# EDGAR Filing Document

**Accession Number:** 0000906352
**File Stem:** 0001104659-26-000138
**Filing Date:** 2026-1
**Character Count:** 1451860
**Document Hash:** 647e7e2193a70ff62106e4a4dcd0960e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000138.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001104659-26-000138

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST EAGLE FUNDS
- **CENTRAL INDEX KEY:** 0000906352

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07762
- **FILM NUMBER:** 26501843

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-698-3393

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EAGLE  FUNDS INC
- **DATE OF NAME CHANGE:** 20030103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EAGLE SOGEN FUNDS INC
- **DATE OF NAME CHANGE:** 20000403

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOGEN FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### First Eagle Global Fund (Series ID: S000011211)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030894 | Class A      | SGENX           |
| C000030895 | Class I      | SGIIX           |
| C000030896 | Class C      | FESGX           |
| C000179766 | Class R6     | FEGRX           |

### First Eagle Overseas Fund (Series ID: S000011212)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030897 | Class A      | SGOVX           |
| C000030898 | Class I      | SGOIX           |
| C000030899 | Class C      | FESOX           |
| C000179770 | Class R6     | FEORX           |

### First Eagle U.S. Fund (Series ID: S000011213)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030900 | Class A      | FEVAX           |
| C000030901 | Class I      | FEVIX           |
| C000030902 | Class C      | FEVCX           |
| C000179773 | Class R6     | FEVRX           |

### First Eagle Gold Fund (Series ID: S000011214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030903 | Class A      | SGGDX           |
| C000030904 | Class I      | FEGIX           |
| C000030905 | Class C      | FEGOX           |
| C000179778 | Class R6     | FEURX           |

### First Eagle Rising Dividend Fund (Series ID: S000011215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030907 | Class C      | FEAMX           |
| C000030908 | Class A      | FEFAX           |
| C000124490 | Class I      | FEAIX           |
| C000179782 | Class R6     | FEFRX           |

### First Eagle High Yield Municipal Fund (Series ID: S000035180)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000108220 | Class A      | FEHAX           |
| C000108221 | Class C      | FEHCX           |
| C000108222 | Class I      | FEHIX           |
| C000179786 | Class R6     | FEHRX           |

### First Eagle Global Income Builder Fund (Series ID: S000035750)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109583 | Class A      | FEBAX           |
| C000109584 | Class C      | FEBCX           |
| C000109585 | Class I      | FEBIX           |
| C000179790 | Class R6     | FEBRX           |

### First Eagle Small Cap Opportunity Fund (Series ID: S000072438)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228685 | Class R6     | FESRX           |
| C000228686 | Class A      | FESAX           |
| C000228687 | Class I      | FESCX           |

### First Eagle Global Real Assets Fund (Series ID: S000074462)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232391 | Class R6     | FERRX           |
| C000232392 | Class I      | FEREX           |
| C000232393 | Class A      | FERAX           |

### First Eagle U.S. Smid Cap Opportunity Fund (Series ID: S000077255)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237506 | Class A      |  |
| C000237507 | Class I      |  |
| C000237508 | Class R6     |  |

### First Eagle Short Duration High Yield Municipal Fund (Series ID: S000083576)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000247343 | Class R6     | FDURX           |
| C000247344 | Class A      | FDUAX           |
| C000247345 | Class I      | FDUIX           |
| C000260319 | Class C      | FDYCX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

OMB APPROVAL <br> <u> OMB Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235-0570 Expires:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2026 Estimated average burden hours per response ......... 7.78</u>

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: <u>October 31</u>

Date of reporting period: <u>October 31, 2025</u>

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](#classnameab2f8043-a40c-4963-85ea-33c4ae093ccf)<br> **[Class A - SGENX](#classnameab2f8043-a40c-4963-85ea-33c4ae093ccf)**  |
|  [First Eagle Global Fund](#classnamead021bb5-cf6c-4c2b-bb56-762f882362fc)<br> **[Class C - FESGX](#classnamead021bb5-cf6c-4c2b-bb56-762f882362fc)**  |
|  [First Eagle Global Fund](#classname2c031f1c-5f7c-4840-add7-b14348afe8bf)<br> **[Class I - SGIIX](#classname2c031f1c-5f7c-4840-add7-b14348afe8bf)**  |
|  [First Eagle Global Fund](#classname70349082-2857-4e68-b8cf-ab226bdd3566)<br> **[Class R6 - FEGRX](#classname70349082-2857-4e68-b8cf-ab226bdd3566)**  |
|  [First Eagle Overseas Fund](#classname1eacaf82-33a6-4f86-aff2-4ba2adff6d7e)<br> **[Class A - SGOVX](#classname1eacaf82-33a6-4f86-aff2-4ba2adff6d7e)**  |
|  [First Eagle Overseas Fund](#classnameb318b1b8-5983-4d8b-a079-282cf23ae61e)<br> **[Class C - FESOX](#classnameb318b1b8-5983-4d8b-a079-282cf23ae61e)**  |
|  [First Eagle Overseas Fund](#classname0d5c8a07-d191-4782-82e9-41fba5b5df6e)<br> **[Class I - SGOIX](#classname0d5c8a07-d191-4782-82e9-41fba5b5df6e)**  |
|  [First Eagle Overseas Fund](#classnamed3820e3b-19bf-4fff-930c-89b53604c582)<br> **[Class R6 - FEORX](#classnamed3820e3b-19bf-4fff-930c-89b53604c582)**  |
|  [First Eagle U.S. Fund](#classname42b1c54a-e063-4410-b155-dcaa96a8f090)<br> **[Class A - FEVAX](#classname42b1c54a-e063-4410-b155-dcaa96a8f090)**  |
|  [First Eagle U.S. Fund](#classnamed301e697-5672-43e9-a824-e493e464ca75)<br> **[Class C - FEVCX](#classnamed301e697-5672-43e9-a824-e493e464ca75)**  |
|  [First Eagle U.S. Fund](#classnamedecca922-8202-45ce-833b-14f73ba04e12)<br> **[Class I - FEVIX](#classnamedecca922-8202-45ce-833b-14f73ba04e12)**  |
|  [First Eagle U.S. Fund](#classname590b331d-339b-4d69-8c71-5290694e16be)<br> **[Class R6 - FEVRX](#classname590b331d-339b-4d69-8c71-5290694e16be)**  |
|  [First Eagle Gold Fund](#classname6b79210b-4c02-4246-97c9-22dd657be84d)<br> **[Class A - SGGDX](#classname6b79210b-4c02-4246-97c9-22dd657be84d)**  |
|  [First Eagle Gold Fund](#classname632cfc7f-8132-4cfb-98bb-4ff991248715)<br> **[Class C - FEGOX](#classname632cfc7f-8132-4cfb-98bb-4ff991248715)**  |
|  [First Eagle Gold Fund](#classnamec4d436d7-6c6b-487b-b82c-de2bcb876759)<br> **[Class I - FEGIX](#classnamec4d436d7-6c6b-487b-b82c-de2bcb876759)**  |
|  [First Eagle Gold Fund](#classname5cda92fd-6137-45a7-848c-402a21918aec)<br> **[Class R6 - FEURX](#classname5cda92fd-6137-45a7-848c-402a21918aec)**  |
|  [First Eagle Global Income Builder Fund](#classnamea2d2b4af-d6da-4c78-be17-98c4ea8857a6)<br> **[Class A - FEBAX](#classnamea2d2b4af-d6da-4c78-be17-98c4ea8857a6)**  |
|  [First Eagle Global Income Builder Fund](#classname550afd0b-36c2-47d8-9d62-8d8f3dd7b813)<br> **[Class C - FEBCX](#classname550afd0b-36c2-47d8-9d62-8d8f3dd7b813)**  |
|  [First Eagle Global Income Builder Fund](#classname2366da67-8b38-4e86-9c01-afdf4b537aea)<br> **[Class I - FEBIX](#classname2366da67-8b38-4e86-9c01-afdf4b537aea)**  |
|  [First Eagle Global Income Builder Fund](#classnameeb9c45df-8250-4d84-8a72-235464e1db0b)<br> **[Class R6 - FEBRX](#classnameeb9c45df-8250-4d84-8a72-235464e1db0b)**  |
|  [First Eagle Rising Dividend Fund](#classnameef271932-c789-4912-a8d2-cfa192b52972)<br> **[Class A - FEFAX](#classnameef271932-c789-4912-a8d2-cfa192b52972)**  |
|  [First Eagle Rising Dividend Fund](#classname0809d3d3-82f4-494e-a175-fa4d3eb1d997)<br> **[Class C - FEAMX](#classname0809d3d3-82f4-494e-a175-fa4d3eb1d997)**  |
|  [First Eagle Rising Dividend Fund](#classname300c1936-0384-4702-9049-49c62731d123)<br> **[Class I - FEAIX](#classname300c1936-0384-4702-9049-49c62731d123)**  |
|  [First Eagle Rising Dividend Fund](#classname349344a9-da2f-44f8-bab3-064a83597c8a)<br> **[Class R6 - FEFRX](#classname349344a9-da2f-44f8-bab3-064a83597c8a)**  |
|  [First Eagle Small Cap Opportunity Fund](#classname3e922a2c-61ae-4639-9b56-c3335ee8030d)<br> **[Class A - FESAX](#classname3e922a2c-61ae-4639-9b56-c3335ee8030d)**  |
|  [First Eagle Small Cap Opportunity Fund](#classnamed397535b-c3cc-4eea-a23f-a2025f41c93d)<br> **[Class I - FESCX](#classnamed397535b-c3cc-4eea-a23f-a2025f41c93d)**  |
|  [First Eagle Small Cap Opportunity Fund](#classname77910ec6-ac0d-40ce-a94f-4e12c086f537)<br> **[Class R6 - FESRX](#classname77910ec6-ac0d-40ce-a94f-4e12c086f537)**  |
|  [First Eagle U.S. Smid Cap Opportunity Fund](#classname99624f2d-6321-4e9a-8f63-951c476f5eb9)<br> **[Class A - FEMAX](#classname99624f2d-6321-4e9a-8f63-951c476f5eb9)**  |
|  [First Eagle U.S. Smid Cap Opportunity Fund](#classnameb557621a-83d1-4fed-92ae-3ce3b2844264)<br> **[Class I - FESMX](#classnameb557621a-83d1-4fed-92ae-3ce3b2844264)**  |
|  [First Eagle U.S. Smid Cap Opportunity Fund](#classname06308879-7aa0-45bd-87ed-2eb9c4915d6e)<br> **[Class R6 - FEXRX](#classname06308879-7aa0-45bd-87ed-2eb9c4915d6e)**  |
|  [First Eagle Global Real Assets Fund](#classname6a9bd741-4049-4bec-8f57-72e9c70beb70)<br> **[Class A - FERAX](#classname6a9bd741-4049-4bec-8f57-72e9c70beb70)**  |
|  [First Eagle Global Real Assets Fund](#classnamea459ac68-cfaf-423f-bc89-ed5fc41e7743)<br> **[Class I - FEREX](#classnamea459ac68-cfaf-423f-bc89-ed5fc41e7743)**  |
|  [First Eagle Global Real Assets Fund](#classname6a035919-ee2f-48a5-b03c-4309fafbc7a5)<br> **[Class R6 - FERRX](#classname6a035919-ee2f-48a5-b03c-4309fafbc7a5)**  |
|  [First Eagle High Yield Municipal Fund](#classname92974c8a-3e5f-4424-8d56-b034a6a99bbd)<br> **[Class A - FEHAX](#classname92974c8a-3e5f-4424-8d56-b034a6a99bbd)**  |
|  [First Eagle High Yield Municipal Fund](#classnameb21acd9a-b475-4c50-898b-b21b6e143800)<br> **[Class C - FEHCX](#classnameb21acd9a-b475-4c50-898b-b21b6e143800)**  |
|  [First Eagle High Yield Municipal Fund](#classname76cf08de-42de-403e-bae4-c262658ef411)<br> **[Class I - FEHIX](#classname76cf08de-42de-403e-bae4-c262658ef411)**  |
|  [First Eagle High Yield Municipal Fund](#classname551870f0-0e04-42a3-a3c4-3028039a6e17)<br> **[Class R6 - FEHRX](#classname551870f0-0e04-42a3-a3c4-3028039a6e17)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classnameae31e31d-5ba5-4a68-9764-51ab42946246)<br> **[Class A - FDUAX](#classnameae31e31d-5ba5-4a68-9764-51ab42946246)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classnamebcd3dc0e-2d8e-4b81-acec-88204c278762)<br> **[Class C - FDYCX](#classnamebcd3dc0e-2d8e-4b81-acec-88204c278762)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classname073777ad-17d4-4b65-83a5-89cfca6b154f)<br> **[Class I - FDUIX](#classname073777ad-17d4-4b65-83a5-89cfca6b154f)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classnamea84ddcde-12ad-4e25-9b83-c2a44e152ac9)<br> **[Class R6 - FDURX](#classnamea84ddcde-12ad-4e25-9b83-c2a44e152ac9)**  |

---

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| SGENX

**This 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 October 31, 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 Year?
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 | $121 | 1.09% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Fund Class A Shares<sup>1</sup> increased 21.07% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and developed Europe were the leading contributors by region, while developed Asia excluding Japan and Japan were the weakest performing regions.

• Materials, financials and information technology were the largest contributors among equity sectors; healthcare, real estate and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg037.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Global Fund (Class A) \| $23,100** | **MSCI World Index \| $30,490** |
| **10/31/15** | 9500.81 | 10000 |
| **11/30/15** | 9465.03 | 9950 |
| **12/31/15** | 9295.27 | 9775 |
| **1/31/16** | 8978.49 | 9191 |
| **2/29/16** | 9152.27 | 9122 |
| **3/31/16** | 9619.3 | 9741 |
| **4/30/16** | 9946.94 | 9895 |
| **5/31/16** | 9852.81 | 9951 |
| **6/30/16** | 9927.03 | 9839 |
| **7/31/16** | 10280.01 | 10255 |
| **8/31/16** | 10274.58 | 10264 |
| **9/30/16** | 10316.22 | 10318 |
| **10/31/16** | 10202.17 | 10118 |
| **11/30/16** | 10214.85 | 10264 |
| **12/31/16** | 10285.15 | 10510 |
| **1/31/17** | 10563.79 | 10763 |
| **2/28/17** | 10723.01 | 11062 |
| **3/31/17** | 10842.43 | 11180 |
| **4/30/17** | 10863.28 | 11345 |
| **5/31/17** | 11005.45 | 11585 |
| **6/30/17** | 11009.24 | 11630 |
| **7/31/17** | 11141.93 | 11908 |
| **8/31/17** | 11158.99 | 11925 |
| **9/30/17** | 11308.73 | 12192 |
| **10/31/17** | 11462.27 | 12423 |
| **11/30/17** | 11596.85 | 12692 |
| **12/31/17** | 11672.09 | 12864 |
| **1/31/18** | 12108.85 | 13543 |
| **2/28/18** | 11606.87 | 12982 |
| **3/31/18** | 11537.7 | 12699 |
| **4/30/18** | 11595.01 | 12845 |
| **5/31/18** | 11634.54 | 12925 |
| **6/30/18** | 11519.91 | 12919 |
| **7/31/18** | 11705.68 | 13323 |
| **8/31/18** | 11628.61 | 13487 |
| **9/30/18** | 11670.11 | 13563 |
| **10/31/18** | 11138.48 | 12567 |
| **11/30/18** | 11215.56 | 12709 |
| **12/31/18** | 10678.96 | 11743 |
| **1/31/19** | 11446.99 | 12657 |
| **2/28/19** | 11684.11 | 13037 |
| **3/31/19** | 11734.48 | 13209 |
| **4/30/19** | 11973.7 | 13677 |
| **5/31/19** | 11436.5 | 12888 |
| **6/30/19** | 12160.46 | 13737 |
| **7/31/19** | 12145.77 | 13805 |
| **8/31/19** | 12040.85 | 13523 |
| **9/30/19** | 12269.58 | 13810 |
| **10/31/19** | 12412.27 | 14162 |
| **11/30/19** | 12479.42 | 14556 |
| **12/31/19** | 12832.91 | 14992 |
| **1/31/20** | 12478.59 | 14901 |
| **2/29/20** | 11694.67 | 13642 |
| **3/31/20** | 10330.55 | 11836 |
| **4/30/20** | 11347.0 | 13129 |
| **5/31/20** | 11672.52 | 13764 |
| **6/30/20** | 11851.9 | 14128 |
| **7/31/20** | 12405.52 | 14803 |
| **8/31/20** | 12830.7 | 15793 |
| **9/30/20** | 12520.67 | 15248 |
| **10/31/20** | 12272.65 | 14780 |
| **11/30/20** | 13359.96 | 16670 |
| **12/31/20** | 13897.44 | 17377 |
| **1/31/21** | 13661.51 | 17204 |
| **2/28/21** | 13942.82 | 17645 |
| **3/31/21** | 14460.06 | 18232 |
| **4/30/21** | 15004.52 | 19080 |
| **5/31/21** | 15605.7 | 19355 |
| **6/30/21** | 15319.86 | 19644 |
| **7/31/21** | 15417.41 | 19995 |
| **8/31/21** | 15490.0 | 20493 |
| **9/30/21** | 15024.94 | 19642 |
| **10/31/21** | 15524.03 | 20755 |
| **11/30/21** | 14968.22 | 20300 |
| **12/31/21** | 15598.16 | 21168 |
| **1/31/22** | 15532.89 | 20048 |
| **2/28/22** | 15416.84 | 19541 |
| **3/31/22** | 15641.68 | 20077 |
| **4/30/22** | 14810.03 | 18409 |
| **5/31/22** | 15025.2 | 18423 |
| **6/30/22** | 14000.15 | 16827 |
| **7/31/22** | 14498.17 | 18163 |
| **8/31/22** | 13937.29 | 17404 |
| **9/30/22** | 12873.56 | 15786 |
| **10/31/22** | 13676.19 | 16920 |
| **11/30/22** | 14790.69 | 18096 |
| **12/31/22** | 14587.92 | 17327 |
| **1/31/23** | 15604.57 | 18554 |
| **2/28/23** | 15043.4 | 18108 |
| **3/31/23** | 15456.1 | 18667 |
| **4/30/23** | 15745.49 | 18994 |
| **5/31/23** | 15232.13 | 18805 |
| **6/30/23** | 15931.71 | 19942 |
| **7/31/23** | 16304.14 | 20612 |
| **8/31/23** | 15911.58 | 20119 |
| **9/30/23** | 15325.24 | 19252 |
| **10/31/23** | 15093.73 | 18693 |
| **11/30/23** | 15929.19 | 20445 |
| **12/31/23** | 16455.26 | 21449 |
| **1/31/24** | 16496.99 | 21707 |
| **2/29/24** | 16765.64 | 22627 |
| **3/31/24** | 17522.02 | 23354 |
| **4/30/24** | 17185.56 | 22487 |
| **5/31/24** | 17764.59 | 23491 |
| **6/30/24** | 17712.42 | 23969 |
| **7/31/24** | 18437.51 | 24391 |
| **8/31/24** | 18995.67 | 25036 |
| **9/30/24** | 19462.54 | 25494 |
| **10/31/24** | 19079.13 | 24988 |
| **11/30/24** | 19180.85 | 26135 |
| **12/31/24** | 18395.31 | 25454 |
| **1/31/25** | 19243.44 | 26352 |
| **2/28/25** | 19476.75 | 26163 |
| **3/31/25** | 19668.88 | 24998 |
| **4/30/25** | 19797.88 | 25220 |
| **5/31/25** | 20401.73 | 26713 |
| **6/30/25** | 21090.66 | 27865 |
| **7/31/25** | 21005.57 | 28224 |
| **8/31/25** | 21941.53 | 28960 |
| **9/30/25** | 22973.56 | 29891 |
| **10/31/25** | 23099.82 | 30490 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | 21.07% | 13.48% | 9.29% |
| Class A - with sales charge | 15.02% | 12.32% | 8.73% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$68,460,342,210

* Number of Portfolio Holdings199

* Portfolio Turnover Rate15.99%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$449,722,824

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.7% |
| Commodities | 11.4% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 4.9%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference4</sup> | 11.4% |
| Oracle Corp. (Software, United States) | 2.5% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.3% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 2.1% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.0% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Prosus NV (Broadline Retail, China) | 1.8% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 1.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 1.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.5% |
| Total | 28.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.9% |
| Others<sup>Footnote Reference5</sup> | 2.6% |
| Energy | 5.6% |
| Materials | 6.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 8.3% |
| Health Care | 10.1% |
| Industrials | 10.5% |
| Information Technology | 10.5% |
| Financials | 10.6% |
| Commodities | 11.4% |
| Consumer Staples | 11.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 6</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference7</sup> | 51.3% |
| United Kingdom | 7.5% |
| Japan | 6.1% |
| Canada | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.2% |
| China | 3.0% |
| France | 3.0% |
| Hong Kong | 2.1% |
| Mexico | 2.1% |
| Others<sup>Footnote Reference8</sup> | 7.1% |
| Short-Term Investments | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.0% of total investments) that settles in 90 days or less; long-term commercial paper (2.6% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>8</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FESGX

**This 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 October 31, 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 Year?
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 | $204 | 1.85% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Fund Class C Shares<sup>1</sup> increased 20.15% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and developed Europe were the leading contributors by region, while developed Asia excluding Japan and Japan were the weakest performing regions.

