First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 85.6% | ||||||||
| Belgium - 0.7% | ||||||||
| Groupe Bruxelles Lambert NV | 5,962,634 | 537,810,861 | ||||||
| Brazil - 1.3% | ||||||||
| Ambev SA, ADR | 166,791,911 | 518,722,843 | ||||||
| Itausa SA (Preference) | 170,694,647 | 465,364,020 | ||||||
| 984,086,863 | ||||||||
| Canada - 4.8% | ||||||||
| Agnico Eagle Mines Ltd. | 1,999,447 | 290,278,884 | ||||||
| Barrick Mining Corp. | 8,831,179 | 324,369,205 | ||||||
| Franco-Nevada Corp. | 2,427,224 | 516,385,694 | ||||||
| Imperial Oil Ltd. | 6,867,104 | 890,320,756 | ||||||
| Nutrien Ltd. | 4,777,887 | 330,008,655 | ||||||
| Power Corp. of Canada | 10,102,866 | 690,412,357 | ||||||
| Wheaton Precious Metals Corp. | 5,348,148 | 583,108,577 | ||||||
| 3,624,884,128 | ||||||||
| China - 2.0% | ||||||||
| Alibaba Group Holding Ltd. | 31,743,592 | 483,562,939 | ||||||
| Prosus NV | 21,775,472 | 1,011,967,369 | ||||||
| 1,495,530,308 | ||||||||
| France - 3.9% | ||||||||
| Danone SA | 6,223,910 | 484,133,864 | ||||||
| Dassault Systemes SE | 38,890,364 | 904,784,849 | ||||||
| Legrand SA | 1,813,338 | 275,680,430 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,880,097 | 1,032,427,582 | ||||||
| Sodexo SA | 2,131,829 | 140,182,192 | ||||||
| Wendel SE | 867,489 | 84,129,251 | ||||||
| 2,921,338,168 | ||||||||
| Germany - 1.8% | ||||||||
| Brenntag SE | 1,126,149 | 79,412,094 | ||||||
| Henkel AG & Co. KGaA (Preference) | 3,516,726 | 306,583,619 | ||||||
| Merck KGaA | 6,071,389 | 1,003,407,788 | ||||||
| 1,389,403,501 | ||||||||
| Hong Kong - 2.1% | ||||||||
| AIA Group Ltd. | 43,574,600 | 439,271,112 | ||||||
| CK Asset Holdings Ltd. | 54,929,000 | 334,573,677 | ||||||
| Guoco Group Ltd. (a) | 12,748,580 | 114,203,699 | ||||||
| Hongkong Land Holdings Ltd. | 31,759,300 | 257,528,061 | ||||||
| Jardine Matheson Holdings Ltd. | 7,051,271 | 468,309,887 | ||||||
| 1,613,886,436 | ||||||||
| Indonesia - 0.0%(b) | ||||||||
| Bank Central Asia Tbk. PT | 78,380,523 | 27,470,415 | ||||||
| Japan - 6.7% | ||||||||
| FANUC Corp. | 11,341,000 | 456,991,271 | ||||||
| Hirose Electric Co. Ltd. | 1,585,215 | 267,122,710 | ||||||
| Hoshizaki Corp. | 6,107,800 | 217,825,654 | ||||||
| Keyence Corp. | 1,258,300 | 631,146,954 | ||||||
| Mitsubishi Electric Corp. | 8,365,600 | 301,355,026 | ||||||
| MS &AD Insurance Group Holdings, Inc. | 23,189,560 | 713,857,469 | ||||||
| Secom Co. Ltd. | 12,674,260 | 545,957,297 | ||||||
| Shimano, Inc. (c) | 4,397,890 | 555,146,547 | ||||||
| SMC Corp. | 1,831,956 | 791,515,493 | ||||||
| Sompo Holdings, Inc. | 11,283,000 | 500,927,248 | ||||||
| T Hasegawa Co. Ltd. (c) | 3,002,800 | 60,972,481 | ||||||
| USS Co. Ltd. | 2,597,200 | 32,799,722 | ||||||
| 5,075,617,872 | ||||||||
| Mexico - 2.8% | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | 6,677,092 | 854,601,005 | ||||||
| Fresnillo plc | 2,530,326 | 85,236,378 | ||||||
| Grupo Mexico SAB de CV, Series B | 35,426,045 | 424,879,359 | ||||||
| Industrias Penoles SAB de CV | 2,256,672 | 103,885,481 | ||||||
| Wal-Mart de Mexico SAB de CV | 236,280,702 | 685,533,952 | ||||||
| 2,154,136,175 | ||||||||
| Netherlands - 1.4% | ||||||||
| Heineken Holding NV | 3,269,505 | 275,050,357 | ||||||
| Heineken NV | 3,154,853 | 285,641,644 | ||||||
| Magnum Ice Cream Co. NV (The) * | 12,312,089 | 230,087,176 | ||||||
| Universal Music Group NV | 18,011,898 | 297,188,407 | ||||||
| 1,087,967,584 | ||||||||
| Norway - 0.2% | ||||||||
| Orkla ASA | 16,166,787 | 179,579,754 | ||||||
| South Korea - 4.2% | ||||||||
| Hyundai Mobis Co. Ltd. | 540,880 | 174,923,833 | ||||||
| KT &G Corp. (c) | 5,214,838 | 648,926,273 | ||||||
| NAVER Corp. | 1,857,627 | 265,939,170 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 12,016,075 | 1,509,999,803 | ||||||
| Samsung Life Insurance Co. Ltd. | 2,904,488 | 608,839,631 | ||||||
| 3,208,628,710 | ||||||||
| Sweden - 1.0% | ||||||||
| Investor AB, Class A | 2,364,482 | 100,333,368 | ||||||
| Investor AB, Class B | 11,255,824 | 486,227,657 | ||||||
| Svenska Handelsbanken AB, Class A | 10,429,006 | 159,465,432 | ||||||
| 746,026,457 | ||||||||
| Switzerland - 2.9% | ||||||||
| Cie Financiere Richemont SA (Registered) | 3,573,332 | 844,528,235 | ||||||
| Nestle SA (Registered) | 7,965,535 | 796,163,738 | ||||||
| Schindler Holding AG | 1,583,092 | 498,325,922 | ||||||
| Schindler Holding AG (Registered) | 211,870 | 64,805,530 | ||||||
| 2,203,823,425 | ||||||||
| Taiwan - 1.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,820,692 | 736,014,741 | ||||||
| Thailand - 0.3% | ||||||||
| Bangkok Bank PCL, NVDR | 40,367,500 | 231,088,605 | ||||||
| United Kingdom - 8.4% | ||||||||
| Berkeley Group Holdings plc *(c) | 6,528,960 | 308,380,440 | ||||||
| British American Tobacco plc | 20,248,964 | 1,228,321,279 | ||||||
| Derwent London plc, REIT | 4,966,240 | 140,825,979 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Diageo plc | 24,638,660 | 541,270,326 | ||||||
| Haleon plc | 132,113,107 | 646,767,707 | ||||||
| Lloyds Banking Group plc | 332,182,803 | 513,427,371 | ||||||
| Reckitt Benckiser Group plc | 10,417,603 | 735,247,147 | ||||||
| RELX plc | 14,409,122 | 506,797,043 | ||||||
| Rentokil Initial plc | 44,686,903 | 205,794,702 | ||||||
| Shell plc | 18,143,743 | 831,940,350 | ||||||
| Unilever plc | 11,461,692 | 733,979,919 | ||||||
| 6,392,752,263 | ||||||||
| United States - 40.1% | ||||||||
| Alphabet, Inc., Class A | 401,065 | 142,831,278 | ||||||
| Alphabet, Inc., Class C | 5,094,822 | 1,817,068,266 | ||||||
| American Express Co. | 1,190,268 | 400,227,615 | ||||||
| Automatic Data Processing, Inc. | 3,648,831 | 972,267,508 | ||||||
| Bank of New York Mellon Corp. (The) | 5,600,437 | 875,516,316 | ||||||
| Becton Dickinson & Co. | 9,151,995 | 1,515,753,412 | ||||||
| Berkshire Hathaway, Inc., Class A * | 434 | 332,704,404 | ||||||
| Bio-Rad Laboratories, Inc., Class A * | 1,878,739 | 611,491,970 | ||||||
| Booking Holdings, Inc. | 3,475,445 | 670,413,340 | ||||||
| Brown & Brown, Inc. | 8,139,548 | 573,024,179 | ||||||
| BXP, Inc., REIT | 6,565,788 | 460,393,055 | ||||||
| Carlisle Cos., Inc. | 1,070,693 | 385,363,825 | ||||||
| Charter Communications, Inc., Class A * | 2,556,040 | 370,574,679 | ||||||
| Colgate-Palmolive Co. | 5,342,322 | 487,753,999 | ||||||
| Comcast Corp., Class A | 24,979,449 | 598,507,598 | ||||||
| Cullen/Frost Bankers, Inc. | 1,961,373 | 326,254,785 | ||||||
| Cummins, Inc. | 341,514 | 216,588,179 | ||||||
| Deere & Co. | 381,724 | 226,236,363 | ||||||
| Dollar General Corp. | 3,185,579 | 404,727,812 | ||||||
| Douglas Emmett, Inc., REIT (c) | 9,162,021 | 108,295,088 | ||||||
| Elevance Health, Inc. | 2,844,869 | 1,069,215,565 | ||||||
| Equity Residential, REIT | 6,189,955 | 411,322,510 | ||||||
| Extra Space Storage, Inc., REIT | 2,675,387 | 396,064,291 | ||||||
| ExxonMobil Holdings Corp. * | 4,275,095 | 664,520,767 | ||||||
| Ferguson Enterprises, Inc. | 444,071 | 104,059,157 | ||||||
| Fidelity National Financial, Inc. | 6,244,032 | 322,129,611 | ||||||
| Fiserv, Inc. * | 9,208,420 | 496,702,175 | ||||||
| HCA Healthcare, Inc. | 2,185,757 | 879,963,911 | ||||||
| International Flavors & Fragrances, Inc. | 6,578,172 | 521,122,786 | ||||||
| IPG Photonics Corp. *(c) | 2,350,213 | 199,909,118 | ||||||
| JG Boswell Co. | 2,485 | 1,372,975 | ||||||
| Medtronic plc | 9,056,365 | 773,323,007 | ||||||
| Meta Platforms, Inc., Class A | 2,286,474 | 1,272,902,941 | ||||||
| Microsoft Corp. | 1,398,269 | 649,803,570 | ||||||
| Mills Music Trust (c) | 31,592 | 630,260 | ||||||
| Newmont Corp. | 4,670,093 | 437,634,415 | ||||||
| Noble Corp. plc (c) | 9,907,985 | 420,098,564 | ||||||
| NOV, Inc. (c) | 21,755,136 | 422,702,292 | ||||||
| Omnicom Group, Inc. | 5,156,698 | 405,832,133 | ||||||
| ONEOK, Inc. | 8,222,844 | 746,716,464 | ||||||
| Oracle Corp. | 7,035,825 | 913,742,593 | ||||||
| Philip Morris International, Inc. | 3,855,469 | 735,700,595 | ||||||
| PPG Industries, Inc. | 4,627,995 | 511,486,007 | ||||||
| Salesforce, Inc. | 4,973,780 | 915,274,996 | ||||||
| SLB Ltd. | 20,475,698 | 1,015,389,864 | ||||||
| Universal Health Services, Inc., Class B | 3,108,317 | 523,564,915 | ||||||
| US Bancorp | 5,965,007 | 375,855,091 | ||||||
| Walt Disney Co. (The) | 5,030,694 | 483,902,456 | ||||||
| Warrior Met Coal, Inc. (c) | 3,633,483 | 288,534,885 | ||||||
| Waters Corp. * | 699,700 | 264,003,807 | ||||||
| Weyerhaeuser Co., REIT | 36,019,196 | 901,560,476 | ||||||
| Willis Towers Watson plc | 2,511,169 | 843,551,890 | ||||||
| Workday, Inc., Class A * | 6,106,766 | 979,158,860 | ||||||
| 30,443,746,618 | ||||||||
| Total Common Stocks (Cost $42,353,111,529) | 65,053,792,884 | |||||||
| Investments | Ounces | Value ($) | ||||||
| Commodities - 9.0% | ||||||||
| Gold bullion* (Cost $1,570,176,332) | 1,680,206 | 6,807,672,479 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Corporate Bonds - 0.0%(b) | ||||||||
| United States - 0.0%(b) | ||||||||
| Bausch & Lomb, Inc. | ||||||||
| 7.13%, 08/01/2028 ‡
(Cost $5,320,286) | 5,467,000 | 5,446,499 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Short-Term Investments - 5.4% | ||||||||
| Commercial Paper - 5.1% | ||||||||
| Aes Corp. (The) | ||||||||
| 4.10%, 08/03/2026 (d)(e) | 25,534,000 | 25,525,265 | ||||||
| Air Liquide US LLC | ||||||||
| 3.82%, 09/17/2026 (d)(e) | 28,158,000 | 28,017,210 | ||||||
| Amphenol Corp. | ||||||||
| 3.66%, 08/03/2026 (d)(e) | 28,371,000 | 28,362,273 | ||||||
| Cargill, Inc. | ||||||||
| 3.64%, 08/03/2026 (d)(e) | 28,371,000 | 28,362,406 | ||||||
| Cisco Systems, Inc. | ||||||||
| 3.76%, 09/04/2026 (d)(e) | 85,000,000 | 84,694,102 | ||||||
| 3.79%, 10/15/2026 (d)(e) | 50,000,000 | 49,604,450 | ||||||
| Engie SA | ||||||||
| 3.80%, 08/11/2026 (d)(e) | 75,000,000 | 74,914,507 | ||||||
| 3.80%, 08/12/2026 (d)(e) | 50,000,000 | 49,937,785 | ||||||
| 3.80%, 08/14/2026 (d)(e) | 75,000,000 | 74,890,965 | ||||||
| 3.89%, 09/10/2026 (d)(e) | 75,000,000 | 74,677,748 | ||||||
| 3.88%, 09/17/2026 (d)(e) | 86,842,000 | 86,404,777 | ||||||
| 3.89%, 09/23/2026 (d)(e) | 25,000,000 | 24,857,950 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| 3.90%, 10/06/2026 (d)(e) | 40,000,000 | 39,716,936 | ||||||
| 3.93%, 10/09/2026 (d)(e) | 60,000,000 | 59,556,276 | ||||||
| 3.89%, 10/20/2026 (d)(e) | 100,000,000 | 99,143,430 | ||||||
| 4.03%, 11/30/2026 (d)(e) | 75,000,000 | 74,010,105 | ||||||
| Erste Abwicklungsanstalt | ||||||||
| 3.72%, 09/08/2026 (d)(e) | 40,000,000 | 39,840,012 | ||||||
| 3.94%, 11/24/2026 (d)(e) | 75,000,000 | 74,077,320 | ||||||
| Export Development Canada | ||||||||
| 3.78%, 08/28/2026 (d) | 50,000,000 | 49,857,110 | ||||||
| 3.96%, 11/18/2026 (d) | 25,000,000 | 24,705,647 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.81%, 08/03/2026 (d)(e) | 49,082,000 | 49,066,323 | ||||||
| Global Payments, Inc. | ||||||||
| 4.08%, 08/03/2026 (d) | 42,557,000 | 42,542,424 | ||||||
| Hydro-Quebec | ||||||||
| 3.78%, 09/21/2026 (d)(e) | 50,000,000 | 49,731,480 | ||||||
| Hydro-Quebec | ||||||||
| 3.79%, 10/13/2026 (d)(e) | 50,000,000 | 49,615,335 | ||||||
| Johnson & Johnson | ||||||||
| 3.72%, 10/05/2026 (d)(e) | 35,000,000 | 34,764,510 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 3.71%, 08/28/2026 (d)(e) | 60,000,000 | 59,827,902 | ||||||
| 3.76%, 09/02/2026 (d)(e) | 75,000,000 | 74,746,447 | ||||||
| 3.74%, 09/08/2026 (d)(e) | 64,000,000 | 63,744,576 | ||||||
| 3.75%, 09/10/2026 (d)(e) | 55,000,000 | 54,769,319 | ||||||
| Nederlandse Waterschapsbank NV | ||||||||
| 3.74%, 10/22/2026 (d)(e) | 125,000,000 | 123,927,338 | ||||||
| Nestle Capital Corp. | ||||||||
| 3.71%, 11/02/2026 (d)(e) | 71,429,000 | 70,737,674 | ||||||
| 3.71%, 11/03/2026 (d)(e) | 53,571,000 | 53,046,760 | ||||||
| Oesterreichische Kontrollbank AG | ||||||||
| 3.73%, 08/20/2026 (d) | 70,000,000 | 69,856,514 | ||||||
| Philip Morris International, Inc. | ||||||||
| 3.76%, 08/05/2026 (d)(e) | 50,000,000 | 49,974,365 | ||||||
| 3.72%, 08/07/2026 (d)(e) | 50,000,000 | 49,964,030 | ||||||
| 3.76%, 08/18/2026 (d)(e) | 50,000,000 | 49,907,520 | ||||||
| 3.77%, 08/19/2026 (d)(e) | 50,000,000 | 49,902,340 | ||||||
| 3.77%, 09/02/2026 (d)(e) | 50,000,000 | 49,828,815 | ||||||
| 3.77%, 09/04/2026 (d)(e) | 40,000,000 | 39,854,620 | ||||||
| 3.78%, 09/16/2026 (d)(e) | 50,000,000 | 49,755,015 | ||||||
| 3.76%, 09/17/2026 (d)(e) | 50,000,000 | 49,749,865 | ||||||
| Province of Ontario Canada | ||||||||
| 3.78%, 09/18/2026 (d) | 83,333,000 | 82,909,202 | ||||||
| 3.78%, 09/21/2026 (d) | 41,667,000 | 41,442,065 | ||||||
| Province of Quebec Canada | ||||||||
| 3.74%, 09/09/2026 (d)(e) | 85,000,000 | 84,648,670 | ||||||
| 3.74%, 09/11/2026 (d)(e) | 100,000,000 | 99,565,300 | ||||||
| 3.78%, 09/22/2026 (d)(e) | 75,000,000 | 74,587,890 | ||||||
| 3.89%, 11/05/2026 (d)(e) | 23,000,000 | 22,763,783 | ||||||
| 3.94%, 11/19/2026 (d)(e) | 50,000,000 | 49,408,770 | ||||||
| PSP Capital, Inc. | ||||||||
| 3.79%, 08/24/2026 (d)(e) | 55,110,000 | 54,974,611 | ||||||
| 3.73%, 09/01/2026 (d)(e) | 85,000,000 | 84,721,404 | ||||||
| 3.77%, 09/15/2026 (d)(e) | 90,000,000 | 89,577,954 | ||||||
| 3.85%, 11/13/2026 (d)(e) | 80,000,000 | 79,119,168 | ||||||
| RWE AG | ||||||||
| 4.05%, 08/07/2026 (d)(e) | 59,400,000 | 59,354,725 | ||||||
| Saudi Arabian Oil Co. | ||||||||
| 3.96%, 08/03/2026 (d) | 75,000,000 | 74,976,570 | ||||||
| 3.95%, 08/04/2026 (d) | 100,000,000 | 99,958,320 | ||||||
| 3.97%, 08/05/2026 (d) | 15,000,000 | 14,992,179 | ||||||
| 3.96%, 08/13/2026 (d) | 100,000,000 | 99,864,120 | ||||||
| 3.99%, 09/03/2026 (d) | 135,000,000 | 134,503,430 | ||||||
| 3.97%, 09/14/2026 (d) | 135,000,000 | 134,335,975 | ||||||
| 4.01%, 10/14/2026 (d) | 75,000,000 | 74,380,470 | ||||||
| TotalEnergies Capital SA | ||||||||
| 3.85%, 08/31/2026 (d)(e) | 115,000,000 | 114,629,504 | ||||||
| Total Commercial Paper (Cost $3,847,471,205) | 3,847,183,556 | |||||||
| U.S. Treasury Obligations - 0.3% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.58%, 08/06/2026 (d) | 60,000,000 | 59,982,000 | ||||||
| 3.63%, 09/17/2026 (d) | 40,000,000 | 39,817,120 | ||||||
| 3.65%, 10/29/2026 (d) | 50,000,000 | 49,555,732 | ||||||
| 3.67%, 11/12/2026 (d) | 40,000,000 | 39,582,253 | ||||||
| 3.74%, 12/17/2026 (d)(f) | 40,000,000 | 39,432,577 | ||||||
| Total U.S. Treasury Obligations (Cost $228,366,661) | 228,369,682 | |||||||
| Investments | Shares | Value ($) | ||||||
| Investment Companies - 0.0%(b) | ||||||||
| JPMorgan U.S. Government
Money Market Fund 3.63% (g) (Cost $14,154,859) | 14,154,859 | 14,154,859 | ||||||
| Total Short-Term Investments (Cost $4,089,992,725) | 4,089,708,097 | |||||||
| Total Investments
- 100.0% (Cost $48,018,600,872) | 75,956,619,959 | |||||||
| Other assets less liabilities - 0.0% (b) | 9,703,380 | |||||||
| Net Assets - 100.0% | 75,966,323,339 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2026 amounted to $114,203,699, which represents approximately 0.15% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Guoco Group Ltd. | 03/22/04 - 12/29/20 | $ | 115,604,847 | $ | 8.96 | |||||
| (b) | Represents less than 0.05% of net assets. |
| (c) | Affiliated company as defined under the Investment Company Act of 1940. |
| (d) | The rate shown was the current yield as of July 31, 2026. |
| (e) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $2,902,859,530, which represents approximately 3.82% of net assets of the Fund. |
| (f) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (g) | Represents 7-day effective yield as of July 31, 2026. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2026
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||
| EUR | 425,091,000 | USD | 483,687,244 | Bank of New York Mellon | 08/05/2026 | $ | 6,525,693 | |||||||||
| JPY | 18,430,123,000 | USD | 113,168,216 | Bank of New York Mellon | 08/05/2026 | 2,678,063 | ||||||||||
| USD | 499,761,579 | EUR | 425,091,000 | Bank of New York Mellon | 08/05/2026 | 9,548,642 | ||||||||||
| USD | 117,228,037 | JPY | 18,430,123,000 | Bank of New York Mellon | 08/05/2026 | 1,381,757 | ||||||||||
| JPY | 18,430,123,000 | USD | 113,412,652 | Goldman Sachs | 09/02/2026 | 2,692,368 | ||||||||||
| USD | 453,842,728 | EUR | 385,834,000 | Goldman Sachs | 09/02/2026 | 8,389,608 | ||||||||||
| USD | 86,370,090 | GBP | 64,006,000 | Goldman Sachs | 09/02/2026 | 108,311 | ||||||||||
| USD | 117,518,814 | JPY | 18,430,123,000 | Goldman Sachs | 09/02/2026 | 1,413,794 | ||||||||||
| JPY | 22,291,148,000 | USD | 137,564,014 | JPMorgan Chase Bank | 10/07/2026 | 3,272,529 | ||||||||||
| USD | 587,092,851 | EUR | 501,703,000 | JPMorgan Chase Bank | 10/07/2026 | 7,045,917 | ||||||||||
| USD | 141,290,680 | JPY | 22,291,148,000 | JPMorgan Chase Bank | 10/07/2026 | 454,137 | ||||||||||
| JPY | 18,656,347,000 | USD | 115,406,985 | UBS AG | 11/04/2026 | 2,730,545 | ||||||||||
| Total unrealized appreciation | 46,241,364 | |||||||||||||||
| USD | 102,793,294 | GBP | 76,511,000 | JPMorgan Chase Bank | 10/07/2026 | (323,279 | ) | |||||||||
| USD | 558,496,493 | EUR | 486,809,000 | UBS AG | 11/04/2026 | (4,953,530 | ) | |||||||||
| USD | 116,401,376 | JPY | 18,656,347,000 | UBS AG | 11/04/2026 | (1,736,154 | ) | |||||||||
| USD | 571,186,536 | EUR | 499,547,000 | Bank of New York Mellon | 12/02/2026 | (7,681,868 | ) | |||||||||
| Total unrealized depreciation | (14,694,831 | ) | ||||||||||||||
| Net unrealized appreciation | $ | 31,546,533 | ||||||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NVDR | Non-Voting Depositary Receipt |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Automobile Components | 0.2 | % | ||
| Banks | 2.7 | |||
| Beverages | 3.2 | |||
| Broadline Retail | 2.0 | |||
| Building Products | 0.5 | |||
| Capital Markets | 1.1 | |||
| Chemicals | 1.9 | |||
| Commercial Services & Supplies | 1.0 | |||
| Commodities | 9.0 | |||
| Consumer Finance | 0.5 | |||
| Consumer Staples Distribution & Retail | 1.4 | |||
| Diversified Telecommunication Services | 0.8 | |||
| Electrical Equipment | 0.8 | |||
| Electronic Equipment,Instruments & Components | 1.5 | |||
| Energy Equipment & Services | 2.5 | |||
| Entertainment | 1.0 | |||
| Financial Services | 2.7 | |||
| Food Products | 2.1 | |||
| Health Care Equipment & Supplies | 3.0 | |||
| Health Care Providers & Services | 3.3 | |||
| Hotels, Restaurants & Leisure | 1.1 | |||
| Household Durables | 0.4 | |||
| Household Products | 2.0 | |||
| Industrial Conglomerates | 0.8 | |||
| Insurance | 6.2 | |||
| Interactive Media & Services | 4.6 | |||
| Leisure Products | 0.7 | |||
| Life Sciences Tools & Services | 1.1 | |||
| Machinery | 3.3 | |||
| Media | 1.0 | |||
| Metals & Mining | 4.1 | |||
| Office REITs | 0.9 | |||
| Oil, Gas & Consumable Fuels | 4.2 | |||
| Personal Care Products | 0.9 | |||
| Pharmaceuticals | 2.1 | |||
| Professional Services | 2.0 | |||
| Real Estate Management & Development | 0.7 | |||
| Residential REITs | 0.5 | |||
| Semiconductors & Semiconductor Equipment | 1.0 | |||
| Software | 5.8 | |||
| Specialized REITs | 1.7 | |||
| Specialty Retail | 0.1 | |||
| Technology Hardware, Storage & Peripherals | 2.0 | |||
| Textiles, Apparel & Luxury Goods | 2.5 | |||
| Tobacco | 3.5 | |||
| Trading Companies & Distributors | 0.2 | |||
| Short-Term Investments | 5.4 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
Affiliated Securities
| Security Description | Market
Value October 31, 2025 | Purchases
at Cost | Proceeds from Sales | Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/ Depreciation | Market
Value July 31, 2026 | Shares
at July 31, 2026 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 4.0% | ||||||||||||||||||||||||||||||||
| Japan 0.8% | ||||||||||||||||||||||||||||||||
| Chofu Seisakusho Co. Ltd.^ | $ | 26,654,002 | $ | — | $ | (26,674,191 | ) | $ | (7,697,730 | ) | $ | 7,717,919 | $ | — | – | $ | 268,384 | |||||||||||||||
| Shimano, Inc. | 460,748,849 | — | — | — | 94,397,698 | 555,146,547 | 4,397,890 | 8,734,471 | ||||||||||||||||||||||||
| T Hasegawa Co. Ltd. | 52,610,563 | — | — | — | 8,361,918 | 60,972,481 | 3,002,800 | 846,124 | ||||||||||||||||||||||||
| 540,013,414 | — | (26,674,191 | ) | (7,697,730 | ) | 110,477,535 | 616,119,028 | 7,400,690 | 9,848,979 | |||||||||||||||||||||||
| South Korea 0.9% | ||||||||||||||||||||||||||||||||
| KT &G Corp. ^^ | 493,343,755 | — | (3,286,377 | ) | 578,699 | 158,290,196 | 648,926,273 | 5,214,838 | 13,220,302 | |||||||||||||||||||||||
| United Kingdom 0.4% | ||||||||||||||||||||||||||||||||
| Berkeley Group Holdings plc* | 345,869,867 | — | — | — | (37,489,427 | ) | 308,380,440 | 6,528,960 | — | |||||||||||||||||||||||
| United States 1.9% | ||||||||||||||||||||||||||||||||
| CH Robinson Worldwide, Inc.^ | 1,165,095,270 | — | (1,418,355,199 | ) | 876,445,543 | (623,185,614 | ) | — | – | 8,730,874 | ||||||||||||||||||||||
| Dentsply Sirona, Inc.^ | 131,597,695 | — | (112,640,604 | ) | (273,404,821 | ) | 254,447,730 | — | – | 1,669,757 | ||||||||||||||||||||||
| Douglas Emmett, Inc., REIT | 118,556,552 | — | — | — | (10,261,464 | ) | 108,295,088 | 9,162,021 | 5,222,352 | |||||||||||||||||||||||
| IPG Photonics Corp.* | 282,581,546 | — | (121,217,469 | ) | (36,642,253 | ) | 75,187,294 | 199,909,118 | 2,350,213 | — | ||||||||||||||||||||||
| Mills Music Trust | 758,208 | — | — | — | (127,948 | ) | 630,260 | 31,592 | 124,160 | |||||||||||||||||||||||
| Noble Corp. plc | 268,309,482 | 25,908,804 | — | — | 125,880,278 | 420,098,564 | 9,907,985 | 14,478,845 | ||||||||||||||||||||||||
| NOV, Inc. | 412,527,030 | 19,233,142 | (149,454,442 | ) | (154,939,463 | ) | 295,336,025 | 422,702,292 | 21,755,136 | 8,219,627 | ||||||||||||||||||||||
| Warrior Met Coal, Inc. ^^ | — | 310,588,102 | — | — | (22,053,217 | ) | 288,534,885 | 3,633,483 | 110,553 | |||||||||||||||||||||||
| 2,379,425,783 | 355,730,048 | (1,801,667,714 | ) | 411,459,006 | 95,223,084 | 1,440,170,207 | 46,840,430 | 38,556,168 | ||||||||||||||||||||||||
| Total Common Stocks | 3,758,652,819 | 355,730,048 | (1,831,628,282 | ) | 404,339,975 | 326,501,388 | 3,013,595,948 | 65,984,918 | 61,625,449 | |||||||||||||||||||||||
| Total | $ | 3,758,652,819 | $ | 355,730,048 | $ | (1,831,628,282 | ) | $ | 404,339,975 | $ | 326,501,388 | $ | 3,013,595,948 | 65,984,918 | $ | 61,625,449 | ||||||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of July 31, 2026. |
| ^^ | Represents an unaffiliated issuer as of October 31, 2025. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 86.6% | ||||||||
| Belgium - 1.4% | ||||||||
| Groupe Bruxelles Lambert NV | 2,647,836 | 238,826,492 | ||||||
| Legris Industries SA *‡(a)(b)(c) | 905,366 | 13,175,568 | ||||||
| 252,002,060 | ||||||||
| Brazil - 2.9% | ||||||||
| Ambev SA, ADR | 71,992,235 | 223,895,851 | ||||||
| Itausa SA (Preference) | 53,091,184 | 144,742,247 | ||||||
| Wheaton Precious Metals Corp. | 1,272,045 | 138,691,066 | ||||||
| 507,329,164 | ||||||||
| Canada - 7.1% | ||||||||
| Agnico Eagle Mines Ltd. | 441,349 | 64,074,864 | ||||||
| Barrick Mining Corp. | 2,389,769 | 87,776,215 | ||||||
| CAE, Inc. * | 762,974 | 19,680,522 | ||||||
| Franco-Nevada Corp. | 569,583 | 121,177,326 | ||||||
| Imperial Oil Ltd. | 4,029,422 | 522,414,986 | ||||||
| North West Co., Inc. (The) | 1,211,043 | 43,928,763 | ||||||
| Nutrien Ltd. | 2,034,099 | 140,495,218 | ||||||
| Power Corp. of Canada | 3,903,739 | 266,774,759 | ||||||
| 1,266,322,653 | ||||||||
| Chile - 0.6% | ||||||||
| Cia Cervecerias Unidas SA, ADR (c) | 9,392,572 | 107,920,652 | ||||||
| China - 3.1% | ||||||||
| Alibaba Group Holding Ltd. | 11,353,228 | 172,948,301 | ||||||
| Prosus NV | 8,002,198 | 371,884,626 | ||||||
| 544,832,927 | ||||||||
| Faroe Islands - 0.3% | ||||||||
| Bakkafrost P/F | 1,113,537 | 53,177,193 | ||||||
| Finland - 0.4% | ||||||||
| Kesko OYJ, Class B | 2,642,196 | 65,836,470 | ||||||
| France - 6.1% | ||||||||
| Danone SA | 2,404,340 | 187,024,300 | ||||||
| Dassault Systemes SE | 14,151,041 | 329,224,162 | ||||||
| Laurent-Perrier (c) | 558,938 | 55,430,385 | ||||||
| Legrand SA | 738,408 | 112,259,620 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 655,309 | 359,853,288 | ||||||
| Sodexo SA | 641,855 | 42,206,312 | ||||||
| Wendel SE | 439,181 | 42,591,859 | ||||||
| 1,128,589,926 | ||||||||
| Germany - 3.5% | ||||||||
| Brenntag SE | 557,632 | 39,322,261 | ||||||
| FUCHS SE (Preference) | 2,826,525 | 131,011,796 | ||||||
| Henkel AG & Co. KGaA (Preference) | 1,433,672 | 124,985,669 | ||||||
| Merck KGaA | 2,061,073 | 340,629,912 | ||||||
| 635,949,638 | ||||||||
| Hong Kong - 4.0% | ||||||||
| AIA Group Ltd. | 14,735,600 | 148,548,085 | ||||||
| CK Asset Holdings Ltd. | 21,968,500 | 133,810,589 | ||||||
| Guoco Group Ltd. (d) | 7,806,340 | 69,930,369 | ||||||
| Hongkong Land Holdings Ltd. | 15,344,600 | 124,425,446 | ||||||
| Jardine Matheson Holdings Ltd. | 3,666,800 | 243,530,378 | ||||||
| 720,244,867 | ||||||||
| Indonesia - 0.5% | ||||||||
| Astra International Tbk. PT | 230,499,964 | 65,330,100 | ||||||
| Bank Central Asia Tbk. PT | 27,617,299 | 9,679,173 | ||||||
| 75,009,273 | ||||||||
| Japan - 15.9% | ||||||||
| As One Corp. (c) | 3,793,160 | 57,155,365 | ||||||
| FANUC Corp. | 5,011,700 | 201,948,960 | ||||||
| Hirose Electric Co. Ltd. | 845,630 | 142,496,114 | ||||||
| Hoshizaki Corp. | 3,716,200 | 132,532,777 | ||||||
| Kansai Paint Co. Ltd. (c) | 11,635,930 | 205,974,135 | ||||||
| Keyence Corp. | 399,900 | 200,584,651 | ||||||
| Mitsubishi Electric Corp. | 4,235,300 | 152,568,727 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 7,767,100 | 239,099,075 | ||||||
| Nagaileben Co. Ltd. (c) | 1,687,224 | 18,878,126 | ||||||
| Nihon Kohden Corp. | 6,792,300 | 67,627,976 | ||||||
| OBIC Business Consultants Co. Ltd. (c) | 4,613,200 | 234,118,951 | ||||||
| Secom Co. Ltd. | 5,385,700 | 231,994,784 | ||||||
| Shimano, Inc. | 1,644,070 | 207,531,290 | ||||||
| SK Kaken Co. Ltd. | 437,805 | 24,074,445 | ||||||
| SMC Corp. | 619,690 | 267,743,459 | ||||||
| Sompo Holdings, Inc. | 3,437,200 | 152,600,118 | ||||||
| T Hasegawa Co. Ltd. | 1,906,436 | 38,710,581 | ||||||
| TISI, Inc. | 8,569,200 | 205,441,217 | ||||||
| USS Co. Ltd. | 3,806,100 | 48,066,772 | ||||||
| 2,829,147,523 | ||||||||
| Mexico - 4.3% | ||||||||
| Fomento Economico Mexicano SAB de CV, ADR | 2,392,395 | 306,202,636 | ||||||
| Fresnillo plc | 912,946 | 30,753,433 | ||||||
| Grupo Mexico SAB de CV, Series B | 11,275,209 | 135,228,293 | ||||||
| Industrias Penoles SAB de CV | 1,328,232 | 61,144,916 | ||||||
| Wal-Mart de Mexico SAB de CV | 79,409,599 | 230,395,355 | ||||||
| 763,724,633 | ||||||||
| Netherlands - 3.0% | ||||||||
| EXOR NV | 556,021 | 44,526,612 | ||||||
| HAL Trust | 644,459 | 122,755,026 | ||||||
| Heineken Holding NV | 1,150,489 | 96,786,031 | ||||||
| Heineken NV | 1,280,847 | 115,968,396 | ||||||
| Magnum Ice Cream Co. NV (The) * | 3,886,413 | 72,628,925 | ||||||
| Universal Music Group NV | 6,205,899 | 102,394,608 | ||||||
| 555,059,598 | ||||||||
| Norway - 0.8% | ||||||||
| Orkla ASA | 13,060,096 | 145,070,807 | ||||||
| Singapore - 1.9% | ||||||||
| Haw Par Corp. Ltd. (c) | 17,062,813 | 214,080,476 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| UOL Group Ltd. | 15,760,500 | 121,613,194 | ||||||
| 335,693,670 | ||||||||
| South Korea - 6.1% | ||||||||
| Fursys, Inc. (c) | 872,463 | 15,298,853 | ||||||
| Hyundai Mobis Co. Ltd. | 273,382 | 88,413,377 | ||||||
| KT&G Corp. | 1,734,768 | 215,871,813 | ||||||
| NAVER Corp. | 699,440 | 100,132,316 | ||||||
| NongShim Co. Ltd. | 176,897 | 47,285,008 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 3,529,240 | 443,501,868 | ||||||
| Samsung Life Insurance Co. Ltd. | 767,887 | 160,964,699 | ||||||
| 1,071,467,934 | ||||||||
| Sweden - 2.3% | ||||||||
| Industrivarden AB, Class C | 1,572,517 | 89,985,382 | ||||||
| Investor AB, Class B | 4,185,505 | 180,804,914 | ||||||
| L E Lundbergforetagen AB, Class B | 990,894 | 59,518,366 | ||||||
| Svenska Handelsbanken AB, Class A | 5,974,046 | 91,346,560 | ||||||
| 421,655,222 | ||||||||
| Switzerland - 4.6% | ||||||||
| Cie Financiere Richemont SA (Registered) | 1,269,461 | 300,026,882 | ||||||
| DSM-Firmenich AG | 835,345 | 90,056,699 | ||||||
| Nestle SA (Registered) | 2,510,489 | 250,926,059 | ||||||
| Schindler Holding AG | 535,676 | 168,620,166 | ||||||
| Schindler Holding AG (Registered) | 82,435 | 25,214,726 | ||||||
| 834,844,532 | ||||||||
| Taiwan - 1.6% | ||||||||
| Taiwan Secom Co. Ltd. | 8,545,694 | 28,803,163 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 615,989 | 249,013,553 | ||||||
| 277,816,716 | ||||||||
| Thailand - 0.7% | ||||||||
| Bangkok Bank PCL, NVDR | 17,878,859 | 102,349,677 | ||||||
| Thai Beverage PCL | 52,214,985 | 18,759,313 | ||||||
| 121,108,990 | ||||||||
| Turkey - 0.3% | ||||||||
| AG Anadolu Grubu Holding A/S | 70,243,230 | 52,447,628 | ||||||
| United Kingdom - 13.2% | ||||||||
| Berkeley Group Holdings plc * | 2,512,868 | 118,689,552 | ||||||
| Big Yellow Group plc, REIT | 6,244,189 | 74,757,625 | ||||||
| British American Tobacco plc | 5,917,064 | 358,934,690 | ||||||
| Diageo plc | 8,514,957 | 187,059,424 | ||||||
| Great Portland Estates plc, REIT | 11,481,288 | 54,197,104 | ||||||
| Haleon plc | 40,006,623 | 195,854,843 | ||||||
| Lloyds Banking Group plc | 135,650,077 | 209,663,058 | ||||||
| Reckitt Benckiser Group plc | 3,555,704 | 250,952,280 | ||||||
| RELX plc | 5,002,477 | 175,946,914 | ||||||
| Shell plc | 10,886,066 | 499,155,966 | ||||||
| Unilever plc | 3,555,707 | 227,699,151 | ||||||
| 2,352,910,607 | ||||||||
| United States - 2.0% | ||||||||
| Newmont Corp. | 1,356,289 | 127,097,842 | ||||||
| Willis Towers Watson plc | 688,235 | 231,191,901 | ||||||
| 358,289,743 | ||||||||
| Total Common Stocks (Cost $9,575,697,886) | 15,476,452,426 | |||||||
| Investments | Ounces | Value ($) | ||||||
| Commodities - 7.6% | ||||||||
| Gold bullion* | ||||||||
| (Cost $262,659,572) | 335,600 | 1,359,747,435 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Short-Term Investments - 5.4% | ||||||||
| Commercial Paper - 4.8% | ||||||||
| Aes Corp. (The) | ||||||||
| 4.10%, 08/03/2026 (e)(f) | 25,404,000 | 25,395,309 | ||||||
| Air Liquide US LLC | ||||||||
| 3.82%, 09/17/2026 (e)(f) | 11,842,000 | 11,782,790 | ||||||
| Amphenol Corp. | ||||||||
| 3.66%, 08/03/2026 (e)(f) | 28,227,000 | 28,218,317 | ||||||
| Caisse D’amortissement De La Dette Sociale | ||||||||
| 3.90%, 11/09/2026 (e)(f) | 25,000,000 | 24,729,755 | ||||||
| Cargill, Inc. | ||||||||
| 3.64%, 08/03/2026 (e)(f) | 28,227,000 | 28,218,450 | ||||||
| Engie SA | ||||||||
| 3.88%, 09/17/2026 (e)(f) | 13,158,000 | 13,091,753 | ||||||
| 3.89%, 09/23/2026 (e)(f) | 25,000,000 | 24,857,950 | ||||||
| 3.90%, 10/06/2026 (e)(f) | 10,000,000 | 9,929,234 | ||||||
| 3.93%, 10/09/2026 (e)(f) | 20,000,000 | 19,852,092 | ||||||
| 4.03%, 11/30/2026 (e)(f) | 25,000,000 | 24,670,035 | ||||||
| 3.97%, 12/01/2026 (e)(f) | 25,000,000 | 24,667,130 | ||||||
| Erste Abwicklungsanstalt | ||||||||
| 3.72%, 09/08/2026 (e)(f) | 10,000,000 | 9,960,003 | ||||||
| 3.94%, 11/24/2026 (e)(f) | 25,000,000 | 24,692,440 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.81%, 08/03/2026 (e)(f) | 48,833,000 | 48,817,403 | ||||||
| Global Payments, Inc. | ||||||||
| 4.08%, 08/03/2026 (e) | 42,341,000 | 42,326,498 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 3.76%, 09/02/2026 (e)(f) | 25,000,000 | 24,915,483 | ||||||
| 3.74%, 09/08/2026 (e)(f) | 20,000,000 | 19,920,180 | ||||||
| 3.75%, 09/10/2026 (e)(f) | 30,000,000 | 29,874,174 | ||||||
| Nederlandse Waterschapsbank NV | ||||||||
| 3.74%, 10/22/2026 (e)(f) | 25,000,000 | 24,785,468 | ||||||
| Nestle Capital Corp. | ||||||||
| 3.71%, 11/02/2026 (e)(f) | 28,571,000 | 28,294,476 | ||||||
| 3.71%, 11/03/2026 (e)(f) | 21,429,000 | 21,219,298 | ||||||
| NRW Bank | ||||||||
| 3.81%, 11/03/2026 (e)(f) | 25,000,000 | 24,748,938 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Oesterreichische Kontrollbank AG | ||||||||
| 3.73%, 08/20/2026 (e) | 17,000,000 | 16,965,153 | ||||||
| Province of Ontario Canada | ||||||||
| 3.78%, 09/18/2026 (e) | 16,667,000 | 16,582,238 | ||||||
| 3.78%, 09/21/2026 (e) | 8,333,000 | 8,288,015 | ||||||
| Province of Quebec Canada | ||||||||
| 3.74%, 09/09/2026 (e)(f) | 15,000,000 | 14,938,000 | ||||||
| 3.83%, 10/20/2026 (e)(f) | 25,000,000 | 24,787,433 | ||||||
| 3.94%, 11/19/2026 (e)(f) | 25,000,000 | 24,704,385 | ||||||
| PSP Capital, Inc. | ||||||||
| 3.79%, 08/24/2026 (e)(f) | 20,390,000 | 20,339,908 | ||||||
| 3.73%, 09/01/2026 (e)(f) | 15,000,000 | 14,950,836 | ||||||
| 3.85%, 11/13/2026 (e)(f) | 20,000,000 | 19,779,792 | ||||||
| RWE AG | ||||||||
| 4.05%, 08/07/2026 (e)(f) | 10,000,000 | 9,992,378 | ||||||
| Saudi Arabian Oil Co. | ||||||||
| 3.96%, 08/03/2026 (e) | 25,000,000 | 24,992,190 | ||||||
| 3.97%, 08/05/2026 (e) | 35,000,000 | 34,981,751 | ||||||
| 3.97%, 09/14/2026 (e) | 15,000,000 | 14,926,220 | ||||||
| 4.01%, 10/14/2026 (e) | 25,000,000 | 24,793,490 | ||||||
| TotalEnergies Capital SA | ||||||||
| 3.85%, 08/31/2026 (e)(f) | 35,000,000 | 34,887,241 | ||||||
| Total Commercial Paper (Cost $840,939,789) | 840,876,206 | |||||||
| U.S. Treasury Obligations - 0.5% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.58%, 08/06/2026 (e) | 22,500,000 | 22,493,250 | ||||||
| 3.63%, 09/17/2026 (e) | 15,000,000 | 14,931,420 | ||||||
| 3.65%, 10/29/2026 (e) | 15,000,000 | 14,866,719 | ||||||
| 3.67%, 11/12/2026 (e) | 15,000,000 | 14,843,345 | ||||||
| 3.74%, 12/17/2026 (e)(g) | 15,000,000 | 14,787,217 | ||||||
| Total U.S. Treasury Obligations (Cost $81,920,687) | 81,921,951 | |||||||
| Investments | Shares | Value ($) | ||||||
| Investment Companies - 0.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (h) (Cost $14,931,508) | 14,931,508 | 14,931,508 | ||||||
| Total Short-Term Investments (Cost $937,791,984) | 937,729,665 | |||||||
| Total Investments - 99.6% (Cost $10,776,149,442) | 17,773,929,526 | |||||||
| Other assets less liabilities - 0.4% | 62,442,800 | |||||||
| Net Assets - 100.0% | 17,836,372,326 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $13,175,568, which represents approximately 0.07% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Legris Industries SA | 04/30/04 | $ | 23,433,066 | $ | 14.55 | |||||
| (b) | Security fair valued as of July 31, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at July 31, 2026 amounted to $13,175,568, which represents approximately 0.07% of net assets of the Fund. |
| (c) | Affiliated company as defined under the Investment Company Act of 1940. |
| (d) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2026 amounted to $69,930,369, which represents approximately 0.39% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| Guoco Group Ltd. | 10/21/03-09/15/09 | $ | 57,283,838 | $ | 8.96 | |||||
| (e) | The rate shown was the current yield as of July 31, 2026. |
| (f) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $657,020,651, which represents approximately 3.68% of net assets of the Fund. |
| (g) | All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts. |
| (h) | Represents 7-day effective yield as of July 31, 2026. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2026
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||
| EUR | 183,685,000 | USD | 209,004,875 | Bank of New York Mellon | 08/05/2026 | $ | 2,819,801 | ||||||
| JPY | 9,750,886,000 | USD | 59,874,282 | Bank of New York Mellon | 08/05/2026 | 1,416,892 | |||||||
| USD | 215,747,355 | EUR | 183,685,000 | Bank of New York Mellon | 08/05/2026 | 3,922,679 | |||||||
| USD | 62,022,224 | JPY | 9,750,886,000 | Bank of New York Mellon | 08/05/2026 | 731,051 | |||||||
| JPY | 9,750,886,000 | USD | 60,003,606 | Goldman Sachs | 09/02/2026 | 1,424,460 | |||||||
| USD | 197,028,824 | EUR | 167,429,000 | Goldman Sachs | 09/02/2026 | 3,728,673 | |||||||
| USD | 34,488,080 | GBP | 25,554,000 | Goldman Sachs | 09/02/2026 | 48,598 | |||||||
| USD | 62,176,067 | JPY | 9,750,886,000 | Goldman Sachs | 09/02/2026 | 748,000 | |||||||
| JPY | 12,054,101,000 | USD | 74,388,745 | JPMorgan Chase Bank | 10/07/2026 | 1,769,644 | |||||||
| USD | 260,169,396 | EUR | 222,329,000 | JPMorgan Chase Bank | 10/07/2026 | 3,122,388 | |||||||
| USD | 76,403,967 | JPY | 12,054,101,000 | JPMorgan Chase Bank | 10/07/2026 | 245,578 | |||||||
| JPY | 10,353,457,000 | USD | 64,045,832 | UBS AG | 11/04/2026 | 1,515,333 | |||||||
| Total unrealized appreciation | 21,493,097 | ||||||||||||
| USD | 41,001,238 | GBP | 30,518,000 | JPMorgan Chase Bank | 10/07/2026 | (128,947 | ) | ||||||
| USD | 254,357,867 | EUR | 221,709,000 | UBS AG | 11/04/2026 | (2,256,002 | ) | ||||||
| USD | 64,597,675 | JPY | 10,353,457,000 | UBS AG | 11/04/2026 | (963,489 | ) | ||||||
| USD | 255,625,090 | EUR | 223,564,000 | Bank of New York Mellon | 12/02/2026 | (3,437,893 | ) | ||||||
| Total unrealized depreciation | (6,786,331 | ) | |||||||||||
| Net unrealized appreciation | $ | 14,706,766 | |||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 0.1 | % | ||
| Automobile Components | 0.5 | |||
| Banks | 3.2 | |||
| Beverages | 6.1 | |||
| Broadline Retail | 3.1 | |||
| Chemicals | 3.5 | |||
| Commercial Services & Supplies | 1.6 | |||
| Commodities | 7.6 | |||
| Consumer Staples Distribution & Retail | 1.9 | |||
| Electrical Equipment | 1.5 | |||
| Electronic Equipment, Instruments & Components | 1.9 | |||
| Entertainment | 0.6 | |||
| Financial Services | 4.2 | |||
| Food Products | 4.2 | |||
| Health Care Equipment & Supplies | 0.5 | |||
| Health Care Providers & Services | 0.3 | |||
| Hotels, Restaurants & Leisure | 0.2 | |||
| Household Durables | 0.7 | |||
| Household Products | 2.1 | |||
| Industrial Conglomerates | 2.5 | |||
| Insurance | 6.7 | |||
| Interactive Media & Services | 0.6 | |||
| IT Services | 1.2 | |||
| Leisure Products | 1.2 | |||
| Machinery | 4.4 | |||
| Metals & Mining | 4.4 | |||
| Office REITs | 0.3 | |||
| Oil, Gas & Consumable Fuels | 5.7 | |||
| Personal Care Products | 1.3 | |||
| Pharmaceuticals | 4.2 | |||
| Professional Services | 1.0 | |||
| Real Estate Management & Development | 2.1 | |||
| Semiconductors & Semiconductor Equipment | 1.4 | |||
| Software | 3.1 | |||
| Specialized REITs | 0.4 | |||
| Specialty Retail | 0.3 | |||
| Technology Hardware, Storage & Peripherals | 2.5 | |||
| Textiles, Apparel & Luxury Goods | 3.7 | |||
| Tobacco | 3.2 | |||
| Trading Companies & Distributors | 0.2 | |||
| Short-Term Investments | 5.4 | |||
| Total Investments | 99.6 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Overseas Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
Affiliated Securities
| Security Description | Market
Value October 31, 2025 | Purchases at Cost | Proceeds from Sales |
Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/ Depreciation | Market Value July 31, 2026 | Shares
at July 31, 2026 | Dividend Income | |||||||||||||||||||
| Common Stocks 5.2% | |||||||||||||||||||||||||||
| Belgium 0.1% | |||||||||||||||||||||||||||
| Legris Industries SA*‡(a)(b) | $ | 18,836,441 | $ | — | $ | — | $ | — | $ | (5,660,873 | ) | $ | 13,175,568 | 905,366 | $ | — | |||||||||||
| Chile 0.6% | |||||||||||||||||||||||||||
| Cia Cervecerias Unidas SA, ADR | 121,164,179 | — | — | — | (13,243,527 | ) | 107,920,652 | 9,392,572 | 1,925,008 | ||||||||||||||||||
| France 0.3% | |||||||||||||||||||||||||||
| Laurent-Perrier | 60,302,725 | — | — | — | (4,872,340 | ) | 55,430,385 | 558,938 | 1,192,642 | ||||||||||||||||||
| Japan 2.9% | |||||||||||||||||||||||||||
| As One Corp.^ | 47,229,259 | 13,668,394 | — | — | (3,742,288 | ) | 57,155,365 | 3,793,160 | 725,824 | ||||||||||||||||||
| Kansai Paint Co. Ltd. | 186,761,374 | — | — | — | 19,212,761 | 205,974,135 | 11,635,930 | 3,593,402 | |||||||||||||||||||
| Nagaileben Co. Ltd. ^ | 19,224,127 | — | — | — | (346,001 | ) | 18,878,126 | 1,687,224 | — | ||||||||||||||||||
| OBIC Business Consultants Co. Ltd. ^ | — | 179,200,254 | — | — | 54,918,697 | 234,118,951 | 4,613,200 | 359,708 | |||||||||||||||||||
| 253,214,760 | 192,868,648 | — | — | 70,043,169 | 516,126,577 | 21,729,514 | 4,678,934 | ||||||||||||||||||||
| Singapore 1.2% | |||||||||||||||||||||||||||
| Haw Par Corp. Ltd. | 220,986,185 | — | (29,905,933 | ) | 20,146,618 | 2,853,606 | 214,080,476 | 17,062,813 | 2,674,946 | ||||||||||||||||||
| South Korea 0.1% | |||||||||||||||||||||||||||
| Fursys, Inc. | 27,850,881 | — | — | — | (12,552,028 | ) | 15,298,853 | 872,463 | 476,892 | ||||||||||||||||||
| Total Common Stocks | 702,355,171 | 192,868,648 | (29,905,933 | ) | 20,146,618 | 36,568,007 | 922,032,511 | 50,521,666 | 10,948,422 | ||||||||||||||||||
| Total | $ | 702,355,171 | $ | 192,868,648 | $ | (29,905,933 | ) | $ | 20,146,618 | $ | 36,568,007 | $ | 922,032,511 | 50,521,666 | $ | 10,948,422 | |||||||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Security fair valued as of July 31, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at July 31, 2026 amounted to $13,175,568, which represents approximately 0.07% of net assets of the Fund. |
| (b) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $83,105,937, which represents approximately 0.47% of net assets of the Fund. |
| ^ | Represents an unaffiliated issuer as of October 31, 2025. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 76.2% | ||||||||
| Banks - 2.0% | ||||||||
| Cullen/Frost Bankers, Inc. | 65,453 | 10,887,452 | ||||||
| US Bancorp | 330,658 | 20,834,761 | ||||||
| 31,722,213 | ||||||||
| Building Products - 0.8% | ||||||||
| Carlisle Cos., Inc. | 35,419 | 12,748,006 | ||||||
| Capital Markets - 3.0% | ||||||||
| Bank of New York Mellon Corp. (The) | 314,143 | 49,109,975 | ||||||
| Chemicals - 3.1% | ||||||||
| International Flavors & Fragrances, Inc. | 225,090 | 17,831,630 | ||||||
| Nutrien Ltd. (Canada) | 190,937 | 13,188,018 | ||||||
| PPG Industries, Inc. | 170,744 | 18,870,627 | ||||||
| 49,890,275 | ||||||||
| Commercial Services & Supplies - 0.4% | ||||||||
| Rentokil Initial plc (United Kingdom) | 1,375,364 | 6,333,906 | ||||||
| Consumer Finance - 1.1% | ||||||||
| American Express Co. | 54,483 | 18,319,909 | ||||||
| Consumer Staples Distribution & Retail - 0.9% | ||||||||
| Dollar General Corp. | 121,513 | 15,438,227 | ||||||
| Diversified Telecommunication Services - 1.5% | ||||||||
| Comcast Corp., Class A | 1,020,363 | 24,447,897 | ||||||
| Electronic Equipment, Instruments & Components - 0.7% | ||||||||
| IPG Photonics Corp. * | 134,021 | 11,399,826 | ||||||
| Energy Equipment & Services - 3.5% | ||||||||
| Noble Corp. plc | 404,639 | 17,156,694 | ||||||
| NOV, Inc. | 777,324 | 15,103,405 | ||||||
| SLB Ltd. | 486,530 | 24,127,023 | ||||||
| 56,387,122 | ||||||||
| Entertainment - 1.0% | ||||||||
| Walt Disney Co. (The) | 162,065 | 15,589,032 | ||||||
| Financial Services - 2.0% | ||||||||
| Berkshire Hathaway, Inc., Class A * | 20 | 15,332,000 | ||||||
| Fiserv, Inc. * | 303,581 | 16,375,159 | ||||||
| 31,707,159 | ||||||||
| Health Care Equipment & Supplies - 5.4% | ||||||||
| Becton Dickinson & Co. | 357,804 | 59,259,498 | ||||||
| Medtronic plc | 336,154 | 28,704,190 | ||||||
| 87,963,688 | ||||||||
| Health Care Providers & Services - 7.3% | ||||||||
| Elevance Health, Inc. | 122,276 | 45,956,212 | ||||||
| HCA Healthcare, Inc. | 107,199 | 43,157,245 | ||||||
| Universal Health Services, Inc., Class B | 170,425 | 28,706,387 | ||||||
| 117,819,844 | ||||||||
| Hotels, Restaurants & Leisure - 1.4% | ||||||||
| Booking Holdings, Inc. | 114,573 | 22,101,132 | ||||||
| Household Products - 2.1% | ||||||||
| Colgate-Palmolive Co. | 365,303 | 33,352,164 | ||||||
| Insurance - 3.6% | ||||||||
| Brown & Brown, Inc. | 265,282 | 18,675,853 | ||||||
| Fidelity National Financial, Inc. | 207,940 | 10,727,624 | ||||||
| Willis Towers Watson plc | 88,365 | 29,683,571 | ||||||
| 59,087,048 | ||||||||
| Interactive Media & Services - 7.1% | ||||||||
| Alphabet, Inc., Class C | 182,847 | 65,212,383 | ||||||
| Meta Platforms, Inc., Class A | 89,616 | 49,890,123 | ||||||
| 115,102,506 | ||||||||
| Life Sciences Tools & Services - 1.7% | ||||||||
| Bio-Rad Laboratories, Inc., Class A * | 56,329 | 18,333,963 | ||||||
| Waters Corp. * | 26,796 | 10,110,399 | ||||||
| 28,444,362 | ||||||||
| Machinery - 1.3% | ||||||||
| Cummins, Inc. | 15,079 | 9,563,102 | ||||||
| Deere & Co. | 20,543 | 12,175,220 | ||||||
| 21,738,322 | ||||||||
| Media - 1.7% | ||||||||
| Charter Communications, Inc., Class A * | 100,613 | 14,586,873 | ||||||
| Omnicom Group, Inc. | 175,320 | 13,797,684 | ||||||
| 28,384,557 | ||||||||
| Metals & Mining - 3.4% | ||||||||
| Agnico Eagle Mines Ltd. (Canada) | 48,620 | 7,058,631 | ||||||
| Barrick Mining Corp. (Canada) | 265,504 | 9,751,962 | ||||||
| Franco-Nevada Corp. (Canada) | 56,012 | 11,916,410 | ||||||
| Newmont Corp. | 172,283 | 16,144,640 | ||||||
| Warrior Met Coal, Inc. | 121,737 | 9,667,135 | ||||||
| 54,538,778 | ||||||||
| Office REITs - 1.2% | ||||||||
| BXP, Inc., REIT | 217,101 | 15,223,122 | ||||||
| Douglas Emmett, Inc., REIT | 359,380 | 4,247,872 | ||||||
| 19,470,994 | ||||||||
| Oil, Gas & Consumable Fuels - 4.1% | ||||||||
| ExxonMobil Holdings Corp. * | 211,376 | 32,856,285 | ||||||
| ONEOK, Inc. | 371,116 | 33,701,044 | ||||||
| 66,557,329 | ||||||||
| Professional Services - 1.9% | ||||||||
| Automatic Data Processing, Inc. | 115,736 | 30,839,015 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Residential REITs - 1.2% | ||||||||
| Equity Residential, REIT | 296,839 | 19,724,952 | ||||||
| Software - 7.5% | ||||||||
| Microsoft Corp. | 45,034 | 20,928,201 | ||||||
| Oracle Corp. | 263,325 | 34,198,018 | ||||||
| Salesforce, Inc. | 186,274 | 34,278,141 | ||||||
| Workday, Inc., Class A * | 200,174 | 32,095,899 | ||||||
| 121,500,259 | ||||||||
| Specialized REITs - 2.6% | ||||||||
| Extra Space Storage, Inc., REIT | 89,280 | 13,217,011 | ||||||
| Weyerhaeuser Co., REIT | 1,183,603 | 29,625,583 | ||||||
| 42,842,594 | ||||||||
| Tobacco - 2.5% | ||||||||
| Philip Morris International, Inc. | 215,288 | 41,081,256 | ||||||
| Trading Companies & Distributors - 0.2% | ||||||||
| Ferguson Enterprises, Inc. | 15,912 | 3,728,659 | ||||||
| Total Common Stocks (Cost $775,068,952) | 1,237,371,006 | |||||||
| Investments | Ounces | Value ($) | ||||||
| Commodities - 10.5% | ||||||||
| Gold bullion* (Cost $38,726,877) | 42,046 | 170,359,213 | ||||||
| Investments | Shares | Value ($) | ||||||
| Master Limited Partnerships - 1.9% | ||||||||
| Oil, Gas & Consumable Fuels - 1.9% | ||||||||
| Enterprise Products Partners LP (Cost $17,301,746) | 791,505 | 30,116,765 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Corporate Bonds - 1.2% | ||||||||
| Energy Equipment & Services - 0.2% | ||||||||
| Noble Finance II LLC | ||||||||
| 8.00%, 04/15/2030 (a) | 2,141,000 | 2,213,337 | ||||||
| Transocean International Ltd. | ||||||||
| 8.50%, 05/15/2031 (a) | 990,000 | 1,032,451 | ||||||
| 3,245,788 | ||||||||
| Financial Services - 0.4% | ||||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
| 12.50%, 10/15/2031 (a) | 5,500,000 | 6,017,000 | ||||||
| Health Care Equipment & Supplies - 0.2% | ||||||||
| Bausch & Lomb, Inc. | ||||||||
| 7.13%, 08/01/2028 ‡ | 600,000 | 597,750 | ||||||
| Embecta Corp. | ||||||||
| 5.00%, 02/15/2030 (a) | 3,000,000 | 2,315,627 | ||||||
| 2,913,377 | ||||||||
| Machinery - 0.1% | ||||||||
| Roller Bearing Co. of America, Inc. | ||||||||
| 4.38%, 10/15/2029 (a) | 1,490,000 | 1,443,907 | ||||||
| Oil, Gas & Consumable Fuels - 0.3% | ||||||||
| Enterprise Products Operating LLC | ||||||||
| Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (b) | 2,600,000 | 2,593,768 | ||||||
| (CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (b) | 2,750,000 | 2,738,102 | ||||||
| 5,331,870 | ||||||||
| Total Corporate Bonds (Cost $18,368,999) | 18,951,942 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| U.S. Treasury Obligations - 1.0% | ||||||||
| U.S. Treasury Inflation Linked Notes | ||||||||
| 1.25%, 04/15/2031 (Cost $16,137,134) | 16,300,000 | 16,088,464 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Convertible Preferred Stocks - 0.3% | ||||||||
| Banks - 0.3% | ||||||||
| Bank of America Corp. | ||||||||
| Series L, 7.25%, (c) (Cost $5,693,463) | 4,250 | 5,482,075 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Convertible Bonds - 0.3% | ||||||||
| Software - 0.3% | ||||||||
| Strategy, Inc. | ||||||||
| 0.00%, 12/01/2029 (d) (Cost $4,438,524) | 5,300,000 | 4,664,000 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Preferred Stocks - 0.1% | ||||||||
| Banks - 0.1% | ||||||||
| US Bancorp, Series A(CME Term SOFR 3 Month + 1.28%), 5.03%, 09/04/26 (b)(c) | 1,600 | 1,225,952 | ||||||
| US Bancorp, Series B(CME Term SOFR 3 Month + 0.86%), 4.61%, 09/19/26 (b)(c) | 64,000 | 1,196,800 | ||||||
| 2,422,752 | ||||||||
| Total Preferred Stocks (Cost $2,758,655) | 2,422,752 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Short-Term Investments - 8.8% | ||||||||
| Commercial Paper - 4.7% | ||||||||
| Aes Corp. (The) | ||||||||
| 4.10%, 08/03/2026(a)(e) | 3,908,000 | 3,906,663 | ||||||
| Amphenol Corp. | ||||||||
| 3.66%, 08/03/2026(a)(e) | 4,343,000 | 4,341,664 | ||||||
| Cargill, Inc. | ||||||||
| 3.64%, 08/03/2026(a)(e) | 4,343,000 | 4,341,685 | ||||||
| Cisco Systems, Inc. | ||||||||
| 3.76%, 09/04/2026(a)(e) | 15,000,000 | 14,946,018 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.81%, 08/03/2026(a)(e) | 7,513,000 | 7,510,600 | ||||||
| Global Payments, Inc. | ||||||||
| 4.08%, 08/03/2026(e) | 6,514,000 | 6,511,769 | ||||||
| Johnson & Johnson | ||||||||
| 3.72%, 10/05/2026(a)(e) | 15,000,000 | 14,899,075 | ||||||
| PepsiCo, Inc. | ||||||||
| 3.63%, 08/10/2026(a)(e) | 10,000,000 | 9,989,923 | ||||||
| Philip Morris International, Inc. | ||||||||
| 3.77%, 09/04/2026(a)(e) | 10,000,000 | 9,963,655 | ||||||
| Total Commercial Paper (Cost $76,418,958) | 76,411,052 | |||||||
| Investments | Shares | Value ($) | ||||||
| Investment Companies - 0.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (f) (Cost $2,182,858) | 2,182,858 | 2,182,858 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| U.S. Treasury Obligations - 4.0% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.58%, 08/06/2026(e) | 10,000,000 | 9,997,000 | ||||||
| 3.62%, 09/17/2026(e) | 20,000,000 | 19,908,560 | ||||||
| 3.65%, 10/29/2026(e) | 15,000,000 | 14,866,720 | ||||||
| 3.67%, 11/12/2026(e) | 15,000,000 | 14,843,345 | ||||||
| 3.74%, 12/17/2026(e) | 5,000,000 | 4,929,072 | ||||||
| Total U.S. Treasury Obligations (Cost $64,544,259) | 64,544,697 | |||||||
| Total Short-Term Investments (Cost $143,146,075) | 143,138,607 | |||||||
| Total Investments - 100.3% (Cost $1,021,640,425) | 1,628,594,824 | |||||||
| Liabilities in excess of other assets - (0.3%) | (4,747,634 | ) | ||||||
| Net Assets - 100.0% | 1,623,847,190 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $82,921,605, which represents approximately 5.11% of net assets of the Fund. |
| (b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2026. |
| (c) | Perpetual security. The rate reflected was the rate in effect on July 31, 2026. The maturity date reflects the next call date. |
| (d) | Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity. |
| (e) | The rate shown was the current yield as of July 31, 2026. |
| (f) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Banks | 2.4 | % | ||
| Building Products | 0.8 | |||
| Capital Markets | 3.0 | |||
| Chemicals | 3.1 | |||
| Commercial Services & Supplies | 0.4 | |||
| Commodities | 10.5 | |||
| Consumer Finance | 1.1 | |||
| Consumer Staples Distribution & Retail | 0.9 | |||
| Diversified Telecommunication Services | 1.5 | |||
| Electronic Equipment, Instruments & Components | 0.7 | |||
| Energy Equipment & Services | 3.7 | |||
| Entertainment | 1.0 | |||
| Financial Services | 2.4 | |||
| Health Care Equipment & Supplies | 5.6 | |||
| Health Care Providers & Services | 7.3 | |||
| Hotels, Restaurants & Leisure | 1.4 | |||
| Household Products | 2.1 | |||
| Insurance | 3.6 | |||
| Interactive Media & Services | 7.1 | |||
| Life Sciences Tools & Services | 1.7 | |||
| Machinery | 1.4 | |||
| Media | 1.7 | |||
| Metals & Mining | 3.4 | |||
| Office REITs | 1.2 | |||
| Oil, Gas & Consumable Fuels | 6.3 | |||
| Professional Services | 1.9 | |||
| Residential REITs | 1.2 | |||
| Software | 7.8 | |||
| Specialized REITs | 2.6 | |||
| Tobacco | 2.5 | |||
| Trading Companies & Distributors | 0.2 | |||
| U.S. Treasury Obligations | 1.0 | |||
| Short-Term Investments | 8.8 | |||
| Total Investments | 100.3 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 69.8% | ||||||||
| Australia - 4.1% | ||||||||
| Northern Star Resources Ltd. | 9,618,216 | 133,297,052 | ||||||
| Ora Banda Mining Ltd. * | 67,547,630 | 53,807,518 | ||||||
| 187,104,570 | ||||||||
| Canada - 45.9% | ||||||||
| Agnico Eagle Mines Ltd. | 1,510,000 | 219,221,172 | ||||||
| Alamos Gold, Inc., Class A | 5,573,272 | 154,891,520 | ||||||
| B2Gold Corp. | 9,464,869 | 35,446,419 | ||||||
| Barrick Mining Corp. | 5,024,813 | 184,561,381 | ||||||
| DPM Metals, Inc. | 7,787,384 | 273,754,170 | ||||||
| Franco-Nevada Corp. | 1,039,163 | 221,079,269 | ||||||
| G Mining Ventures Corp. * | 7,300,000 | 222,512,394 | ||||||
| Kinross Gold Corp. | 5,319,975 | 122,891,423 | ||||||
| Novagold Resources, Inc. * | 5,794,664 | 33,782,891 | ||||||
| Orla Mining Ltd. | 4,695,667 | 42,004,255 | ||||||
| Pan American Silver Corp. | 2,336,852 | 100,618,744 | ||||||
| Wheaton Precious Metals Corp. | 4,498,645 | 490,487,265 | ||||||
| 2,101,250,903 | ||||||||
| Mexico - 2.1% | ||||||||
| Fresnillo plc | 1,185,685 | 39,940,899 | ||||||
| Industrias Penoles SAB de CV | 1,177,131 | 54,189,009 | ||||||
| 94,129,908 | ||||||||
| South Africa - 2.1% | ||||||||
| Gold Fields Ltd., ADR | 3,029,067 | 98,202,352 | ||||||
| United Kingdom - 4.5% | ||||||||
| Anglogold Ashanti plc | 2,614,858 | 207,410,537 | ||||||
| United States - 11.1% | ||||||||
| Newmont Corp. | 3,844,970 | 360,312,139 | ||||||
| Royal Gold, Inc. | 739,418 | 146,663,560 | ||||||
| 506,975,699 | ||||||||
| Total Common Stocks (Cost $1,018,499,544) | 3,195,073,969 | |||||||
| Investments | Ounces | Value ($) | ||||||
| Commodities - 24.5% | ||||||||
| Gold bullion* | 249,152 | 1,009,486,934 | ||||||
| Silver bullion* | 1,946,579 | 112,769,401 | ||||||
| Total Commodities (Cost $801,837,765) | 1,122,256,335 | |||||||
| Investments | Number of Rights | Value ($) | ||||||
| Rights - 0.1% | ||||||||
| Canada - 0.1% | ||||||||
| Pan American Silver Corp., CVR, expiring 02/22/2029* | ||||||||
| (Cost $45,973,716) | 6,835,667 | 3,445,518 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Short-Term Investments - 5.0% | ||||||||
| Commercial Paper - 4.6% | ||||||||
| Aes Corp. (The) | ||||||||
| 4.10%, 08/03/2026 (a)(b) | 31,286,000 | 31,275,297 | ||||||
| Amphenol Corp. | ||||||||
| 3.66%, 08/03/2026 (a)(b) | 34,760,000 | 34,749,308 | ||||||
| Cargill, Inc. | ||||||||
| 3.64%, 08/03/2026 (a)(b) | 34,760,000 | 34,749,471 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.81%, 08/03/2026 (a)(b) | 60,109,000 | 60,089,801 | ||||||
| Global Payments, Inc. | ||||||||
| 4.08%, 08/03/2026 (a) | 52,140,000 | 52,122,142 | ||||||
| Total Commercial Paper (Cost $213,009,235) | 212,986,019 | |||||||
| Investments | Shares | Value ($) | ||||||
| Investment Companies - 0.4% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (c) (Cost $17,359,743) | 17,359,743 | 17,359,743 | ||||||
| Total Short-Term Investments (Cost $230,368,978) | 230,345,762 | |||||||
| Total Investments - 99.4% (Cost $2,096,680,003) | 4,551,121,584 | |||||||
| Other assets less liabilities - 0.6% | 28,578,086 | |||||||
| Net Assets - 100.0% | 4,579,699,670 | |||||||
| * | Non-income producing security. |
| (a) | The rate shown was the current yield as of July 31, 2026. |
| (b) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $160,863,877, which represents approximately 3.51% of net assets of the Fund. |
| (c) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Commodities | 24.5 | % | ||
| Metals & Mining | 69.9 | |||
| Short-Term Investments | 5.0 | |||
| Total Investments | 99.4 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 60.1% | ||||||||
| Brazil - 1.9% | ||||||||
| Ambev SA, ADR | 9,345,635 | 29,064,925 | ||||||
| Itausa SA (Preference) | 7,837,327 | 21,366,868 | ||||||
| 50,431,793 | ||||||||
| Canada - 5.0% | ||||||||
| Agnico Eagle Mines Ltd. | 16,806 | 2,439,888 | ||||||
| Barrick Mining Corp. | 163,192 | 5,994,042 | ||||||
| Franco-Nevada Corp. | 55,433 | 11,793,229 | ||||||
| Franco-Nevada Corp. | 12,162 | 2,589,533 | ||||||
| Imperial Oil Ltd. | 167,669 | 21,738,304 | ||||||
| Nutrien Ltd. | 216,409 | 14,947,370 | ||||||
| Power Corp. of Canada | 596,961 | 40,795,280 | ||||||
| Wheaton Precious Metals Corp. | 258,816 | 28,218,708 | ||||||
| 128,516,354 | ||||||||
| Chile - 1.0% | ||||||||
| Cia Cervecerias Unidas SA, ADR | 1,327,830 | 15,256,767 | ||||||
| Quinenco SA | 2,083,758 | 9,995,763 | ||||||
| 25,252,530 | ||||||||
| China - 0.1% | ||||||||
| Budweiser Brewing Co. APAC Ltd. (a) | 4,909,800 | 4,113,000 | ||||||
| Finland - 0.3% | ||||||||
| Kesko OYJ, Class B | 318,997 | 7,948,554 | ||||||
| France - 0.9% | ||||||||
| Danone SA | 91,535 | 7,120,153 | ||||||
| Dassault Systemes SE | 445,717 | 10,369,612 | ||||||
| Sodexo SA | 58,674 | 3,858,213 | ||||||
| Wendel SE | 19,995 | 1,939,119 | ||||||
| 23,287,097 | ||||||||
| Germany - 0.8% | ||||||||
| FUCHS SE (Preference) | 318,042 | 14,741,513 | ||||||
| Henkel AG & Co. KGaA (Preference) | 56,692 | 4,942,335 | ||||||
| 19,683,848 | ||||||||
| Hong Kong - 4.1% | ||||||||
| CK Asset Holdings Ltd. | 2,483,000 | 15,124,005 | ||||||
| Hongkong Land Holdings Ltd. | 4,334,700 | 35,148,976 | ||||||
| Jardine Matheson Holdings Ltd. | 836,500 | 55,556,115 | ||||||
| 105,829,096 | ||||||||
| Indonesia - 0.0%(b) | ||||||||
| Bank Central Asia Tbk. PT | 1,937,556 | 679,065 | ||||||
| Japan - 3.5% | ||||||||
| ABC-Mart, Inc. | 376,400 | 6,441,892 | ||||||
| FANUC Corp. | 347,200 | 13,990,598 | ||||||
| Keyence Corp. | 28,800 | 14,445,706 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 189,700 | 5,839,643 | ||||||
| Nagaileben Co. Ltd. | 22,700 | 253,987 | ||||||
| Secom Co. Ltd. | 353,400 | 15,223,083 | ||||||
| Shimano, Inc. | 108,300 | 13,670,731 | ||||||
| SMC Corp. | 11,200 | 4,839,076 | ||||||
| Sompo Holdings, Inc. | 204,800 | 9,092,431 | ||||||
| Subaru Corp. | 57,300 | 975,386 | ||||||
| USS Co. Ltd. | 429,800 | 5,427,892 | ||||||
| 90,200,425 | ||||||||
| Kazakhstan - 0.3% | ||||||||
| NAC Kazatomprom JSC, GDR (a) | 123,950 | 7,918,138 | ||||||
| Mexico - 3.4% | ||||||||
| Coca-Cola Femsa SAB de CV, ADR | 209,249 | 22,655,389 | ||||||
| Fomento Economico Mexicano SAB de CV, ADR | 211,291 | 27,043,135 | ||||||
| Grupo Mexico SAB de CV, Series B | 2,455,064 | 29,444,609 | ||||||
| Wal-Mart de Mexico SAB de CV | 3,557,282 | 10,320,934 | ||||||
| 89,464,067 | ||||||||
| Netherlands - 1.8% | ||||||||
| HAL Trust | 40,521 | 7,718,344 | ||||||
| Heineken Holding NV | 159,417 | 13,411,114 | ||||||
| Heineken NV | 104,162 | 9,430,869 | ||||||
| Magnum Ice Cream Co. NV (The) * | 327,779 | 6,125,503 | ||||||
| Universal Music Group NV | 611,167 | 10,083,987 | ||||||
| 46,769,817 | ||||||||
| Norway - 0.8% | ||||||||
| DNB Bank ASA | 210,004 | 6,761,836 | ||||||
| Orkla ASA | 1,254,483 | 13,934,726 | ||||||
| 20,696,562 | ||||||||
| Singapore - 0.7% | ||||||||
| United Overseas Bank Ltd. | 386,000 | 13,054,171 | ||||||
| UOL Group Ltd. | 764,200 | 5,896,818 | ||||||
| 18,950,989 | ||||||||
| South Korea - 3.5% | ||||||||
| KT&G Corp. | 202,368 | 25,182,357 | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 372,602 | 46,823,022 | ||||||
| Samsung Life Insurance Co. Ltd. | 86,475 | 18,126,915 | ||||||
| 90,132,294 | ||||||||
| Sweden - 0.6% | ||||||||
| Svenska Handelsbanken AB, Class A | 996,753 | 15,240,920 | ||||||
| Switzerland - 3.5% | ||||||||
| Cie Financiere Richemont SA (Registered) | 109,006 | 25,762,690 | ||||||
| Nestle SA (Registered) | 442,697 | 44,248,038 | ||||||
| Schindler Holding AG | 55,939 | 17,608,486 | ||||||
| Schindler Holding AG (Registered) | 7,544 | 2,307,514 | ||||||
| 89,926,728 | ||||||||
| Taiwan - 0.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 50,703 | 20,496,688 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Thailand - 0.8% | ||||||||
| Bangkok Bank PCL, NVDR | 2,528,900 | 14,476,992 | ||||||
| Thai Beverage PCL | 17,954,100 | 6,450,381 | ||||||
| 20,927,373 | ||||||||
| United Kingdom - 7.7% | ||||||||
| Berkeley Group Holdings plc * | 214,849 | 10,147,899 | ||||||
| British American Tobacco plc | 1,015,952 | 61,628,608 | ||||||
| Diageo plc | 647,666 | 14,228,144 | ||||||
| Great Portland Estates plc, REIT | 523,564 | 2,471,470 | ||||||
| Haleon plc | 4,109,584 | 20,118,717 | ||||||
| Lloyds Banking Group plc | 8,731,943 | 13,496,239 | ||||||
| Reckitt Benckiser Group plc | 233,998 | 16,514,966 | ||||||
| RELX plc | 292,112 | 10,274,151 | ||||||
| Shell plc | 38,576 | 1,768,815 | ||||||
| Unilever plc | 748,614 | 47,939,488 | ||||||
| 198,588,497 | ||||||||
| United States - 18.6% | ||||||||
| Bank of New York Mellon Corp. (The) (c) | 31,920 | 4,990,054 | ||||||
| Becton Dickinson & Co. | 325,500 | 53,909,310 | ||||||
| Brown & Brown, Inc. | 204,227 | 14,377,581 | ||||||
| BXP, Inc., REIT | 97,307 | 6,823,167 | ||||||
| Charter Communications, Inc., Class A * | 75,635 | 10,965,562 | ||||||
| Colgate-Palmolive Co. | 219,518 | 20,041,993 | ||||||
| Comcast Corp., Class A | 1,129,595 | 27,065,096 | ||||||
| Cullen/Frost Bankers, Inc. (c) | 45,719 | 7,604,898 | ||||||
| Dollar General Corp. | 15,479 | 1,966,607 | ||||||
| Douglas Emmett, Inc., REIT | 1,158,198 | 13,689,900 | ||||||
| Elevance Health, Inc. | 40,851 | 15,353,440 | ||||||
| Equity Residential, REIT | 345,193 | 22,938,075 | ||||||
| Extra Space Storage, Inc., REIT | 45,039 | 6,667,574 | ||||||
| ExxonMobil Holdings Corp. * | 139,699 | 21,714,813 | ||||||
| Fidelity National Financial, Inc. | 105,623 | 5,449,091 | ||||||
| Fiserv, Inc. * | 237,951 | 12,835,077 | ||||||
| General Dynamics Corp. | 97 | 37,192 | ||||||
| HCA Healthcare, Inc. | 60,290 | 24,272,151 | ||||||
| IDACORP, Inc. | 19,120 | 2,732,439 | ||||||
| Medtronic plc | 292,609 | 24,985,882 | ||||||
| Noble Corp. plc | 714,508 | 30,295,139 | ||||||
| Omnicom Group, Inc. | 139,761 | 10,999,191 | ||||||
| ONEOK, Inc. | 197,480 | 17,933,159 | ||||||
| Philip Morris International, Inc. | 99,916 | 19,065,971 | ||||||
