Semiannual Report
June 30, 2026
First Eagle Credit Opportunities Fund
Advised by First Eagle Investment Management, LLC
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 811-23592
First Eagle Credit Opportunities Fund
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas
New York, NY 10105-4300
Sheelyn Michael
First Eagle Investment Management, LLC 1345 Avenue of the Americas
New York, NY 10105
Registrant’s telephone number, including area code: 1-212-698-3300
Date of fiscal year end: December 31
Date of reporting period: June 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.
Semiannual Report
June 30, 2026
First Eagle Credit Opportunities Fund
Advised by First Eagle Investment Management, LLC
Forward-Looking Statement Disclosure
One of our most important responsibilities as fund managers is to communicate with shareholders in an open and direct manner. Some of our commentary to shareholders is 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.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Table of Contents
Board Considerations for Continuation of Subadvisory Agreement |
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
3
First Eagle Credit Opportunities Fund
Fund Overview
Data as of June 30, 2026 (unaudited)
Asset Allocation* (%)
Debt Breakdown** (%) | |||
Secured vs. Unsecured | |||
First Lien Secured Loans | 87.09 | ||
Second Lien Secured Loans | 0.91 | ||
Public Structured Credit | 10.83 | ||
Corporate Bonds | 0.17 | ||
Special Equity and Warrant | 1.00 | ||
Floating vs Fixed | |||
Floating Rate | 98.13 | ||
Fixed Rate | 0.87 | ||
Special Equity and Warrant | 1.00 | ||
Top 5 Industries* (%)
Health Care Services | 12.7 | ||
Financial Services | 9.8 | ||
Research & Consulting Services | 7.0 | ||
IT Consulting & Other Services | 5.4 | ||
Insurance Brokers | 3.9 |
Portfolio Characteristics
Weighted Average Loan Spread | 5.28 | %*** | |
% of Portfolio at Floor | 0.00 | %*** | |
Weighted Average Maturity (Years) | 3.27 | **** | |
Weighted Average Duration (Years) | 0.14 | **** | |
Weighted Average Days to Reset | 48.81 | **** | |
Weighted Average Purchase Price | 99.04 | %*** | |
Weighted Average Market Price | 95.55 | %*** | |
Number of Positions | 368 |
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Fund Overview
Top 10 Holdings* (%)
SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan — First Lien | 1.5 | ||
Irving Parent, Corp. (Quisitive), Initial Term Loan — First Lien (IT Consulting & Other Services, | 1.5 | ||
841 Prudential MOB LLC, Term Loan — First Lien (Real Estate Development, United States) | 1.5 | ||
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan — First Lien (Research & Consulting | 1.4 | ||
Monarch Behavioral Therapy, LLC, Closing Date Term Loan — First Lien (Health Care Services, | 1.4 | ||
Sagebrush Buyer, LLC (Province), Initial Term Loan — First Lien (Research & Consulting Services, | 1.4 | ||
Syner-G Intermediate Holdings, LLC, Term Loan — First Lien (Pharmaceuticals, United States) | 1.2 | ||
Advantmed Buyer Inc., Initial Term Loan — First Lien (Health Care Technology, United States) | 1.2 | ||
Blazing Star Parent, LLC, Closing Date Term Loan — First Lien (Drug Retail, United States) | 1.2 | ||
Argano, LLC, Initial Term Loan — First Lien (IT Consulting & Other Services, United States) | 1.1 | ||
Total | 13.4 |
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
5
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Senior Loans (a) — 81.8% | |||||
Advertising — 0.8% | |||||
Data Driven Intermediate, LLC, Term Loan — First Lien | 2,441,252 | 2,441,252 | |||
New Insight Holdings Inc. (Research Now/Dynata/ | 4,924,623 | 2,019,096 | |||
WH Borrower, LLC (aka WHP Global), | 991,256 | 994,299 | |||
5,454,647 | |||||
Aerospace & Defense — 0.5% | |||||
Karman Holdings Inc., Third Amendment | 1,411,397 | 1,418,899 | |||
MAG DS Corp., Initial Term Loan — First Lien | 1,929,608 | 1,927,601 | |||
3,346,500 | |||||
Agricultural & Farm Machinery — 0.0% (f) | |||||
Hydrofarm Holdings Group, Inc., Term Loan — First Lien | 1,118,313 | 301,944 | |||
Air Freight & Logistics — 0.5% | |||||
Air Buyer Inc. (Condata Global), | 222,682 | 193,733 | |||
Air Buyer Inc. (Condata Global), Term Loan — First Lien | 3,269,723 | 2,844,659 | |||
3,038,392 | |||||
Apparel, Accessories & Luxury Goods — 1.6% | |||||
Penney Holdings LLC (Catalyst Brands), | 6,000,000 | 6,000,000 | |||
Rachel Zoe Creations, LLC, Term Loan — First Lien | 4,655,625 | 4,655,625 | |||
10,655,625 | |||||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Application Software — 2.1% | |||||
AppHub LLC, Delayed Draw Term Loan — First Lien | 362,178 | 358,556 | |||
AppHub LLC, June 2024 Delayed Draw | 2,011,561 | 1,991,445 | |||
AppHub LLC, Revolving Credit Loan — First Lien | 103,013 | 101,983 | |||
AppHub LLC, Term Loan — First Lien | 2,628,830 | 2,602,541 | |||
CMI Marketing, Inc. (AdThrive), | 469,592 | 451,590 | |||
Mitchell International, Inc., A&R Amendment No. 2 | 2,959,969 | 2,826,238 | |||
Montana Buyer Inc., Initial Term Loan — First Lien | 2,608,043 | 2,608,043 | |||
Project Alpha Intermediate Holdings, Inc. (Qlik), | 4,950 | 3,616 | |||
Sapio Sciences, LLC (Jarvis Bidco), | 3,196,563 | 3,196,563 | |||
14,140,575 | |||||
Asset Management & Custody Banks — 0.8% | |||||
Apella Capital, LLC, Delayed Draw Term Loan — First Lien | 245,750 | 245,750 | |||
Apella Capital, LLC, First Amendment Delayed Draw | 291,329 | 291,329 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Asset Management & Custody Banks — 0.8% (continued) | |||||
Apella Capital, LLC, First Amendment | 582,658 | 582,658 | |||
Apella Capital, LLC, Initial Term Loan — First Lien | 1,244,600 | 1,244,600 | |||
Apella Capital, LLC, Second Amendment Delayed | 985,879 | 985,879 | |||
Apella Capital, LLC, Second Amendment | 983,390 | 983,389 | |||
Apella Capital, LLC, Third Amendment Delayed Draw | 344,064 | 344,063 | |||
IPM MSO Management, LLC, Closing Date | 739,012 | 716,842 | |||
IPM MSO Management, LLC, Delayed Draw | 88,792 | 86,129 | |||
IPM MSO Management, LLC, Second Amendment | 203,452 | 197,349 | |||
5,677,988 | |||||
Automotive Parts & Equipment — 0.8% | |||||
Enthusiast Auto Holdings, LLC (EAH-Intermediate | 4,330,678 | 4,330,678 | |||
(PRIME 1 month + 3.75%), | 11,022 | 11,022 | |||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Automotive Parts & Equipment — 0.8% (continued) | |||||
Enthusiast Auto Holdings, LLC (EAH-Intermediate | 1,380,206 | 1,380,206 | |||
5,721,906 | |||||
Broadcasting — 0.2% | |||||
Allen Media, LLC, Initial Term Loan — First Lien | 1,913,227 | 1,318,692 | |||
Building Products — 0.3% | |||||
Opal Bidco SAS (Opella LLC), Facility B6 — First Lien | 1,985,025 | 1,986,087 | |||
Casinos & Gaming — 0.7% | |||||
Catawba Nation Gaming Authority, | 4,600,000 | 4,607,797 | |||
Commodity Chemicals — 0.0% (f) | |||||
A&A Global Imports, LLC, | 1,122,739 | — | |||
A&A Global Imports, LLC, | 1,306,925 | — | |||
A&A Global Imports, LLC, | 97,076 | 46,597 | |||
46,597 | |||||
Construction & Engineering — 1.9% | |||||
McHale & McHale Landscape Design, LLC, | 2,502,101 | 2,502,101 | |||
McHale & McHale Landscape Design, LLC, | 670,840 | 670,840 | |||
R.L. James, Inc. (HH Restore Acquisition), | 937,329 | 937,329 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Construction & Engineering — 1.9% (continued) | |||||
R.L. James, Inc. (HH Restore Acquisition), | 887,616 | 887,616 | |||
R.L. James, Inc. (HH Restore Acquisition), | 310,060 | 310,059 | |||
R.L. James, Inc. (HH Restore Acquisition), | 271,290 | 271,290 | |||
R.L. James, Inc. (HH Restore Acquisition), | 2,108,969 | 2,108,969 | |||
TSX Fiber Services, LLC (Tristrux), Revolver — First Lien | 211,805 | 211,805 | |||
TSX Fiber Services, LLC (Tristrux), | 290,596 | 290,596 | |||
TSX Fiber Services, LLC (Tristrux), | 327,979 | 327,979 | |||
Violet Utility Buyer, LLC (Vannguard), | 3,957,822 | 3,878,666 | |||
Violet Utility Buyer, LLC (Vannguard), | 763,077 | 747,815 | |||
13,145,065 | |||||
Data Processing & Outsourced Services — 0.7% | |||||
Schola Group Acquisition, Inc. (Lathan McKee), | 3,197,315 | 3,197,315 | |||
Schola Group Acquisition, Inc. (Lathan McKee), | 1,566,997 | 1,566,997 | |||
4,764,312 | |||||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Distributors — 0.2% | |||||
Highline Aftermarket Acquisition, LLC, | 1,477,508 | 1,487,666 | |||
Diversified Support Services — 0.8% | |||||
Streetmasters Intermediate, Inc., | 252,000 | 250,740 | |||
Streetmasters Intermediate, Inc., | 5,082,000 | 5,056,590 | |||
5,307,330 | |||||
Drug Retail — 1.2% | |||||
Blazing Star Parent, LLC, | 7,850,000 | 7,850,000 | |||
Electrical Components & Equipment — 0.5% | |||||
EiKO Global, LLC, Revolving Credit Loan — First Lien | 3,441,142 | 3,441,142 | |||
Environmental & Facilities Services — 3.6% | |||||
Asplundh Tree Expert, LLC, ASPTRE Term Loan B | 2,000,000 | 2,000,000 | |||
CI (MG) Group, LLC (Mariani Landscape), | 2,072,700 | 2,072,700 | |||
CI (MG) Group, LLC (Mariani Landscape), | 6,847,518 | 6,847,519 | |||
CI (MG) Group, LLC (Mariani Landscape), | 423,335 | 423,335 | |||
EnergySolutions (Energy Capital Partners), | 1,699,754 | 1,706,978 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Environmental & Facilities Services — 3.6% (continued) | |||||
SR Landscaping, LLC, Amendment No. 1 | 420,693 | 323,933 | |||
SR Landscaping, LLC, Closing Date | 2,641,192 | 2,033,718 | |||
SR Landscaping, LLC, Delayed Draw | 877,252 | 675,484 | |||
SR Landscaping, LLC, Revolving Loan — First Lien | 445,109 | 342,734 | |||
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), | 4,903,111 | 4,854,080 | |||
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), | 2,359,585 | 2,335,989 | |||
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), | 752,593 | 745,067 | |||
24,361,537 | |||||
Food Distributors — 0.8% | |||||
National Convenience Distributors, LLC, | 638,495 | 638,495 | |||
National Convenience Distributors, LLC, | 5,082,353 | 5,082,353 | |||
5,720,848 | |||||
Footwear — 0.1% | |||||
SHO Holding I Corp., Tranche A Term Loan — First Lien | 533,442 | 533,442 | |||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Gas Utilities — 0.4% | |||||
Blackstone CQP Holdco LP, BLKCQP Term Loan B | 2,713,522 | 2,701,528 | |||
General Merchandise Stores — 0.8% | |||||
1959 Holdings, LLC (Family Dollar), | 5,232,558 | 5,232,558 | |||
Health Care Distributors — 0.8% | |||||
Prescott’s Inc. (aka Greenjacket), | 1,185,953 | 1,185,953 | |||
Prescott’s Inc. (aka Greenjacket), | 4,011,928 | 4,011,928 | |||
5,197,881 | |||||
Health Care Facilities — 1.0% | |||||
ConvenientMD (CMD Intermediate Holdings, Inc.), | 40,000 | 37,200 | |||
ConvenientMD (CMD Intermediate Holdings, Inc.), | 1,766,488 | 1,642,833 | |||
Quorum Health Resources (QHR), | 1,940,000 | 1,940,000 | |||
Quorum Health Resources (QHR), | 1,945,000 | 1,945,000 | |||
Quorum Health Resources (QHR), | 1,027,416 | 1,027,416 | |||
6,592,449 | |||||
Health Care Services — 12.5% | |||||
Advanced Medical Management, LLC | 750,000 | 750,000 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Health Care Services — 12.5% (continued) | |||||
Anne Arundel Dermatology Management, LLC, | 127,094 | 118,928 | |||
Anne Arundel Dermatology Management, LLC, | 215,281 | 202,365 | |||
Anne Arundel Dermatology Management, LLC, | 606,005 | 567,036 | |||
Anne Arundel Dermatology Management, LLC, | 2,097,314 | 1,971,475 | |||
BCDI BHI Intermediate 2, LP (Basic Home Infusion), | 1,200,774 | 1,200,774 | |||
BCDI BHI Intermediate 2, LP (Basic Home Infusion), | 2,847,788 | 2,847,788 | |||
BCDI BHI Intermediate 2, LP (Basic Home Infusion), | 322,969 | 322,969 | |||
BCDI Rodeo Dental Buyer, LLC (Toothfairy), | 2,051,428 | 2,051,428 | |||
Boston Clinical Trials LLC (Alcanza Clinical Research), | 891,105 | 891,105 | |||
Boston Clinical Trials LLC (Alcanza Clinical Research), | 2,056,395 | 2,056,395 | |||
Boston Clinical Trials LLC (Alcanza Clinical Research), | 4,622,143 | 4,622,143 | |||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Health Care Services — 12.5% (continued) | |||||
Community Based Care Acquisition, Inc. | 876,017 | 876,017 | |||
Community Based Care Acquisition, Inc. | 975,909 | 975,909 | |||
Community Based Care Acquisition, Inc. | 1,976,294 | 1,976,294 | |||
Community Based Care Acquisition, Inc. | 2,160,549 | 2,160,549 | |||
Dermatology Intermediate Holdings III, Inc. | 1,477,330 | 1,444,703 | |||
Elevate HD Parent, Inc., Delayed Draw | 73,748 | 73,748 | |||
Elevate HD Parent, Inc., Delayed Draw | 1,723,334 | 1,723,334 | |||
Elevate HD Parent, Inc., Initial Term Loan — First Lien | 3,160,625 | 3,160,625 | |||
Elevate HD Parent, Inc., Revolving Loan — First Lien | 260,000 | 260,000 | |||
Endo1 Partners, LLC, Initial Term Loan — First Lien | 1,508,609 | 1,504,821 | |||
Endo1 Partners, LLC, Last Out Term Loan — First Lien | 5,699,343 | 5,670,846 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Health Care Services — 12.5% (continued) | |||||
Endo1 Partners, LLC, Revolving Loan — First Lien | 573,347 | 571,913 | |||
Epic Staffing Group (Cirrus/Tempus/Explorer Investor), | 4,826,959 | 3,608,152 | |||
Global Medical Response, Inc., | 1,213,333 | 1,217,883 | |||
Houseworks Holdings, Fourth Amendment | 2,596,965 | 2,570,995 | |||
Houseworks Holdings, Revolving Loan — First Lien | 268,287 | 265,604 | |||
Houseworks Holdings, Third Amendment | 723,544 | 716,309 | |||
Houseworks Holdings, Third Amendment | 1,649,436 | 1,632,942 | |||
In Vitro Sciences, LLC (New IVS Holdings, LLC), | 6,754,168 | 6,686,627 | |||
In Vitro Sciences, LLC (New IVS Holdings, LLC), | 2,040,011 | 2,019,611 | |||
In Vitro Sciences, LLC (New IVS Holdings, LLC), | 210,267 | 208,164 | |||
Life Northwestern Pennsylvania, LLC (FFL Pace | 565,048 | 565,048 | |||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Health Care Services — 12.5% (continued) | |||||
Life Northwestern Pennsylvania, LLC | 1,686,033 | 1,686,033 | |||
Life Northwestern Pennsylvania, LLC | 271,423 | 271,423 | |||
LMSI Buyer, LLC, Initial Term Loan — First Lien | 2,106,021 | 1,937,539 | |||
LMSI Buyer, LLC, Revolving Credit Loan — First Lien | 390,516 | 359,275 | |||
(PRIME 3 month + 4.75%), 11.50%, 10/25/2027‡ (b)(c) | 55,788 | 51,325 | |||
Medrina, LLC, Initial Term Loan — First Lien | 5,369,278 | 5,369,278 | |||
Medrina, LLC, Primary Delayed Draw | 949,129 | 949,129 | |||
Monarch Behavioral Therapy, LLC, | 9,475,211 | 9,427,835 | |||
Monarch Behavioral Therapy, LLC, | 1,453,625 | 1,446,357 | |||
Monarch Behavioral Therapy, LLC, | 997,204 | 992,218 | |||
Visante Acquisition, LLC, Initial Term Loan — First Lien | 4,877,489 | 4,877,489 | |||
84,860,401 | |||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Health Care Technology — 3.0% | |||||
Advantmed Buyer Inc., | 1,144,542 | 1,133,096 | |||
Advantmed Buyer Inc., Initial Term Loan — First Lien | 8,088,095 | 8,007,214 | |||
Greenway Health, LLC (fka Vitera Healthcare | 6,937,097 | 6,937,097 | |||
HANSEI SOLUTIONS, LLC (fka RMBUS Holdco Inc. | 1,030,021 | 1,030,021 | |||
HANSEI SOLUTIONS, LLC (fka RMBUS Holdco Inc. | 2,759,073 | 2,759,073 | |||
HANSEI SOLUTIONS, LLC (fka RMBUS Holdco Inc. | 258,799 | 258,799 | |||
20,125,300 | |||||
Heavy Electrical Equipment — 2.0% | |||||
APS Acquisition Holdings, LLC, | 2,210,193 | 2,199,142 | |||
APS Acquisition Holdings, LLC, | 6,122,095 | 6,091,485 | |||
Arcline FM Holding, LLC (Fairbanks), | 3,371,652 | 3,387,111 | |||
Astro Acquisition, LLC (Cooper Machinery), | 1,702,097 | 1,707,058 | |||
13,384,796 | |||||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Home Furnishings — 0.6% | |||||