• Materials, financials and information technology were the largest contributors among equity sectors; healthcare, real estate and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg013.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Global Fund (Class C) \| $22,541** | **MSCI World Index \| $30,490** |
| **10/31/15** | 9999.98 | 10000 |
| **11/30/15** | 9955.46 | 9950 |
| **12/31/15** | 9770.06 | 9775 |
| **1/31/16** | 9431.61 | 9191 |
| **2/29/16** | 9607.68 | 9122 |
| **3/31/16** | 10092.86 | 9741 |
| **4/30/16** | 10429.36 | 9895 |
| **5/31/16** | 10325.67 | 9951 |
| **6/30/16** | 10396.1 | 9839 |
| **7/31/16** | 10759.98 | 10255 |
| **8/31/16** | 10746.29 | 10264 |
| **9/30/16** | 10783.46 | 10318 |
| **10/31/16** | 10656.29 | 10118 |
| **11/30/16** | 10662.16 | 10264 |
| **12/31/16** | 10730.79 | 10510 |
| **1/31/17** | 11012.86 | 10763 |
| **2/28/17** | 11172.29 | 11062 |
| **3/31/17** | 11290.84 | 11180 |
| **4/30/17** | 11305.14 | 11345 |
| **5/31/17** | 11444.13 | 11585 |
| **6/30/17** | 11442.09 | 11630 |
| **7/31/17** | 11572.9 | 11908 |
| **8/31/17** | 11583.12 | 11925 |
| **9/30/17** | 11730.29 | 12192 |
| **10/31/17** | 11883.58 | 12423 |
| **11/30/17** | 12014.4 | 12692 |
| **12/31/17** | 12085.41 | 12864 |
| **1/31/18** | 12530.28 | 13543 |
| **2/28/18** | 12004.92 | 12982 |
| **3/31/18** | 11924.42 | 12699 |
| **4/30/18** | 11977.38 | 12845 |
| **5/31/18** | 12009.15 | 12925 |
| **6/30/18** | 11884.17 | 12919 |
| **7/31/18** | 12068.47 | 13323 |
| **8/31/18** | 11981.61 | 13487 |
| **9/30/18** | 12017.63 | 13563 |
| **10/31/18** | 11462.61 | 12567 |
| **11/30/18** | 11534.63 | 12709 |
| **12/31/18** | 10976.52 | 11743 |
| **1/31/19** | 11759.12 | 12657 |
| **2/28/19** | 11993.9 | 13037 |
| **3/31/19** | 12036.39 | 13209 |
| **4/30/19** | 12275.64 | 13677 |
| **5/31/19** | 11716.64 | 12888 |
| **6/30/19** | 12450.05 | 13737 |
| **7/31/19** | 12427.69 | 13805 |
| **8/31/19** | 12311.42 | 13523 |
| **9/30/19** | 12539.49 | 13810 |
| **10/31/19** | 12675.88 | 14162 |
| **11/30/19** | 12738.49 | 14556 |
| **12/31/19** | 13090.72 | 14992 |
| **1/31/20** | 12720.71 | 14901 |
| **2/29/20** | 11915.13 | 13642 |
| **3/31/20** | 10519.41 | 11836 |
| **4/30/20** | 11545.12 | 13129 |
| **5/31/20** | 11868.29 | 13764 |
| **6/30/20** | 12043.93 | 14128 |
| **7/31/20** | 12598.94 | 14803 |
| **8/31/20** | 13022.81 | 15793 |
| **9/30/20** | 12699.64 | 15248 |
| **10/31/20** | 12439.69 | 14780 |
| **11/30/20** | 13533.32 | 16670 |
| **12/31/20** | 14068.52 | 17377 |
| **1/31/21** | 13820.95 | 17204 |
| **2/28/21** | 14097.08 | 17645 |
| **3/31/21** | 14611.26 | 18232 |
| **4/30/21** | 15151.63 | 19080 |
| **5/31/21** | 15749.12 | 19355 |
| **6/30/21** | 15451.57 | 19644 |
| **7/31/21** | 15539.64 | 19995 |
| **8/31/21** | 15601.53 | 20493 |
| **9/30/21** | 15125.44 | 19642 |
| **10/31/21** | 15615.82 | 20755 |
| **11/30/21** | 15049.27 | 20300 |
| **12/31/21** | 15670.15 | 21168 |
| **1/31/22** | 15594.66 | 20048 |
| **2/28/22** | 15468.86 | 19541 |
| **3/31/22** | 15685.24 | 20077 |
| **4/30/22** | 14842.36 | 18409 |
| **5/31/22** | 15048.67 | 18423 |
| **6/30/22** | 14012.05 | 16827 |
| **7/31/22** | 14500.17 | 18163 |
| **8/31/22** | 13931.53 | 17404 |
| **9/30/22** | 12859.68 | 15786 |
| **10/31/22** | 13652.25 | 16920 |
| **11/30/22** | 14756.81 | 18096 |
| **12/31/22** | 14543.87 | 17327 |
| **1/31/23** | 15547.71 | 18554 |
| **2/28/23** | 14981.58 | 18108 |
| **3/31/23** | 15379.97 | 18667 |
| **4/30/23** | 15660.42 | 18994 |
| **5/31/23** | 15138.84 | 18805 |
| **6/30/23** | 15822.92 | 19942 |
| **7/31/23** | 16184.61 | 20612 |
| **8/31/23** | 15783.6 | 20119 |
| **9/30/23** | 15193.88 | 19252 |
| **10/31/23** | 14952.75 | 18693 |
| **11/30/23** | 15773.12 | 20445 |
| **12/31/23** | 16280.94 | 21449 |
| **1/31/24** | 16313.32 | 21707 |
| **2/29/24** | 16569.65 | 22627 |
| **3/31/24** | 17303.56 | 23354 |
| **4/30/24** | 16960.89 | 22487 |
| **5/31/24** | 17522.11 | 23491 |
| **6/30/24** | 17457.35 | 23969 |
| **7/31/24** | 18164.28 | 24391 |
| **8/31/24** | 18698.53 | 25036 |
| **9/30/24** | 19149.13 | 25494 |
| **10/31/24** | 18760.58 | 24988 |
| **11/30/24** | 18846.93 | 26135 |
| **12/31/24** | 18063.15 | 25454 |
| **1/31/25** | 18884.72 | 26352 |
| **2/28/25** | 19102.11 | 26163 |
| **3/31/25** | 19277.15 | 24998 |
| **4/30/25** | 19392.9 | 25220 |
| **5/31/25** | 19971.67 | 26713 |
| **6/30/25** | 20632.31 | 27865 |
| **7/31/25** | 20536.32 | 28224 |
| **8/31/25** | 21436.94 | 28960 |
| **9/30/25** | 22433.54 | 29891 |
| **10/31/25** | 22540.83 | 30490 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | 20.15% | 12.62% | 8.47% |
| Class C - with sales charge | 19.15% | 12.62% | 8.47% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$68,460,342,210

* Number of Portfolio Holdings199

* Portfolio Turnover Rate15.99%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$449,722,824

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.7% |
| Commodities | 11.4% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 4.9%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference4</sup> | 11.4% |
| Oracle Corp. (Software, United States) | 2.5% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.3% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 2.1% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.0% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Prosus NV (Broadline Retail, China) | 1.8% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 1.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 1.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.5% |
| Total | 28.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.9% |
| Others<sup>Footnote Reference5</sup> | 2.6% |
| Energy | 5.6% |
| Materials | 6.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 8.3% |
| Health Care | 10.1% |
| Industrials | 10.5% |
| Information Technology | 10.5% |
| Financials | 10.6% |
| Commodities | 11.4% |
| Consumer Staples | 11.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 6</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference7</sup> | 51.3% |
| United Kingdom | 7.5% |
| Japan | 6.1% |
| Canada | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.2% |
| China | 3.0% |
| France | 3.0% |
| Hong Kong | 2.1% |
| Mexico | 2.1% |
| Others<sup>Footnote Reference8</sup> | 7.1% |
| Short-Term Investments | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.0% of total investments) that settles in 90 days or less; long-term commercial paper (2.6% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>8</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class C \| FESGX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| SGIIX

**This 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 October 31, 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 Year?
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 | $95 | 0.86% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Fund Class I Shares increased 21.35% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and developed Europe were the leading contributors by region, while developed Asia excluding Japan and Japan were the weakest performing regions.

• Materials, financials and information technology were the largest contributors among equity sectors; healthcare, real estate and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg060.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Global Fund (Class I) \| $2,493,399** | **MSCI World Index \| $3,048,995** |
| **10/31/15** | 999999.99 | 1000000 |
| **11/30/15** | 996256.78 | 995024 |
| **12/31/15** | 978701.8 | 977534 |
| **1/31/16** | 945477.2 | 919054 |
| **2/29/16** | 964082.98 | 912214 |
| **3/31/16** | 1013445.24 | 974116 |
| **4/30/16** | 1048188.68 | 989530 |
| **5/31/16** | 1038695.94 | 995088 |
| **6/30/16** | 1046669.84 | 983937 |
| **7/31/16** | 1084261.11 | 1025507 |
| **8/31/16** | 1083881.4 | 1026360 |
| **9/30/16** | 1088437.91 | 1031811 |
| **10/31/16** | 1076477.06 | 1011843 |
| **11/30/16** | 1077995.9 | 1026392 |
| **12/31/16** | 1085789.86 | 1050952 |
| **1/31/17** | 1115480.21 | 1076317 |
| **2/28/17** | 1132417.65 | 1106178 |
| **3/31/17** | 1145369.82 | 1117961 |
| **4/30/17** | 1147960.25 | 1134514 |
| **5/31/17** | 1163104.32 | 1158514 |
| **6/30/17** | 1163702.11 | 1162972 |
| **7/31/17** | 1178049.12 | 1190804 |
| **8/31/17** | 1180041.76 | 1192481 |
| **9/30/17** | 1196182.15 | 1219246 |
| **10/31/17** | 1212521.81 | 1242287 |
| **11/30/17** | 1227068.08 | 1269205 |
| **12/31/17** | 1235410.57 | 1286369 |
| **1/31/18** | 1282069.14 | 1354289 |
| **2/28/18** | 1228953.36 | 1298185 |
| **3/31/18** | 1222079.56 | 1269889 |
| **4/30/18** | 1228328.47 | 1284481 |
| **5/31/18** | 1232702.71 | 1292530 |
| **6/30/18** | 1221038.07 | 1291914 |
| **7/31/18** | 1240826.3 | 1332265 |
| **8/31/18** | 1232911.01 | 1348749 |
| **9/30/18** | 1237701.84 | 1356259 |
| **10/31/18** | 1181669.9 | 1256672 |
| **11/30/18** | 1190001.79 | 1270947 |
| **12/31/18** | 1133378.74 | 1174307 |
| **1/31/19** | 1215221.54 | 1265675 |
| **2/28/19** | 1240506.31 | 1303734 |
| **3/31/19** | 1246051.22 | 1320857 |
| **4/30/19** | 1271779.58 | 1367694 |
| **5/31/19** | 1215221.54 | 1288777 |
| **6/30/19** | 1292184.84 | 1373701 |
| **7/31/19** | 1290854.06 | 1380505 |
| **8/31/19** | 1279986.04 | 1352268 |
| **9/30/19** | 1304605.42 | 1381045 |
| **10/31/19** | 1320131.16 | 1416189 |
| **11/30/19** | 1327672.23 | 1455630 |
| **12/31/19** | 1365516.26 | 1499238 |
| **1/31/20** | 1328217.33 | 1490113 |
| **2/29/20** | 1244939.84 | 1364161 |
| **3/31/20** | 1100201.21 | 1183624 |
| **4/30/20** | 1208579.24 | 1312928 |
| **5/31/20** | 1243297.74 | 1376353 |
| **6/30/20** | 1262768.26 | 1412759 |
| **7/31/20** | 1322118.13 | 1480348 |
| **8/31/20** | 1367862.1 | 1579256 |
| **9/30/20** | 1334785.69 | 1524773 |
| **10/31/20** | 1308746.81 | 1478001 |
| **11/30/20** | 1425100.72 | 1666980 |
| **12/31/20** | 1482767.03 | 1737655 |
| **1/31/21** | 1457717.04 | 1720385 |
| **2/28/21** | 1488306.94 | 1764469 |
| **3/31/21** | 1543705.96 | 1823176 |
| **4/30/21** | 1602236.24 | 1908027 |
| **5/31/21** | 1666788.15 | 1935513 |
| **6/30/21** | 1636679.99 | 1964361 |
| **7/31/21** | 1647278.06 | 1999549 |
| **8/31/21** | 1655467.48 | 2049314 |
| **9/30/21** | 1606090.09 | 1964226 |
| **10/31/21** | 1659803.06 | 2075480 |
| **11/30/21** | 1600791.05 | 2030000 |
| **12/31/21** | 1668514.03 | 2116763 |
| **1/31/22** | 1661825.57 | 2004763 |
| **2/28/22** | 1649734.89 | 1954060 |
| **3/31/22** | 1674173.5 | 2007686 |
| **4/30/22** | 1585422.75 | 1840901 |
| **5/31/22** | 1608832.37 | 1842295 |
| **6/30/22** | 1499501.74 | 1682712 |
| **7/31/22** | 1553009.44 | 1816313 |
| **8/31/22** | 1493070.53 | 1740377 |
| **9/30/22** | 1379623.92 | 1578592 |
| **10/31/22** | 1465802.18 | 1691955 |
| **11/30/22** | 1585680.0 | 1809597 |
| **12/31/22** | 1564190.67 | 1732749 |
| **1/31/23** | 1673694.76 | 1855351 |
| **2/28/23** | 1613843.26 | 1810751 |
| **3/31/23** | 1658128.0 | 1866703 |
| **4/30/23** | 1689798.3 | 1899425 |
| **5/31/23** | 1635046.26 | 1880463 |
| **6/30/23** | 1710196.12 | 1994189 |
| **7/31/23** | 1750723.36 | 2061179 |
| **8/31/23** | 1708854.16 | 2011946 |
| **9/30/23** | 1646318.74 | 1925154 |
| **10/31/23** | 1621626.64 | 1869294 |
| **11/30/23** | 1711806.47 | 2044545 |
| **12/31/23** | 1768630.82 | 2144920 |
| **1/31/24** | 1773649.0 | 2170660 |
| **2/29/24** | 1802921.74 | 2262691 |
| **3/31/24** | 1884327.82 | 2335402 |
| **4/30/24** | 1848642.96 | 2248654 |
| **5/31/24** | 1911370.25 | 2349061 |
| **6/30/24** | 1905794.49 | 2396860 |
| **7/31/24** | 1984412.7 | 2439098 |
| **8/31/24** | 2044909.69 | 2503565 |
| **9/30/24** | 2095649.1 | 2549415 |
| **10/31/24** | 2054667.27 | 2498842 |
| **11/30/24** | 2065818.78 | 2613506 |
| **12/31/24** | 1981608.63 | 2545396 |
| **1/31/25** | 2073619.23 | 2635220 |
| **2/28/25** | 2099194.07 | 2616253 |
| **3/31/25** | 2120065.48 | 2499776 |
| **4/30/25** | 2134763.66 | 2521992 |
| **5/31/25** | 2200023.58 | 2671273 |
| **6/30/25** | 2274690.34 | 2786547 |
| **7/31/25** | 2266165.39 | 2822417 |
| **8/31/25** | 2367582.83 | 2896041 |
| **9/30/25** | 2479289.0 | 2989137 |
| **10/31/25** | 2493399.26 | 3048995 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 21.35% | 13.76% | 9.57% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$68,460,342,210

* Number of Portfolio Holdings199

* Portfolio Turnover Rate15.99%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$449,722,824

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.7% |
| Commodities | 11.4% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 4.9%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference4</sup> | 11.4% |
| Oracle Corp. (Software, United States) | 2.5% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.3% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 2.1% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.0% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Prosus NV (Broadline Retail, China) | 1.8% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 1.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 1.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.5% |
| Total | 28.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.9% |
| Others<sup>Footnote Reference5</sup> | 2.6% |
| Energy | 5.6% |
| Materials | 6.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 8.3% |
| Health Care | 10.1% |
| Industrials | 10.5% |
| Information Technology | 10.5% |
| Financials | 10.6% |
| Commodities | 11.4% |
| Consumer Staples | 11.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 6</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference7</sup> | 51.3% |
| United Kingdom | 7.5% |
| Japan | 6.1% |
| Canada | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.2% |
| China | 3.0% |
| France | 3.0% |
| Hong Kong | 2.1% |
| Mexico | 2.1% |
| Others<sup>Footnote Reference8</sup> | 7.1% |
| Short-Term Investments | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.0% of total investments) that settles in 90 days or less; long-term commercial paper (2.6% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>8</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| SGIIX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEGRX

**This 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 October 31, 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 Year?
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 | $86 | 0.78% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Fund Class R6 Shares increased 21.44% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and developed Europe were the leading contributors by region, while developed Asia excluding Japan and Japan were the weakest performing regions.

• Materials, financials and information technology were the largest contributors among equity sectors; healthcare, real estate and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Global Fund (Class R6) \| $21,960** | **MSCI World Index \| $27,563** |
| **3/1/17** | 10000.01 | 10000 |
| **3/31/17** | 10027.92 | 10107 |
| **4/30/17** | 10048.85 | 10256 |
| **5/31/17** | 10183.17 | 10473 |
| **6/30/17** | 10190.14 | 10513 |
| **7/31/17** | 10313.99 | 10765 |
| **8/31/17** | 10333.17 | 10780 |
| **9/30/17** | 10474.46 | 11022 |
| **10/31/17** | 10619.24 | 11230 |
| **11/30/17** | 10748.31 | 11474 |
| **12/31/17** | 10820.52 | 11629 |
| **1/31/18** | 11229.18 | 12243 |
| **2/28/18** | 10765.78 | 11736 |
| **3/31/18** | 10705.58 | 11480 |
| **4/30/18** | 10760.31 | 11612 |
| **5/31/18** | 10800.45 | 11685 |
| **6/30/18** | 10696.46 | 11679 |
| **7/31/18** | 10871.6 | 12044 |
| **8/31/18** | 10804.1 | 12193 |
| **9/30/18** | 10846.06 | 12261 |
| **10/31/18** | 10355.29 | 11360 |
| **11/30/18** | 10430.09 | 11490 |
| **12/31/18** | 9933.53 | 10616 |
| **1/31/19** | 10650.85 | 11442 |
| **2/28/19** | 10874.4 | 11786 |
| **3/31/19** | 10923.0 | 11941 |
| **4/30/19** | 11148.5 | 12364 |
| **5/31/19** | 10652.79 | 11651 |
| **6/30/19** | 11329.28 | 12418 |
| **7/31/19** | 11319.56 | 12480 |
| **8/31/19** | 11222.37 | 12225 |
| **9/30/19** | 11440.09 | 12485 |
| **10/31/19** | 11576.16 | 12803 |
| **11/30/19** | 11644.2 | 13159 |
| **12/31/19** | 11976.9 | 13553 |
| **1/31/20** | 11649.81 | 13471 |
| **2/29/20** | 10919.51 | 12332 |
| **3/31/20** | 9650.23 | 10700 |
| **4/30/20** | 10602.71 | 11869 |
| **5/31/20** | 10907.17 | 12442 |
| **6/30/20** | 11077.91 | 12772 |
| **7/31/20** | 11600.44 | 13383 |
| **8/31/20** | 12001.59 | 14277 |
| **9/30/20** | 11713.58 | 13784 |
| **10/31/20** | 11485.24 | 13361 |
| **11/30/20** | 12505.6 | 15070 |
| **12/31/20** | 13013.56 | 15709 |
| **1/31/21** | 12793.74 | 15553 |
| **2/28/21** | 13062.17 | 15951 |
| **3/31/21** | 13550.42 | 16482 |
| **4/30/21** | 14064.03 | 17249 |
| **5/31/21** | 14630.48 | 17497 |
| **6/30/21** | 14366.28 | 17758 |
| **7/31/21** | 14463.5 | 18076 |
| **8/31/21** | 14535.36 | 18526 |
| **9/30/21** | 14102.07 | 17757 |
| **10/31/21** | 14575.52 | 18763 |
| **11/30/21** | 14057.69 | 18351 |
| **12/31/21** | 14652.26 | 19136 |
| **1/31/22** | 14595.79 | 18123 |
| **2/28/22** | 14489.61 | 17665 |
| **3/31/22** | 14706.48 | 18150 |
| **4/30/22** | 13927.1 | 16642 |
| **5/31/22** | 14132.68 | 16655 |
| **6/30/22** | 13172.58 | 15212 |
| **7/31/22** | 13644.72 | 16420 |
| **8/31/22** | 13118.36 | 15733 |
| **9/30/22** | 12122.12 | 14271 |
| **10/31/22** | 12881.16 | 15296 |
| **11/30/22** | 13936.14 | 16359 |
| **12/31/22** | 13745.22 | 15664 |
| **1/31/23** | 14709.84 | 16773 |
| **2/28/23** | 14183.9 | 16369 |
| **3/31/23** | 14575.41 | 16875 |
| **4/30/23** | 14853.71 | 17171 |
| **5/31/23** | 14372.58 | 17000 |
| **6/30/23** | 15035.31 | 18028 |
| **7/31/23** | 15391.44 | 18633 |
| **8/31/23** | 15025.88 | 18188 |
| **9/30/23** | 14476.35 | 17404 |
| **10/31/23** | 14259.37 | 16899 |
| **11/30/23** | 15054.18 | 18483 |
| **12/31/23** | 15555.47 | 19390 |
| **1/31/24** | 15599.59 | 19623 |
| **2/29/24** | 15857.01 | 20455 |
| **3/31/24** | 16577.79 | 21112 |
| **4/30/24** | 16261.53 | 20328 |
| **5/31/24** | 16815.59 | 21236 |
| **6/30/24** | 16769.01 | 21668 |
| **7/31/24** | 17460.37 | 22050 |
| **8/31/24** | 17992.37 | 22633 |
| **9/30/24** | 18441.01 | 23047 |
| **10/31/24** | 18083.08 | 22590 |
| **11/30/24** | 18183.59 | 23626 |
| **12/31/24** | 17443.4 | 23011 |
| **1/31/25** | 18253.1 | 23823 |
| **2/28/25** | 18478.16 | 23651 |
| **3/31/25** | 18664.41 | 22598 |
| **4/30/25** | 18793.76 | 22799 |
| **5/31/25** | 19370.63 | 24149 |
| **6/30/25** | 20030.29 | 25191 |
| **7/31/25** | 19955.27 | 25515 |
| **8/31/25** | 20847.75 | 26181 |
| **9/30/25** | 21835.94 | 27022 |
| **10/31/25** | 21960.11 | 27563 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 21.44% | 13.84% | 9.50% |
| MSCI World Index | 22.02% | 15.58% | 12.41% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$68,460,342,210

* Number of Portfolio Holdings199

* Portfolio Turnover Rate15.99%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$449,722,824

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.7% |
| Commodities | 11.4% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 4.9%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference4</sup> | 11.4% |
| Oracle Corp. (Software, United States) | 2.5% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.3% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 2.1% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.0% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Prosus NV (Broadline Retail, China) | 1.8% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 1.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 1.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.5% |
| Total | 28.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.9% |
| Others<sup>Footnote Reference5</sup> | 2.6% |
| Energy | 5.6% |
| Materials | 6.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 8.3% |
| Health Care | 10.1% |
| Industrials | 10.5% |
| Information Technology | 10.5% |
| Financials | 10.6% |
| Commodities | 11.4% |
| Consumer Staples | 11.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 6</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference7</sup> | 51.3% |
| United Kingdom | 7.5% |
| Japan | 6.1% |
| Canada | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.2% |
| China | 3.0% |
| France | 3.0% |
| Hong Kong | 2.1% |
| Mexico | 2.1% |
| Others<sup>Footnote Reference8</sup> | 7.1% |
| Short-Term Investments | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.0% of total investments) that settles in 90 days or less; long-term commercial paper (2.6% of total investments) that settles in 91 days or more; and other short-term investments (0.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>8</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FEGRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| SGOVX

**This 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 October 31, 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 Overseas Fund

# What Were the Fund's Costs for the Last Year?
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 | $128 | 1.13% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Overseas Fund Class A Shares<sup>1</sup> increased 26.00% in the 12-month period ended October 31, 2025. The MSCI EAFE Index increased 23.03% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. Developed Europe and emerging markets were the leading contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• All equity sectors contributed to performance. Materials, financials and industrials were the largest contributors among equity sectors; communication services, healthcare and real estate were the weakest performing sectors.