| PPG Industries, Inc. | 14,351 | 1,586,072 | ||||||
| Royal Gold, Inc. | 53,300 | 10,572,055 | ||||||
| Salesforce, Inc. | 70,044 | 12,889,497 | ||||||
| SLB Ltd. | 292,745 | 14,517,224 | ||||||
| Universal Health Services, Inc., Class B | 80,029 | 13,480,085 | ||||||
| US Bancorp | 326,193 | 20,553,421 | ||||||
| Vail Resorts, Inc. | 12,576 | 1,878,603 | ||||||
| Warrior Met Coal, Inc. | 149,778 | 11,893,871 | ||||||
| Waters Corp. * | 22,103 | 8,339,683 | ||||||
| Weyerhaeuser Co., REIT | 373,336 | 9,344,600 | ||||||
| 481,768,473 | ||||||||
| Total Common Stocks (Cost $1,129,071,589) | 1,556,822,308 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Corporate Bonds - 13.4% | ||||||||
| Australia - 0.1% | ||||||||
| Nufarm Australia Ltd. | ||||||||
| 5.00%, 01/27/2030 (d) | 2,595,000 | 2,468,276 | ||||||
| Brazil - 0.5% | ||||||||
| Petrobras Global Finance BV | ||||||||
| 5.13%, 09/10/2030 | 6,350,000 | 6,192,202 | ||||||
| 6.25%, 01/10/2036 | 6,400,000 | 6,240,000 | ||||||
| 12,432,202 | ||||||||
| Canada - 0.5% | ||||||||
| South Bow USA Infrastructure Holdings LLC | ||||||||
| 5.58%, 10/01/2034 | 3,300,000 | 3,241,766 | ||||||
| Transcanada Trust | ||||||||
| Series 16-A, 5.88%, 08/15/2076 (e) | 10,307,000 | 10,303,309 | ||||||
| 13,545,075 | ||||||||
| Chile - 0.2% | ||||||||
| Latam Airlines Group SA | ||||||||
| 7.63%, 01/07/2031 (d) | 6,356,000 | 6,491,065 | ||||||
| Germany - 0.2% | ||||||||
| IHO Verwaltungs GmbH | ||||||||
| 7.75%, 7.75% Cash or 8.50% PIK),11/15/2030 (d) | 3,650,000 | 3,783,101 | ||||||
| 8.00%, 8.00% Cash or 8.75% PIK),11/15/2032 (d) | 2,300,000 | 2,415,124 | ||||||
| 6,198,225 | ||||||||
| Mexico - 0.4% | ||||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl | ||||||||
| 12.50%, 10/15/2031 (d) | 9,000,000 | 9,846,000 | ||||||
| Norway - 0.6% | ||||||||
| DNB Boligkreditt A/S | ||||||||
| (NIBOR 3 Month + 0.45%), 5.04%, 10/05/2027 (e) | 96,000,000 | 10,166,428 | ||||||
| (NIBOR 3 Month + 0.45%), 4.91%, 02/08/2028 (e) | 44,000,000 | 4,664,627 | ||||||
| 14,831,055 | ||||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Saudi Arabia - 0.4% | ||||||||
| Saudi Arabian Oil Co. | ||||||||
| 4.75%, 06/02/2030 (d) | 3,450,000 | 3,393,276 | ||||||
| 5.38%, 06/02/2035 (d) | 6,500,000 | 6,410,277 | ||||||
| 9,803,553 | ||||||||
| United Arab Emirates - 0.1% | ||||||||
| MDGH GMTN RSC Ltd. | ||||||||
| 4.38%, 11/22/2033 (d) | 4,100,000 | 3,839,324 | ||||||
| United Kingdom - 0.1% | ||||||||
| BAT Capital Corp. | ||||||||
| 3.22%, 09/06/2026 | 2,425,000 | 2,422,301 | ||||||
| United States - 10.3% | ||||||||
| ACCO Brands Corp. | ||||||||
| 4.25%, 03/15/2029 (d) | 6,858,000 | 6,464,340 | ||||||
| American Airlines, Inc. | ||||||||
| 5.75%, 04/20/2029 (d) | 460,167 | 457,636 | ||||||
| AMN Healthcare, Inc. | ||||||||
| 6.50%, 01/15/2031 (d) | 3,100,000 | 3,100,121 | ||||||
| Aramark Services, Inc. | ||||||||
| 5.00%, 02/01/2028 (d) | 2,700,000 | 2,691,207 | ||||||
| Bank of New York Mellon Corp. (The) | ||||||||
| Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (e)(f) | 4,475,000 | 4,467,553 | ||||||
| Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (e)(f) | 9,889,000 | 9,821,453 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 6.00%, 01/29/2032 | 6,523,000 | 6,378,441 | ||||||
| 6.00%, 11/22/2034 | 5,300,000 | 5,037,137 | ||||||
| Canpack Group, Inc. | ||||||||
| 6.00%, 05/15/2031 (d) | 7,600,000 | 7,558,413 | ||||||
| Canpack SA | ||||||||
| 3.88%, 11/15/2029 (d) | 5,350,000 | 5,062,044 | ||||||
| Carnival Corp. Ltd. | ||||||||
| 4.00%, 08/01/2028 (d) | 1,206,000 | 1,181,333 | ||||||
| CCO Holdings LLC | ||||||||
| 5.13%, 05/01/2027 (d) | 557,000 | 555,845 | ||||||
| 5.38%, 06/01/2029 (d) | 1,900,000 | 1,845,213 | ||||||
| 6.38%, 09/01/2029 (d) | 1,835,000 | 1,823,395 | ||||||
| 7.38%, 03/01/2031 (d) | 5,400,000 | 5,378,848 | ||||||
| 7.00%, 02/01/2033 (d) | 3,300,000 | 3,162,490 | ||||||
| Centene Corp. | ||||||||
| 4.25%, 12/15/2027 | 1,939,000 | 1,931,659 | ||||||
| 4.63%, 12/15/2029 | 4,150,000 | 4,026,069 | ||||||
| 2.50%, 03/01/2031 | 5,400,000 | 4,695,219 | ||||||
| Charles River Laboratories International, Inc. | ||||||||
| 4.25%, 05/01/2028 (d) | 4,682,000 | 4,593,149 | ||||||
| 3.75%, 03/15/2029 (d) | 1,522,000 | 1,454,310 | ||||||
| 4.00%, 03/15/2031 (d) | 5,200,000 | 4,850,814 | ||||||
| Charter Communications Operating LLC | ||||||||
| 4.20%, 03/15/2028 | 3,640,000 | 3,583,634 | ||||||
| Clarivate Science Holdings Corp. | ||||||||
| 3.88%, 07/01/2028 (d) | 3,900,000 | 3,767,981 | ||||||
| Crown Americas LLC | ||||||||
| 5.25%, 04/01/2030 | 900,000 | 898,012 | ||||||
| DENTSPLY SIRONA, Inc. | ||||||||
| 3.25%, 06/01/2030 | 4,075,000 | 3,768,451 | ||||||
| Dollar General Corp. | ||||||||
| 3.50%, 04/03/2030 | 2,750,000 | 2,606,689 | ||||||
| Edgewell Personal Care Co. | ||||||||
| 5.50%, 06/01/2028 (d) | 1,770,000 | 1,764,968 | ||||||
| 4.13%, 04/01/2029 (d) | 5,257,000 | 5,058,539 | ||||||
| Embecta Corp. | ||||||||
| 5.00%, 02/15/2030 (d) | 4,893,000 | 3,776,788 | ||||||
| 6.75%, 02/15/2030 (d) | 2,292,000 | 1,753,380 | ||||||
| Enterprise Products Operating LLC | ||||||||
| Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (e) | 6,705,000 | 6,688,930 | ||||||
| Fair Isaac Corp. | ||||||||
| 4.00%, 06/15/2028 (d) | 2,764,000 | 2,671,087 | ||||||
| 6.25%, 09/15/2034 (d) | 2,500,000 | 2,415,130 | ||||||
| HCA, Inc. | ||||||||
| 3.50%, 09/01/2030 | 2,788,000 | 2,627,973 | ||||||
| 5.45%, 04/01/2031 | 4,150,000 | 4,202,286 | ||||||
| 7.50%, 11/06/2033 | 3,700,000 | 4,112,050 | ||||||
| IQVIA, Inc. | ||||||||
| 6.50%, 05/15/2030 (d) | 2,500,000 | 2,547,285 | ||||||
| Iron Mountain, Inc. | ||||||||
| REIT, 4.88%, 09/15/2027 (d) | 3,609,000 | 3,597,181 | ||||||
| REIT, 5.25%, 03/15/2028 (d) | 1,005,000 | 1,001,368 | ||||||
| REIT, 5.00%, 07/15/2028 (d) | 1,596,000 | 1,580,546 | ||||||
| REIT, 4.88%, 09/15/2029 (d) | 3,372,000 | 3,289,825 | ||||||
| JPMorgan Chase & Co. | ||||||||
| Series NN, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.74%), 6.88%, 06/01/2029 (e)(f) | 6,000,000 | 6,195,090 | ||||||
| KFC Holding Co. | ||||||||
| 4.75%, 06/01/2027 (d) | 2,322,000 | 2,312,830 | ||||||
| Lamb Weston Holdings, Inc. | ||||||||
| 4.13%, 01/31/2030 (d) | 4,983,000 | 4,744,260 | ||||||
| Manufacturers & Traders Trust Co. | ||||||||
| 4.70%, 01/27/2028 | 3,825,000 | 3,827,153 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Mellon Capital IV | ||||||||
| Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), 4.52%, 09/02/2026 (e)(f) | 6,183,000 | 5,197,161 | ||||||
| Meta Platforms, Inc. | ||||||||
| 4.60%, 11/15/2032 | 4,000,000 | 3,850,409 | ||||||
| MSCI, Inc. | ||||||||
| 4.00%, 11/15/2029 (d) | 4,725,000 | 4,556,878 | ||||||
| 3.63%, 11/01/2031 (d) | 2,750,000 | 2,520,806 | ||||||
| Noble Finance II LLC | ||||||||
| 8.00%, 04/15/2030 (d) | 6,206,000 | 6,415,677 | ||||||
| 6.25%, 06/15/2034 (d) | 1,600,000 | 1,553,713 | ||||||
| Oracle Corp. | ||||||||
| 6.25%, 11/09/2032 | 2,000,000 | 1,984,713 | ||||||
| 4.90%, 02/06/2033 | 4,500,000 | 4,139,623 | ||||||
| 5.20%, 09/26/2035 | 4,500,000 | 4,037,486 | ||||||
| 5.95%, 09/26/2055 | 4,250,000 | 3,376,792 | ||||||
| Pershing Square Holdings Ltd. | ||||||||
| 5.50%, 10/28/2032 (d) | 10,400,000 | 10,190,203 | ||||||
| Roller Bearing Co. of America, Inc. | ||||||||
| 4.38%, 10/15/2029 (d) | 6,359,000 | 6,162,284 | ||||||
| SBA Communications Corp. | ||||||||
| REIT, 5.15%, 07/15/2031 | 5,150,000 | 5,110,544 | ||||||
| Service Corp. International | ||||||||
| 4.63%, 12/15/2027 | 1,749,000 | 1,737,768 | ||||||
| 5.13%, 06/01/2029 | 3,257,000 | 3,227,120 | ||||||
| 5.75%, 10/15/2032 | 2,500,000 | 2,479,551 | ||||||
| Teleflex, Inc. | ||||||||
| 4.25%, 06/01/2028 (d) | 782,000 | 765,981 | ||||||
| Transocean International Ltd. | ||||||||
| 8.50%, 05/15/2031 (d) | 1,437,000 | 1,498,619 | ||||||
| Truist Financial Corp. | ||||||||
| Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.67%, 09/01/2026 (e)(f) | 14,157,000 | 14,159,633 | ||||||
| United Rentals North America, Inc. | ||||||||
| 5.38%, 11/15/2033 (d) | 2,650,000 | 2,580,320 | ||||||
| US Foods, Inc. | ||||||||
| 4.63%, 06/01/2030 (d) | 2,500,000 | 2,429,062 | ||||||
| VICI Properties LP | ||||||||
| REIT, 5.63%, 04/01/2035 | 2,550,000 | 2,497,981 | ||||||
| Viking Cruises Ltd. | ||||||||
| 5.88%, 10/15/2033 (d) | 2,725,000 | 2,698,255 | ||||||
| WESCO Distribution, Inc. | ||||||||
| 5.50%, 04/15/2034 (d) | 5,867,000 | 5,699,554 | ||||||
| William Carter Co. (The) | ||||||||
| 7.38%, 02/15/2031 (d) | 2,100,000 | 2,153,374 | ||||||
| 266,351,632 | ||||||||
| Total Corporate Bonds (Cost $347,990,163) | 348,228,708 | |||||||
| Investments | Principal Amount ($) |
Value ($) | ||||||
| U.S. Treasury Obligations - 11.6% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 6.63%, 02/15/2027 | 12,302,200 | 12,480,966 | ||||||
| 6.13%, 11/15/2027 | 24,367,400 | 24,943,270 | ||||||
| U.S. Treasury Inflation Linked Bonds | ||||||||
| 2.13%, 02/15/2041 | 4,300,000 | 6,079,453 | ||||||
| 2.38%, 02/15/2056 | 4,300,000 | 3,881,500 | ||||||
| U.S. Treasury Inflation Linked Notes | ||||||||
| 1.25%, 04/15/2028 | 13,125,000 | 14,374,648 | ||||||
| 2.13%, 04/15/2029 | 24,153,000 | 26,082,211 | ||||||
| 1.63%, 04/15/2030 | 25,350,000 | 26,166,518 | ||||||
| 1.88%, 07/15/2034 | 24,965,000 | 25,879,514 | ||||||
| 2.13%, 01/15/2035 | 18,250,000 | 19,031,534 | ||||||
| U.S. Treasury Notes | ||||||||
| 4.25%, 01/15/2028 | 16,700,000 | 16,700,652 | ||||||
| 3.50%, 01/31/2028 | 38,500,000 | 38,083,418 | ||||||
| 4.13%, 06/30/2028 | 13,900,000 | 13,863,621 | ||||||
| 3.88%, 07/15/2028 | 19,850,000 | 19,700,350 | ||||||
| 3.88%, 04/15/2029 | 12,700,000 | 12,554,148 | ||||||
| 4.00%, 03/31/2030 | 11,450,000 | 11,304,639 | ||||||
| 3.88%, 03/31/2031 | 12,700,000 | 12,410,281 | ||||||
| 3.38%, 05/15/2033 | 13,750,000 | 12,809,522 | ||||||
| 3.88%, 08/15/2034 | 5,300,000 | 5,032,309 | ||||||
| Total U.S. Treasury Obligations (Cost 306,432,226) |
301,378,554 | |||||||
| Investments | Ounces | Value ($) | ||||||
| Commodities - 6.8% | ||||||||
| Gold bullion* | ||||||||
| (Cost $53,042,915) | 43,457 | 176,075,998 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Foreign Government Securities - 2.0% | ||||||||
| Australia - 0.2% | ||||||||
| Commonwealth of Australia | ||||||||
| 4.75%, 04/21/2027 (a) | AUD | 8,800,000 | 6,199,241 | |||||
| Brazil - 0.4% | ||||||||
| Federative Republic of Brazil | ||||||||
| 10.00%, 01/01/2027 | BRL | 55,000,000 | 10,778,755 | |||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Chile - 0.1% | ||||||||
| Republic of Chile | ||||||||
| 3.50%, 01/31/2034 | 3,800,000 | 3,366,800 | ||||||
| Indonesia - 0.1% | ||||||||
| Republic of Indonesia | ||||||||
| 4.85%, 01/11/2033 | 3,450,000 | 3,335,617 | ||||||
| Israel - 0.1% | ||||||||
| State of Israel Government Bond | ||||||||
| 5.38%, 03/12/2029 | 2,400,000 | 2,411,673 | ||||||
| Mexico - 0.4% | ||||||||
| United Mexican States | ||||||||
| 4.75%, 04/27/2032 | 7,800,000 | 7,394,400 | ||||||
| 5.38%, 03/22/2033 | 2,600,000 | 2,501,980 | ||||||
| 9,896,380 | ||||||||
| Saudi Arabia - 0.3% | ||||||||
| Kingdom of Saudi Arabia | ||||||||
| 4.75%, 01/18/2028 (d) | 3,800,000 | 3,796,475 | ||||||
| 4.88%, 07/18/2033 (d) | 3,750,000 | 3,657,897 | ||||||
| 7,454,372 | ||||||||
| South Korea - 0.4% | ||||||||
| Republic of Korea | ||||||||
| 4.00%, 12/10/2031 | KRW | 12,600,000,000 | 8,805,752 | |||||
| Total Foreign Government Securities (Cost 52,091,407) | 52,248,590 | |||||||
| Investments | Shares | Value ($) | ||||||
| Preferred Stocks - 1.6% | ||||||||
| United States - 1.6% | ||||||||
| Charles Schwab Corp. (The) | ||||||||
| Series D, 5.95%, (f) | 178,714 | 4,301,646 | ||||||
| Lincoln National Corp. | ||||||||
| Series D, 9.00%, (f) | 98,125 | 2,591,481 | ||||||
| MetLife, Inc. | ||||||||
| Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), 4.93%, (e)(f) | 182,311 | 3,844,939 | ||||||
| Northern Trust Corp. | ||||||||
| Series E, 4.70%, (f) | 304,399 | 5,637,470 | ||||||
| State Street Corp. | ||||||||
| Series G, 5.35%, (f) | 127,521 | 2,704,720 | ||||||
| Truist Financial Corp. | ||||||||
| Series R, 4.75%, (f) | 563,348 | 10,331,802 | ||||||
| US Bancorp | ||||||||
| Series A, (CME Term SOFR 3 Month + 1.28%), 5.03%, (e)(f) | 7,400 | 5,670,028 | ||||||
| Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 4.61%, (e)(f) | 379,475 | 7,096,183 | ||||||
| Total Preferred Stocks (Cost $47,838,472) | 42,178,269 | |||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Convertible Preferred Stocks - 1.3% | ||||||||
| United States - 1.3% | ||||||||
| Bank of America Corp. | ||||||||
| Series L, 7.25%, (f) | 13,496 | 17,408,490 | ||||||
| Wells Fargo & Co. | ||||||||
| Series L, 7.50%, (f) | 13,673 | 16,211,256 | ||||||
| 33,619,746 | ||||||||
| Total Convertible Preferred Stocks (Cost $37,413,835) | 33,619,746 | |||||||
| Investments | Shares | Value ($) | ||||||
| Master Limited Partnerships - 1.0% | ||||||||
| United States - 1.0% | ||||||||
| Enterprise Products Partners LP (Cost $13,128,888) | 680,686 | 25,900,102 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Convertible Bonds - 0.3% | ||||||||
| United States - 0.3% | ||||||||
| Strategy, Inc. | ||||||||
| 0.00%, 12/01/2029 (Cost $6,532,167) | 7,800,000 | 6,864,000 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Asset-Backed Securities - 0.1% | ||||||||
| United States - 0.1% | ||||||||
| United Airlines Pass-Through Trust | ||||||||
| Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $1,967,358) | 1,971,583 | 1,990,975 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Loan Assignments - 0.1% | ||||||||
| United States - 0.1% | ||||||||
| Aramark Services, Inc., First Lien Term Loan B9 | ||||||||
| (CME Term SOFR 1 Month + 1.75%), 5.48%, 04/06/2028 (e) (Cost $2,157,744) | 2,157,749 | 2,163,144 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Short-Term Investments - 0.8% | ||||||||
| Commercial Paper - 0.7% | ||||||||
| Aes Corp. (The) | ||||||||
| 4.10%, 08/03/2026 (d)(g) | 2,855,000 | 2,854,023 | ||||||
| Amphenol Corp. | ||||||||
| 3.66%, 08/03/2026 (d)(g) | 3,173,000 | 3,172,024 | ||||||
| Cargill, Inc. | ||||||||
| 3.64%, 08/03/2026 (d)(g) | 3,173,000 | 3,172,039 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.81%, 08/03/2026 (d)(g) | 5,489,000 | 5,487,247 | ||||||
| Global Payments, Inc. | ||||||||
| 4.08%, 08/03/2026 (g) | 4,759,000 | 4,757,370 | ||||||
| Total Commercial Paper (Cost $19,444,822) | 19,442,703 | |||||||
| Investments | Shares | Value ($) | ||||||
| Investment Companies - 0.1% | ||||||||
| JPMorgan US Government Money Market Fund 3.63% (h) (Cost $1,580,172) | 1,580,172 | 1,580,172 | ||||||
| Total Short-Term Investments (Cost $21,024,994) | 21,022,875 | |||||||
| Total Investments - 99.1% (Cost $2,018,691,758) | 2,568,493,269 | |||||||
| Other assets less liabilities - 0.9% | 23,565,030 | |||||||
| Net Assets - 100.0% | 2,592,058,299 | |||||||
| * | Non-income producing security. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | All or a portion of the security pledged as collateral for call options written. |
| (d) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $200,471,200, which represents approximately 7.73% of net assets of the Fund. |
| (e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2026. |
| (f) | Perpetual security. The rate reflected was the rate in effect on July 31, 2026. The maturity date reflects the next call date. |
| (g) | The rate shown was the current yield as of July 31, 2026. |
| (h) | Represents 7-day effective yield as of July 31, 2026. |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2026
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||
| EUR | 6,220,000 | USD | 7,077,390 | Bank of New York Mellon | 08/05/2026 | $ | 95,485 | |||||
| JPY | 328,987,000 | USD | 2,020,110 | Bank of New York Mellon | 08/05/2026 | 47,805 | ||||||
| USD | 7,338,894 | EUR | 6,220,000 | Bank of New York Mellon | 08/05/2026 | 166,020 | ||||||
| USD | 2,092,580 | JPY | 328,987,000 | Bank of New York Mellon | 08/05/2026 | 24,665 | ||||||
| JPY | 328,987,000 | USD | 2,024,473 | Goldman Sachs | 09/02/2026 | 48,060 | ||||||
| USD | 7,506,720 | EUR | 6,385,000 | Goldman Sachs | 09/02/2026 | 135,109 | ||||||
| USD | 2,493,234 | GBP | 1,847,000 | Goldman Sachs | 09/02/2026 | 4,005 | ||||||
| USD | 2,097,770 | JPY | 328,987,000 | Goldman Sachs | 09/02/2026 | 25,237 | ||||||
| JPY | 445,186,000 | USD | 2,747,349 | JPMorgan Chase Bank | 10/07/2026 | 65,357 | ||||||
| USD | 8,185,549 | EUR | 6,995,000 | JPMorgan Chase Bank | 10/07/2026 | 98,238 | ||||||
| USD | 2,821,776 | JPY | 445,186,000 | JPMorgan Chase Bank | 10/07/2026 | 9,070 | ||||||
| JPY | 274,307,000 | USD | 1,696,846 | UBS AG | 11/04/2026 | 40,148 | ||||||
| Total unrealized appreciation | 759,199 | |||||||||||
| USD | 2,977,218 | GBP | 2,216,000 | JPMorgan Chase Bank | 10/07/2026 | (9,363 | ) | |||||
| USD | 12,863,079 | EUR | 11,212,000 | UBS AG | 11/04/2026 | (114,088 | ) | |||||
| USD | 1,711,466 | JPY | 274,307,000 | UBS AG | 11/04/2026 | (25,527 | ) | |||||
| USD | 10,280,390 | EUR | 8,991,000 | Bank of New York Mellon | 12/02/2026 | (138,260 | ) | |||||
| Total unrealized depreciation | (287,238 | ) | ||||||||||
| Net unrealized appreciation | $ | 471,961 | ||||||||||
| Abbreviations | |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| EUR | Euro |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| GMTN | Global Medium Term Note |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NIBOR | Norwegian Interbank Offered Rate |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| PIK | Pay in Kind |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
Written Call Options Contracts as of July 31, 2026:
| Description | Counterparty | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | ||||||||||||||
| Bank of New York Mellon Corp. (The) | Exchange Traded | 319 | USD | (4,986,927 | ) | USD | 185.00 | 1/15/2027 | (102,080 | ) | ||||||||||
| Cullen/Frost Bankers, Inc. | Exchange Traded | 457 | USD | (7,601,738 | ) | USD | 185.00 | 1/15/2027 | (189,655 | ) | ||||||||||
| (291,735 | ) | |||||||||||||||||||
| Total Written Options Contracts (Premiums Received ($314,818)) | (291,735 | ) | ||||||||||||||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Balanced Fund (formerly First Eagle Global Income
Builder Fund)
Consolidated Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 0.0 | %* | ||
| Automobile Components | 0.2 | |||
| Automobiles | 0.0 | * | ||
| Banks | 8.2 | |||
| Beverages | 5.3 | |||
| Capital Markets | 2.7 | |||
| Chemicals | 1.4 | |||
| Commercial Services & Supplies | 1.2 | |||
| Commodities | 6.8 | |||
| Consumer Staples Distribution & Retail | 1.0 | |||
| Containers & Packaging | 0.5 | |||
| Diversified Consumer Services | 0.3 | |||
| Diversified REITs | 0.1 | |||
| Diversified Telecommunication Services | 1.5 | |||
| Electric Utilities | 0.1 | |||
| Electronic Equipment, Instruments & Components | 0.6 | |||
| Energy Equipment & Services | 2.2 | |||
| Entertainment | 0.4 | |||
| Financial Services | 1.3 | |||
| Food Products | 2.9 | |||
| Foreign Government Securities | 2.0 | |||
| Health Care Equipment & Supplies | 3.4 | |||
| Health Care Providers & Services | 2.8 | |||
| Health Care Technology | 0.1 | |||
| Hotels, Restaurants & Leisure | 0.4 | |||
| Household Durables | 0.4 | |||
| Household Products | 1.6 | |||
| Industrial Conglomerates | 2.5 | |||
| Insurance | 3.8 | |||
| Interactive Media & Services | 0.2 | |||
| Leisure Products | 0.5 | |||
| Life Sciences Tools & Services | 0.7 | |||
| Machinery | 1.7 | |||
| Media | 0.9 | |||
| Metals & Mining | 4.0 | |||
| Office REITs | 0.9 | |||
| Oil, Gas & Consumable Fuels | 5.4 | |||
| Passenger Airlines | 0.3 | |||
| Personal Care Products | 2.2 | |||
| Pharmaceuticals | 0.8 | |||
| Professional Services | 0.5 | |||
| Real Estate Management & Development | 2.2 | |||
| Residential REITs | 0.9 | |||
| Semiconductors & Semiconductor Equipment | 0.8 | |||
| Software | 1.9 | |||
| Specialized REITs | 1.2 | |||
| Specialty Retail | 0.5 | |||
| Technology Hardware, Storage & Peripherals | 1.8 | |||
| Textiles, Apparel & Luxury Goods | 1.1 | |||
| Tobacco | 4.2 | |||
| Trading Companies & Distributors | 0.3 | |||
| U.S. Treasury Obligations | 11.6 | |||
| Short-Term Investments | 0.8 | |||
| Total Investments | 99.1 | % | ||
| * | Less than 0.05% |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 95.2% | ||||||||
| Beverages - 1.4% | ||||||||
| PepsiCo, Inc. | 48,089 | 6,711,301 | ||||||
| Diversified Telecommunication Services - 3.7% | ||||||||
| Comcast Corp., Class A | 738,005 | 17,682,600 | ||||||
| Electronic Equipment, Instruments & Components - 4.7% | ||||||||
| TE Connectivity plc (Ireland) | 109,515 | 22,526,140 | ||||||
| Food Products - 1.3% | ||||||||
| Nestle SA (Registered) (Switzerland) | 61,472 | 6,144,192 | ||||||
| Health Care Equipment & Supplies - 9.7% | ||||||||
| Becton Dickinson & Co. | 138,822 | 22,991,699 | ||||||
| Medtronic plc | 275,315 | 23,509,148 | ||||||
| 46,500,847 | ||||||||
| Health Care Providers & Services - 9.9% | ||||||||
| Elevance Health, Inc. | 20,871 | 7,844,157 | ||||||
| HCA Healthcare, Inc. | 54,117 | 21,786,963 | ||||||
| UnitedHealth Group, Inc. | 42,239 | 17,503,841 | ||||||
| 47,134,961 | ||||||||
| Hotels, Restaurants & Leisure - 2.8% | ||||||||
| Booking Holdings, Inc. | 59,406 | 11,459,417 | ||||||
| Starbucks Corp. | 16,958 | 1,784,830 | ||||||
| 13,244,247 | ||||||||
| Insurance - 1.8% | ||||||||
| Fidelity National Financial, Inc. | 82,851 | 4,274,283 | ||||||
| Willis Towers Watson plc | 13,328 | 4,477,142 | ||||||
| 8,751,425 | ||||||||
| Interactive Media & Services - 10.1% | ||||||||
| Alphabet, Inc., Class A | 85,520 | 30,456,237 | ||||||
| Meta Platforms, Inc., Class A | 32,239 | 17,947,774 | ||||||
| 48,404,011 | ||||||||
| IT Services - 4.1% | ||||||||
| Accenture plc, Class A | 118,240 | 19,618,381 | ||||||
| Machinery - 3.5% | ||||||||
| Schindler Holding AG (Switzerland) | 53,450 | 16,824,998 | ||||||
| Oil, Gas & Consumable Fuels - 3.2% | ||||||||
| ExxonMobil Holdings Corp. * | 97,386 | 15,137,680 | ||||||
| Professional Services - 5.1% | ||||||||
| Automatic Data Processing, Inc. | 90,654 | 24,155,665 | ||||||
| Semiconductors & Semiconductor Equipment - 3.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 41,177 | 16,645,802 | ||||||
| Software - 9.4% | ||||||||
| Microsoft Corp. | 7,029 | 3,266,517 | ||||||
| Oracle Corp. | 102,952 | 13,370,376 | ||||||
| Salesforce, Inc. | 101,638 | 18,703,425 | ||||||
| Workday, Inc., Class A * | 60,779 | 9,745,305 | ||||||
| 45,085,623 | ||||||||
| Specialized REITs - 1.4% | ||||||||
| Extra Space Storage, Inc., REIT | 44,954 | 6,654,990 | ||||||
| Specialty Retail - 4.5% | ||||||||
| Home Depot, Inc. (The) | 52,622 | 17,468,399 | ||||||
| Ross Stores, Inc. | 16,779 | 4,212,704 | ||||||
| 21,681,103 | ||||||||
| Technology Hardware, Storage & Peripherals - 5.5% | ||||||||
| Samsung Electronics Co. Ltd. (Preference) (South Korea) | 208,498 | 26,200,897 | ||||||
| Textiles, Apparel & Luxury Goods - 4.0% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE (France) | 35,194 | 19,326,267 | ||||||
| Tobacco - 5.6% | ||||||||
| British American Tobacco plc (United Kingdom) | 158,617 | 9,621,857 | ||||||
| Philip Morris International, Inc. | 91,064 | 17,376,833 | ||||||
| 26,998,690 | ||||||||
| Total Common Stocks (Cost $338,756,807) | 455,429,820 | |||||||
| Investments | Shares | Value ($) | ||||||
| Master Limited Partnerships - 3.7% | ||||||||
| Oil, Gas & Consumable Fuels - 3.7% | ||||||||
| Enterprise Products Partners LP (Cost $12,461,236) | 463,201 | 17,624,798 | ||||||
| Investments | Principal Amount ($) | Value ($) | ||||||
| Short-Term Investments - 1.0% | ||||||||
| Commercial Paper - 0.9% | ||||||||
| Aes Corp. (The) | ||||||||
| 4.10%, 08/03/2026(a)(b) | 650,000 | 649,777 | ||||||
| Amphenol Corp. | ||||||||
| 3.66%, 08/03/2026(a)(b) | 723,000 | 722,777 | ||||||
| Cargill, Inc. | ||||||||
| 3.64%, 08/03/2026(a)(b) | 723,000 | 722,781 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.81%, 08/03/2026(a)(b) | 1,250,000 | 1,249,601 | ||||||
| Global Payments, Inc. | ||||||||
| 4.08%, 08/03/2026(b) | 1,084,000 | 1,083,629 | ||||||
| Total Commercial Paper (Cost $4,429,048) | 4,428,565 | |||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Investment Companies - 0.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (c) | ||||||||
| (Cost $359,486) | 359,486 | 359,486 | ||||||
| Total Short-Term Investments (Cost $4,788,534) | 4,788,051 | |||||||
| Total Investments - 99.9% (Cost $356,006,577) | 477,842,669 | |||||||
| Other assets less liabilities - 0.1% | 600,098 | |||||||
| Net Assets - 100.0% | 478,442,767 | |||||||
| * | Non-income producing security. |
| (a) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $3,344,936, which represents approximately 0.70% of net assets of the Fund. |
| (b) | The rate shown was the current yield as of July 31, 2026. |
| (c) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Beverages | 1.4 | % | ||
| Diversified Telecommunication Services | 3.7 | |||
| Electronic Equipment, Instruments & Components | 4.7 | |||
| Food Products | 1.3 | |||
| Health Care Equipment & Supplies | 9.7 | |||
| Health Care Providers & Services | 9.9 | |||
| Hotels, Restaurants & Leisure | 2.8 | |||
| Insurance | 1.8 | |||
| Interactive Media & Services | 10.1 | |||
| IT Services | 4.1 | |||
| Machinery | 3.5 | |||
| Oil, Gas & Consumable Fuels | 6.9 | |||
| Professional Services | 5.1 | |||
| Semiconductors & Semiconductor Equipment | 3.5 | |||
| Software | 9.4 | |||
| Specialized REITs | 1.4 | |||
| Specialty Retail | 4.5 | |||
| Technology Hardware, Storage & Peripherals | 5.5 | |||
| Textiles, Apparel & Luxury Goods | 4.0 | |||
| Tobacco | 5.6 | |||
| Short-Term Investments | 1.0 | |||
| Total Investments | 99.9 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Common Stocks - 92.2% | ||||||
| Aerospace & Defense - 2.5% | ||||||
| AAR Corp. * | 71,113 | 9,958,665 | ||||
| Applied Aerospace & Defense, Inc. * | 408,456 | 7,638,127 | ||||
| Astronics Corp. * | 169,512 | 11,779,389 | ||||
| Astronics Corp., Class B * | 32,196 | 2,235,851 | ||||
| Cadre Holdings, Inc. | 269,464 | 8,307,575 | ||||
| Ducommun, Inc. * | 124,129 | 22,221,574 | ||||
| VSE Corp. | 60,075 | 11,677,979 | ||||
| 73,819,160 | ||||||
| Air Freight & Logistics - 0.1% | ||||||
| Radiant Logistics, Inc. * | 489,009 | 4,029,434 | ||||
| Automobile Components - 0.7% | ||||||
| Dorman Products, Inc. * | 152,898 | 20,359,898 | ||||
| Holley, Inc. * | 401,478 | 1,071,946 | ||||
| 21,431,844 | ||||||
| Banks - 6.2% | ||||||
| Ameris Bancorp | 290,652 | 25,347,761 | ||||
| Avidbank Holdings, Inc. * | 299,935 | 9,780,880 | ||||
| Axos Financial, Inc. * | 208,388 | 21,132,627 | ||||
| Columbia Banking System, Inc. | 423,160 | 13,232,213 | ||||
| Dime Commercial Bancshares, Inc. | 299,821 | 12,220,704 | ||||
| Forbright, Inc., Class A * | 211,337 | 4,180,246 | ||||
| Glacier Bancorp, Inc. | 114,154 | 5,626,651 | ||||
| Old National Bancorp | 883,033 | 23,523,999 | ||||
| Red River Bancshares, Inc. | 136,447 | 13,719,746 | ||||
| Seacoast Banking Corp. of Florida | 580,729 | 20,174,525 | ||||
| SmartFinancial, Inc. | 312,967 | 16,399,471 | ||||
| Valley National Bancorp | 1,009,976 | 14,432,557 | ||||
| 179,771,380 | ||||||
| Biotechnology - 0.8% | ||||||
| CareDx, Inc. * | 485,136 | 21,205,294 | ||||
| Exagen, Inc. * | 439,968 | 1,993,055 | ||||
| MiMedx Group, Inc. * | 329,291 | 1,359,972 | ||||
| 24,558,321 | ||||||
| Building Products - 2.1% | ||||||
| Griffon Corp. | 171,437 | 14,772,727 | ||||
| Insteel Industries, Inc. | 453,278 | 13,892,971 | ||||
| Louisiana-Pacific Corp. | 268,589 | 19,453,901 | ||||
| Quanex Building Products Corp. | 411,755 | 7,345,709 | ||||
| UFP Industries, Inc. | 70,249 | 6,093,398 | ||||
| 61,558,706 | ||||||
| Capital Markets - 1.4% | ||||||
| BRC Group Holdings, Inc. * | 965,335 | 6,911,799 | ||||
| MarketAxess Holdings, Inc. | 61,894 | 10,045,396 | ||||
| Moelis & Co., Class A | 97,240 | 6,522,859 | ||||
| Perella Weinberg Partners, Class A | 898,570 | 15,859,760 | ||||
| 39,339,814 | ||||||
| Chemicals - 3.8% | ||||||
| Cabot Corp. | 188,747 | 16,613,511 | ||||
| Element Solutions, Inc. | 322,442 | 11,843,295 | ||||
| Flotek Industries, Inc. * | 257,963 | 6,072,449 | ||||
| HB Fuller Co. | 333,864 | 18,462,679 | ||||
| Huntsman Corp. | 978,841 | 9,553,488 | ||||
| Intrepid Potash, Inc. * | 298,100 | 10,123,476 | ||||
| LSB Industries, Inc. * | 1,296,883 | 14,110,087 | ||||
| Quaker Chemical Corp. | 144,066 | 23,125,474 | ||||
| 109,904,459 | ||||||
| Commercial Services & Supplies - 1.1% | ||||||
| ABM Industries, Inc. | 353,130 | 16,918,458 | ||||
| Healthcare Services Group, Inc. * | 484,300 | 11,284,190 | ||||
| Interface, Inc., Class A | 111,125 | 3,807,143 | ||||
| 32,009,791 | ||||||
| Communications Equipment - 3.1% | ||||||
| ADTRAN Holdings, Inc. * | 1,054,729 | 8,975,744 | ||||
| Aviat Networks, Inc. * | 322,923 | 6,613,463 | ||||
| Calix, Inc. * | 136,075 | 4,885,092 | ||||
| Digi International, Inc. * | 174,157 | 12,142,226 | ||||
| Extreme Networks, Inc. * | 421,614 | 12,707,446 | ||||
| Harmonic, Inc. * | 1,313,830 | 15,174,737 | ||||
| Inseego Corp. * | 111,958 | 787,065 | ||||
| KVH Industries, Inc. * | 338,367 | 3,133,278 | ||||
| Lantronix, Inc. * | 420,450 | 2,262,021 | ||||
| NETGEAR, Inc. * | 604,723 | 14,610,108 | ||||
| NetScout Systems, Inc. * | 218,470 | 8,885,175 | ||||
| 90,176,355 | ||||||
| Construction & Engineering - 2.0% | ||||||
| Ameresco, Inc., Class A * | 676,534 | 14,254,571 | ||||
| Arcosa, Inc. | 112,378 | 16,317,285 | ||||
| Concrete Pumping Holdings, Inc. * | 649,008 | 6,314,848 | ||||
| Dycom Industries, Inc. * | 25,752 | 10,328,355 | ||||
| Matrix Service Co. * | 883,825 | 10,252,370 | ||||
| 57,467,429 | ||||||
| Construction Materials - 0.2% | ||||||
| Titan America SA (Belgium) | 329,938 | 5,107,440 | ||||
| Consumer Staples Distribution & Retail - 0.9% | ||||||
| Chefs’ Warehouse, Inc. (The) * | 150,735 | 17,387,282 | ||||
| Grocery Outlet Holding Corp. * | 1,064,830 | 9,785,788 | ||||
| 27,173,070 | ||||||
| Containers & Packaging - 0.6% | ||||||
| Ranpak Holdings Corp., Class A * | 976,429 | 4,999,317 | ||||
| TriMas Corp. | 288,997 | 11,539,650 | ||||
| 16,538,967 | ||||||
| Diversified Consumer Services - 2.4% | ||||||
| Coursera, Inc. * | 944,289 | 5,014,175 | ||||
| Legacy Education, Inc. * | 44,929 | 529,713 | ||||
| Lincoln Educational Services Corp. * | 518,188 | 21,670,622 | ||||
| Phoenix Education Partners, Inc. | 382,970 | 10,949,112 | ||||
| Stride, Inc. * | 139,348 | 11,188,251 | ||||
| Universal Technical Institute, Inc. * | 503,825 | 19,805,361 | ||||
| 69,157,234 | ||||||
| Electrical Equipment - 0.3% | ||||||
| DPC Holdings plc (United States) * | 29,794 | 1,358,606 | ||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| LSI Industries, Inc. | 295,527 | 6,912,377 | ||||
| 8,270,983 | ||||||
| Electronic Equipment, Instruments & Components - 5.7% | ||||||
| 908 Devices, Inc. * | 860,882 | 6,895,665 | ||||
| Advanced Energy Industries, Inc. | 81,207 | 23,511,051 | ||||
| Airgain, Inc. * | 305,644 | 1,769,679 | ||||
| Arlo Technologies, Inc. * | 818,645 | 12,050,454 | ||||
| Belden, Inc. | 130,216 | 16,153,295 | ||||
| Benchmark Electronics, Inc. | 152,213 | 12,142,031 | ||||
| Fabrinet (Thailand) * | 6,584 | 2,866,739 | ||||
| Itron, Inc. * | 118,509 | 11,810,607 | ||||
| OSI Systems, Inc. * | 48,072 | 10,642,660 | ||||
| Plexus Corp. * | 26,337 | 6,619,542 | ||||
| Richardson Electronics Ltd. | 193,601 | 3,540,962 | ||||
| Rogers Corp. * | 149,531 | 18,462,593 | ||||
| Sanmina Corp. * | 57,517 | 10,672,854 | ||||
| TTM Technologies, Inc. * | 128,477 | 14,831,385 | ||||
| Vishay Intertechnology, Inc. | 390,673 | 13,368,830 | ||||
| 165,338,347 | ||||||
| Energy Equipment & Services - 2.8% | ||||||
| Flowco Holdings, Inc., Class A | 724,450 | 14,815,003 | ||||
| Helix Energy Solutions Group, Inc. * | 425,548 | 4,046,961 | ||||
| Innovex International, Inc. * | 149,262 | 4,191,277 | ||||
| Natural Gas Services Group, Inc. | 357,089 | 13,083,741 | ||||
| Oil States International, Inc. * | 1,907,240 | 15,467,716 | ||||
| ProPetro Holding Corp. * | 802,035 | 8,902,589 | ||||
| RPC, Inc. | 491,326 | 2,756,339 | ||||
| SEACOR Marine Holdings, Inc. * | 909,380 | 8,575,453 | ||||
| Seadrill Ltd. * | 215,822 | 9,677,459 | ||||
| 81,516,538 | ||||||
| Financial Services - 2.0% | ||||||
| Flywire Corp. * | 1,026,480 | 16,433,945 | ||||
| NMI Holdings, Inc., Class A * | 254,919 | 11,292,912 | ||||
| Radian Group, Inc. | 208,326 | 8,122,631 | ||||
| Remitly Global, Inc. * | 951,755 | 21,671,461 | ||||
| 57,520,949 | ||||||
| Food Products - 1.8% | ||||||
| Cal-Maine Foods, Inc. | 103,662 | 9,099,450 | ||||
| Mama’s Creations, Inc. * | 1,190,088 | 21,933,322 | ||||
| Utz Brands, Inc. | 1,026,032 | 14,487,572 | ||||
| Vital Farms, Inc. * | 531,570 | 6,766,886 | ||||
| 52,287,230 | ||||||
| Gas Utilities - 0.4% | ||||||
| ONE Gas, Inc. | 142,868 | 11,093,700 | ||||
| Ground Transportation - 0.7% | ||||||
| Covenant Logistics Group, Inc., Class A | 329,457 | 11,702,313 | ||||
| FTAI Infrastructure, Inc. | 2,328,606 | 8,685,700 | ||||
| 20,388,013 | ||||||
| Health Care Equipment & Supplies - 2.9% | ||||||
| Alphatec Holdings, Inc. * | 875,414 | 8,333,941 | ||||
| AngioDynamics, Inc. * | 310,729 | 4,595,682 | ||||
| Artivion, Inc. * | 322,550 | 8,654,016 | ||||
| AtriCure, Inc. * | 262,559 | 9,914,228 | ||||
| Axogen, Inc. * | 299,757 | 12,652,743 | ||||
| Envista Holdings Corp. * | 348,954 | 9,529,934 | ||||
| Merit Medical Systems, Inc. * | 109,751 | 9,329,933 | ||||
| OraSure Technologies, Inc. * | 1,179,017 | 4,775,019 | ||||
| Profound Medical Corp. (Canada) * | 398,048 | 2,937,594 | ||||
| SI-BONE, Inc. * | 673,476 | 11,960,934 | ||||
| Varex Imaging Corp. * | 215,959 | 2,416,581 | ||||
| 85,100,605 | ||||||
| Health Care Providers & Services - 6.2% | ||||||
| AMN Healthcare Services, Inc. * | 211,830 | 7,123,843 | ||||
| Aveanna Healthcare Holdings, Inc. * | 679,662 | 6,382,026 | ||||
| Brookdale Senior Living, Inc. * | 1,970,437 | 28,768,380 | ||||
| Concentra Group Holdings Parent, Inc. | 585,518 | 18,531,645 | ||||
| Ensign Group, Inc. (The) | 52,766 | 9,400,791 | ||||
| Hinge Health, Inc., Class A * | 311,817 | 23,295,848 | ||||
| InfuSystem Holdings, Inc. * | 551,170 | 5,037,694 | ||||
| LifeStance Health Group, Inc. * | 1,384,671 | 14,511,352 | ||||
| Pennant Group, Inc. (The) * | 517,208 | 20,853,827 | ||||
| Progyny, Inc. * | 174,019 | 5,417,211 | ||||
| RadNet, Inc. * | 183,937 | 11,731,502 | ||||
| Sonida Senior Living, Inc. * | 252,487 | 10,190,375 | ||||
| Strata Critical Medical, Inc. * | 2,081,450 | 10,448,879 | ||||
| Talkspace, Inc. * | 545,974 | 2,849,984 | ||||
| Viemed Healthcare, Inc. * | 467,300 | 5,453,391 | ||||
| 179,996,748 | ||||||
| Health Care REITs - 0.2% | ||||||
| Strawberry Fields REIT, Inc., REIT | 385,018 | 5,474,956 | ||||
| Health Care Technology - 1.6% | ||||||
| Certara, Inc. * | 780,894 | 6,325,241 | ||||
| HealthStream, Inc. | 541,973 | 15,196,923 | ||||
| Simulations Plus, Inc. * | 937,051 | 17,082,440 | ||||
| Waystar Holding Corp. * | 410,857 | 8,673,191 | ||||
| 47,277,795 | ||||||
| Hotels, Restaurants & Leisure - 1.5% | ||||||
| Cheesecake Factory, Inc. (The) | 102,621 | 10,407,822 | ||||
| Dine Brands Global, Inc. | 331,138 | 11,901,100 | ||||
| El Pollo Loco Holdings, Inc. * | 972,503 | 16,007,399 | ||||
| Wendy’s Co. (The) | 904,542 | 6,657,429 | ||||
| 44,973,750 | ||||||
| Household Durables - 2.0% | ||||||
| Champion Homes, Inc. * | 136,510 | 10,867,561 | ||||
| Hooker Furnishings Corp. | 370,857 | 5,180,872 | ||||
| Installed Building Products, Inc. | 107,279 | 23,916,780 | ||||
| Smith Douglas Homes Corp., Class A * | 338,597 | 5,021,394 | ||||
| Sonos, Inc. * | 951,800 | 13,953,388 | ||||
| 58,939,995 | ||||||
| Household Products - 1.1% | ||||||
| Central Garden & Pet Co., Class A * | 249,738 | 9,467,567 | ||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Spectrum Brands Holdings, Inc. | 247,705 | 21,988,773 | ||||
| 31,456,340 | ||||||
| Insurance - 1.7% | ||||||
| Axis Capital Holdings Ltd. | 142,182 | 14,974,608 | ||||
| Citizens, Inc., Class A * | 515,996 | 2,440,661 | ||||
| Lincoln National Corp. | 309,476 | 14,115,200 | ||||
| Old Republic International Corp. | 233,502 | 10,089,622 | ||||
| Stewart Information Services Corp. | 122,501 | 8,279,843 | ||||
| 49,899,934 | ||||||
| Interactive Media & Services - 0.2% | ||||||
| EverQuote, Inc., Class A * | 201,941 | 5,092,952 | ||||
| Trivago NV, ADR (Germany) * | 248,865 | 1,314,007 | ||||
| 6,406,959 | ||||||
| Leisure Products - 0.2% | ||||||
| Johnson Outdoors, Inc., Class A | 140,583 | 6,594,748 | ||||
| Life Sciences Tools & Services - 2.2% | ||||||
| Avantor, Inc. * | 219,502 | 3,024,738 | ||||
| CryoPort, Inc. * | 1,141,648 | 17,227,468 | ||||
| Maravai LifeSciences Holdings, Inc., Class A * | 3,242,395 | 21,302,535 | ||||
| Quanterix Corp. *(a) | 2,751,255 | 9,574,368 | ||||
| Stevanato Group SpA (Italy) | 615,391 | 12,215,511 | ||||
| 63,344,620 | ||||||
| Machinery - 8.0% | ||||||
| Aebi Schmidt Holding AG (Switzerland) | 217,921 | 2,809,002 | ||||
| Albany International Corp., Class A | 239,256 | 17,826,965 | ||||
| Astec Industries, Inc. | 239,623 | 12,139,301 | ||||
| CECO Environmental Corp. * | 251,883 | 16,596,571 | ||||
| Columbus McKinnon Corp. | 369,253 | 7,078,580 | ||||
| Enpro, Inc. | 48,810 | 15,322,435 | ||||
| Esab Corp. | 96,497 | 8,349,885 | ||||
| Flowserve Corp. | 162,925 | 12,380,671 | ||||
| Gates Industrial Corp. Ltd. * | 524,254 | 14,668,627 | ||||
| Graham Corp. * | 161,725 | 15,509,428 | ||||
| Hurco Cos., Inc. * | 82,555 | 1,720,446 | ||||
| JBT Marel Corp. | 76,854 | 10,641,973 | ||||
| Lindsay Corp. | 32,495 | 3,601,096 | ||||
| Manitowoc Co., Inc. (The) * | 954,263 | 13,216,543 | ||||
| Mayville Engineering Co., Inc. * | 245,074 | 6,291,050 | ||||
| Park-Ohio Holdings Corp. | 385,310 | 15,385,428 | ||||
| Tennant Co. | 141,849 | 11,919,571 | ||||
| Terex Corp. | 123,041 | 7,731,896 | ||||
| Timken Co. (The) | 124,809 | 17,167,478 | ||||
| Titan International, Inc. * | 685,991 | 4,952,855 | ||||
| Trinity Industries, Inc. | 407,046 | 12,716,117 | ||||
| Wabash National Corp. | 426,207 | 5,353,160 | ||||
| 233,379,078 | ||||||
| Marine Transportation - 0.7% | ||||||
| Diana Shipping, Inc. (Greece) | 2,118,079 | 5,146,932 | ||||
| Star Bulk Carriers Corp. (Greece) | 500,877 | 14,400,214 | ||||
| 19,547,146 | ||||||
| Media - 0.9% | ||||||
| DoubleVerify Holdings, Inc. * | 1,178,725 | 13,260,656 | ||||
| Magnite, Inc. * | 620,565 | 11,976,905 | ||||
| 25,237,561 | ||||||
| Metals & Mining - 2.8% | ||||||
| Century Aluminum Co. * | 389,425 | 17,434,557 | ||||
| Coeur Mining, Inc. | 401,902 | 5,992,359 | ||||
| Commercial Metals Co. | 312,554 | 21,478,711 | ||||
| Hecla Mining Co. | 355,869 | 5,024,870 | ||||
| Kaiser Aluminum Corp. | 126,868 | 20,258,282 | ||||
| Materion Corp. | 32,482 | 6,848,505 | ||||
| Ramaco Resources, Inc., Class B * | 495,694 | 3,226,968 | ||||
| 80,264,252 | ||||||
| Multi-Utilities - 0.4% | ||||||
| Black Hills Corp. | 150,451 | 10,713,616 | ||||
| Oil, Gas & Consumable Fuels - 4.3% | ||||||
| Dorian LPG Ltd. | 502,350 | 23,821,437 | ||||
| Golar LNG Ltd. (Bermuda) | 327,594 | 16,101,245 | ||||
| Murphy Oil Corp. | 452,908 | 17,998,564 | ||||
| Navigator Holdings Ltd. | 932,671 | 20,845,197 | ||||
| Riley Exploration Permian, Inc. | 396,248 | 13,579,419 | ||||
| Scorpio Tankers, Inc. (Monaco) | 198,635 | 15,465,721 | ||||
| Talos Energy, Inc. * | 1,065,205 | 16,169,812 | ||||
| 123,981,395 | ||||||
| Personal Care Products - 0.1% | ||||||
| Nature’s Sunshine Products, Inc. * | 87,037 | 1,753,796 | ||||
| Professional Services - 0.3% | ||||||
| Mistras Group, Inc. * | 536,690 | 8,163,055 | ||||
| Real Estate Management & Development - 0.1% | ||||||
| Douglas Elliman, Inc. * | 1,429,049 | 2,415,093 | ||||
| Residential REITs - 0.4% | ||||||
| UMH Properties, Inc., REIT | 775,890 | 11,723,698 | ||||
| Retail REITs - 0.7% | ||||||
| FrontView REIT, Inc., REIT | 581,149 | 11,820,570 | ||||
| Tanger, Inc., REIT | 234,139 | 9,520,092 | ||||
| 21,340,662 | ||||||
| Semiconductors & Semiconductor Equipment - 3.9% | ||||||
| Ambiq Micro, Inc. * | 55,655 | 3,539,101 | ||||
| Amtech Systems, Inc. * | 734,102 | 11,261,125 | ||||
| Axcelis Technologies, Inc. * | 64,634 | 8,426,981 | ||||
| CEVA, Inc. * | 185,810 | 6,066,697 | ||||
| Cohu, Inc. * | 266,366 | 12,782,904 | ||||
| inTEST Corp. * | 551,848 | 6,815,323 | ||||
| Onto Innovation, Inc. * | 49,344 | 12,759,372 | ||||
| Silicon Motion Technology Corp., ADR (Taiwan) | 52,717 | 13,369,031 | ||||
| Synaptics, Inc. * | 85,707 | 9,198,075 | ||||
| Ultra Clean Holdings, Inc. * | 108,156 | 9,010,476 | ||||
| Veeco Instruments, Inc. * | 400,731 | 20,036,550 | ||||
| 113,265,635 | ||||||
| Software - 1.8% | ||||||
| Alkami Technology, Inc. * | 558,238 | 10,143,185 | ||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Braze, Inc., Class A * | 633,758 | 15,793,249 | ||||
| I3 Verticals, Inc., Class A * | 722,357 | 15,212,838 | ||||
| Teradata Corp. * | 344,679 | 10,681,602 | ||||
| 51,830,874 | ||||||
| Specialized REITs - 0.4% | ||||||
| Outfront Media, Inc., REIT | 345,699 | 11,017,427 | ||||
| Specialty Retail - 2.3% | ||||||
| Academy Sports & Outdoors, Inc. | 180,891 | 8,583,278 | ||||
| Lithia Motors, Inc., Class A | 53,681 | 20,689,731 | ||||
| MarineMax, Inc. * | 333,601 | 11,499,227 | ||||
| National Vision Holdings, Inc. * | 342,161 | 7,541,228 | ||||
| OneWater Marine, Inc., Class A * | 696,864 | 8,536,584 | ||||
| Outdoor Holding Co. * | 1,863,537 | 3,987,969 | ||||
| Warby Parker, Inc., Class A * | 235,339 | 6,281,198 | ||||
| 67,119,215 | ||||||
| Technology Hardware, Storage & Peripherals - 0.1% | ||||||
| Eastman Kodak Co. * | 247,962 | 2,082,881 | ||||
| Textiles, Apparel & Luxury Goods - 0.1% | ||||||
| Fossil Group, Inc. * | 352,597 | 1,745,355 | ||||
| Trading Companies & Distributors - 3.5% | ||||||
| Alta Equipment Group, Inc. * | 462,160 | 3,041,013 | ||||
| Boise Cascade Co. | 196,355 | 14,997,595 | ||||
| Custom Truck One Source, Inc. * | 757,230 | 7,685,885 | ||||
| DNOW, Inc. * | 567,662 | 8,015,387 | ||||
| Herc Holdings, Inc. | 136,413 | 20,481,048 | ||||
| NPK International, Inc. * | 723,123 | 9,031,806 | ||||
| QXO, Inc. * | 543,929 | 7,234,256 | ||||
| Titan Machinery, Inc. * | 691,848 | 11,754,498 | ||||
| Transcat, Inc. * | 160,479 | 13,700,092 | ||||
| WESCO International, Inc. | 18,654 | 6,407,462 | ||||
| 102,349,042 | ||||||
| Total Common Stocks (Cost $2,035,929,388) | 2,675,855,395 | |||||
| Investments | Shares | Value ($) | ||||
| Exchange Traded Funds - 0.6% | ||||||
| State Street SPDR S&P Regional Banking ETF | ||||||
| (Cost $14,863,668) | 229,231 | 17,435,310 | ||||
| Investments | Number of Rights | Value ($) | ||||
| Rights - 0.0%(b) | ||||||
| IT Services - 0.0%(b) | ||||||
| Flexion, Inc.,
CVR *‡(c) (Cost $27,801) | 44,841 | — | ||||
| Investments | Shares | Value ($) | ||||
| Short-Term Investments - 7.6% | ||||||
| Investment Companies - 7.6% | ||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (d) | ||||||
| (Cost $220,711,858) | 220,711,858 | 220,711,858 | ||||
| Total Investments
- 100.4% (Cost $2,271,532,715) | 2,914,002,563 | |||||
| Liabilities in excess of other assets - (0.4%) | (11,351,574 | ) | ||||
| Net Assets - 100.0% | 2,902,650,989 | |||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Affiliated company as defined under the Investment Company Act of 1940. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | Security fair valued as of July 31, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at July 31, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (d) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |
| SPDR | Standard & Poor’s Depositary Receipt |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Aerospace & Defense | 2.5 | % | ||
| Air Freight & Logistics | 0.1 | |||
| Automobile Components | 0.7 | |||
| Banks | 6.2 | |||
| Biotechnology | 0.8 | |||
| Building Products | 2.1 | |||
| Capital Markets | 1.4 | |||
| Chemicals | 3.8 | |||
| Commercial Services & Supplies | 1.1 | |||
| Communications Equipment | 3.1 | |||
| Construction & Engineering | 2.0 | |||
| Construction Materials | 0.2 | |||
| Consumer Staples Distribution & Retail | 0.9 | |||
| Containers & Packaging | 0.6 | |||
| Diversified Consumer Services | 2.4 | |||
| Electrical Equipment | 0.3 | |||
| Electronic Equipment, Instruments & Components | 5.7 | |||
| Energy Equipment & Services | 2.8 | |||
| Equity Funds | 0.6 | |||
| Financial Services | 2.0 | |||
| Food Products | 1.8 | |||
| Gas Utilities | 0.4 | |||
| Ground Transportation | 0.7 | |||
| Health Care Equipment & Supplies | 2.9 | |||
| Health Care Providers & Services | 6.2 | |||
| Health Care REITs | 0.2 | |||
| Health Care Technology | 1.6 | |||
| Hotels, Restaurants & Leisure | 1.5 | |||
| Household Durables | 2.0 | |||
| Household Products | 1.1 | |||
| Insurance | 1.7 | |||
| Interactive Media & Services | 0.2 | |||
| Leisure Products | 0.2 | |||
| Life Sciences Tools & Services | 2.2 | |||
| Machinery | 8.0 | |||
| Marine Transportation | 0.7 | |||
| Media | 0.9 | |||
| Metals & Mining | 2.8 | |||
| Multi-Utilities | 0.4 | |||
| Oil, Gas & Consumable Fuels | 4.3 | |||
| Personal Care Products | 0.1 | |||
| Professional Services | 0.3 | |||
| Real Estate Management & Development | 0.1 | |||
| Residential REITs | 0.4 | |||
| Retail REITs | 0.7 | |||
| Semiconductors & Semiconductor Equipment | 3.9 | |||
| Software | 1.8 | |||
| Specialized REITs | 0.4 | |||
| Specialty Retail | 2.3 | |||
| Technology Hardware, Storage & Peripherals | 0.1 | |||
| Textiles, Apparel & Luxury Goods | 0.1 | |||
| Trading Companies & Distributors | 3.5 | |||
| Short-Term Investments | 7.6 | |||
| Total Investments | 100.4 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
Affiliated Securities
| Security Description | Market Value October 31, 2025 | Purchases at Cost | Proceeds from Sales | Net
Realized Gains (Loss) | Change
in Unrealized Appreciation/ Depreciation | Market Value July 31, 2026 | Shares
at July 31, 2026 | Dividend Income | ||||||||||||||||||||||||
| Common Stocks 0.3% | ||||||||||||||||||||||||||||||||
| United States 0.3% | ||||||||||||||||||||||||||||||||
| Quanterix Corp.*^ | $ | — | $ | 12,664,435 | $ | — | $ | — | $ | (3,090,067 | ) | $ | 9,574,368 | 2,751,255 | $ | — | ||||||||||||||||
| * | Non-income producing security. |
| ^ | Represents an unaffiliated issuer as of October 31, 2025. |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Common Stocks - 93.3% | ||||||
| Aerospace & Defense - 1.6% | ||||||
| Curtiss-Wright Corp. | 900 | 651,600 | ||||
| FTAI Aviation Ltd. | 5,000 | 1,030,000 | ||||
| 1,681,600 | ||||||
| Banks - 4.3% | ||||||
| Ameris Bancorp | 20,500 | 1,787,805 | ||||
| Glacier Bancorp, Inc. | 36,500 | 1,799,085 | ||||
| Seacoast Banking Corp. of Florida | 30,000 | 1,042,200 | ||||
| 4,629,090 | ||||||
| Beverages - 1.3% | ||||||
| Celsius Holdings, Inc. * | 48,500 | 1,416,685 | ||||
| Biotechnology - 2.3% | ||||||
| CareDx, Inc. * | 43,715 | 1,910,783 | ||||
| Exelixis, Inc. * | 10,000 | 530,300 | ||||
| 2,441,083 | ||||||
| Capital Markets - 1.8% | ||||||
| Evercore, Inc., Class A | 4,890 | 1,567,538 | ||||
| Raymond James Financial, Inc. | 2,000 | 351,960 | ||||
| 1,919,498 | ||||||
| Chemicals - 2.3% | ||||||
| Dow, Inc. | 40,000 | 1,211,600 | ||||
| Westlake Corp. | 18,000 | 1,269,000 | ||||
| 2,480,600 | ||||||
| Commercial Services & Supplies - 1.5% | ||||||
| Clean Harbors, Inc. * | 5,000 | 1,564,400 | ||||
| Communications Equipment - 1.7% | ||||||
| Harmonic, Inc. * | 110,000 | 1,270,500 | ||||
| Lantronix, Inc. * | 105,000 | 564,900 | ||||
| 1,835,400 | ||||||
| Construction & Engineering - 1.8% | ||||||
| Dycom Industries, Inc. * | 3,962 | 1,589,039 | ||||
| Quanta Services, Inc. | 500 | 333,680 | ||||
| 1,922,719 | ||||||
| Construction Materials - 1.5% | ||||||
| James Hardie Industries plc, ADR * | 58,876 | 1,547,850 | ||||
| Consumer Staples Distribution & Retail - 3.0% | ||||||
| Casey’s General Stores, Inc. | 1,200 | 1,045,200 | ||||
| Chefs’ Warehouse, Inc. (The) * | 9,979 | 1,151,078 | ||||
| Performance Food Group Co. * | 9,100 | 1,040,949 | ||||
| 3,237,227 | ||||||
| Diversified Consumer Services - 0.7% | ||||||
| Stride, Inc. * | 9,368 | 752,157 | ||||
| Electrical Equipment - 3.3% | ||||||
| DPC Holdings plc (United States) * | 10,000 | 456,000 | ||||
| Generac Holdings, Inc. * | 5,800 | 1,143,238 | ||||
| Innio NV (United States) * | 55,000 | 1,343,100 | ||||
| nVent Electric plc | 3,800 | 584,554 | ||||
| 3,526,892 | ||||||
| Electronic Equipment, Instruments & Components - 8.2% | ||||||
| Advanced Energy Industries, Inc. | 6,500 | 1,881,880 | ||||
| Belden, Inc. | 12,875 | 1,597,144 | ||||
| Fabrinet (Thailand) * | 1,236 | 538,167 | ||||
| Flex Ltd. * | 3,000 | 341,250 | ||||
| OSI Systems, Inc. * | 4,595 | 1,017,287 | ||||
| Richardson Electronics Ltd. | 54,000 | 987,660 | ||||
| Sanmina Corp. * | 9,500 | 1,762,820 | ||||
| TTM Technologies, Inc. * | 5,000 | 577,200 | ||||
| 8,703,408 | ||||||
| Energy Equipment & Services - 1.4% | ||||||
| Baker Hughes Co., Class A | 24,000 | 1,451,760 | ||||
| Financial Services - 2.4% | ||||||
| Rocket Cos., Inc., Class A * | 67,500 | 870,750 | ||||
| Voya Financial, Inc. | 17,500 | 1,740,025 | ||||
| 2,610,775 | ||||||
| Ground Transportation - 2.0% | ||||||
| FTAI Infrastructure, Inc. | 120,000 | 447,600 | ||||
| JB Hunt Transport Services, Inc. | 4,032 | 1,095,696 | ||||
| XPO, Inc. * | 3,185 | 640,089 | ||||
| 2,183,385 | ||||||
| Health Care Equipment & Supplies - 3.1% | ||||||
| Lantheus Holdings, Inc. * | 13,000 | 1,295,320 | ||||
| Merit Medical Systems, Inc. * | 24,000 | 2,040,240 | ||||
| 3,335,560 | ||||||
| Health Care Providers & Services - 9.1% | ||||||
| Brookdale Senior Living, Inc. * | 95,000 | 1,387,000 | ||||
| Cardinal Health, Inc. | 5,000 | 1,150,150 | ||||
| Ensign Group, Inc. (The) | 8,000 | 1,425,280 | ||||
| Quest Diagnostics, Inc. | 7,500 | 1,747,575 | ||||
| Sonida Senior Living, Inc. * | 43,000 | 1,735,480 | ||||
| Tenet Healthcare Corp. * | 8,800 | 2,242,064 | ||||
| 9,687,549 | ||||||
| Hotel & Resort REITs - 1.3% | ||||||
| Ryman Hospitality Properties, Inc., REIT | 10,000 | 1,336,500 | ||||
| Hotels, Restaurants & Leisure - 4.4% | ||||||
| Aramark | 25,000 | 1,424,250 | ||||
| Cheesecake Factory, Inc. (The) | 17,715 | 1,796,655 | ||||
| Texas Roadhouse, Inc., Class A | 7,000 | 1,438,080 | ||||
| 4,658,985 | ||||||
| Household Durables - 5.0% | ||||||
| Flexsteel Industries, Inc. | 22,800 | 1,687,884 | ||||
| Installed Building Products, Inc. | 7,600 | 1,694,344 | ||||
| SharkNinja, Inc. * | 7,000 | 1,132,390 | ||||
| Toll Brothers, Inc. | 6,000 | 875,340 | ||||
| 5,389,958 | ||||||
| Insurance - 2.4% | ||||||
| Axis Capital Holdings Ltd. | 15,712 | 1,654,788 | ||||
| Old Republic International Corp. | 20,600 | 890,126 | ||||
| 2,544,914 | ||||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Life Sciences Tools & Services - 1.7% | ||||||
| Avantor, Inc. * | 50,000 | 689,000 | ||||
| Stevanato Group SpA (Italy) | 58,000 | 1,151,300 | ||||
| 1,840,300 | ||||||
| Machinery - 3.0% | ||||||
| CECO Environmental Corp. * | 22,500 | 1,482,525 | ||||
| Donaldson Co., Inc. | 12,500 | 1,178,000 | ||||
| Enpro, Inc. | 1,715 | 538,373 | ||||
| 3,198,898 | ||||||
| Metals & Mining - 1.6% | ||||||
| Century Aluminum Co. * | 39,000 | 1,746,030 | ||||
| Multi-Utilities - 1.2% | ||||||
| Black Hills Corp. | 18,500 | 1,317,385 | ||||
| Oil, Gas & Consumable Fuels - 6.4% | ||||||
| Antero Resources Corp. * | 45,000 | 1,626,300 | ||||
| HF Sinclair Corp. | 18,691 | 1,709,666 | ||||
| Matador Resources Co. | 36,000 | 1,796,040 | ||||
| Permian Resources Corp., Class A | 81,271 | 1,731,885 | ||||
| 6,863,891 | ||||||
| Passenger Airlines - 1.5% | ||||||
| Delta Air Lines, Inc. | 14,500 | 1,267,880 | ||||
| Southwest Airlines Co. | 7,000 | 314,790 | ||||
| 1,582,670 | ||||||
| Real Estate Management & Development - 1.3% | ||||||
| Colliers International Group, Inc. (Canada) | 14,000 | 1,379,700 | ||||
| Residential REITs - 0.4% | ||||||
| UMH Properties, Inc., REIT | 30,000 | 453,300 | ||||
| Retail REITs - 1.1% | ||||||
| Tanger, Inc., REIT | 30,000 | 1,219,800 | ||||
| Semiconductors & Semiconductor Equipment - 2.2% | ||||||
| Onto Innovation, Inc. * | 2,000 | 517,160 | ||||
| Silicon Motion Technology Corp., ADR (Taiwan) | 2,524 | 640,086 | ||||
| Ultra Clean Holdings, Inc. * | 5,000 | 416,550 | ||||
| Veeco Instruments, Inc. * | 15,000 | 750,000 | ||||
| 2,323,796 | ||||||
| Software - 3.3% | ||||||
| Teradata Corp. * | 62,000 | 1,921,380 | ||||
| Workday, Inc., Class A * | 10,000 | 1,603,400 | ||||
| 3,524,780 | ||||||
| Specialty Retail - 2.4% | ||||||
| Academy Sports & Outdoors, Inc. | 36,000 | 1,708,200 | ||||
| National Vision Holdings, Inc. * | 40,000 | 881,600 | ||||
| 2,589,800 | ||||||
| Trading Companies & Distributors - 0.8% | ||||||
| QXO, Inc. * | 60,000 | 798,000 | ||||
| Total Common Stocks (Cost $83,332,235) | 99,696,345 | |||||
| Short-Term Investments - 7.4% | ||||||
| Investment Companies - 7.4% | ||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (a) | ||||||
| (Cost $7,923,568) | 7,923,568 | 7,923,568 | ||||
| Total Investments
- 100.7% (Cost $91,255,803) | 107,619,913 | |||||
| Liabilities in excess of other assets - (0.7%) | (772,356 | ) | ||||
| Net Assets - 100.0% | 106,847,557 |
| * | Non-income producing security. |
| (a) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent
of Net Assets | |||
| Aerospace & Defense | 1.6 | % | ||
| Banks | 4.3 | |||
| Beverages | 1.3 | |||
| Biotechnology | 2.3 | |||
| Capital Markets | 1.8 | |||
| Chemicals | 2.3 | |||
| Commercial Services & Supplies | 1.5 | |||
| Communications Equipment | 1.7 | |||
| Construction & Engineering | 1.8 | |||
| Construction Materials | 1.5 | |||
| Consumer Staples Distribution & Retail | 3.0 | |||
| Diversified Consumer Services | 0.7 | |||
| Electrical Equipment | 3.3 | |||
| Electronic Equipment, Instruments & Components | 8.2 | |||
| Energy Equipment & Services | 1.4 | |||
| Financial Services | 2.4 | |||
| Ground Transportation | 2.0 | |||
| Health Care Equipment & Supplies | 3.1 | |||
| Health Care Providers & Services | 9.1 | |||
| Hotel & Resort REITs | 1.3 | |||
| Hotels, Restaurants & Leisure | 4.4 | |||
| Household Durables | 5.0 | |||
| Insurance | 2.4 | |||
| Life Sciences Tools & Services | 1.7 | |||
| Machinery | 3.0 | |||
| Metals & Mining | 1.6 | |||
| Multi-Utilities | 1.2 | |||
| Oil, Gas & Consumable Fuels | 6.4 | |||
| Passenger Airlines | 1.5 | |||
| Real Estate Management & Development | 1.3 | |||
| Residential REITs | 0.4 | |||
| Retail REITs | 1.1 | |||
| Semiconductors & Semiconductor Equipment | 2.2 | |||
| Software | 3.3 | |||
| Specialty Retail | 2.4 | |||
| Trading Companies & Distributors | 0.8 | |||
| Short-Term Investments | 7.4 | |||
| Total Investments | 100.7 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Common Stocks - 92.3% | ||||||
| Australia - 2.1% | ||||||
| Glencore plc | 70,878 | 522,041 | ||||
| Ora Banda Mining Ltd. * | 75,606 | 60,227 | ||||
| 582,268 | ||||||
| Belgium - 0.6% | ||||||
| Shurgard Self Storage Ltd., REIT | 5,435 | 158,802 | ||||
| Canada - 18.8% | ||||||
| Agnico Eagle Mines Ltd. | 2,384 | 346,108 | ||||
| Canadian National Railway Co. | 2,343 | 297,920 | ||||
| Canadian Pacific Kansas City Ltd. | 3,245 | 288,239 | ||||
| DPM Metals, Inc. | 12,037 | 423,143 | ||||
| Franco-Nevada Corp. | 2,379 | 506,126 | ||||
| G Mining Ventures Corp. * | 14,400 | 438,929 | ||||
| Imperial Oil Ltd. | 3,810 | 493,967 | ||||
| LunR Royalties Corp. * | 25,883 | 342,497 | ||||
| NGEx Minerals Ltd. * | 33,410 | 597,011 | ||||
| Nutrien Ltd. | 7,923 | 546,870 | ||||
| TransAlta Corp. | 20,360 | 255,036 | ||||
| Wheaton Precious Metals Corp. | 6,403 | 696,458 | ||||
| 5,232,304 | ||||||
| China - 4.4% | ||||||
| Contemporary Amperex Technology Co. Ltd., Class H | 7,500 | 593,736 | ||||
| GDS Holdings Ltd., Class A * | 155,200 | 631,532 | ||||
| 1,225,268 | ||||||
| Faroe Islands - 0.9% | ||||||
| Bakkafrost P/F | 5,083 | 242,740 | ||||
| France - 0.4% | ||||||
| Air Liquide SA | 602 | 118,599 | ||||
| Germany - 1.8% | ||||||
| FUCHS SE (Preference) | 10,766 | 499,013 | ||||
| Hong Kong - 4.3% | ||||||
| CK Asset Holdings Ltd. | 100,500 | 612,147 | ||||
| Hongkong Land Holdings Ltd. | 71,000 | 575,721 | ||||
| 1,187,868 | ||||||
| Indonesia - 1.7% | ||||||
| United Tractors Tbk. PT | 347,372 | 462,352 | ||||
| Japan - 4.1% | ||||||
| Kansai Paint Co. Ltd. | 24,700 | 437,229 | ||||
| Komatsu Ltd. | 10,400 | 451,259 | ||||
| Shin-Etsu Chemical Co. Ltd. | 3,200 | 114,080 | ||||
| SMC Corp. | 300 | 129,618 | ||||
| 1,132,186 | ||||||
| Kazakhstan - 1.6% | ||||||
| NAC Kazatomprom JSC, GDR (a) | 7,016 | 448,194 | ||||
| Mexico - 7.8% | ||||||
| GCC SAB de CV | 41,763 | 481,205 | ||||
| Grupo Mexico SAB de CV, Series B | 91,095 | 1,092,540 | ||||
| Prologis Property Mexico SA de CV, REIT | 132,506 | 595,070 | ||||
| 2,168,815 | ||||||
| Russia - 0.0% | ||||||
| Alrosa PJSC *‡(b) | 48,132 | — | ||||
| Singapore - 0.3% | ||||||
| Sheng Siong Group Ltd. | 30,500 | 79,379 | ||||
| South Korea - 3.8% | ||||||
| Samsung Electronics Co. Ltd. (Preference) | 1,962 | 246,555 | ||||
| SK Square Co. Ltd. | 1,164 | 800,382 | ||||
| 1,046,937 | ||||||
| Taiwan - 2.2% | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,511 | 610,822 | ||||
| United Kingdom - 7.3% | ||||||
| Big Yellow Group plc, REIT | 29,520 | 353,424 | ||||
| Cranswick plc | 3,443 | 248,256 | ||||
| Derwent London plc, REIT | 13,719 | 389,025 | ||||
| Great Portland Estates plc, REIT | 43,209 | 203,967 | ||||
| Shell plc | 18,077 | 828,880 | ||||
| 2,023,552 | ||||||
| United States - 30.2% | ||||||
| American Water Works Co., Inc. | 602 | 80,770 | ||||
| BXP, Inc., REIT | 2,889 | 202,577 | ||||
| Carlisle Cos., Inc. | 922 | 331,846 | ||||
| Charter Communications, Inc., Class A * | 1,189 | 172,381 | ||||
| CRH plc | 2,894 | 274,959 | ||||
| Cummins, Inc. | 534 | 338,663 | ||||
| Deere & Co. | 254 | 150,538 | ||||
| Douglas Emmett, Inc., REIT | 20,575 | 243,196 | ||||
| EastGroup Properties, Inc., REIT | 1,102 | 230,329 | ||||
| Equinix, Inc., REIT | 390 | 397,519 | ||||
| Equity Residential, REIT | 2,275 | 151,174 | ||||
| Extra Space Storage, Inc., REIT | 3,119 | 461,737 | ||||
| HCA Healthcare, Inc. | 1,523 | 613,145 | ||||
| IDACORP, Inc. | 2,674 | 382,141 | ||||
| Noble Corp. plc | 14,878 | 630,827 | ||||
| ONEOK, Inc. | 6,643 | 603,251 | ||||
| PulteGroup, Inc. | 4,606 | 582,521 | ||||
| Reliance, Inc. | 1,458 | 592,094 | ||||
| RPM International, Inc. | 1,731 | 185,338 | ||||
| SLB Ltd. | 1,455 | 72,153 | ||||
| Sunbelt Rentals Holdings, Inc. | 1,868 | 133,835 | ||||
| UGI Corp. | 11,421 | 412,527 | ||||
| United Rentals, Inc. | 390 | 420,911 | ||||
| Warrior Met Coal, Inc. | 5,448 | 432,626 | ||||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||
| Williams Cos., Inc. (The) | 4,231 | 302,686 | ||||
| 8,399,744 | ||||||
| Total Common Stocks (Cost $21,104,193) | 25,618,843 | |||||
| Investments | Shares | Value ($) | ||||
| Master Limited Partnerships - 4.5% | ||||||
| United States - 4.5% | ||||||
| Black Stone Minerals LP | 29,285 | 437,811 | ||||
| Enterprise Products Partners LP | 21,467 | 816,819 | ||||
| Total Master Limited Partnerships (Cost $1,025,637) | 1,254,630 | |||||
| Investments | Ounces | Value ($) | ||||
| Commodities - 1.5% | ||||||
| Gold bullion* | ||||||
| (Cost $274,172) | 100 | 405,542 | ||||
| Investments | Shares | Value ($) | ||||
| Exchange Traded Funds - 0.7% | ||||||
| United States - 0.7% | ||||||
| iShares Gold Trust | ||||||
| (Cost $174,684) | 2,668 | 203,221 | ||||
| Short-Term Investment - 1.3% | ||||||
| Investments | Shares | Value ($) | ||||
| Investment Companies - 1.3% | ||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (c) (Cost $362,941) | 362,941 | 362,941 | ||||
| Total Investments - 100.3% (Cost $22,941,627) | 27,845,177 | |||||
| Liabilities in excess of other assets - (0.3)% | (80,418 | ) | ||||
| Net Assets - 100.0% | 27,764,759 | |||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (b) | Security fair valued as of July 31, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at July 31, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (c) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Building Products | 1.2 | % | ||
| Chemicals | 6.9 | |||
| Commodities | 1.5 | |||
| Commodity Funds | 0.7 | |||
| Construction Materials | 2.7 | |||
| Consumer Staples Distribution & Retail | 0.3 | |||
| Electric Utilities | 1.4 | |||
| Electrical Equipment | 2.1 | |||
| Energy Equipment & Services | 2.6 | |||
| Food Products | 1.8 | |||
| Gas Utilities | 1.5 | |||
| Ground Transportation | 2.1 | |||
| Health Care Providers & Services | 2.2 | |||
| Household Durables | 2.1 | |||
| Independent Power and Renewable Electricity Producers | 0.9 | |||
| Industrial Conglomerates | 2.9 | |||
| Industrial REITs | 3.0 | |||
| IT Services | 2.3 | |||
| Machinery | 3.8 | |||
| Media | 0.6 | |||
| Metals & Mining | 21.6 | |||
| Office REITs | 3.7 | |||
| Oil, Gas & Consumable Fuels | 15.9 | |||
| Real Estate Management & Development | 4.3 | |||
| Residential REITs | 0.5 | |||
| Semiconductors & Semiconductor Equipment | 2.2 | |||
| Specialized REITs | 5.0 | |||
| Technology Hardware, Storage & Peripherals | 0.9 | |||
| Trading Companies & Distributors | 2.0 | |||
| Water Utilities | 0.3 | |||
| Short-Term Investments | 1.3 | |||
| Total Investments | 100.3 | % | ||
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Municipal Bonds - 120.3% | ||||||||
| Alabama 0.9% | ||||||||
| Ashville Public Building Authority, | ||||||||
| City of Ashville, Revenue, Series 2026, 4.63%, 07/01/2056 | 1,585,000 | 1,499,279 | ||||||
| Black Belt Energy Gas District, | ||||||||
| Revenue, Series 2025 B, 5.00%, 10/01/2035 | 10,000,000 | 10,038,632 | ||||||
| Revenue, Series 2025 C, 5.50%, 08/01/2034 (a)(b)(c) | 50,000,000 | 52,656,185 | ||||||
| St Clair County Public Building Authority, | ||||||||