Hunter Douglas Holding B.V., Amendment No. 3 | 1,972,444 | 1,974,712 | |||
Thornton Carpet, LLC, Closing Date | 2,253,659 | 2,231,122 | |||
Thornton Carpet, LLC, Revolving Loan — First Lien | 170,732 | 169,024 | |||
4,374,858 | |||||
Home Improvement Retail — 1.2% | |||||
360 Partners, LLC, Revolving Loan — First Lien | 139,469 | 136,331 | |||
360 Partners, LLC, Term Loan — First Lien | 1,038,261 | 1,014,900 | |||
Air Conditioning Specialist, Inc., | 4,958,931 | 4,934,136 | |||
Air Conditioning Specialist, Inc., | 1,719,239 | 1,710,643 | |||
Air Conditioning Specialist, Inc., | 328,903 | 327,259 | |||
8,123,269 | |||||
Household Products — 0.3% | |||||
Lash OpCo, LLC, Initial Term Loan — First Lien | 2,104,992 | 1,997,754 | |||
Human Resource & Employment Services — 1.9% | |||||
Danforth Health, Inc., | 674,181 | 674,181 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
19
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Human Resource & Employment Services — 1.9% (continued) | |||||
Danforth Health, Inc., First Amendment | 952,115 | 952,115 | |||
Danforth Health, Inc., Fourth Amendment | 1,883,502 | 1,883,502 | |||
Danforth Health, Inc., Initial Term Loan — First Lien | 1,210,316 | 1,210,316 | |||
Danforth Health, Inc., Revolving Credit Loan — First Lien | 67,708 | 67,708 | |||
Danforth Health, Inc., Second Amendment | 7,155,203 | 7,155,203 | |||
Triple Crown Consulting, LLC, Revolving Loan — First Lien | 36,232 | 36,232 | |||
Triple Crown Consulting, LLC, Term A Loan — First Lien | 1,057,936 | 1,057,936 | |||
13,037,193 | |||||
Industrial Machinery & Supplies & Components — 0.7% | |||||
BCP VI Summit Holdings LP (Nvent Thermal), | 1,985,000 | 1,992,603 | |||
TK Elevator Midco GmbH (Vertical MidCo), | 2,962,687 | 2,979,041 | |||
4,971,644 | |||||
Insurance Brokers — 3.8% | |||||
Alera Group, Inc., 2026‑1 New Term Loan — First Lien | 1,309,444 | 1,247,743 | |||
CFC Bidco 2022 Ltd., Initial Term Loan — First Lien | 3,990,000 | 3,763,907 | |||
Newcleus, LLC, Initial Term Loan — First Lien | 1,191,492 | 1,185,402 | |||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Insurance Brokers — 3.8% (continued) | |||||
The Mutual Group, LLC, Term Loan — First Lien | 4,760,552 | 4,760,552 | |||
Tricor, LLC, Amendment No. 4 Delayed Draw | 5,307,456 | 5,307,456 | |||
Tricor, LLC, Amendment No.3 Incremental | 1,790,460 | 1,790,460 | |||
Tricor, LLC, Delayed Draw Term Loan — First Lien | 704,064 | 704,064 | |||
Tricor, LLC, Term Loan — First Lien | 1,874,143 | 1,874,143 | |||
XPT Partners, LLC, 2024 Delayed Draw | 1,002,151 | 1,002,151 | |||
XPT Partners, LLC, 2024 Revolving Loan — First Lien | 113,094 | 113,094 | |||
XPT Partners, LLC, Closing Date Term Loan — First Lien | 4,209,266 | 4,209,266 | |||
25,958,238 | |||||
Interactive Media & Services — 0.8% | |||||
Ingenio LLC, First Amendment Term Loan — First Lien | 4,318,035 | 4,015,173 | |||
Ingenio LLC, Term Loan — First Lien | 1,376,839 | 1,280,461 | |||
5,295,634 | |||||
Internet & Direct Marketing Retail — 1.0% | |||||
Kobra International, Ltd. (d/b/a Nicole Miller), | 6,533,266 | 6,533,266 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
21
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Internet Software & Services — 0.3% | |||||
Technology Partners, LLC (Imagine Software), | 2,228,763 | 2,228,763 | |||
IT Consulting & Other Services — 5.3% | |||||
Alpine SG, LLC (ASG), February 2023 | 121,023 | 121,023 | |||
Alpine SG, LLC (ASG), Initial Term Loan — First Lien | 352,709 | 352,709 | |||
Alpine SG, LLC (ASG), May 2022 Term Loan — First Lien | 185,442 | 185,442 | |||
Alpine SG, LLC (ASG), November 2021 | 342,977 | 342,977 | |||
Argano, LLC, 2025 Delayed Draw Term Loan — First Lien | 2,024,504 | 2,024,504 | |||
Argano, LLC, Initial Term Loan — First Lien | 7,639,529 | 7,639,529 | |||
Asurion, LLC, New B‑10 Term Loan — First Lien | 2,635,375 | 2,635,652 | |||
Eliassen Group, LLC, Initial Delayed Draw | 169,354 | 165,544 | |||
Eliassen Group, LLC, Initial Term Loan — First Lien | 2,352,778 | 2,299,840 | |||
Inflexionpoint LLC (fka Automated Control Concepts), | 1,860,104 | 1,855,454 | |||
Irving Parent, Corp. (Quisitive), | 10,192,737 | 9,988,882 | |||
22
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
IT Consulting & Other Services — 5.3% (continued) | |||||
Irving Parent, Corp. (Quisitive), | 147,454 | 144,505 | |||
Marlin DTC — LS Midco 2, LLC (Clarus Commerce, LLC), | 1,408,215 | 1,344,845 | |||
Unified Patents, LLC, Term A Loan — First Lien | 7,009,322 | 7,009,322 | |||
36,110,228 | |||||
Leisure Facilities — 0.6% | |||||
Bandon Fitness Texas, Inc., | 1,266,216 | 1,158,587 | |||
Bandon Fitness Texas, Inc., Initial Term Loan — First Lien | 2,844,612 | 2,600,371 | |||
Bandon Fitness Texas, Inc., Revolving Loan — First Lien | 244,874 | 223,825 | |||
3,982,783 | |||||
Managed Health Care — 0.3% | |||||
LBH Services, LLC, Delayed Draw Term Loan — First Lien | 310,844 | 214,081 | |||
LBH Services, LLC, Revolving Loan — First Lien | 777,962 | 536,794 | |||
LBH Services, LLC, Term Loan — First Lien | 1,493,842 | 1,028,821 | |||
1,779,696 | |||||
Metal, Glass & Plastic Containers — 0.6% | |||||
BCPE Empire Holdings, Inc., Amendment No. 8 | 2,962,406 | 2,927,242 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
23
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Metal, Glass & Plastic Containers — 0.6% (continued) | |||||
Clydesdale Acquisition Holdings, Inc., 2025 Incremental | 987,376 | 950,759 | |||
3,878,001 | |||||
Movies & Entertainment — 0.5% | |||||
Discovery Global Holdings (Warner Bros), | 1,500,000 | 1,502,280 | |||
TKO Worldwide Holdings, LLC (fka UFC Holdings), | 2,000,000 | 1,995,980 | |||
3,498,260 | |||||
Multi-Sector Holdings — 0.7% | |||||
ABG Intermediate Holdings 2 LLC, | 1,994,924 | 1,997,926 | |||
Auxey Bidco Ltd. (Alexander Mann Solutions), | 2,925,000 | 2,917,688 | |||
4,915,614 | |||||
Oil & Gas Storage & Transportation — 0.3% | |||||
ITT Holdings LLC (IMTT), Eigth Amendment Refinancing | 1,994,962 | 1,995,501 | |||
Other Specialty Retail — 0.2% | |||||
Great Outdoors Group, LLC (Bass Pro Group), | 1,481,203 | 1,487,683 | |||
Packaged Foods & Meats — 0.4% | |||||
Arnott’s (Snacking Investments US LLC), | 1,997,500 | 2,004,371 | |||
Aspire Bakeries Holdings LLC, Third Amendment | 987,525 | 994,112 | |||
2,998,483 | |||||
Paper & Plastic Packaging Products & Materials — 1.5% | |||||
Advanced Web Technologies (AWT), | 764,544 | 753,878 | |||
24
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Paper & Plastic Packaging Products & Materials — 1.5% (continued) | |||||
Advanced Web Technologies (AWT), First Amendment | 331,179 | 328,344 | |||
Advanced Web Technologies (AWT), First Amendment | 478,927 | 474,826 | |||
Advanced Web Technologies (AWT), First Requested | 2,122,793 | 2,104,617 | |||
Advanced Web Technologies (AWT), Fourth Amendment | 731,270 | 725,008 | |||
Advanced Web Technologies (AWT), Fourth Amendment | 1,575,310 | 1,561,822 | |||
Advanced Web Technologies (AWT), Second Amendment | 1,574,453 | 1,560,971 | |||
Advanced Web Technologies (AWT), | 879,168 | 871,640 | |||
Golden West Packaging Group LLC, | 2,739,471 | 1,793,203 | |||
10,174,309 | |||||
Paper Products — 0.9% | |||||
R-Pac International Corp. (Project Radio), | 5,845,220 | 5,845,220 | |||
Pharmaceuticals — 2.3% | |||||
Alvogen Pharma US, Inc., Loan — Second Lien | 2,562,699 | 1,453,192 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
25
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Pharmaceuticals — 2.3% (continued) | |||||
Nephron Pharmaceuticals, LLC, | 1,411,173 | 1,411,173 | |||
Nephron Pharmaceuticals, LLC, | 4,797,130 | 4,773,144 | |||
Syner-G Intermediate Holdings, LLC, | 143,713 | 136,527 | |||
Syner-G Intermediate Holdings, LLC, | 8,540,599 | 8,113,569 | |||
15,887,605 | |||||
Rail Transportation — 0.3% | |||||
Beacon Mobility Corp., 2026 Refinancing | 60,241 | 60,401 | |||
Beacon Mobility Corp., 2026 Refinancing | 1,966,265 | 1,971,485 | |||
2,031,886 | |||||
Real Estate Development — 1.5% | |||||
841 Prudential MOB LLC, Term Loan — First Lien | 9,837,838 | 9,837,837 | |||
Real Estate Services — 1.4% | |||||
Avison Young (Canada) Inc., | 504,217 | 479,006 | |||
Avison Young (Canada) Inc., | 7,859,993 | 7,103,468 | |||
Avison Young (Canada) Inc., | 1,355,041 | 1,287,289 | |||
26
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Real Estate Services — 1.4% (continued) | |||||
Avison Young (Canada) Inc., | 1,757,237 | 680,929 | |||
Avison Young (Canada) Inc., | 577,882 | 114,132 | |||
9,664,824 | |||||
Research & Consulting Services — 6.9% | |||||
CC Amulet Management, LLC (Children’s Choice), | 300,545 | 300,545 | |||
CC Amulet Management, LLC (Children’s Choice), | 47,249 | 47,250 | |||
CC Amulet Management, LLC (Children’s Choice), | 3,148,654 | 3,148,654 | |||
CC Amulet Management, LLC (Children’s Choice), | 3,236,364 | 3,236,364 | |||
Citrin Cooperman Advisors LLC, | 7,462 | 7,273 | |||
Eisner Advisory Group LLC, February 2024 | 1,071,362 | 1,054,478 | |||
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), | 653,784 | 647,246 | |||
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), | 9,850,000 | 9,751,500 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
27
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Research & Consulting Services — 6.9% (continued) | |||||
HFW Cos., LLC (fka HFW Holdings, LLC), | 2,761,458 | 2,740,747 | |||
HFW Cos., LLC (fka HFW Holdings, LLC), | 133,333 | 132,333 | |||
(PRIME 3 month + 4.00%), 10.75%, 05/01/2031‡ (b)(c) | 100,000 | 99,250 | |||
HFW Cos., LLC (fka HFW Holdings, LLC), | 6,195,223 | 6,148,759 | |||
Motus Group, LLC, Initial Term Loan — First Lien | 987,469 | 841,205 | |||
PRGX Global, Inc., Initial Term Loan — First Lien | 3,118,421 | 3,063,911 | |||
Sagebrush Buyer, LLC (Province), | 9,147,640 | 9,147,640 | |||
Strategy Corps., LLC, Revolving Credit Loan — First Lien | 299,406 | 294,915 | |||
Strategy Corps., LLC, Term Loan — First Lien | 6,463,816 | 6,366,859 | |||
47,028,929 | |||||
Restaurants — 0.4% | |||||
Cooper’s Hawk Intermediate Holding, LLC, | 2,545,101 | 2,544,312 | |||
Cooper’s Hawk Intermediate Holding, LLC, | 64,737 | 64,332 | |||
2,608,644 | |||||
28
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Security & Alarm Services — 1.9% | |||||
LSF12 Crown US Commercial Bidco, LLC (Kidde Global | 2,447,762 | 2,456,734 | |||
SuperHero Fire Protection, LLC, Eleventh | 10,255,850 | 10,255,850 | |||
SuperHero Fire Protection, LLC, | 376,347 | 376,347 | |||
13,088,931 | |||||
Soft Drinks & Non-alcoholic Beverages — 0.4% | |||||
Pegasus BidCo B.V. (Refresco), 2026‑1 Dollar | 3,000,000 | 3,005,010 | |||
Specialized Consumer Services — 3.0% | |||||
Allwyn Entertainment Financing US LLC, | 1,500,000 | 1,484,062 | |||
Case Works, LLC, Delayed Draw Term Loan — First Lien | 746,918 | 694,634 | |||
Case Works, LLC, Revolving Loan — First Lien | 455,603 | 423,711 | |||
Case Works, LLC, Term Loan — First Lien | 4,975,808 | 4,627,502 | |||
LaserAway Intermediate Holdings II, LLC, | 4,043,372 | 4,043,372 | |||
Mammoth Holdings, LLC, Delayed Draw | 893,409 | 848,739 | |||
Mammoth Holdings, LLC, Initial Revolving | 13,636 | 12,954 | |||
Mammoth Holdings, LLC, Initial Term Loan — First Lien | 3,554,545 | 3,376,818 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
29
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Specialized Consumer Services — 3.0% (continued) | |||||
Owl Vans, LLC, Revolving Loan — First Lien | 249,600 | 247,728 | |||
Owl Vans, LLC, Term Loan — First Lien | 2,451,378 | 2,432,993 | |||
Thermostat Purchaser III, Inc., | 2,203,627 | 2,182,141 | |||
20,374,654 | |||||
Specialized Finance — 0.1% | |||||
iLending LLC, Revolving Loan — First Lien | 5,255 | 5,256 | |||
iLending LLC, Term A Loan — First Lien | 661,403 | 241,412 | |||
iLending LLC, Term B Loan — First Lien | 663,743 | — | |||
Peak UK Bidco Ltd. (Stats Perform), | 647,679 | 627,439 | |||
874,107 | |||||
Specialty Chemicals — 0.2% | |||||
RLG Holdings, LLC, 2022 Incremental | 2,596,167 | 1,259,141 | |||
RLG Holdings, LLC, Closing Date Initial | 893,985 | 352,007 | |||
1,611,148 | |||||
Systems Software — 0.2% | |||||
Perforce Software, Inc., 2024‑1 Refinancing | 2,962,406 | 1,670,590 | |||
30
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Trading Companies & Distributors — 0.5% | |||||
DXP Enterprises, Inc., 2025 Incremental | 1,970,100 | 1,981,389 | |||
Harrington Process Solutions (BCPE HIPH Parent Inc), | 1,356,688 | 1,360,080 | |||
Harrington Process Solutions (BCPE HIPH Parent Inc), | 143,312 | 143,670 | |||
3,485,139 | |||||
Trucking — 1.3% | |||||
A&R Logistics Holdings, Inc., Tranche 7 | 3,376,549 | 2,025,930 | |||
A&R Logistics Holdings, Inc., Tranche 9 Incremental | 638,989 | 383,393 | |||
A&R Logistics Holdings, Inc., | 145,601 | 145,601 | |||
First Student Bidco Inc. (First Transit Parent Inc.), | 2,149,274 | 2,153,003 | |||
Stonepeak Taurus Lower Holdings LLC (TRAC), | 5,000,000 | 4,306,800 | |||
9,014,727 | |||||
Water Utilities — 0.9% | |||||
Waste Resource Management, Inc., | 1,534,411 | 1,534,411 | |||
Waste Resource Management, Inc., | 155,181 | 155,181 | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
31
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Water Utilities — 0.9% (continued) | |||||
Waste Resource Management, Inc., | 4,136,495 | 4,136,495 | |||
5,826,087 | |||||
Total Senior Loans | 556,199,520 | ||||
Public Structured Credit — 10.1% | |||||
Collateralized Loan Obligation — 5.8% | |||||
Anthelion CLO Ltd. (Cayman Islands) | 2,000,000 | 2,003,290 | |||
Ares LXVII CLO Ltd. (Jersey) | 2,000,000 | 1,962,394 | |||
Capital Four US CLO Ltd. (Cayman Islands) | 1,500,000 | 1,507,624 | |||
Elmwood CLO XI Ltd. (Cayman Islands) | 5,000,000 | 5,014,315 | |||
Garnet CLO 5 Ltd. (Cayman Islands) | 2,200,000 | 2,181,175 | |||
KKR CLO 67 Ltd. (Cayman Islands) | 3,000,000 | 3,002,250 | |||
Madison Park Funding LXI Ltd. (Jersey) | 2,100,000 | 2,104,049 | |||
Madison Park Funding LXIX Ltd. (Cayman Islands) | 5,000,000 | 5,004,530 | |||
32
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Collateralized Loan Obligation — 5.8% (continued) | |||||
Madison Park Funding XXXV Ltd. (Cayman Islands) | 1,300,000 | 1,281,553 | |||
Neuberger Berman Loan Advisers CLO 34 Ltd. | 1,000,000 | 1,002,213 | |||
OFSI BSL XVI CLO Ltd. (Cayman Islands) | 1,000,000 | 1,002,696 | |||
Silver Point CLO 16 Ltd. (Cayman Islands) | 2,470,000 | 2,476,494 | |||
Silver Point CLO 5 Ltd. | 1,000,000 | 987,385 | |||
Sixth Street CLO XI Ltd. (Cayman Islands) | 2,000,000 | 2,011,302 | |||
Sycamore Tree CLO Ltd. (Cayman Islands) | 1,000,000 | 1,001,352 | |||
Symphony CLO 42 Ltd. (Bermuda) | 1,250,000 | 1,251,347 | |||
Symphony CLO 43 Ltd. (Cayman Islands) | 4,500,000 | 4,505,373 | |||
Voya CLO Ltd. (Cayman Islands) | 1,250,000 | 1,253,066 | |||
39,552,408 | |||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
33
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Principal Amount ($) | Value ($) |
Residential Mortgage-Backed Securities — 2.3% | |||||
Ellington Financial Mortgage Trust | 3,000,000 | 2,954,276 | |||
Ocwen Loan Investment Trust | 5,000,000 | 4,262,940 | |||
Series 2026-HB2, Class M4, | 3,000,000 | 2,534,092 | |||
Series 2026-HB3, Class M4, | 4,000,000 | 3,365,860 | |||
Verus Securitization Trust | 2,588,000 | 2,489,799 | |||
15,606,967 | |||||
Commercial Mortgage-Backed Securities — 2.0% | |||||
FHLMC MSCR Trust | 2,500,000 | 2,519,874 | |||
Series 2026-MN14, Class M2, | 5,800,000 | 5,799,434 | |||
Series 2026-MN14, Class B1, | 5,000,000 | 4,998,045 | |||
13,317,353 | |||||
Total Public Structured Credit | 68,476,728 | ||||