• Gold bullion was the leading contributor to performance. Shimano, Inc. was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg063.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Overseas Fund (Class A) \| $19,018** | **MSCI EAFE Index \| $20,578** |
| **10/31/15** | 9500.22 | 10000 |
| **11/30/15** | 9349.02 | 9844 |
| **12/31/15** | 9351.07 | 9712 |
| **1/31/16** | 9002.05 | 9009 |
| **2/29/16** | 9151.02 | 8844 |
| **3/31/16** | 9636.24 | 9420 |
| **4/30/16** | 9989.51 | 9693 |
| **5/31/16** | 9819.26 | 9605 |
| **6/30/16** | 9883.11 | 9282 |
| **7/31/16** | 10210.84 | 9753 |
| **8/31/16** | 10155.51 | 9760 |
| **9/30/16** | 10219.35 | 9879 |
| **10/31/16** | 10155.51 | 9677 |
| **11/30/16** | 9797.98 | 9485 |
| **12/31/16** | 9873.41 | 9809 |
| **1/31/17** | 10217.37 | 10093 |
| **2/28/17** | 10318.79 | 10238 |
| **3/31/17** | 10504.0 | 10520 |
| **4/30/17** | 10596.61 | 10787 |
| **5/31/17** | 10834.73 | 11183 |
| **6/30/17** | 10786.22 | 11163 |
| **7/31/17** | 10936.16 | 11485 |
| **8/31/17** | 10989.07 | 11481 |
| **9/30/17** | 11046.4 | 11767 |
| **10/31/17** | 11169.87 | 11945 |
| **11/30/17** | 11213.97 | 12071 |
| **12/31/17** | 11260.79 | 12265 |
| **1/31/18** | 11607.41 | 12880 |
| **2/28/18** | 11123.96 | 12298 |
| **3/31/18** | 11146.77 | 12077 |
| **4/30/18** | 11219.74 | 12352 |
| **5/31/18** | 11087.47 | 12075 |
| **6/30/18** | 10932.41 | 11927 |
| **7/31/18** | 11064.67 | 12221 |
| **8/31/18** | 10836.63 | 11985 |
| **9/30/18** | 10927.84 | 12089 |
| **10/31/18** | 10357.74 | 11127 |
| **11/30/18** | 10348.61 | 11113 |
| **12/31/18** | 10102.03 | 10573 |
| **1/31/19** | 10647.07 | 11268 |
| **2/28/19** | 10816.22 | 11555 |
| **3/31/19** | 10896.1 | 11628 |
| **4/30/19** | 11084.04 | 11955 |
| **5/31/19** | 10764.54 | 11381 |
| **6/30/19** | 11342.47 | 12056 |
| **7/31/19** | 11206.21 | 11903 |
| **8/31/19** | 11253.19 | 11595 |
| **9/30/19** | 11441.14 | 11927 |
| **10/31/19** | 11582.1 | 12355 |
| **11/30/19** | 11539.81 | 12495 |
| **12/31/19** | 11880.64 | 12901 |
| **1/31/20** | 11578.04 | 12631 |
| **2/29/20** | 10913.32 | 11490 |
| **3/31/20** | 9777.34 | 9956 |
| **4/30/20** | 10556.16 | 10599 |
| **5/31/20** | 10843.87 | 11061 |
| **6/30/20** | 11047.26 | 11437 |
| **7/31/20** | 11399.46 | 11704 |
| **8/31/20** | 11677.25 | 12306 |
| **9/30/20** | 11543.32 | 11986 |
| **10/31/20** | 11310.17 | 11507 |
| **11/30/20** | 12282.45 | 13291 |
| **12/31/20** | 12706.08 | 13909 |
| **1/31/21** | 12591.75 | 13761 |
| **2/28/21** | 12502.27 | 14070 |
| **3/31/21** | 12845.27 | 14393 |
| **4/30/21** | 13128.62 | 14826 |
| **5/31/21** | 13655.56 | 15310 |
| **6/30/21** | 13411.97 | 15137 |
| **7/31/21** | 13407.0 | 15251 |
| **8/31/21** | 13392.09 | 15520 |
| **9/30/21** | 13019.26 | 15070 |
| **10/31/21** | 13272.78 | 15441 |
| **11/30/21** | 12845.27 | 14722 |
| **12/31/21** | 13333.71 | 15476 |
| **1/31/22** | 13180.94 | 14728 |
| **2/28/22** | 13170.4 | 14468 |
| **3/31/22** | 13154.6 | 14561 |
| **4/30/22** | 12575.1 | 13619 |
| **5/31/22** | 12712.07 | 13721 |
| **6/30/22** | 11963.99 | 12448 |
| **7/31/22** | 12201.06 | 13068 |
| **8/31/22** | 11695.32 | 12447 |
| **9/30/22** | 10889.29 | 11283 |
| **10/31/22** | 11200.11 | 11889 |
| **11/30/22** | 12327.49 | 13229 |
| **12/31/22** | 12253.86 | 13239 |
| **1/31/23** | 13115.89 | 14311 |
| **2/28/23** | 12624.86 | 14013 |
| **3/31/23** | 13083.15 | 14360 |
| **4/30/23** | 13290.47 | 14765 |
| **5/31/23** | 12804.9 | 14141 |
| **6/30/23** | 13170.45 | 14784 |
| **7/31/23** | 13399.59 | 15262 |
| **8/31/23** | 13044.96 | 14678 |
| **9/30/23** | 12592.12 | 14176 |
| **10/31/23** | 12444.82 | 13602 |
| **11/30/23** | 13099.52 | 14864 |
| **12/31/23** | 13531.08 | 15654 |
| **1/31/24** | 13397.11 | 15744 |
| **2/29/24** | 13553.41 | 16032 |
| **3/31/24** | 13999.98 | 16559 |
| **4/30/24** | 13899.5 | 16135 |
| **5/31/24** | 14379.57 | 16760 |
| **6/30/24** | 14094.88 | 16490 |
| **7/31/24** | 14725.66 | 16974 |
| **8/31/24** | 15216.89 | 17525 |
| **9/30/24** | 15523.9 | 17687 |
| **10/31/24** | 15094.08 | 16725 |
| **11/30/24** | 14898.7 | 16631 |
| **12/31/24** | 14361.48 | 16252 |
| **1/31/25** | 14988.77 | 17106 |
| **2/28/25** | 15453.22 | 17438 |
| **3/31/25** | 15929.72 | 17368 |
| **4/30/25** | 16472.57 | 18163 |
| **5/31/25** | 16834.47 | 18994 |
| **6/30/25** | 17238.6 | 19413 |
| **7/31/25** | 17154.15 | 19140 |
| **8/31/25** | 17950.34 | 19956 |
| **9/30/25** | 18824.94 | 20338 |
| **10/31/25** | 19017.95 | 20578 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | 26.00% | 10.95% | 7.19% |
| Class A - with sales charge | 19.71% | 9.82% | 6.64% |
| MSCI EAFE Index | 23.03% | 12.33% | 7.48% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$15,396,879,923

* Number of Portfolio Holdings143

* Portfolio Turnover Rate12.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$99,149,445

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 87.0% |
| Commodities | 9.2% |
| Short-Term Investments | 3.8%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 9.2% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.3% |
| Prosus NV (Broadline Retail, China) | 2.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 2.5% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.4% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France) | 2.0% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.9% |
| Alibaba Group Holding Ltd. (Broadline Retail, China) | 1.8% |
| Mitsubishi Electric Corp. (Electrical Equipment, Japan) | 1.8% |
| Total | 30.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Others<sup>Footnote Reference4</sup> | 0.8% |
| Real Estate | 2.6% |
| Health Care | 5.1% |
| Energy | 5.8% |
| Information Technology | 7.1% |
| Materials | 8.2% |
| Commodities | 9.2% |
| Consumer Discretionary | 11.7% |
| Industrials | 13.5% |
| Financials | 13.8% |
| Consumer Staples | 18.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 13.9% |
| United Kingdom | 13.3% |
| United States<sup>Footnote Reference6</sup> | 11.3% |
| Canada | 8.8% |
| South Korea | 7.2% |
| France | 5.4% |
| Switzerland | 4.8% |
| China | 4.5% |
| Hong Kong | 4.2% |
| Germany | 3.4% |
| Others<sup>Footnote Reference7</sup> | 19.4% |
| Short-Term Investments | 3.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% of total investments) that settles in 90 days or less; long-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Overseas Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class A \| SGOVX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FESOX

**This 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 October 31, 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 Overseas Fund

# What Were the Fund's Costs for the Last Year?
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 | $211 | 1.87% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Overseas Fund Class C Shares<sup>1</sup> increased 25.09% in the 12-month period ended October 31, 2025. The MSCI EAFE Index increased 23.03% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. Developed Europe and emerging markets were the leading contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• All equity sectors contributed to performance. Materials, financials and industrials were the largest contributors among equity sectors; communication services, healthcare and real estate were the weakest performing sectors.

• Gold bullion was the leading contributor to performance. Shimano, Inc. was the largest detractor.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg017.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Overseas Fund (Class C) \| $18,598** | **MSCI EAFE Index \| $20,578** |
| **10/31/15** | 9999.99 | 10000 |
| **11/30/15** | 9835.16 | 9844 |
| **12/31/15** | 9830.65 | 9712 |
| **1/31/16** | 9455.4 | 9009 |
| **2/29/16** | 9608.28 | 8844 |
| **3/31/16** | 10113.25 | 9420 |
| **4/30/16** | 10479.24 | 9693 |
| **5/31/16** | 10289.29 | 9605 |
| **6/30/16** | 10354.15 | 9282 |
| **7/31/16** | 10687.71 | 9753 |
| **8/31/16** | 10622.85 | 9760 |
| **9/30/16** | 10683.08 | 9879 |
| **10/31/16** | 10613.58 | 9677 |
| **11/30/16** | 10229.07 | 9485 |
| **12/31/16** | 10301.04 | 9809 |
| **1/31/17** | 10653.95 | 10093 |
| **2/28/17** | 10758.86 | 10238 |
| **3/31/17** | 10940.09 | 10520 |
| **4/30/17** | 11030.7 | 10787 |
| **5/31/17** | 11273.92 | 11183 |
| **6/30/17** | 11211.92 | 11163 |
| **7/31/17** | 11364.53 | 11485 |
| **8/31/17** | 11407.45 | 11481 |
| **9/30/17** | 11464.68 | 11767 |
| **10/31/17** | 11583.9 | 11945 |
| **11/30/17** | 11626.82 | 12071 |
| **12/31/17** | 11663.33 | 12265 |
| **1/31/18** | 12016.77 | 12880 |
| **2/28/18** | 11511.16 | 12298 |
| **3/31/18** | 11525.89 | 12077 |
| **4/30/18** | 11594.61 | 12352 |
| **5/31/18** | 11452.25 | 12075 |
| **6/30/18** | 11280.45 | 11927 |
| **7/31/18** | 11412.98 | 12221 |
| **8/31/18** | 11172.45 | 11985 |
| **9/30/18** | 11255.9 | 12089 |
| **10/31/18** | 10666.84 | 11127 |
| **11/30/18** | 10647.21 | 11113 |
| **12/31/18** | 10392.56 | 10573 |
| **1/31/19** | 10939.8 | 11268 |
| **2/28/19** | 11110.5 | 11555 |
| **3/31/19** | 11185.81 | 11628 |
| **4/30/19** | 11371.57 | 11955 |
| **5/31/19** | 11035.19 | 11381 |
| **6/30/19** | 11617.58 | 12056 |
| **7/31/19** | 11471.98 | 11903 |
| **8/31/19** | 11517.16 | 11595 |
| **9/30/19** | 11697.9 | 11927 |
| **10/31/19** | 11838.48 | 12355 |
| **11/30/19** | 11783.25 | 12495 |
| **12/31/19** | 12126.45 | 12901 |
| **1/31/20** | 11811.06 | 12631 |
| **2/29/20** | 11122.48 | 11490 |
| **3/31/20** | 9966.08 | 9956 |
| **4/30/20** | 10749.28 | 10599 |
| **5/31/20** | 11033.12 | 11061 |
| **6/30/20** | 11232.86 | 11437 |
| **7/31/20** | 11590.3 | 11704 |
| **8/31/20** | 11858.37 | 12306 |
| **9/30/20** | 11716.45 | 11986 |
| **10/31/20** | 11474.66 | 11507 |
| **11/30/20** | 12452.34 | 13291 |
| **12/31/20** | 12872.85 | 13909 |
| **1/31/21** | 12751.95 | 13761 |
| **2/28/21** | 12652.08 | 14070 |
| **3/31/21** | 12988.49 | 14393 |
| **4/30/21** | 13272.33 | 14826 |
| **5/31/21** | 13797.97 | 15310 |
| **6/30/21** | 13540.41 | 15137 |
| **7/31/21** | 13524.64 | 15251 |
| **8/31/21** | 13503.61 | 15520 |
| **9/30/21** | 13119.9 | 15070 |
| **10/31/21** | 13366.95 | 15441 |
| **11/30/21** | 12925.41 | 14722 |
| **12/31/21** | 13413.35 | 15476 |
| **1/31/22** | 13253.07 | 14728 |
| **2/28/22** | 13230.97 | 14468 |
| **3/31/22** | 13208.86 | 14561 |
| **4/30/22** | 12617.5 | 13619 |
| **5/31/22** | 12744.62 | 13721 |
| **6/30/22** | 11987.46 | 12448 |
| **7/31/22** | 12219.58 | 13068 |
| **8/31/22** | 11705.59 | 12447 |
| **9/30/22** | 10887.64 | 11283 |
| **10/31/22** | 11197.13 | 11889 |
| **11/30/22** | 12313.53 | 13229 |
| **12/31/22** | 12231.69 | 13239 |
| **1/31/23** | 13085.33 | 14311 |
| **2/28/23** | 12592.63 | 14013 |
| **3/31/23** | 13039.5 | 14360 |
| **4/30/23** | 13234.29 | 14765 |
| **5/31/23** | 12741.59 | 14141 |
| **6/30/23** | 13102.52 | 14784 |
| **7/31/23** | 13320.23 | 15262 |
| **8/31/23** | 12959.29 | 14678 |
| **9/30/23** | 12500.96 | 14176 |
| **10/31/23** | 12346.28 | 13602 |
| **11/30/23** | 12993.67 | 14864 |
| **12/31/23** | 13407.28 | 15654 |
| **1/31/24** | 13267.62 | 15744 |
| **2/29/24** | 13413.09 | 16032 |
| **3/31/24** | 13849.53 | 16559 |
| **4/30/24** | 13744.79 | 16135 |
| **5/31/24** | 14204.5 | 16760 |
| **6/30/24** | 13919.36 | 16490 |
| **7/31/24** | 14536.19 | 16974 |
| **8/31/24** | 15007.54 | 17525 |
| **9/30/24** | 15298.49 | 17687 |
| **10/31/24** | 14867.88 | 16725 |
| **11/30/24** | 14670.03 | 16631 |
| **12/31/24** | 14128.26 | 16252 |
| **1/31/25** | 14735.45 | 17106 |
| **2/28/25** | 15186.15 | 17438 |
| **3/31/25** | 15649.38 | 17368 |
| **4/30/25** | 16168.93 | 18163 |
| **5/31/25** | 16513.22 | 18994 |
| **6/30/25** | 16901.33 | 19413 |
| **7/31/25** | 16807.43 | 19140 |
| **8/31/25** | 17577.38 | 19956 |
| **9/30/25** | 18416.18 | 20338 |
| **10/31/25** | 18597.72 | 20578 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | 25.09% | 10.14% | 6.40% |
| Class C - with sales charge | 24.09% | 10.14% | 6.40% |
| MSCI EAFE Index | 23.03% | 12.33% | 7.48% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$15,396,879,923

* Number of Portfolio Holdings143

* Portfolio Turnover Rate12.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$99,149,445

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 87.0% |
| Commodities | 9.2% |
| Short-Term Investments | 3.8%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 9.2% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.3% |
| Prosus NV (Broadline Retail, China) | 2.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 2.5% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.4% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France) | 2.0% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.9% |
| Alibaba Group Holding Ltd. (Broadline Retail, China) | 1.8% |
| Mitsubishi Electric Corp. (Electrical Equipment, Japan) | 1.8% |
| Total | 30.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Others<sup>Footnote Reference4</sup> | 0.8% |
| Real Estate | 2.6% |
| Health Care | 5.1% |
| Energy | 5.8% |
| Information Technology | 7.1% |
| Materials | 8.2% |
| Commodities | 9.2% |
| Consumer Discretionary | 11.7% |
| Industrials | 13.5% |
| Financials | 13.8% |
| Consumer Staples | 18.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 13.9% |
| United Kingdom | 13.3% |
| United States<sup>Footnote Reference6</sup> | 11.3% |
| Canada | 8.8% |
| South Korea | 7.2% |
| France | 5.4% |
| Switzerland | 4.8% |
| China | 4.5% |
| Hong Kong | 4.2% |
| Germany | 3.4% |
| Others<sup>Footnote Reference7</sup> | 19.4% |
| Short-Term Investments | 3.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% of total investments) that settles in 90 days or less; long-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Overseas Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class C \| FESOX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| SGOIX

**This 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 October 31, 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 Overseas Fund

# What Were the Fund's Costs for the Last Year?
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 | $100 | 0.88% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Overseas Fund Class I Shares increased 26.36% in the 12-month period ended October 31, 2025. The MSCI EAFE Index increased 23.03% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. Developed Europe and emerging markets were the leading contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• All equity sectors contributed to performance. Materials, financials and industrials were the largest contributors among equity sectors; communication services, healthcare and real estate were the weakest performing sectors.

• Gold bullion was the leading contributor to performance. Shimano, Inc. was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg024.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Overseas Fund (Class I) \| $2,057,597** | **MSCI EAFE Index \| $2,057,758** |
| **10/31/15** | 1000000.0 | 1000000 |
| **11/30/15** | 984429.06 | 984443 |
| **12/31/15** | 984326.56 | 971179 |
| **1/31/16** | 947853.75 | 900949 |
| **2/29/16** | 964112.71 | 884443 |
| **3/31/16** | 1015526.2 | 941991 |
| **4/30/16** | 1052877.87 | 969263 |
| **5/31/16** | 1035300.61 | 960458 |
| **6/30/16** | 1042331.52 | 928218 |
| **7/31/16** | 1077046.61 | 975261 |
| **8/31/16** | 1071334.0 | 975953 |
| **9/30/16** | 1078364.9 | 987942 |
| **10/31/16** | 1072212.86 | 967734 |
| **11/30/16** | 1034421.75 | 948460 |
| **12/31/16** | 1042394.47 | 980892 |
| **1/31/17** | 1078889.68 | 1009346 |
| **2/28/17** | 1090294.43 | 1023779 |
| **3/31/17** | 1109910.61 | 1051962 |
| **4/30/17** | 1119946.79 | 1078729 |
| **5/31/17** | 1145493.44 | 1118323 |
| **6/30/17** | 1140475.35 | 1116345 |
| **7/31/17** | 1156898.2 | 1148547 |
| **8/31/17** | 1162372.48 | 1148114 |
| **9/30/17** | 1168759.14 | 1176680 |
| **10/31/17** | 1181988.65 | 1194547 |
| **11/30/17** | 1187462.93 | 1207077 |
| **12/31/17** | 1192143.4 | 1226452 |
| **1/31/18** | 1229486.51 | 1287970 |
| **2/28/18** | 1178435.17 | 1229837 |
| **3/31/18** | 1181271.35 | 1207670 |
| **4/30/18** | 1188834.51 | 1235245 |
| **5/31/18** | 1175598.98 | 1207479 |
| **6/30/18** | 1159054.56 | 1192727 |
| **7/31/18** | 1173235.49 | 1222086 |
| **8/31/18** | 1149600.61 | 1198485 |
| **9/30/18** | 1159527.26 | 1208886 |
| **10/31/18** | 1099494.66 | 1112668 |
| **11/30/18** | 1098549.27 | 1111266 |
| **12/31/18** | 1073055.88 | 1057321 |
| **1/31/19** | 1130689.29 | 1126808 |
| **2/28/19** | 1149249.2 | 1155532 |
| **3/31/19** | 1158040.74 | 1162819 |
| **4/30/19** | 1178065.9 | 1195512 |
| **5/31/19** | 1144853.43 | 1138096 |
| **6/30/19** | 1205905.77 | 1205614 |
| **7/31/19** | 1191741.63 | 1190307 |
| **8/31/19** | 1197114.23 | 1159471 |
| **9/30/19** | 1217627.82 | 1192697 |
| **10/31/19** | 1232768.8 | 1235549 |
| **11/30/19** | 1228373.03 | 1249478 |
| **12/31/19** | 1265257.27 | 1290086 |
| **1/31/20** | 1233238.52 | 1263138 |
| **2/29/20** | 1162487.4 | 1148954 |
| **3/31/20** | 1042158.85 | 995605 |
| **4/30/20** | 1125304.33 | 1059923 |
| **5/31/20** | 1156290.22 | 1106078 |
| **6/30/20** | 1177980.34 | 1143739 |
| **7/31/20** | 1216196.28 | 1170398 |
| **8/31/20** | 1245632.87 | 1230570 |
| **9/30/20** | 1232205.65 | 1198595 |
| **10/31/20** | 1207416.94 | 1150737 |
| **11/30/20** | 1311219.68 | 1329116 |
| **12/31/20** | 1356886.76 | 1390915 |
| **1/31/21** | 1345471.27 | 1376096 |
| **2/28/21** | 1335612.44 | 1406961 |
| **3/31/21** | 1372453.34 | 1439312 |
| **4/30/21** | 1403586.49 | 1482620 |
| **5/31/21** | 1460145.06 | 1530970 |
| **6/30/21** | 1434200.77 | 1513740 |
| **7/31/21** | 1434200.77 | 1525138 |
| **8/31/21** | 1433162.99 | 1552040 |
| **9/30/21** | 1393727.66 | 1506999 |
| **10/31/21** | 1421228.62 | 1544064 |
| **11/30/21** | 1375047.77 | 1472197 |
| **12/31/21** | 1428128.59 | 1547580 |
| **1/31/22** | 1412156.46 | 1472794 |
| **2/28/22** | 1411605.7 | 1446753 |
| **3/31/22** | 1409953.41 | 1456052 |
| **4/30/22** | 1348267.95 | 1361853 |
| **5/31/22** | 1363138.55 | 1372063 |
| **6/30/22** | 1282727.14 | 1244752 |
| **7/31/22** | 1308613.01 | 1306778 |
| **8/31/22** | 1254638.23 | 1244713 |
| **9/30/22** | 1168168.43 | 1128274 |
| **10/31/22** | 1202315.74 | 1188947 |
| **11/30/22** | 1323483.61 | 1322865 |
| **12/31/22** | 1315455.46 | 1323928 |
| **1/31/23** | 1408600.22 | 1431136 |
| **2/28/23** | 1356599.15 | 1401273 |
| **3/31/23** | 1405743.01 | 1436002 |
| **4/30/23** | 1428600.63 | 1476544 |
| **5/31/23** | 1376599.56 | 1414060 |
| **6/30/23** | 1416600.38 | 1478413 |
| **7/31/23** | 1441172.31 | 1526249 |
| **8/31/23** | 1402885.81 | 1467775 |
| **9/30/23** | 1354884.83 | 1417639 |
| **10/31/23** | 1338884.51 | 1360166 |
| **11/30/23** | 1410314.54 | 1486413 |
| **12/31/23** | 1456677.32 | 1565385 |
| **1/31/24** | 1442614.46 | 1574394 |
| **2/29/24** | 1459607.08 | 1603212 |
| **3/31/24** | 1508241.12 | 1655941 |
| **4/30/24** | 1497693.98 | 1613534 |
| **5/31/24** | 1549843.73 | 1676035 |
| **6/30/24** | 1519960.16 | 1648977 |
| **7/31/24** | 1587930.62 | 1697352 |
| **8/31/24** | 1641252.28 | 1752544 |
| **9/30/24** | 1674651.56 | 1768727 |
| **10/31/24** | 1628361.33 | 1672542 |
| **11/30/24** | 1608438.95 | 1663053 |
| **12/31/24** | 1550166.01 | 1625232 |
| **1/31/25** | 1618583.63 | 1710641 |
| **2/28/25** | 1669263.36 | 1743816 |
| **3/31/25** | 1721210.07 | 1736781 |
| **4/30/25** | 1779491.75 | 1816334 |
| **5/31/25** | 1819402.03 | 1899437 |
| **6/30/25** | 1863746.79 | 1941288 |
| **7/31/25** | 1854244.34 | 1914039 |
| **8/31/25** | 1941666.86 | 1995639 |
| **9/30/25** | 2036057.85 | 2033832 |
| **10/31/25** | 2057596.73 | 2057758 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 26.36% | 11.25% | 7.48% |
| MSCI EAFE Index | 23.03% | 12.33% | 7.48% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$15,396,879,923

* Number of Portfolio Holdings143

* Portfolio Turnover Rate12.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$99,149,445

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 87.0% |
| Commodities | 9.2% |
| Short-Term Investments | 3.8%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 9.2% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.3% |
| Prosus NV (Broadline Retail, China) | 2.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 2.5% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.4% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France) | 2.0% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.9% |
| Alibaba Group Holding Ltd. (Broadline Retail, China) | 1.8% |
| Mitsubishi Electric Corp. (Electrical Equipment, Japan) | 1.8% |
| Total | 30.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Others<sup>Footnote Reference4</sup> | 0.8% |
| Real Estate | 2.6% |
| Health Care | 5.1% |
| Energy | 5.8% |
| Information Technology | 7.1% |
| Materials | 8.2% |
| Commodities | 9.2% |
| Consumer Discretionary | 11.7% |
| Industrials | 13.5% |
| Financials | 13.8% |
| Consumer Staples | 18.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 13.9% |
| United Kingdom | 13.3% |
| United States<sup>Footnote Reference6</sup> | 11.3% |
| Canada | 8.8% |
| South Korea | 7.2% |
| France | 5.4% |
| Switzerland | 4.8% |
| China | 4.5% |
| Hong Kong | 4.2% |
| Germany | 3.4% |
| Others<sup>Footnote Reference7</sup> | 19.4% |
| Short-Term Investments | 3.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% of total investments) that settles in 90 days or less; long-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Overseas Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| SGOIX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEORX

**This 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 October 31, 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 Overseas Fund

# What Were the Fund's Costs for the Last Year?
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 | $89 | 0.79% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Overseas Fund Class R6 Shares increased 26.47% in the 12-month period ended October 31, 2025. The MSCI EAFE Index increased 23.03% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. Developed Europe and emerging markets were the leading contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• All equity sectors contributed to performance. Materials, financials and industrials were the largest contributors among equity sectors; communication services, healthcare and real estate were the weakest performing sectors.