| County of St Clair, Revenue, Series 2021 A, 3.00%, 02/01/2046 | 1,000,000 | 693,102 | ||||||
| 64,887,198 | ||||||||
| American Samoa 0.0%(d) | ||||||||
| American Samoa Economic Development Authority, | ||||||||
| Revenue, Series 2018, 6.50%, 09/01/2028 (c) | 150,000 | 154,103 | ||||||
| Revenue, Series 2021 A, 5.00%, 09/01/2038 (c) | 1,000,000 | 1,002,668 | ||||||
| Revenue, Series 2025 B, 5.25%, 09/01/2045 (c) | 280,000 | 277,024 | ||||||
| 1,433,795 | ||||||||
| Arizona 1.9% | ||||||||
| Arizona Industrial Development Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 A, 5.00%, 10/01/2045 | 2,100,000 | 2,134,419 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 5.10%, 10/01/2050 | 3,500,000 | 3,549,109 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 5.15%, 10/01/2053 | 1,350,000 | 1,366,737 | ||||||
| Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2051 (c) | 2,115,000 | 1,612,861 | ||||||
| Great Lakes Senior Living Communities LLC, Revenue, Series 2025 A2, 5.13%, 01/01/2059 | 10,000,000 | 9,048,107 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.75%, 03/01/2035 (c) | 1,275,000 | 1,339,707 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.88%, 03/01/2055 (c) | 16,500,000 | 17,268,311 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2065 (c) | 19,000,000 | 19,603,925 | ||||||
| San Tan Montessori School, Inc. Obligated Group, Revenue, Refunding, Series 2025, 6.88%, 02/01/2065 (c) | 10,000,000 | 9,906,717 | ||||||
| Estrella Mountain Ranch Community Facilities District, | ||||||||
| Special Assessment, Series 2025, 5.05%, 07/01/2040 | 450,000 | 448,126 | ||||||
| Special Assessment, Series 2025, 5.80%, 07/01/2049 | 920,000 | 913,386 | ||||||
| Floreo at Teravalis Community Facilities District, | ||||||||
| Special Assessment, Series 2025, 5.75%, 07/01/2040 | 1,469,000 | 1,527,907 | ||||||
| Special Assessment, Series 2025, 6.13%, 07/01/2045 | 1,958,000 | 2,042,531 | ||||||
| Industrial Development Authority of the County of Pima (The), | ||||||||
| Revenue, GNMA Insured, Series 2024 D-1, 4.60%, 07/01/2049 | 475,000 | 458,815 | ||||||
| Maricopa County & Phoenix Industrial Development Authorities, | ||||||||
| Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055 | 5,000 | 4,851 | ||||||
| Maricopa County Industrial Development Authority, | ||||||||
| Arizona Christian University, Revenue, Series 2024 A, 6.38%, 10/01/2041 (a)(b)(c) | 8,400,000 | 8,218,112 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 7.00%, 05/01/2066 | 14,275,000 | 14,694,811 | ||||||
| Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (c) | 2,225,000 | 2,148,388 | ||||||
| Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 (c) | 2,000,000 | 2,044,564 | ||||||
| Paragon Management, Inc., Revenue, Series 2025, 5.88%, 07/01/2060 (c) | 1,060,000 | 1,041,611 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 6.50%, 07/01/2039 (c) | 380,000 | 374,694 | ||||||
| Prescott Valley Charter School, Revenue, Series 2024, 7.13%, 07/01/2054 (c) | 2,000,000 | 1,892,694 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Arizona | ||||||||
| Prescott Valley Charter School, Revenue, Series 2024, 7.38%, 07/01/2063 (c) | 4,850,000 | 4,553,985 | ||||||
| Sierra Vista Industrial Development Authority, | ||||||||
| American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2064 (c) | 12,635,000 | 10,192,456 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 5.38%, 06/15/2034 (c) | 315,000 | 321,816 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (c) | 550,000 | 552,227 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.30%, 06/15/2054 (c) | 1,120,000 | 1,111,306 | ||||||
| Fit Kids, Inc., Revenue, Series 2024, 6.38%, 06/15/2064 (c) | 1,640,000 | 1,616,828 | ||||||
| Superstition Vistas, | ||||||||
| Community Facilities District No. 1 Assessment Area 3, Special Assessment, Series 2024, 5.80%, 07/01/2048 | 343,000 | 340,650 | ||||||
| Superstition Vistas Community Facilities District No. 1, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 4.70%, 07/01/2039 | 75,000 | 75,569 | ||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.25%, 07/01/2049 | 325,000 | 324,257 | ||||||
| Assessment Area 5, Special Assessment, Series 2025, 5.15%, 07/01/2035 | 219,000 | 219,957 | ||||||
| Assessment Area 5, Special Assessment, Series 2025, 5.60%, 07/01/2040 | 172,000 | 173,894 | ||||||
| Assessment Area 5, Special Assessment, Series 2025, 6.20%, 07/01/2049 | 469,000 | 476,440 | ||||||
| Assessment Area 6, Special Assessment, Series 2025, 5.90%, 07/01/2049 | 412,000 | 407,035 | ||||||
| Superstition Vistas Community Facilities District No. 2, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.20%, 07/01/2035 | 195,000 | 195,677 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.30%, 07/01/2049 | 441,000 | 449,484 | ||||||
| Superstition Vistas Community Facilities District No. 2 Assessment Area No. 4, Special Assessment, Series 2026, 6.15%, 07/01/2051 | 805,000 | 791,528 | ||||||
| Tempe Industrial Development Authority, | ||||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2050 | 3,100,000 | 2,869,811 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2054 | 2,250,000 | 2,052,082 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2046 | 6,555,000 | 5,597,579 | ||||||
| Tempe Life Care Village Obligated Group, Revenue, Series 2021 B, 4.00%, 12/01/2056 | 2,130,000 | 1,624,063 | ||||||
| Town of Florence, | ||||||||
| Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.00%, 07/01/2039 | 197,000 | 198,653 | ||||||
| Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.60%, 07/01/2049 | 702,000 | 689,790 | ||||||
| Westpark Community Facilities District, | ||||||||
| Special Assessment, Series 2025, 5.15%, 07/01/2035 | 524,000 | 534,271 | ||||||
| Special Assessment, Series 2025, 6.13%, 07/01/2045 | 982,000 | 1,025,098 | ||||||
| 138,034,839 | ||||||||
| Arkansas 0.4% | ||||||||
| Arkansas Development Finance Authority, | ||||||||
| Hybar LLC, Revenue, Series 2026 B, 7.38%, 07/01/2048 (c) | 11,250,000 | 12,429,289 | ||||||
| Providence Christian Ministries, Inc., Revenue, Series 2026 A, 6.75%, 07/01/2061 (c) | 2,250,000 | 2,218,824 | ||||||
| United States Steel Corp., Revenue, AMT, Series 2023, 5.70%, 05/01/2053 | 250,000 | 256,551 | ||||||
| Washington Regional Medical Center, Revenue, Series 2017, 3.75%, 02/01/2044 | 50,000 | 38,010 | ||||||
| Washington Regional Medical Center, Revenue, Series 2017, 3.75%, 02/01/2048 | 180,000 | 129,485 | ||||||
| Washington Regional Medical Center, Revenue, Series 2019, 3.13%, 02/01/2046 | 305,000 | 197,715 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Arkansas | ||||||||
| Batesville Public Facilities Board, | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032 | 395,000 | 352,962 | ||||||
| Clarksville Public Educational Facilities Board, | ||||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.00%, 08/01/2044 | 1,080,000 | 1,111,168 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2049 | 3,365,000 | 3,437,230 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056 | 7,800,000 | 7,898,345 | ||||||
| 28,069,579 | ||||||||
| California 11.3% | ||||||||
| California Community Housing Agency, | ||||||||
| Brio Apartments & Next on Lex Apartments, Revenue, Senior Lien, Series 2021 A-1, 4.00%, 02/01/2056 (c) | 12,800,000 | 10,156,819 | ||||||
| Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 (c) | 64,255,000 | 40,793,938 | ||||||
| Summit at Sausalito Apartments, Revenue, Series 2021 A-1, 3.00%, 02/01/2057 (c) | 1,000,000 | 663,620 | ||||||
| California County Tobacco Securitization Agency, | ||||||||
| Stanislaus County Tobacco Funding Corp., Revenue, Series 2006 A, 0.00%, 06/01/2046 (e) | 94,510,000 | 22,247,002 | ||||||
| California Infrastructure & Economic Development Bank, | ||||||||
| Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 B, 12.00%, 11/02/2026 (a)(b)(c) | 96,745,000 | 61,916,800 | ||||||
| La Scuola International School, Revenue, Series 2024, 5.00%, 07/01/2044 (c) | 1,615,000 | 1,556,020 | ||||||
| La Scuola International School, Revenue, Series 2024, 5.13%, 07/01/2054 (c) | 2,100,000 | 1,910,664 | ||||||
| La Scuola International School, Revenue, Series 2024, 5.25%, 07/01/2064 (c) | 8,550,000 | 7,742,023 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 C, 5.00%, 06/01/2038 (c) | 9,400,000 | 8,573,305 | ||||||
| California Municipal Finance Authority, | ||||||||
| Revenue, Series 2025-1, 3.54%, 08/31/2026 (a)(b)(c) | 4,000,000 | 2,596,029 | ||||||
| Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (c) | 2,000,000 | 2,053,810 | ||||||
| Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2050 | 4,295,000 | 3,474,348 | ||||||
| Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2044 | 325,000 | 331,342 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.25%, 06/01/2044 (c) | 1,000,000 | 963,720 | ||||||
| MWLA, Inc., Revenue, Refunding, Series 2024, 5.50%, 06/01/2054 (c) | 1,250,000 | 1,158,108 | ||||||
| Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2046 (c) | 7,800,000 | 7,218,387 | ||||||
| St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.75%, 05/01/2054 (c) | 710,000 | 710,885 | ||||||
| St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.88%, 05/01/2059 (c) | 695,000 | 698,367 | ||||||
| Vista Charter Public Schools, Inc., Revenue, Series 2014, 6.00%, 07/01/2044 | 2,460,000 | 2,460,305 | ||||||
| Westside Neighborhood School, Revenue, Series 2024, 6.38%, 06/15/2064 (c) | 5,560,000 | 5,797,778 | ||||||
| California Public Finance Authority, | ||||||||
| California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (c) | 1,500,000 | 1,546,892 | ||||||
| EEC, Inc., Revenue, Series 2020 A, 5.00%, 06/15/2050 (c) | 400,000 | 365,485 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.63%, 03/01/2035 (c) | 1,255,000 | 1,325,209 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.50%, 03/01/2045 (c) | 14,740,000 | 15,714,087 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2055 (c) | 12,000,000 | 12,623,111 | ||||||
| ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.63%, 03/01/2065 (c) | 16,500,000 | 17,110,610 | ||||||
| QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.00%, 06/01/2040 (c) | 1,500,000 | 1,595,708 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| California | ||||||||
| QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.50%, 06/01/2055 (c) | 5,000,000 | 5,252,582 | ||||||
| QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.63%, 06/01/2065 (c) | 10,500,000 | 11,082,111 | ||||||
| QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 07/01/2065 (c) | 25,800,000 | 27,606,779 | ||||||
| California School Finance Authority, | ||||||||
| Aspire Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 08/01/2051 (c) | 750,000 | 592,611 | ||||||
| Fenton Charter Public Schools, Revenue, Series 2020 A, 5.00%, 07/01/2058 (c) | 625,000 | 537,789 | ||||||
| Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (c) | 1,000,000 | 1,002,926 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.00%, 07/01/2039 (c) | 2,305,000 | 2,242,495 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.25%, 07/01/2044 (c) | 830,000 | 806,622 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.50%, 07/01/2054 (c) | 755,000 | 704,164 | ||||||
| Integrity Charter School, Revenue, Series 2024, 5.60%, 07/01/2064 (c) | 4,805,000 | 4,434,817 | ||||||
| New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2064 (c) | 1,985,000 | 1,785,714 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2044 (c) | 2,000,000 | 1,764,128 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2054 (c) | 750,000 | 596,474 | ||||||
| Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2064 (c) | 13,030,000 | 10,182,943 | ||||||
| Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 A, 6.00%, 06/15/2053 (c) | 5,340,000 | 4,927,984 | ||||||
| Sycamore Creek Community Charter School, Revenue, Series 2025 A, 6.75%, 06/01/2064 (c)(f) | 19,235,000 | 17,708,068 | ||||||
| Sycamore Creek Community Charter School, Revenue, Series 2025 B, 11.00%, 06/01/2032 (c)(f) | 640,000 | 643,286 | ||||||
| Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2051 (c) | 6,790,000 | 5,342,766 | ||||||
| California Statewide Communities Development Authority, | ||||||||
| CORE 700 Hotel Venture LLC, Revenue, Series 2026 A, 6.25%, 09/02/2061 (c) | 2,420,000 | 2,447,766 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.25%, 12/01/2056 (c) | 100,000 | 100,006 | ||||||
| California Statewide Financing Authority, | ||||||||
| Revenue, Series 2006 A, 0.00%, 06/01/2046 (e) | 15,000,000 | 3,878,073 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2037 | 585,000 | 595,452 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 800,000 | 814,312 | ||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 B, 6.00%, 05/01/2037 | 170,000 | 173,037 | ||||||
| City & County San Francisco Infrastructure & Revitalization Financing District 1 Facilities, | ||||||||
| Infrastructure & Revitalization Financing District No. 1 Facilities Increment, Tax Allocation, Series 2022 A, 5.00%, 09/01/2052 (c) | 1,000,000 | 939,283 | ||||||
| City of Los Angeles Department of Airports, | ||||||||
| Revenue, AMT, Refunding, Series 2025 A, 5.00%, 05/15/2055 (g) | 3,645,000 | 3,677,986 | ||||||
| Revenue, AMT, Refunding, Series 2025 A, 5.50%, 05/15/2055 (g) | 59,140,000 | 61,957,930 | ||||||
| Revenue, AMT, Refunding, Series 2025 B, 5.25%, 05/15/2050 (g) | 14,085,000 | 14,615,916 | ||||||
| Revenue, AMT, Refunding, Series 2025 B, 5.50%, 05/15/2055 (g) | 18,025,000 | 18,882,909 | ||||||
| Revenue, AMT, Series A, 5.00%, 05/15/2047 (g) | 25,205,000 | 25,269,027 | ||||||
| CMFA Special Finance Agency I, | ||||||||
| Mix at CTR City (The), Revenue, Series 2021 A-2, 4.00%, 04/01/2056 (c) | 5,040,000 | 3,819,805 | ||||||
| CSCDA Community Improvement Authority, | ||||||||
| Altana Apartments, Revenue, Series 2021 A-2, 4.00%, 10/01/2056 (c) | 18,965,000 | 14,423,349 | ||||||
| City of Orange Portfolio, Revenue, Series 2021 A-2, 3.00%, 03/01/2057 (c) | 3,000,000 | 2,018,857 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| California | ||||||||
| Millennium South Bay-Hawthorne, Revenue, Series 2021 A-2, 3.25%, 07/01/2056 (c) | 23,865,000 | 16,148,634 | ||||||
| MODA at Monrovia Station, Revenue, Series 2021 A-1, 3.40%, 10/01/2046 (c) | 150,000 | 119,819 | ||||||
| Oceanaire Apartments, Revenue, Series 2021 A-2, 4.00%, 09/01/2056 (c) | 10,365,000 | 7,864,760 | ||||||
| Vineyard Garden Apartments, Revenue, Senior Lien, Series 2021 A, 3.25%, 10/01/2058 (c) | 160,000 | 110,456 | ||||||
| Waterscape Apartments, Revenue, Senior Lien, Series 2021 A, 3.00%, 09/01/2056 (c) | 4,950,000 | 3,322,506 | ||||||
| Westgate Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 06/01/2047 (c) | 2,250,000 | 1,593,950 | ||||||
| Westgate Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 06/01/2057 (c) | 40,095,000 | 23,813,227 | ||||||
| Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 12/01/2049 (c) | 3,885,000 | 2,736,270 | ||||||
| Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 12/01/2058 (c) | 22,800,000 | 17,089,906 | ||||||
| Golden State Tobacco Securitization Corp., | ||||||||
| Revenue, Refunding, Series 2021 B-2, 0.00%, 06/01/2066 (e) | 298,650,000 | 27,916,189 | ||||||
| Inland Empire Tobacco Securitization Corp., | ||||||||
| Revenue, Series 2007 C-2, 0.00%, 06/01/2047 (e) | 40,000,000 | 7,228,412 | ||||||
| Kaweah Delta Health Care District Guild, | ||||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2030 | 65,000 | 61,405 | ||||||
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 70,000 | 65,352 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2032 | 125,000 | 115,469 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2033 | 110,000 | 99,982 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 780,000 | 693,339 | ||||||
| Revenue, Series 2015 B, 5.00%, 06/01/2040 | 4,020,000 | 3,865,898 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 14,030,000 | 10,996,481 | ||||||
| Municipal Improvement Corp. of Los Angeles, | ||||||||
| City of Los Angeles, Revenue, Series 2025 A, 5.00%, 05/01/2055 (g) | 20,000,000 | 20,434,040 | ||||||
| River Islands Public Financing Authority, | ||||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2054 (e) | 1,250,000 | 293,116 | ||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2060 (e) | 6,100,000 | 1,019,883 | ||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2061 (e) | 7,905,000 | 1,246,627 | ||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2062 (e) | 4,450,000 | 659,994 | ||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2063 (e) | 7,375,000 | 1,030,803 | ||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2064 (e) | 3,500,000 | 460,836 | ||||||
| Special Tax, AG Insured, Series 2026 A, 0.00%, 09/01/2065 (e) | 5,475,000 | 678,826 | ||||||
| Community Facilities District No. 2003-, Special Tax, Series 2019 A, 4.13%, 09/01/2049 | 75,000 | 62,976 | ||||||
| San Diego County Regional Airport Authority, | ||||||||
| Revenue, Senior Lien, AMT, Series 2023 B, 5.00%, 07/01/2053 (g) | 9,740,000 | 9,778,122 | ||||||
| San Francisco City & County Airport Commission-San Francisco International Airport, | ||||||||
| Revenue, AMT, Series 2019 A, 5.00%, 05/01/2049 (g) | 30,130,000 | 30,224,747 | ||||||
| Revenue, Second Series, AMT, Series 2017 A, 5.00%, 05/01/2047 (h) | 47,755,000 | 47,855,847 | ||||||
| Revenue, Second Series, AMT, Series 2018 D, 5.00%, 05/01/2048 (g) | 12,245,000 | 12,279,874 | ||||||
| Revenue, Second Series, AMT, Series 2019 E, 5.00%, 05/01/2050 (g) | 33,050,000 | 33,121,831 | ||||||
| Revenue, Second Series, AMT, Series 2025 A, 5.25%, 05/01/2055 (g) | 3,525,000 | 3,635,689 | ||||||
| Revenue, Second Series, AMT, Series 2025 D, 5.25%, 05/01/2055 (g) | 54,135,000 | 55,795,905 | ||||||
| International Airport, Revenue, Second Series, AMT, Series 2025 A, 5.50%, 05/01/2055 (g) | 7,500,000 | 7,873,538 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| California | ||||||||
| Woodland-Davis Clean Water Agency, | ||||||||
| Revenue, Sub. Lien, Refunding, Series 2015 B, 4.70%, 03/01/2039 (c) | 1,468,625 | 1,292,849 | ||||||
| 835,719,897 | ||||||||
| Colorado 1.7% | ||||||||
| Canyons Metropolitan District No. 5, | ||||||||
| GO, Refunding, Series 2024 B, 6.50%, 12/15/2054 | 3,400,000 | 3,335,658 | ||||||
| City of Fruita, | ||||||||
| Lower Valley Hospital Association Obligated Group, Revenue, Refunding, Series 2017 A, 5.50%, 01/01/2048 (c) | 5,000,000 | 4,746,284 | ||||||
| Colorado Educational & Cultural Facilities Authority, | ||||||||
| Aspen View Academy, Inc., Revenue, Series 2021, 4.00%, 05/01/2051 | 1,235,000 | 989,686 | ||||||
| Expeditionary Learning School Board of Cooperative Educational Services, Revenue, Series 2019, 5.00%, 03/01/2050 (c) | 2,000,000 | 1,771,792 | ||||||
| Stanley Partnership for Art Culture & Education LLC, Revenue, Senior Lien, Series 2025 A1, 6.88%, 02/01/2059 (c) | 5,000,000 | 5,215,194 | ||||||
| Colorado Health Facilities Authority, | ||||||||
| BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.25%, 09/15/2045 | 3,000,000 | 3,056,484 | ||||||
| BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.50%, 09/15/2054 | 5,255,000 | 5,261,547 | ||||||
| BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.63%, 09/15/2059 | 9,505,000 | 9,551,890 | ||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038 | 135,000 | 131,817 | ||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 5.00%, 09/15/2048 | 7,000,000 | 6,838,730 | ||||||
| BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 4.50%, 09/15/2038 | 180,000 | 175,490 | ||||||
| BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 5.00%, 09/15/2053 | 1,200,000 | 1,095,456 | ||||||
| County of Routt, | ||||||||
| Yampa Valley Regional Airport, Revenue, AMT, Series 2026, 5.50%, 06/01/2051 | 1,000,000 | 1,030,654 | ||||||
| Yampa Valley Regional Airport, Revenue, AMT, Series 2026, 5.50%, 06/01/2056 | 1,000,000 | 1,023,734 | ||||||
| Fletcher Regional Improvement Authority, | ||||||||
| Revenue, Series 2026A, 5.88%, 12/01/2056 (c) | 2,000,000 | 1,939,021 | ||||||
| Flying Horse North Metropolitan District No. 5, | ||||||||
| GO, Series 2026 A, 0.00%, 12/01/2055 (i) | 3,370,000 | 2,537,621 | ||||||
| Foster Farm Business Improvement District, | ||||||||
| GO, Series 2025 A, 0.00%, 12/01/2055 (c)(i) | 6,625,000 | 4,606,827 | ||||||
| Hess Ranch Metropolitan District No. 5, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2024 A-1, 6.00%, 12/01/2043 | 1,700,000 | 1,755,949 | ||||||
| Special Improvement District No. 1, Special Assessment, Series 2024 A-2, 6.50%, 12/01/2043 | 1,544,102 | 1,594,193 | ||||||
| Ledge Rock Center Residential Metropolitan District No. 1, | ||||||||
| GO, Series 2024 A, 6.38%, 12/01/2054 | 4,050,000 | 4,100,418 | ||||||
| Legacy Community Authority, | ||||||||
| Revenue, Series 2025 A, 6.75%, 12/01/2055 | 10,000,000 | 10,184,903 | ||||||
| Mirabelle Metropolitan District No. 2, | ||||||||
| GO, Refunding, Series 2025 B, 6.13%, 12/15/2049 | 2,100,000 | 2,058,418 | ||||||
| Murphy Creek Metropolitan District No. 2, | ||||||||
| GO, Series 2024 A, 6.00%, 12/01/2054 (c) | 7,065,000 | 7,039,845 | ||||||
| Newlin Crossing Metropolitan District, | ||||||||
| GO, Series 2024 B, 7.75%, 12/15/2054 (c) | 603,000 | 592,722 | ||||||
| Pinon Pines Metropolitan District No. 3, | ||||||||
| GO, Series 2025, 0.00%, 12/01/2054 (i) | 4,000,000 | 3,741,425 | ||||||
| Poudre Heights Valley Metropolitan District, | ||||||||
| GO, Series 2024 A, 5.50%, 12/01/2054 (c) | 980,000 | 920,431 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Colorado | ||||||||
| Redlands 360 Metropolitan District No. 2, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2025, 6.25%, 12/01/2045 | 2,385,000 | 2,407,023 | ||||||
| Rocky Mountain Rail Park Metropolitan District, | ||||||||
| GO, Series 2021 A, 5.00%, 12/01/2051 (c) | 4,000,000 | 3,631,707 | ||||||
| Sky Ranch Community Authority Board, | ||||||||
| GO, Series 2024 B, 6.50%, 12/15/2054 | 550,000 | 539,592 | ||||||
| Southwest Timnath Metropolitan District No. 4, | ||||||||
| GO, Series 2026 B, 7.25%, 12/15/2045 | 2,146,000 | 2,111,321 | ||||||
| St Vrain Lakes Metropolitan District No. 2, | ||||||||
| GO, Refunding, Series 2024 B, 6.38%, 11/15/2054 | 2,000,000 | 1,955,840 | ||||||
| St. Vrain Lakes Metropolitan District No. 4, | ||||||||
| GO, Series 2024 A, 0.00%, 09/20/2054 (c)(i) | 17,585,000 | 13,168,459 | ||||||
| STC Metropolitan District No. 2, | ||||||||
| GO, Refunding, Series 2025 B, 8.00%, 12/15/2055 (c) | 1,840,000 | 1,860,240 | ||||||
| GO, Second Lien, Refunding, Series 2025 A-2, 6.25%, 12/01/2055 (c) | 2,500,000 | 2,524,927 | ||||||
| Sterling Ranch Community Authority Board, | ||||||||
| Sterling Ranch Colorado Metropolitan District No. 2, Revenue, Refunding, Series 2025 B, 6.88%, 12/15/2055 | 1,700,000 | 1,694,209 | ||||||
| Town of Del Norte, | ||||||||
| Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.20%, 12/01/2039 | 550,000 | 523,811 | ||||||
| Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.70%, 12/01/2049 | 1,375,000 | 1,300,266 | ||||||
| Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.80%, 12/01/2054 | 1,000,000 | 937,799 | ||||||
| Vail Home Partners Corp., | ||||||||
| Revenue, Series 2025, 5.88%, 10/01/2055 (c) | 3,495,000 | 3,585,370 | ||||||
| Waterview North Metropolitan District, | ||||||||
| GO, Series 2024 A, 5.75%, 12/01/2054 (c) | 2,750,000 | 2,658,215 | ||||||
| 124,194,968 | ||||||||
| Connecticut 1.9% | ||||||||
| Aquarion Water Authority, | ||||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2047 (e) | 875,000 | 308,821 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2048 (e) | 900,000 | 297,261 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2049 (e) | 3,075,000 | 951,009 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2050 (e) | 3,035,000 | 887,666 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2051 (e) | 2,870,000 | 792,821 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2052 (e) | 2,725,000 | 711,542 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2053 (e) | 2,175,000 | 534,866 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2054 (e) | 2,675,000 | 620,924 | ||||||
| Water System, Revenue, Series 2026C, 0.00%, 08/01/2055 (e) | 2,500,000 | 546,531 | ||||||
| Water System, Revenue, Series 2026E, 0.00%, 08/01/2047 (e) | 4,425,000 | 1,509,807 | ||||||
| Water System, Revenue, BAM Insured, Series 2026E, 0.00%, 08/01/2048 (e) | 2,840,000 | 922,610 | ||||||
| Water System, Revenue, Series 2026E, 0.00%, 08/01/2049 (e) | 3,935,000 | 1,178,364 | ||||||
| Water System, Revenue, BAM Insured, Series 2026E, 0.00%, 08/01/2050 (e) | 3,630,000 | 1,049,349 | ||||||
| Water System, Revenue, Series 2026E, 0.00%, 08/01/2051 (e) | 5,750,000 | 1,529,942 | ||||||
| Water System, Revenue, BAM Insured, Series 2026E, 0.00%, 08/01/2052 (e) | 2,700,000 | 692,220 | ||||||
| Water System, Revenue, Series 2026E, 0.00%, 08/01/2053 (e) | 5,350,000 | 1,255,936 | ||||||
| Connecticut Housing Finance Authority, | ||||||||
| Revenue, Refunding, Series 2024 F-1, 4.80%, 11/15/2052 (g) | 10,010,000 | 9,832,829 | ||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Goodwin University Obligated Group, Revenue, Series A-1, 5.00%, 07/01/2044 | 3,000,000 | 2,881,871 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Connecticut | ||||||||
| Goodwin University Obligated Group, Revenue, Series A-1, 5.38%, 07/01/2054 | 6,340,000 | 5,927,784 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2044 (c) | 3,850,000 | 3,630,039 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2050 (c) | 1,265,000 | 1,141,140 | ||||||
| Odd Fellows Home of Connecticut, Inc. Obligated Group, Revenue, Series 2026A, 6.38%, 12/15/2061 | 6,000,000 | 6,044,954 | ||||||
| University of Hartford (The), Revenue, Series 2022 P, 5.38%, 07/01/2052 | 4,200,000 | 3,829,959 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2039 | 240,000 | 207,605 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2049 | 3,965,000 | 3,064,175 | ||||||
| Yale University, Revenue, Refunding, Series 2013A, 2.85%, 08/03/2026 (b)(j) | 40,000,000 | 40,000,000 | ||||||
| Yale University, Revenue, Series 2017 C-3, 2.85%, 08/03/2026 (b)(j) | 39,150,000 | 39,150,000 | ||||||
| Stamford Housing Authority, | ||||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 5.50%, 10/01/2035 | 1,000,000 | 1,037,572 | ||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 10/01/2045 | 2,050,000 | 2,160,510 | ||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.50%, 10/01/2055 | 3,220,000 | 3,325,775 | ||||||
| TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 10/01/2060 | 3,100,000 | 3,132,337 | ||||||
| 139,156,219 | ||||||||
| Delaware 0.1% | ||||||||
| Town of Bridgeville, | ||||||||
| Heritage Shores Special Development District, Special Tax, Series 2024, 5.25%, 07/01/2044 (c) | 860,000 | 861,439 | ||||||
| Heritage Shores Special Development District, Special Tax, Series 2024, 5.63%, 07/01/2053 (c) | 2,905,000 | 2,935,609 | ||||||
| Town of Milton, | ||||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (c) | 1,265,000 | 1,282,814 | ||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.95%, 09/01/2053 (c) | 4,765,000 | 4,776,494 | ||||||
| 9,856,356 | ||||||||
| District of Columbia 2.1% | ||||||||
| District of Columbia, | ||||||||
| GO, Series 2026 C, 2.31%, 08/03/2026 (b)(j) | 29,800,000 | 29,800,000 | ||||||
| Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2056 (c) | 6,510,000 | 5,382,793 | ||||||
| Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2051 (c) | 7,845,000 | 6,651,572 | ||||||
| Rocketship DC Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2049 (c) | 7,180,000 | 6,188,182 | ||||||
| Rocketship Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2061 (c) | 7,070,000 | 5,741,058 | ||||||
| Rocketship Obligated Group, Revenue, Series 2024 A, 5.75%, 06/01/2054 | 6,800,000 | 6,196,745 | ||||||
| Rocketship Obligated Group, Revenue, Series 2024 A, 6.00%, 06/01/2058 | 2,400,000 | 2,246,912 | ||||||
| Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (e) | 30,000,000 | 6,530,787 | ||||||
| Metropolitan Washington Airports Authority Aviation, | ||||||||
| Revenue, AMT, Refunding, Series 2024 A, 5.50%, 10/01/2054 (g) | 11,750,000 | 12,196,983 | ||||||
| Revenue, AMT, Refunding, Series 2025 A, 5.00%, 10/01/2050 (g)(h) | 20,220,000 | 20,347,492 | ||||||
| Aviation, Revenue, AMT, Refunding, Series 2019 A, 5.00%, 10/01/2049 (h) | 9,385,000 | 9,367,455 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated, | ||||||||
| Revenue, Second Lien, Series 2025 A, 5.00%, 07/15/2060 (g) | 5,585,000 | 5,663,444 | ||||||
| Revenue, Second Lien, Series 2025 A, 5.50%, 07/15/2060 (g) | 37,990,000 | 40,008,332 | ||||||
| 156,321,755 | ||||||||
| Florida 18.2% | ||||||||
| Acacia Fields Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.35%, 06/15/2046 | 500,000 | 490,940 | ||||||
| Special Assessment, Series 2026, 5.70%, 06/15/2056 | 750,000 | 732,484 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Alachua County Housing Finance Authority, | ||||||||
| Woodland Park II LLC, Revenue, Series 2025 A, 6.30%, 07/01/2043 (a)(b)(c) | 3,250,000 | 3,278,590 | ||||||
| Anabelle Island Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 05/01/2052 | 290,000 | 231,851 | ||||||
| Antillia Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2044 | 485,000 | 494,100 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,015,000 | 1,021,446 | ||||||
| Arbors Community Development District, | ||||||||
| Project Area, Special Assessment, Series 2024, 5.50%, 05/01/2055 (c) | 1,000,000 | 982,611 | ||||||
| Arbors Community Development District 2024, | ||||||||
| Project Area, Special Assessment, Series 2024, 5.15%, 05/01/2044 (c) | 875,000 | 878,428 | ||||||
| Ave Maria Stewardship Community District, | ||||||||
| Special Assessment, Series 2021, 4.00%, 05/01/2051 | 325,000 | 259,168 | ||||||
| Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 1,000,000 | 794,809 | ||||||
| Assessment Phase 5, Special Assessment, Series 2025, 5.60%, 05/01/2056 | 1,655,000 | 1,602,613 | ||||||
| Babcock Ranch Community Independent Special District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.25%, 05/01/2055 (c) | 2,500,000 | 2,419,838 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2042 | 15,000 | 15,062 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2053 | 8,755,000 | 8,204,648 | ||||||
| Bella Collina Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 | 685,000 | 684,148 | ||||||
| Bella Tara Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.13%, 05/01/2056 | 1,500,000 | 1,526,348 | ||||||
| Master Infrastructure Project, Special Assessment, Series 2025, 6.50%, 05/01/2056 | 4,000,000 | 4,067,664 | ||||||
| Bellehaven Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2045 | 1,460,000 | 1,505,617 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.05%, 05/01/2055 | 1,250,000 | 1,268,233 | ||||||
| Berry Bay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 2,430,000 | 1,929,446 | ||||||
| Berry Bay II Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 550,000 | 538,110 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 1,100,000 | 1,038,362 | ||||||
| Blackwell Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.45%, 05/01/2046 | 650,000 | 642,261 | ||||||
| Special Assessment, Series 2026, 5.75%, 05/01/2056 | 1,000,000 | 972,909 | ||||||
| Bridle Creek Community Development District, | ||||||||
| Special Assessment, Series 2025, 6.38%, 05/01/2056 | 3,000,000 | 3,049,945 | ||||||
| Brightwater Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 (c) | 655,000 | 667,179 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 (c) | 1,450,000 | 1,456,786 | ||||||
| Buckhead Trails Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2044 | 590,000 | 601,445 | ||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 995,000 | 1,005,029 | ||||||
| Buckhead Trails II Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.50%, 05/01/2046 | 750,000 | 749,104 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.80%, 05/01/2056 | 1,040,000 | 1,024,749 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Caldera Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 1,425,000 | 1,405,107 | ||||||
| Capital Projects Finance Authority, | ||||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 A1, 7.50%, 06/15/2065 (c) | 4,355,000 | 4,423,383 | ||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 A2, 7.50%, 06/15/2065 (c) | 11,685,000 | 11,860,863 | ||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 B1, 9.00%, 06/15/2042 (c) | 1,030,000 | 1,030,353 | ||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 B2, 9.00%, 06/15/2042 (c) | 940,000 | 940,389 | ||||||
| Imagine School At North Port, Inc., Revenue, Series 2025 A, 6.75%, 06/15/2065 (c) | 5,000,000 | 5,005,367 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.13%, 06/15/2044 (c) | 820,000 | 845,139 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.50%, 06/15/2054 (c) | 510,000 | 516,861 | ||||||
| Kissimmee Charter Academy, Revenue, Series 2024, 6.63%, 06/15/2059 (c) | 1,460,000 | 1,486,693 | ||||||
| Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2054 (c) | 4,800,000 | 4,321,543 | ||||||
| PRG - UnionWest Properties LLC, Revenue, Series 2024 B, 0.00%, 06/01/2062 (c)(i) | 118,665,000 | 8,910,223 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 01/01/2040 (c) | 1,500,000 | 1,586,314 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.75%, 01/01/2045 (c) | 1,500,000 | 1,595,057 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.25%, 01/01/2055 (c) | 4,500,000 | 4,811,962 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.13%, 01/01/2065 (c) | 8,000,000 | 8,407,713 | ||||||
| Capital Trust Agency, Inc., | ||||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.20%, 08/15/2056 (c) | 2,450,000 | 1,896,957 | ||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.25%, 08/15/2061 (c) | 3,250,000 | 2,480,998 | ||||||
| Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 (c) | 1,130,000 | 847,991 | ||||||
| Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2049 (c) | 4,365,000 | 3,928,770 | ||||||
| University Bridge LLC, Revenue, Series 2018 A, 5.25%, 12/01/2058 (c) | 17,600,000 | 16,230,039 | ||||||
| Capital Trust Authority, | ||||||||
| Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (c) | 9,000,000 | 9,427,090 | ||||||
| AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2044 (c) | 1,000,000 | 933,560 | ||||||
| AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2054 (c) | 1,500,000 | 1,330,371 | ||||||
| AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2064 (c) | 1,750,000 | 1,509,497 | ||||||
| Academir Charter Schools, Inc., Revenue, Series 2025 A, 6.63%, 07/01/2065 (c) | 2,500,000 | 2,530,478 | ||||||
| AIDS Healthcare Foundation Obligated Group, Revenue, Series 2026 A, 5.25%, 12/01/2055 | 23,200,000 | 23,409,712 | ||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2024, 5.75%, 08/15/2054 (c) | 2,125,000 | 2,011,760 | ||||||
| Babcock Neighborhood School, Inc., Revenue, Series 2024, 6.00%, 08/15/2063 (c) | 1,600,000 | 1,534,784 | ||||||
| IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (c) | 1,500,000 | 1,520,319 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 06/15/2044 (c) | 810,000 | 827,329 | ||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.00%, 06/15/2054 (c) | 1,250,000 | 1,267,812 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (c) | 1,100,000 | 1,116,120 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2050 (c) | 2,000,000 | 1,937,880 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2055 (c) | 2,500,000 | 2,381,917 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.38%, 07/01/2065 (c) | 7,445,000 | 7,029,762 | ||||||
| Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 B, 7.75%, 07/01/2034 (c) | 1,475,000 | 1,463,936 | ||||||
| QSH/St Augustine LLC, Revenue, Series 2026 A, 8.50%, 07/01/2057 (c) | 3,000,000 | 2,957,194 | ||||||
| Seaside School Consortium, Inc., Revenue, Series 2024 A, 5.13%, 06/15/2059 | 2,970,000 | 2,695,307 | ||||||
| St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 06/15/2050 (c) | 1,000,000 | 912,900 | ||||||
| Caymas Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 1,000,000 | 978,538 | ||||||
| Cedar Crossings Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.50%, 05/01/2055 (c) | 700,000 | 667,715 | ||||||
| Center Lake Ranch West Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.60%, 05/01/2055 (c) | 1,000,000 | 978,651 | ||||||
| Central Parc Community Development District, | ||||||||
| Special Assessment, Series 2024, 4.90%, 05/01/2031 | 255,000 | 256,368 | ||||||
| Special Assessment, Series 2024, 6.00%, 05/01/2054 | 750,000 | 746,856 | ||||||
| Chaparral Palm Bay Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 805,000 | 803,084 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055 | 1,820,000 | 1,768,155 | ||||||
| Chapel Creek Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 900,000 | 894,909 | ||||||
| Charlotte County Industrial Development Authority, | ||||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2051 (c) | 4,345,000 | 3,466,348 | ||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2025, 5.88%, 10/01/2045 | 1,500,000 | 1,551,275 | ||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2025, 6.13%, 10/01/2055 | 4,000,000 | 4,090,387 | ||||||
| City of Pensacola, | ||||||||
| Airport, Revenue, AMT, Series 2025, 5.50%, 10/01/2055 | 3,085,000 | 3,182,196 | ||||||
| Coral Bay Lee County Community Development District, | ||||||||
| Assessment Area 2, Revenue, Series 2024, 5.25%, 05/01/2044 | 1,000,000 | 1,011,925 | ||||||
| Assessment Area 2, Revenue, Series 2024, 5.55%, 05/01/2054 | 1,220,000 | 1,216,377 | ||||||
| Coral Creek Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,570,000 | 1,567,577 | ||||||
| Coral Lakes Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053 | 1,000,000 | 1,006,114 | ||||||
| County of Hernando, | ||||||||
| Revenue, Series 2026, 5.25%, 06/01/2051 (k) | 5,000,000 | 5,255,245 | ||||||
| Revenue, Series 2026, 5.25%, 06/01/2056 (k) | 5,000,000 | 5,219,403 | ||||||
| County of Palm Beach, | ||||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2055 (c) | 7,900,000 | 8,117,950 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2065 (c) | 10,500,000 | 10,697,900 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2045 (c) | 1,000,000 | 1,029,533 | ||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.75%, 10/01/2055 (c) | 1,100,000 | 1,129,798 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Provident Group - LU Properties LLC, Revenue, Series 2021 A, 5.00%, 06/01/2057 (c) | 3,650,000 | 3,178,998 | ||||||
| Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.13%, 06/01/2054 | 13,250,000 | 13,017,444 | ||||||
| Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.25%, 06/01/2059 | 10,890,000 | 10,777,394 | ||||||
| Creekview Community Development District, | ||||||||
| Phase 1, Special Assessment, Series 2022, 4.63%, 05/01/2042 | 1,225,000 | 1,171,982 | ||||||
| Phase 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 | 3,480,000 | 3,365,676 | ||||||
| Crossings Community Development District, | ||||||||
| Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 | 780,000 | 784,061 | ||||||
| Area 2, Special Assessment, Series 2024, 5.60%, 05/01/2054 | 1,070,000 | 1,047,704 | ||||||
| Crosswinds East Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,750,000 | 1,755,190 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.15%, 05/01/2044 | 775,000 | 758,183 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 1,000,000 | 951,847 | ||||||
| Curiosity Creek Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.60%, 05/01/2045 (c) | 1,750,000 | 1,750,411 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.88%, 05/01/2056 (c) | 3,250,000 | 3,174,024 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2044 (c) | 695,000 | 695,395 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.70%, 05/01/2055 (c) | 1,150,000 | 1,117,915 | ||||||
| Cypress Creek Reserve Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 1,055,000 | 1,089,594 | ||||||
| Cypress Creek Reserve Community Development District Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2056 | 1,900,000 | 1,928,802 | ||||||
| Cypress Reserve Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2025, 5.60%, 05/01/2045 (c) | 1,000,000 | 1,006,677 | ||||||
| Assessments, Special Assessment, Series 2025, 5.80%, 05/01/2056 (c) | 2,375,000 | 2,333,639 | ||||||
| Deering Park Stewardship District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.25%, 05/01/2055 | 2,630,000 | 2,682,935 | ||||||
| Del Webb Oak Creek Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.38%, 05/01/2045 (c) | 1,290,000 | 1,298,241 | ||||||
| Special Assessment, Series 2025, 5.63%, 05/01/2055 (c) | 1,290,000 | 1,272,322 | ||||||
| Dewey Robbins Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.60%, 05/01/2045 | 905,000 | 911,408 | ||||||
| Special Assessment, Series 2025, 5.80%, 05/01/2055 | 1,325,000 | 1,297,289 | ||||||
| Dowden West Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.25%, 05/01/2044 | 495,000 | 498,716 | ||||||
| Special Assessment, Series 2024, 5.55%, 05/01/2054 | 855,000 | 839,430 | ||||||
| East Nassau Stewardship District, | ||||||||
| Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 1,505,000 | 1,230,709 | ||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 1,505,000 | 1,506,769 | ||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 5.50%, 05/01/2055 | 1,605,000 | 1,550,487 | ||||||
| East Palm Drive Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 06/15/2044 | 500,000 | 500,013 | ||||||
| East Palm Drive Community Development District Assessment Area 2, Special Assessment, Series 2026, 5.70%, 06/15/2056 | 825,000 | 808,008 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| East Ridge Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.65%, 05/01/2046 | 1,395,000 | 1,377,028 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 6.00%, 05/01/2057 | 1,715,000 | 1,687,002 | ||||||
| Edgewater East Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051 | 2,660,000 | 2,112,068 | ||||||
| Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 10,150,000 | 8,067,308 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 6.30%, 05/01/2055 | 1,700,000 | 1,722,116 | ||||||
| Edgewater East Community Development District Assessment Area Three, Special Assessment, Series 2025, 6.10%, 05/01/2045 | 925,000 | 954,186 | ||||||
| Edgewater West Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.25%, 05/01/2044 | 2,000,000 | 1,963,613 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 3,000,000 | 2,888,105 | ||||||
| Assessment Area No. 2, Special Assessment, Series 2026, 5.88%, 05/01/2056 | 1,000,000 | 1,003,612 | ||||||
| Enclave at Lake Geneva Community Development District, | ||||||||
| Special Assessment, Series 2026, 6.00%, 05/01/2056 | 1,645,000 | 1,616,939 | ||||||
| Entrada Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 900,000 | 893,654 | ||||||
| Epperson North Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051 | 1,985,000 | 1,609,411 | ||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.30%, 05/01/2044 | 465,000 | 465,575 | ||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.60%, 05/01/2055 | 820,000 | 796,883 | ||||||
| Everlands Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.55%, 06/15/2054 | 1,000,000 | 989,861 | ||||||
| Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.20%, 06/15/2044 (c) | 750,000 | 753,553 | ||||||
| Everlands II Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.20%, 06/15/2044 | 725,000 | 732,859 | ||||||
| Fish Lake Cover Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.35%, 05/01/2045 | 835,000 | 831,450 | ||||||
| Special Assessment, Series 2025, 5.55%, 05/01/2055 | 1,180,000 | 1,132,169 | ||||||
| Florida Development Finance Corp., | ||||||||
| AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 0.00%, 07/15/2028 (a)(b)(c)(f) | 197,240,000 | 55,227,200 | ||||||
| AAF Operations Holdings LLC, Revenue, AMT, Series 2024A, 0.00%, 07/15/2028 (a)(b)(c)(f) | 92,860,000 | 26,000,800 | ||||||
| Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 6.00%, 08/15/2057 (c) | 5,000,000 | 4,627,642 | ||||||
| Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 B, 10.00%, 08/20/2026 (a)(b)(c)(f) | 285,000,000 | 185,250,000 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041 (f) | 25,415,000 | 18,680,025 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053 (f) | 189,735,000 | 139,455,225 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2054 (c) | 2,790,000 | 2,620,523 | ||||||
| Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2059 (c) | 1,500,000 | 1,389,833 | ||||||
| Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 (c) | 2,000,000 | 1,994,408 | ||||||
| Glenridge on Palmer Ranch Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 06/01/2051 (c) | 2,075,000 | 1,925,070 | ||||||
| Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2021 A, 5.50%, 06/15/2051 | 1,000,000 | 934,469 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Renaissance Charter School, Inc. Obligated Group, Revenue, Refunding, Series 2025 A, 6.00%, 06/15/2055 (c) | 4,500,000 | 4,573,611 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2054 (c) | 7,200,000 | 6,936,381 | ||||||
| SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2059 (c) | 6,550,000 | 6,212,209 | ||||||
| Florida Local Government Finance Commission, | ||||||||
| BridgePrep Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.13%, 06/15/2065 (c) | 7,500,000 | 7,517,967 | ||||||
| Cornerstone Charter Academy, Inc. Obligated Group, Revenue, Series 2026, 5.88%, 10/01/2061 | 1,765,000 | 1,703,944 | ||||||
| Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2050 (c) | 2,610,000 | 2,663,170 | ||||||
| Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2055 (c) | 2,000,000 | 2,028,707 | ||||||
| Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2060 (c) | 3,510,000 | 3,542,466 | ||||||
| Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, 6.75%, 11/15/2055 (c) | 2,500,000 | 2,628,900 | ||||||
| Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, 6.88%, 11/15/2064 (c) | 6,500,000 | 6,840,804 | ||||||
| Florida Municipal Loan Council, | ||||||||
| Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.15%, 05/01/2044 | 900,000 | 913,706 | ||||||
| Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.40%, 05/01/2054 | 825,000 | 821,343 | ||||||
| Gardens at Hammock Beach Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024-1, 5.65%, 05/01/2054 | 530,000 | 526,973 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.00%, 05/01/2031 | 180,000 | 181,247 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.60%, 05/01/2044 | 690,000 | 701,195 | ||||||
| Assessment Area 2, Special Assessment, Series 2024-2, 5.88%, 05/01/2055 | 860,000 | 863,781 | ||||||
| Golden Gem Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.15%, 05/01/2031 | 535,000 | 540,372 | ||||||
| Special Assessment, Series 2024, 5.70%, 05/01/2044 | 2,900,000 | 2,928,617 | ||||||
| Special Assessment, Series 2024, 6.00%, 05/01/2055 | 5,000,000 | 5,008,025 | ||||||
| Governors Park South Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.40%, 05/01/2045 | 845,000 | 832,635 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,250,000 | 1,194,888 | ||||||
| Governors Park South Community Development Dist Master Infrastructure Bond Area, Special Assessment, Series 2026, 6.00%, 05/01/2041 (c) | 5,500,000 | 5,369,156 | ||||||
| Governors Park South Community Development District Assessment Area 2, Special Assessment, Series 2026, 5.45%, 05/01/2046 (c) | 1,440,000 | 1,411,018 | ||||||
| Gracewater Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2021, 3.35%, 05/01/2041 | 3,170,000 | 2,577,355 | ||||||
| Greater Orlando Aviation Authority, | ||||||||
| Revenue, AMT, Series 2019 A, 5.00%, 10/01/2054 (h) | 10,850,000 | 10,746,722 | ||||||
| Revenue, AMT, Series 2024, 5.25%, 10/01/2048 (g) | 37,315,000 | 38,371,650 | ||||||
| Greenbriar Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.70%, 05/01/2058 | 1,750,000 | 1,700,443 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2025, 5.65%, 05/01/2045 | 1,000,000 | 1,023,057 | ||||||
| Assessment Area No. 1, Special Assessment, Series 2025, 5.88%, 05/01/2054 | 1,350,000 | 1,359,444 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Groves at Lake Marion Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.30%, 12/15/2046 (c) | 700,000 | 691,717 | ||||||
| Hamilton Bluff Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,360,000 | 1,371,815 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 2,000,000 | 1,969,835 | ||||||
| Hammock Oaks Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.15%, 05/01/2054 | 1,105,000 | 1,110,917 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 5.55%, 05/01/2045 (c) | 1,000,000 | 1,009,175 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 5.75%, 05/01/2055 (c) | 1,700,000 | 1,671,192 | ||||||
| Harmony on Lake Eloise Community Development District, | ||||||||
| Assessment Area No. 2, Special Assessment, Series 2025, 5.65%, 11/01/2054 | 1,250,000 | 1,248,781 | ||||||
| Harmony West Community Development District, | ||||||||
| Assessment Area No. 3, Special Assessment, Series 2025, 5.45%, 05/01/2045 | 625,000 | 632,941 | ||||||
| Assessment Area No. 3, Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,000,000 | 991,195 | ||||||
| Harvest Hills South Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2056 | 2,060,000 | 1,993,041 | ||||||
| Hawthorne Mill North Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 1,000,000 | 998,767 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 1,400,000 | 1,355,302 | ||||||
| Hickory Tree Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2055 | 1,500,000 | 1,463,288 | ||||||
| Highland Park Community Development District, | ||||||||
| Special Assessment, Series 2026, 6.13%, 05/01/2056 | 1,625,000 | 1,634,346 | ||||||
| Highland Trails Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.55%, 05/01/2045 | 2,000,000 | 2,001,966 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.85%, 05/01/2056 | 1,750,000 | 1,705,440 | ||||||
| Assessments, Special Assessment, Series 2024, 5.85%, 05/01/2054 | 345,000 | 348,159 | ||||||
| Hillcrest Community Development District, | ||||||||
| Special Assessment, Series 2018, 5.00%, 11/01/2048 | 300,000 | 295,024 | ||||||
| Hillcrest Preserve Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 (c) | 1,000,000 | 974,664 | ||||||
| Special Assessment, Series 2024, 5.30%, 05/01/2054 (c) | 1,500,000 | 1,414,648 | ||||||
| Hills of Minneola Community Development District, | ||||||||
| North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2044 | 650,000 | 676,478 | ||||||
| North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,000,000 | 1,031,528 | ||||||
| South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2050 (c) | 4,500,000 | 3,666,790 | ||||||
| South Parcel Assessment Area Phase 2, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 1,940,000 | 1,567,068 | ||||||
| Hobe-St. Lucie Conservancy District, | ||||||||
| Unit of Development No. 1A, Special Assessment, Series 2024, 5.60%, 05/01/2044 | 1,900,000 | 1,948,991 | ||||||
| Hyde Park Community Development District No. 1, | ||||||||
| Assessments, Special Assessment, Series 2024 A, 5.35%, 05/01/2044 | 425,000 | 425,496 | ||||||
| Assessments, Special Assessment, Series 2024 A, 5.63%, 05/01/2055 | 685,000 | 667,136 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034 | 1,500,000 | 1,499,974 | ||||||
| Assessments, Special Assessment, Series 2026, 5.65%, 05/01/2046 | 915,000 | 913,914 | ||||||
| Assessments, Special Assessment, Series 2026, 6.00%, 05/01/2055 | 860,000 | 863,555 | ||||||
| Ibis Landing Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2025, 5.70%, 06/15/2045 | 615,000 | 637,365 | ||||||
| Assessments, Special Assessment, Series 2025, 5.88%, 06/15/2055 | 800,000 | 811,527 | ||||||
| Kelly Park Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.30%, 05/01/2045 | 650,000 | 651,949 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055 | 915,000 | 886,424 | ||||||
| Kings Creek I Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 795,000 | 812,902 | ||||||
| Kings Creek I Community Development District Assessment Area One, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 1,750,000 | 1,760,655 | ||||||
| Kingston One Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 4,000,000 | 4,107,620 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2057 | 9,400,000 | 9,506,846 | ||||||
| Kissimmee Park Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.13%, 05/01/2056 | 1,500,000 | 1,526,347 | ||||||
| Offsite Master Infrastructure Pro, Special Assessment, Series 2025, 6.50%, 05/01/2056 | 8,500,000 | 8,643,787 | ||||||
| Lake Flores Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.45%, 05/01/2046 | 1,000,000 | 997,605 | ||||||
| Special Assessment, Series 2026, 5.75%, 05/01/2056 | 1,300,000 | 1,279,037 | ||||||
| Lake Hideaway Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.65%, 05/01/2044 | 1,770,000 | 1,789,727 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 | 2,435,000 | 2,405,112 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.30%, 05/01/2046 | 955,000 | 921,031 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.70%, 05/01/2057 | 1,250,000 | 1,201,306 | ||||||
| Lake Hills Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.25%, 05/01/2046 | 600,000 | 582,072 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.65%, 05/01/2056 | 1,000,000 | 968,514 | ||||||
| Lake Mattie Preserve Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 570,000 | 562,207 | ||||||
| Special Assessment, Series 2025, 5.45%, 05/01/2045 | 925,000 | 916,820 | ||||||
| Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,080,000 | 1,032,383 | ||||||
| Lakefront Estates Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2056 | 2,000,000 | 1,963,199 | ||||||
| Lakes of Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024 A, 5.60%, 05/01/2055 | 685,000 | 660,130 | ||||||
| Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034 | 1,835,000 | 1,853,573 | ||||||
| Lakewood Ranch Stewardship District, | ||||||||
| Special Assessment, Series 2024, 5.25%, 05/01/2044 | 485,000 | 494,227 | ||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2055 | 650,000 | 653,112 | ||||||
| Special Assessment, Series 2025, 6.00%, 05/01/2056 | 8,230,000 | 8,532,343 | ||||||
| Assessment Azario, Special Assessment, Series 2020 A, 3.90%, 05/01/2050 | 770,000 | 639,745 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Assessment Northeast Sector Project Phase 1A, Special Assessment, Series 2018, 5.10%, 05/01/2048 | 2,530,000 | 2,488,860 | ||||||
| Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 420,000 | 340,265 | ||||||
| Northeast Sector Project, Special Assessment, Refunding, Series 2020, 4.00%, 05/01/2050 (c) | 595,000 | 491,776 | ||||||
| Landings Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2031 | 275,000 | 276,842 | ||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,030,000 | 1,041,550 | ||||||
| Special Assessment, Series 2024, 5.80%, 05/01/2055 | 855,000 | 848,759 | ||||||
| South West Tract Phase 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 1,785,000 | 1,834,740 | ||||||
| South West Tract Phase 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 3,245,000 | 3,283,795 | ||||||
| Leomas Landing Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 11/01/2045 | 450,000 | 451,687 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.70%, 11/01/2054 | 555,000 | 541,539 | ||||||
| Liberty Cove Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 1,085,000 | 1,075,721 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2054 | 2,000,000 | 1,932,153 | ||||||
| Live Oak Lake Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2020, 4.40%, 05/01/2040 | 1,600,000 | 1,430,200 | ||||||
| Assessments, Special Assessment, Series 2020, 4.60%, 05/01/2051 | 5,000,000 | 4,365,416 | ||||||
| Longleaf Community Development District, | ||||||||
| Neighborhood 4 Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 (c) | 815,000 | 818,429 | ||||||
| Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.20%, 05/01/2044 | 660,000 | 643,524 | ||||||
| Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.45%, 05/01/2055 | 2,330,000 | 2,218,845 | ||||||
| Lowery Hills Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045 (c) | 725,000 | 726,888 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.85%, 05/01/2055 (c) | 1,000,000 | 979,192 | ||||||
| LT Ranch Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2019, 4.00%, 05/01/2050 | 1,000,000 | 832,438 | ||||||
| Phase IIB Assessment Area, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 275,000 | 284,252 | ||||||
| Phase IIB Assessment Area, Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,000,000 | 1,021,703 | ||||||
| LT Ranch South Community Development District, | ||||||||
| Assessment Area No. 2, Special Assessment, Series 2026, 5.60%, 05/01/2046 | 560,000 | 559,334 | ||||||
| Assessment Area No. 2, Special Assessment, Series 2026, 5.90%, 05/01/2056 | 715,000 | 708,539 | ||||||
| LTC Ranch West Residential Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2021 A, 4.00%, 05/01/2052 | 1,860,000 | 1,484,863 | ||||||
| Assessment Area 2, Special Assessment, Series 2024 AA-2, 6.00%, 05/01/2054 | 605,000 | 602,464 | ||||||
| Assessment Area 3, Special Assessment, Series 2024 AA-3, 6.05%, 05/01/2054 | 1,010,000 | 1,011,093 | ||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.65%, 05/01/2054 | 1,495,000 | 1,440,081 | ||||||
| Magnolia Island Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.55%, 05/01/2045 | 745,000 | 748,230 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2055 | 1,865,000 | 1,825,795 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Assessment Area 2, Special Assessment, Series 2025 A, 5.45%, 05/01/2045 (c) | 730,000 | 726,918 | ||||||
| Assessment Area 2, Special Assessment, Series 2025 A, 5.75%, 05/01/2056 (c) | 1,000,000 | 966,150 | ||||||
| Malabar Springs Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044 | 890,000 | 880,778 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054 | 1,335,000 | 1,295,984 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.88%, 05/01/2057 (c)(k) | 1,000,000 | 986,922 | ||||||
| Marion Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.95%, 05/01/2054 | 1,285,000 | 1,287,981 | ||||||
| Mckendree Pointe Community Development District, | ||||||||
| Special Assessment, Series 2025, 6.00%, 05/01/2056 | 2,500,000 | 2,460,717 | ||||||
| Miami Health Facilities Authority, | ||||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 | 1,000,000 | 997,756 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2038 | 1,000,000 | 935,930 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2046 | 4,770,000 | 4,182,942 | ||||||
| Miami-Dade County Industrial Development Authority, | ||||||||
| AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Series 2022 A, 5.25%, 07/01/2052 (c) | 2,465,000 | 2,181,286 | ||||||
| Miami Community Charter School, Revenue, Series 2025, 6.38%, 06/01/2065 (c) | 2,250,000 | 2,269,061 | ||||||
| Miami Community Charter School, Inc., Revenue, Refunding, Series 2020 A, 5.00%, 06/01/2047 (c) | 2,225,000 | 2,004,977 | ||||||
| Miami Community Charter School, Inc., Revenue, Series 2025, 6.25%, 06/01/2055 (c) | 750,000 | 755,445 | ||||||
| Mirada Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Refunding, Series 2024, 6.00%, 05/01/2055 | 1,800,000 | 1,796,859 | ||||||
| Newfield Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2025, 5.90%, 05/01/2056 | 2,915,000 | 2,937,553 | ||||||
| Newport Isles Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2044 | 2,440,000 | 2,414,347 | ||||||
| Special Assessment, Series 2024, 5.20%, 05/01/2054 | 2,685,000 | 2,537,842 | ||||||
| Normandy Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2054 (c) | 4,920,000 | 4,615,465 | ||||||
| Normandy II Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.63%, 05/01/2046 (c)(k) | 855,000 | 855,298 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 6.05%, 05/01/2057 (c)(k) | 1,500,000 | 1,500,100 | ||||||
| North AR-1 Pasco Community Development District, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 805,000 | 802,652 | ||||||
| Assessment Area 5, Special Assessment, Series 2024 A, 5.75%, 05/01/2044 | 755,000 | 770,994 | ||||||
| Assessment Area 5, Special Assessment, Series 2024 A, 6.00%, 05/01/2054 | 1,065,000 | 1,074,689 | ||||||
| Northlake Stewardship District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2045 | 1,250,000 | 1,291,442 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.20%, 05/01/2056 | 3,000,000 | 3,051,449 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.75%, 05/01/2056 | 1,000,000 | 968,845 | ||||||
| Northridge Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 (c) | 1,875,000 | 1,915,855 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 (c) | 2,375,000 | 2,391,141 | ||||||
| Old Town Floridian Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.25%, 05/01/2046 | 625,000 | 602,679 | ||||||
| Special Assessment, Series 2026, 5.65%, 05/01/2056 | 1,000,000 | 961,728 | ||||||
| Orange Branch Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.65%, 05/01/2056 (c) | 875,000 | 857,085 | ||||||
| Orange County Health Facilities Authority, | ||||||||
| Orlando Health Obligated Group, Revenue, Refunding, Series 2025 A, 5.25%, 10/01/2056 (g) | 33,905,000 | 34,663,410 | ||||||
| Paddocks Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 5.13%, 05/01/2044 (c) | 1,000,000 | 983,334 | ||||||
| Assessments, Special Assessment, Series 2024, 5.45%, 05/01/2055 (c) | 1,375,000 | 1,303,886 | ||||||