Shares | |||||
Common Stocks — 0.9% | |||||
Commodity Chemicals — 0.0% | |||||
A&A Global Imports LLC, Class A*‡ (b)(c)(d) | 41 | — | |||
Construction & Engineering — 0.0% (f) | |||||
TSX Fiber Services, LLC (TriStrux), | 1,739 | 32,493 | |||
32,493 | |||||
IT Services — 0.9% | |||||
Solugenix Lenders I LLC*‡ (b)(c) | 6,155,556 | 6,155,556 | |||
34
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Investments | Shares | Value ($) |
Common Stocks — 0.9% (continued) | |||||
Pharmaceuticals — 0.0% | |||||
WHF Equity Consideration LLC*‡ (b)(c)(d) | 9 | — | |||
Real Estate Services — 0.0% (f) | |||||
Avison Young-Investments LLC (Canada)*‡ (d) | 1,236 | 68 | |||
Avison Young-Investments LLC, | 1,950,816 | 107,295 | |||
107,363 | |||||
Transportation Infrastructure — 0.0% (f) | |||||
Limetree Bay Cayman, Ltd.*‡ (c) | 1,430 | 14 | |||
Total Common Stocks | 6,295,426 | ||||
Principal Amount ($) | |||||
Corporate Bonds — 0.1% | |||||
Entertainment — 0.1% | |||||
Allen Media LLC | 2,740,000 | 1,096,000 | |||
Number of Warrants | |||||
Warrants — 0.0% (f) | |||||
Apparel Retail — 0.0% (f) | |||||
Xcel Brands, Inc., expiring 12/12/2034*‡ (b)(c) | 5,751 | 3,048 | |||
Interactive Media & Services — 0.0% | |||||
Ingenio LLC, expiring 3/28/2030*‡ (b)(c)(d) | 78 | — | |||
Total Warrants | 3,048 | ||||
Shares | |||||
Short-Term Investments — 5.4% | |||||
Investment Companies — 5.4% | |||||
JP Morgan U.S. Government Money Market Fund, | 36,559,369 | 36,559,369 | |||
Total Investments — 98.3% | 668,630,091 | ||||
Other Assets Less Liabilities — 1.7% | 11,186,877 | ||||
Net Assets — 100.0% | 679,816,968 | ||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
35
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | |||||||||
1959 Holdings, LLC (Family Dollar), | 11/12/25 | $ | 5,187,390 | $ | 100.00 | |||||||
360 Partners, LLC, Revolving Loan — | 04/06/26 - 05/15/26 | 137,945 | 97.75 | |||||||||
360 Partners, LLC, Term Loan — First Lien | 08/07/25 | 1,028,091 | 97.75 | |||||||||
841 Prudential MOB LLC, Term Loan — | 10/09/24 | 9,769,465 | 100.00 | |||||||||
A&A Global Imports LLC, Class A | 02/15/24 | — | 0.00 | |||||||||
A&A Global Imports, LLC, First Out Term | 06/01/21 - 10/19/22 | 1,119,540 | 0.00 | |||||||||
A&A Global Imports, LLC, Last Out Term | 06/01/21 - 10/19/22 | 15,596 | 0.00 | |||||||||
A&A Global Imports, LLC, Last Out Term | 12/10/21 - 12/16/21 | 1,287,713 | 0.00 | |||||||||
A&A Global Imports, LLC, New Revolving | 02/14/24 - 05/06/26 | 88,109 | 48.00 | |||||||||
A&R Logistics Holdings, Inc., Tranche 7 | 07/06/22 - 01/02/06 | 3,372,996 | 60.00 | |||||||||
A&R Logistics Holdings, Inc., Tranche 9 | 08/01/22 - 04/02/26 | 638,719 | 60.00 | |||||||||
A&R Logistics Holdings, Inc., Tranche B | 02/05/26 - 06/11/26 | 142,047 | 100.00 | |||||||||
Advanced Medical Management, LLC | 06/18/26 | 738,940 | 100.00 | |||||||||
Advanced Web Technologies (AWT), | 03/14/24 - 07/02/24 | 763,676 | 98.60 | |||||||||
36
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
Advanced Web Technologies (AWT), | 05/09/23 | $ | 329,380 | $ | 99.14 | ||||||
Advanced Web Technologies (AWT), | 02/13/24 | 478,929 | 99.14 | ||||||||
Advanced Web Technologies (AWT), | 10/18/22 - 07/02/24 | 2,114,290 | 99.14 | ||||||||
Advanced Web Technologies (AWT), | 03/24/25 - 09/08/25 | 723,768 | 99.14 | ||||||||
Advanced Web Technologies (AWT), | 07/02/24 | 1,562,802 | 99.14 | ||||||||
Advanced Web Technologies (AWT), | 02/13/24 - 07/02/24 | 1,573,863 | 99.14 | ||||||||
Advanced Web Technologies (AWT), | 02/05/21 - 07/02/24 | 875,473 | 99.14 | ||||||||
Advantmed Buyer Inc., Delayed Draw | 03/21/25 | 1,140,391 | 99.00 | ||||||||
Advantmed Buyer Inc., Initial Term | 02/14/25 | 8,001,209 | 99.00 | ||||||||
Air Buyer Inc. (Condata Global), | 12/01/25 - 12/30/25 | 220,023 | 87.00 | ||||||||
Air Buyer Inc. (Condata Global), Term | 07/23/24 - 04/02/26 | 3,237,655 | 87.00 | ||||||||
Air Conditioning Specialist, Inc., | 11/19/24 | 4,897,390 | 99.50 | ||||||||
Air Conditioning Specialist, Inc., | 11/29/24 - 08/22/25 | 1,699,746 | 99.50 | ||||||||
Air Conditioning Specialist, Inc., | 02/27/25 - 12/29/25 | 324,827 | 99.50 | ||||||||
Alpine SG, LLC (ASG), February 2023 | 02/03/23 | 119,828 | 100.00 | ||||||||
Alpine SG, LLC (ASG), Initial Term | 11/05/21 | 351,042 | 100.00 | ||||||||
Alpine SG, LLC (ASG), May 2022 | 05/13/22 | 184,215 | 100.00 | ||||||||
Alpine SG, LLC (ASG), November 2021 | 11/24/21 | 340,688 | 100.00 | ||||||||
Anne Arundel Dermatology Management, | 03/14/22 | 126,563 | 93.58 | ||||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
37
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
Anne Arundel Dermatology | 03/14/22 | $ | 215,283 | $ | 94.00 | ||||||
Anne Arundel Dermatology | 11/09/21 - 11/09/23 | 604,528 | 93.57 | ||||||||
Anne Arundel Dermatology | 02/05/21 - 03/14/22 | 2,092,361 | 94.00 | ||||||||
Apella Capital, LLC, Delayed Draw Term | 08/30/24 - 12/27/24 | 244,418 | 100.00 | ||||||||
Apella Capital, LLC, First Amendment | 12/27/24 - 06/03/25 | 289,504 | 100.00 | ||||||||
Apella Capital, LLC, First Amendment | 12/04/24 | 575,251 | 100.00 | ||||||||
Apella Capital, LLC, Initial Term Loan — | 03/01/24 | 1,230,017 | 100.00 | ||||||||
Apella Capital, LLC, Second Amendment | 06/03/25 - 06/27/25 | 979,313 | 100.00 | ||||||||
Apella Capital, LLC, Second Amendment | 03/06/25 | 970,245 | 100.00 | ||||||||
Apella Capital, LLC, Third Amendment | 06/27/25 - 09/09/25 | 341,321 | 100.00 | ||||||||
AppHub LLC, Delayed Draw Term Loan — | 10/04/22 - 04/02/24 | 361,439 | 99.00 | ||||||||
AppHub LLC, June 2024 Delayed Draw | 08/29/24 | 2,007,399 | 99.00 | ||||||||
AppHub LLC, Revolving Credit Loan — | 09/25/25 | 102,169 | 99.00 | ||||||||
AppHub LLC, Term Loan — First Lien | 09/29/22 | 2,609,131 | 99.00 | ||||||||
APS Acquisition Holdings, LLC, Delayed | 04/08/25 - 04/01/26 | 2,200,861 | 99.50 | ||||||||
APS Acquisition Holdings, LLC, Initial | 07/10/24 | 6,057,020 | 99.50 | ||||||||
Argano, LLC, 2025 Delayed Draw | 04/03/25 - 12/31/25 | 2,008,880 | 100.00 | ||||||||
Argano, LLC, Initial Term Loan — | 09/13/24 - 04/10/25 | 7,541,505 | 100.00 | ||||||||
Auxey Bidco Ltd. (Alexander Mann | 12/13/24 - 07/21/25 | 2,890,643 | 99.75 | ||||||||
Bandon Fitness Texas, Inc., Delayed | 07/01/22 - 10/31/25 | 1,262,836 | 91.50 | ||||||||
38
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
Bandon Fitness Texas, Inc., Initial | 07/27/22 - 10/31/25 | $ | 2,828,605 | $ | 91.41 | ||||||
Bandon Fitness Texas, Inc., Revolving | 04/23/25 | 243,792 | 91.40 | ||||||||
BCDI BHI Intermediate 2, LP (Basic Home | 02/13/24 | 1,198,334 | 100.00 | ||||||||
BCDI BHI Intermediate 2, LP (Basic Home | 09/30/22 | 2,829,511 | 100.00 | ||||||||
BCDI BHI Intermediate 2, LP (Basic Home | 09/30/22 - 06/05/26 | 320,614 | 100.00 | ||||||||
BCDI Rodeo Dental Buyer, LLC (Toothfairy), | 06/16/26 | 2,028,467 | 100.00 | ||||||||
Blazing Star Parent, LLC, Closing Date | 11/12/25 | 7,747,229 | 100.00 | ||||||||
Boston Clinical Trials LLC (Alcanza | 05/31/24 | 889,093 | 100.00 | ||||||||
Boston Clinical Trials LLC (Alcanza | 04/19/24 | 2,042,480 | 100.00 | ||||||||
Boston Clinical Trials LLC (Alcanza | 12/21/21 - 02/13/24 | 4,594,983 | 100.00 | ||||||||
Case Works, LLC, Delayed Draw | 12/13/24 - 09/26/25 | 744,507 | 93.00 | ||||||||
Case Works, LLC, Revolving Loan — | 12/11/24 - 02/19/26 | 451,742 | 93.00 | ||||||||
Case Works, LLC, Term Loan — First Lien | 10/01/24 | 4,933,017 | 93.00 | ||||||||
CC Amulet Management, LLC | 08/31/21 | 300,206 | 100.00 | ||||||||
CC Amulet Management, LLC | 12/16/22 | 47,087 | 100.00 | ||||||||
CC Amulet Management, LLC | 08/30/24 - 02/11/26 | 3,140,294 | 100.00 | ||||||||
CC Amulet Management, LLC | 08/31/21 - 08/09/24 | 3,221,687 | 100.00 | ||||||||
CI (MG) Group, LLC (Mariani Landscape), | 04/11/25 - 05/01/26 | 2,059,115 | 100.00 | ||||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
39
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
CI (MG) Group, LLC (Mariani Landscape), | 03/27/25 | $ | 6,767,675 | $ | 100.00 | ||||||
CI (MG) Group, LLC (Mariani Landscape), | 05/13/25 - 03/31/26 | 419,178 | 100.00 | ||||||||
Community Based Care Acquisition, Inc. | 06/15/22 - 06/15/22 | 873,858 | 100.00 | ||||||||
Community Based Care Acquisition, Inc. | 09/30/22 | 970,985 | 100.00 | ||||||||
Community Based Care Acquisition, Inc. | 03/19/24 - 08/04/25 | 1,966,054 | 100.00 | ||||||||
Community Based Care Acquisition, Inc. | 09/16/21 | 2,148,160 | 100.00 | ||||||||
ConvenientMD (CMD Intermediate | 09/02/25 - 03/03/26 | 39,501 | 93.00 | ||||||||
ConvenientMD (CMD Intermediate | 11/24/21 - 06/09/22 | 1,756,534 | 93.00 | ||||||||
Cooper’s Hawk Intermediate Holding, | 07/28/25 | 2,514,632 | 99.97 | ||||||||
Cooper’s Hawk Intermediate Holding, | 06/18/26 | 64,367 | 99.38 | ||||||||
Danforth Health, Inc., Delayed Draw | 10/24/24 | 672,542 | 100.00 | ||||||||
Danforth Health, Inc., First Amendment | 12/01/22 | 946,441 | 100.00 | ||||||||
Danforth Health, Inc., Fourth Amendment | 08/30/24 | 1,860,771 | 100.00 | ||||||||
Danforth Health, Inc., Initial Term Loan — | 05/13/22 | 1,204,449 | 100.00 | ||||||||
Danforth Health, Inc., Revolving Credit | 12/09/21 - 02/26/26 | 67,335 | 100.00 | ||||||||
Danforth Health, Inc., Second Amendment | 05/24/24 | 7,107,103 | 100.00 | ||||||||
Data Driven Intermediate, LLC, Term | 05/01/25 | 2,426,500 | 100.00 | ||||||||
EiKO Global, LLC, Revolving Credit | 09/02/25 - 09/09/25 | 3,381,355 | 100.00 | ||||||||
Elevate HD Parent, Inc., Delayed Draw | 12/01/23 | 73,520 | 100.00 | ||||||||
40
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
Elevate HD Parent, Inc., Delayed Draw | 08/09/24 - 02/13/26 | $ | 1,715,710 | $ | 100.00 | ||||||
Elevate HD Parent, Inc., Initial Term | 08/18/23 | 3,125,875 | 100.00 | ||||||||
Elevate HD Parent, Inc., Revolving Loan — | 02/24/26 - 05/27/26 | 256,388 | 100.00 | ||||||||
Eliassen Group, LLC, Initial Delayed Draw | 03/31/22 - 09/29/23 | 169,231 | 97.75 | ||||||||
Eliassen Group, LLC, Initial Term Loan — | 08/03/22 | 2,343,534 | 97.75 | ||||||||
Endo1 Partners, LLC, Initial Term Loan — | 05/23/25 | 1,489,509 | 99.75 | ||||||||
Endo1 Partners, LLC, Last Out Term | 05/23/25 | 5,590,897 | 99.50 | ||||||||
Endo1 Partners, LLC, Revolving Loan — | 05/23/25 - 04/16/26 | 562,954 | 99.75 | ||||||||
Enthusiast Auto Holdings, LLC | 12/20/24 | 4,341,700 | 100.00 | ||||||||
Enthusiast Auto Holdings, LLC | 03/20/23 | 1,375,739 | 100.00 | ||||||||
Epic Staffing Group (Cirrus/Tempus/ | 06/27/22 - 09/15/23 | 4,688,451 | 74.75 | ||||||||
Greenway Health, LLC (fka Vitera | 12/18/23 | 6,808,489 | 100.00 | ||||||||
HANSEI SOLUTIONS, LLC (fka RMBUS | 01/22/26 | 1,023,179 | 100.00 | ||||||||
HANSEI SOLUTIONS, LLC (fka RMBUS | 01/08/24 | 2,731,401 | 100.00 | ||||||||
HANSEI SOLUTIONS, LLC (fka RMBUS | 01/27/26 | 255,362 | 100.00 | ||||||||
Harbour Benefit Holdings, Inc. (Zenith | 07/11/24 - 04/06/26 | 646,238 | 99.00 | ||||||||
Harbour Benefit Holdings, Inc. (Zenith | 07/11/24 | 9,750,856 | 99.00 | ||||||||
HFW Cos., LLC (fka HFW Holdings, LLC), | 05/01/25 - 06/01/26 | 2,752,008 | 99.25 | ||||||||
HFW Cos., LLC (fka HFW Holdings, LLC), | 04/30/26 - 06/16/26 | 230,748 | 99.25 | ||||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
41
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | |||||||||
HFW Cos., LLC (fka HFW Holdings, LLC), | 05/01/25 | $ | 6,137,126 | $ | 99.25 | |||||||
Houseworks Holdings, Fourth Amendment | 05/28/24 | 2,565,358 | 99.00 | |||||||||
Houseworks Holdings, Revolving Loan — | 12/31/24 - 03/02/26 | 263,799 | 99.00 | |||||||||
Houseworks Holdings, Third Amendment | 08/02/24 - 02/28/25 | 715,057 | 99.00 | |||||||||
Houseworks Holdings, Third Amendment | 09/01/23 | 1,623,309 | 99.00 | |||||||||
Hydrofarm Holdings Group, Inc., | 12/10/21 - 03/18/22 | 1,104,185 | 27.00 | |||||||||
iLending LLC, Revolving Loan — First Lien | 03/23/26 | 5,227 | 100.00 | |||||||||
iLending LLC, Term A Loan — First Lien | 05/16/25 | 625,616 | 36.50 | |||||||||
iLending LLC, Term B Loan — First Lien | 05/16/25 | 625,552 | 0.00 | |||||||||
In Vitro Sciences, LLC (New IVS | 02/29/24 - 07/15/24 | 6,691,432 | 99.00 | |||||||||
In Vitro Sciences, LLC (New IVS | 02/29/24 - 07/15/24 | 2,027,779 | 99.00 | |||||||||
In Vitro Sciences, LLC (New IVS Holdings, | 10/03/25 | 207,801 | 99.00 | |||||||||
Inflexionpoint LLC (fka Automated Control | 10/22/21 - 05/06/22 | 1,857,694 | 99.75 | |||||||||
Ingenio LLC | 03/28/25 | — | 0.00 | |||||||||
Ingenio LLC, First Amendment Term | 04/28/22 | 4,303,637 | 92.99 | |||||||||
Ingenio LLC, Term Loan — First Lien | 08/03/21 | 1,374,840 | 93.00 | |||||||||
IPM MSO Management, LLC, Closing Date | 12/10/21 | 737,583 | 97.00 | |||||||||
IPM MSO Management, LLC, Delayed Draw | 06/15/22 | 88,739 | 97.00 | |||||||||
IPM MSO Management, LLC, Second | 05/10/22 | 202,995 | 97.00 | |||||||||
Irving Parent, Corp. (Quisitive), Initial | 03/11/25 | 10,068,178 | 98.00 | |||||||||
Irving Parent, Corp. (Quisitive), Revolving | 05/27/26 | 147,454 | 98.00 | |||||||||
Kobra International, Ltd. (d/b/a Nicole | 05/17/22 - 09/27/24 | 6,520,963 | 100.00 | |||||||||
LaserAway Intermediate Holdings II, LLC, | 07/27/22 - 09/11/23 | 4,022,159 | 100.00 | |||||||||
42
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
Lash OpCo, LLC, Initial Term Loan — | 02/05/21 | $ | 2,095,786 | $ | 94.91 | ||||||
LBH Services, LLC, Delayed Draw | 03/28/22 | 309,044 | 68.87 | ||||||||
LBH Services, LLC, Revolving Loan — | 03/28/22 - 02/17/23 | 777,002 | 69.00 | ||||||||
LBH Services, LLC, Term Loan — First Lien | 03/28/22 | 1,486,788 | 68.87 | ||||||||
Life Northwestern Pennsylvania, LLC | 02/13/24 | 565,049 | 100.00 | ||||||||
Life Northwestern Pennsylvania, LLC | 12/10/21 | 1,676,662 | 100.00 | ||||||||
Life Northwestern Pennsylvania, LLC | 01/23/23 - 01/26/26 | 269,669 | 100.00 | ||||||||
LMSI Buyer, LLC, Initial Term Loan — | 12/10/21 - 11/09/23 | 2,099,212 | 92.00 | ||||||||
LMSI Buyer, LLC, Revolving Credit | 10/25/21 - 01/05/26 | 443,896 | 92.00 | ||||||||
MAG DS Corp., Initial Term Loan — | 01/07/26 - 02/05/21 | 1,925,234 | 99.90 | ||||||||
Mammoth Holdings, LLC, Delayed | 11/14/23 | 887,415 | 95.00 | ||||||||
Mammoth Holdings, LLC, Initial | 06/26/26 | 13,493 | 95.00 | ||||||||
Mammoth Holdings, LLC, Initial | 11/14/23 | 3,503,439 | 95.00 | ||||||||
Marlin DTC — LS Midco 2, LLC | 04/08/21 | 1,407,892 | 95.50 | ||||||||
McHale & McHale Landscape Design, | 07/16/25 | 2,477,741 | 100.00 | ||||||||
McHale & McHale Landscape Design, | 12/01/25 - 05/01/26 | 668,450 | 100.00 | ||||||||
Medrina, LLC, Initial Term Loan — | 10/20/23 | 5,303,139 | 100.00 | ||||||||
Medrina, LLC, Primary Delayed Draw | 01/22/25 | 945,189 | 100.00 | ||||||||
Monarch Behavioral Therapy, LLC, | 06/06/24 | 9,372,636 | 99.50 | ||||||||
Monarch Behavioral Therapy, LLC, | 06/06/24 | 1,448,861 | 99.50 | ||||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
43
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
Monarch Behavioral Therapy, LLC, | 12/30/24 - 10/22/25 | $ | 989,449 | $ | 99.50 | ||||||
Montana Buyer Inc., Initial Term | 06/15/22 | 2,580,376 | 100.00 | ||||||||
National Convenience Distributors, LLC, | 10/08/25 | 627,390 | 100.00 | ||||||||
National Convenience Distributors, LLC, | 10/08/25 | 4,994,969 | 100.00 | ||||||||
Nephron Pharmaceuticals, LLC, FO | 01/31/25 | 1,399,907 | 100.00 | ||||||||
Nephron Pharmaceuticals, LLC, LO | 01/31/25 | 4,739,658 | 99.50 | ||||||||
Newcleus, LLC, Initial Term Loan — | 08/04/21 | 31,206 | 99.49 | ||||||||
Newcleus, LLC, Initial Term Loan — | 08/02/21 | 1,156,831 | 99.49 | ||||||||
Owl Vans, LLC, Revolving Loan — First Lien | 09/26/25 | 246,685 | 99.25 | ||||||||