• Gold bullion was the leading contributor to performance. Shimano, Inc. was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg043.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Overseas Fund (Class R6) \| $18,925** | **MSCI EAFE Index \| $20,100** |
| **3/1/17** | 9999.99 | 10000 |
| **3/31/17** | 10141.72 | 10275 |
| **4/30/17** | 10233.42 | 10537 |
| **5/31/17** | 10466.85 | 10923 |
| **6/30/17** | 10421.0 | 10904 |
| **7/31/17** | 10571.06 | 11219 |
| **8/31/17** | 10625.25 | 11214 |
| **9/30/17** | 10683.61 | 11493 |
| **10/31/17** | 10804.49 | 11668 |
| **11/30/17** | 10854.51 | 11790 |
| **12/31/17** | 10899.58 | 11980 |
| **1/31/18** | 11241.0 | 12581 |
| **2/28/18** | 10774.25 | 12013 |
| **3/31/18** | 10800.18 | 11796 |
| **4/30/18** | 10873.65 | 12066 |
| **5/31/18** | 10748.32 | 11794 |
| **6/30/18** | 10601.38 | 11650 |
| **7/31/18** | 10731.03 | 11937 |
| **8/31/18** | 10514.94 | 11706 |
| **9/30/18** | 10605.7 | 11808 |
| **10/31/18** | 10056.83 | 10868 |
| **11/30/18** | 10048.18 | 10855 |
| **12/31/18** | 9818.61 | 10328 |
| **1/31/19** | 10345.97 | 11006 |
| **2/28/19** | 10515.79 | 11287 |
| **3/31/19** | 10591.77 | 11358 |
| **4/30/19** | 10779.47 | 11677 |
| **5/31/19** | 10475.57 | 11117 |
| **6/30/19** | 11038.68 | 11776 |
| **7/31/19** | 10909.07 | 11627 |
| **8/31/19** | 10958.23 | 11325 |
| **9/30/19** | 11141.47 | 11650 |
| **10/31/19** | 11284.48 | 12069 |
| **11/30/19** | 11244.26 | 12205 |
| **12/31/19** | 11579.75 | 12601 |
| **1/31/20** | 11291.32 | 12338 |
| **2/29/20** | 10643.54 | 11223 |
| **3/31/20** | 9541.83 | 9725 |
| **4/30/20** | 10303.1 | 10353 |
| **5/31/20** | 10586.8 | 10804 |
| **6/30/20** | 10785.39 | 11172 |
| **7/31/20** | 11140.02 | 11432 |
| **8/31/20** | 11409.53 | 12020 |
| **9/30/20** | 11286.6 | 11708 |
| **10/31/20** | 11059.63 | 11240 |
| **11/30/20** | 12010.03 | 12982 |
| **12/31/20** | 12432.13 | 13586 |
| **1/31/21** | 12327.54 | 13441 |
| **2/28/21** | 12237.21 | 13743 |
| **3/31/21** | 12574.75 | 14059 |
| **4/30/21** | 12860.0 | 14482 |
| **5/31/21** | 13382.96 | 14954 |
| **6/30/21** | 13145.25 | 14786 |
| **7/31/21** | 13145.25 | 14897 |
| **8/31/21** | 13135.74 | 15160 |
| **9/30/21** | 12774.43 | 14720 |
| **10/31/21** | 13026.4 | 15082 |
| **11/30/21** | 12608.03 | 14380 |
| **12/31/21** | 13091.98 | 15116 |
| **1/31/22** | 12950.56 | 14386 |
| **2/28/22** | 12940.46 | 14132 |
| **3/31/22** | 12930.36 | 14222 |
| **4/30/22** | 12364.65 | 13302 |
| **5/31/22** | 12501.03 | 13402 |
| **6/30/22** | 11763.59 | 12158 |
| **7/31/22** | 12006.04 | 12764 |
| **8/31/22** | 11506.0 | 12158 |
| **9/30/22** | 10718.05 | 11021 |
| **10/31/22** | 11031.21 | 11613 |
| **11/30/22** | 12142.41 | 12921 |
| **12/31/22** | 12073.87 | 12932 |
| **1/31/23** | 12928.8 | 13979 |
| **2/28/23** | 12446.27 | 13687 |
| **3/31/23** | 12902.58 | 14026 |
| **4/30/23** | 13112.38 | 14422 |
| **5/31/23** | 12635.08 | 13812 |
| **6/30/23** | 13002.23 | 14441 |
| **7/31/23** | 13227.76 | 14908 |
| **8/31/23** | 12881.6 | 14337 |
| **9/30/23** | 12435.78 | 13847 |
| **10/31/23** | 12294.16 | 13286 |
| **11/30/23** | 12949.78 | 14519 |
| **12/31/23** | 13376.23 | 15290 |
| **1/31/24** | 13247.05 | 15378 |
| **2/29/24** | 13408.53 | 15660 |
| **3/31/24** | 13855.3 | 16175 |
| **4/30/24** | 13758.41 | 15761 |
| **5/31/24** | 14237.48 | 16371 |
| **6/30/24** | 13962.96 | 16107 |
| **7/31/24** | 14592.74 | 16579 |
| **8/31/24** | 15082.58 | 17118 |
| **9/30/24** | 15389.4 | 17276 |
| **10/31/24** | 14969.54 | 16337 |
| **11/30/24** | 14781.14 | 16244 |
| **12/31/24** | 14247.9 | 15875 |
| **1/31/25** | 14877.0 | 16709 |
| **2/28/25** | 15343.0 | 17033 |
| **3/31/25** | 15820.65 | 16964 |
| **4/30/25** | 16362.37 | 17741 |
| **5/31/25** | 16729.34 | 18553 |
| **6/30/25** | 17137.09 | 18962 |
| **7/31/25** | 17055.54 | 18696 |
| **8/31/25** | 17853.56 | 19493 |
| **9/30/25** | 18727.31 | 19866 |
| **10/31/25** | 18925.36 | 20100 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 26.47% | 11.34% | 7.64% |
| MSCI EAFE Index | 23.03% | 12.33% | 8.39% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$15,396,879,923

* Number of Portfolio Holdings143

* Portfolio Turnover Rate12.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$99,149,445

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 87.0% |
| Commodities | 9.2% |
| Short-Term Investments | 3.8%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 9.2% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.3% |
| Prosus NV (Broadline Retail, China) | 2.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment, Taiwan) | 2.5% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.4% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods, France) | 2.0% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.9% |
| Alibaba Group Holding Ltd. (Broadline Retail, China) | 1.8% |
| Mitsubishi Electric Corp. (Electrical Equipment, Japan) | 1.8% |
| Total | 30.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.8% |
| Others<sup>Footnote Reference4</sup> | 0.8% |
| Real Estate | 2.6% |
| Health Care | 5.1% |
| Energy | 5.8% |
| Information Technology | 7.1% |
| Materials | 8.2% |
| Commodities | 9.2% |
| Consumer Discretionary | 11.7% |
| Industrials | 13.5% |
| Financials | 13.8% |
| Consumer Staples | 18.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 13.9% |
| United Kingdom | 13.3% |
| United States<sup>Footnote Reference6</sup> | 11.3% |
| Canada | 8.8% |
| South Korea | 7.2% |
| France | 5.4% |
| Switzerland | 4.8% |
| China | 4.5% |
| Hong Kong | 4.2% |
| Germany | 3.4% |
| Others<sup>Footnote Reference7</sup> | 19.4% |
| Short-Term Investments | 3.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% of total investments) that settles in 90 days or less; long-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>7</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Overseas Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FEORX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEVAX

**This 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 October 31, 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 U.S. Fund

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

# What Were the Fund's Costs for the Last Year?
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 | $121 | 1.13% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Fund Class A Shares<sup>1</sup> increased 14.11% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also were a tailwind.

• Materials, communication services and information technology were the largest contributors among equity sectors; real estate, healthcare and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg031.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle U.S. Fund (Class A) \| $24,765** | **S&P 500 Index \| $39,196** |
| **10/31/15** | 9501.43 | 10000 |
| **11/30/15** | 9554.16 | 10030 |
| **12/31/15** | 9231.73 | 9872 |
| **1/31/16** | 8940.26 | 9382 |
| **2/29/16** | 9121.17 | 9369 |
| **3/31/16** | 9633.77 | 10005 |
| **4/30/16** | 9895.09 | 10043 |
| **5/31/16** | 9890.07 | 10224 |
| **6/30/16** | 9910.17 | 10250 |
| **7/31/16** | 10221.74 | 10628 |
| **8/31/16** | 10261.95 | 10643 |
| **9/30/16** | 10272.0 | 10645 |
| **10/31/16** | 10091.08 | 10451 |
| **11/30/16** | 10513.22 | 10838 |
| **12/31/16** | 10595.36 | 11052 |
| **1/31/17** | 10764.49 | 11262 |
| **2/28/17** | 10977.27 | 11709 |
| **3/31/17** | 11015.46 | 11723 |
| **4/30/17** | 10982.73 | 11843 |
| **5/31/17** | 11026.37 | 12010 |
| **6/30/17** | 11091.84 | 12085 |
| **7/31/17** | 11217.33 | 12333 |
| **8/31/17** | 11206.42 | 12371 |
| **9/30/17** | 11441.02 | 12626 |
| **10/31/17** | 11599.24 | 12921 |
| **11/30/17** | 11779.29 | 13317 |
| **12/31/17** | 11950.8 | 13465 |
| **1/31/18** | 12462.38 | 14236 |
| **2/28/18** | 11980.54 | 13711 |
| **3/31/18** | 11861.57 | 13363 |
| **4/30/18** | 11921.05 | 13414 |
| **5/31/18** | 12075.72 | 13737 |
| **6/30/18** | 12016.23 | 13822 |
| **7/31/18** | 12266.08 | 14336 |
| **8/31/18** | 12319.61 | 14803 |
| **9/30/18** | 12307.72 | 14887 |
| **10/31/18** | 11831.83 | 13870 |
| **11/30/18** | 12016.23 | 14153 |
| **12/31/18** | 11243.15 | 12875 |
| **1/31/19** | 12150.3 | 13906 |
| **2/28/19** | 12418.32 | 14353 |
| **3/31/19** | 12418.32 | 14632 |
| **4/30/19** | 12706.96 | 15224 |
| **5/31/19** | 11985.36 | 14257 |
| **6/30/19** | 12830.66 | 15262 |
| **7/31/19** | 12947.49 | 15481 |
| **8/31/19** | 12679.47 | 15236 |
| **9/30/19** | 12892.51 | 15521 |
| **10/31/19** | 12947.49 | 15857 |
| **11/30/19** | 13084.94 | 16433 |
| **12/31/19** | 13420.27 | 16928 |
| **1/31/20** | 13024.9 | 16922 |
| **2/29/20** | 12137.18 | 15529 |
| **3/31/20** | 10525.85 | 13611 |
| **4/30/20** | 11689.58 | 15356 |
| **5/31/20** | 11950.68 | 16087 |
| **6/30/20** | 12055.12 | 16407 |
| **7/31/20** | 12756.34 | 17332 |
| **8/31/20** | 13315.83 | 18578 |
| **9/30/20** | 12845.86 | 17872 |
| **10/31/20** | 12659.37 | 17397 |
| **11/30/20** | 13711.2 | 19301 |
| **12/31/20** | 14292.03 | 20043 |
| **1/31/21** | 13950.48 | 19841 |
| **2/28/21** | 14671.53 | 20388 |
| **3/31/21** | 15286.32 | 21281 |
| **4/30/21** | 16060.5 | 22416 |
| **5/31/21** | 16622.17 | 22573 |
| **6/30/21** | 16326.15 | 23100 |
| **7/31/21** | 16508.32 | 23649 |
| **8/31/21** | 16690.48 | 24368 |
| **9/30/21** | 16159.17 | 23234 |
| **10/31/21** | 16872.64 | 24862 |
| **11/30/21** | 16159.17 | 24690 |
| **12/31/21** | 16958.45 | 25797 |
| **1/31/22** | 16916.81 | 24462 |
| **2/28/22** | 16783.54 | 23729 |
| **3/31/22** | 17324.94 | 24610 |
| **4/30/22** | 16258.79 | 22464 |
| **5/31/22** | 16500.34 | 22505 |
| **6/30/22** | 15200.97 | 20648 |
| **7/31/22** | 15942.28 | 22552 |
| **8/31/22** | 15425.86 | 21632 |
| **9/30/22** | 14176.47 | 19640 |
| **10/31/22** | 15334.24 | 21230 |
| **11/30/22** | 16267.12 | 22416 |
| **12/31/22** | 15991.95 | 21125 |
| **1/31/23** | 16981.89 | 22452 |
| **2/28/23** | 16459.92 | 21904 |
| **3/31/23** | 16711.9 | 22708 |
| **4/30/23** | 17071.88 | 23063 |
| **5/31/23** | 16567.91 | 23163 |
| **6/30/23** | 17503.85 | 24693 |
| **7/31/23** | 18016.82 | 25487 |
| **8/31/23** | 17629.84 | 25081 |
| **9/30/23** | 16981.89 | 23885 |
| **10/31/23** | 16684.91 | 23383 |
| **11/30/23** | 17647.84 | 25518 |
| **12/31/23** | 18298.49 | 26678 |
| **1/31/24** | 18442.72 | 27126 |
| **2/29/24** | 18721.57 | 28574 |
| **3/31/24** | 19750.44 | 29494 |
| **4/30/24** | 19240.82 | 28289 |
| **5/31/24** | 19923.52 | 29692 |
| **6/30/24** | 20096.6 | 30757 |
| **7/31/24** | 20913.93 | 31132 |
| **8/31/24** | 21452.4 | 31887 |
| **9/30/24** | 21990.88 | 32568 |
| **10/31/24** | 21702.41 | 32272 |
| **11/30/24** | 22173.57 | 34167 |
| **12/31/24** | 21152.17 | 33352 |
| **1/31/25** | 22083.4 | 34281 |
| **2/28/25** | 22022.0 | 33834 |
| **3/31/25** | 22011.76 | 31928 |
| **4/30/25** | 21592.2 | 31711 |
| **5/31/25** | 22277.83 | 33707 |
| **6/30/25** | 23045.32 | 35421 |
| **7/31/25** | 22994.16 | 36216 |
| **8/31/25** | 23986.78 | 36950 |
| **9/30/25** | 24784.98 | 38299 |
| **10/31/25** | 24764.51 | 39196 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | 14.11% | 14.36% | 10.05% |
| Class A - with sales charge | 8.39% | 13.20% | 9.49% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,570,982,219

* Number of Portfolio Holdings81

* Portfolio Turnover Rate16.89%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$10,839,951

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.5% |
| Commodities | 13.6% |
| Master Limited Partnerships | 1.5% |
| Corporate Bonds | 1.3% |
| Convertible Preferred Stocks | 0.3% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 8.6%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 13.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.8% |
| Oracle Corp. (Software, United States) | 3.8% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.7% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 3.6% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 3.4% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 3.2% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.6% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 2.5% |
| Universal Health Services, Inc., Class B (Health Care Providers & Services, United States) | 2.3% |
| Total | 42.5% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.6% |
| Others<sup>Footnote Reference4</sup> | 0.4% |
| Real Estate | 3.3% |
| Consumer Staples | 5.0% |
| Materials | 5.6% |
| Industrials | 7.4% |
| Energy | 7.8% |
| Financials | 9.1% |
| Information Technology | 10.8% |
| Communication Services | 13.3% |
| Commodities | 13.6% |
| Health Care | 15.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.1% of total investments) that settles in 90 days or less; long-term commercial paper (2.4% of total investments) that settles in 91 days or more; and other short-term investments (4.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEVAX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEVCX

**This 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 October 31, 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 U.S. Fund

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

# What Were the Fund's Costs for the Last Year?
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 | $199 | 1.87% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Fund Class C Shares<sup>1</sup> increased 13.25% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also were a tailwind.

• Materials, communication services and information technology were the largest contributors among equity sectors; real estate, healthcare and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle U.S. Fund (Class C) \| $24,146** | **S&P 500 Index \| $39,196** |
| **10/31/15** | 10000.0 | 10000 |
| **11/30/15** | 10046.32 | 10030 |
| **12/31/15** | 9702.2 | 9872 |
| **1/31/16** | 9389.57 | 9382 |
| **2/29/16** | 9572.84 | 9369 |
| **3/31/16** | 10106.46 | 10005 |
| **4/30/16** | 10375.96 | 10043 |
| **5/31/16** | 10365.18 | 10224 |
| **6/30/16** | 10375.96 | 10250 |
| **7/31/16** | 10699.37 | 10628 |
| **8/31/16** | 10731.71 | 10643 |
| **9/30/16** | 10737.1 | 10645 |
| **10/31/16** | 10537.67 | 10451 |
| **11/30/16** | 10968.87 | 10838 |
| **12/31/16** | 11054.24 | 11052 |
| **1/31/17** | 11218.18 | 11262 |
| **2/28/17** | 11434.82 | 11709 |
| **3/31/17** | 11464.09 | 11723 |
| **4/30/17** | 11423.11 | 11843 |
| **5/31/17** | 11464.09 | 12010 |
| **6/30/17** | 11522.64 | 12085 |
| **7/31/17** | 11645.59 | 12333 |
| **8/31/17** | 11628.03 | 12371 |
| **9/30/17** | 11862.23 | 12626 |
| **10/31/17** | 12026.17 | 12921 |
| **11/30/17** | 12201.82 | 13317 |
| **12/31/17** | 12368.14 | 13465 |
| **1/31/18** | 12892.54 | 14236 |
| **2/28/18** | 12387.33 | 13711 |
| **3/31/18** | 12259.43 | 13363 |
| **4/30/18** | 12310.59 | 13414 |
| **5/31/18** | 12457.67 | 13737 |
| **6/30/18** | 12393.72 | 13822 |
| **7/31/18** | 12636.74 | 14336 |
| **8/31/18** | 12687.9 | 14803 |
| **9/30/18** | 12668.71 | 14887 |
| **10/31/18** | 12169.89 | 13870 |
| **11/30/18** | 12348.96 | 14153 |
| **12/31/18** | 11552.89 | 12875 |
| **1/31/19** | 12468.85 | 13906 |
| **2/28/19** | 12742.16 | 14353 |
| **3/31/19** | 12734.77 | 14632 |
| **4/30/19** | 13015.47 | 15224 |
| **5/31/19** | 12269.41 | 14257 |
| **6/30/19** | 13126.27 | 15262 |
| **7/31/19** | 13244.46 | 15481 |
| **8/31/19** | 12956.38 | 15236 |
| **9/30/19** | 13170.59 | 15521 |
| **10/31/19** | 13214.91 | 15857 |
| **11/30/19** | 13347.88 | 16433 |
| **12/31/19** | 13681.1 | 16928 |
| **1/31/20** | 13266.03 | 16922 |
| **2/29/20** | 12356.09 | 15529 |
| **3/31/20** | 10711.8 | 13611 |
| **4/30/20** | 11885.15 | 15356 |
| **5/31/20** | 12140.58 | 16087 |
| **6/30/20** | 12244.34 | 16407 |
| **7/31/20** | 12946.76 | 17332 |
| **8/31/20** | 13497.51 | 18578 |
| **9/30/20** | 13018.59 | 17872 |
| **10/31/20** | 12819.04 | 17397 |
| **11/30/20** | 13880.65 | 19301 |
| **12/31/20** | 14456.15 | 20043 |
| **1/31/21** | 14102.18 | 19841 |
| **2/28/21** | 14826.2 | 20388 |
| **3/31/21** | 15429.54 | 21281 |
| **4/30/21** | 16201.82 | 22416 |
| **5/31/21** | 16756.9 | 22573 |
| **6/30/21** | 16451.21 | 23100 |
| **7/31/21** | 16620.14 | 23649 |
| **8/31/21** | 16789.08 | 24368 |
| **9/30/21** | 16242.05 | 23234 |
| **10/31/21** | 16958.02 | 24862 |
| **11/30/21** | 16234.0 | 24690 |
| **12/31/21** | 17015.69 | 25797 |
| **1/31/22** | 16962.93 | 24462 |
| **2/28/22** | 16822.23 | 23729 |
| **3/31/22** | 17349.85 | 24610 |
| **4/30/22** | 16277.03 | 22464 |
| **5/31/22** | 16505.66 | 22505 |
| **6/30/22** | 15195.41 | 20648 |
| **7/31/22** | 15925.28 | 22552 |
| **8/31/22** | 15406.46 | 21632 |
| **9/30/22** | 14148.97 | 19640 |
| **10/31/22** | 15292.14 | 21230 |
| **11/30/22** | 16215.47 | 22416 |
| **12/31/22** | 15926.87 | 21125 |
| **1/31/23** | 16904.5 | 22452 |
| **2/28/23** | 16372.98 | 21904 |
| **3/31/23** | 16619.76 | 22708 |
| **4/30/23** | 16961.45 | 23063 |
| **5/31/23** | 16448.91 | 23163 |
| **6/30/23** | 17369.59 | 24693 |
| **7/31/23** | 17872.65 | 25487 |
| **8/31/23** | 17474.0 | 25081 |
| **9/30/23** | 16819.08 | 23885 |
| **10/31/23** | 16515.35 | 23383 |
| **11/30/23** | 17455.02 | 25518 |
| **12/31/23** | 18088.65 | 26678 |
| **1/31/24** | 18219.95 | 27126 |
| **2/29/24** | 18482.54 | 28574 |
| **3/31/24** | 19482.42 | 29494 |
| **4/30/24** | 18977.43 | 28289 |
| **5/31/24** | 19633.91 | 29692 |
| **6/30/24** | 19785.41 | 30757 |
| **7/31/24** | 20583.29 | 31132 |
| **8/31/24** | 21098.38 | 31887 |
| **9/30/24** | 21613.47 | 32568 |
| **10/31/24** | 21320.57 | 32272 |
| **11/30/24** | 21764.96 | 34167 |
| **12/31/24** | 20762.31 | 33352 |
| **1/31/25** | 21651.05 | 34281 |
| **2/28/25** | 21586.8 | 33834 |
| **3/31/25** | 21565.39 | 31928 |
| **4/30/25** | 21137.08 | 31711 |
| **5/31/25** | 21790.25 | 33707 |
| **6/30/25** | 22529.08 | 35421 |
| **7/31/25** | 22464.84 | 36216 |
| **8/31/25** | 23417.83 | 36950 |
| **9/30/25** | 24178.08 | 38299 |
| **10/31/25** | 24145.95 | 39196 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | 13.25% | 13.50% | 9.22% |
| Class C - with sales charge | 12.25% | 13.50% | 9.22% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,570,982,219

* Number of Portfolio Holdings81

* Portfolio Turnover Rate16.89%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$10,839,951

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.5% |
| Commodities | 13.6% |
| Master Limited Partnerships | 1.5% |
| Corporate Bonds | 1.3% |
| Convertible Preferred Stocks | 0.3% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 8.6%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 13.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.8% |
| Oracle Corp. (Software, United States) | 3.8% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.7% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 3.6% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 3.4% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 3.2% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.6% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 2.5% |
| Universal Health Services, Inc., Class B (Health Care Providers & Services, United States) | 2.3% |
| Total | 42.5% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.6% |
| Others<sup>Footnote Reference4</sup> | 0.4% |
| Real Estate | 3.3% |
| Consumer Staples | 5.0% |
| Materials | 5.6% |
| Industrials | 7.4% |
| Energy | 7.8% |
| Financials | 9.1% |
| Information Technology | 10.8% |
| Communication Services | 13.3% |
| Commodities | 13.6% |
| Health Care | 15.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.1% of total investments) that settles in 90 days or less; long-term commercial paper (2.4% of total investments) that settles in 91 days or more; and other short-term investments (4.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEVCX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEVIX

**This 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 October 31, 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 U.S. Fund

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

# What Were the Fund's Costs for the Last Year?
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 | $95 | 0.89% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Fund Class I Shares increased 14.43% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also were a tailwind.

