staples	18.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States^{Footnote Reference3}	51.7%
United Kingdom	7.5%
Canada	5.9%
South Korea	5.4%
Hong Kong	4.3%
Switzerland	4.0%
Mexico	3.9%
Japan	3.4%
Brazil	2.6%
Netherlands	1.5%
Others^{Footnote Reference4}	9.1%
Short-Term Investments	0.7%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes gold bullion.
Footnote⁴	Includes additional countries outside the top 10 listed above.

Material Fund Changes

First Eagle Global Income Builder Fund changed its name to First Eagle Global Balanced Fund effective May 15, 2026.

First Eagle Global Income Builder Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEBRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEFAX

First Eagle Rising Dividend Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$47	0.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$472,780,719
Number of Portfolio Holdings38
Portfolio Turnover Rate17.75%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.7%
Master Limited Partnerships	3.7%
Short-Term Investments	1.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Alphabet, Inc., Class A (Interactive Media & Services, United States)	8.0%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	6.1%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	4.2%
Comcast Corp., Class A (Diversified Telecommunication Services, United States)	4.1%
Schindler Holding AG (Machinery, Switzerland)	3.8%
Salesforce, Inc. (Software, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.7%
Total	46.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.6%
Real Estate	1.3%
Financials	1.6%
Energy	6.8%
Consumer Discretionary	7.6%
Consumer Staples	8.2%
Industrials	9.8%
Health Care	15.3%
Communication Services	16.3%
Information Technology	31.5%

First Eagle Rising Dividend Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEFAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEAMX

First Eagle Rising Dividend Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$86	1.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$472,780,719
Number of Portfolio Holdings38
Portfolio Turnover Rate17.75%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.7%
Master Limited Partnerships	3.7%
Short-Term Investments	1.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Alphabet, Inc., Class A (Interactive Media & Services, United States)	8.0%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	6.1%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	4.2%
Comcast Corp., Class A (Diversified Telecommunication Services, United States)	4.1%
Schindler Holding AG (Machinery, Switzerland)	3.8%
Salesforce, Inc. (Software, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.7%
Total	46.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.6%
Real Estate	1.3%
Financials	1.6%
Energy	6.8%
Consumer Discretionary	7.6%
Consumer Staples	8.2%
Industrials	9.8%
Health Care	15.3%
Communication Services	16.3%
Information Technology	31.5%

First Eagle Rising Dividend Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEAMX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEAIX

First Eagle Rising Dividend Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$34	0.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$472,780,719
Number of Portfolio Holdings38
Portfolio Turnover Rate17.75%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.7%
Master Limited Partnerships	3.7%
Short-Term Investments	1.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Alphabet, Inc., Class A (Interactive Media & Services, United States)	8.0%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	6.1%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	4.2%
Comcast Corp., Class A (Diversified Telecommunication Services, United States)	4.1%
Schindler Holding AG (Machinery, Switzerland)	3.8%
Salesforce, Inc. (Software, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.7%
Total	46.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.6%
Real Estate	1.3%
Financials	1.6%
Energy	6.8%
Consumer Discretionary	7.6%
Consumer Staples	8.2%
Industrials	9.8%
Health Care	15.3%
Communication Services	16.3%
Information Technology	31.5%

First Eagle Rising Dividend Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEAIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEFRX

First Eagle Rising Dividend Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$34	0.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$472,780,719
Number of Portfolio Holdings38
Portfolio Turnover Rate17.75%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.7%
Master Limited Partnerships	3.7%
Short-Term Investments	1.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Alphabet, Inc., Class A (Interactive Media & Services, United States)	8.0%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	6.1%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea)	4.6%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	4.2%
Comcast Corp., Class A (Diversified Telecommunication Services, United States)	4.1%
Schindler Holding AG (Machinery, Switzerland)	3.8%
Salesforce, Inc. (Software, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.7%
Total	46.7%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.6%
Real Estate	1.3%
Financials	1.6%
Energy	6.8%
Consumer Discretionary	7.6%
Consumer Staples	8.2%
Industrials	9.8%
Health Care	15.3%
Communication Services	16.3%
Information Technology	31.5%

First Eagle Rising Dividend Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEFRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FESAX

First Eagle Small Cap Opportunity Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$68	1.24%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,225,788,811
Number of Portfolio Holdings234
Portfolio Turnover Rate27.33%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.1%
Exchange Traded Funds	0.6%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.3%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	1.2%
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components, United States)	1.2%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	1.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	1.1%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	1.1%
Brookdale Senior Living, Inc. (Health Care Providers & Services, United States)	1.0%
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components, United States)	1.0%
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Oil States International, Inc. (Energy Equipment & Services, United States)	0.9%
ADTRAN Holdings, Inc. (Communications Equipment, United States)	0.9%
Total	10.4%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.3%
Others^{Footnote Reference1}	1.3%
Utilities	0.8%
Real Estate	2.8%
Consumer Staples	3.0%
Energy	6.8%
Consumer Discretionary	9.3%
Financials	9.6%
Health Care	10.2%
Materials	10.2%
Information Technology	19.5%
Industrials	21.2%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.

First Eagle Small Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FESAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FECCX

This Semi-Annual Shareholder Report contains important information about the Class C shares of the Fund for the period of March 27, 2026 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Small Cap Opportunity Fund

What Were the Fund's Costs for the period ended April 30, 2026?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$19	2.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,225,788,811
Number of Portfolio Holdings234
Portfolio Turnover Rate27.33%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.1%
Exchange Traded Funds	0.6%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.3%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	1.2%
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components, United States)	1.2%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	1.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	1.1%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	1.1%
Brookdale Senior Living, Inc. (Health Care Providers & Services, United States)	1.0%
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components, United States)	1.0%
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Oil States International, Inc. (Energy Equipment & Services, United States)	0.9%
ADTRAN Holdings, Inc. (Communications Equipment, United States)	0.9%
Total	10.4%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.3%
Others^{Footnote Reference1}	1.3%
Utilities	0.8%
Real Estate	2.8%
Consumer Staples	3.0%
Energy	6.8%
Consumer Discretionary	9.3%
Financials	9.6%
Health Care	10.2%
Materials	10.2%
Information Technology	19.5%
Industrials	21.2%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.

First Eagle Small Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FECCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FESCX

First Eagle Small Cap Opportunity Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$55	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,225,788,811
Number of Portfolio Holdings234
Portfolio Turnover Rate27.33%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.1%
Exchange Traded Funds	0.6%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.3%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	1.2%
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components, United States)	1.2%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	1.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	1.1%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	1.1%
Brookdale Senior Living, Inc. (Health Care Providers & Services, United States)	1.0%
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components, United States)	1.0%
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Oil States International, Inc. (Energy Equipment & Services, United States)	0.9%
ADTRAN Holdings, Inc. (Communications Equipment, United States)	0.9%
Total	10.4%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.3%
Others^{Footnote Reference1}	1.3%
Utilities	0.8%
Real Estate	2.8%
Consumer Staples	3.0%
Energy	6.8%
Consumer Discretionary	9.3%
Financials	9.6%
Health Care	10.2%
Materials	10.2%
Information Technology	19.5%
Industrials	21.2%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.

First Eagle Small Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FESCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FESRX

First Eagle Small Cap Opportunity Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$51	0.92%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$2,225,788,811
Number of Portfolio Holdings234
Portfolio Turnover Rate27.33%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.1%
Exchange Traded Funds	0.6%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.3%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	1.2%
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components, United States)	1.2%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	1.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	1.1%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	1.1%
Brookdale Senior Living, Inc. (Health Care Providers & Services, United States)	1.0%
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components, United States)	1.0%
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Oil States International, Inc. (Energy Equipment & Services, United States)	0.9%
ADTRAN Holdings, Inc. (Communications Equipment, United States)	0.9%
Total	10.4%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.3%
Others^{Footnote Reference1}	1.3%
Utilities	0.8%
Real Estate	2.8%
Consumer Staples	3.0%
Energy	6.8%
Consumer Discretionary	9.3%
Financials	9.6%
Health Care	10.2%
Materials	10.2%
Information Technology	19.5%
Industrials	21.2%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.

Material Fund Changes

First Eagle Small Cap Opportunity Fund Class R6 changed its expense limitation to 0.87% effective June 17, 2026.

First Eagle Small Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FESRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEMAX

First Eagle U.S. Smid Cap Opportunity Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$67	1.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$69,306,750
Number of Portfolio Holdings76
Portfolio Turnover Rate29.09%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.5%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	2.7%
Onto Innovation, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.6%
Flex Ltd. (Electronic Equipment, Instruments & Components, United States)	2.6%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.3%
nVent Electric plc (Electrical Equipment, United States)	2.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	2.1%
Entegris, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.0%
Coherent Corp. (Electronic Equipment, Instruments & Components, United States)	2.0%
Fabrinet (Electronic Equipment, Instruments & Components, Thailand)	2.0%
Littelfuse, Inc. (Electronic Equipment, Instruments & Components, United States)	2.0%
Total	22.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Utilities	1.0%
Real Estate	3.7%
Consumer Staples	4.0%
Energy	5.0%
Materials	5.2%
Consumer Discretionary	7.8%
Financials	7.9%
Health Care	9.4%
Industrials	25.0%
Information Technology	25.5%

First Eagle U.S. Smid Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEMAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FESMX

First Eagle U.S. Smid Cap Opportunity Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$53	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$69,306,750
Number of Portfolio Holdings76
Portfolio Turnover Rate29.09%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.5%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	2.7%
Onto Innovation, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.6%
Flex Ltd. (Electronic Equipment, Instruments & Components, United States)	2.6%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.3%
nVent Electric plc (Electrical Equipment, United States)	2.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	2.1%
Entegris, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.0%
Coherent Corp. (Electronic Equipment, Instruments & Components, United States)	2.0%
Fabrinet (Electronic Equipment, Instruments & Components, Thailand)	2.0%
Littelfuse, Inc. (Electronic Equipment, Instruments & Components, United States)	2.0%
Total	22.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Utilities	1.0%
Real Estate	3.7%
Consumer Staples	4.0%
Energy	5.0%
Materials	5.2%
Consumer Discretionary	7.8%
Financials	7.9%
Health Care	9.4%
Industrials	25.0%
Information Technology	25.5%

First Eagle U.S. Smid Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FESMX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEXRX

First Eagle U.S. Smid Cap Opportunity Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$53	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$69,306,750
Number of Portfolio Holdings76
Portfolio Turnover Rate29.09%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	94.5%
Short-Term Investments	5.5%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Silicon Motion Technology Corp., ADR (Semiconductors & Semiconductor Equipment, Taiwan)	2.7%
Onto Innovation, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.6%
Flex Ltd. (Electronic Equipment, Instruments & Components, United States)	2.6%
Ultra Clean Holdings, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.3%
nVent Electric plc (Electrical Equipment, United States)	2.1%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	2.1%
Entegris, Inc. (Semiconductors & Semiconductor Equipment, United States)	2.0%
Coherent Corp. (Electronic Equipment, Instruments & Components, United States)	2.0%
Fabrinet (Electronic Equipment, Instruments & Components, Thailand)	2.0%
Littelfuse, Inc. (Electronic Equipment, Instruments & Components, United States)	2.0%
Total	22.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	5.5%
Utilities	1.0%
Real Estate	3.7%
Consumer Staples	4.0%
Energy	5.0%
Materials	5.2%
Consumer Discretionary	7.8%
Financials	7.9%
Health Care	9.4%
Industrials	25.0%
Information Technology	25.5%

First Eagle U.S. Smid Cap Opportunity Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEXRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FERAX

First Eagle Global Real Assets Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$60	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$27,997,921
Number of Portfolio Holdings69
Portfolio Turnover Rate30.57%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	91.8%
Master Limited Partnerships	4.4%
Commodities	1.7%
Exchange Traded Funds	0.8%
Short-Term Investments	1.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	3.5%
SK Square Co. Ltd. (Industrial Conglomerates, South Korea)	3.5%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.0%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	2.9%
Noble Corp. plc (Energy Equipment & Services, United States)	2.5%
CK Asset Holdings Ltd. (Real Estate Management & Development, Hong Kong)	2.3%
NAC Kazatomprom JSC, GDR (Oil, Gas & Consumable Fuels, Kazakhstan)	2.2%
NGEx Minerals Ltd. (Metals & Mining, Canada)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.2%
Total	27.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (1.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.3%
Others^{Footnote Reference1}	1.5%
Health Care	1.5%
Commodities	1.7%
Consumer Discretionary	2.0%
Consumer Staples	2.1%
Utilities	4.1%
Information Technology	4.9%
Industrials	14.0%
Real Estate	16.5%
Energy	19.6%
Materials	30.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States	35.8%
Canada	19.8%
Mexico	7.5%
United Kingdom	6.9%
China	4.3%
Hong Kong	4.3%
South Korea	4.1%
Japan	3.4%
Australia	2.2%
Kazakhstan	2.2%
Others^{Footnote Reference3}	8.2%
Short-Term Investments	1.3%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes additional countries outside the top 10 listed above.

First Eagle Global Real Assets Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FERAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEREX

First Eagle Global Real Assets Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$47	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$27,997,921
Number of Portfolio Holdings69
Portfolio Turnover Rate30.57%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	91.8%
Master Limited Partnerships	4.4%
Commodities	1.7%
Exchange Traded Funds	0.8%
Short-Term Investments	1.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	3.5%
SK Square Co. Ltd. (Industrial Conglomerates, South Korea)	3.5%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.0%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	2.9%
Noble Corp. plc (Energy Equipment & Services, United States)	2.5%
CK Asset Holdings Ltd. (Real Estate Management & Development, Hong Kong)	2.3%
NAC Kazatomprom JSC, GDR (Oil, Gas & Consumable Fuels, Kazakhstan)	2.2%
NGEx Minerals Ltd. (Metals & Mining, Canada)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.2%
Total	27.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (1.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.3%
Others^{Footnote Reference1}	1.5%
Health Care	1.5%
Commodities	1.7%
Consumer Discretionary	2.0%
Consumer Staples	2.1%
Utilities	4.1%
Information Technology	4.9%
Industrials	14.0%
Real Estate	16.5%
Energy	19.6%
Materials	30.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States	35.8%
Canada	19.8%
Mexico	7.5%
United Kingdom	6.9%
China	4.3%
Hong Kong	4.3%
South Korea	4.1%
Japan	3.4%
Australia	2.2%
Kazakhstan	2.2%
Others^{Footnote Reference3}	8.2%
Short-Term Investments	1.3%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes additional countries outside the top 10 listed above.

First Eagle Global Real Assets Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEREX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FERRX

First Eagle Global Real Assets Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$47	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$27,997,921
Number of Portfolio Holdings69
Portfolio Turnover Rate30.57%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Common Stocks	91.8%
Master Limited Partnerships	4.4%
Commodities	1.7%
Exchange Traded Funds	0.8%
Short-Term Investments	1.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Table Summary
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	3.5%
SK Square Co. Ltd. (Industrial Conglomerates, South Korea)	3.5%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	3.0%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.9%
Wheaton Precious Metals Corp. (Metals & Mining, Canada)	2.9%
Noble Corp. plc (Energy Equipment & Services, United States)	2.5%
CK Asset Holdings Ltd. (Real Estate Management & Development, Hong Kong)	2.3%
NAC Kazatomprom JSC, GDR (Oil, Gas & Consumable Fuels, Kazakhstan)	2.2%
NGEx Minerals Ltd. (Metals & Mining, Canada)	2.2%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.2%
Total	27.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (1.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Table Summary
Value	Value
Short-Term Investments	1.3%
Others^{Footnote Reference1}	1.5%
Health Care	1.5%
Commodities	1.7%
Consumer Discretionary	2.0%
Consumer Staples	2.1%
Utilities	4.1%
Information Technology	4.9%
Industrials	14.0%
Real Estate	16.5%
Energy	19.6%
Materials	30.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Table Summary
United States	35.8%
Canada	19.8%
Mexico	7.5%
United Kingdom	6.9%
China	4.3%
Hong Kong	4.3%
South Korea	4.1%
Japan	3.4%
Australia	2.2%
Kazakhstan	2.2%
Others^{Footnote Reference3}	8.2%
Short-Term Investments	1.3%

Footnote	Description
Footnote¹	Includes additional sectors outside the top 10 listed above.
Footnote²	Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated.
Footnote³	Includes additional countries outside the top 10 listed above.

First Eagle Global Real Assets Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FERRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEHAX

First Eagle High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$65	1.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$7,289,314,846
Number of Portfolio Holdings1,681
Portfolio Turnover Rate32.69%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Corporate Bonds	0.0%^{Footnote Reference2}
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	2.0%
AA	16.3%
A	3.0%
BBB	4.9%
BB or lower	6.3%
N/R (Not Rated)	67.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Less than 0.05%.
Footnote³	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FEHAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEHCX

First Eagle High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$102	2.05%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$7,289,314,846
Number of Portfolio Holdings1,681
Portfolio Turnover Rate32.69%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Corporate Bonds	0.0%^{Footnote Reference2}
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	2.0%
AA	16.3%
A	3.0%
BBB	4.9%
BB or lower	6.3%
N/R (Not Rated)	67.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Less than 0.05%.
Footnote³	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FEHCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEHIX

First Eagle High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$54	1.08%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$7,289,314,846
Number of Portfolio Holdings1,681
Portfolio Turnover Rate32.69%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Corporate Bonds	0.0%^{Footnote Reference2}
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	2.0%
AA	16.3%
A	3.0%
BBB	4.9%
BB or lower	6.3%
N/R (Not Rated)	67.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Less than 0.05%.
Footnote³	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FEHIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEHRX

First Eagle High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$49	0.99%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$7,289,314,846
Number of Portfolio Holdings1,681
Portfolio Turnover Rate32.69%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Corporate Bonds	0.0%^{Footnote Reference2}
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	2.0%
AA	16.3%
A	3.0%
BBB	4.9%
BB or lower	6.3%
N/R (Not Rated)	67.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Less than 0.05%.
Footnote³	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FEHRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FDUAX

First Eagle Short Duration High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$43	0.87%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,910,593,921
Number of Portfolio Holdings813
Portfolio Turnover Rate44.54%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	99.3%^{Footnote Reference1}
Corporate Bonds	0.7%
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	0.3%
AA	6.9%
A	3.7%
BBB	10.1%
BB or lower	13.6%
N/R (Not Rated)	65.4%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FDUAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FDYCX

First Eagle Short Duration High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$81	1.62%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,910,593,921
Number of Portfolio Holdings813
Portfolio Turnover Rate44.54%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	99.3%^{Footnote Reference1}
Corporate Bonds	0.7%
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	0.3%
AA	6.9%
A	3.7%
BBB	10.1%
BB or lower	13.6%
N/R (Not Rated)	65.4%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FDYCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FDUIX

First Eagle Short Duration High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$32	0.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,910,593,921
Number of Portfolio Holdings813
Portfolio Turnover Rate44.54%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	99.3%^{Footnote Reference1}
Corporate Bonds	0.7%
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	0.3%
AA	6.9%
A	3.7%
BBB	10.1%
BB or lower	13.6%
N/R (Not Rated)	65.4%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FDUIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FDURX

First Eagle Short Duration High Yield Municipal Fund

What Were the Fund's Costs for the Last Six Months?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$28	0.56%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,910,593,921
Number of Portfolio Holdings813
Portfolio Turnover Rate44.54%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	99.3%^{Footnote Reference1}
Corporate Bonds	0.7%
Warrants	0.0%
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	0.3%
AA	6.9%
A	3.7%
BBB	10.1%
BB or lower	13.6%
N/R (Not Rated)	65.4%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FDURX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class A | FPMAX

This Semi-Annual Shareholder Report contains important information about the Class A shares of the Fund for the period of November 20, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Core Plus Municipal Fund

What Were the Fund's Costs for the Period Ended April 30, 2026?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$28	0.63%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$19,844,752
Number of Portfolio Holdings126
Portfolio Turnover Rate76.41%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	4.5%
AA	21.9%
A	17.4%
BBB	9.0%
BB or lower	4.1%
N/R (Not Rated)	43.1%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Core Plus Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class A | FPMAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class C | FPLCX

This Semi-Annual Shareholder Report contains important information about the Class C shares of the Fund for the period of November 20, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Core Plus Municipal Fund

What Were the Fund's Costs for the Period Ended April 30, 2026?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$62	1.38%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$19,844,752
Number of Portfolio Holdings126
Portfolio Turnover Rate76.41%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	4.5%
AA	21.9%
A	17.4%
BBB	9.0%
BB or lower	4.1%
N/R (Not Rated)	43.1%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Core Plus Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class C | FPLCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class I | FPMMX

This Semi-Annual Shareholder Report contains important information about the Class I shares of the Fund for the period of November 20, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Core Plus Municipal Fund

What Were the Fund's Costs for the Period Ended April 30, 2026?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$17	0.38%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$19,844,752
Number of Portfolio Holdings126
Portfolio Turnover Rate76.41%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	4.5%
AA	21.9%
A	17.4%
BBB	9.0%
BB or lower	4.1%
N/R (Not Rated)	43.1%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Core Plus Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class I | FPMMX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FPCPX

This Semi-Annual Shareholder Report contains important information about the Class R6 shares of the Fund for the period of December 12, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Core Plus Municipal Fund

What Were the Fund's Costs for the Period Ended April 30, 2026?

Based on a Hypothetical $10,000 Investment

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$15	0.40%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$19,844,752
Number of Portfolio Holdings126
Portfolio Turnover Rate76.41%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Table Summary
Value	Value
Municipal Bonds	100.0%^{Footnote Reference1}
Short-Term Investments	0.0%^{Footnote Reference2}^{Footnote Reference3}

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

Table Summary
AAA	4.5%
AA	21.9%
A	17.4%
BBB	9.0%
BB or lower	4.1%
N/R (Not Rated)	43.1%
N/A (not applicable)	0.0%^{Footnote Reference3}

Footnote	Description
Footnote¹	Total investments include the Fund’s assets attributable to financial leverage. Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for the Fund.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Less than 0.05%.
Footnote⁴	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BBB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

First Eagle Core Plus Municipal Fund

April 30, 2026

Semi-Annual Shareholder Report

Class R6 | FPCPX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

Item 3. Audit Committee Financial Expert.

Not applicable to this semiannual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semiannual report.

Item 5. Audit Committee of Listed Registrants

Not applicable to this report.

Item 6. Investments.

Please see the schedule of investments contained under Item 7 of this Form N-CSR.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Semiannual Report

April 30, 2026

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. 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

First Eagle Short Duration High Yield Municipal Fund

First Eagle Core Plus Municipal Fund

*First Eagle Global Income Builder Fund changed its name to First Eagle Global Balanced Fund effective May 15, 2026.

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

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

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 83.8%
	Belgium — 0.7%
	Groupe Bruxelles Lambert NV	5,962,634	557,006,492
	Brazil — 1.3%
	Ambev SA, ADR	166,791,911	487,032,380
	Itausa SA (Preference)	170,694,647	479,839,551
966,871,931
	Canada — 5.1%
	Agnico Eagle Mines Ltd.	1,999,447	375,984,648
	Barrick Mining Corp.	8,831,179	347,418,582
	Franco-Nevada Corp.	2,427,224	559,976,042
	Imperial Oil Ltd.	6,867,104	919,894,169
	Nutrien Ltd.	4,777,887	363,119,412
	Power Corp. of Canada	10,763,570	600,480,977
	Wheaton Precious Metals Corp.	5,348,148	676,326,796
3,843,200,626
	China — 2.0%
	Alibaba Group Holding Ltd.	31,743,592	523,166,583
	Prosus NV	20,090,785	972,655,401
1,495,821,984
	France — 3.9%
	Danone SA	6,223,910	487,631,219
	Dassault Systemes SE	38,890,364	876,340,600
	Legrand SA	1,813,338	324,884,214
	LVMH Moet Hennessy Louis Vuitton SE	1,880,097	1,004,365,638
	Pluxee NV	1,724,952	24,510,955
	Sodexo SA	2,131,829	108,432,405
	Wendel SE	867,489	85,962,825
2,912,127,856
	Germany — 1.5%
	Brenntag SE	1,126,149	82,011,793
	Henkel AG & Co. KGaA (Preference)	3,516,726	255,905,344
	Merck KGaA	6,071,389	786,167,102
1,124,084,239

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Hong Kong — 2.2%
	AIA Group Ltd.	41,248,000	452,852,297
	CK Asset Holdings Ltd.	54,929,000	346,011,820
	Guoco Group Ltd. (a)	12,748,580	112,307,950
	Hongkong Land Holdings Ltd.	31,759,300	251,090,258
	Jardine Matheson Holdings Ltd.	7,051,271	480,701,316
1,642,963,641
	Japan — 6.4%
	Chofu Seisakusho Co. Ltd.	736,500	9,371,724
	FANUC Corp.	12,514,500	552,804,331
	Hirose Electric Co. Ltd.	1,585,215	220,376,105
	Hoshizaki Corp.	6,107,800	198,592,468
	Keyence Corp.	1,258,300	577,139,334
	Mitsubishi Electric Corp.	8,365,600	335,719,820
	MS&AD Insurance Group Holdings, Inc.	23,189,560	596,298,437
	Secom Co. Ltd.	12,674,260	464,694,532
	Shimano, Inc. (b)	4,397,890	461,404,104
	SMC Corp.	1,831,956	900,849,601
	Sompo Holdings, Inc.	11,283,000	419,901,562
	T Hasegawa Co. Ltd. (b)	3,002,800	55,382,456
	USS Co. Ltd.	2,597,200	28,119,536
4,820,654,010
	Mexico — 2.7%
	Fomento Economico Mexicano SAB de CV, ADR	6,677,092	789,499,358
	Fresnillo plc	2,530,326	111,731,066
	Grupo Mexico SAB de CV, Series B	35,426,045	387,752,801
	Industrias Penoles SAB de CV*	2,256,672	113,773,422
	Wal-Mart de Mexico SAB de CV	195,791,006	617,237,353
2,019,994,000
	Netherlands — 1.1%
	Heineken Holding NV	3,269,505	232,334,326
	Heineken NV	3,154,853	245,604,810
	Magnum Ice Cream Co. NV (The)*	12,312,089	179,759,036
	Universal Music Group NV	7,867,984	164,972,804
822,670,976

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Norway — 0.3%
	Orkla ASA	16,166,787	199,401,519
	South Korea — 3.9%
	Hyundai Mobis Co. Ltd.	772,734	223,489,314
	KT&G Corp.	5,242,098	630,168,604
	NAVER Corp.	1,857,627	266,833,691
	Samsung Electronics Co. Ltd. (Preference)	12,016,075	1,296,942,180
	Samsung Life Insurance Co. Ltd.	2,942,770	500,504,356
2,917,938,145
	Sweden — 1.0%
	Investor AB, Class A	3,193,610	127,822,871
	Investor AB, Class B	11,255,824	456,824,166
	Svenska Handelsbanken AB, Class A	10,429,006	148,195,475
732,842,512
	Switzerland — 3.0%
	Cie Financiere Richemont SA (Registered)	4,111,323	789,034,426
	Nestle SA (Registered)	7,965,535	806,427,928
	Schindler Holding AG	1,583,092	553,478,367
	Schindler Holding AG (Registered)	211,870	70,942,804
2,219,883,525
	Taiwan — 1.0%
	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	1,820,692	721,103,273
	Thailand — 0.3%
	Bangkok Bank PCL, NVDR	40,367,500	201,407,604
	United Kingdom — 7.5%
	Berkeley Group Holdings plc* (b)	6,528,960	284,267,466
	British American Tobacco plc	20,248,964	1,192,559,300
	Derwent London plc, REIT	4,966,240	116,193,776
	Diageo plc	25,584,133	517,295,537
	Haleon plc	113,175,295	522,628,971
	Lloyds Banking Group plc	332,182,803	451,537,101
	Reckitt Benckiser Group plc	9,569,687	608,906,050
	RELX plc	10,809,887	394,197,187
	Rentokil Initial plc	8,558,692	57,700,661
	Shell plc	17,526,038	791,312,950

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	United Kingdom — 7.5% (continued)
	Unilever plc	11,461,692	671,208,495
5,607,807,494
	United States — 39.9%
	Alphabet, Inc., Class A	794,674	305,790,555
	Alphabet, Inc., Class C	5,094,822	1,945,916,315
	American Express Co.	1,190,268	384,516,077
	Automatic Data Processing, Inc.	3,481,213	737,808,283
	Bank of New York Mellon Corp. (The)	6,465,056	868,709,575
	Becton Dickinson & Co.	8,058,756	1,201,076,994
	Berkshire Hathaway, Inc., Class A*	434	308,964,600
	Bio-Rad Laboratories, Inc., Class A*	1,878,739	526,272,369
	Brown & Brown, Inc.	6,318,410	380,052,361
	BXP, Inc., REIT	6,565,788	383,835,966
	Carlisle Cos., Inc.	635,394	225,730,072
	CH Robinson Worldwide, Inc.	3,550,252	645,471,316
	Charter Communications, Inc., Class A*	2,556,040	422,181,127
	Colgate-Palmolive Co.	5,342,322	456,020,606
	Comcast Corp., Class A	24,979,449	675,444,301
	Cullen/Frost Bankers, Inc.	1,742,359	252,520,090
	Cummins, Inc.	541,374	363,267,368
	Deere & Co.	381,724	225,167,536
	Dentsply Sirona, Inc.	7,421,220	87,199,335
	Dollar General Corp.	3,185,579	369,144,895
	Douglas Emmett, Inc., REIT (b)	9,162,021	99,041,447
	Elevance Health, Inc.	2,844,869	1,070,865,589
	Equity Residential, REIT	6,189,955	404,699,258
	Expeditors International of Washington, Inc.	4,060,640	600,528,050
	Extra Space Storage, Inc., REIT	2,675,387	383,463,219
	Exxon Mobil Corp.	4,275,095	659,775,411
	Ferguson Enterprises, Inc.	444,071	118,882,247
	Fidelity National Financial, Inc.	6,244,032	326,562,874
	Fiserv, Inc.*	5,807,366	363,831,480
	HCA Healthcare, Inc.	2,185,757	949,602,129
	International Flavors & Fragrances, Inc.	6,578,172	461,787,674

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	United States — 39.9% (continued)
	IPG Photonics Corp.* (b)	3,102,485	368,947,516
	JG Boswell Co.	2,485	1,334,445
	Medtronic plc	6,658,084	539,105,061
	Meta Platforms, Inc., Class A	2,286,474	1,399,116,305
	Microsoft Corp.	957,189	390,322,530
	Mills Music Trust (b)	31,592	695,024
	Newmont Corp.	4,670,093	518,800,631
	Noble Corp. plc (b)	9,907,985	505,604,475
	NOV, Inc. (b)	21,344,615	436,710,823
	Omnicom Group, Inc.	5,155,511	395,530,804
	ONEOK, Inc.	8,222,844	760,284,156
	Oracle Corp.	5,975,801	964,434,523
	Philip Morris International, Inc.	4,267,398	704,419,388
	PPG Industries, Inc.	4,627,995	502,137,458
	Salesforce, Inc.	4,176,022	737,193,164
	SLB Ltd.	20,475,698	1,164,657,702
	Texas Instruments, Inc.	1,747,687	491,239,862
	Universal Health Services, Inc., Class B	3,108,317	523,036,502
	US Bancorp	5,965,007	337,977,297
	Walt Disney Co. (The)	3,788,080	393,013,300
	Warrior Met Coal, Inc.	1,381,912	124,164,793
	Waters Corp.*	1,090,697	337,276,233
	Weyerhaeuser Co., REIT	32,981,865	808,715,330
	Willis Towers Watson plc	2,511,169	643,361,498
	Workday, Inc., Class A*	5,355,997	655,574,033
29,907,781,972
	Total Common Stocks (Cost $40,634,883,117)		62,713,561,799

	Ounces
Commodities — 10.4%
Gold bullion* (Cost $1,570,176,332)	1,680,206	7,756,367,001

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Corporate Bonds — 0.0% (c)
United States — 0.0% (c)
Bausch & Lomb, Inc. 7.13%, 08/01/2028‡ (Cost $5,303,341)	5,467,000	5,309,824
Short-Term Investments — 5.6%
Commercial Paper — 5.3%
Aes Corp. (The) 4.02%, 05/01/2026 (d)(e)	88,727,000	88,717,071
Amazon.com, Inc. 3.63%, 06/08/2026 (d)	100,000,000	99,604,260
3.64%, 06/09/2026 (d)	100,000,000	99,594,070
BASF Agro Trademarks GmbH 3.99%, 06/01/2026 (d)(e)	100,000,000	99,644,920
Cargill, Inc. 3.63%, 05/01/2026 (d)(e)	47,993,000	47,988,158
Chevron Corp. 3.74%, 05/15/2026 (d)(e)	70,000,000	69,893,719
3.66%, 05/26/2026 (d)(e)	2,000,000	1,994,709
Cisco Systems, Inc. 3.69%, 05/04/2026 (d)(e)	86,667,000	86,632,082
3.69%, 05/05/2026 (d)(e)	86,667,000	86,623,337
3.66%, 05/12/2026 (d)(e)	75,000,000	74,909,033
3.64%, 05/13/2026 (d)(e)	13,750,000	13,731,924
3.68%, 05/27/2026 (d)(e)	52,000,000	51,856,683
Engie SA 3.74%, 05/19/2026 (d)(e)	75,000,000	74,850,787
3.76%, 05/29/2026 (d)(e)	45,000,000	44,863,668
3.76%, 06/02/2026 (d)(e)	50,000,000	49,827,345
3.80%, 06/04/2026 (d)(e)	62,500,000	62,270,819
3.80%, 06/05/2026 (d)(e)	62,500,000	62,264,125
3.83%, 07/06/2026 (d)(e)	75,000,000	74,464,748
3.87%, 07/20/2026 (d)(e)	70,000,000	69,394,570
3.86%, 07/21/2026 (d)(e)	71,429,000	70,803,475
3.87%, 07/24/2026 (d)(e)	30,000,000	29,727,528
Erste Abwicklungsanstalt 3.70%, 05/20/2026 (d)(e)	75,000,000	74,844,765

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Commercial Paper — 5.3% (continued)
General Motors Financial Co., Inc. 3.85%, 05/01/2026 (d)(e)	72,191,000	72,183,239
Hydro-Quebec 3.68%, 05/29/2026 (d)(e)	75,000,000	74,777,235
3.74%, 07/22/2026 (d)(e)	53,571,000	53,114,955
Johnson & Johnson 3.63%, 05/07/2026 (d)(e)	102,000,000	101,928,406
3.62%, 05/12/2026 (d)(e)	75,000,000	74,909,535
3.62%, 05/13/2026 (d)(e)	100,000,000	99,869,260
3.69%, 05/28/2026 (d)(e)	65,000,000	64,815,647
3.74%, 06/23/2026 (d)(e)	100,000,000	99,452,200
3.70%, 06/29/2026 (d)(e)	40,000,000	39,756,668
Kreditanstalt fuer Wiederaufbau 3.65%, 05/06/2026 (d)(e)	100,000,000	99,938,860
3.65%, 05/21/2026 (d)(e)	50,000,000	49,894,415
3.79%, 06/16/2026 (d)(e)	45,000,000	44,784,562
3.77%, 06/22/2026 (d)(e)	41,250,000	41,026,941
Oracle Corp. 4.18%, 05/04/2026 (d)(e)	70,000,000	69,968,430
PepsiCo, Inc. 3.64%, 05/27/2026 (d)(e)	5,000,000	4,986,332
Philip Morris International, Inc. 3.76%, 05/08/2026 (d)(e)	100,000,000	99,917,990
3.76%, 05/14/2026 (d)(e)	100,000,000	99,856,370
3.76%, 05/15/2026 (d)(e)	50,000,000	49,923,045
3.76%, 05/18/2026 (d)(e)	50,000,000	49,907,520
3.76%, 05/21/2026 (d)(e)	81,018,000	80,842,928
3.76%, 05/22/2026 (d)(e)	100,000,000	99,773,520
3.76%, 05/26/2026 (d)(e)	30,000,000	29,919,552
3.76%, 05/27/2026 (d)(e)	41,018,000	40,903,720
3.74%, 06/02/2026 (d)(e)	50,000,000	49,829,455
3.81%, 06/16/2026 (d)(e)	33,750,000	33,585,897
3.81%, 06/17/2026 (d)(e)	100,000,000	99,503,470
Province of Quebec Canada 3.74%, 07/23/2026 (d)(e)	70,000,000	69,400,240
3.71%, 07/24/2026 (d)(e)	45,000,000	44,609,886

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Commercial Paper — 5.3% (continued)
PSP Capital, Inc. 3.69%, 05/26/2026 (d)(e)	27,500,000	27,426,149
3.69%, 05/28/2026 (d)(e)	50,000,000	49,855,365
3.79%, 08/24/2026 (d)(e)	55,110,000	54,439,234
Saudi Arabian Oil Co. 3.72%, 05/05/2026 (d)	70,000,000	69,963,789
3.74%, 05/08/2026 (d)	90,000,000	89,925,363
3.74%, 05/11/2026 (d)	90,000,000	89,897,238
3.72%, 05/18/2026 (d)	45,000,000	44,915,530
3.96%, 07/28/2026 (d)	94,891,000	93,974,220
3.96%, 08/03/2026 (d)	75,000,000	74,227,463
3.97%, 08/05/2026 (d)	15,000,000	14,842,349
TotalEnergies Capital SA 3.85%, 06/15/2026 (d)(e)	70,000,000	69,660,885
Western Union Co. (The) 3.85%, 05/01/2026 (d)(e)	40,330,000	40,325,673
Total Commercial Paper (Cost $3,993,758,040)		3,993,335,332
U.S. Treasury Obligations — 0.3%
U.S. Treasury Bills 3.75%, 05/14/2026 (d)	40,000,000	39,948,253
3.54%, 06/18/2026 (d)	40,000,000	39,807,567
3.58%, 08/06/2026 (d)	60,000,000	59,419,253
3.63%, 09/17/2026 (d)	40,000,000	39,444,927
3.65%, 10/29/2026 (d)(f)	50,000,000	49,101,284
Total U.S. Treasury Obligations (Cost $227,741,914)		227,721,284

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

Investment Companies — 0.0% (c)
JPMorgan US Government Money Market Fund 3.61% (g) (Cost $437,805)	437,805	437,805
Total Short-Term Investments (Cost $4,221,937,759)		4,221,494,421
Total Investments — 99.8% (Cost $46,432,300,549)		74,696,733,045
Other Assets Less Liabilities — 0.2%		170,055,242
Net Assets — 100.0%		74,866,788,287

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. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $112,307,950, which represents approximately 0.15% of net assets of the Fund.

		Restricted Securities	Acquisition Date		Cost	Carrying Value Per Share/Principal
	Guoco Group Ltd.		03/22/04 - 12/29/20		$115,604,847.20	$8.81

(b)

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

(c)

Represents less than 0.05% of net assets.

(d)

The rate shown was the current yield as of April 30, 2026.

(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 April 30, 2026 amounted to $3,316,391,050, which represents approximately 4.43% 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 7-day effective yield as of April 30, 2026.

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	29,989,445,496
Aggregate gross unrealized depreciation		(1,712,926,362	)
Net unrealized appreciation	$	28,276,519,134
Federal income tax cost of investments	$	46,432,300,549

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2026

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
	GBP	19,337,505	USD	26,259,945	JPMorgan Chase Bank	05/05/2026		$	53,537
	EUR	362,389,000	USD	423,697,971	Goldman Sachs	05/07/2026			1,679,517
	GBP	61,590,000	USD	82,963,263	Goldman Sachs	05/07/2026			845,065
	JPY	20,552,420,000	USD	130,849,627	Goldman Sachs	05/07/2026			462,806
	USD	428,477,882	EUR	362,389,000	Goldman Sachs	05/07/2026			3,100,394
	USD	132,942,337	JPY	20,552,420,000	Goldman Sachs	05/07/2026			1,629,904
	USD	508,845,287	EUR	425,091,000	JPMorgan Chase Bank	06/03/2026			9,210,329
	USD	84,703,074	GBP	61,532,000	JPMorgan Chase Bank	06/03/2026			976,113
	USD	503,965,870	EUR	425,091,000	UBS AG	07/08/2026			3,552,925
	USD	291,693,869	EUR	246,734,000	Bank of New York Mellon	08/05/2026			916,962
	USD	74,227,255	EUR	62,702,000	Goldman Sachs	09/02/2026			260,974
	Total unrealized appreciation								22,688,526
	USD	82,995,605	GBP	61,590,000	Goldman Sachs	05/07/2026			(812,724	)
	USD	261,058	JPY	40,899,959	JPMorgan Chase Bank	05/07/2026			(258	)
	USD	12,380,512	GBP	9,139,000	JPMorgan Chase Bank	06/03/2026			(54,980	)
	USD	116,803,071	JPY	18,430,123,000	JPMorgan Chase Bank	06/03/2026			(1,238,256	)
	USD	117,061,992	JPY	18,430,123,000	UBS AG	07/08/2026			(1,313,969	)
	USD	208,067,709	EUR	178,357,000	Bank of New York Mellon	08/05/2026			(2,126,658	)
	USD	117,228,037	JPY	18,430,123,000	Bank of New York Mellon	08/05/2026			(1,424,413	)
	USD	379,615,474	EUR	323,132,000	Goldman Sachs	09/02/2026			(1,566,501	)
	USD	86,370,090	GBP	64,006,000	Goldman Sachs	09/02/2026			(657,027	)
	USD	117,518,814	JPY	18,430,123,000	Goldman Sachs	09/02/2026			(1,407,102	)
	Total unrealized depreciation								(10,601,888	)
	Net unrealized appreciation							$	12,086,638

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

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Air Freight & Logistics	1.7	%
Automobile Components	0.3
Banks	2.4
Beverages	3.1
Broadline Retail	2.0
Building Products	0.3
Capital Markets	1.2
Chemicals	1.9
Commercial Services & Supplies	0.7
Commodities	10.4
Consumer Finance	0.5
Consumer Staples Distribution & Retail	1.3
Diversified Telecommunication Services	0.9
Electrical Equipment	0.8
Electronic Equipment, Instruments & Components	1.6
Energy Equipment & Services	2.8
Entertainment	0.7
Financial Services	2.5
Food Products	2.4
Health Care Equipment & Supplies	2.4
Health Care Providers & Services	3.4
Hotels, Restaurants & Leisure	0.2
Household Durables	0.4
Household Products	1.7
Industrial Conglomerates	0.8
Insurance	5.3
Interactive Media & Services	5.3
Leisure Products	0.6
Life Sciences Tools & Services	1.1
Machinery	3.8
Media	1.1
Metals & Mining	4.3
Office REITs	0.7
Oil, Gas & Consumable Fuels	4.2
Personal Care Products	0.9
Pharmaceuticals	1.8
Professional Services	1.5
Real Estate Management & Development	0.8
Residential REITs	0.5
Semiconductors & Semiconductor Equipment	1.7
Software	4.9
Specialized REITs	1.6
Specialty Retail	0.0	*
Technology Hardware, Storage & Peripherals	1.7
Textiles, Apparel & Luxury Goods	2.4
Tobacco	3.3
Trading Companies & Distributors	0.3
Short-Term Investments	5.6
Total Investments	99.8	%

Represents less than 0.05% of net assets.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Affiliated Securities

	Security Description	Market Value October 31, 2025				Purchases at Cost			Proceeds from Sales		Net Realized Gains (Loss)
	Common Stocks — 4.0%
	Japan — 0.7%
	Chofu Seisakusho Co. Ltd.^		$		26,654,002		$		—	$	(17,613,572	)	$	(6,417,621	)
	Shimano, Inc.				460,748,849				—		—			—
	T Hasegawa Co. Ltd.				52,610,563				—		—			—
540,013,414									—		(17,613,572	)		(6,417,621	)
	United Kingdom — 0.4%
	Berkeley Group Holdings plc*				345,869,867				—		—			—
	United States — 2.9%
	CH Robinson Worldwide, Inc.^				1,165,095,270				—		(730,808,175	)		427,720,586
	Dentsply Sirona, Inc.^				131,597,695				—		(35,590,560	)		(106,329,606	)
	Douglas Emmett, Inc., REIT				118,556,552				—		—			—
	IPG Photonics Corp.*				282,581,546				—		(27,669,212	)		(11,389,251	)
	Mills Music Trust				758,208				—		—			—
	Noble Corp. plc				268,309,482				25,908,804		—			—
	NOV, Inc.				412,527,030				—		(136,934,179	)		(146,450,597	)
2,379,425,783								25,908,804			(931,002,126	)		163,551,132
	Total Common Stocks			3,265,309,064				25,908,804			(948,615,698	)		157,133,511
	Total		$	3,265,309,064			$	25,908,804		$	(948,615,698	)	$	157,133,511

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Affiliated Securities (continued)

Security Description	Change in Unrealized Appreciation/ Depreciation	Market Value April 30, 2026	Shares at April 30, 2026	Dividend Income
Common Stocks — 4.0%
Japan — 0.7%

	Chofu Seisakusho Co. Ltd.^	$		6,748,915		$		9,371,724	736,500	$	222,153
	Shimano, Inc.			655,255				461,404,104	4,397,890		4,298,562
	T Hasegawa Co. Ltd.			2,771,893				55,382,456	3,002,800		846,124
10,176,063								526,158,284	8,137,190		5,366,839
	United Kingdom — 0.4%
	Berkeley Group Holdings plc*			(61,602,401	)			284,267,466	6,528,960		—
	United States — 2.9%
	CH Robinson Worldwide, Inc.^		(216,536,365		)			645,471,316	3,550,252		7,131,057
	Dentsply Sirona, Inc.^			97,521,806				87,199,335	7,421,220		1,669,757
	Douglas Emmett, Inc., REIT			(19,515,105	)			99,041,447	9,162,021		3,481,568
	IPG Photonics Corp.*			125,424,433				368,947,516	3,102,485		—
	Mills Music Trust			(63,184	)			695,024	31,592		113,543
	Noble Corp. plc			211,386,189				505,604,475	9,907,985		9,524,853
	NOV, Inc.			307,568,569				436,710,823	21,344,615		4,489,745
505,786,343							2,143,669,936		54,520,170		26,410,523
	Total Common Stocks			454,360,005			2,954,095,686		69,186,320		31,777,362
	Total	$		454,360,005		$	2,954,095,686		69,186,320	$	31,777,362

Non-income producing security.

Represents an unaffiliated issuer as of April 30, 2026.