| Palermo Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.35%, 06/15/2045 | 745,000 | 758,446 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 B, 5.00%, 05/15/2047 | 925,000 | 895,802 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 4.00%, 05/15/2053 | 5,160,000 | 4,071,846 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 5.00%, 05/15/2053 | 10,675,000 | 9,908,333 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 C, 7.50%, 05/15/2053 | 965,000 | 1,063,515 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2026 B, 5.63%, 05/15/2061 | 4,000,000 | 4,005,293 | ||||||
| Palm Coast Park Community Development District, | ||||||||
| Sawmill Branch - Phase 7, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 1,270,000 | 1,249,363 | ||||||
| Spring Lake - Tracts 2 & 3, Special Assessment, Series 2021, 4.00%, 05/01/2052 | 1,200,000 | 946,819 | ||||||
| Palmetto Ridge Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.45%, 05/01/2046 | 1,370,000 | 1,352,072 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.70%, 05/01/2055 | 2,030,000 | 1,973,362 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.80%, 05/01/2056 | 1,750,000 | 1,700,475 | ||||||
| Parker Pointe Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,012,324 | ||||||
| Parker Road Community Development District, | ||||||||
| Assessment Area, Special Assessment, Refunding, Series 2020, 4.10%, 05/01/2050 | 2,000,000 | 1,605,962 | ||||||
| Parrish Lakes Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2023 A, 5.63%, 05/01/2053 | 1,725,000 | 1,727,364 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,205,000 | 1,216,014 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 1,855,000 | 1,852,148 | ||||||
| Parrish Lakes II Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.13%, 05/01/2044 | 2,000,000 | 1,968,932 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 5,000,000 | 4,853,126 | ||||||
| Parrish Plantation Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2044 | 680,000 | 698,263 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 6.05%, 05/01/2054 | 1,485,000 | 1,508,621 | ||||||
| Pasadena Ridge Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055 | 2,475,000 | 2,426,142 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| PBR Community Development District, | ||||||||
| Special Assessment, Refunding, Series 2026 A-1, 5.00%, 03/01/2048 | 1,250,000 | 1,217,156 | ||||||
| User Fee, Special Assessment, Refunding, Series 2026 A-2, 5.13%, 03/01/2056 | 650,000 | 620,730 | ||||||
| Peace Creek Village Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.75%, 05/01/2054 | 905,000 | 896,180 | ||||||
| Special Assessment, Series 2025, 5.60%, 05/01/2045 (c) | 710,000 | 714,538 | ||||||
| Special Assessment, Series 2025, 5.85%, 05/01/2055 (c) | 2,125,000 | 2,089,355 | ||||||
| Peace Crossing Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2044 | 2,820,000 | 2,779,510 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 4,000,000 | 3,827,772 | ||||||
| Pine Island Community Development District, | ||||||||
| Special Assessment, Series 2004, 5.75%, 05/01/2035 | 1,815,000 | 1,815,036 | ||||||
| Pinery Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.60%, 05/01/2046 | 1,250,000 | 1,242,613 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.88%, 05/01/2056 | 1,870,000 | 1,818,744 | ||||||
| Poitras East Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.85%, 05/01/2045 | 665,000 | 682,985 | ||||||
| Special Assessment, Series 2025, 6.10%, 05/01/2055 | 1,000,000 | 1,010,543 | ||||||
| Preston Cove Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2022, 4.13%, 05/01/2052 | 1,870,000 | 1,533,859 | ||||||
| Radiance Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.40%, 05/01/2056 (c) | 2,500,000 | 2,537,206 | ||||||
| Ranches at Lake Mcleod Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.45%, 06/15/2045 | 600,000 | 612,919 | ||||||
| Reflection Bay Community Development District, | ||||||||
| Palm Beach County Florida, Special Assessment, Series 2025, 5.63%, 05/01/2045 | 725,000 | 737,445 | ||||||
| Palm Beach County Florida, Special Assessment, Series 2025, 5.88%, 05/01/2055 | 1,200,000 | 1,204,370 | ||||||
| Regal Village Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2054 | 725,000 | 709,739 | ||||||
| River Hall Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2020 A, 3.88%, 05/01/2051 | 3,690,000 | 2,952,796 | ||||||
| Assessment Area No. 5, Special Assessment, Series 2024, 5.63%, 05/01/2055 (c) | 900,000 | 886,418 | ||||||
| River Landing Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.45%, 05/01/2055 | 875,000 | 853,585 | ||||||
| Rivers Edge III Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.75%, 05/01/2045 | 450,000 | 463,173 | ||||||
| Special Assessment, Series 2025, 6.00%, 05/01/2056 | 1,000,000 | 1,014,523 | ||||||
| Assessments, Special Assessment, Series 2024, 5.65%, 05/01/2044 | 1,665,000 | 1,688,802 | ||||||
| Assessments, Special Assessment, Series 2024, 5.95%, 05/01/2055 | 2,215,000 | 2,214,148 | ||||||
| Riverwalk Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.20%, 05/01/2045 (c) | 625,000 | 626,448 | ||||||
| Special Assessment, Series 2025, 5.45%, 05/01/2055 (c) | 1,000,000 | 971,365 | ||||||
| Rookery Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 800,000 | 782,447 | ||||||
| Rustic Oaks Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2022, 3.45%, 05/01/2042 | 2,000,000 | 1,663,756 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Assessments, Special Assessment, Series 2022, 4.00%, 05/01/2052 | 2,385,000 | 1,903,977 | ||||||
| Rye Crossing Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.00%, 05/01/2044 | 650,000 | 646,923 | ||||||
| Sagebrush Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.20%, 05/01/2046 (c) | 500,000 | 480,907 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.60%, 05/01/2056 (c) | 1,000,000 | 957,466 | ||||||
| Saltleaf Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.70%, 05/01/2046 | 1,000,000 | 1,005,900 | ||||||
| Special Assessment, Series 2026, 6.05%, 05/01/2057 (c) | 2,765,000 | 2,783,369 | ||||||
| Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056 | 3,000,000 | 3,008,047 | ||||||
| Saltmeadows Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.75%, 05/01/2045 (c) | 405,000 | 416,789 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2055 (c) | 750,000 | 761,501 | ||||||
| Savanna Lakes Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.25%, 06/15/2044 | 625,000 | 631,760 | ||||||
| Sawgrass Village Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.55%, 05/01/2044 (c) | 700,000 | 706,510 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.88%, 05/01/2054 (c) | 1,370,000 | 1,359,571 | ||||||
| Scenic Terrace South Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.63%, 05/01/2053 | 1,935,000 | 1,709,347 | ||||||
| Seagrove Community Development District, | ||||||||
| Special Assessment, Series 2024, 4.88%, 06/15/2044 | 1,500,000 | 1,447,230 | ||||||
| Special Assessment, Series 2024, 5.20%, 06/15/2054 | 1,250,000 | 1,177,785 | ||||||
| Seminole Palms Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 (c) | 1,585,000 | 1,573,981 | ||||||
| Shadowlawn Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.50%, 05/01/2044 | 1,370,000 | 1,363,730 | ||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,700,000 | 1,656,494 | ||||||
| Silver Oaks Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.85%, 05/01/2054 | 1,475,000 | 1,474,750 | ||||||
| Silverlake Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 505,000 | 509,250 | ||||||
| Six Mile Creek Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2052 | 2,240,000 | 1,796,122 | ||||||
| Project Area, Special Assessment, Series 2024, 5.38%, 05/01/2055 | 1,000,000 | 947,202 | ||||||
| Solaeris Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2031 | 430,000 | 439,129 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2044 | 1,790,000 | 1,892,936 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 6.25%, 05/01/2055 | 2,750,000 | 2,864,628 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2045 (c) | 2,000,000 | 2,054,657 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.30%, 05/01/2056 (c) | 3,000,000 | 3,040,621 | ||||||
| Somerset Bay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 (c) | 1,475,000 | 1,474,748 | ||||||
| Assessment Area No. 2, Special Assessment, Series 2026, 5.80%, 05/01/2056 | 1,510,000 | 1,483,703 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Sorrento Pines Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.75%, 05/01/2056 (c)(k) | 1,000,000 | 1,000,322 | ||||||
| Southern Groves Community Development District No. 5, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 5.45%, 05/01/2044 | 1,245,000 | 1,284,539 | ||||||
| Assessment Area, Special Assessment, Series 2024, 5.70%, 05/01/2050 | 930,000 | 954,406 | ||||||
| Southshore Bay Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 675,000 | 660,966 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2054 | 930,000 | 893,911 | ||||||
| Stonegate Preserve Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.70%, 06/15/2045 | 700,000 | 721,374 | ||||||
| Special Assessment, Series 2025, 5.88%, 06/15/2055 | 1,250,000 | 1,261,200 | ||||||
| Sugarloaf Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.38%, 12/15/2046 (c) | 590,000 | 589,169 | ||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.63%, 12/15/2055 (c) | 800,000 | 777,046 | ||||||
| Summit View Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 865,000 | 880,390 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 1,185,000 | 1,193,582 | ||||||
| Sunrise Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.63%, 05/01/2045 (c) | 2,500,000 | 2,468,262 | ||||||
| Special Assessment, Series 2025, 5.88%, 05/01/2055 (c) | 4,000,000 | 3,825,088 | ||||||
| Sunstone Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.80%, 05/01/2056 | 1,000,000 | 966,327 | ||||||
| Tern Bay Community Development District, | ||||||||
| Special Assessment, Series 2022, 4.00%, 06/15/2052 | 9,260,000 | 7,459,412 | ||||||
| Terra Lago Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045 | 1,040,000 | 1,053,472 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2055 | 1,525,000 | 1,515,969 | ||||||
| Terreno Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.40%, 05/01/2045 | 875,000 | 886,142 | ||||||
| Special Assessment, Series 2025, 5.65%, 05/01/2055 | 1,000,000 | 991,195 | ||||||
| Timber Creek Southwest Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2021, 3.30%, 12/15/2041 | 2,175,000 | 1,779,213 | ||||||
| Tolomato Community Development District, | ||||||||
| Assessment Area, Special Assessment, Series 2024, 4.80%, 05/01/2044 | 880,000 | 851,345 | ||||||
| Assessment Area, Special Assessment, Series 2024, 5.13%, 05/01/2054 | 1,150,000 | 1,101,430 | ||||||
| Tradition Community Development District No. 9, | ||||||||
| Special Assessment, Series 2025, 5.65%, 05/01/2056 | 895,000 | 877,919 | ||||||
| Triple Creek Community Development District, | ||||||||
| Villages Q & R Assessment Area, Special Assessment, Series 2021, 4.00%, 11/01/2051 (c) | 1,040,000 | 845,689 | ||||||
| Tuckers Pointe Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Refunding, Series 2026, 5.80%, 05/01/2053 | 2,250,000 | 2,253,456 | ||||||
| Twisted Oaks Pointe Community Development District, | ||||||||
| Assessment Area 3, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 975,000 | 1,005,440 | ||||||
| Assessment Area 3, Special Assessment, Series 2024, 6.00%, 05/01/2055 | 1,260,000 | 1,286,272 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Assessment Area No. 4, Special Assessment, Series 2026, 5.63%, 05/01/2046 | 500,000 | 499,702 | ||||||
| Assessment Area No. 4, Special Assessment, Series 2026, 5.88%, 05/01/2056 | 1,000,000 | 987,503 | ||||||
| Two Ridges Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.75%, 05/01/2045 | 500,000 | 517,463 | ||||||
| Special Assessment, Series 2025, 6.00%, 05/01/2055 | 665,000 | 679,805 | ||||||
| Two Rivers West Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.88%, 05/01/2054 | 1,355,000 | 1,360,249 | ||||||
| V-Dana Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.38%, 05/01/2045 | 955,000 | 960,173 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.55%, 05/01/2055 | 1,325,000 | 1,294,734 | ||||||
| Veranda Community Development District II, | ||||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2051 (c) | 180,000 | 145,093 | ||||||
| Assessment Area 5 Phase 2, Special Assessment, Refunding, Series 2024, 5.63%, 05/01/2054 | 495,000 | 491,139 | ||||||
| Verano No. 2 Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.35%, 05/01/2044 (c) | 500,000 | 502,603 | ||||||
| Special Assessment, Series 2024, 5.63%, 05/01/2055 | 800,000 | 791,263 | ||||||
| Pod D, Special Assessment, Series 2024, 5.80%, 05/01/2054 | 1,000,000 | 1,005,439 | ||||||
| Verano No. 4 Community Development District, | ||||||||
| Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 450,000 | 463,760 | ||||||
| Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 875,000 | 887,793 | ||||||
| Village Community Development District No. 15, | ||||||||
| Special Assessment, Series 2024, 4.80%, 05/01/2055 (c) | 2,475,000 | 2,295,972 | ||||||
| Villages of Westport Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 | 2,485,000 | 2,489,129 | ||||||
| Villamar Community Development District, | ||||||||
| Assessment Area 6, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,002,966 | ||||||
| Waterford Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054 | 675,000 | 646,081 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 6.00%, 05/01/2045 | 500,000 | 518,041 | ||||||
| Assessment Area 3, Special Assessment, Series 2025, 6.25%, 05/01/2056 | 1,665,000 | 1,697,036 | ||||||
| Waterset South Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.70%, 05/01/2056 | 1,010,000 | 1,010,968 | ||||||
| Wellness Ridge Community Development District, | ||||||||
| Assessment Area No. 3, Special Assessment, Series 2026, 5.30%, 06/15/2046 | 500,000 | 502,237 | ||||||
| Assessment Area No. 3, Special Assessment, Series 2026, 5.63%, 06/15/2056 | 875,000 | 866,055 | ||||||
| West Villages Improvement District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 | 910,000 | 946,962 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 | 1,705,000 | 1,752,420 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055 | 1,000,000 | 960,604 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.30%, 05/01/2046 (c) | 745,000 | 729,826 | ||||||
| Assessment Area 2, Special Assessment, Series 2026, 5.65%, 05/01/2056 | 1,000,000 | 973,996 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Unit of Development No. 10 Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044 | 995,000 | 1,004,005 | ||||||
| Unit of Development No. 8, Special Assessment, Series 2021, 3.50%, 05/01/2041 | 2,505,000 | 2,034,536 | ||||||
| Westside Haines City Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054 | 2,070,000 | 2,092,683 | ||||||
| Westview South Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 6.20%, 05/01/2055 (c) | 2,000,000 | 2,044,632 | ||||||
| Wildblue Community Development District, | ||||||||
| Special Assessment, Series 2026, 5.35%, 05/01/2046 | 850,000 | 837,780 | ||||||
| Special Assessment, Series 2026, 5.75%, 05/01/2056 | 1,000,000 | 985,258 | ||||||
| Willow Creek II Community Development District, | ||||||||
| Assessments Area, Special Assessment, Series 2026, 5.63%, 05/01/2056 | 580,000 | 559,711 | ||||||
| Willowbrook Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044 | 670,000 | 674,321 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2055 | 975,000 | 960,037 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.65%, 05/01/2045 (c) | 1,000,000 | 1,010,983 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.88%, 05/01/2056 (c) | 1,250,000 | 1,239,539 | ||||||
| Windsor Cay Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 | 1,000,000 | 1,022,424 | ||||||
| Woodcreek Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055 | 750,000 | 711,412 | ||||||
| Woodland Crossing Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.13%, 05/01/2035 (c) | 375,000 | 382,314 | ||||||
| Special Assessment, Series 2025, 5.88%, 05/01/2045 (c) | 1,000,000 | 1,024,574 | ||||||
| Special Assessment, Series 2025, 6.13%, 05/01/2056 (c) | 1,925,000 | 1,944,298 | ||||||
| Woodland Preserve Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.30%, 05/01/2045 (c) | 630,000 | 631,890 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.50%, 05/01/2055 (c) | 845,000 | 820,929 | ||||||
| Woodland Ranch Estates Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.75%, 05/01/2055 | 720,000 | 706,819 | ||||||
| Yarborough Lane Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.60%, 05/01/2055 | 1,620,000 | 1,589,881 | ||||||
| 1,343,474,484 | ||||||||
| Georgia 4.0% | ||||||||
| Atlanta Development Authority (The), | ||||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024-1, Class A, 0.00%, 12/15/2048 (c)(i) | 132,920,000 | 121,766,058 | ||||||
| PRG - CAU Properties LLC, Revenue, Series 2025 A, 6.00%, 07/01/2050 (c) | 1,000,000 | 1,026,693 | ||||||
| PRG - CAU Properties LLC, Revenue, Series 2025 A, 6.00%, 07/01/2055 (c) | 750,000 | 763,376 | ||||||
| City of Atlanta, | ||||||||
| Department of Aviation, Revenue, AMT, Series 2025B B-1, 5.50%, 07/01/2055 (g) | 15,000,000 | 15,648,748 | ||||||
| DeKalb County Development Authority, | ||||||||
| GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2055 | 500,000 | 458,520 | ||||||
| GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2063 | 1,320,000 | 1,177,450 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Georgia | ||||||||
| Development Authority for Fulton County, | ||||||||
| Madrone - MS Student Housing I LLC, Revenue, Series 2026 A1, 5.63%, 07/01/2056 (c) | 2,500,000 | 2,471,918 | ||||||
| Madrone - MS Student Housing I LLC, Revenue, Series 2026 A1, 5.75%, 07/01/2066 (c) | 11,000,000 | 10,839,611 | ||||||
| Development Authority of Bainbridge And Decatur County, | ||||||||
| Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.50%, 04/01/2056 (c) | 1,000,000 | 977,966 | ||||||
| Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.75%, 04/01/2066 (c) | 7,500,000 | 7,473,600 | ||||||
| Development Authority of Bulloch County, | ||||||||
| Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 A, 6.75%, 06/15/2064 (c) | 3,225,000 | 3,120,132 | ||||||
| Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 B, 7.50%, 06/15/2031 (c) | 265,000 | 263,785 | ||||||
| Development Authority of Burke County (The), | ||||||||
| Georgia Power Co., Revenue, Refunding, Series 2018, 3.05%, 08/03/2026 (b)(j) | 775,000 | 775,000 | ||||||
| Development Authority of Lagrange, | ||||||||
| LaGrange College Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 10/15/2052 | 15,675,000 | 12,991,702 | ||||||
| Development Authority of The City of Marietta, | ||||||||
| Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2047 (c) | 10,000,000 | 8,821,047 | ||||||
| Fulton County Residential Care Facilities for the Elderly Authority, | ||||||||
| All Saints-St. Luke’s Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2051 (c) | 6,400,000 | 5,199,572 | ||||||
| All Saints-St. Luke’s Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2056 (c) | 8,700,000 | 6,833,068 | ||||||
| George L Smith II Congress Center Authority, | ||||||||
| Signia Hotel Management LLC, Revenue, Series 2021 B, 5.00%, 01/01/2054 (c) | 17,420,000 | 16,394,884 | ||||||
| Georgia Housing & Finance Authority, | ||||||||
| Revenue, Series 2025 C, 5.15%, 06/01/2055 | 5,000,000 | 5,042,440 | ||||||
| Revenue, GNMA Insured, Series 2025 G, 4.90%, 12/01/2050 (g) | 25,000,000 | 25,009,568 | ||||||
| Oconee County Industrial Development Authority, | ||||||||
| Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.25%, 12/01/2048 | 3,000,000 | 2,972,569 | ||||||
| Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.38%, 12/01/2053 | 3,000,000 | 2,943,620 | ||||||
| Savannah Georgia Convention Center Authority, | ||||||||
| Revenue, Series 2025 A, 5.25%, 06/01/2061 | 5,200,000 | 5,034,054 | ||||||
| Revenue, Series 2025 B, 6.00%, 06/01/2050 (c) | 7,400,000 | 7,268,686 | ||||||
| Revenue, Series 2025 B, 6.25%, 06/01/2061 (c) | 32,455,000 | 32,658,850 | ||||||
| 297,932,917 | ||||||||
| Hawaii 0.4% | ||||||||
| State of Hawaii Airports System, | ||||||||
| Revenue, AMT, Series 2018 A, 5.00%, 07/01/2048 (g) | 1,475,000 | 1,476,175 | ||||||
| Revenue, AMT, Series 2022 A, 5.00%, 07/01/2051 | 1,000,000 | 1,007,149 | ||||||
| Revenue, AMT, Series 2025 A, 5.50%, 07/01/2054 (g) | 17,935,000 | 18,804,611 | ||||||
| State of Hawaii Department of Budget & Finance, | ||||||||
| Hawai’i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2034 (c) | 3,000,000 | 3,021,555 | ||||||
| Hawai’i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (c) | 2,780,000 | 2,674,678 | ||||||
| Hawai’i Pacific University, Revenue, Refunding, Series 2024, 5.13%, 07/01/2043 (c) | 2,500,000 | 2,373,803 | ||||||
| 29,357,971 | ||||||||
| Idaho 0.3% | ||||||||
| Avimor Community Infrastructure District No. 1, | ||||||||
| Assessment Area 5, Special Assessment, Series 2024, 5.88%, 09/01/2053 (c) | 1,642,000 | 1,666,393 | ||||||
| Spring Valley Community Infrastructure District No. 1, | ||||||||
| GO, Series 2026, 4.00%, 09/01/2028 | 130,000 | 129,478 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Idaho | ||||||||
| GO, Series 2026, 4.00%, 09/01/2029 | 135,000 | 132,919 | ||||||
| GO, Series 2026, 4.00%, 09/01/2031 | 70,000 | 67,610 | ||||||
| GO, Series 2026, 4.05%, 09/01/2032 | 25,000 | 23,906 | ||||||
| GO, Series 2026, 4.10%, 09/01/2033 | 155,000 | 147,556 | ||||||
| GO, Series 2026, 4.40%, 09/01/2036 | 180,000 | 169,638 | ||||||
| GO, Series 2026, 4.50%, 09/01/2037 | 185,000 | 174,329 | ||||||
| GO, Series 2026, 4.65%, 09/01/2040 | 215,000 | 201,206 | ||||||
| GO, Series 2026, 5.13%, 09/01/2045 | 400,000 | 398,934 | ||||||
| GO, Series 2026, 5.40%, 09/01/2050 | 510,000 | 501,837 | ||||||
| GO, Series 2026, 5.50%, 09/01/2055 | 680,000 | 665,314 | ||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (c) | 9,000,000 | 9,134,077 | ||||||
| Assessment Area 2, Special Assessment, Series 2025, 6.25%, 09/01/2054 (c) | 9,300,000 | 9,462,600 | ||||||
| 22,875,797 | ||||||||
| Illinois 8.1% | ||||||||
| Bellwood Municipal Housing Corp., | ||||||||
| Village of Bellwood, Revenue, Series 2024, 6.38%, 12/01/2059 (c) | 8,450,000 | 8,288,737 | ||||||
| Chicago Board of Education, | ||||||||
| GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (c) | 57,075,000 | 58,115,055 | ||||||
| GO, Series 2022 A, 5.00%, 12/01/2047 | 1,000,000 | 892,288 | ||||||
| GO, Refunding, Series 2022 B, 4.00%, 12/01/2041 | 6,500,000 | 5,579,660 | ||||||
| GO, Series 2025 A, 5.75%, 12/01/2050 | 30,000,000 | 30,126,423 | ||||||
| GO, Refunding, Series 2025 B, 6.00%, 12/01/2041 | 7,000,000 | 7,358,315 | ||||||
| GO, Refunding, Series 2025 B, 6.00%, 12/01/2042 | 2,500,000 | 2,618,456 | ||||||
| GO, Refunding, Series 2025 B, 6.00%, 12/01/2043 | 3,300,000 | 3,446,321 | ||||||
| GO, Refunding, Series 2025 B, 6.00%, 12/01/2044 | 6,000,000 | 6,235,840 | ||||||
| GO, Refunding, Series 2025 C, 5.50%, 12/01/2045 | 23,250,000 | 23,088,417 | ||||||
| GO, Refunding, Series B, 7.00%, 12/01/2042 (c) | 19,750,000 | 20,171,244 | ||||||
| Chicago O’Hare International Airport, | ||||||||
| Revenue, Senior Lien, AMT, Refunding, Series 2018 A, 5.00%, 01/01/2053 | 4,765,000 | 4,708,519 | ||||||
| Revenue, Senior Lien, AMT, Series 2025 E, 5.50%, 01/01/2055 | 10,000,000 | 10,294,540 | ||||||
| Revenue, Senior Lien, AMT, BAM Insured, Series 2025 E, 5.00%, 01/01/2060 (h) | 34,900,000 | 34,687,121 | ||||||
| Revenue, Senior Lien, AMT, Series 2025 E, 5.50%, 01/01/2060 | 20,000,000 | 20,557,684 | ||||||
| Revenue, Senior Lien, AMT, Refunding, Series D, 5.00%, 01/01/2052 | 7,435,000 | 7,340,886 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, | ||||||||
| Revenue, Second Lien, Refunding, Series 2022 A, 5.00%, 12/01/2057 | 3,000,000 | 3,022,703 | ||||||
| City of Chicago, | ||||||||
| GO, Series 2019 A, 5.50%, 01/01/2049 | 1,310,000 | 1,311,091 | ||||||
| GO, BAM Insured, Series 2025 A, 6.00%, 01/01/2046 | 11,000,000 | 11,860,061 | ||||||
| GO, Series 2025 A, 6.00%, 01/01/2050 | 37,300,000 | 38,660,898 | ||||||
| GO, Series 2025 C, 6.00%, 01/01/2043 | 800,000 | 851,422 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2045 | 1,755,000 | 1,848,255 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2050 | 4,500,000 | 4,641,918 | ||||||
| GO, Series 2025 F, 6.00%, 01/01/2055 | 6,000,000 | 6,160,961 | ||||||
| Waterworks, Revenue, BAM Insured, Series 2026 A, 5.25%, 11/01/2061 (h) | 750,000 | 774,882 | ||||||
| Waterworks, Revenue, Series 2026 A, 5.00%, 11/01/2064 (h) | 25,235,000 | 25,064,452 | ||||||
| Waterworks, Revenue, Series 2026 A, 5.50%, 11/01/2066 (h) | 7,750,000 | 8,041,508 | ||||||
| City of Galesburg, | ||||||||
| Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046 | 18,715,000 | 14,032,846 | ||||||
| City of Harvey, | ||||||||
| GO, Refunding, Series 2023 A, 4.50%, 01/01/2054 | 5,227,000 | 3,891,620 | ||||||
| City of Naperville, | ||||||||
| GO, Series 2026, 5.00%, 12/01/2028 (k) | 350,000 | 367,452 | ||||||
| GO, Series 2026, 5.00%, 12/01/2029 (k) | 370,000 | 394,636 | ||||||
| GO, Series 2026, 5.00%, 12/01/2030 (k) | 725,000 | 783,228 | ||||||
| GO, Series 2026, 5.00%, 12/01/2031 (k) | 1,555,000 | 1,698,850 | ||||||
| GO, Series 2026, 5.00%, 12/01/2032 (k) | 1,630,000 | 1,796,505 | ||||||
| GO, Series 2026, 5.00%, 12/01/2033 (k) | 1,710,000 | 1,901,837 | ||||||
| GO, Series 2026, 5.00%, 12/01/2034 (k) | 1,800,000 | 2,005,761 | ||||||
| GO, Series 2026, 5.00%, 12/01/2035 (k) | 1,485,000 | 1,657,930 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Illinois | ||||||||
| GO, Series 2026, 5.00%, 12/01/2036 (k) | 1,985,000 | 2,197,621 | ||||||
| GO, Series 2026, 5.00%, 12/01/2037 (k) | 2,080,000 | 2,278,587 | ||||||
| GO, Series 2026, 5.00%, 12/01/2038 (k) | 2,185,000 | 2,378,786 | ||||||
| GO, Series 2026, 5.00%, 12/01/2039 (k) | 2,295,000 | 2,474,893 | ||||||
| GO, Series 2026, 3.75%, 12/01/2040 (k) | 2,410,000 | 2,282,494 | ||||||
| GO, Series 2026, 4.00%, 12/01/2041 (k) | 2,500,000 | 2,432,626 | ||||||
| GO, Series 2026, 4.00%, 12/01/2042 (k) | 2,605,000 | 2,524,101 | ||||||
| GO, Series 2026, 4.00%, 12/01/2043 (k) | 2,705,000 | 2,607,618 | ||||||
| GO, Series 2026, 4.00%, 12/01/2044 (k) | 2,815,000 | 2,695,619 | ||||||
| GO, Series 2026, 4.00%, 12/01/2045 (k) | 2,925,000 | 2,780,806 | ||||||
| GO, Series 2026, 4.25%, 12/01/2046 (k) | 3,880,000 | 3,776,241 | ||||||
| City of Palos Heights, | ||||||||
| Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 B, 8.50%, 01/01/2032 | 1,070,000 | 1,070,000 | ||||||
| County of Cook, | ||||||||
| Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045 | 22,500,000 | 22,933,246 | ||||||
| Illinois Finance Authority, | ||||||||
| AIM Art in Motion, Revenue, Series 2021 A, 5.00%, 07/01/2051 (c)(f) | 3,000,000 | 2,135,605 | ||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 5,320,000 | 4,759,631 | ||||||
| Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2046 | 3,500,000 | 2,940,025 | ||||||
| Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2051 | 10,750,000 | 8,705,611 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (c) | 2,360,000 | 2,397,858 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.13%, 10/01/2050 (c) | 1,250,000 | 1,259,940 | ||||||
| Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2044 | 2,175,000 | 1,892,300 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037 | 400,000 | 346,502 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2038 | 10,000 | 9,446 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2025 A, 5.88%, 09/01/2046 (c) | 7,500,000 | 7,334,506 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035 | 15,000 | 14,675 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2036 | 325,000 | 325,194 | ||||||
| Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2056 | 1,255,000 | 1,109,821 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052 | 1,085,000 | 1,141,516 | ||||||
| Roosevelt University, Revenue, Refunding, Series 2018 A, 6.13%, 04/01/2058 (c) | 100,000 | 96,483 | ||||||
| Roosevelt University, Revenue, Refunding, Series 2018 B, 6.00%, 04/01/2038 (c) | 1,180,000 | 1,192,517 | ||||||
| Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2049 (c) | 2,500,000 | 2,482,274 | ||||||
| Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2058 (c) | 1,350,000 | 1,309,648 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038 | 2,165,000 | 2,121,750 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 05/01/2048 | 4,040,000 | 3,498,696 | ||||||
| Illinois Housing Development Authority, | ||||||||
| Stonebridge of Gurnee LLC, Revenue, Series A, 5.45%, 01/01/2046 (c) | 1,635,000 | 1,634,900 | ||||||
| Stonebridge of Gurnee LLC, Revenue, Series A, 5.60%, 01/01/2056 (c) | 1,000,000 | 974,943 | ||||||
| Metropolitan Pier & Exposition Authority, | ||||||||
| State of Illinois McCormick Place Expansion Project Fund, Revenue, Refunding, Series 2020 A, 5.00%, 06/15/2050 (g) | 54,680,000 | 54,204,579 | ||||||
| Schaumburg Cook & DuPage Counties, | ||||||||
| Tax Allocation, Series 2025, 6.13%, 12/30/2038 (c) | 3,700,000 | 3,701,357 | ||||||
| State of Illinois, | ||||||||
| GO, Series 2025 F, 5.25%, 09/01/2050 (g) | 34,855,000 | 35,442,328 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Illinois | ||||||||
| Upper Illinois River Valley Development Authority, | ||||||||
| Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2047 (c) | 2,000,000 | 1,863,080 | ||||||
| Village of Bellwood, | ||||||||
| Tax Allocation, Series 2024, 5.00%, 12/01/2050 | 6,750,000 | 6,627,168 | ||||||
| Village of Bridgeview, | ||||||||
| GO, Refunding, Series 2014 A, 5.13%, 12/01/2044 | 15,000 | 13,619 | ||||||
| GO, Refunding, Series 2015 A, 5.63%, 12/01/2041 | 100,000 | 98,357 | ||||||
| Village of Lincolnwood, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2021 A, 4.82%, 01/01/2041 (c) | 5,831,091 | 5,601,926 | ||||||
| Village of Lincolnwood Il, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (c) | 1,200,000 | 1,219,677 | ||||||
| Village of Oswego, | ||||||||
| GO, Series 2025 A, 5.00%, 12/15/2050 | 1,465,000 | 1,472,535 | ||||||
| Village of Rantoul, | ||||||||
| Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (c) | 5,625,000 | 5,670,307 | ||||||
| Village of Romeoville, | ||||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2041 | 1,190,000 | 1,021,619 | ||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2046 | 6,200,000 | 5,117,148 | ||||||
| Western Illinois Economic Development Authority, | ||||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2036 | 1,500,000 | 1,331,515 | ||||||
| 597,780,016 | ||||||||
| Indiana 2.2% | ||||||||
| City of East Chicago, | ||||||||
| Revenue, Series 2025, 6.50%, 07/15/2044 (c) | 7,220,000 | 7,466,779 | ||||||
| City of Valparaiso, | ||||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2025 A, 6.25%, 10/01/2050 (c) | 2,500,000 | 2,362,071 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (c) | 8,000,000 | 7,975,439 | ||||||
| Indiana Finance Authority, | ||||||||
| Revenue, Series 2025, 5.25%, 07/01/2055 | 6,300,000 | 5,583,558 | ||||||
| Revenue, Series 2025, 5.75%, 07/01/2060 | 9,300,000 | 8,791,836 | ||||||
| Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047 | 7,845,000 | 6,832,849 | ||||||
| DePauw University, Revenue, Series 2026, 5.25%, 10/01/2056 | 1,000,000 | 985,871 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037 | 1,025,000 | 852,672 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2042 | 10,000 | 7,746 | ||||||
| Franciscan Alliance, Inc. Obligated Group, Revenue, Refunding, Series 2026D, 3.00%, 08/03/2026 (b)(j) | 7,000,000 | 7,000,000 | ||||||
| Global Preparatory Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 10/15/2055 (c) | 1,000,000 | 994,671 | ||||||
| Global Preparatory Academy, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 10/15/2060 (c) | 890,000 | 878,935 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039 | 750,000 | 656,052 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 4.00%, 10/01/2044 | 25,000 | 17,812 | ||||||
| PRG - UINDY Properties LLC, Revenue, Series 2025, 5.25%, 07/01/2045 | 5,200,000 | 4,952,424 | ||||||
| PRG - UINDY Properties LLC, Revenue, Series 2025, 5.63%, 07/01/2050 | 3,000,000 | 2,867,336 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (c) | 1,800,000 | 1,802,628 | ||||||
| Indiana Housing & Community Development Authority, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2024 D-1, 4.70%, 07/01/2049 (g) | 15,760,000 | 15,334,988 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2024 D-1, 4.75%, 07/01/2054 (g) | 28,130,000 | 27,574,953 | ||||||
| Revenue, GNMA Insured, Series 2025 B-1, 5.00%, 07/01/2050 (g) | 13,665,000 | 13,797,863 | ||||||
| Revenue, GNMA Insured, Series 2025 B-1, 5.05%, 07/01/2055 (g) | 31,450,000 | 31,621,050 | ||||||
| Revenue, GNMA Insured, Series 2026 B-1, 4.95%, 07/01/2051 (g) | 5,005,000 | 4,939,618 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Indiana | ||||||||
| Town of Whiteland, | ||||||||
| Patch Economic Development Area, Tax Allocation, Series 2022 A, 5.75%, 09/01/2047 (c) | 1,125,000 | 1,098,465 | ||||||
| Patch Economic Development Area, Tax Allocation, Series 2024 A, 6.13%, 03/01/2049 (c) | 2,725,000 | 2,741,998 | ||||||
| Town of Whitestown, | ||||||||
| Tax Allocation, Refunding, Series 2026, 6.00%, 09/01/2050 (c) | 3,080,000 | 3,051,834 | ||||||
| Whitestown Redevelopment Commission, Tax Allocation, Series 2024, 5.50%, 09/01/2049 (c) | 2,170,000 | 2,094,536 | ||||||
| 162,283,984 | ||||||||
| Iowa 1.0% | ||||||||
| Delaware County Memorial Hospital, | ||||||||
| Revenue, Series 2025, 5.60%, 12/01/2038 | 840,000 | 847,151 | ||||||
| Revenue, Series 2025, 5.70%, 12/01/2039 | 890,000 | 896,758 | ||||||
| Iowa Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 5.00%, 07/01/2050 (g) | 5,020,000 | 5,070,332 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 07/01/2055 (g) | 10,000,000 | 10,056,648 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2047 | 500,000 | 484,217 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2048 | 17,790,000 | 17,070,765 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 4.00%, 05/15/2055 | 4,750,000 | 3,703,655 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 5.00%, 05/15/2055 | 7,065,000 | 6,519,398 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 05/15/2053 | 11,450,000 | 9,035,394 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2049 | 3,650,000 | 3,469,310 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 05/15/2059 | 6,800,000 | 6,332,026 | ||||||
| Presbyterian Homes Mill Pond Apartment, Inc., Revenue, Series 2025, 5.75%, 10/01/2055 | 1,500,000 | 1,524,884 | ||||||
| Presbyterian Homes Mill Pond Apartment, Inc., Revenue, Series 2025, 5.88%, 10/01/2065 | 3,150,000 | 3,194,661 | ||||||
| Riserville Holdings, Inc., Revenue, AMT, Series 2021, 5.00%, 12/01/2051 (c) | 3,725,000 | 3,207,033 | ||||||
| 71,412,232 | ||||||||
| Kansas 0.4% | ||||||||
| City of Hutchinson, | ||||||||
| Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2036 | 1,310,000 | 1,223,096 | ||||||
| Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2041 | 1,865,000 | 1,617,861 | ||||||
| City of Wichita, | ||||||||
| Larksfield Place Obligated Group, Revenue, Series VII 2025 A, 6.75%, 06/01/2055 | 2,500,000 | 2,566,548 | ||||||
| Larksfield Place Retirement Communities, Inc., Revenue, Series VII 2025 A, 6.75%, 06/01/2060 | 3,500,000 | 3,577,840 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 5.00%, 05/15/2038 | 215,000 | 209,637 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 4.63%, 05/15/2041 | 5,000 | 4,547 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 5.00%, 05/15/2047 | 1,755,000 | 1,557,343 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2019 III, 5.00%, 05/15/2050 | 420,000 | 358,647 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.75%, 05/15/2045 | 1,000,000 | 999,349 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.88%, 05/15/2050 | 1,000,000 | 974,350 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series III-2019, 4.00%, 05/15/2050 | 10,000 | 7,302 | ||||||
| Wyandotte County-Kansas City Unified Government, | ||||||||
| Sales Tax, Revenue, Series 2024 A, 5.25%, 03/01/2046 (c) | 7,730,000 | 7,452,532 | ||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (c) | 1,500,000 | 1,523,455 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Kansas | ||||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (c) | 7,500,000 | 7,580,074 | ||||||
| 29,652,581 | ||||||||
| Kentucky 0.1% | ||||||||
| City of Campbellsville, | ||||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2017, 4.50%, 03/01/2047 | 965,000 | 761,319 | ||||||
| Louisville/Jefferson County Metropolitan Government, | ||||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2027 | 500,000 | 496,159 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031 | 1,790,000 | 1,697,075 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2040 | 1,210,000 | 1,000,645 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2033 | 2,270,000 | 2,098,471 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2036 | 2,715,000 | 2,406,455 | ||||||
| 8,460,124 | ||||||||
| Louisiana 2.0% | ||||||||
| Calcasieu Parish Memorial Hospital Service District, | ||||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034 | 250,000 | 248,805 | ||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2039 | 8,305,000 | 7,734,065 | ||||||
| Capital Area Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 B, 5.05%, 10/01/2055 | 1,145,000 | 1,151,075 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||||||
| Christwood Obligated Group, Revenue, Refunding, Series 2024, 5.25%, 11/15/2053 (c) | 1,000,000 | 949,677 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (c) | 630,000 | 602,765 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (c) | 2,900,000 | 2,431,237 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2054 (c) | 16,995,000 | 12,986,217 | ||||||
| Louisiana Public Facilities Authority, | ||||||||
| Athlos Academy of Jefferson, Revenue, Series 2024 A, 7.38%, 06/01/2054 (c) | 4,200,000 | 3,108,000 | ||||||
| Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 09/01/2064 | 30,000,000 | 30,863,079 | ||||||
| Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.00%, 09/01/2066 | 40,115,000 | 38,015,617 | ||||||
| Crescent City Schools, Revenue, Series 2026A, 5.70%, 07/01/2056 | 1,000,000 | 968,678 | ||||||
| Crescent City Schools, Revenue, Series 2026A, 5.75%, 07/01/2066 | 1,600,000 | 1,536,188 | ||||||
| Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.38%, 06/15/2053 (c) | 9,500,000 | 9,579,450 | ||||||
| Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.50%, 06/15/2059 (c) | 9,000,000 | 9,095,675 | ||||||
| Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2049 (c) | 6,315,000 | 5,730,388 | ||||||
| Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2058 (c) | 8,760,000 | 7,616,375 | ||||||
| Louisiana State University & Agricultural & Mechanical College Auxiliary, Revenue, Series 2019 A, 5.00%, 07/01/2059 | 45,000 | 43,623 | ||||||
| Terrebonne Parish Hospital Service District No. 1, | ||||||||
| Revenue, Refunding, Series 2026, 5.50%, 04/01/2051 | 5,000,000 | 5,205,965 | ||||||
| Revenue, Refunding, Series 2026, 5.50%, 04/01/2055 | 7,975,000 | 8,257,215 | ||||||
| 146,124,094 | ||||||||
| Maine 0.7% | ||||||||
| Maine Health & Higher Educational Facilities Authority, | ||||||||
| Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 4.00%, 07/01/2041 | 85,000 | 67,592 | ||||||
| Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 4.00%, 07/01/2046 | 525,000 | 405,447 | ||||||
| Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2046 | 8,020,000 | 7,392,567 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Maine | ||||||||
| Maine State Housing Authority, | ||||||||
| Revenue, Series 2024 D, 4.75%, 11/15/2054 (g) | 8,750,000 | 8,517,989 | ||||||
| Revenue, Series 2024 F, 4.70%, 11/15/2049 (g) | 9,410,000 | 9,332,604 | ||||||
| Revenue, Series 2024 F, 4.75%, 11/15/2054 (g) | 8,000,000 | 7,787,875 | ||||||
| Revenue, Series 2025 C, 5.25%, 11/15/2055 | 15,520,000 | 15,745,746 | ||||||
| 49,249,820 | ||||||||
| Maryland 1.6% | ||||||||
| County of Frederick, | ||||||||
| Mount St Mary’s University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2045 (c) | 2,470,000 | 2,268,784 | ||||||
| County of Montgomery, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2015 MD, 5.00%, 12/01/2044 (h) | 14,065,000 | 14,065,834 | ||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2016 MD, 5.00%, 12/01/2045 (h) | 5,000,000 | 5,002,543 | ||||||
| County of Prince George’s, | ||||||||
| Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037 | 7,000,000 | 7,010,109 | ||||||
| Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2047 | 210,000 | 196,674 | ||||||
| Maryland Department of Housing & Community Development, | ||||||||
| Revenue, Series 2025 B, 5.10%, 07/01/2050 | 700,000 | 707,475 | ||||||
| Revenue, Series 2025 B, 5.15%, 07/01/2055 | 995,000 | 1,010,472 | ||||||
| Revenue, Series 2025 B, 5.20%, 07/01/2060 | 1,715,000 | 1,741,250 | ||||||
| Revenue, Series 2025 B, 5.25%, 07/01/2067 | 1,735,000 | 1,762,522 | ||||||
| Revenue, Series 2025 C, 5.15%, 07/01/2055 | 3,065,000 | 3,109,069 | ||||||
| Revenue, Series 2025 C, 5.25%, 07/01/2060 | 8,305,000 | 8,456,180 | ||||||
| Revenue, Series 2025 C, 5.30%, 07/01/2067 (h) | 10,590,000 | 10,770,054 | ||||||
| Maryland Health & Higher Educational Facilities Authority, | ||||||||
| Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044 | 3,210,000 | 3,119,631 | ||||||
| Montgomery County Housing Opportunities Commission, | ||||||||
| Revenue, FHA Insured, Series 2026 A, 4.90%, 07/01/2061 (h) | 21,775,000 | 21,222,764 | ||||||
| Revenue, Series 2026 A, 5.00%, 07/01/2066 (h) | 27,750,000 | 27,838,514 | ||||||
| Revenue, FHA Insured, Series 2026 A, 5.15%, 01/01/2071 (h) | 11,000,000 | 11,090,382 | ||||||
| 119,372,257 | ||||||||
| Massachusetts 3.1% | ||||||||
| Massachusetts Bay Transportation Authority, | ||||||||
| Sales Tax, Revenue, Series 2025 B, 5.00%, 07/01/2055 (g) | 10,000,000 | 10,252,769 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax, | ||||||||
| Revenue, Series 2025 B, 5.25%, 07/01/2055 (g) | 16,000,000 | 16,764,429 | ||||||
| Massachusetts Development Finance Agency, | ||||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2041 (c) | 1,620,000 | 1,525,926 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2051 (c) | 7,900,000 | 6,676,796 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.38%, 07/15/2045 (c) | 8,500,000 | 8,720,530 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.50%, 07/15/2060 (c) | 47,200,000 | 47,918,936 | ||||||
| CHF Merrimack, Inc., Revenue, Series 2024 A, 5.00%, 07/01/2060 (c) | 2,300,000 | 2,115,982 | ||||||
| CHF Wentworth, Inc., Revenue, Series 2026A, 5.38%, 07/01/2061 (c) | 3,900,000 | 3,757,597 | ||||||
| CHF Wentworth, Inc., Revenue, Series 2026A, 5.50%, 07/01/2066 (c) | 4,700,000 | 4,578,058 | ||||||
| Dana-Farber Cancer Institute Obligated Group, Revenue, Refunding, Series 2026 Q, 5.50%, 12/01/2056 (g) | 16,050,000 | 16,871,309 | ||||||
| Massachusetts Educational Financing Authority, | ||||||||
| Revenue, AMT, Series 2021 C, 3.00%, 07/01/2051 | 1,545,000 | 1,001,350 | ||||||
| Revenue, AMT, Series 2022 C, 4.13%, 07/01/2052 | 1,000,000 | 801,096 | ||||||
| Massachusetts Housing Finance Agency, | ||||||||
| Revenue, Refunding, FHA Insured, Series 2019 B-1, 3.30%, 12/01/2056 | 1,340,000 | 965,833 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Massachusetts | ||||||||
| Revenue, Series 2024 A-1, 4.95%, 12/01/2064 (h) | 10,585,000 | 10,571,776 | ||||||
| Revenue, Series 2025 C-1, 4.95%, 12/01/2060 (h) | 13,695,000 | 13,637,693 | ||||||
| Revenue, Series 2025 C-1, 5.00%, 12/01/2068 (h) | 16,000,000 | 15,956,550 | ||||||
| Revenue, Series 2026 A-1, 4.65%, 12/01/2046 (h) | 1,225,000 | 1,205,364 | ||||||
| Revenue, Series 2026 A-1, 4.85%, 12/01/2051 (h) | 7,000,000 | 6,811,234 | ||||||
| Revenue, Series 2026 A-1, 4.90%, 12/01/2056 (h) | 9,760,000 | 9,630,107 | ||||||
| Revenue, Series 2026 A-1, 5.00%, 12/01/2061 (h) | 12,380,000 | 12,167,137 | ||||||
| Revenue, Series 2026 A-1, 5.00%, 12/01/2066 (h) | 10,000,000 | 9,887,818 | ||||||
| Revenue, Series 2026 A-1, 5.05%, 06/01/2069 (h) | 5,145,000 | 5,162,020 | ||||||
| Revenue, Refunding, GNMA Insured, Series 227, 4.95%, 12/01/2053 (h) | 4,500,000 | 4,405,221 | ||||||
| Revenue, Refunding, GNMA Insured, Series 253, 4.85%, 12/01/2051 (h) | 20,000,000 | 19,349,528 | ||||||
| 230,735,059 | ||||||||
| Michigan 2.5% | ||||||||
| Flint Hospital Building Authority, | ||||||||
| Hurley Medical Center, Revenue, Refunding, Series 2020, 4.00%, 07/01/2041 | 460,000 | 403,395 | ||||||
| Grand Rapids Economic Development Corp., | ||||||||
| Michigan Christian Home Obligated Group, Revenue, Refunding, Series 2025 A, 6.13%, 11/01/2060 | 9,400,000 | 9,432,241 | ||||||
| Kalamazoo Economic Development Corp., | ||||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 6.25%, 08/15/2056 (c) | 4,320,000 | 4,408,633 | ||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 6.25%, 08/15/2061 (c) | 2,240,000 | 2,277,818 | ||||||
| Heritage Community of Kalamazoo Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 05/15/2042 | 425,000 | 416,574 | ||||||
| Michigan Finance Authority, | ||||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2032 | 925,000 | 702,322 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2034 | 650,000 | 464,709 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2041 | 4,075,000 | 2,518,212 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2051 | 1,895,000 | 1,042,248 | ||||||
| Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 1,080,000 | 912,091 | ||||||
| Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2044 | 1,375,000 | 1,317,085 | ||||||
| Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2054 | 2,795,000 | 2,503,213 | ||||||
| Michigan State Housing Development Authority, | ||||||||
| Revenue, Series 2025 A, 4.95%, 12/01/2050 (g) | 8,915,000 | 8,876,062 | ||||||
| Revenue, Series 2025 A, 5.00%, 12/01/2055 (g) | 20,540,000 | 20,647,090 | ||||||
| Revenue, Series 2025 A-1, 5.30%, 10/01/2055 (g) | 10,180,000 | 10,435,669 | ||||||
| Revenue, Series 2025 A-1, 5.50%, 10/01/2068 (g) | 58,255,000 | 60,124,359 | ||||||
| Revenue, Series 2025 C, 5.10%, 06/01/2056 (g) | 11,515,000 | 11,630,073 | ||||||
| Revenue, Series 2026 A, 4.90%, 12/01/2046 (h) | 10,600,000 | 10,669,233 | ||||||
| Revenue, Series 2026 A, 4.95%, 12/01/2051 (h) | 12,250,000 | 12,059,361 | ||||||
| Revenue, Series 2026 A, 5.00%, 12/01/2056 (h) | 12,500,000 | 12,469,816 | ||||||
| Michigan Strategic Fund, | ||||||||
| United Methodist Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 05/15/2044 | 1,000,000 | 987,228 | ||||||
| Northwestern Regional Airport Authority, | ||||||||
| Cherry Capital Airport, Revenue, AMT, Series 2026, 5.25%, 01/01/2051 (h) | 4,525,000 | 4,655,792 | ||||||
| Cherry Capital Airport, Revenue, AMT, Series 2026, 5.25%, 01/01/2056 (h) | 6,350,000 | 6,490,451 | ||||||
| Tipton Academy, | ||||||||
| Revenue, Series 2021, 4.00%, 06/01/2051 | 925,000 | 673,538 | ||||||
| 186,117,213 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Minnesota 0.3% | ||||||||
| City of Bethel Housing and Health Care Facilities, | ||||||||
| Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2044 | 1,250,000 | 1,272,569 | ||||||
| Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2049 | 1,400,000 | 1,378,995 | ||||||
| City of Shakopee, | ||||||||
| Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 5.75%, 11/01/2055 | 2,350,000 | 2,364,347 | ||||||
| Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 5.88%, 11/01/2065 | 3,000,000 | 3,032,996 | ||||||
| City of St Bonifacius, | ||||||||
| Augustana Chapel View Homes, Inc., Revenue, Series 2025, 6.50%, 06/01/2060 | 10,000,000 | 10,111,600 | ||||||
| Dakota County Community Development Agency, | ||||||||
| Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035 | 2,700,000 | 2,593,287 | ||||||
| Minnesota Health & Education Facilities Authority, | ||||||||
| Augsburg University, Revenue, Series 2016 A, 5.00%, 05/01/2046 | 1,790,000 | 1,229,390 | ||||||
| 21,983,184 | ||||||||
| Mississippi 0.5% | ||||||||
| County of Tunica, | ||||||||
| Revenue, Refunding, Series 2019, 6.00%, 10/01/2040 | 4,560,000 | 4,659,245 | ||||||
| County of Washington, | ||||||||
| Delta Regional Medical Center, Revenue, Refunding, Series 2019, 4.25%, 02/01/2036 | 3,900,000 | 3,327,698 | ||||||
| Mississippi Development Bank, | ||||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036 | 240,000 | 185,642 | ||||||
| Mississippi Home Corp., | ||||||||
| Revenue, GNMA Insured, Series 2025 A, 4.80%, 12/01/2045 (g) | 10,000,000 | 10,063,802 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 4.90%, 12/01/2050 (g) | 15,000,000 | 14,704,308 | ||||||
| Natchez-Adams School District, | ||||||||
| GO, Series 2020, 1.75%, 03/01/2036 | 510,000 | 346,765 | ||||||
| GO, Series 2020, 1.75%, 03/01/2037 | 520,000 | 338,030 | ||||||
| Revenue, Series 2020, 2.38%, 02/01/2037 | 1,145,000 | 800,845 | ||||||
| Revenue, Series 2020, 2.50%, 02/01/2039 | 15,000 | 9,875 | ||||||
| Revenue, Series 2020, 2.50%, 02/01/2040 | 10,000 | 6,351 | ||||||
| 34,442,561 | ||||||||
| Missouri 1.5% | ||||||||
| Bear Creek Community Improvement District, | ||||||||
| Revenue, Refunding, Series 2025, 6.25%, 05/01/2045 | 2,415,000 | 2,509,602 | ||||||
| Cape Girardeau County Industrial Development Authority, | ||||||||
| West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.50%, 05/01/2044 (c) | 3,570,000 | 3,487,328 | ||||||
| West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.75%, 05/01/2054 (c) | 10,000,000 | 9,295,777 | ||||||
| Citizens Memorial Hospital District, | ||||||||
| Revenue, Series 2024 D, 6.75%, 02/01/2053 | 1,375,000 | 1,345,021 | ||||||
| Grindstone Plaza Transportation Development District, | ||||||||
| Revenue, Series 2006 A, 5.50%, 10/01/2031 | 2,075,000 | 2,077,103 | ||||||
| Revenue, Series 2006 A, 5.55%, 10/01/2036 | 1,840,000 | 1,841,312 | ||||||
| Hanley, | ||||||||
| Eager Road Transportation Development District, Revenue, Refunding, Series 2026, 5.88%, 03/01/2049 | 2,000,000 | 1,976,426 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Bsds, Inc., Revenue, Series 2026, 6.50%, 06/01/2056 (c) | 4,015,000 | 3,920,207 | ||||||
| Maryville University of St. Louis, Revenue, Series 2025 A, 5.50%, 06/15/2047 | 2,880,000 | 2,824,313 | ||||||
| SSM Health Care Obligated Group, Revenue, Series 2018 F, 3.05%, 08/03/2026 (b)(j) | 5,085,000 | 5,085,000 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Missouri | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri (The), | ||||||||
| Revenue, Refunding, Series 2024 A, 4.88%, 06/15/2034 | 395,000 | 399,705 | ||||||
| Revenue, Refunding, Series 2024 A, 5.75%, 06/15/2054 | 7,200,000 | 7,259,857 | ||||||
| Kansas City Industrial Development Authority, | ||||||||
| Airport, Revenue, AMT, Series 2019 B, 5.00%, 03/01/2054 | 10,430,000 | 10,270,978 | ||||||
| City of Kansas City Historic Northeast Redevelopment Area, Revenue, Series 2024 A-1, 5.00%, 06/01/2054 (c) | 2,900,000 | 2,802,639 | ||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (c) | 1,000,000 | 1,000,325 | ||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2046 (c) | 3,515,000 | 3,341,572 | ||||||
| Lees Summit Industrial Development Authority, | ||||||||
| John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.75%, 08/15/2059 | 1,835,000 | 1,865,099 | ||||||
| Missouri Housing Development Commission, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 4.85%, 11/01/2045 (g) | 13,935,000 | 14,052,847 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 4.95%, 11/01/2050 (g) | 10,935,000 | 10,891,925 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.00%, 11/01/2055 (g) | 8,700,000 | 8,745,364 | ||||||
| Revenue, GNMA Insured, Series 2026 C, 4.80%, 11/01/2056 | 8,450,000 | 8,079,321 | ||||||
| Rolla Industrial Development Authority, | ||||||||
| Westside Marketplace Redevelopment Project - RPA 1, Tax Allocation, Series 2017 A, 5.38%, 05/01/2044 | 850,000 | 850,121 | ||||||
| St Louis County Industrial Development Authority, | ||||||||
| Friendship Village St Louis Obligated Group, Revenue, Series 2012, 5.00%, 09/01/2042 | 30,000 | 30,004 | ||||||
| St. Charles County Industrial Development Authority, | ||||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 4.25%, 10/01/2034 (c) | 1,180,000 | 1,077,582 | ||||||
| Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 5.00%, 10/01/2046 (c) | 3,775,000 | 3,239,783 | ||||||
| 108,269,211 | ||||||||
| Montana 0.2% | ||||||||
| City of Kalispell, | ||||||||
| Immanuel Living at Buffalo Hill Obligated Group, Revenue, Refunding, Series 2017 A, 5.25%, 05/15/2047 | 125,000 | 116,737 | ||||||
| Immanuel Living at Buffalo Hill Obligated Group, Revenue, Refunding, Series 2025 A, 6.00%, 05/15/2060 | 3,000,000 | 3,039,634 | ||||||
| Montana Facility Finance Authority, | ||||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2040 | 750,000 | 612,809 | ||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044 | 1,640,000 | 1,252,162 | ||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 2,705,000 | 1,875,100 | ||||||
| St John’s Lutheran Ministries, Inc. Obligated Group, Revenue, Refunding, Series 2026A, 6.13%, 11/15/2056 | 2,500,000 | 2,511,200 | ||||||
| St John’s Lutheran Ministries, Inc. Obligated Group, Revenue, Refunding, Series 2026A, 6.13%, 11/15/2061 | 4,000,000 | 4,005,795 | ||||||
| 13,413,437 | ||||||||
| Nebraska 1.0% | ||||||||
| Nebraska Investment Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2045 (g) | 4,900,000 | 4,981,749 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.13%, 09/01/2050 (g) | 15,000,000 | 15,164,290 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.20%, 09/01/2055 (g) | 28,145,000 | 28,409,027 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Nebraska | ||||||||
| Village of Boys Town, | ||||||||
| Father Flanagan’s Boy’s Home, Revenue, Series 2026, 5.00%, 07/01/2055 (h) | 16,725,000 | 16,627,820 | ||||||
| Father Flanagan’s Boy’s Home, Revenue, Series 2026, 5.25%, 07/01/2055 (h) | 11,935,000 | 11,932,988 | ||||||
| 77,115,874 | ||||||||
| Nevada 1.3% | ||||||||
| City of Las Vegas, | ||||||||
| Special Improvement District No. 613, Special Assessment, Series 2024, 5.25%, 12/01/2047 | 540,000 | 541,232 | ||||||
| Special Improvement District No. 613, Special Assessment, Series 2024, 5.50%, 12/01/2053 | 590,000 | 594,495 | ||||||
| Special Improvement District No. 818, Special Assessment, Series 2024, 5.00%, 12/01/2054 | 1,190,000 | 1,152,160 | ||||||
| Special Improvement District No. 819, Special Assessment, Series 2025, 5.25%, 06/01/2045 | 325,000 | 334,005 | ||||||
| Special Improvement District No. 819, Special Assessment, Series 2025, 5.50%, 06/01/2055 | 1,000,000 | 1,013,075 | ||||||
| City of Reno, | ||||||||
| 2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.13%, 06/01/2047 (c) | 140,000 | 139,611 | ||||||
| 2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.25%, 06/01/2054 (c) | 1,225,000 | 1,209,050 | ||||||
| City of Sparks, | ||||||||
| Special Improvement District No. 1, Special Assessment, Series 2024, 5.13%, 06/01/2054 | 500,000 | 490,884 | ||||||
| Reno-Tahoe Airport Authority, | ||||||||
| Revenue, AMT, Series 2024 A, 5.25%, 07/01/2054 | 1,965,000 | 1,988,573 | ||||||
| State of Nevada Department of Business & Industry, | ||||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2025 B, 12.00%, 11/02/2026 (a)(b)(c) | 143,995,000 | 92,156,800 | ||||||
| 99,619,885 | ||||||||
| New Hampshire 1.9% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Revenue, Series 2024, 5.63%, 02/01/2030 (c) | 4,500,000 | 4,499,504 | ||||||
| Revenue, Series 2024, 5.88%, 12/15/2032 (c) | 12,374,000 | 12,289,776 | ||||||
| Revenue, Series 2024, 0.00%, 12/01/2034 (c)(e) | 6,000,000 | 3,388,140 | ||||||
| Revenue, Series 2025, 0.00%, 12/01/2031 (c)(e) | 4,500,000 | 3,285,025 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2032 (c)(e) | 5,481,000 | 3,579,342 | ||||||
| Revenue, Series 2025 A, 0.00%, 02/01/2035 (c)(e) | 7,500,000 | 4,330,722 | ||||||
| Revenue, Series 2026, 0.00%, 12/15/2041 (e) | 20,500,000 | 7,708,033 | ||||||
| Aldeana Azalea and Serenada Project, Revenue, Series 2026, 0.00%, 12/01/2040 (c)(e) | 18,892,000 | 6,632,239 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041 (c) | 3,765,000 | 3,546,365 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2051 (c) | 8,395,000 | 7,095,152 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2056 (c) | 5,725,000 | 4,712,705 | ||||||
| Blue Sky Lockhart LP, Revenue, Series 2026, 0.00%, 12/15/2036 (e) | 10,000,000 | 4,689,268 | ||||||
| Ellis County Fresh Water Supply District No. 1, Revenue, Series 2026, 0.00%, 12/15/2039 (e) | 19,700,000 | 7,905,663 | ||||||
| Forestar Group Houston Area Projects, Revenue, Series 2026, 6.50%, 12/01/2034 (c) | 9,900,000 | 9,902,353 | ||||||
| Lockhart Independent School District, Revenue, Series 2026 A-3, 0.00%, 12/01/2067 (e) | 90,185,000 | 10,020,176 | ||||||
| Maine Sustainable Energy Partners LLC, Revenue, Series 2026A, 5.00%, 08/01/2056 (k) | 2,385,000 | 2,364,573 | ||||||
| Moonlight Bend Municipal Utility District, Revenue, Series 2025, 0.00%, 12/01/2035 (c)(e) | 10,000,000 | 5,240,982 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2043 | 200,000 | 203,308 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.38%, 04/01/2049 | 295,000 | 295,266 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2054 | 275,000 | 267,456 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.63%, 04/01/2059 | 350,000 | 342,258 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New Hampshire | ||||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.63%, 04/01/2045 | 250,000 | 253,759 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2050 | 500,000 | 509,638 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2055 | 1,410,000 | 1,412,774 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.88%, 04/01/2060 | 1,250,000 | 1,252,562 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2026 A, 5.38%, 04/01/2051 | 175,000 | 169,431 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2026 A, 5.50%, 04/01/2056 | 225,000 | 216,252 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2026 A, 5.63%, 04/01/2061 | 335,000 | 323,075 | ||||||
| Reworld Holding Corp., Revenue, Refunding, Series 2020 A, 3.63%, 07/02/2040 (a)(b)(c) | 250,000 | 198,528 | ||||||
| The Astro Sunterra Projects, Revenue, Series 2026, 0.00%, 12/15/2034 (c)(e) | 3,625,000 | 2,089,335 | ||||||
| The Lariat Phase 2 Project, Revenue, Series 2025, 0.00%, 12/15/2032 (c)(e) | 18,091,000 | 11,662,550 | ||||||
| Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (c)(e) | 10,000,000 | 7,011,914 | ||||||
| Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (c)(e) | 4,983,000 | 3,452,691 | ||||||
| New Hampshire Health and Education Facilities Authority Act, | ||||||||
| Rivier University, Revenue, Refunding, Series 2024, 5.00%, 02/01/2049 | 9,945,000 | 9,543,936 | ||||||
| 140,394,751 | ||||||||
| New Jersey 0.7% | ||||||||
| New Jersey Economic Development Authority, | ||||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (c) | 7,500,000 | 7,872,804 | ||||||
| LEAP Academy University Charter School, Inc., Revenue, Series 2014 A, 6.20%, 10/01/2044 (c) | 100,000 | 100,047 | ||||||
| Lutheran Social Ministries at Crane’s Mill, Inc., Revenue, Refunding, Series 2018, 5.00%, 01/01/2049 | 2,400,000 | 2,261,028 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027 | 350,000 | 350,561 | ||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 5.00%, 07/01/2035 | 1,485,000 | 1,413,171 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.63%, 07/01/2034 | 65,000 | 53,793 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2036 | 405,000 | 360,006 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 4.00%, 07/01/2042 | 140,000 | 102,901 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2047 | 5,860,000 | 4,604,058 | ||||||
| New Jersey Higher Education Student Assistance Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2026 B, 5.25%, 12/01/2056 | 2,300,000 | 2,237,148 | ||||||
| New Jersey Transportation Trust Fund Authority, | ||||||||
| State of New Jersey, Revenue, Series 2025 AA, 5.00%, 06/15/2055 (g) | 35,445,000 | 35,855,588 | ||||||
| 55,211,105 | ||||||||
| New Mexico 0.1% | ||||||||
| Aspire Public Improvement District, | ||||||||
| Special Tax, Series 2024, 5.05%, 10/01/2044 | 500,000 | 479,084 | ||||||
| Special Tax, Series 2024, 5.30%, 10/01/2053 | 810,000 | 743,814 | ||||||
| Lower Petroglyphs Public Improvement District, | ||||||||
| Special Tax, Refunding, Series 2018, 5.00%, 10/01/2048 | 1,150,000 | 1,121,423 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New Mexico | ||||||||
| New Mexico Mortgage Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2050 | 2,315,000 | 2,347,713 | ||||||
| Revenue, GNMA Insured, Series 2025 C, 5.10%, 09/01/2055 | 2,975,000 | 2,999,025 | ||||||
| Tierra Del Oro Public Improvement District, | ||||||||
| Special Tax, Series 2025, 5.75%, 10/01/2054 | 1,570,000 | 1,551,452 | ||||||
| 9,242,511 | ||||||||
| New York 6.2% | ||||||||
| Allegany County Capital Resource Corp., | ||||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2037 | 1,525,000 | 1,417,860 | ||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2042 | 1,925,000 | 1,712,042 | ||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2052 | 6,185,000 | 4,975,938 | ||||||
| Buffalo & Erie County Industrial Land Development Corp., | ||||||||
| D’Youville University, Revenue, Series 2026 A, 7.75%, 05/01/2055 | 7,500,000 | 7,806,046 | ||||||
| Buffalo Sewer Authority, | ||||||||
| Revenue, Series 2021, 1.75%, 06/15/2049 (a) | 3,030,000 | 2,271,036 | ||||||
| Build NYC Resource Corp., | ||||||||
| Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (c) | 3,245,000 | 3,197,423 | ||||||
| Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2044 (c) | 725,000 | 701,557 | ||||||
| Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2049 (c) | 1,260,000 | 1,151,643 | ||||||
| Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2059 (c) | 5,375,000 | 4,692,597 | ||||||
| Chautauqua Tobacco Asset Securitization Corp., | ||||||||
| Revenue, Refunding, Series 2014, 5.00%, 06/01/2048 | 5,300,000 | 4,070,133 | ||||||
| City of Ithaca, | ||||||||
| GO, Series 2016 B, 3.00%, 04/15/2042 | 100,000 | 73,971 | ||||||
| City of New York, | ||||||||
| GO, Series 2021-3, 3.05%, 08/03/2026 (b)(j) | 28,810,000 | 28,810,000 | ||||||
| Jefferson County Civic Facility Development Corp., | ||||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2042 | 155,000 | 124,770 | ||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2047 | 3,460,000 | 2,563,906 | ||||||
| Monroe County Industrial Development Corp., | ||||||||
| Eugenio Maria de Hostos Charter School, Revenue, Series 2024 A, 5.00%, 07/01/2059 (c) | 700,000 | 597,776 | ||||||
| St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040 | 4,850,000 | 4,732,773 | ||||||
| St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2050 | 8,515,000 | 7,612,797 | ||||||
| New York City Housing Development Corp., | ||||||||
| Revenue, FHLMC Insured, Series 2025 A, 5.20%, 02/01/2055 (g) | 30,000,000 | 30,063,599 | ||||||
| Revenue, Series 2025 A-1, 4.80%, 11/01/2055 (h) | 5,250,000 | 5,253,153 | ||||||
| Revenue, Series 2025 B-1, 5.20%, 11/01/2050 | 450,000 | 456,153 | ||||||
| Revenue, Series 2025 B-1, 5.25%, 11/01/2055 | 750,000 | 754,036 | ||||||
| Revenue, Series 2025 B-1, 5.30%, 11/01/2060 | 1,235,000 | 1,254,822 | ||||||
| Revenue, Series 2025 B-1, 5.35%, 11/01/2064 | 1,065,000 | 1,083,888 | ||||||
| Revenue, Series 2025 C-1, 5.13%, 11/01/2055 | 7,000,000 | 6,969,921 | ||||||
| Revenue, Series 2025 C-1, 5.20%, 11/01/2060 | 5,000,000 | 5,048,634 | ||||||
| Revenue, Series 2025 C-1, 5.25%, 05/01/2065 | 10,120,000 | 10,234,456 | ||||||
| Revenue, Series 2026 D, 5.00%, 05/01/2056 (h) | 28,635,000 | 28,419,108 | ||||||
| Revenue, Series 2026 E-1- A, 5.00%, 05/01/2056 (h) | 24,875,000 | 24,880,915 | ||||||
| Revenue, Series 2026 E-1-A, 4.85%, 11/01/2051 (h) | 8,820,000 | 8,586,695 | ||||||
| New York City Municipal Water Finance Authority, | ||||||||
| New York City Water & Sewer System, Revenue, Series 2021 SUB EE-1, 3.00%, 08/03/2026 (b)(j) | 14,000,000 | 14,000,000 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York | ||||||||
| New York Counties Tobacco Trust IV, | ||||||||
| Revenue, Series 2005 A, 5.00%, 06/01/2042 | 570,000 | 456,553 | ||||||
| Revenue, Series 2005 A, 5.00%, 06/01/2045 | 26,365,000 | 19,176,891 | ||||||
| New York Liberty Development Corp., | ||||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.00%, 11/15/2044 (c) | 5,000,000 | 5,006,858 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 2,000,000 | 2,004,142 | ||||||
| New York State Dormitory Authority, | ||||||||
| St. Joseph’s College, Revenue, Series 2021, 5.00%, 07/01/2051 | 1,750,000 | 1,411,346 | ||||||
| New York State Housing Finance Agency, | ||||||||
| Revenue, Series 2025 A1, 4.90%, 11/01/2068 | 2,175,000 | 2,123,606 | ||||||
| Revenue, Series 2025 D-1, 4.90%, 11/01/2055 | 670,000 | 663,972 | ||||||
| Revenue, Series 2025 D-1, 4.95%, 11/01/2060 (g) | 17,955,000 | 17,476,767 | ||||||
| Revenue, Series 2025 D-1, 5.00%, 05/01/2069 (g) | 1,800,000 | 1,788,801 | ||||||
| Revenue, Series 2026 D-1, 4.95%, 05/01/2056 | 17,930,000 | 17,833,381 | ||||||
| New York State Thruway Authority, | ||||||||
| State of New York Personal Income Tax, Revenue, Series 2026A, 5.00%, 09/15/2052 | 15,000,000 | 15,302,874 | ||||||
| New York Transportation Development Corp., | ||||||||
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 12/31/2054 | 1,950,000 | 1,976,016 | ||||||
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 12/31/2060 | 43,105,000 | 43,609,298 | ||||||
| JFK NTO LLC, Revenue, AMT, AG Insured, Series 2023, 5.13%, 06/30/2060 (h) | 9,650,000 | 9,587,637 | ||||||
| Oneida Indian Nation of New York, | ||||||||
| Revenue, Series 2024 B, 6.00%, 09/01/2043 (c) | 5,500,000 | 5,876,549 | ||||||
| Onondaga Civic Development Corp., | ||||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044 | 7,185,000 | 6,651,227 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.38%, 08/01/2054 | 15,355,000 | 14,273,842 | ||||||
| Rockland County Economic Assistance Corp., | ||||||||
| Bon Secours Health System, Inc. Obligated Group, Revenue, Series 2025, 7.50%, 11/01/2055 | 735,000 | 802,798 | ||||||
| Suffolk Regional Off-Track Betting Corp., | ||||||||
| Revenue, Series 2024, 6.00%, 12/01/2053 | 11,000,000 | 11,183,467 | ||||||
| Syracuse Industrial Development Agency, | ||||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2035 | 2,000,000 | 1,609,822 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2036 | 2,100,000 | 1,659,510 | ||||||
| Ulster County Capital Resource Corp., | ||||||||
| Woodland Pond, Inc. Obligated Group, Revenue, Series 2025, 5.88%, 09/15/2059 (c) | 4,750,000 | 4,749,861 | ||||||
| Westchester County Local Development Corp., | ||||||||
| Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.00%, 07/01/2040 | 1,000,000 | 917,149 | ||||||
| Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.13%, 07/01/2055 | 6,090,000 | 5,017,250 | ||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2056 (c) | 7,250,000 | 6,446,108 | ||||||
| QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.38%, 12/01/2055 (c) | 1,460,000 | 1,504,215 | ||||||
| QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.50%, 12/01/2065 (c) | 3,335,000 | 3,439,390 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2046 | 720,000 | 656,666 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York | ||||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Series 2025, 7.25%, 11/01/2045 | 15,000,000 | 16,560,040 | ||||||
| Westchester County Healthcare Corp., Revenue, AG Insured, Series 2025, 6.50%, 11/01/2055 | 5,500,000 | 6,051,375 | ||||||
| Westchester County Healthcare Corp., Revenue, Series 2025, 7.50%, 11/01/2055 | 18,765,000 | 20,537,433 | ||||||
| 459,872,492 | ||||||||
| North Carolina 0.8% | ||||||||
| Charlotte-Mecklenburg Hospital Authority (The), | ||||||||
| Atrium Health Obligated Group, Revenue, Series 2018 G, 3.00%, 08/03/2026 (b)(j) | 2,750,000 | 2,750,000 | ||||||
| North Carolina Capital Facilities Finance Agency, | ||||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2038 | 3,095,000 | 2,995,075 | ||||||
| North Carolina Housing Finance Agency, | ||||||||
| Revenue, GNMA Insured, Series 61, 4.80%, 07/01/2051 (g) | 13,215,000 | 12,726,682 | ||||||
| Revenue, GNMA Insured, Series 61, 4.85%, 07/01/2057 (g) | 22,190,000 | 21,548,565 | ||||||
| North Carolina Medical Care Commission, | ||||||||
| ASHF HoldCo 1 LLC Obligated Group, Revenue, Series 2026 A, 7.00%, 11/01/2055 (c) | 7,475,000 | 7,576,629 | ||||||
| Carolina Village Obligated Group, Revenue, Refunding, Series 2026A, 5.50%, 04/01/2056 | 2,200,000 | 2,155,663 | ||||||
| Lutheran Retirement Ministries of Alamance County Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2044 | 2,005,000 | 2,017,861 | ||||||
| Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2044 | 1,380,000 | 1,434,684 | ||||||
| Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2054 | 3,630,000 | 3,636,614 | ||||||
| 56,841,773 | ||||||||
| North Dakota 0.2% | ||||||||
| City of Horace, | ||||||||
| GO, Special Assessment, Refunding, Series 2024 A, 5.38%, 05/01/2050 | 800,000 | 810,135 | ||||||
| GO, Special Assessment, Refunding, Series 2024 C, 4.75%, 05/01/2044 | 1,100,000 | 1,050,677 | ||||||
| GO, Special Assessment, Refunding, Series 2024 C, 5.00%, 05/01/2050 | 3,000,000 | 2,802,685 | ||||||
| GO, Special Assessment, Refunding, BAM Insured, Series 2026 A, 4.75%, 05/01/2052 | 1,300,000 | 1,251,980 | ||||||
| City of Mayville, | ||||||||
| GO, Special Assessment, Refunding, Series 2024, 5.00%, 05/01/2044 | 2,825,000 | 2,751,440 | ||||||
| County of Ward, | ||||||||
| Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2043 | 2,800,000 | 2,607,876 | ||||||
| North Dakota Housing Finance Agency, | ||||||||
| Revenue, Series 2025 C, 5.00%, 07/01/2053 | 2,180,000 | 2,189,525 | ||||||
| 13,464,318 | ||||||||
| Ohio 3.9% | ||||||||
| Blanchard Valley Port Authority, | ||||||||
| Findlay AAL LLC, Revenue, Series 2026 A, 6.25%, 01/01/2046 (c) | 2,500,000 | 2,509,585 | ||||||
| Buckeye Tobacco Settlement Financing Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-2, Class 2, 5.00%, 06/01/2055 | 200,000 | 151,230 | ||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (e) | 427,200,000 | 28,396,283 | ||||||
| City of Brecksville, | ||||||||
| Valor Acres TIF Area, Tax Allocation, Series 2022, 5.63%, 12/01/2053 (c) | 3,840,000 | 3,705,258 | ||||||
| City of Norwood, | ||||||||
| Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2041 | 1,000,000 | 1,023,302 | ||||||
| Columbus-Franklin County Finance Authority, | ||||||||
| Columbus AAL LP, Revenue, Series 2025 A, 6.05%, 01/01/2046 (c) | 3,700,000 | 3,756,297 | ||||||
| Vivera Brookshire LLC, Revenue, Series 2026 A, 6.30%, 01/01/2046 (c) | 4,250,000 | 4,242,197 | ||||||
| Vivera Rosewood LLC, Revenue, Series 2026 A, 6.30%, 01/01/2046 (c) | 4,900,000 | 4,891,004 | ||||||
| County of Cuyahoga, | ||||||||
| GO, Series 2026, 5.00%, 12/01/2064 (h) | 27,050,000 | 27,285,143 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Ohio | ||||||||
| Eliza Jennings Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 05/15/2032 | 1,800,000 | 1,818,219 | ||||||
| County of Fairfield, | ||||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033 | 9,615,000 | 9,411,571 | ||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.00%, 06/15/2043 | 4,345,000 | 3,728,347 | ||||||
| County of Franklin, | ||||||||
| Nationwide Children’s Hospital, Inc., Revenue, Series 2025 B-2, 3.05%, 08/03/2026 (b)(j) | 11,000,000 | 11,000,000 | ||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030 | 1,000,000 | 989,688 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.25%, 05/01/2040 | 2,425,000 | 2,254,771 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050 | 4,000,000 | 3,559,554 | ||||||
| County of Lucas, | ||||||||
| Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, 6.75%, 11/01/2030 (a)(b) | 13,050,000 | 12,967,954 | ||||||
| Promedica Healthcare Obligated Group, Revenue, Series 2015 B, 4.00%, 11/15/2045 | 2,460,000 | 2,076,623 | ||||||
| County of Washington, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042 | 100,000 | 104,954 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 24,760,000 | 25,542,312 | ||||||
| Dayton-Montgomery County Port Authority, | ||||||||
| Springfield AAL LLC, Revenue, Series 2025 A, 6.63%, 01/01/2045 (c) | 6,500,000 | 6,835,385 | ||||||
| Delaware County Finance Authority, | ||||||||
| Revenue, Series 2025 C-2, 6.25%, 12/01/2043 | 1,645,000 | 1,737,723 | ||||||
| Common Bond Fund, Revenue, Series 2024 B, 5.38%, 12/01/2038 | 3,675,000 | 3,730,672 | ||||||
| Jefferson County Port Authority, | ||||||||
| JSW Steel USA Ohio, Inc., Revenue, AMT, Series 2021, 3.50%, 12/01/2051 (c) | 3,000,000 | 2,423,184 | ||||||
| Lancaster Port Authority, | ||||||||
| Vivera Fairfield LLC, Revenue, Series 2026A, 6.38%, 01/01/2046 (c)(k) | 3,975,000 | 3,972,764 | ||||||
| Ohio Higher Educational Facility Commission, | ||||||||
| Ashtabula County Medical Center Obligated Group, Revenue, Series 2022, 5.25%, 01/01/2052 | 250,000 | 245,273 | ||||||
| Ohio Housing Finance Agency, | ||||||||
| Revenue, GNMA Insured, Series 2024 C, 4.70%, 09/01/2054 | 8,555,000 | 8,356,640 | ||||||
| Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055 (g) | 23,005,000 | 22,042,383 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2026C, 5.00%, 09/01/2056 (k) | 2,600,000 | 2,593,913 | ||||||
| Amherst AAL LP, Revenue, Series 2025 A, 6.25%, 01/01/2045 (c) | 4,210,000 | 4,363,680 | ||||||
| Ashford at the Enclave LLC, Revenue, Series 2025 A, 6.50%, 01/01/2045 (c) | 5,460,000 | 5,657,094 | ||||||
| Bedford Heights AAL LP, Revenue, Series 2025, 6.38%, 01/01/2045 (c) | 3,370,000 | 3,517,050 | ||||||
| Canton AAL LP, Revenue, Series 2025 A, 6.25%, 01/01/2045 (c) | 3,570,000 | 3,700,318 | ||||||
| Cuyahoga Falls AAL LP, Revenue, Series 2025 A, 6.25%, 01/01/2045 (c) | 4,340,000 | 4,498,426 | ||||||
| Green Oaks of Canal Winchester LLC, Revenue, Series 2025 A, 6.30%, 01/01/2045 | 5,660,000 | 5,787,875 | ||||||
| Green Oaks of Holland LLC, Revenue, Series 2025 A, 6.30%, 01/01/2045 | 6,355,000 | 6,498,577 | ||||||
| Green Oaks of Walnut Creek LLC, Revenue, Series 2026A, 6.38%, 01/01/2046 (c)(k) | 3,825,000 | 3,820,065 | ||||||
| Havens Edge Apartments LLC, Revenue, Series 2025 A, 5.70%, 08/01/2043 (c) | 3,500,000 | 3,576,652 | ||||||
| Mansfield AAL LP, Revenue, Series 2024, 6.00%, 01/01/2045 (c) | 4,480,000 | 4,541,188 | ||||||
| Mason AAL LP, Revenue, Series 2025 A, 6.10%, 01/01/2046 (c) | 3,000,000 | 3,056,389 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Ohio | ||||||||
| Port of Greater Cincinnati Development Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2026, 6.25%, 03/01/2051 (c) | 2,000,000 | 2,063,702 | ||||||
| Revenue, Senior Lien, Refunding, Series 2026, 5.75%, 03/01/2059 (c) | 4,060,000 | 3,928,764 | ||||||
| RBM Phase 3 Garage Project, Tax Allocation, Series 2024, 5.13%, 12/01/2055 | 3,250,000 | 3,224,140 | ||||||
| Vivera Northbrook LLC, Revenue, Series 2025 A, 6.50%, 01/01/2045 (c) | 4,500,000 | 4,677,911 | ||||||
| Southeastern Ohio Port Authority, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2035 | 1,750,000 | 1,670,341 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2043 | 6,695,000 | 5,929,197 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043 | 6,525,000 | 6,165,260 | ||||||
| Summit County Development Finance Authority, | ||||||||
| UAkronPark, Inc., Revenue, Series 2023, 5.63%, 12/01/2048 | 800,000 | 838,926 | ||||||
| UAkronPark, Inc., Revenue, Series 2023, 5.75%, 12/01/2053 | 1,400,000 | 1,467,700 | ||||||
| UAkronPark, Inc., Revenue, Series 2023, 6.00%, 12/01/2058 | 3,000,000 | 3,177,079 | ||||||
| Toledo-Lucas County Port Authority, | ||||||||
| ParkUToledo, Inc., Revenue, Series 2021, 4.00%, 01/01/2046 | 1,000,000 | 910,607 | ||||||
| Warren County Port Authority, | ||||||||
| Ohio Communities Accelerator Fund, Revenue, Series 2018 G-1, 5.13%, 12/01/2038 | 400,000 | 400,025 | ||||||
| Ohio Communities Accelerator Fund, Revenue, Series 2024 A, 6.70%, 12/01/2056 | 605,000 | 643,136 | ||||||
| Warren County Port Authority Ohio Communities Accelerator Fund, Revenue, Series 2025 E, 6.25%, 12/01/2055 | 1,190,000 | 1,222,612 | ||||||
| 286,688,943 | ||||||||
| Oklahoma 0.4% | ||||||||
| Commerce Development Authority, | ||||||||
| City of Commerce, Revenue, Series 2025, 5.75%, 01/01/2045 | 370,000 | 374,606 | ||||||
| City of Commerce, Revenue, Series 2025, 6.00%, 01/01/2055 | 1,720,000 | 1,733,964 | ||||||
| Mannford Public Works Authority, | ||||||||
| Revenue, Refunding, Series 2021, 3.25%, 01/01/2051 | 1,500,000 | 1,007,731 | ||||||
| Norman Regional Hospital Authority, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2037 | 920,000 | 597,038 | ||||||
| Obligated Group, Revenue, Series 2019, 3.25%, 09/01/2039 | 195,000 | 126,498 | ||||||
| Obligated Group, Revenue, Series 2019, 4.00%, 09/01/2045 | 800,000 | 518,800 | ||||||
| Oklahoma County Finance Authority, | ||||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (c) | 1,800,000 | 1,775,446 | ||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.25%, 06/15/2054 (c) | 3,200,000 | 3,069,917 | ||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.50%, 06/15/2064 (c) | 11,650,000 | 11,400,549 | ||||||
| Oklahoma Development Finance Authority, | ||||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.25%, 08/15/2043 | 35,000 | 35,082 | ||||||
| OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2057 | 2,100,000 | 2,076,605 | ||||||
| Tulsa Authority for Economic Opportunity, | ||||||||
| Increment District No. 15, Tax Allocation, Series 2025, 5.50%, 12/01/2035 (c) | 1,345,000 | 1,372,765 | ||||||
| Increment District No. 15, Tax Allocation, Series 2025, 6.75%, 12/01/2045 (c) | 4,720,000 | 5,005,625 | ||||||
| Wagoner County Development Authority, | ||||||||
| Revenue, Series 2025, 6.50%, 05/01/2035 | 2,265,000 | 2,301,029 | ||||||
| 31,395,655 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Oregon 1.6% | ||||||||
| Astoria Hospital Facilities Authority, | ||||||||
| Columbia Lutheran Charities Obligated Group, Revenue, Series 2024, 5.25%, 08/01/2054 | 4,250,000 | 4,248,546 | ||||||
| City of Redmond, | ||||||||
| GO, AMT, Series 2025 A, 5.50%, 06/01/2052 (g) | 10,500,000 | 10,883,018 | ||||||
| Oregon State Facilities Authority, | ||||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-1, 7.00%, 03/01/2045 (c) | 4,000,000 | 4,320,676 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-1, 7.25%, 03/01/2060 (c) | 24,850,000 | 26,702,590 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-2, 7.00%, 03/01/2045 (c) | 2,000,000 | 2,160,338 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-2, 7.25%, 03/01/2060 (c) | 19,620,000 | 21,068,586 | ||||||
| Portland Village School, Revenue, Series 2024 A, 6.75%, 12/15/2054 (c) | 4,000,000 | 3,726,409 | ||||||
| Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.50%, 12/01/2054 | 2,250,000 | 2,258,565 | ||||||
| Willamette University, Revenue, Refunding, Series 2016 B, 3.00%, 10/01/2045 | 520,000 | 355,769 | ||||||
| Willamette University, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2051 | 850,000 | 666,204 | ||||||
| Polk County Hospital Facility Authority, | ||||||||
| Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2020 A, 5.13%, 07/01/2055 | 1,000,000 | 920,177 | ||||||
| Port of Portland, | ||||||||
| Airport, Revenue, AMT, Series 28, 5.00%, 07/01/2052 (g) | 23,305,000 | 23,364,227 | ||||||
| Airport, Revenue, AMT, Series 29, 5.50%, 07/01/2053 (h) | 1,675,000 | 1,734,062 | ||||||
| Airport, Revenue, AMT, Series 30 A, 5.25%, 07/01/2054 (h) | 8,090,000 | 8,287,689 | ||||||
| Yamhill County Hospital Authority, | ||||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2046 | 1,300,000 | 1,131,322 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2051 | 1,005,000 | 827,958 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2046 | 3,040,000 | 2,645,554 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2051 | 1,650,000 | 1,359,333 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2056 | 1,990,000 | 1,595,803 | ||||||
| 118,256,826 | ||||||||
| Pennsylvania 5.7% | ||||||||
| Beaver County Industrial Development Authority, | ||||||||
| Energy Harbor Generation LLC, Revenue, Refunding, Series B, 3.75%, 10/01/2047 | 4,855,000 | 4,044,726 | ||||||
| Berks County Industrial Development Authority, | ||||||||
| Heritage Campus Green Hills Obligated Group, Revenue, Refunding, Series 2024 D, 8.00%, 04/01/2029 (a)(b)(c) | 3,440,000 | 3,061,958 | ||||||
| Heritage Campus Green Hills Obligated Group, Revenue, Senior Lien, Refunding, Series 2024 C, 5.00%, 04/01/2029 (a)(b)(c) | 2,738,000 | 2,517,399 | ||||||
| Tower Health Obligated Group, Revenue, Refunding, Series 2017, 4.00%, 11/01/2047 | 200,000 | 126,179 | ||||||
| Berks County Municipal Authority (The), | ||||||||
| Tower Health Obligated Group, Revenue, Series 2024 A-3, 5.00%, 06/30/2039 | 56,447,000 | 52,994,893 | ||||||
| Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044 (i) | 52,146,000 | 39,531,231 | ||||||
| Bucks County Industrial Development Authority, | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2054 | 5,000,000 | 4,859,485 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Pennsylvania | ||||||||
| Butler County Hospital Authority, | ||||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035 | 4,430,000 | 4,430,183 | ||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2039 | 3,710,000 | 3,555,210 | ||||||
| DuBois Hospital Authority, | ||||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2043 | 345,000 | 282,938 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2043 | 3,850,000 | 3,699,461 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2048 | 235,000 | 187,607 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2048 | 1,865,000 | 1,698,812 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2045 | 335,000 | 275,034 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2050 | 7,075,000 | 5,554,854 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037 | 150,000 | 145,836 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 3.00%, 07/15/2046 | 285,000 | 189,424 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 07/15/2051 | 2,095,000 | 1,629,789 | ||||||
| Glendale Valley Municipal Authority, | ||||||||
| Revenue, Refunding, Series 2018, 4.75%, 12/01/2039 | 400,000 | 346,018 | ||||||
| Huntingdon County General Authority, | ||||||||
| Juniata College, Revenue, Refunding, Series 2021 TT-3, 5.00%, 10/01/2051 | 12,020,000 | 10,532,389 | ||||||
| Monroe County Industrial Development Authority, | ||||||||
| Tobyhanna Township TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2031 | 2,330,000 | 2,384,022 | ||||||
| Northeastern Pennsylvania Hospital and Education Authority, | ||||||||
| King’s College, Revenue, Series 2019, 3.25%, 05/01/2035 | 150,000 | 133,003 | ||||||
| King’s College, Revenue, Series 2019, 3.38%, 05/01/2037 | 340,000 | 295,386 | ||||||
| King’s College, Revenue, Series 2019, 5.00%, 05/01/2044 | 820,000 | 779,744 | ||||||
| King’s College, Revenue, Series 2019, 5.00%, 05/01/2049 | 2,265,000 | 2,064,318 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Noble Environmental, Inc., Revenue, AMT, Series 2025, 6.88%, 09/01/2047 (c) | 22,000,000 | 23,978,513 | ||||||
| Pennsylvania Higher Education Assistance Agency, | ||||||||
| Revenue, AMT, Series 2020 B, 3.00%, 06/01/2047 | 835,000 | 575,936 | ||||||
| Revenue, AMT, Series 2026-1C, 5.25%, 06/01/2053 | 4,000,000 | 3,807,330 | ||||||
| Pennsylvania Higher Educational Facilities Authority, | ||||||||
| Assessment Area 2, Revenue, AG Insured, Series 2007 A, (3-month SOFR+0.65%), 3.32%, 07/01/2039 (l) | 500,000 | 474,777 | ||||||
| Widener University, Revenue, Refunding, Series 2014, 5.00%, 07/15/2038 | 1,810,000 | 1,761,779 | ||||||
| Pennsylvania Housing Finance Agency, | ||||||||
| Revenue, Series 2023 143A, 5.38%, 10/01/2046 (g) | 15,440,000 | 16,016,216 | ||||||
| Revenue, Series 2023-143 A, 5.45%, 04/01/2051 (g) | 10,640,000 | 10,857,492 | ||||||
| Revenue, Series 2025 148 A, 4.75%, 10/01/2050 (g) | 30,020,000 | 29,282,757 | ||||||
| Revenue, Series 2025 148 A, 4.80%, 10/01/2055 (g) | 36,000,000 | 34,457,944 | ||||||
| Revenue, Series 2025-149A, 5.15%, 10/01/2050 (g) | 32,845,000 | 33,048,829 | ||||||
| Revenue, Refunding, Series 2025-150A, 5.15%, 10/01/2045 (h) | 20,000,000 | 20,428,263 | ||||||
| Revenue, Refunding, Series 2025-150A, 5.20%, 10/01/2050 (h) | 30,445,000 | 30,707,893 | ||||||
| Revenue, Refunding, Series 2025-150A, 5.25%, 10/01/2052 (g) | 19,000,000 | 19,031,739 | ||||||
| Revenue, Series 2026-153A, 4.75%, 10/01/2046 (h) | 7,000,000 | 6,975,485 | ||||||
| Philadelphia Authority for Industrial Development, | ||||||||
| Philadelphia Performing Arts Charter School, Revenue, Refunding, Series 2020, 5.00%, 06/15/2050 (c) | 3,700,000 | 3,403,404 | ||||||
| Quakertown General Authority, | ||||||||
| Special Assessment, Series 2025, 6.50%, 03/01/2055 (c) | 12,500,000 | 13,093,928 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Pennsylvania | ||||||||
| Scranton-Lackawanna Health and Welfare Authority, | ||||||||
| Marywood University, Revenue, Refunding, Series 2016, 5.00%, 06/01/2036 | 400,000 | 371,482 | ||||||
| St. Mary Hospital Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR+0.83%), 3.45%, 11/15/2034 (l) | 1,890,000 | 1,883,171 | ||||||
| Westmoreland County Industrial Development Authority, | ||||||||
| Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2041 | 7,980,000 | 6,780,226 | ||||||
| Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2047 | 6,230,000 | 4,803,382 | ||||||
| Wilkins Area Industrial Development Authority, | ||||||||
| Jewish Association on Aging Obligated Group, Revenue, Series 2025 A, 7.00%, 04/01/2060 (c) | 13,000,000 | 13,128,930 | ||||||
| 420,189,375 | ||||||||
| Puerto Rico 0.1% | ||||||||
| Children’s Trust Fund, | ||||||||
| Revenue, Series 2002, 5.63%, 05/15/2043 | 295,000 | 298,954 | ||||||
| Revenue, Series 2008 B, 0.00%, 05/15/2057 (e) | 72,305,000 | 2,223,646 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, | ||||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-1, 6.75%, 01/01/2045 | 5,000,000 | 5,627,673 | ||||||
| San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.50%, 01/01/2042 | 1,765,000 | 1,982,531 | ||||||
| 10,132,804 | ||||||||
| Rhode Island 1.2% | ||||||||
| Rhode Island Health and Educational Building Corp., | ||||||||
| Chartercare Health of Rhode Island Obligated Group, Revenue, Series 2026 A, 8.50%, 10/01/2056 | 19,400,000 | 21,256,105 | ||||||
| Rhode Island Housing & Mortgage Finance Corp., | ||||||||
| Revenue, GNMA Insured, Series 83-A, 4.90%, 10/01/2054 (g) | 16,760,000 | 16,327,253 | ||||||
| Revenue, Refunding, GNMA Insured, Series 85-A, 4.65%, 10/01/2050 (g) | 9,250,000 | 8,981,984 | ||||||
| Revenue, GNMA Insured, Series 86-A, 5.20%, 10/01/2050 | 5,000,000 | 5,072,903 | ||||||
| Revenue, GNMA Insured, Series 86-A, 5.25%, 10/01/2055 | 10,000,000 | 10,146,531 | ||||||
| Tobacco Settlement Financing Corp., | ||||||||
| Revenue, Series 2007 A, 0.00%, 06/01/2052 (e) | 194,340,000 | 26,035,555 | ||||||
| 87,820,331 | ||||||||
| South Carolina 0.7% | ||||||||
| County of Lancaster, | ||||||||
| Roselyn Residential Improvement District, Special Assessment, Series 2025, 6.00%, 06/01/2045 (c) | 1,000,000 | 1,041,992 | ||||||
| Roselyn Residential Improvement District, Special Assessment, Series 2025, 6.20%, 06/01/2055 (c) | 1,500,000 | 1,535,950 | ||||||
| South Carolina Jobs-Economic Development Authority, | ||||||||
| Connexion Communities Obligated Group, Revenue, Series 2025 A1, 6.75%, 10/15/2060 (c) | 32,000,000 | 32,711,411 | ||||||
| Libertas Academy Woodruff, Revenue, Series 2025 A, 7.15%, 08/15/2055 (c) | 2,000,000 | 2,063,936 | ||||||
| Libertas Academy Woodruff, Revenue, Series 2025 A, 7.25%, 08/15/2065 (c) | 4,000,000 | 4,115,855 | ||||||
| Novant Health Obligated Group, Revenue, Series 2024 A, 4.50%, 11/01/2054 | 12,445,000 | 11,789,561 | ||||||
| 53,258,705 | ||||||||
| South Dakota 0.2% | ||||||||
| Flandreau Santee Sioux Tribe of South Dakota, | ||||||||
| Series 2026, 7.13%, 09/15/2045 (c) | 14,000,000 | 13,615,279 | ||||||
| Tennessee 1.1% | ||||||||
| Chattanooga Health Educational & Housing Facility Board, | ||||||||
| Overlook Apts LP (The), Revenue, FHLMC Insured, Series 2025 A, 4.65%, 08/01/2042 (a)(b) | 6,560,000 | 6,416,526 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Tennessee | ||||||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board, | ||||||||
| South Nashville Central Business Improvement District, Special Assessment, Senior Lien, Series 2021 B, 0.00%, 06/01/2043 (c)(e) | 1,610,000 | 725,303 | ||||||
| Metropolitan Nashville Airport Authority (The), | ||||||||
| Revenue, AMT, Series 2019 B, 5.00%, 07/01/2054 | 3,125,000 | 3,077,078 | ||||||
| Revenue, AMT, Series 2026 B, 5.25%, 07/01/2056 (h) | 22,750,000 | 23,244,371 | ||||||
| Revenue, AMT, Series 2026 B, 5.50%, 07/01/2056 (h) | 14,075,000 | 14,653,603 | ||||||
| Shelby County Health & Educational Facilities Board, | ||||||||
| Madrone Memphis Student Housing I LLC, Revenue, Series 2024 A-1, 5.25%, 06/01/2056 (c) | 2,125,000 | 2,031,737 | ||||||
| Shelby County Health Educational & Housing Facilities Board, | ||||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041 | 3,230,000 | 2,863,987 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.50%, 09/01/2047 | 7,340,000 | 6,383,319 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 09/01/2031 (c) | 65,000 | 58,691 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.25%, 09/01/2037 (c) | 870,000 | 713,466 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (c) | 100,000 | 87,847 | ||||||
| Tennessee Housing Development Agency, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2025-1A, 4.90%, 07/01/2045 (g) | 3,000,000 | 3,043,469 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2025-1A, 5.00%, 07/01/2050 (g) | 3,750,000 | 3,782,601 | ||||||
| Revenue, Refunding, GNMA Insured, Series 2025-1A, 5.05%, 07/01/2055 (g) | 2,250,000 | 2,267,470 | ||||||
| Williamson County Industrial Development Board, | ||||||||
| Franklin Classical School, Revenue, Series 2025, 7.25%, 07/01/2055 (c) | 12,800,000 | 13,024,778 | ||||||
| 82,374,246 | ||||||||
| Texas 7.3% | ||||||||
| Arlington Higher Education Finance Corp., | ||||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2041 | 3,000,000 | 2,576,246 | ||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2051 | 15,330,000 | 11,948,320 | ||||||
| Cypress Christian School, Inc., Revenue, Series 2024, 5.75%, 06/01/2043 (c) | 1,500,000 | 1,520,322 | ||||||
| Cypress Christian School, Inc., Revenue, Series 2024, 6.25%, 06/01/2063 (c) | 1,200,000 | 1,201,633 | ||||||
| Bexar County Health Facilities Development Corp., | ||||||||
| Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2031 | 10,000 | 9,830 | ||||||
| City of Alvarado, | ||||||||
| Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/01/2045 (c) | 725,000 | 748,864 | ||||||
| Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2054 (c) | 850,000 | 867,473 | ||||||
| City of Anna, | ||||||||
| Special Assessment, Series 2026, 5.75%, 09/15/2056 | 2,030,000 | 1,971,616 | ||||||
| Crystal Park Public Improvement District No. 2 Improvement Area, Special Assessment, Series 2025, 5.88%, 09/15/2055 (c) | 875,000 | 892,254 | ||||||
| Hurricane Creek Public Improvement District Improvement Area No. 3, Special Assessment, Series 2026, 5.63%, 09/01/2046 (c) | 1,000,000 | 1,007,512 | ||||||
| Hurricane Creek Public Improvement District Improvement Area No. 3, Special Assessment, Series 2026, 5.88%, 09/01/2056 (c) | 1,975,000 | 1,978,532 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/15/2044 (c) | 850,000 | 867,899 | ||||||
| Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/15/2054 (c) | 1,300,000 | 1,311,683 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.00%, 09/15/2041 (c) | 1,867,000 | 1,714,307 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.25%, 09/15/2051 (c) | 1,407,000 | 1,194,191 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 2-4, Special Assessment, Series 2026, 5.63%, 09/15/2046 (c) | 750,000 | 744,012 | ||||||
| Sherley Tract Public Improvement District No. 2 Improvement Area No. 2-4, Special Assessment, Series 2026, 6.00%, 09/15/2056 (c) | 1,230,000 | 1,208,707 | ||||||
| The Woods at Lindsey Place Public Improvement District Area 2-3, Special Assessment, Series 2025, 5.50%, 09/15/2055 | 1,500,000 | 1,506,480 | ||||||
| City of Austin, | ||||||||
| Whisper Valley Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 11/01/2044 (c) | 560,000 | 560,498 | ||||||
| City of Bastrop, | ||||||||
| Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2045 (c) | 600,000 | 606,210 | ||||||
| Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.63%, 09/01/2055 (c) | 1,000,000 | 1,004,617 | ||||||
| City of Blue Ridge, | ||||||||
| Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.63%, 09/15/2045 (c) | 500,000 | 515,431 | ||||||
| Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.88%, 09/15/2055 (c) | 680,000 | 692,604 | ||||||
| City of Boyd, | ||||||||
| Special Assessment, Series 2025, 5.63%, 09/15/2045 (c) | 760,000 | 785,287 | ||||||
| Special Assessment, Series 2025, 5.88%, 09/15/2055 (c) | 1,000,000 | 1,023,843 | ||||||
| City of Buda, | ||||||||
| Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.88%, 09/01/2045 (c) | 1,500,000 | 1,516,460 | ||||||
| Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2055 (c) | 3,000,000 | 2,941,466 | ||||||
| Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.75%, 09/01/2055 (c) | 3,000,000 | 2,945,709 | ||||||
| City of Caddo Mills, | ||||||||
| Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.20%, 09/15/2045 (c) | 2,245,000 | 2,313,537 | ||||||
| Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.35%, 09/15/2055 (c) | 4,140,000 | 4,214,229 | ||||||
| City of Celina, | ||||||||
| Special Assessment, Series 2024, 5.50%, 09/01/2044 (c) | 475,000 | 485,520 | ||||||
| Special Assessment, Series 2024, 5.75%, 09/01/2054 (c) | 1,246,000 | 1,259,748 | ||||||
| Celina Hills Public Improvement District, Special Assessment, Series 2022, 4.88%, 09/01/2042 (c) | 1,084,000 | 1,075,653 | ||||||
| Lakes at Mustang Ranch Public Improvement District Phases 8-9, Special Assessment, Series 2025, 5.63%, 09/01/2055 (c) | 750,000 | 738,421 | ||||||
| Legacy Celina Public Improvement District, Special Assessment, Series 2025, 5.88%, 09/01/2045 | 1,000,000 | 1,008,157 | ||||||
| Legacy Celina Public Improvement District, Special Assessment, Series 2025, 6.13%, 09/01/2055 | 1,000,000 | 987,985 | ||||||
| Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.13%, 09/01/2044 (c) | 1,750,000 | 1,779,504 | ||||||
| Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (c) | 4,000,000 | 4,019,736 | ||||||
| Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.13%, 09/01/2044 (c) | 360,000 | 367,019 | ||||||
| Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.38%, 09/01/2053 (c) | 500,000 | 498,836 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| North Sky Public Improvement District Improvement Area No. 2, Special Assessment, Series 2026, 5.60%, 09/01/2055 (k) | 1,000,000 | 979,661 | ||||||
| Sutton Fields East Public Improvement District Phase No. 1, Special Assessment, Series 2022, 4.00%, 09/01/2043 (c) | 2,059,000 | 1,810,885 | ||||||
| Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.38%, 09/01/2045 (c) | 500,000 | 495,119 | ||||||
| Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.63%, 09/01/2055 (c) | 875,000 | 850,645 | ||||||
| City of Corpus Christi, | ||||||||
| Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.13%, 09/15/2044 | 1,150,000 | 1,164,649 | ||||||
| Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.50%, 09/15/2054 | 2,000,000 | 1,998,988 | ||||||
| City of Crandall, | ||||||||
| River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.25%, 09/15/2045 (c) | 700,000 | 698,172 | ||||||
| River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.50%, 09/15/2055 (c) | 1,400,000 | 1,384,891 | ||||||
| City of Dayton, | ||||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Junior Lien, Series 2024 B, 6.25%, 09/01/2054 (c) | 1,250,000 | 1,225,181 | ||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.38%, 09/01/2044 (c) | 610,000 | 618,503 | ||||||
| Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.75%, 09/01/2054 (c) | 900,000 | 911,384 | ||||||
| City of Decatur, | ||||||||
| Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.38%, 09/15/2035 (c) | 170,000 | 171,257 | ||||||
| Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.38%, 09/15/2055 (c) | 865,000 | 857,021 | ||||||
| City of Dorchester, | ||||||||
| Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2044 (c) | 1,331,000 | 1,342,822 | ||||||
| Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.25%, 09/15/2054 (c) | 1,459,000 | 1,432,543 | ||||||
| Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (c) | 1,050,000 | 1,044,895 | ||||||
| Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (c) | 1,500,000 | 1,432,541 | ||||||
| City of Dripping Springs, | ||||||||
| Heritage Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (c) | 645,000 | 647,619 | ||||||
| City of Elmendorf, | ||||||||
| Hickory Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.88%, 09/01/2045 (c) | 4,094,000 | 4,141,815 | ||||||
| Hickory Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 6.13%, 09/01/2055 (c) | 3,017,000 | 3,019,028 | ||||||
| City of Fate, | ||||||||
| Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 08/15/2044 (c) | 900,000 | 909,136 | ||||||
| Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.75%, 08/15/2054 (c) | 1,850,000 | 1,867,444 | ||||||
| City of Friendswood, | ||||||||
| Public Improvement District, Special Assessment, Series 2024, 7.00%, 09/15/2054 | 7,250,000 | 7,265,546 | ||||||
| City of Gunter, | ||||||||
| Bridges Phase 1B Public Improvement District, Special Assessment, Series 2026, 5.38%, 09/15/2046 | 670,000 | 658,116 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Bridges Phase 1B Public Improvement District, Special Assessment, Series 2026, 5.75%, 09/15/2056 | 1,165,000 | 1,131,494 | ||||||
| Platinum Ranch Public Improvement District Improvement Area 1, Special Assessment, Series 2026, 6.00%, 09/15/2056 (k) | 4,000,000 | 3,925,389 | ||||||
| Taylor Ranch Public Improvement District Improvement Area 1, Special Assessment, Series 2026, 6.00%, 09/15/2056 (k) | 1,610,000 | 1,579,969 | ||||||
| City of Huntsville, | ||||||||
| Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.38%, 09/15/2044 (c) | 775,000 | 789,953 | ||||||
| Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.63%, 09/15/2054 (c) | 740,000 | 733,936 | ||||||
| City of Hutto, | ||||||||
| Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/01/2045 (c) | 385,000 | 385,604 | ||||||
| Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2060 (c) | 1,165,000 | 1,127,665 | ||||||
| City of Justin, | ||||||||
| Special Assessment, Series 2025, 6.13%, 09/01/2055 (c) | 1,000,000 | 1,000,672 | ||||||
| Timberbrook Public Improvement District No. 1 Improvement Area No. 3, Special Assessment, Series 2025, 5.88%, 09/01/2045 (c) | 660,000 | 672,858 | ||||||
| Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2044 (c) | 580,000 | 600,569 | ||||||
| Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (c) | 1,000,000 | 1,014,054 | ||||||
| Timberbrook Public Improvement District No. 2 Improvement Area No. 2, Special Assessment, Series 2025, 5.75%, 09/01/2045 (c) | 405,000 | 409,326 | ||||||
| Timberbrook Public Improvement District No. 2 Improvement Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (c) | 700,000 | 700,717 | ||||||
| City of Kyle, | ||||||||
| 6 Creeks Public Improvement District Improvement Area No. 3, Special Assessment, Series 2021, 3.75%, 09/01/2041 (c) | 2,000,000 | 1,783,934 | ||||||
| Limestone Creek Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (c) | 1,125,000 | 1,133,965 | ||||||
| Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (c) | 520,000 | 525,922 | ||||||
| Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 09/01/2054 (c) | 805,000 | 808,367 | ||||||
| City of Lago Vista, | ||||||||
| Tessera on Lake Travis Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 6.00%, 09/01/2054 (c) | 1,000,000 | 1,013,808 | ||||||
| City of Lavon, | ||||||||
| Special Assessment, Series 2025, 5.75%, 09/15/2045 (c) | 1,100,000 | 1,141,404 | ||||||
| Special Assessment, Series 2025, 6.00%, 09/15/2054 (c) | 1,400,000 | 1,434,606 | ||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2022, 4.13%, 09/15/2052 (c) | 2,105,000 | 1,691,564 | ||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/15/2044 (c) | 500,000 | 497,980 | ||||||
| Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.38%, 09/15/2052 (c) | 500,000 | 492,105 | ||||||
| Elevon Public Improvement District Improvement Area No. 2A-2B, Special Assessment, Series 2024, 5.13%, 09/15/2044 (c) | 600,000 | 612,947 | ||||||
| Elevon Public Improvement District Improvement Area No. 2A-2B, Special Assessment, Series 2024, 5.50%, 09/15/2054 (c) | 800,000 | 801,460 | ||||||
| City of Lowry Crossing, | ||||||||
| Simpson Road Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (c) | 1,000,000 | 1,031,024 | ||||||
| Simpson Road Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2055 (c) | 1,625,000 | 1,654,508 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| City of Manor, | ||||||||
| EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/15/2036 (c) | 400,000 | 410,293 | ||||||
| EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 7.00%, 09/15/2055 (c) | 1,910,000 | 1,996,778 | ||||||
| Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.38%, 09/15/2044 (c) | 515,000 | 527,115 | ||||||
| Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.63%, 09/15/2054 (c) | 685,000 | 688,178 | ||||||
| City of Mansfield, | ||||||||
| Staybolt Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/15/2045 (c) | 1,030,000 | 1,073,109 | ||||||
| Staybolt Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.25%, 09/15/2055 (c) | 1,200,000 | 1,230,476 | ||||||
| City of Mclendon-Chisholm, | ||||||||
| Special Assessment, Series 2026, 5.70%, 09/15/2056 (k) | 1,000,000 | 976,604 | ||||||
| City of Mesquite, | ||||||||
| Solterra Public Improvement District Improvement Area A-1, Special Assessment, Series 2023, 5.75%, 09/01/2053 (c) | 250,000 | 253,741 | ||||||
| Solterra Public Improvement District Improvement Area A-2-A-4, Special Assessment, Series 2025, 5.50%, 09/01/2045 | 1,000,000 | 1,007,940 | ||||||
| Solterra Public Improvement District Improvement Area A-2-A-4, Special Assessment, Series 2025, 5.75%, 09/01/2055 | 1,635,000 | 1,622,499 | ||||||
| Solterra Public Improvement District Improvement Area C-4, Special Assessment, Series 2025, 5.63%, 09/01/2055 | 2,000,000 | 2,010,397 | ||||||
| Solterra Public Improvement District Improvement Area No. C-3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (c) | 500,000 | 498,735 | ||||||
| City of Oak Point, | ||||||||
| Chaparral Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.10%, 09/15/2044 (c) | 725,000 | 726,688 | ||||||
| Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.35%, 09/15/2044 (c) | 570,000 | 574,580 | ||||||
| Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.63%, 09/15/2054 (c) | 1,000,000 | 1,002,584 | ||||||
| City of Penitas, | ||||||||
| GO, Series 2025, 5.75%, 09/01/2045 | 1,160,000 | 1,174,082 | ||||||
| GO, Series 2025, 6.00%, 09/01/2055 | 3,290,000 | 3,300,291 | ||||||
| City of Pflugerville, | ||||||||
| Meadowlark Preserve Public Improvement District, Special Assessment, Series 2025, 5.13%, 09/01/2045 (c) | 875,000 | 878,436 | ||||||
| City of Pilot Point, | ||||||||
| Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (c) | 750,000 | 783,128 | ||||||
| Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.38%, 09/15/2055 (c) | 3,500,000 | 3,589,637 | ||||||
| Bryson Ranch Public Impt Dist Zone A Impt Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (c) | 1,030,000 | 1,073,996 | ||||||
| Maverick Farms Public Improvement District Improvement Area, Special Assessment, Series 2026, 6.75%, 09/15/2046 | 1,205,000 | 1,206,490 | ||||||
| Maverick Farms Public Improvement District Improvement Area No.1, Special Assessment, Series 2026, 6.00%, 09/15/2046 | 1,750,000 | 1,752,283 | ||||||
| Maverick Farms Public Improvement District Improvement Area No.1, Special Assessment, Series 2026, 6.25%, 09/15/2056 | 2,750,000 | 2,714,487 | ||||||
| City of Plano, | ||||||||
| Collin Creek West Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (c) | 500,000 | 404,258 | ||||||
| City of Port Isabel, | ||||||||
| GO, Series 2024, 5.25%, 02/15/2044 | 3,155,000 | 3,167,720 | ||||||
| GO, Series 2024, 5.50%, 02/15/2054 | 2,020,000 | 1,973,429 | ||||||
| GO, Series 2025, 5.75%, 02/15/2045 | 1,550,000 | 1,573,854 | ||||||
| GO, Series 2025, 6.00%, 02/15/2055 | 2,190,000 | 2,198,964 | ||||||
| City of Princeton, | ||||||||
| Special Assessment, Series 2026, 5.25%, 09/01/2046 | 1,000,000 | 985,590 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Eastridge Public Improvement District Improvement Area 5, Special Assessment, Series 2025, 5.63%, 09/01/2055 (c) | 1,900,000 | 1,902,168 | ||||||
| Eastridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2023, 5.25%, 09/01/2043 (c) | 1,000,000 | 1,015,880 | ||||||
| Eastridge Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (c) | 700,000 | 703,573 | ||||||
| Eastridge Public Improvement District Improvement Area No. 4, Special Assessment, Series 2025, 5.38%, 09/01/2045 (c) | 500,000 | 504,291 | ||||||
| Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 5.75%, 09/01/2045 (c) | 850,000 | 882,054 | ||||||
| Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 6.00%, 09/01/2055 (c) | 1,000,000 | 1,020,462 | ||||||
| Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.38%, 09/01/2045 (c) | 540,000 | 539,809 | ||||||
| Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.63%, 09/01/2055 (c) | 1,000,000 | 999,986 | ||||||
| Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.75%, 09/01/2045 (c) | 810,000 | 836,858 | ||||||
| Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (c) | 845,000 | 860,235 | ||||||
| City of Royse City, | ||||||||
| Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 5.75%, 09/15/2045 (c) | 605,000 | 627,407 | ||||||
| Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 6.00%, 09/15/2055 (c) | 775,000 | 787,714 | ||||||
| Liberty Crossing Public Improvement District improvement Area No. 2, Special Assessment, Series 2024, 5.63%, 09/15/2054 (c) | 746,000 | 737,821 | ||||||
| Waterscape Annex Public Improvement District, Special Assessment, Series 2026, 5.63%, 09/15/2056 (c) | 1,000,000 | 972,925 | ||||||
| City of San Antonio, | ||||||||
| Airport System, Revenue, AMT, Refunding, BAM Insured, Series 2026, 5.00%, 07/01/2060 (h)(k) | 6,500,000 | 6,460,063 | ||||||
| Airport System, Revenue, AMT, Refunding, BAM Insured, Series 2026, 5.50%, 07/01/2060 (h)(k) | 10,000,000 | 10,402,814 | ||||||
| City of Seagoville, | ||||||||
| Special Assessment, Series 2025, 5.75%, 09/15/2045 (c) | 650,000 | 670,166 | ||||||
| Special Assessment, Series 2025, 6.00%, 09/15/2054 (c) | 875,000 | 892,512 | ||||||
| Santorini Public Improvement District Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2054 (c) | 5,000,000 | 4,967,104 | ||||||
| Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (c) | 2,000,000 | 2,003,175 | ||||||
| Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (c) | 2,500,000 | 2,466,163 | ||||||
| City of Terrell, | ||||||||
| Arboretum Estates Public Improvement Dist No. 6 Impt Area No., Special Assessment, Series 2025, 6.00%, 09/15/2045 (c) | 2,000,000 | 2,076,417 | ||||||
| Arboretum Estates Public Improvement Dist No. 6 Impt Area No., Special Assessment, Series 2025, 6.25%, 09/15/2055 (c) | 3,000,000 | 3,071,942 | ||||||
| City of Tomball, | ||||||||
| Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (c) | 500,000 | 522,153 | ||||||
| Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2053 (c) | 770,000 | 792,750 | ||||||
| City of Uhland, | ||||||||
| Anderson Park Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2055 (c) | 950,000 | 931,801 | ||||||
| City of Venus, | ||||||||
| Patriot Estates Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (c) | 162,000 | 130,409 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| City of Wharton, | ||||||||
| Special Assessment, Series 2025, 5.75%, 09/15/2045 (c) | 865,000 | 891,836 | ||||||
| Special Assessment, Series 2025, 6.00%, 09/15/2055 (c) | 1,250,000 | 1,272,698 | ||||||
| Clifton Higher Education Finance Corp., | ||||||||
| Valor Texas Education Foundation, Revenue, Series 2024 A, 5.75%, 06/15/2044 (c) | 870,000 | 848,531 | ||||||
| Valor Texas Education Foundation, Revenue, Series 2024 A, 6.00%, 06/15/2054 (c) | 2,240,000 | 2,107,664 | ||||||
| Club Municipal Management District No. 1, | ||||||||
| Improvement Area No. 3, Special Assessment, Series 2024, Class A, 5.10%, 09/01/2044 (c) | 1,050,000 | 1,046,136 | ||||||
| County of Bastrop, | ||||||||
| Double Eagle Ranch Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.25%, 09/01/2044 (c) | 605,000 | 617,228 | ||||||
| County of Denton, | ||||||||
| Green Meadows Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 12/31/2045 (c) | 2,180,000 | 2,246,000 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044 | 1,250,000 | 1,269,139 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054 | 3,500,000 | 3,480,363 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.25%, 12/31/2044 (c) | 2,000,000 | 2,027,850 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.63%, 12/31/2054 (c) | 3,200,000 | 3,181,134 | ||||||
| Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.00%, 12/31/2044 (c) | 2,125,000 | 2,148,252 | ||||||
| Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.25%, 12/31/2054 (c) | 3,350,000 | 3,324,855 | ||||||
| County of Medina, | ||||||||
| Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (c) | 2,519,000 | 2,496,598 | ||||||
| Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.35%, 09/01/2054 (c) | 1,800,000 | 1,709,124 | ||||||
| Viera Public Improvement District Improvement Area No. 1, Special Assessment, Series 2026, 5.45%, 09/01/2046 | 620,000 | 616,397 | ||||||
| Viera Public Improvement District Improvement Area No. 1, Special Assessment, Series 2026, 5.75%, 09/01/2056 | 1,150,000 | 1,132,784 | ||||||
| Woodlands Public Improvement District Neighborhood Improvement Area No. 1, Special Assessment, Series 2021, 4.75%, 09/01/2050 (c) | 2,250,000 | 2,017,249 | ||||||
| County of Montgomery, | ||||||||
| Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/15/2045 | 675,000 | 670,382 | ||||||
| Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/15/2054 | 815,000 | 796,665 | ||||||
| Villages of Greystone Public Improvement District, Special Assessment, Series 2026, 5.38%, 09/15/2046 | 640,000 | 630,941 | ||||||
| Villages of Greystone Public Improvement District, Special Assessment, Series 2026, 5.75%, 09/15/2056 | 1,085,000 | 1,058,241 | ||||||
| Edinburg Economic Development Corp., | ||||||||
| Sales Tax, Revenue, Series 2021 A, 3.38%, 08/15/2046 | 355,000 | 243,238 | ||||||
| Greater Texas Cultural Education Facilities Finance Corp., | ||||||||
| CFC - WLH LLC, Revenue, Series 2024 A, 6.38%, 09/01/2034 (c) | 1,470,000 | 1,470,916 | ||||||
| CFC - WLH LLC, Revenue, Series 2024 A, 6.50%, 09/01/2049 (c) | 7,495,000 | 7,341,823 | ||||||
| CFC - WLH LLC, Revenue, Series 2024 B, 11.00%, 09/01/2029 (c) | 550,000 | 547,965 | ||||||
| Texas Biomedical Research Institute, Revenue, Series 2024 A, 5.25%, 06/01/2054 | 14,130,000 | 13,413,813 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Gulf Coast Industrial Development Authority, | ||||||||
| Exxon Mobil Corp., Revenue, Series 2012, 3.05%, 08/03/2026 (b)(j) | 7,735,000 | 7,735,000 | ||||||
| Hidalgo County Regional Mobility Authority, | ||||||||
| Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2045 (e) | 5,800,000 | 2,029,228 | ||||||
| Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2046 (e) | 2,945,000 | 962,437 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2047 (e) | 6,125,000 | 1,937,691 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2048 (e) | 7,130,000 | 2,105,018 | ||||||
| Revenue, Senior Lien, Series A, 0.00%, 12/01/2050 (e) | 5,145,000 | 1,333,639 | ||||||
| Houston Higher Education Finance Corp., | ||||||||
| Houston Baptist University, Revenue, Series 2021, 4.00%, 10/01/2051 | 3,200,000 | 2,515,302 | ||||||
| Houston Baptist University, Revenue, Series 2025, 5.13%, 10/01/2051 | 1,700,000 | 1,610,336 | ||||||
| Houston Baptist University, Revenue, Series 2025, 5.25%, 10/01/2054 | 4,855,000 | 4,628,413 | ||||||
| Hunt Memorial Hospital District Charitable Health, | ||||||||
| GO, Refunding, Series 2020, 4.00%, 02/15/2038 | 1,195,000 | 1,059,268 | ||||||
| GO, Refunding, Series 2020, 3.00%, 02/15/2039 | 25,000 | 19,770 | ||||||
| GO, Refunding, Series 2020, 3.00%, 02/15/2040 | 10,000 | 7,735 | ||||||
| Iowa Colony Development Authority, | ||||||||
| Reinvestment Zone Number Two, Revenue, Series 2021, 2.75%, 04/01/2045 | 1,065,000 | 710,166 | ||||||
| New Hope Cultural Education Facilities Finance Corp., | ||||||||
| Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2041 (c) | 200,000 | 168,535 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.25%, 01/01/2042 | 18,180,000 | 17,783,505 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 | 133,315,000 | 124,665,976 | ||||||
| SLF CHP LLC, Revenue, Series 2025 A, 6.25%, 07/01/2045 (c) | 3,450,000 | 3,617,036 | ||||||
| SLF CHP LLC, Revenue, Series 2025 A, 6.50%, 07/01/2056 (c) | 14,775,000 | 15,305,700 | ||||||
| Westminster Manor Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/01/2060 | 2,750,000 | 2,639,203 | ||||||
| North Texas Municipal Water District, | ||||||||
| Revenue, Series 2020, 2.00%, 06/01/2042 | 1,195,000 | 777,787 | ||||||
| Revenue, Series 2020, 2.00%, 06/01/2043 | 1,230,000 | 785,118 | ||||||
| Revenue, Series 2020, 2.00%, 06/01/2044 | 1,260,000 | 785,391 | ||||||
| Buffalo Creek Wastewater Interceptor Syste, Revenue, Refunding, Series 2019, 2.75%, 06/01/2049 | 1,130,000 | 744,235 | ||||||
| Olney Hamilton Hospital District, | ||||||||
| GO, Series 2024, 6.25%, 09/15/2054 (c) | 25,350,000 | 25,682,197 | ||||||
| GO, Series 2026, 6.63%, 09/15/2056 (c) | 5,000,000 | 4,859,516 | ||||||
| Paseo del Este Municipal Utility District No. 1, | ||||||||
| GO, Series 2022, 3.00%, 08/15/2046 | 3,505,000 | 2,407,769 | ||||||
| Reagan Hospital District of Reagan County, | ||||||||
| GO, Series 2026, 6.00%, 08/01/2046 | 1,400,000 | 1,455,533 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., | ||||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.63%, 11/15/2030 | 10,000 | 10,004 | ||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035 | 85,000 | 85,023 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., | ||||||||
| NTE Mobility Partners Segments 3 LLC, Revenue, Senior Lien, AMT, Series 2019, 5.00%, 06/30/2058 | 1,225,000 | 1,193,184 | ||||||
| Texas Water Development Board, | ||||||||
| State Revolving Fund, Revenue, Series 2025, 4.75%, 10/15/2055 (g) | 25,000,000 | 24,480,340 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Town of Argyle, | ||||||||
| Waterbrook of Argyle Public Improvement District, Special Assessment, Series 2018, 5.13%, 09/01/2038 (c) | 2,100,000 | 2,106,221 | ||||||
| Town of Providence Village, | ||||||||
| Foree Ranch Public Improvement Dist Improvement Area No. 2, Special Assessment, Series 2025, 5.35%, 09/01/2045 (c) | 775,000 | 778,250 | ||||||
| Travis County Development Authority, | ||||||||
| Special Assessment, Series 2025, 5.00%, 09/01/2044 | 780,000 | 777,109 | ||||||
| Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.38%, 09/01/2044 (c) | 900,000 | 923,097 | ||||||
| Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.63%, 09/01/2051 (c) | 765,000 | 774,974 | ||||||
| Longview 71 Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 (c) | 585,000 | 594,747 | ||||||
| Village of Salado, | ||||||||
| Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.25%, 09/01/2044 (c) | 658,000 | 670,007 | ||||||
| Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.50%, 09/01/2054 (c) | 707,000 | 707,271 | ||||||
| 539,428,579 | ||||||||
| Utah 2.1% | ||||||||
| Chelsey Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024, 7.25%, 03/01/2054 (c) | 1,610,000 | 1,637,515 | ||||||
| Assessment Area 1, Special Assessment, Series 2024, 7.00%, 12/01/2042 (c) | 967,000 | 1,010,404 | ||||||
| Downtown Daybreak Public Infrastructure District No. 1, | ||||||||
| South Station Housing and Transit Reinvestment Zone, Tax Allocation, Series 2026, 5.88%, 03/01/2051 (c) | 1,500,000 | 1,516,942 | ||||||
| Fields Estates Public Infrastructure District, | ||||||||
| Assessment Area, Special Assessment, Series 2024 A-2, 5.25%, 12/01/2053 (c) | 6,743,196 | 6,539,069 | ||||||
| Firefly Public Infrastructure District No. 1, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (c) | 1,704,190 | 1,742,690 | ||||||
| Jordanelle Ridge Public Infrastructure District No. 3, | ||||||||
| GO, Series 2026A-1, 5.88%, 03/01/2057 | 1,100,000 | 1,099,392 | ||||||
| GO, Series 2026A-2, 0.00%, 03/01/2057 (i) | 2,150,000 | 1,518,481 | ||||||
| Mida Cormont Public Infrastructure District, | ||||||||
| GO, Series 2025 A-2, 0.00%, 06/01/2055 (c)(i) | 15,725,000 | 13,757,004 | ||||||
| GO, Series 2025 B, 8.50%, 06/15/2055 (c) | 3,747,000 | 3,869,996 | ||||||
| Mida Mountain Village Public Infrastructure District, | ||||||||
| Tax Allocation, Series 2025-1, 5.50%, 06/01/2055 (c) | 1,500,000 | 1,504,932 | ||||||
| Moonlight Village Public Infrastructure District No. 1, | ||||||||
| GO, Series 2025 A, 6.00%, 03/01/2056 (c) | 1,000,000 | 1,006,861 | ||||||
| Olympia Public Infrastructure District No. 1, | ||||||||
| Revenue, Series 2024 A-2, 5.13%, 12/01/2029 (c) | 2,000,000 | 2,015,773 | ||||||
| Limited Tax Pledged, GO, Series 2024 A-1, 6.38%, 03/01/2055 (c) | 2,485,000 | 2,545,006 | ||||||
| Panorama Public Infrastructure District No. 1, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2026, 6.20%, 12/01/2055 (c) | 1,130,000 | 1,121,191 | ||||||
| Pine View Public Infrastructure District No. 1, | ||||||||
| Pine View Public Infrastructure District No. 1 Firelight Assessment Area No. 2, Special Assessment, Series 2026, 7.00%, 12/01/2055 (c) | 11,240,000 | 10,822,997 | ||||||
| Resort Core Public Infrastructure District No. 1, | ||||||||
| GO, Series 2026 A-1, 5.63%, 03/01/2051 | 6,750,000 | 6,758,633 | ||||||
| GO, Series 2026 A-1, 5.88%, 03/01/2057 | 10,000,000 | 10,114,475 | ||||||
| GO, Series 2026 A2, 0.00%, 03/01/2057 (i) | 12,490,000 | 9,647,448 | ||||||
| GO, Series 2026 B, 8.25%, 03/15/2057 | 9,000,000 | 9,161,041 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Utah | ||||||||
| Ridges Estates Infrastructure Financing District, | ||||||||
| Alpine Hollow Assessment Area, Special Assessment, Series 2025, 6.25%, 12/01/2053 (c) | 3,500,000 | 3,593,428 | ||||||
| Soleil Hills Public Infrastructure District No. 1, | ||||||||
| GO, Series 2025 A, 5.88%, 03/01/2055 (c) | 2,425,000 | 2,422,849 | ||||||
| South Salt Lake Redevelopment Agency, | ||||||||
| Tax Allocation, Series 2025, 6.25%, 04/15/2046 (c) | 2,125,000 | 2,161,631 | ||||||
| Utah Charter School Finance Authority, | ||||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2052 (c) | 3,000,000 | 2,528,259 | ||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2057 (c) | 8,500,000 | 7,009,100 | ||||||
| Ascent Academies of Utah, Revenue, Series 2024, 6.75%, 06/15/2059 (c) | 16,900,000 | 17,354,025 | ||||||
| Athenian eAcademy, Revenue, Series 2024 A, 6.50%, 04/15/2058 (c) | 9,060,000 | 8,092,251 | ||||||
| Freedom Academy Foundation, Revenue, Refunding, Series 2017, 5.38%, 06/15/2048 (c) | 5,805,000 | 4,811,867 | ||||||
| Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2041 (c) | 1,020,000 | 868,981 | ||||||
| Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2052 (c) | 3,895,000 | 2,980,469 | ||||||
| Odyssey Charter School, Inc., Revenue, Series 2025 A, 7.25%, 06/15/2055 (c) | 7,380,000 | 7,004,080 | ||||||
| Odyssey Charter School, Inc., Revenue, Series 2025 B, 9.00%, 06/15/2031 (c) | 400,000 | 400,212 | ||||||
| Ronald Wilson Reagan Academy, Revenue, Refunding, Series 2016 A, 5.00%, 02/15/2046 (c) | 1,000,000 | 870,477 | ||||||
| Wallace Stegner Academy, Revenue, Series 2019 A, 5.00%, 06/15/2049 (c) | 1,590,000 | 1,416,341 | ||||||
| Utah Infrastructure Agency, | ||||||||
| Revenue, Series 2021, 3.00%, 10/15/2045 | 1,000,000 | 747,085 | ||||||
| Viridian Farm Public Infrastructure District No. 1, | ||||||||
| GO, Series 2024 A, 5.88%, 03/01/2054 (c) | 2,255,000 | 2,274,193 | ||||||
| Wood Ranch Public Infrastructure District, | ||||||||
| Wood Ranch Public Infrastructure District Assessment Area No. 2, Special Assessment, Series 2026, 5.88%, 12/01/2055 (c) | 2,500,000 | 2,524,329 | ||||||
| 154,449,427 | ||||||||
| Virgin Islands 0.1% | ||||||||
| Virgin Islands Hotel Development Financing Corp., | ||||||||
| Revenue, Senior Lien, Series 2025 A-1, 6.00%, 12/01/2055 | 9,400,000 | 9,319,581 | ||||||
| Virgin Islands Public Finance Authority, | ||||||||
| United States Virgin Islands, Revenue, Series 2012 C, 5.00%, 10/01/2042 | 500,000 | 479,694 | ||||||
| 9,799,275 | ||||||||
| Virginia 0.9% | ||||||||
| Norfolk Redevelopment & Housing Authority, | ||||||||
| Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Refunding, Series 2014, 5.38%, 01/01/2046 | 65,000 | 65,002 | ||||||
| Prince William County Industrial Development Authority, | ||||||||
| Westminster Presbyterian Retirement Community Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 01/01/2046 | 1,530,000 | 1,445,296 | ||||||
| Salem Economic Development Authority, | ||||||||
| Roanoke College Obligated Group, Revenue, Series 2025, 5.50%, 04/01/2045 | 600,000 | 613,717 | ||||||
| Roanoke College Obligated Group, Revenue, Series 2025, 6.00%, 04/01/2055 | 1,330,000 | 1,382,501 | ||||||
| Virginia College Building Authority, | ||||||||
| Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (c) | 1,000,000 | 759,347 | ||||||
| Marymount University, Revenue, Series 2015 B, 5.00%, 07/01/2045 (c) | 1,000,000 | 759,347 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Virginia | ||||||||
| Virginia Housing Development Authority, | ||||||||
| Revenue, Series 2024 F SUB F-1, 5.05%, 07/01/2050 | 2,250,000 | 2,282,851 | ||||||
| Revenue, Series 2024 F SUB F-1, 5.10%, 07/01/2055 | 2,000,000 | 2,012,659 | ||||||
| Revenue, Series 2024 H, 4.70%, 12/01/2054 (g) | 3,000,000 | 2,910,795 | ||||||
| Revenue, Series 2024 H, 4.75%, 12/01/2059 (g) | 5,000,000 | 4,864,995 | ||||||
| Revenue, Series 2024 H, 4.85%, 12/01/2066 (g) | 12,570,000 | 12,296,582 | ||||||
| Revenue, Series 2024F SUB F-3, 5.00%, 07/01/2050 (g) | 4,000,000 | 4,053,771 | ||||||
| Revenue, Series 2024F SUB F-3, 5.05%, 07/01/2055 (g) | 6,000,000 | 6,038,420 | ||||||
| Revenue, Series 2025 A, 4.85%, 03/01/2068 (g) | 16,500,000 | 15,913,809 | ||||||
| Revenue, Series 2025 C, 5.10%, 07/01/2055 | 6,420,000 | 6,523,528 | ||||||
| Virginia Small Business Financing Authority, | ||||||||
| LifeSpire of Virginia Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 12/01/2051 | 5,000,000 | 4,198,442 | ||||||
| National Senior Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 3.38%, 01/01/2051 | 125,000 | 97,647 | ||||||
| 66,218,709 | ||||||||
| Washington 1.8% | ||||||||
| Port of Woodland, | ||||||||
| Revenue, Series 2024, 5.25%, 12/01/2034 | 1,170,000 | 1,122,343 | ||||||
| Revenue, Series 2024, 6.00%, 12/01/2047 | 3,090,000 | 2,815,657 | ||||||