• Materials, communication services and information technology were the largest contributors among equity sectors; real estate, healthcare and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg056.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle U.S. Fund (Class I) \| $2,677,925** | **S&P 500 Index \| $3,919,570** |
| **10/31/15** | 1000000.0 | 1000000 |
| **11/30/15** | 1005967.18 | 1002974 |
| **12/31/15** | 971931.45 | 987155 |
| **1/31/16** | 942146.45 | 938168 |
| **2/29/16** | 960958.03 | 936903 |
| **3/31/16** | 1015302.58 | 1000460 |
| **4/30/16** | 1042997.4 | 1004339 |
| **5/31/16** | 1042997.4 | 1022375 |
| **6/30/16** | 1045087.58 | 1025024 |
| **7/31/16** | 1078530.38 | 1062815 |
| **8/31/16** | 1082710.73 | 1064307 |
| **9/30/16** | 1084278.36 | 1064509 |
| **10/31/16** | 1064944.24 | 1045091 |
| **11/30/16** | 1109883.01 | 1083796 |
| **12/31/16** | 1119094.83 | 1105218 |
| **1/31/17** | 1136704.95 | 1126180 |
| **2/28/17** | 1159427.69 | 1170896 |
| **3/31/17** | 1163404.17 | 1172262 |
| **4/30/17** | 1160563.82 | 1184301 |
| **5/31/17** | 1165676.44 | 1200967 |
| **6/30/17** | 1173061.33 | 1208463 |
| **7/31/17** | 1186126.9 | 1233313 |
| **8/31/17** | 1185558.83 | 1237088 |
| **9/30/17** | 1210553.85 | 1262607 |
| **10/31/17** | 1227595.9 | 1292070 |
| **11/30/17** | 1246910.23 | 1331698 |
| **12/31/17** | 1265024.78 | 1346504 |
| **1/31/18** | 1319621.24 | 1423597 |
| **2/28/18** | 1269367.68 | 1371127 |
| **3/31/18** | 1256959.39 | 1336283 |
| **4/30/18** | 1263163.54 | 1341410 |
| **5/31/18** | 1279914.72 | 1373714 |
| **6/30/18** | 1274330.99 | 1382169 |
| **7/31/18** | 1300388.39 | 1433604 |
| **8/31/18** | 1306592.54 | 1480319 |
| **9/30/18** | 1305972.12 | 1488745 |
| **10/31/18** | 1255098.15 | 1386989 |
| **11/30/18** | 1274951.41 | 1415253 |
| **12/31/18** | 1193628.73 | 1287469 |
| **1/31/19** | 1289750.28 | 1390641 |
| **2/28/19** | 1318443.28 | 1435292 |
| **3/31/19** | 1319160.6 | 1463183 |
| **4/30/19** | 1350005.57 | 1522426 |
| **5/31/19** | 1273969.13 | 1425679 |
| **6/30/19** | 1363634.75 | 1526156 |
| **7/31/19** | 1377263.92 | 1548090 |
| **8/31/19** | 1348570.92 | 1523567 |
| **9/30/19** | 1371525.32 | 1552074 |
| **10/31/19** | 1377981.25 | 1585691 |
| **11/30/19** | 1392327.75 | 1643250 |
| **12/31/19** | 1428989.97 | 1692847 |
| **1/31/20** | 1386892.07 | 1692183 |
| **2/29/20** | 1292561.58 | 1552884 |
| **3/31/20** | 1121051.6 | 1361083 |
| **4/30/20** | 1245786.13 | 1535565 |
| **5/31/20** | 1273071.81 | 1608701 |
| **6/30/20** | 1284765.67 | 1640694 |
| **7/31/20** | 1360385.98 | 1733205 |
| **8/31/20** | 1419634.88 | 1857788 |
| **9/30/20** | 1370520.66 | 1787198 |
| **10/31/20** | 1350251.3 | 1739670 |
| **11/30/20** | 1464071.56 | 1930101 |
| **12/31/20** | 1525746.68 | 2004310 |
| **1/31/21** | 1489968.36 | 1984075 |
| **2/28/21** | 1567090.52 | 2038786 |
| **3/31/21** | 1633081.65 | 2128076 |
| **4/30/21** | 1715769.33 | 2241648 |
| **5/31/21** | 1776194.94 | 2257305 |
| **6/30/21** | 1745187.06 | 2310001 |
| **7/31/21** | 1765063.9 | 2364875 |
| **8/31/21** | 1784940.75 | 2436781 |
| **9/30/21** | 1728490.51 | 2323447 |
| **10/31/21** | 1805612.67 | 2486231 |
| **11/30/21** | 1729285.58 | 2469004 |
| **12/31/21** | 1815475.54 | 2579656 |
| **1/31/22** | 1811109.32 | 2446166 |
| **2/28/22** | 1798010.65 | 2372924 |
| **3/31/22** | 1855644.8 | 2461030 |
| **4/30/22** | 1742123.0 | 2246424 |
| **5/31/22** | 1768320.34 | 2250545 |
| **6/30/22** | 1628601.2 | 2064776 |
| **7/31/22** | 1708939.7 | 2255158 |
| **8/31/22** | 1653925.29 | 2163188 |
| **9/30/22** | 1520318.87 | 1963962 |
| **10/31/22** | 1645192.85 | 2122967 |
| **11/30/22** | 1745615.98 | 2241607 |
| **12/31/22** | 1716224.78 | 2112458 |
| **1/31/23** | 1823902.07 | 2245192 |
| **2/28/23** | 1767229.81 | 2190411 |
| **3/31/23** | 1795565.94 | 2270831 |
| **4/30/23** | 1834291.98 | 2306275 |
| **5/31/23** | 1780453.34 | 2316299 |
| **6/30/23** | 1881518.86 | 2469349 |
| **7/31/23** | 1937246.58 | 2548677 |
| **8/31/23** | 1895686.92 | 2508098 |
| **9/30/23** | 1826735.68 | 2388517 |
| **10/31/23** | 1794621.4 | 2338295 |
| **11/30/23** | 1898520.54 | 2551841 |
| **12/31/23** | 1968607.84 | 2667773 |
| **1/31/24** | 1984768.8 | 2712603 |
| **2/29/24** | 2016080.68 | 2857444 |
| **3/31/24** | 2126177.27 | 2949381 |
| **4/30/24** | 2072644.06 | 2828915 |
| **5/31/24** | 2146378.48 | 2969185 |
| **6/30/24** | 2165569.63 | 3075726 |
| **7/31/24** | 2253444.89 | 3113165 |
| **8/31/24** | 2313038.45 | 3188680 |
| **9/30/24** | 2371621.96 | 3256781 |
| **10/31/24** | 2340310.09 | 3227247 |
| **11/30/24** | 2391823.17 | 3416690 |
| **12/31/24** | 2283068.59 | 3335242 |
| **1/31/25** | 2382051.77 | 3428120 |
| **2/28/25** | 2376672.25 | 3383389 |
| **3/31/25** | 2376672.25 | 3192755 |
| **4/30/25** | 2331484.27 | 3171105 |
| **5/31/25** | 2406797.56 | 3370709 |
| **6/30/25** | 2489642.18 | 3542119 |
| **7/31/25** | 2484262.66 | 3621614 |
| **8/31/25** | 2591853.07 | 3695030 |
| **9/30/25** | 2679001.31 | 3829899 |
| **10/31/25** | 2677925.4 | 3919570 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 14.43% | 14.68% | 10.35% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,570,982,219

* Number of Portfolio Holdings81

* Portfolio Turnover Rate16.89%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$10,839,951

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.5% |
| Commodities | 13.6% |
| Master Limited Partnerships | 1.5% |
| Corporate Bonds | 1.3% |
| Convertible Preferred Stocks | 0.3% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 8.6%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 13.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.8% |
| Oracle Corp. (Software, United States) | 3.8% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.7% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 3.6% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 3.4% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 3.2% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.6% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 2.5% |
| Universal Health Services, Inc., Class B (Health Care Providers & Services, United States) | 2.3% |
| Total | 42.5% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.6% |
| Others<sup>Footnote Reference4</sup> | 0.4% |
| Real Estate | 3.3% |
| Consumer Staples | 5.0% |
| Materials | 5.6% |
| Industrials | 7.4% |
| Energy | 7.8% |
| Financials | 9.1% |
| Information Technology | 10.8% |
| Communication Services | 13.3% |
| Commodities | 13.6% |
| Health Care | 15.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.1% of total investments) that settles in 90 days or less; long-term commercial paper (2.4% of total investments) that settles in 91 days or more; and other short-term investments (4.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEVIX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEVRX

**This 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 October 31, 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 U.S. Fund

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

# What Were the Fund's Costs for the Last Year?
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 | $88 | 0.82% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Fund Class R6 Shares increased 14.48% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also were a tailwind.

• Materials, communication services and information technology were the largest contributors among equity sectors; real estate, healthcare and energy were the only detractors.

• Gold bullion was the leading contributor to performance. Comcast Corp., Class A was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg051.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle U.S. Fund (Class R6) \| $22,903** | **S&P 500 Index \| $33,475** |
| **3/1/17** | 10000.0 | 10000 |
| **3/31/17** | 9917.71 | 10012 |
| **4/30/17** | 9893.51 | 10114 |
| **5/31/17** | 9932.23 | 10257 |
| **6/30/17** | 9995.16 | 10321 |
| **7/31/17** | 10111.32 | 10533 |
| **8/31/17** | 10106.48 | 10565 |
| **9/30/17** | 10319.46 | 10783 |
| **10/31/17** | 10464.66 | 11035 |
| **11/30/17** | 10624.39 | 11373 |
| **12/31/17** | 10782.66 | 11500 |
| **1/31/18** | 11248.02 | 12158 |
| **2/28/18** | 10819.68 | 11710 |
| **3/31/18** | 10713.91 | 11412 |
| **4/30/18** | 10766.8 | 11456 |
| **5/31/18** | 10909.58 | 11732 |
| **6/30/18** | 10861.98 | 11804 |
| **7/31/18** | 11084.09 | 12244 |
| **8/31/18** | 11136.97 | 12643 |
| **9/30/18** | 11131.68 | 12715 |
| **10/31/18** | 10703.34 | 11846 |
| **11/30/18** | 10872.56 | 12087 |
| **12/31/18** | 10177.14 | 10996 |
| **1/31/19** | 10996.69 | 11877 |
| **2/28/19** | 11241.34 | 12258 |
| **3/31/19** | 11247.45 | 12496 |
| **4/30/19** | 11510.44 | 13002 |
| **5/31/19** | 10862.14 | 12176 |
| **6/30/19** | 11632.77 | 13034 |
| **7/31/19** | 11742.85 | 13221 |
| **8/31/19** | 11498.21 | 13012 |
| **9/30/19** | 11693.93 | 13255 |
| **10/31/19** | 11755.09 | 13543 |
| **11/30/19** | 11877.41 | 14034 |
| **12/31/19** | 12188.83 | 14458 |
| **1/31/20** | 11829.75 | 14452 |
| **2/29/20** | 11025.14 | 13262 |
| **3/31/20** | 9568.86 | 11624 |
| **4/30/20** | 10626.16 | 13114 |
| **5/31/20** | 10865.54 | 13739 |
| **6/30/20** | 10965.29 | 14012 |
| **7/31/20** | 11603.66 | 14802 |
| **8/31/20** | 12109.03 | 15866 |
| **9/30/20** | 11690.1 | 15264 |
| **10/31/20** | 11517.21 | 14858 |
| **11/30/20** | 12488.06 | 16484 |
| **12/31/20** | 13012.96 | 17118 |
| **1/31/21** | 12707.65 | 16945 |
| **2/28/21** | 13372.55 | 17412 |
| **3/31/21** | 13935.67 | 18175 |
| **4/30/21** | 14641.27 | 19145 |
| **5/31/21** | 15156.91 | 19278 |
| **6/30/21** | 14892.31 | 19728 |
| **7/31/21** | 15061.92 | 20197 |
| **8/31/21** | 15231.54 | 20811 |
| **9/30/21** | 14749.83 | 19843 |
| **10/31/21** | 15407.94 | 21234 |
| **11/30/21** | 14763.4 | 21086 |
| **12/31/21** | 15493.26 | 22031 |
| **1/31/22** | 15463.43 | 20891 |
| **2/28/22** | 15344.14 | 20266 |
| **3/31/22** | 15836.23 | 21018 |
| **4/30/22** | 14866.96 | 19186 |
| **5/31/22** | 15098.1 | 19221 |
| **6/30/22** | 13905.16 | 17634 |
| **7/31/22** | 14591.1 | 19260 |
| **8/31/22** | 14121.38 | 18475 |
| **9/30/22** | 12988.09 | 16773 |
| **10/31/22** | 14046.82 | 18131 |
| **11/30/22** | 14904.24 | 19144 |
| **12/31/22** | 14661.21 | 18041 |
| **1/31/23** | 15573.0 | 19175 |
| **2/28/23** | 15096.93 | 18707 |
| **3/31/23** | 15330.93 | 19394 |
| **4/30/23** | 15669.82 | 19697 |
| **5/31/23** | 15201.83 | 19782 |
| **6/30/23** | 16073.27 | 21089 |
| **7/31/23** | 16549.33 | 21767 |
| **8/31/23** | 16194.3 | 21420 |
| **9/30/23** | 15605.27 | 20399 |
| **10/31/23** | 15330.93 | 19970 |
| **11/30/23** | 16218.51 | 21794 |
| **12/31/23** | 16828.99 | 22784 |
| **1/31/24** | 16958.51 | 23167 |
| **2/29/24** | 17226.19 | 24404 |
| **3/31/24** | 18167.37 | 25189 |
| **4/30/24** | 17709.73 | 24160 |
| **5/31/24** | 18340.06 | 25358 |
| **6/30/24** | 18504.12 | 26268 |
| **7/31/24** | 19263.97 | 26588 |
| **8/31/24** | 19764.78 | 27233 |
| **9/30/24** | 20274.23 | 27814 |
| **10/31/24** | 20006.55 | 27562 |
| **11/30/24** | 20446.92 | 29180 |
| **12/31/24** | 19516.85 | 28485 |
| **1/31/25** | 20372.61 | 29278 |
| **2/28/25** | 20326.6 | 28896 |
| **3/31/25** | 20326.6 | 27268 |
| **4/30/25** | 19940.13 | 27083 |
| **5/31/25** | 20575.05 | 28787 |
| **6/30/25** | 21292.78 | 30251 |
| **7/31/25** | 21246.77 | 30930 |
| **8/31/25** | 22166.94 | 31557 |
| **9/30/25** | 22912.28 | 32709 |
| **10/31/25** | 22903.08 | 33475 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 14.48% | 14.74% | 10.03% |
| S&P 500 Index | 21.45% | 17.64% | 14.96% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,570,982,219

* Number of Portfolio Holdings81

* Portfolio Turnover Rate16.89%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$10,839,951

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.5% |
| Commodities | 13.6% |
| Master Limited Partnerships | 1.5% |
| Corporate Bonds | 1.3% |
| Convertible Preferred Stocks | 0.3% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 8.6%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 13.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.8% |
| Oracle Corp. (Software, United States) | 3.8% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.7% |
| Alphabet, Inc., Class C (Interactive Media & Services, United States) | 3.6% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 3.4% |
| CH Robinson Worldwide, Inc. (Air Freight & Logistics, United States) | 3.2% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.6% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 2.5% |
| Universal Health Services, Inc., Class B (Health Care Providers & Services, United States) | 2.3% |
| Total | 42.5% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.6% |
| Others<sup>Footnote Reference4</sup> | 0.4% |
| Real Estate | 3.3% |
| Consumer Staples | 5.0% |
| Materials | 5.6% |
| Industrials | 7.4% |
| Energy | 7.8% |
| Financials | 9.1% |
| Information Technology | 10.8% |
| Communication Services | 13.3% |
| Commodities | 13.6% |
| Health Care | 15.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.1% of total investments) that settles in 90 days or less; long-term commercial paper (2.4% of total investments) that settles in 91 days or more; and other short-term investments (4.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEVRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| SGGDX

**This 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 October 31, 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 Gold Fund

# What Were the Fund's Costs for the Last Year?
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 | $150 | 1.14% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Gold Fund Class A Shares<sup>1</sup> increased 63.44% in the 12-month period ended October 31, 2025. The FTSE Gold Mines Index increased 90.98% and MSCI World Index increased 22.02% for the same period.

• Gold bullion and gold-related equities both contributed to performance.

• Gold bullion was the leading contributor to performance. Pan American Silver Corp., CVR was the only detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Gold Fund (Class A) \| $39,521** | **MSCI World Index \| $30,490** | **FTSE Gold Mines Index \| $48,858** |
| **10/31/15** | 9500.39 | 10000 | 10000 |
| **11/30/15** | 8823.99 | 9950 | 9197 |
| **12/31/15** | 8785.56 | 9775 | 9343 |
| **1/31/16** | 8993.09 | 9191 | 10116 |
| **2/29/16** | 11206.77 | 9122 | 13592 |
| **3/31/16** | 11644.9 | 9741 | 14259 |
| **4/30/16** | 13996.93 | 9895 | 18105 |
| **5/31/16** | 12621.07 | 9951 | 16021 |
| **6/30/16** | 15196.01 | 9839 | 19660 |
| **7/31/16** | 16356.66 | 10255 | 21417 |
| **8/31/16** | 14327.45 | 10264 | 17711 |
| **9/30/16** | 14727.14 | 10318 | 18437 |
| **10/31/16** | 13827.83 | 10118 | 17131 |
| **11/30/16** | 12067.65 | 10264 | 14420 |
| **12/31/16** | 12029.22 | 10510 | 14911 |
| **1/31/17** | 13228.29 | 10763 | 16721 |
| **2/28/17** | 13151.43 | 11062 | 16367 |
| **3/31/17** | 13128.37 | 11180 | 16163 |
| **4/30/17** | 12990.02 | 11345 | 15847 |
| **5/31/17** | 13182.18 | 11585 | 15975 |
| **6/30/17** | 12936.21 | 11630 | 15383 |
| **7/31/17** | 13151.43 | 11908 | 15996 |
| **8/31/17** | 13889.32 | 11925 | 17184 |
| **9/30/17** | 13036.13 | 12192 | 16040 |
| **10/31/17** | 12682.56 | 12423 | 15451 |
| **11/30/17** | 12544.2 | 12692 | 15516 |
| **12/31/17** | 13005.39 | 12864 | 16270 |
| **1/31/18** | 13136.06 | 13543 | 16732 |
| **2/28/18** | 12006.16 | 12982 | 14808 |
| **3/31/18** | 12190.63 | 12699 | 15196 |
| **4/30/18** | 12236.75 | 12845 | 15324 |
| **5/31/18** | 12259.81 | 12925 | 15227 |
| **6/30/18** | 12029.22 | 12919 | 15166 |
| **7/31/18** | 11429.68 | 13323 | 14402 |
| **8/31/18** | 10176.79 | 13487 | 12497 |
| **9/30/18** | 10084.56 | 13563 | 12455 |
| **10/31/18** | 10053.81 | 12567 | 12891 |
| **11/30/18** | 10038.44 | 12709 | 13099 |
| **12/31/18** | 10937.75 | 11743 | 14430 |
| **1/31/19** | 11760.19 | 12657 | 15552 |
| **2/28/19** | 11575.72 | 13037 | 15187 |
| **3/31/19** | 11714.07 | 13209 | 15363 |
| **4/30/19** | 11083.79 | 13677 | 14232 |
| **5/31/19** | 11299.01 | 12888 | 14823 |
| **6/30/19** | 13089.94 | 13737 | 17980 |
| **7/31/19** | 13312.84 | 13805 | 18653 |
| **8/31/19** | 15080.72 | 13523 | 20779 |
| **9/30/19** | 13804.77 | 13810 | 18765 |
| **10/31/19** | 14342.82 | 14162 | 19514 |
| **11/30/19** | 14050.74 | 14556 | 18523 |
| **12/31/19** | 15149.89 | 14992 | 20377 |
| **1/31/20** | 15357.43 | 14901 | 20246 |
| **2/29/20** | 14342.82 | 13642 | 18784 |
| **3/31/20** | 13551.12 | 11836 | 17023 |
| **4/30/20** | 17494.25 | 13129 | 23736 |
| **5/31/20** | 18124.53 | 13764 | 24159 |
| **6/30/20** | 18970.04 | 14128 | 25928 |
| **7/31/20** | 21714.08 | 14803 | 30335 |
| **8/31/20** | 21829.38 | 15793 | 29869 |
| **9/30/20** | 20753.28 | 15248 | 27797 |
| **10/31/20** | 20199.86 | 14780 | 26538 |
| **11/30/20** | 18823.99 | 16670 | 24083 |
| **12/31/20** | 19631.3 | 17377 | 25107 |
| **1/31/21** | 18915.17 | 17204 | 24248 |
| **2/28/21** | 17490.69 | 17645 | 21278 |
| **3/31/21** | 17802.05 | 18232 | 22127 |
| **4/30/21** | 18705.0 | 19080 | 23333 |
| **5/31/21** | 20705.49 | 19355 | 26780 |
| **6/30/21** | 18572.67 | 19644 | 22595 |
| **7/31/21** | 19024.14 | 19995 | 23259 |
| **8/31/21** | 18269.09 | 20493 | 21637 |
| **9/30/21** | 17062.57 | 19642 | 19727 |
| **10/31/21** | 17856.54 | 20755 | 20925 |
| **11/30/21** | 17599.67 | 20300 | 21148 |
| **12/31/21** | 18106.92 | 21168 | 21915 |
| **1/31/22** | 17139.86 | 20048 | 20493 |
| **2/28/22** | 18720.18 | 19541 | 23046 |
| **3/31/22** | 20300.51 | 20077 | 25725 |
| **4/30/22** | 19050.4 | 18409 | 23651 |
| **5/31/22** | 18051.89 | 18423 | 21407 |
| **6/30/22** | 16526.6 | 16827 | 18199 |
| **7/31/22** | 15929.06 | 18163 | 16584 |
| **8/31/22** | 14851.92 | 17404 | 15279 |
| **9/30/22** | 15103.52 | 15786 | 15410 |
| **10/31/22** | 15134.97 | 16920 | 15388 |
| **11/30/22** | 17485.8 | 18096 | 17990 |
| **12/31/22** | 17823.88 | 17327 | 18524 |
| **1/31/23** | 19537.87 | 18554 | 20701 |
| **2/28/23** | 17454.35 | 18108 | 17432 |
| **3/31/23** | 19758.01 | 18667 | 20591 |
| **4/30/23** | 20135.4 | 18994 | 21531 |
| **5/31/23** | 18845.98 | 18805 | 19551 |
| **6/30/23** | 18319.21 | 19942 | 19242 |
| **7/31/23** | 18916.74 | 20612 | 19864 |
| **8/31/23** | 18232.72 | 20119 | 18306 |
| **9/30/23** | 17021.92 | 19252 | 16775 |
| **10/31/23** | 17532.97 | 18693 | 17891 |
| **11/30/23** | 19239.1 | 20445 | 19842 |
| **12/31/23** | 19075.28 | 21449 | 20258 |
| **1/31/24** | 17520.71 | 21707 | 17912 |
| **2/29/24** | 16592.72 | 22627 | 16545 |
| **3/31/24** | 19154.6 | 23354 | 19816 |
| **4/30/24** | 19876.36 | 22487 | 20966 |
| **5/31/24** | 20962.98 | 23491 | 21938 |
| **6/30/24** | 20161.9 | 23969 | 21417 |
| **7/31/24** | 22271.68 | 24391 | 24289 |
| **8/31/24** | 22850.68 | 25036 | 25477 |
| **9/30/24** | 23413.82 | 25494 | 25964 |
| **10/31/24** | 24175.24 | 24988 | 25582 |
| **11/30/24** | 22826.89 | 26135 | 23874 |
| **12/31/24** | 21045.75 | 25454 | 21599 |
| **1/31/25** | 23682.71 | 26352 | 25318 |
| **2/28/25** | 24655.97 | 26163 | 25553 |
| **3/31/25** | 27683.9 | 24998 | 29539 |
| **4/30/25** | 29397.51 | 25220 | 31857 |
| **5/31/25** | 30171.13 | 26713 | 32652 |
| **6/30/25** | 30869.88 | 27865 | 33843 |
| **7/31/25** | 30370.77 | 28224 | 34017 |
| **8/31/25** | 35494.95 | 28960 | 41912 |
| **9/30/25** | 41450.99 | 29891 | 50772 |
| **10/31/25** | 39521.1 | 30490 | 48858 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | 63.44% | 14.37% | 15.32% |
| Class A - with sales charge | 55.32% | 13.20% | 14.73% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |
| FTSE Gold Mines Index | 90.98% | 12.98% | 17.19% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$4,558,900,218

* Number of Portfolio Holdings28

* Portfolio Turnover Rate15.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$25,936,888

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 76.6% |
| Commodities | 21.1% |
| Rights | 0.1% |
| Short-Term Investments | 2.2%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 12.9% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 9.5% |
| Silver bullion (Precious Metal)<sup>Footnote Reference3</sup> | 7.8% |
| Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | 7.3% |
| Newmont Corp. (Metals & Mining, United States) | 7.0% |
| Northern Star Resources Ltd. (Metals & Mining, Australia) | 5.0% |
| Barrick Mining Corp. (Metals & Mining, Canada) | 4.8% |
| DPM Metals, Inc. (Metals & Mining, Canada) | 4.8% |
| Kinross Gold Corp. (Metals & Mining, Canada) | 4.8% |
| Franco-Nevada Corp. (Metals & Mining, Canada) | 4.3% |
| Total | 68.2% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Commodities | 21.1% |
| Materials | 76.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 51.9% |
| United States<sup>Footnote Reference5</sup> | 31.3% |
| Australia | 6.4% |
| United Kingdom | 3.0% |
| South Africa | 2.9% |
| Mexico | 2.3% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold and silver bullion. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Gold Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class A \| SGGDX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEGOX

**This 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 October 31, 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 Gold Fund

# What Were the Fund's Costs for the Last Year?
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 | $247 | 1.88% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Gold Fund Class C Shares<sup>1</sup> increased 62.23% in the 12-month period ended October 31, 2025. The FTSE Gold Mines Index increased 90.98% and MSCI World Index increased 22.02% for the same period.

• Gold bullion and gold-related equities both contributed to performance.

• Gold bullion was the leading contributor to performance. Pan American Silver Corp., CVR was the only detractor.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Gold Fund (Class C) \| $38,543** | **MSCI World Index \| $30,490** | **FTSE Gold Mines Index \| $48,858** |
| **10/31/15** | 10000.0 | 10000 | 10000 |
| **11/30/15** | 9282.05 | 9950 | 9197 |
| **12/31/15** | 9230.77 | 9775 | 9343 |
| **1/31/16** | 9435.9 | 9191 | 10116 |
| **2/29/16** | 11752.14 | 9122 | 13592 |
| **3/31/16** | 12205.13 | 9741 | 14259 |
| **4/30/16** | 14666.67 | 9895 | 18105 |
| **5/31/16** | 13213.68 | 9951 | 16021 |
| **6/30/16** | 15897.44 | 9839 | 19660 |
| **7/31/16** | 17102.57 | 10255 | 21417 |
| **8/31/16** | 14965.81 | 10264 | 17711 |
| **9/30/16** | 15384.62 | 10318 | 18437 |
| **10/31/16** | 14435.9 | 10118 | 17131 |
| **11/30/16** | 12581.2 | 10264 | 14420 |
| **12/31/16** | 12529.92 | 10510 | 14911 |
| **1/31/17** | 13777.78 | 10763 | 16721 |
| **2/28/17** | 13692.31 | 11062 | 16367 |
| **3/31/17** | 13658.12 | 11180 | 16163 |
| **4/30/17** | 13504.28 | 11345 | 15847 |
| **5/31/17** | 13692.31 | 11585 | 15975 |
| **6/30/17** | 13435.9 | 11630 | 15383 |
| **7/31/17** | 13641.03 | 11908 | 15996 |
| **8/31/17** | 14401.71 | 11925 | 17184 |
| **9/30/17** | 13504.28 | 12192 | 16040 |
| **10/31/17** | 13128.21 | 12423 | 15451 |
| **11/30/17** | 12982.91 | 12692 | 15516 |
| **12/31/17** | 13452.99 | 12864 | 16270 |
| **1/31/18** | 13572.65 | 13543 | 16732 |
| **2/28/18** | 12393.16 | 12982 | 14808 |
| **3/31/18** | 12589.75 | 12699 | 15196 |
| **4/30/18** | 12623.93 | 12845 | 15324 |
| **5/31/18** | 12641.03 | 12925 | 15227 |
| **6/30/18** | 12384.62 | 12919 | 15166 |
| **7/31/18** | 11760.69 | 13323 | 14402 |
| **8/31/18** | 10470.09 | 13487 | 12497 |
| **9/30/18** | 10367.52 | 13563 | 12455 |
| **10/31/18** | 10333.34 | 12567 | 12891 |
| **11/30/18** | 10307.69 | 12709 | 13099 |
| **12/31/18** | 11222.22 | 11743 | 14430 |
| **1/31/19** | 12059.83 | 12657 | 15552 |
| **2/28/19** | 11863.25 | 13037 | 15187 |
| **3/31/19** | 12000.0 | 13209 | 15363 |
| **4/30/19** | 11350.43 | 13677 | 14232 |
| **5/31/19** | 11555.56 | 12888 | 14823 |
| **6/30/19** | 13384.62 | 13737 | 17980 |
| **7/31/19** | 13598.29 | 13805 | 18653 |
| **8/31/19** | 15401.71 | 13523 | 20779 |
| **9/30/19** | 14076.93 | 13810 | 18765 |
| **10/31/19** | 14623.93 | 14162 | 19514 |
| **11/30/19** | 14316.24 | 14556 | 18523 |
| **12/31/19** | 15427.35 | 14992 | 20377 |
| **1/31/20** | 15623.93 | 14901 | 20246 |
| **2/29/20** | 14589.75 | 13642 | 18784 |
| **3/31/20** | 13769.23 | 11836 | 17023 |
| **4/30/20** | 17769.23 | 13129 | 23736 |
| **5/31/20** | 18401.71 | 13764 | 24159 |
| **6/30/20** | 19239.32 | 14128 | 25928 |
| **7/31/20** | 22017.1 | 14803 | 30335 |
| **8/31/20** | 22111.11 | 15793 | 29869 |
| **9/30/20** | 21017.1 | 15248 | 27797 |
| **10/31/20** | 20444.45 | 14780 | 26538 |
| **11/30/20** | 19042.74 | 16670 | 24083 |
| **12/31/20** | 19842.99 | 17377 | 25107 |
| **1/31/21** | 19102.33 | 17204 | 24248 |
| **2/28/21** | 17655.44 | 17645 | 21278 |
| **3/31/21** | 17965.49 | 18232 | 22127 |
| **4/30/21** | 18861.18 | 19080 | 23333 |
| **5/31/21** | 20859.26 | 19355 | 26780 |
| **6/30/21** | 18706.15 | 19644 | 22595 |
| **7/31/21** | 19154.0 | 19995 | 23259 |
| **8/31/21** | 18378.88 | 20493 | 21637 |
| **9/30/21** | 17155.92 | 19642 | 19727 |
| **10/31/21** | 17939.65 | 20755 | 20925 |
| **11/30/21** | 17672.67 | 20300 | 21148 |
| **12/31/21** | 18174.23 | 21168 | 21915 |
| **1/31/22** | 17189.98 | 20048 | 20493 |
| **2/28/22** | 18761.33 | 19541 | 23046 |
| **3/31/22** | 20332.69 | 20077 | 25725 |
| **4/30/22** | 19072.15 | 18409 | 23651 |
| **5/31/22** | 18053.36 | 18423 | 21407 |
| **6/30/22** | 16516.54 | 16827 | 18199 |
| **7/31/22** | 15912.17 | 18163 | 16584 |
| **8/31/22** | 14824.3 | 17404 | 15279 |
| **9/30/22** | 15074.68 | 15786 | 15410 |
| **10/31/22** | 15091.95 | 16920 | 15388 |
| **11/30/22** | 17423.09 | 18096 | 17990 |
| **12/31/22** | 17751.18 | 17327 | 18524 |
| **1/31/23** | 19443.41 | 18554 | 20701 |
| **2/28/23** | 17362.65 | 18108 | 17432 |
| **3/31/23** | 19641.99 | 18667 | 20591 |
| **4/30/23** | 20004.61 | 18994 | 21531 |
| **5/31/23** | 18709.53 | 18805 | 19551 |
| **6/30/23** | 18182.87 | 19942 | 19242 |
| **7/31/23** | 18761.33 | 20612 | 19864 |
| **8/31/23** | 18070.63 | 20119 | 18306 |
| **9/30/23** | 16861.89 | 19252 | 16775 |
| **10/31/23** | 17354.02 | 18693 | 17891 |
| **11/30/23** | 19028.98 | 20445 | 19842 |
| **12/31/23** | 18863.74 | 21449 | 20258 |
| **1/31/24** | 17306.18 | 21707 | 17912 |
| **2/29/24** | 16380.3 | 22627 | 16545 |
| **3/31/24** | 18907.0 | 23354 | 19816 |
| **4/30/24** | 19607.9 | 22487 | 20966 |
| **5/31/24** | 20663.58 | 23491 | 21938 |
| **6/30/24** | 19858.84 | 23969 | 21417 |
| **7/31/24** | 21926.93 | 24391 | 24289 |
| **8/31/24** | 22480.73 | 25036 | 25477 |
| **9/30/24** | 23025.87 | 25494 | 25964 |
| **10/31/24** | 23752.73 | 24988 | 25582 |
| **11/30/24** | 22411.5 | 26135 | 23874 |
| **12/31/24** | 20652.9 | 25454 | 21599 |
| **1/31/25** | 23216.4 | 26352 | 25318 |
| **2/28/25** | 24167.52 | 26163 | 25553 |
| **3/31/25** | 27120.52 | 24998 | 29539 |
| **4/30/25** | 28778.19 | 25220 | 31857 |
| **5/31/25** | 29511.91 | 26713 | 32652 |
| **6/30/25** | 30182.22 | 27865 | 33843 |
| **7/31/25** | 29674.96 | 28224 | 34017 |
| **8/31/25** | 34657.02 | 28960 | 41912 |
| **9/30/25** | 40454.32 | 29891 | 50772 |
| **10/31/25** | 38543.02 | 30490 | 48858 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | 62.23% | 13.52% | 14.44% |
| Class C - with sales charge | 61.27% | 13.52% | 14.44% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |
| FTSE Gold Mines Index | 90.98% | 12.98% | 17.19% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$4,558,900,218

* Number of Portfolio Holdings28

* Portfolio Turnover Rate15.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$25,936,888

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 76.6% |
| Commodities | 21.1% |
| Rights | 0.1% |
| Short-Term Investments | 2.2%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 12.9% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 9.5% |
| Silver bullion (Precious Metal)<sup>Footnote Reference3</sup> | 7.8% |
| Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | 7.3% |
| Newmont Corp. (Metals & Mining, United States) | 7.0% |
| Northern Star Resources Ltd. (Metals & Mining, Australia) | 5.0% |
| Barrick Mining Corp. (Metals & Mining, Canada) | 4.8% |
| DPM Metals, Inc. (Metals & Mining, Canada) | 4.8% |
| Kinross Gold Corp. (Metals & Mining, Canada) | 4.8% |
| Franco-Nevada Corp. (Metals & Mining, Canada) | 4.3% |
| Total | 68.2% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Commodities | 21.1% |
| Materials | 76.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 51.9% |
| United States<sup>Footnote Reference5</sup> | 31.3% |
| Australia | 6.4% |
| United Kingdom | 3.0% |
| South Africa | 2.9% |
| Mexico | 2.3% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold and silver bullion. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Gold Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class C \| FEGOX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEGIX

**This 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 October 31, 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 Gold Fund

# What Were the Fund's Costs for the Last Year?
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 | $119 | 0.90% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Gold Fund Class I Shares increased 63.79% in the 12-month period ended October 31, 2025. The FTSE Gold Mines Index increased 90.98% and MSCI World Index increased 22.02% for the same period.

• Gold bullion and gold-related equities both contributed to performance.

• Gold bullion was the leading contributor to performance. Pan American Silver Corp., CVR was the only detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Gold Fund (Class I) \| $4,271,570** | **MSCI World Index \| $3,048,995** | **FTSE Gold Mines Index \| $4,885,765** |
| **10/31/15** | 1000000.01 | 1000000 | 1000000 |
| **11/30/15** | 929308.98 | 995024 | 919719 |
| **12/31/15** | 925337.57 | 977534 | 934334 |
| **1/31/16** | 946783.17 | 919054 | 1011622 |
| **2/29/16** | 1180301.83 | 912214 | 1359174 |
| **3/31/16** | 1227164.42 | 974116 | 1425901 |
| **4/30/16** | 1474980.15 | 989530 | 1810495 |
| **5/31/16** | 1330420.98 | 995088 | 1602055 |
| **6/30/16** | 1602859.42 | 983937 | 1966015 |
| **7/31/16** | 1725178.72 | 1025507 | 2141725 |
| **8/31/16** | 1511517.09 | 1026360 | 1771128 |
| **9/30/16** | 1554408.27 | 1031811 | 1843748 |
| **10/31/16** | 1459888.81 | 1011843 | 1713150 |
| **11/30/16** | 1274027.01 | 1026392 | 1442021 |
| **12/31/16** | 1270055.61 | 1050952 | 1491066 |
| **1/31/17** | 1397140.6 | 1076317 | 1672057 |
| **2/28/17** | 1389197.78 | 1106178 | 1636675 |
| **3/31/17** | 1387609.22 | 1117961 | 1616280 |
| **4/30/17** | 1373312.16 | 1134514 | 1584681 |
| **5/31/17** | 1393963.47 | 1158514 | 1597477 |
| **6/30/17** | 1368546.47 | 1162972 | 1538256 |
| **7/31/17** | 1390786.35 | 1190804 | 1599572 |
| **8/31/17** | 1470214.46 | 1192481 | 1718365 |
| **9/30/17** | 1379666.41 | 1219246 | 1603998 |
| **10/31/17** | 1342335.19 | 1242287 | 1545066 |
| **11/30/17** | 1328038.13 | 1269205 | 1551560 |
| **12/31/17** | 1377283.57 | 1286369 | 1626953 |
| **1/31/18** | 1391580.63 | 1354289 | 1673214 |
| **2/28/18** | 1271644.17 | 1298185 | 1480806 |
| **3/31/18** | 1292295.48 | 1269889 | 1519578 |
| **4/30/18** | 1297061.17 | 1284481 | 1532430 |
| **5/31/18** | 1300238.29 | 1292530 | 1522689 |
| **6/30/18** | 1275615.58 | 1291914 | 1516568 |
| **7/31/18** | 1212073.08 | 1332265 | 1440215 |
| **8/31/18** | 1079428.12 | 1348749 | 1249654 |
| **9/30/18** | 1070691.03 | 1356259 | 1245515 |
| **10/31/18** | 1067513.91 | 1256672 | 1289116 |
| **11/30/18** | 1065925.34 | 1270947 | 1309899 |
| **12/31/18** | 1161239.09 | 1174307 | 1442987 |
| **1/31/19** | 1249404.3 | 1265675 | 1555155 |
| **2/28/19** | 1229547.27 | 1303734 | 1518722 |
| **3/31/19** | 1244638.61 | 1320857 | 1536339 |
| **4/30/19** | 1178713.27 | 1367694 | 1423189 |
| **5/31/19** | 1200953.14 | 1288777 | 1482273 |
| **6/30/19** | 1392374.91 | 1373701 | 1798015 |
| **7/31/19** | 1416203.34 | 1380505 | 1865291 |
| **8/31/19** | 1605242.26 | 1352268 | 2077937 |
| **9/30/19** | 1468625.9 | 1381045 | 1876480 |
| **10/31/19** | 1526608.43 | 1416189 | 1951356 |
| **11/30/19** | 1495631.46 | 1455630 | 1852251 |
| **12/31/19** | 1613900.83 | 1499238 | 2037683 |
| **1/31/20** | 1636161.53 | 1490113 | 2024578 |
| **2/29/20** | 1528833.15 | 1364161 | 1878421 |
| **3/31/20** | 1443765.47 | 1183624 | 1702303 |
| **4/30/20** | 1865128.74 | 1312928 | 2373566 |
| **5/31/20** | 1932705.87 | 1376353 | 2415943 |
| **6/30/20** | 2023338.73 | 1412759 | 2592840 |
| **7/31/20** | 2316702.97 | 1480348 | 3033452 |
| **8/31/20** | 2329423.37 | 1579256 | 2986890 |
| **9/30/20** | 2214939.76 | 1524773 | 2779693 |
| **10/31/20** | 2156902.93 | 1478001 | 2653827 |
| **11/30/20** | 2010618.33 | 1666980 | 2408295 |
| **12/31/20** | 2097227.86 | 1737655 | 2510745 |
| **1/31/21** | 2020568.9 | 1720385 | 2424785 |
| **2/28/21** | 1868864.84 | 1764469 | 2127768 |
| **3/31/21** | 1902756.17 | 1823176 | 2212732 |
| **4/30/21** | 1999588.55 | 1908027 | 2333299 |
| **5/31/21** | 2213426.71 | 1935513 | 2677978 |
| **6/30/21** | 1986677.56 | 1964361 | 2259498 |
| **7/31/21** | 2035900.69 | 1999549 | 2325879 |
| **8/31/21** | 1955207.04 | 2049314 | 2163680 |
| **9/30/21** | 1826097.21 | 1964226 | 1972696 |
| **10/31/21** | 1910825.54 | 2075480 | 2092531 |
| **11/30/21** | 1884196.63 | 2030000 | 2114807 |
| **12/31/21** | 1939528.37 | 2116763 | 2191497 |
| **1/31/22** | 1835770.96 | 2004763 | 2049306 |
| **2/28/22** | 2005704.36 | 1954060 | 2304559 |
| **3/31/22** | 2174820.78 | 2007686 | 2572535 |
| **4/30/22** | 2042468.8 | 1840901 | 2365070 |
| **5/31/22** | 1935443.43 | 1842295 | 2140702 |
| **6/30/22** | 1772045.93 | 1682712 | 1819942 |
| **7/31/22** | 1708320.9 | 1816313 | 1658443 |
| **8/31/22** | 1593125.66 | 1740377 | 1527937 |
| **9/30/22** | 1620903.24 | 1578592 | 1541044 |
| **10/31/22** | 1624171.19 | 1691955 | 1538784 |
| **11/30/22** | 1876620.33 | 1809597 | 1799019 |
| **12/31/22** | 1914201.76 | 1732749 | 1852378 |
| **1/31/23** | 2098023.95 | 1855351 | 2070111 |
| **2/28/23** | 1874169.37 | 1810751 | 1743165 |
| **3/31/23** | 2122533.58 | 1866703 | 2059082 |
| **4/30/23** | 2163382.95 | 1899425 | 2153134 |
| **5/31/23** | 2025312.06 | 1880463 | 1955078 |
| **6/30/23** | 1969756.91 | 1994189 | 1924167 |
| **7/31/23** | 2034298.92 | 2061179 | 1986359 |
| **8/31/23** | 1960770.05 | 2011946 | 1830637 |
| **9/30/23** | 1830869.03 | 1925154 | 1677480 |
| **10/31/23** | 1885607.2 | 1869294 | 1789094 |
| **11/30/23** | 2069429.39 | 2044545 | 1984227 |
| **12/31/23** | 2053211.76 | 2144920 | 2025845 |
| **1/31/24** | 1885552.07 | 2170660 | 1791222 |
| **2/29/24** | 1786442.9 | 2262691 | 1654459 |
| **3/31/24** | 2063122.68 | 2335402 | 1981646 |
| **4/30/24** | 2140758.2 | 2248654 | 2096642 |
| **5/31/24** | 2258863.3 | 2349061 | 2193819 |
| **6/30/24** | 2172142.77 | 2396860 | 2141652 |
| **7/31/24** | 2400093.88 | 2439098 | 2428945 |
| **8/31/24** | 2462863.02 | 2503565 | 2547733 |
| **9/30/24** | 2524806.26 | 2549415 | 2596369 |
| **10/31/24** | 2607397.24 | 2498842 | 2558246 |
| **11/30/24** | 2462037.11 | 2613506 | 2387434 |
| **12/31/24** | 2270544.27 | 2545396 | 2159935 |
| **1/31/25** | 2554795.61 | 2635220 | 2531760 |
| **2/28/25** | 2660523.25 | 2616253 | 2555337 |
| **3/31/25** | 2988105.59 | 2499776 | 2953869 |
| **4/30/25** | 3173562.26 | 2521992 | 3185694 |
| **5/31/25** | 3257624.39 | 2671273 | 3265213 |
| **6/30/25** | 3333886.95 | 2786547 | 3384260 |
| **7/31/25** | 3281023.13 | 2822417 | 3401692 |
| **8/31/25** | 3834793.28 | 2896041 | 4191169 |
| **9/30/25** | 4479558.52 | 2989137 | 5077201 |
| **10/31/25** | 4271569.73 | 3048995 | 4885765 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 63.79% | 14.64% | 15.63% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |
| FTSE Gold Mines Index | 90.98% | 12.98% | 17.19% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$4,558,900,218

* Number of Portfolio Holdings28

* Portfolio Turnover Rate15.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$25,936,888

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 76.6% |
| Commodities | 21.1% |
| Rights | 0.1% |
| Short-Term Investments | 2.2%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 12.9% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 9.5% |
| Silver bullion (Precious Metal)<sup>Footnote Reference3</sup> | 7.8% |
| Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | 7.3% |
| Newmont Corp. (Metals & Mining, United States) | 7.0% |
| Northern Star Resources Ltd. (Metals & Mining, Australia) | 5.0% |
| Barrick Mining Corp. (Metals & Mining, Canada) | 4.8% |
| DPM Metals, Inc. (Metals & Mining, Canada) | 4.8% |
| Kinross Gold Corp. (Metals & Mining, Canada) | 4.8% |
| Franco-Nevada Corp. (Metals & Mining, Canada) | 4.3% |
| Total | 68.2% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Commodities | 21.1% |
| Materials | 76.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 51.9% |
| United States<sup>Footnote Reference5</sup> | 31.3% |
| Australia | 6.4% |
| United Kingdom | 3.0% |
| South Africa | 2.9% |
| Mexico | 2.3% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold and silver bullion. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Gold Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| FEGIX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEURX

**This 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 October 31, 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 Gold Fund

# What Were the Fund's Costs for the Last Year?
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 | $107 | 0.81% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Gold Fund Class R6 Shares increased 63.96% in the 12-month period ended October 31, 2025. The FTSE Gold Mines Index increased 90.98% and MSCI World Index increased 22.02% for the same period.