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 85.3%
	Belgium — 1.5%
	Groupe Bruxelles Lambert NV	2,647,836	247,350,725
	Legris Industries SA*‡ (a)(b)(c)	905,366	12,814,749
260,165,474
	Brazil — 2.1%
	Ambev SA, ADR	71,992,235	210,217,326
	Itausa SA (Preference)	53,091,184	149,244,574
359,461,900
	Canada — 8.4%
	Agnico Eagle Mines Ltd.	441,349	82,993,172
	Barrick Mining Corp.	2,389,769	94,013,512
	CAE, Inc.*	762,974	19,940,057
	Franco-Nevada Corp.	569,583	131,406,427
	Imperial Oil Ltd.	4,144,349	555,163,061
	North West Co., Inc. (The)	386,850	14,490,321
	Nutrien Ltd.	2,034,099	154,591,524
	Power Corp. of Canada	4,200,347	234,330,103
	Wheaton Precious Metals Corp.	1,272,045	160,862,811
1,447,790,988
	Chile — 0.6%
	Cia Cervecerias Unidas SA, ADR (c)	9,392,572	107,357,098
	China — 3.0%
	Alibaba Group Holding Ltd.	11,353,228	187,112,709
	Prosus NV	6,838,277	331,061,582
518,174,291
	Faroe Islands — 0.3%
	Bakkafrost P/F	1,113,537	55,528,414
	Finland — 0.4%
	Kesko OYJ, Class B	2,642,196	64,997,239
	France — 6.6%
	Danone SA	2,404,340	188,375,353
	Dassault Systemes SE	13,379,077	301,479,008
	Laurent-Perrier (c)	558,938	55,234,997
	Legrand SA	738,408	132,295,856
	LVMH Moet Hennessy Louis Vuitton SE	655,309	350,072,279

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	France — 6.6% (continued)
	Pluxee NV	648,564	9,215,864
	Sodexo SA	641,855	32,647,028
	Wendel SE	439,181	43,520,136
1,112,840,521
	Germany — 3.2%
	Brenntag SE	557,632	40,609,547
	FUCHS SE (Preference)	2,806,353	132,339,910
	Henkel AG & Co. KGaA (Preference)	1,433,672	104,325,536
	Merck KGaA	2,061,073	266,882,552
544,157,545
	Hong Kong — 4.3%
	AIA Group Ltd.	13,725,400	150,688,007
	CK Asset Holdings Ltd.	22,300,000	140,473,404
	Guoco Group Ltd. (d)	7,806,340	68,769,545
	Hongkong Land Holdings Ltd.	15,344,600	121,315,003
	Jardine Matheson Holdings Ltd.	3,666,800	249,974,165
731,220,124
	Indonesia — 0.3%
	Astra International Tbk. PT	149,362,500	51,745,004
	Japan — 14.7%
	As One Corp. (c)	3,793,160	52,600,007
	Chofu Seisakusho Co. Ltd.	400,900	5,101,322
	FANUC Corp.	5,230,800	231,060,681
	Hirose Electric Co. Ltd.	845,630	117,559,224
	Hoshizaki Corp.	3,460,800	112,526,411
	Kansai Paint Co. Ltd. (c)	11,635,930	174,626,115
	Keyence Corp.	399,900	183,420,503
	Mitsubishi Electric Corp.	4,235,300	169,966,787
	MS&AD Insurance Group Holdings, Inc.	7,767,100	199,723,910
	Nagaileben Co. Ltd. (c)	1,687,224	18,301,538
	Nihon Kohden Corp.	6,792,300	63,265,312
	OBIC Business Consultants Co. Ltd.	2,532,400	99,535,170
	Secom Co. Ltd.	5,385,700	197,463,626
	Shimano, Inc.	1,644,070	172,487,408

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Japan — 14.7% (continued)
	SK Kaken Co. Ltd.	437,805	29,391,144
	SMC Corp.	619,690	304,727,564
	Sompo Holdings, Inc.	3,779,100	140,640,786
	T Hasegawa Co. Ltd.	1,906,436	35,161,552
	TIS, Inc.	7,843,200	170,942,776
	USS Co. Ltd.	3,806,100	41,208,135
2,519,709,971
	Mexico — 4.1%
	Fomento Economico Mexicano SAB de CV, ADR	2,392,395	282,876,785
	Fresnillo plc	912,946	40,312,762
	Grupo Mexico SAB de CV, Series B	11,275,209	123,411,853
	Industrias Penoles SAB de CV*	1,328,232	66,964,761
	Wal-Mart de Mexico SAB de CV	66,665,288	210,164,434
723,730,595
	Netherlands — 2.4%
	HAL Trust	644,459	129,041,313
	Heineken Holding NV	1,150,489	81,754,910
	Heineken NV	1,280,847	99,713,738
	Magnum Ice Cream Co. NV (The)*	3,886,413	56,742,430
	Universal Music Group NV	2,704,183	56,700,249
423,952,640
	Norway — 0.9%
	Orkla ASA	13,060,096	161,083,522
	Singapore — 2.1%
	Haw Par Corp. Ltd. (c)	17,062,813	231,154,910
	UOL Group Ltd.	15,760,500	131,847,901
363,002,811
	South Korea — 6.6%
	Fursys, Inc. (c)	872,463	21,117,463
	Hyundai Mobis Co. Ltd.	397,654	115,009,071
	KT&G Corp.	2,242,051	269,523,795
	NAVER Corp.	569,050	81,739,613
	NongShim Co. Ltd.	176,897	45,422,562

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	South Korea — 6.6% (continued)
	Samsung Electronics Co. Ltd. (Preference)	4,008,416	432,644,086
	Samsung Life Insurance Co. Ltd.	910,865	154,919,311
1,120,375,901
	Sweden — 2.7%
	Industrivarden AB, Class C	1,572,517	82,739,112
	Investor AB, Class B	5,814,646	235,990,791
	L E Lundbergforetagen AB, Class B	975,693	56,555,590
	Svenska Handelsbanken AB, Class A	5,974,046	84,890,793
460,176,286
	Switzerland — 4.4%
	Cie Financiere Richemont SA (Registered)	1,408,218	270,261,539
	Nestle SA (Registered)	2,510,489	254,161,013
	Schindler Holding AG	535,676	187,282,279
	Schindler Holding AG (Registered)	82,435	27,602,634
739,307,465
	Taiwan — 1.6%
	Taiwan Secom Co. Ltd.	8,545,694	30,518,192
	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	615,989	243,968,603
274,486,795
	Thailand — 0.6%
	Bangkok Bank PCL, NVDR	17,878,859	89,203,893
	Thai Beverage PCL	52,214,985	17,229,960
106,433,853
	Turkey — 0.3%
	AG Anadolu Grubu Holding A/S	70,243,230	48,711,741
	United Kingdom — 12.4%
	Berkeley Group Holdings plc*	2,512,868	109,408,944
	Big Yellow Group plc, REIT	6,244,189	76,640,957
	British American Tobacco plc	5,917,064	348,484,481
	Diageo plc	8,514,762	172,163,285
	Great Portland Estates plc, REIT	11,481,288	48,306,819
	Haleon plc	34,476,039	159,205,919
	Lloyds Banking Group plc	135,650,077	184,389,565

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	United Kingdom — 12.4% (continued)
	Reckitt Benckiser Group plc	3,203,087	203,808,030
	RELX plc	3,710,151	135,295,687
	Shell plc	10,886,066	491,513,541
	Unilever plc	3,555,707	208,225,866
2,137,443,094
	United States — 1.8%
	Newmont Corp.	1,356,289	150,670,145
	Willis Towers Watson plc	626,200	160,432,440
311,102,585
	Total Common Stocks (Cost $9,154,526,152)		14,642,955,857

	Ounces
Commodities — 9.0%
Gold bullion* (Cost $262,659,572)	335,600	1,549,237,301

	Principal Amount ($)
Short-Term Investments — 5.4%
Commercial Paper — 4.9%
Aes Corp. (The) 4.02%, 05/01/2026 (e)(f)	76,027,000	76,018,493
Cargill, Inc. 3.63%, 05/01/2026 (e)(f)	41,124,000	41,119,851
Cisco Systems, Inc. 3.69%, 05/04/2026 (e)(f)	13,333,000	13,327,628
3.69%, 05/05/2026 (e)(f)	13,333,000	13,326,283
Engie SA 3.74%, 05/19/2026 (e)(f)	25,000,000	24,950,262
3.76%, 05/29/2026 (e)(f)	30,000,000	29,909,112
3.80%, 06/04/2026 (e)(f)	12,500,000	12,454,164
3.80%, 06/05/2026 (e)(f)	12,500,000	12,452,825
3.83%, 06/18/2026 (e)(f)	30,000,000	29,844,657
3.87%, 07/20/2026 (e)(f)	30,000,000	29,740,530
3.86%, 07/21/2026 (e)(f)	28,571,000	28,320,795
3.87%, 07/24/2026 (e)(f)	20,000,000	19,818,352

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Commercial Paper — 4.9% (continued)
Erste Abwicklungsanstalt 3.70%, 05/20/2026 (e)(f)	25,000,000	24,948,255
General Motors Financial Co., Inc. 3.85%, 05/01/2026 (e)(f)	61,858,000	61,851,350
Hydro-Quebec 3.74%, 07/22/2026 (e)(f)	21,429,000	21,246,577
Johnson & Johnson 3.70%, 06/29/2026 (e)(f)	35,000,000	34,787,084
Kreditanstalt fuer Wiederaufbau 3.79%, 06/16/2026 (e)(f)	20,000,000	19,904,250
3.77%, 06/22/2026 (e)(f)	13,750,000	13,675,647
Philip Morris International, Inc. 3.76%, 05/21/2026 (e)(f)	18,982,000	18,940,982
3.76%, 05/26/2026 (e)(f)	20,000,000	19,946,368
3.76%, 05/27/2026 (e)(f)	8,982,000	8,956,975
3.81%, 06/16/2026 (e)(f)	11,250,000	11,195,299
Province of Quebec Canada 3.74%, 07/23/2026 (e)(f)	30,000,000	29,742,960
3.71%, 07/24/2026 (e)(f)	30,000,000	29,739,924
PSP Capital, Inc. 3.69%, 05/26/2026 (e)(f)	10,000,000	9,973,145
3.79%, 08/24/2026 (e)(f)	20,390,000	20,141,825
Saudi Arabian Oil Co. 3.74%, 05/08/2026 (e)	10,000,000	9,991,707
3.74%, 05/11/2026 (e)	10,000,000	9,988,582
3.72%, 05/18/2026 (e)	30,000,000	29,943,687
3.96%, 07/28/2026 (e)	35,109,000	34,769,798
3.96%, 08/03/2026 (e)	25,000,000	24,742,488
3.97%, 08/05/2026 (e)	35,000,000	34,632,146
TotalEnergies Capital SA 3.85%, 06/15/2026 (e)(f)	30,000,000	29,854,665
Western Union Co. (The) 3.85%, 05/01/2026 (e)(f)	34,558,000	34,554,292
Total Commercial Paper (Cost $864,900,673)		864,810,958

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

U.S. Treasury Obligations — 0.5%
U.S. Treasury Bills 3.75%, 05/14/2026 (e)	15,000,000	14,980,595
3.54%, 06/18/2026 (e)	15,000,000	14,927,837
3.58%, 08/06/2026 (e)	22,500,000	22,282,220
3.63%, 09/17/2026 (e)	15,000,000	14,791,848
3.65%, 10/29/2026 (e)(g)	15,000,000	14,730,385
Total U.S. Treasury Obligations (Cost $81,720,716)		81,712,885

	Shares
Investment Companies — 0.0% (h)
JPMorgan US Government Money Market Fund 3.61% (i) (Cost $372,917)	372,917	372,917
Total Short-Term Investments (Cost $946,994,306)		946,896,760
Total Investments — 99.7% (Cost $10,364,180,030)		17,139,089,918
Other Assets Less Liabilities — 0.3%		52,084,124
Net Assets — 100.0%		17,191,174,042

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. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $12,814,749, which represents approximately 0.07% 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	$14.15

(b)

Security fair valued as of April 30, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at April 30, 2026 amounted to $12,814,749, which represents approximately 0.07% of net assets of the Fund.

(c)

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

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

(d)

Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at April 30, 2026 amounted to $68,769,545, which represents approximately 0.40% of net assets of the Fund.

		Restricted Securities	Acquisition Date		Cost	Carrying Value Per Share/Principal
	Guoco Group Ltd.		10/21/03 - 09/15/09		$57,283,838	$8.81

(e)

The rate shown was the current yield as of April 30, 2026.

(f)

Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $720,742,550, which represents approximately 4.19% of net assets of the Fund.

(g)

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

(h)

Represents less than 0.05% of net assets.

(i)

Represents 7-day effective yield as of April 30, 2026.

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,044,704,714
Aggregate gross unrealized depreciation		(265,229,053	)
Net unrealized appreciation	$	6,779,475,661
Federal income tax cost of investments	$	10,364,180,030

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2026

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
	EUR	146,700,000	USD	171,518,706	Goldman Sachs	05/07/2026		$		679,891
	GBP	23,196,000	USD	31,243,310	Goldman Sachs	05/07/2026				320,548
	JPY	9,136,502,000	USD	58,168,716	Goldman Sachs	05/07/2026				205,739
	USD	173,453,679	EUR	146,700,000	Goldman Sachs	05/07/2026				1,255,082
	USD	59,099,022	JPY	9,136,502,000	Goldman Sachs	05/07/2026				724,568
	USD	219,892,750	EUR	183,685,000	JPMorgan Chase Bank	06/03/2026				3,996,749
	USD	35,560,920	GBP	25,833,000	JPMorgan Chase Bank	06/03/2026				409,802
	USD	226,686,453	EUR	191,203,000	UBS AG	07/08/2026				1,604,161
	USD	110,671,161	EUR	93,613,000	Bank of New York Mellon	08/05/2026				347,903
	USD	43,783,213	EUR	36,985,000	Goldman Sachs	09/02/2026				153,936
	Total unrealized appreciation									9,698,379
	USD	5,256,505	HKD	41,174,306	JPMorgan Chase Bank	05/05/2026				(550	)
	USD	31,257,770	GBP	23,196,000	Goldman Sachs	05/07/2026				(306,088	)
	USD	3,210,615	GBP	2,370,000	JPMorgan Chase Bank	06/03/2026				(14,258	)
	USD	61,797,386	JPY	9,750,886,000	JPMorgan Chase Bank	06/03/2026				(655,128	)
	USD	61,934,375	JPY	9,750,886,000	UBS AG	07/08/2026				(695,186	)
	USD	105,076,194	EUR	90,072,000	Bank of New York Mellon	08/05/2026			(1,073,982		)

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2026 (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
	USD	62,022,224	JPY	9,750,886,000	Bank of New York Mellon	08/05/2026		$		(753,619	)
	USD	153,245,611	EUR	130,444,000	Goldman Sachs	09/02/2026				(632,375	)
	USD	34,488,080	GBP	25,554,000	Goldman Sachs	09/02/2026				(256,959	)
	USD	62,176,067	JPY	9,750,886,000	Goldman Sachs	09/02/2026				(744,461	)
	Total unrealized depreciation								(5,132,606		)
	Net unrealized appreciation							$		4,565,773

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

USD

— United States Dollar

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense	0.1	%
Automobile Components	0.7
Banks	3.0
Beverages	5.9
Broadline Retail	3.0
Chemicals	3.1
Commercial Services & Supplies	1.4
Commodities	9.0
Consumer Staples Distribution & Retail	1.7
Electrical Equipment	1.8
Electronic Equipment, Instruments & Components	1.8
Entertainment	0.3
Financial Services	4.7
Food Products	4.4
Health Care Equipment & Supplies	0.5
Health Care Providers & Services	0.3
Hotels, Restaurants & Leisure	0.2
Household Durables	0.6
Household Products	1.8
Industrial Conglomerates	2.5
Insurance	6.1
Interactive Media & Services	0.5
IT Services	1.0
Leisure Products	1.0
Machinery	5.2
Metals & Mining	4.9

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Office REITs	0.3	%
Oil, Gas & Consumable Fuels	6.1
Personal Care Products	1.2
Pharmaceuticals	3.8
Professional Services	0.8
Real Estate Management & Development	2.3
Semiconductors & Semiconductor Equipment	1.4
Software	2.4
Specialized REITs	0.4
Specialty Retail	0.2
Technology Hardware, Storage & Peripherals	2.5
Textiles, Apparel & Luxury Goods	3.6
Tobacco	3.6
Trading Companies & Distributors	0.2
Short-Term Investments	5.4
Total Investments	99.7	%

Affiliated Securities

	Security Description	Market Value October 31, 2025			Purchases at Cost		Proceeds from Sales		Net Realized Gains (Loss)
	Common Stocks — 3.8%
	Belgium — 0.1%
	Legris Industries SA*‡ (a)(b)		$	18,836,441		$	—	$		—		$			—
	Chile — 0.6%
	Cia Cervecerias Unidas SA, ADR			121,164,179			—			—					—
	France — 0.3%
	Laurent-Perrier			60,302,725			—			—					—
	Japan — 1.4%
	As One Corp.^			47,229,259			13,668,394			—					—
	Kansai Paint Co. Ltd.			186,761,374			—			—					—
	Nagaileben Co. Ltd.^			19,224,127			—			—					—
253,214,760							13,668,394			—					—
	Singapore — 1.3%
	Haw Par Corp. Ltd.			220,986,185			—			(29,905,933	)				20,146,618
	South Korea — 0.1%
	Fursys, Inc.			27,850,881			—			—					—
	Total Common Stocks			702,355,171			13,668,394		(29,905,933)				20,146,618
	Total		$	702,355,171		$	13,668,394	$		(29,905,933	)	$		20,146,618

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Affiliated Securities (continued)

Security Description	Change in Unrealized Appreciation/ Depreciation	Market Value April 30, 2026	Shares at April 30, 2026	Dividend Income
Common Stocks — 3.8%
Belgium — 0.1%

	Legris Industries SA*‡ (a)(b)	$			(6,021,692	)	$	12,814,749	905,366	$		—
	Chile — 0.6%
	Cia Cervecerias Unidas SA, ADR				(13,807,081	)		107,357,098	9,392,572			2,210,168
	France — 0.3%
	Laurent-Perrier				(5,067,728	)		55,234,997	558,938			—
	Japan — 1.4%
	As One Corp.^				(8,297,646	)		52,600,007	3,793,160			682,709
	Kansai Paint Co. Ltd.				(12,135,259	)		174,626,115	11,635,930			3,596,035
	Nagaileben Co. Ltd.^				(922,589	)		18,301,538	1,687,224			—
(21,355,494)								245,527,660	17,116,314		4,278,744
	Singapore — 1.3%
	Haw Par Corp. Ltd.				19,928,040			231,154,910	17,062,813			—
	South Korea — 0.1%
	Fursys, Inc.				(6,733,418	)		21,117,463	872,463			476,892
	Total Common Stocks		(33,057,373)					673,206,877	45,908,466		6,965,804
	Total	$		(33,057,373		)	$	673,206,877	45,908,466	$		6,965,804

Non-income producing security.

‡

Value determined using significant unobservable inputs.

Represents an unaffiliated issuer as of October 31, 2025.

(a)

(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. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $81,584,294, which represents approximately 0.47% of net assets of the Fund.

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 76.0%
	Air Freight & Logistics — 3.3%
	CH Robinson Worldwide, Inc.	157,059	28,554,897
	Expeditors International of Washington, Inc.	178,464	26,393,041
54,947,938
	Banks — 1.6%
	Cullen/Frost Bankers, Inc.	58,259	8,443,477
	US Bancorp	330,658	18,735,082
27,178,559
	Building Products — 0.5%
	Carlisle Cos., Inc.	22,556	8,013,245
	Capital Markets — 2.9%
	Bank of New York Mellon Corp. (The)	359,594	48,318,646
	Chemicals — 3.0%
	International Flavors & Fragrances, Inc.	225,090	15,801,318
	Nutrien Ltd. (Canada)	190,937	14,511,212
	PPG Industries, Inc.	170,744	18,525,724
48,838,254
	Commercial Services & Supplies — 0.1%
	Rentokil Initial plc (United Kingdom)	280,275	1,889,547
	Consumer Finance — 1.1%
	American Express Co.	54,483	17,600,733
	Consumer Staples Distribution & Retail — 0.9%
	Dollar General Corp.	121,513	14,080,926
	Diversified Telecommunication Services — 1.7%
	Comcast Corp., Class A	1,020,363	27,590,616
	Electronic Equipment, Instruments & Components — 1.3%
	IPG Photonics Corp.*	176,842	21,030,051
	Energy Equipment & Services — 3.9%
	Noble Corp. plc	404,639	20,648,728
	NOV, Inc.	773,493	15,825,667
	SLB Ltd.	486,530	27,673,826
64,148,221
	Entertainment — 0.8%
	Walt Disney Co. (The)	126,744	13,149,690

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Financial Services — 1.6%
	Berkshire Hathaway, Inc., Class A*	20	14,238,000
	Fiserv, Inc.*	193,124	12,099,219
26,337,219
	Health Care Equipment & Supplies — 4.4%
	Becton Dickinson & Co.	308,619	45,996,576
	Dentsply Sirona, Inc.	438,439	5,151,658
	Medtronic plc	276,170	22,361,485
73,509,719
	Health Care Providers & Services — 7.3%
	Elevance Health, Inc.	122,276	46,027,132
	HCA Healthcare, Inc.	107,199	46,572,605
	Universal Health Services, Inc., Class B	170,425	28,677,415
121,277,152
	Household Products — 1.9%
	Colgate-Palmolive Co.	365,303	31,182,264
	Insurance — 2.8%
	Brown & Brown, Inc.	211,288	12,708,973
	Fidelity National Financial, Inc.	207,940	10,875,262
	Willis Towers Watson plc	88,365	22,639,113
46,223,348
	Interactive Media & Services — 7.9%
	Alphabet, Inc., Class C	196,694	75,125,306
	Meta Platforms, Inc., Class A	89,616	54,836,927
129,962,233
	Life Sciences Tools & Services — 1.7%
	Bio-Rad Laboratories, Inc., Class A*	56,329	15,778,879
	Waters Corp.*	41,769	12,916,228
28,695,107
	Machinery — 2.0%
	Cummins, Inc.	32,433	21,762,867
	Deere & Co.	20,543	12,117,700
33,880,567

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Media — 1.8%
	Charter Communications, Inc., Class A*	100,613	16,618,249
	Omnicom Group, Inc.	175,288	13,448,096
30,066,345
	Metals & Mining — 3.4%
	Agnico Eagle Mines Ltd. (Canada)	48,620	9,142,715
	Barrick Mining Corp. (Canada)	265,504	10,444,927
	Franco-Nevada Corp. (Canada)	56,012	12,922,325
	Newmont Corp.	172,283	19,138,918
	Warrior Met Coal, Inc.	59,876	5,379,859
57,028,744
	Office REITs — 1.0%
	BXP, Inc., REIT	217,101	12,691,724
	Douglas Emmett, Inc., REIT	359,380	3,884,898
16,576,622
	Oil, Gas & Consumable Fuels — 4.0%
	Exxon Mobil Corp.	211,376	32,621,658
	ONEOK, Inc.	371,116	34,313,385
66,935,043
	Professional Services — 1.5%
	Automatic Data Processing, Inc.	115,736	24,529,088
	Residential REITs — 1.2%
	Equity Residential, REIT	296,839	19,407,334
	Semiconductors & Semiconductor Equipment — 1.3%
	Texas Instruments, Inc.	77,717	21,844,694
	Software — 6.1%
	Microsoft Corp.	32,219	13,138,264
	Oracle Corp.	225,941	36,464,618
	Salesforce, Inc.	162,341	28,658,057
	Workday, Inc., Class A*	177,923	21,777,775
100,038,714
	Specialized REITs — 2.4%
	Extra Space Storage, Inc., REIT	89,280	12,796,502
	Weyerhaeuser Co., REIT	1,099,030	26,948,216
39,744,718

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

Tobacco — 2.3%
Philip Morris International, Inc.	232,098	38,312,417
Trading Companies & Distributors — 0.3%
Ferguson Enterprises, Inc.	15,912	4,259,801
Total Common Stocks (Cost $752,699,584)		1,256,597,555

	Ounces
Commodities — 11.7%
Gold bullion* (Cost $38,726,877)	42,046	194,099,905

	Shares
Master Limited Partnerships — 1.9%
Oil, Gas & Consumable Fuels — 1.9%
Enterprise Products Partners LP (Cost $17,301,746)	791,505	30,631,243

		Principal Amount ($)
	Corporate Bonds — 1.2%
	Energy Equipment & Services — 0.2%
	Noble Finance II LLC 8.00%, 04/15/2030 (a)	2,725,000	2,834,180
	Transocean International Ltd. 8.50%, 05/15/2031 (a)	990,000	1,046,898
3,881,078
	Financial Services — 0.4%
	Mexico Remittances Funding Fiduciary Estate Management Sarl 12.50%, 10/15/2031‡ (a)	5,500,000	5,775,000
	Health Care Equipment & Supplies — 0.2%
	Bausch & Lomb, Inc. 7.13%, 08/01/2028‡	600,000	582,750
	Embecta Corp. 5.00%, 02/15/2030 (a)	3,000,000	2,818,399
3,401,149
	Machinery — 0.1%
	Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)	1,490,000	1,456,898

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Oil, Gas & Consumable Fuels — 0.3%
	Enterprise Products Operating LLC Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (b)	2,600,000	2,593,526
	(CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (b)	2,750,000	2,742,270
5,335,796
	Total Corporate Bonds (Cost $18,948,264)		19,849,921
	Convertible Preferred Stocks — 0.3%
	Banks — 0.3%
	Bank of America Corp. Series L, 7.25%, (c) (Cost $5,693,463)	4,250	5,196,773
	Convertible Bonds — 0.3%
	Software — 0.3%
	Strategy, Inc. 0.00%, 12/01/2029 (d) (Cost $4,368,458)	5,300,000	4,578,670

		Shares
	Preferred Stocks — 0.2%
	Banks — 0.2%
	US Bancorp, Series A(CME Term SOFR 3 Month + 1.28%), 4.95%, 04/12/23 (b)(c)	1,600	1,257,456
	US Bancorp, Series B(CME Term SOFR 3 Month + 0.86%), 4.53%, 03/07/24 (b)(c)	64,000	1,204,480
2,461,936
	Total Preferred Stocks (Cost $2,758,655)		2,461,936

	Principal Amount ($)
Short-Term Investments — 8.3%
Commercial Paper — 4.4%
Aes Corp. (The) 4.02%, 05/01/2026 (a)(e)	10,127,000	10,125,867
Cargill, Inc. 3.63%, 05/01/2026 (a)(e)	5,478,000	5,477,447

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Commercial Paper — 4.4% (continued)
Chevron Corp. 3.66%, 05/26/2026 (a)(e)	2,000,000	1,994,709
Cisco Systems, Inc. 3.64%, 05/13/2026 (a)(e)	15,000,000	14,980,281
General Motors Financial Co., Inc. 3.85%, 05/01/2026 (a)(e)	8,240,000	8,239,114
Johnson & Johnson 3.64%, 05/07/2026 (a)(e)	13,000,000	12,990,876
3.69%, 05/28/2026 (a)(e)	10,000,000	9,971,638
PepsiCo, Inc. 3.64%, 05/27/2026 (a)(e)	5,000,000	4,986,332
Western Union Co. (The) 3.85%, 05/01/2026 (a)(e)	4,603,000	4,602,506
Total Commercial Paper (Cost $73,376,672)		73,368,770

	Shares
Investment Companies — 0.0% (f)
JPMorgan US Government Money Market Fund 3.61% (g) (Cost $68,816)	68,816	68,816

	Principal Amount ($)
U.S. Treasury Obligations — 3.9%
U.S. Treasury Bills 3.75%, 05/14/2026 (e)	15,000,000	14,980,595
3.54%, 06/18/2026 (e)	5,000,000	4,975,946
3.58%, 08/06/2026 (e)	10,000,000	9,903,209
3.62%, 09/17/2026 (e)	20,000,000	19,722,463
3.65%, 10/29/2026 (e)	15,000,000	14,730,385
Total U.S. Treasury Obligations (Cost $64,316,925)		64,312,598
Total Short-Term Investments (Cost $137,762,413)		137,750,184
Total Investments — 99.9% (Cost $978,259,460)		1,651,166,187
Other Assets Less Liabilities — 0.1%		1,476,070
Net Assets — 100.0%		1,652,642,257

Non-income producing security.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

‡

Value determined using significant unobservable inputs.

(a)

Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $87,300,145, which represents approximately 5.28% of net assets of the Fund.

(b)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2026.

(c)

Perpetual security. The rate reflected was the rate in effect on April 30, 2026. The maturity date reflects the next call date.

(d)

Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity.

(e)

The rate shown was the current yield as of April 30, 2026.

(f)

Represents less than 0.05% of net assets.

(g)

Represents 7-day effective yield as of April 30, 2026.

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	719,503,287
Aggregate gross unrealized depreciation		(46,596,560	)
Net unrealized appreciation	$	672,906,727
Federal income tax cost of investments	$	978,259,460

Abbreviations

REIT

— Real Estate Investment Trust

SOFR

— Secured Overnight Financing Rate

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 71.8%
	Australia — 4.0%
	Northern Star Resources Ltd.	9,618,216	147,430,295
	Ora Banda Mining Ltd.*	67,547,630	66,039,790
213,470,085
	Canada — 50.2%
	Agnico Eagle Mines Ltd.	2,082,360	391,575,967
	Alamos Gold, Inc., Class A	6,016,287	240,057,979
	B2Gold Corp.	9,464,869	42,783,005
	Barrick Mining Corp.	5,478,443	215,521,948
	DPM Metals, Inc.	7,787,384	261,480,903
	Franco-Nevada Corp.	1,139,163	262,812,162
	G Mining Ventures Corp.*	7,475,419	259,095,761
	Kinross Gold Corp.	6,818,875	206,202,780
	Novagold Resources, Inc.*	8,203,790	66,122,547
	Orla Mining Ltd.	4,695,667	61,532,648
	Pan American Silver Corp.	2,336,852	122,283,241
	Wheaton Precious Metals Corp.	4,498,645	568,898,647
2,698,367,588
	Mexico — 2.1%
	Fresnillo plc	1,185,685	52,356,040
	Industrias Penoles SAB de CV*	1,177,131	59,346,782
111,702,822
	South Africa — 2.7%
	Gold Fields Ltd., ADR	3,435,881	145,956,225
	United Kingdom — 2.5%
	Anglogold Ashanti plc	1,454,746	136,353,343
	United States — 10.3%
	Newmont Corp.	3,359,970	373,259,067
	Royal Gold, Inc.	774,867	180,838,461
554,097,528
	Total Common Stocks (Cost $987,171,359)		3,859,947,591

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Ounces

Value ($)

Commodities — 24.5%
Gold bullion*	245,240	1,132,106,024
Silver bullion*	2,528,606	186,358,279
Total Commodities (Cost $801,311,016)		1,318,464,303

	Number of Rights
Rights — 0.1%
Canada — 0.1%
Pan American Silver Corp., CVR, expiring 02/22/2029* (Cost $45,973,716)	6,835,667	4,767,878

	Principal Amount ($)
Short-Term Investments — 1.8%
Commercial Paper — 1.8%
Aes Corp. (The) 4.02%, 05/01/2026 (a)(b)	35,193,000	35,189,062
Cargill, Inc. 3.63%, 05/01/2026 (a)(b)	19,036,000	19,034,079
General Motors Financial Co., Inc. 3.85%, 05/01/2026 (a)(b)	28,634,000	28,630,922
Western Union Co. (The) 3.85%, 05/01/2026 (a)(b)	15,997,000	15,995,284
Total Commercial Paper (Cost $98,860,000)		98,849,347

	Shares
Investment Companies — 0.0% (c)
JPMorgan US Government Money Market Fund 3.61% (d) (Cost $184,790)	184,790	184,790
Total Short-Term Investments (Cost $99,044,790)		99,034,137
Total Investments — 98.2% (Cost $1,933,500,881)		5,282,213,909
Other Assets Less Liabilities — 1.8%		95,861,231
Net Assets — 100.0%		5,378,075,140

Non-income producing security.

(a)

The rate shown was the current yield as of April 30, 2026.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

(b)

Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $98,849,347, which represents approximately 1.84% of net assets of the Fund.

(c)

Represents less than 0.05% of net assets.

(d)

Represents 7-day effective yield as of April 30, 2026.

Abbreviations

ADR

— American Depositary Receipt

CVR

— Contingent Value Rights

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Commodities	24.5	%
Metals & Mining	71.9
Short-Term Investments	1.8
Total Investments	98.2	%

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,389,929,519
Aggregate gross unrealized depreciation		(41,216,491	)
Net unrealized appreciation	$	3,348,713,028
Federal income tax cost of investments	$	1,933,500,881

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 60.4%
	Brazil — 1.9%
	Ambev SA, ADR	9,345,635	27,289,254
	Itausa SA (Preference)	6,814,915	19,157,401
46,446,655
	Canada — 5.3%
	Agnico Eagle Mines Ltd.	16,806	3,160,273
	Barrick Mining Corp.	90,496	3,560,113
	Franco-Nevada Corp.	42,649	9,839,396
	Franco-Nevada Corp.	12,162	2,801,395
	Imperial Oil Ltd.	167,669	22,460,376
	Nutrien Ltd.	216,409	16,447,084
	Power Corp. of Canada	771,188	43,023,246
	Wheaton Precious Metals Corp.	258,816	32,729,871
134,021,754
	Chile — 1.0%
	Cia Cervecerias Unidas SA, ADR	1,327,830	15,177,097
	Quinenco SA	2,083,758	10,189,412
25,366,509
	China — 0.2%
	Budweiser Brewing Co. APAC Ltd. (a)	4,909,800	4,841,017
	Finland — 0.3%
	Kesko OYJ, Class B	318,997	7,847,232
	France — 0.9%
	Danone SA	91,535	7,171,589
	Dassault Systemes SE	445,717	10,043,617
	Sodexo SA	58,674	2,984,368
	Wendel SE	19,995	1,981,381
22,180,955
	Germany — 0.8%
	FUCHS SE (Preference)	318,042	14,997,988
	Henkel AG & Co. KGaA (Preference)	56,692	4,125,367
19,123,355

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Hong Kong — 4.2%
	CK Asset Holdings Ltd.	2,483,000	15,641,052
	Hongkong Land Holdings Ltd.	4,334,700	34,270,306
	Jardine Matheson Holdings Ltd.	836,500	57,026,124
106,937,482
	Japan — 3.4%
	ABC-Mart, Inc.	376,400	6,414,584
	FANUC Corp.	347,200	15,336,902
	Keyence Corp.	34,000	15,594,641
	MS&AD Insurance Group Holdings, Inc.	189,700	4,877,963
	Nagaileben Co. Ltd.	22,700	246,230
	Secom Co. Ltd.	353,400	12,957,210
	Shimano, Inc.	108,300	11,362,281
	SMC Corp.	11,200	5,507,510
	Sompo Holdings, Inc.	204,800	7,621,718
	Subaru Corp.	57,300	853,496
	USS Co. Ltd.	429,800	4,653,387
85,425,922
	Kazakhstan — 0.3%
	NAC Kazatomprom JSC, GDR (a)	91,042	8,049,967
	Mexico — 3.2%
	Coca-Cola Femsa SAB de CV, ADR	209,249	21,255,513
	Fomento Economico Mexicano SAB de CV, ADR	211,291	24,983,048
	Grupo Mexico SAB de CV, Series B	2,455,064	26,871,697
	Wal-Mart de Mexico SAB de CV	2,703,627	8,523,270
81,633,528
	Netherlands — 1.5%
	HAL Trust	40,521	8,113,601
	Heineken Holding NV	159,417	11,328,333
	Heineken NV	104,162	8,108,995
	Magnum Ice Cream Co. NV (The)*	327,779	4,785,641
	Universal Music Group NV	263,240	5,519,513
37,856,083
	Norway — 0.7%
	Orkla ASA	1,466,932	18,093,173

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Singapore — 0.7%
	United Overseas Bank Ltd.	386,000	10,992,917
	UOL Group Ltd.	764,200	6,393,082
17,385,999
	South Korea — 5.0%
	KT&G Corp.	336,727	40,478,981
	Samsung Electronics Co. Ltd.	136,886	20,613,346
	Samsung Electronics Co. Ltd. (Preference)	372,602	40,216,398
	Samsung Life Insurance Co. Ltd.	143,349	24,380,702
125,689,427
	Sweden — 0.6%
	Svenska Handelsbanken AB, Class A	996,753	14,163,793
	Switzerland — 3.9%
	Cie Financiere Richemont SA (Registered)	168,707	32,377,809
	Nestle SA (Registered)	442,697	44,818,487
	Schindler Holding AG	55,939	19,557,313
	Schindler Holding AG (Registered)	7,544	2,526,042
99,279,651
	Taiwan — 0.8%
	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	50,703	20,081,430
	Thailand — 0.7%
	Bangkok Bank PCL, NVDR	2,528,900	12,617,568
	Thai Beverage PCL	17,954,100	5,924,515
18,542,083
	United Kingdom — 7.4%
	Berkeley Group Holdings plc*	214,849	9,354,412
	British American Tobacco plc	1,137,981	67,021,198
	Diageo plc	647,666	13,095,411
	Great Portland Estates plc, REIT	523,564	2,202,864
	Haleon plc	4,109,584	18,977,531
	Lloyds Banking Group plc	8,731,943	11,869,357
	Reckitt Benckiser Group plc	233,998	14,888,971
	RELX plc	169,491	6,180,719
	Unilever plc	748,614	43,839,607
187,430,070

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

United States — 17.6%
Analog Devices, Inc.	48	19,308
Bank of New York Mellon Corp. (The)	31,920	4,289,090
Becton Dickinson & Co.	271,846	40,515,928
Brown & Brown, Inc.	114,040	6,859,506
BXP, Inc., REIT	97,307	5,688,567
CH Robinson Worldwide, Inc. (b)	21,711	3,947,277
Charter Communications, Inc., Class A*	75,635	12,492,633
Colgate-Palmolive Co.	219,518	18,738,057
Comcast Corp., Class A	756,536	20,456,733
Cullen/Frost Bankers, Inc.	45,719	6,626,055
Dollar General Corp.	15,479	1,793,707
Douglas Emmett, Inc., REIT	1,158,198	12,520,120
Elevance Health, Inc.	40,851	15,377,133
Equity Residential, REIT	345,193	22,568,718
Extra Space Storage, Inc., REIT	45,039	6,455,440
Exxon Mobil Corp.	244,613	37,751,124
Fidelity National Financial, Inc.	105,623	5,524,083
Fiserv, Inc.*	87,419	5,476,800
General Dynamics Corp.	97	33,397
HCA Healthcare, Inc.	60,290	26,192,991
IDACORP, Inc.	19,120	2,824,789
Medtronic plc	233,926	18,940,988
Noble Corp. plc	279,611	14,268,549
Omnicom Group, Inc.	139,697	10,717,554
ONEOK, Inc.	153,360	14,179,666
Philip Morris International, Inc.	162,513	26,826,021
PPG Industries, Inc.	14,351	1,557,084
Royal Gold, Inc.	53,300	12,439,154
Salesforce, Inc.	40,778	7,198,540
SLB Ltd.	153,224	8,715,381
Texas Instruments, Inc.	73,633	20,696,764
Universal Health Services, Inc., Class B	46,778	7,871,334
US Bancorp	326,193	18,482,095
Vail Resorts, Inc.	12,576	1,599,416

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	United States — 17.6% (continued)
	Warrior Met Coal, Inc.	91,934	8,260,270
	Waters Corp.*	34,455	10,654,520
	Weyerhaeuser Co., REIT	268,036	6,572,243
445,131,035
	Total Common Stocks (Cost $1,074,928,926)		1,525,527,120

		Principal Amount ($)
	Corporate Bonds — 11.9%
	Australia — 0.1%
	Nufarm Australia Ltd. 5.00%, 01/27/2030 (c)	2,595,000	2,385,516
	Brazil — 0.3%
	Petrobras Global Finance BV 5.13%, 09/10/2030	3,750,000	3,716,438
	6.25%, 01/10/2036	3,900,000	3,895,515
7,611,953
	Canada — 0.5%
	South Bow USA Infrastructure Holdings LLC 5.58%, 10/01/2034	3,300,000	3,288,361
	Transcanada Trust Series 16-A, 5.88%, 08/15/2076 (d)	10,307,000	10,321,543
13,609,904
	Chile — 0.2%
	Latam Airlines Group SA 7.63%, 01/07/2031 (c)	3,856,000	3,913,840
	Germany — 0.3%
	IHO Verwaltungs GmbH 7.75%, (7.75% Cash or 8.50% PIK),11/15/2030 (c)	3,650,000	3,761,387
	8.00%, (8.00% Cash or 8.75% PIK),11/15/2032 (c)	2,300,000	2,378,039
6,139,426
	Mexico — 0.4%
	Mexico Remittances Funding Fiduciary Estate Management Sarl 12.50%, 10/15/2031‡ (c)	9,000,000	9,450,000

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Norway — 0.5%
	DNB Boligkreditt A/S (NIBOR 3 Month + 0.45%), 4.79%, 10/05/2027 (d)	96,000,000	10,410,923
	(NIBOR 3 Month + 0.45%), 4.59%, 02/08/2028‡ (d)	22,000,000	2,387,546
12,798,469
	Saudi Arabia — 0.1%
	Saudi Arabian Oil Co. 4.75%, 06/02/2030 (c)	3,450,000	3,441,227
	United Kingdom — 0.1%
	BAT Capital Corp. 3.22%, 09/06/2026	2,425,000	2,417,657
	United States — 9.4%
	ACCO Brands Corp. 4.25%, 03/15/2029 (c)	6,858,000	6,124,125
	American Airlines, Inc. 5.75%, 04/20/2029 (c)	502,000	502,341
	AMN Healthcare, Inc. 6.50%, 01/15/2031 (c)	3,100,000	3,089,103
	Aramark Services, Inc. 5.00%, 02/01/2028 (c)	2,700,000	2,694,561
	Bank of New York Mellon Corp. (The) Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (d)(e)	4,475,000	4,459,855
	Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(e)	9,889,000	9,772,083
	Blackstone Private Credit Fund 6.00%, 01/29/2032	3,723,000	3,656,674
	6.00%, 11/22/2034	2,700,000	2,563,493
	Canpack Group, Inc. 6.00%, 05/15/2031 (c)	500,000	500,234
	Canpack SA 3.88%, 11/15/2029 (c)	5,350,000	5,061,365
	Carnival Corp. 4.00%, 08/01/2028 (c)	1,206,000	1,177,502
	CCO Holdings LLC 5.13%, 05/01/2027 (c)	557,000	556,385
	5.38%, 06/01/2029 (c)	1,900,000	1,869,334
	6.38%, 09/01/2029 (c)	1,835,000	1,838,193
	7.38%, 03/01/2031 (c)	5,400,000	5,465,999

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

United States — 9.4% (continued)
7.00%, 02/01/2033 (c)	3,300,000	3,252,920
Centene Corp. 4.25%, 12/15/2027	1,939,000	1,927,686
4.63%, 12/15/2029	4,150,000	4,045,827
2.50%, 03/01/2031	5,400,000	4,706,307
Charles River Laboratories International, Inc. 4.25%, 05/01/2028 (c)	4,682,000	4,597,654
3.75%, 03/15/2029 (c)	1,522,000	1,455,440
4.00%, 03/15/2031 (c)	5,200,000	4,854,902
Charter Communications Operating LLC 4.20%, 03/15/2028	3,640,000	3,602,182
Clarivate Science Holdings Corp. 3.88%, 07/01/2028 (c)	3,900,000	3,766,662
Crown Americas LLC 5.25%, 04/01/2030	900,000	903,455
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030	4,075,000	3,770,309
Diamond Foreign Asset Co. 8.50%, 10/01/2030 (c)	1,597,000	1,684,075
Dollar General Corp. 3.50%, 04/03/2030	2,750,000	2,628,667
Edgewell Personal Care Co. 5.50%, 06/01/2028 (c)	1,770,000	1,766,370
4.13%, 04/01/2029 (c)	5,257,000	5,024,194
Embecta Corp. 5.00%, 02/15/2030 (c)	4,893,000	4,596,809
6.75%, 02/15/2030 (c)	2,292,000	2,143,944
Enterprise Products Operating LLC Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (d)	6,705,000	6,688,304
Fair Isaac Corp. 4.00%, 06/15/2028 (c)	2,764,000	2,694,721
6.25%, 09/15/2034 (c)	2,500,000	2,460,869
HCA, Inc. 3.50%, 09/01/2030	2,788,000	2,650,862
5.45%, 04/01/2031	4,150,000	4,260,737
7.50%, 11/06/2033	3,700,000	4,180,410
Iron Mountain, Inc. REIT, 4.88%, 09/15/2027 (c)	3,609,000	3,600,936

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

United States — 9.4% (continued)
REIT, 5.25%, 03/15/2028 (c)	1,005,000	1,004,085
REIT, 5.00%, 07/15/2028 (c)	1,596,000	1,590,782
REIT, 4.88%, 09/15/2029 (c)	3,372,000	3,325,423
KFC Holding Co. 4.75%, 06/01/2027 (c)	2,322,000	2,317,803
Kraft Heinz Foods Co. 3.00%, 06/01/2026	1,800,000	1,797,878
Lamb Weston Holdings, Inc. 4.13%, 01/31/2030 (c)	4,983,000	4,773,874
Manufacturers & Traders Trust Co. 4.70%, 01/27/2028	3,825,000	3,847,382
Mellon Capital IV Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), 4.51%, 12/31/2164 (d)(e)	6,183,000	5,213,618
MSCI, Inc. 4.00%, 11/15/2029 (c)	4,725,000	4,590,081
3.63%, 11/01/2031 (c)	2,750,000	2,551,954
Noble Finance II LLC 8.00%, 04/15/2030 (c)	7,900,000	8,216,521
Oracle Corp. 6.25%, 11/09/2032	2,000,000	2,052,810
4.90%, 02/06/2033	4,500,000	4,272,288
5.20%, 09/26/2035	4,500,000	4,192,994
5.95%, 09/26/2055	4,250,000	3,559,921
Pershing Square Holdings Ltd. 5.50%, 10/28/2032 (c)	10,400,000	10,350,625
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (c)	6,359,000	6,217,727
Service Corp. International 4.63%, 12/15/2027	1,749,000	1,736,196
5.13%, 06/01/2029	857,000	855,280
Teleflex, Inc. 4.63%, 11/15/2027	2,919,000	2,903,875
4.25%, 06/01/2028 (c)	782,000	770,643
Transocean International Ltd. 8.50%, 05/15/2031 (c)	1,437,000	1,519,589
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.67%, 09/01/2026 (d)(e)	14,157,000	14,162,394

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	United States — 9.4% (continued)
	US Foods, Inc. 4.63%, 06/01/2030 (c)	2,500,000	2,445,125
	Viking Cruises Ltd. 5.88%, 10/15/2033 (c)	2,725,000	2,731,924
	WESCO Distribution, Inc. 7.25%, 06/15/2028 (c)	2,136,000	2,141,349
	5.50%, 04/15/2034 (c)	5,867,000	5,851,910
	William Carter Co. (The) 7.38%, 02/15/2031 (c)	2,100,000	2,158,716
237,748,256
	Total Corporate Bonds (Cost $295,647,746)		299,516,248
	U.S. Treasury Obligations — 11.9%
	U.S. Treasury Bonds 6.63%, 02/15/2027	32,302,200	33,023,321
	6.13%, 11/15/2027	33,867,400	35,013,071
	U.S. Treasury Inflation Linked Notes 0.13%, 04/15/2027	9,780,800	11,284,079
	1.25%, 04/15/2028	10,725,000	11,758,617
	2.13%, 04/15/2029	24,153,000	26,298,944
	1.63%, 04/15/2030	25,350,000	26,429,761
	1.88%, 07/15/2034	24,965,000	26,314,242
	U.S. Treasury Notes 4.25%, 01/15/2028	16,700,000	16,798,504
	3.50%, 01/31/2028	38,500,000	38,248,848
	3.88%, 07/15/2028	19,850,000	19,841,471
	3.88%, 04/15/2029	12,700,000	12,687,102
	4.00%, 03/31/2030	11,450,000	11,460,734
	3.88%, 03/31/2031	12,700,000	12,615,664
	3.38%, 05/15/2033	13,750,000	13,050,683
	3.88%, 08/15/2034	5,300,000	5,143,070
	Total U.S. Treasury Obligations (Cost $299,695,245)		299,968,111

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Ounces

Value ($)

	Commodities — 8.0%
	Gold bullion* (Cost $53,814,698)	44,062	203,403,336

		Principal Amount ($)
	Foreign Government Securities — 2.0%
	Australia — 0.3%
	Commonwealth of Australia 4.75%, 04/21/2027 (a)	AUD	8,800,000	6,336,891
	Brazil — 0.4%
	Federative Republic of Brazil 10.00%, 01/01/2027	BRL	55,000,000	10,864,160
	Chile — 0.1%
	Republic of Chile 3.50%, 01/31/2034		3,800,000	3,463,320
	Indonesia — 0.1%
	Republic of Indonesia 4.85%, 01/11/2033		3,450,000	3,432,282
	Israel — 0.1%
	State of Israel Government Bond 5.38%, 03/12/2029		2,400,000	2,440,959
	Mexico — 0.3%
	United Mexican States 4.75%, 04/27/2032		7,800,000	7,530,900
	Saudi Arabia — 0.3%
	Kingdom of Saudi Arabia 4.75%, 01/18/2028 (c)		3,800,000	3,815,076
	4.88%, 07/18/2033 (c)		3,750,000	3,729,735
7,544,811
	South Korea — 0.4%
	Republic of Korea 4.00%, 12/10/2031	KRW	12,600,000,000	8,550,355
	Total Foreign Government Securities (Cost $49,163,050)			50,163,678

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

Preferred Stocks — 1.6%
United States — 1.6%
Charles Schwab Corp. (The) Series D, 5.95%, (e)	178,714	4,457,127
MetLife, Inc. Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), 4.94%, (d)(e)	182,311	3,859,524
Northern Trust Corp. Series E, 4.70%, (e)	304,399	5,817,065
State Street Corp. Series G, 5.35%, (e)	127,521	2,838,617
Truist Financial Corp. Series R, 4.75%, (e)	563,348	10,579,675
US Bancorp Series A, (CME Term SOFR 3 Month + 1.28%), 4.95%, (d)(e)	7,400	5,815,734
Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 4.53%, (d)(e)	379,475	7,141,720
Total Preferred Stocks (Cost $45,247,134)		40,509,462

		Principal Amount ($)
	Convertible Preferred Stocks — 1.3%
	United States — 1.3%
	Bank of America Corp. Series L, 7.25%, (e)	13,496	16,502,504
	Wells Fargo & Co. Series L, 7.50%, (e)	13,673	16,281,945
32,784,449
	Total Convertible Preferred Stocks (Cost $37,413,835)		32,784,449

	Shares
Master Limited Partnerships — 1.0%
United States — 1.0%
Enterprise Products Partners LP (Cost $13,128,888)	680,686	26,342,548

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Convertible Bonds — 0.3%
United States — 0.3%
Strategy, Inc. 0.00%, 12/01/2029 (f) (Cost $6,429,053)	7,800,000	6,738,420
Asset-Backed Securities — 0.1%
United States — 0.1%
United Airlines Pass-Through Trust Series 2020‑1, Class A, 5.88%, 10/15/2027 (Cost $2,062,810)	2,067,616	2,100,248
Loan Assignments — 0.1%
United States — 0.1%
Aramark Services, Inc., First Lien Term Loan B9 (CME Term SOFR 1 Month + 1.75%), 5.40%, 04/06/2028 (d) (Cost $2,500,000)	2,500,000	2,511,450
Short-Term Investments — 0.7%
Commercial Paper — 0.7%
Aes Corp. (The) 4.02%, 05/01/2026 (c)(g)	5,975,000	5,974,331
Cargill, Inc. 3.63%, 05/01/2026 (c)(g)	3,232,000	3,231,674
General Motors Financial Co., Inc. 3.85%, 05/01/2026 (c)(g)	4,861,000	4,860,478
Western Union Co. (The) 3.85%, 05/01/2026 (c)(g)	2,716,000	2,715,709
Total Commercial Paper (Cost $16,784,000)		16,782,192

	Shares
Investment Companies — 0.0% (h)
JPMorgan US Government Money Market Fund 3.61% (i) (Cost $26,995)	26,995	26,995
Total Short-Term Investments (Cost $16,810,995)		16,809,187
Total Investments — 99.3% (Cost $1,896,842,380)		2,506,374,257
Other Assets Less Liabilities — 0.7%		18,315,428
Net Assets — 100.0%		2,524,689,685

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

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)

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

(c)

Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $182,993,781, which represents approximately 7.25% 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 April 30, 2026.