Owl Vans, LLC, Term Loan — First Lien | 12/31/24 | 2,427,070 | 99.25 | ||||||||
Penney Holdings LLC (Catalyst Brands), | 11/12/25 | 5,867,545 | 100.00 | ||||||||
Prescott’s Inc. (aka Greenjacket), | 10/24/25 | 1,181,993 | 100.00 | ||||||||
Prescott’s Inc. (aka Greenjacket), Term | 12/30/24 | 3,978,051 | 100.00 | ||||||||
PRGX Global, Inc., Initial Term Loan — | 02/20/25 | 3,092,964 | 98.25 | ||||||||
Quorum Health Resources (QHR), 2023 | 06/30/23 | 1,929,672 | 100.00 | ||||||||
Quorum Health Resources (QHR), Specified | 02/13/24 | 1,941,765 | 100.00 | ||||||||
Quorum Health Resources (QHR), | 05/28/21 | 1,024,772 | 100.00 | ||||||||
R.L. James, Inc. (HH Restore | 02/15/23 | 927,526 | 100.00 | ||||||||
R.L. James, Inc. (HH Restore | 12/15/23 - 08/07/25 | 877,809 | 100.00 | ||||||||
R.L. James, Inc. (HH Restore Acquisition), | 08/07/25 | 305,598 | 100.00 | ||||||||
R.L. James, Inc. (HH Restore Acquisition), | 01/16/26 - 06/03/26 | 267,826 | 100.00 | ||||||||
44
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | ||||||||
R.L. James, Inc. (HH Restore Acquisition), | 01/16/26 | $ | 2,085,286 | $ | 100.00 | ||||||
Rachel Zoe Creations, LLC, Term Loan — | 12/15/25 | 4,575,016 | 100.00 | ||||||||
R-Pac International Corp. (Project Radio), | 05/19/26 | 5,845,220 | 100.00 | ||||||||
Sagebrush Buyer, LLC (Province), Initial | 07/01/24 | 9,044,508 | 100.00 | ||||||||
Sapio Sciences, LLC (Jarvis Bidco), Initial | 11/18/22 | 3,174,040 | 100.00 | ||||||||
Schola Group Acquisition, Inc. (Lathan | 04/09/25 | 3,167,157 | 100.00 | ||||||||
Schola Group Acquisition, Inc. (Lathan | 08/01/25 - 03/13/26 | 1,561,548 | 100.00 | ||||||||
SHO Holding I Corp., Tranche A | 04/05/24 - 04/05/24 | 532,137 | 100.00 | ||||||||
Solugenix Corp. | 12/16/24 | 6,124,778 | 1.00 | ||||||||
SR Landscaping, LLC, Amendment No. 1 | 08/20/24 - 08/14/25 | 419,251 | 77.00 | ||||||||
SR Landscaping, LLC, Closing Date Term | 10/30/23 | 2,616,429 | 77.00 | ||||||||
SR Landscaping, LLC, Delayed Draw Term | 10/30/23 | 874,811 | 77.00 | ||||||||
SR Landscaping, LLC, Revolving Loan — | 10/30/23 - 08/20/25 | 440,749 | 77.00 | ||||||||
Strategy Corps., LLC, Revolving Credit | 03/14/25 - 01/09/26 | 296,064 | 98.50 | ||||||||
Strategy Corps., LLC, Term Loan — | 06/28/24 | 6,400,873 | 98.50 | ||||||||
Streetmasters Intermediate, Inc., | 04/17/25 - 03/27/26 | 249,075 | 99.50 | ||||||||
Streetmasters Intermediate, Inc., | 04/17/25 | 5,030,641 | 99.50 | ||||||||
SuperHero Fire Protection, LLC, | 07/31/25 | 10,122,184 | 100.00 | ||||||||
SuperHero Fire Protection, LLC, | 09/26/25 - 06/11/26 | 374,094 | 100.00 | ||||||||
Syner-G Intermediate Holdings, LLC, | 03/25/26 | 142,176 | 95.00 | ||||||||
Syner-G Intermediate Holdings, LLC, | 09/17/24 | 8,467,679 | 95.00 | ||||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
45
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | |||||||||
Technology Partners, LLC (Imagine | 11/16/21 | $ | 2,218,123 | $ | 100.00 | |||||||
The Mutual Group, LLC, Term Loan — | 01/31/24 | 4,713,875 | 100.00 | |||||||||
Thornton Carpet, LLC, Closing Date | 05/15/25 | 2,232,016 | 99.00 | |||||||||
Thornton Carpet, LLC, Revolving Loan — | 04/17/26 | 170,732 | 99.00 | |||||||||
Tri Scapes, LLC (HH-TRISCAPES | 07/12/24 | 4,848,429 | 99.00 | |||||||||
Tri Scapes, LLC (HH-TRISCAPES | 07/17/25 - 02/10/26 | 2,328,729 | 99.00 | |||||||||
Tri Scapes, LLC (HH-TRISCAPES | 03/09/26 - 05/18/26 | 741,662 | 99.00 | |||||||||
Tricor, LLC, Amendment No. 4 Delayed | 01/02/25 - 04/04/25 | 5,299,851 | 100.00 | |||||||||
Tricor, LLC, Amendment No.3 Incremental | 07/05/24 | 1,786,071 | 100.00 | |||||||||
Tricor, LLC, Delayed Draw Term Loan — | 02/13/24 - 02/13/24 | 704,066 | 100.00 | |||||||||
Tricor, LLC, Term Loan — First Lien | 10/22/21 | 1,872,202 | 100.00 | |||||||||
Triple Crown Consulting, LLC, | 06/02/26 - 06/03/26 | 35,734 | 100.00 | |||||||||
Triple Crown Consulting, LLC, Term A | 06/02/23 | 1,049,807 | 100.00 | |||||||||
TSX Fiber Services, LLC (TriStrux), | 05/11/26 | — | 18.68 | |||||||||
TSX Fiber Services, LLC (Tristrux), | 05/11/26 | 192,584 | 100.00 | |||||||||
TSX Fiber Services, LLC (Tristrux), | 05/11/26 | 290,596 | 100.00 | |||||||||
TSX Fiber Services, LLC (Tristrux), | 05/11/26 | 327,979 | 100.00 | |||||||||
Unified Patents, LLC, Term A Loan — | 12/23/24 | 6,981,503 | 100.00 | |||||||||
Violet Utility Buyer, LLC (Vannguard), | 07/24/25 | 3,918,729 | 98.00 | |||||||||
Violet Utility Buyer, LLC (Vannguard), | 03/17/26 - 05/27/26 | 754,765 | 98.00 | |||||||||
Visante Acquisition, LLC, Initial Term | 01/31/24 | 4,829,392 | 100.00 | |||||||||
46
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Restricted Securities | Acquisition Date | Cost | Carrying Value | |||||||||
Waste Resource Management, Inc., | 12/28/23 - 05/19/25 | $ | 1,529,437 | $ | 100.00 | |||||||
Waste Resource Management, Inc., | 03/26/26 - 04/28/26 | 153,681 | 100.00 | |||||||||
Waste Resource Management, Inc., | 12/28/23 | 4,096,205 | 100.00 | |||||||||
WHF Equity Consideration LLC | 01/01/26 | — | 0.00 | |||||||||
Xcel Brands, Inc. | 03/25/25 | — | 0.53 | |||||||||
XPT Partners, LLC, 2024 Delayed Draw | 12/10/24 - 04/16/26 | 995,783 | 100.00 | |||||||||
XPT Partners, LLC, 2024 Revolving | 12/10/24 - 08/15/25 | 112,055 | 100.00 | |||||||||
XPT Partners, LLC, Closing Date Term | 12/10/24 | 4,172,191 | 100.00 | |||||||||
$ | 469,998,480 | |||||||||||
As of June 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 | $ | 3,096,966 | |
Aggregate gross unrealized depreciation | (25,967,588 | ) | |
Net unrealized depreciation | $ | (22,870,622 | ) |
Federal income tax cost of investments | $ | 691,500,713 |
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
47
First Eagle Credit Opportunities Fund | Consolidated Schedule of Investments | June 30, 2026 (unaudited)
Abbreviations
See Notes to Consolidated Financial Statements.
48
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Consolidated Statement of Assets and Liabilities
June 30, 2026 (unaudited)
First Eagle Credit | ||||
Assets | ||||
Investments (Cost $691,500,713) (Note 2 and Note 3) | $668,630,091 | |||
Cash | 5,197,090 | |||
Receivable for investments sold | 13,583,551 | |||
Foreign tax reclaims receivable | 98,718 | |||
Unrealized appreciation on unfunded delayed draw loan commitments (Note 9) | 237,228 | |||
Receivable for Fund shares sold | 1,805,972 | |||
Accrued interest and dividends receivable | 4,423,723 | |||
Due from adviser (Note 6) | 1,104,125 | |||
Other assets | 2,153,672 | |||
Total Assets | 697,234,170 | |||
Liabilities | ||||
Investment advisory fees payable (Note 6) | 695,148 | |||
Payable for investments purchased | 10,992,677 | |||
Distribution fees payable (Note 7) | 29,879 | |||
Administrative fees payable (Note 6) | 285,333 | |||
Service fees payable (Note 7) | 10,000 | |||
Trustee fees payable | 4,392 | |||
Payable for dividends to shareholders | 3,800,711 | |||
Unrealized depreciation on unfunded/delayed draw loan commitments (Note 9) | 124,895 | |||
Unused commitment fee | 639,063 | |||
Accrued expenses and other liabilities | 835,104 | |||
Total Liabilities | 17,417,202 | |||
Commitments and contingent liabilities^ | — | |||
Net Assets | $679,816,968 | |||
Net Assets Consist of | ||||
Paid in capital | $772,887,747 | |||
Total distributable earnings (losses) | (93,070,779 | ) | ||
Net Assets | $679,816,968 | |||
50
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Consolidated Statement of Assets and Liabilities (continued)
June 30, 2026 (unaudited)
First Eagle Credit | ||||
Class A | ||||
Net Assets | $48,116,892 | |||
Shares Outstanding | 2,183,351 | |||
Net asset value per share and redemption proceeds per share | $22.04 | |||
Offering price per share (NAV per share plus maximum sales charge) | $22.61 | (1) | ||
Class A‑2 | ||||
Net Assets | $48,257,160 | |||
Shares Outstanding | 2,193,306 | |||
Net asset value per share and redemption proceeds per share | $22.00 | |||
Offering price per share (NAV per share plus maximum sales charge) | $22.56 | (1) | ||
Class I | ||||
Net Assets | $583,442,916 | |||
Shares Outstanding | 26,617,683 | |||
Net asset value per share and redemption proceeds per share | $21.92 | |||
See Notes to Consolidated Financial Statements.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
51
Consolidated Statement of Operations
Period ended June 30, 2026 (unaudited)
First Eagle Credit | ||||
Investment Income | ||||
Interest | $32,831,196 | |||
Dividends | 1,611,431 | |||
Total Income | 34,442,627 | |||
Expenses | ||||
Investment advisory fees (Note 6) | 4,464,841 | |||
Distribution fees (Note 7) | ||||
Class A | 60,213 | |||
Class A‑2 | 125,663 | |||
Shareholder servicing agent fees | 600,903 | |||
Service fees (Note 7) | ||||
Class A‑2 | 62,831 | |||
Administrative fees (Note 6) | 467,635 | |||
Professional fees | 511,487 | |||
Custodian and accounting fees | 357,938 | |||
Shareholder reporting fees | 153,724 | |||
Trustees’ fees (Note 6) | 14,270 | |||
Interest expense and fees on borrowings (Note 10) | 3,494,409 | |||
Registration and filing fees | 34,889 | |||
Other expenses | 86,286 | |||
Total Expenses | 10,435,089 | |||
Expense waiver (Note 6) | (4,758,659 | ) | ||
Expense reductions due to earnings credits (Note 2) | (140,509 | ) | ||
Net Expenses | 5,535,921 | |||
Net Investment Income (Note 2) | 28,906,706 | |||
Realized and Unrealized Gains (Losses) on Investments and Unfunded | ||||
Net realized gains (losses) from: | ||||
Transactions in investments | (4,728,304 | ) | ||
(4,728,304 | ) | |||
Changes in unrealized appreciation (depreciation) of: | ||||
Investments | (6,102,325 | ) | ||
Unfunded delayed draw loan commitments | 118,477 | |||
(5,983,848 | ) | |||
Net realized and unrealized (losses) on investments and unfunded | (10,712,152 | ) | ||
Net Increase in Net Assets Resulting from Operations | $18,194,554 | |||
See Notes to Consolidated Financial Statements.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Consolidated Statements of Changes in
Net Assets
First Eagle Credit | ||||||
For the Six | For the year | |||||
Operations | ||||||
Net investment income | $28,906,706 | $69,647,677 | ||||
Net realized (loss) from investments | (4,728,304 | ) | (23,514,571 | ) | ||
Change in unrealized (depreciation) of investments | (5,983,848 | ) | (861,951 | ) | ||
Net increase in net assets resulting from operations | 18,194,554 | 45,271,155 | ||||
Distributions to Shareholders | ||||||
Distributable earnings: | ||||||
Class A | (2,169,821 | ) | (4,168,584 | ) | ||
Class A‑2 | (2,176,386 | ) | (3,719,336 | ) | ||
Class I | (27,274,752 | ) | (59,999,848 | ) | ||
Decrease in net assets resulting from distributions | (31,620,959 | ) | (67,887,768 | ) | ||
Fund Share Transactions | ||||||
Class A | ||||||
Net proceeds from shares sold | 7,855,755 | 6,454,558 | ||||
Net asset value of shares issued for reinvested dividends and | 553,769 | 917,443 | ||||
Cost of shares redeemed*** | (7,997,818 | ) | (8,679,207 | ) | ||
Increase (decrease) in net assets from Class A share transactions | 411,706 | (1,307,206 | ) | |||
Class A‑2 | ||||||
Net proceeds from shares sold | 4,085,567 | 11,997,792 | ||||
Net asset value of shares issued for reinvested dividends and | 1,232,066 | 2,415,586 | ||||
Cost of shares redeemed*** | (7,335,445 | ) | (1,950,390 | ) | ||
Increase (decrease) in net assets from Class A‑2 share transactions | (2,017,812 | ) | 12,462,988 | |||
Class I | ||||||
Net proceeds from shares sold | 30,575,413 | 109,066,155 | ||||
Net asset value of shares issued for reinvested dividends and | 5,515,601 | 12,249,019 | ||||
Cost of shares redeemed | (101,168,042 | ) | (205,651,853 | ) | ||
Decrease in net assets from Class I share transactions | (65,077,028 | ) | (84,336,679 | ) | ||
Decrease in net assets from Fund share transactions | (66,683,134 | ) | (73,180,897 | ) | ||
Net decrease in net assets | (80,109,539 | ) | (95,797,510 | ) | ||
Net Assets (Note 2) | ||||||
Beginning of period | 759,926,507 | 855,724,017 | ||||
End of period | $679,816,968 | $759,926,507 | ||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
53
Consolidated Statements of Changes in
Net Assets (continued)
First Eagle Credit | ||||||
For the Six | For the year | |||||
Changes in Shares Outstanding | ||||||
Class A | ||||||
Shares outstanding, beginning of period | 2,164,982 | 2,223,369 | ||||
Shares sold | 350,877 | 285,447 | ||||
Shares issued on reinvestment of distributions | 24,978 | 40,574 | ||||
Shares redeemed*** | (357,486 | ) | (384,408 | ) | ||
Shares outstanding, end of period | 2,183,351 | 2,164,982 | ||||
Class A‑2 | ||||||
Shares outstanding, beginning of period | 2,284,747 | 1,734,778 | ||||
Shares sold | 183,688 | 529,369 | ||||
Shares issued on reinvestment of distributions | 55,650 | 107,016 | ||||
Shares redeemed | (330,779 | ) | (86,416 | ) | ||
Shares outstanding, end of period | 2,193,306 | 2,284,747 | ||||
Class I | ||||||
Shares outstanding, beginning of period | 29,536,279 | 33,297,558 | ||||
Shares sold | 1,384,089 | 4,826,998 | ||||
Shares issued on reinvestment of distributions | 250,044 | 545,054 | ||||
Shares redeemed*** | (4,552,729 | ) | (9,133,331 | ) | ||
Shares outstanding, end of period | 26,617,683 | 29,536,279 | ||||
See Notes to Consolidated Financial Statements.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Consolidated Statement of Cash Flows
Period ended June 30, 2026 (unaudited)
First Eagle Credit | |||||
Cash Flows Provided by (Used in) Operating Activities: | |||||
Net increase in net assets resulting from operations | $18,194,554 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting | |||||
Payments to purchase investments | (147,864,662 | ) | |||
Proceeds from sale and paydowns of investments | 235,908,834 | ||||
Net decrease in short-term investments | 52,729,713 | ||||
Realized (gain) loss on investments | 4,728,304 | ||||
Change in unrealized (appreciation) depreciation on investments | 6,102,325 | ||||
Amortization (accretion) of bond and bank loan premium (discount) | (1,735,327 | ) | |||
Change in unrealized (appreciation) depreciation on unfunded delayed | (118,477 | ) | |||
(Increases) decreases in operating assets: | |||||
Foreign tax reclaims receivable | (34,003 | ) | |||
Accrued interest and dividends receivable | (122,608 | ) | |||
Due from adviser | 282,264 | ||||
Other assets | 1,247,516 | ||||
Increases (decreases) in operating liabilities: | |||||
Investment advisory fees payable | (204,524 | ) | |||
Administrative fees payable | 184,886 | ||||
Distribution fees payable | (2,007 | ) | |||
Service fees payable | (786 | ) | |||
Trustee fees payable | 4,392 | ||||
Interest expense and fees payable | (1,110,360 | ) | |||
Unused commitment fee | 342,643 | ||||
Accrued expenses and other liabilities | (211,819 | ) | |||
Net cash provided by (used in) operating activities | $168,320,858 | ||||
Cash Flows Provided by (Used in) Financing Activities: | |||||
Proceeds from shares sold | 36,842,855 | ||||
Payments on shares redeemed | (111,004,283 | ) | |||
Cash distributions paid | (24,978,169 | ) | |||
Borrowings under Credit Facility | 4,500,000 | ||||
Repayments under Credit Facility | (101,150,000 | ) | |||
Deferred financing cost | (343,688 | ) | |||
Net cash provided by (used in) financing activities | $(196,133,285 | ) | |||
Net change in cash | (27,812,427 | ) | |||
Cash, beginning of period | 33,009,517 | ||||
Cash, end of period | $5,197,090 | ||||
Supplemental disclosure of cash flow information:
Cash paid during the period for interest in the amount of $3,247,401 for stated interest expense and unused commitment fees.