• Gold bullion and gold-related equities both contributed to performance.

• Gold bullion was the leading contributor to performance. Pan American Silver Corp., CVR was the only detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Gold Fund (Class R6) \| $30,788** | **MSCI World Index \| $27,563** | **FTSE Gold Mines Index \| $29,852** |
| **3/1/17** | 10000.0 | 10000 | 10000 |
| **3/31/17** | 9920.46 | 10107 | 9875 |
| **4/30/17** | 9823.87 | 10256 | 9682 |
| **5/31/17** | 9971.59 | 10473 | 9761 |
| **6/30/17** | 9795.46 | 10513 | 9399 |
| **7/31/17** | 9954.55 | 10765 | 9773 |
| **8/31/17** | 10522.73 | 10780 | 10499 |
| **9/30/17** | 9875.0 | 11022 | 9800 |
| **10/31/17** | 9607.96 | 11230 | 9440 |
| **11/30/17** | 9511.37 | 11474 | 9480 |
| **12/31/17** | 9863.64 | 11629 | 9941 |
| **1/31/18** | 9960.23 | 12243 | 10223 |
| **2/28/18** | 9107.96 | 11736 | 9048 |
| **3/31/18** | 9255.69 | 11480 | 9285 |
| **4/30/18** | 9289.78 | 11612 | 9363 |
| **5/31/18** | 9312.5 | 11685 | 9304 |
| **6/30/18** | 9136.37 | 11679 | 9266 |
| **7/31/18** | 8681.82 | 12044 | 8800 |
| **8/31/18** | 7738.64 | 12193 | 7635 |
| **9/30/18** | 7670.46 | 12261 | 7610 |
| **10/31/18** | 7647.73 | 11360 | 7876 |
| **11/30/18** | 7642.05 | 11490 | 8003 |
| **12/31/18** | 8329.55 | 10616 | 8817 |
| **1/31/19** | 8954.55 | 11442 | 9502 |
| **2/28/19** | 8818.19 | 11786 | 9279 |
| **3/31/19** | 8926.14 | 11941 | 9387 |
| **4/30/19** | 8448.87 | 12364 | 8696 |
| **5/31/19** | 8625.0 | 11651 | 9057 |
| **6/30/19** | 10000.0 | 12418 | 10986 |
| **7/31/19** | 10170.46 | 12480 | 11397 |
| **8/31/19** | 11517.05 | 12225 | 12696 |
| **9/30/19** | 10528.41 | 12485 | 11465 |
| **10/31/19** | 10943.19 | 12803 | 11923 |
| **11/30/19** | 10721.59 | 13159 | 11317 |
| **12/31/19** | 11570.96 | 13553 | 12450 |
| **1/31/20** | 11730.33 | 13471 | 12370 |
| **2/29/20** | 10961.96 | 12332 | 11477 |
| **3/31/20** | 10352.97 | 10700 | 10401 |
| **4/30/20** | 13375.19 | 11869 | 14502 |
| **5/31/20** | 13864.66 | 12442 | 14761 |
| **6/30/20** | 14507.81 | 12772 | 15842 |
| **7/31/20** | 16613.69 | 13383 | 18534 |
| **8/31/20** | 16704.76 | 14277 | 18250 |
| **9/30/20** | 15890.86 | 13784 | 16984 |
| **10/31/20** | 15475.38 | 13361 | 16215 |
| **11/30/20** | 14422.44 | 15070 | 14715 |
| **12/31/20** | 15044.85 | 15709 | 15341 |
| **1/31/21** | 14501.54 | 15553 | 14815 |
| **2/28/21** | 13409.16 | 15951 | 13001 |
| **3/31/21** | 13657.69 | 16482 | 13520 |
| **4/30/21** | 14351.27 | 17249 | 14256 |
| **5/31/21** | 15888.7 | 17497 | 16362 |
| **6/30/21** | 14258.79 | 17758 | 13805 |
| **7/31/21** | 14611.36 | 18076 | 14211 |
| **8/31/21** | 14033.38 | 18526 | 13220 |
| **9/30/21** | 13114.39 | 17757 | 12053 |
| **10/31/21** | 13721.27 | 18763 | 12785 |
| **11/30/21** | 13536.32 | 18351 | 12921 |
| **12/31/21** | 13931.66 | 19136 | 13390 |
| **1/31/22** | 13187.62 | 18123 | 12521 |
| **2/28/22** | 14406.2 | 17665 | 14081 |
| **3/31/22** | 15624.78 | 18150 | 15718 |
| **4/30/22** | 14669.83 | 16642 | 14450 |
| **5/31/22** | 13902.36 | 16655 | 13080 |
| **6/30/22** | 12730.65 | 15212 | 11120 |
| **7/31/22** | 12273.68 | 16420 | 10133 |
| **8/31/22** | 11447.63 | 15733 | 9336 |
| **9/30/22** | 11646.82 | 14271 | 9416 |
| **10/31/22** | 11676.11 | 15296 | 9402 |
| **11/30/22** | 13486.41 | 16359 | 10992 |
| **12/31/22** | 13755.9 | 15664 | 11318 |
| **1/31/23** | 15079.93 | 16773 | 12648 |
| **2/28/23** | 13474.69 | 16369 | 10651 |
| **3/31/23** | 15255.69 | 16875 | 12581 |
| **4/30/23** | 15554.48 | 17171 | 13156 |
| **5/31/23** | 14564.38 | 17000 | 11945 |
| **6/30/23** | 14166.0 | 18028 | 11757 |
| **7/31/23** | 14628.82 | 18633 | 12137 |
| **8/31/23** | 14101.55 | 18188 | 11185 |
| **9/30/23** | 13170.04 | 17404 | 10249 |
| **10/31/23** | 13568.42 | 16899 | 10931 |
| **11/30/23** | 14892.46 | 18483 | 12124 |
| **12/31/23** | 14772.83 | 19390 | 12378 |
| **1/31/24** | 13569.42 | 19623 | 10944 |
| **2/29/24** | 12858.05 | 20455 | 10109 |
| **3/31/24** | 14849.89 | 21112 | 12108 |
| **4/30/24** | 15413.06 | 20328 | 12810 |
| **5/31/24** | 16254.85 | 21236 | 13404 |
| **6/30/24** | 15638.33 | 21668 | 13085 |
| **7/31/24** | 17280.41 | 22050 | 14841 |
| **8/31/24** | 17730.95 | 22633 | 15567 |
| **9/30/24** | 18175.55 | 23047 | 15864 |
| **10/31/24** | 18774.29 | 22590 | 15631 |
| **11/30/24** | 17730.95 | 23626 | 14587 |
| **12/31/24** | 16352.86 | 23011 | 13197 |
| **1/31/25** | 18400.86 | 23823 | 15469 |
| **2/28/25** | 19166.53 | 23651 | 15613 |
| **3/31/25** | 21525.77 | 22598 | 18048 |
| **4/30/25** | 22864.13 | 22799 | 19464 |
| **5/31/25** | 23474.17 | 24149 | 19950 |
| **6/30/25** | 24021.97 | 25191 | 20678 |
| **7/31/25** | 23642.25 | 25515 | 20784 |
| **8/31/25** | 27638.64 | 26181 | 25608 |
| **9/30/25** | 32282.44 | 27022 | 31021 |
| **10/31/25** | 30788.45 | 27563 | 29852 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 63.96% | 14.75% | 13.85% |
| MSCI World Index | 22.02% | 15.58% | 12.41% |
| FTSE Gold Mines Index | 90.98% | 12.98% | 13.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$4,558,900,218

* Number of Portfolio Holdings28

* Portfolio Turnover Rate15.34%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$25,936,888

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 76.6% |
| Commodities | 21.1% |
| Rights | 0.1% |
| Short-Term Investments | 2.2%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 12.9% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 9.5% |
| Silver bullion (Precious Metal)<sup>Footnote Reference3</sup> | 7.8% |
| Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | 7.3% |
| Newmont Corp. (Metals & Mining, United States) | 7.0% |
| Northern Star Resources Ltd. (Metals & Mining, Australia) | 5.0% |
| Barrick Mining Corp. (Metals & Mining, Canada) | 4.8% |
| DPM Metals, Inc. (Metals & Mining, Canada) | 4.8% |
| Kinross Gold Corp. (Metals & Mining, Canada) | 4.8% |
| Franco-Nevada Corp. (Metals & Mining, Canada) | 4.3% |
| Total | 68.2% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Commodities | 21.1% |
| Materials | 76.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 51.9% |
| United States<sup>Footnote Reference5</sup> | 31.3% |
| Australia | 6.4% |
| United Kingdom | 3.0% |
| South Africa | 2.9% |
| Mexico | 2.3% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (2.2% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold and silver bullion. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Gold Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FEURX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEBAX

**This 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 October 31, 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 Income Builder Fund

# What Were the Fund's Costs for the Last Year?
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 | $121 | 1.12% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Income Builder Fund Class A Shares<sup>1</sup> increased 15.65% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02%, the Bloomberg U.S. Aggregate Bond Index was up 6.16% and the composite index<sup>2</sup> increased 15.56% over the same time period.

• The Fund's equity and bond holdings both contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to equity performance. Developed Europe and emerging markets were the leading equity contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• Consumer staples and financials were the largest contributors among equity sectors, while communication services and healthcare were the only detractors.

• Gold bullion was the leading contributor to performance. Our equity holding in Comcast Corp., Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

<sup>2</sup> The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg053.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Global Income Builder Fund (Class A) \| $18,762** | **Bloomberg U.S. Aggregate Bond Index \| $12,071** | **MSCI World Index \| $30,490** | **Composite Index \| $21,523** |
| **10/31/15** | 9503.99 | 10000 | 10000 | 10000 |
| **11/30/15** | 9418.43 | 9974 | 9950 | 9960 |
| **12/31/15** | 9188.22 | 9941 | 9775 | 9842 |
| **1/31/16** | 8912.76 | 10078 | 9191 | 9543 |
| **2/29/16** | 8972.59 | 10150 | 9122 | 9527 |
| **3/31/16** | 9487.09 | 10243 | 9741 | 9950 |
| **4/30/16** | 9787.01 | 10282 | 9895 | 10060 |
| **5/31/16** | 9725.5 | 10285 | 9951 | 10095 |
| **6/30/16** | 9740.57 | 10470 | 9839 | 10099 |
| **7/31/16** | 10040.27 | 10536 | 10255 | 10381 |
| **8/31/16** | 10107.92 | 10524 | 10264 | 10381 |
| **9/30/16** | 10152.38 | 10517 | 10318 | 10412 |
| **10/31/16** | 10053.11 | 10437 | 10118 | 10259 |
| **11/30/16** | 9957.43 | 10190 | 10264 | 10251 |
| **12/31/16** | 10120.87 | 10205 | 10510 | 10404 |
| **1/31/17** | 10317.98 | 10225 | 10763 | 10562 |
| **2/28/17** | 10457.79 | 10293 | 11062 | 10767 |
| **3/31/17** | 10580.59 | 10288 | 11180 | 10833 |
| **4/30/17** | 10713.84 | 10367 | 11345 | 10963 |
| **5/31/17** | 10887.31 | 10447 | 11585 | 11136 |
| **6/30/17** | 10942.9 | 10437 | 11630 | 11157 |
| **7/31/17** | 11031.2 | 10481 | 11908 | 11336 |
| **8/31/17** | 11041.94 | 10575 | 11925 | 11387 |
| **9/30/17** | 11188.1 | 10525 | 12192 | 11518 |
| **10/31/17** | 11298.3 | 10531 | 12423 | 11652 |
| **11/30/17** | 11374.06 | 10518 | 12692 | 11797 |
| **12/31/17** | 11432.15 | 10566 | 12864 | 11914 |
| **1/31/18** | 11723.07 | 10444 | 13543 | 12237 |
| **2/28/18** | 11373.89 | 10345 | 12982 | 11886 |
| **3/31/18** | 11354.39 | 10412 | 12699 | 11761 |
| **4/30/18** | 11364.76 | 10334 | 12845 | 11808 |
| **5/31/18** | 11397.39 | 10408 | 12925 | 11886 |
| **6/30/18** | 11313.98 | 10395 | 12919 | 11876 |
| **7/31/18** | 11506.17 | 10398 | 13323 | 12100 |
| **8/31/18** | 11393.5 | 10465 | 13487 | 12221 |
| **9/30/18** | 11429.97 | 10397 | 13563 | 12230 |
| **10/31/18** | 11000.0 | 10315 | 12567 | 11653 |
| **11/30/18** | 11016.89 | 10377 | 12709 | 11760 |
| **12/31/18** | 10689.81 | 10567 | 11743 | 11310 |
| **1/31/19** | 11211.88 | 10679 | 12657 | 11886 |
| **2/28/19** | 11412.64 | 10673 | 13037 | 12098 |
| **3/31/19** | 11481.25 | 10878 | 13209 | 12286 |
| **4/30/19** | 11631.12 | 10881 | 13677 | 12549 |
| **5/31/19** | 11286.35 | 11074 | 12888 | 12203 |
| **6/30/19** | 11757.17 | 11213 | 13737 | 12747 |
| **7/31/19** | 11696.8 | 11238 | 13805 | 12796 |
| **8/31/19** | 11615.85 | 11529 | 13523 | 12772 |
| **9/30/19** | 11777.82 | 11468 | 13810 | 12908 |
| **10/31/19** | 11923.61 | 11502 | 14162 | 13120 |
| **11/30/19** | 11982.49 | 11496 | 14556 | 13337 |
| **12/31/19** | 12255.48 | 11488 | 14992 | 13573 |
| **1/31/20** | 11995.73 | 11709 | 14901 | 13628 |
| **2/29/20** | 11422.65 | 11920 | 13642 | 13035 |
| **3/31/20** | 10321.36 | 11850 | 11836 | 11969 |
| **4/30/20** | 11040.46 | 12061 | 13129 | 12839 |
| **5/31/20** | 11218.01 | 12117 | 13764 | 13235 |
| **6/30/20** | 11387.24 | 12193 | 14128 | 13478 |
| **7/31/20** | 11761.78 | 12375 | 14803 | 13946 |
| **8/31/20** | 11958.87 | 12275 | 15793 | 14460 |
| **9/30/20** | 11750.25 | 12269 | 15248 | 14157 |
| **10/31/20** | 11521.13 | 12214 | 14780 | 13871 |
| **11/30/20** | 12443.87 | 12334 | 16670 | 14990 |
| **12/31/20** | 12825.24 | 12351 | 17377 | 15379 |
| **1/31/21** | 12696.96 | 12262 | 17204 | 15244 |
| **2/28/21** | 12763.98 | 12085 | 17645 | 15390 |
| **3/31/21** | 13226.95 | 11934 | 18232 | 15620 |
| **4/30/21** | 13648.9 | 12028 | 19080 | 16106 |
| **5/31/21** | 14115.06 | 12068 | 19355 | 16266 |
| **6/30/21** | 13990.29 | 12153 | 19644 | 16457 |
| **7/31/21** | 14001.09 | 12288 | 19995 | 16708 |
| **8/31/21** | 13937.5 | 12265 | 20493 | 16945 |
| **9/30/21** | 13574.91 | 12159 | 19642 | 16464 |
| **10/31/21** | 13981.59 | 12155 | 20755 | 17021 |
| **11/30/21** | 13519.15 | 12191 | 20300 | 16818 |
| **12/31/21** | 14082.78 | 12160 | 21168 | 17232 |
| **1/31/22** | 14161.53 | 11898 | 20048 | 16536 |
| **2/28/22** | 14091.87 | 11765 | 19541 | 16212 |
| **3/31/22** | 14033.81 | 11439 | 20077 | 16298 |
| **4/30/22** | 13660.09 | 11005 | 18409 | 15239 |
| **5/31/22** | 13947.34 | 11076 | 18423 | 15285 |
| **6/30/22** | 13075.06 | 10902 | 16827 | 14394 |
| **7/31/22** | 13544.76 | 11168 | 18163 | 15221 |
| **8/31/22** | 13054.99 | 10853 | 17404 | 14667 |
| **9/30/22** | 12225.38 | 10384 | 15786 | 13595 |
| **10/31/22** | 12830.51 | 10249 | 16920 | 14111 |
| **11/30/22** | 13677.29 | 10626 | 18096 | 14907 |
| **12/31/22** | 13582.66 | 10578 | 17327 | 14500 |
| **1/31/23** | 14315.78 | 10904 | 18554 | 15294 |
| **2/28/23** | 13908.39 | 10622 | 18108 | 14916 |
| **3/31/23** | 14138.24 | 10891 | 18667 | 15344 |
| **4/30/23** | 14436.5 | 10957 | 18994 | 15542 |
| **5/31/23** | 13944.19 | 10838 | 18805 | 15381 |
| **6/30/23** | 14339.51 | 10800 | 19942 | 15918 |
| **7/31/23** | 14581.02 | 10792 | 20612 | 16234 |
| **8/31/23** | 14323.51 | 10723 | 20119 | 15960 |
| **9/30/23** | 13948.98 | 10451 | 19252 | 15385 |
| **10/31/23** | 13645.87 | 10286 | 18693 | 15020 |
| **11/30/23** | 14228.79 | 10751 | 20445 | 16137 |
| **12/31/23** | 14690.58 | 11163 | 21449 | 16859 |
| **1/31/24** | 14685.18 | 11132 | 21707 | 16962 |
| **2/29/24** | 14680.66 | 10975 | 22627 | 17298 |
| **3/31/24** | 15084.47 | 11076 | 23354 | 17695 |
| **4/30/24** | 14919.45 | 10797 | 22487 | 17122 |
| **5/31/24** | 15319.52 | 10980 | 23491 | 17697 |
| **6/30/24** | 15160.09 | 11084 | 23969 | 17980 |
| **7/31/24** | 15759.78 | 11343 | 24391 | 18338 |
| **8/31/24** | 16270.98 | 11505 | 25036 | 18734 |
| **9/30/24** | 16518.21 | 11660 | 25494 | 19040 |
| **10/31/24** | 16212.08 | 11370 | 24988 | 18625 |
| **11/30/24** | 16278.03 | 11491 | 26135 | 19216 |
| **12/31/24** | 15662.53 | 11303 | 25454 | 18790 |
| **1/31/25** | 16163.52 | 11363 | 26352 | 19228 |
| **2/28/25** | 16614.49 | 11613 | 26163 | 19314 |
| **3/31/25** | 17005.93 | 11617 | 24998 | 18801 |
| **4/30/25** | 17355.12 | 11663 | 25220 | 18931 |
| **5/31/25** | 17590.38 | 11579 | 26713 | 19549 |
| **6/30/25** | 17897.29 | 11757 | 27865 | 20175 |
| **7/31/25** | 17696.1 | 11726 | 28224 | 20310 |
| **8/31/25** | 18427.9 | 11866 | 28960 | 20725 |
| **9/30/25** | 18805.86 | 11996 | 29891 | 21215 |
| **10/31/25** | 18762.48 | 12071 | 30490 | 21523 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | 15.65% | 10.24% | 7.04% |
| Class A - with sales charge | 9.98% | 9.13% | 6.49% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |
| Composite Index | 15.56% | 9.18% | 7.97% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$2,117,005,108

* Number of Portfolio Holdings247

* Portfolio Turnover Rate12.45%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,063,971

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 62.2% |
| Corporate Bonds | 11.2% |
| U.S. Treasury Obligations | 9.4% |
| Commodities | 8.5% |
| Preferred Stocks | 2.0% |
| Convertible Preferred Stocks | 1.6% |
| Master Limited Partnerships | 1.0% |
| Foreign Government Securities | 0.8% |
| Loan Assignments | 0.1% |
| Asset-Backed Securities | 0.1% |
| Short-Term Investments | 3.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal) | 8.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 3.2% |
| Unilever plc (Personal Care Products, United Kingdom) | 2.4% |
| Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | 2.4% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.2% |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Nestle SA (Registered) (Food Products, Switzerland) | 2.0% |
| KT&G Corp. (Tobacco, South Korea) | 1.8% |
| Power Corp. of Canada (Insurance, Canada) | 1.8% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.6% |
| Total | 28.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.1% |
| Others<sup>Footnote Reference3</sup> | 7.0% |
| Real Estate | 4.2% |
| Information Technology | 5.0% |
| Materials | 5.6% |
| Energy | 6.3% |
| Industrials | 8.0% |
| Health Care | 8.4% |
| Commodities | 8.5% |
| U.S. Treasury Obligations | 9.4% |
| Financials | 14.4% |
| Consumer Staples | 20.1% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference5</sup> | 50.1% |
| United Kingdom | 9.6% |
| Canada | 5.8% |
| South Korea | 4.7% |
| Switzerland | 4.6% |
| Hong Kong | 4.4% |
| Mexico | 3.6% |
| Japan | 2.6% |
| Brazil | 2.0% |
| Chile | 1.4% |
| Others<sup>Footnote Reference6</sup> | 8.1% |
| Short-Term Investments | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (3.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Income Builder Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class A \| FEBAX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEBCX

**This 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 October 31, 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 Income Builder Fund

# What Were the Fund's Costs for the Last Year?
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 | $203 | 1.89% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Income Builder Fund Class C Shares<sup>1</sup> increased 14.76% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02%, the Bloomberg U.S. Aggregate Bond Index was up 6.16% and the composite index<sup>2</sup> increased 15.56% over the same time period.