(e)

Perpetual security. The rate reflected was the rate in effect on April 30, 2026. The maturity date reflects the next call date.

(f)

Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity.

(g)

The rate shown was the current yield as of April 30, 2026.

(h)

Represents less than 0.05% of net assets.

(i)

Represents 7-day effective yield as of April 30, 2026.

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	677,579,624
Aggregate gross unrealized depreciation		(67,841,018	)
Net unrealized appreciation	$	609,738,606
Federal income tax cost of investments	$	1,896,842,380

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2026

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
	EUR	5,596,000	USD	6,542,731	Goldman Sachs	05/07/2026		$	25,935
	GBP	1,956,000	USD	2,632,343	Goldman Sachs	05/07/2026			29,276
	JPY	325,934,000	USD	2,075,101	Goldman Sachs	05/07/2026			7,340
	USD	6,616,543	EUR	5,596,000	Goldman Sachs	05/07/2026			47,876
	USD	2,108,288	JPY	325,934,000	Goldman Sachs	05/07/2026			25,848
	USD	7,471,165	EUR	6,220,000	JPMorgan Chase Bank	06/03/2026			160,426
	USD	2,769,658	GBP	2,012,000	JPMorgan Chase Bank	06/03/2026			31,917
	USD	10,241,040	EUR	8,638,000	UBS AG	07/08/2026			72,471
	USD	6,256,308	EUR	5,292,000	Bank of New York Mellon	08/05/2026			19,667
	USD	738,697	EUR	624,000	Goldman Sachs	09/02/2026			2,597
	Total unrealized appreciation								423,353

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2026 (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
	USD	2,635,808	GBP	1,956,000	Goldman Sachs	05/07/2026		$	(25,811	)
	USD	41,995	GBP	31,000	JPMorgan Chase Bank	06/03/2026			(187	)
	USD	2,084,994	JPY	328,987,000	JPMorgan Chase Bank	06/03/2026			(22,103	)
	USD	2,089,616	JPY	328,987,000	UBS AG	07/08/2026			(23,455	)
	USD	1,082,586	EUR	928,000	Bank of New York Mellon	08/05/2026			(11,065	)
	USD	2,092,580	JPY	328,987,000	Bank of New York Mellon	08/05/2026			(25,426	)
	USD	6,768,023	EUR	5,761,000	Goldman Sachs	09/02/2026			(27,929	)
	USD	2,493,234	GBP	1,847,000	Goldman Sachs	09/02/2026			(18,079	)
	USD	2,097,770	JPY	328,987,000	Goldman Sachs	09/02/2026			(25,117	)
	Total unrealized depreciation								(179,172	)
	Net unrealized appreciation							$	244,181

Abbreviations

ADR

— American Depositary Receipt

AUD

— Australian Dollar

BRL

— Brazilian Real

EUR

— Euro

GBP

— British Pound

GDR

— Global Depositary Receipt

JPY

— Japanese Yen

NIBOR

— Norwegian Interbank Offered Rate

NVDR

— Non-Voting Depositary Receipt

OYJ

— Public Limited Company

PIK

— Pay in Kind

Preference

—

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

REIT

— Real Estate Investment Trust

SOFR

— Secured Overnight Financing Rate

USD

— United States Dollar

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense	0.0	%*
Air Freight & Logistics	0.2
Automobile Components	0.3
Automobiles	0.0	*
Banks	7.3
Beverages	5.2
Capital Markets	2.4
Chemicals	1.5
Commercial Services & Supplies	1.1
Commodities	8.0
Consumer Staples Distribution & Retail	0.9
Containers & Packaging	0.2

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Income Builder Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Diversified Consumer Services	0.1	%
Diversified Telecommunication Services	1.3
Electric Utilities	0.1
Electronic Equipment, Instruments & Components	0.6
Energy Equipment & Services	1.4
Entertainment	0.2
Financial Services	1.0
Food Products	3.3
Foreign Government Securities	2.0
Health Care Equipment & Supplies	2.9
Health Care Providers & Services	2.7
Hotels, Restaurants & Leisure	0.4
Household Durables	0.4
Household Products	1.5
Industrial Conglomerates	2.7
Insurance	3.9
Leisure Products	0.5
Life Sciences Tools & Services	0.8
Machinery	1.8
Media	1.0
Metals & Mining	3.9
Office REITs	0.8
Oil, Gas & Consumable Fuels	5.5
Passenger Airlines	0.3
Personal Care Products	2.0
Pharmaceuticals	0.7
Professional Services	0.3
Real Estate Management & Development	2.2
Residential REITs	0.9
Semiconductors & Semiconductor Equipment	1.6
Software	1.8
Specialized REITs	0.9
Specialty Retail	0.5
Technology Hardware, Storage & Peripherals	2.4
Textiles, Apparel & Luxury Goods	1.4
Tobacco	5.5
Trading Companies & Distributors	0.3
U.S. Treasury Obligations	11.9
Short-Term Investments	0.7
Total Investments	99.3	%

Less than 0.05%

Written Call Options Contracts as of April 30, 2026:

Description

Counterparty

Number of
Contracts

Notional
Amount

Exercise
Price

Expiration
Date

Value ($)

CH Robinson
Worldwide, Inc.

Exchange Traded

210

USD

(3,818,010

)

USD

180.00

5/15/2026

(143,850

)

Total Written Options Contracts (Premiums Received ($106,398))

(143,850

)

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 94.6%
	Air Freight & Logistics — 2.8%
	Expeditors International of Washington, Inc.	91,401	13,517,294
	Beverages — 1.5%
	PepsiCo, Inc.	46,438	7,359,959
	Diversified Telecommunication Services — 4.1%
	Comcast Corp., Class A	712,663	19,270,407
	Electronic Equipment, Instruments & Components — 4.7%
	TE Connectivity plc (Ireland)	105,755	22,384,103
	Food Products — 1.3%
	Nestle SA (Registered) (Switzerland)	59,361	6,009,686
	Health Care Equipment & Supplies — 6.8%
	Becton Dickinson & Co.	103,183	15,378,394
	Medtronic plc	205,802	16,663,788
32,042,182
	Health Care Providers & Services — 8.5%
	Elevance Health, Inc.	20,155	7,586,745
	HCA Healthcare, Inc.	40,118	17,429,265
	UnitedHealth Group, Inc.	40,789	15,111,509
40,127,519
	Hotels, Restaurants & Leisure — 0.4%
	Starbucks Corp.	16,376	1,724,884
	Insurance — 1.6%
	Fidelity National Financial, Inc.	80,006	4,184,314
	Willis Towers Watson plc	12,870	3,297,294
7,481,608
	Interactive Media & Services — 12.2%
	Alphabet, Inc., Class A	98,644	37,958,211
	Meta Platforms, Inc., Class A	32,320	19,776,931
57,735,142
	IT Services — 3.4%
	Accenture plc, Class A	90,205	16,120,536
	Machinery — 3.8%
	Schindler Holding AG (Switzerland)	51,615	18,045,563

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Oil, Gas & Consumable Fuels — 3.1%
	Exxon Mobil Corp.	94,042	14,513,502
	Professional Services — 3.1%
	Automatic Data Processing, Inc.	68,456	14,508,565
	Semiconductors & Semiconductor Equipment — 9.4%
	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	39,763	15,748,534
	Texas Instruments, Inc.	102,144	28,710,635
44,459,169
	Software — 9.4%
	Microsoft Corp.	6,771	2,761,078
	Oracle Corp.	99,417	16,044,910
	Salesforce, Inc.	101,897	17,987,877
	Workday, Inc., Class A*	60,934	7,458,322
44,252,187
	Specialized REITs — 1.3%
	Extra Space Storage, Inc., REIT	43,411	6,222,099
	Specialty Retail — 4.3%
	Home Depot, Inc. (The)	50,814	16,707,643
	Ross Stores, Inc.	16,203	3,690,882
20,398,525
	Technology Hardware, Storage & Peripherals — 4.6%
	Samsung Electronics Co. Ltd. (Preference) (South Korea)	201,339	21,731,309
	Textiles, Apparel & Luxury Goods — 2.9%
	LVMH Moet Hennessy Louis Vuitton SE (France)	25,953	13,864,339
	Tobacco — 5.4%
	British American Tobacco plc (United Kingdom)	153,170	9,020,921
	Philip Morris International, Inc.	100,218	16,542,985
25,563,906
	Total Common Stocks (Cost $315,321,044)		447,332,484
	Master Limited Partnerships — 3.7%
	Oil, Gas & Consumable Fuels — 3.7%
	Enterprise Products Partners LP (Cost $11,868,836)	447,297	17,310,394

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

Short-Term Investments — 1.6%
Commercial Paper — 1.6%
Aes Corp. (The) 4.02%, 05/01/2026 (a)(b)	2,692,000	2,691,699
Cargill, Inc. 3.63%, 05/01/2026 (a)(b)	1,456,000	1,455,853
General Motors Financial Co., Inc. 3.85%, 05/01/2026 (a)(b)	2,191,000	2,190,764
Western Union Co. (The) 3.85%, 05/01/2026 (a)(b)	1,224,000	1,223,869
Total Commercial Paper (Cost $7,563,000)		7,562,185

	Shares
Investment Companies — 0.0% (c)
JPMorgan US Government Money Market Fund 3.61% (d) (Cost $12,857)	12,857	12,857
Total Short-Term Investments (Cost $7,575,857)		7,575,042
Total Investments — 99.9% (Cost $334,765,737)		472,217,920
Other Assets Less Liabilities — 0.1%		562,799
Net Assets — 100.0%		472,780,719

Non-income producing security.

(a)

Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $7,562,185, which represents approximately 1.60% of net assets of the Fund.

(b)

The rate shown was the current yield as of April 30, 2026.

(c)

Represents less than 0.05% of net assets.

(d)

Represents 7-day effective yield as of April 30, 2026.

Abbreviations

ADR

— American 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

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2026 (unaudited)

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	159,821,569
Aggregate gross unrealized depreciation		(22,369,386	)
Net unrealized appreciation	$	137,452,183
Federal income tax cost of investments	$	334,765,737

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 95.0%
	Aerospace & Defense — 2.0%
	AAR Corp.*	61,713	6,811,264
	Astronics Corp.*	162,147	11,577,296
	Cadre Holdings, Inc.	156,363	4,636,163
	Ducommun, Inc.*	133,728	18,980,015
	VSE Corp.	16,475	2,828,428
44,833,166
	Air Freight & Logistics — 0.4%
	GXO Logistics, Inc.*	104,078	5,945,976
	Radiant Logistics, Inc.*	448,839	3,774,736
9,720,712
	Automobile Components — 0.5%
	Dorman Products, Inc.*	87,021	9,790,733
	Holley, Inc.*	417,218	1,376,819
11,167,552
	Banks — 5.0%
	Ameris Bancorp	234,969	20,031,107
	Avidbank Holdings, Inc.*	183,108	5,427,321
	Axos Financial, Inc.*	142,341	13,727,366
	Columbia Banking System, Inc.	225,380	6,671,248
	Dime Community Bancshares, Inc.	233,866	8,393,451
	Old National Bancorp	647,195	15,513,264
	Red River Bancshares, Inc.	75,839	6,880,873
	Seacoast Banking Corp. of Florida	462,232	14,546,441
	SmartFinancial, Inc.	215,728	9,047,632
	Valley National Bancorp	840,145	11,400,768
111,639,471
	Biotechnology — 0.5%
	CareDx, Inc.*	474,892	9,882,502
	Exagen, Inc.*	110,112	319,325
10,201,827
	Building Products — 1.3%
	Griffon Corp.	60,214	5,489,710
	Insteel Industries, Inc.	376,595	9,859,257

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Building Products — 1.3% (continued)
	Janus International Group, Inc.*	1,097,193	5,705,404
	Quanex Building Products Corp.	411,755	8,210,395
29,264,766
	Capital Markets — 0.8%
	Moelis & Co., Class A	76,819	5,002,453
	Perella Weinberg Partners, Class A	548,988	12,483,987
17,486,440
	Chemicals — 4.3%
	AdvanSix, Inc.	91,519	2,256,858
	Cabot Corp.	141,490	10,889,070
	Element Solutions, Inc.	143,871	6,127,466
	HB Fuller Co.	219,602	13,290,313
	Huntsman Corp.	772,218	11,096,773
	Intrepid Potash, Inc.*	153,681	6,081,157
	LSB Industries, Inc.*	966,112	14,395,069
	Mativ Holdings, Inc.	954,474	8,857,519
	Olin Corp.	321,229	9,148,602
	Quaker Chemical Corp.	93,815	12,748,520
94,891,347
	Commercial Services & Supplies — 1.0%
	ABM Industries, Inc.	275,176	11,227,181
	Healthcare Services Group, Inc.*	422,359	9,042,706
	Interface, Inc., Class A	110,656	3,085,089
23,354,976
	Communications Equipment — 4.3%
	ADTRAN Holdings, Inc.*	1,137,999	20,131,202
	Aviat Networks, Inc.*	251,678	5,770,977
	Digi International, Inc.*	154,121	8,636,941
	Extreme Networks, Inc.*	397,026	8,770,304
	Harmonic, Inc.*	1,042,645	11,917,432
	Inseego Corp.*	462,868	8,438,084
	KVH Industries, Inc.*	185,354	1,686,721
	NETGEAR, Inc.*	279,370	7,059,680

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Communications Equipment — 4.3% (continued)
	NetScout Systems, Inc.*	176,860	5,960,182
	Viavi Solutions, Inc.*	348,169	18,244,056
96,615,579
	Construction & Engineering — 2.4%
	Ameresco, Inc., Class A*	516,723	15,289,834
	Arcosa, Inc.	111,458	14,096,093
	Concrete Pumping Holdings, Inc.*	586,497	4,645,056
	Dycom Industries, Inc.*	23,629	9,784,769
	Matrix Service Co.*	792,202	10,710,571
54,526,323
	Construction Materials — 0.8%
	Eagle Materials, Inc.	59,538	12,509,529
	Titan America SA (Belgium)	329,938	5,440,678
17,950,207
	Consumer Staples Distribution & Retail — 0.5%
	Chefs’ Warehouse, Inc. (The)*	136,823	10,617,465
	Containers & Packaging — 0.6%
	Ranpak Holdings Corp., Class A*	806,969	4,107,472
	TriMas Corp.	276,497	10,235,919
14,343,391
	Diversified Consumer Services — 2.4%
	Lincoln Educational Services Corp.*	562,226	23,129,978
	Phoenix Education Partners, Inc.	309,582	8,674,488
	Stride, Inc.*	53,260	5,174,741
	Universal Technical Institute, Inc.*	424,641	15,936,777
52,915,984
	Electrical Equipment — 1.0%
	LSI Industries, Inc.	277,996	6,758,083
	Thermon Group Holdings, Inc.*	265,823	16,079,633
22,837,716
	Electronic Equipment, Instruments & Components — 7.4%
	908 Devices, Inc.*	736,341	5,029,209
	Advanced Energy Industries, Inc.	54,895	21,074,739
	Airgain, Inc.*	322,238	2,278,223

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Electronic Equipment, Instruments & Components — 7.4% (continued)
	Arlo Technologies, Inc.*	201,419	2,829,937
	Belden, Inc.	86,947	9,779,798
	Benchmark Electronics, Inc.	268,425	22,024,271
	Fabrinet (Thailand)*	8,278	5,657,765
	OSI Systems, Inc.*	24,180	6,937,726
	Plexus Corp.*	74,749	18,730,604
	Rogers Corp.*	126,364	17,153,913
	TTM Technologies, Inc.*	149,522	23,657,371
	Vishay Intertechnology, Inc.	881,814	25,546,152
	Vishay Precision Group, Inc.*	72,629	4,388,244
165,087,952
	Energy Equipment & Services — 3.2%
	Flowco Holdings, Inc., Class A	532,022	13,210,106
	Geospace Technologies Corp.*	200,120	1,831,098
	Helix Energy Solutions Group, Inc.*	452,820	4,686,687
	Natural Gas Services Group, Inc.	251,856	10,248,021
	Oil States International, Inc.*	1,757,316	20,173,988
	ProPetro Holding Corp.*	489,556	8,386,094
	RPC, Inc.	307,006	2,419,207
	SEACOR Marine Holdings, Inc.*	934,771	7,104,260
	Seadrill Ltd.*	59,373	2,950,244
71,009,705
	Financial Services — 1.9%
	Flywire Corp.*	799,952	10,807,352
	NMI Holdings, Inc., Class A*	237,694	9,201,135
	Radian Group, Inc.	156,701	5,614,597
	Remitly Global, Inc.*	722,269	15,810,468
41,433,552
	Food Products — 1.4%
	Mama’s Creations, Inc.*	1,093,090	15,510,947
	Utz Brands, Inc.	1,038,768	8,268,593
	Vital Farms, Inc.*	467,707	6,384,201
30,163,741

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Gas Utilities — 0.4%
	ONE Gas, Inc.	99,077	8,839,650
	Ground Transportation — 1.0%
	Covenant Logistics Group, Inc., Class A	239,090	8,334,677
	FTAI Infrastructure, Inc.	2,119,945	13,027,062
21,361,739
	Health Care Equipment & Supplies — 2.6%
	Alphatec Holdings, Inc.*	659,743	6,439,092
	AngioDynamics, Inc.*	239,794	2,623,346
	Artivion, Inc.*	304,355	10,905,040
	AtriCure, Inc.*	268,435	7,545,708
	Axogen, Inc.*	307,257	13,273,502
	Envista Holdings Corp.*	243,708	6,321,786
	Profound Medical Corp. (Canada)*	296,360	1,985,612
	SI-BONE, Inc.*	623,173	7,721,113
56,815,199
	Health Care Providers & Services — 5.0%
	Aveanna Healthcare Holdings, Inc.*	679,662	4,444,990
	Brookdale Senior Living, Inc.*	1,580,588	22,697,244
	Concentra Group Holdings Parent, Inc.	366,713	8,240,041
	Cross Country Healthcare, Inc.*	611,912	6,192,549
	Hinge Health, Inc., Class A*	315,098	14,053,371
	InfuSystem Holdings, Inc.*	637,130	6,454,127
	LifeStance Health Group, Inc.*	1,400,785	10,603,942
	Pennant Group, Inc. (The)*	388,529	12,168,728
	Progyny, Inc.*	170,860	3,174,579
	RadNet, Inc.*	91,889	5,196,323
	Strata Critical Medical, Inc.*	1,971,041	9,894,626
	Talkspace, Inc.*	555,974	2,885,505
	Viemed Healthcare, Inc.*	462,272	4,604,229
110,610,254
	Health Care REITs — 0.2%
	Strawberry Fields REIT, Inc., REIT	289,605	3,582,414

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Health Care Technology — 0.8%
	HealthStream, Inc.	375,020	7,785,415
	Simulations Plus, Inc.*	764,369	10,831,109
18,616,524
	Hotels, Restaurants & Leisure — 0.6%
	Cheesecake Factory, Inc. (The)	104,019	6,539,674
	El Pollo Loco Holdings, Inc.*	510,130	6,896,958
13,436,632
	Household Durables — 3.8%
	Beazer Homes USA, Inc.*	480,782	10,380,083
	Century Communities, Inc.	211,554	11,851,255
	Champion Homes, Inc.*	118,871	9,061,536
	Ethan Allen Interiors, Inc.	297,580	6,350,357
	Hooker Furnishings Corp.	332,028	4,034,140
	Installed Building Products, Inc.	56,445	16,287,205
	Smith Douglas Homes Corp., Class A*	326,097	4,624,056
	Sonos, Inc.*	686,185	10,176,124
	Taylor Morrison Home Corp., Class A*	204,185	12,402,197
	Universal Electronics, Inc.*	51,228	215,670
85,382,623
	Household Products — 1.1%
	Central Garden & Pet Co., Class A*	229,252	7,693,697
	Spectrum Brands Holdings, Inc.	212,271	17,533,585
25,227,282
	Insurance — 2.0%
	Axis Capital Holdings Ltd.	85,457	8,580,737
	Citizens, Inc., Class A*	514,110	2,776,194
	Kemper Corp.	129,710	4,369,930
	Lincoln National Corp.	338,117	12,784,204
	Old Republic International Corp.	224,538	8,970,293
	Stewart Information Services Corp.	109,251	7,646,478
45,127,836
	Interactive Media & Services — 0.2%
	EverQuote, Inc., Class A*	201,941	2,911,989
	Trivago NV, ADR (Germany)*	248,865	704,288
3,616,277

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Leisure Products — 0.3%
	Clarus Corp.	43,748	113,963
	Johnson Outdoors, Inc., Class A	122,517	6,448,070
6,562,033
	Life Sciences Tools & Services — 1.5%
	Bio-Rad Laboratories, Inc., Class A*	29,334	8,217,040
	CryoPort, Inc.*	801,783	8,226,294
	Maravai LifeSciences Holdings, Inc., Class A*	2,389,474	8,793,264
	Quanterix Corp.*	1,411,313	4,417,410
	Stevanato Group SpA (Italy)	236,534	4,021,078
33,675,086
	Machinery — 7.4%
	Aebi Schmidt Holding AG (Switzerland)	261,582	3,039,583
	Albany International Corp., Class A	186,955	10,850,868
	Astec Industries, Inc.	226,057	14,698,226
	CECO Environmental Corp.*	205,064	15,203,445
	Columbus McKinnon Corp.	306,728	4,738,947
	Enpro, Inc.	57,136	16,658,001
	Flowserve Corp.	122,683	9,034,376
	Gates Industrial Corp. plc*	183,108	4,689,396
	Graham Corp.*	175,415	16,699,508
	JBT Marel Corp.	54,849	6,477,667
	Luxfer Holdings plc (United Kingdom)	154,193	2,320,604
	Manitowoc Co., Inc. (The)*	739,942	10,055,812
	Mayville Engineering Co., Inc.*	363,512	8,291,709
	Park-Ohio Holdings Corp.	415,306	12,023,109
	Tennant Co.	51,495	4,276,145
	Timken Co. (The)	79,789	8,847,802
	Titan International, Inc.*	593,340	4,521,251
	Trinity Industries, Inc.	366,106	11,938,717
164,365,166
	Marine Transportation — 0.3%
	Diana Shipping, Inc. (Greece)	1,248,862	3,134,644
	Star Bulk Carriers Corp. (Greece)	163,489	4,108,478
7,243,122

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Media — 0.6%
	DoubleVerify Holdings, Inc.*	559,340	6,163,927
	Magnite, Inc.*	498,221	6,384,702
12,548,629
	Metals & Mining — 3.9%
	Century Aluminum Co.*	140,231	8,335,331
	Coeur Mining, Inc.*	446,738	8,027,882
	Commercial Metals Co.	259,081	17,866,226
	Ferroglobe plc	1,823,953	8,463,142
	Hecla Mining Co.	400,181	7,211,261
	Kaiser Aluminum Corp.	95,192	16,223,572
	Materion Corp.	90,764	16,683,331
	Ramaco Resources, Inc., Class B	478,233	4,791,895
87,602,640
	Multi-Utilities — 0.4%
	Black Hills Corp.	118,972	8,957,402
	Oil, Gas & Consumable Fuels — 3.7%
	Dorian LPG Ltd.	380,185	14,656,132
	Golar LNG Ltd. (Bermuda)	248,666	13,674,143
	Murphy Oil Corp.	194,354	8,116,223
	Navigator Holdings Ltd.	722,626	15,753,247
	Riley Exploration Permian, Inc.	177,918	6,435,294
	Scorpio Tankers, Inc. (Monaco)	200,521	16,308,373
	Talos Energy, Inc.*	458,760	7,303,459
82,246,871
	Paper & Forest Products — 0.7%
	Louisiana-Pacific Corp.	209,789	15,144,668
	Personal Care Products — 0.1%
	Nature’s Sunshine Products, Inc.*	87,037	2,363,925
	Professional Services — 0.3%
	Mistras Group, Inc.*	297,796	5,622,388
	Real Estate Management & Development — 0.3%
	Douglas Elliman, Inc.*	1,421,549	2,857,314
	Forestar Group, Inc.*	167,736	4,740,219
7,597,533

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Residential REITs — 0.5%
	UMH Properties, Inc., REIT	670,399	10,424,704
	Retail REITs — 1.2%
	FrontView REIT, Inc., REIT	514,473	9,106,172
	Tanger, Inc., REIT	185,030	6,860,912
	Whitestone REIT, REIT	627,292	11,880,911
27,847,995
	Semiconductors & Semiconductor Equipment — 7.1%
	Alpha & Omega Semiconductor Ltd.*	38,452	1,669,970
	Ambiq Micro, Inc.*	247,609	9,280,385
	Amtech Systems, Inc.*	726,481	12,648,034
	Axcelis Technologies, Inc.*	84,086	11,697,204
	Cohu, Inc.*	423,908	20,072,044
	FormFactor, Inc.*	113,712	15,456,872
	inTEST Corp.*	382,061	7,140,720
	Onto Innovation, Inc.*	38,511	11,363,056
	Silicon Motion Technology Corp., ADR (Taiwan)	122,431	26,785,454
	Ultra Clean Holdings, Inc.*	311,510	24,344,507
	Veeco Instruments, Inc.*	335,839	16,741,574
157,199,820
	Software — 0.7%
	Braze, Inc., Class A*	268,122	5,906,727
	I3 Verticals, Inc., Class A*	425,036	9,584,562
15,491,289
	Specialized REITs — 0.6%
	Outfront Media, Inc., REIT	450,958	13,912,054
	Specialty Retail — 1.7%
	Lithia Motors, Inc., Class A	43,203	12,534,054
	MarineMax, Inc.*	306,397	8,805,850
	National Vision Holdings, Inc.*	187,161	4,345,878
	OneWater Marine, Inc., Class A*	488,679	4,588,696
	Outdoor Holding Co.*	1,775,554	3,604,375
	RH*	9,526	1,257,051
	Warby Parker, Inc., Class A*	163,489	3,616,377
38,752,281

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Technology Hardware, Storage & Peripherals — 0.1%
	Eastman Kodak Co.*	247,962	3,305,333
	Textiles, Apparel & Luxury Goods — 0.1%
	Fossil Group, Inc.*	295,549	1,309,282
	Trading Companies & Distributors — 4.1%
	Alta Equipment Group, Inc.	500,342	3,877,651
	Boise Cascade Co.	153,103	12,136,475
	Custom Truck One Source, Inc.*	684,597	6,743,280
	DNOW, Inc.*	408,970	5,517,005
	Herc Holdings, Inc.	106,279	13,488,931
	NPK International, Inc.*	318,103	5,200,984
	QXO, Inc.*	163,145	3,274,320
	Titan Machinery, Inc.*	693,742	14,506,145
	Transcat, Inc.*	140,527	10,694,105
	WESCO International, Inc.	44,161	15,417,488
90,856,384
	Total Common Stocks (Cost $1,476,794,876)		2,115,706,907
	Exchange Traded Funds — 0.6%
	State Street SPDR S&P Regional Banking ETF (Cost $11,918,966)	187,150	13,072,428

	Number of Rights
Rights — 0.0% (a)
IT Services — 0.0% (a)
Flexion, Inc., CVR*‡ (b) (Cost $27,802)	44,841	—

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

Short-Term Investments — 5.4%
Investment Companies — 5.4%
JPMorgan US Government Money Market Fund 3.61% (c) (Cost $119,660,542)	119,660,542	119,660,542
Total Investments — 101.0% (Cost $1,608,402,186)		2,248,439,877
Liabilities in Excess of Other Assets — (1.0)%		(22,651,066	)
Net Assets — 100.0%		2,225,788,811

Non-income producing security.

‡

Value determined using significant unobservable inputs.

(a)

Represents less than 0.05% of net assets.

(b)

Security fair valued as of April 30, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at April 30, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c)

Represents 7-day effective yield as of April 30, 2026.

Abbreviations

ADR

— American Depositary Receipt

CVR

— Contingent Value Rights

ETF

— Exchange Traded Fund

REIT

— Real Estate Investment Trust

SPDR

— Standard & Poor’s Depositary Receipt

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	700,506,849
Aggregate gross unrealized depreciation		(60,469,158	)
Net unrealized appreciation	$	640,037,691
Federal income tax cost of investments	$	1,608,402,186

Affiliated Securities

Security Description	Market Value October 31, 2025			Purchases at Cost		Proceeds from Sales	Net Realized Gains (Loss)
Common Stocks — 0.6%
United States — 0.6%
Amtech Systems, Inc.*^		$	5,228,067		$	1,026,774	$	(315,488	)	$	124,721
Total Common Stocks			5,228,067			1,026,774		(315,488	)		124,721
Total		$	5,228,067		$	1,026,774	$	(315,488	)	$	124,721

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Affiliated Securities (continued)

Security Description	Change in Unrealized Appreciation/ Depreciation	Market Value April 30, 2026	Shares at April 30, 2026	Dividend Income
Common Stocks — 0.6%
United States — 0.6%

Amtech Systems, Inc.*^	$	6,583,960	$	12,648,034	726,481	$	—
Total Common Stocks		6,583,960		12,648,034	726,481		—
Total	$	6,583,960	$	12,648,034	726,481	$	—

Non-income producing security.

Represents an unaffiliated issuer as of October 31, 2025.

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 95.4%
	Aerospace & Defense — 3.1%
	Curtiss-Wright Corp.	1,351	972,990
	FTAI Aviation Ltd.	4,600	1,148,482
2,121,472
	Air Freight & Logistics — 0.7%
	GXO Logistics, Inc.*	8,000	457,040
	Beverages — 0.8%
	Celsius Holdings, Inc.*	17,000	570,690
	Biotechnology — 1.9%
	CareDx, Inc.*	41,515	863,927
	Exelixis, Inc.*	10,000	444,600
1,308,527
	Building Products — 1.1%
	Advanced Drainage Systems, Inc.	5,100	761,175
	Capital Markets — 3.7%
	Evercore, Inc., Class A	3,890	1,249,818
	Houlihan Lokey, Inc., Class A	6,052	936,547
	Raymond James Financial, Inc.	2,443	386,776
2,573,141
	Chemicals — 2.6%
	Olin Corp.	34,500	982,560
	Westlake Corp.	7,065	814,453
1,797,013
	Commercial Services & Supplies — 1.7%
	Clean Harbors, Inc.*	3,800	1,188,184
	Communications Equipment — 2.1%
	Ciena Corp.*	2,200	1,160,676
	Harmonic, Inc.*	25,000	285,750
1,446,426
	Construction & Engineering — 3.8%
	Arcosa, Inc.	1,496	189,199
	Dycom Industries, Inc.*	2,662	1,102,334
	Quanta Services, Inc.	1,850	1,346,375
2,637,908

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Construction Materials — 2.7%
	Eagle Materials, Inc.	3,129	657,434
	James Hardie Industries plc, ADR*	37,676	790,819
	Titan America SA (Belgium)	24,625	406,067
1,854,320
	Consumer Staples Distribution & Retail — 3.2%
	Casey’s General Stores, Inc.	800	657,720
	Chefs’ Warehouse, Inc. (The)*	9,979	774,370
	Performance Food Group Co.*	9,000	815,040
2,247,130
	Diversified Consumer Services — 1.2%
	Stride, Inc.*	8,868	861,615
	Electrical Equipment — 5.7%
	Generac Holdings, Inc.*	4,500	1,166,535
	nVent Electric plc	10,300	1,471,870
	Regal Rexnord Corp.	6,095	1,310,608
3,949,013
	Electronic Equipment, Instruments & Components — 13.4%
	Belden, Inc.	6,375	717,060
	Coherent Corp.*	4,400	1,406,724
	Fabrinet (Thailand)*	2,036	1,391,545
	Flex Ltd.*	19,600	1,794,380
	Littelfuse, Inc.	3,350	1,353,970
	OSI Systems, Inc.*	1,895	543,713
	Sanmina Corp.*	3,000	653,460
	TTM Technologies, Inc.*	9,000	1,423,980
9,284,832
	Financial Services — 2.1%
	Rocket Cos., Inc., Class A*	65,000	950,300
	Voya Financial, Inc.	6,000	491,760
1,442,060
	Ground Transportation — 3.9%
	FTAI Infrastructure, Inc.	120,000	737,400
	JB Hunt Transport Services, Inc.	4,532	1,139,934
	XPO, Inc.*	3,685	811,179
2,688,513

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Health Care Providers & Services — 5.9%
	Brookdale Senior Living, Inc.*	50,000	718,000
	Cardinal Health, Inc.	5,800	1,118,704
	Ensign Group, Inc. (The)	1,225	228,695
	Quest Diagnostics, Inc.	5,500	1,068,100
	Tenet Healthcare Corp.*	5,600	991,872
4,125,371
	Hotel & Resort REITs — 1.5%
	Ryman Hospitality Properties, Inc., REIT	9,850	1,035,136
	Hotels, Restaurants & Leisure — 2.6%
	Aramark	11,000	502,590
	Cheesecake Factory, Inc. (The)	15,715	988,002
	Texas Roadhouse, Inc., Class A	2,000	321,980
1,812,572
	Household Durables — 2.9%
	Century Communities, Inc.	12,600	705,852
	SharkNinja, Inc.*	8,000	924,240
	Toll Brothers, Inc.	2,591	368,285
1,998,377
	Insurance — 2.2%
	Axis Capital Holdings Ltd.	7,712	774,362
	Old Republic International Corp.	18,000	719,100
1,493,462
	Life Sciences Tools & Services — 1.6%
	Bio-Rad Laboratories, Inc., Class A*	4,000	1,120,480
	Machinery — 2.7%
	CECO Environmental Corp.*	7,000	518,980
	Donaldson Co., Inc.	3,200	282,144
	Enpro, Inc.	3,715	1,083,108
1,884,232
	Multi-Utilities — 1.0%
	Black Hills Corp.	9,500	715,255
	Oil, Gas & Consumable Fuels — 5.0%
	Expand Energy Corp.	12,024	1,228,252
	HF Sinclair Corp.	16,691	1,121,802
	Permian Resources Corp., Class A	52,871	1,143,071
3,493,125

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Passenger Airlines — 1.6%
	Delta Air Lines, Inc.	12,000	815,880
	Southwest Airlines Co.	7,500	284,400
1,100,280
	Real Estate Management & Development — 1.5%
	Colliers International Group, Inc. (Canada)	10,058	1,051,866
	Retail REITs — 0.7%
	Whitestone REIT, REIT	26,000	492,440
	Semiconductors & Semiconductor Equipment — 10.3%
	Axcelis Technologies, Inc.*	3,530	491,058
	Entegris, Inc.	10,000	1,413,800
	Onto Innovation, Inc.*	6,100	1,799,866
	Silicon Motion Technology Corp., ADR (Taiwan)	8,424	1,843,003
	Ultra Clean Holdings, Inc.*	20,000	1,563,000
7,110,727
	Specialty Retail — 1.1%
	Chewy, Inc., Class A*	21,500	546,530
	RH*	1,700	224,332
770,862
	Trading Companies & Distributors — 1.1%
	QXO, Inc.*	36,500	732,555
	Total Common Stocks (Cost $44,099,869)		66,125,799
	Short-Term Investments — 5.5%
	Investment Companies — 5.5%
	JPMorgan US Government Money Market Fund 3.61% (a) (Cost $3,819,104)	3,819,104	3,819,104
	Total Investments — 100.9% (Cost $47,918,973)		69,944,903
	Liabilities in Excess of Other Assets — (0.9)%		(638,153	)
	Net Assets — 100.0%		69,306,750

Non-income producing security.

(a)

Represents 7-day effective yield as of April 30, 2026.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2026 (unaudited)

Abbreviations

ADR

— American Depositary Receipt

REIT

— Real Estate Investment Trust

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	22,718,419
Aggregate gross unrealized depreciation			(692,489	)
Net unrealized appreciation	$	22,025,930
Federal income tax cost of investments	$	47,918,973

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Common Stocks — 91.9%
	Australia — 2.2%
	Glencore plc	70,878	550,853
	Ora Banda Mining Ltd.*	75,606	73,918
624,771
	Belgium — 0.6%
	Shurgard Self Storage Ltd., REIT	5,435	167,179
	Canada — 19.8%
	Agnico Eagle Mines Ltd.	2,384	448,298
	Canadian National Railway Co.	2,343	263,166
	Canadian Pacific Kansas City Ltd.	3,245	282,228
	DPM Metals, Inc.	9,860	331,074
	Franco-Nevada Corp.	2,379	548,850
	G Mining Ventures Corp.*	14,400	499,099
	Imperial Oil Ltd.	3,810	510,375
	LunR Royalties Corp.*	25,883	439,212
	NGEx Minerals Ltd.*	33,410	618,098
	Nutrien Ltd.	7,072	537,552
	TransAlta Corp.	20,360	253,760
	Wheaton Precious Metals Corp.	6,403	808,795
5,540,507
	China — 4.3%
	Contemporary Amperex Technology Co. Ltd., Class H	7,500	592,770
	GDS Holdings Ltd., Class A*	114,100	602,170
1,194,940
	Faroe Islands — 0.9%
	Bakkafrost P/F	5,083	253,472
	France — 0.4%
	Air Liquide SA	548	117,897
	Germany — 1.8%
	FUCHS SE (Preference)	10,766	507,695
	Hong Kong — 4.3%
	CK Asset Holdings Ltd.	100,500	633,075
	Hongkong Land Holdings Ltd.	71,000	561,329
1,194,404

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	Indonesia — 2.1%
	United Tractors Tbk. PT	347,372	582,967
	Japan — 3.5%
	Kansai Paint Co. Ltd.	24,700	370,685
	Komatsu Ltd.	10,400	445,307
	Shin-Etsu Chemical Co. Ltd.	3,200	147,335
963,327
	Kazakhstan — 2.2%
	NAC Kazatomprom JSC, GDR (a)	7,016	620,357
	Mexico — 7.5%
	GCC SAB de CV	41,763	493,453
	Grupo Mexico SAB de CV, Series B	91,095	997,073
	Prologis Property Mexico SA de CV, REIT	132,506	606,303
2,096,829
	Russia — 0.0%
	Alrosa PJSC*‡ (b)	48,132	—
	Singapore — 0.3%
	Sheng Siong Group Ltd.	30,500	72,704
	South Korea — 4.1%
	Samsung Electronics Co. Ltd. (Preference)	1,493	161,145
	SK Square Co. Ltd.*	1,702	990,566
1,151,711
	Taiwan — 2.1%
	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	1,511	598,447
	United Kingdom — 6.9%
	Big Yellow Group plc, REIT	29,520	362,327
	Cranswick plc	3,443	252,525
	Derwent London plc, REIT	13,719	320,980
	Great Portland Estates plc, REIT	43,209	181,799
	Shell plc	18,077	816,189
1,933,820
	United States — 28.9%
	American Water Works Co., Inc.	602	77,309
	BXP, Inc., REIT	2,889	168,891
	Carlisle Cos., Inc.	922	327,550
	Charter Communications, Inc., Class A*	1,189	196,387

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

	United States — 28.9% (continued)
	CRH plc	2,894	342,707
	Cummins, Inc.	534	358,319
	Deere & Co.	254	149,827
	Douglas Emmett, Inc., REIT	20,575	222,416
	EastGroup Properties, Inc., REIT	1,102	221,722
	Equinix, Inc., REIT	544	589,060
	Equity Residential, REIT	2,275	148,739
	Extra Space Storage, Inc., REIT	3,119	447,046
	HCA Healthcare, Inc.	965	419,244
	IDACORP, Inc.	2,674	395,057
	Noble Corp. plc	13,831	705,796
	ONEOK, Inc.	6,643	614,212
	PulteGroup, Inc.	4,606	563,590
	Reliance, Inc.	1,258	456,025
	RPM International, Inc.	1,731	176,372
	SLB Ltd.	1,455	82,760
	Sunbelt Rentals Holdings, Inc.	6,975	524,269
	UGI Corp.	11,421	412,184
	Warrior Met Coal, Inc.	1,933	173,680
	Williams Cos., Inc. (The)	4,231	322,868
8,096,030
	Total Common Stocks (Cost $20,112,434)		25,717,057
	Master Limited Partnerships — 4.5%
	United States — 4.5%
	Black Stone Minerals LP	29,285	419,361
	Enterprise Products Partners LP	21,467	830,773
	Total Master Limited Partnerships (Cost 1,025,637)		1,250,134

	Ounces
Commodities — 1.6%
Gold bullion* (Cost $274,172)	100	462,057

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Investments

Value ($)

Exchange Traded Funds — 0.8%
United States — 0.8%
iShares Gold Trust (Cost $174,684)	2,668	231,716
Short-Term Investment — 1.3%
Investment Companies — 1.3%
JPMorgan US Government Money Market Fund 3.61% (c) (Cost $368,983)	368,983	368,983
Total Investments — 100.1% (Cost $21,955,910)		28,029,947
Liabilities in Excess of Other Assets — (0.1)%		(32,026	)
Net Assets — 100.0%		27,997,921

Non-income producing security.

‡

Value determined using significant unobservable inputs.

(a)

(b)

Security fair valued as of April 30, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at April 30, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c)

Represents 7-day effective yield as of April 30, 2026.

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$		6,539,874
Aggregate gross unrealized depreciation			(465,837	)
Net unrealized appreciation	$		6,074,037
Federal income tax cost of investments	$	21,955,910

Abbreviations

ADR

— American Depositary Receipt

GDR

— Global Depositary Receipt

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

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2026 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Building Products	1.2	%
Chemicals	6.6
Commodities	1.6
Commodity Funds	0.8
Construction Materials	3.0
Consumer Staples Distribution & Retail	0.3
Electric Utilities	1.4
Electrical Equipment	2.1
Energy Equipment & Services	2.8
Food Products	1.8
Gas Utilities	1.5
Ground Transportation	1.9
Health Care Providers & Services	1.5
Household Durables	2.0
Independent Power and Renewable Electricity Producers	0.9
Industrial Conglomerates	3.5
Industrial REITs	3.0
IT Services	2.2
Machinery	3.4
Media	0.7
Metals & Mining	21.2
Office REITs	3.2
Oil, Gas & Consumable Fuels	16.9
Real Estate Management & Development	4.3
Residential REITs	0.5
Semiconductors & Semiconductor Equipment	2.1
Specialized REITs	5.6
Technology Hardware, Storage & Peripherals	0.6
Trading Companies & Distributors	1.9
Water Utilities	0.3
Short-Term Investments	1.3
Total Investments	100.1	%

See Notes to Financial Statements.