| Washington Health Care Facilities Authority, | ||||||||
| Multicare Health System Obligated Group, Revenue, Refunding, Series B, 4.00%, 08/15/2039 | 5,000,000 | 4,662,486 | ||||||
| Washington State Housing Finance Commission, | ||||||||
| Bayview Manor Homes Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2059 | 1,645,000 | 1,671,338 | ||||||
| Bayview Manor Homes Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2060 (c) | 1,500,000 | 1,523,065 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 7.00%, 05/01/2066 | 17,400,000 | 17,911,713 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.50%, 01/01/2044 (c) | 1,000,000 | 992,916 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.75%, 01/01/2053 (c) | 2,540,000 | 2,462,417 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.88%, 01/01/2059 (c) | 3,320,000 | 3,231,088 | ||||||
| Josephine Caring Community Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 07/01/2046 (c) | 5,160,000 | 5,268,775 | ||||||
| Josephine Caring Community Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 07/01/2060 (c) | 10,075,000 | 10,115,449 | ||||||
| Provident Group - SH II Properties LLC, Revenue, Series 2025 A, 5.75%, 07/01/2060 (c) | 45,690,000 | 46,147,814 | ||||||
| Provident Group - SH II Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.25%, 07/01/2064 (c) | 20,000,000 | 20,020,472 | ||||||
| Provident Group - SH II Properties LLC, Revenue, Series 2025 B, 7.00%, 07/01/2064 (c) | 6,550,000 | 6,752,853 | ||||||
| Spokane United Methodist Homes Obligated Group, Revenue, Series 2019, 5.00%, 01/01/2055 (c) | 5,510,000 | 4,847,534 | ||||||
| 129,545,920 | ||||||||
| West Virginia 0.1% | ||||||||
| City of Huntington, | ||||||||
| Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.00%, 06/01/2039 | 365,000 | 366,270 | ||||||
| Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049 | 450,000 | 445,762 | ||||||
| Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.13%, 06/01/2039 | 435,000 | 438,071 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| West Virginia | ||||||||
| Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.63%, 05/01/2050 | 955,000 | 944,465 | ||||||
| West Virginia Hospital Finance Authority, | ||||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043 | 5,445,000 | 5,160,918 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 4.13%, 01/01/2047 | 1,680,000 | 1,347,334 | ||||||
| 8,702,820 | ||||||||
| Wisconsin 13.5% | ||||||||
| Public Finance Authority, | ||||||||
| Revenue, Series 2023-1, Class A, 5.75%, 07/01/2062 | 7,360,585 | 7,559,059 | ||||||
| Revenue, Series 2024, 5.50%, 12/15/2038 (c) | 10,513,000 | 10,513,312 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2042 (c)(e) | 25,000,000 | 7,894,427 | ||||||
| AIDS Healthcare Foundation Obligated Group, Revenue, Series 2025 A, 5.25%, 12/01/2054 | 8,000,000 | 8,067,086 | ||||||
| AMCP Franklin LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 12/01/2060 (c) | 1,000,000 | 1,011,233 | ||||||
| Ameream LLC, Revenue, Series 2017, 7.00%, 12/01/2050 (c) | 39,030,000 | 30,443,400 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2040 (c)(f) | 2,020,000 | 1,517,689 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2050 (c)(f) | 2,995,000 | 1,913,871 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2056 (c)(f) | 2,445,000 | 1,462,811 | ||||||
| Bonnie Cone Classical Academy, Inc., Revenue, Series 2024, 5.63%, 06/15/2059 (c)(f) | 1,270,000 | 960,421 | ||||||
| Briarwood Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2036 (c)(e) | 8,160,000 | 4,148,435 | ||||||
| Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.50%, 06/01/2055 | 1,200,000 | 1,187,570 | ||||||
| CFC-SA LLC, Revenue, Series 2022 B, 6.00%, 02/01/2062 (c) | 6,800,000 | 6,906,208 | ||||||
| Charter Day School Obligated Group, Revenue, Series 2020 A, 5.00%, 12/01/2055 (c) | 2,500,000 | 2,164,005 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.38%, 06/15/2039 (c) | 250,000 | 249,480 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.70%, 06/15/2044 (c) | 410,000 | 411,074 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.88%, 06/15/2054 (c) | 1,000,000 | 977,923 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 6.00%, 06/15/2064 (c) | 2,415,000 | 2,342,962 | ||||||
| College Achieve Central Charter School Obligated Group, Revenue, Series 2021 A, 5.00%, 06/15/2051 (c) | 1,645,000 | 1,358,304 | ||||||
| Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,000,000 | 795,002 | ||||||
| Coral Academy of Science Reno, Revenue, Series 2022 A, 5.88%, 06/01/2052 (c) | 1,500,000 | 1,430,162 | ||||||
| Creekhaven Wildrye and Furst Ranch Project, Revenue, Series 2026, 0.00%, 12/15/2036 (c)(e) | 10,000,000 | 5,085,499 | ||||||
| Crown Leadership Academy, Inc., Revenue, Series 2026A, 8.25%, 06/01/2056 (c) | 5,000,000 | 4,868,109 | ||||||
| Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 27,155,000 | 27,912,978 | ||||||
| Dreamhouse ‘Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 A, 7.38%, 06/15/2060 (c) | 9,525,000 | 9,361,135 | ||||||
| Dreamhouse ‘Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 B, 9.50%, 06/15/2040 (c) | 2,170,000 | 2,035,324 | ||||||
| Driftwood Conservation District, Revenue, Series 2025, 0.00%, 12/15/2039 (c)(e) | 7,840,000 | 3,327,887 | ||||||
| FAH Tree House LLC, Revenue, Series 2023 A, 6.50%, 08/01/2053 (c) | 200,000 | 179,325 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 9.00%, 07/01/2040 | 6,100,000 | 6,312,434 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 B, 12.50%, 07/01/2040 | 2,430,000 | 2,411,093 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2056 (c) | 2,440,000 | 1,762,627 | ||||||
| Gates at PV Apt I LLC, Revenue, Series 2025, 0.00%, 07/30/2026 (c)(f) | 9,585,000 | 8,626,500 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2047 (c) | 2,945,000 | 2,582,871 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2057 (c) | 2,550,000 | 2,085,996 | ||||||
| Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028 | 25,000 | 24,723 | ||||||
| Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (c) | 2,260,870 | 2,260,412 | ||||||
| Hozho Academy, Revenue, Refunding, Series 2025 A, 7.00%, 05/01/2045 (c) | 1,500,000 | 1,527,293 | ||||||
| Hozho Academy, Revenue, Refunding, Series 2025 A, 7.13%, 05/01/2055 (c) | 7,600,000 | 7,632,778 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 5.50%, 12/01/2030 (c) | 350,000 | 364,401 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 5.50%, 12/01/2031 (c) | 375,000 | 392,096 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 5.50%, 12/01/2032 (c) | 790,000 | 830,192 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 5.50%, 12/01/2033 (c) | 825,000 | 868,763 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 5.50%, 12/01/2034 (c) | 885,000 | 935,614 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 5.50%, 12/01/2035 (c) | 950,000 | 1,003,217 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 6.00%, 12/01/2045 (c) | 2,250,000 | 2,348,648 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 6.00%, 12/01/2050 (c) | 1,575,000 | 1,601,529 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2026, 6.00%, 12/01/2055 (c) | 3,000,000 | 3,021,312 | ||||||
| Kaiser Obligated Group, Revenue, Series 2022 A, 5.00%, 10/01/2052 (g) | 14,555,000 | 14,614,387 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2040 (c) | 2,815,000 | 2,668,746 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2050 (c) | 4,640,000 | 4,190,333 | ||||||
| KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2055 (c) | 4,060,000 | 3,536,126 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.25%, 06/15/2045 | 600,000 | 621,111 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.50%, 06/15/2045 | 1,000,000 | 1,026,846 | ||||||
| KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.75%, 06/15/2055 | 1,000,000 | 1,016,440 | ||||||
| Liberty Classical Schools Educational Services, Inc., Revenue, Series 2025 A, 6.75%, 06/15/2055 (c) | 500,000 | 493,034 | ||||||
| Liberty Classical Schools Educational Services, Inc., Revenue, Series 2025 A, 7.00%, 06/15/2065 (c) | 700,000 | 699,473 | ||||||
| Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 6.25%, 09/01/2046 (c) | 12,650,000 | 12,910,743 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2017 B, 7.13%, 06/01/2041 (c) | 3,100,000 | 3,195,915 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2026A, 5.38%, 06/01/2046 (c)(k) | 12,000,000 | 11,892,724 | ||||||
| Millville Public Charter School, Revenue, Refunding, Series 2026 A, 6.25%, 03/01/2061 (c) | 2,325,000 | 2,195,142 | ||||||
| Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (c)(e) | 10,928,000 | 6,453,512 | ||||||
| Nevada Charter Academies, Revenue, Series 2019 A, 5.00%, 07/15/2039 (c) | 450,000 | 428,259 | ||||||
| North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.00%, 06/15/2044 | 1,000,000 | 980,965 | ||||||
| North Hills Christian School, Inc., Revenue, Series 2026 A, 6.38%, 07/01/2056 (c) | 625,000 | 616,875 | ||||||
| North Hills Christian School, Inc., Revenue, Series 2026 A, 6.38%, 07/01/2061 (c) | 725,000 | 710,116 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Peapack Senior Living, Inc. Obligated Group, Revenue, Series 2026, 6.75%, 06/01/2046 (c)(k) | 5,000,000 | 5,001,688 | ||||||
| Peapack Senior Living, Inc. Obligated Group, Revenue, Series 2026, 7.00%, 06/01/2061 (c)(k) | 10,985,000 | 10,850,289 | ||||||
| Phoenix Montessori Academy, Revenue, Series 2024 A, 7.00%, 07/01/2059 (c) | 21,895,000 | 20,178,099 | ||||||
| Phoenix Montessori Academy, Revenue, Series 2024 B, 8.00%, 07/01/2029 (c) | 400,000 | 398,376 | ||||||
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 07/01/2054 | 85,800,000 | 88,153,022 | ||||||
| QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (c) | 37,000,000 | 40,436,945 | ||||||
| Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 5.25%, 03/01/2047 | 2,000,000 | 2,029,860 | ||||||
| Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 4.75%, 03/01/2052 | 1,950,000 | 1,814,658 | ||||||
| Renaissance Hall at Old Course LLC, Revenue, FHA Insured, Series 2024, 8.00%, 06/01/2067 (c) | 1,000,000 | 929,639 | ||||||
| Revolution Academy, Revenue, Series 2026, 6.00%, 10/01/2056 (c) | 1,100,000 | 1,088,579 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2048 (c) | 6,920,000 | 4,989,384 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2024, 12.75%, 01/01/2030 | 4,700,000 | 4,707,033 | ||||||
| Roseman University of Health Sciences, Revenue, Series 2020, 5.00%, 04/01/2050 (c) | 2,075,000 | 1,901,321 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (c) | 1,000,000 | 998,695 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 B, 7.00%, 07/15/2029 (c) | 706,646 | 705,748 | ||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 B, 8.00%, 06/15/2042 (c) | 22,000,000 | 22,209,158 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2041 | 3,420,000 | 2,814,500 | ||||||
| Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2051 | 2,000,000 | 1,501,274 | ||||||
| Southminster, Inc. Obligated Group, Revenue, Series 2018, 5.00%, 10/01/2053 (c) | 7,170,000 | 6,647,578 | ||||||
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 06/30/2060 | 35,865,000 | 37,083,000 | ||||||
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 12/31/2065 | 219,175,000 | 226,146,584 | ||||||
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 6.50%, 12/31/2065 | 44,000,000 | 48,143,841 | ||||||
| Town of Scarborough Downtown Omnibus Municipal Development & TIF District, Tax Allocation, Series 2024, 5.00%, 08/01/2039 | 3,075,000 | 3,102,376 | ||||||
| Triad Educational Services, Inc., Revenue, Refunding, Series 2025, 5.40%, 06/15/2065 | 2,750,000 | 2,535,287 | ||||||
| Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2051 | 350,000 | 269,840 | ||||||
| Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2061 | 6,235,000 | 4,574,364 | ||||||
| Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.50%, 06/15/2055 | 1,200,000 | 1,148,040 | ||||||
| Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.25%, 06/15/2065 | 5,300,000 | 4,765,739 | ||||||
| UNC Charlotte Marriott Hotel & Conference Center, Revenue, Series 2021 A, 4.00%, 09/01/2051 (c) | 1,200,000 | 884,687 | ||||||
| UNC Health Appalachian Obligated Group, Revenue, Series 2021 A, 4.00%, 07/01/2051 | 1,675,000 | 1,252,342 | ||||||
| United Methodist Retirement Homes, Inc. Obligated Group (The), Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046 | 30,000 | 27,232 | ||||||
| Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2043 | 8,900,000 | 8,249,074 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2048 | 13,335,000 | 11,922,766 | ||||||
| Wittenberg University, Revenue, Series 2016, 5.25%, 12/01/2039 (c)(f) | 19,700,000 | 16,447,337 | ||||||
| WVC, Revenue, Series 2022 A, 4.00%, 12/01/2041 (c) | 4,865,000 | 4,226,440 | ||||||
| WVC, Revenue, Series 2022 A, 4.25%, 12/01/2051 (c) | 1,655,000 | 1,314,731 | ||||||
| WVC, Revenue, Series 2025 A, 6.25%, 12/01/2045 (c) | 1,325,000 | 1,371,787 | ||||||
| WVC, Revenue, Series 2025 A, 6.50%, 12/01/2055 (c) | 2,480,000 | 2,544,201 | ||||||
| WVC, Revenue, Series 2025 A, 6.75%, 12/01/2065 (c) | 4,340,000 | 4,494,172 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Revenue, Series 2026, 6.50%, 11/01/2036 (c) | 13,120,000 | 13,355,318 | ||||||
| Capitol Lakes, Inc., Revenue, Refunding, Series 2025 A, 6.38%, 11/15/2060 | 4,100,000 | 4,099,688 | ||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 04/01/2042 | 2,000,000 | 1,856,723 | ||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 4.75%, 04/01/2057 | 3,020,000 | 2,372,648 | ||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.13%, 04/01/2057 | 5,130,000 | 4,288,874 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 4.50%, 07/01/2043 | 45,000 | 41,246 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2053 | 3,850,000 | 3,438,815 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 C, 7.50%, 07/01/2053 | 2,500,000 | 2,301,423 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045 | 16,500,000 | 16,743,047 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055 | 16,350,000 | 16,363,693 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060 | 34,900,000 | 35,040,818 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 6.63%, 07/01/2060 | 27,550,000 | 28,824,066 | ||||||
| Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2047 | 3,100,000 | 2,664,620 | ||||||
| Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2057 | 1,625,000 | 1,284,068 | ||||||
| PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2049 | 1,000,000 | 1,038,714 | ||||||
| PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2054 | 2,000,000 | 2,061,954 | ||||||
| Sanford Obligated Group, Revenue, Refunding, Series 2017 C, 4.00%, 02/15/2050 | 65,000 | 55,965 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.25%, 02/01/2043 | 45,000 | 42,893 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.38%, 02/01/2048 | 5,000 | 4,736 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2055 | 1,700,000 | 1,344,253 | ||||||
| 996,011,185 | ||||||||
| Total Municipal Bonds (Cost $9,364,302,437) |
8,890,262,336 | |||||||
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Corporate Bonds - 0.0%(d) | ||||||||
| Ground Transportation - 0.0%(d) | ||||||||
| Brightline East LLC | ||||||||
| 11.00%, 01/31/2030 ‡(c) (Cost $3,652,976) |
12,155,000 | 668,525 | ||||||
| Investments | Number of Warrants |
Value ($) | ||||||
| Warrants - 0.0% | ||||||||
| Ground Transportation - 0.0% | ||||||||
| BL Train Holdings West LLC, expiring 12/01/2035*‡(m) | 1,917,826 | — | ||||||
| Service - 0.0% | ||||||||
| Bbl West, expiring 04/30/2036*‡(m) | 9,308,794 | — | ||||||
| Total Warrants (Cost –) |
— | |||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Short-Term Investments - 0.1% | ||||||||
| Investment Companies - 0.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (n) | ||||||||
| (Cost $4,535,510) | 4,535,510 | 4,535,510 | ||||||
| Total Investments - 120.4% (Cost $9,372,490,923) |
8,895,466,371 | |||||||
| Floating Rate Note Obligations - (21.3%)(o) | (1,575,135,000 | ) | ||||||
| Other assets less liabilities - 0.9% | 69,065,150 | |||||||
| Net Assets - 100.0% | 7,389,396,521 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2026. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2026. |
| (c) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $3,183,508,150, which represents approximately 43.08% of net assets of the Fund. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity. |
| (f) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2026 amounted to $476,028,838, which represents approximately 6.44% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| California School Finance Authority | 02/10/25 | $ | 640,000 | $ | 100.51 | |||||
| California School Finance Authority | 02/10/25-05/08/25 | 18,474,076 | 92.06 | |||||||
| Florida Development Finance Corp. | 04/26/24-11/17/25 | 187,178,324 | 73.50 | |||||||
| Florida Development Finance Corp. | 07/14/25-11/14/25 | 20,973,456 | 73.50 | |||||||
| Florida Development Finance Corp. | 08/12/25 | 285,000,000 | 65.00 | |||||||
| Florida Development Finance Corp. | 12/20/24-12/02/25 | 92,513,556 | 28.00 | |||||||
| Florida Development Finance Corp. | 04/26/24-11/18/25 | 191,891,161 | 28.00 | |||||||
| Illinois Finance Authority | 06/17/25 | 1,588,477 | 71.19 | |||||||
| Public Finance Authority | 06/12/24-10/09/24 | 18,126,897 | 83.49 | |||||||
| Public Finance Authority | 02/06/24 | 1,730,029 | 59.83 | |||||||
| Public Finance Authority | 05/14/25 | 1,141,931 | 75.62 | |||||||
| Public Finance Authority | 01/03/24 | 1,668,186 | 75.13 | |||||||
| Public Finance Authority | 04/23/24-06/14/24 | 2,336,315 | 63.90 | |||||||
| Public Finance Authority | 07/31/25 | 9,585,000 | 90.00 | |||||||
| $ | 832,847,408 | |||||||||
| (g) | All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a non-recourse trust. |
| (h) | All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a recourse trust. The inverse floaters are pledged as collateral. As of the end of the reporting period, the aggregate value of these inverse floaters pledged is $104,723,307. |
| (i) | Zero coupon bond until next reset date. |
| (j) | Variable rate demand notes (“VRDNs”) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (k) | When-issued security. |
| (l) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2026. |
| (m) | Security fair valued as of July 31, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at July 31, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (n) | Represents 7-day effective yield as of July 31, 2026. |
| (o) | Face value of Floating Rate Notes issued in TOB transactions. |
| Abbreviations | |
| AMT | Alternative Minimum Tax |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| State Single-Family Housing | 9.6 | % | ||
| Airport | 9.5 | |||
| Hospital | 7.2 | |||
| Continuing Care Retirement Community | 7.0 | |||
| Charter School | 6.6 | |||
| Assisted Living | 6.5 | |||
| Toll Highway/Bridge/Tunnel | 6.5 | |||
| Community Development District | 6.2 | |||
| State Multi-Family Housing | 6.2 | |||
| Public Transportation | 5.8 | |||
| Higher Education | 5.2 | |||
| Special Assessment Financing | 4.8 | |||
| Economic/Industrial Development | 4.4 | |||
| General Obligation | 3.6 | |||
| Local Multi-Family Housing | 3.3 | |||
| Student Housing | 3.0 | |||
| Appropriation | 2.6 | |||
| School District | 2.1 | |||
| Tobacco Master Settlement Agreement | 2.0 | |||
| Miscellaneous Tax | 1.9 | |||
| Nursing Home | 1.9 | |||
| General Revenue Tax-Guaranteed | 1.8 | |||
| Water & Sewer | 1.5 | |||
| Tax Increment Financing | 1.4 | |||
| Not-For-Profit Human Service Provider | 1.2 | |||
| General Obligation District (Other) | 1.0 | |||
| Metro Development District | 1.0 | |||
| Private/Religious School | 1.0 | |||
| Gas Forward Contract | 0.8 | |||
| Sales & Excise Tax | 0.8 | |||
| Payments in Lieu of Taxes (PILOT) | 0.5 | |||
| General Obligation Hospital/Health District | 0.4 | |||
| Independent Living Facility | 0.3 | |||
| Not-For-Profit Research Organization | 0.3 | |||
| Port/Marina | 0.3 | |||
| Solid Waste | 0.3 | |||
| Airport Tax-Guaranteed | 0.2 | |||
| Hotel Occupancy Tax | 0.2 | |||
| Income Tax | 0.2 | |||
| Indian Tribal Bond | 0.2 | |||
| Not-For-Profit Cultural Organization | 0.2 | |||
| Other | 0.2 | |||
| Appropriation (Self) | 0.1 | |||
| Loan Pool | 0.1 | |||
| Mello-Roos | 0.1 | |||
| Miscellaneous | 0.1 | |||
| Parking Facility | 0.1 | |||
| Student Loan Revenue | 0.1 | |||
| Local Single-Family Housing | 0.0 | * | ||
| Municipal Utility District | 0.0 | * | ||
| Public Power System | 0.0 | * | ||
| Telecom | 0.0 | * | ||
| Short-Term Investments | 0.1 | |||
| Total Investments | 120.4 | % | ||
| * | Less than 0.05% |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Municipal Bonds - 101.4% | ||||||||
| Alabama 2.6% | ||||||||
| Baldwin County Industrial Development Authority, | ||||||||
| Novelis Corp., Revenue, AMT, Series 2025 A, 5.00%, 06/01/2032 (a)(b)(c) | 10,000,000 | 10,303,246 | ||||||
| Novelis Corp., Revenue, AMT, Series 2025 B, 4.63%, 06/01/2032 (a)(b)(c) | 5,250,000 | 5,312,594 | ||||||
| Black Belt Energy Gas District, | ||||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2027 (c) | 1,450,000 | 1,466,968 | ||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2028 (c) | 1,925,000 | 1,962,763 | ||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2029 (c) | 1,650,000 | 1,690,279 | ||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2030 (c) | 1,850,000 | 1,900,539 | ||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2031 (c) | 2,700,000 | 2,777,432 | ||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2032 (c) | 2,500,000 | 2,569,889 | ||||||
| Revenue, Series 2025 C, 5.25%, 08/01/2033 (c) | 3,600,000 | 3,700,375 | ||||||
| Revenue, Series 2025 C, 5.50%, 08/01/2034 (a)(b)(c) | 17,000,000 | 17,903,103 | ||||||
| Chelsea Park Cooperative District, | ||||||||
| Special Assessment, Series 2018, 4.00%, 05/01/2028 | 155,000 | 155,080 | ||||||
| Infirmary Health System Special Care Facilities Financing Authority of Mobile, | ||||||||
| Infirmary Health System Obligated Group, Revenue, Series 2016 A, 5.00%, 02/01/2041 | 3,000,000 | 2,933,668 | ||||||
| Point Clear Club Improvement District (The), | ||||||||
| Special Assessment, Series 2026-A, 5.50%, 06/01/2046 | 1,500,000 | 1,470,592 | ||||||
| 54,146,528 | ||||||||
| Alaska 0.0%(d) | ||||||||
| Alaska Industrial Development & Export Authority, | ||||||||
| Interior Alaska Natural Gas Utility, Revenue, Series 2020 A, 5.00%, 06/01/2028 | 485,000 | 498,282 | ||||||
| American Samoa 0.1% | ||||||||
| American Samoa Economic Development Authority, | ||||||||
| Revenue, Series 2018, 7.13%, 09/01/2038 (c) | 1,995,000 | 2,083,214 | ||||||
| Revenue, Series 2021 A, 5.00%, 09/01/2038 (c) | 750,000 | 752,001 | ||||||
| 2,835,215 | ||||||||
| Arizona 1.0% | ||||||||
| Arizona Industrial Development Authority, | ||||||||
| Benjamin Franklin Charter School Obligated Group, Revenue, Series 2023 A, 5.50%, 07/01/2058 (c) | 1,500,000 | 1,398,928 | ||||||
| Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2028 (c) | 200,000 | 200,252 | ||||||
| Festival Ranch Community Facilities District, | ||||||||
| Festival Ranch Community Facilities District Assessment District No. 15, Special Assessment, Series 2026, 5.63%, 07/01/2046 | 915,000 | 903,343 | ||||||
| Floreo at Teravalis Community Facilities District, | ||||||||
| Special Assessment, Series 2025, 5.15%, 07/01/2035 | 1,129,000 | 1,156,878 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The), | ||||||||
| Freedom Academy, Inc., Revenue, Series 2016, 5.13%, 07/01/2036 (c) | 1,000,000 | 954,727 | ||||||
| Industrial Development Authority of the County of Pima (The), | ||||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 6.25%, 11/15/2035 (c) | 1,000,000 | 1,071,252 | ||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 7.00%, 11/15/2057 (c) | 1,235,000 | 1,309,125 | ||||||
| La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 B-1, 6.63%, 05/15/2031 (c) | 1,200,000 | 1,200,923 | ||||||
| plc Charter Schools, Revenue, Refunding, Series 2016, 5.25%, 12/01/2026 (c) | 125,000 | 125,163 | ||||||
| PLC Charter Schools, Revenue, Refunding, Series 2016, 6.00%, 12/01/2036 (c) | 3,000,000 | 3,005,877 | ||||||
| Maricopa County Industrial Development Authority, | ||||||||
| Benjamin Franklin Charter School Obligated Group, Revenue, Series 2018 A, 6.00%, 07/01/2052 (c) | 3,330,000 | 3,331,990 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Arizona | ||||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 5.50%, 05/01/2036 | 1,750,000 | 1,791,851 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 6.00%, 05/01/2041 | 2,000,000 | 2,067,589 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 7.00%, 05/01/2066 | 2,000,000 | 2,058,817 | ||||||
| Superstition Vistas Community Facilities District No. 1, | ||||||||
| Assessment Area 4, Special Assessment, Series 2024, 4.30%, 07/01/2034 | 110,000 | 110,484 | ||||||
| Superstition Vistas Community Facilities District No. 2, | ||||||||
| Superstition Vistas Community Facilities District No. 2 Assessment Area No. 4, Special Assessment, Series 2026, 5.85%, 07/01/2039 | 307,000 | 300,618 | ||||||
| 20,987,817 | ||||||||
| Arkansas 0.4% | ||||||||
| Arkansas Development Finance Authority, | ||||||||
| Central Arkansas Radiation Therapy Institute, Inc., Revenue, Refunding, Series 2021, 3.00%, 07/01/2031 | 1,475,000 | 1,239,628 | ||||||
| Washington Regional Medical Center, Revenue, Series 2019, 3.00%, 02/01/2043 | 30,000 | 19,593 | ||||||
| Washington Regional Medical Center, Revenue, Series 2019, 3.13%, 02/01/2046 | 30,000 | 19,447 | ||||||
| Batesville Public Facilities Board, | ||||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.00%, 06/01/2028 | 540,000 | 522,094 | ||||||
| White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032 | 25,000 | 22,340 | ||||||
| Clarksville Public Educational Facilities Board, | ||||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2029 | 195,000 | 199,715 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2034 | 1,040,000 | 1,060,171 | ||||||
| University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056 | 410,000 | 415,170 | ||||||
| Pulaski County Public Facilities Board, | ||||||||
| Baptist Health Obligated Group, Revenue, Series 2014, 5.00%, 12/01/2042 | 5,530,000 | 5,532,395 | ||||||
| 9,030,553 | ||||||||
| California 7.8% | ||||||||
| Alameda Community Facilities District, | ||||||||
| Community Facilities District No. 13-1, Special Tax, Series 2016, 5.00%, 09/01/2042 | 1,250,000 | 1,250,154 | ||||||
| Antelope Valley Healthcare District, | ||||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2031 | 4,215,000 | 4,158,127 | ||||||
| Obligated Group, Revenue, Refunding, Series 2016, 5.25%, 03/01/2036 | 8,055,000 | 7,972,159 | ||||||
| California Health Facilities Financing Authority, | ||||||||
| Providence St. Joseph Health Obligated Group, Revenue, Series 2014 B, 5.00%, 10/01/2044 | 1,300,000 | 1,300,423 | ||||||
| California Infrastructure & Economic Development Bank, | ||||||||
| Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 B, 12.00%, 11/02/2026 (a)(b)(c) | 21,605,000 | 13,827,200 | ||||||
| California Municipal Finance Authority, | ||||||||
| Barlow Respiratory Hospital Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2050 | 7,455,000 | 5,973,147 | ||||||
| Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2036 (c) | 2,825,000 | 2,782,867 | ||||||
| Santa Rosa Academy LLC, Revenue, Series 2015, 5.13%, 07/01/2035 (c) | 1,355,000 | 1,355,037 | ||||||
| California Public Finance Authority, | ||||||||
| California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (c) | 8,500,000 | 8,765,720 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| California | ||||||||
| Fontana Jurupa Hills Project Area, Tax Allocation, Series 2025 B, 5.00%, 09/01/2033 (c) | 1,920,000 | 1,917,168 | ||||||
| QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 5.38%, 06/01/2035 (c) | 750,000 | 785,040 | ||||||
| QSH/LB LLC, Revenue, Senior Lien, Series 2025 A, 6.00%, 06/01/2040 (c) | 1,000,000 | 1,063,805 | ||||||
| QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 07/01/2065 (c) | 4,700,000 | 5,029,142 | ||||||
| QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-2, 6.50%, 07/01/2065 (c) | 4,050,000 | 3,869,254 | ||||||
| California School Finance Authority, | ||||||||
| Aspire Public Schools Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/01/2035 (c) | 1,000,000 | 1,000,114 | ||||||
| Sycamore Creek Community Charter School, Revenue, Series 2025 A, 7.00%, 06/01/2040 (c)(e) | 3,305,000 | 3,294,849 | ||||||
| California Statewide Communities Development Authority, | ||||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2014 A, 5.25%, 12/01/2044 | 2,635,000 | 2,635,569 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.00%, 12/01/2036 (c) | 9,795,000 | 9,798,626 | ||||||
| Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.25%, 12/01/2056 (c) | 12,995,000 | 12,995,746 | ||||||
| California Statewide Financing Authority, | ||||||||
| TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043 | 240,000 | 244,294 | ||||||
| City of Los Angeles Department of Airports, | ||||||||
| Revenue, AMT, Refunding, Series 2025 A, 5.00%, 05/15/2055 (f) | 5,650,000 | 5,703,635 | ||||||
| Del Mar Race Track Authority, | ||||||||
| Revenue, Refunding, Series 2015, 5.00%, 10/01/2027 | 1,535,000 | 1,535,204 | ||||||
| Kaweah Delta Health Care District Guild, | ||||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2029 | 300,000 | 288,209 | ||||||
| Revenue, Series 2015 B, 3.25%, 06/01/2030 | 10,000 | 9,447 | ||||||
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 115,000 | 107,364 | ||||||
| Revenue, Series 2015 B, 3.50%, 06/01/2033 | 25,000 | 22,723 | ||||||
| Revenue, Series 2015 B, 3.75%, 06/01/2035 | 400,000 | 357,643 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 140,000 | 124,445 | ||||||
| Revenue, Series 2015 B, 5.00%, 06/01/2040 | 7,300,000 | 7,020,163 | ||||||
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 320,000 | 250,811 | ||||||
| San Francisco City & County Airport Commission-San Francisco International Airport, | ||||||||
| Revenue, Second Series, AMT, Series 2019 E, 5.00%, 05/01/2050 (f) | 20,640,000 | 20,684,859 | ||||||
| Revenue, Second Series, AMT, Series 2025 D, 5.50%, 05/01/2055 (f) | 15,000,000 | 15,747,076 | ||||||
| San Gorgonio Memorial Health Care District, | ||||||||
| GO, Refunding, Series 2014, 5.50%, 08/01/2026 | 10,000 | 10,000 | ||||||
| GO, Refunding, Series 2015, 3.50%, 08/01/2030 | 1,000,000 | 920,867 | ||||||
| GO, Refunding, Series 2020, 2.00%, 08/01/2029 | 50,000 | 44,225 | ||||||
| Silicon Valley Tobacco Securitization Authority, | ||||||||
| Revenue, Series 2007 A, 0.00%, 06/01/2036 (g) | 28,915,000 | 16,723,077 | ||||||
| 159,568,189 | ||||||||
| Colorado 3.3% | ||||||||
| Aerotropolis Regional Transportation Authority, | ||||||||
| Revenue, Series 2024, 5.75%, 12/01/2054 (c) | 5,000,000 | 5,021,724 | ||||||
| City & County of Denver, | ||||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2017, 5.00%, 10/01/2032 | 36,750,000 | 36,778,485 | ||||||
| City of Fruita, | ||||||||
| Lower Valley Hospital Association Obligated Group, Revenue, Refunding, Series 2017 A, 5.38%, 01/01/2033 (c) | 5,400,000 | 5,390,412 | ||||||
| Lower Valley Hospital Association Obligated Group, Revenue, Refunding, Series 2017 A, 5.50%, 01/01/2048 (c) | 6,350,000 | 6,027,780 | ||||||
| Colorado Educational & Cultural Facilities Authority, | ||||||||
| Vega Collegiate Academy, Revenue, Series 2021 A, 5.00%, 02/01/2034 (c) | 585,000 | 587,148 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Colorado | ||||||||
| Colorado Health Facilities Authority, | ||||||||
| BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038 | 450,000 | 439,389 | ||||||
| Eagle County Airport Terminal Corp., | ||||||||
| Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2033 | 5,450,000 | 5,486,515 | ||||||
| Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2037 | 1,000,000 | 1,004,018 | ||||||
| Elbert County Independence Water & Sanitation District, | ||||||||
| Revenue, Refunding, Series 2024, 5.13%, 12/01/2033 | 1,009,000 | 1,033,906 | ||||||
| Pueblo Urban Renewal Authority, | ||||||||
| City of Pueblo Sales Tax, Revenue, Series 2017, 5.00%, 06/01/2036 | 100,000 | 95,860 | ||||||
| Schmer Farm Metropolitan District, | ||||||||
| GO, Series 2026, 6.25%, 12/01/2056 | 4,190,000 | 4,141,229 | ||||||
| Smith Metropolitan District No. 3, | ||||||||
| GO, Series 2026 A, 6.00%, 12/01/2055 | 1,725,000 | 1,723,041 | ||||||
| Town of Del Norte, | ||||||||
| Valley Citizens’ Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 4.88%, 12/01/2034 | 745,000 | 727,764 | ||||||
| 68,457,271 | ||||||||
| Connecticut 1.1% | ||||||||
| Aquarion Water Authority, | ||||||||
| Water System, Revenue, BAM Insured, Series 2026E, 0.00%, 08/01/2044 (g) | 3,550,000 | 1,514,945 | ||||||
| Water System, Revenue, BAM Insured, Series 2026E, 0.00%, 08/01/2045 (g) | 3,875,000 | 1,553,161 | ||||||
| Water System, Revenue, BAM Insured, Series 2026E, 0.00%, 08/01/2046 (g) | 3,360,000 | 1,255,599 | ||||||
| Connecticut Housing Finance Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2020 E2, 1.70%, 11/15/2028 | 950,000 | 894,830 | ||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Duncaster, Inc. Obligated Group, Revenue, Series A, 5.00%, 08/01/2035 | 300,000 | 300,036 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2027 (c) | 100,000 | 100,689 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2028 (c) | 100,000 | 101,360 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2029 (c) | 100,000 | 101,726 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2030 (c) | 400,000 | 405,849 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2032 (c) | 575,000 | 580,679 | ||||||
| Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2034 (c) | 125,000 | 125,722 | ||||||
| Odd Fellows Home of Connecticut, Inc. Obligated Group, Revenue, Series 2026A, 5.50%, 12/15/2036 | 3,190,000 | 3,281,005 | ||||||
| Odd Fellows Home of Connecticut, Inc. Obligated Group, Revenue, Series 2026A, 5.88%, 12/15/2046 | 3,555,000 | 3,574,549 | ||||||
| Odd Fellows Home of Connecticut, Inc. Obligated Group, Revenue, Series 2026A, 6.25%, 12/15/2053 | 4,000,000 | 4,032,158 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2032 | 1,075,000 | 1,080,490 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2033 | 1,410,000 | 1,413,043 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2034 | 1,365,000 | 1,366,014 | ||||||
| University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2049 | 40,000 | 30,912 | ||||||
| 21,712,767 | ||||||||
| Delaware 0.0%(d) | ||||||||
| Town of Milton, | ||||||||
| Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (c) | 100,000 | 101,408 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| District of Columbia 0.2% | ||||||||
| District of Columbia, | ||||||||
| Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2041 (c) | 1,130,000 | 1,044,876 | ||||||
| Obligated Group, Revenue, Series 2024 A, 5.63%, 06/01/2044 | 1,000,000 | 959,937 | ||||||
| Union Market TIF Area, Tax Allocation, Series 2021 A, 3.75%, 06/01/2031 (c) | 2,162,000 | 2,087,457 | ||||||
| 4,092,270 | ||||||||
| Florida 11.4% | ||||||||
| Alachua County Health Facilities Authority, | ||||||||
| Shands Teaching Hospital & Clinics Obligated Group, Revenue, Series A, 5.00%, 12/01/2044 | 475,000 | 475,256 | ||||||
| Alachua County Housing Finance Authority, | ||||||||
| Woodland Park II LLC, Revenue, Series 2025 B, 4.90%, 07/01/2028 (a)(b)(c) | 1,850,000 | 1,846,273 | ||||||
| Antillia Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.00%, 05/01/2031 | 115,000 | 116,654 | ||||||
| Avenir Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2021 A-1, 2.75%, 05/01/2031 | 2,745,000 | 2,581,630 | ||||||
| Babcock Ranch Community Independent Special District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2015, 5.25%, 11/01/2046 | 3,460,000 | 3,460,134 | ||||||
| Assessments, Special Assessment, Series 2022, 4.25%, 05/01/2032 | 15,000 | 14,936 | ||||||
| Assessments, Special Assessment, Series 2024, 4.30%, 05/01/2031 (c) | 850,000 | 855,733 | ||||||
| Balm Grove Community Development District, | ||||||||
| Special Assessment, Series 2022, 3.63%, 11/01/2032 | 1,290,000 | 1,228,368 | ||||||
| Beach Road Golf Estates Community Development District, | ||||||||
| Special Assessment, Series 2015, 5.00%, 11/01/2036 | 125,000 | 125,026 | ||||||
| Bridle Creek Community Development District, | ||||||||
| Special Assessment, Series 2025, 5.15%, 05/01/2035 | 1,790,000 | 1,790,982 | ||||||
| Capital Projects Finance Authority, | ||||||||
| Heritage Charter Academy, Inc., Revenue, Series 2025 A1, 7.50%, 06/15/2065 (c) | 5,345,000 | 5,428,929 | ||||||
| Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 01/01/2035 (c) | 1,500,000 | 1,570,493 | ||||||
| Capital Trust Agency, Inc., | ||||||||
| Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2031 (c) | 420,000 | 412,219 | ||||||
| Sarasota-Manatee Jewish Housing Council Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 (c) | 195,000 | 193,188 | ||||||
| Capital Trust Authority, | ||||||||
| Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (c) | 6,000,000 | 6,284,727 | ||||||
| QSH/St Augustine LLC, Revenue, Series 2026 A, 8.50%, 07/01/2057 (c) | 3,040,000 | 2,996,623 | ||||||
| Charlotte County Industrial Development Authority, | ||||||||
| MSKP Town & Country Utility LLC, Revenue, AMT, Series 2025, 5.13%, 10/01/2035 | 685,000 | 690,748 | ||||||
| City of Tampa, | ||||||||
| BayCare Obligated Group, Revenue, Series 2016 A, 5.00%, 11/15/2046 | 970,000 | 963,565 | ||||||
| Connerton East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2025, 4.65%, 06/15/2035 | 200,000 | 201,787 | ||||||
| County of Palm Beach, | ||||||||
| Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2035 (c) | 500,000 | 535,984 | ||||||
| Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2029 (c) | 535,000 | 541,950 | ||||||
| Crossings Community Development District, | ||||||||
| Area 2, Special Assessment, Series 2024, 4.75%, 05/01/2031 | 170,000 | 170,735 | ||||||
| Crosswinds East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031 | 180,000 | 180,399 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| East Nassau Stewardship District, | ||||||||
| Wildlight Village Phase 3, Special Assessment, Series 2024, 4.70%, 05/01/2031 | 715,000 | 717,332 | ||||||
| East Palm Drive Community Development District, | ||||||||
| East Palm Drive Community Development District Assessment Area 2, Special Assessment, Series 2026, 5.35%, 06/15/2046 | 500,000 | 493,318 | ||||||
| Edgewater East Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2022, 3.38%, 05/01/2032 | 1,970,000 | 1,871,836 | ||||||
| Edgewater West Community Development District, | ||||||||
| Master Infrastructure Bond Area, Special Assessment, Series 2026, 6.00%, 05/01/2041 | 5,000,000 | 4,971,401 | ||||||
| Epperson North Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2018 A-1, 5.75%, 11/01/2049 (c) | 995,000 | 1,009,508 | ||||||
| Florida Development Finance Corp., | ||||||||
| AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 0.00%, 07/15/2028 (a)(b)(c)(e) | 28,500,000 | 7,980,000 | ||||||
| AAF Operations Holdings LLC, Revenue, AMT, Series 2024A, 0.00%, 07/15/2028 (a)(b)(c)(e) | 15,750,000 | 4,410,000 | ||||||
| Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 5.00%, 08/15/2032 (c) | 410,000 | 404,097 | ||||||
| Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 B, 10.00%, 08/20/2026 (a)(b)(c)(e) | 55,960,000 | 36,374,000 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2036 (e) | 5,175,000 | 3,803,625 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2037 (e) | 3,500,000 | 2,572,500 | ||||||
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041 (e) | 1,500,000 | 1,102,500 | ||||||
| GFL Solid Waste Southeast LLC, Revenue, AMT, Series 2024 A, 4.38%, 10/01/2031 (a)(b)(c) | 8,000,000 | 8,024,845 | ||||||
| Southwest Charter Foundation Bonita Springs & Collier Charter Obligated Group, Revenue, Series A, 6.00%, 06/15/2037 (c) | 1,075,000 | 1,078,254 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2019, 5.00%, 05/01/2029 (c) | 140,000 | 140,888 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2021, 3.00%, 06/01/2032 | 10,520,000 | 9,697,515 | ||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2025, 4.45%, 07/01/2030 (a)(b)(c) | 10,000,000 | 10,008,449 | ||||||
| Florida Local Government Finance Commission, | ||||||||
| Revenue, Series 2026 A, 0.00%, 12/01/2030 (c)(h) | 1,500,000 | 1,501,186 | ||||||
| BridgePrep Academy, Inc. Obligated Group, Revenue, Series 2025 A, 5.00%, 06/15/2035 (c) | 7,370,000 | 7,491,322 | ||||||
| Life Care ET, Inc., Revenue, Series 2025 A, 0.00%, 12/01/2030 (c)(h) | 4,600,000 | 4,913,272 | ||||||
| Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 5.25%, 07/01/2038 (c) | 2,070,000 | 2,123,251 | ||||||
| Ponte Vedra Pine Co. LLC Obligated Group, Revenue, Series 2025 A, 5.50%, 11/15/2035 (c) | 1,000,000 | 1,039,887 | ||||||
| Sanctuary At Village On The Isle LLC (The), Revenue, Series 2025 A, 0.00%, 12/22/2030 (c)(h) | 3,750,000 | 3,976,829 | ||||||
| Florida Municipal Loan Council, | ||||||||
| Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 4.50%, 05/01/2031 | 265,000 | 266,358 | ||||||
| Golden Gem Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.15%, 05/01/2031 | 535,000 | 540,372 | ||||||
| Gracewater Sarasota Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2021, 2.95%, 05/01/2031 | 500,000 | 462,672 | ||||||
| Greater Orlando Aviation Authority, | ||||||||
| JetBlue Airways Corp., Revenue, AMT, Refunding, Series 2013, 5.00%, 11/15/2026 | 9,075,000 | 9,075,311 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| JetBlue Airways Corp., Revenue, AMT, Refunding, Series 2013, 5.00%, 11/15/2036 | 18,010,000 | 18,011,443 | ||||||
| Greenbriar Community Development District, | ||||||||
| Assessment Area No. 1, Special Assessment, Series 2025, 4.80%, 05/01/2032 | 360,000 | 364,885 | ||||||
| Harmony Community Development District, | ||||||||
| Special Assessment, Refunding, Series 2014, 5.25%, 05/01/2032 | 2,185,000 | 2,168,360 | ||||||
| Harvest Hills South Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.25%, 05/01/2030 | 300,000 | 297,538 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2035 | 375,000 | 364,498 | ||||||
| Kings Creek I Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2030 | 245,000 | 246,373 | ||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2036 | 455,000 | 460,803 | ||||||
| Lakefront Estates Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 5.70%, 05/01/2045 | 2,325,000 | 2,335,890 | ||||||
| Lakes of Sarasota Community Development District 2, | ||||||||
| Special Assessment, Series B, 5.20%, 05/01/2035 | 3,015,000 | 3,017,565 | ||||||
| Lakeside Preserve Community Development District, | ||||||||
| Special Assessment, Series 2019, 4.88%, 05/01/2039 | 420,000 | 401,911 | ||||||
| Lakewood Ranch Stewardship District, | ||||||||
| Special Assessment, Series 2016, 5.00%, 05/01/2036 | 730,000 | 730,342 | ||||||
| Assessment Northeast Sector Phase 2A, Special Assessment, Series 2019, 3.85%, 05/01/2039 | 555,000 | 512,412 | ||||||
| Assessments, Special Assessment, Series 2025, 5.00%, 05/01/2030 | 1,710,000 | 1,785,822 | ||||||
| Assessments, Special Assessment, Series 2025, 5.00%, 05/01/2035 | 2,795,000 | 2,930,682 | ||||||
| LTC Ranch West Residential Community Development District, | ||||||||
| Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 4.75%, 05/01/2031 | 235,000 | 235,457 | ||||||
| City of Port St. Lucie Florida, Special Assessment, Series 2021 B, 3.25%, 05/01/2031 | 1,300,000 | 1,236,345 | ||||||
| Mainstreet at Coconut Creek Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.00%, 05/01/2031 | 1,000,000 | 987,731 | ||||||
| Malabar Springs Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2026, 4.80%, 05/01/2036 (c)(i) | 400,000 | 399,598 | ||||||
| Marion Ranch Community Development District, | ||||||||
| Special Assessment, Series 2024, 5.10%, 05/01/2031 | 170,000 | 172,081 | ||||||
| Mckendree Pointe Community Development District, | ||||||||
| Special Assessment, Series 2025, 4.75%, 05/01/2035 | 500,000 | 486,140 | ||||||
| Special Assessment, Series 2025, 5.70%, 05/01/2045 | 1,815,000 | 1,809,531 | ||||||
| Miami Health Facilities Authority, | ||||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2031 | 1,605,000 | 1,578,905 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2032 | 760,000 | 743,626 | ||||||
| Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2038 | 6,475,000 | 6,060,146 | ||||||
| Miami-Dade County Expressway Authority, | ||||||||
| Revenue, Refunding, Series 2010 A, 5.00%, 07/01/2040 | 1,940,000 | 1,947,979 | ||||||
| Miami-Dade County Industrial Development Authority, | ||||||||
| Miami Community Charter School, Revenue, Refunding, Series 2020 A, 4.25%, 06/01/2030 (c) | 395,000 | 388,293 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| Pinecrest Academy Obligated Group, Revenue, Series 2014, 5.25%, 09/15/2044 | 950,000 | 915,126 | ||||||
| Midtown Miami Community Development District, | ||||||||
| Special Assessment, Refunding, Series 2014 A, 5.00%, 05/01/2037 | 1,735,000 | 1,669,740 | ||||||
| Infrastructure Project, Special Assessment, Refunding, Series 2014 B, 5.00%, 05/01/2037 | 1,100,000 | 1,058,624 | ||||||
| Northern Palm Beach County Improvement District, | ||||||||
| Northern Palm Beach County Improvement District Unit of Development No. 46, Special Assessment, Refunding, Series A, 3.50%, 08/01/2036 | 360,000 | 313,984 | ||||||
| Osceola Chain Lakes Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2020, 3.50%, 05/01/2030 | 235,000 | 227,375 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2004 B, 4.00%, 11/15/2034 | 10,000 | 9,841 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 05/15/2028 | 20,000 | 20,011 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 B, 5.00%, 05/15/2032 | 20,000 | 20,128 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 B, 5.00%, 05/15/2035 | 4,665,000 | 4,689,675 | ||||||
| Palm Coast 145 Community Development District, | ||||||||
| Special Assessment, Series 2025 B, 6.25%, 05/01/2035 (c) | 6,000,000 | 6,020,676 | ||||||
| Palm Coast Park Community Development District, | ||||||||
| Sawmill Branch - Phase 7, Special Assessment, Series 2024, 4.38%, 05/01/2031 | 200,000 | 198,898 | ||||||
| Peace Crossing Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2031 | 650,000 | 649,573 | ||||||
| Pine Island Community Development District, | ||||||||
| Special Assessment, Series 2004, 5.75%, 05/01/2035 | 1,120,000 | 1,120,022 | ||||||
| Saltleaf Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056 | 1,000,000 | 1,002,682 | ||||||
| Sarasota County Health Facilities Authority, | ||||||||
| Southwest Florida Retirement Center, Inc. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 01/01/2031 | 25,000 | 25,058 | ||||||
| Southwest Florida Retirement Center, Inc. Obligated Group, Revenue, Series 2017 A, 5.00%, 01/01/2042 | 200,000 | 198,704 | ||||||
| Silverlake Community Development District, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031 | 300,000 | 296,153 | ||||||
| Southern Groves Community Development District No. 5, | ||||||||
| Assessment Area, Special Assessment, Refunding, Series 2019, 3.25%, 05/01/2029 | 100,000 | 97,762 | ||||||
| Sunrise Community Development District, | ||||||||
| Special Assessment, Series 2025, 4.50%, 05/01/2035 (c) | 880,000 | 849,890 | ||||||
| Sunstone Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2026, 5.38%, 05/01/2046 | 750,000 | 729,119 | ||||||
| Terra Lago Community Development District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2032 | 570,000 | 572,545 | ||||||
| Terreno Community Development District, | ||||||||
| Special Assessment, Series 2025, 4.55%, 05/01/2032 | 325,000 | 327,368 | ||||||
| Villages of Westport Community Development District, | ||||||||
| Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035 | 35,000 | 35,058 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Florida | ||||||||
| West Villages Improvement District, | ||||||||
| Assessment Area 1, Special Assessment, Series 2025, 4.75%, 05/01/2032 | 4,250,000 | 4,169,335 | ||||||
| Woodland Crossing Community Development District, | ||||||||
| Special Assessment, Series 2025, 4.88%, 05/01/2030 (c) | 410,000 | 414,215 | ||||||
| Yarborough Lane Community Development District, | ||||||||
| Special Assessment, Series 2024, 4.75%, 05/01/2031 | 215,000 | 216,727 | ||||||
| 234,239,512 | ||||||||
| Georgia 1.5% | ||||||||
| Atlanta Development Authority (The), | ||||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024-1, Class A, 0.00%, 12/15/2048 (c)(h) | 1,000,000 | 916,085 | ||||||
| City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-1, 5.00%, 04/01/2034 (c) | 8,250,000 | 8,368,415 | ||||||
| Development Authority for Fulton County, | ||||||||
| Madrone - MS Student Housing I LLC, Revenue, Series 2026 A1, 5.25%, 07/01/2046 (c) | 2,000,000 | 1,989,898 | ||||||
| Madrone - MS Student Housing I LLC, Revenue, Series 2026 A1, 5.63%, 07/01/2056 (c) | 3,500,000 | 3,460,684 | ||||||
| Development Authority of Bainbridge And Decatur County, | ||||||||
| Spring Creek Charter Academy, Inc., Revenue, Series 2026, 5.25%, 04/01/2036 (c) | 2,380,000 | 2,328,875 | ||||||
| Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.50%, 04/01/2056 (c) | 5,625,000 | 5,501,058 | ||||||
| Spring Creek Charter Academy, Inc., Revenue, Series 2026, 6.75%, 04/01/2066 (c) | 3,485,000 | 3,472,733 | ||||||
| Development Authority of The City of Marietta, | ||||||||
| Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2027 (c) | 300,000 | 300,293 | ||||||
| George L Smith II Congress Center Authority, | ||||||||
| Signia Hotel Management LLC, Revenue, Series 2021 B, 3.63%, 01/01/2031 (c) | 1,170,000 | 1,123,382 | ||||||
| Signia Hotel Management LLC, Revenue, Series 2021 B, 5.00%, 01/01/2036 (c) | 2,500,000 | 2,510,704 | ||||||
| Main Street Natural Gas, Inc., | ||||||||
| Revenue, Series 2022 C, 4.00%, 11/01/2027 (a)(b)(c) | 500,000 | 499,933 | ||||||
| 30,472,060 | ||||||||
| Hawaii 0.1% | ||||||||
| State of Hawaii Department of Budget & Finance, | ||||||||
| Hawai’i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (c) | 1,500,000 | 1,443,172 | ||||||
| Idaho 0.2% | ||||||||
| Idaho Health Facilities Authority, | ||||||||
| Madison Memorial Hospital, Revenue, Refunding, Series 2016, 5.00%, 09/01/2029 | 610,000 | 610,153 | ||||||
| Power County Industrial Development Corp., | ||||||||
| FMC Corp., Revenue, AMT, Series 1999, 6.45%, 08/01/2032 | 1,055,000 | 1,058,213 | ||||||
| Spring Valley Community Infrastructure District No. 1, | ||||||||
| Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (c) | 2,000,000 | 2,029,795 | ||||||
| 3,698,161 | ||||||||
| Illinois 6.0% | ||||||||
| Chicago Board of Education, | ||||||||
| GO, Series 2012 A, 5.00%, 12/01/2042 | 2,500,000 | 2,379,959 | ||||||
| GO, Series 2015 C, 5.25%, 12/01/2035 | 680,000 | 664,826 | ||||||
| GO, Series 2015 C, 5.25%, 12/01/2039 | 8,120,000 | 7,909,364 | ||||||
| GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (c) | 20,700,000 | 21,077,208 | ||||||
| GO, Refunding, Series 2018 A, 5.00%, 12/01/2035 | 1,500,000 | 1,498,932 | ||||||
| GO, Refunding, Series 2021 B, 5.00%, 12/01/2036 | 150,000 | 148,479 | ||||||
| GO, Refunding, Series B, 7.00%, 12/01/2042 (c) | 6,250,000 | 6,383,305 | ||||||
| Chicago Board of Education Dedicated Capital Improvement Tax, | ||||||||
| Revenue, Series 2016, 6.00%, 04/01/2046 | 16,695,000 | 16,879,246 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Illinois | ||||||||
| Revenue, Series 2017, 5.00%, 04/01/2042 | 8,800,000 | 8,745,807 | ||||||
| Chicago O’Hare International Airport, | ||||||||
| Revenue, Senior Lien, AMT, Refunding, Series D, 5.00%, 01/01/2047 | 8,375,000 | 8,384,305 | ||||||
| City of Calumet City, | ||||||||
| GO, Series 2023 B, 4.50%, 03/01/2037 | 600,000 | 559,884 | ||||||
| City of Chicago, | ||||||||
| GO, Series 2025 A, 6.00%, 01/01/2050 | 3,000,000 | 3,109,456 | ||||||
| City of Galesburg, | ||||||||
| Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2036 | 1,125,000 | 984,864 | ||||||
| Knox College/Illinois, Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2041 | 1,475,000 | 1,189,771 | ||||||
| City of Harvey, | ||||||||
| GO, Refunding, Series 2023 A, 4.00%, 01/01/2028 | 190,000 | 184,153 | ||||||
| County of Cook, | ||||||||
| Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045 | 3,400,000 | 3,465,468 | ||||||
| Illinois Finance Authority, | ||||||||
| Acero Charter Schools, Inc. Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 10/01/2028 (c) | 580,000 | 579,824 | ||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2030 | 1,000,000 | 974,225 | ||||||
| Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 3,770,000 | 3,372,896 | ||||||
| Benedictine University, Revenue, Refunding, Series 2021, 5.00%, 10/01/2027 | 20,000 | 19,903 | ||||||
| Benedictine University, Revenue, Refunding, Series 2021, 5.00%, 10/01/2030 | 1,300,000 | 1,266,493 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2019, 5.00%, 09/01/2027 | 1,170,000 | 1,168,586 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 10/01/2035 (c) | 700,000 | 706,872 | ||||||
| Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (c) | 1,000,000 | 1,016,041 | ||||||
| Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2029 | 1,685,000 | 1,677,710 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2026 | 875,000 | 874,813 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037 | 25,000 | 21,656 | ||||||
| Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2038 | 200,000 | 188,921 | ||||||
| Illinois Wesleyan University, Revenue, Refunding, Series 2016, 3.00%, 09/01/2030 | 1,500,000 | 1,421,945 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035 | 295,000 | 288,619 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 05/15/2035 | 250,000 | 250,075 | ||||||
| LRS Holdings LLC, Revenue, AMT, Series 2023 B, 7.38%, 09/01/2033 (a)(b)(c) | 5,000,000 | 5,622,598 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.50%, 05/15/2042 | 500,000 | 533,193 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.50%, 05/15/2047 | 1,000,000 | 1,058,374 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052 | 285,000 | 299,845 | ||||||
| Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.75%, 05/15/2058 | 850,000 | 892,176 | ||||||
| Roosevelt University, Revenue, Series 2007, 5.50%, 04/01/2032 | 100,000 | 100,015 | ||||||
| Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2026 | 465,000 | 464,965 | ||||||
| Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038 | 1,160,000 | 1,136,827 | ||||||
| Illinois State Toll Highway Authority, | ||||||||
| Revenue, Series 2015 A, 5.00%, 01/01/2036 | 1,900,000 | 1,906,195 | ||||||
| Sangamon County Water Reclamation District, | ||||||||
| GO, Refunding, Series A, 5.75%, 01/01/2053 | 870,000 | 870,360 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Illinois | ||||||||
| Southwestern Illinois Development Authority, | ||||||||
| United States Steel Corp., Revenue, AMT, Series 2012, 5.75%, 08/01/2042 | 210,000 | 210,154 | ||||||
| Upper Illinois River Valley Development Authority, | ||||||||
| Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2037 (c) | 1,000,000 | 979,278 | ||||||
| Village of Bridgeview, | ||||||||
| GO, Refunding, Series 2015 A, 5.00%, 12/01/2030 | 90,000 | 90,009 | ||||||
| GO, Refunding, Series 2015 A, 5.63%, 12/01/2041 | 2,175,000 | 2,139,257 | ||||||
| Village of Lincolnwood Il, | ||||||||
| North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (c) | 1,700,000 | 1,727,877 | ||||||
| Village of Rantoul, | ||||||||
| Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (c) | 300,000 | 302,416 | ||||||
| Village of Romeoville, | ||||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 5.00%, 10/01/2036 | 505,000 | 504,981 | ||||||
| Lewis University, Revenue, Refunding, Series 2018 B, 5.00%, 10/01/2039 | 4,665,000 | 4,523,901 | ||||||
| Western Illinois Economic Development Authority, | ||||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.13%, 06/01/2027 | 200,000 | 197,674 | ||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.25%, 06/01/2028 | 755,000 | 737,337 | ||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.50%, 06/01/2029 | 365,000 | 353,041 | ||||||
| Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2033 | 680,000 | 628,941 | ||||||
| 122,673,020 | ||||||||
| Indiana 1.3% | ||||||||
| City of East Chicago, | ||||||||
| Revenue, Series 2025, 6.50%, 07/15/2044 (c) | 500,000 | 517,090 | ||||||
| City of Valparaiso, | ||||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (c) | 4,000,000 | 3,987,719 | ||||||
| Indiana Finance Authority, | ||||||||
| Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.13%, 07/01/2037 | 6,190,000 | 5,778,333 | ||||||
| Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047 | 950,000 | 827,432 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 10/01/2032 | 7,105,000 | 7,004,646 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037 | 185,000 | 153,897 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2042 | 170,000 | 131,685 | ||||||
| Good Samaritan Hospital Obligated Group, Revenue, Series 2016 A, 5.50%, 04/01/2041 | 4,555,000 | 4,556,424 | ||||||
| Hanover College, Revenue, Series 2013, 4.25%, 05/01/2033 | 25,000 | 23,573 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039 | 145,000 | 126,837 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 4.00%, 10/01/2044 | 15,000 | 10,687 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.00%, 10/01/2031 | 65,000 | 55,678 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 4.00%, 10/01/2032 | 45,000 | 40,698 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.25%, 10/01/2033 | 65,000 | 53,512 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2036 | 105,000 | 95,914 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.50%, 10/01/2037 | 50,000 | 38,394 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 100,000 | 88,997 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2021, 5.00%, 10/01/2031 | 25,000 | 24,403 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2021, 4.00%, 10/01/2034 | 50,000 | 43,544 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2021, 4.00%, 10/01/2035 | 545,000 | 463,906 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Indiana | ||||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.25%, 07/01/2028 (c) | 300,000 | 301,469 | ||||||
| Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (c) | 540,000 | 540,788 | ||||||
| United States Steel Corp., Revenue, AMT, Series 2012, 5.75%, 08/01/2042 | 165,000 | 165,122 | ||||||
| Richmond Hospital Authority, | ||||||||
| Reid Hospital & Health Care Services, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 01/01/2029 | 800,000 | 801,473 | ||||||
| Reid Hospital & Health Care Services, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 01/01/2039 | 1,000,000 | 983,513 | ||||||
| 26,815,734 | ||||||||
| Iowa 0.3% | ||||||||
| City of Coralville, | ||||||||
| COP, Series 2016 E, 4.00%, 06/01/2029 | 900,000 | 870,693 | ||||||
| COP, Series 2016 E, 4.00%, 06/01/2031 | 1,500,000 | 1,409,789 | ||||||
| COP, Series 2016 E, 3.38%, 06/01/2036 | 25,000 | 20,406 | ||||||
| Revenue, Refunding, Series 2016 A, 3.75%, 05/01/2036 | 65,000 | 52,570 | ||||||
| Revenue, Refunding, Series 2017 D-1, 4.00%, 05/01/2037 | 150,000 | 125,551 | ||||||
| Crawford County Memorial Hospital, Inc., | ||||||||
| Revenue, Series 2024, 5.00%, 06/15/2027 | 1,000,000 | 1,002,360 | ||||||
| Delaware County Memorial Hospital, | ||||||||
| Revenue, Series 2025, 4.40%, 12/01/2027 | 285,000 | 286,671 | ||||||
| Revenue, Series 2025, 5.00%, 12/01/2033 | 195,000 | 197,685 | ||||||
| Iowa Finance Authority, | ||||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 B, 6.60%, 05/15/2028 | 320,000 | 331,341 | ||||||
| Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 B, 7.50%, 05/15/2053 | 2,015,000 | 2,220,708 | ||||||
| 6,517,774 | ||||||||
| Kansas 1.4% | ||||||||
| City of Chanute, | ||||||||
| GO, Refunding, Series 2026 A, 5.50%, 11/01/2051 | 400,000 | 402,719 | ||||||
| GO, Refunding, Series 2026 A, 5.50%, 11/01/2056 | 1,000,000 | 1,002,878 | ||||||
| City of Derby, | ||||||||
| STAR Bond District, Revenue, Series 2022, 5.00%, 09/01/2042 | 1,025,000 | 1,025,243 | ||||||
| City of Hutchinson, | ||||||||
| Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2027 | 100,000 | 99,893 | ||||||
| Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2041 | 320,000 | 277,596 | ||||||
| City of Lenexa, | ||||||||
| Lakeview Village, Inc., Revenue, Refunding, Series 2018 A, 5.00%, 05/15/2027 | 135,000 | 135,672 | ||||||
| City of Wichita, | ||||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2018 I, 5.00%, 05/15/2033 | 135,000 | 135,197 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.25%, 05/15/2039 | 1,580,000 | 1,555,833 | ||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series III-2019, 3.75%, 05/15/2034 | 535,000 | 494,579 | ||||||
| Wyandotte County-Kansas City Unified Government, | ||||||||
| Sales Tax, Revenue, Series 2015 A, 5.00%, 09/01/2027 | 370,000 | 370,046 | ||||||
| Sales Tax, Revenue, Series 2015 A, 5.75%, 09/01/2032 | 350,000 | 334,831 | ||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (c) | 5,000,000 | 5,078,183 | ||||||
| Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (c) | 17,000,000 | 17,181,500 | ||||||
| 28,094,170 | ||||||||
| Kentucky 0.1% | ||||||||
| City of Campbellsville, | ||||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.50%, 03/01/2028 | 10,000 | 9,877 | ||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.75%, 03/01/2029 | 60,000 | 58,473 | ||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 03/01/2030 | 25,000 | 24,213 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Kentucky | ||||||||
| Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 5.13%, 03/01/2033 | 40,000 | 38,177 | ||||||
| County of Christian, | ||||||||
| Jennie Stuart Medical Center Obligated Group, Revenue, Refunding, Series 2016, 5.38%, 02/01/2036 | 200,000 | 200,123 | ||||||
| Louisville, | ||||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 4.00%, 05/01/2029 | 100,000 | 94,626 | ||||||
| Louisville/Jefferson County Metropolitan Government, | ||||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031 | 2,000,000 | 1,896,173 | ||||||
| Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 4.00%, 05/01/2029 | 300,000 | 283,950 | ||||||
| 2,605,612 | ||||||||
| Louisiana 0.8% | ||||||||
| Calcasieu Parish Memorial Hospital Service District, | ||||||||
| Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034 | 2,000,000 | 1,990,438 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2027 | 410,000 | 409,039 | ||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2028 | 430,000 | 426,509 | ||||||
| Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2029 | 450,000 | 443,102 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (c) | 710,000 | 679,307 | ||||||
| Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (c) | 3,270,000 | 2,741,429 | ||||||
| Louisiana Public Facilities Authority, | ||||||||
| Waste Pro USA, Inc., Revenue, AMT, Series 2025, 4.38%, 10/02/2028 (a)(b)(c) | 10,000,000 | 10,032,254 | ||||||
| 16,722,078 | ||||||||
| Maryland 1.4% | ||||||||
| City of Baltimore, | ||||||||
| Baltimore Hotel Corp., Revenue, Refunding, Series 2017, 5.00%, 09/01/2033 | 1,105,000 | 1,109,968 | ||||||
| City of Salisbury, | ||||||||
| Tax Allocation, Series 2007, 0.00%, 01/01/2037 (g) | 6,000,000 | 2,653,920 | ||||||
| County of Frederick, | ||||||||
| Mount St Mary’s University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2032 (c) | 740,000 | 738,296 | ||||||
| Mount St Mary’s University, Inc., Revenue, Series 2026, 6.00%, 09/01/2056 (c) | 2,200,000 | 2,121,555 | ||||||
| County of Montgomery, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2015 MD, 5.00%, 12/01/2044 (j) | 3,000,000 | 3,000,542 | ||||||
| County of Prince George’s, | ||||||||
| Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037 | 2,550,000 | 2,553,682 | ||||||
| Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2047 | 4,000,000 | 3,746,180 | ||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, 07/01/2030 (c) | 1,100,000 | 1,106,248 | ||||||
| Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (c) | 2,000,000 | 1,993,349 | ||||||
| Maryland Department of Housing & Community Development, | ||||||||
| Revenue, FHA Insured, Series 2026C, 4.90%, 07/01/2061 (j) | 1,500,000 | 1,457,170 | ||||||
| Maryland Health & Higher Educational Facilities Authority, | ||||||||
| Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2037 | 1,600,000 | 1,605,695 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Maryland | ||||||||
| Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044 | 5,015,000 | 4,873,816 | ||||||
| Prince George’s County Revenue Authority, | ||||||||
| County of Prince George’s MD Suitland-Naylor Road Development District, Tax Allocation, Series 2016, 5.00%, 07/01/2046 (c) | 2,000,000 | 1,999,990 | ||||||
| 28,960,411 | ||||||||
| Massachusetts 2.9% | ||||||||
| Massachusetts Development Finance Agency, | ||||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2031 (c) | 2,510,000 | 2,542,564 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2041 (c) | 1,650,000 | 1,554,184 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2056 (c) | 2,000,000 | 1,646,360 | ||||||
| Boston Medical Center Corp. Obligated Group, Revenue, Series 2015 D, 5.00%, 07/01/2044 | 8,265,000 | 8,258,924 | ||||||
| Boston Medical Center Corp. Obligated Group, Revenue, Refunding, Series 2016 E, 5.00%, 07/01/2033 | 5,000,000 | 5,001,758 | ||||||
| Boston Medical Center Corp. Obligated Group, Revenue, Series 2017 F, 5.00%, 07/01/2030 | 1,475,000 | 1,488,183 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 5.50%, 07/15/2035 (c) | 3,300,000 | 3,339,251 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.50%, 07/15/2060 (c) | 4,700,000 | 4,771,589 | ||||||
| Dana-Farber Cancer Institute Obligated Group, Revenue, Refunding, Series 2026 Q, 5.50%, 12/01/2056 (f) | 6,000,000 | 6,307,031 | ||||||
| Emmanuel College, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2032 | 5,630,000 | 5,630,717 | ||||||
| Emmanuel College, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2034 | 2,835,000 | 2,830,440 | ||||||
| Emmanuel College, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2035 | 6,375,000 | 6,312,686 | ||||||
| Lawrence General Hospital Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2028 | 675,000 | 666,619 | ||||||
| Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2030 | 465,000 | 472,632 | ||||||
| Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2031 | 485,000 | 493,181 | ||||||
| Simmons University, Revenue, Refunding, Series K-1, 5.00%, 10/01/2027 | 25,000 | 24,948 | ||||||
| Simmons University, Revenue, Series K-1, 4.13%, 10/01/2032 | 35,000 | 32,581 | ||||||
| Southcoast Health System Obligated Group, Revenue, Series 2013 F, 5.00%, 07/01/2027 | 25,000 | 25,023 | ||||||
| Suffolk University, Revenue, Refunding, Series 2017, 5.00%, 07/01/2034 | 1,690,000 | 1,690,796 | ||||||
| Suffolk University, Revenue, Refunding, Series 2017, 5.00%, 07/01/2035 | 1,480,000 | 1,480,457 | ||||||
| Massachusetts Housing Finance Agency, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 253, 4.75%, 12/01/2046 (j) | 5,530,000 | 5,505,611 | ||||||
| 60,075,535 | ||||||||
| Michigan 0.3% | ||||||||
| Flint Hospital Building Authority, | ||||||||
| Hurley Medical Center, Revenue, Series 2013 B, 4.75%, 07/01/2028 | 485,000 | 483,321 | ||||||
| Grand Rapids Economic Development Corp., | ||||||||
| Michigan Christian Home Obligated Group, Revenue, Refunding, Series 2017 A, 4.25%, 11/01/2038 | 25,000 | 22,385 | ||||||
| Kalamazoo Economic Development Corp., | ||||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c) | 790,000 | 804,250 | ||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 5.00%, 08/15/2036 (c) | 1,000,000 | 994,225 | ||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Series 2026 A, 6.00%, 08/15/2046 (c) | 1,315,000 | 1,360,077 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Michigan | ||||||||
| Michigan Finance Authority, | ||||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2033 | 40,000 | 29,531 | ||||||
| Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2036 | 1,000,000 | 683,084 | ||||||
| Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031 | 500,000 | 422,264 | ||||||
| Kettering University, Revenue, Refunding, Series 2020, 4.00%, 09/01/2045 | 50,000 | 39,714 | ||||||
| Michigan Strategic Fund, | ||||||||
| Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c) | 515,000 | 524,290 | ||||||
| 5,363,141 | ||||||||
| Minnesota 0.3% | ||||||||
| City of Landfall Village, | ||||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.75%, 08/01/2029 | 205,000 | 205,245 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.80%, 08/01/2030 | 215,000 | 214,808 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.85%, 08/01/2031 | 225,000 | 224,116 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 4.90%, 08/01/2032 | 235,000 | 233,576 | ||||||
| Pines of Richfield LLC (The), Revenue, Series 2024, 5.00%, 08/01/2033 | 250,000 | 248,321 | ||||||
| City of Moorhead, | ||||||||
| Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2034 | 1,155,000 | 1,155,119 | ||||||
| Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2040 | 1,350,000 | 1,344,744 | ||||||
| City of Shakopee, | ||||||||
| Benedictine Living Community of Shakopee LLC Obligated Group, Revenue, Refunding, Series 2025, 4.45%, 11/01/2035 | 1,335,000 | 1,321,101 | ||||||
| Dakota County Community Development Agency, | ||||||||
| Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035 | 1,500,000 | 1,440,715 | ||||||
| Minnesota Housing Finance Agency, | ||||||||
| Revenue, AMT, GNMA Insured, Series 2015 B, 3.00%, 04/01/2045 | 276,880 | 238,819 | ||||||
| 6,626,564 | ||||||||
| Mississippi 1.0% | ||||||||
| City of Jackson, | ||||||||
| GO, Refunding, Series 2021, 5.00%, 03/01/2027 | 920,000 | 925,776 | ||||||
| County of Tunica, | ||||||||
| Revenue, Refunding, Series 2019, 6.00%, 10/01/2040 | 7,020,000 | 7,172,785 | ||||||
| Harrison County Utility Authority, | ||||||||
| Revenue, Refunding, Series 2020 A, 1.50%, 07/01/2030 (c) | 2,800,000 | 2,423,283 | ||||||
| Mississippi Business Finance Corp., | ||||||||
| Waste Pro USA, Inc., Revenue, AMT, Refunding, Series 2025 A, 4.38%, 08/02/2027 (a)(b)(c) | 7,500,000 | 7,512,131 | ||||||
| Mississippi Development Bank, | ||||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2027 | 90,000 | 88,999 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2028 | 260,000 | 251,863 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2029 | 295,000 | 280,018 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.13%, 03/01/2030 | 230,000 | 212,223 | ||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036 | 725,000 | 560,793 | ||||||
| Special Sales Tax, Revenue, Series 2020, 5.00%, 09/01/2026 | 85,000 | 85,077 | ||||||
| Natchez-Adams School District, | ||||||||
| GO, Series 2020, 2.13%, 03/01/2027 | 430,000 | 421,741 | ||||||
| GO, Series 2020, 2.00%, 03/01/2031 | 175,000 | 151,302 | ||||||
| Revenue, Series 2020, 2.38%, 02/01/2036 | 55,000 | 39,946 | ||||||
| Revenue, Series 2020, 2.50%, 02/01/2039 | 40,000 | 26,334 | ||||||
| 20,152,271 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Missouri 0.6% | ||||||||
| County of Boone, | ||||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2026 | 25,000 | 25,000 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2028 | 1,000,000 | 971,397 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2029 | 1,525,000 | 1,456,835 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2030 | 1,300,000 | 1,219,540 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2032 | 35,000 | 27,696 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2033 | 2,470,000 | 2,057,613 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2034 | 50,000 | 36,949 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2038 | 365,000 | 270,067 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Maryville University of St. Louis, Revenue, Refunding, Series 2020 A, 4.00%, 06/15/2038 | 3,470,000 | 3,172,472 | ||||||
| Mercy Health, Revenue, Series 2014 F, 5.00%, 11/15/2045 | 150,000 | 150,048 | ||||||
| Kansas City Industrial Development Authority, | ||||||||
| Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (c) | 1,775,000 | 1,775,576 | ||||||
| St Louis County Industrial Development Authority, | ||||||||
| Friendship Village St Louis Obligated Group, Revenue, Series 2013 A, 5.50%, 09/01/2033 | 915,000 | 915,995 | ||||||
| 12,079,188 | ||||||||
| Montana 0.3% | ||||||||
| City of Great Falls, | ||||||||
| Downtown Urban Renewal District, Tax Allocation, Series 2021, 3.00%, 07/01/2035 | 1,005,000 | 872,929 | ||||||
| Montana Facility Finance Authority, | ||||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2035 | 525,000 | 471,053 | ||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2040 | 60,000 | 49,025 | ||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044 | 1,150,000 | 878,040 | ||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 40,000 | 27,728 | ||||||
| St John’s Lutheran Ministries, Inc. Obligated Group, Revenue, Series 2026A, 5.50%, 11/15/2046 | 2,000,000 | 1,972,148 | ||||||
| St John’s Lutheran Ministries, Inc. Obligated Group, Revenue, Refunding, Series 2026A, 6.13%, 11/15/2056 | 2,000,000 | 2,008,960 | ||||||
| 6,279,883 | ||||||||
| Nebraska 0.4% | ||||||||
| Douglas County Hospital Authority No. 2, | ||||||||
| Madonna Rehabilitation Hospital Obligated Group, Revenue, Series 2014, 5.00%, 05/15/2036 | 1,500,000 | 1,499,989 | ||||||
| Village of Boys Town, | ||||||||
| Father Flanagan’s Boy’s Home, Revenue, Series 2026, 5.00%, 07/01/2055 (j) | 7,430,000 | 7,326,779 | ||||||
| 8,826,768 | ||||||||
| Nevada 1.3% | ||||||||
| City of Las Vegas, | ||||||||
| Special Improvement District No. 812, Special Assessment, Series 2015, 5.00%, 12/01/2031 | 485,000 | 485,297 | ||||||
| Special Improvement District No. 816, Special Assessment, Series 2021, 2.75%, 06/01/2031 | 220,000 | 203,520 | ||||||
| Las Vegas Redevelopment Agency, | ||||||||
| Las Vegas Redevelopment Agency Redevelopment Area 1, Tax Allocation, Refunding, Series 2016, 5.00%, 06/15/2045 | 5,000,000 | 4,863,095 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Nevada | ||||||||
| State of Nevada Department of Business & Industry, | ||||||||
| DesertXpress Enterprises LLC, Revenue, AMT, Series 2025 B, 12.00%, 11/02/2026 (a)(b)(c) | 34,045,000 | 21,788,800 | ||||||
| 27,340,712 | ||||||||
| New Hampshire 6.0% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Revenue, Series 2024, 5.38%, 12/01/2031 (c) | 2,400,000 | 2,382,685 | ||||||
| Revenue, Series 2024, 5.88%, 12/15/2032 (c) | 2,326,000 | 2,310,168 | ||||||
| Revenue, Series 2024, 0.00%, 12/01/2034 (c)(g) | 24,365,000 | 13,758,669 | ||||||
| Revenue, Series 2024, 5.25%, 12/01/2035 (c) | 3,826,000 | 3,772,534 | ||||||
| Revenue, Series 2024, 5.38%, 12/15/2035 (c) | 3,100,000 | 3,076,584 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2032 (c)(g) | 6,029,000 | 3,937,211 | ||||||
| Revenue, Series 2025, 0.00%, 12/15/2033 (c)(g) | 10,100,000 | 6,441,575 | ||||||
| Revenue, Series 2026, 5.88%, 12/15/2036 (c) | 4,880,000 | 4,885,007 | ||||||
| Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2051 (c) | 2,270,000 | 1,918,522 | ||||||
| Blue Sky Lockhart LP, Revenue, Series 2026, 0.00%, 12/15/2036 (g) | 20,070,000 | 9,411,361 | ||||||
| Brazoria County Municipal Utility District No. 83, Revenue, Series 2024, 5.30%, 12/01/2032 (c) | 172,000 | 170,722 | ||||||
| Bridgeland Muds Project, Revenue, Series 2026, 6.13%, 12/15/2033 (c) | 1,500,000 | 1,494,374 | ||||||
| Christian Health Care Center Obligated Group, Revenue, Series 2019 A, 5.25%, 07/01/2039 (c) | 5,160,000 | 5,161,410 | ||||||
| Forestar Group Houston Area Projects, Revenue, Series 2026, 6.50%, 12/01/2034 (c) | 9,900,000 | 9,902,353 | ||||||
| Historymaker Empire Project, Revenue, Series 2026, 7.50%, 02/01/2035 (c) | 8,315,000 | 8,106,496 | ||||||
| Katy West Municipal Utility District, Revenue, Series 2025, 5.88%, 12/01/2032 (c) | 2,000,000 | 1,999,844 | ||||||
| Moonlight Bend Municipal Utility District, Revenue, Series 2025, 0.00%, 12/01/2035 (c)(g) | 4,750,000 | 2,489,466 | ||||||
| The Astro Sunterra Projects, Revenue, Series 2026, 0.00%, 12/15/2034 (c)(g) | 10,875,000 | 6,268,005 | ||||||
| The LA Segarra Project, Revenue, Series 2026, 0.00%, 12/01/2039 (c)(g) | 20,725,000 | 7,923,777 | ||||||
| Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (c)(g) | 23,995,000 | 16,825,088 | ||||||
| Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (c)(g) | 1,517,000 | 1,051,120 | ||||||
| New Hampshire Housing Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2026E, 4.80%, 07/01/2051 (j) | 10,205,000 | 9,827,907 | ||||||
| 123,114,878 | ||||||||
| New Jersey 1.8% | ||||||||
| City of Atlantic City, | ||||||||
| GO, Refunding, Series 2013, 5.00%, 12/01/2027 | 10,000 | 9,946 | ||||||
| New Jersey Economic Development Authority, | ||||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.38%, 01/01/2035 (c) | 12,500,000 | 13,156,670 | ||||||
| DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (c) | 12,250,000 | 12,858,913 | ||||||
| Kintock Group Obligated Group, Revenue, Refunding, Series 2017 A, 7.00%, 09/01/2047 (c) | 115,000 | 116,250 | ||||||
| Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 4.75%, 10/01/2028 (c) | 800,000 | 796,179 | ||||||
| Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 5.00%, 10/01/2033 (c) | 1,000,000 | 981,600 | ||||||
| United Airlines, Inc., Revenue, AMT, Series 1999, 5.25%, 09/15/2029 | 270,000 | 270,313 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027 | 1,585,000 | 1,587,539 | ||||||
| United Airlines, Inc., Revenue, AMT, Series B, 5.63%, 11/15/2030 | 2,510,000 | 2,513,433 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New Jersey | ||||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 5.00%, 07/01/2030 | 1,345,000 | 1,332,695 | ||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 3.25%, 07/01/2031 | 60,000 | 54,331 | ||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 5.00%, 07/01/2032 | 25,000 | 24,426 | ||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 5.00%, 07/01/2033 | 1,590,000 | 1,540,474 | ||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 3.50%, 07/01/2034 | 20,000 | 17,205 | ||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Series 2017 G, 3.75%, 07/01/2037 | 35,000 | 28,683 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2028 | 10,000 | 9,783 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.00%, 07/01/2029 | 10,000 | 9,154 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.25%, 07/01/2030 | 25,000 | 22,440 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.50%, 07/01/2031 | 35,000 | 30,927 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2032 | 395,000 | 369,219 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2033 | 415,000 | 383,150 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2035 | 1,185,000 | 1,066,861 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 4.00%, 07/01/2042 | 50,000 | 36,751 | ||||||
| New Jersey Health Care Facilities Financing Authority, | ||||||||
| St Joseph’s Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.00%, 07/01/2032 | 50,000 | 47,436 | ||||||
| 37,264,378 | ||||||||
| New Mexico 0.1% | ||||||||
| New Mexico Hospital Equipment Loan Council, | ||||||||
| Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2033 | 795,000 | 795,697 | ||||||
| Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2034 | 415,000 | 415,194 | ||||||
| 1,210,891 | ||||||||
| New York 11.5% | ||||||||
| Allegany County Capital Resource Corp., | ||||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2026 | 170,000 | 169,771 | ||||||
| Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2032 | 1,385,000 | 1,345,216 | ||||||
| Buffalo & Erie County Industrial Land Development Corp., | ||||||||
| D’Youville University, Revenue, Series 2026 A, 6.00%, 05/01/2029 | 720,000 | 730,351 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.00%, 05/01/2030 | 815,000 | 827,855 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.13%, 05/01/2031 | 865,000 | 882,526 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.25%, 05/01/2032 | 920,000 | 940,772 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.38%, 05/01/2033 | 980,000 | 1,005,206 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.50%, 05/01/2034 | 1,045,000 | 1,074,590 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.63%, 05/01/2035 | 1,130,000 | 1,164,778 | ||||||
| D’Youville University, Revenue, Series 2026 A, 6.75%, 05/01/2036 | 805,000 | 832,271 | ||||||
| Build NYC Resource Corp., | ||||||||
| Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (c) | 3,680,000 | 3,626,045 | ||||||
| New York Law School, Revenue, Refunding, Series 2016, 3.63%, 07/01/2032 | 20,000 | 18,891 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York | ||||||||
| Pratt Paper, Inc., Revenue, AMT, Refunding, Series 2014, 5.00%, 01/01/2035 (c) | 11,800,000 | 11,813,084 | ||||||
| WHIN Music Community Charter School, Revenue, Series 2022 A, 6.50%, 07/01/2052 (c) | 1,500,000 | 1,471,745 | ||||||
| County of Sullivan, | ||||||||
| Improvement Districts Service Fee, Special Assessment, Series E-1, 4.85%, 11/01/2031 (c) | 100,000 | 100,184 | ||||||
| Dobbs Ferry Local Development Corp., | ||||||||
| Mercy University, Revenue, Series 2014, 5.00%, 07/01/2039 | 20,000 | 19,678 | ||||||
| Dutchess County Local Development Corp., | ||||||||
| Nuvance Health Obligated Group, Revenue, Series 2016 B, 3.00%, 07/01/2029 | 150,000 | 145,184 | ||||||
| Jefferson County Civic Facility Development Corp., | ||||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2030 | 10,000 | 9,682 | ||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2042 | 20,000 | 16,099 | ||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2047 | 780,000 | 577,991 | ||||||
| Monroe County Industrial Development Corp., | ||||||||
| Rochester Regional Health Obligated Group, Revenue, Series 2017, 5.00%, 12/01/2035 | 800,000 | 800,949 | ||||||
| St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030 | 740,000 | 731,282 | ||||||
| St. Ann’s of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040 | 10,000,000 | 9,758,295 | ||||||
| MTA Hudson Rail Yards Trust Obligations, | ||||||||
| Revenue, Series 2016 A, 5.00%, 11/15/2051 | 16,000,000 | 15,976,747 | ||||||
| Revenue, Series 2016 A, 5.00%, 11/15/2056 | 2,060,000 | 2,045,001 | ||||||
| New York City Transitional Finance Authority Future Tax Secured, | ||||||||
| Revenue, Series 2014 B-3, 3.05%, 08/03/2026 (b)(k) | 3,000,000 | 3,000,000 | ||||||
| New York Counties Tobacco Trust, | ||||||||
| Revenue, Refunding, Series 2016 A-2B, 5.00%, 06/01/2051 | 2,750,000 | 1,987,281 | ||||||
| New York Counties Tobacco Trust IV, | ||||||||
| Revenue, Series 2005 A, 5.00%, 06/01/2045 | 160,000 | 116,378 | ||||||
| New York Liberty Development Corp., | ||||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.15%, 11/15/2034 (c) | 1,500,000 | 1,502,103 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 2, 5.38%, 11/15/2040 (c) | 14,600,000 | 14,617,307 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.00%, 11/15/2044 (c) | 28,300,000 | 28,338,816 | ||||||
| 3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 500,000 | 501,036 | ||||||
| New York State Dormitory Authority, | ||||||||
| Catholic Health System Obligated Group, Revenue, Series 2012 A, 4.75%, 07/01/2039 | 275,000 | 253,421 | ||||||
| Catholic Health System Obligated Group, Revenue, Refunding, Series 2019 A, 5.00%, 07/01/2029 | 900,000 | 901,459 | ||||||
| Catholic Health System Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 07/01/2031 | 100,000 | 89,761 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2030 (c) | 1,200,000 | 1,188,723 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2031 (c) | 1,000,000 | 984,784 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2032 (c) | 1,000,000 | 977,595 | ||||||
| Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2033 (c) | 2,700,000 | 2,621,746 | ||||||
| St Joseph’s University/Brooklyn, Revenue, Series 2021, 5.00%, 07/01/2028 | 110,000 | 110,065 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York | ||||||||
| New York State Environmental Facilities Corp., | ||||||||
| Casella Waste Systems, Inc., Revenue, AMT, Series 2014, 2.88%, 12/03/2029 (a)(b)(c) | 3,000,000 | 2,903,119 | ||||||
| Casella Waste Systems, Inc., Revenue, AMT, Series 2020 R-2, 5.13%, 09/03/2030 (a)(b)(c) | 1,000,000 | 1,046,001 | ||||||
| New York Transportation Development Corp., | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2016, 5.00%, 08/01/2031 | 30,445,000 | 30,443,277 | ||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2021, 3.00%, 08/01/2031 | 235,000 | 225,806 | ||||||
| JFK International Air Terminal LLC, Revenue, AMT, Refunding, Series 2020 A, 5.00%, 12/01/2032 | 1,250,000 | 1,307,723 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2034 | 2,500,000 | 2,501,349 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2041 | 1,000,000 | 1,000,135 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2046 | 9,290,000 | 9,130,200 | ||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, AG Insured, Series 2016 A, 5.25%, 01/01/2050 | 3,470,000 | 3,466,646 | ||||||
| Oneida Indian Nation of New York, | ||||||||
| Revenue, Series 2024 B, 6.00%, 09/01/2043 (c) | 145,000 | 154,927 | ||||||
| Onondaga Civic Development Corp., | ||||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2029 | 550,000 | 554,233 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2030 | 1,120,000 | 1,127,439 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2031 | 600,000 | 602,610 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2032 | 250,000 | 250,137 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2033 | 275,000 | 274,096 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2034 | 700,000 | 693,619 | ||||||
| Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044 | 500,000 | 462,855 | ||||||
| Rockland County Economic Assistance Corp., | ||||||||
| Bon Secours Charity Health System, Inc., Revenue, Series 2025, 6.50%, 11/01/2030 | 3,500,000 | 3,599,013 | ||||||
| Suffolk Regional Off-Track Betting Corp., | ||||||||
| Revenue, Series 2024, 6.00%, 12/01/2053 | 780,000 | 793,009 | ||||||
| Syracuse Industrial Development Agency, | ||||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2028 | 750,000 | 719,234 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2029 | 4,465,000 | 4,159,581 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2030 | 4,495,000 | 4,076,565 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2031 | 3,465,000 | 3,056,826 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2032 | 2,000,000 | 1,722,261 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2033 | 3,500,000 | 2,937,435 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2036 | 2,975,000 | 2,350,972 | ||||||
| Westchester County Healthcare Corp., | ||||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2010 B, 6.00%, 11/01/2030 | 110,000 | 110,111 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2010 B, 6.13%, 11/01/2037 | 5,000 | 5,002 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| New York | ||||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Senior Lien, Series 2014 A, 5.00%, 11/01/2044 | 23,000 | 21,645 | ||||||
| Westchester County Industrial Development Agency, | ||||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (c) | 400,000 | 412,365 | ||||||
| Westchester County Local Development Corp., | ||||||||
| Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2036 (c) | 4,000,000 | 4,066,061 | ||||||
| QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.00%, 12/01/2045 (c) | 750,000 | 774,336 | ||||||
| QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.38%, 12/01/2055 (c) | 2,600,000 | 2,678,739 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2026 | 25,000 | 24,969 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2029 | 10,000 | 10,004 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/01/2034 | 725,000 | 725,018 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Refunding, Series 2016, 3.75%, 11/01/2037 | 1,000,000 | 852,604 | ||||||
| Westchester County Health Care Corp. Obligated Group, Revenue, Series 2025, 6.50%, 11/01/2030 | 31,500,000 | 32,414,977 | ||||||
| 234,929,567 | ||||||||
| North Carolina 0.9% | ||||||||
| North Carolina Capital Facilities Finance Agency, | ||||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2030 | 970,000 | 961,370 | ||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2031 | 1,305,000 | 1,289,816 | ||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2032 | 1,255,000 | 1,236,086 | ||||||
| Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2038 | 2,000,000 | 1,935,428 | ||||||
| North Carolina Medical Care Commission, | ||||||||
| ASHF HoldCo 1 LLC Obligated Group, Revenue, Series 2026 A, 6.75%, 11/01/2045 (c) | 5,500,000 | 5,648,927 | ||||||
| Vidant Health Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 06/01/2040 | 5,000,000 | 5,000,948 | ||||||
| Vidant Health Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 06/01/2045 | 3,000,000 | 3,002,070 | ||||||
| Northern Hospital District of Surry County, | ||||||||
| Revenue, Refunding, Series 2017, 4.00%, 10/01/2028 | 10,000 | 9,414 | ||||||
| Revenue, Refunding, Series 2017, 5.00%, 10/01/2029 | 90,000 | 87,863 | ||||||
| 19,171,922 | ||||||||
| North Dakota 0.0%(d) | ||||||||
| City of Horace, | ||||||||
| GO, Special Assessment, Refunding, Series 2020 B, 3.00%, 05/01/2030 | 100,000 | 93,684 | ||||||
| Ohio 3.4% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (g) | 40,000,000 | 2,658,828 | ||||||
| City of Cleveland, | ||||||||
| United Airlines, Inc., Revenue, AMT, Series 1998, 5.38%, 09/15/2027 | 90,000 | 90,119 | ||||||
| City of Huber Heights, | ||||||||
| Canal Heights Incentive District No. 1, Tax Allocation, Series 2025, 6.00%, 12/01/2036 (c) | 1,345,000 | 1,341,923 | ||||||
| Creekside Woods Incentive District No. 1, Tax Allocation, Series 2026, 6.25%, 12/01/2043 (c) | 2,165,000 | 2,165,907 | ||||||
| City of Norwood, | ||||||||
| Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 4.38%, 12/01/2030 | 520,000 | 522,948 | ||||||
| Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2035 | 750,000 | 779,627 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Ohio | ||||||||
| Cleveland-Cuyahoga County Port Authority, | ||||||||
| Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.25%, 12/01/2038 | 3,165,000 | 3,207,555 | ||||||
| County of Cuyahoga, | ||||||||
| GO, Series 2026, 5.00%, 12/01/2064 (j) | 5,000,000 | 5,043,464 | ||||||
| County of Fairfield, | ||||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033 | 5,275,000 | 5,163,394 | ||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030 | 350,000 | 346,391 | ||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050 | 4,595,000 | 4,089,038 | ||||||
| County of Lucas, | ||||||||
| Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, 6.75%, 11/01/2030 (a)(b) | 20,000,000 | 19,874,260 | ||||||
| Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048 | 3,700,000 | 3,680,111 | ||||||
| County of Washington, | ||||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042 | 100,000 | 104,954 | ||||||
| Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052 | 1,705,000 | 1,758,871 | ||||||
| Delaware County Finance Authority, | ||||||||
| Tax Allocation, Series 2023 A, 6.25%, 12/01/2037 | 850,000 | 884,884 | ||||||
| Delaware County Finance Authority Common Bond Fund, Revenue, Series 2026 A, 6.75%, 12/01/2051 | 1,055,000 | 1,143,387 | ||||||
| Delaware County Finance Authority Common Bond Fund, Revenue, Series 2026 A, 6.75%, 12/01/2055 | 650,000 | 700,395 | ||||||
| Ohio Air Quality Development Authority, | ||||||||
| Ohio Valley Electric Corp., Revenue, Refunding, Series 2019 A, 3.25%, 09/01/2029 | 10,000 | 9,895 | ||||||
| Ohio Housing Finance Agency, | ||||||||
| Ashford at Heath CP LLC, Revenue, Series 2026 A, 6.25%, 01/01/2046 (c) | 3,200,000 | 3,242,997 | ||||||
| Green Oaks of Fairborn LLC, Revenue, Series 2026 A, 6.13%, 01/01/2046 (c) | 4,250,000 | 4,290,022 | ||||||
| Green Oaks of Grove City LLC, Revenue, Series 2026 A, 6.13%, 01/01/2046 (c) | 4,430,000 | 4,471,718 | ||||||
| Port of Greater Cincinnati Development Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2026, 5.00%, 03/01/2041 (c) | 1,145,000 | 1,120,160 | ||||||
| Revenue, Senior Lien, Refunding, Series 2026, 5.63%, 03/01/2046 (c) | 1,450,000 | 1,441,826 | ||||||
| State of Ohio, | ||||||||
| State of Ohio Department of Transportation, Revenue, AMT, AG Insured, Series 2015, 5.00%, 12/31/2035 | 650,000 | 650,431 | ||||||
| 68,783,105 | ||||||||
| Oklahoma 0.6% | ||||||||
| Norman Regional Hospital Authority, | ||||||||
| Norman Regional Hospital Authority Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 09/01/2037 | 60,000 | 44,927 | ||||||
| Oklahoma County Finance Authority, | ||||||||
| Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 5.25%, 06/15/2034 (c) | 775,000 | 774,568 | ||||||
| Tulsa Authority for Economic Opportunity, | ||||||||
| Increment District No. 8, Tax Allocation, Series 2021, 4.38%, 12/01/2041 (c) | 2,325,000 | 2,168,611 | ||||||
| Tulsa Municipal Airport Trust, | ||||||||
| American Airlines, Inc., Revenue, AMT, Refunding, Series 2001 B, 5.50%, 12/01/2035 | 5,000,000 | 5,000,319 | ||||||
| Wagoner County Development Authority, | ||||||||
| Revenue, Series 2025, 9.00%, 05/01/2027 | 580,000 | 595,461 | ||||||
| Revenue, Series 2025, 8.25%, 05/01/2028 | 630,000 | 652,702 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Oklahoma | ||||||||
| Revenue, Series 2025, 6.75%, 05/01/2040 | 2,570,000 | 2,616,315 | ||||||
| 11,852,903 | ||||||||
| Oregon 1.9% | ||||||||
| Oregon State Facilities Authority, | ||||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-1, 6.00%, 03/01/2035 (c) | 5,180,000 | 5,405,076 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-1, 7.00%, 03/01/2045 (c) | 7,810,000 | 8,436,120 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-1, 7.25%, 03/01/2060 (c) | 12,245,000 | 13,157,876 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-2, 6.00%, 03/01/2035 (c) | 2,355,000 | 2,457,522 | ||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-2, 7.00%, 03/01/2045 (c) | 3,390,000 | 3,661,773 | ||||||
| Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.38%, 12/01/2045 | 1,040,000 | 1,064,621 | ||||||
| Polk County Hospital Facility Authority, | ||||||||
| Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2015 A, 5.13%, 07/01/2035 | 3,480,000 | 3,480,763 | ||||||
| Yamhill County Hospital Authority, | ||||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 11/15/2026 | 95,000 | 94,861 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2031 | 350,000 | 350,024 | ||||||
| Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2036 | 455,000 | 442,419 | ||||||
| 38,551,055 | ||||||||
| Pennsylvania 4.2% | ||||||||
| Allegheny County Higher Education Building Authority, | ||||||||
| Robert Morris University, Revenue, Pre-Refunded, Series 2016, 5.00%, 10/15/2034 | 600,000 | 602,584 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, | ||||||||
| Revenue, Series 2017, 5.00%, 05/01/2042 (c) | 4,250,000 | 4,256,327 | ||||||
| Revenue, Series 2025, 5.50%, 05/01/2032 (c) | 1,600,000 | 1,699,556 | ||||||
| Revenue, Series 2017, 5.00%, 05/01/2032 (c) | 4,270,000 | 4,287,552 | ||||||
| Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2032 (c) | 975,000 | 996,440 | ||||||
| Berks County Municipal Authority (The), | ||||||||
| The Reading Hospital and Medical Center Project, Revenue, Series 2012 A, 5.00%, 11/01/2040 | 120,000 | 91,393 | ||||||
| Tower Health Obligated Group, Revenue, Series 2012 A, 4.25%, 11/01/2041 | 110,000 | 75,518 | ||||||
| Tower Health Obligated Group, Revenue, Series 2024 A-2A, 6.00%, 06/30/2034 | 250,000 | 261,495 | ||||||
| Tower Health Obligated Group, Revenue, Series 2024 A-3, 5.00%, 06/30/2039 | 8,639,000 | 8,110,668 | ||||||
| Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044 (h) | 13,346,000 | 10,117,436 | ||||||
| Bucks County Industrial Development Authority, | ||||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027 | 620,000 | 628,432 | ||||||
| Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029 | 275,000 | 285,073 | ||||||
| Butler County Hospital Authority, | ||||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035 | 6,260,000 | 6,260,259 | ||||||
| Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2039 | 30,000 | 28,748 | ||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2028 | 20,000 | 20,011 | ||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2029 | 1,850,000 | 1,850,798 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Pennsylvania | ||||||||
| Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2030 | 1,370,000 | 1,370,490 | ||||||
| City of Erie Higher Education Building Authority, | ||||||||
| Mercyhurst University, Revenue, Series 2016, 5.00%, 09/15/2026 (c) | 230,000 | 229,818 | ||||||
| Crawford County Industrial Development Authority, | ||||||||
| Allegheny College, Revenue, Refunding, Series 2016, 3.00%, 05/01/2034 | 2,985,000 | 2,468,011 | ||||||
| Allegheny College, Revenue, Refunding, Series 2018 A, 4.00%, 11/01/2048 | 125,000 | 87,237 | ||||||
| DuBois Hospital Authority, | ||||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2027 | 15,000 | 15,087 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2028 | 770,000 | 778,762 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2029 | 105,000 | 106,027 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2032 | 3,050,000 | 3,064,545 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2048 | 200,000 | 182,178 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2032 | 250,000 | 251,956 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2035 | 125,000 | 125,422 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2030 | 150,000 | 153,167 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2031 | 10,000 | 10,045 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2032 | 125,000 | 125,352 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2033 | 30,000 | 29,994 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2034 | 585,000 | 581,712 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2035 | 340,000 | 335,769 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2036 | 30,000 | 29,344 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037 | 310,000 | 301,395 | ||||||
| Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 07/15/2051 | 50,000 | 38,897 | ||||||
| Fulton County Industrial Development Authority, | ||||||||
| Fulton County Medical Center (The), Revenue, Refunding, Series 2016, 4.00%, 07/01/2028 (e) | 1,460,000 | 1,431,059 | ||||||
| Huntingdon County General Authority, | ||||||||
| Juniata College, Revenue, Refunding, Series 2016 OO2, 3.50%, 05/01/2041 | 1,910,000 | 1,490,751 | ||||||
| Lancaster County Hospital Authority, | ||||||||
| Brethren Village Obligated Group, Revenue, Refunding, Series 2017, 4.13%, 07/01/2027 | 40,000 | 39,881 | ||||||
| Brethren Village Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2037 | 100,000 | 98,949 | ||||||
| Moravian Manors Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2028 | 250,000 | 250,815 | ||||||
| Moravian Manors Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2030 | 255,000 | 255,287 | ||||||
| Monroe County Industrial Development Authority, | ||||||||
| Monroe County Industrial Development Authority Pocono CBK TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2033 | 1,470,000 | 1,498,829 | ||||||
| Montgomery County Higher Education and Health Authority, | ||||||||
| Holy Redeemer Health System Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 10/01/2026 | 45,000 | 45,012 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Bridges Finco LP, Revenue, AMT, Series 2015, 5.00%, 12/31/2026 | 10,000 | 10,011 | ||||||
| Bridges Finco LP, Revenue, AMT, Series 2015, 5.00%, 06/30/2028 | 300,000 | 300,286 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Pennsylvania | ||||||||
| Noble Environmental, Inc., Revenue, AMT, Series 2026, 5.45%, 03/01/2031 (a)(b)(c) | 22,000,000 | 22,576,811 | ||||||
| Pennsylvania Higher Educational Facilities Authority, | ||||||||
| St Joseph’s University, Revenue, Refunding, Series 2015 A, 3.13%, 11/01/2029 | 25,000 | 23,822 | ||||||
| Pennsylvania Housing Finance Agency, | ||||||||
| Revenue, Series 2025 148 A, 4.80%, 10/01/2055 (j) | 1,290,000 | 1,234,743 | ||||||
| Revenue, Series 2026-153A, 4.90%, 10/01/2050 (j) | 4,000,000 | 3,914,074 | ||||||
| Philadelphia Authority for Industrial Development, | ||||||||
| St. Joseph’s University, Revenue, Series 2017, 5.00%, 11/01/2047 | 1,600,000 | 1,560,492 | ||||||
| St. Mary Hospital Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR+ 0.83%), 3.45%, 11/15/2034 (l) | 665,000 | 662,597 | ||||||
| Susquehanna Area Regional Airport Authority, | ||||||||
| Revenue, AMT, Refunding, Series 2017, 5.00%, 01/01/2038 | 1,000,000 | 998,925 | ||||||
| 86,249,842 | ||||||||
| Rhode Island 1.5% | ||||||||
| City of East Providence, | ||||||||
| Kettle Point Tax Increment Area, Tax Allocation, Series 2016, 7.50%, 05/15/2041 (c) | 9,650,000 | 9,799,986 | ||||||
| Rhode Island Health and Educational Building Corp., | ||||||||
| Care New England Health System Obligated Group, Revenue, Refunding, Series 2016 B, 5.00%, 09/01/2036 | 5,250,000 | 5,132,471 | ||||||
| Chartercare Health of Rhode Island Obligated Group, Revenue, Series 2026 A, 8.50%, 10/01/2056 | 13,000,000 | 14,243,782 | ||||||
| Chartercare Health of Rhode Island Obligated Group, Revenue, Series 2026 B, 12.50%, 10/01/2031 | 1,915,000 | 1,915,168 | ||||||
| 31,091,407 | ||||||||
| South Carolina 0.5% | ||||||||
| South Carolina Jobs-Economic Development Authority, | ||||||||
| Connexion Communities Obligated Group, Revenue, Series 2025 A1, 5.38%, 10/15/2035 (c) | 5,865,000 | 5,868,089 | ||||||
| Connexion Communities Obligated Group, Revenue, Series 2025 A1, 6.25%, 10/15/2042 (c) | 1,995,000 | 2,040,986 | ||||||
| Libertas Academy Woodruff, Revenue, Series 2025 A, 7.00%, 08/15/2045 (c) | 1,000,000 | 1,042,565 | ||||||
| South Carolina Public Service Authority, | ||||||||
| South Carolina Public Service Authority, Revenue, Series 2015 E, 5.25%, 12/01/2055 | 1,120,000 | 1,106,368 | ||||||
| 10,058,008 | ||||||||
| South Dakota 0.4% | ||||||||
| Flandreau Santee Sioux Tribe of South Dakota, | ||||||||
| Series 2026, 6.00%, 09/15/2030 (c) | 9,000,000 | 8,930,670 | ||||||
| Tennessee 0.2% | ||||||||
| Chattanooga Health Educational & Housing Facility Board, | ||||||||
| CDFI Phase I LLC, Revenue, Refunding, Series 2015, 5.00%, 10/01/2028 | 1,050,000 | 1,050,258 | ||||||
| Shelby County Health Educational & Housing Facilities Board, | ||||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.00%, 09/01/2033 (c) | 85,000 | 78,947 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 3.50%, 09/01/2026 (c) | 25,000 | 24,949 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (c) | 4,060,000 | 3,566,587 | ||||||
| 4,720,741 | ||||||||
| Texas 6.6% | ||||||||
| Abilene Convention Center Hotel Development Corp., | ||||||||
| City of Abilene Abilene Convention Center, Revenue, Second Lien, Series 2021 B, 3.75%, 10/01/2031 (c) | 500,000 | 477,132 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Arlington Higher Education Finance Corp., | ||||||||
| Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 4.00%, 06/15/2031 | 2,660,000 | 2,467,303 | ||||||
| Newman International Academy, Revenue, Series 2021 A, 4.00%, 08/15/2031 | 350,000 | 302,006 | ||||||
| Uplift Education, Revenue, Refunding, Series 2016 A, 5.00%, 12/01/2046 | 1,100,000 | 1,080,886 | ||||||
| Austin Convention Enterprises, Inc., | ||||||||
| Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2028 | 60,000 | 60,164 | ||||||
| Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2034 | 250,000 | 250,144 | ||||||
| Revenue, Second Tier, Refunding, Series B, 5.00%, 01/01/2032 | 1,075,000 | 1,075,444 | ||||||
| Bexar County Health Facilities Development Corp., | ||||||||
| Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2031 | 25,000 | 24,576 | ||||||
| Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2036 | 5,000 | 4,681 | ||||||
| City of Anna, | ||||||||
| Crystal Park Public Improvement District No. 2 Improvement Area, Special Assessment, Series 2025, 4.50%, 09/15/2035 (c) | 300,000 | 297,432 | ||||||
| City of Austin, | ||||||||
| Airport System, Revenue, AMT, Series 2017 B, 5.00%, 11/15/2041 | 2,985,000 | 2,989,803 | ||||||
| City of Buda, | ||||||||
| Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.75%, 09/01/2033 (c) | 1,000,000 | 1,005,870 | ||||||
| City of Caddo Mills, | ||||||||
| Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 5.30%, 09/15/2035 (c) | 2,425,000 | 2,464,535 | ||||||
| City of Celina, | ||||||||
| Legacy Celina Public Improvement District, Special Assessment, Series 2025, 4.75%, 09/01/2035 | 540,000 | 534,864 | ||||||
| City of Dorchester, | ||||||||
| Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/15/2031 (c) | 350,000 | 348,657 | ||||||
| City of Hackberry, | ||||||||
| Rivendale by the Lake Public Improvement District No. 1, Special Assessment, Series 2015, 6.00%, 09/01/2044 | 2,730,462 | 2,732,052 | ||||||
| Rivendale by the Lake Public Improvement District No. 2, Special Assessment, Series 2016, 5.75%, 09/01/2046 | 5,510,000 | 5,512,383 | ||||||
| City of Houston, | ||||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2014, 5.00%, 07/01/2029 | 40,000 | 40,039 | ||||||
| United Airlines, Inc., Revenue, AMT, Series 2018 C, 5.00%, 07/15/2028 | 7,095,000 | 7,262,118 | ||||||
| United Airlines, Inc., Revenue, AMT, Refunding, Series 2020 A, 5.00%, 07/01/2027 | 1,000,000 | 1,012,008 | ||||||
| City of Huntsville, | ||||||||
| Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 4.50%, 09/15/2031 (c) | 355,000 | 358,022 | ||||||
| City of Penitas, | ||||||||
| GO, Series 2025, 5.00%, 09/01/2035 | 415,000 | 418,009 | ||||||
| City of Port Isabel, | ||||||||
| GO, Series 2025, 5.00%, 02/15/2035 | 860,000 | 853,841 | ||||||
| City of San Antonio, | ||||||||
| Airport System, Revenue, AMT, Refunding, BAM Insured, Series 2026, 5.50%, 07/01/2060 (i)(j) | 8,330,000 | 8,665,544 | ||||||
| City of Sugar Land, | ||||||||
| GO, Series 2014, 5.25%, 02/15/2032 | 25,000 | 25,043 | ||||||
| Clifton Higher Education Finance Corp., | ||||||||
| Valor Texas Education Foundation, Revenue, Series 2024 A, 5.00%, 06/15/2034 (c) | 325,000 | 320,256 | ||||||
| County of Denton, | ||||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.13%, 12/31/2031 (c) | 500,000 | 506,370 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044 | 2,770,000 | 2,812,411 | ||||||
| Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054 | 500,000 | 497,195 | ||||||
| Tabor Ranch Public Improvement District Major Impt Area, Special Assessment, Series 2024, 5.25%, 12/31/2031 (c) | 1,000,000 | 1,011,596 | ||||||
| County of Medina, | ||||||||
| Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 4.88%, 09/01/2034 (c) | 1,453,000 | 1,474,941 | ||||||
| Woodlands Public Improvement District Major Improvement Area, Special Assessment, Series 2021, 5.25%, 09/01/2041 (c) | 785,000 | 750,912 | ||||||
| Edinburg Economic Development Corp., | ||||||||
| Revenue, Series 2019, 4.00%, 08/15/2029 (c) | 480,000 | 470,482 | ||||||
| Harris County Cultural Education Facilities Finance Corp., | ||||||||
| Memorial Hermann Health System Obligated Group, Revenue, Refunding, Series 2026B, 3.00%, 08/03/2026 (b)(k) | 9,000,000 | 9,000,000 | ||||||
| Texas Children’s Hospital Obligated Group, Revenue, Refunding, Series 2021 C, 3.05%, 08/03/2026 (b)(k) | 6,250,000 | 6,250,000 | ||||||
| Kerrville Health Facilities Development Corp., | ||||||||
| Sid Peterson Memorial Hospital Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/15/2035 | 1,750,000 | 1,753,626 | ||||||
| Love Field Airport Modernization Corp., | ||||||||
| Southwest Airlines Co., Revenue, AMT, Series 2012, 5.00%, 11/01/2028 | 130,000 | 130,204 | ||||||
| Lubbock Educational Facilities Authority, Inc., | ||||||||
| Lubbock Christian University, Revenue, Refunding, Series 2016, 2.75%, 11/01/2031 | 2,585,000 | 2,372,143 | ||||||
| Mission Economic Development Corp., | ||||||||
| Graphic Packaging International LLC, Revenue, AMT, Series 2025, 5.00%, 06/01/2030 (a)(b) | 4,750,000 | 4,901,696 | ||||||
| Nacogdoches County Hospital District, | ||||||||
| Sales Tax, Revenue, Refunding, Series 2013, 5.00%, 05/15/2043 | 5,000,000 | 4,242,551 | ||||||
| New Hope Cultural Education Facilities Finance Corp., | ||||||||
| CHF-Collegiate Housing College Station I LLC, Revenue, Series 2014 A, 5.00%, 04/01/2029 | 3,785,000 | 3,785,390 | ||||||
| CHF-Collegiate Housing College Station I LLC, Revenue, AG Insured, Series 2014 A, 5.00%, 04/01/2046 | 3,750,000 | 3,691,840 | ||||||
| Outlook at Windhaven Forefront Living Obligated Group, Revenue, Series 2022 A, 6.50%, 10/01/2033 | 1,500,000 | 1,596,974 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2032 | 750,000 | 762,273 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.25%, 01/01/2042 | 17,635,000 | 17,250,391 | ||||||
| Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057 | 10,635,000 | 9,945,038 | ||||||
| SLF CHP LLC, Revenue, Series 2025 A, 5.75%, 07/01/2035 (c) | 2,500,000 | 2,602,369 | ||||||
| Olney Hamilton Hospital District, | ||||||||
| GO, Series 2026, 6.63%, 09/15/2056 (c) | 900,000 | 874,713 | ||||||
| Reagan Hospital District of Reagan County, | ||||||||
| GO, Series A, 5.00%, 02/01/2029 | 760,000 | 760,042 | ||||||
| Red River Education Finance Corp., | ||||||||
| Houston Baptist University, Revenue, Refunding, Series 2017, 5.50%, 10/01/2046 | 10,935,000 | 10,936,266 | ||||||
| St. Edward’s University, Inc., Revenue, Refunding, Series 2016, 3.00%, 06/01/2034 | 500,000 | 437,803 | ||||||
| State of Texas, | ||||||||
| GO, AMT, Refunding, Series 2016, 5.50%, 08/01/2029 | 2,985,000 | 2,985,000 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Texas | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp., | ||||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.63%, 11/15/2030 | 10,000 | 10,004 | ||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035 | 160,000 | 160,043 | ||||||
| Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 11/15/2035 | 1,080,000 | 1,080,488 | ||||||
| Town of Trophy Club, | ||||||||
| Public Improvement District No. 1, Special Assessment, Refunding, Series 2025, 5.00%, 09/01/2032 | 1,000,000 | 1,058,528 | ||||||
| 134,694,101 | ||||||||
| Utah 1.4% | ||||||||
| City of Salt Lake City, | ||||||||
| Airport, Revenue, AMT, Series 2017 A, 5.00%, 07/01/2042 | 7,390,000 | 7,428,092 | ||||||
| Downtown Revitalization Public Infrastructure District, | ||||||||
| Revitalization Sales Tax, Revenue, Series 2025 C, 5.00%, 07/15/2035 (c) | 1,775,000 | 1,776,453 | ||||||
| Fields Estates Public Infrastructure District, | ||||||||
| Assessment Area, Special Assessment, Series 2024 A-2, 5.25%, 12/01/2053 (c) | 1,458,514 | 1,414,362 | ||||||
| Firefly Public Infrastructure District No. 1, | ||||||||
| Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (c) | 900,000 | 920,332 | ||||||
| Resort Core Public Infrastructure District No. 1, | ||||||||
| GO, Series 2026 A-1, 5.00%, 03/01/2041 | 4,500,000 | 4,500,969 | ||||||
| GO, Series 2026 A-1, 5.38%, 03/01/2046 | 4,500,000 | 4,467,660 | ||||||
| GO, Series 2026 A-1, 5.88%, 03/01/2057 | 1,200,000 | 1,213,737 | ||||||
| GO, Series 2026 A2, 0.00%, 03/01/2046 (h) | 8,000,000 | 6,280,547 | ||||||
| Utah Charter School Finance Authority, | ||||||||
| Ascent Academies of Utah, Revenue, Refunding, Series 2022, 4.25%, 06/15/2027 (c) | 220,000 | 218,997 | ||||||
| Freedom Academy Foundation, Revenue, Refunding, Series 2017, 4.50%, 06/15/2027 (c) | 730,000 | 724,480 | ||||||
| Ronald Wilson Reagan Academy, Revenue, Refunding, Series 2016 A, 5.00%, 02/15/2036 (c) | 400,000 | 379,218 | ||||||
| Wallace Stegner Academy, Revenue, Series 2022 A, 5.25%, 06/15/2032 (c) | 210,000 | 212,881 | ||||||
| 29,537,728 | ||||||||
| Vermont 0.0%(d) | ||||||||
| East Central Vermont Telecommunications District, | ||||||||
| Revenue, Series 2016 A, 5.00%, 12/01/2035 (c) | 170,000 | 164,587 | ||||||
| Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2027 (c) | 55,000 | 55,031 | ||||||
| Revenue, Refunding, Series 2017 A, 5.75%, 12/01/2031 (c) | 235,000 | 235,134 | ||||||
| 454,752 | ||||||||
| Virgin Islands 0.7% | ||||||||
| Virgin Islands Hotel Development Financing Corp., | ||||||||
| CFC-FR LLC, Revenue, Senior Lien, Series 2025 A-1, 4.50%, 02/01/2033 | 1,610,000 | 1,577,013 | ||||||
| CFC-FR LLC, Revenue, Senior Lien, Series 2025 A-1, 5.00%, 02/01/2038 | 9,500,000 | 9,177,624 | ||||||
| Virgin Islands Public Finance Authority, | ||||||||
| United States Virgin Islands, Revenue, NATL Insured, Series 2006, 4.25%, 10/01/2029 | 30,000 | 30,078 | ||||||
| United States Virgin Islands, Revenue, Refunding, Series 2012 A, 5.00%, 10/01/2032 | 240,000 | 240,036 | ||||||
| United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (c) | 1,400,000 | 1,403,612 | ||||||
| United States Virgin Islands Frenchman’s Reef Hotel Room Occupancy Tax, Revenue, Series 2024 A, 6.00%, 04/01/2053 (c) | 1,000,000 | 1,000,835 | ||||||
| 13,429,198 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Virginia 0.3% | ||||||||
| Norfolk Redevelopment & Housing Authority, | ||||||||
| Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Refunding, Series 2014, 5.38%, 01/01/2035 | 4,560,000 | 4,562,978 | ||||||
| Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Series A, 5.00%, 01/01/2034 | 910,000 | 917,671 | ||||||
| Virginia College Building Authority, | ||||||||
| Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (c) | 100,000 | 75,935 | ||||||
| 5,556,584 | ||||||||
| Washington 2.3% | ||||||||
| King County Housing Authority, | ||||||||
| Revenue, Series 2008, 5.50%, 05/01/2038 | 4,000,000 | 4,099,529 | ||||||
| Port of Seattle Industrial Development Corp., | ||||||||
| Delta Air Lines, Inc., Revenue, AMT, Refunding, Series 2012, 5.00%, 04/01/2030 | 10,625,000 | 10,636,277 | ||||||
| Washington Higher Education Facilities Authority, | ||||||||
| Pacific Lutheran University, Revenue, Series 2014, 5.25%, 11/01/2044 | 75,000 | 57,200 | ||||||
| Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2034 | 3,110,000 | 2,988,223 | ||||||
| Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2035 | 3,270,000 | 3,131,959 | ||||||
| Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2036 | 3,435,000 | 3,293,272 | ||||||
| Whitworth University, Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2040 | 5,000,000 | 4,706,030 | ||||||
| Washington State Housing Finance Commission, | ||||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 5.50%, 05/01/2036 | 1,400,000 | 1,436,301 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 6.00%, 05/01/2041 | 1,635,000 | 1,690,253 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 7.00%, 05/01/2066 | 4,400,000 | 4,529,399 | ||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-2, 8.50%, 05/01/2031 | 725,000 | 730,513 | ||||||
| German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 B-1, 4.50%, 07/01/2030 (c) | 1,000,000 | 1,000,000 | ||||||
| Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2027 (c) | 1,560,000 | 1,565,189 | ||||||
| Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2030 (c) | 100,000 | 100,775 | ||||||
| Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2038 (c) | 300,000 | 296,747 | ||||||
| Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2043 (c) | 5,370,000 | 5,080,994 | ||||||
| Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2028 (c) | 305,000 | 301,209 | ||||||
| Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2029 (c) | 320,000 | 313,061 | ||||||
| Spokane International Academy, Revenue, Series 2021 A, 5.00%, 07/01/2050 (c) | 400,000 | 351,611 | ||||||
| 46,308,542 | ||||||||
| West Virginia 0.9% | ||||||||
| City of Huntington, | ||||||||
| Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049 | 450,000 | 445,762 | ||||||
| Monongalia County Building Commission, | ||||||||
| Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 07/01/2028 | 455,000 | 455,242 | ||||||
| West Virginia Economic Development Authority, | ||||||||
| Commercial Metals Co., Revenue, AMT, Series 2025, 4.63%, 05/15/2032 (a)(b) | 6,450,000 | 6,577,542 | ||||||
| West Virginia Hospital Finance Authority, | ||||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2029 | 155,000 | 156,650 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| West Virginia | ||||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2030 | 50,000 | 50,404 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2031 | 25,000 | 25,150 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2032 | 60,000 | 60,244 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2035 | 750,000 | 747,044 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2036 | 3,350,000 | 3,312,393 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043 | 6,335,000 | 6,004,485 | ||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 4.13%, 01/01/2047 | 195,000 | 156,387 | ||||||
| Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2027 | 235,000 | 235,256 | ||||||
| 18,226,559 | ||||||||
| Wisconsin 8.1% | ||||||||
| Public Finance Authority, | ||||||||
| Revenue, Series 2024, 0.00%, 12/15/2030 (c)(g) | 3,237,000 | 2,496,670 | ||||||
| Revenue, Series 2024, 5.50%, 12/15/2038 (c) | 5,312,820 | 5,312,977 | ||||||
| Ameream LLC, Revenue, Series 2017, 6.50%, 12/01/2037 (c) | 2,500,000 | 1,950,000 | ||||||
| Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 4.63%, 06/01/2036 (c) | 25,000 | 24,260 | ||||||
| Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 5.00%, 06/01/2036 (c) | 1,500,000 | 1,498,830 | ||||||
| Brazoria County Municipal Utility District No. 82, Revenue, Series 2026, 0.00%, 12/15/2040 (c)(g) | 12,502,000 | 4,867,898 | ||||||
| Briarwood Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2036 (c)(g) | 8,165,000 | 4,150,977 | ||||||
| Church Home of Hartford Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 09/01/2030 (c) | 1,700,000 | 1,700,924 | ||||||
| Church Home of Hartford Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 09/01/2038 (c) | 550,000 | 549,999 | ||||||
| Cincinnati Classical Academy, Revenue, Series 2024 A, 5.25%, 06/15/2035 (c) | 1,075,000 | 1,075,032 | ||||||
| College Achieve Central Charter School Obligated Group, Revenue, Series 2021 A, 5.00%, 06/15/2041 (c) | 2,085,000 | 1,830,287 | ||||||
| Coral Academy of Science Las Vegas, Revenue, Series 2014 A, 5.63%, 07/01/2044 | 1,590,000 | 1,583,008 | ||||||
| Crown Leadership Academy, Inc., Revenue, Series 2026 B, 11.00%, 06/01/2033 (c) | 890,000 | 883,276 | ||||||
| Crown Leadership Academy, Inc., Revenue, Series 2026A, 7.75%, 06/01/2038 (c) | 1,125,000 | 1,100,132 | ||||||
| Crown Leadership Academy, Inc., Revenue, Series 2026A, 8.25%, 06/01/2056 (c) | 5,000,000 | 4,868,109 | ||||||
| Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 900,000 | 925,122 | ||||||
| Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 A, 7.00%, 02/20/2030 (c) | 465,434 | 463,621 | ||||||
| Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 B, 7.00%, 08/13/2030 (c) | 135,305 | 134,468 | ||||||
| Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 C, 7.00%, 11/18/2030 (c) | 469,788 | 465,834 | ||||||
| Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 D, 7.00%, 03/17/2031 (c) | 352,610 | 350,000 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025 A, 7.00%, 07/09/2030 (c) | 376,639 | 374,364 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025 B, 7.00%, 11/18/2030 (c) | 496,456 | 492,455 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025 C, 7.00%, 01/07/2031 (c) | 6,572,750 | 6,509,241 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025 D, 7.00%, 03/05/2031 (c) | 212,483 | 212,238 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025 E, 7.00%, 04/29/2031 (c) | 654,522 | 651,087 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025F, 7.00%, 07/01/2031 (c) | 248,938 | 248,869 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 7.00%, 07/01/2027 | 600,000 | 603,302 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 7.25%, 07/01/2028 | 1,630,000 | 1,649,243 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 7.50%, 07/01/2029 | 1,755,000 | 1,782,290 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 8.13%, 07/01/2032 | 2,220,000 | 2,275,356 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 8.25%, 07/01/2033 | 2,410,000 | 2,478,338 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 8.38%, 07/01/2034 | 750,000 | 773,522 | ||||||
| Friends Homes Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 09/01/2039 (c) | 1,230,000 | 1,240,822 | ||||||
| Gardner-Webb University, Revenue, Series 2018, 5.00%, 07/01/2027 (c) | 1,465,000 | 1,464,462 | ||||||
| Gardner-Webb University, Revenue, Series 2018, 5.00%, 07/01/2031 (c) | 6,810,000 | 6,699,530 | ||||||
| Gates at PV Apt I LLC, Revenue, Series 2025, 0.00%, 07/30/2026 (c)(e) | 10,000,000 | 9,000,000 | ||||||
| Guilford Charter School Corp., Revenue, Series 2022 A, 4.38%, 04/01/2032 (c) | 535,000 | 518,603 | ||||||
| Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028 | 30,000 | 29,667 | ||||||
| Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (c) | 904,348 | 904,165 | ||||||
| Hozho Academy, Revenue, Refunding, Series 2025 A, 6.05%, 05/01/2033 (c) | 1,000,000 | 1,017,809 | ||||||
| Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 12/01/2034 (c) | 3,200,000 | 3,264,737 | ||||||
| Mary’s Woods at Marylhurst Obligated Group, Revenue, Refunding, Series 2017 A, 5.00%, 05/15/2029 (c) | 135,000 | 135,760 | ||||||
| Mary’s Woods at Marylhurst Obligated Group, Revenue, Refunding, Series 2017 A, 5.25%, 05/15/2037 (c) | 130,000 | 130,466 | ||||||
| Mary’s Woods at Marylhurst Obligated Group, Revenue, Refunding, Series 2017 A, 5.25%, 05/15/2042 (c) | 650,000 | 651,158 | ||||||
| Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 09/01/2030 (c) | 2,865,000 | 2,936,091 | ||||||
| Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 5.75%, 09/01/2035 (c) | 3,500,000 | 3,607,032 | ||||||
| Million Air Two LLC Obligated Group, Revenue, Refunding, Series 2026B, 6.00%, 06/01/2027 (i) | 750,000 | 749,597 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2017 B, 7.13%, 06/01/2041 (c) | 3,000,000 | 3,092,821 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2026A, 5.00%, 06/01/2031 (c)(i) | 1,000,000 | 1,018,782 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2026A, 5.00%, 06/01/2036 (c)(i) | 3,500,000 | 3,499,067 | ||||||
| Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2026A, 5.00%, 06/01/2041 (c)(i) | 3,000,000 | 2,903,883 | ||||||
| Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (c)(g) | 972,000 | 574,013 | ||||||
| North Hills Christian School, Inc., Revenue, Series 2026 A, 5.25%, 07/01/2036 (c) | 1,130,000 | 1,120,625 | ||||||
| Peapack Senior Living, Inc. Obligated Group, Revenue, Series 2026, 6.00%, 06/01/2036 (c)(i) | 1,625,000 | 1,628,445 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (c) | 3,000,000 | 3,278,671 | ||||||