Non-cash financing activities consist of reinvestment of distributions in the amount of $7,301,436 and share exchanges in the amount of $5,497,022.
See Notes to Consolidated Financial Statements.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
55
First Eagle Credit Opportunities Fund
Financial Highlights
Per share operating performance* | |||||||||||||||||||||||
Class A | For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||
Investment Operations | |||||||||||||||||||||||
Net asset value, | $22.47 | $23.09 | $23.79 | $23.47 | $26.22 | $25.48 | |||||||||||||||||
Net investment | 0.91 | 1.93 | 2.24 | 2.49 | 2.10 | 2.10 | |||||||||||||||||
Net realized and | (0.35 | ) | (0.66 | ) | (0.54 | ) | 0.20 | (2.93 | ) | 0.53 | |||||||||||||
Total investment | 0.56 | 1.27 | 1.70 | 2.69 | (0.83 | ) | 2.63 | ||||||||||||||||
Less Dividends and Distributions | |||||||||||||||||||||||
From net investment | (0.99 | ) | (1.89 | ) | (2.40 | ) | (2.37 | ) | (1.91 | ) | (1.81 | ) | |||||||||||
From capital gains | — | — | — | — | (0.01 | ) | (0.08 | ) | |||||||||||||||
Total distributions | (0.99 | ) | (1.89 | ) | (2.40 | ) | (2.37 | ) | (1.92 | ) | (1.89 | ) | |||||||||||
Net asset value, | $22.04 | $22.47 | $23.09 | $23.79 | $23.47 | $26.22 | |||||||||||||||||
Total return(a) | 2.57 | %(b) | 5.76 | % | 7.49 | % | 12.03 | % | (3.23 | )% | 10.60 | % | |||||||||||
Net assets, end of | $48,117 | $48,650 | $51,348 | $24,269 | $12,844 | $7,592 | |||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||
Operating expenses | 3.18 | %(c) | 3.85 | % | 3.66 | % | 3.87 | % | 3.76 | % | 4.83 | % | |||||||||||
Operating expenses | 1.77 | %(c)(d) | 3.23 | %(d) | 3.51 | %(d) | 3.65 | %(d) | 2.62 | %(d) | 2.28 | %(d) | |||||||||||
Net investment | 6.80 | %(c) | 7.92 | % | 9.43 | % | 10.32 | % | 7.36 | % | 5.47 | % | |||||||||||
Net investment | 8.22 | %(c) | 8.54 | % | 9.58 | % | 10.55 | % | 8.50 | % | 8.02 | % | |||||||||||
Supplemental Data | |||||||||||||||||||||||
Portfolio turnover | 21.70 | %(b) | 71.53 | % | 112.01 | % | 68.91 | % | 49.93 | % | 73.15 | % | |||||||||||
56
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund
Financial Highlights
See Notes to Consolidated Financial Statements.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
57
First Eagle Credit Opportunities Fund
Financial Highlights
Per share operating performance* | |||||||||||||||||
Class A‑2 | For the Six | For the Year | For the Year | For the Year | For The Period | ||||||||||||
Investment Operations | |||||||||||||||||
Net asset value, | $22.44 | $23.06 | $23.70 | $23.42 | $24.94 | ||||||||||||
Net investment | 0.86 | 1.85 | 2.16 | 2.42 | 1.18 | ||||||||||||
Net realized and | (0.35 | ) | (0.66 | ) | (0.52 | ) | 0.16 | (1.51 | ) | ||||||||
Total investment | 0.51 | 1.19 | 1.64 | 2.58 | (0.33 | ) | |||||||||||
Less Dividends and Distributions | |||||||||||||||||
From net investment | (0.95 | ) | (1.81 | ) | (2.28 | ) | (2.30 | ) | (1.18 | ) | |||||||
From capital gains | — | — | — | — | (0.01 | ) | |||||||||||
Total distributions | (0.95 | ) | (1.81 | ) | (2.28 | ) | (2.30 | ) | (1.19 | ) | |||||||
Net asset value, | $22.00 | $22.44 | $23.06 | $23.70 | $23.42 | ||||||||||||
Total return(a) | 2.34 | %(b) | 5.39 | % | 7.26 | % | 11.52 | % | (1.34 | )%(b) | |||||||
Net assets, end of | $48,257 | $51,266 | $39,999 | $12,940 | $99 | ||||||||||||
Ratios to Average Net Assets | |||||||||||||||||
Operating expenses | 3.58 | %(c) | 4.18 | % | 3.90 | % | 4.35 | % | 4.39 | %(c) | |||||||
Operating expenses | 2.16 | %(c)(d) | 3.53 | %(d) | 3.78 | %(d) | 4.14 | %(d) | 3.57 | %(c)(d) | |||||||
Net investment | 6.40 | %(c) | 7.56 | % | 9.14 | % | 10.05 | % | 7.50 | %(c) | |||||||
Net investment | 7.82 | %(c) | 8.20 | % | 9.26 | % | 10.26 | % | 8.32 | %(c) | |||||||
Supplemental Data | |||||||||||||||||
Portfolio turnover | 21.70 | %(b) | 71.53 | % | 112.01 | % | 68.91 | % | 49.93 | %(b) | |||||||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund
Financial Highlights
See Notes to Consolidated Financial Statements.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
59
First Eagle Credit Opportunities Fund
Financial Highlights
Per share operating performance* | |||||||||||||||||||||||||
Class I | For the Six | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
Investment Operations | |||||||||||||||||||||||||
Net asset value, | $22.35 | $22.96 | $23.66 | $23.38 | $26.19 | $25.47 | |||||||||||||||||||
Net investment | 0.93 | 1.98 | 2.37 | 2.55 | 2.17 | 2.27 | |||||||||||||||||||
Net realized and | (0.35 | ) | (0.65 | ) | (0.60 | ) | 0.21 | (2.94 | ) | 0.57 | |||||||||||||||
Total investment | 0.58 | 1.33 | 1.77 | 2.76 | (0.77 | ) | 2.84 | ||||||||||||||||||
Less Dividends and Distributions | |||||||||||||||||||||||||
From net | (1.01 | ) | (1.94 | ) | (2.47 | ) | (2.48 | ) | (2.03 | ) | (2.04 | ) | |||||||||||||
From capital gains | — | — | — | — | (0.01 | ) | (0.08 | ) | |||||||||||||||||
Total distributions | (1.01 | ) | (1.94 | ) | (2.47 | ) | (2.48 | ) | (2.04 | ) | (2.12 | ) | |||||||||||||
Net asset value, | $21.92 | $22.35 | $22.96 | $23.66 | $23.38 | $26.19 | |||||||||||||||||||
Total return | 2.67 | %(a) | 6.07 | % | 7.87 | % | 12.41 | % | (3.02 | )% | 11.45 | % | |||||||||||||
Net assets, end of | $583,443 | $660,011 | $764,377 | $646,830 | $439,296 | $181,346 | |||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Operating expenses | 2.97 | %(b) | 3.63 | % | 3.41 | % | 3.62 | % | 3.48 | % | 4.18 | % | |||||||||||||
Operating expenses | 1.55 | %(b)(c) | 2.99 | %(c) | 3.26 | %(c) | 3.39 | %(c) | 2.41 | %(c) | 1.70 | %(c) | |||||||||||||
Net investment | 7.04 | %(b) | 8.18 | % | 10.02 | % | 10.60 | % | 7.71 | % | 6.15 | % | |||||||||||||
Net investment | 8.46 | %(b) | 8.82 | % | 10.17 | % | 10.83 | % | 8.79 | % | 8.63 | % | |||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Portfolio turnover | 21.70 | %(a) | 71.53 | % | 112.01 | % | 68.91 | % | 49.93 | % | 73.15 | % | |||||||||||||
60
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund
Financial Highlights
See Notes to Consolidated Financial Statements.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
61
Notes to Consolidated Financial Statements
Note 1 — Organization
First Eagle Credit Opportunities Fund (the “Fund”) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that continuously offers its shares of beneficial interest (the “Common Shares”), and is operated as an “interval fund.” The Fund was organized as a Delaware statutory trust on July 8, 2020, pursuant to a Declaration of Trust governed by the laws of the State of Delaware, as amended and restated by the Amended and Restated Declaration of Trust, dated as of September 4, 2020.
The Fund’s primary investment objective is to provide current income, with a secondary objective of providing long-term risk-adjusted returns. The Fund seeks to achieve its investment objectives by investing in a portfolio of a variety of credit asset classes. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets, defined as total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes), in a credit portfolio of below investment grade credit assets including syndicated bank loans, middle market “club” loans (senior secured loans in middle market companies funded by an arranged group of lenders that generally do not involve syndication), direct lending (consisting of first lien loans, including unitranche loans), asset-based loans, including consumer and mortgage-related credit, as well as structured credit investments, including asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), collateralized loan obligations (“CLOs”) (including U.S. and non-U.S. CLOs, such as European CLOs) and collateralized debt obligations (“CDOs”) and high-yield bonds (sometimes referred to as “junk” bonds).
Under this mandate, the Subadviser (defined below) is able to consider a broad variety of credit assets for the Fund. When constructing the portfolio and making asset allocation decisions, the Subadviser generally organizes the Fund’s investible universe into private corporate credit, specialty finance, structured credit and liquid credit.
The Fund currently offers seven classes of Common Shares: Class A Shares, Class A‑1 Shares, Class A‑2 Shares, Class A‑3 Shares, Class A‑4 Shares, Class I Shares, and Class W Shares. Class A‑1 Shares, Class A‑3 Shares, Class A‑4 Shares, and Class W Shares are offered starting April 30, 2026. The Fund has been granted exemptive relief (the “Exemptive Relief”) from the Securities and Exchange Commission (the “SEC”) that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.
First Eagle Investment Management, LLC (the “Adviser”) is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”). A controlling interest in First Eagle Holdings is owned by funds managed by Genstar Capital, LLC.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
First Eagle Alternative Credit, LLC (the “Subadviser”), as part of the alternative credit group of the Adviser, serves as the Fund’s investment subadviser. The Subadviser has broad alternative credit capabilities and operates in conjunction with First Eagle’s Napier Park alternative credit franchise. The Subadviser and Napier Park Global Capital (US) LP (“Napier Park”) are both wholly-owned registered investment subsidiaries of the Adviser, with shared personnel and investment and operational capabilities. The Subadviser was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, the Subadviser was acquired by the Adviser and is a wholly-owned subsidiary of the Adviser.
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
The Fund’s securities are valued by various methods, as described below:
Portfolio securities and other assets for which market quotes are readily available are valued at market value.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
63
Notes to Consolidated Financial Statements
Senior Loans refers to Loans and Assignments, Bank Loans, Direct Lending and Middle Market “Club” Loans. Bank loans are in general valued by using a composite loan price at the mean of the bid and ask prices from an approved pricing service. Initial purchases of investments, including Direct Loans and “Club” loans, may be fair valued at their cost which approximates market value and are monitored by the Adviser and the Subadviser (individually or collectively referred to as “First Eagle Management”) for any significant positive or negative events subsequent to the date of the original investment that necessitates a change to another valuation method, such as the market or income approach. Subsequent to the initial purchase, Direct Loans and “Club” loans may be valued utilizing the income approach, market approach or liquidation. The income approach values an investment by estimating the present value of future economic benefits it is expected to produce. These benefits include earnings, cash flows and disposition proceeds. Expected current value is determined by discounting expected cash flows at a rate of return (discount rate or cost of capital) that reflects the risk associated with realizing the cash flows in the amounts and times projected. Enterprise value, a market approach, values an investment by determining the value of a company and allocating the value to the debt. Enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company’s revenues or net income before net interest expense, income tax expense, depreciation and amortization. The liquidation approach values an investment by analyzing the underlying collateral of the loan, as set forth in the associated loan agreements and borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario.
All bonds and public structured credit, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available, are generally priced at the evaluated price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows,
64
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
which are then discounted to calculate the fair values. First Eagle Management’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models, and assumptions for its evaluated prices.
Non-exchange traded equity securities may be valued at prices supplied by the Fund’s pricing agent based on the average of the bid/ask prices quoted by brokers that are knowledgeable about the securities. If broker quotes are unavailable, then the equity will be fair valued as described below.
Investment companies, including money market funds, are valued at their net asset value.
If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued as described below. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security’s most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund’s valuation of a security will not differ from the amount that it realizes upon the sale of such security.
The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities;
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);
Level 3 — Other significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The two primary significant unobservable inputs used in the fair value measurement of the Fund’s debt investments, excluding asset-backed loans, and certain equity investments valued using an income approach, are the weighted
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
65
Notes to Consolidated Financial Statements
average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Fund considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Fund considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis.
The primary significant unobservable inputs used in the fair value measurement of the Fund’s investments in asset-backed loans are the net realized value of the underlying collateral of the loan. The Fund considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.
The primary significant unobservable input used in the fair value measurement of the Fund’s equity investments and other debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Fund considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market. The primary significant unobservable input used in the fair value measurement of the Fund’s investments in warrants are volatility and time horizon.
Fair valuation of securities, other financial instruments or other assets (collectively, “securities”) held by the Fund are determined in good faith by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees (the “Board”). The Board Valuation, Liquidity and Allocations Committee (the “Committee”) oversees the execution of the valuation procedures for the Fund. In accordance with Rule 2a‑5 under the 1940 Act, the Board has designated the Adviser the “valuation designee” to perform the Fund’s fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
The following table summarizes the valuation of the Fund’s investments under the fair value hierarchy levels as of June 30, 2026:
First Eagle Credit Opportunities Fund
Description | Level 1 | Level 2 | Level 3‡ | Total | |||||
Assets | |||||||||
Common Stocks† | $— | $— | $6,295,426 | $6,295,426 | |||||
Corporate Bonds† | — | — | 1,096,000 | 1,096,000 | |||||
Public Structured Credit | |||||||||
Collateralized Loan Obligations | — | 39,552,408 | — | 39,552,408 | |||||
Commercial Mortgage-Backed | — | 13,317,353 | — | 13,317,353 | |||||
Residential Mortgage-Backed | — | 12,241,107 | 3,365,860 | 15,606,967 | |||||
Total Public Structured Credit | — | 65,110,868 | 3,365,860 | 68,476,728 | |||||
Senior Loans | |||||||||
Advertising | — | 3,013,395 | 2,441,252 | 5,454,647 | |||||
Aerospace & Defense | — | 3,346,500 | — | 3,346,500 | |||||
Agricultural & Farm Machinery | — | — | 301,944 | 301,944 | |||||
Air Freight & Logistics | — | — | 3,038,392 | 3,038,392 | |||||
Apparel, Accessories & Luxury Goods | — | — | 10,655,625 | 10,655,625 | |||||
Application Software | — | 2,829,854 | 11,310,721 | 14,140,575 | |||||
Asset Management & Custody Banks | — | — | 5,677,988 | 5,677,988 | |||||
Automotive Parts & Equipment | — | — | 5,721,906 | 5,721,906 | |||||
Broadcasting | — | 1,318,692 | — | 1,318,692 | |||||
Building Products | — | 1,986,087 | — | 1,986,087 | |||||
Casinos & Gaming | — | 4,607,797 | — | 4,607,797 | |||||
Commodity Chemicals | — | — | 46,597 | 46,597 | |||||
Construction & Engineering | — | — | 13,145,065 | 13,145,065 | |||||
Data Processing & Outsourced | — | — | 4,764,312 | 4,764,312 | |||||
Distributors | — | 1,487,666 | — | 1,487,666 | |||||
Diversified Support Services | — | — | 5,307,330 | 5,307,330 | |||||
Drug Retail | — | — | 7,850,000 | 7,850,000 | |||||
Electrical Components & Equipment | — | — | 3,441,142 | 3,441,142 | |||||
Environmental & Facilities Services | — | 3,706,978 | 20,654,559 | 24,361,537 | |||||
Food Distributors | — | — | 5,720,848 | 5,720,848 | |||||
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Notes to Consolidated Financial Statements
Description | Level 1 | Level 2 | Level 3‡ | Total | |||||
Footwear | $— | $— | $533,442 | $533,442 | |||||
Gas Utilities | — | 2,701,528 | — | 2,701,528 | |||||
General Merchandise Stores | — | — | 5,232,558 | 5,232,558 | |||||
Health Care Distributors | — | — | 5,197,881 | 5,197,881 | |||||
Health Care Facilities | — | — | 6,592,449 | 6,592,449 | |||||
Health Care Services | — | 2,662,586 | 82,197,815 | 84,860,401 | |||||
Health Care Technology | — | — | 20,125,300 | 20,125,300 | |||||
Heavy Electrical Equipment | — | 5,094,169 | 8,290,627 | 13,384,796 | |||||
Home Furnishings | — | 1,974,712 | 2,400,146 | 4,374,858 | |||||
Home Improvement Retail | — | — | 8,123,269 | 8,123,269 | |||||
Household Products | — | — | 1,997,754 | 1,997,754 | |||||
Human Resource & Employment | — | — | 13,037,193 | 13,037,193 | |||||
Industrial Machinery & Supplies & | — | 4,971,644 | — | 4,971,644 | |||||
Insurance Brokers | — | 5,011,650 | 20,946,588 | 25,958,238 | |||||
Interactive Media & Services | — | — | 5,295,634 | 5,295,634 | |||||
Internet & Direct Marketing Retail | — | — | 6,533,266 | 6,533,266 | |||||
Internet Software & Services | — | — | 2,228,763 | 2,228,763 | |||||
IT Consulting & Other Services | — | 2,635,652 | 33,474,576 | 36,110,228 | |||||
Leisure Facilities | — | — | 3,982,783 | 3,982,783 | |||||
Managed Health Care | — | — | 1,779,696 | 1,779,696 | |||||
Metal, Glass & Plastic Containers | — | 3,878,001 | — | 3,878,001 | |||||
Movies & Entertainment | — | 3,498,260 | — | 3,498,260 | |||||
Multi-Sector Holdings | — | 4,915,614 | — | 4,915,614 | |||||
Oil & Gas Storage & Transportation | — | 1,995,501 | — | 1,995,501 | |||||
Other Specialty Retail | — | 1,487,683 | — | 1,487,683 | |||||
Packaged Foods & Meats | — | 2,998,483 | — | 2,998,483 | |||||
Paper & Plastic Packaging Products & | — | 1,793,203 | 8,381,106 | 10,174,309 | |||||
Paper Products | — | — | 5,845,220 | 5,845,220 | |||||
Pharmaceuticals | — | — | 15,887,605 | 15,887,605 | |||||
Rail Transportation | — | 2,031,886 | — | 2,031,886 | |||||
Real Estate Development | — | — | 9,837,837 | 9,837,837 | |||||
Real Estate Services | — | 7,103,468 | 2,561,356 | 9,664,824 | |||||
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
Description | Level 1 | Level 2 | Level 3‡ | Total | |||||||
Research & Consulting Services | $— | $1,902,956 | $45,125,973 | $47,028,929 | |||||||
Restaurants | — | 2,544,312 | 64,332 | 2,608,644 | |||||||
Security & Alarm Services | — | 2,456,734 | 10,632,197 | 13,088,931 | |||||||
Soft Drinks & Non-alcoholic | — | 3,005,010 | — | 3,005,010 | |||||||
Specialized Consumer Services | — | 3,666,203 | 16,708,451 | 20,374,654 | |||||||
Specialized Finance | — | — | 874,107 | 874,107 | |||||||
Specialty Chemicals | — | 352,007 | 1,259,141 | 1,611,148 | |||||||
Systems Software | — | 1,670,590 | — | 1,670,590 | |||||||
Trading Companies & Distributors | — | 1,981,389 | 1,503,750 | 3,485,139 | |||||||
Trucking | — | 6,459,803 | 2,554,924 | 9,014,727 | |||||||
Water Utilities | — | — | 5,826,087 | 5,826,087 | |||||||
Total Senior Loans | — | 101,090,013 | 455,109,507 | 556,199,520 | |||||||
Unfunded Commitments | — | 1,823 | 235,405 | 237,228 | |||||||
Warrants† | — | — | 3,048 | 3,048 | |||||||
Short-Term Investments | |||||||||||
Investment Companies | 36,559,369 | — | — | 36,559,369 | |||||||
Total | $36,559,369 | $166,202,704 | $466,105,246 | $668,867,319 | |||||||
Liabilities | |||||||||||
Unfunded Commitments | $— | $— | $(124,895 | ) | $(124,895 | ) | |||||
Total | $36,559,369 | $166,202,704 | $465,980,351 | $668,742,424 | |||||||
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
Common | Corporate | Public | Warrants | Senior Loans | Unfunded | Total | |||||||
Beginning | $8,124,201 | $1,290,000 | $— | $77,945 | $513,519,092 | $(13,081 | ) | $522,998,157 | |||||
Purchases(1) | — | — | 3,365,860 | — | 84,918,131 | — | 88,283,991 | ||||||
Sales(2) | (1,622,222 | ) | (109,015 | ) | — | — | (128,325,254) | — | (130,056,491 | ) | |||
Transfer | — | — | — | — | 125,652 | — | 125,652 | ||||||
Transfer | — | — | — | — | (10,934,939) | — | (10,934,939 | ) | |||||
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Notes to Consolidated Financial Statements
Common | Corporate | Public | Warrants | Senior Loans | Unfunded | Total | ||||||||
Accrued | $— | $5,284 | $745 | $— | $675,726 | $— | $681,755 | |||||||
Realized Gains | 8,111 | (149,599 | ) | — | — | (1,457,769) | — | (1,599,257 | ) | |||||
Change in | (214,664 | ) | 59,330 | (745 | ) | (74,897 | ) | (3,411,132) | 123,591 | (3,518,517 | ) | |||
Ending | $6,295,426 | $1,096,000 | $3,365,860 | $3,048 | $455,109,507 | $110,510 | $465,980,351 | |||||||
Change in | $(214,664 | ) | $59,330 | $(745 | ) | $(74,897 | ) | $(4,130,210) | $116,550 | $(4,244,636 | ) | |||
Investments were transferred into Level 3 during the period ended June 30, 2026 due to changes in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the increased incidence of stale prices, as assessed by the Adviser. Investments were transferred out of Level 3 during the period ended June 30, 2026 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the reduced incidence of stale prices, as assessed by the Adviser.