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Municipal Bonds — 117.5%
	Alabama — 1.0%
	Alabama Housing Finance Authority, Revenue, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054 (a)	7,340,000	7,340,303
	Black Belt Energy Gas District, Revenue, Series 2025 B, 5.00%, 10/01/2035	10,000,000	10,027,130
	Revenue, Series 2025 C, 5.50%, 08/01/2034 (b)(c)(d)	50,000,000	52,943,570
70,311,003
	American Samoa — 0.0% (e)
	American Samoa Economic Development Authority, Revenue, Series 2018, 6.50%, 09/01/2028 (d)	150,000	155,227
	Revenue, Series 2021 A, 5.00%, 09/01/2038 (d)	1,000,000	1,020,140
1,175,367
	Arizona — 2.0%
	Arizona Industrial Development Authority, Revenue, GNMA Insured, Series 2025 A, 5.00%, 10/01/2045	2,100,000	2,154,490
	Revenue, GNMA Insured, Series 2025 A, 5.10%, 10/01/2050	3,500,000	3,564,027
	Revenue, GNMA Insured, Series 2025 A, 5.15%, 10/01/2053	1,350,000	1,380,047
	Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2051 (d)	2,115,000	1,633,095
	Great Lakes Senior Living Communities LLC, Revenue, Series 2025 A2, 5.13%, 01/01/2059	10,000,000	9,293,864
	ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.75%, 03/01/2035 (d)	1,275,000	1,333,206
	ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.88%, 03/01/2055 (d)	16,500,000	17,090,830
	ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2065 (d)	19,000,000	19,335,861
	San Tan Montessori School, Inc. Obligated Group, Revenue, Refunding, Series 2025, 6.88%, 02/01/2065 (d)	10,000,000	10,011,810

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Arizona — 2.0% (continued)
Estrella Mountain Ranch Community Facilities District, Special Assessment, Series 2025, 5.05%, 07/01/2040	450,000	453,746
Special Assessment, Series 2025, 5.80%, 07/01/2049	920,000	920,507
Floreo at Teravalis Community Facilities District, Special Assessment, Series 2025, 5.75%, 07/01/2040	1,469,000	1,546,344
Special Assessment, Series 2025, 6.13%, 07/01/2045	1,958,000	2,056,594
Industrial Development Authority of the County of Pima (The), Revenue, GNMA Insured, Series 2024 D‑1, 4.60%, 07/01/2049	475,000	467,870
Maricopa County & Phoenix Industrial Development Authorities, Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055	5,000	4,957
Maricopa County Industrial Development Authority, Arizona Christian University, Revenue, Series 2024 A, 6.38%, 10/01/2041 (b)(c)(d)	8,400,000	8,287,822
Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 7.00%, 05/01/2066	14,275,000	14,293,055
Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (d)	2,225,000	2,174,318
Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 (d)	2,000,000	2,054,635
Paragon Management, Inc., Revenue, Series 2025, 5.88%, 07/01/2060 (d)	1,060,000	1,057,159
Prescott Valley Charter School, Revenue, Series 2024, 6.50%, 07/01/2039 (d)	380,000	382,926
Prescott Valley Charter School, Revenue, Series 2024, 7.13%, 07/01/2054 (d)	2,000,000	1,909,940
Prescott Valley Charter School, Revenue, Series 2024, 7.38%, 07/01/2063 (d)	4,850,000	4,610,067
Sierra Vista Industrial Development Authority, American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2064 (d)	12,635,000	10,549,827
Fit Kids, Inc., Revenue, Series 2024, 5.38%, 06/15/2034 (d)	320,000	331,096
Fit Kids, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (d)	550,000	563,567

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Arizona — 2.0% (continued)
Fit Kids, Inc., Revenue, Series 2024, 6.30%, 06/15/2054 (d)	1,120,000	1,134,625
Fit Kids, Inc., Revenue, Series 2024, 6.38%, 06/15/2064 (d)	1,640,000	1,656,865
Wake Preparatory Academy, Revenue, Series 2025, 6.50%, 06/15/2060	5,000,000	5,061,168
Superstition Vistas, Community Facilities District No. 1 Assessment Area 3, Special Assessment, Series 2024, 5.80%, 07/01/2048	348,000	347,657
Superstition Vistas Community Facilities District No. 1, Assessment Area 4, Special Assessment, Series 2024, 4.70%, 07/01/2039	75,000	71,841
Assessment Area 4, Special Assessment, Series 2024, 5.25%, 07/01/2049	325,000	298,444
Assessment Area 5, Special Assessment, Series 2025, 5.15%, 07/01/2035	219,000	221,498
Assessment Area 5, Special Assessment, Series 2025, 5.60%, 07/01/2040	172,000	175,882
Assessment Area 5, Special Assessment, Series 2025, 6.20%, 07/01/2049	469,000	478,777
Assessment Area 6, Special Assessment, Series 2025, 5.90%, 07/01/2049	412,000	405,782
Superstition Vistas Community Facilities District No. 2, Assessment Area 2, Special Assessment, Series 2025, 5.20%, 07/01/2035	210,000	211,966
Assessment Area 2, Special Assessment, Series 2025, 6.30%, 07/01/2049	441,000	451,713
Tempe Industrial Development Authority, Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2050	3,100,000	2,864,917
Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2054	2,250,000	2,051,172
Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2046	6,555,000	5,578,905
Tempe Life Care Village Obligated Group, Revenue, Series 2021 B, 4.00%, 12/01/2056	2,130,000	1,623,027
Town of Florence, Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.00%, 07/01/2039	200,000	204,293

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Arizona — 2.0% (continued)
	Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.60%, 07/01/2049	710,000	703,495
	Westpark Community Facilities District, Special Assessment, Series 2025, 5.15%, 07/01/2035	579,000	593,318
	Special Assessment, Series 2025, 6.13%, 07/01/2045	982,000	1,032,172
142,629,177
	Arkansas — 0.4%
	Arkansas Development Finance Authority, Hybar LLC, Revenue, AMT, Series 2023 B, 7.37%, 07/01/2048 (d)(f)	11,250,000	12,190,401
	Providence Christian Ministries, Inc., Revenue, Series 2026 A, 6.75%, 07/01/2061 (d)	2,250,000	2,250,994
	United States Steel Corp., Revenue, AMT, Series 2023, 5.70%, 05/01/2053	250,000	255,993
	Washington Regional Medical Center, Revenue, Series 2017, 3.75%, 02/01/2044	50,000	39,291
	Washington Regional Medical Center, Revenue, Series 2017, 3.75%, 02/01/2048	180,000	132,156
	Washington Regional Medical Center, Revenue, Series 2019, 3.13%, 02/01/2046	305,000	206,378
	Batesville Public Facilities Board, White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032	395,000	357,037
	City of Brookland, Revenue, Series 2025, 4.75%, 04/01/2045	285,000	285,658
	Clarksville Public Educational Facilities Board, University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.00%, 08/01/2044	1,080,000	1,120,210
	University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2049	3,365,000	3,451,617
	University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056	7,800,000	7,941,166
28,230,901

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 12.2%
California Community Housing Agency, Brio Apartments & Next on Lex Apartments, Revenue, Senior Lien, Series 2021 A‑1, 4.00%, 02/01/2056 (d)	12,800,000	10,538,504
Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 (d)	64,255,000	41,416,061
Summit at Sausalito Apartments, Revenue, Series 2021 A‑1, 3.00%, 02/01/2057 (d)	1,000,000	677,794
California County Tobacco Securitization Agency, Stanislaus County Tobacco Funding Corp., Revenue, Series 2006 A, 0.00%, 06/01/2046 (g)	95,610,000	22,435,164
California Infrastructure & Economic Development Bank, Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 B, 12.00%, 11/02/2026 (b)(c)(d)(f)	96,745,000	56,112,100
La Scuola International School, Revenue, Series 2024, 5.00%, 07/01/2044 (d)	1,615,000	1,594,235
La Scuola International School, Revenue, Series 2024, 5.13%, 07/01/2054 (d)	2,100,000	1,948,120
La Scuola International School, Revenue, Series 2024, 5.25%, 07/01/2064 (d)	8,550,000	7,913,231
Rex & Margaret Fortune School of Education, Revenue, Series 2024 C, 5.00%, 06/01/2038 (d)	9,400,000	9,127,799
California Municipal Finance Authority, Special Tax, Series 2025 B, 5.13%, 09/01/2055	1,735,000	1,753,052
Revenue, Series 2025‑1, 3.24%, 06/02/2026 (b)(c)(d)	4,000,000	2,506,869
Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (d)	2,000,000	2,092,267
Clay Lacy Santa Ana LLC, Revenue, AMT, Series 2026, 6.00%, 01/01/2055 (d)(h)	5,635,000	5,663,169
Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2050	4,295,000	3,545,457
Community Facilities District No. 2023‑11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2044	325,000	336,192
Community Facilities District No. 2023‑11 Improvement Area A, Special Tax, Series 2024, 5.13%, 09/01/2059	1,250,000	1,263,625

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 12.2% (continued)
MWLA, Inc., Revenue, Refunding, Series 2024, 5.25%, 06/01/2044 (d)	1,000,000	980,586
MWLA, Inc., Revenue, Refunding, Series 2024, 5.50%, 06/01/2054 (d)	1,250,000	1,170,471
Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2046 (d)	7,800,000	7,271,723
St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.75%, 05/01/2054 (d)	710,000	713,728
St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.88%, 05/01/2059 (d)	695,000	701,663
Vista Charter Public Schools, Inc., Revenue, Series 2014, 6.00%, 07/01/2044	2,460,000	2,460,634
Westside Neighborhood School, Revenue, Series 2024, 6.20%, 06/15/2054 (d)	3,230,000	3,373,211
Westside Neighborhood School, Revenue, Series 2024, 6.38%, 06/15/2064 (d)	5,560,000	5,828,993
California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (d)	1,500,000	1,547,495
EEC, Inc., Revenue, Series 2020 A, 5.00%, 06/15/2050 (d)	400,000	368,810
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.63%, 03/01/2035 (d)	1,255,000	1,323,549
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.50%, 03/01/2045 (d)	14,740,000	15,622,821
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2055 (d)	12,000,000	12,535,593
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.63%, 03/01/2065 (d)	16,500,000	16,933,320
QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.00%, 06/01/2040 (d)	1,500,000	1,616,711
QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.50%, 06/01/2055 (d)	5,000,000	5,255,703
QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.63%, 06/01/2065 (d)	10,500,000	11,092,081

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 12.2% (continued)
QSH/MB LLC, Revenue, Senior Lien, Series 2025 A‑1, 6.75%, 07/01/2065 (d)	25,800,000	27,630,458
California School Finance Authority, Aspire Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 08/01/2051 (d)	750,000	593,332
Fenton Charter Public Schools, Revenue, Series 2020 A, 5.00%, 07/01/2058 (d)	625,000	545,698
Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (d)	1,000,000	1,007,585
Integrity Charter School, Revenue, Series 2024, 5.00%, 07/01/2039 (d)	2,305,000	2,306,956
Integrity Charter School, Revenue, Series 2024, 5.25%, 07/01/2044 (d)	830,000	820,432
Integrity Charter School, Revenue, Series 2024, 5.50%, 07/01/2054 (d)	755,000	711,685
Integrity Charter School, Revenue, Series 2024, 5.60%, 07/01/2064 (d)	4,805,000	4,495,597
New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2064 (d)	1,985,000	1,814,789
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2044 (d)	2,000,000	1,899,575
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2054 (d)	750,000	643,356
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2064 (d)	13,030,000	11,069,424
Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 A, 6.00%, 06/15/2053 (d)	5,340,000	4,978,593
Sycamore Creek Community Charter School, Revenue, Series 2025 A, 6.75%, 06/01/2064 (d)	19,235,000	18,201,188
Sycamore Creek Community Charter School, Revenue, Series 2025 B, 11.00%, 06/01/2032 (d)	640,000	651,465
Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2051 (d)	6,790,000	5,389,937
California Statewide Communities Development Authority, CORE 700 Hotel Venture LLC, Revenue, Series 2026 A, 6.25%, 09/02/2061 (d)	2,420,000	2,457,677

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 12.2% (continued)
Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.25%, 12/01/2056 (d)	100,000	99,998
California Statewide Financing Authority, Revenue, Series 2006 A, 0.00%, 06/01/2046 (g)	15,000,000	3,870,697
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2037	595,000	606,482
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043	800,000	815,445
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 B, 6.00%, 05/01/2037	175,000	178,377
City & County San Francisco Infrastructure & Revitalization Financing District 1 Facilities, Infrastructure & Revitalization Financing District No. 1 Facilities Increment, Tax Allocation, Series 2022 A, 5.00%, 09/01/2052 (d)	1,000,000	956,271
City of Los Angeles Department of Airports, Revenue, AMT, Refunding, Series 2025 A, 5.00%, 05/15/2055 (a)	7,995,000	8,136,390
Revenue, AMT, Refunding, Series 2025 A, 5.50%, 05/15/2055 (a)	59,140,000	62,981,832
Revenue, AMT, Refunding, Series 2025 B, 5.25%, 05/15/2050 (a)	14,085,000	14,721,876
Revenue, AMT, Refunding, Series 2025 B, 5.50%, 05/15/2055 (a)	18,025,000	19,194,956
Revenue, AMT, Series A, 5.00%, 05/15/2047 (a)	25,205,000	25,240,920
CMFA Special Finance Agency I, Mix at CTR City (The), Revenue, Series 2021 A‑2, 4.00%, 04/01/2056 (d)	5,040,000	3,881,012
CSCDA Community Improvement Authority, Altana Apartments, Revenue, Series 2021 A‑2, 4.00%, 10/01/2056 (d)	18,965,000	14,873,085
City of Orange Portfolio, Revenue, Senior Lien, Series 2021 A‑2, 3.00%, 03/01/2057 (d)	3,000,000	2,057,226
Millennium South Bay-Hawthorne, Revenue, Series 2021 A‑2, 3.25%, 07/01/2056 (d)	23,865,000	16,449,863
MODA at Monrovia Station, Revenue, Series 2021 A‑1, 3.40%, 10/01/2046 (d)	150,000	120,900
Monterey Station Apartments, Revenue, Senior Lien, Series 2021 A‑2, 3.13%, 07/01/2056 (d)	6,250,000	4,081,318

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 12.2% (continued)
Oceanaire Apartments, Revenue, Series 2021 A‑2, 4.00%, 09/01/2056 (d)	19,365,000	13,915,248
Vineyard Garden Apartments, Revenue, Senior Lien, Series 2021 A, 3.25%, 10/01/2058 (d)	160,000	112,863
Waterscape Apartments, Revenue, Senior Lien, Series 2021 A, 3.00%, 09/01/2056 (d)	4,950,000	3,387,597
Westgate Apartments, Revenue, Senior Lien, Series 2021 A‑1, 3.00%, 06/01/2047 (d)	2,250,000	1,607,132
Westgate Apartments, Revenue, Senior Lien, Series 2021 A‑2, 3.13%, 06/01/2057 (d)	40,095,000	24,242,423
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A‑1, 3.00%, 12/01/2049 (d)	3,885,000	2,769,389
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A‑2, 4.00%, 12/01/2058 (d)	22,800,000	17,411,432
Golden State Tobacco Securitization Corp., Revenue, Refunding, Series 2021 B‑2, 0.00%, 06/01/2066 (g)	230,600,000	22,682,254
Inland Empire Tobacco Securitization Corp., Revenue, Series 2007 C‑2, 0.00%, 06/01/2047 (g)	40,000,000	6,712,356
Kaweah Delta Health Care District Guild, Revenue, Series 2015 B, 3.25%, 06/01/2030	65,000	61,471
Revenue, Series 2015 B, 3.38%, 06/01/2031	70,000	65,555
Revenue, Series 2015 B, 3.50%, 06/01/2032	125,000	116,093
Revenue, Series 2015 B, 3.50%, 06/01/2033	110,000	100,616
Revenue, Series 2015 B, 4.00%, 06/01/2037	780,000	705,815
Revenue, Series 2015 B, 5.00%, 06/01/2040	4,020,000	3,914,656
Revenue, Series 2015 B, 4.00%, 06/01/2045	14,005,000	11,105,662
Municipal Improvement Corp. of Los Angeles, City of Los Angeles, Revenue, Series 2025 A, 5.00%, 05/01/2055 (a)	20,000,000	20,476,276
River Islands Public Financing Authority, Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2054 (g)	1,250,000	295,679
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2055 (g)	4,050,000	904,520
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2056 (g)	3,000,000	633,002
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2057 (g)	5,500,000	1,095,970

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 12.2% (continued)
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2058 (g)	4,500,000	846,508
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2059 (g)	6,650,000	1,183,116
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2060 (g)	6,100,000	1,028,616
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2061 (g)	7,905,000	1,257,267
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2062 (g)	4,450,000	665,610
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2063 (g)	7,375,000	1,039,547
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2064 (g)	3,500,000	464,733
Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2065 (g)	5,475,000	684,549
Community Facilities District No. 2003-, Special Tax, Series 2019 A, 4.13%, 09/01/2049	75,000	64,053
San Diego County Regional Airport Authority, Revenue, Senior Lien, AMT, Series 2023 B, 5.00%, 07/01/2053 (a)	9,740,000	9,870,905
San Francisco City & County Airport Commission-San Francisco International Airport, Revenue, AMT, Series 2016 B, 5.00%, 05/01/2041	4,945,000	4,947,242
Revenue, AMT, Series 2016 B, 5.00%, 05/01/2046 (i)	14,450,000	14,375,893
Revenue, Second Series, AMT, Series 2017 A, 5.00%, 05/01/2047 (i)	47,755,000	47,475,447
Revenue, Second Series, AMT, Series 2018 D, 5.00%, 05/01/2048 (a)	14,745,000	14,663,155
Revenue, AMT, Series 2019 A, 5.00%, 05/01/2049 (a)	30,130,000	30,158,593
Revenue, Second Series, AMT, Series 2019 E, 5.00%, 05/01/2050 (a)	33,050,000	33,004,907
Revenue, Second Series, AMT, Series 2025 A, 5.25%, 05/01/2055 (a)	3,525,000	3,673,348
Revenue, Second Series, AMT, Series 2025 D, 5.25%, 05/01/2055 (a)	49,140,000	50,988,603
Revenue, Second Series, AMT, Series 2025 D, 5.50%, 05/01/2055	7,500,000	7,963,442

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	California — 12.2% (continued)
	International Airport, Revenue, Second Series, AMT, Series 2025 A, 5.50%, 05/01/2055 (a)	7,500,000	7,968,703
	Woodland-Davis Clean Water Agency, Revenue, Sub. Lien, Refunding, Series 2015 B, 4.70%, 03/01/2039 (d)	1,468,625	1,335,157
887,180,529
	Colorado — 1.8%
	Canyons Metropolitan District No. 5, GO, Refunding, Series 2024 B, 6.50%, 12/15/2054	3,400,000	3,404,361
	Colorado Educational & Cultural Facilities Authority, Aspen View Academy, Inc., Revenue, Series 2021, 4.00%, 05/01/2051	1,235,000	1,002,685
	Expeditionary Learning School Board of Cooperative Educational Services, Revenue, Series 2019, 5.00%, 03/01/2050 (d)	2,000,000	1,787,480
	Stanley Partnership for Art Culture & Education LLC, Revenue, Senior Lien, Series 2025 A1, 6.88%, 02/01/2059 (d)	5,000,000	5,275,081
	Colorado Health Facilities Authority, BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.25%, 09/15/2045	3,000,000	3,061,343
	BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.50%, 09/15/2054	5,255,000	5,261,356
	BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.63%, 09/15/2059	9,505,000	9,554,328
	BSLC Obligated Group, Revenue, Refunding, Series 2018 A‑1, 4.25%, 09/15/2038	160,000	159,177
	BSLC Obligated Group, Revenue, Refunding, Series 2018 A‑1, 5.00%, 09/15/2048	7,000,000	6,828,838
	BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 4.50%, 09/15/2038	190,000	188,150
	BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 5.00%, 09/15/2053	200,000	181,505
	Flying Horse North Metropolitan District No. 5, GO, Series 2026 A, 0.00%, 12/01/2055 (j)	3,370,000	2,511,378
	Foster Farm Business Improvement District, GO, Series 2025 A, 0.00%, 12/01/2055 (d)(j)	6,625,000	4,626,349

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Colorado — 1.8% (continued)
Hess Ranch Metropolitan District No. 5, Special Improvement District No. 1, Special Assessment, Series 2024 A‑1, 6.00%, 12/01/2043	1,700,000	1,762,152
Special Improvement District No. 1, Special Assessment, Series 2024 A‑2, 6.50%, 12/01/2043	1,544,102	1,599,705
Ledge Rock Center Residential Metropolitan District No. 1, GO, Series 2024 A, 6.38%, 12/01/2054	4,050,000	4,120,930
Legacy Community Authority, Revenue, Series 2025 A, 6.75%, 12/01/2055	10,000,000	10,244,468
Mirabelle Metropolitan District No. 2, GO, Refunding, Series 2025 B, 6.13%, 12/15/2049	2,100,000	2,099,920
Murphy Creek Metropolitan District No. 2, GO, Series 2024 A, 6.00%, 12/01/2054 (d)	7,065,000	7,089,087
Newlin Crossing Metropolitan District, GO, Series 2024 B, 7.75%, 12/15/2054 (d)	603,000	603,607
Pinon Pines Metropolitan District No. 3, GO, Series 2025, 0.00%, 12/01/2054 (j)	4,000,000	3,708,642
Poudre Heights Valley Metropolitan District, GO, Series 2024 A, 5.50%, 12/01/2054 (d)	980,000	931,872
Redlands 360 Metropolitan District No. 2, Special Improvement District No. 1, Special Assessment, Series 2025, 6.25%, 12/01/2045	2,385,000	2,417,956
Rocky Mountain Rail Park Metropolitan District, GO, Series 2021 A, 5.00%, 12/01/2051 (d)	4,000,000	3,677,464
Sky Ranch Community Authority Board, GO, Series 2024 B, 6.50%, 12/15/2054	550,000	550,705
Southwest Timnath Metropolitan District No. 4, GO, Series 2026 B, 7.25%, 12/15/2045	2,146,000	2,141,606
St Vrain Lakes Metropolitan District No. 2, GO, Refunding, Series 2024 B, 6.38%, 11/15/2054	2,000,000	2,000,088
St. Vrain Lakes Metropolitan District No. 4, GO, Series 2024 A, 0.00%, 09/20/2054 (d)(j)	17,585,000	13,038,657
STC Metropolitan District No. 2, GO, Second Lien, Refunding, Series 2025 A‑2, 6.25%, 12/01/2055 (d)	2,500,000	2,521,467

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Colorado — 1.8% (continued)
	GO, Refunding, Series 2025 B, 8.00%, 12/15/2055 (d)	1,840,000	1,848,462
	Sterling Ranch Community Authority Board, Sterling Ranch Colorado Metropolitan District No. 2, Revenue, Refunding, Series 2025 B, 6.88%, 12/15/2055	1,700,000	1,712,534
	Town of Del Norte, Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.20%, 12/01/2039	550,000	542,642
	Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.70%, 12/01/2049	1,375,000	1,326,074
	Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.80%, 12/01/2054	1,000,000	957,186
	Vail Home Partners Corp., Revenue, Series 2025, 5.88%, 10/01/2055 (d)	3,495,000	3,575,125
	Revenue, Series 2025, 6.00%, 10/01/2064 (d)	13,000,000	13,330,823
	Waterview North Metropolitan District, GO, Series 2024 A, 5.75%, 12/01/2054 (d)	2,750,000	2,691,131
128,334,334
	Connecticut — 0.9%
	Connecticut Housing Finance Authority, Revenue, Refunding, Series 2024 F‑1, 4.75%, 11/15/2049	15,000,000	15,077,850
	Revenue, Refunding, Series 2024 F‑1, 4.80%, 11/15/2052 (a)	10,010,000	10,011,636
	Connecticut State Health & Educational Facilities Authority, Goodwin University Obligated Group, Revenue, Series A‑1, 5.00%, 07/01/2044	3,000,000	2,957,692
	Goodwin University Obligated Group, Revenue, Series A‑1, 5.38%, 07/01/2054	6,340,000	6,027,981
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2044 (d)	3,850,000	3,747,120
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2050 (d)	1,265,000	1,163,901
	Trinity Health Corp. Obligated Group, Revenue, Series 2016 CT, 5.00%, 12/01/2045	8,970,000	8,978,493

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Connecticut — 0.9% (continued)
	University of Hartford (The), Revenue, Series 2022 P, 5.38%, 07/01/2052	4,200,000	3,875,225
	University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2039	240,000	213,587
	University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2049	3,965,000	3,091,008
	Stamford Housing Authority, TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 5.50%, 10/01/2035	1,000,000	1,049,149
	TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 10/01/2045	2,050,000	2,165,407
	TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.50%, 10/01/2055	3,220,000	3,328,228
	TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 10/01/2060	3,100,000	3,133,669
64,820,946
	Delaware — 0.1%
	Town of Bridgeville, Heritage Shores Special Development District, Special Tax, Series 2024, 5.25%, 07/01/2044 (d)	865,000	869,601
	Heritage Shores Special Development District, Special Tax, Series 2024, 5.63%, 07/01/2053 (d)	2,905,000	2,911,816
	Town of Milton, Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (d)	1,265,000	1,286,728
	Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.95%, 09/01/2053 (d)	4,765,000	4,808,509
9,876,654
	District of Columbia — 1.8%
	District of Columbia, Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2056 (d)	6,510,000	5,402,442
	Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2051 (d)	7,845,000	6,672,796
	Rocketship DC Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2049 (d)	7,180,000	6,202,887

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	District of Columbia — 1.8% (continued)
	Rocketship Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2061 (d)	7,070,000	5,774,025
	Rocketship Obligated Group, Revenue, Series 2024 A, 5.75%, 06/01/2054	4,800,000	4,496,246
	Rocketship Obligated Group, Revenue, Series 2024 A, 6.00%, 06/01/2058	2,400,000	2,306,705
	Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (g)	30,000,000	7,129,725
	District of Columbia Housing Finance Agency, Jubilee ADMO Apartments LP, Revenue, FHA Insured, Series 2026 A‑1, 3.13%, 09/01/2047	5,195,000	5,232,377
	Metropolitan Washington Airports Authority Aviation, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 10/01/2054 (a)	11,750,000	12,302,175
	Revenue, AMT, Refunding, Series 2025 A, 5.00%, 10/01/2050 (i)	20,220,000	20,579,629
	Aviation, Revenue, AMT, Refunding, Series 2019 A, 5.00%, 10/01/2049 (i)	9,385,000	9,453,239
	Washington Metropolitan Area Transit Authority Dedicated, Revenue, Second Lien, Series 2025 A, 5.00%, 07/15/2060 (a)	5,585,000	5,730,494
	Revenue, Second Lien, Series 2025 A, 5.50%, 07/15/2060 (a)	37,990,000	40,537,717
131,820,457
	Florida — 18.5%
	Acacia Fields Community Development District, Special Assessment, Series 2026, 5.35%, 06/15/2046	500,000	497,834
	Special Assessment, Series 2026, 5.70%, 06/15/2056	750,000	745,182
	Academical Village Community Development District, Special Assessment, Series 2020, 3.63%, 05/01/2040	4,320,000	3,806,686
	Alachua County Housing Finance Authority, Woodland Park II LLC, Revenue, Series 2025 A, 6.30%, 07/01/2043 (b)(c)(d)	3,250,000	3,384,800
	Anabelle Island Community Development District, Special Assessment, Series 2022, 4.00%, 05/01/2052	180,000	146,271

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Antillia Community Development District, Special Assessment, Series 2024, 5.60%, 05/01/2044	620,000	640,517
Special Assessment, Series 2024, 5.88%, 05/01/2054	1,300,000	1,318,586
Arbors Community Development District, Project Area, Special Assessment, Series 2024, 5.50%, 05/01/2055 (d)	1,000,000	1,003,238
Arbors Community Development District 2024, Project Area, Special Assessment, Series 2024, 5.15%, 05/01/2044 (d)	875,000	891,811
Ave Maria Stewardship Community District, Special Assessment, Series 2021, 4.00%, 05/01/2051	325,000	263,043
Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2052	1,000,000	807,807
Assessment Phase 5, Special Assessment, Series 2025, 5.60%, 05/01/2056	1,655,000	1,630,275
Babcock Ranch Community Independent Special District, Assessment Area, Special Assessment, Series 2024, 5.25%, 05/01/2055 (d)	2,500,000	2,455,468
Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2042	15,000	15,237
Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2053	8,755,000	8,337,571
Bella Collina Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2044	685,000	692,595
Special Assessment, Series 2024, 5.30%, 05/01/2055	915,000	900,103
Bella Tara Community Development District, Assessment Area 1, Special Assessment, Series 2025, 6.13%, 05/01/2056	1,500,000	1,540,231
Master Infrastructure Project, Special Assessment, Series 2025, 6.50%, 05/01/2056	4,000,000	4,104,067
Bellehaven Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2045	1,500,000	1,565,537
Assessment Area 1, Special Assessment, Series 2025, 6.05%, 05/01/2055	1,250,000	1,279,738

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Berry Bay Community Development District, Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051	2,430,000	1,880,838
Berry Bay II Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044	550,000	552,578
Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054	1,100,000	1,061,697
Blackwell Community Development District, Special Assessment, Series 2026, 5.45%, 05/01/2046	650,000	650,960
Special Assessment, Series 2026, 5.75%, 05/01/2056	1,000,000	989,485
Bridle Creek Community Development District, Special Assessment, Series 2025, 6.38%, 05/01/2056	3,000,000	3,076,407
Brightwater Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 (d)	655,000	677,074
Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 (d)	1,450,000	1,468,862
Buckhead Trails Community Development District, Special Assessment, Series 2024, 5.60%, 05/01/2044	590,000	609,915
Special Assessment, Series 2024, 5.88%, 05/01/2054	995,000	1,013,068
Buckhead Trails II Community Development District, Assessment Area 1, Special Assessment, Series 2026, 5.50%, 05/01/2046	750,000	756,275
Assessment Area 1, Special Assessment, Series 2026, 5.80%, 05/01/2056 (d)	1,040,000	1,041,206
Caldera Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044	1,425,000	1,429,772
Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2054	2,390,000	2,268,449
Capital Projects Finance Authority, Heritage Charter Academy, Inc., Revenue, Series 2025 A1, 7.50%, 06/15/2065 (d)	4,355,000	4,390,810
Heritage Charter Academy, Inc., Revenue, Series 2025 A2, 7.50%, 06/15/2065 (d)	11,685,000	11,750,319

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Heritage Charter Academy, Inc., Revenue, Series 2025 B1, 9.00%, 06/15/2042 (d)	1,030,000	1,030,203
Heritage Charter Academy, Inc., Revenue, Series 2025 B2, 9.00%, 06/15/2042 (d)	940,000	940,209
Imagine School At North Port, Inc., Revenue, Series 2025 A, 6.75%, 06/15/2065 (d)	5,000,000	5,023,918
Kissimmee Charter Academy, Revenue, Series 2024, 6.13%, 06/15/2044 (d)	820,000	854,002
Kissimmee Charter Academy, Revenue, Series 2024, 6.50%, 06/15/2054 (d)	510,000	519,604
Kissimmee Charter Academy, Revenue, Series 2024, 6.63%, 06/15/2059 (d)	1,460,000	1,495,940
Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2054 (d)	4,800,000	4,362,769
Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2064 (d)	1,885,000	1,666,630
PRG — UnionWest Properties LLC, Revenue, Series 2024 B, 0.00%, 06/01/2062 (d)(j)	118,665,000	10,339,187
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 01/01/2040 (d)	1,500,000	1,581,916
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.75%, 01/01/2045 (d)	1,500,000	1,575,187
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.25%, 01/01/2055 (d)	4,500,000	4,731,047
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.13%, 01/01/2065 (d)	8,000,000	8,264,746
Capital Trust Agency, Inc., Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.20%, 08/15/2056 (d)	2,450,000	1,924,752
Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.25%, 08/15/2061 (d)	3,250,000	2,519,561
Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 (d)	2,000,000	1,515,654
Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2049 (d)	4,365,000	3,959,911

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
University Bridge LLC, Revenue, Series 2018 A, 5.25%, 12/01/2058 (d)	17,500,000	16,333,446
Capital Trust Authority, Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (d)	9,000,000	9,490,717
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2044 (d)	1,000,000	949,787
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2054 (d)	1,500,000	1,344,435
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2064 (d)	1,750,000	1,530,170
Academir Charter Schools, Inc., Revenue, Series 2025 A, 6.63%, 07/01/2065 (d)	2,500,000	2,525,149
AIDS Healthcare Foundation Obligated Group, Revenue, Series 2026 A, 5.25%, 12/01/2055	23,200,000	23,140,258
Babcock Neighborhood School, Inc., Revenue, Series 2024, 5.75%, 08/15/2054 (d)	2,125,000	2,032,885
Babcock Neighborhood School, Inc., Revenue, Series 2024, 6.00%, 08/15/2063 (d)	1,600,000	1,557,431
IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (d)	1,500,000	1,527,107
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 06/15/2044 (d)	810,000	834,458
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.00%, 06/15/2054 (d)	1,250,000	1,273,582
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (d)	1,100,000	1,121,933
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2050 (d)	2,000,000	1,953,431
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2055 (d)	2,500,000	2,391,462
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.38%, 07/01/2065 (d)	7,445,000	7,120,385
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 B, 7.75%, 07/01/2034 (d)	1,475,000	1,484,001
QSH/St Augustine LLC, Revenue, Series 2026 A, 8.50%, 07/01/2057 (d)	3,000,000	3,003,373

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Seaside School Consortium, Inc., Revenue, Series 2024 A, 5.13%, 06/15/2059	2,970,000	2,744,639
St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 06/15/2050 (d)	1,000,000	923,547
Caymas Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054	1,000,000	995,058
Cedar Crossings Community Development District, Special Assessment, Series 2025, 5.50%, 05/01/2055 (d)	700,000	679,104
Center Lake Ranch West Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.60%, 05/01/2055 (d)	1,000,000	995,469
Central Parc Community Development District, Special Assessment, Series 2024, 4.90%, 05/01/2031	365,000	369,096
Special Assessment, Series 2024, 6.00%, 05/01/2054	750,000	754,236
Chaparral Palm Bay Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044	1,000,000	1,013,539
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055	2,250,000	2,223,679
Chapel Creek Community Development District, Assessment Area, Special Assessment, Series 2024, 5.75%, 05/01/2054	940,000	944,760
Charlotte County Industrial Development Authority, MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2051 (d)	4,345,000	3,534,799
MSKP Town & Country Utility LLC, Revenue, AMT, Series 2025, 5.88%, 10/01/2045	1,500,000	1,568,238
MSKP Town & Country Utility LLC, Revenue, AMT, Series 2025, 6.13%, 10/01/2055	4,000,000	4,129,406
City of Pensacola, Airport, Revenue, AMT, Series 2025, 5.50%, 10/01/2055	3,085,000	3,217,983
Coral Bay Lee County Community Development District, Assessment Area 2, Revenue, Series 2024, 5.25%, 05/01/2044	1,000,000	1,026,805
Assessment Area 2, Revenue, Series 2024, 5.55%, 05/01/2054	1,220,000	1,228,180

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Coral Creek Community Development District, Special Assessment, Series 2024, 5.75%, 05/01/2054	1,590,000	1,601,098
Coral Lakes Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053	1,000,000	1,014,568
County of Palm Beach, Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2055 (d)	7,900,000	8,139,909
Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2065 (d)	10,500,000	10,781,814
Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2045 (d)	1,000,000	1,033,435
Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.75%, 10/01/2055 (d)	1,100,000	1,131,940
Provident Group — LU Properties LLC, Revenue, Series 2021 A, 5.00%, 06/01/2057 (d)	3,650,000	3,216,214
Provident Group — LU Properties LLC, Revenue, Series 2024 A, 6.13%, 06/01/2054	13,250,000	13,136,865
Provident Group — LU Properties LLC, Revenue, Series 2024 A, 6.25%, 06/01/2059	10,890,000	10,894,589
Creekview Community Development District, Phase 1, Special Assessment, Series 2022, 4.63%, 05/01/2042	1,280,000	1,264,284
Phase 2, Special Assessment, Series 2024, 5.63%, 05/01/2055	3,485,000	3,427,793
Crossings Community Development District, Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044	865,000	882,082
Area 2, Special Assessment, Series 2024, 5.60%, 05/01/2054	1,185,000	1,179,955
Crosswinds East Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054	1,750,000	1,768,945
Assessment Area 2, Special Assessment, Series 2024, 5.15%, 05/01/2044	775,000	775,991
Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054	1,000,000	967,893
Curiosity Creek Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.60%, 05/01/2045 (d)	1,750,000	1,771,236

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area 2, Special Assessment, Series 2025, 5.88%, 05/01/2056 (d)	3,250,000	3,227,528
Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2044 (d)	900,000	913,398
Assessment Area No. 1, Special Assessment, Series 2024, 5.70%, 05/01/2055 (d)	1,475,000	1,458,109
Cypress Creek Reserve Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045	970,000	1,013,958
Cypress Creek Reserve Community Development District Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2056	1,900,000	1,946,330
Cypress Reserve Community Development District, Assessments, Special Assessment, Series 2025, 5.60%, 05/01/2045 (d)	1,000,000	1,018,353
Assessments, Special Assessment, Series 2025, 5.80%, 05/01/2056 (d)	2,375,000	2,373,434
Deering Park Stewardship District, Assessment Area 1, Special Assessment, Series 2025, 6.25%, 05/01/2055	2,630,000	2,707,411
Del Webb Oak Creek Community Development District, Special Assessment, Series 2025, 5.38%, 05/01/2045 (d)	1,290,000	1,313,430
Special Assessment, Series 2025, 5.63%, 05/01/2055 (d)	1,290,000	1,292,173
Dewey Robbins Community Development District, Special Assessment, Series 2025, 5.60%, 05/01/2045	905,000	921,574
Special Assessment, Series 2025, 5.80%, 05/01/2055	1,325,000	1,319,122
Dowden West Community Development District, Special Assessment, Series 2024, 5.25%, 05/01/2044	495,000	505,655
Special Assessment, Series 2024, 5.55%, 05/01/2054	855,000	853,746
East Nassau Stewardship District, Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2051	1,505,000	1,246,876
Wildlight Village Phase 3, Special Assessment, Series 2024, 5.25%, 05/01/2044	1,505,000	1,527,454

100

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Wildlight Village Phase 3, Special Assessment, Series 2024, 5.50%, 05/01/2055	1,605,000	1,577,172
East Palm Drive Community Development District, Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 06/15/2044	500,000	507,068
East Palm Drive Community Development District Assessment Area 2, Special Assessment, Series 2026, 5.70%, 06/15/2056 (d)(h)	825,000	822,060
East Ridge Community Development District, East Ridge Community Development District Assessment Area 1, Special Assessment, Series 2026, 5.65%, 05/01/2046 (d)(h)	1,395,000	1,395,984
East Ridge Community Development District Assessment Area 1, Special Assessment, Series 2026, 6.00%, 05/01/2057 (d)(h)	1,715,000	1,715,670
Edgewater East Community Development District, Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051	2,660,000	2,149,775
Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2042	2,630,000	2,411,974
Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2052	11,160,000	8,935,452
Assessment Area 3, Special Assessment, Series 2025, 6.30%, 05/01/2055	1,700,000	1,737,527
Edgewater East Community Development District Assessment Area Three, Special Assessment, Series 2025, 6.10%, 05/01/2045	925,000	965,569
Edgewater West Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.25%, 05/01/2044	2,000,000	2,006,630
Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054	3,000,000	2,936,929
Assessment Area No. 2, Special Assessment, Series 2026, 5.88%, 05/01/2056	1,000,000	1,012,853
Enclave at Lake Geneva Community Development District, Special Assessment, Series 2026, 6.00%, 05/01/2056	1,645,000	1,643,961
Entrada Community Development District, Assessments, Special Assessment, Series 2024, 5.00%, 05/01/2044	900,000	902,869

First Eagle Funds | Semiannual Report | April 30, 2026

101

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessments, Special Assessment, Series 2024, 5.30%, 05/01/2055	725,000	705,958
Epperson North Community Development District, Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051	1,985,000	1,634,810
Assessment Area 4, Special Assessment, Series 2024, 5.30%, 05/01/2044	465,000	472,271
Assessment Area 4, Special Assessment, Series 2024, 5.60%, 05/01/2055	750,000	741,320
Everlands Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.55%, 06/15/2054	1,000,000	1,003,052
Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.20%, 06/15/2044 (d)	750,000	764,240
Everlands II Community Development District, Special Assessment, Series 2024, 5.20%, 06/15/2044	725,000	742,860
Fish Lake Cover Community Development District, Special Assessment, Series 2025, 5.35%, 05/01/2045	835,000	842,058
Special Assessment, Series 2025, 5.55%, 05/01/2055	1,180,000	1,151,455
Florida Development Finance Corp., AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (b)(c)(d)	197,240,000	55,227,200
AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (b)(c)(d)	92,860,000	26,000,800
Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 6.00%, 08/15/2057 (d)	5,000,000	4,684,047
Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 B, 10.00%, 06/15/2026 (b)(c)(d)	285,000,000	185,250,000
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041	25,415,000	18,044,650
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053	189,735,000	133,763,175
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.25%, 06/01/2044 (d)	1,000,000	1,002,050
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2054 (d)	2,790,000	2,693,439
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2059 (d)	1,500,000	1,429,242

102

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 (d)	2,000,000	2,001,258
Glenridge on Palmer Ranch Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 06/01/2051 (d)	2,075,000	1,916,409
Renaissance Charter School, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 6.00%, 06/15/2050	3,000,000	2,968,733
Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2021 A, 5.50%, 06/15/2051	1,000,000	942,799
Renaissance Charter School, Inc. Obligated Group, Revenue, Refunding, Series 2025 A, 6.00%, 06/15/2055 (d)	4,500,000	4,600,566
SFP — Tampa I LLC, Revenue, Senior Lien, Series 2024 A‑1, 5.25%, 06/01/2054 (d)	7,200,000	7,004,890
SFP — Tampa I LLC, Revenue, Senior Lien, Series 2024 A‑1, 5.25%, 06/01/2059 (d)	6,550,000	6,299,273
Florida Local Government Finance Commission, BridgePrep Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.13%, 06/15/2065 (d)	7,500,000	7,567,262
Cornerstone Charter Academy, Inc. Obligated Group, Revenue, Series 2026, 5.88%, 10/01/2061	1,765,000	1,726,910
Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2050 (d)	2,610,000	2,662,551
Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2055 (d)	2,000,000	2,029,125
Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2060 (d)	3,510,000	3,543,584
Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, 6.75%, 11/15/2055 (d)	2,500,000	2,609,437
Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, 6.88%, 11/15/2064 (d)	6,500,000	6,787,325
Florida Municipal Loan Council, Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.15%, 05/01/2044	900,000	926,672

First Eagle Funds | Semiannual Report | April 30, 2026

103

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.40%, 05/01/2054	825,000	829,768
Gardens at Hammock Beach Community Development District,Assessment Area 1, Special Assessment, Series 2024‑1, 5.65%, 05/01/2054	530,000	532,694
Assessment Area 2, Special Assessment, Series 2024‑2, 5.00%, 05/01/2031	180,000	182,279
Assessment Area 2, Special Assessment, Series 2024‑2, 5.60%, 05/01/2044	690,000	711,005
Assessment Area 2, Special Assessment, Series 2024‑2, 5.88%, 05/01/2055	860,000	870,558
Golden Gem Community Development District, Special Assessment, Series 2024, 5.15%, 05/01/2031	535,000	545,652
Special Assessment, Series 2024, 5.70%, 05/01/2044	2,900,000	2,968,912
Special Assessment, Series 2024, 6.00%, 05/01/2055	5,000,000	5,046,775
Governors Park South Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.40%, 05/01/2045	845,000	846,728
Assessment Area 1, Special Assessment, Series 2025, 5.65%, 05/01/2055	1,250,000	1,214,971
Governors Park South Community Development Dist Master Infrastructure Bond Area, Special Assessment, Series 2026, 6.00%, 05/01/2041 (d)	5,500,000	5,499,721
Governors Park South Community Development District Assessment Area 2, Special Assessment, Series 2026, 5.45%, 05/01/2046 (d)	1,440,000	1,431,217
Gracewater Sarasota Community Development District, Assessments, Special Assessment, Series 2021, 3.35%, 05/01/2041	3,170,000	2,669,061
Greater Orlando Aviation Authority, Revenue, AMT, Series 2019 A, 5.00%, 10/01/2054 (i)	10,850,000	10,889,704
Revenue, AMT, Series 2024, 5.25%, 10/01/2048 (a)	37,315,000	38,965,719
Greenbriar Community Development District, Assessment Area No. 1, Special Assessment, Series 2025, 5.65%, 05/01/2045	1,000,000	1,020,418

104

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area No. 1, Special Assessment, Series 2025, 5.88%, 05/01/2054	1,350,000	1,353,235
Groves at Lake Marion Community Development District, Special Assessment, Series 2026, 5.30%, 12/15/2046 (d)	700,000	700,385
Hamilton Bluff Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2044	1,360,000	1,390,778
Assessment Area 1, Special Assessment, Series 2024, 5.80%, 05/01/2054	2,000,000	2,001,217
Hammock Oaks Community Development District, Assessment Area 2, Special Assessment, Series 2024, 6.15%, 05/01/2054	1,105,000	1,118,879
Assessment Area 3, Special Assessment, Series 2025, 5.55%, 05/01/2045 (d)	1,000,000	1,024,827
Assessment Area 3, Special Assessment, Series 2025, 5.75%, 05/01/2055 (d)	1,700,000	1,708,071
Harmony on Lake Eloise Community Development District, Assessment Area No. 2, Special Assessment, Series 2025, 5.65%, 11/01/2054	1,250,000	1,248,884
Harmony West Community Development District, Assessment Area No. 3, Special Assessment, Series 2025, 5.45%, 05/01/2045	625,000	636,520
Assessment Area No. 3, Special Assessment, Series 2025, 5.65%, 05/01/2055	1,000,000	1,000,566
Harvest Hills South Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2056	2,060,000	2,026,863
Hawthorne Mill North Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044	1,000,000	1,013,626
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2054	1,400,000	1,378,304
Hickory Tree Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2055	1,500,000	1,488,785
Highland Park Community Development District, Special Assessment, Series 2026, 6.13%, 05/01/2056	1,625,000	1,649,313
Highland Trails Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.55%, 05/01/2045	2,000,000	2,025,870

First Eagle Funds | Semiannual Report | April 30, 2026

105

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area 2, Special Assessment, Series 2025, 5.85%, 05/01/2056	1,750,000	1,734,220
Assessments, Special Assessment, Series 2024, 5.85%, 05/01/2054	880,000	895,143
Hillcrest Community Development District, Special Assessment, Series 2018, 5.00%, 11/01/2048	300,000	299,466
Hillcrest Preserve Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2044 (d)	1,000,000	998,676
Special Assessment, Series 2024, 5.30%, 05/01/2054 (d)	1,500,000	1,438,723
Hills of Minneola Community Development District, North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2044	650,000	686,434
North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.88%, 05/01/2054	1,000,000	1,040,377
South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2050 (d)	4,500,000	3,721,781
South Parcel Assessment Area Phase 2, Special Assessment, Series 2021, 4.00%, 05/01/2052	1,940,000	1,592,992
Hobe-St. Lucie Conservancy District, Unit of Development No. 1A, Special Assessment, Series 2024, 5.60%, 05/01/2044	1,900,000	1,976,795
Hyde Park Community Development District No. 1, Assessments, Special Assessment, Series 2024 A, 5.35%, 05/01/2044	425,000	431,316
Assessments, Special Assessment, Series 2024 A, 5.63%, 05/01/2055	685,000	678,531
Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034	1,600,000	1,628,945
Assessments, Special Assessment, Series 2026, 5.65%, 05/01/2046	915,000	929,624
Assessments, Special Assessment, Series 2026, 6.00%, 05/01/2055	860,000	873,442
Ibis Landing Community Development District, Assessments, Special Assessment, Series 2025, 5.70%, 06/15/2045	615,000	644,844
Assessments, Special Assessment, Series 2025, 5.88%, 06/15/2055	800,000	818,915

106

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Kelly Park Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.30%, 05/01/2045	650,000	659,240
Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055	915,000	901,710
Kings Creek I Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045	795,000	822,570
Kings Creek I Community Development District Assessment Area One, Special Assessment, Series 2025, 6.00%, 05/01/2055	1,750,000	1,776,325
Kingston One Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045	4,000,000	4,153,854
Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2057	9,400,000	9,580,813
Kissimmee Park Community Development District, Assessment Area 1, Special Assessment, Series 2025, 6.13%, 05/01/2056	1,500,000	1,540,231
Offsite Master Infrastructure Pro, Special Assessment, Series 2025, 6.50%, 05/01/2056	8,500,000	8,721,143
Lake Flores Community Development District, Special Assessment, Series 2026, 5.45%, 05/01/2046	1,000,000	1,007,615
Special Assessment, Series 2026, 5.75%, 05/01/2056	1,300,000	1,300,532
Lake Hideaway Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.65%, 05/01/2044	1,830,000	1,875,969
Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054	2,520,000	2,524,710
Lake Mattie Preserve Community Development District, Special Assessment, Series 2024, 5.85%, 05/01/2054	570,000	570,707
Special Assessment, Series 2025, 5.45%, 05/01/2045	980,000	985,465
Special Assessment, Series 2025, 5.65%, 05/01/2055	1,080,000	1,049,735
Lakefront Estates Community Development District, Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2056	2,000,000	1,995,975

First Eagle Funds | Semiannual Report | April 30, 2026

107

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Lakes of Sarasota Community Development District, Assessments, Special Assessment, Series 2024 A, 5.60%, 05/01/2055	685,000	671,351
Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034	1,925,000	1,980,294
Lakewood Ranch Stewardship District, Special Assessment, Series 2024, 5.25%, 05/01/2044	575,000	594,675
Special Assessment, Series 2024, 5.50%, 05/01/2055	655,000	660,823
Special Assessment, Series 2025, 6.00%, 05/01/2056	8,230,000	8,593,512
Assessment Azario, Special Assessment, Series 2020 A, 3.90%, 05/01/2050	770,000	636,479
Assessment Northeast Sector Project Phase 1A, Special Assessment, Series 2018, 5.10%, 05/01/2048	2,530,000	2,529,443
Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 4.00%, 05/01/2052	420,000	341,806
Northeast Sector Project, Special Assessment, Refunding, Series 2020, 4.00%, 05/01/2050 (d)	595,000	494,937
Landings Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2031	275,000	278,436
Special Assessment, Series 2024, 5.50%, 05/01/2044	1,030,000	1,056,024
Special Assessment, Series 2024, 5.80%, 05/01/2055	855,000	858,695
Special Assessment, Series 2025, 5.75%, 05/01/2045	1,785,000	1,856,017
Special Assessment, Series 2025, 6.00%, 05/01/2055	3,245,000	3,312,369
Leomas Landing Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.50%, 11/01/2045	450,000	456,027
Assessment Area 2, Special Assessment, Series 2025, 5.70%, 11/01/2054	555,000	550,661
Liberty Cove Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044	1,085,000	1,094,852

108

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2054	2,000,000	1,964,220
Live Oak Lake Community Development District, Assessments, Special Assessment, Series 2020, 4.40%, 05/01/2040	1,600,000	1,479,764
Assessments, Special Assessment, Series 2020, 4.60%, 05/01/2051	5,000,000	4,430,772
Longleaf Community Development District, Neighborhood 4 Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 (d)	815,000	826,446
Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.20%, 05/01/2044	665,000	667,663
Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.45%, 05/01/2055	1,140,000	1,093,270
Lowery Hills Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045 (d)	725,000	734,906
Assessment Area 1, Special Assessment, Series 2025, 5.85%, 05/01/2055 (d)	1,000,000	995,588
LT Ranch Community Development District, Assessments, Special Assessment, Series 2019, 4.00%, 05/01/2050	1,000,000	845,127
Phase IIB Assessment Area, Special Assessment, Series 2024, 5.50%, 05/01/2044	275,000	288,385
Phase IIB Assessment Area, Special Assessment, Series 2024, 5.85%, 05/01/2054	1,000,000	1,030,205
LT Ranch South Community Development District, Assessment Area No. 2, Special Assessment, Series 2026, 5.60%, 05/01/2046	560,000	564,663
Assessment Area No. 2, Special Assessment, Series 2026, 5.90%, 05/01/2056	715,000	717,970
LTC Ranch West Residential Community Development District, Assessment Area 1, Special Assessment, Series 2021 A, 4.00%, 05/01/2052	1,860,000	1,509,222
Assessment Area 2, Special Assessment, Series 2024 AA‑2, 6.00%, 05/01/2054	605,000	608,417

First Eagle Funds | Semiannual Report | April 30, 2026

109

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area 3, Special Assessment, Series 2024 AA‑3, 6.05%, 05/01/2054	1,115,000	1,124,810
Assessment Area 4, Special Assessment, Refunding, Series 2024 AA‑4, 5.65%, 05/01/2054	1,585,000	1,552,194
Magnolia Island Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.55%, 05/01/2045	750,000	761,619
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2055	1,870,000	1,861,661
Assessment Area 2, Special Assessment, Series 2025 A, 5.45%, 05/01/2045 (d)	730,000	736,663
Assessment Area 2, Special Assessment, Series 2025 A, 5.75%, 05/01/2056 (d)	1,000,000	982,529
Malabar Springs Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044	995,000	1,002,391
Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054	1,495,000	1,453,338
Marion Ranch Community Development District, Special Assessment, Series 2024, 5.95%, 05/01/2054	1,285,000	1,301,264
Mckendree Pointe Community Development District, Special Assessment, Series 2025, 6.00%, 05/01/2056	2,500,000	2,501,011
Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2026	1,260,000	1,259,742
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027	1,000,000	999,595
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2038	1,000,000	953,329
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2046	4,770,000	4,290,278
Miami-Dade County Industrial Development Authority, AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Series 2022 A, 5.25%, 07/01/2052 (d)	2,465,000	2,224,653