| Rochester Hills Brownfield Redevelopment Authority Tax Increment, Tax Allocation, Series 2025, 5.25%, 06/01/2034 (c) | 3,550,000 | 3,580,384 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (c) | 503,303 | 502,646 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 C, 7.00%, 08/26/2029 (c) | 878,882 | 877,271 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 C, 7.00%, 05/19/2030 (c) | 419,624 | 417,353 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 D, 7.00%, 09/23/2029 (c) | 592,372 | 590,987 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 E, 7.00%, 11/18/2029 (c) | 908,307 | 905,564 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 A, 7.00%, 12/16/2029 | 133,955 | 133,528 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 B, 7.00%, 01/27/2030 | 854,262 | 850,995 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 D, 7.00%, 06/16/2030 (c) | 353,057 | 351,137 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 E, 7.00%, 06/30/2030 (c) | 299,821 | 298,041 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 F, 7.00%, 08/11/2030 (c) | 1,105,318 | 1,098,156 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 G, 7.00%, 10/20/2030 (c) | 140,509 | 139,402 | ||||||
| Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2026B, 7.00%, 06/15/2031 (c) | 536,362 | 531,355 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2024 A, 7.00%, 09/17/2029 (c) | 462,737 | 461,705 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2024 A, 7.00%, 09/16/2030 (c) | 587,681 | 583,647 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 A, 7.00%, 12/17/2029 | 370,449 | 369,155 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 B, 7.00%, 02/18/2030 | 391,851 | 390,337 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 C, 7.00%, 04/15/2030 (c) | 209,553 | 208,512 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 D, 7.00%, 05/20/2030 (c) | 881,831 | 877,048 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 E, 7.00%, 07/15/2030 (c) | 851,279 | 846,079 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 F, 7.00%, 08/19/2030 (c) | 625,960 | 622,012 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 H, 7.00%, 11/18/2030 (c) | 685,647 | 680,121 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2026 A, 7.00%, 02/12/2031 (c) | 462,907 | 458,324 | ||||||
| Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2026 C, 7.00%, 04/21/2031 (c) | 264,808 | 263,546 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 A, 7.00%, 01/20/2030 (c) | 512,520 | 510,308 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 B, 7.00%, 06/05/2030 (c) | 182,688 | 181,660 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Wisconsin | ||||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 C, 7.00%, 07/17/2030 (c) | 1,101,564 | 1,094,810 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 D, 7.00%, 09/04/2030 (c) | 498,867 | 495,564 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 G, 7.00%, 01/20/2031 (c) | 212,193 | 210,018 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 H, 7.00%, 04/14/2031 (c) | 398,091 | 394,995 | ||||||
| Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 B, 8.00%, 06/15/2042 (c) | 5,500,000 | 5,552,290 | ||||||
| Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2051 | 150,000 | 115,646 | ||||||
| TrIPs Obligated Group, Revenue, AMT, Refunding, Series 2012 C, 5.25%, 07/01/2028 | 265,000 | 265,180 | ||||||
| Wittenberg University, Revenue, Series 2016, 5.00%, 12/01/2031 (c)(e) | 7,330,000 | 6,789,484 | ||||||
| WVC, Revenue, Series 2025 A, 5.25%, 12/01/2035 (c) | 545,000 | 549,391 | ||||||
| WVC, Revenue, Series 2025 A, 6.50%, 12/01/2055 (c) | 1,000,000 | 1,025,887 | ||||||
| WVC, Revenue, Series 2025 A, 6.75%, 12/01/2065 (c) | 1,000,000 | 1,035,524 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Revenue, Series 2026, 6.50%, 11/01/2036 (c) | 3,430,000 | 3,491,520 | ||||||
| Capitol Lakes, Inc., Revenue, Refunding, Series 2025 A, 5.00%, 11/15/2035 | 3,765,000 | 3,708,814 | ||||||
| Capitol Lakes, Inc., Revenue, Series 2025 B, 4.25%, 11/15/2029 | 4,000,000 | 3,999,134 | ||||||
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 04/01/2042 | 1,030,000 | 956,212 | ||||||
| Chiara Communities, Inc., Revenue, Series 2018 B, 4.25%, 07/01/2033 | 215,000 | 212,473 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 07/01/2035 | 2,320,000 | 2,363,661 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045 | 3,495,000 | 3,546,482 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055 | 1,500,000 | 1,501,256 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060 | 7,320,000 | 7,349,535 | ||||||
| Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 5.63%, 07/01/2035 | 1,060,000 | 1,110,799 | ||||||
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.13%, 02/01/2038 | 65,000 | 64,046 | ||||||
| Wisconsin Masonic Home Obligated Group, Revenue, Series 2024 A, 5.75%, 08/15/2059 | 500,000 | 513,096 | ||||||
| 166,823,025 | ||||||||
| Total Municipal Bonds (Cost $2,149,575,651) |
2,081,469,606 | |||||||
| Investments | Principal Amount ($) |
Value ($) | ||||||
| Corporate Bonds - 0.5% | ||||||||
| Ground Transportation - 0.0%(d) | ||||||||
| Brightline East LLC | ||||||||
| 11.00%, 01/31/2030 ‡(c) | 12,000,000 | 660,000 | ||||||
| Paper & Forest Products - 0.5% | ||||||||
| Domtar Corp. | ||||||||
| 6.75%, 10/01/2028 (c) | 15,000,000 | 10,651,787 | ||||||
| Total Corporate Bonds (Cost $16,971,504) |
11,311,787 | |||||||
| Investments | Number of Warrants |
Value ($) | ||||||
| Warrants - 0.0% | ||||||||
| Ground Transportation - 0.0% | ||||||||
| BL Train Holdings West LLC, expiring 12/01/2035*‡(m) | 367,860 | — | ||||||
| Service - 0.0% | ||||||||
| Bbl West, expiring 04/30/2036*‡(m) | 2,151,841 | — | ||||||
| Total Warrants (Cost –) |
— | |||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Short-Term Investments - 0.1% | ||||||||
| Investment Companies - 0.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (n) | ||||||||
| (Cost $1,164,697) | 1,164,697 | 1,164,697 | ||||||
| Total Investments - 102.0% (Cost $2,167,711,852) |
2,093,946,090 | |||||||
| Floating Rate Note Obligations - (3.6%)(o) | (74,860,000 | ) | ||||||
| Other assets less liabilities - 1.6% | 33,835,722 | |||||||
| Net Assets - 100.0% | 2,052,921,812 | |||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2026. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2026. |
| (c) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $950,855,937, which represents approximately 46.32% of net assets of the Fund. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2026 amounted to $76,758,017, which represents approximately 3.74% of net assets of the Fund. |
| Restricted Securities | Acquisition Date | Cost | Carrying Value Per Share/Principal | |||||||
| California School Finance Authority | 02/10/25 | $ | 3,338,345 | $ | 99.69 | |||||
| Florida Development Finance Corp. | 07/15/25 | 1,218,344 | 73.50 | |||||||
| Florida Development Finance Corp. | 09/05/25 | 2,947,471 | 73.50 | |||||||
| Florida Development Finance Corp. | 01/02/25-07/16/25 | 4,925,329 | 73.50 | |||||||
| Florida Development Finance Corp. | 08/12/25 | 55,909,437 | 65.00 | |||||||
| Florida Development Finance Corp. | 12/20/24-05/14/25 | 16,033,916 | 28.00 | |||||||
| Florida Development Finance Corp. | 04/26/24-12/03/25 | 27,986,773 | 28.00 | |||||||
| Fulton County Industrial Development Authority | 11/21/24 | 1,433,606 | 98.02 | |||||||
| Public Finance Authority | 10/04/24-01/17/25 | 6,957,631 | 92.63 | |||||||
| Public Finance Authority | 07/31/25 | 10,000,000 | 90.00 | |||||||
| $ | 130,750,852 | |||||||||
| (f) | All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a non-recourse trust. |
| (g) | Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity. |
| (h) | Zero coupon bond until next reset date. |
| (i) | When-issued security. |
| (j) | All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a recourse trust. The inverse floaters are pledged as collateral. As of the end of the reporting period, the aggregate value of these inverse floaters pledged is $6,945,290. |
| (k) | Variable rate demand notes (“VRDNs”) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (l) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2026. |
| (m) | Security fair valued as of July 31, 2026 by the Adviser as “valuation designee” under the oversight of the Fund’s Board of Trustees. Total value of all such securities at July 31, 2026 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
| (n) | Represents 7-day effective yield as of July 31, 2026. |
| (o) | Face value of Floating Rate Notes issued in TOB transactions. |
| Abbreviations | |
| AMT | Alternative Minimum Tax |
| FHA | Federal Housing Administration |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle
Short Duration High Yield Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| Economic/Industrial Development | 14.8 | % | ||
| Hospital | 13.8 | |||
| Continuing Care Retirement Community | 8.2 | |||
| Higher Education | 7.8 | |||
| Assisted Living | 5.6 | |||
| Airport | 5.3 | |||
| General Revenue Tax-Guaranteed | 5.3 | |||
| Tax Increment Financing | 3.8 | |||
| Charter School | 3.6 | |||
| Public Transportation | 3.6 | |||
| Special Assessment Financing | 3.6 | |||
| Community Development District | 2.2 | |||
| Solid Waste | 2.2 | |||
| School District | 2.0 | |||
| Gas Forward Contract | 1.7 | |||
| Nursing Home | 1.4 | |||
| Port/Marina | 1.3 | |||
| Secondary Education | 1.2 | |||
| State Single-Family Housing | 1.1 | |||
| Tobacco Master Settlement Agreement | 1.1 | |||
| Payments in Lieu of Taxes (PILOT) | 1.0 | |||
| General Obligation | 0.9 | |||
| Miscellaneous Tax | 0.9 | |||
| Student Housing | 0.9 | |||
| General Obligation District (Other) | 0.8 | |||
| Hotel Occupancy Tax | 0.8 | |||
| Loan Pool | 0.7 | |||
| Not-For-Profit Human Service Provider | 0.7 | |||
| Sales & Excise Tax | 0.7 | |||
| Local Multi-Family Housing | 0.6 | |||
| Appropriation | 0.5 | |||
| Miscellaneous | 0.5 | |||
| Other | 0.5 | |||
| Not Classified | 0.4 | |||
| Private/Religious School | 0.4 | |||
| Metro Development District | 0.3 | |||
| Water & Sewer | 0.3 | |||
| Housing Tax-Guaranteed | 0.2 | |||
| Not-For-Profit Cultural Organization | 0.2 | |||
| Not-For-Profit Foundation | 0.2 | |||
| Toll Highway/Bridge/Tunnel | 0.2 | |||
| General Obligation Hospital/Health District | 0.1 | |||
| Income Tax | 0.1 | |||
| Mello-Roos | 0.1 | |||
| Municipal Utility (Mixed) | 0.1 | |||
| Public Power System | 0.1 | |||
| State Multi-Family Housing | 0.1 | |||
| Correctional Facility | 0.0 | * | ||
| Healthcare (General) Tax-Guaranteed | 0.0 | * | ||
| Indian Tribal Bond | 0.0 | * | ||
| Telecom | 0.0 | * | ||
| Short-Term Investments | 0.1 | |||
| Total Investments | 102.0 | % | ||
| * | Less than 0.05% |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Principal | ||||||||
| Investments | Amount ($) | Value ($) | ||||||
| Municipal Bonds - 102.9% | ||||||||
| Alabama 6.4% | ||||||||
| Black Belt Energy Gas District, Revenue, Series 2025 A, 5.25%, 05/01/2032 (a)(b) | 505,000 | 509,046 | ||||||
| Revenue, Series 2025 B, 5.00%, 10/01/2035 | 380,000 | 381,468 | ||||||
| Revenue, Series 2026 A, 5.00%, 12/01/2034 | 300,000 | 310,092 | ||||||
| Revenue, Series 2026 F, 5.00%, 06/01/2036 | 375,000 | 382,757 | ||||||
| Southeast Alabama Gas Supply District (The), | ||||||||
| Revenue, Refunding, Series 2024 A, 5.00%, 04/01/2032 (a)(b) | 175,000 | 183,121 | ||||||
| 1,766,484 | ||||||||
| Arizona 4.8% | ||||||||
| Arizona Health Facilities Authority, | ||||||||
| Banner Health Obligated Group, Revenue, Series 2015 C, 3.05%, 08/03/2026 (b)(c) | 300,000 | 300,000 | ||||||
| City of Bullhead, | ||||||||
| Water and Wastewater System, Revenue, Series 2026, 5.00%, 07/01/2046 | 500,000 | 500,311 | ||||||
| City of Phoenix Civic Improvement Corp., | ||||||||
| Airport, Revenue, Junior Lien, AMT, Series 2019 B, 5.00%, 07/01/2044 | 375,000 | 379,457 | ||||||
| Maricopa County Industrial Development Authority, Bonesta SE LLC Obligated Group, | ||||||||
| Revenue, Series 2026 A-1, 7.00%, 05/01/2066 | 125,000 | 128,676 | ||||||
| 1,308,444 | ||||||||
| Arkansas 0.1% | ||||||||
| Arkansas Development Finance Authority, | ||||||||
| Washington Regional Medical Center, Revenue, Series 2017, 3.75%, 02/01/2048 | 5,000 | 3,597 | ||||||
| Washington Regional Medical Center, Revenue, Series 2019, 3.00%, 02/01/2043 | 10,000 | 6,531 | ||||||
| Washington Regional Medical Center, Revenue, Series 2019, 3.13%, 02/01/2046 | 10,000 | 6,482 | ||||||
| 16,610 | ||||||||
| California 5.1% | ||||||||
| California Health Facilities Financing Authority, | ||||||||
| Providence St Joseph Health Obligated Group, Revenue, Refunding, Series 2016 A, 3.00%, 10/01/2047 | 220,000 | 159,392 | ||||||
| City of Los Angeles Department of Airports, | ||||||||
| Revenue, AMT, Series 2018 A, 5.25%, 05/15/2048 | 300,000 | 303,161 | ||||||
| Los Angeles County Public Works Financing Authority, | ||||||||
| County of Los Angeles, Revenue, Series 2016 D, 5.00%, 12/01/2045 | 100,000 | 100,200 | ||||||
| Norman Y Mineta San Jose International Airport SJC, | ||||||||
| Revenue, AMT, Refunding, Series 2017A, 5.00%, 03/01/2047 | 275,000 | 275,294 | ||||||
| San Francisco City & County Airport Commission-San Francisco International Airport, | ||||||||
| Revenue, Second Series, AMT, Series 2025 D, 5.25%, 05/01/2055 (d) | 500,000 | 515,340 | ||||||
| San Gorgonio Memorial Health Care District, | ||||||||
| GO, Refunding, Series 2020, 2.00%, 08/01/2029 | 45,000 | 39,803 | ||||||
| 1,393,190 | ||||||||
| Colorado 3.0% | ||||||||
| Colorado Housing and Finance Authority, | ||||||||
| Revenue, AMT, Refunding, GNMA Insured, Series 2026 D, 4.55%, 05/01/2040 | 120,000 | 113,089 | ||||||
| County of Routt, | ||||||||
| Yampa Valley Regional Airport, Revenue, AMT, Series 2026, 5.25%, 06/01/2045 | 500,000 | 518,537 | ||||||
| Eagle County Airport Terminal Corp., | ||||||||
| Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2033 | 180,000 | 181,206 | ||||||
| 812,832 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Principal | ||||||||
| Investments | Amount ($) | Value ($) | ||||||
| Connecticut 0.2% | ||||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Trinity Health Corp. Obligated Group, Revenue, Series 2016 CT, 5.00%, 12/01/2045 | 45,000 | 45,037 | ||||||
| District of Columbia 2.0% | ||||||||
| District of Columbia Housing Finance Agency, | ||||||||
| Jubilee ADMO Apartments LP, Revenue, FHA Insured, Series 2026 A-1, 3.13%, 09/01/2047 | 550,000 | 538,041 | ||||||
| Florida 7.3% | ||||||||
| Canaveral Port Authority, | ||||||||
| Revenue, AMT, Series 2018 A, 5.00%, 06/01/2045 | 250,000 | 251,541 | ||||||
| City of Miami Beach, | ||||||||
| Revenue, Series 2015 A, 5.00%, 09/01/2045 | 250,000 | 251,342 | ||||||
| Parking, Revenue, BAM Insured, Series 2015, 5.00%, 09/01/2040 | 190,000 | 191,142 | ||||||
| Florida Higher Educational Facilities Financing Authority, | ||||||||
| Florida Institute of Technology, Inc., Revenue, Series 2019, 5.00%, 10/01/2034 | 150,000 | 152,961 | ||||||
| Florida Local Government Finance Commission, | ||||||||
| Sanctuary At Village On The Isle LLC (The), Revenue, Series 2025 A, 0.00%, 12/22/2030 (e)(f) | 150,000 | 159,073 | ||||||
| Greater Orlando Aviation Authority, | ||||||||
| Revenue, AMT, Series 2017 A, 5.00%, 10/01/2047 | 175,000 | 175,176 | ||||||
| Hillsborough County Aviation Authority Customer Facility Charge, | ||||||||
| Revenue, Series 2015 A, 5.00%, 10/01/2044 | 20,000 | 20,008 | ||||||
| Jacksonville Port Authority, | ||||||||
| Revenue, AMT, Series 2026A, 5.25%, 11/01/2046 | 200,000 | 208,323 | ||||||
| Miami-Dade County Expressway Authority, | ||||||||
| Revenue, Series 2014 A, 5.00%, 07/01/2039 | 110,000 | 110,188 | ||||||
| Revenue, Series 2014 A, 5.00%, 07/01/2044 | 310,000 | 310,082 | ||||||
| Tampa-Hillsborough County Expressway Authority, | ||||||||
| Revenue, Series 2017, 5.00%, 07/01/2047 | 100,000 | 100,504 | ||||||
| World Commerce Community Development District, | ||||||||
| Special Assessment, Refunding, Series 2015, 4.60%, 05/01/2035 | 75,000 | 73,739 | ||||||
| 2,004,079 | ||||||||
| Georgia 2.2% | ||||||||
| Clarke County Hospital Authority, | ||||||||
| Piedmont Healthcare, Inc. Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 07/01/2046 | 110,000 | 110,014 | ||||||
| Georgia Housing & Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2025 G, 4.90%, 12/01/2050 (d) | 500,000 | 500,191 | ||||||
| 610,205 | ||||||||
| Idaho 0.8% | ||||||||
| Power County Industrial Development Corp., | ||||||||
| FMC Corp., Revenue, AMT, Series 1999, 6.45%, 08/01/2032 | 215,000 | 215,655 | ||||||
| Illinois 4.1% | ||||||||
| Chicago O’Hare International Airport, | ||||||||
| Revenue, Senior Lien, AMT, AG Insured, Series 2022 A, 5.25%, 01/01/2045 | 75,000 | 77,446 | ||||||
| Illinois Finance Authority, | ||||||||
| Columbia College Chicago, Revenue, Refunding, Series A, 4.13%, 12/01/2030 | 15,000 | 14,164 | ||||||
| DePaul University, Revenue, Refunding, Series 2016 A, 3.00%, 10/01/2037 | 210,000 | 177,066 | ||||||
| Rosalind Franklin University of Medicine and Science, Revenue, Refunding, Series A, 5.00%, 08/01/2036 | 210,000 | 210,689 | ||||||
| Illinois State Toll Highway Authority, | ||||||||
| Revenue, Series 2014 C, 5.00%, 01/01/2038 | 120,000 | 120,121 | ||||||
| Revenue, Series 2015 B, 5.00%, 01/01/2040 | 220,000 | 220,185 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Illinois | ||||||||
| State of Illinois, | ||||||||
| GO, Series 2026 C, 5.25%, 04/01/2046 | 300,000 | 313,138 | ||||||
| 1,132,809 | ||||||||
| Indiana 1.2% | ||||||||
| Indiana Finance Authority, | ||||||||
| DePauw University, Revenue, Refunding, Series 2022 A, 5.00%, 07/01/2047 | 55,000 | 54,020 | ||||||
| DePauw University, Revenue, Series 2026, 5.00%, 10/01/2046 | 125,000 | 124,235 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Series 2014, 4.00%, 10/01/2044 | 105,000 | 74,811 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.00%, 10/01/2031 | 15,000 | 12,849 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.25%, 10/01/2033 | 40,000 | 32,931 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2038 | 20,000 | 17,799 | ||||||
| 316,645 | ||||||||
| Kansas 0.0%(g) | ||||||||
| City of Wichita, | ||||||||
| Presbyterian Manors Obligated Group, Revenue, Refunding, Series III-2019, 4.00%, 05/15/2050 | 10,000 | 7,302 | ||||||
| Kentucky 0.4% | ||||||||
| Kentucky Economic Development Finance Authority, | ||||||||
| CommonSpirit Health Obligated Group, Revenue, Refunding, Series 2019 A-2, 5.00%, 08/01/2049 | 110,000 | 110,593 | ||||||
| Louisiana 0.3% | ||||||||
| City of Shreveport, | ||||||||
| Water & Sewer, Revenue, Series 2014 B, 4.00%, 12/01/2038 | 95,000 | 90,547 | ||||||
| Maryland 3.0% | ||||||||
| City of Salisbury, | ||||||||
| Tax Allocation, Series 2007, 0.00%, 01/01/2037 (h) | 445,000 | 196,833 | ||||||
| Maryland Department of Housing & Community Development, | ||||||||
| Revenue, Refunding, GNMA Insured, Series 2026 B, 4.70%, 09/01/2046 | 375,000 | 373,262 | ||||||
| Maryland Health & Higher Educational Facilities Authority, | ||||||||
| Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044 | 205,000 | 199,229 | ||||||
| Johns Hopkins University (The), Revenue, Series 2013 B, 5.00%, 07/01/2038 | 50,000 | 50,019 | ||||||
| 819,343 | ||||||||
| Massachusetts 2.8% | ||||||||
| Massachusetts Development Finance Agency, | ||||||||
| Baystate Medical Obligated Group, Revenue, Series 2014 N, 5.00%, 07/01/2044 | 55,000 | 55,019 | ||||||
| Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.50%, 07/15/2060 (e) | 500,000 | 507,616 | ||||||
| Simmons University, Revenue, Refunding, Series 2018 L, 5.00%, 10/01/2026 | 75,000 | 74,966 | ||||||
| Massachusetts Port Authority, | ||||||||
| Revenue, Refunding, Series A, 5.00%, 07/01/2045 | 130,000 | 130,024 | ||||||
| 767,625 | ||||||||
| Michigan 2.8% | ||||||||
| Michigan Finance Authority, | ||||||||
| Henry Ford Health System Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 11/15/2046 | 280,000 | 244,832 | ||||||
| Kettering University, Revenue, Refunding, Series 2020, 4.00%, 09/01/2045 | 210,000 | 166,800 | ||||||
| Northwestern Regional Airport Authority, | ||||||||
| Cherry Capital Airport, Revenue, AMT, Series 2026, 5.00%, 01/01/2046 | 350,000 | 356,506 | ||||||
| 768,138 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Minnesota 2.0% | ||||||||
| Minnesota Health & Education Facilities Authority, | ||||||||
| College of St Benedict, Revenue, Series 8-K, 5.00%, 03/01/2037 | 175,000 | 175,016 | ||||||
| Minnesota Municipal Gas Agency, | ||||||||
| Revenue, Series 2026 A, 5.00%, 09/01/2035 | 375,000 | 383,842 | ||||||
| 558,858 | ||||||||
| Mississippi 0.0%(g) | ||||||||
| Mississippi Development Bank, | ||||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036 | 15,000 | 11,603 | ||||||
| Missouri 1.0% | ||||||||
| County of Boone, | ||||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2032 | 35,000 | 27,696 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 3.00%, 08/01/2034 | 100,000 | 73,899 | ||||||
| Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2038 | 65,000 | 48,094 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Bsds, Inc., Revenue, Series 2026, 6.50%, 06/01/2056 (e) | 135,000 | 131,813 | ||||||
| 281,502 | ||||||||
| Montana 0.4% | ||||||||
| Montana Facility Finance Authority, | ||||||||
| Montana Children’s Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050 | 150,000 | 103,980 | ||||||
| Nebraska 1.8% | ||||||||
| Village of Boys Town, | ||||||||
| Father Flanagan’s Boy’s Home, Revenue, Series 2026, 5.25%, 07/01/2055 (i) | 500,000 | 505,579 | ||||||
| New Hampshire 7.7% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Revenue, Series 2024, 0.00%, 12/01/2034 (e)(h) | 100,000 | 56,469 | ||||||
| Revenue, Series 2026-1, 5.13%, 03/01/2036 (a)(b) | 440,000 | 432,976 | ||||||
| Revenue, Series 2026-1, 4.50%, 03/01/2036 (a)(b) | 249,631 | 240,923 | ||||||
| Blue Sky Lockhart LP, Revenue, Series 2026, 0.00%, 12/15/2036 (h) | 600,000 | 281,356 | ||||||
| Ellis County Fresh Water Supply District No. 1, Revenue, Series 2026, 0.00%, 12/15/2039 (h) | 300,000 | 120,391 | ||||||
| Pennichuck Water Works, Inc., Revenue, AMT, Series 2026 A, 5.13%, 04/01/2046 | 220,000 | 211,583 | ||||||
| The Astro Sunterra Projects, Revenue, Series 2026, 0.00%, 12/15/2034 (e)(h) | 500,000 | 288,184 | ||||||
| New Hampshire Housing Finance Authority, | ||||||||
| Revenue, GNMA Insured, Series 2026E, 4.80%, 07/01/2051 (i) | 500,000 | 481,524 | ||||||
| 2,113,406 | ||||||||
| New Jersey 1.3% | ||||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 5.00%, 07/01/2029 | 25,000 | 24,909 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.25%, 07/01/2030 | 10,000 | 8,976 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.50%, 07/01/2031 | 10,000 | 8,836 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2032 | 10,000 | 9,347 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2033 | 10,000 | 9,233 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.75%, 07/01/2037 | 65,000 | 50,792 | ||||||
| New Jersey Transportation Trust Fund Authority, | ||||||||
| State of New Jersey, Revenue, Series 2015 AA, 5.00%, 06/15/2046 | 120,000 | 120,025 | ||||||
| State of New Jersey, Revenue, Series 2015AA, 5.00%, 06/15/2045 | 120,000 | 120,031 | ||||||
| 352,149 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New York 9.0% | ||||||||
| Buffalo & Erie County Industrial Land Development Corp., | ||||||||
| D’Youville University, Revenue, Series 2026 A, 6.75%, 05/01/2036 | 200,000 | 206,776 | ||||||
| Build NYC Resource Corp., | ||||||||
| Q Student Residences LLC, Revenue, Refunding, Series A, 5.00%, 06/01/2038 | 100,000 | 100,071 | ||||||
| Q Student Residences LLC, Revenue, Refunding, Series A, 5.00%, 06/01/2043 | 40,000 | 40,017 | ||||||
| Hempstead Town Local Development Corp., | ||||||||
| Adelphi University, Revenue, Series 2026 A, 5.00%, 10/01/2046 | 250,000 | 248,470 | ||||||
| Molloy College, Revenue, Series 2014, 5.00%, 07/01/2044 | 130,000 | 129,478 | ||||||
| Long Island Power Authority, | ||||||||
| Revenue, Refunding, Series 2016 B, 5.00%, 09/01/2046 | 195,000 | 195,140 | ||||||
| Metropolitan Transportation Authority, | ||||||||
| Revenue, Refunding, Series 2017 C-1, 3.38%, 11/15/2037 | 160,000 | 139,508 | ||||||
| Revenue, Series 2020 C-1, 5.00%, 11/15/2050 | 195,000 | 195,983 | ||||||
| Monroe County Industrial Development Corp., | ||||||||
| Rochester Regional Health Obligated Group, Revenue, Refunding, Series 2013 A, 5.00%, 12/01/2042 | 45,000 | 45,002 | ||||||
| Rochester Regional Health Obligated Group, Revenue, Series 2017, 5.00%, 12/01/2035 | 200,000 | 200,238 | ||||||
| New York City Transitional Finance Authority Future Tax Secured, | ||||||||
| Revenue, Series 2013 A-4, 3.05%, 08/03/2026 (b)(c) | 475,000 | 475,000 | ||||||
| Revenue, Refunding, Series 2017 A-1, 5.00%, 05/01/2040 | 20,000 | 20,023 | ||||||
| New York Counties Tobacco Trust IV, | ||||||||
| Revenue, Series 2005 A, 5.00%, 06/01/2045 | 185,000 | 134,562 | ||||||
| New York State Dormitory Authority, | ||||||||
| State of New York Personal Income Tax, Revenue, Series 2016 A, 5.00%, 02/15/2041 | 95,000 | 95,096 | ||||||
| State of New York Personal Income Tax, Revenue, Series 2016 A, 5.00%, 02/15/2043 | 75,000 | 75,068 | ||||||
| New York Transportation Development Corp., | ||||||||
| Laguardia Gateway Partners LLC, Revenue, AMT, AG Insured, Series 2016 A, 4.00%, 07/01/2046 | 110,000 | 97,259 | ||||||
| Westchester County Local Development Corp., | ||||||||
| QSH/Tarrytown LLC, Revenue, Senior Lien, Series 2026 A, 6.38%, 12/01/2055 (e) | 65,000 | 66,968 | ||||||
| 2,464,659 | ||||||||
| North Carolina 0.1% | ||||||||
| North Carolina Medical Care Commission, | ||||||||
| Vidant Health Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 06/01/2040 | 35,000 | 35,007 | ||||||
| Ohio 6.3% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, | ||||||||
| Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (h) | 1,000,000 | 66,471 | ||||||
| Columbus-Franklin County Finance Authority, | ||||||||
| Vivera Brookshire LLC, Revenue, Series 2026 A, 6.30%, 01/01/2046 (e) | 150,000 | 149,724 | ||||||
| County of Lucas, | ||||||||
| Genacross Lutheran Services Obligated Group, Revenue, Refunding, Series 2025, 6.75%, 11/01/2030 (a)(b) | 250,000 | 248,428 | ||||||
| Elyria City School District, | ||||||||
| GO, Series A, 5.00%, 12/01/2043 | 95,000 | 95,086 | ||||||
| Lancaster Port Authority, | ||||||||
| Vivera Fairfield LLC, Revenue, Series 2026A, 6.38%, 01/01/2046 (e)(j) | 125,000 | 124,930 | ||||||
| Logan Hocking Local School District, | ||||||||
| COP, Series 2018, 3.75%, 12/01/2047 | 350,000 | 290,678 | ||||||
| Ohio Housing Finance Agency, | ||||||||
| Ashford at Heath CP LLC, Revenue, Series 2026 A, 6.25%, 01/01/2046 (e) | 250,000 | 253,359 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Ohio | ||||||||
| State of Ohio, | ||||||||
| University Hospitals Health System, Inc. Obligated Group, Revenue, Series 2015 C, 2.45%, 08/03/2026 (b)(c) | 500,000 | 500,000 | ||||||
| 1,728,676 | ||||||||
| Oregon 0.9% | ||||||||
| Oregon State Facilities Authority, | ||||||||
| ISF Magnolia Gardens LLC Obligated Group, Revenue, Refunding, Series 2025 A-2, 7.25%, 03/01/2060 (e) | 230,000 | 246,981 | ||||||
| Pennsylvania 1.6% | ||||||||
| Berks County Municipal Authority (The), | ||||||||
| The Reading Hospital and Medical Center Project, Revenue, Series 2012 A, 5.00%, 11/01/2040 | 40,000 | 30,464 | ||||||
| Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044 (f) | 212,000 | 160,715 | ||||||
| County of Lehigh, | ||||||||
| Thomas Jefferson University Obligated Group, Revenue, Refunding, Series 2019 A, 4.00%, 07/01/2049 | 155,000 | 130,057 | ||||||
| Crawford County Industrial Development Authority, | ||||||||
| Allegheny College, Revenue, Refunding, Series 2016, 3.13%, 05/01/2036 | 45,000 | 35,826 | ||||||
| Penn Manor School District, | ||||||||
| GO, Series 2018, 5.00%, 03/01/2038 | 85,000 | 85,144 | ||||||
| 442,206 | ||||||||
| Rhode Island 1.2% | ||||||||
| Rhode Island Health and Educational Building Corp., | ||||||||
| Chartercare Health of Rhode Island Obligated Group, Revenue, Series 2026 A, 8.50%, 10/01/2056 | 300,000 | 328,703 | ||||||
| South Carolina 4.3% | ||||||||
| County of Florence, | ||||||||
| Accomodations Fee, Revenue, Series 2015, 3.75%, 05/01/2040 | 135,000 | 118,351 | ||||||
| Lexington County Health Services District, Inc., | ||||||||
| Lexington Health Obligated Group, Revenue, Series 2016, 5.00%, 11/01/2041 | 360,000 | 360,162 | ||||||
| Lexington Health Obligated Group, Revenue, Series 2016, 5.00%, 11/01/2046 | 200,000 | 200,034 | ||||||
| Medical University Hospital Authority, | ||||||||
| Revenue, FHA Insured, Series 2026, 5.25%, 11/15/2047 | 480,000 | 496,901 | ||||||
| 1,175,448 | ||||||||
| South Dakota 0.9% | ||||||||
| Flandreau Santee Sioux Tribe of South Dakota, | ||||||||
| Series 2026, 7.13%, 09/15/2045 (e) | 250,000 | 243,130 | ||||||
| Tennessee 0.5% | ||||||||
| Shelby County Health Educational & Housing Facilities Board, | ||||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041 | 50,000 | 44,334 | ||||||
| Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 3.50%, 09/01/2026 (e) | 100,000 | 99,799 | ||||||
| 144,133 | ||||||||
| Texas 5.4% | ||||||||
| Arlington Higher Education Finance Corp., | ||||||||
| Cypress Christian School, Inc., Revenue, Series 2024, 6.25%, 06/01/2063 (e) | 150,000 | 150,204 | ||||||
| City of Denton, | ||||||||
| GO, Series 2016, 5.00%, 02/15/2043 | 125,000 | 125,133 | ||||||
| Del Mar College District, | ||||||||
| GO, Refunding, Series 2018 B, 5.00%, 08/15/2041 | 175,000 | 175,124 | ||||||
| Eagle Mountain & Saginaw Independent School District, | ||||||||
| GO, Refunding, PSF Guaranty, Series 2016 A, 5.00%, 08/15/2041 | 100,000 | 100,029 | ||||||
| Fort Bend County Industrial Development Corp., | ||||||||
| NRG Energy, Inc., Revenue, Series 2012 B, 4.75%, 11/01/2042 | 250,000 | 248,798 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Texas | ||||||||
| FW Skyline Public Facility Corp., | ||||||||
| Revenue, Series 2026, 4.25%, 04/01/2039 | 300,000 | 287,947 | ||||||
| New Caney Municipal Utility District, | ||||||||
| GO, BAM Insured, Series 2019, 3.75%, 04/01/2039 | 100,000 | 92,416 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp., | ||||||||
| Revenue, Series 2026 A, 5.25%, 03/01/2037 (j) | 200,000 | 210,270 | ||||||
| Williamson County Municipal Utility District No. 32, | ||||||||
| GO, BAM Insured, Series 2020 A, 2.00%, 08/15/2038 | 135,000 | 97,907 | ||||||
| 1,487,828 | ||||||||
| Utah 0.4% | ||||||||
| Pine View Public Infrastructure District No. 1, | ||||||||
| Pine View Public Infrastructure District No. 1 Firelight Assessment Area No. 2, Special Assessment, Series 2026, 7.00%, 12/01/2055 (e) | 125,000 | 120,362 | ||||||
| Virgin Islands 0.4% | ||||||||
| Virgin Islands Hotel Development Financing Corp., | ||||||||
| Revenue, Senior Lien, Series 2025 A-1, 6.00%, 12/01/2055 | 100,000 | 99,144 | ||||||
| Virginia 1.9% | ||||||||
| Chesapeake Bay Bridge & Tunnel District, | ||||||||
| Revenue, First Tier, AG Insured, Series 2016, 5.00%, 07/01/2041 | 510,000 | 510,108 | ||||||
| West Virginia 1.0% | ||||||||
| West Virginia Hospital Finance Authority, | ||||||||
| Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 4.13%, 01/01/2047 | 170,000 | 136,337 | ||||||
| Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2027 | 145,000 | 145,158 | ||||||
| 281,495 | ||||||||
| Wisconsin 8.3% | ||||||||
| Public Finance Authority, | ||||||||
| Crown Leadership Academy, Inc., Revenue, Series 2026A, 8.25%, 06/01/2056 (e) | 250,000 | 243,405 | ||||||
| Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 D, 7.00%, 03/17/2031 (e) | 100,000 | 99,260 | ||||||
| Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025 D, 7.00%, 03/05/2031 (e) | 250,000 | 249,712 | ||||||
| Dreamhouse ‘Ewa Beach Public Charter School, Revenue, Refunding, Series 2025 A, 7.38%, 06/15/2060 (e) | 250,000 | 245,699 | ||||||
| Forgewell Collective LLC Obligated Group, Revenue, Series 2026 A, 9.00%, 07/01/2040 | 250,000 | 258,706 | ||||||
| Peapack Senior Living, Inc. Obligated Group, Revenue, Series 2026, 7.00%, 06/01/2061 (e)(j) | 150,000 | 148,161 | ||||||
| PRG - Oxford Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.00%, 07/01/2045 | 150,000 | 153,052 | ||||||
| Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 F, 7.00%, 12/08/2030 (e) | 277,702 | 275,263 | ||||||
| Texas Biomedical Research Institute, Revenue, Series 2021 A, 3.00%, 06/01/2048 | 125,000 | 83,733 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Revenue, Series 2026, 6.50%, 11/01/2036 (e) | 250,000 | 254,484 | ||||||
| Ascension Health Credit Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2039 | 175,000 | 175,257 | ||||||
| Sanford Obligated Group, Revenue, Series 2016 A, 5.00%, 02/15/2042 | 100,000 | 100,161 | ||||||
| 2,286,893 | ||||||||
| Total Municipal Bonds (Cost $28,289,390) | 28,245,429 | |||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Short-Term Investments - 0.3% | ||||||||
| Investment Companies - 0.3% | ||||||||
| JPMorgan U.S. Government Money Market Fund
3.63% (k) (Cost $78,493) | 78,493 | 78,493 | ||||||
| Total Investments - 103.2% (Cost $28,367,883) | 28,323,922 | |||||||
| Floating Rate Note Obligations - (5.8%)(l) | (1,600,000 | ) | ||||||
| Other assets less liabilities - 2.6% | 733,667 | |||||||
| Net Assets - 100.0% | 27,457,589 | |||||||
| (a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2026. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2026. |
| (c) | Variable rate demand notes (“VRDNs”) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| (d) | All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a non-recourse trust. |
| (e) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $4,114,596, which represents approximately 14.99% of net assets of the Fund. |
| (f) | Zero coupon bond until next reset date. |
| (g) | Represents less than 0.05% of net assets. |
| (h) | Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity. |
| (i) | All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash. The TOB trust is a recourse trust. The inverse floaters are pledged as collateral. As of the end of the reporting period, the aggregate value of these inverse floaters pledged is $187,103. |
| (j) | When-issued security. |
| (k) | Represents 7-day effective yield as of July 31, 2026. |
| (l) | Face value of Floating Rate Notes issued in TOB transactions. |
| Abbreviations | |
| AMT | Alternative Minimum Tax |
| FHA | Federal Housing Administration |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Plus Municipal Fund
Schedule of Investments
July 31, 2026 (unaudited)
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| Hospital | 15.9 | % | ||
| Airport | 9.4 | |||
| Gas Forward Contract | 8.7 | |||
| Higher Education | 8.3 | |||
| Assisted Living | 6.4 | |||
| State Single-Family Housing | 5.3 | |||
| Toll Highway/Bridge/Tunnel | 5.0 | |||
| Water & Sewer | 2.9 | |||
| State Multi-Family Housing | 2.8 | |||
| Special Assessment Financing | 2.7 | |||
| General Revenue Tax-Guaranteed | 2.6 | |||
| Local Multi-Family Housing | 2.6 | |||
| Income Tax | 2.4 | |||
| Appropriation | 2.3 | |||
| Port/Marina | 2.1 | |||
| Not-For-Profit Human Service Provider | 1.8 | |||
| Economic/Industrial Development | 1.7 | |||
| Continuing Care Retirement Community | 1.6 | |||
| General Obligation | 1.6 | |||
| Charter School | 1.4 | |||
| Private/Religious School | 1.4 | |||
| Airport Tax-Guaranteed | 1.3 | |||
| Public Transportation | 1.2 | |||
| Student Housing | 1.1 | |||
| School District | 1.0 | |||
| Miscellaneous | 0.9 | |||
| Miscellaneous Tax | 0.9 | |||
| Not-For-Profit Cultural Organization | 0.9 | |||
| Other | 0.9 | |||
| Hotel Occupancy Tax | 0.8 | |||
| Municipal Utility (Mixed) | 0.7 | |||
| Municipal Utility District | 0.7 | |||
| Parking Facility | 0.7 | |||
| Tax Increment Financing | 0.7 | |||
| Tobacco Master Settlement Agreement | 0.7 | |||
| Community College District | 0.6 | |||
| Community Development District | 0.3 | |||
| Not-For-Profit Research Organization | 0.3 | |||
| Loan Pool | 0.2 | |||
| General Obligation Hospital/Health District | 0.1 | |||
| Short-Term Investments | 0.3 | |||
| Total Investments | 103.2 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
Notes to Financial Statements
Note 1 — Organization
First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2026, the Trust consists of twelve separate portfolios, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund, First Eagle Gold Fund, First Eagle Global Balanced Fund (formerly First Eagle Global Income Builder Fund), First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund, First Eagle Global Real Assets Fund, First Eagle High Yield Municipal Fund, First Eagle Short Duration High Yield Municipal Fund and First Eagle Core Plus Municipal Fund (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Rising Dividend Fund, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Balanced Fund seeks current income generation and long-term growth of capital. The First Eagle Rising Dividend Fund seeks capital appreciation and current income. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital. The First Eagle Global Real Assets Fund seeks long-term growth of capital. The First Eagle High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Short Duration High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Core Plus Municipal Fund seeks to provide current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The First Eagle Core Plus Municipal Fund incepted on November 20, 2025.
The Funds generally offer up to four share classes, Class A shares, Class C shares, Class I shares and Class R6 shares, except for the First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, which offer Class A shares, Class I shares and Class R6 shares only.
First Eagle Investment Management, LLC (the “Adviser”) is the investment adviser of the Funds. 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. On August 26, 2026, First Eagle Holdings announced a definitive agreement under which Victory Capital Holdings, Inc. (“Victory Capital”) will acquire First Eagle Holdings. The transaction will result in the Adviser becoming a wholly owned indirect subsidiary of Victory Capital. As a result of the transaction, Genstar will become a strategic shareholder of Victory Capital. The transaction is expected to be completed in the first quarter of 2027, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals. The transaction is not expected to result in any change in the portfolio management of the Funds or in any Fund's investment objectives or policies.
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
| a) | Investments in Subsidiaries — The First Eagle Global Fund (the “Global Fund”), First Eagle Overseas Fund (the “Overseas Fund”), First Eagle U.S. Fund (the “U.S. Fund”), First Eagle Gold Fund (the “Gold Fund”), First Eagle Global Balanced Fund (the “Global Balanced Fund”) and First Eagle Global Real Assets Fund (the “Global Real Assets Fund”) may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Cayman Fund, Ltd., First Eagle Gold Cayman Fund, Ltd., First Eagle Global Balanced Cayman Fund, Ltd. and First Eagle Global Real Assets Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a “Subsidiary” or collectively “the Subsidiaries”). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary’s assets represent physical gold bullion, and First Eagle Gold Cayman Fund, Ltd. also holds physical silver. Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds’ tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds’ “non-qualifying income” exceeds 10% of the Funds’ gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks. |
The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2026, the First Eagle Global Cayman Fund, Ltd. has $5,694,363,035 in net assets, representing 7.50% of the Global Fund’s net assets.
The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2026, the First Eagle Overseas Cayman Fund, Ltd. has $650,117,742 in net assets, representing 3.64% of the Overseas Fund’s net assets.
The First Eagle U.S. Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the U.S. Fund and the First Eagle U.S. Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2026, the First Eagle U.S. Cayman Fund, Ltd. has $170,348,769 in net assets, representing 10.49% of the U.S. Fund’s net assets.
The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2026, the First Eagle Gold Cayman Fund, Ltd. has $1,121,894,804 in net assets, representing 24.50% of the Gold Fund’s net assets.
The First Eagle Global Balanced Cayman Fund, Ltd., established on May 31, 2024, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Balanced Fund and the First Eagle Global Balanced Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2026, the First Eagle Global Balanced Cayman Fund, Ltd. has $0 in net assets, representing 0.00% of the Global Balanced Fund’s net assets.
The First Eagle Global Real Assets Cayman Fund, Ltd., established on September 9, 2021, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2026, the First Eagle Global Real Assets Cayman Fund, Ltd. has $613,008 in net assets, representing 2.21% of the Global Real Assets Fund’s net assets.
| b) | Investment Valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. |
A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.
All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.
Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.
Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source. The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.
Inverse Floaters are evaluated using a third party model that takes into account the evaluated price of the underlying bond, leverage factors, gain share and floating rate levels.
Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be “fair valued” as described below.
Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Adviser believes relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.
The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Other significant unobservable inputs (including a Fund’s own assumption in determining the fair value of investments).
The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.
Fair valuation of securities, other financial investments or other assets (collectively, “securities”) held by the Funds are determined in good faith by the Adviser as “valuation designee” under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the “Committee”) oversees the execution of the valuation and liquidity procedures for the Funds. In accordance with Rule 2a-5 under the 1940 Act, the Funds’ Board has designated the Adviser the “valuation designee” to perform the Funds’ fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
The following is a summary of the Funds’ inputs used to value the Funds’ investments as of July 31, 2026. A reconciliation of Level 3 investments is presented when a fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments were not considered to be material to each Fund’s net assets at the beginning or end of the period.
First Eagle Global Fund
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 37,997,827,866 | $ | 27,055,965,018 | (a) | $ | – | $ | 65,053,792,884 | |||||||
| Corporate Bonds | – | – | 5,446,499 | 5,446,499 | ||||||||||||
| Commodities* | – | 6,807,672,479 | – | 6,807,672,479 | ||||||||||||
| Short-Term Investments | 14,154,859 | 4,075,553,238 | – | 4,089,708,097 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 46,241,364 | – | 46,241,364 | ||||||||||||
| Total | $ | 38,011,982,725 | $ | 37,985,432,099 | $ | 5,446,499 | $ | 76,002,861,323 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (14,694,831 | ) | $ | – | $ | (14,694,831 | ) | ||||||
| Total | $ | – | $ | (14,694,831 | ) | $ | – | $ | (14,694,831 | ) | ||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
| First Eagle Overseas Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 3,411,083,496 | $ | 12,052,193,362 | (a) | $ | 13,175,568 | $ | 15,476,452,426 | |||||||
| Commodities* | – | 1,359,747,435 | – | 1,359,747,435 | ||||||||||||
| Short-Term Investments | 14,931,508 | 922,798,157 | – | 937,729,665 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 21,493,097 | – | 21,493,097 | ||||||||||||
| Total | $ | 3,426,015,004 | $ | 14,356,232,051 | $ | 13,175,568 | $ | 17,795,422,623 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (6,786,331 | ) | $ | – | $ | (6,786,331 | ) | ||||||
| Total | $ | – | $ | (6,786,331 | ) | $ | – | $ | (6,786,331 | ) | ||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
| First Eagle U.S. Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,231,037,100 | $ | 6,333,906 | (a) | $ | – | $ | 1,237,371,006 | |||||||
| Convertible Preferred Stocks | 5,482,075 | – | – | 5,482,075 | ||||||||||||
| Corporate Bonds | – | 18,354,192 | 597,750 | 18,951,942 | ||||||||||||
| Convertible Bonds | – | 4,664,000 | – | 4,664,000 | ||||||||||||
| Commodities* | – | 170,359,213 | – | 170,359,213 | ||||||||||||
| Master Limited Partnerships | 30,116,765 | – | – | 30,116,765 | ||||||||||||
| Preferred Stocks | 2,422,752 | – | – | 2,422,752 | ||||||||||||
| U.S. Treasury Obligations | – | 16,088,464 | – | 16,088,464 | ||||||||||||
| Short-Term Investments | 2,182,858 | 140,955,749 | – | 143,138,607 | ||||||||||||
| Total | $ | 1,271,241,550 | $ | 356,755,524 | $ | 597,750 | $ | 1,628,594,824 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| First Eagle Gold Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 2,968,028,500 | $ | 227,045,469 | (a) | $ | – | $ | 3,195,073,969 | |||||||
| Commodities * | – | 1,122,256,335 | – | 1,122,256,335 | ||||||||||||
| Rights | 3,445,518 | – | – | 3,445,518 | ||||||||||||
| Short-Term Investments | 17,359,743 | 212,986,019 | – | 230,345,762 | ||||||||||||
| Total | $ | 2,988,833,761 | $ | 1,562,287,823 | $ | – | $ | 4,551,121,584 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| * | Represents gold and silver bullion. |
| First Eagle Global Balanced Fund | ||||
| (formerly First Eagle Global Income Builder Fund) |
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 802,371,797 | $ | 754,450,511 | (a) | $ | – | $ | 1,556,822,308 | |||||||
| Convertible Preferred Stocks | 33,619,746 | – | – | 33,619,746 | ||||||||||||
| Corporate Bonds | – | 348,228,708 | – | 348,228,708 | ||||||||||||
| Convertible Bonds | – | 6,864,000 | – | 6,864,000 | ||||||||||||
| Asset-Backed Securities | – | 1,990,975 | – | 1,990,975 | ||||||||||||
| Commodities* | – | 176,075,998 | – | 176,075,998 | ||||||||||||
| Foreign Government Securities | – | 52,248,590 | – | 52,248,590 | ||||||||||||
| Loan Assignments | – | 2,163,144 | – | 2,163,144 | ||||||||||||
| Master Limited Partnerships | 25,900,102 | – | – | 25,900,102 | ||||||||||||
| Preferred Stocks | 42,178,269 | – | – | 42,178,269 | ||||||||||||
| U.S. Treasury Obligations | – | 301,378,554 | – | 301,378,554 | ||||||||||||
| Short-Term Investments | 1,580,172 | 19,442,703 | – | 21,022,875 | ||||||||||||
| Forward Foreign Currency Exchange Contracts** | – | 759,199 | – | 759,199 | ||||||||||||
| Total | $ | 905,650,086 | $ | 1,663,602,382 | $ | – | $ | 2,569,252,468 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts** | $ | – | $ | (287,238 | ) | $ | – | $ | (287,238 | ) | ||||||
| Options Written | (291,735 | ) | – | – | (291,735 | ) | ||||||||||
| Total | $ | (291,735 | ) | $ | (287,238 | ) | $ | – | $ | (578,973 | ) | |||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| * | Represents gold bullion. |
| ** | Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts. |
| First Eagle Rising Dividend Fund |
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 377,311,609 | $ | 78,118,211 | (a) | $ | – | $ | 455,429,820 | |||||||
| Master Limited Partnerships | 17,624,798 | – | – | 17,624,798 | ||||||||||||
| Short-Term Investments | 359,486 | 4,428,565 | – | 4,788,051 | ||||||||||||
| Total | $ | 395,295,893 | $ | 82,546,776 | $ | – | $ | 477,842,669 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Schedule of Investments for additional detailed categorizations. |
| First Eagle Small Cap Opportunity Fund |
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 2,675,855,395 | $ | – | $ | – | $ | 2,675,855,395 | ||||||||
| Exchange-Traded Funds | 17,435,310 | – | – | 17,435,310 | ||||||||||||
| Rights | – | – | – | ^ | – | |||||||||||
| Short-Term Investments | 220,711,858 | – | – | 220,711,858 | ||||||||||||
| Total | $ | 2,914,002,563 | $ | – | $ | – | $ | 2,914,002,563 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| ^ | Fair value represents zero. |
| First Eagle U.S. Smid Cap Opportunity Fund |
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 99,696,345 | $ | – | $ | – | $ | 99,696,345 | ||||||||
| Short-Term Investments | 7,923,568 | – | – | 7,923,568 | ||||||||||||
| Total | $ | 107,619,913 | $ | – | $ | – | $ | 107,619,913 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| First Eagle Global Real Assets Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 17,620,223 | $ | 7,998,620 | (a) | $ – ^ | $ | 25,618,843 | ||||||||
| Commodities* | – | 405,542 | – | 405,542 | ||||||||||||
| Exchange-Traded Funds | 203,221 | – | – | 203,221 | ||||||||||||
| Master Limited Partnerships | 1,254,630 | – | – | 1,254,630 | ||||||||||||
| Short-Term Investments | 362,941 | – | – | 362,941 | ||||||||||||
| Total | $ | 19,441,015 | $ | 8,404,162 | $ | – | $ | 27,845,177 | ||||||||
| (a) | The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details. |
| † | See Consolidated Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| * | Represents gold bullion. |
| ^ | Fair value represents zero. |
| First Eagle High Yield Municipal Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Corporate Bonds | $ | – | $ | – | $ | 668,525 | $ | 668,525 | ||||||||
| Municipal Bonds | – | 8,890,262,336 | – | 8,890,262,336 | ||||||||||||
| Warrants | – | – | – | ^ | – | |||||||||||
| Short-Term Investments | 4,535,510 | – | – | 4,535,510 | ||||||||||||
| Total | $ | 4,535,510 | $ | 8,890,262,336 | $ | 668,525 | $ | 8,895,466,371 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| ^ | Fair value represents zero. |
| First Eagle Short Duration High Yield Municipal Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3‡ | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Corporate Bonds | $ | – | $ | 10,651,787 | $ | 660,000 | $ | 11,311,787 | ||||||||
| Municipal Bonds | – | 2,081,469,606 | – | 2,081,469,606 | ||||||||||||
| Warrants | – | – | – | ^ | – | |||||||||||
| Short-Term Investments | 1,164,697 | – | – | 1,164,697 | ||||||||||||
| Total | $ | 1,164,697 | $ | 2,092,121,393 | $ | 660,000 | $ | 2,093,946,090 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| ‡ | Value determined using significant unobservable inputs. |
| ^ | Fair value represents zero. |
| First Eagle Core Plus Municipal Fund | ||||||||||||||||
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 28,245,429 | $ | – | $ | 28,245,429 | ||||||||
| Short-Term Investments | 78,493 | – | – | 78,493 | ||||||||||||
| Total | $ | 78,493 | $ | 28,245,429 | $ | – | $ | 28,323,922 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in these Notes to Financial Statements.
| c) | Forward Foreign Currency Exchange Contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Global Balanced Fund enter into forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds’ currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge. |
Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund’s portfolio. For the period ended July 31, 2026, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:
| First Eagle Global Fund |
First Eagle Overseas Fund | First Eagle Global Balanced Fund | ||||||||||
| Forward Foreign Currency Exchange Contracts: | ||||||||||||
| Average Settlement Value — Purchased | $ | 629,001,750 | $ | 289,583,672 | $ | 10,909,619 | ||||||
| Average Settlement Value — Sold | 2,745,132,693 | 1,238,699,458 | 48,956,864 | |||||||||
The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.
In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds’ custodian bank. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty.
Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
As of July 31, 2026, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:
First Eagle Global Fund
| Gain or (Loss) Derivative Recognized in Income | |||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | |||||||||||
| Foreign currency | $ | 46,241,364 | $ | 14,694,831 | $ | 70,323,012 | $ | (7,688,065 | ) | ||||||
First Eagle Overseas Fund
| Gain or (Loss) Derivative Recognized in Income | |||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | |||||||||||
| Foreign currency | $ | 21,493,097 | $ | 6,786,331 | $ | 33,977,964 | $ | (3,994,185 | ) | ||||||
First Eagle Global Balanced Fund
| Gain or (Loss) Derivative Recognized in Income | |||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net realized Gains (Losses) | Change in Appreciation (Depreciation) | |||||||||||
| Foreign currency | $ | 759,199 | $ | 287,238 | $ | 1,128,424 | $ | (202,322 | ) | ||||||
The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each fund as of July 31, 2026:
First Eagle Global Fund
| Counterparty | Gross
Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives
Available for Offset | Collateral Received* | Net
Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 20,134,155 | $ | (7,681,868 | ) | $ | (12,452,287 | ) | $ | – | ||||||
| Goldman Sachs | 12,604,081 | – | (12,604,081 | ) | – | |||||||||||
| JPMorgan Chase Bank | 10,772,583 | (323,279 | ) | (10,449,304 | ) | – | ||||||||||
| UBS AG | 2,730,545 | (2,730,545 | ) | – | – | |||||||||||
| $ | 46,241,364 | $ | (10,735,692 | ) | $ | (35,505,672 | ) | $ | – | |||||||
| Counterparty | Gross
Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives
Available for Offset | Collateral Pledged* | Net
Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 7,681,868 | $ | (7,681,868 | ) | $ | – | $ | – | |||||||
| JPMorgan Chase Bank | 323,279 | (323,279 | ) | – | – | |||||||||||
| UBS AG | 6,689,684 | (2,730,545 | ) | (3,880,543 | ) | 78,596 | ||||||||||
| $ | 14,694,831 | $ | (10,735,692 | ) | $ | (3,880,543 | ) | $ | 78,596 | |||||||
First Eagle Overseas Fund
| Counterparty | Gross
Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives
Available for Offset | Collateral Received* | Net
Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 8,890,423 | $ | (3,437,893 | ) | $ | (5,452,530 | ) | $ | – | ||||||
| Goldman Sachs | 5,949,731 | – | (5,890,000 | ) | 59,731 | |||||||||||
| JPMorgan Chase Bank | 5,137,610 | (128,947 | ) | (5,008,663 | ) | – | ||||||||||
| UBS AG | 1,515,333 | (1,515,333 | ) | – | – | |||||||||||
| $ | 21,493,097 | $ | (5,082,173 | ) | $ | (16,351,193 | ) | $ | 59,731 | |||||||
| Counterparty | Gross
Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives
Available for Offset | Collateral Pledged* | Net
Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 3,437,893 | $ | (3,437,893 | ) | $ | – | $ | – | |||||||
| JPMorgan Chase Bank | 128,947 | (128,947 | ) | – | – | |||||||||||
| UBS AG | 3,219,491 | (1,515,333 | ) | (1,668,878 | ) | 35,280 | ||||||||||
| $ | 6,786,331 | $ | (5,082,173 | ) | $ | (1,668,878 | ) | $ | 35,280 |
First Eagle Global Balanced Fund
| Counterparty | Gross
Amount of Assets Presented in the Statement of Assets and Liabilities | Derivatives
Available for Offset | Collateral Received* | Net
Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 333,975 | $ | (138,260 | ) | $ | (195,715 | ) | $ | – | ||||||
| Goldman Sachs | 212,411 | – | (212,411 | ) | – | |||||||||||
| JPMorgan Chase Bank | 172,665 | (9,363 | ) | (163,302 | ) | – | ||||||||||
| UBS AG | 40,148 | (40,148 | ) | – | – | |||||||||||
| $ | 759,199 | $ | (187,771 | ) | $ | (571,428 | ) | $ | – | |||||||
| Counterparty | Gross
Amount of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives
Available for Offset | Collateral Pledged* | Net
Amount (Not Less Than $0) | ||||||||||||
| Bank of New York Mellon | $ | 138,260 | $ | (138,260 | ) | $ | – | $ | – | |||||||
| JPMorgan Chase Bank | 9,363 | (9,363 | ) | – | – | |||||||||||
| UBS AG | 139,615 | (40,148 | ) | – | 99,467 | |||||||||||
| $ | 287,238 | $ | (187,771 | ) | $ | – | $ | 99,467 |
* The actual collateral received/pledged may be more than the amount reported due to over collateralization.
| d) | Tender Option Bonds — Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for First Eagle High Yield Municipal Fund, First Eagle Short Duration High Yield Municipal Fund or First Eagle Core Plus Municipal Fund (the “Municipal Funds”). Such instruments are created by a special purpose trust (a “TOB Trust”) that holds long-term fixed rate bonds sold to it by a Fund (the underlying security), and issues two classes of beneficial interests: short-term floating rate interests (“Floaters”), which are sold to other investors, and Inverse Floaters, which are purchased by the Fund. The Municipal Funds generally will purchase Floaters issued by a TOB Trust. The Floaters have first priority on the cash flow from the underlying security held by the TOB Trust, have a tender option feature that allows holders to tender the Floaters back to the TOB Trust for their par amount and accrued interest at specified intervals and bear interest at prevailing short-term interest rates. Tendered Floaters are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed. The Municipal Funds, as holders of the Inverse Floaters, are paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Municipal Funds with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Municipal Funds, and as short-term interest rates decline, Inverse Floaters produce more income for the Municipal Funds. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Municipal Funds could lose the entire amount of their investment in the Inverse Floater and may, in some cases, be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently, in a rising interest rate environment, the Municipal Funds’ investments in Inverse Floaters could negatively impact the Municipal Funds’ performance and yield, especially when those Inverse Floaters provide the Municipal Funds with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts. |
The Municipal Funds may invest in Inverse Floaters on a non-recourse or recourse basis. If a Fund invests in an Inverse Floater on a recourse basis, the Fund will be required to reimburse the liquidity provider of a TOB Trust for any shortfall between the liquidation value of the underlying security and the principal amount of the Floaters in the event the Floaters cannot be successfully remarketed and the Fund could suffer losses in excess of the amount of its investment in the Inverse Floater.
The Underlying Bond deposited into the TOB Trust is identified in the Municipal Fund’s Portfolio of Investments as “All or a portion of the principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash” with the Fund recognizing as liabilities, labeled “Payable for Floating Rate Note Obligation” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Accrued interest and dividends receivable” and “Interest expense and fees payable” on the Statement of Assets and Liabilities, respectively.
As of July 31, 2026, the aggregate value of Floaters issued by the Funds’ TOB Trusts were as follows:
| Floating Rate Obligations | Interest Rate | ||||||
| First Eagle High Yield Municipal Fund | $ | 1,575,135,000 | 2.16%-3.15% | ||||
| First Eagle Short Duration High Yield Municipal Fund | 74,860,000 | 2.19%-3.08% | |||||
| First Eagle Core Plus Municipal Fund | 1,600,000 | 2.19%-2.95% | |||||
For the period ended July 31, 2026, the average amount of Floaters outstanding and the average annual interest rates and fees related to Inverse Floaters, were as follows:
| Average Floating Rate Obligations Outstanding | Average Annual Interest Rate and Fees | |||||||
| First Eagle High Yield Municipal Fund | $ | 1,347,487,289 | 2.88 | % | ||||
| First Eagle Short Duration High Yield Municipal Fund | 48,262,491 | 2.88 | ||||||
| First Eagle Core Plus Municipal Fund | 1,057,667 | 2.81 | ||||||
As of the end of the reporting period, the Funds’ maximum exposure to the Floaters issued by Recourse Trusts was as follows:
| Maximum Exposure to Recourse Trusts | ||||
| First Eagle High Yield Municipal Fund | $ | 493,245,000 | ||
| First Eagle Short Duration High Yield Municipal Fund | 37,030,000 | |||
| First Eagle Core Plus Municipal Fund | 800,000 |
| e) | Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write “covered” call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose. |
Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.
In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This “opportunity cost” may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty. Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset coverage”).
Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.
Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.
Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.
As of July 31, 2026, portfolio securities valued at $12,588,665 were earmarked to cover collateral requirements for written options for First Eagle Global Balanced Fund.
For the period ended July 31, 2026, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:
| First Eagle Global Balanced Fund | ||||
| Options: | ||||
| Average Number of Contracts — Written | 2,412 | |||
As of July 31, 2026, the Funds had the following options grouped into appropriate risk categories illustrated below:
First Eagle Global Balanced Fund
| Gain or (Loss) Derivative Recognized in Income | ||||||||||||||||
| Risk Type | Asset Derivative Fair Value | Liability Derivative Fair Value | Net Realized Gains (Losses) | Change in Appreciation (Depreciation) | ||||||||||||
| Equity — Written options | $ | — | $ | 291,735 | $ | 733,576 | $ | 189,331 | ||||||||
| f) | Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. |
| g) | Bank Loans — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between a Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
| h) | Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”) which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations and reflected in market value of the securities. TIPS are subject to interest rate risk. |
| i) | Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |