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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-7762

First Eagle Funds (Exact name of registrant as specified in charter)

1345 Avenue of the Americas

New York, NY 10105-4300

(Address of principal executive offices) (Zip code)

Sheelyn Michael

First Eagle Funds

1345 Avenue of the Americas

New York, NY 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-212-632-2700

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

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

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

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

First Eagle Global Fund Class A - SGENX

First Eagle Global Fund Class C - FESGX

First Eagle Global Fund Class I - SGIIX

First Eagle Global Fund Class R6 - FEGRX

First Eagle Overseas Fund Class A - SGOVX

First Eagle Overseas Fund Class C - FESOX

First Eagle Overseas Fund Class I - SGOIX

First Eagle Overseas Fund Class R6 - FEORX

First Eagle U.S. Fund Class A - FEVAX

First Eagle U.S. Fund Class C - FEVCX

First Eagle U.S. Fund Class I - FEVIX

First Eagle U.S. Fund Class R6 - FEVRX

First Eagle Gold Fund Class A - SGGDX

First Eagle Gold Fund Class C - FEGOX

First Eagle Gold Fund Class I - FEGIX

First Eagle Gold Fund Class R6 - FEURX

First Eagle Global Income Builder Fund Class A - FEBAX

First Eagle Global Income Builder Fund Class C - FEBCX

First Eagle Global Income Builder Fund Class I - FEBIX

First Eagle Global Income Builder Fund Class R6 - FEBRX

First Eagle Rising Dividend Fund Class A - FEFAX

First Eagle Rising Dividend Fund Class C - FEAMX

First Eagle Rising Dividend Fund Class I - FEAIX

First Eagle Rising Dividend Fund Class R6 - FEFRX

First Eagle Small Cap Opportunity Fund Class A - FESAX

First Eagle Small Cap Opportunity Fund Class I - FESCX

First Eagle Small Cap Opportunity Fund Class R6 - FESRX

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

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

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

First Eagle Global Real Assets Fund Class A - FERAX

First Eagle Global Real Assets Fund Class I - FEREX

First Eagle Global Real Assets Fund Class R6 - FERRX

First Eagle High Yield Municipal Fund Class A - FEHAX

First Eagle High Yield Municipal Fund Class C - FEHCX

First Eagle High Yield Municipal Fund Class I - FEHIX

First Eagle High Yield Municipal Fund Class R6 - FEHRX

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

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

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

April 30, 2025

Semi-Annual Shareholder Report

Class A | SGENX

This Semi-Annual Shareholder Report contains important information about the Class A shares of the Fund, and a material change that occurred for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$55	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$58,134,775,648
Number of Portfolio Holdings203
Portfolio Turnover Rate9.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	83.6%
Commodities	11.0%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.4%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference4}	11.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	2.4%
Oracle Corp. (Software, United States)	2.1%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	1.8%
Philip Morris International, Inc. (Tobacco, United States)	1.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.7%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
Comcast Corp., Class A (Media, United States)	1.5%
Prosus NV (Broadline Retail, China)	1.4%
Total	27.0%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.4%
Others^{Footnote Reference1}	3.0%
Energy	5.2%
Materials	6.1%
Consumer Discretionary	6.9%
Communication Services	7.3%
Information Technology	8.1%
Health Care	10.6%
Industrials	10.6%
Commodities	11.0%
Financials	12.0%
Consumer Staples	13.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	51.2%
United Kingdom	8.5%
Japan	6.7%
Canada	5.2%
Switzerland	3.6%
France	3.5%
South Korea	3.3%
China	2.4%
Hong Kong	1.9%
Mexico	1.6%
Others^{Footnote Reference4}	6.7%
Short-Term Investments	5.4%

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

Material Fund Changes

On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, 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 Fund or the Fund’s investment objectives or policies.

First Eagle Global Fund

April 30, 2025

Semi-Annual Shareholder Report

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports

Class A | SGENX

First Eagle Investments

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

Important Notice Regarding Delivery of Shareholder Materials

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

April 30, 2025

Semi-Annual Shareholder Report

Class C | FESGX

This Semi-Annual Shareholder Report contains important information about the Class C shares of the Fund, and a material change that occurred for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$94	1.86%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$58,134,775,648
Number of Portfolio Holdings203
Portfolio Turnover Rate9.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	83.6%
Commodities	11.0%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.4%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference4}	11.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	2.4%
Oracle Corp. (Software, United States)	2.1%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	1.8%
Philip Morris International, Inc. (Tobacco, United States)	1.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.7%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
Comcast Corp., Class A (Media, United States)	1.5%
Prosus NV (Broadline Retail, China)	1.4%
Total	27.0%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.4%
Others^{Footnote Reference1}	3.0%
Energy	5.2%
Materials	6.1%
Consumer Discretionary	6.9%
Communication Services	7.3%
Information Technology	8.1%
Health Care	10.6%
Industrials	10.6%
Commodities	11.0%
Financials	12.0%
Consumer Staples	13.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	51.2%
United Kingdom	8.5%
Japan	6.7%
Canada	5.2%
Switzerland	3.6%
France	3.5%
South Korea	3.3%
China	2.4%
Hong Kong	1.9%
Mexico	1.6%
Others^{Footnote Reference4}	6.7%
Short-Term Investments	5.4%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Fund

April 30, 2025

Semi-Annual Shareholder Report

Class C | FESGX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | SGIIX

This Semi-Annual Shareholder Report contains important information about the Class I shares of the Fund, and a material change that occurred for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$44	0.86%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$58,134,775,648
Number of Portfolio Holdings203
Portfolio Turnover Rate9.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	83.6%
Commodities	11.0%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.4%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference4}	11.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	2.4%
Oracle Corp. (Software, United States)	2.1%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	1.8%
Philip Morris International, Inc. (Tobacco, United States)	1.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.7%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
Comcast Corp., Class A (Media, United States)	1.5%
Prosus NV (Broadline Retail, China)	1.4%
Total	27.0%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.4%
Others^{Footnote Reference1}	3.0%
Energy	5.2%
Materials	6.1%
Consumer Discretionary	6.9%
Communication Services	7.3%
Information Technology	8.1%
Health Care	10.6%
Industrials	10.6%
Commodities	11.0%
Financials	12.0%
Consumer Staples	13.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	51.2%
United Kingdom	8.5%
Japan	6.7%
Canada	5.2%
Switzerland	3.6%
France	3.5%
South Korea	3.3%
China	2.4%
Hong Kong	1.9%
Mexico	1.6%
Others^{Footnote Reference4}	6.7%
Short-Term Investments	5.4%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | SGIIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEGRX

This Semi-Annual Shareholder Report contains important information about the Class R6 shares of the Fund, and a material change that occurred for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.firsteagle.com/first-eagle-fund-shareholder-reports. You can also request this information by contacting us at 800.334.2143.

First Eagle Global Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$40	0.78%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$58,134,775,648
Number of Portfolio Holdings203
Portfolio Turnover Rate9.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	83.6%
Commodities	11.0%
Corporate Bonds	0.0%^{Footnote Reference1}
Short-Term Investments	5.4%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference4}	11.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	2.4%
Oracle Corp. (Software, United States)	2.1%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	1.8%
Philip Morris International, Inc. (Tobacco, United States)	1.8%
Elevance Health, Inc. (Health Care Providers & Services, United States)	1.7%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	1.7%
British American Tobacco plc (Tobacco, United Kingdom)	1.6%
Comcast Corp., Class A (Media, United States)	1.5%
Prosus NV (Broadline Retail, China)	1.4%
Total	27.0%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote⁴	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.4%
Others^{Footnote Reference1}	3.0%
Energy	5.2%
Materials	6.1%
Consumer Discretionary	6.9%
Communication Services	7.3%
Information Technology	8.1%
Health Care	10.6%
Industrials	10.6%
Commodities	11.0%
Financials	12.0%
Consumer Staples	13.8%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	51.2%
United Kingdom	8.5%
Japan	6.7%
Canada	5.2%
Switzerland	3.6%
France	3.5%
South Korea	3.3%
China	2.4%
Hong Kong	1.9%
Mexico	1.6%
Others^{Footnote Reference4}	6.7%
Short-Term Investments	5.4%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEGRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | SGOVX

First Eagle Overseas Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$60	1.16%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$13,097,964,403
Number of Portfolio Holdings147
Portfolio Turnover Rate7.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	88.9%
Commodities	8.9%
Short-Term Investments	2.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	8.9%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.4%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.3%
Prosus NV (Broadline Retail, China)	2.2%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	2.0%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	2.0%
Unilever plc (Personal Care Products, United Kingdom)	1.9%
Danone SA (Food Products, France)	1.9%
BAE Systems plc (Aerospace & Defense, United Kingdom)	1.8%
Total	28.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	2.2%
Others^{Footnote Reference1}	1.1%
Real Estate	2.6%
Information Technology	5.0%
Energy	5.3%
Health Care	6.0%
Materials	8.7%
Commodities	8.9%
Consumer Discretionary	10.6%
Industrials	14.3%
Financials	14.9%
Consumer Staples	20.4%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Japan	15.5%
United Kingdom	14.9%
United States^{Footnote Reference3}	11.8%
Canada	8.4%
South Korea	5.9%
France	5.7%
Switzerland	5.4%
Hong Kong	4.1%
China	3.7%
Germany	3.2%
Others^{Footnote Reference4}	19.2%
Short-Term Investments	2.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Overseas Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | SGOVX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class C | FESOX

First Eagle Overseas Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$98	1.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$13,097,964,403
Number of Portfolio Holdings147
Portfolio Turnover Rate7.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	88.9%
Commodities	8.9%
Short-Term Investments	2.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	8.9%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.4%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.3%
Prosus NV (Broadline Retail, China)	2.2%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	2.0%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	2.0%
Unilever plc (Personal Care Products, United Kingdom)	1.9%
Danone SA (Food Products, France)	1.9%
BAE Systems plc (Aerospace & Defense, United Kingdom)	1.8%
Total	28.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	2.2%
Others^{Footnote Reference1}	1.1%
Real Estate	2.6%
Information Technology	5.0%
Energy	5.3%
Health Care	6.0%
Materials	8.7%
Commodities	8.9%
Consumer Discretionary	10.6%
Industrials	14.3%
Financials	14.9%
Consumer Staples	20.4%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Japan	15.5%
United Kingdom	14.9%
United States^{Footnote Reference3}	11.8%
Canada	8.4%
South Korea	5.9%
France	5.7%
Switzerland	5.4%
Hong Kong	4.1%
China	3.7%
Germany	3.2%
Others^{Footnote Reference4}	19.2%
Short-Term Investments	2.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Overseas Fund

April 30, 2025

Semi-Annual Shareholder Report

Class C | FESOX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | SGOIX

First Eagle Overseas Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$46	0.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$13,097,964,403
Number of Portfolio Holdings147
Portfolio Turnover Rate7.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	88.9%
Commodities	8.9%
Short-Term Investments	2.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	8.9%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.4%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.3%
Prosus NV (Broadline Retail, China)	2.2%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	2.0%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	2.0%
Unilever plc (Personal Care Products, United Kingdom)	1.9%
Danone SA (Food Products, France)	1.9%
BAE Systems plc (Aerospace & Defense, United Kingdom)	1.8%
Total	28.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	2.2%
Others^{Footnote Reference1}	1.1%
Real Estate	2.6%
Information Technology	5.0%
Energy	5.3%
Health Care	6.0%
Materials	8.7%
Commodities	8.9%
Consumer Discretionary	10.6%
Industrials	14.3%
Financials	14.9%
Consumer Staples	20.4%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Japan	15.5%
United Kingdom	14.9%
United States^{Footnote Reference3}	11.8%
Canada	8.4%
South Korea	5.9%
France	5.7%
Switzerland	5.4%
Hong Kong	4.1%
China	3.7%
Germany	3.2%
Others^{Footnote Reference4}	19.2%
Short-Term Investments	2.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Overseas Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | SGOIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEORX

First Eagle Overseas Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$41	0.80%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$13,097,964,403
Number of Portfolio Holdings147
Portfolio Turnover Rate7.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	88.9%
Commodities	8.9%
Short-Term Investments	2.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	8.9%
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada)	3.0%
British American Tobacco plc (Tobacco, United Kingdom)	2.4%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.3%
Prosus NV (Broadline Retail, China)	2.2%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	2.0%
Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico)	2.0%
Unilever plc (Personal Care Products, United Kingdom)	1.9%
Danone SA (Food Products, France)	1.9%
BAE Systems plc (Aerospace & Defense, United Kingdom)	1.8%
Total	28.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	2.2%
Others^{Footnote Reference1}	1.1%
Real Estate	2.6%
Information Technology	5.0%
Energy	5.3%
Health Care	6.0%
Materials	8.7%
Commodities	8.9%
Consumer Discretionary	10.6%
Industrials	14.3%
Financials	14.9%
Consumer Staples	20.4%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

Japan	15.5%
United Kingdom	14.9%
United States^{Footnote Reference3}	11.8%
Canada	8.4%
South Korea	5.9%
France	5.7%
Switzerland	5.4%
Hong Kong	4.1%
China	3.7%
Germany	3.2%
Others^{Footnote Reference4}	19.2%
Short-Term Investments	2.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Overseas Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEORX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEVAX

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$56	1.13%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,379,001,136
Number of Portfolio Holdings84
Portfolio Turnover Rate8.66%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	74.7%
Commodities	13.0%
Master Limited Partnerships	1.7%
Corporate Bonds	1.4%
Convertible Preferred Stocks	0.4%
Short-Term Investments	8.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	13.0%
Philip Morris International, Inc. (Tobacco, United States)	4.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Oracle Corp. (Software, United States)	3.1%
Elevance Health, Inc. (Health Care Providers & Services, United States)	3.1%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Comcast Corp., Class A (Media, United States)	2.5%
Colgate-Palmolive Co. (Household Products, United States)	2.5%
Total	41.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.8%
Others^{Footnote Reference1}	0.3%
Real Estate	3.6%
Materials	5.8%
Industrials	6.5%
Energy	7.7%
Consumer Staples	8.1%
Information Technology	9.2%
Financials	10.4%
Communication Services	11.4%
Commodities	13.0%
Health Care	15.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEVAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEVCX

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$93	1.88%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,379,001,136
Number of Portfolio Holdings84
Portfolio Turnover Rate8.66%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	74.7%
Commodities	13.0%
Master Limited Partnerships	1.7%
Corporate Bonds	1.4%
Convertible Preferred Stocks	0.4%
Short-Term Investments	8.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	13.0%
Philip Morris International, Inc. (Tobacco, United States)	4.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Oracle Corp. (Software, United States)	3.1%
Elevance Health, Inc. (Health Care Providers & Services, United States)	3.1%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Comcast Corp., Class A (Media, United States)	2.5%
Colgate-Palmolive Co. (Household Products, United States)	2.5%
Total	41.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.8%
Others^{Footnote Reference1}	0.3%
Real Estate	3.6%
Materials	5.8%
Industrials	6.5%
Energy	7.7%
Consumer Staples	8.1%
Information Technology	9.2%
Financials	10.4%
Communication Services	11.4%
Commodities	13.0%
Health Care	15.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEVCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEVIX

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$44	0.88%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,379,001,136
Number of Portfolio Holdings84
Portfolio Turnover Rate8.66%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	74.7%
Commodities	13.0%
Master Limited Partnerships	1.7%
Corporate Bonds	1.4%
Convertible Preferred Stocks	0.4%
Short-Term Investments	8.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	13.0%
Philip Morris International, Inc. (Tobacco, United States)	4.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Oracle Corp. (Software, United States)	3.1%
Elevance Health, Inc. (Health Care Providers & Services, United States)	3.1%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Comcast Corp., Class A (Media, United States)	2.5%
Colgate-Palmolive Co. (Household Products, United States)	2.5%
Total	41.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.8%
Others^{Footnote Reference1}	0.3%
Real Estate	3.6%
Materials	5.8%
Industrials	6.5%
Energy	7.7%
Consumer Staples	8.1%
Information Technology	9.2%
Financials	10.4%
Communication Services	11.4%
Commodities	13.0%
Health Care	15.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEVIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEVRX

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$41	0.82%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,379,001,136
Number of Portfolio Holdings84
Portfolio Turnover Rate8.66%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	74.7%
Commodities	13.0%
Master Limited Partnerships	1.7%
Corporate Bonds	1.4%
Convertible Preferred Stocks	0.4%
Short-Term Investments	8.8%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)^{Footnote Reference3}	13.0%
Philip Morris International, Inc. (Tobacco, United States)	4.0%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	3.8%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	3.7%
Oracle Corp. (Software, United States)	3.1%
Elevance Health, Inc. (Health Care Providers & Services, United States)	3.1%
Bank of New York Mellon Corp. (The) (Capital Markets, United States)	2.9%
Becton Dickinson & Co. (Health Care Equipment & Supplies, United States)	2.8%
Comcast Corp., Class A (Media, United States)	2.5%
Colgate-Palmolive Co. (Household Products, United States)	2.5%
Total	41.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.8%
Others^{Footnote Reference1}	0.3%
Real Estate	3.6%
Materials	5.8%
Industrials	6.5%
Energy	7.7%
Consumer Staples	8.1%
Information Technology	9.2%
Financials	10.4%
Communication Services	11.4%
Commodities	13.0%
Health Care	15.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Fund

(formerly First Eagle U.S. Value Fund)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEVRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | SGGDX

First Eagle Gold Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$63	1.14%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$3,481,601,299
Number of Portfolio Holdings30
Portfolio Turnover Rate3.49%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	80.6%
Commodities	15.1%
Rights	0.1%
Short-Term Investments	4.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	11.4%
Gold bullion (Precious Metal)^{Footnote Reference3}	7.8%
Silver bullion (Precious Metal)^{Footnote Reference3}	7.3%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.2%
Northern Star Resources Ltd. (Metals & Mining, Australia)	6.9%
Newmont Corp. (Metals & Mining, United States)	6.1%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.9%
Kinross Gold Corp. (Metals & Mining, Canada)	4.9%
Dundee Precious Metals, Inc. (Metals & Mining, Canada)	4.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.8%
Total	66.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	4.2%
Commodities	15.1%
Materials	80.7%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Canada	53.3%
United States^{Footnote Reference2}	26.0%
Australia	8.3%
South Africa	3.9%
United Kingdom	2.9%
Mexico	1.4%
Short-Term Investments	4.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Gold Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | SGGDX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEGOX

First Eagle Gold Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$103	1.88%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$3,481,601,299
Number of Portfolio Holdings30
Portfolio Turnover Rate3.49%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	80.6%
Commodities	15.1%
Rights	0.1%
Short-Term Investments	4.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	11.4%
Gold bullion (Precious Metal)^{Footnote Reference3}	7.8%
Silver bullion (Precious Metal)^{Footnote Reference3}	7.3%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.2%
Northern Star Resources Ltd. (Metals & Mining, Australia)	6.9%
Newmont Corp. (Metals & Mining, United States)	6.1%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.9%
Kinross Gold Corp. (Metals & Mining, Canada)	4.9%
Dundee Precious Metals, Inc. (Metals & Mining, Canada)	4.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.8%
Total	66.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	4.2%
Commodities	15.1%
Materials	80.7%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Canada	53.3%
United States^{Footnote Reference2}	26.0%
Australia	8.3%
South Africa	3.9%
United Kingdom	2.9%
Mexico	1.4%
Short-Term Investments	4.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Gold Fund

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEGOX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEGIX

First Eagle Gold Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$50	0.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$3,481,601,299
Number of Portfolio Holdings30
Portfolio Turnover Rate3.49%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	80.6%
Commodities	15.1%
Rights	0.1%
Short-Term Investments	4.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	11.4%
Gold bullion (Precious Metal)^{Footnote Reference3}	7.8%
Silver bullion (Precious Metal)^{Footnote Reference3}	7.3%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.2%
Northern Star Resources Ltd. (Metals & Mining, Australia)	6.9%
Newmont Corp. (Metals & Mining, United States)	6.1%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.9%
Kinross Gold Corp. (Metals & Mining, Canada)	4.9%
Dundee Precious Metals, Inc. (Metals & Mining, Canada)	4.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.8%
Total	66.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	4.2%
Commodities	15.1%
Materials	80.7%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Canada	53.3%
United States^{Footnote Reference2}	26.0%
Australia	8.3%
South Africa	3.9%
United Kingdom	2.9%
Mexico	1.4%
Short-Term Investments	4.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Gold Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEGIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEURX

First Eagle Gold Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$44	0.81%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$3,481,601,299
Number of Portfolio Holdings30
Portfolio Turnover Rate3.49%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	80.6%
Commodities	15.1%
Rights	0.1%
Short-Term Investments	4.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	11.4%
Gold bullion (Precious Metal)^{Footnote Reference3}	7.8%
Silver bullion (Precious Metal)^{Footnote Reference3}	7.3%
Agnico Eagle Mines Ltd. (Metals & Mining, Canada)	7.2%
Northern Star Resources Ltd. (Metals & Mining, Australia)	6.9%
Newmont Corp. (Metals & Mining, United States)	6.1%
Alamos Gold, Inc., Class A (Metals & Mining, Canada)	4.9%
Kinross Gold Corp. (Metals & Mining, Canada)	4.9%
Dundee Precious Metals, Inc. (Metals & Mining, Canada)	4.9%
Franco-Nevada Corp. (Metals & Mining, Canada)	4.8%
Total	66.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.
Footnote³	The Fund invests in gold and precious metals through investment in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold bullion and commodities include the Fund’s investment in the Subsidiary.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	4.2%
Commodities	15.1%
Materials	80.7%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

Canada	53.3%
United States^{Footnote Reference2}	26.0%
Australia	8.3%
South Africa	3.9%
United Kingdom	2.9%
Mexico	1.4%
Short-Term Investments	4.2%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Gold Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEURX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEBAX

First Eagle Global Income Builder Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$60	1.16%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,870,642,205
Number of Portfolio Holdings265
Portfolio Turnover Rate7.34%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	63.5%
Corporate Bonds	10.7%
U.S. Treasury Obligations	9.1%
Commodities	8.4%
Preferred Stocks	1.8%
Convertible Preferred Stocks	1.4%
Master Limited Partnerships	1.0%
Foreign Government Securities	0.9%
Asset-Backed Securities	0.1%
Loan Assignments	0.1%
Short-Term Investments	3.0%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)	8.4%
British American Tobacco plc (Tobacco, United Kingdom)	3.1%
Unilever plc (Personal Care Products, United Kingdom)	2.9%
Nestle SA (Registered) (Food Products, Switzerland)	2.5%
Philip Morris International, Inc. (Tobacco, United States)	2.2%
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.2%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	1.9%
KT&G Corp. (Tobacco, South Korea)	1.8%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	1.6%
Power Corp. of Canada (Insurance, Canada)	1.6%
Total	28.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	3.0%
Others^{Footnote Reference1}	6.9%
Consumer Discretionary	4.0%
Real Estate	4.4%
Materials	5.4%
Energy	5.9%
Industrials	7.6%
Health Care	8.4%
Commodities	8.4%
U.S. Treasury Obligations	9.1%
Financials	13.4%
Consumer Staples	23.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	49.8%
United Kingdom	10.4%
Canada	5.5%
Switzerland	5.4%
South Korea	3.7%
Hong Kong	3.6%
Mexico	3.5%
Japan	2.8%
Brazil	2.1%
Chile	1.5%
Others^{Footnote Reference4}	8.7%
Short-Term Investments	3.0%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Income Builder Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEBAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEBCX

First Eagle Global Income Builder Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$99	1.94%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,870,642,205
Number of Portfolio Holdings265
Portfolio Turnover Rate7.34%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	63.5%
Corporate Bonds	10.7%
U.S. Treasury Obligations	9.1%
Commodities	8.4%
Preferred Stocks	1.8%
Convertible Preferred Stocks	1.4%
Master Limited Partnerships	1.0%
Foreign Government Securities	0.9%
Asset-Backed Securities	0.1%
Loan Assignments	0.1%
Short-Term Investments	3.0%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)	8.4%
British American Tobacco plc (Tobacco, United Kingdom)	3.1%
Unilever plc (Personal Care Products, United Kingdom)	2.9%
Nestle SA (Registered) (Food Products, Switzerland)	2.5%
Philip Morris International, Inc. (Tobacco, United States)	2.2%
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.2%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	1.9%
KT&G Corp. (Tobacco, South Korea)	1.8%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	1.6%
Power Corp. of Canada (Insurance, Canada)	1.6%
Total	28.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	3.0%
Others^{Footnote Reference1}	6.9%
Consumer Discretionary	4.0%
Real Estate	4.4%
Materials	5.4%
Energy	5.9%
Industrials	7.6%
Health Care	8.4%
Commodities	8.4%
U.S. Treasury Obligations	9.1%
Financials	13.4%
Consumer Staples	23.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	49.8%
United Kingdom	10.4%
Canada	5.5%
Switzerland	5.4%
South Korea	3.7%
Hong Kong	3.6%
Mexico	3.5%
Japan	2.8%
Brazil	2.1%
Chile	1.5%
Others^{Footnote Reference4}	8.7%
Short-Term Investments	3.0%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Income Builder Fund

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEBCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEBIX

First Eagle Global Income Builder Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$49	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,870,642,205
Number of Portfolio Holdings265
Portfolio Turnover Rate7.34%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	63.5%
Corporate Bonds	10.7%
U.S. Treasury Obligations	9.1%
Commodities	8.4%
Preferred Stocks	1.8%
Convertible Preferred Stocks	1.4%
Master Limited Partnerships	1.0%
Foreign Government Securities	0.9%
Asset-Backed Securities	0.1%
Loan Assignments	0.1%
Short-Term Investments	3.0%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)	8.4%
British American Tobacco plc (Tobacco, United Kingdom)	3.1%
Unilever plc (Personal Care Products, United Kingdom)	2.9%
Nestle SA (Registered) (Food Products, Switzerland)	2.5%
Philip Morris International, Inc. (Tobacco, United States)	2.2%
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.2%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	1.9%
KT&G Corp. (Tobacco, South Korea)	1.8%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	1.6%
Power Corp. of Canada (Insurance, Canada)	1.6%
Total	28.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	3.0%
Others^{Footnote Reference1}	6.9%
Consumer Discretionary	4.0%
Real Estate	4.4%
Materials	5.4%
Energy	5.9%
Industrials	7.6%
Health Care	8.4%
Commodities	8.4%
U.S. Treasury Obligations	9.1%
Financials	13.4%
Consumer Staples	23.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	49.8%
United Kingdom	10.4%
Canada	5.5%
Switzerland	5.4%
South Korea	3.7%
Hong Kong	3.6%
Mexico	3.5%
Japan	2.8%
Brazil	2.1%
Chile	1.5%
Others^{Footnote Reference4}	8.7%
Short-Term Investments	3.0%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Income Builder Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEBIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEBRX

First Eagle Global Income Builder Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$45	0.87%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,870,642,205
Number of Portfolio Holdings265
Portfolio Turnover Rate7.34%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	63.5%
Corporate Bonds	10.7%
U.S. Treasury Obligations	9.1%
Commodities	8.4%
Preferred Stocks	1.8%
Convertible Preferred Stocks	1.4%
Master Limited Partnerships	1.0%
Foreign Government Securities	0.9%
Asset-Backed Securities	0.1%
Loan Assignments	0.1%
Short-Term Investments	3.0%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Gold bullion (Precious Metal)	8.4%
British American Tobacco plc (Tobacco, United Kingdom)	3.1%
Unilever plc (Personal Care Products, United Kingdom)	2.9%
Nestle SA (Registered) (Food Products, Switzerland)	2.5%
Philip Morris International, Inc. (Tobacco, United States)	2.2%
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States)	2.2%
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong)	1.9%
KT&G Corp. (Tobacco, South Korea)	1.8%
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland)	1.6%
Power Corp. of Canada (Insurance, Canada)	1.6%
Total	28.2%

Footnote	Description
Footnote¹	Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	3.0%
Others^{Footnote Reference1}	6.9%
Consumer Discretionary	4.0%
Real Estate	4.4%
Materials	5.4%
Energy	5.9%
Industrials	7.6%
Health Care	8.4%
Commodities	8.4%
U.S. Treasury Obligations	9.1%
Financials	13.4%
Consumer Staples	23.5%

Asset Allocation by Country^{Footnote Reference2}

Based on total investments in the portfolio

United States^{Footnote Reference3}	49.8%
United Kingdom	10.4%
Canada	5.5%
Switzerland	5.4%
South Korea	3.7%
Hong Kong	3.6%
Mexico	3.5%
Japan	2.8%
Brazil	2.1%
Chile	1.5%
Others^{Footnote Reference4}	8.7%
Short-Term Investments	3.0%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Income Builder Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEBRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEFAX

First Eagle Rising Dividend Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$44	0.90%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$390,576,309
Number of Portfolio Holdings38
Portfolio Turnover Rate10.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	95.5%
Master Limited Partnerships	3.3%
Short-Term Investments	1.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Alphabet, Inc. (Interactive Media & Services, United States)	5.9%
Comcast Corp., Class A (Media, United States)	5.7%
Oracle Corp. (Software, United States)	5.6%
Schindler Holding AG (Machinery, Switzerland)	5.6%
Philip Morris International, Inc. (Tobacco, United States)	5.4%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	5.2%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	4.9%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Home Depot, Inc. (The) (Specialty Retail, United States)	4.6%
Medtronic plc (Health Care Equipment & Supplies, United States)	4.4%
Total	52.0%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	1.2%
Real Estate	2.1%
Financials	2.4%
Energy	6.3%
Consumer Discretionary	10.0%
Industrials	10.6%
Consumer Staples	10.6%
Communication Services	16.8%
Health Care	17.7%
Information Technology	22.3%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Rising Dividend Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEFAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEAMX

First Eagle Rising Dividend Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$80	1.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$390,576,309
Number of Portfolio Holdings38
Portfolio Turnover Rate10.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	95.5%
Master Limited Partnerships	3.3%
Short-Term Investments	1.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Alphabet, Inc. (Interactive Media & Services, United States)	5.9%
Comcast Corp., Class A (Media, United States)	5.7%
Oracle Corp. (Software, United States)	5.6%
Schindler Holding AG (Machinery, Switzerland)	5.6%
Philip Morris International, Inc. (Tobacco, United States)	5.4%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	5.2%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	4.9%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Home Depot, Inc. (The) (Specialty Retail, United States)	4.6%
Medtronic plc (Health Care Equipment & Supplies, United States)	4.4%
Total	52.0%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	1.2%
Real Estate	2.1%
Financials	2.4%
Energy	6.3%
Consumer Discretionary	10.0%
Industrials	10.6%
Consumer Staples	10.6%
Communication Services	16.8%
Health Care	17.7%
Information Technology	22.3%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Rising Dividend Fund

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEAMX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEAIX

First Eagle Rising Dividend Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

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

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$390,576,309
Number of Portfolio Holdings38
Portfolio Turnover Rate10.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	95.5%
Master Limited Partnerships	3.3%
Short-Term Investments	1.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Alphabet, Inc. (Interactive Media & Services, United States)	5.9%
Comcast Corp., Class A (Media, United States)	5.7%
Oracle Corp. (Software, United States)	5.6%
Schindler Holding AG (Machinery, Switzerland)	5.6%
Philip Morris International, Inc. (Tobacco, United States)	5.4%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	5.2%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	4.9%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Home Depot, Inc. (The) (Specialty Retail, United States)	4.6%
Medtronic plc (Health Care Equipment & Supplies, United States)	4.4%
Total	52.0%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	1.2%
Real Estate	2.1%
Financials	2.4%
Energy	6.3%
Consumer Discretionary	10.0%
Industrials	10.6%
Consumer Staples	10.6%
Communication Services	16.8%
Health Care	17.7%
Information Technology	22.3%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Rising Dividend Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEAIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEFRX

First Eagle Rising Dividend Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$32	0.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$390,576,309
Number of Portfolio Holdings38
Portfolio Turnover Rate10.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	95.5%
Master Limited Partnerships	3.3%
Short-Term Investments	1.2%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Alphabet, Inc. (Interactive Media & Services, United States)	5.9%
Comcast Corp., Class A (Media, United States)	5.7%
Oracle Corp. (Software, United States)	5.6%
Schindler Holding AG (Machinery, Switzerland)	5.6%
Philip Morris International, Inc. (Tobacco, United States)	5.4%
Meta Platforms, Inc., Class A (Interactive Media & Services, United States)	5.2%
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States)	4.9%
TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland)	4.7%
Home Depot, Inc. (The) (Specialty Retail, United States)	4.6%
Medtronic plc (Health Care Equipment & Supplies, United States)	4.4%
Total	52.0%

Footnote	Description
Footnote¹	Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	1.2%
Real Estate	2.1%
Financials	2.4%
Energy	6.3%
Consumer Discretionary	10.0%
Industrials	10.6%
Consumer Staples	10.6%
Communication Services	16.8%
Health Care	17.7%
Information Technology	22.3%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Rising Dividend Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEFRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FESAX

First Eagle Small Cap Opportunity Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$58	1.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,468,926,113
Number of Portfolio Holdings246
Portfolio Turnover Rate25.22%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	94.1%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.9%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Intrepid Potash, Inc. (Chemicals, United States)	1.0%
Insteel Industries, Inc. (Building Products, United States)	1.0%
Lincoln National Corp. (Insurance, United States)	1.0%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	0.9%
Axis Capital Holdings Ltd. (Insurance, United States)	0.9%
CECO Environmental Corp. (Commercial Services & Supplies, United States)	0.8%
Louisiana-Pacific Corp. (Paper & Forest Products, United States)	0.8%
Ducommun, Inc. (Aerospace & Defense, United States)	0.8%
Whitestone REIT, REIT (Retail REITs, United States)	0.8%
Total	8.9%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.9%
Others^{Footnote Reference1}	1.6%
Communication Services	2.6%
Consumer Staples	3.4%
Real Estate	3.7%
Energy	7.7%
Materials	8.5%
Health Care	9.2%
Financials	12.2%
Information Technology	12.7%
Consumer Discretionary	12.8%
Industrials	19.7%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Small Cap Opportunity Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FESAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FESCX

First Eagle Small Cap Opportunity Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$46	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,468,926,113
Number of Portfolio Holdings246
Portfolio Turnover Rate25.22%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	94.1%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.9%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Intrepid Potash, Inc. (Chemicals, United States)	1.0%
Insteel Industries, Inc. (Building Products, United States)	1.0%
Lincoln National Corp. (Insurance, United States)	1.0%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	0.9%
Axis Capital Holdings Ltd. (Insurance, United States)	0.9%
CECO Environmental Corp. (Commercial Services & Supplies, United States)	0.8%
Louisiana-Pacific Corp. (Paper & Forest Products, United States)	0.8%
Ducommun, Inc. (Aerospace & Defense, United States)	0.8%
Whitestone REIT, REIT (Retail REITs, United States)	0.8%
Total	8.9%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.9%
Others^{Footnote Reference1}	1.6%
Communication Services	2.6%
Consumer Staples	3.4%
Real Estate	3.7%
Energy	7.7%
Materials	8.5%
Health Care	9.2%
Financials	12.2%
Information Technology	12.7%
Consumer Discretionary	12.8%
Industrials	19.7%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Small Cap Opportunity Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FESCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FESRX

First Eagle Small Cap Opportunity Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$44	0.94%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$1,468,926,113
Number of Portfolio Holdings246
Portfolio Turnover Rate25.22%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	94.1%
Rights	0.0%^{Footnote Reference1}
Short-Term Investments	5.9%^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference3}

Based on total net assets of the portfolio

Intrepid Potash, Inc. (Chemicals, United States)	1.0%
Insteel Industries, Inc. (Building Products, United States)	1.0%
Lincoln National Corp. (Insurance, United States)	1.0%
TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States)	0.9%
Lincoln Educational Services Corp. (Diversified Consumer Services, United States)	0.9%
Axis Capital Holdings Ltd. (Insurance, United States)	0.9%
CECO Environmental Corp. (Commercial Services & Supplies, United States)	0.8%
Louisiana-Pacific Corp. (Paper & Forest Products, United States)	0.8%
Ducommun, Inc. (Aerospace & Defense, United States)	0.8%
Whitestone REIT, REIT (Retail REITs, United States)	0.8%
Total	8.9%

Footnote	Description
Footnote¹	Less than 0.05%.
Footnote²	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (5.9% of total investments), such as U.S. treasury bills or money market funds.
Footnote³	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	5.9%
Others^{Footnote Reference1}	1.6%
Communication Services	2.6%
Consumer Staples	3.4%
Real Estate	3.7%
Energy	7.7%
Materials	8.5%
Health Care	9.2%
Financials	12.2%
Information Technology	12.7%
Consumer Discretionary	12.8%
Industrials	19.7%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Small Cap Opportunity Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FESRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEMAX

First Eagle U.S. Smid Cap Opportunity Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$56	1.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$50,191,498
Number of Portfolio Holdings77
Portfolio Turnover Rate17.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	91.7%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Cardinal Health, Inc. (Health Care Providers & Services, United States)	3.0%
Tenet Healthcare Corp. (Health Care Providers & Services, United States)	3.0%
Expand Energy Corp. (Oil, Gas & Consumable Fuels, United States)	2.1%
Quanta Services, Inc. (Construction & Engineering, United States)	2.1%
Air Lease Corp., Class A (Trading Companies & Distributors, United States)	2.0%
Old Republic International Corp. (Insurance, United States)	2.0%
Axis Capital Holdings Ltd. (Insurance, United States)	1.9%
Evercore, Inc., Class A (Capital Markets, United States)	1.9%
Quest Diagnostics, Inc. (Health Care Providers & Services, United States)	1.9%
Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States)	1.9%
Total	21.8%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (8.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.3%
Utilities	1.3%
Materials	2.6%
Energy	5.1%
Consumer Staples	6.2%
Information Technology	10.2%
Consumer Discretionary	14.3%
Health Care	14.5%
Financials	17.1%
Industrials	20.4%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Smid Cap Opportunity Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEMAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FESMX

First Eagle U.S. Smid Cap Opportunity Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$44	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$50,191,498
Number of Portfolio Holdings77
Portfolio Turnover Rate17.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	91.7%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Cardinal Health, Inc. (Health Care Providers & Services, United States)	3.0%
Tenet Healthcare Corp. (Health Care Providers & Services, United States)	3.0%
Expand Energy Corp. (Oil, Gas & Consumable Fuels, United States)	2.1%
Quanta Services, Inc. (Construction & Engineering, United States)	2.1%
Air Lease Corp., Class A (Trading Companies & Distributors, United States)	2.0%
Old Republic International Corp. (Insurance, United States)	2.0%
Axis Capital Holdings Ltd. (Insurance, United States)	1.9%
Evercore, Inc., Class A (Capital Markets, United States)	1.9%
Quest Diagnostics, Inc. (Health Care Providers & Services, United States)	1.9%
Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States)	1.9%
Total	21.8%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (8.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.3%
Utilities	1.3%
Materials	2.6%
Energy	5.1%
Consumer Staples	6.2%
Information Technology	10.2%
Consumer Discretionary	14.3%
Health Care	14.5%
Financials	17.1%
Industrials	20.4%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Smid Cap Opportunity Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FESMX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEXRX

First Eagle U.S. Smid Cap Opportunity Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$44	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$50,191,498
Number of Portfolio Holdings77
Portfolio Turnover Rate17.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	91.7%
Short-Term Investments	8.3%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Cardinal Health, Inc. (Health Care Providers & Services, United States)	3.0%
Tenet Healthcare Corp. (Health Care Providers & Services, United States)	3.0%
Expand Energy Corp. (Oil, Gas & Consumable Fuels, United States)	2.1%
Quanta Services, Inc. (Construction & Engineering, United States)	2.1%
Air Lease Corp., Class A (Trading Companies & Distributors, United States)	2.0%
Old Republic International Corp. (Insurance, United States)	2.0%
Axis Capital Holdings Ltd. (Insurance, United States)	1.9%
Evercore, Inc., Class A (Capital Markets, United States)	1.9%
Quest Diagnostics, Inc. (Health Care Providers & Services, United States)	1.9%
Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States)	1.9%
Total	21.8%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (8.3% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	8.3%
Utilities	1.3%
Materials	2.6%
Energy	5.1%
Consumer Staples	6.2%
Information Technology	10.2%
Consumer Discretionary	14.3%
Health Care	14.5%
Financials	17.1%
Industrials	20.4%

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle U.S. Smid Cap Opportunity Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEXRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FERAX

First Eagle Global Real Assets Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$54	1.10%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$14,068,193
Number of Portfolio Holdings68
Portfolio Turnover Rate26.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	91.4%
Master Limited Partnerships	4.4%
Commodities	2.3%
Exchange Traded Funds	1.3%
Short-Term Investments	0.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	3.6%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.9%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.8%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.8%
CRH plc (Construction Materials, United States)	2.7%
Nutrien Ltd. (Chemicals, Canada)	2.5%
Extra Space Storage, Inc., REIT (Specialized REITs, United States)	2.5%
FUCHS SE (Preference) (Chemicals, Germany)	2.4%
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	2.3%
Total	27.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.6% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	0.6%
Communication Services	1.0%
Investment Funds	1.3%
Commodities	2.3%
Health Care	2.8%
Information Technology	3.6%
Consumer Staples	3.7%
Utilities	9.4%
Industrials	10.2%
Energy	17.0%
Real Estate	21.5%
Materials	26.6%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

United States	44.5%
Canada	15.5%
United Kingdom	10.3%
Mexico	8.6%
Hong Kong	3.9%
Japan	3.9%
Germany	2.4%
China	1.9%
South Korea	1.7%
Australia	1.6%
Others^{Footnote Reference2}	5.1%
Short-Term Investments	0.6%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Real Assets Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FERAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEREX

First Eagle Global Real Assets Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$42	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$14,068,193
Number of Portfolio Holdings68
Portfolio Turnover Rate26.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	91.4%
Master Limited Partnerships	4.4%
Commodities	2.3%
Exchange Traded Funds	1.3%
Short-Term Investments	0.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	3.6%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.9%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.8%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.8%
CRH plc (Construction Materials, United States)	2.7%
Nutrien Ltd. (Chemicals, Canada)	2.5%
Extra Space Storage, Inc., REIT (Specialized REITs, United States)	2.5%
FUCHS SE (Preference) (Chemicals, Germany)	2.4%
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	2.3%
Total	27.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.6% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	0.6%
Communication Services	1.0%
Investment Funds	1.3%
Commodities	2.3%
Health Care	2.8%
Information Technology	3.6%
Consumer Staples	3.7%
Utilities	9.4%
Industrials	10.2%
Energy	17.0%
Real Estate	21.5%
Materials	26.6%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

United States	44.5%
Canada	15.5%
United Kingdom	10.3%
Mexico	8.6%
Hong Kong	3.9%
Japan	3.9%
Germany	2.4%
China	1.9%
South Korea	1.7%
Australia	1.6%
Others^{Footnote Reference2}	5.1%
Short-Term Investments	0.6%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Real Assets Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEREX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FERRX

First Eagle Global Real Assets Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$42	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$14,068,193
Number of Portfolio Holdings68
Portfolio Turnover Rate26.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

Value	Value
Common Stocks	91.4%
Master Limited Partnerships	4.4%
Commodities	2.3%
Exchange Traded Funds	1.3%
Short-Term Investments	0.6%^{Footnote Reference1}

Top 10 Holdings^{Footnote Reference2}

Based on total net assets of the portfolio

Wheaton Precious Metals Corp. (Metals & Mining, Canada)	3.6%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States)	2.9%
HCA Healthcare, Inc. (Health Care Providers & Services, United States)	2.9%
Shell plc (Oil, Gas & Consumable Fuels, United Kingdom)	2.8%
ONEOK, Inc. (Oil, Gas & Consumable Fuels, United States)	2.8%
CRH plc (Construction Materials, United States)	2.7%
Nutrien Ltd. (Chemicals, Canada)	2.5%
Extra Space Storage, Inc., REIT (Specialized REITs, United States)	2.5%
FUCHS SE (Preference) (Chemicals, Germany)	2.4%
Grupo Mexico SAB de CV, Series B (Metals & Mining, Mexico)	2.3%
Total	27.4%

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.6% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded.

Asset Allocation by Sector

Based on total investments in the portfolio

Value	Value
Short-Term Investments	0.6%
Communication Services	1.0%
Investment Funds	1.3%
Commodities	2.3%
Health Care	2.8%
Information Technology	3.6%
Consumer Staples	3.7%
Utilities	9.4%
Industrials	10.2%
Energy	17.0%
Real Estate	21.5%
Materials	26.6%

Asset Allocation by Country^{Footnote Reference1}

Based on total investments in the portfolio

United States	44.5%
Canada	15.5%
United Kingdom	10.3%
Mexico	8.6%
Hong Kong	3.9%
Japan	3.9%
Germany	2.4%
China	1.9%
South Korea	1.7%
Australia	1.6%
Others^{Footnote Reference2}	5.1%
Short-Term Investments	0.6%

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Global Real Assets Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FERRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEHAX

First Eagle High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$57	1.16%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$6,233,485,914
Number of Portfolio Holdings1,528
Portfolio Turnover Rate49.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

AAA	2.9%
AA	8.4%
A	1.1%
BBB	7.8%
BB or lower	6.0%
N/R (Not Rated)	73.8%
N/A (not applicable)	0.0%^{Footnote Reference3}

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FEHAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEHCX

First Eagle High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class C	$94	1.91%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$6,233,485,914
Number of Portfolio Holdings1,528
Portfolio Turnover Rate49.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

AAA	2.9%
AA	8.4%
A	1.1%
BBB	7.8%
BB or lower	6.0%
N/R (Not Rated)	73.8%
N/A (not applicable)	0.0%^{Footnote Reference3}

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class C | FEHCX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEHIX

First Eagle High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$46	0.93%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$6,233,485,914
Number of Portfolio Holdings1,528
Portfolio Turnover Rate49.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

AAA	2.9%
AA	8.4%
A	1.1%
BBB	7.8%
BB or lower	6.0%
N/R (Not Rated)	73.8%
N/A (not applicable)	0.0%^{Footnote Reference3}

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FEHIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEHRX

First Eagle High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$44	0.89%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$6,233,485,914
Number of Portfolio Holdings1,528
Portfolio Turnover Rate49.03%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference4}

Based on total investments in the portfolio

AAA	2.9%
AA	8.4%
A	1.1%
BBB	7.8%
BB or lower	6.0%
N/R (Not Rated)	73.8%
N/A (not applicable)	0.0%^{Footnote Reference3}

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

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FEHRX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class A | FDUAX

First Eagle Short Duration High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class A	$42	0.85%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$802,759,934
Number of Portfolio Holdings435
Portfolio Turnover Rate97.61%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference3}

Based on total investments in the portfolio

AAA	0.8%
AA	5.9%
A	5.4%
BBB	7.2%
BB or lower	12.2%
N/R (Not Rated)	68.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Less than 0.05%.
Footnote³	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class A | FDUAX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class I | FDUIX

First Eagle Short Duration High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class I	$30	0.60%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$802,759,934
Number of Portfolio Holdings435
Portfolio Turnover Rate97.61%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference3}

Based on total investments in the portfolio

AAA	0.8%
AA	5.9%
A	5.4%
BBB	7.2%
BB or lower	12.2%
N/R (Not Rated)	68.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Less than 0.05%.
Footnote³	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class I | FDUIX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FDURX

First Eagle Short Duration High Yield Municipal Fund

What were the Fund's costs for the last six months?

Based on a Hypothetical $10,000 Investment

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment
Class R6	$30	0.60%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized.

Key Fund Statistics

Net Assets$802,759,934
Number of Portfolio Holdings435
Portfolio Turnover Rate97.61%^{Footnote Reference1}

Footnote	Description
Footnote¹	Not annualized.

Asset Allocation by Asset Class

Based on total investments in the portfolio

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

Bond Credit Quality^{Footnote Reference3}

Based on total investments in the portfolio

AAA	0.8%
AA	5.9%
A	5.4%
BBB	7.2%
BB or lower	12.2%
N/R (Not Rated)	68.5%
N/A (not applicable)	0.0%^{Footnote Reference2}

Footnote	Description
Footnote¹	Includes short-term commercial paper (0.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.0% of total investments), such as U.S. treasury bills or money market funds.
Footnote²	Less than 0.05%.
Footnote³	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Material Fund Changes

The transaction is not expected to result in any change in the portfolio management of the Fund or the Fund’s investment objectives or policies.

First Eagle Short Duration High Yield Municipal Fund

April 30, 2025

Semi-Annual Shareholder Report

Class R6 | FDURX

First Eagle Investments

Important Notice Regarding Delivery of Shareholder Materials

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

Not applicable to this semiannual report..

Item 4. Principal Accountant Fees and Services.

Not applicable to this semiannual report.

Item 5. Audit Committee of Listed Registrants

Not applicable to this report.

Item 6. Investments.

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

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

Semiannual Report

April 30, 2025

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Fund (formerly First Eagle U.S. Value Fund)

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle Rising Dividend Fund

First Eagle Small Cap Opportunity Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Global Real Assets Fund

First Eagle High Yield Municipal Fund

First Eagle Short Duration High Yield Municipal Fund

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

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

Table of Contents

Item 7
First Eagle Global Fund Consolidated Schedule of Investments					4
First Eagle Overseas Fund Consolidated Schedule of Investments					15
First Eagle U.S. Fund (formerly First Eagle U.S. Value Fund) Consolidated Schedule of Investments					25
First Eagle Gold Fund Consolidated Schedule of Investments					31
First Eagle Global Income Builder Fund Schedule of Investments					35
First Eagle Rising Dividend Schedule of Investments					50
First Eagle Small Cap Opportunity Fund Schedule of Investments					54
First Eagle U.S. Smid Cap Opportunity Fund Schedule of Investments					65
First Eagle Global Real Assets Fund Consolidated Schedule of Investments					70
First Eagle High Yield Municipal Fund Schedule of Investments					74
First Eagle Short Duration High Yield Municipal Fund Schedule of Investments					173
Statements of Assets and Liabilities					204
Statements of Operations					216
Statements of Changes in Net Assets					228
Financial Highlights					246
Notes to Financial Statements					268
Item 8 Changes in and Disagreements with Accountants					303
Item 9 Proxy Disclosures					303
Item 10 Remuneration Paid to Directors, Officers, and Others					303
Item 11 Statement Regarding Basis for Approval of Investment Advisory Contract					303
General Information					308

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 83.4%
Belgium — 0.9%
Groupe Bruxelles Lambert NV		6,469,396		533,686,978
Brazil — 1.2%
Ambev SA, ADR		166,791,911		421,983,535
Itausa SA (Preference)		150,707,188		284,145,249
				706,128,784
Canada — 5.2%
Agnico Eagle Mines Ltd.		1,999,447		234,999,563
Barrick Gold Corp.		20,796,383		395,963,132
Franco-Nevada Corp.		1,228,062		211,040,308
Imperial Oil Ltd.		10,896,401		734,989,358
Nutrien Ltd.		6,438,891		367,338,732
Power Corp. of Canada		10,763,570		407,401,046
Wheaton Precious Metals Corp.		7,730,000		645,609,600
				2,997,341,739
China — 2.4%
Alibaba Group Holding Ltd.		37,671,592		562,438,045
Prosus NV		18,115,368		849,331,914
				1,411,769,959
France — 3.4%
Danone SA		7,847,337		675,235,220
Legrand SA		2,092,188		229,931,106
LVMH Moet Hennessy Louis Vuitton SE		814,596		451,228,541
Pluxee NV		1,781,470		40,064,539
Sanofi SA		3,554,059		388,784,995
Sodexo SA		2,131,829		135,321,759
Wendel SE		867,489		85,296,837
				2,005,862,997
Germany — 1.4%
Brenntag SE		1,126,149		75,208,555
Henkel AG & Co. KGaA (Preference)		3,516,726		273,131,338
Merck KGaA		3,315,208		461,543,470
				809,883,363

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Hong Kong — 1.9%
AIA Group Ltd.		41,248,000		309,067,811
CK Asset Holdings Ltd.		54,929,000		224,405,071
Guoco Group Ltd. (a)		12,748,580		103,517,694
Hongkong Land Holdings Ltd.		31,759,300		155,430,092
Jardine Matheson Holdings Ltd.		7,051,271		313,323,824
				1,105,744,492
Japan — 6.7%
Chofu Seisakusho Co. Ltd. (b)		2,707,400		34,150,021
FANUC Corp.		17,670,600		448,473,860
Hirose Electric Co. Ltd.		1,258,915		142,400,204
Hoshizaki Corp.		6,107,800		259,679,907
Keyence Corp.		263,400		110,125,336
Mitsubishi Electric Corp.		24,592,300		475,748,018
MS&AD Insurance Group Holdings, Inc.		24,566,360		558,388,777
Secom Co. Ltd.		12,674,260		466,037,975
Shimano, Inc.		3,377,090		475,782,672
SMC Corp.		1,416,056		458,293,634
Sompo Holdings, Inc.		11,453,400		375,340,651
T Hasegawa Co. Ltd. (b)		3,002,800		60,181,977
USS Co. Ltd.		2,597,200		25,888,229
				3,890,491,261
Mexico — 1.6%
Fomento Economico Mexicano SAB de CV, ADR		6,677,092		703,164,559
Fresnillo plc		5,445,510		72,983,762
Grupo Mexico SAB de CV, Series B		3,934,693		20,445,436
Industrias Penoles SAB de CV*		6,234,643		124,336,785
				920,930,542
Netherlands — 0.5%
Heineken Holding NV		3,269,505		255,641,993
Heineken NV		439,351		39,328,595
				294,970,588
Norway — 0.3%
Orkla ASA		16,166,787		180,299,425

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
South Korea — 3.3%
Hyundai Mobis Co. Ltd.		999,985		187,705,858
KT&G Corp.		5,242,098		423,112,214
NAVER Corp.		2,140,516		301,182,611
Samsung Electronics Co. Ltd.		11,473,361		447,662,305
Samsung Electronics Co. Ltd. (Preference)		12,016,075		396,658,506
Samsung Life Insurance Co. Ltd.		2,998,664		182,071,846
				1,938,393,340
Sweden — 1.1%
Investor AB, Class A		4,970,940		148,046,186
Investor AB, Class B		11,255,824		333,492,785
Svenska Handelsbanken AB, Class A		10,429,006		136,513,806
				618,052,777
Switzerland — 3.6%
Cie Financiere Richemont SA (Registered)		4,501,227		795,390,296
Galderma Group AG		186,050		21,608,908
Nestle SA (Registered)		4,863,144		517,620,330
Schindler Holding AG		1,798,637		657,842,476
Schindler Holding AG (Registered)		211,870		75,117,223
				2,067,579,233
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,514,485		585,829,505
Thailand — 0.3%
Bangkok Bank PCL, NVDR		42,690,800		178,802,343
United Kingdom — 8.5%
BAE Systems plc		27,034,130		626,722,397
Berkeley Group Holdings plc (b)		6,528,960		363,945,780
British American Tobacco plc		20,559,170		895,523,309
Derwent London plc, REIT		4,966,240		128,597,611
Diageo plc		6,908,194		193,984,810
Haleon plc		107,935,852		543,119,056
Lloyds Banking Group plc		396,239,696		389,296,935
Reckitt Benckiser Group plc		9,376,596		605,226,680
Shell plc		11,330,510		368,587,061
Unilever plc		12,894,404		822,277,832
				4,937,281,471

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
United States — 40.1%
Alphabet, Inc., Class A		2,694,360		427,864,368
Alphabet, Inc., Class C		5,094,822		819,705,912
American Express Co.		1,531,880		408,108,151
Analog Devices, Inc.		1,978,983		385,743,366
Bank of New York Mellon Corp. (The)		9,925,724		798,127,467
Becton Dickinson & Co.		4,660,770		965,198,859
Berkshire Hathaway, Inc., Class A*		675		540,364,500
Bio-Rad Laboratories, Inc., Class A*		1,676,148		409,114,204
BXP, Inc., REIT		2,473,129		157,612,511
Carlisle Cos., Inc.		403,991		153,306,505
CH Robinson Worldwide, Inc. (b)		7,566,045		675,042,535
Charter Communications, Inc., Class A*		567,150		222,243,399
Colgate-Palmolive Co.		5,342,322		492,508,665
Comcast Corp., Class A		24,979,449		854,297,156
Cummins, Inc.		1,119,800		329,042,032
Deere & Co.		381,724		176,951,977
Dentsply Sirona, Inc. (b)		10,435,979		145,060,108
Dollar General Corp.		4,406,100		412,807,509
Douglas Emmett, Inc., REIT (b)		9,162,021		126,710,750
Elevance Health, Inc.		2,300,110		967,380,264
Equity Residential, REIT		6,189,955		434,906,238
Expeditors International of Washington, Inc.		3,823,523		420,243,413
Extra Space Storage, Inc., REIT		1,155,209		169,261,223
Exxon Mobil Corp.		5,306,628		560,539,116
Ferguson Enterprises, Inc.		444,071		75,341,086
Fidelity National Financial, Inc.		4,297,027		275,224,579
Flowserve Corp.		2,915,531		131,869,467
HCA Healthcare, Inc.		3,109,934		1,073,176,025
International Flavors & Fragrances, Inc.		2,916,342		228,816,193
IPG Photonics Corp.* (b)		3,319,802		198,822,942
JG Boswell Co.		2,485		1,273,563
Kraft Heinz Co. (The)		2,639,545		76,810,760
Medtronic plc		6,658,084		564,339,200
Meta Platforms, Inc., Class A		2,584,560		1,418,923,440

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
United States — 40.1% (continued)
Microsoft Corp.		466,954		184,568,238
Mills Music Trust (b)		31,592		750,310
Newmont Corp.		8,042,727		423,690,858
Noble Corp. plc (b)		9,141,720		198,740,993
NOV, Inc. (b)		28,255,276		328,043,754
ONEOK, Inc.		1,994,428		163,862,204
Oracle Corp.		8,840,792		1,244,076,250
Philip Morris International, Inc.		5,939,369		1,017,770,272
PPG Industries, Inc.		4,111,217		447,547,083
Ross Stores, Inc.		1,040,944		144,691,216
Royal Gold, Inc.		1,438,598		262,846,241
RPM International, Inc.		217,286		23,195,280
Salesforce, Inc.		1,958,768		526,340,549
Schlumberger NV		20,475,698		680,816,959
Texas Instruments, Inc.		2,881,064		461,114,293
Universal Health Services, Inc., Class B		3,368,166		596,401,154
US Bancorp		5,965,007		240,628,382
Walt Disney Co. (The)		2,500,477		227,418,383
Weyerhaeuser Co., REIT		10,347,140		268,094,397
Willis Towers Watson plc		2,511,169		772,937,818
				23,310,272,117
Total Common Stocks (Cost $32,582,243,099)				48,493,320,914
	Ounces
Commodities — 11.0%
Gold bullion* (Cost $1,871,828,285)		1,946,358		6,411,069,452
	Principal Amount ($)
Corporate Bonds — 0.0% (c)
United States — 0.0% (c)
Bausch & Lomb, Inc. 7.13%, 08/01/2028‡ (Cost $5,240,057)		5,467,000		5,275,655

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Short-Term Investments — 5.4%
Commercial Paper — 4.9%
Air Liquide US LLC 4.44%, 07/22/2025 (d)		75,000,000		74,243,955
Amphenol Corporation Corporate Commercial Paper 4.49%, 05/01/2025 (d)(e)		55,955,000		55,948,017
Apple, Inc. 4.30%, 08/04/2025 (d)(e)		45,000,000		44,485,079
Coca-Cola Co. (The) 4.31%, 05/12/2025 (d)		100,000,000		99,856,470
CVS Caremark Corp. 4.80%, 05/01/2025 (d)		83,931,000		83,919,770
Engie SA 4.38%, 05/28/2025 (d)		75,000,000		74,735,520
4.35%, 06/11/2025 (d)		75,000,000		74,602,747
4.37%, 06/16/2025 (d)		50,000,000		49,704,075
4.37%, 06/17/2025 (d)		50,000,000		49,698,000
4.39%, 06/18/2025 (d)		50,000,000		49,691,935
4.47%, 07/23/2025 (d)		100,000,000		98,963,530
Entergy Corp. 4.53%, 05/01/2025 (d)(e)		36,371,000		36,366,399
Erste Abwicklungsanstalt 4.36%, 07/30/2025 (d)(e)		90,000,000		89,012,691
General Dynamics Corp. 4.41%, 05/19/2025 (d)(e)		50,000,000		49,884,935
Global Payments Inc Corporate Commercial Paper 4.90%, 05/01/2025 (d)		27,942,000		27,938,197
Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper 4.58%, 05/01/2025 (d)(e)		129,254,000		129,237,468
Government of Quebec 4.38%, 08/01/2025 (d)(e)		70,000,000		69,220,340
Honeywell International, Inc. 4.35%, 06/11/2025 (d)(e)		13,000,000		12,934,207
Hydro-Quebec 4.32%, 05/01/2025 (d)(e)		50,000,000		49,994,055
4.32%, 05/05/2025 (d)		100,000,000		99,940,460
4.37%, 07/29/2025 (d)(e)		40,500,000		40,066,650
Johnson & Johnson 4.33%, 05/09/2025 (d)(e)		115,000,000		114,876,421

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 4.9% (continued)
Kreditanstalt fuer Wiederaufbau 4.34%, 05/08/2025 (d)(e)		80,000,000		79,923,824
4.28%, 07/24/2025 (d)		53,000,000		52,467,324
4.29%, 07/25/2025 (d)(e)		39,500,000		39,098,652
NRW Bank 4.37%, 05/27/2025 (d)(e)		50,000,000		49,841,000
4.39%, 06/23/2025 (d)(e)		46,000,000		45,707,440
Onttea Cp 0 08/01/25 4.37%, 08/01/2025 (d)(e)		45,000,000		44,498,093
Philip Morris International, Inc. 4.40%, 05/14/2025 (d)		50,000,000		49,915,355
4.40%, 05/21/2025 (d)		50,000,000		49,872,655
4.46%, 05/23/2025 (d)		50,000,000		49,860,360
4.42%, 07/25/2025 (d)		50,000,000		49,474,125
4.42%, 07/28/2025 (d)		40,000,000		39,564,824
Province of Quebec 4.36%, 07/29/2021 (d)		40,000,000		39,568,000
PSP Capital, Inc. 4.35%, 05/02/2025 (d)(e)		75,000,000		74,982,030
4.32%, 05/15/2025 (d)(e)		50,000,000		49,910,065
4.32%, 05/16/2025 (d)(e)		50,000,000		49,904,195
4.34%, 06/09/2025 (d)(e)		75,000,000		74,640,000
4.34%, 06/10/2025 (d)(e)		75,000,000		74,630,917
4.35%, 06/25/2025 (d)(e)		50,000,000		49,663,325
4.37%, 07/28/2025 (d)(e)		90,000,000		89,038,728
4.37%, 08/05/2025 (d)(e)		45,000,000		44,476,907
Total Finance USA, Inc. 4.42%, 05/12/2021 (d)(e)		30,000,000		29,956,356
4.42%, 05/20/2021 (d)(e)		50,000,000		49,879,040
TotalEnergies Capital SA 4.42%, 05/06/2025 (d)(e)		100,000,000		99,927,400
4.42%, 05/22/2025 (d)(e)		50,000,000		49,866,990
Westun Cp 0 05/01/25 4.60%, 05/01/2025 (d)(e)		37,489,000		37,484,216
Total Commercial Paper (Cost $2,839,907,010)				2,839,472,742

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Bills 4.27%, 05/15/2025 (d)(f)		40,000,000		39,934,433
4.23%, 08/07/2025 (d)(f)		40,000,000		39,544,654
4.15%, 09/18/2025 (d)(f)		40,000,000		39,362,806
4.08%, 10/02/2025 (d)(f)		60,000,000		58,949,695
3.93%, 10/30/2025 (d)(f)		50,000,000		48,980,041
Total U.S. Treasury Obligations (Cost $226,851,998)				226,771,629
	Shares
Investment Companies — 0.1%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (g) (Cost $63,735,501)		63,735,501		63,735,501
Total Short-Term Investments (Cost $3,130,494,509)				3,129,979,872
Total Investments — 99.8% (Cost $37,589,805,950)				58,039,645,893
Other Assets Less Liabilities — 0.2%				95,129,755
Net Assets — 100.0%				58,134,775,648

* 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 April 30, 2025 amounted to $103,517,694, which represents approximately 0.18% 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			$	8.12

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

(d) The rate shown was the current yield as of April 30, 2025.

(e) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $1,725,455,440, which represents approximately 2.97% of net assets of the Fund.

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

(g) Represents 7-day effective yield as of April 30, 2025.

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	22,361,554,020
Aggregate gross unrealized depreciation		(2,022,780,442	)
Net unrealized appreciation	$	20,338,773,578
Federal income tax cost of investments	$	37,589,805,950

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2025

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	157,142,000	USD	170,609,069	Goldman Sachs	05/07/2025	$	7,463,123
GBP	4,739,000	USD	6,110,609	Goldman Sachs	05/07/2025		205,026
EUR	175,539,000	USD	191,014,518	JPMorgan Chase Bank	06/04/2025		8,257,776
GBP	14,364,000	USD	18,538,309	JPMorgan Chase Bank	06/04/2025		606,913
EUR	223,751,000	USD	243,823,702	UBS AG	07/02/2025		10,660,497
USD	233,443,956	EUR	203,826,000	Goldman Sachs	09/03/2025		727,980
USD	78,577,645	GBP	58,809,000	Goldman Sachs	09/03/2025		170,716
Total unrealized appreciation							28,092,031
EUR	182,556,000	USD	207,593,555	Goldman Sachs	05/07/2025		(722,400	)
GBP	52,435,000	USD	70,036,905	Goldman Sachs	05/07/2025		(157,118	)
JPY	16,124,703,000	USD	112,870,664	Goldman Sachs	05/07/2025		(31,556	)
USD	356,394,157	EUR	339,698,000	Goldman Sachs	05/07/2025		(28,549,190	)
USD	71,890,588	GBP	57,174,000	Goldman Sachs	05/07/2025		(4,304,835	)
USD	103,715,849	JPY	16,124,703,000	Goldman Sachs	05/07/2025		(9,123,259	)
USD	374,164,048	EUR	358,095,000	JPMorgan Chase Bank	06/04/2025		(32,346,256	)
USD	82,771,863	GBP	66,799,000	JPMorgan Chase Bank	06/04/2025		(6,261,952	)
USD	94,943,814	JPY	14,551,782,000	JPMorgan Chase Bank	06/04/2025		(7,221,206	)
USD	428,642,508	EUR	406,307,000	UBS AG	07/02/2025		(33,472,573	)
USD	87,555,004	JPY	12,907,490,000	UBS AG	07/02/2025		(3,351,441	)
USD	187,403,168	EUR	172,434,000	Bank of New York Mellon	08/06/2025		(9,134,887	)
USD	91,587,298	JPY	13,581,572,000	Bank of New York Mellon	08/06/2025		(4,455,427	)
USD	103,143,587	JPY	14,548,403,000	Goldman Sachs	09/03/2025		(26,296	)
Total unrealized depreciation							(139,158,396	)
Net unrealized depreciation						$	(111,066,365	)

Abbreviations

ADR — American Depositary Receipt

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NVDR — Non-Voting Depositary Receipt

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

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

REIT — Real Estate Investment Trust

USD — United States Dollar

Affiliated Securities

Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)
Common Stocks — 3.9%
Japan — 0.2%
Chofu Seisakusho Co. Ltd.	$	36,095,872	$	—	$	(1,315,101	)	$	(894,160	)
T Hasegawa Co. Ltd.		65,161,051		—		—			—
		101,256,923		—		(1,315,101	)		(894,160	)
United Kingdom — 0.6%
Berkeley Group Holdings plc		372,574,034		—		—			—
United States — 3.1%
CH Robinson Worldwide, Inc.		823,996,146		—		(48,288,702	)		14,585,470
Dentsply Sirona, Inc.		241,801,633		—		—			—
Douglas Emmett, Inc., REIT		162,992,354		—		—			—
Flowserve Corp.^{^}		415,446,250		—		(308,624,827	)		56,028,426
IPG Photonics Corp.*		268,771,170		—		—			—
Mills Music Trust		1,137,312		—		—			—
Noble Corp. plc^{^^}		171,568,734		122,490,591		—			—
NOV, Inc.		438,239,331		—		—			—
		2,523,952,930		122,490,591		(356,913,529	)		70,613,896
Total Common Stocks		2,997,783,887		122,490,591		(358,228,630	)		69,719,736
Total	$	2,997,783,887	$	122,490,591	$	(358,228,630	)	$	69,719,736

First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Affiliated Securities (continued)

Security Description	Change in Unrealized Appreciation/ Depreciation			Market Value April 30, 2025		Shares at April 30, 2025		Dividend Income
Common Stocks — 3.9%
Japan — 0.2%
Chofu Seisakusho Co. Ltd.	$	263,410		$	34,150,021		2,707,400	$	368,552
T Hasegawa Co. Ltd.		(4,979,074	)		60,181,977		3,002,800		667,712
		(4,715,664	)		94,331,998		5,710,200		1,036,264
United Kingdom — 0.6%
Berkeley Group Holdings plc		(8,628,254	)		363,945,780		6,528,960		2,774,746
United States — 3.1%
CH Robinson Worldwide, Inc.		(115,250,379	)		675,042,535		7,566,045		9,484,113
Dentsply Sirona, Inc.		(96,741,525	)		145,060,108		10,435,979		3,339,513
Douglas Emmett, Inc., REIT		(36,281,604	)		126,710,750		9,162,021		3,481,568
Flowserve Corp.^{^}		(30,980,382	)		131,869,467		2,915,531		1,790,267
IPG Photonics Corp.*		(69,948,228	)		198,822,942		3,319,802		—
Mills Music Trust		(387,002	)		750,310		31,592		—
Noble Corp. plc^{^^}		(95,318,332	)		198,740,993		9,141,720		8,484,401
NOV, Inc.		(110,195,577	)		328,043,754		28,255,276		4,238,291
		(555,103,029	)		1,805,040,859		70,827,966		30,818,153
Total Common Stocks		(568,446,947	)		2,263,318,637		83,067,126		34,629,163
Total	$	(568,446,947	)	$	2,263,318,637		83,067,126	$	34,629,163

* Non-income producing security.

^{^} Represents an unaffiliated issuer as of April 30, 2025.

^{^^} Represents an unaffiliated issuer as of October 31, 2024.

See Notes to Financial Statements.

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 88.6%
Belgium — 1.9%
Groupe Bruxelles Lambert NV		2,664,632		219,816,409
Legris Industries SA*‡ (a)(b)(c)		905,366		22,379,549
				242,195,958
Brazil — 2.3%
Ambev SA, ADR		75,441,038		190,865,826
Itausa SA (Preference)		51,995,634		98,033,230
				288,899,056
Canada — 8.3%
Agnico Eagle Mines Ltd.		441,349		51,872,754
Barrick Gold Corp.		4,261,436		81,137,741
CAE, Inc.*		762,974		19,088,186
Franco-Nevada Corp.		306,336		52,643,306
Imperial Oil Ltd.		5,850,392		394,623,496
Nutrien Ltd.		3,011,174		171,787,477
Power Corp. of Canada		4,489,154		169,914,446
Wheaton Precious Metals Corp.		1,823,029		152,259,382
				1,093,326,788
Chile — 1.1%
Cia Cervecerias Unidas SA, ADR (c)		9,392,572		142,954,946
China — 3.7%
Alibaba Group Holding Ltd.		13,121,728		195,907,809
Prosus NV		6,044,723		283,404,464
				479,312,273
Faroe Islands — 0.4%
Bakkafrost P/F		1,037,685		52,326,000
Finland — 0.4%
Kesko OYJ, Class B		2,190,611		50,293,869
France — 5.7%
Danone SA		2,890,957		248,756,487
Laurent-Perrier (c)		558,938		61,419,712
Legrand SA		807,311		88,723,342
LVMH Moet Hennessy Louis Vuitton SE		216,751		120,064,716
Pluxee NV		669,814		15,063,846

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
France — 5.7% (continued)
Sanofi SA		1,197,140		130,957,328
Sodexo SA		641,855		40,742,924
Wendel SE		439,181		43,182,968
				748,911,323
Germany — 3.2%
Brenntag SE		557,632		37,240,806
FUCHS SE (Preference)		2,212,932		110,962,246
Henkel AG & Co. KGaA (Preference)		1,433,672		111,348,098
Merck KGaA		1,117,886		155,632,161
				415,183,311
Hong Kong — 4.1%
AIA Group Ltd.		13,725,400		102,843,273
CK Asset Holdings Ltd.		23,053,000		94,179,943
Great Eagle Holdings Ltd.		22,777,700		38,180,167
Guoco Group Ltd. (d)		7,806,340		63,387,006
Hongkong Land Holdings Ltd.		15,024,400		73,529,451
Jardine Matheson Holdings Ltd.		3,666,800		162,934,568
				535,054,408
Japan — 15.3%
As One Corp.		2,847,960		45,136,321
Chofu Seisakusho Co. Ltd.		1,475,100		18,606,300
Daiichikosho Co. Ltd.		5,004,288		58,524,779
FANUC Corp.		6,879,600		174,601,925
Hirose Electric Co. Ltd.		714,830		80,856,879
Hoshizaki Corp.		2,796,700		118,904,810
Kansai Paint Co. Ltd. (c)		11,635,930		175,391,880
Keyence Corp.		74,800		31,273,254
MISUMI Group, Inc.		1,689,700		23,671,454
Mitsubishi Electric Corp.		9,698,800		187,627,220
MS&AD Insurance Group Holdings, Inc.		7,817,200		177,683,497
Nagaileben Co. Ltd.		1,687,224		24,873,608
Nihon Kohden Corp.		5,018,000		60,615,271
Pilot Corp.		742,300		20,718,504
Secom Co. Ltd.		5,385,700		198,034,498
Shimano, Inc.		1,287,470		181,385,725

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Japan — 15.3% (continued)
SK Kaken Co. Ltd.		437,805		27,340,784
SMC Corp.		459,890		148,839,212
Sompo Holdings, Inc.		4,072,000		133,443,967
T Hasegawa Co. Ltd.		1,906,436		38,208,701
TIS, Inc.		2,317,600		66,893,325
USS Co. Ltd.		3,806,100		37,938,237
				2,030,570,151
Mexico — 2.7%
Fomento Economico Mexicano SAB de CV, ADR		2,467,172		259,817,883
Fresnillo plc		1,303,809		17,474,375
Grupo Mexico SAB de CV, Series B		6,922,272		35,969,481
Industrias Penoles SAB de CV*		2,124,178		42,362,243
				355,623,982
Netherlands — 1.4%
HAL Trust		644,459		84,807,821
Heineken Holding NV		1,150,489		89,956,523
Heineken NV		140,099		12,540,991
				187,305,335
Norway — 1.1%
Orkla ASA		13,060,096		145,652,182
Singapore — 2.0%
Haw Par Corp. Ltd. (c)		19,436,313		192,937,622
UOL Group Ltd.		14,477,700		64,044,734
				256,982,356
South Korea — 5.8%
Fursys, Inc. (c)		872,463		27,523,115
Hyundai Mobis Co. Ltd.		505,396		94,867,213
KT&G Corp.		2,242,051		180,965,553
NAVER Corp.		655,708		92,261,795
NongShim Co. Ltd.		189,870		53,809,902
Samsung Electronics Co. Ltd.		3,413,647		133,192,103
Samsung Electronics Co. Ltd. (Preference)		4,008,416		132,320,438
Samsung Life Insurance Co. Ltd.		910,865		55,305,587
				770,245,706

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Sweden — 3.0%
Industrivarden AB, Class C		1,572,517		55,221,616
Investor AB, Class B		7,625,327		225,926,732
L E Lundbergforetagen AB, Class B		624,661		32,959,649
Svenska Handelsbanken AB, Class A		5,974,046		78,199,184
				392,307,181
Switzerland — 5.4%
Cie Financiere Richemont SA (Registered)		1,507,492		266,381,702
Galderma Group AG		57,490		6,677,216
Nestle SA (Registered)		1,712,170		182,238,897
Schindler Holding AG		616,969		225,653,322
Schindler Holding AG (Registered)		82,435		29,226,829
				710,177,966
Taiwan — 1.8%
Taiwan Secom Co. Ltd.		8,545,694		30,666,732
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,284,857		214,172,813
				244,839,545
Thailand — 0.8%
Bangkok Bank PCL, NVDR		19,959,159		83,595,163
Thai Beverage PCL		52,214,985		20,011,358
				103,606,521
Turkey — 0.4%
AG Anadolu Grubu Holding A/S		7,024,323		50,021,418
United Kingdom — 14.9%
BAE Systems plc		10,350,116		239,942,973
Berkeley Group Holdings plc		2,512,868		140,075,556
Big Yellow Group plc, REIT		2,602,379		35,035,498
British American Tobacco plc		7,127,880		310,478,618
Diageo plc		2,255,588		63,337,800
Great Portland Estates plc, REIT		7,832,988		32,360,972
Haleon plc		33,065,514		166,381,331
Lloyds Banking Group plc		173,711,484		170,667,778
Reckitt Benckiser Group plc		3,583,284		231,288,527
Shell plc		9,120,566		296,696,496
Unilever plc		4,000,171		255,091,429
				1,941,356,978

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
United States — 2.9%
Newmont Corp.		1,938,603		102,125,606
Royal Gold, Inc.		411,512		75,187,358
Willis Towers Watson plc		645,984		198,833,875
				376,146,839
Total Common Stocks (Cost $8,028,102,295)				11,613,294,092
	Ounces
Commodities — 8.9%
Gold bullion* (Cost $272,993,545)		352,647		1,161,576,709
Short-Term Investments — 2.2%
Commercial Paper — 1.5%
Amphenol Corporation Corporate Commercial Paper 4.49%, 05/01/2025 (e)(f)		14,034,000		14,032,249
CVS Caremark Corp. 4.80%, 05/01/2025 (e)		21,052,000		21,049,183
Entergy Corp. 4.53%, 05/01/2025 (e)(f)		9,122,000		9,120,846
Erste Abwicklungsanstalt 4.36%, 07/30/2025 (e)(f)		10,000,000		9,890,299
Global Payments Inc Corporate Commercial Paper 4.90%, 05/01/2025 (e)		7,017,000		7,016,045
Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper 4.58%, 05/01/2025 (e)(f)		32,420,000		32,415,853
Government of Quebec 4.38%, 08/01/2025 (e)(f)		5,000,000		4,944,310
Hydro-Quebec 4.37%, 07/29/2025 (e)(f)		10,000,000		9,893,000
Kreditanstalt fuer Wiederaufbau 4.34%, 05/08/2025 (e)(f)		20,000,000		19,980,956
4.29%, 07/25/2025 (e)(f)		10,000,000		9,898,393
Onttea Cp 0 08/01/25 4.37%, 08/01/2025 (e)(f)		5,000,000		4,944,233
Philip Morris International, Inc. 4.42%, 07/28/2025 (e)		10,000,000		9,891,206

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Ounces		Value ($)
Commercial Paper — 1.5% (continued)
Province of Quebec 4.36%, 07/29/2021 (e)		10,000,000		9,892,000
PSP Capital, Inc. 4.37%, 07/28/2025 (e)(f)		10,000,000		9,893,192
4.37%, 08/05/2025 (e)(f)		5,000,000		4,941,879
Westun Cp 0 05/01/25 4.60%, 05/01/2025 (e)(f)		9,403,000		9,401,800
Total Commercial Paper (Cost $187,229,677)				187,205,444
U.S. Treasury Obligations — 0.6%
U.S. Treasury Bills 4.29%, 05/15/2025 (e)(g)		15,000,000		14,975,413
4.23%, 08/07/2025 (e)(g)		15,000,000		14,829,245
4.16%, 09/18/2025 (e)(g)		15,000,000		14,761,052
4.07%, 10/02/2025 (e)(g)		22,500,000		22,106,136
3.90%, 10/30/2025 (e)(g)		15,000,000		14,694,012
Total U.S. Treasury Obligations (Cost $81,395,374)				81,365,858
	Shares
Investment Companies — 0.1%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (h) (Cost $15,804,241)		15,804,241		15,804,241
Total Short-Term Investments (Cost $284,429,292)				284,375,543
Total Investments — 99.7% (Cost $8,585,525,132)				13,059,246,344
Other Assets Less Liabilities — 0.3%				38,718,059
Net Assets — 100.0%				13,097,964,403

* 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

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

of all such securities at April 30, 2025 amounted to $22,379,549, which represents approximately 0.17% of net assets of the Fund.

Restricted Securities				Acquisition Date				Cost				Carrying Value Per Share/Principal
Legris Industries SA				04/30/04				$	23,433,066			$	24.72

(b) Security fair valued as of April 30, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at April 30, 2025 amounted to $22,379,549, which represents approximately 0.17% of net assets of the Fund.

(d) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at April 30, 2025 amounted to $63,387,006, which represents approximately 0.48% 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			$	8.12

(e) The rate shown was the current yield as of April 30, 2025.

(f) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $139,357,010, which represents approximately 1.06% 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 April 30, 2025.

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,798,371,265
Aggregate gross unrealized depreciation		(376,620,093	)
Net unrealized appreciation	$	4,421,751,172
Federal income tax cost of investments	$	8,585,525,132

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2025

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	75,905,000	USD	82,410,059	Goldman Sachs	05/07/2025	$	3,604,945
GBP	68,000	USD	87,681	Goldman Sachs	05/07/2025		2,942
EUR	75,523,000	USD	82,181,108	JPMorgan Chase Bank	06/04/2025		3,552,783
GBP	5,429,000	USD	7,006,717	JPMorgan Chase Bank	06/04/2025		229,388
EUR	99,683,000	USD	108,625,562	UBS AG	07/02/2025		4,749,343
USD	90,390,156	EUR	78,922,000	Goldman Sachs	09/03/2025		281,876
USD	32,318,796	GBP	24,188,000	Goldman Sachs	09/03/2025		70,216
Total unrealized appreciation							12,491,493
EUR	82,639,000	USD	93,972,939	Goldman Sachs	05/07/2025		(327,014	)
GBP	21,731,000	USD	29,025,879	Goldman Sachs	05/07/2025		(65,115	)
JPY	8,596,009,000	USD	60,170,860	Goldman Sachs	05/07/2025		(16,822	)
USD	166,336,438	EUR	158,544,000	Goldman Sachs	05/07/2025		(13,324,491	)
USD	27,410,063	GBP	21,799,000	Goldman Sachs	05/07/2025		(1,641,324	)
USD	55,290,468	JPY	8,596,009,000	Goldman Sachs	05/07/2025		(4,863,570	)
USD	165,259,314	EUR	158,162,000	JPMorgan Chase Bank	06/04/2025		(14,286,568	)
USD	33,654,453	GBP	27,160,000	JPMorgan Chase Bank	06/04/2025		(2,546,065	)
USD	49,457,882	JPY	7,580,276,000	JPMorgan Chase Bank	06/04/2025		(3,761,652	)
USD	192,344,605	EUR	182,322,000	UBS AG	07/02/2025		(15,020,136	)
USD	47,918,947	JPY	7,064,283,000	UBS AG	07/02/2025		(1,834,247	)
USD	86,779,685	EUR	79,848,000	Bank of New York Mellon	08/06/2025		(4,230,038	)
USD	52,055,324	JPY	7,719,336,000	Bank of New York Mellon	08/06/2025		(2,532,325	)
USD	47,717,724	JPY	6,730,585,000	Goldman Sachs	09/03/2025		(12,166	)
Total unrealized depreciation							(64,461,533	)
Net unrealized depreciation						$	(51,970,040	)

Abbreviations

ADR — American Depositary Receipt

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NVDR — Non-Voting Depositary Receipt

OYJ — Public Limited Company

REIT — Real Estate Investment Trust

USD — United States Dollar

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Affiliated Securities

Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)
Common Stocks — 5.3%
Belgium — 0.2%
Legris Industries SA*‡ (a)(b)	$	22,955,965	$	—	$	—		$	—
Chile — 1.1%
Cia Cervecerias Unidas SA, ADR		101,909,406		—		—			—
France — 0.5%
Laurent-Perrier		61,102,473		—		—			—
Japan — 1.8%
Daiichikosho Co. Ltd.^{^}		71,632,170		—		(8,339,438	)		(3,782,023	)
Kansai Paint Co. Ltd.^{^^}		142,088,475		40,855,061		—			—
		213,720,645		40,855,061		(8,339,438	)		(3,782,023	)
Singapore — 1.5%
Haw Par Corp. Ltd.		157,504,310		—		—			—
South Korea — 0.2%
Fursys, Inc.		26,431,518		—		—			—
Total Common Stocks		583,624,317		40,855,061		(8,339,438	)		(3,782,023	)
Total	$	583,624,317	$	40,855,061	$	(8,339,438	)	$	(3,782,023	)

First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Affiliated Securities (continued)

Security Description	Change in Unrealized Appreciation/ Depreciation			Market Value April 30, 2025		Shares at April 30, 2025		Dividend Income
Common Stocks — 5.3%
Belgium — 0.2%
Legris Industries SA*‡ (a)(b)	$	(576,416	)	$	22,379,549		905,366	$	—
Chile — 1.1%
Cia Cervecerias Unidas SA, ADR		41,045,540			142,954,946		9,392,572		2,918,492
France — 0.5%
Laurent-Perrier		317,239			61,419,712		558,938		—
Japan — 1.8%
Daiichikosho Co. Ltd.^{^}		(985,930	)		58,524,779		5,004,288		899,189
Kansai Paint Co. Ltd.^{^^}		(7,551,656	)		175,391,880		11,635,930		1,543,879
		(8,537,586	)		233,916,659		16,640,218		2,443,068
Singapore — 1.5%
Haw Par Corp. Ltd.		35,433,312			192,937,622		19,436,313		—
South Korea — 0.2%
Fursys, Inc.		1,091,597			27,523,115		872,463		554,910
Total Common Stocks		68,773,686			681,131,603		47,805,870		5,916,470
Total	$	68,773,686		$	681,131,603		47,805,870	$	5,916,470

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

^{^} Represents an unaffiliated issuer as of April 30, 2025.

^{^^} Represents an unaffiliated issuer as of October 31, 2024.

(a) Security fair valued as of April 30, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at April 30, 2025 amounted to $22,379,549, which represents approximately 0.17% 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 April 30, 2025 amounted to $22,379,549, which represents approximately 0.17% of net assets of the Fund.

See Notes to Financial Statements.

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 74.8%
Air Freight & Logistics — 3.5%
CH Robinson Worldwide, Inc.		328,757		29,331,700
Expeditors International of Washington, Inc.		166,939		18,348,265
				47,679,965
Banks — 1.0%
US Bancorp		330,658		13,338,744
Building Products — 0.4%
Carlisle Cos., Inc.		15,235		5,781,378
Capital Markets — 2.9%
Bank of New York Mellon Corp. (The)		502,349		40,393,883
Chemicals — 2.9%
International Flavors & Fragrances, Inc.		106,309		8,341,004
Nutrien Ltd. (Canada)		238,370		13,599,008
PPG Industries, Inc.		154,630		16,833,022
RPM International, Inc.		7,729		825,071
				39,598,105
Consumer Finance — 1.1%
American Express Co.		58,719		15,643,329
Consumer Staples Distribution & Retail — 1.1%
Dollar General Corp.		167,072		15,652,976
Electronic Equipment, Instruments & Components — 0.8%
IPG Photonics Corp.*		186,242		11,154,033
Energy Equipment & Services — 2.6%
Noble Corp. plc		375,505		8,163,479
NOV, Inc.		1,034,361		12,008,931
Schlumberger NV		486,530		16,177,122
				36,349,532
Entertainment — 0.6%
Walt Disney Co. (The)		93,652		8,517,649
Financial Services — 1.9%
Berkshire Hathaway, Inc., Class A*		32		25,617,280
Food Products — 0.6%
Kraft Heinz Co. (The)		262,298		7,632,872

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Health Care Equipment & Supplies — 5.0%
Becton Dickinson & Co.		188,006		38,934,163
Dentsply Sirona, Inc.		503,680		7,001,152
Medtronic plc		276,170		23,408,169
				69,343,484
Health Care Providers & Services — 9.0%
Elevance Health, Inc.		102,027		42,910,516
HCA Healthcare, Inc.		147,442		50,879,285
Universal Health Services, Inc., Class B		170,425		30,177,155
				123,966,956
Household Products — 2.5%
Colgate-Palmolive Co.		365,303		33,677,283
Insurance — 2.7%
Fidelity National Financial, Inc.		158,855		10,174,663
Willis Towers Watson plc		88,365		27,198,747
				37,373,410
Interactive Media & Services — 7.6%
Alphabet, Inc., Class A		126,759		20,129,329
Alphabet, Inc., Class C		202,083		32,513,134
Meta Platforms, Inc., Class A		95,714		52,546,986
				105,189,449
Life Sciences Tools & Services — 0.9%
Bio-Rad Laboratories, Inc., Class A*		51,359		12,535,705
Machinery — 2.4%
Cummins, Inc.		55,552		16,323,400
Deere & Co.		20,543		9,522,913
Flowserve Corp.		148,148		6,700,734
				32,547,047
Media — 3.1%
Charter Communications, Inc., Class A*		21,433		8,398,735
Comcast Corp., Class A		1,020,363		34,896,415
				43,295,150
Metals & Mining — 2.9%
Agnico Eagle Mines Ltd. (Canada)		48,620		5,714,419
Barrick Gold Corp. (Canada)		500,107		9,522,037
Franco-Nevada Corp. (Canada)		29,128		5,005,596

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Metals & Mining — 2.9% (continued)
Newmont Corp.		259,404		13,665,403
Royal Gold, Inc.		36,122		6,599,851
				40,507,306
Office REITs — 0.8%
BXP, Inc., REIT		102,688		6,544,306
Douglas Emmett, Inc., REIT		359,380		4,970,226
				11,514,532
Oil, Gas & Consumable Fuels — 2.8%
Exxon Mobil Corp.		269,349		28,451,335
ONEOK, Inc.		118,156		9,707,697
				38,159,032
Residential REITs — 1.5%
Equity Residential, REIT		296,839		20,855,908
Semiconductors & Semiconductor Equipment — 3.0%
Analog Devices, Inc.		92,129		17,957,785
Texas Instruments, Inc.		144,465		23,121,623
				41,079,408
Software — 5.4%
Microsoft Corp.		22,886		9,045,920
Oracle Corp.		309,068		43,492,049
Salesforce, Inc.		82,462		22,158,364
				74,696,333
Specialized REITs — 1.2%
Extra Space Storage, Inc., REIT		42,904		6,286,294
Weyerhaeuser Co., REIT		401,701		10,408,073
				16,694,367
Specialty Retail — 0.4%
Ross Stores, Inc.		38,745		5,385,555
Tobacco — 4.0%
Philip Morris International, Inc.		317,514		54,409,199
Trading Companies & Distributors — 0.2%
Ferguson Enterprises, Inc.		15,912		2,699,630
Total Common Stocks (Cost $615,289,120)				1,031,289,500

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Ounces		Value ($)
Commodities — 13.0%
Gold bullion* (Cost $54,489,904)		54,304		178,870,454
	Shares
Master Limited Partnerships — 1.7%
Oil, Gas & Consumable Fuels — 1.7%
Enterprise Products Partners LP (Cost $17,301,746)		791,505		23,666,000
	Principal Amount ($)
Corporate Bonds — 1.4%
Banks — 0.1%
Manufacturers & Traders Trust Co. 4.65%, 01/27/2026		1,205,000		1,204,290
Energy Equipment & Services — 0.2%
Noble Finance II LLC 8.00%, 04/15/2030 (a)		2,725,000		2,596,291
Financial Services — 0.4%
Mexico Remittances Funding Fiduciary Estate Management Sarl 12.50%, 10/15/2031‡ (a)		5,500,000		5,403,750
Health Care Equipment & Supplies — 0.2%
Bausch & Lomb, Inc. 7.13%, 08/01/2028‡		600,000		579,000
Embecta Corp. 5.00%, 02/15/2030 (a)		3,000,000		2,700,071
				3,279,071
Machinery — 0.1%
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)		1,490,000		1,413,420
Oil, Gas & Consumable Fuels — 0.4%
Enterprise Products Operating LLC Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (b)		2,600,000		2,515,092
(CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (b)		2,750,000		2,653,432
				5,168,524
Total Corporate Bonds (Cost $19,036,932)				19,065,346

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

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		4,972,840
Short-Term Investments — 8.8%
Commercial Paper — 3.8%
Amphenol Corporation Corporate Commercial Paper 4.49%, 05/01/2025 (a)(d)		3,311,000		3,310,587
Apple, Inc. 4.30%, 08/04/2025 (a)(d)		5,000,000		4,942,786
Chevron Corp. 4.34%, 05/29/2025 (a)(d)		1,100,000		1,096,180
CVS Caremark Corp. 4.80%, 05/01/2025 (d)		4,966,000		4,965,335
Entergy Corp. 4.53%, 05/01/2025 (a)(d)		2,152,000		2,151,728
Global Payments Inc Corporate Commercial Paper 4.90%, 05/01/2025 (d)		1,655,000		1,654,775
Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper 4.58%, 05/01/2025 (a)(d)		7,648,000		7,647,022
Honeywell International, Inc. 4.35%, 06/11/2025 (a)(d)		12,000,000		11,939,268
PepsiCo, Inc. 4.29%, 07/28/2025 (a)(d)		13,000,000		12,861,814
Westun Cp 0 05/01/25 4.60%, 05/01/2025 (a)(d)		2,218,000		2,217,717
Total Commercial Paper (Cost $52,798,028)				52,787,212
	Shares
Investment Companies — 0.3%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (e) (Cost $3,716,012)		3,716,012		3,716,012

First Eagle U.S. Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
U.S. Treasury Obligations — 4.7%
U.S. Treasury Bills 4.37%, 05/08/2025 (d)		15,000,000		14,987,735
4.25%, 05/15/2025 (d)		15,000,000		14,975,413
4.23%, 08/07/2025 (d)		5,000,000		4,943,082
4.19%, 09/18/2025 (d)		5,000,000		4,920,351
4.09%, 10/02/2025 (d)		10,000,000		9,824,949
4.12%, 10/16/2025 (d)		15,000,000		14,716,144
Total U.S. Treasury Obligations (Cost $64,373,588)				64,367,674
Total Short-Term Investments (Cost $120,887,628)				120,870,898
Total Investments — 100.0% (Cost $832,698,793)				1,378,735,038
Other Assets Less Liabilities — 0.0% (f)				266,098
Net Assets — 100.0%				1,379,001,136

* 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 April 30, 2025 amounted to $58,280,634, which represents approximately 4.23% of net assets of the Fund.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2025.

(c) Perpetual security. The rate reflected was the rate in effect on April 30, 2025. The maturity date reflects the next call date.

(d) The rate shown was the current yield as of April 30, 2025.

(e) Represents 7-day effective yield as of April 30, 2025.

(f) Represents less than 0.05% of net assets.

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	600,747,555
Aggregate gross unrealized depreciation		(54,711,310	)
Net unrealized appreciation	$	546,036,245
Federal income tax cost of investments	$	832,698,793

Abbreviations

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Notes to Financial Statements.

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 80.4%
Australia — 8.3%
Northern Star Resources Ltd.		19,552,128		240,172,061
Ora Banda Mining Ltd.*		76,767,386		49,052,903
				289,224,964
Canada — 53.1%
Agnico Eagle Mines Ltd.		2,132,360		250,621,131
Alamos Gold, Inc., Class A		6,016,287		171,987,430
B2Gold Corp.		12,416,427		38,818,221
Barrick Gold Corp.		6,944,076		132,215,207
Dundee Precious Metals, Inc. (a)		12,892,410		168,987,269
Franco-Nevada Corp.		962,524		165,408,067
G Mining Ventures Corp.		7,149,118		99,152,137
Kinross Gold Corp.		11,506,400		169,834,464
MAG Silver Corp. (a)		7,541,500		117,121,366
Novagold Resources, Inc.*		11,841,556		50,089,782
Orla Mining Ltd.*		7,840,941		86,337,940
Wheaton Precious Metals Corp.		4,773,406		398,674,869
				1,849,247,883
Mexico — 1.4%
Fresnillo plc		1,477,558		19,803,057
Industrias Penoles SAB de CV*		1,403,600		27,991,837
				47,794,894
South Africa — 3.9%
Gold Fields Ltd., ADR		5,927,329		133,601,996
United Kingdom — 2.9%
Anglogold Ashanti plc		2,420,265		102,038,372
United States — 10.8%
Newmont Corp.		4,060,970		213,931,900
Royal Gold, Inc.		891,278		162,845,403
				376,777,303
Total Common Stocks (Cost $1,299,557,864)				2,798,685,412

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Ounces		Value ($)
Commodities — 15.1%
Gold bullion*		82,123		270,502,023
Silver bullion*		7,857,300		255,833,682
Total Commodities (Cost $312,890,019)				526,335,705
	Number of Rights
Rights — 0.1%
Canada — 0.1%
Pan American Silver Corp., CVR, expiring 02/22/2029* (Cost $45,973,715)		6,835,667		2,525,095
	Principal Amount ($)
Short-Term Investments — 4.1%
Commercial Paper — 3.5%
Amphenol Corporation Corporate Commercial Paper 4.49%, 05/01/2025 (b)(c)		18,561,000		18,558,683
CVS Caremark Corp. 4.80%, 05/01/2025 (b)		27,842,000		27,838,275
Entergy Corp. 4.53%, 05/01/2025 (b)(c)		12,065,000		12,063,474
Global Payments Inc Corporate Commercial Paper 4.90%, 05/01/2025 (b)		9,281,000		9,279,737
Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper 4.58%, 05/01/2025 (b)(c)		42,876,000		42,870,516
Westun Cp 0 05/01/25 4.60%, 05/01/2025 (b)(c)		12,436,000		12,434,413
Total Commercial Paper (Cost $123,061,000)				123,045,098

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Investment Companies — 0.6%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (d) (Cost $20,805,055)		20,805,055		20,805,055
Total Short-Term Investments (Cost $143,866,055)				143,850,153
Total Investments — 99.7% (Cost $1,802,287,653)				3,471,396,365
Other Assets Less Liabilities — 0.3%				10,204,934
Net Assets — 100.0%				3,481,601,299

* Non-income producing security.

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

(b) The rate shown was the current yield as of April 30, 2025.

(c) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $85,927,086, which represents approximately 2.47% of net assets of the Fund.

(d) Represents 7-day effective yield as of April 30, 2025.

Abbreviations

ADR — American Depositary Receipt

CVR — Contingent Value Rights

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,712,964,995
Aggregate gross unrealized depreciation		(43,856,283	)
Net unrealized appreciation	$	1,669,108,712
Federal income tax cost of investments	$	1,802,287,653

Affiliated Securities

Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)
Common Stocks — 9.7%
Canada — 9.7%
Dundee Precious Metals, Inc.	$	138,413,886	$	—	$	(7,436,881	)	$	2,460,786
MAG Silver Corp.		108,160,763		19,713,191		—			—
Novagold Resources, Inc.*^{^}		87,830,560		—		(39,880,298	)		(39,863,560	)
Total Common Stocks		334,405,209		19,713,191		(47,317,179	)		(37,402,774	)
Total	$	334,405,209	$	19,713,191	$	(47,317,179	)	$	(37,402,774	)

First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Affiliated Securities (continued)

Security Description	Change in Unrealized Appreciation/ Depreciation			Market Value April 30, 2025		Shares at April 30, 2025		Dividend Income
Common Stocks — 9.7%
Canada — 9.7%
Dundee Precious Metals, Inc.	$	35,549,478		$	168,987,269		12,892,410	$	898,899
MAG Silver Corp.		(10,752,588	)		117,121,366		7,541,500		1,153,850
Novagold Resources, Inc.*^{^}		42,003,080			50,089,782		11,841,556		—
Total Common Stocks		66,799,970			336,198,417		32,275,466		2,052,749
Total	$	66,799,970		$	336,198,417		32,275,466	$	2,052,749

* Non-income producing security.

^{^} Represents an unaffiliated issuer as of April 30, 2025.

See Notes to Financial Statements.

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 63.3%
Brazil — 1.8%
Ambev SA, ADR		9,345,635		23,644,456
Itausa SA (Preference)		5,641,763		10,637,052
				34,281,508
Canada — 5.0%
Agnico Eagle Mines Ltd.		16,806		1,975,248
Barrick Gold Corp.		90,496		1,723,044
Franco-Nevada Corp.		42,649		7,329,156
Franco-Nevada Corp. (a)		20,862		3,583,675
Imperial Oil Ltd.		238,922		16,115,883
Nutrien Ltd. (a)		175,280		9,999,724
Power Corp. of Canada		776,074		29,374,395
Wheaton Precious Metals Corp. (a)		281,516		23,512,216
				93,613,341
Chile — 1.6%
Cia Cervecerias Unidas SA, ADR		1,327,830		20,209,573
Quinenco SA		2,083,758		8,756,321
				28,965,894
China — 0.2%
Budweiser Brewing Co. APAC Ltd. (b)		3,962,100		4,186,468
Finland — 0.4%
Kesko OYJ, Class B		318,997		7,323,798
France — 1.5%
Danone SA		91,535		7,876,259
Sanofi SA		135,886		14,864,817
Sodexo SA		38,666		2,454,395
Wendel SE		19,995		1,966,031
				27,161,502
Germany — 1.1%
FUCHS SE (Preference)		318,042		15,947,464
Henkel AG & Co. KGaA (Preference)		56,692		4,403,062
				20,350,526

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Hong Kong — 3.6%
CK Asset Holdings Ltd.		2,483,000		10,143,964
Hongkong Land Holdings Ltd.		3,870,800		18,943,705
Jardine Matheson Holdings Ltd.		802,500		35,659,155
Mandarin Oriental International Ltd.		1,047,200		1,884,960
				66,631,784
Japan — 2.8%
FANUC Corp.		294,600		7,476,848
MS&AD Insurance Group Holdings, Inc.		189,700		4,311,846
Nagaileben Co. Ltd.		22,700		334,651
Nohmi Bosai Ltd.		70,300		1,636,075
Secom Co. Ltd.		353,400		12,994,669
Shimano, Inc.		103,800		14,623,904
SMC Corp.		100		32,364
Sompo Holdings, Inc.		204,800		6,711,524
USS Co. Ltd.		429,800		4,284,137
				52,406,018
Mexico — 2.8%
Coca-Cola Femsa SAB de CV, ADR		187,916		17,688,533
Fomento Economico Mexicano SAB de CV, ADR		211,291		22,251,055
GMexico Transportes SAB de CV (b)		1,331,937		2,297,041
Grupo Mexico SAB de CV, Series B		2,026,562		10,530,413
				52,767,042
Netherlands — 0.9%
HAL Trust		40,521		5,332,376
Heineken Holding NV		136,892		10,703,560
Heineken NV		13,745		1,230,387
				17,266,323
Norway — 1.1%
Orkla ASA		1,753,522		19,556,082
Singapore — 0.7%
United Overseas Bank Ltd.		386,000		10,251,714
UOL Group Ltd.		764,200		3,380,577
				13,632,291

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
South Korea — 3.6%
KT&G Corp.		429,767		34,688,338
Samsung Electronics Co. Ltd.		317,526		12,389,083
Samsung Electronics Co. Ltd. (Preference)		372,602		12,299,836
Samsung Life Insurance Co. Ltd.		143,349		8,703,815
				68,081,072
Sweden — 0.7%
Svenska Handelsbanken AB, Class A		996,753		13,047,317
Switzerland — 5.4%
Cie Financiere Richemont SA (Registered)		168,707		29,811,407
Nestle SA (Registered)		430,180		45,787,234
Schindler Holding AG		61,668		22,554,762
Schindler Holding AG (Registered)		7,544		2,674,680
				100,828,083
Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		54,821		9,138,113
Thailand — 0.7%
Bangkok Bank PCL, NVDR		1,467,900		6,148,021
Thai Beverage PCL		17,954,100		6,880,897
				13,028,918
United Kingdom — 10.2%
BAE Systems plc		556,301		12,896,524
Berkeley Group Holdings plc		214,849		11,976,392
British American Tobacco plc		1,307,848		56,967,687
Diageo plc		212,100		5,955,852
Great Portland Estates plc, REIT		523,564		2,163,037
Haleon plc		4,109,584		20,678,888
Lloyds Banking Group plc		11,546,087		11,343,781
Reckitt Benckiser Group plc		243,748		15,733,086
Unilever plc		842,191		53,706,630
				191,421,877
United States — 18.7%
Analog Devices, Inc. (a)		64,448		12,562,204
Bank of New York Mellon Corp. (The) (a)		56,934		4,578,063
Becton Dickinson & Co. (a)		122,207		25,307,848
BXP, Inc., REIT (a)		97,307		6,201,375

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
United States — 18.7% (continued)
CH Robinson Worldwide, Inc. (a)		133,684		11,927,286
Colgate-Palmolive Co. (a)		232,838		21,465,335
Comcast Corp., Class A		635,037		21,718,265
Dollar General Corp.		15,479		1,450,228
Douglas Emmett, Inc., REIT		366,396		5,067,257
Elevance Health, Inc.		17,617		7,409,358
Equity Residential, REIT (a)		345,193		24,253,260
Exxon Mobil Corp. (a)		395,470		41,773,496
Fidelity National Financial, Inc. (a)		84,603		5,418,822
General Dynamics Corp.		7,297		1,985,660
HCA Healthcare, Inc. (a)		66,205		22,846,021
IDACORP, Inc.		45,996		5,431,668
Kraft Heinz Co. (The) (a)		133,886		3,896,083
Linde plc		53		24,021
Medtronic plc		233,926		19,827,568
Noble Corp. plc		118,352		2,572,972
ONEOK, Inc.		11,079		910,251
Oracle Corp.		16,238		2,285,011
Philip Morris International, Inc. (a)		245,096		41,999,651
PPG Industries, Inc.		14,351		1,562,250
Royal Gold, Inc. (a)		78,623		14,365,208
Schlumberger NV		153,224		5,094,698
Texas Instruments, Inc. (a)		116,702		18,678,155
Universal Health Services, Inc., Class B		19,258		3,410,014
US Bancorp		326,193		13,158,626
Weyerhaeuser Co., REIT		129,131		3,345,784
				350,526,438
Total Common Stocks (Cost $945,327,445)				1,184,214,395
	Principal Amount ($)
Corporate Bonds — 10.7%
Australia — 0.1%
Nufarm Australia Ltd. 5.00%, 01/27/2030 (c)		2,595,000		2,403,411

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Canada — 0.5%
Transcanada Trust Series 16-A, 5.88%, 08/15/2076		9,142,000		9,008,823
Germany — 0.2%
IHO Verwaltungs GmbH 7.75%, (7.75% Cash or 8.50% PIK),11/15/2030 (c)		3,020,000		2,948,332
Mexico — 0.4%
Mexico Remittances Funding Fiduciary Estate Management Sarl 12.50%, 10/15/2031‡ (c)		7,000,000		6,877,500
Norway — 0.2%
DNB Boligkreditt A/S (NIBOR 3M + 0.45%), 5.03%, 10/05/2027‡ (d)		46,000,000		4,434,896
Poland — 0.1%
Canpack SA 3.13%, 11/01/2025 (c)		420,000		411,420
3.88%, 11/15/2029 (c)		1,000,000		915,348
United Kingdom — 0.1%
BAT Capital Corp. 3.22%, 09/06/2026		2,425,000		2,386,282
United States — 9.1%
ACCO Brands Corp. 4.25%, 03/15/2029 (c)		6,858,000		5,957,564
American Airlines, Inc. 5.50%, 04/20/2026 (c)		1,422,615		1,413,134
5.75%, 04/20/2029 (c)		502,000		486,891
AMN Healthcare, Inc. 4.63%, 10/01/2027 (c)		2,959,000		2,835,339
Aramark Services, Inc. 5.00%, 02/01/2028 (c)		2,700,000		2,656,434
Ball Corp. 6.88%, 03/15/2028		4,152,000		4,252,602
Bank of New York Mellon Corp. (The) Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (d)(e)		4,475,000		4,375,298
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(e)		9,889,000		9,347,241
Carnival Corp. 4.00%, 08/01/2028 (c)		1,206,000		1,150,222
CCO Holdings LLC 5.13%, 05/01/2027 (c)		1,807,000		1,782,281

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 9.1% (continued)
5.38%, 06/01/2029 (c)		1,900,000		1,858,558
6.38%, 09/01/2029 (c)		1,835,000		1,851,440
Centene Corp. 4.25%, 12/15/2027		3,573,000		3,491,556
4.63%, 12/15/2029		900,000		867,596
Charles River Laboratories International, Inc. 4.25%, 05/01/2028 (c)		4,682,000		4,452,517
3.75%, 03/15/2029 (c)		1,522,000		1,393,311
4.00%, 03/15/2031 (c)		2,950,000		2,593,914
Charter Communications Operating LLC 4.20%, 03/15/2028		3,640,000		3,576,741
CITGO Petroleum Corp. 6.38%, 06/15/2026 (c)		4,182,000		4,159,408
Crown Americas LLC 4.75%, 02/01/2026		875,000		869,919
5.25%, 04/01/2030		900,000		897,983
DENTSPLY SIRONA, Inc. 3.25%, 06/01/2030		4,075,000		3,635,894
Diamond Foreign Asset Co. 8.50%, 10/01/2030 (c)		1,775,000		1,696,918
Dollar General Corp. 3.50%, 04/03/2030		2,750,000		2,581,877
Edgewell Personal Care Co. 5.50%, 06/01/2028 (c)		1,770,000		1,738,838
4.13%, 04/01/2029 (c)		1,557,000		1,455,264
Embecta Corp. 5.00%, 02/15/2030 (c)		4,893,000		4,403,816
6.75%, 02/15/2030 (c)		2,292,000		2,200,320
Enterprise Products Operating LLC Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (d)		6,250,000		6,045,895
Fair Isaac Corp. 5.25%, 05/15/2026 (c)		1,715,000		1,710,480
4.00%, 06/15/2028 (c)		2,764,000		2,650,618
GE HealthCare Technologies, Inc. 5.60%, 11/15/2025		2,525,000		2,536,549
HCA, Inc. 5.88%, 02/15/2026		3,449,000		3,457,846

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 9.1% (continued)
3.50%, 09/01/2030		2,788,000		2,605,218
5.45%, 04/01/2031		4,150,000		4,229,443
Iron Mountain, Inc. REIT, 4.88%, 09/15/2027 (c)		3,609,000		3,558,127
REIT, 5.25%, 03/15/2028 (c)		1,005,000		989,514
REIT, 5.00%, 07/15/2028 (c)		1,596,000		1,560,583
REIT, 4.88%, 09/15/2029 (c)		1,322,000		1,273,189
KeyBank NA 4.15%, 08/08/2025		2,575,000		2,569,983
KFC Holding Co. 4.75%, 06/01/2027 (c)		2,322,000		2,316,074
Kraft Heinz Foods Co. 3.00%, 06/01/2026		1,800,000		1,772,151
Lamb Weston Holdings, Inc. 4.13%, 01/31/2030 (c)		2,583,000		2,423,151
Manufacturers & Traders Trust Co. 4.65%, 01/27/2026		3,480,000		3,477,950
4.70%, 01/27/2028		3,825,000		3,844,474
Mellon Capital IV Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), 5.13%, 12/31/2164 (d)(e)		6,183,000		5,251,260
Mileage Plus Holdings LLC 6.50%, 06/20/2027 (c)		2,447,804		2,455,476
MSCI, Inc. 4.00%, 11/15/2029 (c)		4,725,000		4,520,104
Noble Finance II LLC 8.00%, 04/15/2030 (c)		5,750,000		5,478,412
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (c)		6,359,000		6,032,173
Service Corp. International 4.63%, 12/15/2027		1,749,000		1,720,912
5.13%, 06/01/2029		857,000		846,954
Teleflex, Inc. 4.63%, 11/15/2027		2,919,000		2,849,616
4.25%, 06/01/2028 (c)		782,000		748,741
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.67%, 09/01/2025 (d)(e)		14,157,000		13,905,179

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
United States — 9.1% (continued)
WESCO Distribution, Inc. 7.25%, 06/15/2028 (c)		2,136,000		2,164,375
Total Corporate Bonds (Cost $199,170,390)				200,363,335
U.S. Treasury Obligations — 9.1%
U.S. Treasury Bonds 6.63%, 02/15/2027		17,102,200		18,040,817
6.13%, 11/15/2027 (f)		21,467,400		22,792,341
U.S. Treasury Inflation Linked Notes 0.38%, 07/15/2025		13,375,000		17,978,020
0.13%, 04/15/2026		9,140,000		11,049,808
0.13%, 04/15/2027		20,780,800		23,152,097
1.25%, 04/15/2028		19,125,000		20,438,933
2.13%, 04/15/2029		5,933,000		6,319,379
1.63%, 04/15/2030		3,650,000		3,694,641
1.88%, 07/15/2034		3,565,000		3,629,066
U.S. Treasury Notes 2.75%, 06/30/2025		8,350,000		8,329,125
1.75%, 12/31/2026		18,610,000		18,036,434
4.00%, 03/31/2030		3,650,000		3,695,340
3.38%, 05/15/2033		9,250,000		8,833,027
3.88%, 08/15/2034 (f)		3,600,000		3,526,313
Total U.S. Treasury Obligations (Cost 168,177,272)				169,515,341
	Ounces
Commodities — 8.4%
Gold bullion* (Cost $58,435,439)		47,675		157,036,411
	Shares
Preferred Stocks — 1.8%
United States — 1.8%
Charles Schwab Corp. (The) Series D, 5.95%, (e)		178,714		4,458,915

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
United States — 1.8% (continued)
MetLife, Inc. Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), 5.56%, (d)(e)		128,986		3,078,896
Northern Trust Corp. Series E, 4.70%, (e)		189,849		3,743,822
State Street Corp. Series G, 5.35%, (e)		100,371		2,221,210
Truist Financial Corp. Series R, 4.75%, (e)		499,123		9,533,249
US Bancorp Series A, (CME Term SOFR 3 Month + 1.28%), 5.54%, (d)(e)		6,400		5,401,600
Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 5.12%, (d)(e)		213,750		4,582,800
Total Preferred Stocks (Cost 35,568,672)				33,020,492
	Principal Amount ($)
Convertible Preferred Stocks — 1.3%
United States — 1.3%
Bank of America Corp. Series L, 7.25%, (e)		10,496		12,281,160
Wells Fargo & Co. Series L, 7.50%, (e)		11,123		12,924,926
Total Convertible Preferred Stocks (Cost $30,438,618)				25,206,086
	Shares
Master Limited Partnerships — 1.0%
United States — 1.0%
Enterprise Products Partners LP (Cost $11,024,328)		612,186		18,304,361
	Principal Amount ($)
Foreign Government Securities — 0.9%
Brazil — 0.3%
Federative Republic of Brazil 10.00%, 01/01/2027	BRL	30,000,000		5,005,560

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Canada — 0.0% (g)
Province of Quebec 2.50%, 04/20/2026		893,000		880,063
Colombia — 0.2%
Republic of Colombia 3.00%, 01/30/2030		4,290,000		3,621,430
Mexico — 0.3%
United Mexican States 4.75%, 04/27/2032		5,700,000		5,335,018
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 4.75%, 01/18/2028 (c)		2,600,000		2,618,863
Total Foreign Government Securities (Cost 17,466,624)				17,460,934
Asset-Backed Securities — 0.1%
United States — 0.1%
United Airlines Pass-Through Trust Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $2,633,380)		2,641,359		2,688,811
Loan Assignments — 0.1%
United States — 0.1%
Aramark Services, Inc., First Lien Term Loan B7 (CME Term SOFR 1 Month + 2.00%), 6.32%, 04/06/2028 (d) (Cost $2,500,000)		2,500,000		2,509,063
Short-Term Investments — 3.0%
Commercial Paper — 2.6%
Amphenol Corporation Corporate Commercial Paper 4.49%, 05/01/2025 (c)(h)		7,130,000		7,129,110
CVS Caremark Corp. 4.80%, 05/01/2025 (h)		10,695,000		10,693,569
Entergy Corp. 4.53%, 05/01/2025 (c)(h)		4,634,000		4,633,414
Global Payments Inc Corporate Commercial Paper 4.90%, 05/01/2025 (h)		3,565,000		3,564,515

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Commercial Paper — 2.6% (continued)
Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper 4.58%, 05/01/2025 (c)(h)		16,470,000		16,467,894
Westun Cp 0 05/01/25 4.60%, 05/01/2025 (c)(h)		4,777,000		4,776,390
Total Commercial Paper (Cost $47,271,000)				47,264,892
	Shares
Investment Companies — 0.4%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (i) (Cost $7,943,950)		7,943,950		7,943,950
Total Short-Term Investments (Cost $55,214,950)				55,208,842
Total Investments — 99.7% (Cost $1,525,957,118)				1,865,528,071
Other Assets Less Liabilities — 0.3%				5,114,134
Net Assets — 100.0%				1,870,642,205

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

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

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $131,148,868, which represents approximately 7.01% of net assets of the Fund.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2025.

(e) Perpetual security. The rate reflected was the rate in effect on April 30, 2025. The maturity date reflects the next call date.

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

(g) Represents less than 0.05% of net assets.

(h) The rate shown was the current yield as of April 30, 2025.

(i) Represents 7-day effective yield as of April 30, 2025.

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	400,199,462
Aggregate gross unrealized depreciation		(63,930,410	)
Net unrealized appreciation	$	336,269,052
Federal income tax cost of investments	$	1,525,957,118

Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2025

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	3,557,000	USD	3,861,835	Goldman Sachs	05/07/2025	$	168,932
GBP	161,000	USD	207,598	Goldman Sachs	05/07/2025		6,965
EUR	4,659,000	USD	5,069,737	JPMorgan Chase Bank	06/04/2025		219,171
GBP	457,000	USD	589,808	JPMorgan Chase Bank	06/04/2025		19,309
EUR	4,327,000	USD	4,715,175	UBS AG	07/02/2025		206,158
USD	4,616,745	EUR	4,031,000	Goldman Sachs	09/03/2025		14,397
USD	2,439,810	GBP	1,826,000	Goldman Sachs	09/03/2025		5,301
Total unrealized appreciation							640,233
EUR	4,264,000	USD	4,848,808	Goldman Sachs	05/07/2025		(16,873	)
GBP	1,616,000	USD	2,158,475	Goldman Sachs	05/07/2025		(4,842	)
JPY	209,230,000	USD	1,464,581	Goldman Sachs	05/07/2025		(409	)
USD	8,205,402	EUR	7,821,000	Goldman Sachs	05/07/2025		(657,299	)
USD	2,234,400	GBP	1,777,000	Goldman Sachs	05/07/2025		(133,797	)
USD	1,345,790	JPY	209,230,000	Goldman Sachs	05/07/2025		(118,381	)
USD	9,323,408	EUR	8,923,000	JPMorgan Chase Bank	06/04/2025		(806,003	)
USD	2,568,692	GBP	2,073,000	JPMorgan Chase Bank	06/04/2025		(194,331	)
USD	1,361,367	JPY	208,653,000	JPMorgan Chase Bank	06/04/2025		(103,542	)
USD	9,063,264	EUR	8,591,000	UBS AG	07/02/2025		(707,748	)
USD	974,234	JPY	143,623,000	UBS AG	07/02/2025		(37,292	)
USD	4,164,660	EUR	3,832,000	Bank of New York Mellon	08/06/2025		(203,005	)
USD	1,572,631	JPY	233,207,000	Bank of New York Mellon	08/06/2025		(76,503	)
USD	1,169,763	JPY	164,995,000	Goldman Sachs	09/03/2025		(298	)
Total unrealized depreciation							(3,060,323	)
Net unrealized depreciation						$	(2,420,090	)

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Abbreviations

ADR — American Depositary Receipt

BRL — Brazilian Real

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NIBOR — Norwegian Interbank Offered Rate

NVDR — Non-Voting Depositary Receipt

OYJ — Public Limited Company

PIK — Pay in Kind

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

Written Call Options Contracts as of April 30, 2025:

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Analog Devices, Inc.	Exchange Traded		74	USD	(1,442,408	)	USD	330.00	9/19/2025		(3,330	)
Bank of New York Mellon Corp. (The)	Exchange Traded		215	USD	(1,728,815	)	USD	95.00	6/20/2025		(29,025	)
Becton Dickinson & Co.	Exchange Traded		70	USD	(1,449,630	)	USD	285.00	9/19/2025		(10,850	)
Becton Dickinson & Co.	Exchange Traded		70	USD	(1,449,630	)	USD	290.00	9/19/2025		(10,500	)
BXP, Inc., REIT	Exchange Traded		262	USD	(1,669,726	)	USD	100.00	10/17/2025		(35,370	)
CH Robinson Worldwide, Inc.	Exchange Traded		195	USD	(1,739,790	)	USD	110.00	5/16/2025		(2,145	)
CH Robinson Worldwide, Inc.	Exchange Traded		351	USD	(3,131,622	)	USD	130.00	8/15/2025		(54,405	)
CH Robinson Worldwide, Inc.	Exchange Traded		163	USD	(1,454,286	)	USD	135.00	5/16/2025		(22,005	)
Colgate- Palmolive Co.	Exchange Traded		190	USD	(1,751,610	)	USD	105.00	6/20/2025		(4,750	)
Colgate- Palmolive Co.	Exchange Traded		192	USD	(1,770,048	)	USD	110.00	8/15/2025		(5,760	)
Colgate- Palmolive Co.	Exchange Traded		180	USD	(1,659,420	)	USD	115.00	6/20/2025		(1,800	)
Equity Residential, REIT	Exchange Traded		263	USD	(1,847,838	)	USD	80.00	10/17/2025		(40,765	)
Exxon Mobil Corp.	Exchange Traded		156	USD	(1,647,828	)	USD	140.00	7/18/2025		(2,262	)
Exxon Mobil Corp.	Exchange Traded		151	USD	(1,595,013	)	USD	145.00	6/20/2025		(755	)
Exxon Mobil Corp.	Exchange Traded		156	USD	(1,647,828	)	USD	160.00	12/19/2025		(3,666	)
Exxon Mobil Corp.	Exchange Traded		160	USD	(1,690,080	)	USD	160.00	1/16/2026		(4,800	)

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Written Call Options Contracts as of April 30, 2025: (continued)

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Exxon Mobil Corp.	Exchange Traded		156	USD	(1,647,828	)	USD	165.00	12/19/2025		(3,198	)
Fidelity National Financial, Inc.	Exchange Traded		290	USD	(1,857,450	)	USD	75.00	9/19/2025		(24,650	)
Franco-Nevada Corp.	Exchange Traded		121	USD	(2,078,538	)	USD	190.00	7/18/2025		(42,652	)
Franco-Nevada Corp.	Exchange Traded		87	USD	(1,494,486	)	USD	200.00	6/20/2025		(12,833	)
HCA Healthcare, Inc.	Exchange Traded		55	USD	(1,897,940	)	USD	380.00	5/16/2025		(2,200	)
HCA Healthcare, Inc.	Exchange Traded		55	USD	(1,897,940	)	USD	400.00	6/20/2025		(8,800	)
HCA Healthcare, Inc.	Exchange Traded		55	USD	(1,897,940	)	USD	405.00	6/20/2025		(16,225	)
HCA Healthcare, Inc.	Exchange Traded		50	USD	(1,725,400	)	USD	435.00	6/20/2025		(9,500	)
HCA Healthcare, Inc.	Exchange Traded		55	USD	(1,897,940	)	USD	440.00	9/19/2025		(16,225	)
HCA Healthcare, Inc.	Exchange Traded		53	USD	(1,828,924	)	USD	470.00	9/19/2025		(6,758	)
Kraft Heinz Co. (The)	Exchange Traded		555	USD	(1,615,050	)	USD	35.00	6/20/2025		(3,330	)
Kraft Heinz Co. (The)	Exchange Traded		555	USD	(1,615,050	)	USD	37.50	6/20/2025		(1,665	)
Nutrien Ltd.	Exchange Traded		312	USD	(1,779,960	)	USD	65.00	6/20/2025		(9,360	)
Nutrien Ltd.	Exchange Traded		350	USD	(1,996,750	)	USD	70.00	6/20/2025		(5,250	)
Philip Morris International, Inc.	Exchange Traded		131	USD	(2,244,816	)	USD	155.00	6/20/2025		(229,250	)
Philip Morris International, Inc.	Exchange Traded		136	USD	(2,330,496	)	USD	160.00	6/20/2025		(195,840	)
Philip Morris International, Inc.	Exchange Traded		131	USD	(2,244,816	)	USD	165.00	9/19/2025		(191,260	)
Philip Morris International, Inc.	Exchange Traded		136	USD	(2,330,496	)	USD	170.00	9/19/2025		(165,920	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,902,096	)	USD	185.00	6/20/2025		(12,765	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,902,096	)	USD	190.00	6/20/2025		(6,660	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,902,096	)	USD	190.00	9/19/2025		(43,290	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,902,096	)	USD	195.00	9/19/2025		(27,750	)

First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2025 (unaudited)

Written Call Options Contracts as of April 30, 2025: (continued)

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Philip Morris International, Inc.	Exchange Traded		114	USD	(1,953,504	)	USD	200.00	9/19/2025		(21,090	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,902,096	)	USD	200.00	10/17/2025		(22,755	)
Philip Morris International, Inc.	Exchange Traded		117	USD	(2,004,912	)	USD	200.00	11/21/2025		(40,950	)
Philip Morris International, Inc.	Exchange Traded		118	USD	(2,022,048	)	USD	200.00	12/19/2025		(48,970	)
Philip Morris International, Inc.	Exchange Traded		118	USD	(2,022,048	)	USD	200.00	1/16/2026		(51,920	)
Royal Gold, Inc.	Exchange Traded		115	USD	(2,101,165	)	USD	190.00	5/16/2025		(24,725	)
Texas Instruments, Inc.	Exchange Traded		87	USD	(1,392,435	)	USD	240.00	6/20/2025		(8,352	)
Texas Instruments, Inc.	Exchange Traded		87	USD	(1,392,435	)	USD	250.00	6/20/2025		(10,179	)
Wheaton Precious Metals Corp.	Exchange Traded		253	USD	(2,113,056	)	USD	100.00	6/20/2025		(8,855	)
											(1,505,365	)
Total Written Options Contracts (Premiums Received ($623,554))											(1,505,365	)

See Notes to Financial Statements.

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 95.5%
Air Freight & Logistics — 5.0%
CH Robinson Worldwide, Inc.		99,192		8,849,910
Expeditors International of Washington, Inc.		97,431		10,708,641
				19,558,551
Beverages — 1.6%
PepsiCo, Inc.		45,339		6,147,062
Electronic Equipment, Instruments & Components — 4.7%
TE Connectivity plc (Ireland)		125,168		18,322,092
Food Products — 1.9%
Nestle SA (Registered) (Switzerland)		69,427		7,389,628
Health Care Equipment & Supplies — 7.7%
Becton Dickinson & Co.		62,955		13,037,351
Medtronic plc		200,930		17,030,827
				30,068,178
Health Care Providers & Services — 10.1%
Elevance Health, Inc.		19,679		8,276,594
HCA Healthcare, Inc.		46,694		16,113,165
UnitedHealth Group, Inc.		36,061		14,836,938
				39,226,697
Hotels, Restaurants & Leisure — 0.5%
Starbucks Corp.		26,121		2,090,986
Insurance — 2.5%
Fidelity National Financial, Inc.		78,112		5,003,073
Willis Towers Watson plc		14,727		4,532,971
				9,536,044
Interactive Media & Services — 11.1%
Alphabet, Inc., Class A		145,543		23,112,228
Meta Platforms, Inc., Class A		37,022		20,325,078
				43,437,306
IT Services — 0.2%
Accenture plc, Class A		2,610		780,782
Machinery — 5.6%
Schindler Holding AG (Switzerland)		59,354		21,708,428

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Media — 5.7%
Comcast Corp., Class A		650,778		22,256,608
Oil, Gas & Consumable Fuels — 2.9%
Exxon Mobil Corp.		108,409		11,451,243
Semiconductors & Semiconductor Equipment — 6.6%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		40,199		6,700,772
Texas Instruments, Inc.		119,663		19,152,063
				25,852,835
Software — 6.6%
Microsoft Corp.		9,771		3,862,085
Oracle Corp.		155,797		21,923,754
				25,785,839
Specialized REITs — 2.1%
Extra Space Storage, Inc., REIT		56,487		8,276,475
Specialty Retail — 6.7%
Home Depot, Inc. (The)		50,170		18,085,783
Ross Stores, Inc.		57,195		7,950,105
				26,035,888
Technology Hardware, Storage & Peripherals — 4.1%
Samsung Electronics Co. Ltd. (Preference) (South Korea)		488,794		16,135,410
Textiles, Apparel & Luxury Goods — 2.8%
LVMH Moet Hennessy Louis Vuitton SE (France)		19,806		10,971,123
Tobacco — 7.1%
British American Tobacco plc (United Kingdom)		149,544		6,513,888
Philip Morris International, Inc.		124,313		21,302,276
				27,816,164
Total Common Stocks (Cost $285,990,240)				372,847,339
Master Limited Partnerships — 3.3%
Oil, Gas & Consumable Fuels — 3.3%
Enterprise Products Partners LP (Cost $11,423,801)		436,706		13,057,509

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Short-Term Investments — 1.2%
Commercial Paper — 1.0%
Amphenol Corporation Corporate Commercial Paper 4.49%, 05/01/2025 (a)(b)		580,000		579,928
CVS Caremark Corp. 4.80%, 05/01/2025 (b)		870,000		869,884
Entergy Corp. 4.53%, 05/01/2025 (a)(b)		377,000		376,952
Global Payments Inc Corporate Commercial Paper 4.90%, 05/01/2025 (b)		290,000		289,960
Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper 4.58%, 05/01/2025 (a)(b)		1,340,000		1,339,829
Westun Cp 0 05/01/25 4.60%, 05/01/2025 (a)(b)		389,000		388,950
Total Commercial Paper (Cost $3,846,000)				3,845,503
	Shares
Investment Companies — 0.2%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (c) (Cost $648,681)		648,681		648,681
Total Short-Term Investments (Cost $4,494,681)				4,494,184
Total Investments — 100.0% (Cost $301,908,722)				390,399,032
Other Assets Less Liabilities — 0.0% (d)				177,277
Net Assets — 100.0%				390,576,309

(a) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $2,685,659, which represents approximately 0.69% of net assets of the Fund.

(b) The rate shown was the current yield as of April 30, 2025.

(d) Represents less than 0.05% of net assets.

Abbreviations

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

First Eagle Rising Dividend Fund | Schedule of Investments | April 30, 2025 (unaudited)

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	99,167,419
Aggregate gross unrealized depreciation		(10,677,109	)
Net unrealized appreciation	$	88,490,310
Federal income tax cost of investments	$	301,908,722

See Notes to Financial Statements.

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 94.0%
Aerospace & Defense — 2.7%
AAR Corp.*		99,426		5,315,314
Astronics Corp.*		204,761		4,646,027
Ducommun, Inc.*		211,452		12,120,429
Kratos Defense & Security Solutions, Inc.*		273,054		9,225,130
Leonardo DRS, Inc.		124,617		4,605,844
Triumph Group, Inc.*		101,883		2,587,828
V2X, Inc.*		31,220		1,553,507
				40,054,079
Air Freight & Logistics — 0.6%
GXO Logistics, Inc.*		170,052		6,162,685
Radiant Logistics, Inc.*		462,611		2,706,274
				8,868,959
Automobile Components — 0.5%
Goodyear Tire & Rubber Co. (The)*		658,385		7,163,229
Holley, Inc.*		349,663		751,775
				7,915,004
Banks — 4.5%
Ameris Bancorp		164,015		9,611,279
Axos Financial, Inc.*		136,401		8,658,735
Customers Bancorp, Inc.*		83,326		4,166,300
Dime Community Bancshares, Inc.		288,308		7,406,633
Old National Bancorp		524,658		10,802,708
Seacoast Banking Corp. of Florida		477,528		11,322,189
Valley National Bancorp		870,982		7,490,445
Webster Financial Corp.		151,786		7,179,478
				66,637,767
Biotechnology — 0.3%
CareDx, Inc.*		269,490		4,548,991
Building Products — 2.3%
American Woodmark Corp.*		111,917		6,603,103
Insteel Industries, Inc.		427,420		14,493,812
Janus International Group, Inc.*		973,501		6,697,687
JELD-WEN Holding, Inc.*		235,451		1,299,690

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Building Products — 2.3% (continued)
Quanex Building Products Corp.		254,376		4,181,941
				33,276,233
Capital Markets — 0.6%
Moelis & Co., Class A		78,692		4,216,317
Perella Weinberg Partners, Class A		286,650		4,921,781
				9,138,098
Chemicals — 3.2%
AdvanSix, Inc.		195,489		4,187,374
Intrepid Potash, Inc.*		454,601		15,020,017
Kronos Worldwide, Inc.		450,900		3,476,439
LSB Industries, Inc.*		1,570,478		10,019,650
Mativ Holdings, Inc.		672,264		3,435,269
Mosaic Co. (The)		172,835		5,254,184
Tronox Holdings plc		947,799		5,127,593
				46,520,526
Commercial Services & Supplies — 1.9%
ACCO Brands Corp.		702,002		2,709,728
CECO Environmental Corp.*		528,607		12,575,561
Healthcare Services Group, Inc.*		471,330		6,697,599
Interface, Inc., Class A		129,132		2,427,682
VSE Corp.		35,995		4,122,147
				28,532,717
Communications Equipment — 3.0%
ADTRAN Holdings, Inc.*		995,854		7,628,242
Aviat Networks, Inc.*		317,574		5,576,599
Ceragon Networks Ltd. (Israel)*		504,058		1,098,846
Ciena Corp.*		58,918		3,956,933
Digi International, Inc.*		156,493		4,256,610
Harmonic, Inc.*		400,656		3,597,891
KVH Industries, Inc.*		120,644		616,491
Lantronix, Inc.*		463,266		986,757
NETGEAR, Inc.*		104,174		2,512,677
NetScout Systems, Inc.*		203,772		4,283,287
Ribbon Communications, Inc.*		785,533		2,521,561
Viavi Solutions, Inc.*		654,501		6,924,620
				43,960,514

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Construction & Engineering — 2.1%
Ameresco, Inc., Class A*		591,585		6,288,549
Arcosa, Inc.		114,145		9,139,590
Concrete Pumping Holdings, Inc.		343,715		2,062,290
Dycom Industries, Inc.*		56,168		9,410,948
Matrix Service Co.*		346,827		4,023,193
				30,924,570
Construction Materials — 0.1%
Titan America SA (Belgium)*		138,263		1,829,219
Consumer Staples Distribution & Retail — 0.5%
Chefs' Warehouse, Inc. (The)*		140,985		8,031,915
Containers & Packaging — 0.4%
TriMas Corp.		240,161		5,775,872
Diversified Consumer Services — 1.6%
Lincoln Educational Services Corp.*		769,765		13,009,028
Universal Technical Institute, Inc.*		369,164		10,358,742
				23,367,770
Electrical Equipment — 0.8%
LSI Industries, Inc.		283,248		4,274,212
Thermon Group Holdings, Inc.*		306,157		8,030,498
				12,304,710
Electronic Equipment, Instruments & Components — 5.3%
Advanced Energy Industries, Inc.		102,846		10,018,229
Airgain, Inc.*		468,791		1,757,966
Avnet, Inc.		132,044		6,204,748
Belden, Inc.		66,444		6,851,041
Benchmark Electronics, Inc.		203,082		6,606,258
Fabrinet (Thailand)*		54,622		11,200,787
OSI Systems, Inc.*		21,627		4,427,912
Sanmina Corp.*		70,517		5,415,000
TTM Technologies, Inc.*		659,350		13,200,187
Vishay Intertechnology, Inc.		662,592		8,607,070
Vishay Precision Group, Inc.*		128,832		3,213,070
				77,502,268

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Energy Equipment & Services — 2.5%
Geospace Technologies Corp.*		435,516		2,804,723
Helix Energy Solutions Group, Inc.*		322,646		1,964,914
Liberty Energy, Inc., Class A		333,506		3,835,319
Natural Gas Services Group, Inc.*		260,739		4,685,480
NOV, Inc.		173,062		2,009,250
NPK International, Inc.*		570,260		3,296,103
Oil States International, Inc.*		2,277,641		7,994,520
ProPetro Holding Corp.*		420,552		2,094,349
RPC, Inc.		287,946		1,361,984
SEACOR Marine Holdings, Inc.*		972,019		4,743,453
Seadrill Ltd.*		44,750		919,165
Smart Sand, Inc.		236,349		496,333
				36,205,593
Financial Services — 2.7%
Cantaloupe, Inc.*		96,286		770,288
International Money Express, Inc.*		411,650		5,112,693
MGIC Investment Corp.		353,929		8,816,371
NMI Holdings, Inc., Class A*		246,650		8,921,331
Radian Group, Inc.		218,692		6,985,022
Remitly Global, Inc.*		407,717		8,244,038
Repay Holdings Corp., Class A*		352,631		1,410,524
				40,260,267
Food Products — 2.1%
Ingredion, Inc.		64,241		8,532,490
Mama's Creations, Inc.*		1,157,783		7,641,368
SunOpta, Inc. (Canada)*		435,233		1,880,207
Utz Brands, Inc.		490,549		6,519,396
Vital Farms, Inc.*		184,973		6,333,475
				30,906,936
Gas Utilities — 0.6%
ONE Gas, Inc.		118,194		9,279,411
Ground Transportation — 1.2%
FTAI Infrastructure, Inc.		1,295,863		5,598,128
Heartland Express, Inc.		490,928		3,731,053
Proficient Auto Logistics, Inc.*		434,238		3,608,518

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Ground Transportation — 1.2% (continued)
RXO, Inc.*		321,623		4,531,668
				17,469,367
Health Care Equipment & Supplies — 2.8%
Alphatec Holdings, Inc.*		615,530		6,758,519
AngioDynamics, Inc.*		286,645		2,662,932
Artivion, Inc.*		370,425		8,775,368
Embecta Corp.		342,701		4,177,525
Enovis Corp.*		195,318		6,756,050
SI-BONE, Inc.*		302,226		4,125,385
Treace Medical Concepts, Inc.*		550,252		3,895,784
Zimvie, Inc.*		361,729		3,277,265
				40,428,828
Health Care Providers & Services — 4.9%
AdaptHealth Corp., Class A*		755,773		6,431,628
Aveanna Healthcare Holdings, Inc.*		685,451		3,159,929
Brookdale Senior Living, Inc.*		1,718,343		11,272,330
Concentra Group Holdings Parent, Inc.		285,066		6,200,186
DocGo, Inc.*		433,133		965,887
InfuSystem Holdings, Inc.*		804,835		3,798,821
LifeStance Health Group, Inc.*		919,978		6,044,256
Pennant Group, Inc. (The)*		374,707		9,599,993
Performant Healthcare, Inc.*		2,344,575		5,533,197
Progyny, Inc.*		136,961		3,128,189
RadNet, Inc.*		52,785		2,764,878
Select Medical Holdings Corp.		338,310		6,170,775
Talkspace, Inc.*		1,123,899		3,450,370
Viemed Healthcare, Inc.*		384,990		2,721,879
				71,242,318
Health Care REITs — 0.2%
Strawberry Fields REIT, Inc., REIT		216,932		2,282,125
Health Care Technology — 0.9%
HealthStream, Inc.		354,546		11,923,382
iCAD, Inc.*		527,418		1,803,769
				13,727,151

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Hotels, Restaurants & Leisure — 2.0%
Cheesecake Factory, Inc. (The)		115,924		5,839,092
Denny's Corp.*		1,554,118		5,734,695
El Pollo Loco Holdings, Inc.*		600,687		5,616,424
Portillo's, Inc., Class A*		488,412		5,050,180
Potbelly Corp.*		873,798		7,077,764
				29,318,155
Household Durables — 4.6%
Beazer Homes USA, Inc.*		567,451		11,099,342
Cavco Industries, Inc.*		3,174		1,567,480
Century Communities, Inc.		151,700		8,273,718
Champion Homes, Inc.*		77,794		6,729,181
Ethan Allen Interiors, Inc.		188,064		5,346,659
Hooker Furnishings Corp.		242,969		2,332,502
Installed Building Products, Inc.		59,736		9,906,021
LGI Homes, Inc.*		108,395		5,919,451
Smith Douglas Homes Corp., Class A*		208,319		4,051,805
Taylor Morrison Home Corp., Class A*		196,841		11,288,831
Universal Electronics, Inc.*		153,227		743,151
				67,258,141
Household Products — 0.7%
Spectrum Brands Holdings, Inc.		166,208		10,487,725
Insurance — 4.3%
Axis Capital Holdings Ltd.		132,162		12,729,844
Citizens, Inc., Class A*		492,832		1,986,113
First American Financial Corp.		107,571		6,541,393
Kemper Corp.		187,442		11,081,571
Lincoln National Corp.		444,598		14,169,338
Old Republic International Corp.		257,904		9,697,190
Stewart Information Services Corp.		106,675		6,985,079
				63,190,528
Interactive Media & Services — 1.6%
Cars.com, Inc.*		518,053		6,030,137
EverQuote, Inc., Class A*		257,719		6,118,249
QuinStreet, Inc.*		631,635		11,066,245
				23,214,631

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
IT Services — 0.5%
Backblaze, Inc., Class A*		935,900		4,117,960
Fastly, Inc., Class A*		676,581		3,890,341
				8,008,301
Leisure Products — 1.0%
AMMO, Inc.*		1,611,821		3,175,287
Clarus Corp.		812,410		2,672,829
Johnson Outdoors, Inc., Class A		98,958		2,259,211
YETI Holdings, Inc.*		205,972		5,880,501
				13,987,828
Life Sciences Tools & Services — 0.1%
Azenta, Inc.*		75,950		2,000,523
Machinery — 4.4%
Astec Industries, Inc.		260,369		9,433,169
Enpro, Inc.		46,315		6,919,461
Graham Corp.*		318,572		9,710,074
JBT Marel Corp.		57,412		6,043,187
Luxfer Holdings plc (United Kingdom)		389,900		4,195,324
Manitowoc Co., Inc. (The)*		717,959		5,657,517
Mayville Engineering Co., Inc.*		309,895		3,960,458
Park-Ohio Holdings Corp.		290,904		5,791,899
Shyft Group, Inc. (The)		136,043		1,150,924
Titan International, Inc.*		459,265		3,375,598
Trinity Industries, Inc.		347,211		8,714,996
				64,952,607
Media — 1.0%
Magnite, Inc.*		504,333		5,996,519
National CineMedia, Inc.		781,883		4,480,190
Thryv Holdings, Inc.*		333,454		4,568,320
				15,045,029
Metals & Mining — 3.8%
Carpenter Technology Corp.		21,602		4,225,567
Century Aluminum Co.*		322,113		5,285,874
Coeur Mining, Inc.*		2,134,632		11,847,208
Commercial Metals Co.		229,944		10,241,706
Ferroglobe plc		1,808,988		6,313,368

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Metals & Mining — 3.8% (continued)
Hecla Mining Co.		1,685,259		9,639,681
Kaiser Aluminum Corp.		137,130		8,839,400
				56,392,804
Multi-Utilities — 1.0%
Black Hills Corp.		132,691		8,080,882
Northwestern Energy Group, Inc.		113,508		6,609,571
				14,690,453
Oil, Gas & Consumable Fuels — 5.3%
Dorian LPG Ltd.		336,659		7,211,236
Golar LNG Ltd. (Bermuda)		246,742		10,487,769
Kosmos Energy Ltd. (Ghana)*		1,711,426		2,635,596
Matador Resources Co.		267,268		10,567,777
Murphy Oil Corp.		283,147		5,813,008
Navigator Holdings Ltd.		590,498		7,493,420
PBF Energy, Inc., Class A		430,394		7,394,169
Permian Resources Corp., Class A		553,852		6,535,453
Riley Exploration Permian, Inc.		257,618		6,358,012
Scorpio Tankers, Inc. (Monaco)		184,801		6,965,150
SM Energy Co.		246,203		5,610,966
				77,072,556
Paper & Forest Products — 1.0%
Clearwater Paper Corp.*		98,175		2,636,981
Louisiana-Pacific Corp.		141,843		12,242,469
				14,879,450
Passenger Airlines — 0.2%
Blade Air Mobility, Inc.*		1,034,014		2,740,137
Pharmaceuticals — 0.2%
Perrigo Co. plc		131,444		3,380,740
Professional Services — 0.5%
Asure Software, Inc.*		189,223		1,922,506
NV5 Global, Inc.*		264,881		4,913,542
				6,836,048
Real Estate Management & Development — 0.8%
Douglas Elliman, Inc.*		1,389,113		2,305,928
Forestar Group, Inc.*		457,724		8,815,764
				11,121,692

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Residential REITs — 0.6%
UMH Properties, Inc., REIT		506,544		8,950,632
Retail REITs — 1.4%
Macerich Co. (The), REIT		258,967		3,796,456
Tanger, Inc., REIT		154,895		4,880,742
Whitestone REIT, REIT		926,010		12,075,170
				20,752,368
Semiconductors & Semiconductor Equipment — 3.2%
Alpha & Omega Semiconductor Ltd.*		287,097		5,406,037
Amkor Technology, Inc.		180,533		3,150,301
Amtech Systems, Inc.*		713,090		2,460,161
Cohu, Inc.*		35,871		573,936
FormFactor, Inc.*		77,636		2,184,677
Ichor Holdings Ltd.*		291,880		5,773,386
inTEST Corp.*		524,512		3,251,974
MKS Instruments, Inc.		73,336		5,143,787
Penguin Solutions, Inc.*		332,289		5,672,173
Ultra Clean Holdings, Inc.*		319,518		5,976,584
Veeco Instruments, Inc.*		383,091		7,163,802
				46,756,818
Software — 0.5%
Silvaco Group, Inc.*		643,012		3,420,824
Sprinklr, Inc., Class A*		551,685		4,242,457
				7,663,281
Specialized REITs — 0.7%
Outfront Media, Inc., REIT		718,880		10,876,654
Specialty Retail — 2.7%
1-800-Flowers.com, Inc., Class A*		308,979		1,708,654
MarineMax, Inc.*		175,096		3,757,560
Monro, Inc.		280,082		3,904,343
National Vision Holdings, Inc.*		491,524		6,070,321
OneWater Marine, Inc., Class A*		161,747		2,427,822
Shoe Carnival, Inc.		272,744		4,740,291
Sonic Automotive, Inc., Class A		98,776		5,997,679
Tile Shop Holdings, Inc.*		266,002		1,508,231
Tilly's, Inc., Class A*		306,293		468,628

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Specialty Retail — 2.7% (continued)
Warby Parker, Inc., Class A*		404,088		6,671,493
Zumiez, Inc.*		147,615		1,727,096
				38,982,118
Technology Hardware, Storage & Peripherals — 0.2%
Eastman Kodak Co.*		445,678		2,803,315
Textiles, Apparel & Luxury Goods — 0.5%
Fossil Group, Inc.*		588,674		594,561
Lakeland Industries, Inc.		224,092		3,659,422
Steven Madden Ltd.		113,506		2,383,626
				6,637,609
Trading Companies & Distributors — 2.9%
Air Lease Corp., Class A		200,083		9,355,881
Alta Equipment Group, Inc.		684,048		2,907,204
Boise Cascade Co.		55,795		5,204,558
Custom Truck One Source, Inc.*		290,894		1,172,303
DNOW, Inc.*		218,694		3,470,674
Titan Machinery, Inc.*		656,508		10,891,468
WESCO International, Inc.		59,336		9,669,394
				42,671,482
Total Common Stocks (Cost $1,424,109,820)				1,381,662,833
	Number of Rights
Rights — 0.0% (a)
IT Services — 0.0% (a)
Flexion, Inc., CVR*‡ (b) (Cost $27,802)		44,841		—
	Shares
Short-Term Investments — 5.9%
Investment Companies — 5.9%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (c) (Cost $86,109,241)		86,109,241		86,109,241
Total Investments — 99.9% (Cost $1,510,246,863)				1,467,772,074
Other Assets Less Liabilities — 0.1%				1,154,039
Net Assets — 100.0%				1,468,926,113

First Eagle Small Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Represents less than 0.05% of net assets.

(b) Security fair valued as of April 30, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at April 30, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

Abbreviations

CVR — Contingent Value Rights

REIT — Real Estate Investment Trust

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	193,384,350
Aggregate gross unrealized depreciation		(235,859,139	)
Net unrealized depreciation	$	(42,474,789	)
Federal income tax cost of investments	$	1,510,246,863

Affiliated Securities

Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)
Common Stocks — 0.2%
United States — 0.2%
Amtech Systems, Inc.*^	$	4,023,077	$	117,845	$	(114,903	)	$	(170,050	)
Total Common Stocks		4,023,077		117,845		(114,903	)		(170,050	)
Total	$	4,023,077	$	117,845	$	(114,903	)	$	(170,050	)

Affiliated Securities (continued)

	Change in Unrealized Appreciation/ Depreciation			Market Value April 30, 2025		Shares at April 30, 2025		Dividend Income
Common Stocks — 0.2%
United States — 0.2%
Amtech Systems, Inc.*^	$	(1,395,808	)	$	2,460,161		713,090	$	—
Total Common Stocks		(1,395,808	)		2,460,161		713,090		—
Total	$	(1,395,808	)	$	2,460,161		713,090	$	—

* Non-income producing security.

^{^} Represents an unaffiliated issuer as of April 30, 2025.

See Notes to Financial Statements.

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 91.3%
Aerospace & Defense — 1.8%
AAR Corp.*		2,968		158,669
Curtiss-Wright Corp.		2,156		743,583
				902,252
Air Freight & Logistics — 0.9%
GXO Logistics, Inc.*		12,311		446,151
Automobile Components — 0.6%
Goodyear Tire & Rubber Co. (The)*		25,999		282,869
Banks — 1.9%
Webster Financial Corp.		19,800		936,540
Biotechnology — 1.8%
CareDx, Inc.*		9,815		165,677
Exelixis, Inc.*		19,271		754,460
				920,137
Building Products — 2.0%
AZEK Co., Inc. (The), Class A*		5,900		292,404
Lennox International, Inc.		1,302		711,868
				1,004,272
Capital Markets — 4.3%
Evercore, Inc., Class A		4,740		973,074
Houlihan Lokey, Inc., Class A		4,202		681,060
Raymond James Financial, Inc.		3,743		512,941
				2,167,075
Chemicals — 2.3%
International Flavors & Fragrances, Inc.		6,977		547,416
Westlake Corp.		6,552		605,601
				1,153,017
Communications Equipment — 0.7%
Ciena Corp.*		5,000		335,800
Construction & Engineering — 4.1%
Arcosa, Inc.		1,796		143,806
Dycom Industries, Inc.*		5,212		873,271
Quanta Services, Inc.		3,518		1,029,683
				2,046,760

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Construction Materials — 0.3%
Titan America SA (Belgium)*		10,925		144,538
Consumer Staples Distribution & Retail — 3.8%
Casey's General Stores, Inc.		1,293		598,129
Chefs' Warehouse, Inc. (The)*		9,979		568,503
Performance Food Group Co.*		9,300		750,138
				1,916,770
Electrical Equipment — 1.5%
Generac Holdings, Inc.*		6,535		747,473
Electronic Equipment, Instruments & Components — 6.5%
Avnet, Inc.		9,328		438,323
Belden, Inc.		6,475		667,637
Coherent Corp.*		7,601		488,896
Fabrinet (Thailand)*		4,316		885,039
Flex Ltd.*		16,348		561,390
Trimble, Inc.*		3,703		230,105
				3,271,390
Financial Services — 6.6%
MGIC Investment Corp.		29,925		745,432
Radian Group, Inc.		29,931		955,996
Rocket Cos., Inc., Class A		64,300		830,113
Walker & Dunlop, Inc.		10,492		803,058
				3,334,599
Food Products — 1.8%
Ingredion, Inc.		6,732		894,144
Ground Transportation — 1.0%
XPO, Inc.*		4,885		518,396
Health Care Equipment & Supplies — 1.7%
Align Technology, Inc.*		976		169,141
Enovis Corp.*		8,008		276,996
Zimmer Biomet Holdings, Inc.		4,136		426,215
				872,352
Health Care Providers & Services — 9.3%
Cardinal Health, Inc.		10,779		1,522,965
Ensign Group, Inc. (The)		5,525		712,670
Quest Diagnostics, Inc.		5,435		968,626

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Health Care Providers & Services — 9.3% (continued)
Tenet Healthcare Corp.*		10,333		1,477,102
				4,681,363
Hotels, Restaurants & Leisure — 5.9%
Aramark		15,985		534,379
Cheesecake Factory, Inc. (The)		19,215		967,860
Denny's Corp.*		144,748		534,120
Texas Roadhouse, Inc., Class A		5,615		931,865
				2,968,224
Household Durables — 4.0%
Beazer Homes USA, Inc.*		37,080		725,285
Champion Homes, Inc.*		3,645		315,293
LGI Homes, Inc.*		6,389		348,903
PulteGroup, Inc.		1,826		187,311
Toll Brothers, Inc.		4,091		412,659
				1,989,451
Insurance — 4.2%
Axis Capital Holdings Ltd.		10,112		973,988
First American Financial Corp.		2,447		148,802
Old Republic International Corp.		26,060		979,856
				2,102,646
Life Sciences Tools & Services — 1.6%
Bio-Rad Laboratories, Inc., Class A*		3,273		798,874
Machinery — 5.1%
Chart Industries, Inc.*		6,530		881,419
Donaldson Co., Inc.		11,371		747,416
Dover Corp.		5,576		951,545
				2,580,380
Multi-Utilities — 1.3%
Black Hills Corp.		10,830		659,547
Oil, Gas & Consumable Fuels — 5.1%
Expand Energy Corp.		10,074		1,046,689
HF Sinclair Corp.		7,891		237,282
Matador Resources Co.		18,137		717,137
Permian Resources Corp., Class A		47,371		558,978
				2,560,086

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Passenger Airlines — 1.8%
Delta Air Lines, Inc.		15,194		632,526
Southwest Airlines Co.		9,500		265,620
				898,146
Personal Care Products — 0.6%
Coty, Inc., Class A*		61,074		308,424
Semiconductors & Semiconductor Equipment — 3.0%
Amkor Technology, Inc.		5,879		102,588
Entegris, Inc.		5,176		409,525
MKS Instruments, Inc.		3,847		269,829
Onto Innovation, Inc.*		5,893		718,769
				1,500,711
Specialty Retail — 3.3%
Lithia Motors, Inc., Class A		1,294		378,831
RH*		975		179,429
Shoe Carnival, Inc.		17,997		312,788
Warby Parker, Inc., Class A*		47,500		784,225
				1,655,273
Textiles, Apparel & Luxury Goods — 0.5%
Steven Madden Ltd.		11,478		241,038
Trading Companies & Distributors — 2.0%
Air Lease Corp., Class A		21,592		1,009,642
Total Common Stocks (Cost $41,778,562)				45,848,340
Short-Term Investments — 8.3%
Investment Companies — 8.3%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (a) (Cost $4,163,482)		4,163,482		4,163,482
Total Investments — 99.6% (Cost $45,942,044)				50,011,822
Other Assets Less Liabilities — 0.4%				179,676
Net Assets — 100.0%				50,191,498

* Non-income producing security.

(a) Represents 7-day effective yield as of April 30, 2025.

First Eagle U.S. Smid Cap Opportunity Fund | Schedule of Investments | April 30, 2025 (unaudited)

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,677,408
Aggregate gross unrealized depreciation		(3,607,630	)
Net unrealized appreciation	$	4,069,778
Federal income tax cost of investments	$	45,942,044

See Notes to Financial Statements.

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Common Stocks — 92.2%
Australia — 1.6%
Glencore plc		56,259		184,458
Ora Banda Mining Ltd.*		57,000		36,422
				220,880
Belgium — 1.2%
Shurgard Self Storage Ltd., REIT		4,095		169,906
Canada — 15.6%
Agnico Eagle Mines Ltd.		1,799		211,440
Canadian National Railway Co.		1,765		170,931
Canadian Pacific Kansas City Ltd.		2,446		177,657
Franco-Nevada Corp.		1,795		308,468
G Mining Ventures Corp.		3,000		41,607
Imperial Oil Ltd.		4,162		280,737
Nutrien Ltd.		6,291		359,134
TransAlta Corp.		15,350		136,843
Wheaton Precious Metals Corp.		6,158		514,179
				2,200,996
China — 1.9%
GDS Holdings Ltd., Class A*		85,700		271,850
Faroe Islands — 1.4%
Bakkafrost P/F		3,802		191,719
France — 0.6%
Air Liquide SA		414		85,068
Germany — 2.4%
FUCHS SE (Preference)		6,832		342,574
Hong Kong — 4.0%
CK Asset Holdings Ltd.		33,000		134,817
Guoco Group Ltd. (a)		15,000		121,799
Hongkong Land Holdings Ltd.		61,200		299,513
				556,129
Indonesia — 0.9%
United Tractors Tbk. PT		93,388		127,626
Japan — 3.9%
Kansai Paint Co. Ltd.		18,800		283,378

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Japan — 3.9% (continued)
Komatsu Ltd.		6,700		193,761
Shin-Etsu Chemical Co. Ltd.		2,300		69,993
				547,132
Mexico — 8.7%
FIBRA Macquarie Mexico, REIT (b)		180,168		282,418
GCC SAB de CV		27,020		226,585
GMexico Transportes SAB de CV (b)		97,497		168,142
Grupo Mexico SAB de CV, Series B		63,460		329,750
Prologis Property Mexico SA de CV, REIT		61,553		219,244
				1,226,139
Russia — 0.0%
Alrosa PJSC‡(c)		48,132		—
Singapore — 0.6%
Sheng Siong Group Ltd.		58,700		79,088
South Korea — 1.7%
Samsung Electronics Co. Ltd. (Preference)		7,390		243,949
Switzerland — 0.5%
Barry Callebaut AG (Registered)		83		74,411
United Kingdom — 10.4%
Ashtead Group plc		3,799		203,370
Big Yellow Group plc, REIT		22,260		299,684
Cranswick plc		2,595		179,602
Derwent London plc, REIT		6,976		180,639
Great Portland Estates plc, REIT		51,232		211,658
Shell plc		11,970		389,390
				1,464,343
United States — 36.8%
American Water Works Co., Inc.		454		66,743
BXP, Inc., REIT		2,176		138,676
Carlisle Cos., Inc.		404		153,310
Comcast Corp., Class A		4,034		137,963
CRH plc		4,052		384,334
Cummins, Inc.		502		147,508
Deere & Co.		228		105,692
Dominion Energy, Inc.		4,586		249,387

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
United States — 36.8% (continued)
Douglas Emmett, Inc., REIT		15,605		215,817
EastGroup Properties, Inc., REIT		831		135,802
Equinix, Inc., REIT		86		74,024
Equity Residential, REIT		3,885		272,960
Extra Space Storage, Inc., REIT		2,353		344,762
Exxon Mobil Corp.		533		56,301
HCA Healthcare, Inc.		1,163		401,328
IDACORP, Inc.		2,675		315,891
Noble Corp. plc		10,932		237,662
ONEOK, Inc.		4,718		387,631
Reliance, Inc.		793		228,566
RPM International, Inc.		1,633		174,323
Schlumberger NV		3,589		119,334
Terreno Realty Corp., REIT		1,210		68,159
TXNM Energy, Inc.		5,387		286,588
UGI Corp.		8,613		282,420
Williams Cos., Inc. (The)		3,190		186,838
				5,172,019
Total Common Stocks (Cost $12,272,211)				12,973,829
Master Limited Partnerships — 4.4%
United States — 4.4%
Black Stone Minerals LP		14,564		205,498
Enterprise Products Partners LP		13,892		415,371
Total Master Limited Partnerships (Cost 565,035)				620,869
	Ounces
Commodities — 2.3%
Gold bullion* (Cost $274,172)		100		329,691

First Eagle Global Real Assets Fund | Consolidated Schedule of Investments | April 30, 2025 (unaudited)

Investments	Shares		Value ($)
Exchange Traded Funds — 1.4%
United States
iShares Gold Trust (Cost $165,374)		3,056		189,991
Short-Term Investment — 0.6%
Investment Companies — 0.6%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.30% (d) (Cost $80,186)		80,186		80,186
Total Investments — 100.9% (Cost $13,356,978)				14,194,566
Liabilities in Excess of Other Assets — (0.9)%				(126,373	)
Net Assets — 100.0%				14,068,193

* 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 April 30, 2025 amounted to $121,799, which represents approximately 0.87% of net assets of the Fund.

Restricted Securities				Acquisition Date				Cost				Carrying Value Per Share/Principal
Guoco Group Ltd.				01/17/23 - 01/31/24				$	131,016			$	8.12

(c) Security fair valued as of April 30, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at April 30, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(d) Represents 7-day effective yield as of April 30, 2025.

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,822,430
Aggregate gross unrealized depreciation		(984,842	)
Net unrealized appreciation	$	837,588
Federal income tax cost of investments	$	13,356,978

Abbreviations

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Municipal Bonds — 108.6%
Alabama — 0.7%
Alabama Housing Finance Authority, Revenue, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054 (a)		7,500,000		7,420,172
Revenue, GNMA Insured, Series 2025 A, 4.75%, 10/01/2045		4,000,000		4,026,420
Homewood Educational Building Authority, CHF — Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2049		2,000,000		2,044,562
CHF — Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2054		11,020,000		11,210,493
CHF — Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2049		1,615,000		1,650,984
CHF — Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2054		10,575,000		10,757,801
CHF — Horizons II LLC, Revenue, Series 2024 C, 5.00%, 10/01/2056		7,505,000		7,146,246
				44,256,678
American Samoa — 0.0% (b)
American Samoa Economic Development Authority, Revenue, Series 2018, 6.50%, 09/01/2028 (c)		150,000		155,562
Revenue, Series 2021 A, 5.00%, 09/01/2038 (c)		1,000,000		983,560
				1,139,122
Arizona — 2.3%
Arizona Industrial Development Authority, Revenue, GNMA Insured, Series 2024 A, 5.00%, 10/01/2045 (d)		2,100,000		2,119,462
Revenue, Refunding, GNMA Insured, Series 2024 C, 4.65%, 10/01/2049		1,000,000		985,796
Revenue, Refunding, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054		1,095,000		1,073,159
Revenue, GNMA Insured, Series 2025 A, 4.70%, 10/01/2040 (d)		2,755,000		2,766,787
Revenue, GNMA Insured, Series 2025 A, 5.10%, 10/01/2050 (d)		3,500,000		3,548,409
Revenue, GNMA Insured, Series 2025 A, 5.15%, 10/01/2053 (d)		1,350,000		1,364,756

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Arizona — 2.3% (continued)
Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2051 (c)		1,115,000		875,310
Great Lakes Senior Living Communities LLC, Revenue, Series 2025 A2, 5.13%, 01/01/2059		29,350,000		26,956,009
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.75%, 03/01/2035 (c)		1,275,000		1,258,144
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.88%, 03/01/2055 (c)		11,500,000		11,230,274
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2065 (c)		19,000,000		17,868,742
KIPP Nashville Obligated Group, Revenue, Series 2022 A, 5.00%, 07/01/2062		2,160,000		2,001,056
Leman Academy of Excellence Obligated Group, Revenue, Refunding, Series 2022 A, 4.50%, 07/01/2054		7,000,000		5,922,111
Mater Academy of Nevada Obligated Group, Revenue, Series 2020 A, 5.00%, 12/15/2040 (c)		1,840,000		1,797,672
Industrial Development Authority of the County of Pima (The), Revenue, GNMA Insured, Series 2024 D-1, 4.60%, 07/01/2049		475,000		464,937
Revenue, GNMA Insured, Series 2024 D-1, 4.65%, 07/01/2054		575,000		560,853
Maricopa County & Phoenix Industrial Development Authorities, Revenue, GNMA Insured, Series 2025 A, 4.65%, 09/01/2050		7,500,000		7,379,727
Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055		2,750,000		2,685,687
Maricopa County Industrial Development Authority, Arizona Christian University, Revenue, Series 2024 A, 6.38%, 10/01/2041 (c)(e)(f)		8,400,000		8,126,135
Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (c)		2,275,000		2,281,415
Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 (c)		2,000,000		2,041,374
Prescott Valley Charter School, Revenue, Series 2024, 6.50%, 07/01/2039 (c)		380,000		371,836

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Arizona — 2.3% (continued)
Prescott Valley Charter School, Revenue, Series 2024, 7.13%, 07/01/2054 (c)		2,000,000		1,911,693
Prescott Valley Charter School, Revenue, Series 2024, 7.38%, 07/01/2063 (c)		4,850,000		4,629,051
Sierra Vista Industrial Development Authority, American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2054 (c)		12,400,000		11,490,216
American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2059 (c)		1,500,000		1,374,814
Fit Kids, Inc., Revenue, Series 2024, 5.38%, 06/15/2034 (c)		325,000		332,626
Fit Kids, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (c)		550,000		561,814
Fit Kids, Inc., Revenue, Series 2024, 6.30%, 06/15/2054 (c)		1,120,000		1,152,982
Fit Kids, Inc., Revenue, Series 2024, 6.38%, 06/15/2064 (c)		1,640,000		1,685,602
Superstition Vistas, Community Facilities District No. 1 Assessment Area 3, Special Assessment, Series 2024, 5.80%, 07/01/2048		348,000		334,046
Superstition Vistas Community Facilities District No. 1, Assessment Area 4, Special Assessment, Series 2024, 4.70%, 07/01/2039		75,000		68,563
Assessment Area 4, Special Assessment, Series 2024, 5.25%, 07/01/2049		325,000		288,866
Tempe Industrial Development Authority, Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2050		1,905,000		1,729,066
Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2054		2,250,000		2,013,925
Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2038		250,000		228,523
Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2046		6,555,000		5,492,003
Tempe Life Care Village Obligated Group, Revenue, Series 2021 B, 4.00%, 12/01/2056		2,130,000		1,657,601
Town of Florence, Merrill Ranch Community Facilities District No. 1 Assmnt Area No. 11, Special Assessment, 5.00%, 07/01/2039		125,000		119,679

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Arizona — 2.3% (continued)
Merrill Ranch Community Facilities District No. 1 Assmnt Area No. 11, Special Assessment, 5.60%, 07/01/2049		435,000		405,166
Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.00%, 07/01/2039		75,000		71,879
Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment, 5.60%, 07/01/2049		275,000		256,139
				139,483,905
Arkansas — 0.5%
Arkansas Development Finance Authority, Hybar LLC, Revenue, AMT, Series 2023 B, 7.37%, 07/01/2048 (c)		11,250,000		12,195,713
Batesville Public Facilities Board, White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.00%, 06/01/2028		1,040,000		969,220
White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032		395,000		342,898
City of Brookland, Revenue, Series 2025, 4.75%, 04/01/2045		285,000		262,142
Clarksville Public Educational Facilities Board, University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.00%, 08/01/2044		1,080,000		1,106,095
University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2049		3,365,000		3,456,115
University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056		7,800,000		7,964,269
County of Johnson, Johnson Regional Medical Center, Revenue, Refunding, Series 2018, 4.50%, 11/01/2035		3,500,000		3,177,431
				29,473,883
California — 10.9%
Antelope Valley Healthcare District, Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2031		2,765,000		2,769,086
Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2046		8,375,000		7,484,145

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
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		10,455,998
Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 (c)		64,255,000		40,317,487
Summit at Sausalito Apartments, Revenue, Series 2021 A-1, 3.00%, 02/01/2057 (c)		1,000,000		663,330
California County Tobacco Securitization Agency, Stanislaus County Tobacco Funding Corp., Revenue, Series 2006 A, 0.00%, 06/01/2046 (g)		75,610,000		17,833,994
California Infrastructure & Economic Development Bank, Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 A, 9.50%, 01/01/2035 (c)(e)(f)		130,700,000		126,151,758
La Scuola International School, Revenue, Series 2024, 5.00%, 07/01/2044 (c)		2,645,000		2,494,850
La Scuola International School, Revenue, Series 2024, 5.13%, 07/01/2054 (c)		2,100,000		1,939,677
La Scuola International School, Revenue, Series 2024, 5.25%, 07/01/2064 (c)		8,550,000		7,873,170
Rex & Margaret Fortune School of Education, Revenue, Series 2024 C, 5.00%, 06/01/2038 (c)		9,400,000		9,050,800
WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (c)		9,710,000		8,681,741
WFCS Holdings II LLC, Revenue, Series 2021 B, 0.00%, 01/01/2061 (c)(g)		10,000,000		699,856
WFCS Holdings LLC, Revenue, Series 2020 A-1, 5.00%, 01/01/2055 (c)		3,000,000		2,687,599
California Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, Revenue, Series B, 4.00%, 09/01/2050		5,030,000		4,079,022
BOLD Program, Special Tax, Series 2024 A, 5.13%, 09/01/2054		1,000,000		1,003,164
BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2049		1,070,000		1,077,310
BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2054		1,250,000		1,233,451
Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (c)		2,000,000		2,028,004

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
City of Elk Grove Community Facilities District No. 2023-7 Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2054		1,000,000		988,264
Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2040		2,750,000		2,406,823
Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2050		3,250,000		2,622,307
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2044		325,000		329,597
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2049		670,000		674,079
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2054		800,000		788,209
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.13%, 09/01/2059		1,250,000		1,254,310
John Adams Academy — Roseville, Revenue, Series 2015 A, 5.25%, 10/01/2045		1,325,000		1,258,481
John Adams Academy — Roseville, Revenue, Series A, 5.00%, 10/01/2044		1,810,000		1,676,541
MWLA, Inc., Revenue, Refunding, Series 2024, 5.25%, 06/01/2044 (c)		1,000,000		945,429
MWLA, Inc., Revenue, Refunding, Series 2024, 5.50%, 06/01/2054 (c)		1,250,000		1,166,409
Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2036 (c)		2,825,000		2,703,831
Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2046 (c)		7,800,000		7,078,299
Palmdale Aerospace Academy, Inc. (The), Revenue, Series 2016 A, 5.00%, 07/01/2046 (c)		1,670,000		1,571,397
St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.75%, 05/01/2054 (c)		710,000		713,910
St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.88%, 05/01/2059 (c)		695,000		701,431
Westside Neighborhood School, Revenue, Series 2024, 5.90%, 06/15/2044 (c)		775,000		813,676
Westside Neighborhood School, Revenue, Series 2024, 6.20%, 06/15/2054 (c)		3,230,000		3,388,807

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
Westside Neighborhood School, Revenue, Series 2024, 6.38%, 06/15/2064 (c)		5,560,000		5,878,249
California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (c)		1,500,000		1,544,491
EEC, Inc., Revenue, Series 2020 A, 5.00%, 06/15/2050 (c)		400,000		365,077
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.63%, 03/01/2035 (c)		1,255,000		1,238,781
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.50%, 03/01/2045 (c)		14,740,000		14,329,049
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2055 (c)		12,000,000		11,737,229
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.63%, 03/01/2065 (c)		16,500,000		15,597,118
QSH/MB LLC, Revenue, Senior Lien, Series 2025A-1, 6.75%, 07/01/2065 (c)		33,000,000		34,286,518
California School Finance Authority, Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (c)		1,000,000		1,010,688
Integrity Charter School, Revenue, Series 2024, 5.00%, 07/01/2039 (c)		2,305,000		2,212,943
Integrity Charter School, Revenue, Series 2024, 5.25%, 07/01/2044 (c)		830,000		792,573
Integrity Charter School, Revenue, Series 2024, 5.50%, 07/01/2054 (c)		1,755,000		1,660,330
Integrity Charter School, Revenue, Series 2024, 5.60%, 07/01/2064 (c)		3,805,000		3,577,555
New Designs Charter School, Revenue, Refunding, Series 2024 A, 4.75%, 06/01/2044 (c)		1,000,000		935,195
New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2054 (c)		735,000		685,181
New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2064 (c)		5,475,000		4,974,135
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2044 (c)		2,000,000		1,885,730

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, Class A, 5.00%, 06/01/2054 (c)		1,750,000		1,587,440
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2059 (c)		4,650,000		4,247,392
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2064 (c)		8,380,000		7,563,703
Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 A, 6.00%, 06/15/2053 (c)		5,340,000		4,978,095
Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 B, 7.50%, 06/15/2029 (c)		360,000		361,692
Sycamore Creek Community Charter School, Revenue, Series 2025 A, 6.75%, 06/01/2064 (c)		18,235,000		16,518,450
Sycamore Creek Community Charter School, Revenue, Series 2025 B, 11.00%, 06/01/2032 (c)		640,000		649,329
Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2051 (c)		6,790,000		5,342,532
Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2061 (c)		1,455,000		1,087,441
California Statewide Communities Development Authority, Special Assessment, Series 2024 A, 5.00%, 09/02/2054		1,150,000		1,157,176
Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2049		820,000		815,718
Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2054		850,000		842,587
Front Porch Communities & Services Obligated Group, Revenue, Refunding, Series 2021 A, 3.00%, 04/01/2051		9,000,000		6,263,156
California Statewide Financing Authority, Revenue, Series 2006 A, 0.00%, 06/01/2046 (g)		15,000,000		3,738,229
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2037		800,000		817,997
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043		800,000		818,004
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 B, 6.00%, 05/01/2037		230,000		235,174

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
Chino Community Facilities District, City of Chino Community Facilities District No. 2003-3 Improvement Area No. 10, Special Tax, Series 2024, 5.00%, 09/01/2049		680,000		684,140
City & County of San Francisco, Infrastructure & Revitalization Financing District No. 1 Facilities Increment, Tax Allocation, Series 2022 A, 5.00%, 09/01/2052 (c)		1,000,000		935,345
International Airport, Revenue, Second Series, AMT, Series 2025 A, 5.50%, 05/01/2055 (a)		26,950,000		28,177,365
City of Los Angeles Department of Airports, Revenue, AMT, Refunding, Series 2025 A, 5.50%, 05/15/2055 (a)		25,000,000		26,180,108
Revenue, AMT, Refunding, Series 2025 B, 5.25%, 05/15/2050 (a)		14,085,000		14,480,238
Revenue, AMT, Refunding, Series 2025 B, 5.50%, 05/15/2055 (a)		18,025,000		18,875,951
City of Rancho, Mirage Community Facilities District No. 5 Improvement Area No. 1, Special Tax, Series 2024 A, 5.00%, 09/01/2054		1,400,000		1,402,296
City of Rancho Cordova, Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2049		550,000		554,177
Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2053		545,000		546,898
CMFA Special Finance Agency I, Mix at CTR City (The), Revenue, Series 2021 A-2, 4.00%, 04/01/2056 (c)		12,240,000		8,951,990
CSCDA Community Improvement Authority, Altana Apartments, Revenue, Series 2021 A-2, 4.00%, 10/01/2056 (c)		24,965,000		18,735,813
Escondido Portfolio, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 06/01/2058 (c)		9,875,000		7,592,994
Link — Glendale (The), Revenue, Series 2021 A-2, 4.00%, 07/01/2056 (c)		1,295,000		972,785
Millennium South Bay-Hawthorne, Revenue, Series 2021 A-2, 3.25%, 07/01/2056 (c)		23,865,000		15,929,055
MODA at Monrovia Station, Revenue, Series 2021 A-1, 3.40%, 10/01/2046 (c)		150,000		114,810

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
Monterey Station Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 07/01/2056 (c)		6,250,000		4,035,358
Oceanaire Apartments, Revenue, Series 2021 A-2, 4.00%, 09/01/2056 (c)		19,365,000		14,051,304
Renaissance at City Center, Revenue, Series 2020 A, 5.00%, 07/01/2051 (c)		1,000,000		915,455
Vineyard Garden Apartments, Revenue, Senior Lien, Series 2021 A, 3.25%, 10/01/2058 (c)		160,000		105,413
Waterscape Apartments, Revenue, Senior Lien, Series 2021 A, 3.00%, 09/01/2056 (c)		4,950,000		3,280,936
Westgate Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 06/01/2047 (c)		2,250,000		1,525,592
Westgate Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 06/01/2057 (c)		39,995,000		23,441,417
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 12/01/2049 (c)		6,885,000		4,420,871
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 12/01/2058 (c)		31,100,000		22,055,510
Folsom Ranch Financing Authority, City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2049		400,000		401,136
City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2053		460,000		458,069
Golden State Tobacco Securitization Corp., Revenue, Refunding, Series 2021 B-2, 0.00%, 06/01/2066 (g)		40,000,000		4,287,624
Inland Empire Tobacco Securitization Corp., Revenue, Series 2007 C-2, 0.00%, 06/01/2047 (g)		40,000,000		6,653,184
Kaweah Delta Health Care District Guild, Revenue, Series 2015 B, 3.25%, 06/01/2030		65,000		59,404
Revenue, Series 2015 B, 3.38%, 06/01/2031		45,000		40,706
Revenue, Series 2015 B, 3.50%, 06/01/2032		125,000		111,954
Revenue, Series 2015 B, 3.50%, 06/01/2033		110,000		96,715
Revenue, Series 2015 B, 4.00%, 06/01/2037		765,000		683,141
Revenue, Series 2015 B, 5.00%, 06/01/2040		3,420,000		3,243,286
Revenue, Series 2015 B, 4.00%, 06/01/2045		10,635,000		8,510,255

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California — 10.9% (continued)
River Islands Public Financing Authority, Community Facilities District No. 2023-1 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2054		2,750,000		2,676,817
Woodland-Davis Clean Water Agency, Revenue, Sub. Lien, Refunding, Series 2015 B, 4.70%, 03/01/2039 (c)		1,533,585		1,320,994
				685,850,305
Colorado — 2.3%
Aerotropolis Regional Transportation Authority, Revenue, Series 2024, 5.50%, 12/01/2044 (c)		2,250,000		2,217,147
Revenue, Series 2024, 5.75%, 12/01/2054 (c)		24,525,000		24,613,347
Canyons Metropolitan District No. 5, GO, Refunding, Series 2024 B, 6.50%, 12/01/2054		3,400,000		3,354,438
CCP Metropolitan District No. 3, GO, Refunding, Series 2024, 5.00%, 12/01/2053		1,200,000		1,118,884
Colorado Educational & Cultural Facilities Authority, Aspen View Academy, Inc., Revenue, Series 2021, 4.00%, 05/01/2051		1,235,000		988,579
Expeditionary Learning School Board of Cooperative Educational Services, Revenue, Series 2019, 5.00%, 03/01/2050 (c)		2,000,000		1,793,796
Colorado Health Facilities Authority, BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038		160,000		144,548
BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 5.00%, 09/15/2048		7,000,000		6,395,353
BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 4.50%, 09/15/2038		190,000		165,868
BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 5.00%, 09/15/2053		200,000		164,703
Covenant Living Communities and Services Obligated Group, Revenue, Refunding, Series 2025 A, 5.13%, 12/01/2055		1,445,000		1,446,975
Colorado Housing and Finance Authority, Revenue, Series 2024 A-1, Class I, 4.60%, 10/01/2049 (a)		2,620,000		2,567,981
Revenue, Series 2024 A-1, Class I, 4.70%, 10/01/2054 (a)		3,500,000		3,440,560

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Colorado — 2.3% (continued)
Revenue, Series 2024 A-1, Class I, 4.80%, 10/01/2059 (a)		2,765,000		2,756,390
Revenue, Series 2024 A-1, Class I, 4.85%, 10/01/2064 (a)		2,150,000		2,143,013
Revenue, Series 2024 A-1, Class I, 4.88%, 10/01/2067 (a)		2,230,000		2,245,406
Elbert County Independence Water & Sanitation District, Revenue, Refunding, Series 2024, 5.13%, 12/01/2033		3,741,000		3,638,655
Granary Metropolitan District, Special Assessment, Series 2024, 5.45%, 12/01/2044 (c)		3,040,000		2,788,636
Haymeadow Metropolitan District No. 1, GO, Series 2025 A, 6.13%, 12/01/2054		1,625,000		1,539,178
Hess Ranch Metropolitan District No. 5, Special Improvement District No. 1, Special Assessment, Series 2024 A-1, 6.00%, 12/01/2043		2,500,000		2,480,942
Special Improvement District No. 1, Special Assessment, Series 2024 A-2, 6.50%, 12/01/2043		2,250,000		2,293,357
Independence Metropolitan District, GO, Senior Lien, Refunding, Series 2024 A, 5.38%, 12/01/2054		5,250,000		4,791,279
Ledge Rock Center Residential Metropolitan District No. 1, GO, Series 2024 A, 6.38%, 12/01/2054		4,050,000		3,886,264
Mineral Business Improvement District, GO, Series 2024 A, 5.75%, 12/01/2054 (c)		3,125,000		3,004,763
Mirabelle Metropolitan District No. 2, GO, Refunding, Series 2025B, 6.13%, 12/15/2049		2,100,000		2,079,887
Murphy Creek Metropolitan District No. 2, GO, Series 2024 A, 6.00%, 12/01/2054 (c)		7,065,000		6,490,729
Newlin Crossing Metropolitan District, GO, Series 2024 A, 5.38%, 12/01/2054 (c)		1,145,000		1,061,304
GO, Series 2024 B, 7.75%, 12/15/2054 (c)		603,000		605,268
Pinery Commercial Metropolitan District No. 2, Revenue, Series 2025, 5.75%, 12/01/2054		5,200,000		4,944,995
Pinon Pines Metropolitan District No. 3, GO, Series 2025, 0.00%, 12/01/2054 (e)		4,000,000		3,334,030

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Colorado — 2.3% (continued)
Poudre Heights Valley Metropolitan District, GO, Series 2024 A, 5.50%, 12/01/2054 (c)		980,000		874,172
Prairie Center Metropolitan District No. 3, GO, Refunding, Series 2024 A, 5.88%, 12/15/2046		2,125,000		2,180,958
GO, Series 2024 B, 5.88%, 12/15/2046		1,000,000		1,026,333
Ridge at Johnstown Metropolitan District, Special Assessment, Series 2024, 5.88%, 12/01/2044 (c)		2,000,000		1,816,596
Rocky Mountain Rail Park Metropolitan District, GO, Series 2021 A, 5.00%, 12/01/2051 (c)		4,000,000		3,554,028
Sky Dance Metropolitan District No. 2, GO, Series 2024 A, 6.00%, 12/01/2054		2,500,000		2,318,056
Sky Ranch Community Authority Board, GO, Series 2024 B, 6.50%, 12/15/2054		550,000		543,331
St Vrain Lakes Metropolitan District No. 2, GO, Refunding, Series 2024 B, 6.38%, 11/15/2054		2,000,000		2,000,867
St. Vrain Lakes Metropolitan District No. 4, GO, Series 2024 A, 0.00%, 09/20/2054 (c)		17,585,000		11,690,234
STC Metropolitan District No. 2, GO, Second Lien, Refunding, Series 2025 A-2, 6.25%, 12/01/2055 (c)		2,500,000		2,518,072
GO, Refunding, Series 2025 B, 8.00%, 12/15/2055 (c)(d)		1,840,000		1,852,012
Sterling Ranch Community Authority Board, Sterling Ranch Metropolitan District No. 1, Special Assessment, Series 2024, 5.63%, 12/01/2043		2,600,000		2,592,912
Sunset Parks Metropolitan District, GO, Series 2024 A, 5.13%, 12/01/2054 (c)		1,415,000		1,293,628
Town of Del Norte, Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.20%, 12/01/2039		550,000		511,609
Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.70%, 12/01/2049		1,375,000		1,257,089
Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.80%, 12/01/2054		1,000,000		914,810

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Colorado — 2.3% (continued)
Water Valley Metropolitan District No. 3, GO, Series 2024 A, 5.25%, 12/01/2054		600,000		555,951
Waterview North Metropolitan District, GO, Series 2024 A, 5.75%, 12/01/2054 (c)		1,750,000		1,593,293
				137,590,226
Connecticut — 1.8%
Connecticut Housing Finance Authority, Revenue, Refunding, Series 2024 F-1, 4.60%, 11/15/2044 (a)		21,770,000		21,670,662
Revenue, Refunding, Series 2024 F-1, 4.75%, 11/15/2049 (a)		34,810,000		34,709,768
Revenue, Refunding, Series 2024 F-1, 4.80%, 11/15/2052 (a)		10,010,000		10,020,265
Connecticut State Health & Educational Facilities Authority, Goodwin University Obligated Group, Revenue, Series A-1, 5.00%, 07/01/2044		3,000,000		2,855,076
Goodwin University Obligated Group, Revenue, Series A-1, 5.38%, 07/01/2054		6,340,000		5,984,629
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2044 (c)		3,850,000		3,617,112
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2050 (c)		1,265,000		1,152,910
Nuvance Health Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 07/01/2039		365,000		278,713
University of Hartford (The), Revenue, Refunding, Series 2019 N, 4.00%, 07/01/2049		3,900,000		2,897,425
University of Hartford (The), Revenue, Series 2022 P, 5.38%, 07/01/2052		3,750,000		3,344,429
University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2039		60,000		49,291
Stamford Housing Authority, TJH Senior Living LLC Obligated Group, Revenue, Series 2025 A, 5.50%, 10/01/2035		1,000,000		999,465
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 10/01/2045		1,600,000		1,616,721
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.50%, 10/01/2055		2,500,000		2,511,133

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Connecticut — 1.8% (continued)
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 10/01/2060		1,900,000		1,850,996
TJH Senior Living LLC Obligated Group, Revenue, Series 2025 C, 4.75%, 10/01/2032		2,590,000		2,568,108
Steel Point Infrastructure Improvement District, Tax Allocation, Series 2024, 5.63%, 04/01/2044 (c)		1,000,000		1,013,529
Tax Allocation, Series 2024, 6.00%, 04/01/2052 (c)		2,500,000		2,597,110
				99,737,342
Delaware — 0.3%
Delaware State Housing Authority, Revenue, Senior Lien, GNMA Insured, Series 2025 A, 4.65%, 07/01/2050		5,000,000		4,916,041
Revenue, Senior Lien, GNMA Insured, Series 2025 A, 4.70%, 07/01/2055		1,490,000		1,459,868
Town of Bridgeville, Heritage Shores Special Development District, Special Tax, Series 2024, 5.25%, 07/01/2044 (c)		870,000		871,343
Heritage Shores Special Development District, Special Tax, Series 2024, 5.63%, 07/01/2053 (c)		3,065,000		3,097,166
Town of Milton, Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (c)		1,265,000		1,218,739
Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.95%, 09/01/2053 (c)		4,665,000		4,535,432
				16,098,589
District of Columbia — 1.2%
District of Columbia, Latin American Montessori Bilingual Public Charter School Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2050		3,220,000		2,935,716
Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2056 (c)		6,510,000		5,749,020
Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2051 (c)		4,345,000		3,881,858
Rocketship DC Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2049 (c)		7,180,000		6,491,792

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
District of Columbia — 1.2% (continued)
Rocketship Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2061 (c)		10,570,000		9,243,624
Rocketship Obligated Group, Revenue, Series 2024 A, 5.75%, 06/01/2054		4,100,000		4,112,733
Rocketship Obligated Group, Revenue, Series 2024 A, 6.00%, 06/01/2058		2,400,000		2,439,247
Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (g)		20,000,000		4,980,010
Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2031 (c)		2,162,000		1,950,270
Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2046 (c)		8,635,000		6,403,630
Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2041 (c)		6,010,000		4,457,824
Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2049 (c)		14,470,000		8,283,754
Metropolitan Washington Airports Authority Aviation, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 10/01/2054 (a)		11,750,000		12,232,837
				73,162,315
Florida — 20.3%
Academical Village Community Development District, Special Assessment, Series 2020, 3.63%, 05/01/2040		4,320,000		3,560,900
Anabelle Island Community Development District, Special Assessment, Series 2022, 4.00%, 05/01/2052		180,000		143,378
Antillia Community Development District, Special Assessment, Series 2024, 5.60%, 05/01/2044		720,000		711,745
Special Assessment, Series 2024, 5.88%, 05/01/2054		1,000,000		987,394
Arbors Community Development District, Project Area, Special Assessment, Series 2024, 5.50%, 05/01/2055 (c)		1,000,000		977,427
Arbors Community Development District 2024, Project Area, Special Assessment, Series 2024, 5.15%, 05/01/2044 (c)		875,000		852,293
Ave Maria Stewardship Community District, Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2042		2,445,000		2,090,671

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2052		1,000,000		781,214
Ave Maria Stewardship Community District Series 2021 Assessment, Special Assessment, Series 2021, 4.00%, 05/01/2051		325,000		258,510
Babcock Ranch Community Independent Special District, Assessment Area, Special Assessment, Series 2024, 5.25%, 05/01/2055 (c)		2,750,000		2,658,484
Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2042		15,000		14,807
Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2053		3,175,000		3,033,476
Bella Collina Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2044		685,000		663,800
Special Assessment, Series 2024, 5.30%, 05/01/2055		915,000		879,543
Berry Bay Community Development District, Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051		1,375,000		1,106,692
Berry Bay II Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044		550,000		525,115
Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054		1,000,000		943,547
Bridgewater North Community Development District, Special Assessment, Series 2022, 4.00%, 05/01/2052		2,000,000		1,600,285
Brightwater Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 (c)		655,000		641,274
Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 (c)		1,450,000		1,418,722
Buckhead Trails Community Development District, Special Assessment, Series 2024, 5.60%, 05/01/2044		1,000,000		976,078
Special Assessment, Series 2024, 5.88%, 05/01/2054		1,675,000		1,626,928
Caldera Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044		1,450,000		1,391,668

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2054		1,000,000		940,662
Capital Projects Finance Authority, Kissimmee Charter Academy, Revenue, Series 2024, 6.13%, 06/15/2044 (c)		820,000		840,054
Kissimmee Charter Academy, Revenue, Series 2024, 6.50%, 06/15/2054 (c)		510,000		520,912
Kissimmee Charter Academy, Revenue, Series 2024, 6.63%, 06/15/2059 (c)		1,460,000		1,497,782
Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2054 (c)		4,800,000		4,402,372
Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2064 (c)		1,885,000		1,682,504
PRG — UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2049 (c)		1,900,000		1,811,220
PRG — UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2054 (c)		4,300,000		4,057,449
PRG — UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2058 (c)		1,600,000		1,493,547
PRG — UnionWest Properties LLC, Revenue, Series 2024 B, 0.00%, 06/01/2062 (c)(e)		73,715,000		11,085,019
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 01/01/2040 (c)		1,500,000		1,487,792
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.75%, 01/01/2045 (c)		1,500,000		1,476,047
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.25%, 01/01/2055 (c)		4,500,000		4,546,000
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.13%, 01/01/2065 (c)		8,000,000		7,863,817
Capital Trust Agency, Inc., Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.20%, 08/15/2056 (c)		2,450,000		1,856,313

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.25%, 08/15/2061 (c)		2,250,000		1,681,642
Franklin Academy Obligated Group, Revenue, Series 2020, 5.00%, 12/15/2035 (c)		1,085,000		1,057,208
Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 (c)		2,000,000		1,454,397
Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2049 (c)		4,365,000		3,888,351
WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (c)		6,950,000		6,123,387
Capital Trust Authority, Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (c)		9,000,000		8,842,639
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2044 (c)		1,000,000		929,793
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2054 (c)		1,500,000		1,391,028
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2064 (c)		2,000,000		1,811,461
IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (c)		1,500,000		1,535,150
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 06/15/2044 (c)		810,000		818,447
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.00%, 06/15/2054 (c)		1,250,000		1,269,544
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (c)		1,100,000		1,118,145
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 B, 7.75%, 07/01/2034 (c)		1,475,000		1,474,024
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025A, 4.75%, 07/01/2040 (c)		2,000,000		1,882,477
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025A, 5.00%, 07/01/2045 (c)		1,500,000		1,401,796
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025A, 5.25%, 07/01/2050 (c)		2,000,000		1,879,274
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025A, 5.25%, 07/01/2055 (c)		2,500,000		2,313,258

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025A, 5.38%, 07/01/2065 (c)		5,820,000		5,372,417
Seaside School Consortium, Inc., Revenue, Series 2024 A, 5.13%, 06/15/2059		2,970,000		2,737,457
St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 06/15/2050 (c)		1,000,000		929,351
St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.25%, 06/15/2059 (c)		1,770,000		1,646,373
Caymas Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054		1,000,000		967,824
Cedar Crossings Community Development District, Special Assessment, Series 2025, 5.30%, 05/01/2045 (c)		500,000		479,428
Special Assessment, Series 2025, 5.50%, 05/01/2055 (c)		700,000		660,163
Central Parc Community Development District, Special Assessment, Series 2024, 4.90%, 05/01/2031		475,000		473,911
Special Assessment, Series 2024, 6.00%, 05/01/2054		750,000		739,162
Chaparral Palm Bay Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044		1,000,000		961,541
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055		2,250,000		2,161,599
Chapel Creek Community Development District, Assessment Area, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,000,000		983,795
Charlotte County Industrial Development Authority, MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2041 (c)		4,345,000		3,815,971
MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2051 (c)		4,345,000		3,462,495
City of Pompano Beach, John Knox Village of Florida, Inc. Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2056		500,000		384,529
Connerton East Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.45%, 06/15/2045		500,000		483,810

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Assessment Area 2, Special Assessment, Series 2025, 5.63%, 06/15/2055		1,000,000		961,784
Coral Bay Lee County Community Development District, Assessment Area 2, Revenue, Series 2024, 5.25%, 05/01/2044		1,000,000		984,698
Assessment Area 2, Revenue, Series 2024, 5.55%, 05/01/2054		1,220,000		1,203,224
Coral Creek Community Development District, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,700,000		1,679,455
Coral Lakes Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053		1,000,000		1,001,288
County of Miami-Dade, Aviation, Revenue, AMT, Series 2025 A, 5.50%, 10/01/2055 (a)		15,000,000		15,639,555
County of Palm Beach, Provident Group — LU Properties LLC, Revenue, Series 2021 A, 5.00%, 06/01/2057 (c)		1,000,000		867,789
Provident Group — LU Properties LLC, Revenue, Series 2024 A, 6.13%, 06/01/2054		13,250,000		12,761,128
Provident Group — LU Properties LLC, Revenue, Series 2024 A, 6.25%, 06/01/2059		10,890,000		10,597,411
Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2039 (c)		1,950,000		1,816,588
Creekview Community Development District, Phase 1, Special Assessment, Series 2022, 4.63%, 05/01/2042		1,535,000		1,430,544
Phase 2, Special Assessment, Series 2024, 5.38%, 05/01/2044		2,000,000		1,927,505
Phase 2, Special Assessment, Series 2024, 5.63%, 05/01/2055		3,500,000		3,347,779
Crossings Community Development District, Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044		1,000,000		963,118
Area 2, Special Assessment, Series 2024, 5.60%, 05/01/2054		1,375,000		1,318,599
Crosswinds East Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,500,000		1,488,090
Assessment Area 2, Special Assessment, Series 2024, 5.15%, 05/01/2044		775,000		737,175

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054		1,000,000		948,880
Curiosity Creek Community Development District, Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2044 (c)		900,000		868,957
Assessment Area No. 1, Special Assessment, Series 2024, 5.70%, 05/01/2055 (c)		1,475,000		1,418,286
Dewey Robbins Community Development District, Special Assessment, Series 2025, 5.60%, 05/01/2045		905,000		884,169
Special Assessment, Series 2025, 5.80%, 05/01/2055		1,325,000		1,283,467
Dowden West Community Development District, Special Assessment, Series 2024, 5.25%, 05/01/2044		495,000		483,971
Special Assessment, Series 2024, 5.55%, 05/01/2054		855,000		830,194
East Nassau Stewardship District, Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2051		1,505,000		1,188,333
Wildlight Village Phase 3, Special Assessment, Series 2024, 5.25%, 05/01/2044		1,505,000		1,454,185
Wildlight Village Phase 3, Special Assessment, Series 2024, Class A, 5.50%, 05/01/2055		1,605,000		1,533,153
East Palm Drive Community Development District, Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 06/15/2044		500,000		481,907
Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 06/15/2054		750,000		716,714
Edgewater East Community Development District, Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051		1,730,000		1,386,257
Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2042		2,635,000		2,298,739
Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2052		7,530,000		5,997,973
Edgewater West Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.25%, 05/01/2044		2,000,000		1,894,255
Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054		2,500,000		2,343,188

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Entrada Community Development District, Assessments, Special Assessment, Series 2024, 5.00%, 05/01/2044		900,000		858,628
Assessments, Special Assessment, Series 2024, 5.30%, 05/01/2055		725,000		686,812
Epperson North Community Development District, Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051		1,985,000		1,578,762
Assessment Area 4, Special Assessment, Series 2024, 5.30%, 05/01/2044		465,000		449,362
Assessment Area 4, Special Assessment, Series 2024, 5.60%, 05/01/2055		750,000		720,850
Everlands Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.55%, 06/15/2054		1,000,000		983,168
Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.20%, 06/15/2044 (c)		750,000		726,520
Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.50%, 06/15/2054 (c)		1,000,000		958,230
Everlands II Community Development District, Special Assessment, Series 2024, 5.20%, 06/15/2044		725,000		711,575
Fish Lake Cover Community Development District, Fish Lake Cover Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.35%, 05/01/2045		835,000		801,747
Fish Lake Cover Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.55%, 05/01/2055		1,180,000		1,119,508
Florida Development Finance Corp., AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (c)(e)(f)		166,140,000		172,412,948
AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (c)(e)(f)		75,210,000		77,670,360
Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 6.00%, 08/15/2057 (c)		5,000,000		4,671,711
Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 A, 8.25%, 08/13/2025 (c)(e)(f)		246,250,000		253,861,932
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041		15,590,000		15,117,434

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053		172,655,000		172,666,050
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.00%, 06/01/2034 (c)		1,190,000		1,190,284
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.25%, 06/01/2044 (c)		1,000,000		969,114
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2054 (c)		2,790,000		2,704,202
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2059 (c)		1,500,000		1,427,586
Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 (c)		2,000,000		1,985,936
Renaissance Charter School, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 6.00%, 06/15/2050		3,000,000		2,997,973
Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2021 A, 5.50%, 06/15/2051		1,000,000		937,170
SFP — Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2044 (c)		1,600,000		1,536,937
SFP — Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2054 (c)		7,200,000		6,873,887
SFP — Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2059 (c)		6,550,000		6,188,204
Florida Municipal Loan Council, Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.15%, 05/01/2044		900,000		892,510
Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.40%, 05/01/2054		825,000		812,295
Gardens at Hammock Beach Community Development District, Assessment Area 1, Special Assessment, Series 2024-1, 5.65%, 05/01/2054		530,000		509,080
Assessment Area 2, Special Assessment, Series 2024-2, 5.00%, 05/01/2031		270,000		267,869
Assessment Area 2, Special Assessment, Series 2024-2, 5.60%, 05/01/2044		990,000		956,384

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Assessment Area 2, Special Assessment, Series 2024-2, 5.88%, 05/01/2055		1,250,000		1,198,708
Golden Gem Community Development District, Special Assessment, Series 2024, 5.15%, 05/01/2031		535,000		535,819
Special Assessment, Series 2024, 5.70%, 05/01/2044		2,900,000		2,850,641
Special Assessment, Series 2024, 6.00%, 05/01/2055		5,000,000		4,967,518
Governors Park South Community Development District, Assessment Area 1, Special Assessment, Series 2025, 5.40%, 05/01/2045		845,000		821,270
Assessment Area 1, Special Assessment, Series 2025, 5.65%, 05/01/2055		1,250,000		1,208,473
Gracewater Sarasota Community Development District, Assessments, Special Assessment, Series 2021, 3.35%, 05/01/2041		3,170,000		2,490,952
Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2052		3,815,000		2,980,330
Greater Orlando Aviation Authority, Revenue, AMT, Series 2024, 5.25%, 10/01/2048 (a)		20,000,000		20,453,222
Greenbriar Community Development District, Assessment Area No. 1, Special Assessment, Series 2025, 5.65%, 05/01/2045		1,000,000		980,540
Assessment Area No. 1, Special Assessment, Series 2025, 5.88%, 05/01/2054		1,350,000		1,320,241
Hamilton Bluff Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2044		1,360,000		1,333,384
Assessment Area 1, Special Assessment, Series 2024, 5.80%, 05/01/2054		2,000,000		1,948,840
Hammock Oaks Community Development District, Assessment Area 2, Special Assessment, Series 2024, 6.15%, 05/01/2054		1,250,000		1,250,262
Assessment Area 3, Special Assessment, Series 2025, 5.55%, 05/01/2045 (c)		1,000,000		987,415
Assessment Area 3, Special Assessment, Series 2025, 5.75%, 05/01/2055 (c)		1,500,000		1,473,250

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Harmony on Lake Eloise Community Development District, Assessment Area No. 2, Special Assessment, Series 2025, 5.45%, 11/01/2045		1,000,000		978,027
Assessment Area No. 2, Special Assessment, Series 2025, 5.65%, 11/01/2054		1,250,000		1,218,135
Harmony West Community Development District, Assessment Area No. 3, Special Assessment, Series 2025, 5.45%, 05/01/2045		625,000		610,437
Assessment Area No. 3, Special Assessment, Series 2025, 5.65%, 05/01/2055		1,000,000		973,639
Harvest Ridge Community Development District, Special Assessment, Series 2024, 5.38%, 05/01/2054		650,000		619,588
Hawthorne Mill North Community Development District, Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044		1,000,000		960,406
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2054		1,400,000		1,338,184
Hickory Tree Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2055		1,500,000		1,418,212
Highland Trails Community Development District, Assessments, Special Assessment, Series 2024, 5.85%, 05/01/2054		880,000		868,278
Hillcrest Community Development District, Special Assessment, Series 2018, 5.00%, 11/01/2048		300,000		288,926
Hillcrest Preserve Community Development District, Special Assessment, Series 2024, 5.00%, 05/01/2044 (c)		1,000,000		930,618
Special Assessment, Series 2024, 5.30%, 05/01/2054 (c)		1,500,000		1,395,933
Hills of Minneola Community Development District, North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2044		650,000		662,930
North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.88%, 05/01/2054		1,000,000		1,033,730
South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2050 (c)		4,500,000		3,667,806
South Parcel Assessment Area Phase 2, Special Assessment, Series 2021, 4.00%, 05/01/2052		1,940,000		1,556,956

First Eagle High Yield Municipal Fund | Schedule of Investments | April 30, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida — 20.3% (continued)
Hobe-St. Lucie Conservancy District, Unit of Development No. 1A, Special Assessment, Series 2024, 5.60%, 05/01/2044		1,900,000		1,904,048
Unit of Development No. 1A, Special Assessment, Series 2024, 5.88%, 05/01/2055		2,690,000		2,677,900
Hyde Park Community Development District No. 1, Assessments, Special Assessment, Series 2024 A, 5.35%, 05/01/2044		425,000		410,763
Assessments, Special Assessment, Series 2024 A, 5.63%, 05/01/2055		685,000		659,845
Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034		1,705,000		1,678,701
Kelly Park Community Development District, Assessment Area 2, Special Assessment, Series 2025, 5.30%, 05/01/2045		650,000		630,068
Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055		915,000		876,540
Keys Edge Community Development District, Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 05/01/2044		975,000		931,642
Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055		1,000,000		947,073
Lake Hideaway Community Development District, Assessment Area 1, Special Assessment, Series 2024, 5.65%, 05/01/2044		2,000,000		1,970,349
Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054		2,750,000		2,687,705
Lake Mattie Preserve Community Development District, Special Assessment, Series 2024, 5.85%, 05/01/2054		570,000		556,257
Special Assessment, Series 2025, 5.45%, 05/01/2045		980,000		936,821
Special Assessment, Series 2025, 5.65%, 05/01/2055		1,080,000		1,020,940
Lakes of Sarasota Community Development District, Assessments, Special Assessment, Series 2024 A, 5.30%, 05/01/2044		425,000		408,305
Assessments, Special Assessment, Series 2024 A, 5.60%, 05/01/2055		685,000		655,591
Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034		2,325,000		2,287,518

Aggregate gross unrealized appreciation	$	43,422,742
Aggregate gross unrealized depreciation		(159,084,296	)
Net unrealized depreciation	$	(115,661,554	)
Federal income tax cost of investments	$	6,883,889,362

Aggregate gross unrealized appreciation	$	2,050,265
Aggregate gross unrealized depreciation		(9,312,566	)
Net unrealized depreciation	$	(7,262,301	)
Federal income tax cost of investments	$	809,542,252

	First Eagle Global Fund*		First Eagle Overseas Fund*
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	32,834,358,921	$	7,895,164,693
Investments in affiliates		2,883,618,744		417,366,894
Gold bullion		1,871,828,285		272,993,545
Silver bullion		—		—
Investments, at Value (Note 1)
Investments in non-affiliates		49,497,127,271		11,275,062,811
Investments in affiliates		2,131,449,170		622,606,824
Gold bullion		6,411,069,452		1,161,576,709
Silver bullion		—		—
Unrealized appreciation on forward foreign currency exchange contracts		28,092,031		12,491,493
Receivable for investment securities sold		14,521,752		17,676,250
Foreign tax reclaims receivable		69,511,352		30,866,128
Receivable for Fund shares sold		65,720,953		28,632,414
Accrued interest and dividends receivable		180,435,356		75,428,100
Investment for trustee deferred compensation plan (Note 2)		9,918,351		2,041,548
Other assets		232,895		79,566
Total Assets		58,408,078,583		13,226,461,843
Liabilities
Investment advisory fees payable (Note 2)		34,654,821		7,721,079
Payable for investment securities purchased		21,373,059		4,048,007
Distribution fees payable (Note 3)		3,813,287		323,729
Administrative fees payable (Note 2)		823,303		208,316
Trustee deferred compensation plan (Note 2)		9,918,351		2,041,548
Service fees payable (Note 3)		264,086		11,111
Trustee fees payable		236,186		108,835
IRS compliance fees for foreign withholding tax claims payable		20,941,890		37,211,235
Unrealized depreciation on forward foreign currency exchange contracts		139,158,396		64,461,533
Payable for Fund shares redeemed		30,534,197		8,780,132
Accrued expenses and other liabilities		11,585,359		3,581,915
Total Liabilities		273,302,935		128,497,440
Commitments and contingent liabilities^{^}		—		—
Net Assets	$	58,134,775,648	$	13,097,964,403
Net Assets Consist of
Paid in capital	$	35,604,169,380	$	8,577,124,373
Total distributable earnings (losses)		22,530,606,268		4,520,840,030
Net Assets	$	58,134,775,648	$	13,097,964,403

	First Eagle U.S. Fund*^†		First Eagle Gold Fund*
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	778,208,889	$	1,359,410,302
Investments in affiliates		—		129,987,332
Gold bullion		54,489,904		102,520,967
Silver bullion		—		210,369,052
Investments, at Value (Note 1)
Investments in non-affiliates		1,199,864,584		2,658,952,025
Investments in affiliates		—		286,108,635
Gold bullion		178,870,454		270,502,023
Silver bullion		—		255,833,682
Unrealized appreciation on forward foreign currency exchange contracts		—		—
Receivable for investment securities sold		—		5,980,711
Foreign tax reclaims receivable		70,184		2,010,242
Receivable for Fund shares sold		1,624,180		7,188,927
Accrued interest and dividends receivable		1,290,650		1,009,347
Investment for trustee deferred compensation plan (Note 2)		1,406,246		542,739
Other assets		8,144		12,183
Total Assets		1,383,134,442		3,488,140,514
Liabilities
Investment advisory fees payable (Note 2)		833,471		2,121,163
Payable for investment securities purchased		135,169		—
Distribution fees payable (Note 3)		138,036		274,530
Administrative fees payable (Note 2)		39,057		66,023
Trustee deferred compensation plan (Note 2)		1,406,246		542,739
Service fees payable (Note 3)		5,174		30,557
Trustee fees payable		6,379		9,321
IRS compliance fees for foreign withholding tax claims payable		—		—
Unrealized depreciation on forward foreign currency exchange contracts		—		—
Payable for Fund shares redeemed		1,183,137		2,829,806
Accrued expenses and other liabilities		386,637		665,076
Total Liabilities		4,133,306		6,539,215
Commitments and contingent liabilities^{^}		—		—
Net Assets	$	1,379,001,136	$	3,481,601,299
Net Assets Consist of
Paid in capital	$	748,655,341	$	2,447,481,778
Total distributable earnings (losses)		630,345,795		1,034,119,521
Net Assets	$	1,379,001,136	$	3,481,601,299

	First Eagle Global Fund*			First Eagle Overseas Fund*
Class A
Net assets	$	15,174,659,569		$	1,473,894,639
Shares outstanding		210,368,868			53,970,393
Net asset value per share and redemption proceeds per share	$	72.13		$	27.31
Offering price per share (NAV per share plus maximum sales charge)**	$	75.93	⁽¹⁾	$	28.75	⁽¹⁾
Class C
Net assets	$	1,304,669,938		$	55,796,007
Shares outstanding		18,993,226			2,160,210
Net asset value per share and redemption proceeds per share	$	68.69		$	25.83
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)⁽²⁾	$	68.00		$	25.57
Class I
Net assets	$	38,561,059,993		$	10,253,585,636
Shares outstanding		531,026,246			364,975,658
Net asset value per share and redemption proceeds per share	$	72.62		$	28.09
Class R6
Net assets	$	3,094,386,148		$	1,314,688,121
Shares outstanding		42,593,700			46,795,860
Net asset value per share and redemption proceeds per share	$	72.65		$	28.09

	First Eagle Global Income Builder Fund		First Eagle Rising Dividend Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	1,467,521,679	$	301,908,722
Gold bullion		58,435,439		—
Investments, at Value (Note 1)
Investments in non-affiliates		1,708,491,660		390,399,032
Gold bullion		157,036,411		—
Cash		13,177		—
Unrealized appreciation on forward foreign currency exchange contracts		640,233		—
Receivable for investment securities sold		—		—
Foreign tax reclaims receivable		2,812,660		374,525
Receivable for Fund shares sold		3,272,562		97,438
Accrued interest and dividends receivable		12,328,956		605,920
Investment for trustee deferred compensation plan (Note 2)		1,064,639		1,574,165
Due from adviser		—		47,900
Other assets		10,847		4,705
Total Assets		1,885,671,145		393,103,685
Liabilities
Investment advisory fees payable (Note 2)		1,102,242		158,241
Option contracts written, at value (premiums received $623,554, $—, $— and $—, respectively)		1,505,365		—
Payable for investment securities purchased		3,228,012		—
Distribution fees payable (Note 3)		186,556		54,796
Administrative fees payable (Note 2)		73,485		35,781
Trustee deferred compensation plan (Note 2)		1,064,639		1,574,165
Service fees payable (Note 3)		13,808		1,003
Trustee fees payable		—		1,773
IRS compliance fees for foreign withholding tax claims payable		276,252		—
Payable for dividends to shareholders		557,857		—
Unrealized depreciation on forward foreign currency exchange contracts		3,060,323		—
Payable for Fund shares redeemed		2,981,248		234,402
Accrued expenses and other liabilities		979,153		467,215
Total Liabilities		15,028,940		2,527,376
Commitments and contingent liabilities^{^}		—		—
Net Assets	$	1,870,642,205	$	390,576,309
Net Assets Consist of
Paid in capital	$	1,508,221,499	$	278,684,488
Total distributable earnings (losses)		362,420,706		111,891,821
Net Assets	$	1,870,642,205	$	390,576,309

	First Eagle Small Cap Opportunity Fund			First Eagle U.S. Smid Cap Opportunity Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	1,510,246,863		$	45,942,044
Gold bullion		—			—
Investments, at Value (Note 1)
Investments in non-affiliates		1,467,772,074			50,011,822
Gold bullion		—			—
Cash		—			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—
Receivable for investment securities sold		4,722,405			—
Foreign tax reclaims receivable		—			—
Receivable for Fund shares sold		3,007,225			319,352
Accrued interest and dividends receivable		877,874			15,609
Investment for trustee deferred compensation plan (Note 2)		3,042,722			179,866
Due from adviser		84,606			47,316
Other assets		9,011			2,019
Total Assets		1,479,515,917			50,575,984
Liabilities
Investment advisory fees payable (Note 2)		1,007,197			28,857
Option contracts written, at value (premiums received $623,554, $—, $— and $—, respectively)		—			—
Payable for investment securities purchased		1,126,967			—
Distribution fees payable (Note 3)		17,934			276
Administrative fees payable (Note 2)		86,139			29,225
Trustee deferred compensation plan (Note 2)		3,042,722			179,866
Service fees payable (Note 3)		—			—
Trustee fees payable		2,502			—
IRS compliance fees for foreign withholding tax claims payable		—			—
Payable for dividends to shareholders		—			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—
Payable for Fund shares redeemed		4,575,220			—
Accrued expenses and other liabilities		731,123			146,262
Total Liabilities		10,589,804			384,486
Commitments and contingent liabilities^{^}		—			—
Net Assets	$	1,468,926,113		$	50,191,498
Net Assets Consist of
Paid in capital	$	1,509,776,389		$	47,416,649
Total distributable earnings (losses)		(40,850,276	)		2,774,849
Net Assets	$	1,468,926,113		$	50,191,498

	First Eagle Global Real Assets Fund*		First Eagle High Yield Municipal Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	13,082,806	$	6,883,889,362
Gold bullion		274,172		—
Investments, at Value (Note 1)
Investments in non-affiliates		13,864,875		6,768,227,808
Gold bullion		329,691		—
Cash		—		76,052
Receivable for investment securities sold		—		73,495,031
Foreign tax reclaims receivable		8,908		—
Receivable for Fund shares sold		29		61,434,608
Accrued interest and dividends receivable		34,216		108,171,585
Investment for trustee deferred compensation plan (Note 2)		159,690		—
Due from adviser		64,637		62,782
Other assets		2,649		6,024
Total Assets		14,464,695		7,011,473,890
Liabilities
Investment advisory fees payable (Note 2)		7,341		2,236,869
Due to custodian		—		—
Payable for investment securities purchased		—		192,253,459
Payable for floating rate note obligations		—		561,160,000
Distribution fees payable (Note 3)		353		388,832
Administrative fees payable (Note 2)		26,050		150,321
Trustee deferred compensation plan (Note 2)		159,690		—
Service fees payable (Note 3)		—		23,921
Trustee fees payable		—		—
Payable for dividends to shareholders		—		792,474
Payable for Fund shares redeemed		—		16,251,764
Interest expense and fees payable		—		4,348,619
Accrued expenses and other liabilities		203,068		381,717
Total Liabilities		396,502		777,987,976
Commitments and contingent liabilities^{^}		—		—
Net Assets	$	14,068,193	$	6,233,485,914
Net Assets Consist of
Paid in capital	$	13,016,479	$	6,514,760,222
Total distributable earnings (losses)		1,051,714		(281,274,308	)
Net Assets	$	14,068,193	$	6,233,485,914

	First Eagle Short Duration High Yield Municipal Fund
Assets
Investments, at Cost (Note 1)
Investments in non-affiliates	$	809,542,252
Gold bullion		—
Investments, at Value (Note 1)
Investments in non-affiliates		802,279,951
Gold bullion		—
Cash		—
Receivable for investment securities sold		8,944,163
Foreign tax reclaims receivable		—
Receivable for Fund shares sold		7,806,110
Accrued interest and dividends receivable		13,824,525
Investment for trustee deferred compensation plan (Note 2)		—
Due from adviser		134,416
Other assets		2,657
Total Assets		832,991,822
Liabilities
Investment advisory fees payable (Note 2)		268,409
Due to custodian		—
Payable for investment securities purchased		28,567,804
Payable for floating rate note obligations		—
Distribution fees payable (Note 3)		31,619
Administrative fees payable (Note 2)		14,496
Trustee deferred compensation plan (Note 2)		—
Service fees payable (Note 3)		—
Trustee fees payable		—
Payable for dividends to shareholders		15,286
Payable for Fund shares redeemed		1,193,255
Interest expense and fees payable		—
Accrued expenses and other liabilities		141,019
Total Liabilities		30,231,888
Commitments and contingent liabilities^{^}		—
Net Assets	$	802,759,934
Net Assets Consist of
Paid in capital	$	810,747,703
Total distributable earnings (losses)		(7,987,769	)
Net Assets	$	802,759,934

	First Eagle Global Fund*			First Eagle Overseas Fund*
Investment Income
Interest (net of $—, $—, $— and $— foreign taxes withheld)	$	72,867,975		$	3,340,620
Dividends from:
Non-affiliates (net of $39,858,625, $18,169,664, $63,151 and $2,010,655 foreign taxes withheld)		570,475,061			170,352,342
Affiliated issuers (net of $115,140, $1,699,318, $— and $362,250 foreign taxes withheld)		34,629,163			5,916,470
Total Income		677,972,199			179,609,432
Expenses
Investment advisory fees (Note 2)		208,471,972			45,274,492
Distributions fees (Note 3)
Class A		18,436,625			1,731,988
Class C		5,060,912			206,484
Shareholder servicing agent fees		21,398,589			5,490,002
Service fees (Note 3)
Class C		1,686,971			68,828
Administrative fees (Note 2)		1,802,124			499,820
Professional fees		482,994			336,011
Custodian and accounting fees		3,117,753			1,062,151
Shareholder reporting fees		1,133,731			361,186
Trustees' fees		950,003			237,504
Registration and filing fees		421,415			87,570
Other expenses		441,394			109,413
Total Expenses		263,404,483			55,465,449
Expense reductions due to earnings credits (Note 1)		(910,384	)		(117,423	)
Net Expenses		262,494,099			55,348,026
Net Investment Income (Note 1)		415,478,100			124,261,406
Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		1,448,235,496			273,529,864
Transactions from investments in affiliates		69,719,736			(3,782,023	)
Commodity related transactions		891,937,144			249,590,434
Settlement of foreign currency and foreign currency transactions		(6,329,801	)		(2,351,024	)
Settlement of forward foreign currency exchange contracts		107,869,157			54,405,251
		2,511,431,732			571,392,502

	First Eagle Global Fund*			First Eagle Overseas Fund*
Changes in unrealized appreciation (depreciation) on:
Investment in non-affiliates and commodity related transactions (net of decrease in deferred capital gain country tax accruals of $1,371,596, $476,261, $— and $—)	$	(52,809,740	)	$	420,434,056
Investment in affiliates		(568,446,947	)		68,773,686
Foreign currency and foreign currency translations		9,226,558			4,051,058
Forward foreign currency exchange contracts		(162,729,906	)		(78,594,631	)
		(774,760,035	)		414,664,169
Net realized and unrealized gains (losses) on investments, commodity, foreign currency and forward contract related transactions		1,736,671,697			986,056,671
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,152,149,797		$	1,110,318,077

	First Eagle Short Duration High Yield Municipal Fund
Investment Income
Interest (net of $—, $— and $— foreign taxes withheld)	$	12,192,271
Dividends from:
Non-affiliates (net of $10,525, $— and $— foreign taxes withheld)		84,905
Total Income		12,277,176
Expenses
Investment advisory fees (Note 2)		1,018,529
Distributions fees (Note 3)
Class A		121,600
Class C		—
Shareholder servicing agent fees		107,830
Service fees (Note 3)
Class C		—
Administrative fees (Note 2)		32,621
Professional fees		100,127
Custodian and accounting fees		61,408
Shareholder reporting fees		7,877
Trustees' fees		2,801
Recoupment expense		—
Interest expense		—
Registration and filing fees		170,568
Other expenses		4,754
Total Expenses		1,628,115
Expense waiver (Note 2)		(133,256	)
Expense reductions due to earnings credits (Note 1)		(2,287	)
Net Expenses		1,492,572
Net Investment Income (Note 1)		10,784,604
Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Related Transactions (Note 1)
Net realized gains (losses) on:
Transactions from investments in non-affiliates		(1,133,196	)
Commodity related transactions		—
Settlement of foreign currency and foreign currency transactions		—
		(1,133,196	)

	First Eagle Global Fund*						First Eagle Overseas Fund*
	For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024			For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024
Operations
Net investment income	$	415,478,100		$	772,397,856		$	124,261,406		$	233,616,650
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions		2,511,431,732			2,076,543,048			571,392,502			625,103,535
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations		(774,760,035	)		9,240,921,699			414,664,169			1,552,382,477
Net increase (decrease) in net assets resulting from operations		2,152,149,797			12,089,862,603			1,110,318,077			2,411,102,662
Distributions to Shareholders
Distributable earnings:
Class A		(752,479,645	)		(476,472,548	)		(106,385,762	)		(31,790,527	)
Class C		(63,056,039	)		(43,860,612	)		(4,079,377	)		(1,164,501	)
Class I		(1,927,947,611	)		(1,170,598,120	)		(716,917,557	)		(235,095,957	)
Class R3		—			(467,965	)		—			(8,462	)
Class R4		—			(65,416	)		—			(114,289	)
Class R5		—			(7,978	)		—			(1,027	)
Class R6		(141,419,924	)		(84,348,553	)		(93,644,660	)		(34,779,408	)
Decrease in net assets resulting from distributions		(2,884,903,219	)		(1,775,821,192	)		(921,027,356	)		(302,954,171	)
Fund Share Transactions
Class A
Net proceeds from shares sold		620,331,530			902,898,419			66,240,978			103,751,530
Net asset value of shares issued for reinvested dividends and distributions		663,131,083			417,748,177			97,309,028			29,118,152
Cost of shares redeemed		(1,036,349,792	)		(1,990,276,449	)		(159,982,019	)		(281,759,302	)
Increase (decrease) in net assets from Fund share transactions		247,112,821			(669,629,853	)		3,567,987			(148,889,620	)
Class C
Net proceeds from shares sold		106,363,223			168,806,447			4,686,688			5,485,918
Net asset value of shares issued for reinvested dividends and distributions		59,401,014			41,505,889			3,797,915			1,096,427
Cost of shares redeemed		(286,294,410	)		(554,768,126	)		(13,348,144	)		(32,627,078	)
Decrease in net assets from Fund share transactions		(120,530,173	)		(344,455,790	)		(4,863,541	)		(26,044,733	)
Class I
Net proceeds from shares sold		3,516,369,126			4,853,052,805			1,249,650,712			1,399,043,949
Net asset value of shares issued for reinvested dividends and distributions		1,687,284,431			1,018,464,881			640,979,324			210,292,492
Cost of shares redeemed		(3,251,055,406	)		(5,425,587,580	)		(1,415,635,669	)		(2,733,965,845	)
Increase (decrease) in net assets from Fund share transactions		1,952,598,151			445,930,106			474,994,367			(1,124,629,404	)
Class R3^{^}
Net proceeds from shares sold		—			800,063			—			16,549
Net asset value of shares issued for reinvested dividends and distributions		—			467,965			—			8,462
Cost of shares redeemed		—			(14,441,910	)		—			(449,739	)
Decrease in net assets from Fund share transactions		—			(13,173,882	)		—			(424,728	)

	First Eagle Global Income Builder Fund						First Eagle Rising Dividend Fund
	For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024			For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024
Operations
Net investment income	$	27,745,297		$	46,810,714		$	3,683,451		$	6,278,318
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions and option contracts written		21,231,169			25,693,905			19,192,882			15,300,823
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations and option contracts written		72,618,127			223,130,344			(39,216,387	)		91,686,192
Net increase (decrease) in net assets resulting from operations		121,594,593			295,634,963			(16,340,054	)		113,265,333
Distributions to Shareholders
Distributable earnings:
Class A		(19,433,994	)		(16,847,331	)		(11,266,043	)		(21,201,944	)
Class C		(1,720,702	)		(1,412,038	)		(368,913	)		(1,012,252	)
Class I		(27,306,032	)		(25,608,733	)		(5,147,424	)		(8,088,133	)
Class R3		—			(105	)		—			(4,079	)
Class R4		—			(380	)		—			(2,834	)
Class R5		—			(23	)		—			(837	)
Class R6		(2,321,795	)		(1,992,069	)		(454,928	)		(555,937	)
Decrease in net assets resulting from distributions		(50,782,523	)		(45,860,679	)		(17,237,308	)		(30,866,016	)
Fund Share Transactions
Class A
Net proceeds from shares sold		66,886,888			95,460,012			4,567,977			15,002,736
Net asset value of shares issued for reinvested dividends and distributions		17,963,085			15,529,327			10,765,402			20,071,573
Cost of shares redeemed		(61,865,858	)		(149,430,352	)		(22,320,922	)		(48,637,648	)
Increase (decrease) in net assets from Fund share transactions		22,984,115			(38,441,013	)		(6,987,543	)		(13,563,339	)
Class C
Net proceeds from shares sold		4,795,551			7,773,276			612,437			860,400
Net asset value of shares issued for reinvested dividends and distributions		1,661,236			1,359,002			367,732			1,006,066
Cost of shares redeemed		(14,047,369	)		(29,137,271	)		(1,023,240	)		(5,413,836	)
Decrease in net assets from Fund share transactions		(7,590,582	)		(20,004,993	)		(43,071	)		(3,547,370	)
Class I
Net proceeds from shares sold		103,439,935			114,972,376			4,822,167			26,590,666
Net asset value of shares issued for reinvested dividends and distributions		24,590,319			23,060,802			3,302,687			4,708,771
Cost of shares redeemed		(107,372,618	)		(215,857,981	)		(13,226,075	)		(17,753,843	)
Increase (decrease) in net assets from Fund share transactions		20,657,636			(77,824,803	)		(5,101,221	)		13,545,594
Class R3^{^}
Net proceeds from shares sold		—			—			—			13
Net asset value of shares issued for reinvested dividends and distributions		—			37			—			4,079
Cost of shares redeemed		—			(63,414	)		—			(63,761	)
Decrease in net assets from Fund share transactions		—			(63,377	)		—			(59,669	)

	First Eagle Small Cap Opportunity Fund						First Eagle U.S. Smid Cap Opportunity Fund
	For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024			For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024
Operations
Net investment income	$	5,250,923		$	7,165,789		$	183,229		$	121,730
Net realized gain (loss) on investments, commodity, foreign currency and forward contract related transactions and option contracts written		78,719,855			5,384,792			(766,925	)		(430,268	)
Change in unrealized appreciation (depreciation) on investments, commodity, foreign currency and forward contract related translations and option contracts written		(302,393,120	)		362,972,830			(5,785,633	)		10,690,345
Net increase (decrease) in net assets resulting from operations		(218,422,342	)		375,523,411			(6,369,329	)		10,381,807
Distributions to Shareholders
Distributable earnings:
Class A		(1,367,562	)		(331,193	)		(2,600	)		(1,661	)
Class C		—			—			—			—
Class I		(25,654,317	)		(8,732,209	)		(276,802	)		(117,436	)
Class R3		—			—			—			—
Class R4		—			—			—			—
Class R5		—			—			—			—
Class R6		(1,705,941	)		(479,410	)		(451	)		(1,676	)
Decrease in net assets resulting from distributions		(28,727,820	)		(9,542,812	)		(279,853	)		(120,773	)
Fund Share Transactions
Class A
Net proceeds from shares sold		10,746,149			38,906,104			1,864,994			1,152,604
Net asset value of shares issued for reinvested dividends and distributions		1,322,858			321,596			2,600			1,661
Cost of shares redeemed		(10,886,607	)		(15,951,866	)		(1,093,106	)		(33,000	)
Increase (decrease) in net assets from Fund share transactions		1,182,400			23,275,834			774,488			1,121,265
Class C
Net proceeds from shares sold		—			—			—			—
Net asset value of shares issued for reinvested dividends and distributions		—			—			—			—
Cost of shares redeemed		—			—			—			—
Decrease in net assets from Fund share transactions		—			—			—			—
Class I
Net proceeds from shares sold		276,015,020			812,758,873			10,695,320			11,983,423
Net asset value of shares issued for reinvested dividends and distributions		24,725,044			8,438,320			90,371			12,922
Cost of shares redeemed		(466,392,573	)		(677,149,839	)		(4,663,387	)		(1,246,787	)
Increase (decrease) in net assets from Fund share transactions		(165,652,509	)		144,047,354			6,122,304			10,749,558
Class R3^{^}
Net proceeds from shares sold		—			—			—			—
Net asset value of shares issued for reinvested dividends and distributions		—			—			—			—
Cost of shares redeemed		—			—			—			—
Decrease in net assets from Fund share transactions		—			—			—			—

	First Eagle Global Real Assets Fund*						First Eagle High Yield Municipal Fund**
	For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024			For the Six Months Ended April 30, 2025 (unaudited)			For the Year Ended October 31, 2024
Operations
Net investment income	$	137,523		$	256,035		$	141,559,099		$	69,902,940
Net realized gain (loss) on investments, commodity and foreign currency related transactions		326,120			83,678			(40,487,773	)		(2,097,484	)
Change in unrealized appreciation (depreciation) on investments, commodity and foreign currency related translations		(564,108	)		1,850,643			(167,216,833	)		65,159,338
Net increase (decrease) in net assets resulting from operations		(100,465	)		2,190,356			(66,145,507	)		132,964,794
Distributions to Shareholders
Distributable earnings:
Class A		(64,310	)		(29,923	)		(34,573,456	)		(19,144,908	)
Class C		—			—			(2,143,422	)		(1,150,729	)
Class I		(371,654	)		(189,360	)		(102,075,332	)		(50,728,750	)
Class R3		—			—			—			(5,040	)
Class R4		—			—			—			(74	)
Class R5		—			—			—			(77	)
Class R6		(41,796	)		(22,956	)		(35,675	)		(171,660	)
Return of capital:
Class A		—			—			—			(1,875,965	)
Class C		—			—			—			(133,571	)
Class I		—			—			—			(4,709,853	)
Class R3		—			—			—			(555	)
Class R4		—			—			—			(7	)
Class R5		—			—			—			(8	)
Class R6		—			—			—			(16,143	)
Decrease in net assets resulting from distributions		(477,760	)		(242,239	)		(138,827,885	)		(77,937,340	)
Fund Share Transactions
Class A
Net proceeds from shares sold		—			26,458			632,883,868			1,098,379,117
Net asset value of shares issued for reinvested dividends and distributions		64,310			29,923			33,789,421			20,753,148
Cost of shares redeemed		(219,867	)		(31,302	)		(146,950,870	)		(90,636,544	)
Increase (decrease) in net assets from Fund share transactions		(155,557	)		25,079			519,722,419			1,028,495,721
Class C
Net proceeds from shares sold		—			—			46,634,777			76,487,644
Net asset value of shares issued for reinvested dividends and distributions		—			—			2,094,034			1,277,666
Cost of shares redeemed		—			—			(5,224,731	)		(4,511,297	)
Increase in net assets from Fund share transactions		—			—			43,504,080			73,254,013

	First Eagle Short Duration High Yield Municipal Fund
	For the Six Months Ended April 30, 2025 (unaudited)			For the Period 1/2/24^† - 10/31/24
Operations
Net investment income	$	10,784,604		$	1,788,891
Net realized gain (loss) on investments, commodity and foreign currency related transactions		(1,133,196	)		(4,872	)
Change in unrealized appreciation (depreciation) on investments, commodity and foreign currency related translations		(7,249,864	)		(12,437	)
Net increase (decrease) in net assets resulting from operations		2,401,544			1,771,582
Distributions to Shareholders
Distributable earnings:
Class A		(2,142,170	)		(293,307	)
Class C		—			—
Class I		(8,233,311	)		(1,428,197	)
Class R3		—			—
Class R4		—			—
Class R5		—			—
Class R6		(25,252	)		(39,335	)
Return of capital:
Class A		—			—
Class C		—			—
Class I		—			—
Class R3		—			—
Class R4		—			—
Class R5		—			—
Class R6		—			—
Decrease in net assets resulting from distributions		(10,400,733	)		(1,760,839	)
Fund Share Transactions
Class A
Net proceeds from shares sold		160,454,367			45,800,341
Net asset value of shares issued for reinvested dividends and distributions		2,091,330			279,927
Cost of shares redeemed		(32,925,271	)		(2,490,434	)
Increase (decrease) in net assets from Fund share transactions		129,620,426			43,589,834
Class C
Net proceeds from shares sold		—			—
Net asset value of shares issued for reinvested dividends and distributions		—			—
Cost of shares redeemed		—			—
Increase in net assets from Fund share transactions		—			—

	Per share operating performance*
			Change in net assets resulting from operations									Less dividends and distributions
Selected per share data for the period ended:	Net asset value, beginning of period		Net investment income/ loss			Net realized and unrealized gains (losses) on investments†			Total investment operations			From net investment income			From capital gains			Return of capital		Total distributions
First Eagle Global Fund Class A***
Six Months Ended April 30, 2025 (unaudited)	$	73.15		0.47			2.18			2.65			(1.60	)		(2.07	)		—		(3.67	)
October 31, 2024	$	59.97		0.89			14.51	(j)		15.40			(0.81	)		(1.41	)		—		(2.22	)
October 31, 2023	$	56.57		0.84			4.98			5.82			(0.06	)		(2.36	)		—		(2.42	)
October 31, 2022	$	68.42		0.51			(8.32	)		(7.81	)		(1.24	)		(2.80	)		—		(4.04	)
October 31, 2021	$	55.42		0.67	(d)		13.79			14.46			(0.51	)		(0.95	)		—		(1.46	)
October 31, 2020	$	59.15		0.48			(1.03	)		(0.55	)		(0.73	)		(2.45	)		—		(3.18	)
First Eagle Global Fund Class C***
Six Months Ended April 30, 2025 (unaudited)	$	69.53		0.18			2.08			2.26			(1.03	)		(2.07	)		—		(3.10	)
October 31, 2024	$	57.05		0.36			13.84	(j)		14.20			(0.31	)		(1.41	)		—		(1.72	)
October 31, 2023	$	54.26		0.35			4.80			5.15			—			(2.36	)		—		(2.36	)
October 31, 2022	$	65.60		0.04			(7.99	)		(7.95	)		(0.59	)		(2.80	)		—		(3.39	)
October 31, 2021	$	53.12		0.15	(d)		13.28			13.43			—			(0.95	)		—		(0.95	)
October 31, 2020	$	56.69		0.07			(1.01	)		(0.94	)		(0.18	)		(2.45	)		—		(2.63	)
First Eagle Global Fund Class I***
Six Months Ended April 30, 2025 (unaudited)	$	73.70		0.56			2.20			2.76			(1.77	)		(2.07	)		—		(3.84	)
October 31, 2024	$	60.42		1.06			14.60	(j)		15.66			(0.97	)		(1.41	)		—		(2.38	)
October 31, 2023	$	56.98		0.99			5.02			6.01			(0.21	)		(2.36	)		—		(2.57	)
October 31, 2022	$	68.90		0.67			(8.38	)		(7.71	)		(1.41	)		(2.80	)		—		(4.21	)
October 31, 2021	$	55.79		0.85	(d)		13.87			14.72			(0.66	)		(0.95	)		—		(1.61	)
October 31, 2020	$	59.52		0.63			(1.03	)		(0.40	)		(0.88	)		(2.45	)		—		(3.33	)
First Eagle Global Fund Class R6***
Six Months Ended April 30, 2025 (unaudited)	$	73.76		0.59			2.19			2.78			(1.82	)		(2.07	)		—		(3.89	)
October 31, 2024	$	60.46		1.11			14.61	(j)		15.72			(1.01	)		(1.41	)		—		(2.42	)
October 31, 2023	$	57.02		1.04			5.01			6.05			(0.25	)		(2.36	)		—		(2.61	)
October 31, 2022	$	68.95		0.71			(8.38	)		(7.67	)		(1.46	)		(2.80	)		—		(4.26	)
October 31, 2021	$	55.83		0.90	(d)		13.87			14.77			(0.70	)		(0.95	)		—		(1.65	)
October 31, 2020	$	59.55		0.64			(0.99	)		(0.35	)		(0.92	)		(2.45	)		—		(3.37	)

								Ratios/Supplemental data
								Ratios to Average Net Assets of:
Selected per share data for the period ended:	Net asset value, end of period		Total return(a)			Net assets, end of period (thousands)		Operating expenses excluding earnings credits and/or fee waivers			Operating expenses including earnings credits and/or fee waivers			Net investment income excluding earnings credits and/or fee waivers			Net investment income including earnings credits and/or fee waivers			Portfolio turnover rate
First Eagle Global Fund Class A***
Six Months Ended April 30, 2025 (unaudited)	$	72.13		3.77	%(b)	$	15,174,660		1.10	%(c)		1.10	%(c)		1.33	%(c)		1.34	%(c)		9.35	%(b)
October 31, 2024	$	73.15		26.43	%(k)	$	15,127,580		1.10	%		1.10	%		1.33	%		1.33	%		9.51	%
October 31, 2023	$	59.97		10.35	%	$	12,976,288		1.10	%		1.10	%		1.36	%		1.37	%		6.00	%
October 31, 2022	$	56.57		(11.90	)%	$	12,562,351		1.11	%		1.11	%		0.84	%		0.84	%		10.87	%
October 31, 2021	$	68.42		26.49	%(g)	$	15,108,210		1.11	%		1.11	%		1.03	%(d)		1.03	%(d)		7.29	%
October 31, 2020	$	55.42		(1.12	)%	$	12,112,205		1.11	%		1.11	%		0.87	%		0.87	%		10.84	%
First Eagle Global Fund Class C***
Six Months Ended April 30, 2025 (unaudited)	$	68.69		3.37	%(b)	$	1,304,670		1.86	%(c)		1.86	%(c)		0.54	%(c)		0.54	%(c)		9.35	%(b)
October 31, 2024	$	69.53		25.47	%(k)	$	1,444,250		1.86	%		1.86	%		0.56	%		0.57	%		9.51	%
October 31, 2023	$	57.05		9.53	%	$	1,488,095		1.86	%		1.86	%		0.59	%		0.60	%		6.00	%
October 31, 2022	$	54.26		(12.57	)%	$	1,738,497		1.87	%		1.87	%		0.06	%		0.06	%		10.87	%
October 31, 2021	$	65.60		25.53	%(g)	$	2,623,491		1.87	%		1.87	%		0.24	%(d)		0.24	%(d)		7.29	%
October 31, 2020	$	53.12		(1.86	)%	$	3,423,967		1.87	%		1.87	%		0.13	%		0.13	%		10.84	%
First Eagle Global Fund Class I***
Six Months Ended April 30, 2025 (unaudited)	$	72.62		3.90	%(b)	$	38,561,060		0.87	%(c)		0.86	%(c)		1.58	%(c)		1.58	%(c)		9.35	%(b)
October 31, 2024	$	73.70		26.70	%(k)	$	37,097,842		0.86	%		0.86	%		1.56	%		1.56	%		9.51	%
October 31, 2023	$	60.42		10.63	%	$	29,941,639		0.86	%		0.86	%		1.60	%		1.61	%		6.00	%
October 31, 2022	$	56.98		(11.69	)%	$	26,919,899		0.86	%		0.86	%		1.09	%		1.09	%		10.87	%
October 31, 2021	$	68.90		26.82	%(g)	$	30,248,818		0.86	%		0.86	%		1.29	%(d)		1.29	%(d)		7.29	%
October 31, 2020	$	55.79		(0.86	)%	$	24,274,791		0.86	%		0.86	%		1.14	%		1.14	%		10.84	%
First Eagle Global Fund Class R6***
Six Months Ended April 30, 2025 (unaudited)	$	72.65		3.93	%(b)	$	3,094,386		0.78	%(c)		0.78	%(c)		1.68	%(c)		1.68	%(c)		9.35	%(b)
October 31, 2024	$	73.76		26.82	%(k)	$	2,666,448		0.79	%		0.78	%		1.64	%		1.64	%		9.51	%
October 31, 2023	$	60.46		10.70	%	$	2,061,709		0.79	%		0.79	%		1.68	%		1.68	%		6.00	%
October 31, 2022	$	57.02		(11.62	)%	$	1,700,134		0.79	%		0.79	%		1.15	%		1.15	%		10.87	%
October 31, 2021	$	68.95		26.91	%(g)	$	2,122,258		0.78	%		0.78	%		1.38	%(d)		1.38	%(d)		7.29	%
October 31, 2020	$	55.83		(0.79	)%	$	1,555,290		0.79	%		0.79	%		1.15	%		1.15	%		10.84	%

Description†	Level 1		Level 2			Level 3‡		Total
Assets:
Common Stocks	$	28,678,883,920	$	19,814,436,994	^(a)	$	—	$	48,493,320,914
Corporate Bonds		—		—			5,275,655		5,275,655
Commodities*		—		6,411,069,452			—		6,411,069,452
Short-Term Investments		63,735,501		3,066,244,371			—		3,129,979,872
Forward Foreign Currency Exchange Contracts**		—		28,092,031			—		28,092,031
Total	$	28,742,619,421	$	29,319,842,848		$	5,275,655	$	58,067,737,924
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	—	$	(139,158,396	)	$	—	$	(139,158,396	)
Total	$	—	$	(139,158,396	)	$	—	$	(139,158,396	)

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What were the Fund's costs for the last six months?

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What were the Fund's costs for the last six months?

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What were the Fund's costs for the last six months?

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What were the Fund's costs for the last six months?

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What were the Fund's costs for the last six months?

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Asset Allocation by Sector

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Important Notice Regarding Delivery of Shareholder Materials

What were the Fund's costs for the last six months?

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Asset Allocation by Sector

Material Fund Changes

Important Notice Regarding Delivery of Shareholder Materials

What were the Fund's costs for the last six months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Material Fund Changes

Important Notice Regarding Delivery of Shareholder Materials

What were the Fund's costs for the last six months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Material Fund Changes

Important Notice Regarding Delivery of Shareholder Materials

What were the Fund's costs for the last six months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 HoldingsFootnote Reference2

Asset Allocation by Sector

Material Fund Changes

Important Notice Regarding Delivery of Shareholder Materials

What were the Fund's costs for the last six months?

Key Fund Statistics

Asset Allocation by Asset Class

Top 10 Holdings^{Footnote Reference3}

Top 10 Holdings^{Footnote Reference3}

Top 10 Holdings^{Footnote Reference3}

Top 10 Holdings^{Footnote Reference3}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

Top 10 Holdings^{Footnote Reference2}

	First Eagle Global Fund		First Eagle Overseas Fund		First Eagle Global Income Builder Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value — Purchased	$	617,918,779	$	292,642,615	$	14,311,740
Average Settlement Value — Sold		2,354,469,399		1,119,942,612		53,115,066

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value⁽¹⁾		Liability Derivative Fair Value⁽²⁾		Net realized Gains (Losses)⁽³⁾		Change in Appreciation (Depreciation)⁽⁴⁾
Foreign currency	$	28,092,031	$	139,158,396	$	107,869,157	$	(162,729,906	)

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*			Net Amount (Not Less Than $0)
Goldman Sachs	$	8,566,845	$	(8,566,845	)	$	—		$	—
JPMorgan Chase Bank		8,864,689		(8,864,689	)		—			—
UBS AG		10,660,497		(10,660,497	)		—			—
	$	28,092,031	$	(28,092,031	)	$	—		$	—
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	$	13,590,314	$	—		$	(13,590,314	)	$	—
Goldman Sachs		42,914,654		(8,566,845	)		(34,347,809	)		—
JPMorgan Chase Bank		45,829,414		(8,864,689	)		(36,964,725	)		—
UBS AG		36,824,014		(10,660,497	)		(26,163,517	)		—
	$	139,158,396	$	(28,092,031	)	$	(111,066,365	)	$	—

				Floating Rate Obligations:
First Eagle High Yield Municipal Fund				$	561,160,000

				Average Floating Rate Obligations Outstanding				Average Annual Interest Rate and Fees
First Eagle High Yield Municipal Fund				$	529,862,762				3.52	%

	First Eagle Global Income Builder Fund
Options:
Average Number of Contracts — Written		8,979

Fund	Management Fee (% of Average Daily Net Assets)
First Eagle Global Fund		0.75	%
First Eagle Overseas Fund		0.75
First Eagle U.S. Fund		0.75
First Eagle Gold Fund		0.75
First Eagle Global Income Builder Fund		0.75
First Eagle Rising Dividend Fund		0.50	⁽¹⁾
First Eagle Small Cap Opportunity Fund		0.85	⁽²⁾
First Eagle U.S. Smid Cap Opportunity Fund		0.75	⁽³⁾
First Eagle Global Real Assets Fund		0.65	⁽⁴⁾
First Eagle High Yield Municipal Fund		0.45	⁽⁵⁾
First Eagle Short Duration High Yield Municipal Fund		0.45	⁽⁶⁾

			Potential Recoupment Amounts Expiring October 31,
	Total Eligible for Recoupment		2025		2026		2027		2028*
Class A	$	1,344,418	$	305,896	$	445,261	$	406,283	$	186,978
Class C		70,578		41,567		16,714		9,653		2,644
Class I		362,769		75,472		93,128		123,754		70,415
Class R6		11,038		524		3,990		4,005		2,519
Total	$	1,788,803	$	423,459	$	559,093	$	543,695	$	262,556

	Adviser Waived Amount		Due From Adviser
First Eagle Global Fund	$	—	$	—
First Eagle Overseas Fund		—		—
First Eagle U.S. Fund		—		—
First Eagle Gold Fund		—		—
First Eagle Global Income Builder Fund		—		—
First Eagle Rising Dividend Fund		—		—
First Eagle Small Cap Opportunity Fund		—		—
First Eagle U.S. Smid Cap Opportunity Fund		36,274		23,898
First Eagle Global Real Assets Fund		51,186		23,948
First Eagle High Yield Municipal Fund		—		—
First Eagle Short Duration High Yield Municipal Fund		—		—

Fund	Purchases excluding U.S. Government Securities		Sales and Maturities excluding U.S. Government Securities		Purchases of U.S. Government Securities		Sales and Maturities of U.S. Government Securities
First Eagle Global Fund	$	5,390,236,315	$	4,957,998,758	$	—	$	—
First Eagle Overseas Fund		867,529,606		1,219,222,795		—		—
First Eagle U.S. Fund		110,215,654		142,071,455		—		—
First Eagle Gold Fund		98,464,878		161,751,691		—		—
First Eagle Global Income Builder Fund		97,709,683		94,849,384		33,268,540		30,913,241
First Eagle Rising Dividend Fund		42,251,489		62,828,402		—		—
First Eagle Small Cap Opportunity Fund		427,840,153		566,049,998		—		—
First Eagle U.S. Smid Cap Opportunity Fund		13,505,785		8,647,847		—		—
First Eagle Global Real Assets Fund		3,836,437		3,731,067		—		—
First Eagle High Yield Municipal Fund		5,150,704,525		2,928,312,304		—		—
First Eagle Short Duration High Yield Municipal Fund		1,100,256,918		450,804,395		—		—