110

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Miami Community Charter School, Revenue, Series 2025, 6.38%, 06/01/2065 (d)	2,250,000	2,282,766
Miami Community Charter School, Inc., Revenue, Refunding, Series 2020 A, 5.00%, 06/01/2047 (d)	2,225,000	2,020,309
Miami Community Charter School, Inc., Revenue, Series 2025, 6.25%, 06/01/2055 (d)	750,000	760,815
Mirada Community Development District, Assessment Area 3, Special Assessment, Refunding, Series 2024, 6.00%, 05/01/2055	1,850,000	1,862,613
Newfield Community Development District, Special Assessment, Series 2025, 5.90%, 05/01/2056	2,915,000	2,962,871
Newport Isles Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2044	2,440,000	2,460,901
Special Assessment, Series 2024, 5.20%, 05/01/2054	2,685,000	2,581,571
Normandy Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.30%, 05/01/2044 (d)	15,000	15,029
Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2054 (d)	4,950,000	4,720,252
North AR‑1 Pasco Community Development District, Assessment Area 4, Special Assessment, Series 2024, 5.75%, 05/01/2054	805,000	810,104
Assessment Area 5, Special Assessment, Series 2024 A, 5.75%, 05/01/2044	875,000	906,098
Assessment Area 5, Special Assessment, Series 2024 A, 6.00%, 05/01/2054	1,225,000	1,245,959
Northlake Stewardship District, Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2045	1,250,000	1,306,959
Assessment Area 1, Special Assessment, Series 2025, 6.20%, 05/01/2056	3,000,000	3,079,094
Northridge Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 (d)	1,875,000	1,938,609
Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 (d)	2,375,000	2,412,460

First Eagle Funds | Semiannual Report | April 30, 2026

111

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Orange Branch Community Development District, Assessment Area 1, Special Assessment, Series 2026, 5.65%, 05/01/2056 (d)(h)	875,000	871,900
Orange County Health Facilities Authority, Orlando Health Obligated Group, Revenue, Refunding, Series 2025 A, 5.25%, 10/01/2056 (a)	33,905,000	35,193,395
Paddocks Community Development District, Assessments, Special Assessment, Series 2024, 5.13%, 05/01/2044 (d)	1,000,000	1,004,360
Assessments, Special Assessment, Series 2024, 5.45%, 05/01/2055 (d)	1,375,000	1,326,153
Palermo Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.35%, 06/15/2045	745,000	766,839
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 B, 5.00%, 05/15/2047	925,000	897,410
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 4.00%, 05/15/2053	5,160,000	4,093,338
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 5.00%, 05/15/2053	10,675,000	9,965,643
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 C, 7.50%, 05/15/2053	965,000	1,069,411
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2026 B, 5.63%, 05/15/2061	4,000,000	4,020,362
Palm Coast Park Community Development District, Sawmill Branch — Phase 7, Special Assessment, Series 2024, 5.00%, 05/01/2044	1,270,000	1,275,715
Sawmill Branch — Phase 7, Special Assessment, Series 2024, 5.30%, 05/01/2055	2,750,000	2,685,572
Spring Lake — Tracts 2 & 3, Special Assessment, Series 2021, 4.00%, 05/01/2052	1,200,000	962,221
Palmetto Ridge Community Development District, Assessment Area 1, Special Assessment, Series 2026, 5.45%, 05/01/2046	1,370,000	1,374,120
Assessment Area 1, Special Assessment, Series 2026, 5.70%, 05/01/2055	2,030,000	1,989,977
Parker Pointe Community Development District, Special Assessment, Series 2024, 5.75%, 05/01/2054	1,000,000	994,435

112

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Parker Road Community Development District, Assessment Area, Special Assessment, Refunding, Series 2020, 4.10%, 05/01/2050	2,000,000	1,629,513
Parrish Lakes Community Development District, Assessment Area 2, Special Assessment, Series 2023 A, 5.63%, 05/01/2053	1,725,000	1,744,844
Assessment Area 3, Special Assessment, Series 2024, 5.50%, 05/01/2044	1,300,000	1,328,199
Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2054	2,005,000	2,008,945
Parrish Lakes II Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.13%, 05/01/2044	2,000,000	2,000,512
Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054	5,000,000	4,812,379
Parrish Plantation Community Development District, Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2044	685,000	713,382
Assessment Area 3, Special Assessment, Series 2024, 6.05%, 05/01/2054	1,500,000	1,536,217
Pasadena Ridge Community Development District, Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055	2,475,000	2,405,311
PBR Community Development District, Special Assessment, Series 2026 A‑1, 5.00%, 03/01/2048	1,250,000	1,233,485
User Fee, Special Assessment, Refunding, Series 2026 A‑2, 5.13%, 03/01/2056	650,000	631,813
Peace Creek Village Community Development District, Special Assessment, Series 2024, 5.75%, 05/01/2054	905,000	907,852
Special Assessment, Series 2025, 5.60%, 05/01/2045 (d)	710,000	722,495
Special Assessment, Series 2025, 5.85%, 05/01/2055 (d)	2,125,000	2,124,443
Peace Crossing Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2044	2,820,000	2,839,787
Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2054	4,000,000	3,888,941

First Eagle Funds | Semiannual Report | April 30, 2026

113

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Pine Island Community Development District, Special Assessment, Series 2004, 5.75%, 05/01/2035	2,015,000	2,015,500
Pinery Community Development District, Assessment Area 1, Special Assessment, Series 2026, 5.60%, 05/01/2046	1,250,000	1,256,589
Assessment Area 1, Special Assessment, Series 2026, 5.88%, 05/01/2056	1,870,000	1,849,310
Poitras East Community Development District, Special Assessment, Series 2025, 5.85%, 05/01/2045	665,000	690,861
Special Assessment, Series 2025, 6.10%, 05/01/2055	1,000,000	1,019,270
Preston Cove Community Development District, Assessments, Special Assessment, Series 2022, 4.13%, 05/01/2052	1,870,000	1,559,133
Radiance Community Development District, Assessment Area 1, Special Assessment, Series 2025, 6.40%, 05/01/2056 (d)	2,500,000	2,559,887
Ranches at Lake Mcleod Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.45%, 06/15/2045	600,000	619,725
Reflection Bay Community Development District, Special Assessment, Series 2025, 5.63%, 05/01/2045	725,000	747,264
Special Assessment, Series 2025, 5.88%, 05/01/2055	1,200,000	1,215,076
Regal Village Community Development District, Special Assessment, Series 2024, 5.50%, 05/01/2054	725,000	721,881
River Hall Community Development District, Assessment Area 3, Special Assessment, Series 2020 A, 3.88%, 05/01/2051	3,690,000	2,997,705
Assessment Area No. 5, Special Assessment, Series 2024, 5.63%, 05/01/2055 (d)	900,000	887,728
River Landing Community Development District, Special Assessment, Series 2025, 5.45%, 05/01/2055	890,000	877,004
Rivers Edge III Community Development District, Special Assessment, Series 2025, 5.75%, 05/01/2045	450,000	468,560

114

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Special Assessment, Series 2025, 6.00%, 05/01/2056	1,000,000	1,023,398
Assessments, Special Assessment, Series 2024, 5.65%, 05/01/2044	1,665,000	1,712,295
Assessments, Special Assessment, Series 2024, 5.95%, 05/01/2055	2,220,000	2,236,574
Riverwalk Community Development District, Special Assessment, Series 2025, 5.20%, 05/01/2045 (d)	625,000	633,471
Special Assessment, Series 2025, 5.45%, 05/01/2055 (d)	1,000,000	988,238
Rookery Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044	800,000	799,848
Assessment Area 1, Special Assessment, Series 2024, 5.35%, 05/01/2055	1,500,000	1,444,061
Rustic Oaks Community Development District, Assessments, Special Assessment, Series 2022, 3.45%, 05/01/2042	2,000,000	1,717,923
Assessments, Special Assessment, Series 2022, 4.00%, 05/01/2052	2,385,000	1,935,213
Rye Crossing Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.00%, 05/01/2044	650,000	654,418
Assessment Area 2, Special Assessment, Series 2024, 5.25%, 05/01/2054	710,000	692,674
Saltleaf Community Development District, Special Assessment, Series 2026, 5.70%, 05/01/2046	1,000,000	1,015,945
Special Assessment, Series 2026, 6.05%, 05/01/2057 (d)	2,765,000	2,809,651
Assessments, Special Assessment, Series 2024, 5.63%, 05/01/2044	3,250,000	3,337,057
Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056	3,000,000	3,035,188
Saltmeadows Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.75%, 05/01/2045 (d)	405,000	421,809
Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2055 (d)	750,000	768,436

First Eagle Funds | Semiannual Report | April 30, 2026

115

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Savanna Lakes Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.25%, 06/15/2044	625,000	640,806
Sawgrass Village Community Development District, Assessment Area 3, Special Assessment, Series 2024, 5.55%, 05/01/2044 (d)	700,000	716,271
Assessment Area 3, Special Assessment, Series 2024, 5.88%, 05/01/2054 (d)	1,375,000	1,380,620
Scenic Terrace South Community Development District, Special Assessment, Series 2022, 4.63%, 05/01/2053	1,935,000	1,739,557
Seagrove Community Development District, Special Assessment, Series 2024, 4.88%, 06/15/2044	1,500,000	1,481,925
Special Assessment, Series 2024, 5.20%, 06/15/2054	1,250,000	1,197,971
Seminole Palms Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 (d)	1,655,000	1,671,843
Shadowlawn Community Development District, Special Assessment, Series 2024, 5.50%, 05/01/2044	1,480,000	1,496,094
Special Assessment, Series 2024, 5.85%, 05/01/2054	1,800,000	1,782,777
Silver Oaks Community Development District, Special Assessment, Series 2024, 5.85%, 05/01/2054	1,480,000	1,491,234
Silverlake Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044	505,000	516,318
Six Mile Creek Community Development District, Assessment Area 2, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2052	2,240,000	1,855,903
Project Area, Special Assessment, Series 2024, 5.38%, 05/01/2055	1,000,000	963,498
Solaeris Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2031	500,000	516,798
Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2044	1,790,000	1,930,912
Assessment Area 1, Special Assessment, Series 2024, 6.25%, 05/01/2055	2,750,000	2,897,414

116

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2045 (d)	2,000,000	2,079,072
Assessment Area 2, Special Assessment, Series 2025, 6.30%, 05/01/2056 (d)	3,000,000	3,067,820
Somerset Bay Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 (d)	1,905,000	1,919,432
Assessment Area No. 2, Special Assessment, Series 2026, 5.80%, 05/01/2056	1,510,000	1,509,025
Southern Groves Community Development District No. 5, Assessment Area, Special Assessment, Series 2024, 5.45%, 05/01/2044	1,245,000	1,303,182
Assessment Area, Special Assessment, Series 2024, 5.70%, 05/01/2050	930,000	962,006
Southshore Bay Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044	675,000	686,685
Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2054	930,000	918,968
Stonegate Preserve Community Development District, Special Assessment, Series 2025, 5.70%, 06/15/2045	700,000	729,457
Special Assessment, Series 2025, 5.88%, 06/15/2055	1,250,000	1,272,104
Sugarloaf Community Development District, Assessment Area 1, Special Assessment, Series 2026, 5.38%, 12/15/2046 (d)	590,000	594,217
Assessment Area 1, Special Assessment, Series 2026, 5.63%, 12/15/2055 (d)	800,000	790,300
Summit View Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2044	950,000	980,462
Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054	1,305,000	1,324,820
Sunrise Community Development District, Special Assessment, Series 2025, 5.63%, 05/01/2045 (d)	2,500,000	2,508,017
Special Assessment, Series 2025, 5.88%, 05/01/2055 (d)	4,000,000	3,887,874

First Eagle Funds | Semiannual Report | April 30, 2026

117

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Tern Bay Community Development District, Special Assessment, Series 2022, 4.00%, 06/15/2052	9,260,000	7,331,699
Terra Lago Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045	1,040,000	1,065,363
Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2055	1,525,000	1,533,289
Terreno Community Development District, Special Assessment, Series 2025, 5.40%, 05/01/2045	875,000	896,228
Special Assessment, Series 2025, 5.65%, 05/01/2055	1,000,000	1,004,066
Timber Creek Southwest Community Development District, Assessment Area 2, Special Assessment, Series 2021, 3.30%, 12/15/2041	2,175,000	1,841,889
Tolomato Community Development District, Assessment Area, Special Assessment, Series 2024, 4.80%, 05/01/2044	880,000	872,541
Assessment Area, Special Assessment, Series 2024, 5.13%, 05/01/2054	1,150,000	1,120,742
Tradition Community Development District No. 9, Special Assessment, Series 2025, 5.65%, 05/01/2056	895,000	893,129
Triple Creek Community Development District, Villages Q & R Assessment Area, Special Assessment, Series 2021, 4.00%, 11/01/2051 (d)	1,040,000	859,064
Twisted Oaks Pointe Community Development District, Assessment Area 3, Special Assessment, Series 2024, 5.63%, 05/01/2044	1,025,000	1,072,230
Assessment Area 3, Special Assessment, Series 2024, 6.00%, 05/01/2055	1,325,000	1,363,799
Assessment Area No. 4, Special Assessment, Series 2026, 5.63%, 05/01/2046	500,000	504,350
Assessment Area No. 4, Special Assessment, Series 2026, 5.88%, 05/01/2056	1,000,000	1,002,281
Two Ridges Community Development District, Special Assessment, Series 2025, 5.75%, 05/01/2045	500,000	523,553
Special Assessment, Series 2025, 6.00%, 05/01/2055	665,000	685,886

118

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Two Rivers West Community Development District, Special Assessment, Series 2024, 5.88%, 05/01/2054	1,355,000	1,370,898
V-Dana Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.38%, 05/01/2045	985,000	1,001,438
Assessment Area 2, Special Assessment, Series 2025, 5.55%, 05/01/2055	1,365,000	1,356,840
Veranda Community Development District II, Assessment Area 4, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2051 (d)	180,000	150,118
Assessment Area 5 Phase 2, Special Assessment, Refunding, Series 2024, 5.63%, 05/01/2054	495,000	497,043
Verano No. 2 Community Development District, Special Assessment, Series 2024, 5.35%, 05/01/2044 (d)	500,000	508,837
Special Assessment, Series 2024, 5.63%, 05/01/2055	800,000	801,237
Pod D, Special Assessment, Series 2024, 5.80%, 05/01/2054	1,000,000	1,013,373
Verano No. 4 Community Development District, Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 5.75%, 05/01/2045	450,000	469,362
Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 6.00%, 05/01/2055	875,000	895,863
Village Community Development District No. 15, Special Assessment, Series 2024, 4.80%, 05/01/2055 (d)	2,500,000	2,368,303
Villages of Westport Community Development District, Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035	2,690,000	2,702,323
Villamar Community Development District, Assessment Area 6, Special Assessment, Series 2024, 5.75%, 05/01/2054	1,000,000	1,010,825
Waterford Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054	680,000	660,951

First Eagle Funds | Semiannual Report | April 30, 2026

119

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 18.5% (continued)
Assessment Area 3, Special Assessment, Series 2025, 6.00%, 05/01/2045	500,000	524,299
Assessment Area 3, Special Assessment, Series 2025, 6.25%, 05/01/2056 (d)	1,665,000	1,712,459
Waterset South Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.70%, 05/01/2056	1,010,000	1,019,582
Wellness Ridge Community Development District, Assessment Area No. 3, Special Assessment, Series 2026, 5.30%, 06/15/2046	500,000	506,813
Assessment Area No. 3, Special Assessment, Series 2026, 5.63%, 06/15/2056	875,000	878,316
West Villages Improvement District, Special Assessment, Series 2025, 5.50%, 05/01/2055 (d)	1,000,000	977,070
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045	910,000	958,236
Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055	1,705,000	1,768,325
Assessment Area 2, Special Assessment, Series 2026, 5.30%, 05/01/2046 (d)(h)	745,000	740,382
Assessment Area 2, Special Assessment, Series 2026, 5.65%, 05/01/2056 (d)(h)	1,000,000	990,756
Unit of Development No. 10 Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044	995,000	1,017,957
Unit of Development No. 8, Special Assessment, Series 2021, 3.50%, 05/01/2041	2,505,000	2,089,646
Westside Haines City Community Development District, Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054	2,070,000	2,109,401
Westview South Community Development District, Assessment Area 1, Special Assessment, Series 2025, 6.20%, 05/01/2055 (d)	2,000,000	2,063,421
Willowbrook Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044	670,000	683,557
Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2055	975,000	975,498
Assessment Area 2, Special Assessment, Series 2025, 5.65%, 05/01/2045 (d)	1,000,000	1,022,786

120

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Florida — 18.5% (continued)
	Assessment Area 2, Special Assessment, Series 2025, 5.88%, 05/01/2056 (d)	1,250,000	1,255,455
	Windsor Cay Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054	1,000,000	1,030,980
	Woodcreek Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055	750,000	723,498
	Woodland Crossing Community Development District, Special Assessment, Series 2025, 5.13%, 05/01/2035 (d)	375,000	388,808
	Special Assessment, Series 2025, 5.88%, 05/01/2045 (d)	1,000,000	1,036,317
	Special Assessment, Series 2025, 6.13%, 05/01/2056 (d)	1,925,000	1,961,020
	Woodland Preserve Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.30%, 05/01/2045 (d)	630,000	638,956
	Assessment Area 1, Special Assessment, Series 2025, 5.50%, 05/01/2055 (d)	845,000	835,115
	Woodland Ranch Estates Community Development District, Special Assessment, Series 2025, 5.75%, 05/01/2055	720,000	718,800
	Yarborough Lane Community Development District, Special Assessment, Series 2024, 5.60%, 05/01/2055	1,620,000	1,585,482
1,347,077,299
	Georgia — 4.0%
	Atlanta Development Authority (The), City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024‑1, Class A, 0.00%, 12/15/2048 (d)(j)	132,920,000	120,388,342
	PRG — CAU Properties LLC, Revenue, Series 2025 A, 6.00%, 07/01/2050 (d)	1,000,000	1,031,651
	PRG — CAU Properties LLC, Revenue, Series 2025 A, 6.00%, 07/01/2055 (d)	750,000	767,345
	City of Atlanta, Department of Aviation, Revenue, AMT, Series 2025B B‑1, 5.50%, 07/01/2055 (a)	15,000,000	15,879,570
	DeKalb County Development Authority, GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2055	500,000	466,648

First Eagle Funds | Semiannual Report | April 30, 2026

121

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Georgia — 4.0% (continued)
GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2063	1,320,000	1,200,048
Development Authority of Bainbridge And Decatur County, Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.75%, 04/01/2066 (d)	7,500,000	7,326,780
Development Authority of Bulloch County, Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 A, 6.75%, 06/15/2064 (d)	3,225,000	3,158,698
Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 B, 7.50%, 06/15/2031 (d)	265,000	265,877
Development Authority of Lagrange, LaGrange College Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 10/15/2052	15,675,000	13,145,085
Development Authority of The City of Marietta, Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2047 (d)	10,000,000	8,893,752
Fulton County Residential Care Facilities for the Elderly Authority, All Saints-St. Luke’s Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2051 (d)	12,400,000	10,062,155
All Saints-St. Luke’s Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2056 (d)	8,700,000	6,825,639
George L Smith II Congress Center Authority, Signia Hotel Management LLC, Revenue, Series 2021 B, 5.00%, 01/01/2054 (d)	22,420,000	21,123,402
Georgia Housing & Finance Authority, Revenue, Series 2025 C, 5.15%, 06/01/2055	5,000,000	5,082,633
Revenue, GNMA Insured, Series 2025 G, 4.90%, 12/01/2050 (a)	25,000,000	25,224,016
Oconee County Industrial Development Authority, Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A‑1, 6.25%, 12/01/2048	3,000,000	2,969,546
Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A‑1, 6.38%, 12/01/2053	3,000,000	2,943,776
Savannah Georgia Convention Center Authority, Revenue, Series 2025 A, 5.25%, 06/01/2061	5,200,000	5,155,315

122

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Georgia — 4.0% (continued)
	Revenue, Series 2025 B, 6.00%, 06/01/2050 (d)	7,400,000	7,397,550
	Revenue, Series 2025 B, 6.25%, 06/01/2061 (d)	32,455,000	33,005,885
292,313,713
	Hawaii — 0.4%
	State of Hawaii Airports System, Revenue, AMT, Series 2018 A, 5.00%, 07/01/2048 (a)	1,475,000	1,480,242
	Revenue, AMT, Series 2025 A, 5.50%, 07/01/2054 (a)	17,935,000	19,117,352
	State of Hawaii Department of Budget & Finance, Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2034 (d)	3,000,000	3,054,954
	Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (d)	2,780,000	2,755,605
	Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.13%, 07/01/2043 (d)	2,500,000	2,430,572
28,838,725
	Idaho — 0.3%
	Avimor Community Infrastructure District No. 1, Assessment Area 5, Special Assessment, Series 2024, 5.88%, 09/01/2053 (d)	1,642,000	1,675,185
	Spring Valley Community Infrastructure District No. 1, GO, Series 2026, 4.00%, 09/01/2028	130,000	129,827
	GO, Series 2026, 4.00%, 09/01/2029	135,000	134,411
	GO, Series 2026, 4.00%, 09/01/2031	70,000	68,735
	GO, Series 2026, 4.05%, 09/01/2032	25,000	24,396
	GO, Series 2026, 4.10%, 09/01/2033	155,000	150,976
	GO, Series 2026, 4.40%, 09/01/2036	180,000	175,998
	GO, Series 2026, 4.50%, 09/01/2037	185,000	181,458
	GO, Series 2026, 4.65%, 09/01/2040	215,000	211,388
	GO, Series 2026, 5.13%, 09/01/2045	400,000	402,933
	GO, Series 2026, 5.40%, 09/01/2050	510,000	510,573
	GO, Series 2026, 5.50%, 09/01/2055	680,000	678,545
	Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (d)	9,000,000	9,246,909
	Assessment Area 2, Special Assessment, Series 2025, 6.25%, 09/01/2054 (d)	9,300,000	9,600,704
23,192,038

First Eagle Funds | Semiannual Report | April 30, 2026

123

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Illinois — 7.2%
Bellwood Municipal Housing Corp., Village of Bellwood, Revenue, Series 2024, 6.38%, 12/01/2059 (d)	8,450,000	7,953,661
Chicago Board of Education, GO, BAM Insured, Series 2012 A, 5.00%, 12/01/2042	1,475,000	1,476,307
GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (d)	57,075,000	58,400,270
GO, Series 2022 A, 5.00%, 12/01/2047	1,000,000	902,001
GO, Refunding, Series 2022 B, 4.00%, 12/01/2041	6,500,000	5,797,069
GO, Series 2025 A, 5.75%, 12/01/2050	30,000,000	29,765,334
GO, Refunding, Series 2025 B, 6.00%, 12/01/2041	7,000,000	7,562,090
GO, Refunding, Series 2025 B, 6.00%, 12/01/2042	2,500,000	2,685,110
GO, Refunding, Series 2025 B, 6.00%, 12/01/2043	3,300,000	3,519,817
GO, Refunding, Series 2025 B, 6.00%, 12/01/2044	6,000,000	6,345,005
GO, Refunding, Series 2025 C, 5.50%, 12/01/2045	23,250,000	23,423,605
GO, Refunding, Series B, 7.00%, 12/01/2042 (d)	19,750,000	20,331,888
Chicago O’Hare International Airport, Revenue, Senior Lien, AMT, Refunding, Series 2018 A, 5.00%, 01/01/2053	4,765,000	4,705,721
Revenue, Senior Lien, AMT, BAM Insured, Series 2025 E, 5.00%, 01/01/2060 (i)	34,900,000	34,702,236
Revenue, Senior Lien, AMT, Series 2025 E, 5.50%, 01/01/2060	20,000,000	20,702,602
Revenue, Senior Lien, AMT, Refunding, Series D, 5.00%, 01/01/2052	7,435,000	7,379,623
City of Chicago, GO, Series 2019 A, 5.50%, 01/01/2049	1,310,000	1,311,878
GO, BAM Insured, Series 2025 A, 6.00%, 01/01/2046	11,000,000	12,052,779
GO, Series 2025 A, 6.00%, 01/01/2050	37,800,000	39,416,608
GO, Series 2025 C, 6.00%, 01/01/2043	800,000	874,209
GO, Series 2025 F, 6.00%, 01/01/2045	1,755,000	1,887,450

124

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Illinois — 7.2% (continued)
GO, Series 2025 F, 6.00%, 01/01/2050	4,500,000	4,696,484
GO, Series 2025 F, 6.00%, 01/01/2055	6,000,000	6,222,620
City of Galesburg, Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046	18,715,000	14,216,421
City of Harvey, GO, Refunding, Series 2023 A, 4.50%, 01/01/2054	5,293,000	4,024,044
City of Palos Heights, Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 A, 7.00%, 01/01/2050 (f)	8,790,000	7,911,000
Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 B, 8.50%, 01/01/2032 (f)	1,070,000	963,000
County of Cook, Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045	18,000,000	18,417,910
Illinois Finance Authority, AIM Art in Motion, Revenue, Series 2021 A, 5.00%, 07/01/2051 (d)	3,000,000	2,150,692
Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038	5,320,000	4,812,593
Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2046	3,500,000	3,029,514
Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2051	10,750,000	8,977,824
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (d)	2,360,000	2,406,863
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.13%, 10/01/2050 (d)	1,250,000	1,260,353
Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2044	2,175,000	1,920,161
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037	400,000	354,891
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2038	10,000	9,713
Illinois Institute of Technology, Revenue, Refunding, Series 2025 A, 5.88%, 09/01/2046 (d)	13,500,000	13,370,006
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035	15,000	14,826
Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2036	325,000	325,508

First Eagle Funds | Semiannual Report | April 30, 2026

125

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Illinois — 7.2% (continued)
Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2056	1,255,000	1,076,241
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052	1,085,000	1,137,315
Roosevelt University, Revenue, Refunding, Series 2018 A, 6.13%, 04/01/2058 (d)	100,000	97,973
Roosevelt University, Revenue, Refunding, Series 2018 B, 6.00%, 04/01/2038 (d)	1,180,000	1,201,940
Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2049 (d)	2,500,000	2,500,891
Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2058 (d)	1,350,000	1,328,126
Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038	2,165,000	2,153,558
Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 05/01/2048	4,040,000	3,510,479
Illinois Housing Development Authority, Stonebridge of Gurnee LLC, Revenue, Series A, 5.45%, 01/01/2046 (d)	1,635,000	1,634,906
Stonebridge of Gurnee LLC, Revenue, Series A, 5.60%, 01/01/2056 (d)	1,000,000	974,788
Metropolitan Pier & Exposition Authority, State of Illinois McCormick Place Expansion Project Fund, Revenue, Refunding, Series 2020 A, 5.00%, 06/15/2050 (a)	47,780,000	47,679,749
Sangamon County School District No. 186 Springfield, GO, BAM Insured, Series 2025, 5.00%, 06/01/2062	6,075,000	6,188,189
Schaumburg Cook & DuPage Counties, Tax Allocation, Series 2025, 6.13%, 12/30/2038 (d)	3,700,000	3,729,353
State of Illinois, GO, Series 2025 F, 5.25%, 09/01/2050 (a)	34,855,000	35,654,016
Upper Illinois River Valley Development Authority, Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2047 (d)	2,000,000	1,837,352
Northern Kane Educational Corp., Revenue, Series 2025 A, 6.00%, 12/01/2055 (d)	2,000,000	2,013,545
Village of Bellwood, Tax Allocation, Series 2024, 5.00%, 12/01/2050	6,750,000	6,753,856

126

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Illinois — 7.2% (continued)
	Village of Bridgeview, GO, Refunding, Series 2014 A, 5.13%, 12/01/2044	15,000	13,938
	GO, Refunding, Series 2015 A, 5.63%, 12/01/2041	100,000	100,004
	Village of Lincolnwood, North Lincoln Redevelopment Project Area, COP, Series 2021 A, 4.82%, 01/01/2041 (d)	5,831,091	5,832,147
	Village of Lincolnwood Il, North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (d)	1,200,000	1,226,083
	Village of Oswego, GO, Series 2025 A, 5.00%, 12/15/2050	1,465,000	1,490,140
	Village of Rantoul, Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (d)	5,625,000	5,706,217
	Village of Romeoville, Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2041	1,190,000	1,056,358
	Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2046	6,200,000	5,189,208
	Western Illinois Economic Development Authority, Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2036	1,500,000	1,361,466
527,727,524
	Indiana — 2.1%
	City of East Chicago, Revenue, Series 2025, 6.50%, 07/15/2044 (d)	7,220,000	7,489,985
	City of Valparaiso, Lutheran University Association, Inc. (The), Revenue, Series 2025 A, 6.25%, 10/01/2050 (d)	2,500,000	2,474,150
	Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (d)	8,000,000	8,104,937
	Indiana Finance Authority, Revenue, Series 2025, 5.25%, 07/01/2055	6,300,000	5,723,253
	Revenue, Series 2025, 5.75%, 07/01/2060	9,300,000	8,986,298
	Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047	7,845,000	6,866,198
	DePauw University, Revenue, Series 2026, 5.25%, 10/01/2056	1,000,000	1,001,966

First Eagle Funds | Semiannual Report | April 30, 2026

127

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Indiana — 2.1% (continued)
	Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037	1,025,000	869,230
	Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2042	10,000	7,955
	Global Preparatory Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 10/15/2055 (d)	1,000,000	1,003,422
	Global Preparatory Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 10/15/2060 (d)	890,000	890,110
	Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039	750,000	694,466
	Lutheran University Association, Inc. (The), Revenue, Series 2014, 4.00%, 10/01/2044	25,000	18,720
	PRG — UINDY Properties LLC, Revenue, Series 2025, 5.25%, 07/01/2045	5,200,000	5,035,622
	PRG — UINDY Properties LLC, Revenue, Series 2025, 5.63%, 07/01/2050	1,250,000	1,216,351
	Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (d)	1,800,000	1,811,811
	Indiana Housing & Community Development Authority, Revenue, Refunding, GNMA Insured, Series 2024 D‑1, 4.70%, 07/01/2049 (a)	15,760,000	15,583,420
	Revenue, Refunding, GNMA Insured, Series 2024 D‑1, 4.75%, 07/01/2054 (a)	28,130,000	28,143,746
	Revenue, GNMA Insured, Series 2025 B‑1, 5.00%, 07/01/2050 (a)	13,665,000	13,818,882
	Revenue, GNMA Insured, Series 2025 B‑1, 5.05%, 07/01/2055 (a)	31,450,000	31,861,560
	Town of Whiteland, Patch Economic Development Area, Tax Allocation, Series 2022 A, 5.75%, 09/01/2047 (d)	1,125,000	1,106,485
	Patch Economic Development Area, Tax Allocation, Series 2024 A, 6.13%, 03/01/2049 (d)	2,725,000	2,753,186
	Town of Whitestown, Tax Allocation, Refunding, Series 2026, 6.00%, 09/01/2050 (d)	3,080,000	3,083,890
	Whitestown Redevelopment Commission, Tax Allocation, Series 2024, 5.50%, 09/01/2049 (d)	2,170,000	2,111,940
150,657,583

128

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Iowa — 1.0%
	Delaware County Memorial Hospital, Revenue, Series 2025, 5.60%, 12/01/2038	840,000	863,868
	Revenue, Series 2025, 5.70%, 12/01/2039	890,000	915,533
	Iowa Finance Authority, Revenue, GNMA Insured, Series 2025 C, 5.00%, 07/01/2050 (a)	5,020,000	5,078,094
	Revenue, GNMA Insured, Series 2025 C, 5.05%, 07/01/2055 (a)	10,000,000	10,133,228
	Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2047	500,000	485,086
	Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2043	2,160,000	2,164,072
	Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2048	17,790,000	17,098,479
	Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A‑1, 4.00%, 05/15/2055	4,750,000	3,722,438
	Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A‑1, 5.00%, 05/15/2055	7,065,000	6,555,383
	Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 05/15/2053	11,450,000	9,083,085
	Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2044	2,610,000	2,631,648
	Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2049	3,650,000	3,484,450
	Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 05/15/2059	6,800,000	6,381,787
	Presbyterian Homes Mill Pond Apartment, Inc., Revenue, Series 2025, 5.75%, 10/01/2055	1,500,000	1,525,437
	Presbyterian Homes Mill Pond Apartment, Inc., Revenue, Series 2025, 5.88%, 10/01/2065	3,150,000	3,196,313
	Riserville Holdings, Inc., Revenue, AMT, Series 2021, 5.00%, 12/01/2051 (d)	3,725,000	3,217,925
76,536,826

First Eagle Funds | Semiannual Report | April 30, 2026

129

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Kansas — 0.4%
	City of Hutchinson, Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2036	1,310,000	1,252,663
	Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2041	1,865,000	1,679,173
	City of Wichita, Larksfield Place Obligated Group, Revenue, Series VII 2025 A, 6.75%, 06/01/2055	2,500,000	2,567,939
	Larksfield Place Retirement Communities, Inc., Revenue, Series VII 2025 A, 6.75%, 06/01/2060	3,500,000	3,580,190
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 5.00%, 05/15/2038	215,000	213,198
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 4.63%, 05/15/2041	5,000	4,645
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 5.00%, 05/15/2047	1,755,000	1,551,483
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2019 III, 5.00%, 05/15/2050	420,000	357,964
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.75%, 05/15/2045	1,000,000	1,002,296
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.88%, 05/15/2050	1,000,000	973,193
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series III‑2019, 4.00%, 05/15/2050	10,000	7,281
	Wyandotte County-Kansas City Unified Government, Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (d)	1,500,000	1,537,394
	Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (d)	7,500,000	7,633,849
	Sales Tax, Revenue, Series 2024 A, 5.25%, 03/01/2046 (d)	7,730,000	7,507,626
29,868,894

130

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Kentucky — 0.1%
	City of Campbellsville, Campbellsville University, Inc., Revenue, Refunding, Series 2017, 4.50%, 03/01/2047	965,000	765,528
	Louisville/Jefferson County Metropolitan Government, Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2027	500,000	494,922
	Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031	1,790,000	1,706,954
	Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2040	1,210,000	1,030,171
	Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2033	2,270,000	2,119,105
	Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2036	2,715,000	2,439,444
8,556,124
	Louisiana — 2.1%
	Calcasieu Parish Memorial Hospital Service District, Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034	250,000	251,918
	Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2039	8,305,000	8,011,569
	Capital Area Finance Authority, Revenue, GNMA Insured, Series 2025 B, 5.05%, 10/01/2055	1,570,000	1,593,332
	Louisiana Local Government Environmental Facilities & Community Development Authority, Christwood Obligated Group, Revenue, Refunding, Series 2024, 5.25%, 11/15/2053 (d)	1,000,000	949,636
	Provident Group — ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (d)	815,000	794,222
	Provident Group — ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (d)	2,900,000	2,574,929
	Provident Group — ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2054 (d)	16,995,000	13,963,413
	Louisiana Public Facilities Authority, Athlos Academy of Jefferson, Revenue, Series 2024 A, 7.38%, 06/01/2054 (d)	5,000,000	3,700,000
	Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 09/01/2064	30,000,000	30,819,471

First Eagle Funds | Semiannual Report | April 30, 2026

131

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Louisiana — 2.1% (continued)
	Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.00%, 09/01/2066	50,115,000	47,952,538
	Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.38%, 06/15/2053 (d)	9,500,000	9,667,419
	Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.50%, 06/15/2059 (d)	9,000,000	9,173,659
	Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2049 (d)	6,315,000	5,776,169
	Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2058 (d)	8,760,000	7,718,173
	Louisiana State University & Agricultural & Mechanical College Auxiliary, Revenue, Series 2019 A, 5.00%, 07/01/2059	45,000	44,682
	Terrebonne Parish Hospital Service District No. 1, Revenue, Refunding, Series 2026, 5.50%, 04/01/2051	5,000,000	5,266,627
	Revenue, Refunding, Series 2026, 5.50%, 04/01/2055	7,975,000	8,358,511
156,616,268
	Maine — 0.7%
	Maine Health & Higher Educational Facilities Authority, Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 4.00%, 07/01/2041	85,000	70,697
	Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 4.00%, 07/01/2046	525,000	416,041
	Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2046	8,020,000	7,545,160
	Maine State Housing Authority, Revenue, Series 2024 D, 4.75%, 11/15/2054 (a)	8,750,000	8,774,026
	Revenue, Series 2024 F, 4.70%, 11/15/2049 (a)	9,410,000	9,362,346
	Revenue, Series 2024 F, 4.75%, 11/15/2054 (a)	8,000,000	8,019,456
	Revenue, Series 2025 C, 5.25%, 11/15/2055	15,520,000	15,889,452
50,077,178

132

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Maryland — 1.7%
	County of Frederick, Mount St Mary’s University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2045 (d)	2,470,000	2,210,575
	County of Montgomery, Trinity Health Corp. Obligated Group, Revenue, Series 2015 MD, 5.00%, 12/01/2044 (i)	14,065,000	14,065,879
	Trinity Health Corp. Obligated Group, Revenue, Series 2016 MD, 5.00%, 12/01/2045 (i)	5,000,000	5,003,166
	County of Prince George’s, Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037	7,000,000	7,013,265
	Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2047	210,000	191,984
	Maryland Department of Housing & Community Development, Revenue, Series 2025 B, 5.10%, 07/01/2050	700,000	714,116
	Revenue, Series 2025 B, 5.15%, 07/01/2055	995,000	1,019,985
	Revenue, Series 2025 B, 5.20%, 07/01/2060	1,715,000	1,756,882
	Revenue, Series 2025 B, 5.25%, 07/01/2067	1,735,000	1,778,348
	Revenue, Series 2025 C, 5.15%, 07/01/2055	3,065,000	3,138,221
	Revenue, Series 2025 C, 5.25%, 07/01/2060	8,305,000	8,532,749
	Revenue, Series 2025 C, 5.30%, 07/01/2067	10,590,000	10,886,336
	Revenue, FHA Insured, Series 2026 B, 5.00%, 07/01/2069	1,000,000	1,015,059
	Maryland Health & Higher Educational Facilities Authority, Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044	3,210,000	3,202,350
	Montgomery County Housing Opportunities Commission, Revenue, FHA Insured, Series 2026 A, 4.90%, 07/01/2061 (i)	21,775,000	21,798,088
	Revenue, Series 2026 A, 5.00%, 07/01/2066 (i)	27,750,000	28,065,748
	Revenue, FHA Insured, Series 2026 A, 5.15%, 01/01/2071 (i)	11,000,000	11,185,752
121,578,503

First Eagle Funds | Semiannual Report | April 30, 2026

133

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Massachusetts — 1.7%
	Massachusetts Bay Transportation Authority Sales Tax, Revenue, Series 2025 B, 5.25%, 07/01/2055 (a)	16,000,000	16,974,313
	Sales Tax, Revenue, Series 2025 B, 5.00%, 07/01/2055 (a)	10,000,000	10,347,601
	Massachusetts Development Finance Agency, Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2041 (d)	1,620,000	1,540,320
	Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2051 (d)	7,900,000	6,644,935
	Care Communities LLC Obligated Group, Revenue, Series 2025 A‑1, 6.38%, 07/15/2045 (d)	8,500,000	8,582,305
	Care Communities LLC Obligated Group, Revenue, Series 2025 A‑1, 6.50%, 07/15/2060 (d)	47,200,000	46,923,125
	CHF Merrimack, Inc., Revenue, Series 2024 A, 5.00%, 07/01/2060 (d)	2,300,000	2,183,727
	Massachusetts Educational Financing Authority, Revenue, AMT, Series 2021 C, 3.00%, 07/01/2051	1,545,000	1,029,976
	Revenue, AMT, Series 2022 C, 4.13%, 07/01/2052	1,000,000	818,007
	Massachusetts Housing Finance Agency, Revenue, Series 2025 C‑1, 4.95%, 12/01/2060 (i)	13,695,000	13,797,048
	Revenue, Series 2025 C‑1, 5.00%, 12/01/2068 (i)	16,000,000	16,129,182
124,970,539
	Michigan — 3.0%
	Flint Hospital Building Authority, Hurley Medical Center, Revenue, Refunding, Series 2020, 4.00%, 07/01/2041	460,000	425,233
	Grand Rapids Economic Development Corp., Michigan Christian Home Obligated Group, Revenue, Refunding, Series 2025 A, 6.13%, 11/01/2060	9,400,000	9,401,864
	Kalamazoo Economic Development Corp., Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 6.25%, 08/15/2056 (d)	4,320,000	4,394,693

134

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Michigan — 3.0% (continued)
Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 6.25%, 08/15/2061 (d)	2,240,000	2,270,461
Heritage Community of Kalamazoo Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 05/15/2042	425,000	426,693
Michigan Finance Authority, Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2032	925,000	707,233
Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2034	650,000	470,474
Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2041	4,075,000	2,592,986
Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2051	1,895,000	1,058,165
Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031	1,080,000	912,324
Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2044	1,375,000	1,337,952
Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2054	2,795,000	2,530,828
Michigan State Building Authority, State of Michigan, Revenue, Series 2024 I, 3.19%, 05/01/2026 (b)(c)	28,680,000	28,680,000
Michigan State Housing Development Authority, Revenue, Series 2025 A, 4.95%, 12/01/2050 (a)	8,915,000	9,044,847
Revenue, Series 2025 A, 5.00%, 12/01/2055 (a)	20,540,000	20,834,328
Revenue, Series 2025 A‑1, 5.30%, 10/01/2055 (a)	10,180,000	10,540,747
Revenue, Series 2025 A‑1, 5.50%, 10/01/2068 (a)	58,255,000	60,720,278
Revenue, Series 2025 C, 5.10%, 06/01/2056 (a)	11,515,000	11,757,691
Revenue, Series 2026 A, 4.90%, 12/01/2046 (a)	10,600,000	10,686,778
Revenue, Series 2026 A, 4.95%, 12/01/2051 (a)	12,250,000	12,349,819
Revenue, Series 2026 A, 5.00%, 12/01/2056 (a)	12,500,000	12,632,888

First Eagle Funds | Semiannual Report | April 30, 2026

135

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Michigan — 3.0% (continued)
	Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 05/15/2044	1,000,000	998,360
	Northwestern Regional Airport Authority, Cherry Capital Airport, Revenue, AMT, Series 2026, 5.25%, 01/01/2051 (i)	4,525,000	4,695,727
	Cherry Capital Airport, Revenue, AMT, Series 2026, 5.25%, 01/01/2056 (i)	6,350,000	6,523,037
	Tipton Academy, Revenue, Series 2021, 4.00%, 06/01/2051	945,000	693,714
216,687,120
	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	1,281,493
	Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2049	1,400,000	1,377,815
	City of Shakopee, Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 5.75%, 11/01/2055	2,350,000	2,353,770
	Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 5.88%, 11/01/2065	3,000,000	3,022,489
	City of St Bonifacius, Augustana Chapel View Homes, Inc., Revenue, Series 2025, 6.50%, 06/01/2060	10,000,000	10,116,597
	Dakota County Community Development Agency, Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035	2,700,000	2,618,380
	Minnesota Health & Education Facilities Authority, Augsburg University, Revenue, Series 2016 A, 5.00%, 05/01/2046	1,790,000	1,235,708
22,006,252
	Mississippi — 0.5%
	County of Tunica, Revenue, Refunding, Series 2019, 6.00%, 10/01/2040	4,560,000	4,687,175
	County of Washington, Delta Regional Medical Center, Revenue, Refunding, Series 2019, 4.25%, 02/01/2036	3,900,000	3,394,793

136

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Mississippi — 0.5% (continued)
	Mississippi Development Bank, City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036	240,000	188,523
	Mississippi Home Corp., Revenue, GNMA Insured, Series 2025 A, 4.80%, 12/01/2045 (a)	10,000,000	10,169,843
	Revenue, GNMA Insured, Series 2025 A, 4.90%, 12/01/2050 (a)	15,000,000	15,161,085
	Natchez-Adams School District, GO, Series 2020, 1.75%, 03/01/2036	510,000	351,505
	Revenue, Series 2020, 2.38%, 02/01/2037	1,145,000	814,609
	GO, Series 2020, 1.75%, 03/01/2037	520,000	343,686
	Revenue, Series 2020, 2.50%, 02/01/2039	15,000	10,126
	Revenue, Series 2020, 2.50%, 02/01/2040	10,000	6,537
35,127,882
	Missouri — 1.3%
	Bear Creek Community Improvement District, Revenue, Refunding, Series 2025, 6.25%, 05/01/2045	2,500,000	2,615,548
	Cape Girardeau County Industrial Development Authority, West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.50%, 05/01/2044 (d)	3,570,000	3,522,000
	West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.75%, 05/01/2054 (d)	10,000,000	9,470,361
	Citizens Memorial Hospital District, Revenue, Series 2024 D, 6.75%, 02/01/2053	1,375,000	1,369,610
	Grindstone Plaza Transportation Development District, Revenue, Series 2006 A, 5.50%, 10/01/2031	2,075,000	2,077,466
	Revenue, Series 2006 A, 5.55%, 10/01/2036	1,840,000	1,841,665
	Hanley, Eager Road Transportation Development District, Revenue, Refunding, Series 2026, 5.88%, 03/01/2049	2,000,000	1,992,034
	Health & Educational Facilities Authority of the State of Missouri, Bsds, Inc., Revenue, Series 2026, 6.50%, 06/01/2056 (d)	4,015,000	3,971,470

First Eagle Funds | Semiannual Report | April 30, 2026

137

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Missouri — 1.3% (continued)
Maryville University of St. Louis, Revenue, Series 2025 A, 5.50%, 06/15/2047	2,880,000	2,918,237
Industrial Development Authority of the City of St. Louis Missouri (The), Revenue, Refunding, Series 2024 A, 4.88%, 06/15/2034	420,000	428,448
Revenue, Refunding, Series 2024 A, 5.75%, 06/15/2054	7,200,000	7,295,607
Kansas City Industrial Development Authority, Airport, Revenue, AMT, Series 2019 B, 5.00%, 03/01/2054	10,430,000	10,453,750
City of Kansas City Historic Northeast Redevelopment Area, Revenue, Series 2024 A‑1, 5.00%, 06/01/2054 (d)	3,000,000	2,937,892
Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (d)	1,000,000	1,000,496
Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2046 (d)	3,515,000	3,365,579
Lees Summit Industrial Development Authority, John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 08/15/2054	1,940,000	1,958,183
John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.75%, 08/15/2059	1,835,000	1,853,820
Missouri Housing Development Commission, Revenue, GNMA Insured, Series 2025 C, 4.85%, 11/01/2045 (a)	13,945,000	14,204,422
Revenue, GNMA Insured, Series 2025 C, 4.95%, 11/01/2050 (a)	10,945,000	11,095,690
Revenue, GNMA Insured, Series 2025 C, 5.00%, 11/01/2055 (a)	8,705,000	8,825,309
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project — RPA 1, Tax Allocation, Series 2017 A, 5.38%, 05/01/2044	860,000	860,160
St Louis County Industrial Development Authority, Friendship Village St Louis Obligated Group, Revenue, Series 2012, 5.00%, 09/01/2042	30,000	30,008
St. Charles County Industrial Development Authority, Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 4.25%, 10/01/2034 (d)	1,180,000	1,085,856

138

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Missouri — 1.3% (continued)
	Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 5.00%, 10/01/2046 (d)	3,775,000	3,263,286
98,436,897
	Montana — 0.1%
	City of Kalispell, Immanuel Living at Buffalo Hill Obligated Group, Revenue, Refunding, Series 2017 A, 5.25%, 05/15/2047	125,000	116,339
	Immanuel Living at Buffalo Hill Obligated Group, Revenue, Refunding, Series 2025 A, 6.00%, 05/15/2060	3,000,000	3,041,190
	Montana Facility Finance Authority, Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2040	750,000	636,785
	Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044	1,640,000	1,287,822
	Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050	2,605,000	1,851,749
6,933,885
	Nebraska — 1.0%
	Nebraska Investment Finance Authority, Revenue, GNMA Insured, Series 2024 G, 4.70%, 09/01/2051 (a)	9,690,000	9,669,833
	Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2045 (a)	4,900,000	5,027,674
	Revenue, GNMA Insured, Series 2025 C, 5.13%, 09/01/2050 (a)	15,000,000	15,258,773
	Revenue, GNMA Insured, Series 2025 C, 5.20%, 09/01/2055 (a)	28,145,000	28,631,140
	Village of Boys Town, Father Flanagan’s Boy’s Home, Revenue, Series 2026, 5.00%, 07/01/2055 (i)	2,000,000	2,323,382
	Father Flanagan’s Boy’s Home, Revenue, Series 2026, 5.25%, 07/01/2055 (i)	9,625,000	9,648,059
70,558,861
	Nevada — 1.2%
	City of Las Vegas, Special Improvement District No. 613, Special Assessment, Series 2024, 5.25%, 12/01/2047	550,000	553,664