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Notes to Consolidated Financial Statements
The following is a summary of the Fund’s valuation techniques and significant amounts of unobservable inputs used in the Fund’s Level 3 securities as of June 30, 2026:
Disclosure on the Unobservable Inputs for First Eagle Credit Opportunities Fund as of 2026‑06‑30
Investment Type | Fair Value | Valuation | Unobservable | Range | Direction | |||
Corporate Bond | $1,096,000 | Broker Quotes | N/A | N/A | N/A | |||
Corporate Bond | 1,096,000 | |||||||
Public Structured | 3,365,860 | Purchase Cost | N/A | N/A | N/A | |||
Public Structured | 3,365,860 | |||||||
Common Stock | 107,363 | Broker Quotes | N/A | N/A | N/A | |||
6,155,556 | Discounted | Comparable | 15.00%-15.00% | ) | Decrease | |||
32,507 | Market | Market | 7.00x-7.00x | ) | Increase | |||
Common Stock | 6,295,426 | |||||||
Warrant | 3,048 | Option | Volatility/ | 60%/2.5Y | ) | Increase | ||
Warrant total | 3,048 | |||||||
Senior Loan | 11,528,953 | Broker Quotes | N/A | N/A | N/A | |||
382,364,752 | Discounted | Comparable | 7.60%-22.60% | ) | Decrease | |||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Notes to Consolidated Financial Statements
Investment Type | Fair Value | Valuation | Unobservable | Range | Direction | |||||
$55,455,593 | Liquidation | Collateral | 20.1-12,026.0 | )* | Increase | |||||
5,760,209 | Market | Market | 0.28x-8.00x | ) | Increase | |||||
Senior Loan | 455,109,507 | |||||||||
Total Investments | $465,869,842 | |||||||||
Unfunded | $(961 | ) | Broker Quotes | N/A | N/A | N/A | ||||
66,995 | Discounted | Comparable | 7.60%-14.62% | ) | Decrease | |||||
45,173 | Liquidation | Collateral | 20.1-56.8 | )* | Increase | |||||
(697 | ) | Market | Market | 0.28x-7.00x | ) | Increase | ||||
Unfunded | $110,510 | |||||||||
Notes:
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
The specific identification method is used in determining realized gains and losses from investment transactions. In computing investment income, the Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Paydown gains and losses are netted and recorded as interest income on the Consolidated Statement of Operations.
The difference between cost and fair value on open investments is reflected as unrealized appreciation (depreciation) on investments, and any change in that amount from prior period is reflected as change in unrealized gains (losses) of investment securities in the Consolidated Statement of Operations.
PIK Income — The fund may have investments in its portfolio which contain a contractual paid-in-kind (“PIK”) interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. To maintain the fund’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the fund has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash.
Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund as a whole.
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Notes to Consolidated Financial Statements
Note 3 — Securities and Other Investments
The Fund’s portfolio primarily consists of some combination of the following types of investments:
Syndicated Loans — Syndicated loans are typically underwritten and syndicated by large commercial and investment banks. These loans may be recently originated by such banks pursuant to the originating bank’s, or lead arranger’s, underwriting standards applicable to corporate borrowers at the time of issuance. The Fund may purchase syndicated loans either in the primary market in connection with their syndication or in the secondary market. In most cases, syndicated loans will be secured by specific collateral of the issuer. In general, most of the syndicated loans purchased by the Fund will be current on principal and interest payments at the time of purchase. However, the Fund can purchase syndicated loans that are not current on principal and are likely to default. In addition, syndicated loans held by
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
the Fund may at times cease being current on principal and interest payments. When all or a portion of a loan held by the Fund has not yet settled, the Fund does not accrue interest on such a loan until the settlement date at which point SOFR or Prime will be established.
Middle Market “Club” Loans — Middle market “club” loans are loans made to upper middle market companies that may not have access to traditional capital markets. Middle market “club” loans are distinct from customary direct lending loans described herein in that they are generally more liquid, often rated by a third party and funded by more than one lender, often a “club” of unaffiliated lenders. Middle market “club” loans held by the Fund will consist of first lien senior secured loans.
Direct Lending — The Fund may invest in sponsor-backed, first lien senior secured directly originated loans (including “unitranche” loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) of middle-market U.S. companies. Direct lending middle market loans are generally illiquid, unrated and funded by one affiliated lender group.
Asset-Based Loans — Asset-based loans are loans that are secured by collateral consisting of inventory, accounts receivable, machinery/equipment, real estate, intellectual property/brands and/or other assets owned by the borrower(s) whereby the underlying loan will be underwritten by the value of the collateral. The Subadviser also originate and selectively purchase additional types of asset-based loans, such as consumer and mortgage-related credit, as well as structured credit investments, including ABS, MBS, CLOs (including U.S. and non-U.S. CLOs, such as European CLOs) and CDOs. These loans are highly structured and typically include frequent monitoring including, but not limited to, financial and collateral reporting. The term loans are provided to both private and public borrowers with varying ownership structures.
High Yield Bonds — The Fund may invest in high-yield bonds, which are securities rated below “Baa3” by Moody’s, or below “BBB-” by S&P and/or lower than “BBB-” by Fitch Ratings and unrated debt securities and other types of credit instruments of similar quality, sometimes referred to as “junk bonds.” Such securities are predominately speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The ratings of S&P represent its opinion as to the credit quality of the securities it undertakes to rate. It should be emphasized, however that, the ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market price risk of these securities. In seeking to achieve its investment objectives, the Fund depends on credit analysis to identify investment opportunities.
Restricted Securities — A substantial portion of the Fund’s investments, including directly originated loans, certain asset-based loans, privately issued structured credit investments and other privately negotiated instruments, may be unregistered or otherwise restricted securities. These investments may be issued in private placements, pursuant to Rule 144A or another exemption from
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Notes to Consolidated Financial Statements
registration, or otherwise be subject to legal or contractual restrictions on resale or transfer. Restricted securities may be less liquid, more difficult to value and more difficult to dispose of than publicly traded securities.
Derivative Transactions — Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f‑4 with respect to its Derivatives Transactions (as defined below). Rule 18f‑4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board. Rule 18f‑4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f‑4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f‑4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, the Fund relies on the Limited Derivatives User Exception.
Under Rule 18f‑4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f‑4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.
Note 4 — Principal Risks
Market Risk — The Fund is subject to market risks including unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of the Fund’s activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. Geopolitical and other risks, including environmental and public health, may also add to instability in world economies and markets generally.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.
Market turmoil may negatively affect the Fund’s performance. Credit markets may become illiquid, credit spreads may widen and the equity markets may lose substantial value. Such market conditions may cause the Fund to suffer substantial losses and/or implement measures that adversely affect the Fund.
Interest Rate Risk — An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. A significant increase in market interest rates could harm the Fund’s ability to attract new portfolio companies and originate new loans and investments. In periods of rising interest rates, the Fund’s cost of funds would increase, resulting in a decrease in the Fund’s net investment income. In addition, a decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund’s capital that the decrease in interest rates may produce. As of the date hereof, there have been significant recent rate increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.
Credit Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. Investment in private and middle market companies is highly speculative and involves a high degree of risk of credit loss. Additionally, issuers of syndicated loans and other types of credit instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This would decrease the Fund’s income and lower the value of the syndicated loans and credit instruments experiencing default. With respect to the Fund’s investments in syndicated loans and debt securities that are secured, there can be no assurance that the collateral would satisfy the issuer’s obligation in the event of non-payment or that such collateral could be readily liquidated. In the event of an issuer’s bankruptcy, the Fund could be delayed or limited in its ability to realize the benefits of any collateral securing such syndicated loans or credit instruments. To the extent the Fund invests in high-yield securities and other types of credit instruments, it will be exposed to a greater amount of credit risk than if it invested solely in investment grade debt securities and other types of credit instruments.
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Notes to Consolidated Financial Statements
Second Lien Risk — The Fund may invest in second lien and the “last-out” tranche of unitranche loans (also known as first lien second out loans). The borrower usually has, or may be permitted to incur, other debt that ranks equally with, or senior to, such debt securities. Such subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments in respect of the debt securities in which the Fund invests. These debt instruments would usually prohibit the borrower from paying interest on or repaying Fund investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a borrower, holders of debt instruments ranking senior to the Fund’s investment would typically be entitled to receive payment in full before the Fund receives any distribution in respect of its investment. After repaying such senior creditors, such borrower may not have any remaining assets to use for repaying its obligation to the Fund. In the case of debt ranking equally with debt securities in which the Fund invests, the Fund would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant borrower.
Covenant-Lite Obligations Risk — Covenant-lite risk is the risk that credit agreements contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.
Below Investment Grade Rating Risk — Most of the Fund’s investments will be in below investment grade securities or comparable unrated securities (commonly referred to as “high-yield securities” or “junk bonds”). This includes the Fund’s investments in syndicated bank loans, middle market “club” loans, direct lending, asset-based loans, and high-yield bonds. While generally having higher potential returns, high-yield securities may be subject to significant price fluctuations and have a higher risk of default. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the Subadviser’s credit analysis than would be the case when the Fund invests in rated securities. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding
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Notes to Consolidated Financial Statements
relating to an investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.
Bank Loan Risk — Investments in bank loans may expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. A loan is often administered by a bank or other financial institution (the “Agent”) that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for bank loans may be illiquid and the Fund may have difficulty selling them. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. In some instances, other accounts managed by the Adviser, the Subadviser or an affiliate may hold other securities issued by borrowers whose loans may be held in the Fund’s portfolio. If the credit quality of the issuer deteriorates, the Adviser or the Subadviser may owe conflicting fiduciary duties to the Fund and other client accounts. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.
Loans and Assignments Risk — The Fund may acquire loans through assignments of interests in such loans. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to such debt obligation. However, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under an assigned debt obligation and with regard to any associated collateral.
Direct Lending and Middle Market “Club” Loan Risk — Generally, little public information exists about private and middle market companies, and the Fund must rely on the ability of the Subadviser’s investment professionals to obtain adequate information about these companies. If the Subadviser cannot uncover all material information to make a fully-informed investment decision, the Fund may lose money on its investments. Private and middle market portfolio companies may have limited financial resources and be unable to fulfill their debt service obligations to the Fund, which may accompany a deterioration in the value of any collateral and a reduced likelihood of the Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and general market conditions. Additionally, middle market companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, incapacity or departure of such persons could have a material adverse impact on the Fund’s portfolio company and, in turn, on the Fund. Middle market companies also generally have less predictable operating results and may
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Notes to Consolidated Financial Statements
require substantial additional capital to finance their operations or expansion. In addition, the Fund’s executive officers, directors and the Adviser and/or Subadviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund’s investments in its portfolio companies.
Large Shareholder Risk — To the extent that certain shareholders, including affiliates of the Adviser and the Subadviser, hold a substantial amount of Common Shares, there is a risk that these shareholders will seek to sell Common Shares in large amounts rapidly in connection with repurchase offers. These transactions could adversely affect the Fund’s ability to conduct its investment program.
Additionally, if a repurchase offer is oversubscribed by shareholders, the Fund will repurchase only a pro rata portion of Common Shares tendered by each shareholder. In such situations, shareholders unaffiliated with the Adviser and the Subadviser will not be given priority over affiliated shareholders, whose holdings in the Fund may be significant and may have the effect of diluting third-party shareholders with respect to any repurchase offer.
Liquidity Risk — The Fund intends to invest in illiquid investments, which are securities or other investments that cannot be disposed of within seven days or less in current market conditions without significantly changing their market value.
Illiquid investments often can only be resold in privately negotiated transactions with a limited number of purchasers or in a public offering registered under the Securities Act. There could be considerable delay in either event and, unless otherwise contractually provided, the Fund’s proceeds upon sale may be reduced by the costs of registration or underwriting discounts. The difficulties and delays associated with such transactions could preclude the Fund from realizing a favorable price upon disposition of illiquid investments, and at times might make disposition of such securities impossible.
Valuation Risk — When market quotations are not readily available or are deemed unreliable, the Fund’s investments are valued at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon disposition.
Leverage Risk — The Fund utilizes the Credit Facilities to increase its assets available for investment. When the Fund leverages its assets, common shareholders bear the fees associated with the Credit Facilities and have the potential to benefit from or be disadvantaged by the use of leverage. The investment advisory fee is also increased in dollar terms from the use of leverage. Consequently, the Fund and the Adviser may have differing interests in determining
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Notes to Consolidated Financial Statements
whether to leverage the Fund’s assets. Leverage creates risks that may adversely affect the return for the holders of Common Shares, including the likelihood of greater volatility of net asset value; fluctuations in the interest rate paid for the use of the Credit Facilities; increased operating costs, which may reduce the Fund’s total return; the potential for decline in the value of an investment acquired through leverage, while the Fund’s obligations under such leverage remains fixed; and the Fund is more likely to have to sell investments in a volatile market in order to meet asset coverage or other debt compliance requirements.
To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.
In addition to the risks created by the Fund’s use of leverage, the Fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the Credit Facilities are terminated. Were this to happen, the Fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the Fund’s ability to generate income from the use of leverage would be adversely affected.
Repurchase Offers Risk — In order to provide liquidity to shareholders, the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund’s outstanding Common Shares at NAV, subject to approval of the Board. In all cases such repurchases will be for at least 5% and not more than 25% of its outstanding Common Shares at NAV, pursuant to Rule 23c‑3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Common Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund’s shareholders, and repurchases generally will be funded from available cash or sales of portfolio securities.
However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund’s investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objectives. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund’s investments. The Fund believes that payments received in connection with the Fund’s investments will generate sufficient cash to meet the maximum potential amount of the Fund’s repurchase obligations. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund’s repurchase obligations, the Fund intends, if necessary, to sell investments, which may accelerate the realization of taxable income and cause the Fund to make taxable distributions to Common Shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,
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Notes to Consolidated Financial Statements
non‑redeeming Common Shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. If, as expected, the Fund employs investment leverage, repurchases of Common Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Common Shareholders who do not tender their Common Shares by increasing the Fund’s expenses and reducing any net investment income.
If a repurchase offer is oversubscribed, the Fund may determine to increase the amount repurchased by up to 2% of the Fund’s outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund’s outstanding shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may tender more Common Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. The NAV of the Fund’s Common Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Common Shares is determined. In addition, the repurchase of Common Shares by the Fund will be a taxable event to Common Shareholders, potentially even to those Common Shareholders that do not participate in the repurchase.
Asset-Backed Instruments Risk — Asset-backed instruments represent interests in “pools” of assets held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. The Fund’s investments in asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. For example, asset-backed instruments in which the Fund may invest include, but are not limited to, auto loans, consumer loans, credit card loans, equipment loans, small and medium enterprise loans, solar loans, timeshare loans and whole business loans. Investments in asset-backed instruments generally represent exposure to the risks of the particular market or commercial segments in which the underlying assets (typically loans) or the relevant counterparties are active.
Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. The Fund expects that investments in subordinate asset-backed instruments will be subject to potentially heightened risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to
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Notes to Consolidated Financial Statements
potentially greater losses. Subordinate asset-backed instruments are also subject to greater credit risk than those asset-backed instruments that are more highly rated.
Collateralized Debt Obligations Risk — In addition to the typical risks associated with fixed-income securities and asset-backed securities, CDOs, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.
Collateralized Loan Obligations Risk — The risks of investing in CLOs depend largely on the type of the collateral securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt tranches could experience losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO securities as an asset class. To the extent that the Fund invests in CLO tranches rated below AAA, the risks of investing in CLOs will be greater. To the extent that the Fund invests in unrated CLO tranches, the Fund’s ability to achieve its investment objective will be more dependent on the Subadviser’s credit analysis than would be the case when the Fund invests in rated CLO tranches.
Further, interest on certain tranches of a CLO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. The Subadviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans or bonds for such CLOs will perform based on financial models or react to changes or stresses in the market, including changes in interest rates.
CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of securities. Some unrated CLO securities may not have an active trading market or may be difficult to value. Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the secondary market), there often may be a delayed settlement period. During a delayed settlement period, the liquidity of the CLO may
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Notes to Consolidated Financial Statements
be further reduced. During periods of limited liquidity and higher price volatility, the Fund’s ability to acquire or dispose of CLO securities at a price and time the Fund deems advantageous may be impaired. CLO securities are generally considered to be long-term investments and there is no guarantee that an active secondary market will exist or be maintained for any given CLO security.
Note 5 — Purchases and Sales of Securities
For the period ended June 30, 2026, purchases and sales of investments, excluding short-term investments, were $138,300,023 and $205,691,209, respectively.
Note 6 — Investment Advisory Agreement and Other Transactions with Related Persons
Pursuant to a management agreement with the Fund (the “Management Agreement”), the Adviser is responsible for the management of the Fund’s portfolio. In return for its investment advisory services, the Fund pays the Adviser a monthly fee at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The Adviser has entered into a subadvisory agreement with the Subadviser relating to the Fund (the “Subadvisory Agreement”). The Subadvisory Agreement provides that the Subadviser will furnish investment advisory services in connection with the management of the Fund. For its services under the Subadvisory Agreement, the Adviser pays the Subadviser a monthly fee at the annual rate of 0.625% of the average daily value of the Fund’s Managed Assets (including assets attributable to such leverage) managed by the Subadviser. No advisory fee will be paid by the Fund directly to the Subadviser.
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A‑1, Class A‑2, Class A‑3, Class A‑4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average net assets (the “Expense Limitations”). This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Class A, Class A‑1, Class A‑2, Class A‑3, Class A‑4, Class I and Class W will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Fund incurred the fee and/or expense.
During the period ended June 30, 2026, the Adviser waived $0 in expenses, which are included under “expense waiver” on its Consolidated Statement of Operations.
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Notes to Consolidated Financial Statements
As of June 30, 2026, the Fund has $0 payable to the Adviser for recoupment of expenses, which is included under “due from adviser” on its Consolidated Statement of Assets and Liabilities. During the period ended June 30, 2026, the Fund recouped $0.
For the period ended June 30, 2026, the amounts available for potential future repayment to the Adviser and the expiration schedule are as follows:
Total Eligible for | 2026 | 2027 | 2028 | ||||
Class A | $7,649 | $— | $— | $7,649 | |||
Class A‑2 | — | — | — | — | |||
Class I | 748,614 | 171,502 | 217,445 | 359,667 | |||
Total | $756,263 | $171,502 | $217,445 | $367,316 | |||
From September 5, 2025 through December 31, 2026, the Adviser has agreed to waive the Fund’s management fees in full with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. As of June 30, 2026, the Fund has $695,148 receivable from the Adviser for investment advisory fee waiver, which is included under “due from adviser” on its Consolidated Statement of Assets and Liabilities. During the period ended June 30, 2026, the Adviser waived $4,464,841 in investment advisory fees, which are included under expense waiver on the Consolidated Statement of Operations.
The Adviser also performs certain non-investment advisory, administrative, accounting, operations, legal, compliance and other services on behalf of the Fund, and in accordance with the Management Agreement, the Fund reimburses the Adviser for costs and expenses (including overhead and personnel costs) associated with such services. These reimbursements may not exceed an annual rate of 0.05% of the Fund’s average daily net assets. For the period ended June 30, 2026, the adviser waived $293,818 for administrative fees, which are included under “expense waiver” on the Consolidated Statement of Operations. As of June 30, 2026, the Fund has a receivable from the Adviser of $408,977 for reimbursement of expenses, which is included under due from adviser on its Consolidated Statement of Assets and Liabilities.
J.P. Morgan Chase Bank, N.A. (“JPM”), the Fund’s administrator, accounting agent and primary custodian, holds the Fund’s portfolio securities and other assets and is responsible for calculating the Fund’s net asset value and maintaining the accounting records of the Fund. JPM, as the Fund’s administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Fund’s custodian. U.S. Bank National Association serves as the custodian of the Subsidiaries’ assets.
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Notes to Consolidated Financial Statements
Independent Trustees are compensated by the Fund for their services. As of June 30, 2026, such amounts are included under Trustees’ fees on the Consolidated Statement of Operations.
Note 7 — Plans of Distribution
FEF Distributors, LLC (the “Distributor”), an affiliate of the Adviser, serves as the principal underwriter and distributor of the Fund’s Common Shares pursuant to a distribution contract with the Fund.
Common Shares of the Fund are continuously offered through the Distributor and/or certain financial intermediaries that have agreements with the Distributor. Class A Shares, Class A-1 Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares are sold on a continuous basis at the Fund’s NAV per share, plus for Class A Shares, Class A‑2 Shares and A-4 Shares only, a maximum front-end sales commission of 2.50%. Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A‑2 or Class A‑4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, Class A‑2 or Class A‑4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase.
The Fund has adopted a Distribution and Servicing Plan (the “Plan”) for the Class A Shares, Class A-1 Shares, Class A-2 Shares, Class A-3 Shares and Class A-4 Shares of the Fund. Although the Fund is not an open-end investment company, it intends to comply with the terms of Rule 12b‑1 as a condition of the Exemptive Relief which permits the Fund to have, among other things, a multi-class structure and distribution and shareholder servicing fees. The Plan permits the Fund to compensate the Distributor for providing or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to the Class A Shares and Class A‑2 Shares, as applicable. The maximum annual rates at which the distribution and/or service fees may be paid under the Distribution and Servicing Plan is 0.25% for Class A Shares, 0.75% for Class A‑2 and Class A‑3 Shares and 0.50% for Class A‑1 and Class A‑4 Shares (calculated as a percentage of the Fund’s average daily net assets attributable to the Class A, Class A‑1, Class A‑2, Class A‑3 and Class A‑4 Shares, respectively). Class I and Class W Shares do not pay distribution or servicing fees.
For the period ended June 30, 2026, the distribution and servicing fees incurred by the Fund are disclosed in the Consolidated Statement of Operations.
Note 8 — Periodic Repurchase Offers
The Fund is a closed-end interval fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value. Subject to applicable law and approval of the Board, for
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Notes to Consolidated Financial Statements
each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund’s outstanding Common Shares at net asset value, which is the minimum amount permitted, though at times there have been and may be repurchase offers for higher amounts.
The following table summarizes the share repurchases completed during the period ended June 30, 2026:
Repurchase | Size of | % of | Number of | Shares | Aggregate | % of | Proration% | ||||||||
12/31/25 | 1/7/26 | 2,379,858 | 7 | % | 8,173,557 | 2,720,149 | $60,873,562 | 8.00 | % | 32.90 | % | ||||
3/31/26 | 4/7/26 | 2,273,265 | 7 | % | 8,794,485 | 2,273,419 | $50,129,998 | 7.00 | % | 25.25 | % | ||||
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%, which the Fund would retain to help offset non-de minimis estimated costs related to the repurchase incurred by the Fund, directly or indirectly, as a result of repurchasing Common Shares, thus allocating estimated transaction costs to the shareholder whose Common Shares are being repurchased. The Fund may introduce, or modify the amount of, a repurchase fee at any time. The Fund may also waive or reduce a repurchase fee if the Adviser or Subadviser determines that the repurchase is offset by a corresponding purchase or if for other reasons the Fund will not incur transaction costs or will incur reduced transaction costs.
Note 9 — Unfunded Commitment/Delayed Draw Loan Commitment
As of June 30, 2026, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:
Loan | Principal | Value | Net Unrealized | |||
841 Prudential MOB LLC, Delayed Draw Term Loan — | $513,514 | $513,514 | $2,567 | |||
Advanced Web Technologies (AWT), Revolving | 463,486 | 462,327 | 2,045 | |||
Advantmed Buyer Inc., Revolving Loan — First Lien | 1,545,373 | 1,529,919 | 4,829 | |||
Air Conditioning Specialist, Inc., Revolving Loan — | 287,790 | 286,351 | 2,877 | |||
Alpine SG, LLC (ASG), Revolving Credit Loan — First Lien | 105,232 | 105,232 | 1,144 |
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Notes to Consolidated Financial Statements
Loan | Principal | Value | Net Unrealized | ||||
APS Acquisition Holdings, LLC, Revolving Loan — | $1,339,430 | $1,332,732 | $8,371 | ||||
Argano, LLC, Revolving Credit Loan — First Lien | 231,884 | 231,884 | 4,638 | ||||
BCDI BHI Intermediate 2, LP (Basic Home Infusion), | 339,532 | 339,532 | 2,064 | ||||
BCDI Rodeo Dental Buyer, LLC (Toothfairy), Sixth | 1,698,572 | 1,698,572 | 19,109 | ||||
Beacon Mobility Corp., 2026 Refinancing Delayed Draw | 33,735 | 33,825 | 234 | ||||
CC Amulet Management, LLC (Children’s Choice), | 283 | 283 | 3 | ||||
CI (MG) Group, LLC (Mariani Landscape), Delayed Draw | 866,830 | 866,830 | 6,337 | ||||
CI (MG) Group, LLC (Mariani Landscape), Revolving | 313,765 | 313,765 | 1,399 | ||||
Community Based Care Acquisition, Inc. | 365,854 | 365,854 | 3,932 | ||||
Cooper’s Hawk Intermediate Holding, LLC, Delayed | 221,053 | 220,984 | 1,589 | ||||
Danforth Health, Inc., Revolving Credit Loan — First Lien | 140,625 | 140,625 | 401 | ||||
Data Driven Intermediate, LLC, Revolving Loan — | 907,300 | 907,300 | 6,001 | ||||
EiKO Global, LLC, Revolving Credit Loan — First Lien | 2,273,144 | 2,273,144 | 42,606 | ||||
Elevate HD Parent, Inc., Revolving Loan — First Lien | 390,000 | 390,000 | 4,883 | ||||
Endo1 Partners, LLC, Revolving Loan — First Lien | 188,558 | 188,087 | 2,484 | ||||
HANSEI SOLUTIONS, LLC (fka RMBUS Holdco Inc. | 258,799 | 258,799 | 3,936 | ||||
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), | 546,216 | 540,754 | 1,519 | ||||
HFW Cos., LLC (fka HFW Holdings, LLC), Revolving | 433,333 | 430,083 | 1,625 | ||||
Houseworks Holdings, Revolving Loan — First Lien | 158,981 | 157,391 | 2,029 | ||||
iLending LLC, Revolving Loan — First Lien | 12,263 | 12,263 | 65 | ||||
Inflexionpoint LLC (fka Automated Control Concepts), | 520,833 | 519,531 | 2,349 | ||||
Life Northwestern Pennsylvania, LLC (FFL Pace | 216,529 | 216,529 | 401 | ||||
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Notes to Consolidated Financial Statements
Loan | Principal | Value | Net Unrealized | |||
McHale & McHale Landscape Design, LLC, Delayed | $588,235 | $588,235 | $2,206 | |||
McHale & McHale Landscape Design, LLC, Revolving | 420,168 | 420,168 | 4,727 | |||
Medrina, LLC, Revolving Loan — First Lien | 828,571 | 828,571 | 13,704 | |||
Monarch Behavioral Therapy, LLC, Revolving | 175,977 | 175,097 | 486 | |||
Montana Buyer Inc., Revolving Credit Loan — First Lien | 304,348 | 304,348 | 3,164 | |||
Newcleus, LLC, Revolving Loan — First Lien | 34,803 | 34,803 | 323 | |||
Owl Vans, LLC, Revolving Loan — First Lien | 710,400 | 705,072 | 1,008 | |||
Prescott’s Inc. (aka Greenjacket), Delayed Draw Term | 1,672,881 | 1,672,881 | 6,273 | |||
Prescott’s Inc. (aka Greenjacket), Revolving Credit | 716,949 | 716,949 | 8,066 | |||
R.L. James, Inc. (HH Restore Acquisition), Revolving | 468,591 | 468,591 | 6,042 | |||
Sagebrush Buyer, LLC (Province), Revolving Credit | 1,262,614 | 1,262,614 | 10,880 | |||
Sapio Sciences, LLC (Jarvis Bidco), Revolving Credit | 312,500 | 312,500 | 3,443 | |||
Schola Group Acquisition, Inc. (Lathan McKee), | 1,114,094 | 1,114,094 | 4,178 | |||
Schola Group Acquisition, Inc. (Lathan McKee), | 671,141 | 671,141 | 7,550 | |||
Streetmasters Intermediate, Inc., Revolving | 448,000 | 445,760 | 2,464 | |||
SuperHero Fire Protection, LLC, Revolving | 161,292 | 161,292 | 87 | |||
Technology Partners, LLC (Imagine Software), | 373,405 | 373,405 | 3,991 | |||
The Mutual Group, LLC, Revolving Loan — First Lien | 345,424 | 345,424 | 4,798 | |||
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC), | 432,593 | 428,267 | 2,163 | |||
Tricor, LLC, Revolving Loan — First Lien | 173,077 | 173,077 | 48 | |||
Triple Crown Consulting, LLC, Revolving Loan — | 181,159 | 181,159 | 2,678 | |||
TSX Fiber Services, LLC (Tristrux), Revolver — First Lien | 5,302 | 5,302 | 492 | |||
Unified Patents, LLC, Revolving Loan — First Lien | 1,016,949 | 1,016,949 | 7,627 |
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Notes to Consolidated Financial Statements
Loan | Principal | Value | Net Unrealized | ||||
Visante Acquisition, LLC, Revolving Credit | $574,273 | $574,273 | $7,954 | ||||
Waste Resource Management, Inc., Revolving Credit | 465,542 | 465,542 | 1,743 | ||||
XPT Partners, LLC, 2024 Revolving Loan — First Lien | 113,094 | 113,094 | 1,696 | ||||
Total unrealized appreciation | $27,944,296 | $27,894,718 | $237,228 | ||||
360 Partners, LLC, Delayed Draw Term | 898,286 | 878,074 | (16,844 | ) | |||
360 Partners, LLC, Revolving Loan — First Lien | 367,690 | 359,417 | (4,137 | ) | |||
A&A Global Imports, LLC, New Revolving | 24,921 | 11,962 | (1,254 | ) | |||
Air Buyer Inc. (Condata Global), Revolving Credit | 109,272 | 95,066 | (12,774 | ) | |||
Apella Capital, LLC, Revolving Loan — First Lien | 273,059 | 273,059 | — | ||||
APS Acquisition Holdings, LLC, Delayed Draw Term | 455,406 | 453,129 | — | ||||
Boston Clinical Trials LLC (Alcanza Clinical Research), | 187,500 | 187,500 | — | ||||
Case Works, LLC, Revolving Loan — First Lien | 147,845 | 137,496 | (9,340 | ) | |||
ConvenientMD (CMD Intermediate Holdings, Inc.), | 10,000 | 9,300 | (554 | ) | |||
Cooper’s Hawk Intermediate Holding, LLC, | 156,316 | 155,339 | (961 | ) | |||
Enthusiast Auto Holdings, LLC (EAH-Intermediate | 602,228 | 602,228 | — | ||||
HFW Cos., LLC (fka HFW Holdings, LLC), Delayed | 2,194,667 | 2,178,207 | (8,230 | ) | |||
In Vitro Sciences, LLC (New IVS Holdings, LLC), | 315,401 | 312,247 | (123 | ) | |||
Irving Parent, Corp. (Quisitive), Revolving Credit | 1,327,083 | 1,300,542 | (9,621 | ) | |||
Mammoth Holdings, LLC, Initial Revolving Credit | 440,909 | 418,864 | (18,702 | ) | |||
Monarch Behavioral Therapy, LLC, Delayed Draw | 280,357 | 278,955 | (25 | ) | |||
PRGX Global, Inc., Delayed Draw Term | 421,053 | 413,693 | (5,254 | ) | |||
R-Pac International Corp. (Project Radio), | 621,890 | 621,890 | — | ||||
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Notes to Consolidated Financial Statements
Loan | Principal | Value | Net Unrealized | |||
Strategy Corps., LLC, Revolving Credit | $1,411,487 | $1,390,315 | $(3,455 | ) | ||
Syner-G Intermediate Holdings, LLC, | 814,371 | 773,653 | (31,557 | ) | ||
Thornton Carpet, LLC, Revolving Loan — First Lien | 967,480 | 957,805 | (1,154 | ) | ||
Violet Utility Buyer, LLC (Vannguard), Revolving | 104,056 | 101,975 | (910 | ) | ||
Total unrealized depreciation | $12,131,277 | $11,910,716 | $(124,895 | ) | ||
Net unrealized appreciation | $40,075,573 | $39,805,434 | $112,333 |
Delayed draw and revolving loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund’s valuation policy. Any related unrealized appreciation (depreciation) on unfunded delayed draw and revolving loan commitments is recorded on the Consolidated Statement of Assets and Liabilities and the change in the related unrealized appreciation (depreciation) is recorded on the Consolidated Statement of Operations.
Note 10 — Credit Facilities
Ally Credit Facility: On February 5, 2021, the SPV entered into a secured credit facility (the “Ally Credit Facility”) with Ally Bank and such other lenders that may become party to the Ally Credit Facility, which allowed the SPV, of which the Fund is the sole member and designated manager, to borrow up to $75 million, subject to leverage and borrowing base restrictions. The Ally Credit Facility had an initial five-year term, with a three-year revolving period. The Ally Credit Facility, commonly referred to as an asset-backed facility, is secured by a lien on all of the SPV’s assets. On May 18, 2022, the Ally Credit Facility was amended to, among other things, 1) increase the commitment amount from $75 million to $150 million, subject to change by mutual agreement of the SPV and the lenders; and 2) replace the benchmark rate. On January 3, 2024, the Ally Credit Facility was amended to, among other things, 1) extend the maturity date to January 3, 2029, with a revolving period ending January 3, 2027; 2) increase the commitment amount from $150 million to $250 million; and 3) update the per annum rate of interest. The per annum rate of interest is generally based on SOFR (subject to a 25 basis point floor) plus a spread of 3.00%. Commitment fees on the unused portion of the Ally Credit Facility accrue at a rate between 0.50% and 1.00% depending on the utilization levels. On February 3, 2026, the Ally Credit Facility was amended to, among other things, 1) decrease the commitment amount from $250 million to $100 million; 2) update the per annum rate of interest with a spread of 2.10%; and 3) extend the revolving period and final maturity of the facility by one year.
As of June 30, 2026, the SPV had no outstanding debt under the Ally Credit Facility.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Notes to Consolidated Financial Statements
The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the Ally Credit Facility for the six months ended June 30, 2026 were as follows:
Stated interest expense | $831 | |||
Unused commitment fees | 639,013 | |||
Amortization of deferred financing costs | 1,081,545 | |||
Total interest expense | $1,721,389 | |||
Effective Annualized Effective Interest Rate | NM* | |||
Average borrowings** | $4,500,000 |
JP Morgan Credit Facility: On December 13, 2024, the BSL SPV entered into a secured credit facility (the “JPM Credit Facility” and together with the Ally Credit Facility, the “Credit Facilities”) with JPMorgan Chase Bank and such other lenders that may become party to the JPM Credit Facility, which allows the BSL SPV, of which the Fund is the sole member and designated manager, to borrow up to $75 million, subject to leverage and borrowing base restrictions. The JPM Credit Facility has an initial five-year term, with a three-year revolving period. The JPM Credit Facility, commonly referred to as an asset-backed facility, is secured by a lien on all of the BSL SPV’s assets.
On June 3, 2025, the JPM Credit Facility was amended to, among other things, 1) increase the commitment amount from $75 million to $175 million; 2) update the per annum rate of interest with a spread of 1.50%; and 3) update minimum utilization rates to 30% through September 3, 2025, 50% from September 4, 2025 to December 3, 2025, and 75% thereafter.
The per annum rate of interest is generally based on SOFR plus a spread of 1.50%. Commitment fees on the unused portion of the JPM Credit Facility accrue at a rate of 0.50% with a minimum 75% utilization.
As of June 30, 2026 the BSL SPV had no outstanding debt under the JPM Credit Facility.
The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the JPM Credit Facility for the six months ended June 30, 2026 were as follows:
Stated interest expense | $673,409 | |||
Unused commitment fees | 931,259 | |||
Amortization of deferred financing costs | 168,352 | |||
Total interest expense | $1,773,020 | |||
Effective Annualized Effective Interest Rate* | 13.79% | |||
Average borrowings** | $52,127,778 |
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Notes to Consolidated Financial Statements
The Fund’s total borrowings under the Ally Credit Facility and JPM Credit Facility will not exceed 33 1/3% of the Fund’s Managed Assets at the time of borrowing. As of June 30, 2026, the Fund’s effective leverage (the percentage of leverage based on total consolidated assets minus the sum of consolidated liabilities, other than borrowing utilized for investment purposes) is 0.00%.
Under the Credit Facilities, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. As of June 30, 2026 the Fund is in compliance with these covenants.
Note 11 — Subsequent Events
Management has evaluated the possibility of subsequent events existing in the Fund’s financial statements. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Fund Expenses (unaudited)
Example
As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory fees; distribution fees (12b‑1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
This example is based on an investment of $1,000 invested on January 1, 2026 and held for the six-months ended June 30, 2026.
Actual Expenses
The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Fund Expenses (unaudited)
Based on Actual Total Return(1)
Actual Total | Beginning | Ending | Annualized | Expenses | |||||||
First Eagle Credit Opportunities Fund | |||||||||||
Class A | 2.52 | % | $1,000 | $1,025.20 | 1.77 | % | $8.89 | ||||
Class A‑2 | 2.34 | 1,000 | 1,023.40 | 2.16 | 10.84 | ||||||
Class I | 2.67 | 1,000 | 1,026.70 | 1.55 | 7.79 | ||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Fund Expenses (unaudited)
Hypothetical Example for Comparison Purposes
The table that follows titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example relating to the Fund with the 5% hypothetical examples that appear in the shareholder reports of other funds.
This example is based on an investment of $1,000 invested on January 1, 2026 and held for the six-months ended June 30, 2026.
Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Fund Expenses (unaudited)
Based on Hypothetical Total Return(1)
Hypothetical | Beginning | Ending | Annualized | Expenses | |||||||
First Eagle Credit Opportunities Fund | |||||||||||
Class A | 5.00 | % | $1,000 | $1,016.02 | 1.77 | % | $8.85 | ||||
Class A‑2 | 5.00 | 1,000 | 1,014.08 | 2.16 | 10.79 | ||||||
Class I | 5.00 | 1,000 | 1,017.11 | 1.55 | 7.75 | ||||||
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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General Information
Form N-PORT portfolio schedule
The First Eagle Credit Opportunities Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT from the Fund upon request by calling 1.800.334.2143.
Proxy voting policies, procedures and record
You may obtain (1) a description of the Fund’s proxy voting policies, (2) a description of the Fund’s proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1.800.334.2143 or on the EDGAR Database on the SEC’s Web site at www.sec.gov.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Dividend Reinvestment Plan
Pursuant to the Fund’s dividend reinvestment plan (the “Plan”), all Common Shareholders will have all dividends, including any capital gain dividends, reinvested automatically in additional Common Shares by SS&C GIDS, Inc., as agent for the Common Shareholders (the “Plan Agent”), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder’s name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details.
Common Shares received under the Plan will be issued to you at their NAV on the ex-dividend date; there is no sales or other charge for reinvestment. You are free to withdraw from the Plan and elect to receive cash at any time by giving written notice to the Plan Agent or by contacting your broker or dealer, who will inform the Fund. Your request must be received by the Fund at least ten days prior to the payment date of the distribution to be effective for that dividend or capital gain distribution.
The Plan Agent provides written confirmation of all transactions in the shareholder accounts in the Plan, including information you may need for tax records. Any proxy you receive will include all Common Shares you have received under the Plan.
Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions. See “Tax Matters” in the Fund’s Prospectus for additional information.
The Fund and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. If the Plan is amended to include such service charges, the Plan Agent will include a notification to registered holders of Common Shares with the Plan Agent.
Additional information about the Plan may be obtained from the Plan Agent.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Board Considerations for Continuation of Advisory Agreement (unaudited)
At a meeting held on June 3‑4, 2026, the Board of Trustees of the Fund, including a majority of the independent trustees (the “Independent Trustees”), approved the continuation of the Fund’s advisory agreement (the “Advisory Agreement”).
In response to a letter sent on behalf of the Independent Trustees requesting information about the Advisory Agreement and other arrangements and plans, the Trustees received extensive materials from the Adviser, including reviews of performance and expense information compared against the Fund’s benchmark and peer group compiled by an independent data provider. The Trustees also had the benefit of presentations and discussions with management throughout the year.
Prior to approving the continuation of the Advisory Agreement, the Independent Trustees met in executive session with their independent counsel to discuss management’s responses to their information request and the Independent Trustees reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered dispositive. At the conclusion of their review, the Trustees determined that the advisory fee was fair and reasonable under the circumstances and within the range of what could be negotiated at arm’s length, and that the continuance of the Advisory Agreement should serve the best interests of the Fund and its shareholders. The Trustees considered the following topics in reaching their conclusion to continue the Advisory Agreement:
Nature, Quality, and Extent of Services Provided by Adviser
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Board Considerations for Continuation of Advisory Agreement (unaudited)
and noted that the investment evaluation and selection process would remain substantially unchanged, adapted as necessary to the additional asset types being added to the Fund’s investment program.
Investment Performance of Fund and Adviser
|
| Peer Group |
| Benchmark |
Credit Opportunities Fund |
| Outperformed over trailing 5-year period Lagged over trailing 3-year period Matched over trailing 1-year period |
| Outperformed over trailing 1- and 5-year periods Lagged over trailing 3-year period |
Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Fund; Economies of Scale; Fall-Out Benefits
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Board Considerations for Continuation of Advisory Agreement (unaudited)
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
Board Considerations for Continuation of Advisory Agreement (unaudited)
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
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Board Considerations for Continuation of Subadvisory Agreement (unaudited)
At a meeting held on June 3‑4, 2026, the Board of Trustees of the Fund, including a majority of the Independent Trustees, approved the continuation of the Subadvisory Agreement.
In response to a letter sent to the Subadviser on behalf of the Independent Trustees requesting information about the Subadvisory Agreement and other arrangements and plans, the Trustees were provided with background materials related to the annual review process. The Trustees also had the benefit of presentations and discussions with management of the Adviser and Subadviser throughout the year.
Prior to approving the continuation of the Subadvisory Agreement, the Independent Trustees met in executive session with their independent counsel to discuss management’s responses to their information request and reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered dispositive. At the conclusion of their review the Trustees determined that the subadvisory fee was fair and reasonable under the circumstances and within the range of what could be negotiated at arm’s length, and that the approval of the agreement should serve the best interests of the Fund and its shareholders.
The Trustees considered information and views substantially similar to those described above relating to the Advisory Agreement. The Trustees considered that the Subadviser is wholly owned by the Adviser, that certain of the operations of the two entities are broadly integrated, and that the Subadviser can be considered to be the alternative credit business of the Adviser. Additionally, the Board, including the Independent Trustees, considered the nature, quality, cost and extent of services provided and to be provided under the Subadvisory Agreement (and corresponding services provided by the Adviser). The Board did not separately consider the profitability of the Subadviser.
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First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
First Eagle Credit Opportunities Fund
Trustees
Lisa Anderson (Retired)
John P. Arnhold
Candace K. Beinecke (Chair)
Peter W. Davidson
Jean D. Hamilton
William M. Kelly
Paul J. Lawler
Mehdi Mahmud
Mandakini Puri
Scott Sleyster
Trustee Emeritus
Tamara L. Fagely
Jody T. Foster
John T. Kelly-Jones
Officers
Mehdi Mahmud
President
Frank Riccio
Senior Vice President
Brandon Webster
Chief Financial Officer
Seth Gelman
Chief Compliance Officer
David O’Connor
General Counsel
Sheelyn Michael
Secretary & Deputy General Counsel
Jennifer Wilson
Chief Accounting Officer
Michael Luzzatto
Vice President
Shuang Wu
Treasurer
Investment Adviser
First Eagle Investment Management, LLC
1345 Avenue of the Americas
New York, NY 10105
Subadviser
First Eagle Alternative Credit, LLC
1345 Avenue of the Americas
New York, NY 10105
Legal Counsel
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Custodian
JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center, Floor 16,
Brooklyn, NY 11245
U.S. Bank National Association
190 S. LaSalle Street, 8th Floor, Chicago,
Illinois 60603
Shareholder Servicing Agent
SS&C GIDS, Inc.
801 Pennsylvania Avenue,
Suite 219324
Kansas City, MO 64105
800.334.2143
Underwriter
FEF Distributors, LLC
1345 Avenue of the Americas
New York, NY 10105
Independent Registered Public
Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Additional information about the Trustees and Officers is included in the Fund’s Statement of Additional Information.
This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Credit Opportunities Fund.
First Eagle Credit Opportunities Fund | Semiannual Report | June 30, 2026
105
First Eagle Credit Opportunities Fund is offered by FEF Distributors, LLC
1345 Avenue of the Americas, New York, NY 10105.
First Eagle Investment Management, LLC
1345 Avenue of the Americas, New York, NY 10105‑0048 800.334.2143 www.firsteagle.com
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).
Item 3. Audit Committee Financial Expert.
Not applicable to this semiannual report.
Item 4. Principal Accountant Fees and Services.
Not applicable to this semiannual report.
Item 5. Audit Committee of Listed Registrants
Not applicable to this semiannual report.
Item 6. Investments.
Please see the consolidated schedule of investments contained under Item 1 of this Form N-CSR.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Board Considerations for Continuation of Advisory Agreement
At a meeting held on June 3-4, 2026, the Board of Trustees of the Fund, including a majority of the independent trustees (the “Independent Trustees”), approved the continuation of the Fund’s advisory agreement (the “Advisory Agreement”).
In response to a letter sent on behalf of the Independent Trustees requesting information about the Advisory Agreement and other arrangements and plans, the Trustees received extensive materials from the Adviser, including reviews of performance and expense information compared against the Fund’s benchmark and peer group compiled by an independent data provider. The Trustees also had the benefit of presentations and discussions with management throughout the year.
Prior to approving the continuation of the Advisory Agreement, the Independent Trustees met in executive session with their independent counsel to discuss management’s responses to their information request and the Independent Trustees reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered dispositive. At the conclusion of their review, the Trustees determined that the advisory fee was fair and reasonable under the circumstances and within the range of what could be negotiated at arm’s length, and that the continuance of the Advisory Agreement should serve the best interests of the Fund and its shareholders. The Trustees considered the following topics in reaching their conclusion to continue the Advisory Agreement:
Nature, Quality, and Extent of Services Provided by Adviser
● The Trustees reviewed the services provided and to be provided by the Adviser to the Fund. The Adviser provides the Fund with investment research, advice and supervision, and continuously furnishes an investment portfolio for the Fund consistent with the Fund’s investment objectives, policies and restrictions as set forth in the Fund’s Prospectus. The Trustees were assured that service levels for the Fund, which is subject to a fee waiver, are not affected by the terms of the fee waiver. The Trustees considered the commitment of the Adviser to provide high quality services to the Fund.
● The Trustees reviewed the Fund’s relationship with the Adviser and the institutional resources available to the Fund under that relationship. The Trustees, in their deliberations, recognized that, for many of the Fund’s shareholders, the decision to purchase Fund shares may have included a decision to select the Adviser as the investment adviser and that, in the minds of Fund shareholders, there may be a strong association between the Adviser and the Fund.
● The Trustees also considered changes to the Fund’s portfolio management team, including the addition of six new portfolio managers. The Trustees commented on the background and experience of the new portfolio managers and noted that the investment evaluation and selection process would remain substantially unchanged, adapted as necessary to the additional asset types being added to the Fund’s investment program.
Investment Performance of Fund and Adviser
● Noting that the Fund commenced operations in 2020, the Trustees reviewed the performance of the Fund on both an absolute and a relative basis over the 1-, 3- and 5-year periods.
● Performance over these periods was noted relative to the Fund’s benchmark and to the performance of peer funds. The comparative review reflected research and benchmarking by an independent data provider, with outperformance and lagging performance generally as follows (1-, 3- and 5-year periods ended as of March 31, 2026):
| Peer Group | Benchmark | |
| Credit Opportunities Fund |
Outperformed over trailing 5-year period
Lagged over trailing 3-year period
Matched over trailing 1-year period |
Outperformed over trailing 1- and 5-year periods
Lagged over trailing 3-year period |
3
● Performance for the Fund was determined to be adequate under the circumstances given the benchmark, peer comparisons and on an absolute basis, and reflective of the Fund’s investment objective and philosophy.
● A memorandum provided to the Trustees with management commentary on performance was discussed.
Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Fund; Economies of Scale; Fall-Out Benefits
● The Trustees reviewed the total compensation received by the Adviser (including compensation paid by the Adviser to the Subadviser) and the Fund’s total costs for using the Adviser’s services, taking into account expenses incurred by the Adviser that are passed through to the Fund (notably under the administrative cost reimbursement program). They concluded that this compensation was commensurate with the nature, extent, and quality of the services provided and therefore fair and reasonable under the circumstances. As part of their analysis, the Trustees considered fees charged by investment advisers to peer funds for services comparable to those provided by the Adviser (and Subadviser) and referred to an independent data provider fee report, together with a management summary of the same. The Trustees noted the Adviser’s representation that there are no other substantially similar accounts managed by the Adviser or Subadviser. They determined that the Adviser’s fees were competitive, with the net management fee for the Fund being within the range of peers.
● A memorandum provided to the Trustees with management commentary on fees and expenses was discussed.
● While analyzing the effects of direct and indirect compensation to the Adviser and its affiliates (sometimes referred to as “fall-out benefits”), the Trustees considered the absence of affiliated broker-dealer relationships and the effects of the administrative service reimbursements paid to the Adviser. The Trustees noted that the Subadviser is able to retain some or all of certain “arranger” fees and that this represents a source of additional compensation associated with the Fund’s investment program.
● The Trustees reviewed the Fund’s expense ratios, which were deemed reasonable both on an absolute basis and in comparison to peer funds. The Trustees considered the Fund’s expense ratio, noting that over time the Fund may show decreases and increases generally attributable to an increase or decrease in average net assets. The Trustees also considered the effect of Fund asset size on particular categories of expenses. The Trustees noted the impact on expense ratios of the administrative reimbursements charged by the Adviser. While economies of scale can be complex to assess and typically are not directly measurable, the Trustees noted that the Adviser may be able to employ economies of scale in certain areas relating to the management of the Fund, potentially including investment management, trading, compliance and back-office operations. In the case of the administrative expense reimbursements, because they represent the provision of services at cost, any economies of scale realized are, by definition, for the benefit of the Fund. In considering the Fund’s expense ratios to date, the Trustees noted significant subsidies and expense limitations undertaken by the Adviser and the favorable impact of those supports on performance. The Trustees observed that absent these subsidies, expenses would be higher and the Fund’s performance would be lower.
● The Trustees reviewed the Adviser’s financial condition and profitability. In considering profits to the Adviser associated with the Fund, they noted continued, significant entrepreneurial investment in the product. The Trustees noted the cyclical and competitive nature of the global asset management industry and the related importance of profitability (when considered across the business) in maintaining the Adviser’s culture and management continuity. The Trustees also noted that the Adviser has consistently shown the willingness to commit resources to support investment in the business and to maintain the generally high quality of the overall shareholder experience in the Fund, such as attracting and retaining qualified personnel and investing in technology. Levels of support are not dependent on the profits realized. The Trustees noted the impact on profitability of the subsidies and expense limitation terms described above. The Trustees also considered that certain personnel participate in equity ownership and other incentives tied to the financial results of the Adviser as a whole.
● The Trustees also considered certain changes to the Fund’s investment strategy approved by the Board in September 2025, and that, in connection with those changes, the Adviser agreed to waive the Fund’s management fees in full from September 5, 2025 through December 31, 2026, with no obligation of repayment.
4
Board Considerations for Continuation of Subadvisory Agreement
At a meeting held on June 3-4, 2026, the Board of Trustees of the Fund, including a majority of the Independent Trustees, approved the continuation of the Subadvisory Agreement.
In response to a letter sent to the Subadviser on behalf of the Independent Trustees requesting information about the Subadvisory Agreement and other arrangements and plans, the Trustees were provided with background materials related to the annual review process. The Trustees also had the benefit of presentations and discussions with management of the Adviser and Subadviser throughout the year.
Prior to approving the continuation of the Subadvisory Agreement, the Independent Trustees met in executive session with their independent counsel to discuss management’s responses to their information request and reviewed their legal and fiduciary obligations and the factors relating to their evaluation and approval. In their deliberations, Trustees attributed different weights to the various factors, and no factor alone was considered dispositive. At the conclusion of their review the Trustees determined that the subadvisory fee was fair and reasonable under the circumstances and within the range of what could be negotiated at arm’s length, and that the approval of the agreement should serve the best interests of the Fund and its shareholders.
The Trustees considered information and views substantially similar to those described above relating to the Advisory Agreement. The Trustees considered that the Subadviser is wholly owned by the Adviser, that certain of the operations of the two entities are broadly integrated, and that the Subadviser can be considered to be the alternative credit business of the Adviser. Additionally, the Board, including the Independent Trustees, considered the nature, quality, cost and extent of services provided and to be provided under the Subadvisory Agreement (and corresponding services provided by the Adviser). The Board did not separately consider the profitability of the Subadviser.
5
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this semiannual report.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this semiannual report.
There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
No material change to report at this time.
Item 16. Controls and Procedures.
(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
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Item 19. Exhibits.
| (a)(1) | Not applicable to this semi-annual report. |
| (a)(2) | Not applicable. |
| (a)(3) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto. |
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto. |
7
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | First Eagle Credit Opportunities Fund |
| By (Signature and Title)* | /s/ Mehdi Mahmud |
| Mehdi Mahmud, President | |
| Date September 4, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Mehdi Mahmud |
| Mehdi Mahmud, President | |
| Date September 4, 2026 | |
| By (Signature and Title)* | /s/ Brandon Webster |
| Brandon Webster, Principal Financial Officer | |
| Date September 4, 2026 | |
*Print the name and title of each signing officer under his or her signature.
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