First Eagle Funds | Semiannual Report | April 30, 2026

139

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Nevada — 1.2% (continued)
	Special Improvement District No. 613, Special Assessment, Series 2024, 5.50%, 12/01/2053	600,000	608,467
	Special Improvement District No. 818, Special Assessment, Series 2024, 5.00%, 12/01/2054	1,200,000	1,172,193
	Special Improvement District No. 819, Special Assessment, Series 2025, 5.25%, 06/01/2045	325,000	335,664
	Special Improvement District No. 819, Special Assessment, Series 2025, 5.50%, 06/01/2055	1,000,000	1,017,728
	City of Reno, 2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.13%, 06/01/2047 (d)	140,000	140,558
	2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.25%, 06/01/2054 (d)	1,225,000	1,224,933
	City of Sparks, Special Improvement District No. 1, Special Assessment, Series 2024, 5.13%, 06/01/2054	500,000	497,412
	State of Nevada Department of Business & Industry, DesertXpress Enterprises LLC, Revenue, AMT, Series 2025 B, 12.00%, 11/02/2026 (b)(c)(d)(f)	143,995,000	83,517,100
89,067,719
	New Hampshire — 1.6%
	New Hampshire Business Finance Authority, Revenue, Series 2024, 5.63%, 02/01/2030 (d)	4,500,000	4,499,556
	Revenue, Series 2024, 5.88%, 12/15/2032 (d)	12,374,000	12,365,871
	Revenue, Series 2024, 0.00%, 12/01/2034 (d)(g)	6,000,000	3,310,846
	Revenue, Series 2025, 0.00%, 12/01/2031 (d)(g)	4,500,000	3,241,515
	Revenue, Series 2025, 0.00%, 12/15/2032 (d)(g)	5,481,000	3,551,156
	Revenue, Series 2025 A, 0.00%, 02/01/2035 (d)(g)	7,900,000	4,465,976
	Aldeana Azalea and Serenada Project, Revenue, Series 2026, 0.00%, 12/01/2040 (d)(g)	18,892,000	6,638,018

140

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

New Hampshire — 1.6% (continued)
Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041 (d)	3,765,000	3,579,819
Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2051 (d)	8,395,000	7,061,295
Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2056 (d)	5,725,000	4,690,569
Ellis County Fresh Water Supply District No. 1, Revenue, Series 2026, 0.00%, 12/15/2039 (g)	19,700,000	8,108,802
Forestar Group Houston Area Projects, Revenue, Series 2026, 6.50%, 12/01/2034 (d)	10,000,000	10,024,422
Moonlight Bend Municipal Utility District, Revenue, Series 2025, 0.00%, 12/01/2035 (d)(g)	10,000,000	5,218,242
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2043	200,000	210,192
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.38%, 04/01/2049	295,000	297,436
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2054	275,000	272,766
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.63%, 04/01/2059	350,000	350,719
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.63%, 04/01/2045	250,000	262,623
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2050	500,000	514,194
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2055	1,410,000	1,424,406
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.88%, 04/01/2060	1,250,000	1,267,800
Reworld Holding Corp., Revenue, Refunding, Series 2020 A, 3.63%, 07/02/2040 (b)(c)(d)	250,000	201,378
The Astro Sunterra Projects, Revenue, Series 2026, 0.00%, 12/15/2034 (d)(g)	3,625,000	2,079,159
The Lariat Phase 2 Project, Revenue, Series 2025, 0.00%, 12/15/2032 (d)(g)	18,091,000	11,559,395
Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (d)(g)	10,000,000	6,939,302
Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (d)(g)	4,983,000	3,451,640

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141

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	New Hampshire — 1.6% (continued)
	New Hampshire Health and Education Facilities Authority Act, Rivier University, Revenue, Refunding, Series 2024, 5.00%, 02/01/2049	10,000,000	9,834,334
115,421,431
	New Jersey — 0.9%
	New Jersey Economic Development Authority, DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (d)	20,550,000	21,695,307
	LEAP Academy University Charter School, Inc., Revenue, Series 2014 A, 6.20%, 10/01/2044 (d)	100,000	100,062
	Lutheran Social Ministries at Crane’s Mill, Inc., Revenue, Refunding, Series 2018, 5.00%, 01/01/2049	2,400,000	2,318,325
	United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027	450,000	450,773
	New Jersey Educational Facilities Authority, Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.63%, 07/01/2034	65,000	53,261
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2036	405,000	354,785
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 4.00%, 07/01/2042	140,000	99,825
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2047	5,860,000	4,464,309
	New Jersey Transportation Trust Fund Authority, State of New Jersey, Revenue, Series 2025 AA, 5.00%, 06/15/2055 (a)	35,445,000	36,444,407
65,981,054
	New Mexico — 0.2%
	Aspire Public Improvement District, Special Tax, Series 2024, 5.05%, 10/01/2044	500,000	493,782
	Special Tax, Series 2024, 5.30%, 10/01/2053	810,000	764,153
	Lower Petroglyphs Public Improvement District, Special Tax, Refunding, Series 2018, 5.00%, 10/01/2048	1,150,000	1,130,455

142

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	New Mexico — 0.2% (continued)
	New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2039	2,000,000	1,995,557
	Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2049	1,500,000	1,353,288
	New Mexico Mortgage Finance Authority, Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2050	2,320,000	2,361,092
	Revenue, GNMA Insured, Series 2025 C, 5.10%, 09/01/2055	2,980,000	3,031,979
	Tierra Del Oro Public Improvement District, Special Tax, Series 2025, 5.75%, 10/01/2054	1,570,000	1,573,851
12,704,157
	New York — 7.1%
	Allegany County Capital Resource Corp., Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2037	1,525,000	1,447,567
	Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2042	1,925,000	1,757,158
	Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2052	6,185,000	5,033,148
	Buffalo & Erie County Industrial Land Development Corp., D’Youville University, Revenue, Series 2026 A, 7.75%, 05/01/2055	7,500,000	7,859,963
	Buffalo Sewer Authority, Revenue, Series 2021, 1.75%, 06/15/2049 (b)	3,030,000	2,315,999
	Build NYC Resource Corp., Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (d)	3,245,000	3,241,444
	Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2044 (d)	725,000	713,088
	Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2049 (d)	1,260,000	1,164,049
	Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2059 (d)	5,375,000	4,770,608
	Shefa School, Revenue, Series 2021 A, 5.00%, 06/15/2051 (d)	6,565,000	5,818,886
	Chautauqua Tobacco Asset Securitization Corp., Revenue, Refunding, Series 2014, 5.00%, 06/01/2048	5,300,000	4,109,892

First Eagle Funds | Semiannual Report | April 30, 2026

143

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

New York — 7.1% (continued)
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2042	105,000	86,140
Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2047	3,460,000	2,595,114
Metropolitan Transportation Authority, Revenue, Refunding, Series SUB 2002D‑2B, 3.40%, 05/01/2026 (c)(k)	500,000	500,000
Monroe County Industrial Development Corp., Eugenio Maria de Hostos Charter School, Revenue, Series 2024 A, 5.00%, 07/01/2059 (d)	700,000	613,014
St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040	4,850,000	4,839,187
St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2050	8,515,000	7,600,970
New York City Housing Development Corp., Revenue, FHLMC Insured, Series 2025 A, 5.20%, 02/01/2055 (a)	30,000,000	30,432,176
Revenue, Series 2025 A‑1, 4.80%, 11/01/2055 (i)	5,250,000	5,274,580
Revenue, Series 2025 B‑1, 5.05%, 11/01/2045	420,000	437,991
Revenue, Series 2025 B‑1, 5.20%, 11/01/2050	450,000	460,421
Revenue, Series 2025 B‑1, 5.25%, 11/01/2055	750,000	763,357
Revenue, Series 2025 B‑1, 5.30%, 11/01/2060	1,235,000	1,268,967
Revenue, Series 2025 B‑1, 5.35%, 11/01/2064	1,065,000	1,097,422
Revenue, Series 2025 C‑1, 5.13%, 11/01/2055	7,000,000	7,143,019
Revenue, Series 2025 C‑1, 5.20%, 11/01/2060	5,000,000	5,101,538
Revenue, Series 2025 C‑1, 5.25%, 05/01/2065	10,120,000	10,353,453

144

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

New York — 7.1% (continued)
Revenue, Series 2026 D, 5.00%, 05/01/2056 (i)	28,635,000	28,721,170
Revenue, Series 2026 E‑1- A, 5.00%, 05/01/2056 (i)	24,875,000	24,973,794
Revenue, Series 2026E‑1-A, 4.85%, 11/01/2051 (i)	8,820,000	8,878,297
New York City Municipal Water Finance Authority, New York City Water & Sewer System, Revenue, Refunding, Series 2023 SUB B‑1, 3.45%, 05/01/2026 (c)(k)	20,400,000	20,400,000
New York City Water & Sewer System, Revenue, Refunding, Series 2026 EE, 3.45%, 05/07/2026 (c)(k)	75,000,000	75,000,000
New York City Water & Sewer System, Revenue, Refunding, Series 2026 SUB FF‑2, 3.50%, 05/05/2026 (c)(k)	2,820,000	2,820,000
New York Counties Tobacco Trust IV, Revenue, Series 2005 A, 5.00%, 06/01/2045	26,365,000	20,546,930
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.00%, 11/15/2044 (d)	5,000,000	5,003,956
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (d)	2,000,000	2,003,122
New York State Dormitory Authority, St. Joseph’s College, Revenue, Series 2021, 5.00%, 07/01/2051	1,750,000	1,424,599
New York State Housing Finance Agency, Revenue, Series 2025 A1, 4.90%, 11/01/2068	2,175,000	2,182,643
Revenue, Series 2025 D‑1, 4.90%, 11/01/2055	670,000	671,718
Revenue, Series 2025 D‑1, 4.95%, 11/01/2060 (a)	17,955,000	17,999,924
Revenue, Series 2025 D‑1, 5.00%, 05/01/2069 (a)	1,800,000	1,812,900
New York Transportation Development Corp., Delta Air Lines, Inc., Revenue, AMT, Series 2020, 4.38%, 10/01/2045	1,000,000	959,636
JFK Millennium Partners LLC, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 12/31/2054	1,950,000	1,976,869
JFK Millennium Partners LLC, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 12/31/2060	52,830,000	53,396,274

First Eagle Funds | Semiannual Report | April 30, 2026

145

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

New York — 7.1% (continued)
JFK NTO LLC, Revenue, AMT, AGMC Insured, Series 2023, 5.13%, 06/30/2060 (i)	9,650,000	9,684,531
JFK NTO LLC, Revenue, AMT, Series 2024, 5.00%, 06/30/2060	16,890,000	16,292,422
Oneida Indian Nation of New York, Revenue, Series 2024 B, 6.00%, 09/01/2043 (d)	5,500,000	5,944,238
Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044	1,500,000	1,444,113
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.38%, 08/01/2054	15,355,000	14,214,942
Rockland County Economic Assistance Corp., Bon Secours Health System, Inc. Obligated Group, Revenue, Series 2025, 7.50%, 11/01/2055	735,000	780,050
Suffolk Regional Off-Track Betting Corp., Revenue, Series 2024, 6.00%, 12/01/2053	11,000,000	11,246,068
Ulster County Capital Resource Corp., Woodland Pond, Inc. Obligated Group, Revenue, Series 2025, 5.88%, 09/15/2059 (d)	4,750,000	4,757,341
Westchester County Industrial Development Agency, Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (d)	4,000,000	4,165,139
Westchester County Local Development Corp., Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.00%, 07/01/2040	1,000,000	936,749
Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.13%, 07/01/2055	5,790,000	4,766,148
Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2056 (d)	7,250,000	6,501,224
QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.38%, 12/01/2055 (d)	1,460,000	1,491,164
QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.50%, 12/01/2065 (d)	3,335,000	3,410,550
Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2046	720,000	671,172
Westchester County Health Care Corp. Obligated Group, Revenue, Series 2025, 7.25%, 11/01/2045	15,000,000	16,828,607

146

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	New York — 7.1% (continued)
	Westchester County Healthcare Corp., Revenue, AG Insured, Series 2025, 6.50%, 11/01/2055	5,500,000	6,130,869
	Westchester County Healthcare Corp., Revenue, Series 2025, 7.50%, 11/01/2055	18,765,000	20,794,510
515,630,820
	North Carolina — 0.2%
	North Carolina Capital Facilities Finance Agency, Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2038	3,095,000	3,076,421
	North Carolina Medical Care Commission, ASHF HoldCo 1 LLC Obligated Group, Revenue, Series 2026 A, 7.00%, 11/01/2055 (d)	7,475,000	7,579,017
	Lutheran Retirement Ministries of Alamance County Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2044	2,005,000	2,024,738
	Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2044	1,380,000	1,443,792
	Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2054	3,630,000	3,636,462
	Presbyterian Home at Charlotte, Inc. (The), Revenue, Refunding, Series 2019 A, 5.00%, 07/01/2049	600,000	571,486
18,331,916
	North Dakota — 0.2%
	City of Horace, GO, Special Assessment, Refunding, Series 2024 A, 5.38%, 05/01/2050	800,000	817,170
	GO, Special Assessment, Refunding, Series 2024 C, 4.75%, 05/01/2044	1,100,000	1,107,835
	GO, Special Assessment, Refunding, Series 2024 C, 5.00%, 05/01/2050	3,000,000	3,000,396
	GO, Special Assessment, Refunding, BAM Insured, Series 2026 A, 4.75%, 05/01/2052	1,300,000	1,278,998
	City of Mayville, GO, Special Assessment, Refunding, Series 2024, 5.00%, 05/01/2044	2,825,000	2,814,752
	County of Ward, Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2043	2,800,000	2,674,358
	North Dakota Housing Finance Agency, Revenue, Series 2025 C, 5.00%, 07/01/2053	2,180,000	2,210,976
13,904,485

First Eagle Funds | Semiannual Report | April 30, 2026

147

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Ohio — 3.3%
Buckeye Tobacco Settlement Financing Authority, Revenue, Senior Lien, Refunding, Series 2020 B‑2, Class 2, 5.00%, 06/01/2055	200,000	158,624
Revenue, Senior Lien, Refunding, Series 2020 B‑3, Class 2, 0.00%, 06/01/2057 (g)	308,700,000	23,564,460
City of Brecksville, Valor Acres TIF Area, Tax Allocation, Series 2022, 5.63%, 12/01/2053 (d)	3,840,000	3,751,702
City of Norwood, Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2041	1,000,000	1,031,750
Columbus-Franklin County Finance Authority, Revenue, Refunding, Series 2019 A‑1, 5.00%, 12/01/2051	5,000,000	4,995,302
Columbus AAL LP, Revenue, Series 2025 A, 6.05%, 01/01/2046 (d)	3,700,000	3,759,574
Vivera Brookshire LLC, Revenue, Series 2026 A, 6.30%, 01/01/2046 (d)	4,250,000	4,245,520
Vivera Rosewood LLC, Revenue, Series 2026 A, 6.30%, 01/01/2046 (d)	4,900,000	4,894,834
County of Cuyahoga, Eliza Jennings Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 05/15/2032	2,050,000	2,079,515
County of Fairfield, Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033	9,615,000	9,574,934
Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.00%, 06/15/2043	4,345,000	3,847,462
County of Hardin, Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026	145,000	145,000
Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030	1,000,000	996,769
Ohio Northern University, Revenue, Refunding, Series 2020, 5.25%, 05/01/2040	2,425,000	2,343,977
Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050	4,000,000	3,621,806
County of Lucas, Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, 6.75%, 11/01/2030 (b)(c)	13,050,000	13,045,267

148

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Ohio — 3.3% (continued)
Promedica Healthcare Obligated Group, Revenue, Series 2015 B, 4.00%, 11/15/2045	2,460,000	2,128,034
County of Washington, Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042	100,000	106,400
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052	24,760,000	25,444,552
Dayton-Montgomery County Port Authority, Springfield AAL LLC, Revenue, Series 2025 A, 6.63%, 01/01/2045 (d)	6,500,000	6,872,782
Delaware County Finance Authority, Revenue, Series 2025 C‑2, 6.25%, 12/01/2043	1,645,000	1,756,968
Common Bond Fund, Revenue, Series 2024 B, 5.38%, 12/01/2038	3,675,000	3,778,926
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Revenue, AMT, Series 2021, 3.50%, 12/01/2051 (d)	3,000,000	2,431,690
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue, Series 2022, 5.25%, 01/01/2052	250,000	248,595
Ohio Housing Finance Agency, Revenue, GNMA Insured, Series 2024 C, 4.70%, 09/01/2054 (a)	15,725,000	15,725,552
Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055 (a)	23,205,000	23,189,724
Amherst AAL LP, Revenue, Series 2025 A, 6.25%, 01/01/2045 (d)	4,210,000	4,386,611
Ashford at the Enclave LLC, Revenue, Series 2025 A, 6.50%, 01/01/2045 (d)	5,460,000	5,686,429
Bedford Heights AAL LP, Revenue, Series 2025, 6.38%, 01/01/2045 (d)	3,370,000	3,535,546
Canton AAL LP, Revenue, Series 2025 A, 6.25%, 01/01/2045 (d)	3,570,000	3,719,763
Cuyahoga Falls AAL LP, Revenue, Series 2025 A, 6.25%, 01/01/2045 (d)	4,340,000	4,522,064
Green Oaks of Canal Winchester LLC, Revenue, Series 2025 A, 6.30%, 01/01/2045	5,660,000	5,816,542
Green Oaks of Holland LLC, Revenue, Series 2025 A, 6.30%, 01/01/2045	6,355,000	6,530,764

First Eagle Funds | Semiannual Report | April 30, 2026

149

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Ohio — 3.3% (continued)
	Havens Edge Apartments LLC, Revenue, Series 2025 A, 5.70%, 08/01/2043 (d)	3,500,000	3,678,319
	Mansfield AAL LP, Revenue, Series 2024, 6.00%, 01/01/2045 (d)	4,480,000	4,561,679
	Mason AAL LP, Revenue, Series 2025 A, 6.10%, 01/01/2046 (d)	3,000,000	3,059,268
	Port of Greater Cincinnati Development Authority, RBM Phase 3 Garage Project, Tax Allocation, Series 2024, 5.13%, 12/01/2055	3,250,000	3,224,037
	Vivera Northbrook LLC, Revenue, Series 2025 A, 6.50%, 01/01/2045 (d)	4,500,000	4,728,004
	Southeastern Ohio Port Authority, Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2035	1,750,000	1,707,201
	Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2043	6,695,000	6,126,233
	Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043	6,525,000	6,370,161
	Summit County Development Finance Authority, UAkronPark, Inc., Revenue, Series 2023, 5.63%, 12/01/2048	800,000	840,676
	UAkronPark, Inc., Revenue, Series 2023, 5.75%, 12/01/2053	1,400,000	1,471,554
	UAkronPark, Inc., Revenue, Series 2023, 6.00%, 12/01/2058	3,000,000	3,186,564
	Toledo-Lucas County Port Authority, ParkUToledo, Inc., Revenue, Series 2021, 4.00%, 01/01/2046	1,000,000	911,963
	Warren County Port Authority, Ohio Communities Accelerator Fund, Revenue, Series 2018 G‑1, 5.13%, 12/01/2038	400,000	400,624
	Ohio Communities Accelerator Fund, Revenue, Series 2024 A, 6.70%, 12/01/2056	605,000	650,566
	Warren County Port Authority Ohio Communities Accelerator Fund, Revenue, Series 2025 E, 6.25%, 12/01/2055	1,190,000	1,236,858
240,091,145

150

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Oklahoma — 0.4%
	Commerce Development Authority, City of Commerce, Revenue, Series 2025, 5.75%, 01/01/2045	370,000	372,708
	City of Commerce, Revenue, Series 2025, 6.00%, 01/01/2055	1,720,000	1,708,859
	Mannford Public Works Authority, Revenue, Refunding, Series 2021, 3.25%, 01/01/2051	1,500,000	1,026,499
	Norman Regional Hospital Authority, Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2037	920,000	631,638
	Obligated Group, Revenue, Series 2019, 3.25%, 09/01/2039	195,000	133,703
	Obligated Group, Revenue, Series 2019, 4.00%, 09/01/2045	800,000	547,029
	Oklahoma County Finance Authority, Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (d)	1,800,000	1,802,502
	Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.25%, 06/15/2054 (d)	3,200,000	3,101,035
	Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.50%, 06/15/2064 (d)	11,650,000	11,547,112
	Oklahoma Development Finance Authority, OU Medicine Obligated Group, Revenue, Series 2018 B, 5.25%, 08/15/2043	35,000	35,308
	OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2057	2,100,000	2,071,205
	Tulsa Authority for Economic Opportunity, Increment District No. 15, Tax Allocation, Series 2025, 5.50%, 12/01/2035 (d)	1,345,000	1,389,097
	Increment District No. 15, Tax Allocation, Series 2025, 6.75%, 12/01/2045 (d)	4,720,000	5,035,483
	Wagoner County Development Authority, Revenue, Series 2025, 6.50%, 05/01/2035	2,265,000	2,314,275
31,716,453
	Oregon — 1.4%
	City of Redmond, GO, AMT, Series 2025 A, 5.50%, 06/01/2052 (a)	10,500,000	11,004,518

First Eagle Funds | Semiannual Report | April 30, 2026

151

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Oregon — 1.4% (continued)
Oregon State Facilities Authority, ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑1, 7.00%, 03/01/2045 (d)	4,000,000	4,312,267
ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑1, 7.25%, 03/01/2060 (d)	12,500,000	13,443,555
ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑2, 7.00%, 03/01/2045 (d)	2,000,000	2,156,134
ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑2, 7.25%, 03/01/2060 (d)	19,620,000	21,101,004
Portland Village School, Revenue, Series 2024 A, 6.75%, 12/15/2054 (d)	4,000,000	3,761,604
Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.50%, 12/01/2054	2,250,000	2,260,301
Willamette University, Revenue, Refunding, Series 2016 B, 3.00%, 10/01/2045	520,000	353,103
Willamette University, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2051	850,000	667,073
Polk County Hospital Facility Authority, Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2020 A, 5.13%, 07/01/2055	1,000,000	919,733
Port of Portland, Airport, Revenue, AMT, Series 28, 5.00%, 07/01/2052 (a)	23,305,000	23,584,928
Airport, Revenue, AMT, Series 29, 5.50%, 07/01/2053	1,675,000	1,751,964
Airport, Revenue, AMT, Series 30 A, 5.25%, 07/01/2054	8,090,000	8,316,310
Yamhill County Hospital Authority, Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2046	1,300,000	1,186,198
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2051	1,005,000	869,310
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2046	3,040,000	2,773,878
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2051	1,650,000	1,433,000

152

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Oregon — 1.4% (continued)
	Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2056	1,990,000	1,692,677
101,587,557
	Pennsylvania — 5.7%
	Beaver County Industrial Development Authority, Energy Harbor Generation LLC, Revenue, Refunding, Series B, 3.75%, 10/01/2047	4,855,000	4,090,192
	Berks County Industrial Development Authority, Revenue, Refunding, Series 2024 D, 8.00%, 04/01/2029 (b)(c)(d)	3,440,000	3,031,355
	Heritage Campus Green Hills Obligated Group, Revenue, Senior Lien, Refunding, Series 2024 C, 5.00%, 04/01/2029 (b)(c)(d)	2,754,000	2,512,778
	Tower Health Obligated Group, Revenue, Refunding, Series 2017, 4.00%, 11/01/2047	200,000	128,626
	Berks County Municipal Authority (The), Tower Health Obligated Group, Revenue, Series 2024 A‑3, 5.00%, 06/30/2039	56,447,000	53,009,553
	Tower Health Obligated Group, Revenue, Series 2024 B‑1, 0.00%, 06/30/2044 (j)	52,146,000	39,042,675
	Bucks County Industrial Development Authority, Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2054	5,000,000	4,956,020
	Butler County Hospital Authority, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035	4,430,000	4,431,307
	Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2039	3,710,000	3,681,452
	Crawford County Hospital Authority, Meadville Medical Center Obligated Group, Revenue, Refunding, Series 2016 A, 6.00%, 06/01/2051	300,000	300,004
	DuBois Hospital Authority, Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2043	345,000	290,096
	Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2043	3,850,000	3,720,754
	Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2048	235,000	184,906

First Eagle Funds | Semiannual Report | April 30, 2026

153

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Pennsylvania — 5.7% (continued)
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2048	1,865,000	1,710,645
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2045	335,000	284,557
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2050	7,020,000	5,607,496
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037	150,000	149,889
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 3.00%, 07/15/2046	285,000	192,552
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 07/15/2051	2,095,000	1,634,824
Glendale Valley Municipal Authority, Revenue, Refunding, Series 2018, 4.75%, 12/01/2039	400,000	358,253
Huntingdon County General Authority, Juniata College, Revenue, Refunding, Series 2021 TT‑3, 5.00%, 10/01/2051	12,020,000	10,931,671
Monroe County Industrial Development Authority, Tobyhanna Township TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2031	2,500,000	2,567,760
Northeastern Pennsylvania Hospital and Education Authority, King’s College, Revenue, Series 2019, 3.25%, 05/01/2035	150,000	133,671
King’s College, Revenue, Series 2019, 3.38%, 05/01/2037	340,000	297,665
King’s College, Revenue, Series 2019, 5.00%, 05/01/2044	820,000	787,134
King’s College, Revenue, Series 2019, 5.00%, 05/01/2049	2,265,000	2,059,550
Pennsylvania Economic Development Financing Authority, Noble Environmental, Inc., Revenue, AMT, Series 2025, 6.88%, 09/01/2047 (d)	22,000,000	23,187,245
Pennsylvania Higher Education Assistance Agency, Revenue, AMT, Series 2020 B, 3.00%, 06/01/2047	835,000	586,410

154

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Pennsylvania — 5.7% (continued)
Pennsylvania Higher Educational Facilities Authority, Foundation for Indiana University of Pennsylvania Phase II Student Housing, Revenue, AG Insured, Series 2007 A, (3-month SOFR+ 0.65%), 3.30%, 07/01/2039 (l)	500,000	473,878
Widener University, Revenue, Refunding, Series 2014, 5.00%, 07/15/2038	1,810,000	1,809,853
Pennsylvania Housing Finance Agency, Revenue, Series 2023 143A, 5.38%, 10/01/2046 (a)	15,440,000	16,167,502
Revenue, Series 2023‑143 A, 5.45%, 04/01/2051 (a)	19,280,000	19,926,017
Revenue, Series 2025 148 A, 4.75%, 10/01/2050 (a)	30,020,000	30,123,241
Revenue, Series 2025 148 A, 4.80%, 10/01/2055 (a)	36,000,000	35,965,621
Revenue, Series 2025‑149A, 5.15%, 10/01/2050 (a)	32,845,000	33,634,932
Revenue, Refunding, Series 2025‑150A, 5.15%, 10/01/2045 (i)	20,000,000	20,606,642
Revenue, Refunding, Series 2025‑150A, 5.20%, 10/01/2050 (i)	30,445,000	31,140,594
Revenue, Refunding, Series 2025‑150A, 5.25%, 10/01/2052 (a)	19,000,000	19,455,187
Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School, Revenue, Refunding, Series 2020, 5.00%, 06/15/2050 (d)	3,700,000	3,434,577
Quakertown General Authority, Special Assessment, Series 2025, 6.50%, 03/01/2055 (d)	6,000,000	6,174,417
Scranton-Lackawanna Health and Welfare Authority, Marywood University, Revenue, Refunding, Series 2016, 5.00%, 06/01/2036	400,000	377,051
St. Mary Hospital Authority, Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR+ 0.83%), 3.45%, 11/15/2034 (l)	1,890,000	1,880,494
Westmoreland County Industrial Development Authority, Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2041	7,980,000	6,812,125

First Eagle Funds | Semiannual Report | April 30, 2026

155

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Pennsylvania — 5.7% (continued)
	Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2047	6,230,000	4,730,198
	Wilkins Area Industrial Development Authority, Jewish Association on Aging Obligated Group, Revenue, Series 2025 A, 7.00%, 04/01/2060 (d)	13,000,000	13,134,183
415,715,552
	Puerto Rico — 0.2%
	Children’s Trust Fund, Revenue, Series 2002, 5.63%, 05/15/2043	295,000	299,271
	Revenue, Series 2008 B, 0.00%, 05/15/2057 (g)	72,305,000	2,229,546
	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	8,000,000	8,910,774
	San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A‑3, 6.50%, 01/01/2042	1,765,000	1,987,392
13,426,983
	Rhode Island — 1.2%
	Rhode Island Health and Educational Building Corp., Chartercare Health of Rhode Island Obligated Group, Revenue, Series 2026 A, 9.25%, 10/01/2056	19,400,000	20,167,425
	Rhode Island Housing & Mortgage Finance Corp., Revenue, GNMA Insured, Series 83-A, 4.90%, 10/01/2054 (a)	16,760,000	16,893,127
	Revenue, Refunding, GNMA Insured, Series 85-A, 4.65%, 10/01/2050 (a)	9,250,000	9,205,406
	Revenue, GNMA Insured, Series 86-A, 5.20%, 10/01/2050	5,000,000	5,122,352
	Revenue, GNMA Insured, Series 86-A, 5.25%, 10/01/2055	10,000,000	10,243,234
	Tobacco Settlement Financing Corp., Revenue, Series 2007 A, 0.00%, 06/01/2052 (g)	194,340,000	26,040,375
87,671,919
	South Carolina — 0.6%
	Charleston County Airport District, Revenue, AMT, Series 2024 A, 5.25%, 07/01/2049	3,750,000	3,884,290

156

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	South Carolina — 0.6% (continued)
	County of Lancaster, Roselyn Residential Improvement District, Special Assessment, Series 2025, 6.00%, 06/01/2045 (d)	1,000,000	1,047,465
	Roselyn Residential Improvement District, Special Assessment, Series 2025, 6.20%, 06/01/2055 (d)	1,500,000	1,546,728
	South Carolina Jobs-Economic Development Authority, Connexion Communities Obligated Group, Revenue, Series 2025 A1, 6.75%, 10/15/2060 (d)	32,000,000	32,507,040
	Libertas Academy Woodruff, Revenue, Series 2025 A, 7.15%, 08/15/2055 (d)	2,000,000	2,076,093
	Libertas Academy Woodruff, Revenue, Series 2025 A, 7.25%, 08/15/2065 (d)	4,000,000	4,146,204
45,207,820
	Tennessee — 1.1%
	Metropolitan Government Nashville & Davidson County Industrial Development Board, South Nashville Central Business Improvement District, Special Assessment, Senior Lien, Series 2021 B, 0.00%, 06/01/2043 (d)(g)	1,725,000	775,560
	Metropolitan Nashville Airport Authority (The), Revenue, AMT, Series 2019 B, 5.00%, 07/01/2054	3,125,000	3,134,062
	Revenue, AMT, Series 2026 B, 5.25%, 07/01/2056 (i)	22,750,000	23,382,921
	Revenue, AMT, Series 2026 B, 5.50%, 07/01/2056 (i)	14,075,000	14,765,296
	Shelby County Health & Educational Facilities Board, Madrone Memphis Student Housing I LLC, Revenue, Series 2024 A‑1, 5.25%, 06/01/2056 (d)	2,125,000	2,058,655
	Shelby County Health Educational & Housing Facilities Board, Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041	3,230,000	2,912,208
	Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.50%, 09/01/2047	7,340,000	6,514,888
	Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 09/01/2031 (d)	65,000	58,915

First Eagle Funds | Semiannual Report | April 30, 2026

157

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Tennessee — 1.1% (continued)
	Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.25%, 09/01/2037 (d)	870,000	722,028
	Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (d)	100,000	88,977
	Tennessee Housing Development Agency, Revenue, Refunding, GNMA Insured, Series 2025‑1A, 4.90%, 07/01/2045 (a)	3,000,000	3,077,269
	Revenue, Refunding, GNMA Insured, Series 2025‑1A, 5.00%, 07/01/2050 (a)	3,750,000	3,803,489
	Revenue, Refunding, GNMA Insured, Series 2025‑1A, 5.05%, 07/01/2055 (a)	2,250,000	2,287,510
	Williamson County Industrial Development Board, Franklin Classical School, Revenue, Series 2025, 7.25%, 07/01/2055 (d)	12,800,000	13,106,166
76,687,944
	Texas — 7.2%
	Arlington Higher Education Finance Corp., Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2041	3,000,000	2,724,756
	Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2051	15,330,000	12,402,657
	Cypress Christian School, Inc., Revenue, Series 2024, 5.75%, 06/01/2043 (d)	1,500,000	1,536,057
	Cypress Christian School, Inc., Revenue, Series 2024, 6.25%, 06/01/2063 (d)	1,200,000	1,207,573
	Bexar County Health Facilities Development Corp., Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2031	10,000	9,889
	City of Alvarado, Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/01/2045 (d)	725,000	752,156
	Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2054 (d)	850,000	871,031
	City of Anna, Crystal Park Public Improvement District No. 2 Improvement Area, Special Assessment, Series 2025, 5.88%, 09/15/2055 (d)	875,000	896,455

158

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Hurricane Creek Public Improvement District Improvement Area No. 3, Special Assessment, Series 2026, 5.63%, 09/01/2046 (d)	1,000,000	1,012,361
Hurricane Creek Public Improvement District Improvement Area No. 3, Special Assessment, Series 2026, 5.88%, 09/01/2056 (d)	1,975,000	1,990,591
Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/15/2044 (d)	850,000	870,351
Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/15/2054 (d)	1,300,000	1,316,260
Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.00%, 09/15/2041 (d)	1,867,000	1,735,606
Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.25%, 09/15/2051 (d)	1,407,000	1,209,248
The Woods at Lindsey Place Public Improvement District Area 2‑3, Special Assessment, Series 2025, 5.50%, 09/15/2055	1,500,000	1,514,811
City of Austin, Airport System, Revenue, AMT, Series 2022, 5.00%, 11/15/2052	4,025,000	4,055,794
Whisper Valley Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 11/01/2044 (d)	560,000	562,170
City of Bastrop, Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2045 (d)	600,000	612,175
Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.63%, 09/01/2055 (d)	1,000,000	1,010,104
City of Blue Ridge, Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.63%, 09/15/2045 (d)	500,000	517,657
Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.88%, 09/15/2055 (d)	680,000	696,677
City of Boyd, Special Assessment, Series 2025, 5.63%, 09/15/2045 (d)	760,000	789,683
Special Assessment, Series 2025, 5.88%, 09/15/2055 (d)	1,000,000	1,030,025

First Eagle Funds | Semiannual Report | April 30, 2026

159

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
City of Buda, Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.88%, 09/01/2045 (d)	1,500,000	1,523,066
Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2055 (d)	3,000,000	2,977,361
Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.75%, 09/01/2055 (d)	3,000,000	2,978,942
City of Caddo Mills, Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.20%, 09/15/2045 (d)	2,245,000	2,323,302
Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.35%, 09/15/2055 (d)	4,140,000	4,238,524
City of Celina, Special Assessment, Series 2024, 5.50%, 09/01/2044 (d)	475,000	486,955
Special Assessment, Series 2024, 5.75%, 09/01/2054 (d)	1,350,000	1,371,861
Celina Hills Public Improvement District, Special Assessment, Series 2022, 4.88%, 09/01/2042 (d)	1,084,000	1,084,547
Lakes at Mustang Ranch Public Improvement District Phases 8‑9, Special Assessment, Series 2025, 5.63%, 09/01/2055 (d)	750,000	747,842
Legacy Celina Public Improvement District, Special Assessment, Series 2025, 5.88%, 09/01/2045	1,000,000	1,012,485
Legacy Celina Public Improvement District, Special Assessment, Series 2025, 6.13%, 09/01/2055	1,000,000	995,903
Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.13%, 09/01/2044 (d)	1,750,000	1,784,492
Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (d)	4,000,000	4,086,958
Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.13%, 09/01/2044 (d)	360,000	368,083

160

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.38%, 09/01/2053 (d)	500,000	503,860
Sutton Fields East Public Improvement District Phase No. 1, Special Assessment, Series 2022, 4.00%, 09/01/2043 (d)	2,059,000	1,823,397
Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.38%, 09/01/2045 (d)	500,000	499,699
Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.63%, 09/01/2055 (d)	875,000	861,387
Sutton Fields II Public Improvement District Neighborhood Improvement Area No. 5, Special Assessment, Series 2022, 4.00%, 09/01/2051 (d)	1,000,000	806,968
City of Corpus Christi, Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.13%, 09/15/2044	1,150,000	1,167,972
Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.50%, 09/15/2054	2,000,000	2,007,074
City of Crandall, River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.25%, 09/15/2045 (d)	700,000	704,686
River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.50%, 09/15/2055 (d)	1,400,000	1,401,010
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	632,982
Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.75%, 09/01/2054 (d)	900,000	907,462
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	1,239,589

First Eagle Funds | Semiannual Report | April 30, 2026

161

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
City of Decatur, Paloma Trails Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.50%, 09/15/2045 (d)	700,000	717,759
Paloma Trails Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/15/2055 (d)	1,400,000	1,413,512
Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.38%, 09/15/2035 (d)	170,000	172,159
Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.38%, 09/15/2055 (d)	865,000	862,626
City of Dorchester, Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2044 (d)	1,331,000	1,346,398
Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.25%, 09/15/2054 (d)	1,459,000	1,442,703
Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (d)	1,050,000	1,049,375
Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (d)	1,500,000	1,449,088
City of Dripping Springs, Heritage Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (d)	645,000	649,143
City of Elmendorf, Hickory Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.88%, 09/01/2045 (d)	4,094,000	4,165,863
Hickory Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 6.13%, 09/01/2055 (d)	3,017,000	3,038,087
City of Fate, Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 08/15/2044 (d)	900,000	911,964
Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.75%, 08/15/2054 (d)	1,850,000	1,865,318
City of Friendswood, Public Improvement District, Special Assessment, Series 2024, 7.00%, 09/15/2054	7,250,000	7,307,001

162

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
City of Houston, Hotel Occupancy Tax & Special, Revenue, First Lien, Refunding, AG Insured, Series 2026 C, 0.00%, 09/01/2049 (g)	2,520,000	777,331
City of Huntsville, Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.38%, 09/15/2044 (d)	775,000	792,144
Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.63%, 09/15/2054 (d)	740,000	741,195
City of Hutto, Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/01/2045 (d)	385,000	386,973
Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2060 (d)	1,165,000	1,143,771
City of Justin, Special Assessment, Series 2025, 6.13%, 09/01/2055 (d)	1,000,000	1,036,595
Timberbrook Public Improvement District No. 1 Improvement Area No. 3, Special Assessment, Series 2025, 5.88%, 09/01/2045 (d)	660,000	692,092
Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2044 (d)	580,000	602,744
Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (d)	1,000,000	1,021,219
Timberbrook Public Improvement District No. 2 Improvement Area No. 2, Special Assessment, Series 2025, 5.75%, 09/01/2045 (d)	405,000	413,781
Timberbrook Public Improvement District No. 2 Improvement Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (d)	700,000	705,172
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	1,806,027
Limestone Creek Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (d)	1,125,000	1,141,094
Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (d)	520,000	527,299

First Eagle Funds | Semiannual Report | April 30, 2026

163

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 09/01/2054 (d)	805,000	812,343
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	1,020,076
City of Lavon, Special Assessment, Series 2025, 5.75%, 09/15/2045 (d)	1,100,000	1,146,535
Special Assessment, Series 2025, 6.00%, 09/15/2054 (d)	1,400,000	1,443,292
Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2022, 4.13%, 09/15/2052 (d)	2,105,000	1,715,744
Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/15/2044 (d)	500,000	500,115
Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.38%, 09/15/2052 (d)	500,000	499,251
Elevon Public Improvement District Improvement Area No. 2A‑2B, Special Assessment, Series 2024, 5.13%, 09/15/2044 (d)	600,000	614,710
Elevon Public Improvement District Improvement Area No. 2A‑2B, Special Assessment, Series 2024, 5.50%, 09/15/2054 (d)	800,000	805,360
City of Lowry Crossing, Simpson Road Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (d)	1,000,000	1,037,944
Simpson Road Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2055 (d)	1,625,000	1,668,122
City of Manor, EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/15/2036 (d)	400,000	414,334
EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 7.00%, 09/15/2055 (d)	1,910,000	2,010,942
Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.38%, 09/15/2044 (d)	515,000	528,656

164

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.63%, 09/15/2054 (d)	685,000	691,583
City of Mansfield, Staybolt Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/15/2045 (d)	1,030,000	1,078,430
Staybolt Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.25%, 09/15/2055 (d)	1,200,000	1,238,949
City of Mesquite, Solterra Public Improvement District Improvement Area A‑1, Special Assessment, Series 2023, 5.75%, 09/01/2053 (d)	250,000	256,150
Solterra Public Improvement District Improvement Area A‑2-A‑4, Special Assessment, Series 2025, 5.50%, 09/01/2045	1,000,000	1,016,752
Solterra Public Improvement District Improvement Area A‑2-A‑4, Special Assessment, Series 2025, 5.75%, 09/01/2055	1,635,000	1,635,486
Solterra Public Improvement District Improvement Area C‑4, Special Assessment, Series 2025, 5.63%, 09/01/2055	2,000,000	2,021,412
Solterra Public Improvement District Improvement Area No. C‑3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (d)	500,000	502,941
City of Oak Point, Chaparral Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.10%, 09/15/2044 (d)	725,000	728,654
Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.35%, 09/15/2044 (d)	570,000	575,947
Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.63%, 09/15/2054 (d)	1,000,000	1,000,024
City of Penitas, GO, Series 2025, 5.75%, 09/01/2045	1,160,000	1,191,795
GO, Series 2025, 6.00%, 09/01/2055	3,290,000	3,335,151
City of Pflugerville, Meadowlark Preserve Public Improvement District, Special Assessment, Series 2025, 5.13%, 09/01/2045 (d)	875,000	881,618

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165

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
City of Pilot Point, Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (d)	750,000	787,029
Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.38%, 09/15/2055 (d)	3,500,000	3,614,236
Bryson Ranch Public Impt Dist Zone A Impt Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (d)	1,030,000	1,080,853
Maverick Farms Public Improvement District Improvement Area, Special Assessment, Series 2026, 6.75%, 09/15/2046	1,205,000	1,212,719
Maverick Farms Public Improvement District Improvement Area No.1, Special Assessment, Series 2026, 6.00%, 09/15/2046	1,750,000	1,761,661
Maverick Farms Public Improvement District Improvement Area No.1, Special Assessment, Series 2026, 6.25%, 09/15/2056	2,750,000	2,748,627
City of Plano, Collin Creek West Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (d)	500,000	404,519
City of Port Isabel, GO, Series 2024, 5.25%, 02/15/2044	3,155,000	3,217,697
GO, Series 2024, 5.50%, 02/15/2054	2,020,000	2,014,878
GO, Series 2025, 5.75%, 02/15/2045	1,550,000	1,595,388
GO, Series 2025, 6.00%, 02/15/2055	2,190,000	2,221,176
City of Princeton, Special Assessment, Series 2026, 5.25%, 09/01/2046 (d)(h)	1,000,000	994,079
Eastridge Public Improvement District Improvement Area 5, Special Assessment, Series 2025, 5.63%, 09/01/2055 (d)	1,900,000	1,908,943
Eastridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2023, 5.25%, 09/01/2043 (d)	1,000,000	1,019,763
Eastridge Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (d)	700,000	705,255
Eastridge Public Improvement District Improvement Area No. 4, Special Assessment, Series 2025, 5.38%, 09/01/2045 (d)	500,000	506,171

166

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 5.75%, 09/01/2045 (d)	850,000	886,055
Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 6.00%, 09/01/2055 (d)	1,000,000	1,026,442
Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.38%, 09/01/2045 (d)	540,000	549,963
Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.63%, 09/01/2055 (d)	1,000,000	1,005,904
Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.75%, 09/01/2045 (d)	810,000	840,372
Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (d)	845,000	864,790
City of Royse City, Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 5.75%, 09/15/2045 (d)	605,000	624,583
Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 6.00%, 09/15/2055 (d)	775,000	792,276
Liberty Crossing Public Improvement District improvement Area No. 2, Special Assessment, Series 2024, 5.63%, 09/15/2054 (d)	746,000	746,413
City of Seagoville, Special Assessment, Series 2025, 5.75%, 09/15/2045 (d)	650,000	673,050
Special Assessment, Series 2025, 6.00%, 09/15/2054 (d)	875,000	897,792
Santorini Public Improvement District Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2054 (d)	5,000,000	5,023,543
Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (d)	2,000,000	2,033,411
Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (d)	2,500,000	2,495,435

First Eagle Funds | Semiannual Report | April 30, 2026

167

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
City of Terrell, Arboretum Estates Public Improvement Dist No. 6 Impt Area No., Special Assessment, Series 2025, 6.00%, 09/15/2045 (d)	2,000,000	2,086,551
Arboretum Estates Public Improvement Dist No. 6 Impt Area No., Special Assessment, Series 2025, 6.25%, 09/15/2055 (d)	3,000,000	3,092,997
City of Tomball, Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (d)	500,000	524,601
Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2053 (d)	770,000	798,236
City of Uhland, Anderson Park Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2055 (d)	950,000	939,744
City of Venus, Patriot Estates Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (d)	162,000	132,029
City of Wharton, Special Assessment, Series 2025, 5.75%, 09/15/2045 (d)	865,000	895,674
Special Assessment, Series 2025, 6.00%, 09/15/2055 (d)	1,250,000	1,280,136
Clifton Higher Education Finance Corp., Valor Texas Education Foundation, Revenue, Series 2024 A, 5.75%, 06/15/2044 (d)	870,000	848,505
Valor Texas Education Foundation, Revenue, Series 2024 A, 6.00%, 06/15/2054 (d)	2,240,000	2,087,855
Club Municipal Management District No. 1, Improvement Area No. 3, Special Assessment, Series 2024, Class A, 5.10%, 09/01/2044 (d)	1,050,000	1,051,071
Improvement Area No. 3, Special Assessment, Series 2024, 5.38%, 09/01/2055 (d)	1,500,000	1,480,349
County of Bastrop, Double Eagle Ranch Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.25%, 09/01/2044 (d)	605,000	624,689
County of Denton, Green Meadows Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 12/31/2045 (d)	2,180,000	2,255,534
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.25%, 12/31/2044 (d)	2,000,000	2,030,213

168

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.63%, 12/31/2054 (d)	3,200,000	3,217,102
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044	1,250,000	1,270,645
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054	3,500,000	3,520,246
Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.00%, 12/31/2044 (d)	2,125,000	2,178,196
Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.25%, 12/31/2054 (d)	3,350,000	3,342,325
County of Medina, Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (d)	2,519,000	2,508,554
Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.35%, 09/01/2054 (d)	1,800,000	1,730,701
Viera Public Improvement District Improvement Area No. 1, Special Assessment, Series 2026, 5.45%, 09/01/2046	620,000	621,052
Viera Public Improvement District Improvement Area No. 1, Special Assessment, Series 2026, 5.75%, 09/01/2056	1,150,000	1,147,762
Woodlands Public Improvement District Neighborhood Improvement Area No. 1, Special Assessment, Series 2021, 4.75%, 09/01/2050 (d)	2,250,000	2,041,548
County of Montgomery, Crockett Meadows Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.25%, 09/15/2045	1,125,000	1,136,957
Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/15/2045	675,000	680,343
Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/15/2054	815,000	813,984
Edinburg Economic Development Corp., Sales Tax, Revenue, Series 2021 A, 3.38%, 08/15/2046	355,000	244,779

First Eagle Funds | Semiannual Report | April 30, 2026

169

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Greater Texas Cultural Education Facilities Finance Corp., CFC — WLH LLC, Revenue, Series 2024 A, 6.38%, 09/01/2034 (d)	1,470,000	1,481,641
CFC — WLH LLC, Revenue, Series 2024 A, 6.50%, 09/01/2049 (d)	7,495,000	7,398,285
CFC — WLH LLC, Revenue, Series 2024 B, 11.00%, 09/01/2029 (d)	550,000	550,607
Texas Biomedical Research Institute, Revenue, Series 2024 A, 5.25%, 06/01/2054	14,130,000	13,688,892
Hidalgo County Regional Mobility Authority, Revenue, Senior Lien, Series A, 0.00%, 12/01/2047 (g)	6,125,000	1,926,107
Revenue, Senior Lien, Series A, 0.00%, 12/01/2048 (g)	7,130,000	2,089,681
Revenue, Senior Lien, Series A, 0.00%, 12/01/2050 (g)	5,145,000	1,337,234
Revenue, Senior Lien, Series A, 0.00%, 12/01/2052 (g)	2,175,000	489,556
Revenue, Senior Lien, Series A, 0.00%, 12/01/2054 (g)	5,000,000	997,970
Revenue, Senior Lien, Series A, 0.00%, 12/01/2055 (g)	6,100,000	1,146,982
Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2045 (g)	5,805,000	2,041,425
Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2046 (g)	2,945,000	964,363
Houston Higher Education Finance Corp., Houston Baptist University, Revenue, Series 2021, 4.00%, 10/01/2051	3,200,000	2,548,078
Houston Baptist University, Revenue, Series 2025, 5.13%, 10/01/2051	1,700,000	1,636,400
Houston Baptist University, Revenue, Series 2025, 5.25%, 10/01/2054	4,855,000	4,709,486
Hunt Memorial Hospital District Charitable Health, GO, Refunding, Series 2020, 4.00%, 02/15/2038	1,195,000	1,083,353
GO, Refunding, Series 2020, 3.00%, 02/15/2039	25,000	20,583
GO, Refunding, Series 2020, 3.00%, 02/15/2040	10,000	8,074

170

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Texas — 7.2% (continued)
Iowa Colony Development Authority, Reinvestment Zone Number Two, Revenue, Series 2021, 2.75%, 04/01/2045	1,065,000	728,999
New Hope Cultural Education Facilities Finance Corp., Revenue, Series 2025 B, 3.40%, 05/01/2026 (c)(k)	11,000,000	11,000,000
Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2041 (d)	200,000	175,760
Sanctuary LTC LLC, Revenue, Series 2021 A‑1, 5.25%, 01/01/2042	18,180,000	18,109,849
Sanctuary LTC LLC, Revenue, Series 2021 A‑1, 5.50%, 01/01/2057	133,315,000	122,746,187
SLF CHP LLC, Revenue, Series 2025 A, 6.25%, 07/01/2045 (d)	3,450,000	3,483,486
SLF CHP LLC, Revenue, Series 2025 A, 6.50%, 07/01/2056 (d)	14,775,000	14,614,880
Westminster Manor Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/01/2060	2,750,000	2,669,857
North Texas Municipal Water District, Revenue, Series 2020, 2.00%, 06/01/2041	1,165,000	837,415
Revenue, Series 2020, 2.00%, 06/01/2042	1,195,000	831,863
Revenue, Series 2020, 2.00%, 06/01/2043	1,230,000	830,651
Revenue, Series 2020, 2.00%, 06/01/2044	1,260,000	825,881
Buffalo Creek Wastewater Interceptor Syste, Revenue, Refunding, Series 2019, 2.75%, 06/01/2049	1,130,000	790,607
Olney Hamilton Hospital District, GO, Series 2024, 6.25%, 09/15/2054 (d)	25,350,000	25,945,885
Paseo del Este Municipal Utility District No. 1, GO, Series 2022, 3.00%, 08/15/2046	3,505,000	2,455,554
Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.63%, 11/15/2030	10,000	10,005
Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035	85,000	85,035

First Eagle Funds | Semiannual Report | April 30, 2026

171

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Texas — 7.2% (continued)
	Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue, Senior Lien, AMT, Series 2019, 5.00%, 06/30/2058	3,495,000	3,457,040
	Texas Water Development Board, State Revolving Fund, Revenue, Series 2025, 4.75%, 10/15/2055 (a)	25,000,000	25,034,023
	Town of Argyle, Waterbrook of Argyle Public Improvement District, Special Assessment, Series 2018, 5.13%, 09/01/2038 (d)	2,100,000	2,115,637
	Town of Little Elm, Spiritas East Public Improvement District, Special Assessment, Series 2022, 4.00%, 09/01/2051 (d)	1,509,000	1,233,890
	Town of Providence Village, Foree Ranch Public Improvement Dist Improvement Area No. 2, Special Assessment, Series 2025, 5.35%, 09/01/2045 (d)	775,000	780,756
	Travis County Development Authority, Special Assessment, Series 2025, 5.00%, 09/01/2044	780,000	788,397
	Special Assessment, Series 2025, 5.25%, 09/01/2054	1,400,000	1,375,044
	Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.38%, 09/01/2044 (d)	900,000	925,950
	Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.63%, 09/01/2051 (d)	765,000	778,664
	Longview 71 Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 (d)	585,000	596,418
	Village of Salado, Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.25%, 09/01/2044 (d)	658,000	672,072
	Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.50%, 09/01/2054 (d)	707,000	709,953
523,975,119
	Utah — 2.1%
	Chelsey Public Infrastructure District No. 1, GO, Series 2024, 7.25%, 03/01/2054 (d)	1,610,000	1,645,928

172

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First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Utah — 2.1% (continued)
Assessment Area 1, Special Assessment, Series 2024, 7.00%, 12/01/2042 (d)	1,159,000	1,217,098
Downtown Daybreak Public Infrastructure District No. 1, South Station Housing and Transit Reinvestment Zone, Tax Allocation, Series 2026, 5.88%, 03/01/2051 (d)	1,500,000	1,525,233
Fields Estates Public Infrastructure District, Assessment Area, Special Assessment, Series 2024 A‑2, 5.25%, 12/01/2053 (d)	6,935,000	6,813,120
Firefly Public Infrastructure District No. 1, GO, Series 2024 A‑1, 6.63%, 03/01/2054 (d)	5,645,000	5,806,404
Assessment Area 1, Special Assessment, Series 2024 A‑2, 5.63%, 12/01/2043 (d)	1,704,190	1,748,404
Mida Cormont Public Infrastructure District, GO, Series 2025 A‑1, 6.25%, 06/01/2055 (d)	6,900,000	7,248,653
GO, Series 2025 A‑2, 0.00%, 06/01/2055 (d)(j)	15,725,000	13,677,687
GO, Series 2025 B, 8.50%, 06/15/2055 (d)	3,747,000	3,850,098
MIDA Mountain Veterans Program Public Infrastructure District, Tax Allocation, Series 2024, 5.20%, 06/01/2054 (d)	6,205,000	6,217,597
Mida Mountain Village Public Infrastructure District, Tax Allocation, Series 2025‑1, 5.50%, 06/01/2055 (d)	1,500,000	1,506,157
Tax Allocation, Series 2025‑1, 5.75%, 06/01/2060 (d)	2,650,000	2,698,050
Military Installation Development Authority, Military Recreation Assessment Area, Revenue, Series 2021 A‑2, 4.00%, 06/01/2052	17,780,000	14,793,348
Moonlight Village Public Infrastructure District No. 1, GO, Series 2025 A, 6.00%, 03/01/2056 (d)	1,000,000	1,011,170
Olympia Public Infrastructure District No. 1, Revenue, Series 2024 A‑2, 5.13%, 12/01/2029 (d)	2,000,000	2,024,401
Limited Tax Pledged, GO, Series 2024 A‑1, 6.38%, 03/01/2055 (d)	2,485,000	2,558,923
Panorama Public Infrastructure District No. 1, Assessment Area No. 1, Special Assessment, Series 2026, 6.20%, 12/01/2055 (d)	1,130,000	1,132,218
Point Phase 1 Public Infrastructure District No. 1, Revenue, Series 2025 B, 8.50%, 03/15/2055	2,500,000	2,539,786

First Eagle Funds | Semiannual Report | April 30, 2026

173

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Utah — 2.1% (continued)
Ridges Estates Infrastructure Financing District, Ridges Estates Infrastructure Financing District Apline Hollow Assessment Area, Special Assessment, Series 2025, 6.25%, 12/01/2053 (d)	3,500,000	3,615,308
Soleil Hills Public Infrastructure District No. 1, GO, Series 2025 A, 5.88%, 03/01/2055 (d)	2,425,000	2,432,003
South Salt Lake Redevelopment Agency, Tax Allocation, Series 2025, 6.25%, 04/15/2046 (d)	2,125,000	2,170,597
Utah Charter School Finance Authority, Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2052 (d)	3,000,000	2,553,591
Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2057 (d)	8,500,000	7,097,532
Ascent Academies of Utah, Revenue, Series 2024, 6.75%, 06/15/2059 (d)	16,900,000	17,450,379
Athenian eAcademy, Revenue, Series 2024 A, 6.50%, 04/15/2058 (d)	9,060,000	8,195,202
Freedom Academy Foundation, Revenue, Refunding, Series 2017, 5.38%, 06/15/2048 (d)	5,805,000	5,235,405
Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2041 (d)	1,020,000	957,427
Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2052 (d)	3,895,000	3,219,208
Odyssey Charter School, Inc., Revenue, Series 2025 A, 7.25%, 06/15/2055 (d)	7,380,000	7,068,304
Odyssey Charter School, Inc., Revenue, Series 2025 B, 9.00%, 06/15/2031 (d)	400,000	405,797
Ronald Wilson Reagan Academy, Revenue, Refunding, Series 2016 A, 5.00%, 02/15/2046 (d)	1,000,000	876,135
Wallace Stegner Academy, Revenue, Series 2019 A, 5.00%, 06/15/2049 (d)	1,590,000	1,427,437
Utah Infrastructure Agency, Revenue, Series 2021, 3.00%, 10/15/2045	1,000,000	757,763
Ventana Resort Village Public Infrastructure District, GO, Series 2024, 5.50%, 03/01/2054 (d)	4,000,000	3,973,204
Viridian Farm Public Infrastructure District No. 1, GO, Series 2024 A, 5.88%, 03/01/2054 (d)	2,255,000	2,286,247
Wood Ranch Public Infrastructure District, Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (d)	4,111,185	4,146,193

174

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Utah — 2.1% (continued)
	Wood Ranch Public Infrastructure District Assessment Area No. 2, Special Assessment, Series 2026, 5.88%, 12/01/2055 (d)	2,500,000	2,526,630
154,408,637
	Virgin Islands — 0.1%
	Virgin Islands Hotel Development Financing Corp., Revenue, Senior Lien, Series 2025 A‑1, 6.00%, 12/01/2055	9,400,000	9,335,684
	Virgin Islands Public Finance Authority, United States Virgin Islands, Revenue, Series 2012 C, 5.00%, 10/01/2042	500,000	492,207
9,827,891
	Virginia — 1.2%
	Chesapeake Hospital Authority, Chesapeake Hospital Authority Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 07/01/2026	845,000	844,395
	Farmville Industrial Development Authority, Longwood Housing Foundation LLC, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2055	4,705,000	4,136,713
	Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Refunding, Series 2014, 5.38%, 01/01/2046	65,000	65,003
	Prince William County Industrial Development Authority, Westminster Presbyterian Retirement Community Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 01/01/2046	1,530,000	1,445,942
	Salem Economic Development Authority, Roanoke College Obligated Group, Revenue, Series 2025, 5.50%, 04/01/2045	600,000	618,757
	Roanoke College Obligated Group, Revenue, Series 2025, 6.00%, 04/01/2055	1,330,000	1,386,774
	Virginia College Building Authority, Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (d)	1,000,000	767,105
	Marymount University, Revenue, Series 2015 B, 5.00%, 07/01/2045 (d)	1,000,000	767,106
	Virginia Housing Development Authority, Revenue, Series 2024 F SUB F‑1, 5.05%, 07/01/2050	2,250,000	2,286,961
	Revenue, Series 2024 F SUB F‑1, 5.10%, 07/01/2055	2,000,000	2,030,333

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175

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Virginia — 1.2% (continued)
	Revenue, Series 2024 H, 4.70%, 12/01/2054 (a)	3,000,000	2,977,077
	Revenue, Series 2024 H, 4.75%, 12/01/2059 (a)	5,000,000	4,956,483
	Revenue, Series 2024 H, 4.85%, 12/01/2066 (a)	12,570,000	12,621,170
	Revenue, Series 2024F SUB F‑3, 5.00%, 07/01/2050 (a)	4,000,000	4,052,739
	Revenue, Series 2024F SUB F‑3, 5.05%, 07/01/2055 (a)	6,000,000	6,091,891
	Revenue, Series 2025 A, 4.85%, 03/01/2068 (a)	16,500,000	16,521,511
	Revenue, Series 2025 C, 5.10%, 07/01/2055	6,420,000	6,582,600
	Virginia Small Business Financing Authority, I‑66 Express Mobility Partners LLC, Revenue, Senior Lien, AMT, Series 2017, 5.00%, 12/31/2056	9,220,000	8,913,026
	LifeSpire of Virginia Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 12/01/2051	9,880,000	8,404,628
	LifeSpire of Virginia Obligated Group, Revenue, Refunding, Series 2024 A, 5.50%, 12/01/2054	3,000,000	3,102,224
	National Senior Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 3.38%, 01/01/2051	125,000	98,687
88,671,125
	Washington — 1.9%
	Port of Woodland, Revenue, Series 2024, 5.25%, 12/01/2034	1,170,000	1,150,774
	Revenue, Series 2024, 6.00%, 12/01/2047	3,090,000	2,880,225
	Washington State Housing Finance Commission, Bayview Manor Homes Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2059	1,645,000	1,664,703
	Bayview Manor Homes Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2060 (d)	1,500,000	1,517,966
	Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 7.00%, 05/01/2066	15,000,000	15,018,972

176

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Washington — 1.9% (continued)
	German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.50%, 01/01/2044 (d)	1,000,000	1,001,528
	German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.75%, 01/01/2053 (d)	2,540,000	2,462,895
	German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.88%, 01/01/2059 (d)	3,320,000	3,231,720
	Josephine Caring Community Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 07/01/2046 (d)	5,160,000	5,268,592
	Josephine Caring Community Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 07/01/2060 (d)	10,075,000	10,117,410
	Provident Group-SH II Properties LLC, Revenue, Series 2025 A, 5.75%, 07/01/2060 (d)	45,690,000	46,586,803
	Provident Group-SH II Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.25%, 07/01/2064 (d)	20,000,000	20,137,944
	Provident Group-SH II Properties LLC, Revenue, Series 2025 B, 7.00%, 07/01/2064 (d)	6,550,000	6,793,939
	Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.00%, 07/01/2054	7,055,000	6,629,569
	Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.50%, 07/01/2059	8,000,000	8,013,090
	Spokane United Methodist Homes Obligated Group, Revenue, Series 2019, 5.00%, 01/01/2055 (d)	5,510,000	4,858,309
137,334,439
	West Virginia — 0.1%
	City of Huntington, Downtown Development/ Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.00%, 06/01/2039	380,000	386,001
	Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049	450,000	449,558
	Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.13%, 06/01/2039	440,000	448,968

First Eagle Funds | Semiannual Report | April 30, 2026

177

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	West Virginia — 0.1% (continued)
	Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.63%, 05/01/2050	955,000	955,393
	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043	5,445,000	5,169,795
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 4.13%, 01/01/2047	1,610,000	1,265,820
8,675,535
	Wisconsin — 13.0%
	Public Finance Authority, Revenue, Series 2023‑1, Class A, 5.75%, 07/01/2062	7,404,348	7,666,747
	Revenue, Series 2024, 5.50%, 12/15/2038 (d)	12,932,786	12,954,380
	Revenue, Series 2025, 0.00%, 12/15/2042 (d)(g)	25,000,000	7,787,387
	AIDS Healthcare Foundation Obligated Group, Revenue, Series 2025 A, 5.25%, 12/01/2054	8,000,000	7,994,036
	AMCP Franklin LLC, Revenue, Senior Lien, Series 2025 A‑1, 6.75%, 12/01/2060 (d)	1,000,000	1,018,106
	Ameream LLC, Revenue, Series 2017, 7.00%, 12/01/2050 (d)	39,030,000	30,443,400
	Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2040 (d)	2,020,000	1,560,892
	Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2050 (d)	2,995,000	1,927,056
	Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2056 (d)	2,445,000	1,478,567
	Bonnie Cone Classical Academy, Inc., Revenue, Series 2024, 5.63%, 06/15/2059 (d)	1,270,000	972,320
	Briarwood Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2036 (d)(g)	8,160,000	4,087,828
	Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.25%, 06/01/2045	595,000	602,406
	Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.50%, 06/01/2055	1,200,000	1,206,085

178

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Wisconsin — 13.0% (continued)
CFC-SA LLC, Revenue, Series 2022 B, 6.00%, 02/01/2062 (d)	6,800,000	6,960,305
Charter Day School Obligated Group, Revenue, Series 2020 A, 5.00%, 12/01/2055 (d)	2,500,000	2,190,760
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.38%, 06/15/2039 (d)	250,000	253,058
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.70%, 06/15/2044 (d)	410,000	413,873
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.88%, 06/15/2054 (d)	1,000,000	988,403
Cincinnati Classical Academy, Revenue, Series 2024 A, 6.00%, 06/15/2064 (d)	2,415,000	2,378,278
College Achieve Central Charter School Obligated Group, Revenue, Series 2021 A, 5.00%, 06/15/2051 (d)	3,645,000	3,132,468
Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2041	1,000,000	899,241
Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2051	1,000,000	798,345
Coral Academy of Science Reno, Revenue, Series 2022 A, 5.88%, 06/01/2052 (d)	1,500,000	1,444,598
Creekhaven Wildrye and Furst Ranch Project, Revenue, Series 2026, 0.00%, 12/15/2036 (d)(g)	10,000,000	5,089,394
Dominium Holdings I LLC, Revenue, Series 2024‑1, Class B‑1, 6.81%, 04/28/2036 (d)	27,155,000	28,153,147
Dreamhouse ‘Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 A, 7.38%, 06/15/2060 (d)	9,525,000	9,479,455
Dreamhouse ‘Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 B, 9.50%, 06/15/2040 (d)	2,170,000	2,065,988
Driftwood Conservation District, Revenue, Series 2025, 0.00%, 12/15/2039 (d)(g)	7,840,000	3,281,202
FAH Tree House LLC, Revenue, Series 2023 A, 6.50%, 08/01/2053 (d)	200,000	181,013
Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2056 (d)	2,440,000	1,801,360
Gates at PV Apt I LLC, Revenue, Series 2025, 8.75%, 07/30/2026 (d)	9,585,000	9,533,423

First Eagle Funds | Semiannual Report | April 30, 2026

179

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Wisconsin — 13.0% (continued)
Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2047 (d)	2,945,000	2,598,544
Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2057 (d)	2,550,000	2,115,136
Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028	25,000	24,677
Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (d)	2,385,253	2,386,876
Hozho Academy, Revenue, Refunding, Series 2025 A, 7.00%, 05/01/2045 (d)	1,500,000	1,539,720
Hozho Academy, Revenue, Refunding, Series 2025 A, 7.13%, 05/01/2055 (d)	7,600,000	7,671,319
Kahala Senior Living Community Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/15/2043	30,000	31,168
Kaiser Obligated Group, Revenue, Series 2022 A, 5.00%, 10/01/2052 (a)	14,555,000	14,715,674
KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2040 (d)	2,815,000	2,752,241
KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2050 (d)	4,640,000	4,228,285
KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2055 (d)	4,060,000	3,574,917
KSU Bixby Real Estate Foundation LLC, Revenue, Senior Lien, Series 2025 A, 5.25%, 06/15/2055	1,000,000	993,895
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.25%, 06/15/2045	600,000	606,910
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.50%, 06/15/2055	1,000,000	1,000,577
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.50%, 06/15/2045	1,000,000	1,006,799
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.75%, 06/15/2055	1,000,000	981,749
Liberty Classical Schools Educational Services, Inc., Revenue, Series 2025 A, 6.75%, 06/15/2055 (d)	500,000	497,954
Liberty Classical Schools Educational Services, Inc., Revenue, Series 2025 A, 7.00%, 06/15/2065 (d)	700,000	703,706

180

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Wisconsin — 13.0% (continued)
Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 6.25%, 09/01/2046 (d)	12,650,000	13,046,967
Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2017 B, 7.13%, 06/01/2041 (d)	3,300,000	3,437,036
Millville Public Charter School, Revenue, Refunding, Series 2026 A, 6.25%, 03/01/2061 (d)	2,325,000	2,222,598
Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (d)(g)	12,428,000	7,309,140
Nevada Charter Academies, Revenue, Series 2019 A, 5.00%, 07/15/2039 (d)	450,000	446,288
North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.00%, 06/15/2044	1,000,000	999,965
North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.25%, 06/15/2054	1,500,000	1,470,001
North Hills Christian School, Inc., Revenue, Series 2026 A, 6.38%, 07/01/2056 (d)	625,000	625,059
North Hills Christian School, Inc., Revenue, Series 2026 A, 6.38%, 07/01/2061 (d)	725,000	720,166
Phoenix Montessori Academy, Revenue, Series 2024 A, 7.00%, 07/01/2059 (d)	21,895,000	20,426,713
Phoenix Montessori Academy, Revenue, Series 2024 B, 8.00%, 07/01/2029 (d)	400,000	400,416
Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 07/01/2054	85,800,000	88,597,869
QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (d)	37,000,000	40,906,697
Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 5.25%, 03/01/2047	2,000,000	2,042,783
Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 4.75%, 03/01/2052	1,950,000	1,841,867
Renaissance Hall at Old Course LLC, Revenue, FHA Insured, Series 2024, 8.00%, 06/01/2067 (d)	1,000,000	939,521
Rider University A New Jersey Non-Profit Corp., Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2048 (d)	6,920,000	4,847,684

First Eagle Funds | Semiannual Report | April 30, 2026

181

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Wisconsin — 13.0% (continued)
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2024, 12.75%, 01/01/2030	4,700,000	4,752,525
Roseman University of Health Sciences, Revenue, Series 2020, 5.00%, 04/01/2050 (d)	2,075,000	1,936,943
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (d)	1,000,000	1,000,837
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 B, 7.00%, 07/15/2029 (d)	706,646	707,205
Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 B, 8.00%, 06/15/2042 (d)	22,000,000	22,133,331
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2041	3,420,000	2,920,886
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2051	2,000,000	1,530,730
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 02/01/2030	200,000	201,006
Southminster, Inc. Obligated Group, Revenue, Series 2018, 5.00%, 10/01/2053 (d)	8,170,000	7,573,762
SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 06/30/2060	25,865,000	26,494,746
SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 12/31/2065	219,175,000	224,034,658
SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 6.50%, 12/31/2065	44,000,000	48,398,838
Town of Scarborough Downtown Omnibus Municipal Development & TIF District, Tax Allocation, Series 2024, 5.00%, 08/01/2039	3,075,000	3,143,572
Triad Educational Services, Inc., Revenue, Refunding, Series 2025, 5.40%, 06/15/2065	2,750,000	2,543,587
Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2051	350,000	267,548
Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2061	6,235,000	4,579,467

182

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Wisconsin — 13.0% (continued)
Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.50%, 06/15/2055	1,200,000	1,146,089
Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.25%, 06/15/2065	5,300,000	4,781,194
UNC Health Appalachian Obligated Group, Revenue, Series 2021 A, 4.00%, 07/01/2051	1,675,000	1,277,209
United Methodist Retirement Homes, Inc. Obligated Group (The), Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046	30,000	27,350
Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2043	8,900,000	8,493,267
Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2048	13,335,000	12,095,072
Wittenberg University, Revenue, Series 2016, 5.25%, 12/01/2039 (d)(f)	19,700,000	17,265,858
WVC, Revenue, Series 2022 A, 4.00%, 12/01/2041 (d)	4,865,000	4,309,371
WVC, Revenue, Series 2022 A, 4.25%, 12/01/2051 (d)	1,655,000	1,311,948
WVC, Revenue, Series 2025 A, 6.25%, 12/01/2045 (d)	1,325,000	1,368,413
WVC, Revenue, Series 2025 A, 6.50%, 12/01/2055 (d)	2,480,000	2,532,355
WVC, Revenue, Series 2025 A, 6.75%, 12/01/2065 (d)	4,340,000	4,457,933
Wisconsin Health & Educational Facilities Authority, Revenue, Series 2026, 6.50%, 11/01/2036 (d)(h)	13,120,000	13,062,235
Capitol Lakes, Inc., Revenue, Refunding, Series 2025 A, 6.38%, 11/15/2060	4,100,000	4,100,659
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 04/01/2042	2,000,000	1,924,764
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 4.75%, 04/01/2057	3,020,000	2,423,219
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.13%, 04/01/2057	5,130,000	4,379,764
Chiara Communities, Inc., Revenue, Series 2018 B, 4.50%, 07/01/2043	45,000	41,670

First Eagle Funds | Semiannual Report | April 30, 2026

183

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Wisconsin — 13.0% (continued)
	Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2053	3,850,000	3,433,189
	Chiara Communities, Inc., Revenue, Series 2018 C, 7.50%, 07/01/2053	2,500,000	2,291,194
	Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045	16,500,000	16,797,183
	Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055	16,350,000	16,425,599
	Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060	34,900,000	35,205,194
	Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 6.63%, 07/01/2060	27,550,000	28,913,739
	Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2047	3,100,000	2,630,424
	Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2057	1,625,000	1,267,212
	PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2049	1,000,000	1,039,337
	PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2054	2,000,000	2,063,441
	Sanford Obligated Group, Revenue, Refunding, Series 2017 C, 4.00%, 02/15/2050	65,000	57,157
	Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.25%, 02/01/2043	45,000	43,577
	Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.38%, 02/01/2048	5,000	4,824
	Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2055	1,700,000	1,344,733
945,189,252
	Total Municipal Bonds (Cost $8,988,238,810)		8,563,370,432

184

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Corporate Bonds — 0.0% (e)
Ground Transportation — 0.0% (e)
Brightline East LLC 11.00%, 01/31/2030 (d) (Cost $3,460,558)	12,155,000	1,095,358

	Number of Warrants
Warrants — 0.0%
Ground Transportation — 0.0%
BL Train Holdings West LLC, expiring 12/1/2035*‡ (m) (Cost $—)		1,917,826	—

	Shares
Short-Term Investments — 0.0% (e)
Investment Companies — 0.0% (e)
JPMorgan US Government Money Market Fund 3.61% (n) (Cost $2,016,786)	2,016,786	2,016,786
Total Investments — 117.5% (Cost $8,993,716,154)		8,566,482,576
Floating Rate Note Obligations — (19.3)% (o)		(1,403,285,000	)
Other Assets Less Liabilities — 1.8%		126,117,270
Net Assets — 100.0%		7,289,314,846

Non-income producing security.

‡

Value determined using significant unobservable inputs.

(a)

All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a non-recourse trust.

(b)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2026.

(c)

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 April 30, 2026.

(d)

Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2026 amounted to $3,167,613,814, which represents approximately 43.46% of net assets of the Fund.

(e)

Represents less than 0.05% of net assets.

(f)

Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at April 30, 2026 amounted to $177,959,459, which represents approximately 2.44% of net assets of the Fund.

First Eagle Funds | Semiannual Report | April 30, 2026

185

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

	Restricted Securities	Acquisition Date		Cost		Carrying Value Per Share/Principal
Arkansas Development Finance Authority		01/31/24 - 03/05/24	$	12,081,634	$108.36
California Infrastructure & Economic Development Bank		11/26/25 - 12/12/25		95,010,507	58.00
City of Palos Heights		12/20/2024		1,070,000	90.00
City of Palos Heights		12/20/2024		8,542,841	90.00
Public Finance Authority		6/12/24 - 10/09/24		18,107,466	87.64
State of Nevada Department of Business & Industry		11/26/25		143,995,000	58.00
			$	278,807,448

(g)

Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity.

(h)

When-issued security.

(i)

All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a recourse trust. The inverse floaters are pledged as collateral. As of the end of the reporting period, the aggregate value of these inverse floaters pledged is $69,141,396.

(j)

Zero coupon bond until next reset date.

(k)

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.

(l)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2026.

(m)

Security fair valued as of April 30, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at April 30, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(n)

Represents 7-day effective yield as of April 30, 2026.

(o)

Face value of Floating Rate Notes issued in TOB transactions.

Abbreviations

AGMC

— Insured by Assured Guaranty Municipal Corp.

AMT

— Alternative Minimum Tax

FHA

— Federal Housing Administration

FHLMC

— Federal Home Loan Mortgage Corp.

GNMA

— Government National Mortgage Association

— General Obligation

SOFR

— Secured Overnight Financing Rate

As of April 30, 2026, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	135,147,392
Aggregate gross unrealized depreciation		(562,380,970	)
Net unrealized depreciation	$	(427,233,578	)
Federal income tax cost of investments	$	8,993,716,154

See Notes to Financial Statements.

186

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Municipal Bonds — 100.6%
	Alabama — 4.1%
	Baldwin County Industrial Development Authority,Novelis Corp., Revenue, AMT, Series 2025 A, 5.00%, 06/01/2032 (a)(b)(c)	10,000,000	10,216,555
	Novelis Corp., Revenue, AMT, Series 2025 B, 4.63%, 06/01/2032 (a)(b)(c)	5,250,000	5,290,547
	Black Belt Energy Gas District, Revenue, Series 2025 C, 5.25%, 08/01/2027 (c)	1,450,000	1,469,905
	Revenue, Series 2025 C, 5.25%, 08/01/2028 (c)	1,925,000	1,968,771
	Revenue, Series 2025 C, 5.25%, 08/01/2029 (c)	1,650,000	1,699,120
	Revenue, Series 2025 C, 5.25%, 08/01/2030 (c)	1,850,000	1,915,321
	Revenue, Series 2025 C, 5.25%, 08/01/2031 (c)	2,700,000	2,803,852
	Revenue, Series 2025 C, 5.25%, 08/01/2032 (c)	2,500,000	2,599,571
	Revenue, Series 2025 C, 5.25%, 08/01/2033 (c)	3,600,000	3,741,446
	Revenue, Series 2025 C, 5.50%, 08/01/2034 (a)(b)(c)	40,000,000	42,354,856
	Chelsea Park Cooperative District, Special Assessment, Series 2018, 4.00%, 05/01/2028	225,000	225,131
	Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System Obligated Group, Revenue, Series 2016 A, 5.00%, 02/01/2041	3,000,000	3,000,033
77,285,108
	Alaska — 0.0% (d)
	Alaska Industrial Development & Export Authority, Interior Alaska Natural Gas Utility, Revenue, Series 2020 A, 5.00%, 06/01/2028	715,000	737,689
	American Samoa — 0.2%
	American Samoa Economic Development Authority, Revenue, Series 2018, 7.13%, 09/01/2038 (c)	1,995,000	2,106,482
	Revenue, Series 2021 A, 5.00%, 09/01/2038 (c)	750,000	765,105
2,871,587
	Arizona — 1.1%
	Arizona Industrial Development Authority, Benjamin Franklin Charter School Obligated Group, Revenue, Series 2023 A, 5.50%, 07/01/2058 (c)	1,500,000	1,417,407

First Eagle Funds | Semiannual Report | April 30, 2026

187

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Arizona — 1.1% (continued)
	Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2028 (c)	200,000	200,680
	Floreo at Teravalis Community Facilities District, Special Assessment, Series 2025, 5.15%, 07/01/2035	1,129,000	1,167,628
	Industrial Development Authority of the City of Phoenix Arizona (The), Freedom Academy, Inc., Revenue, Series 2016, 5.13%, 07/01/2036 (c)	1,000,000	969,007
	Industrial Development Authority of the County of Pima (The), La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 6.25%, 11/15/2035 (c)	1,000,000	1,068,628
	La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 7.00%, 11/15/2057 (c)	1,235,000	1,311,115
	La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 B‑1, 6.63%, 05/15/2031 (c)	1,500,000	1,501,121
	plc Charter Schools, Revenue, Refunding, Series 2016, 5.25%, 12/01/2026 (c)	125,000	125,321
	PLC Charter Schools, Revenue, Refunding, Series 2016, 6.00%, 12/01/2036 (c)	3,000,000	3,014,692
	Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Obligated Group, Revenue, Series 2018 A, 6.00%, 07/01/2052 (c)	3,330,000	3,337,561
	Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 5.50%, 05/01/2036	1,750,000	1,785,060
	Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 6.00%, 05/01/2041	2,000,000	2,038,786
	Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 7.00%, 05/01/2066	2,000,000	2,002,530
	Superstition Vistas Community Facilities District No. 1, Assessment Area 4, Special Assessment, Series 2024, 4.30%, 07/01/2034	125,000	121,150
	Tempe Industrial Development Authority, Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2038	250,000	240,123
20,300,809
	Arkansas — 0.5%
	Arkansas Development Finance Authority, Revenue, Refunding, Series 2021, 3.00%, 07/01/2031	1,750,000	1,442,534

188

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Arkansas — 0.5% (continued)
	Batesville Public Facilities Board, White River Health System Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2026	500,000	500,006
	White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.00%, 06/01/2028	540,000	521,218
	White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032	25,000	22,597
	Clarksville Public Educational Facilities Board, University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2029	195,000	200,846
	University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2034	1,040,000	1,071,379
	Pulaski County Public Facilities Board, Baptist Health Obligated Group, Revenue, Series 2014, 5.00%, 12/01/2042	5,530,000	5,534,220
9,292,800
	California — 9.0%
	Alameda Community Facilities District, Community Facilities District No. 13‑1, Special Tax, Series 2016, 5.00%, 09/01/2042	1,250,000	1,252,176
	Antelope Valley Healthcare District, Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2031	4,215,000	4,205,861
	Obligated Group, Revenue, Refunding, Series 2016, 5.25%, 03/01/2036	8,055,000	8,055,353
	California Health Facilities Financing Authority, Providence St. Joseph Health Obligated Group, Revenue, Series 2014 B, 5.00%, 10/01/2044	1,300,000	1,300,746
	California Infrastructure & Economic Development Bank, Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 B, 12.00%, 11/02/2026 (a)(b)(c)(e)	21,605,000	12,530,900
	California Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2050	7,455,000	6,096,345
	Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2036 (c)	2,825,000	2,804,383
	Santa Rosa Academy LLC, Revenue, Series 2015, 5.13%, 07/01/2035 (c)	1,355,000	1,355,265
	California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (c)	8,500,000	8,769,140

First Eagle Funds | Semiannual Report | April 30, 2026

189

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

California — 9.0% (continued)
Fontana Jurupa Hills Project Area, Tax Allocation, Series 2025 B, 5.00%, 09/01/2033 (c)	1,920,000	1,939,191
QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 5.38%, 06/01/2035 (c)	750,000	793,072
QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.00%, 06/01/2040 (c)	1,000,000	1,077,807
QSH/MB LLC, Revenue, Senior Lien, Series 2025 A‑1, 6.75%, 07/01/2065 (c)	3,500,000	3,748,318
QSH/MB LLC, Revenue, Senior Lien, Series 2025 A‑2, 6.50%, 07/01/2065 (c)	4,050,000	4,011,783
California School Finance Authority, Aspire Public Schools Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/01/2035 (c)	1,000,000	1,000,223
Sycamore Creek Community Charter School, Revenue, Series 2025 A, 7.00%, 06/01/2040 (c)	3,305,000	3,344,173
California Statewide Communities Development Authority, Loma Linda University Medical Center Obligated Group, Revenue, Series 2014 A, 5.25%, 12/01/2044	2,635,000	2,636,017
Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.00%, 12/01/2036 (c)	9,795,000	9,802,858
Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.25%, 12/01/2056 (c)	12,995,000	12,994,718
California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043	240,000	244,633
City of Los Angeles Department of Airports, Revenue, AMT, ETM, Series 2016 A, 5.00%, 05/15/2026	10,000	10,008
Revenue, AMT, Refunding, Series 2025 A, 5.00%, 05/15/2055 (f)	5,650,000	5,751,937
Del Mar Race Track Authority, Revenue, Refunding, Series 2015, 5.00%, 10/01/2027	1,535,000	1,535,149
Kaweah Delta Health Care District Guild, Revenue, Series 2015 B, 3.25%, 06/01/2029	300,000	287,820
Revenue, Series 2015 B, 3.25%, 06/01/2030	10,000	9,457
Revenue, Series 2015 B, 3.38%, 06/01/2031	115,000	107,697
Revenue, Series 2015 B, 3.50%, 06/01/2033	25,000	22,867
Revenue, Series 2015 B, 4.00%, 06/01/2037	140,000	126,685
Revenue, Series 2015 B, 5.00%, 06/01/2040	7,230,000	7,040,538
Revenue, Series 2015 B, 4.00%, 06/01/2045	295,000	233,929

190

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	California — 9.0% (continued)
	San Francisco City & County Airport Commission-San Francisco International Airport, Revenue, AMT, Series 2016 B, 5.00%, 05/01/2046	13,340,000	13,271,586
	Revenue, Second Series, AMT, Series 2019 E, 5.00%, 05/01/2050 (f)	20,640,000	20,611,839
	Revenue, Second Series, AMT, Series 2025 D, 5.50%, 05/01/2055 (f)	15,000,000	15,926,523
	San Gorgonio Memorial Health Care District, GO, Refunding, Series 2014, 5.50%, 08/01/2026	10,000	10,000
	GO, Refunding, Series 2015, 3.50%, 08/01/2030	1,000,000	925,867
	GO, Refunding, Series 2020, 2.00%, 08/01/2029	50,000	44,074
	Silicon Valley Tobacco Securitization Authority, Revenue, Series 2007 A, 0.00%, 06/01/2036 (g)	32,750,000	18,719,143
172,598,081
	Colorado — 3.0%
	Aerotropolis Regional Transportation Authority, Revenue, Series 2024, 5.75%, 12/01/2054 (c)	5,000,000	5,022,657
	City & County of Denver, United Airlines, Inc., Revenue, AMT, Refunding, Series 2017, 5.00%, 10/01/2032	36,750,000	36,781,329
	City of Fruita, Lower Valley Hospital Association Obligated Group, Revenue, Refunding, Series 2017 A, 5.38%, 01/01/2033 (c)	5,400,000	5,437,864
	Colorado Educational & Cultural Facilities Authority, Vega Collegiate Academy, Revenue, Series 2021 A, 5.00%, 02/01/2034 (c)	585,000	589,441
	Colorado Health Facilities Authority, BSLC Obligated Group, Revenue, Refunding, Series 2018 A‑1, 4.25%, 09/15/2038	530,000	527,274
	Eagle County Airport Terminal Corp., Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2033	5,450,000	5,492,517
	Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2037	1,000,000	1,004,071
	Elbert County Independence Water & Sanitation District, Revenue, Refunding, Series 2024, 5.13%, 12/01/2033	1,009,000	1,043,597
	Pueblo Urban Renewal Authority, City of Pueblo Sales Tax, Revenue, Series 2017, 5.00%, 06/01/2036	100,000	97,073

First Eagle Funds | Semiannual Report | April 30, 2026

191

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	Colorado — 3.0% (continued)
	Town of Del Norte, Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 4.88%, 12/01/2034	745,000	742,992
56,738,815
	Connecticut — 0.3%
	Connecticut Housing Finance Authority, Revenue, AMT, Refunding, Series 2020 E2, 1.70%, 11/15/2028	950,000	893,936
	Connecticut State Health & Educational Facilities Authority, Duncaster, Inc. Obligated Group, Revenue, Series A, 5.00%, 08/01/2035	300,000	300,076
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2027 (c)	100,000	100,946
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2028 (c)	100,000	101,833
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2029 (c)	100,000	102,545
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2030 (c)	400,000	409,578
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2032 (c)	575,000	586,371
	Griffin Health Obligated Group, Revenue, Refunding, Series G‑1, 5.00%, 07/01/2034 (c)	125,000	126,907
	University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2032	1,075,000	1,087,666
	University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2033	1,410,000	1,421,865
	University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2034	1,365,000	1,374,566
6,506,289
	Delaware — 0.0% (d)
	Town of Milton, Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (c)	100,000	101,718
	District of Columbia — 0.3%
	District of Columbia, GO, Series 2026 C, 3.27%, 05/01/2026 (b)(h)	800,000	800,000
	Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2041 (c)	1,130,000	1,065,714

192

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

	District of Columbia — 0.3% (continued)
	Obligated Group, Revenue, Series 2024 A, 5.63%, 06/01/2044	1,000,000	982,771
	Union Market TIF Area, Tax Allocation, Series 2021 A, 3.75%, 06/01/2031 (c)	2,162,000	2,098,574
4,947,059
	Florida — 13.0%
	Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics Obligated Group, Revenue, Series A, 5.00%, 12/01/2044	475,000	475,264
	Alachua County Housing Finance Authority, Woodland Park II LLC, Revenue, Series 2025 B, 4.90%, 07/01/2028 (a)(b)(c)	1,850,000	1,851,007
	Antillia Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2031	190,000	193,741
	Avenir Community Development District, Assessment Area 2, Special Assessment, Series 2021 A‑1, 2.75%, 05/01/2031	2,745,000	2,603,656
	Babcock Ranch Community Independent Special District, Assessment Area, Special Assessment, Series 2024, 5.00%, 05/01/2044 (c)	995,000	1,010,041
	Assessment Area 1, Special Assessment, Series 2015, 5.25%, 11/01/2046	3,460,000	3,460,593
	Assessments, Special Assessment, Series 2022, 4.25%, 05/01/2032	15,000	15,105
	Assessments, Special Assessment, Series 2024, 4.30%, 05/01/2031 (c)	1,000,000	1,012,510
	Balm Grove Community Development District, Special Assessment, Series 2022, 3.63%, 11/01/2032	1,290,000	1,245,693
	Beach Road Golf Estates Community Development District, Special Assessment, Series 2015, 5.00%, 11/01/2036	125,000	125,058
	Bridle Creek Community Development District, Special Assessment, Series 2025, 5.15%, 05/01/2035	1,790,000	1,813,806
	Capital Projects Finance Authority, Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 01/01/2035 (c)	1,500,000	1,561,692

First Eagle Funds | Semiannual Report | April 30, 2026

193

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 13.0% (continued)
Capital Trust Agency, Inc., Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2031 (c)	500,000	488,355
Sarasota-Manatee Jewish Housing Council Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 (c)	425,000	419,444
Capital Trust Authority, Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (c)	6,000,000	6,327,145
Academir Charter Schools, Inc., Revenue, Series 2025 A, 5.00%, 07/01/2035 (c)	2,265,000	2,286,175
Charlotte County Industrial Development Authority, MSKP Town & Country Utility LLC, Revenue, AMT, Series 2025, 5.13%, 10/01/2035	685,000	701,324
Connerton East Community Development District, Assessment Area 2, Special Assessment, Series 2025, 4.65%, 06/15/2035	200,000	205,214
County of Miami-Dade, Aviation, Revenue, AMT, Refunding, Series 2015 A, 5.00%, 10/01/2038	1,000,000	1,003,653
County of Palm Beach, Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.50%, 10/01/2035 (c)	1,600,000	1,754,552
Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2035 (c)	500,000	540,341
Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2029 (c)	535,000	544,027
Crossings Community Development District, Area 2, Special Assessment, Series 2024, 4.75%, 05/01/2031	225,000	227,303
Crosswinds East Community Development District, Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031	210,000	211,735
East Nassau Stewardship District, Wildlight Village Phase 3, Special Assessment, Series 2024, 4.70%, 05/01/2031	840,000	847,749
East Palm Drive Community Development District, East Palm Drive Community Development District Assessment Area 2, Special Assessment, Series 2026, 5.35%, 06/15/2046 (c)(i)	500,000	500,168
Edgewater East Community Development District, Assessment Area 2, Special Assessment, Series 2022, 3.38%, 05/01/2032	1,970,000	1,908,713

194

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 13.0% (continued)
Edgewater West Community Development District, Master Infrastructure Bond Area, Special Assessment, Series 2026, 6.00%, 05/01/2041	5,000,000	5,000,528
Epperson North Community Development District, Assessment Area 1, Special Assessment, Series 2018 A‑1, 5.75%, 11/01/2049 (c)	995,000	1,014,308
Florida Development Finance Corp., AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (a)(b)(c)	28,500,000	7,980,000
AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (a)(b)(c)	15,750,000	4,410,000
Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 5.00%, 08/15/2032 (c)	410,000	408,325
Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 B, 10.00%, 06/15/2026 (a)(b)(c)	55,960,000	36,374,000
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2036	5,175,000	3,700,125
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2037	3,500,000	2,502,500
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041	1,500,000	1,065,000
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.00%, 06/01/2034 (c)	1,190,000	1,222,623
GFL Solid Waste Southeast LLC, Revenue, AMT, Series 2024 A, 4.38%, 10/01/2031 (a)(b)(c)	8,000,000	8,043,983
Southwest Charter Foundation Bonita Springs & Collier Charter Obligated Group, Revenue, Series A, 6.00%, 06/15/2037 (c)	1,075,000	1,081,965
Waste Pro USA, Inc., Revenue, AMT, Series 2019, 5.00%, 05/01/2029 (c)	140,000	141,051
Waste Pro USA, Inc., Revenue, AMT, Series 2021, 3.00%, 06/01/2032	10,520,000	9,800,557
Waste Pro USA, Inc., Revenue, AMT, Series 2025, 4.45%, 07/01/2030 (a)(b)(c)	10,000,000	10,181,375
Florida Local Government Finance Commission, BridgePrep Academy, Inc. Obligated Group, Revenue, Series 2025 A, 5.00%, 06/15/2035 (c)	7,370,000	7,615,795
Life Care ET, Inc., Revenue, Series 2025 A, 0.00%, 12/01/2030 (c)(j)	4,600,000	4,767,095

First Eagle Funds | Semiannual Report | April 30, 2026

195

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 13.0% (continued)
Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 5.25%, 07/01/2038 (c)	2,070,000	2,154,646
Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, 5.50%, 11/15/2035 (c)	1,000,000	1,044,587
Sanctuary At Village On The Isle LLC (The), Revenue, Series 2025 A, 0.00%, 12/22/2030 (c)(j)	3,750,000	3,890,758
Florida Municipal Loan Council, Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 4.50%, 05/01/2031	265,000	267,912
Golden Gem Community Development District, Special Assessment, Series 2024, 5.15%, 05/01/2031	535,000	545,652
Gracewater Sarasota Community Development District, Assessments, Special Assessment, Series 2021, 2.95%, 05/01/2031	500,000	466,212
Greater Orlando Aviation Authority, JetBlue Airways Corp., Revenue, AMT, Refunding, Series 2013, 5.00%, 11/15/2026	9,075,000	9,075,322
JetBlue Airways Corp., Revenue, AMT, Refunding, Series 2013, 5.00%, 11/15/2036	18,010,000	18,011,524
United Airlines, Inc., Revenue, AMT, Series 2025, 5.25%, 11/01/2034	2,000,000	2,118,868
United Airlines, Inc., Revenue, AMT, Series 2025, 5.25%, 11/01/2035	2,500,000	2,638,751
United Airlines, Inc., Revenue, AMT, Series 2025, 5.50%, 11/01/2036	2,000,000	2,133,462
United Airlines, Inc., Revenue, AMT, Series 2025, 5.50%, 11/01/2037	2,045,000	2,174,762
Greenbriar Community Development District, Assessment Area No. 1, Special Assessment, Series 2025, 4.80%, 05/01/2032	410,000	415,765
Harmony Community Development District, Special Assessment, Refunding, Series 2014, 5.25%, 05/01/2032	2,490,000	2,490,008
Harvest Hills South Community Development District, Assessment Area 1, Special Assessment, Series 2025, 4.25%, 05/01/2030	300,000	299,855
Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2035	375,000	371,643

196

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 13.0% (continued)
Kings Creek I Community Development District, Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2030	300,000	302,881
Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2036	455,000	469,194
Kingston One Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2035	2,590,000	2,686,567
Lakefront Estates Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.70%, 05/01/2045	2,325,000	2,363,792
Lakes of Sarasota Community Development District 2, Special Assessment, Series B, 5.20%, 05/01/2035	3,025,000	3,087,603
Lakeside Preserve Community Development District, Special Assessment, Series 2019, 4.88%, 05/01/2039	420,000	414,971
Lakewood Ranch Stewardship District, Special Assessment, Series 2016, 5.00%, 05/01/2036	730,000	730,494
Special Assessment, Series 2024, 5.25%, 05/01/2044	580,000	599,846
Assessment Azario, Special Assessment, Series 2020 A, 3.75%, 05/01/2040	525,000	490,113
Assessment Lorraine Lakes, Special Assessment, Series 2020, 3.63%, 05/01/2040 (c)	1,075,000	971,785
Assessment Northeast Sector Phase 2A, Special Assessment, Series 2019, 3.85%, 05/01/2039	555,000	529,187
Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 3.00%, 05/01/2041	685,000	572,840
Assessments, Special Assessment, Series 2025, 5.00%, 05/01/2030	1,710,000	1,798,883
Assessments, Special Assessment, Series 2025, 5.00%, 05/01/2035	2,795,000	2,971,069
LTC Ranch West Residential Community Development District, Assessment Area 4, Special Assessment, Refunding, Series 2024 AA‑4, 4.75%, 05/01/2031	290,000	292,325
LTC Ranch West Residential Cmnty Development Dist 2021B Assmnt Area Spl Assmnt, Special Assessment, Series 2021 B, 3.25%, 05/01/2031	1,320,000	1,266,663
Marion Ranch Community Development District, Special Assessment, Series 2024, 5.10%, 05/01/2031	200,000	203,088

First Eagle Funds | Semiannual Report | April 30, 2026

197

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 13.0% (continued)
Mckendree Pointe Community Development District, Special Assessment, Series 2025, 4.75%, 05/01/2035	500,000	495,572
Special Assessment, Series 2025, 5.70%, 05/01/2045	1,815,000	1,832,760
Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2031	1,605,000	1,593,369
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2038	6,475,000	6,172,805
Miami-Dade County Expressway Authority, Revenue, Refunding, Series 2010 A, 5.00%, 07/01/2040	1,940,000	1,941,325
Miami-Dade County Industrial Development Authority, Miami Community Charter School, Revenue, Refunding, Series 2020 A, 4.25%, 06/01/2030 (c)	485,000	479,802
Pinecrest Academy Obligated Group, Revenue, Series 2014, 5.25%, 09/15/2044	950,000	938,959
Midtown Miami Community Development District, Special Assessment, Refunding, Series 2014 A, 5.00%, 05/01/2037	1,735,000	1,718,947
Special Assessment, Refunding, Series 2014 B, 5.00%, 05/01/2037	1,000,000	990,748
Osceola Chain Lakes Community Development District, Assessments, Special Assessment, Series 2020, 3.50%, 05/01/2030	350,000	339,394
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc. Obligated Group, Revenue, Series 2004 B, 4.00%, 11/15/2034	10,000	9,917
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 05/15/2028	20,000	20,012
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 B, 5.00%, 05/15/2032	20,000	20,196
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 B, 5.00%, 05/15/2035	4,665,000	4,704,587
Palm Coast 145 Community Development District, Special Assessment, Series 2025 B, 6.25%, 05/01/2035 (c)	6,000,000	6,135,481
Palm Coast Park Community Development District, Sawmill Branch — Phase 7, Special Assessment, Series 2024, 4.38%, 05/01/2031	200,000	200,591
Peace Crossing Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2031	760,000	764,383

198

First Eagle Funds | Semiannual Report | April 30, 2026

First Eagle Short Duration High Yield Municipal Fund | Schedule of Investments | April 30, 2026 (unaudited)

Investments

Principal Amount ($)

Value ($)

Florida — 13.0% (continued)
Pine Island Community Development District, Special Assessment, Series 2004, 5.75%, 05/01/2035	1,220,000	1,220,303
Saltleaf Community Development District, Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056	1,000,000	1,011,729
Sarasota County Health Facilities Authority, Southwest Florida Retirement Center, Inc. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 01/01/2031	25,000	25,117
Southwest Florida Retirement Center, Inc. Obligated Group, Revenue, Series 2017 A, 5.00%, 01/01/2042	200,000	200,148
Silverlake Community Development District, Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031	350,000	349,175
Southern Groves Community Development District No. 5, Assessment Area, Special Assessment, Refunding, Series 2019, 3.25%, 05/01/2029	185,000	181,387
Sunrise Community Development District, Special Assessment, Series 2025, 4.50%, 05/01/2035 (c)	880,000	866,398
Terra Lago Community Development District, Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2032	650,000	657,961
Terreno Community Development District, Special Assessment, Series 2025, 4.55%, 05/01/2032	375,000	380,596
Tuckers Pointe Community Development District, Master Infrastructure Project, Special Assessment, Series 2022, 3.63%, 05/01/2032	4,500,000	4,368,045
Verandah East Community Development District, Special Assessment, Refunding, Series 2016, 3.75%, 05/01/2026	5,000	5,000
Villages of Westport Community Development District, Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035	35,000	35,160
West Villages Improvement District, Assessment Area 1, Special Assessment, Series 2025, 4.75%, 05/01/2032	4,250,000	4,225,336
Woodland Crossing Community Development District, Special Assessment, Series 2025, 4.88%, 05/01/2030 (c)	410,000	416,909

First Eagle Funds | Semiannual Report | April 30, 2026

199

First Eagle Global Fund Consolidated Schedule of Investments	4
First Eagle Overseas Fund Consolidated Schedule of Investments	17
First Eagle U.S. Fund Consolidated Schedule of Investments	28
First Eagle Gold Fund Consolidated Schedule of Investments	35
First Eagle Global Income Builder Fund Consolidated Schedule of Investments	38
First Eagle Rising Dividend Fund Schedule of Investments	53
First Eagle Small Cap Opportunity Fund Schedule of Investments	57
First Eagle U.S. Smid Cap Opportunity Fund Schedule of Investments	69
First Eagle Global Real Assets Fund Consolidated Schedule of Investments	74
First Eagle High Yield Municipal Fund Schedule of Investments	79
First Eagle Short Duration High Yield Municipal Fund Schedule of Investments	187
First Eagle Core Plus Municipal Fund Schedule of Investments	240
Statements of Assets and Liabilities	252
Statements of Operations	264
Statements of Changes in Net Assets	276
Statement of Cash Flow	288
Financial Highlights	290
Notes to Financial Statements	311
Item 8 Changes in and Disagreements with Accountants	345
Item 9 Proxy Disclosures	345
Item 10 Remuneration Paid to Directors, Officers and Others	345
Item 11 Statement Regarding Basis for Approval of Investment Advisory Contract	345
General Information	349

	Florida — 13.0% (continued)
	Yarborough Lane Community Development District, Special Assessment, Series 2024, 4.75%, 05/01/2031	250,000	251,882
249,048,316
	Georgia — 1.3%
	Atlanta Development Authority (The), City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A‑1, 5.00%, 04/01/2034 (c)	8,250,000	8,436,048
	City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A‑2, 5.50%, 04/01/2039 (c)	1,510,000	1,543,640
	City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024‑1, Class A, 0.00%, 12/15/2048 (c)(j)	1,000,000	905,720
	Development Authority of Bainbridge And Decatur County, Spring Creek Charter Academy, Inc., Revenue, Series 2026, 5.25%, 04/01/2036 (c)	2,380,000	2,343,700
	Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.50%, 04/01/2056 (c)	3,000,000	2,889,186
	Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.75%, 04/01/2066 (c)	3,485,000	3,404,510
	Development Authority of Cobb County (The), Kennesaw State University Real Estate Obligated Group 2015 ABC, Revenue, Junior Lien, Series 2014 C, 5.00%, 07/15/2029	235,000	235,259
	Development Authority of The City of Marietta, Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2027 (c)	300,000	300,509
	George L Smith II Congress Center Authority, Signia Hotel Management LLC, Revenue, Series 2021 B, 3.63%, 01/01/2031 (c)	1,170,000	1,133,991
	Signia Hotel Management LLC, Revenue, Series 2021 B, 5.00%, 01/01/2036 (c)	2,500,000	2,542,923
	Main Street Natural Gas, Inc., Revenue, Series 2022 C, 4.00%, 11/01/2027 (a)(b)(c)	500,000	499,635
24,235,121
	Hawaii — 0.1%
	State of Hawaii Department of Budget & Finance, Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (c)	1,500,000	1,486,837

	Idaho — 0.2%
	Power County Industrial Development Corp., FMC Corp., Revenue, AMT, Series 1999, 6.45%, 08/01/2032	850,000	852,961
	Spring Valley Community Infrastructure District No. 1, Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (c)	2,000,000	2,054,869
2,907,830
	Illinois — 7.4%
	Chicago Board of Education, GO, Series 2015 C, 5.25%, 12/01/2035	680,000	677,210
	GO, Series 2015 C, 5.25%, 12/01/2039	8,120,000	8,053,159
	GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (c)	20,700,000	21,180,650
	GO, Refunding, Series 2018 A, 5.00%, 12/01/2035	1,500,000	1,506,983
	GO, Refunding, Series 2021 B, 5.00%, 12/01/2036	150,000	151,413
	GO, Refunding, Series B, 7.00%, 12/01/2042 (c)	6,250,000	6,434,142
	Chicago Board of Education Dedicated Capital Improvement Tax, Revenue, Series 2016, 6.00%, 04/01/2046	16,695,000	16,880,976
	Revenue, Series 2017, 5.00%, 04/01/2042	8,800,000	8,809,479
	Chicago O’Hare International Airport, Revenue, Senior Lien, AMT, Refunding, Series D, 5.00%, 01/01/2047	8,375,000	8,375,212
	City of Calumet City, GO, Series 2023 B, 4.50%, 03/01/2037	600,000	574,496
	City of Chicago, GO, Series 2025 A, 6.00%, 01/01/2050	3,000,000	3,128,302
	City of Galesburg, Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2036	1,125,000	1,003,456
	Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2041	1,475,000	1,229,060
	City of Harvey, GO, Refunding, Series 2023 A, 4.00%, 01/01/2028	193,000	186,508
	County of Cook, Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045	2,000,000	2,046,434
	Illinois Finance Authority, Acero Charter Schools, Inc. Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 10/01/2028 (c)	580,000	580,628
	Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2030	1,000,000	975,542

Illinois — 7.4% (continued)
Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038	65,000	58,800
Benedictine University, Revenue, Refunding, Series 2021, 5.00%, 10/01/2027	20,000	19,860
Benedictine University, Revenue, Refunding, Series 2021, 5.00%, 10/01/2030	1,300,000	1,268,205
Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2035	800,000	778,496
Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2036	775,000	746,366
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2019, 5.00%, 09/01/2027	1,170,000	1,169,058
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 10/01/2035 (c)	700,000	714,501
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (c)	1,000,000	1,019,857
Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2029	1,685,000	1,685,030
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2026	875,000	874,495
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037	25,000	22,181
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2038	200,000	194,271
Illinois Wesleyan University, Revenue, Refunding, Series 2016, 3.00%, 09/01/2030	1,500,000	1,439,229
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035	295,000	291,577
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 05/15/2035	250,000	250,104
LRS Holdings LLC, Revenue, AMT, Series 2023 B, 7.38%, 09/01/2033 (a)(b)(c)	5,000,000	5,695,926
Mercy Health Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 12/01/2046	2,500,000	2,504,415
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.50%, 05/15/2042	500,000	535,674
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.50%, 05/15/2047	1,000,000	1,053,970

	Illinois — 7.4% (continued)
	Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.25%, 06/01/2028	755,000	737,107
	Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.50%, 06/01/2029	365,000	354,300
	Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2033	680,000	638,998
141,690,534
	Indiana — 1.4%
	City of East Chicago, Revenue, Series 2025, 6.50%, 07/15/2044 (c)	500,000	518,697
	City of Valparaiso, Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (c)	4,000,000	4,052,469
	Indiana Finance Authority, Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.13%, 07/01/2037	6,190,000	5,886,568
	Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047	950,000	831,471
	Earlham College, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 10/01/2032	7,105,000	7,083,522
	Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037	15,000	12,721
	Good Samaritan Hospital Obligated Group, Revenue, Series 2016 A, 5.50%, 04/01/2041	4,555,000	4,557,932
	Hanover College, Revenue, Series 2013, 4.25%, 05/01/2033	25,000	23,827
	Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039	145,000	134,264
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.00%, 10/01/2031	45,000	39,218
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 4.00%, 10/01/2032	45,000	41,724
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.25%, 10/01/2033	65,000	54,945
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2036	105,000	99,753
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.50%, 10/01/2037	45,000	36,131
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2038	100,000	93,519

	Indiana — 1.4% (continued)
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2021, 4.00%, 10/01/2034	50,000	44,963
	Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2021, 4.00%, 10/01/2035	545,000	480,540
	Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.25%, 07/01/2028 (c)	500,000	503,185
	Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (c)	540,000	543,543
	United States Steel Corp., Revenue, AMT, Series 2012, 5.75%, 08/01/2042	165,000	165,156
	Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 01/01/2029	800,000	801,693
	Reid Hospital & Health Care Services, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 01/01/2039	1,000,000	1,000,063
27,005,904
	Iowa — 0.4%
	City of Coralville, Revenue, Refunding, Series 2016 A, 3.75%, 05/01/2036	60,000	49,855
	COP, Series 2016 E, 4.00%, 06/01/2029	900,000	872,908
	COP, Series 2016 E, 4.00%, 06/01/2031	1,500,000	1,418,470
	COP, Series 2016 E, 3.38%, 06/01/2036	25,000	20,672
	Crawford County Memorial Hospital, Inc., Revenue, Series 2024, 5.00%, 06/15/2027	1,000,000	1,004,459
	Delaware County Memorial Hospital, Revenue, Series 2025, 4.40%, 12/01/2027	285,000	287,419
	Revenue, Series 2025, 5.00%, 12/01/2033	195,000	201,174
	Revenue, Series 2025, 5.10%, 12/01/2034	430,000	443,226
	Iowa Finance Authority, Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 B, 6.60%, 05/15/2028	460,000	474,250
	Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 B, 7.50%, 05/15/2053	2,015,000	2,225,217
6,997,650

	Kansas — 1.4%
	City of Derby, STAR Bond District, Revenue, Series 2022, 5.00%, 09/01/2042	1,025,000	1,025,318
	City of Hutchinson, Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2027	100,000	100,007
	Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2041	320,000	288,115
	City of Lenexa, Lakeview Village, Inc., Revenue, Refunding, Series 2018 A, 5.00%, 05/15/2027	135,000	135,740
	City of Wichita, Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 5.00%, 05/15/2033	135,000	135,649
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.25%, 05/15/2039	1,580,000	1,587,926
	Presbyterian Manors Obligated Group, Revenue, Refunding, Series III‑2019, 3.75%, 05/15/2034	535,000	498,731
	Wyandotte County-Kansas City Unified Government, Sales Tax, Revenue, Series 2015 A, 5.00%, 09/01/2027	370,000	370,049
	Sales Tax, Revenue, Series 2015 A, 5.75%, 09/01/2032	350,000	336,865
	Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (c)	5,000,000	5,124,647
	Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (c)	17,000,000	17,303,390
26,906,437
	Kentucky — 0.1%
	City of Campbellsville, Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.50%, 03/01/2028	10,000	9,863
	Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.75%, 03/01/2029	60,000	58,476
	Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 03/01/2030	25,000	24,292
	Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 5.13%, 03/01/2033	40,000	38,578

	Kentucky — 0.1% (continued)
	County of Christian, Jennie Stuart Medical Center Obligated Group, Revenue, Refunding, Series 2016, 5.38%, 02/01/2036	200,000	200,182
	Louisville/Jefferson County Metropolitan Government, Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031	2,000,000	1,907,212
	Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 4.00%, 05/01/2029	200,000	188,989
2,427,592
	Louisiana — 0.9%
	Calcasieu Parish Memorial Hospital Service District, Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034	2,000,000	2,015,347
	Louisiana Local Government Environmental Facilities & Community Development Authority, Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2027	410,000	408,115
	Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2028	430,000	425,482
	Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2029	450,000	442,600
	Provident Group — ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (c)	930,000	906,290
	Provident Group — ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (c)	3,270,000	2,903,455
	Louisiana Public Facilities Authority, Waste Pro USA, Inc., Revenue, AMT, Series 2025, 4.38%, 10/02/2028 (a)(b)(c)	10,000,000	10,111,326
17,212,615
	Maryland — 1.0%
	City of Baltimore, Baltimore Hotel Corp., Revenue, Refunding, Series 2017, 5.00%, 09/01/2033	1,105,000	1,115,056
	County of Frederick, Mount St Mary’s University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2032 (c)	740,000	734,884
	County of Montgomery, Trinity Health Corp. Obligated Group, Revenue, Series 2015 MD, 5.00%, 12/01/2044 (k)	3,000,000	3,000,675

	Maryland — 1.0% (continued)
	County of Prince George’s, Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037	2,550,000	2,554,832
	Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, 07/01/2030 (c)	1,200,000	1,211,467
	Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (c)	2,000,000	2,000,771
	Maryland Health & Higher Educational Facilities Authority, Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2037	1,600,000	1,612,474
	Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044	5,015,000	5,003,048
	Prince George’s County Revenue Authority, County of Prince George’s MD Suitland-Naylor Road Development District, Tax Allocation, Series 2016, 5.00%, 07/01/2046 (c)	2,000,000	2,000,113
19,233,320
	Massachusetts — 2.1%
	Massachusetts Development Finance Agency, Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2031 (c)	2,960,000	2,997,935
	Boston Medical Center Corp. Obligated Group, Revenue, Series 2015 D, 5.00%, 07/01/2044	8,265,000	8,266,339
	Boston Medical Center Corp. Obligated Group, Revenue, Refunding, Series 2016 E, 5.00%, 07/01/2033	5,000,000	5,008,588
	Boston Medical Center Corp. Obligated Group, Revenue, Series 2017 F, 5.00%, 07/01/2030	1,475,000	1,496,407
	Care Communities LLC Obligated Group, Revenue, Series 2025 A‑1, 5.50%, 07/15/2035 (c)	3,300,000	3,341,071
	Emmanuel College, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2032	5,630,000	5,639,884
	Emmanuel College, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2034	2,835,000	2,837,686
	Emmanuel College, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2035	6,375,000	6,378,065
	Lawrence General Hospital Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2028	675,000	667,507

	Massachusetts — 2.1% (continued)
	Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2030	465,000	474,707
	Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2031	485,000	496,347
	Simmons University, Revenue, Refunding, Series K‑1, 5.00%, 10/01/2027	25,000	25,000
	Simmons University, Revenue, Series K‑1, 4.13%, 10/01/2032	35,000	32,977
	Southcoast Health System Obligated Group, Revenue, Series 2013 F, 5.00%, 07/01/2027	25,000	25,026
	Suffolk University, Revenue, Refunding, Series 2017, 5.00%, 07/01/2034	1,690,000	1,699,473
	Suffolk University, Revenue, Refunding, Series 2017, 5.00%, 07/01/2035	1,480,000	1,487,941
40,874,953
	Michigan — 0.4%
	Flint Hospital Building Authority, Hurley Medical Center, Revenue, Series 2013 B, 4.75%, 07/01/2028	750,000	749,274
	Hurley Medical Center, Revenue, Refunding, Series 2020, 5.00%, 07/01/2026	500,000	500,250
	Kalamazoo Economic Development Corp., Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c)	790,000	807,712
	Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 5.00%, 08/15/2036 (c)	1,000,000	1,006,176
	Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 6.00%, 08/15/2046 (c)	1,315,000	1,353,937
	Michigan Finance Authority, Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2033	40,000	29,810
	Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2036	1,000,000	694,910
	Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031	500,000	422,372
	Michigan State Building Authority, State of Michigan, Revenue, Series 2023 I, 3.19%, 05/07/2026 (b)(h)	1,500,000	1,500,000

	Michigan — 0.4% (continued)
	Michigan Strategic Fund, Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c)	515,000	526,546
7,590,987
	Minnesota — 0.4%
	City of Landfall Village, Pines of Richfield LLC (The), Revenue, Series 2024, 4.75%, 08/01/2029	205,000	205,675
	Pines of Richfield LLC (The), Revenue, Series 2024, 4.80%, 08/01/2030	215,000	215,805
	Pines of Richfield LLC (The), Revenue, Series 2024, 4.85%, 08/01/2031	225,000	225,466
	Pines of Richfield LLC (The), Revenue, Series 2024, 4.90%, 08/01/2032	235,000	235,413
	Pines of Richfield LLC (The), Revenue, Series 2024, 5.00%, 08/01/2033	250,000	250,390
	City of Moorhead, Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2034	1,155,000	1,155,313
	Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2040	1,350,000	1,350,140
	City of Shakopee, Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 4.45%, 11/01/2035	1,335,000	1,336,488
	Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 5.13%, 11/01/2040	1,815,000	1,839,917
	Dakota County Community Development Agency, Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035	1,500,000	1,454,656
8,269,263
	Mississippi — 1.1%
	City of Jackson, GO, Refunding, Series 2021, 5.00%, 03/01/2027	920,000	928,592
	County of Tunica, Revenue, Refunding, Series 2019, 6.00%, 10/01/2040	7,020,000	7,215,781
	Harrison County Utility Authority, Revenue, Refunding, Series 2020 A, 1.50%, 07/01/2030 (c)	3,500,000	3,029,439
	Mississippi Business Finance Corp., Waste Pro USA, Inc., Revenue, AMT, Refunding, Series 2025 A, 4.38%, 08/02/2027 (a)(b)(c)	7,500,000	7,536,692

	Mississippi — 1.1% (continued)
	Mississippi Development Bank, City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2027	65,000	63,983
	City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2028	245,000	236,647
	City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2029	295,000	279,793
	City of Jackson, Revenue, Refunding, Series 2013 A, 3.13%, 03/01/2030	230,000	212,732
	City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036	365,000	286,712
	Natchez-Adams School District, GO, Series 2020, 2.13%, 03/01/2027	430,000	418,416
	GO, Series 2020, 2.00%, 03/01/2031	175,000	151,805
	Revenue, Series 2020, 2.38%, 02/01/2036	30,000	22,102
	Revenue, Series 2020, 2.50%, 02/01/2039	40,000	27,004
20,409,698
	Missouri — 0.7%
	County of Boone, Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2026	25,000	24,899
	Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2028	1,000,000	970,861
	Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2029	1,525,000	1,461,531
	Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2030	1,300,000	1,227,600
	Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2033	2,470,000	2,083,578
	Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2034	20,000	14,972
	Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2038	290,000	220,194
	Health & Educational Facilities Authority of the State of Missouri, Maryville University of St Louis, Revenue, Refunding, Series 2020 A, 4.00%, 06/15/2034	4,345,000	4,246,868
	Mercy Health, Revenue, Series 2014 F, 5.00%, 11/15/2045	150,000	150,076

	Missouri — 0.7% (continued)
	Kansas City Industrial Development Authority, Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (c)	1,775,000	1,775,881
	Lees Summit Industrial Development Authority, John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 08/15/2044	120,000	122,629
	St Louis County Industrial Development Authority, Friendship Village St Louis Obligated Group, Revenue, Series 2013 A, 5.50%, 09/01/2033	915,000	916,189
13,215,278
	Montana — 0.1%
	City of Great Falls, Downtown Urban Renewal District, Tax Allocation, Series 2021, 3.00%, 07/01/2035	1,005,000	879,591
	Montana Facility Finance Authority, Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2035	75,000	68,823
	Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044	1,000,000	785,257
1,733,671
	Nebraska — 0.1%
	Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital Obligated Group, Revenue, Series 2014, 5.00%, 05/15/2036	1,500,000	1,500,373
	Nevada — 1.3%
	City of Las Vegas, Special Improvement District No. 812, Special Assessment, Series 2015, 5.00%, 12/01/2031	500,000	500,379
	Special Improvement District No. 816, Special Assessment, Series 2021, 2.75%, 06/01/2031	220,000	204,099
	Las Vegas Redevelopment Agency, Las Vegas Redevelopment Agency Redevelopment Area 1, Tax Allocation, Refunding, Series 2016, 5.00%, 06/15/2045	5,000,000	4,982,142
	State of Nevada Department of Business & Industry, DesertXpress Enterprises LLC, Revenue, AMT, Series 2025 B, 12.00%, 11/02/2026 (a)(b)(c)(e)	34,045,000	19,746,100
25,432,720

	New Hampshire — 5.1%
	New Hampshire Business Finance Authority, Revenue, Series 2024, 5.38%, 12/01/2031 (c)	2,400,000	2,396,980
	Revenue, Series 2024, 5.88%, 12/15/2032 (c)	2,326,000	2,324,472
	Revenue, Series 2024, 0.00%, 12/01/2034 (c)(g)	24,365,000	13,444,795
	Revenue, Series 2024, 5.25%, 12/01/2035 (c)	3,826,000	3,817,549
	Revenue, Series 2024, 5.38%, 12/15/2035 (c)	3,100,000	3,100,287
	Revenue, Series 2025, 0.00%, 12/15/2032 (c)(g)	6,029,000	3,906,206
	Revenue, Series 2025, 0.00%, 12/15/2033 (c)(g)	10,100,000	6,396,144
	Brazoria County Municipal Utility District No. 83, Revenue, Series 2024, 5.30%, 12/01/2032 (c)	172,000	171,895
	Bridgeland Muds Project, Revenue, Series 2026, 6.13%, 12/15/2033 (c)	1,500,000	1,500,596
	Christian Health Care Center Obligated Group, Revenue, Series 2019 A, 5.25%, 07/01/2039 (c)	5,410,000	5,438,984
	Forestar Group Houston Area Projects, Revenue, Series 2026, 6.50%, 12/01/2034 (c)	10,000,000	10,024,422
	Historymaker Empire Project, Revenue, Series 2026, 7.50%, 02/01/2035 (c)	8,315,000	8,174,521
	Katy West Municipal Utility District, Revenue, Series 2025, 5.88%, 12/01/2032 (c)	2,000,000	2,003,512
	Moonlight Bend Municipal Utility District, Revenue, Series 2025, 0.00%, 12/01/2035 (c)(g)	4,750,000	2,478,665
	The Astro Sunterra Projects, Revenue, Series 2026, 0.00%, 12/15/2034 (c)(g)	10,875,000	6,237,478
	The LA Segarra Project, Revenue, Series 2026, 0.00%, 12/01/2039 (g)	20,725,000	7,895,367
	Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (c)(g)	23,995,000	16,650,855
	Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (c)(g)	1,517,000	1,050,800
97,013,528
	New Jersey — 2.3%
	City of Atlantic City, GO, Refunding, Series 2013, 5.00%, 12/01/2027	10,000	9,949
	New Jersey Economic Development Authority, DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.38%, 01/01/2035 (c)	21,000,000	22,025,153
	DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (c)	12,250,000	12,932,726

	New Jersey — 2.3% (continued)
	Kintock Group Obligated Group, Revenue, Refunding, Series 2017 A, 7.00%, 09/01/2047 (c)	115,000	116,533
	Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 4.75%, 10/01/2028 (c)	800,000	796,879
	Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 5.00%, 10/01/2033 (c)	1,000,000	993,171
	United Airlines, Inc., Revenue, AMT, Series 1999, 5.25%, 09/15/2029	350,000	350,436
	United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027	1,810,000	1,813,110
	United Airlines, Inc., Revenue, AMT, Series B, 5.63%, 11/15/2030	2,390,000	2,393,506
	New Jersey Educational Facilities Authority, Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 5.00%, 07/01/2032	25,000	24,758
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2028	10,000	9,749
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.00%, 07/01/2029	10,000	9,079
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.25%, 07/01/2030	25,000	22,242
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.50%, 07/01/2031	35,000	30,662
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2032	395,000	367,531
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2033	415,000	380,416
	Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2035	1,185,000	1,059,041
	New Jersey Health Care Facilities Financing Authority, St Joseph’s Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.00%, 07/01/2032	50,000	47,203
	St Joseph’s Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.13%, 07/01/2033	150,000	140,034
43,522,178

New Mexico — 0.0% (d)
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2034	415,000	415,159
New York — 11.5%
Allegany County Capital Resource Corp., Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2026	170,000	169,645
Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2032	1,385,000	1,359,908
Buffalo & Erie County Industrial Land Development Corp., D’Youville University, Revenue, Series 2026 A, 6.00%, 05/01/2029	720,000	733,540
D’Youville University, Revenue, Series 2026 A, 6.00%, 05/01/2030	815,000	833,509
D’Youville University, Revenue, Series 2026 A, 6.13%, 05/01/2031	865,000	890,585
D’Youville University, Revenue, Series 2026 A, 6.25%, 05/01/2032	920,000	951,557
D’Youville University, Revenue, Series 2026 A, 6.38%, 05/01/2033	980,000	1,018,136
D’Youville University, Revenue, Series 2026 A, 6.50%, 05/01/2034	1,045,000	1,090,076
D’Youville University, Revenue, Series 2026 A, 6.63%, 05/01/2035	1,130,000	1,182,840
D’Youville University, Revenue, Series 2026 A, 6.75%, 05/01/2036	805,000	845,900
Build NYC Resource Corp., Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (c)	3,680,000	3,675,968
Pratt Paper, Inc., Revenue, AMT, Refunding, Series 2014, 5.00%, 01/01/2035 (c)	12,400,000	12,416,913
WHIN Music Community Charter School, Revenue, Series 2022 A, 6.50%, 07/01/2052 (c)	1,500,000	1,486,412
City of Glens Falls, Revenue, Series 2011, 5.00%, 06/15/2026	220,000	220,164
County of Sullivan, Improvement Districts Service Fee, Special Assessment, Series E‑1, 4.85%, 11/01/2031 (c)	100,000	100,571
Dobbs Ferry Local Development Corp., Mercy University, Revenue, Series 2014, 5.00%, 07/01/2039	20,000	20,002

New York — 11.5% (continued)
Dutchess County Local Development Corp., Nuvance Health Obligated Group, Revenue, Series 2016 B, 3.00%, 07/01/2029	150,000	146,246
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2030	10,000	9,776
Monroe County Industrial Development Corp., Eugenio Maria de Hostos Charter School, Revenue, Series 2024 A, 5.00%, 07/01/2044 (c)	4,595,000	4,487,850
Rochester Regional Health Obligated Group, Revenue, Series 2017, 5.00%, 12/01/2035	800,000	803,215
St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030	740,000	733,107
St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040	10,000,000	9,977,704
MTA Hudson Rail Yards Trust Obligations, Revenue, Series 2016 A, 5.00%, 11/15/2051	16,000,000	15,894,491
Revenue, Series 2016 A, 5.00%, 11/15/2056	2,060,000	2,036,536
New York City Municipal Water Finance Authority, New York City Water & Sewer System, Revenue, Refunding, Series 2026 SUB FF-1, 3.50%, 05/05/2026 (b)(h)	2,500,000	2,500,000
Series 2026 SUB FF‑2, 3.50%, 05/05/2026 (b)(h)	13,000,000	13,000,000
New York Liberty Development Corp., 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.15%, 11/15/2034 (c)	1,500,000	1,501,283
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 2, 5.38%, 11/15/2040 (c)	14,600,000	14,609,524
3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.00%, 11/15/2044 (c)	28,300,000	28,322,394
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (c)	500,000	500,780
New York State Dormitory Authority, Catholic Health System Obligated Group, Revenue, Series 2012 A, 4.75%, 07/01/2039	275,000	255,924
Catholic Health System Obligated Group, Revenue, Refunding, Series 2019 A, 5.00%, 07/01/2029	900,000	905,395

New York — 11.5% (continued)
Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2029	550,000	551,819
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2030	1,120,000	1,122,520
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2031	600,000	599,720
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2032	250,000	248,931
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2033	275,000	272,440
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2034	700,000	689,109
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044	500,000	481,371
Rockland County Economic Assistance Corp., Bon Secours Charity Health System, Inc., Revenue, Series 2025, 6.50%, 11/01/2030	3,500,000	3,593,579
Suffolk Regional Off-Track Betting Corp., Revenue, Series 2024, 6.00%, 12/01/2053	780,000	797,448
Syracuse Regional Airport Authority, Revenue, AMT, Refunding, Series 2021, 5.00%, 07/01/2026	1,000,000	1,001,929
Westchester County Healthcare Corp., Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2010 B, 6.00%, 11/01/2030	110,000	110,012
Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2010 B, 6.13%, 11/01/2037	5,000	5,000
Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2014 A, 5.00%, 11/01/2044	23,000	22,143
Westchester County Industrial Development Agency, Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (c)	400,000	416,514

	North Dakota — 0.1%
	City of Horace, GO, Special Assessment, Refunding, Series 2020 B, 3.00%, 05/01/2030	100,000	94,587
	County of Ward, Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2043	2,500,000	2,387,820
2,482,407
	Ohio — 2.2%
	City of Cleveland, United Airlines, Inc., Revenue, AMT, Series 1998, 5.38%, 09/15/2027	90,000	90,128
	City of Huber Heights, Canal Heights Incentive District No. 1, Tax Allocation, Series 2025, 6.00%, 12/01/2036 (c)	1,345,000	1,368,301
	City of Norwood, Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 4.38%, 12/01/2030	520,000	525,388
	Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2035	750,000	788,218
	Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.25%, 12/01/2038	3,165,000	3,228,950
	Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.50%, 12/01/2043	2,990,000	3,049,501
	County of Fairfield, Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033	5,275,000	5,253,019
	County of Hardin, Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026	50,000	50,000
	Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030	350,000	348,869
	County of Lucas, Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, 6.75%, 11/01/2030 (a)(b)	20,000,000	19,992,746
	Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048	3,700,000	3,671,174
	County of Washington, Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042	100,000	106,400
	Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052	1,705,000	1,752,139
	Delaware County Finance Authority, Tax Allocation, Series 2023 A, 6.25%, 12/01/2037	850,000	894,942

	Ohio — 2.2% (continued)
	Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Revenue, Refunding, Series 2019 A, 3.25%, 09/01/2029	10,000	9,943
	State of Ohio, State of Ohio Department of Transportation, Revenue, AMT, AG Insured, Series 2015, 5.00%, 12/31/2035	650,000	650,487
41,780,205
	Oklahoma — 0.7%
	Oklahoma County Finance Authority, Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 5.25%, 06/15/2034 (c)	775,000	783,964
	Tulsa Authority for Economic Opportunity, Increment District No. 8, Tax Allocation, Series 2021, 4.38%, 12/01/2041 (c)	2,325,000	2,193,325
	Tulsa Municipal Airport Trust, American Airlines, Inc., Revenue, AMT, Refunding, Series 2001 B, 5.50%, 12/01/2035	5,000,000	5,000,336
	Wagoner County Development Authority, Revenue, Series 2025, 9.00%, 05/01/2026	225,000	225,000
	Revenue, Series 2025, 9.00%, 05/01/2027	580,000	600,613
	Revenue, Series 2025, 8.25%, 05/01/2028	630,000	656,326
	Revenue, Series 2025, 6.75%, 05/01/2040	3,110,000	3,188,608
12,648,172
	Oregon — 0.9%
	Oregon State Facilities Authority, ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑1, 6.00%, 03/01/2035 (c)	5,180,000	5,427,980
	ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑2, 6.00%, 03/01/2035 (c)	2,355,000	2,467,879
	ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A‑2, 7.00%, 03/01/2045 (c)	3,390,000	3,654,647
	Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.00%, 12/01/2040	420,000	433,533
	Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.38%, 12/01/2045	1,040,000	1,065,210
	Polk County Hospital Facility Authority, Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2015 A, 5.13%, 07/01/2035	3,680,000	3,681,213

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference3

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference3

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference3

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference3

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Important Notice Regarding Delivery of Shareholder Materials

What Were the Fund's Costs for the Last Six Months?

Key Fund Statistics

Top 10 Holdings^{Footnote Reference3}

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	Oregon — 0.9% (continued)
	Yamhill County Hospital Authority, Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 11/15/2026	95,000	94,820
	Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2031	350,000	351,100
	Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2036	455,000	455,484
17,631,866
	Pennsylvania — 4.4%
	Allegheny County Higher Education Building Authority, Carnegie Mellon University, Revenue, Refunding, Series 2008 A, 3.40%, 05/01/2026 (b)(h)	500,000	500,000
	Robert Morris University, Revenue, Pre-Refunded, Series 2016, 5.00%, 10/15/2034	600,000	605,941
	Allentown Neighborhood Improvement Zone Development Authority, Revenue, Series 2017, 5.00%, 05/01/2042 (c)	4,250,000	4,255,996
	Revenue, Series 2025, 5.50%, 05/01/2032 (c)	1,600,000	1,720,856
	Revenue, Revenue, Series 2017, 5.00%, 05/01/2032 (c)	4,270,000	4,301,378
	Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2032 (c)	1,165,000	1,193,185
	Berks County Municipal Authority (The), Tower Health Obligated Group, Revenue, Series 2024 A‑2A, 6.00%, 06/30/2034	250,000	264,833
	Tower Health Obligated Group, Revenue, Series 2024 A‑3, 5.00%, 06/30/2039	8,639,000	8,112,912
	Tower Health Obligated Group, Revenue, Series 2024 B‑1, 0.00%, 06/30/2044 (j)	13,346,000	9,992,397
	Bucks County Industrial Development Authority, Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027	620,000	631,184
	Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029	275,000	287,819
	Butler County Hospital Authority, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035	6,260,000	6,261,848
	Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2039	30,000	29,769
	Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2026	20,000	20,003

Pennsylvania — 4.4% (continued)
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2028	20,000	20,013
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2029	1,850,000	1,851,206
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2030	1,370,000	1,370,836
City of Erie Higher Education Building Authority, Mercyhurst University, Revenue, Series 2016, 5.00%, 09/15/2026 (c)	230,000	229,485
Crawford County Hospital Authority, Meadville Medical Center Obligated Group, Revenue, Refunding, Series 2016 A, 6.00%, 06/01/2046	3,810,000	3,811,214
Crawford County Industrial Development Authority, Allegheny College, Revenue, Refunding, Series 2016, 3.00%, 05/01/2034	2,985,000	2,523,036
DuBois Hospital Authority, Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2027	15,000	15,120
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2028	760,000	768,117
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2029	105,000	106,089
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2032	3,050,000	3,074,051
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2035	280,000	265,523
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2032	250,000	253,797
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2035	125,000	126,255
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2030	150,000	152,630
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2031	10,000	10,180
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2032	125,000	127,119
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2033	30,000	30,405
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2034	585,000	590,783

	Pennsylvania — 4.4% (continued)
	Susquehanna Area Regional Airport Authority, Revenue, AMT, Refunding, Series 2017, 5.00%, 01/01/2038	1,000,000	1,004,962
84,056,878
	Rhode Island — 1.0%
	City of East Providence, Kettle Point Tax Increment Area, Tax Allocation, Series 2016, 7.50%, 05/15/2041 (c)	9,650,000	9,861,741
	Rhode Island Health and Educational Building Corp., Care New England Health System Obligated Group, Revenue, Refunding, Series 2016 B, 5.00%, 09/01/2036	5,250,000	5,249,637
	Chartercare Health of Rhode Island Obligated Group, Revenue, Series 2026, 12.50%, 10/01/2031	1,915,000	1,935,229
	Lifespan Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 05/15/2039	2,840,000	2,842,393
19,889,000
	South Carolina — 0.5%
	South Carolina Jobs-Economic Development Authority, Revenue, Series 2025 A1, 6.25%, 10/15/2042 (c)	1,995,000	2,050,067
	Connexion Communities Obligated Group, Revenue, Series 2025 A1, 5.38%, 10/15/2035 (c)	5,865,000	5,885,980
	Libertas Academy Woodruff, Revenue, Series 2025 A, 7.00%, 08/15/2045 (c)	1,000,000	1,051,121
	South Carolina Public Service Authority, South Carolina Public Service Authority, Revenue, Series 2015 E, 5.25%, 12/01/2055	1,120,000	1,120,189
10,107,357
	Tennessee — 0.3%
	Chattanooga Health Educational & Housing Facility Board, CDFI Phase I LLC, Revenue, Refunding, Series 2015, 5.00%, 10/01/2028	1,050,000	1,050,409
	Shelby County Health Educational & Housing Facilities Board, Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.00%, 09/01/2033 (c)	85,000	79,626
	Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 3.50%, 09/01/2026 (c)	25,000	24,807

	Tennessee — 0.3% (continued)
	Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (c)	4,060,000	3,612,453
4,767,295
	Texas — 6.2%
	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	482,823
	Arlington Higher Education Finance Corp., Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 4.00%, 06/15/2031	3,130,000	2,946,385
	Newman International Academy, Revenue, Series 2021 A, 4.00%, 08/15/2031	350,000	313,112
	Uplift Education, Revenue, Refunding, Series 2016 A, 5.00%, 12/01/2046	1,100,000	1,099,959
	Austin Convention Enterprises, Inc., Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2028	20,000	20,101
	Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2034	250,000	250,740
	Revenue, Second Tier, Refunding, Series B, 5.00%, 01/01/2032	1,075,000	1,077,844
	Bexar County Health Facilities Development Corp., Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 07/15/2026	80,000	80,113
	Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2031	25,000	24,721
	Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2036	5,000	4,742
	City of Anna, Crystal Park Public Improvement District No. 2 Improvement Area, Special Assessment, Series 2025, 4.50%, 09/15/2035 (c)	300,000	300,538
	City of Austin, Airport System, Revenue, AMT, Series 2017 B, 5.00%, 11/15/2041	2,985,000	2,999,056
	City of Buda, Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.75%, 09/01/2033 (c)	1,000,000	1,012,774
	City of Caddo Mills, Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 5.30%, 09/15/2035 (c)	2,425,000	2,483,306

Texas — 6.2% (continued)
City of Celina, Legacy Celina Public Improvement District, Special Assessment, Series 2025, 4.75%, 09/01/2035	540,000	540,548
City of Dorchester, Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/15/2031 (c)	350,000	350,422
City of Hackberry, Rivendale by the Lake Public Improvement District No. 1, Special Assessment, Series 2015, 6.00%, 09/01/2044	2,730,462	2,732,265
Rivendale by the Lake Public Improvement District No. 2, Special Assessment, Series 2016, 5.75%, 09/01/2046	5,510,000	5,512,886
City of Houston, United Airlines, Inc., Revenue, AMT, Series 2018 C, 5.00%, 07/15/2028	7,095,000	7,276,398
United Airlines, Inc., Revenue, AMT, Refunding, Series 2020 A, 5.00%, 07/01/2027	1,000,000	1,015,263
United Airlines, Inc., Revenue, AMT, Series 2024 B, 5.50%, 07/15/2036	5,000,000	5,368,792
City of Huntsville, Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 4.50%, 09/15/2031 (c)	355,000	359,599
City of Penitas, GO, Series 2025, 5.00%, 09/01/2035	415,000	425,347
City of Port Isabel, GO, Series 2025, 5.00%, 02/15/2035	860,000	867,586
City of Sugar Land, GO, Series 2014, 5.25%, 02/15/2032	25,000	25,047
Clifton Higher Education Finance Corp., Valor Texas Education Foundation, Revenue, Series 2024 A, 5.00%, 06/15/2034 (c)	325,000	321,278
County of Denton, Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.13%, 12/31/2031 (c)	500,000	508,057
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044	2,770,000	2,815,749
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054	500,000	502,892
Tabor Ranch Public Improvement District Major Impt Area, Special Assessment, Series 2024, 5.25%, 12/31/2031 (c)	1,000,000	1,014,873

Texas — 6.2% (continued)
County of Medina, Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 4.88%, 09/01/2034 (c)	1,453,000	1,484,879
Edinburg Economic Development Corp., Revenue, Series 2019, 4.00%, 08/15/2029 (c)	480,000	471,180
Greater Texas Cultural Education Facilities Finance Corp., Texas Biomedical Research Institute, Revenue, Series 2024 A, 5.00%, 06/01/2044	4,135,000	4,148,579
Kerrville Health Facilities Development Corp., Sid Peterson Memorial Hospital Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/15/2035	1,750,000	1,754,333
Love Field Airport Modernization Corp., Southwest Airlines Co., Revenue, AMT, Series 2012, 5.00%, 11/01/2028	125,000	125,210
Lubbock Educational Facilities Authority, Inc., Lubbock Christian University, Revenue, Refunding, Series 2016, 2.75%, 11/01/2031	2,585,000	2,392,292
Mission Economic Development Corp., Graphic Packaging International LLC, Revenue, AMT, Series 2025, 5.00%, 06/01/2030 (a)(b)	4,750,000	4,945,445
Nacogdoches County Hospital District, Sales Tax, Revenue, Refunding, Series 2013, 5.00%, 05/15/2043	5,000,000	4,265,907
New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing College Station I LLC, Revenue, Series 2014 A, 5.00%, 04/01/2029	3,785,000	3,785,874
CHF-Collegiate Housing College Station I LLC, Revenue, AG Insured, Series 2014 A, 5.00%, 04/01/2046	3,750,000	3,749,878
Outlook at Windhaven Forefront Living Obligated Group, Revenue, Series 2022 A, 6.50%, 10/01/2033	1,500,000	1,608,730
Sanctuary LTC LLC, Revenue, Series 2021 A‑1, 5.00%, 01/01/2032	750,000	765,236
Sanctuary LTC LLC, Revenue, Series 2021 A‑1, 5.25%, 01/01/2042	17,635,000	17,566,952
Sanctuary LTC LLC, Revenue, Series 2021 A‑1, 5.50%, 01/01/2057	5,000,000	4,603,615
SLF CHP LLC, Revenue, Series 2025 A, 5.75%, 07/01/2035 (c)	2,500,000	2,559,470
Reagan Hospital District of Reagan County, GO, Series A, 5.00%, 02/01/2029	760,000	760,156

	Texas — 6.2% (continued)
	Red River Education Finance Corp., Houston Baptist University, Revenue, Refunding, Series 2017, 5.50%, 10/01/2046	10,875,000	10,887,739
	St Edward’s University, Inc., Revenue, Refunding, Series 2016, 4.00%, 06/01/2036	2,325,000	2,176,310
	St. Edward’s University, Inc., Revenue, Refunding, Series 2016, 3.00%, 06/01/2034	500,000	431,484
	Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.63%, 11/15/2030	10,000	10,005
	Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035	160,000	160,065
	Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 11/15/2035	1,080,000	1,080,653
	Tom Green County Cultural Education Facilities Finance Corp., TLC Academy, Revenue, Series 2013 A, 7.15%, 08/15/2043	5,640,000	5,641,924
	Town of Trophy Club, Public Improvement District No. 1, Special Assessment, Refunding, Series 2025, 5.00%, 09/01/2032	1,000,000	1,069,378
119,178,510
	Utah — 0.8%
	City of Salt Lake City, Airport, Revenue, AMT, Series 2017 A, 5.00%, 07/01/2042	7,390,000	7,404,785
	Downtown Revitalization Public Infrastructure District, Revitalization Sales Tax, Revenue, Series 2025 C, 5.00%, 07/15/2035 (c)	2,075,000	2,083,581
	Fields Estates Public Infrastructure District, Assessment Area, Special Assessment, Series 2024 A‑2, 5.25%, 12/01/2053 (c)	1,500,000	1,473,638
	Firefly Public Infrastructure District No. 1, Assessment Area 1, Special Assessment, Series 2024 A‑2, 5.63%, 12/01/2043 (c)	1,000,000	1,025,945
	Utah Charter School Finance Authority, Ascent Academies of Utah, Revenue, Refunding, Series 2022, 4.25%, 06/15/2027 (c)	410,000	407,583
	Freedom Academy Foundation, Revenue, Refunding, Series 2017, 4.50%, 06/15/2027 (c)	1,405,000	1,399,146
	Ronald Wilson Reagan Academy, Revenue, Refunding, Series 2016 A, 5.00%, 02/15/2036 (c)	400,000	384,472

	Utah — 0.8% (continued)
	Wallace Stegner Academy, Revenue, Series 2022 A, 5.25%, 06/15/2032 (c)	310,000	316,873
	Wood Ranch Public Infrastructure District, Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (c)	1,247,267	1,257,888
15,753,911
	Vermont — 0.0% (d)
	East Central Vermont Telecommunications District, Revenue, Series 2016 A, 5.00%, 12/01/2035 (c)	170,000	167,886
	Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2027 (c)	55,000	55,035
	Revenue, Refunding, Series 2017 A, 5.75%, 12/01/2031 (c)	235,000	235,195
458,116
	Virgin Islands — 0.7%
	Virgin Islands Hotel Development Financing Corp., CFC-FR LLC, Revenue, Senior Lien, Series 2025 A‑1, 4.50%, 02/01/2033	1,610,000	1,591,859
	CFC-FR LLC, Revenue, Senior Lien, Series 2025 A‑1, 5.00%, 02/01/2038	9,500,000	9,359,381
	Virgin Islands Public Finance Authority, United States Virgin Islands, Revenue, NATL Insured, Series 2006, 4.25%, 10/01/2029	30,000	30,089
	United States Virgin Islands, Revenue, Refunding, Series 2012 A, 5.00%, 10/01/2032	240,000	239,535
	United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (c)	1,400,000	1,404,112
	United States Virgin Islands Frenchman’s Reef Hotel Room Occupancy Tax, Revenue, Series 2024 A, 6.00%, 04/01/2053 (c)	1,000,000	1,002,947
13,627,923
	Virginia — 0.3%
	Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Refunding, Series 2014, 5.38%, 01/01/2035	4,560,000	4,563,777
	Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Series A, 5.00%, 01/01/2034	910,000	921,365

	Virginia — 0.3% (continued)
	Virginia College Building Authority, Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (c)	100,000	76,711
5,561,853
	Washington — 2.0%
	King County Housing Authority, Revenue, Series 2008, 5.50%, 05/01/2038	4,000,000	4,007,616
	Port of Seattle Industrial Development Corp., Delta Air Lines, Inc., Revenue, AMT, Refunding, Series 2012, 5.00%, 04/01/2030	10,625,000	10,637,515
	Washington Higher Education Facilities Authority, Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2034	3,110,000	3,041,318
	Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2035	3,270,000	3,192,650
	Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2036	3,435,000	3,364,721
	Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2040	5,000,000	4,862,971
	Washington State Housing Finance Commission, Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 5.50%, 05/01/2036	1,400,000	1,428,047
	Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑1, 6.00%, 05/01/2041	1,635,000	1,666,708
	Bonesta SE LLC Obligated Group, Revenue, Series 2026 A‑2, 8.50%, 05/01/2031	725,000	723,499
	German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 B‑1, 4.50%, 07/01/2030 (c)	1,000,000	1,000,040
	Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2027 (c)	1,560,000	1,566,188
	Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2038 (c)	300,000	299,981
	Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2043 (c)	2,370,000	2,270,437
	Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2028 (c)	305,000	300,987
	Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2029 (c)	320,000	313,625
38,676,303

	West Virginia — 1.0%
	City of Huntington, Downtown Development/ Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049	450,000	449,558
	Monongalia County Building Commission, Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 07/01/2028	455,000	455,314
	West Virginia Economic Development Authority, Commercial Metals Co., Revenue, AMT, Series 2025, 4.63%, 05/15/2032 (a)(b)	6,450,000	6,598,141
	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2029	155,000	157,048
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2030	50,000	50,612
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2031	25,000	25,267
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2032	60,000	60,536
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2035	750,000	752,347
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2036	3,350,000	3,352,513
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 4.00%, 01/01/2038	225,000	204,480
	Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043	6,335,000	6,014,811
	Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2027	235,000	235,289
18,355,916
	Wisconsin — 7.7%
	Public Finance Authority, Revenue, Series 2024, 0.00%, 12/15/2030 (c)(g)	3,237,000	2,473,147
	Revenue, Series 2024, 5.50%, 12/15/2038 (c)	6,535,676	6,546,588
	Ameream LLC, Revenue, Series 2017, 6.50%, 12/01/2037 (c)	2,500,000	1,950,000
	Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 5.00%, 06/01/2026 (c)	1,005,000	1,005,299
	Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 4.63%, 06/01/2036 (c)	25,000	24,560