• The Fund's equity and bond holdings both contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to equity performance. Developed Europe and emerging markets were the leading equity contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• Consumer staples and financials were the largest contributors among equity sectors, while communication services and healthcare were the only detractors.

• Gold bullion was the leading contributor to performance. Our equity holding in Comcast Corp., Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

<sup>2</sup> The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg059.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Global Income Builder Fund (Class C) \| $18,260** | **Bloomberg U.S. Aggregate Bond Index \| $12,071** | **MSCI World Index \| $30,490** | **Composite Index \| $21,523** |
| **10/31/15** | 10000.0 | 10000 | 10000 | 10000 |
| **11/30/15** | 9894.27 | 9974 | 9950 | 9960 |
| **12/31/15** | 9645.48 | 9941 | 9775 | 9842 |
| **1/31/16** | 9349.5 | 10078 | 9191 | 9543 |
| **2/29/16** | 9406.85 | 10150 | 9122 | 9527 |
| **3/31/16** | 9941.52 | 10243 | 9741 | 9950 |
| **4/30/16** | 10250.44 | 10282 | 9895 | 10060 |
| **5/31/16** | 10179.3 | 10285 | 9951 | 10095 |
| **6/30/16** | 10188.83 | 10470 | 9839 | 10099 |
| **7/31/16** | 10496.59 | 10536 | 10255 | 10381 |
| **8/31/16** | 10560.55 | 10524 | 10264 | 10381 |
| **9/30/16** | 10600.28 | 10517 | 10318 | 10412 |
| **10/31/16** | 10488.9 | 10437 | 10118 | 10259 |
| **11/30/16** | 10382.22 | 10190 | 10264 | 10251 |
| **12/31/16** | 10546.32 | 10205 | 10510 | 10404 |
| **1/31/17** | 10745.38 | 10225 | 10763 | 10562 |
| **2/28/17** | 10885.02 | 10293 | 11062 | 10767 |
| **3/31/17** | 11006.15 | 10288 | 11180 | 10833 |
| **4/30/17** | 11138.2 | 10367 | 11345 | 10963 |
| **5/31/17** | 11311.72 | 10447 | 11585 | 11136 |
| **6/30/17** | 11362.58 | 10437 | 11630 | 11157 |
| **7/31/17** | 11447.52 | 10481 | 11908 | 11336 |
| **8/31/17** | 11441.75 | 10575 | 11925 | 11387 |
| **9/30/17** | 11586.75 | 10525 | 12192 | 11518 |
| **10/31/17** | 11703.67 | 10531 | 12423 | 11652 |
| **11/30/17** | 11765.36 | 10518 | 12692 | 11797 |
| **12/31/17** | 11828.19 | 10566 | 12864 | 11914 |
| **1/31/18** | 12112.22 | 10444 | 13543 | 12237 |
| **2/28/18** | 11743.42 | 10345 | 12982 | 11886 |
| **3/31/18** | 11725.75 | 10412 | 12699 | 11761 |
| **4/30/18** | 11729.1 | 10334 | 12845 | 11808 |
| **5/31/18** | 11755.27 | 10408 | 12925 | 11886 |
| **6/30/18** | 11661.84 | 10395 | 12919 | 11876 |
| **7/31/18** | 11842.91 | 10398 | 13323 | 12100 |
| **8/31/18** | 11728.93 | 10465 | 13487 | 12221 |
| **9/30/18** | 11759.36 | 10397 | 13563 | 12230 |
| **10/31/18** | 11308.51 | 10315 | 12567 | 11653 |
| **11/30/18** | 11318.84 | 10377 | 12709 | 11760 |
| **12/31/18** | 10974.83 | 10567 | 11743 | 11310 |
| **1/31/19** | 11505.08 | 10679 | 12657 | 11886 |
| **2/28/19** | 11704.78 | 10673 | 13037 | 12098 |
| **3/31/19** | 11767.97 | 10878 | 13209 | 12286 |
| **4/30/19** | 11914.28 | 10881 | 13677 | 12549 |
| **5/31/19** | 11552.67 | 11074 | 12888 | 12203 |
| **6/30/19** | 12019.12 | 11213 | 13737 | 12747 |
| **7/31/19** | 11960.52 | 11238 | 13805 | 12796 |
| **8/31/19** | 11868.68 | 11529 | 13523 | 12772 |
| **9/30/19** | 12016.53 | 11468 | 13810 | 12908 |
| **10/31/19** | 12160.46 | 11502 | 14162 | 13120 |
| **11/30/19** | 12212.41 | 11496 | 14556 | 13337 |
| **12/31/19** | 12481.52 | 11488 | 14992 | 13573 |
| **1/31/20** | 12219.38 | 11709 | 14901 | 13628 |
| **2/29/20** | 11626.4 | 11920 | 13642 | 13035 |
| **3/31/20** | 10504.72 | 11850 | 11836 | 11969 |
| **4/30/20** | 11220.95 | 12061 | 13129 | 12839 |
| **5/31/20** | 11395.18 | 12117 | 13764 | 13235 |
| **6/30/20** | 11559.95 | 12193 | 14128 | 13478 |
| **7/31/20** | 11934.79 | 12375 | 14803 | 13946 |
| **8/31/20** | 12127.91 | 12275 | 15793 | 14460 |
| **9/30/20** | 11906.34 | 12269 | 15248 | 14157 |
| **10/31/20** | 11656.14 | 12214 | 14780 | 13871 |
| **11/30/20** | 12587.4 | 12334 | 16670 | 14990 |
| **12/31/20** | 12973.01 | 12351 | 17377 | 15379 |
| **1/31/21** | 12828.41 | 12262 | 17204 | 15244 |
| **2/28/21** | 12895.76 | 12085 | 17645 | 15390 |
| **3/31/21** | 13355.38 | 11934 | 18232 | 15620 |
| **4/30/21** | 13763.15 | 12028 | 19080 | 16106 |
| **5/31/21** | 14226.78 | 12068 | 19355 | 16266 |
| **6/30/21** | 14100.19 | 12153 | 19644 | 16457 |
| **7/31/21** | 14093.26 | 12288 | 19995 | 16708 |
| **8/31/21** | 14019.05 | 12265 | 20493 | 16945 |
| **9/30/21** | 13651.1 | 12159 | 19642 | 16464 |
| **10/31/21** | 14042.95 | 12155 | 20755 | 17021 |
| **11/30/21** | 13578.71 | 12191 | 20300 | 16818 |
| **12/31/21** | 14130.78 | 12160 | 21168 | 17232 |
| **1/31/22** | 14206.41 | 11898 | 20048 | 16536 |
| **2/28/22** | 14133.41 | 11765 | 19541 | 16212 |
| **3/31/22** | 14052.82 | 11439 | 20077 | 16298 |
| **4/30/22** | 13672.26 | 11005 | 18409 | 15239 |
| **5/31/22** | 13949.39 | 11076 | 18423 | 15285 |
| **6/30/22** | 13062.97 | 10902 | 16827 | 14394 |
| **7/31/22** | 13533.81 | 11168 | 18163 | 15221 |
| **8/31/22** | 13025.44 | 10853 | 17404 | 14667 |
| **9/30/22** | 12194.97 | 10384 | 15786 | 13595 |
| **10/31/22** | 12785.68 | 10249 | 16920 | 14111 |
| **11/30/22** | 13626.67 | 10626 | 18096 | 14907 |
| **12/31/22** | 13523.25 | 10578 | 17327 | 14500 |
| **1/31/23** | 14251.92 | 10904 | 18554 | 15294 |
| **2/28/23** | 13827.53 | 10622 | 18108 | 14916 |
| **3/31/23** | 14047.12 | 10891 | 18667 | 15344 |
| **4/30/23** | 14333.19 | 10957 | 18994 | 15542 |
| **5/31/23** | 13839.91 | 10838 | 18805 | 15381 |
| **6/30/23** | 14221.58 | 10800 | 19942 | 15918 |
| **7/31/23** | 14451.82 | 10792 | 20612 | 16234 |
| **8/31/23** | 14178.68 | 10723 | 20119 | 15960 |
| **9/30/23** | 13802.94 | 10451 | 19252 | 15385 |
| **10/31/23** | 13508.22 | 10286 | 18693 | 15020 |
| **11/30/23** | 14071.95 | 10751 | 20445 | 16137 |
| **12/31/23** | 14515.77 | 11163 | 21449 | 16859 |
| **1/31/24** | 14493.73 | 11132 | 21707 | 16962 |
| **2/29/24** | 14479.3 | 10975 | 22627 | 17298 |
| **3/31/24** | 14876.63 | 11076 | 23354 | 17695 |
| **4/30/24** | 14705.52 | 10797 | 22487 | 17122 |
| **5/31/24** | 15087.29 | 10980 | 23491 | 17697 |
| **6/30/24** | 14910.44 | 11084 | 23969 | 17980 |
| **7/31/24** | 15486.86 | 11343 | 24391 | 18338 |
| **8/31/24** | 15987.37 | 11505 | 25036 | 18734 |
| **9/30/24** | 16218.68 | 11660 | 25494 | 19040 |
| **10/31/24** | 15911.29 | 11370 | 24988 | 18625 |
| **11/30/24** | 15963.8 | 11491 | 26135 | 19216 |
| **12/31/24** | 15353.73 | 11303 | 25454 | 18790 |
| **1/31/25** | 15833.54 | 11363 | 26352 | 19228 |
| **2/28/25** | 16263.22 | 11613 | 26163 | 19314 |
| **3/31/25** | 16632.96 | 11617 | 24998 | 18801 |
| **4/30/25** | 16961.73 | 11663 | 25220 | 18931 |
| **5/31/25** | 17190.8 | 11579 | 26713 | 19549 |
| **6/30/25** | 17477.64 | 11757 | 27865 | 20175 |
| **7/31/25** | 17259.11 | 11726 | 28224 | 20310 |
| **8/31/25** | 17968.62 | 11866 | 28960 | 20725 |
| **9/30/25** | 18323.26 | 11996 | 29891 | 21215 |
| **10/31/25** | 18259.51 | 12071 | 30490 | 21523 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | 14.76% | 9.39% | 6.21% |
| Class C - with sales charge | 13.76% | 9.39% | 6.21% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |
| Composite Index | 15.56% | 9.18% | 7.97% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$2,117,005,108

* Number of Portfolio Holdings247

* Portfolio Turnover Rate12.45%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,063,971

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 62.2% |
| Corporate Bonds | 11.2% |
| U.S. Treasury Obligations | 9.4% |
| Commodities | 8.5% |
| Preferred Stocks | 2.0% |
| Convertible Preferred Stocks | 1.6% |
| Master Limited Partnerships | 1.0% |
| Foreign Government Securities | 0.8% |
| Loan Assignments | 0.1% |
| Asset-Backed Securities | 0.1% |
| Short-Term Investments | 3.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal) | 8.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 3.2% |
| Unilever plc (Personal Care Products, United Kingdom) | 2.4% |
| Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | 2.4% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.2% |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Nestle SA (Registered) (Food Products, Switzerland) | 2.0% |
| KT&G Corp. (Tobacco, South Korea) | 1.8% |
| Power Corp. of Canada (Insurance, Canada) | 1.8% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.6% |
| Total | 28.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.1% |
| Others<sup>Footnote Reference3</sup> | 7.0% |
| Real Estate | 4.2% |
| Information Technology | 5.0% |
| Materials | 5.6% |
| Energy | 6.3% |
| Industrials | 8.0% |
| Health Care | 8.4% |
| Commodities | 8.5% |
| U.S. Treasury Obligations | 9.4% |
| Financials | 14.4% |
| Consumer Staples | 20.1% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference5</sup> | 50.1% |
| United Kingdom | 9.6% |
| Canada | 5.8% |
| South Korea | 4.7% |
| Switzerland | 4.6% |
| Hong Kong | 4.4% |
| Mexico | 3.6% |
| Japan | 2.6% |
| Brazil | 2.0% |
| Chile | 1.4% |
| Others<sup>Footnote Reference6</sup> | 8.1% |
| Short-Term Investments | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (3.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Income Builder Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class C \| FEBCX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEBIX

**This 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 October 31, 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 Income Builder Fund

# What Were the Fund's Costs for the Last Year?
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 | $98 | 0.91% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Income Builder Fund Class I Shares increased 15.90% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02%, the Bloomberg U.S. Aggregate Bond Index was up 6.16% and the composite index<sup>1</sup> increased 15.56% over the same time period.

• The Fund's equity and bond holdings both contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to equity performance. Developed Europe and emerging markets were the leading equity contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• Consumer staples and financials were the largest contributors among equity sectors, while communication services and healthcare were the only detractors.

• Gold bullion was the leading contributor to performance. Our equity holding in Comcast Corp., Class A was the largest detractor.

<sup>1</sup> The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg029.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Global Income Builder Fund (Class I) \| $2,021,864** | **Bloomberg U.S. Aggregate Bond Index \| $1,207,072** | **MSCI World Index \| $3,048,995** | **Composite Index \| $2,152,280** |
| **10/31/15** | 1000000.0 | 1000000 | 1000000 | 1000000 |
| **11/30/15** | 991190.27 | 997358 | 995024 | 995958 |
| **12/31/15** | 967131.86 | 994135 | 977534 | 984167 |
| **1/31/16** | 938292.44 | 1007816 | 919054 | 954258 |
| **2/29/16** | 943854.23 | 1014965 | 912214 | 952704 |
| **3/31/16** | 998351.1 | 1024277 | 974116 | 994990 |
| **4/30/16** | 1031167.74 | 1028209 | 989530 | 1005965 |
| **5/31/16** | 1024900.35 | 1028473 | 995088 | 1009458 |
| **6/30/16** | 1026716.61 | 1046952 | 983937 | 1009926 |
| **7/31/16** | 1058605.31 | 1053571 | 1025507 | 1038081 |
| **8/31/16** | 1065013.62 | 1052366 | 1026360 | 1038124 |
| **9/30/16** | 1069903.64 | 1051750 | 1031811 | 1041189 |
| **10/31/16** | 1059565.52 | 1043705 | 1011843 | 1025914 |
| **11/30/16** | 1049681.03 | 1019017 | 1026392 | 1025058 |
| **12/31/16** | 1067198.72 | 1020455 | 1050952 | 1040353 |
| **1/31/17** | 1089259.72 | 1022457 | 1076317 | 1056235 |
| **2/28/17** | 1103293.44 | 1029329 | 1106178 | 1076657 |
| **3/31/17** | 1117509.33 | 1028789 | 1117961 | 1083312 |
| **4/30/17** | 1130876.26 | 1036728 | 1134514 | 1096280 |
| **5/31/17** | 1150466.76 | 1044708 | 1158514 | 1113570 |
| **6/30/17** | 1155625.79 | 1043657 | 1162972 | 1115692 |
| **7/31/17** | 1165244.61 | 1048148 | 1190804 | 1133634 |
| **8/31/17** | 1166645.67 | 1057549 | 1192481 | 1138659 |
| **9/30/17** | 1182353.26 | 1052512 | 1219246 | 1151823 |
| **10/31/17** | 1194225.62 | 1053122 | 1242287 | 1165151 |
| **11/30/17** | 1202513.92 | 1051770 | 1269205 | 1179700 |
| **12/31/17** | 1208941.3 | 1056597 | 1286369 | 1191438 |
| **1/31/18** | 1240062.26 | 1044429 | 1354289 | 1223694 |
| **2/28/18** | 1203275.51 | 1034528 | 1298185 | 1188638 |
| **3/31/18** | 1201471.34 | 1041163 | 1269889 | 1176142 |
| **4/30/18** | 1202828.4 | 1033419 | 1284481 | 1180752 |
| **5/31/18** | 1206549.97 | 1040794 | 1292530 | 1188562 |
| **6/30/18** | 1198959.82 | 1039514 | 1291914 | 1187637 |
| **7/31/18** | 1218608.39 | 1039761 | 1332265 | 1210007 |
| **8/31/18** | 1206917.85 | 1046452 | 1348749 | 1222104 |
| **9/30/18** | 1211052.68 | 1039713 | 1356259 | 1223039 |
| **10/31/18** | 1166658.89 | 1031497 | 1256672 | 1165290 |
| **11/30/18** | 1168702.26 | 1037654 | 1270947 | 1176015 |
| **12/31/18** | 1134188.27 | 1056718 | 1174307 | 1131004 |
| **1/31/19** | 1188902.54 | 1067939 | 1265675 | 1188607 |
| **2/28/19** | 1210474.04 | 1067321 | 1303734 | 1209776 |
| **3/31/19** | 1218025.73 | 1087815 | 1320857 | 1228602 |
| **4/30/19** | 1235246.17 | 1088094 | 1367694 | 1254867 |
| **5/31/19** | 1198837.3 | 1107409 | 1288777 | 1220333 |
| **6/30/19** | 1248158.19 | 1121316 | 1373701 | 1274712 |
| **7/31/19** | 1242002.17 | 1123782 | 1380505 | 1279622 |
| **8/31/19** | 1234690.38 | 1152902 | 1352268 | 1277180 |
| **9/30/19** | 1251153.21 | 1146761 | 1381045 | 1290767 |
| **10/31/19** | 1266946.94 | 1150215 | 1416189 | 1312030 |
| **11/30/19** | 1273471.64 | 1149630 | 1455630 | 1333687 |
| **12/31/19** | 1302824.72 | 1148828 | 1499238 | 1357288 |
| **1/31/20** | 1275415.31 | 1170937 | 1490113 | 1362780 |
| **2/29/20** | 1215638.36 | 1192012 | 1364161 | 1303477 |
| **3/31/20** | 1098467.14 | 1184998 | 1183624 | 1196906 |
| **4/30/20** | 1175377.22 | 1206062 | 1312928 | 1283869 |
| **5/31/20** | 1194547.03 | 1211678 | 1376353 | 1323473 |
| **6/30/20** | 1211785.27 | 1219310 | 1412759 | 1347812 |
| **7/31/20** | 1252005.67 | 1237523 | 1480348 | 1394554 |
| **8/31/20** | 1274369.45 | 1227534 | 1579256 | 1445957 |
| **9/30/20** | 1252386.87 | 1226861 | 1524773 | 1415709 |
| **10/31/20** | 1227139.61 | 1221383 | 1478001 | 1387124 |
| **11/30/20** | 1325919.91 | 1233367 | 1666980 | 1498985 |
| **12/31/20** | 1366970.46 | 1235067 | 1737655 | 1537942 |
| **1/31/21** | 1353550.34 | 1226212 | 1720385 | 1524360 |
| **2/28/21** | 1362060.17 | 1208504 | 1764469 | 1538992 |
| **3/31/21** | 1410735.98 | 1193414 | 1823176 | 1562028 |
| **4/30/21** | 1456121.6 | 1202842 | 1908027 | 1610582 |
| **5/31/21** | 1505134.48 | 1206772 | 1935513 | 1626608 |
| **6/30/21** | 1493176.36 | 1215251 | 1964361 | 1645726 |
| **7/31/21** | 1494544.71 | 1228839 | 1999549 | 1670774 |
| **8/31/21** | 1488121.84 | 1226499 | 2049314 | 1694451 |
| **9/30/21** | 1448581.85 | 1215880 | 1964226 | 1646371 |
| **10/31/21** | 1492418.91 | 1215545 | 2075480 | 1702140 |
| **11/30/21** | 1444282.42 | 1219141 | 2030000 | 1681775 |
| **12/31/21** | 1504950.22 | 1216021 | 2116763 | 1723181 |
| **1/31/22** | 1513671.68 | 1189823 | 2004763 | 1653626 |
| **2/28/22** | 1506464.09 | 1176549 | 1954060 | 1621154 |
| **3/31/22** | 1500582.79 | 1143863 | 2007686 | 1629832 |
| **4/30/22** | 1460726.57 | 1100455 | 1840901 | 1523855 |
| **5/31/22** | 1491895.35 | 1107551 | 1842295 | 1528478 |
| **6/30/22** | 1398437.41 | 1090175 | 1682712 | 1439446 |
| **7/31/22** | 1449216.96 | 1116813 | 1816313 | 1522087 |
| **8/31/22** | 1396858.42 | 1085256 | 1740377 | 1466703 |
| **9/30/22** | 1307909.13 | 1038366 | 1578592 | 1359547 |
| **10/31/22** | 1373298.18 | 1024917 | 1691955 | 1411084 |
| **11/30/22** | 1464673.44 | 1062609 | 1809597 | 1490709 |
| **12/31/22** | 1454778.44 | 1057816 | 1732749 | 1450035 |
| **1/31/23** | 1533977.26 | 1090358 | 1855351 | 1529438 |
| **2/28/23** | 1490386.46 | 1062167 | 1810751 | 1491561 |
| **3/31/23** | 1515397.88 | 1089148 | 1866703 | 1534370 |
| **4/30/23** | 1547768.61 | 1095749 | 1899425 | 1554228 |
| **5/31/23** | 1494979.05 | 1083818 | 1880463 | 1538149 |
| **6/30/23** | 1537800.31 | 1079952 | 1994189 | 1591769 |
| **7/31/23** | 1564067.27 | 1079200 | 2061179 | 1623408 |
| **8/31/23** | 1536546.58 | 1072306 | 2011946 | 1595995 |
| **9/30/23** | 1496400.63 | 1045057 | 1925154 | 1538463 |
| **10/31/23** | 1465182.28 | 1028565 | 1869294 | 1501967 |
| **11/30/23** | 1528305.88 | 1075145 | 2044545 | 1613662 |
| **12/31/23** | 1577154.22 | 1116300 | 2144920 | 1685903 |
| **1/31/24** | 1576862.94 | 1113235 | 2170660 | 1696190 |
| **2/29/24** | 1576646.84 | 1097507 | 2262691 | 1729753 |
| **3/31/24** | 1620514.17 | 1107641 | 2335402 | 1769493 |
| **4/30/24** | 1602988.64 | 1079664 | 2248654 | 1712179 |
| **5/31/24** | 1646477.87 | 1097968 | 2349061 | 1769661 |
| **6/30/24** | 1629556.16 | 1108362 | 2396860 | 1797968 |
| **7/31/24** | 1693359.11 | 1134250 | 2439098 | 1833777 |
| **8/31/24** | 1748888.9 | 1150549 | 2503565 | 1873398 |
| **9/30/24** | 1775911.16 | 1165955 | 2549415 | 1904017 |
| **10/31/24** | 1744428.29 | 1137040 | 2498842 | 1862468 |
| **11/30/24** | 1751866.82 | 1149062 | 2613506 | 1921622 |
| **12/31/24** | 1685663.2 | 1130257 | 2545396 | 1878995 |
| **1/31/25** | 1740140.92 | 1136253 | 2635220 | 1922767 |
| **2/28/25** | 1787901.65 | 1161253 | 2616253 | 1931386 |
| **3/31/25** | 1830567.72 | 1161690 | 2499776 | 1880084 |
| **4/30/25** | 1868662.57 | 1166255 | 2521992 | 1893065 |
| **5/31/25** | 1894482.4 | 1157905 | 2671273 | 1954876 |
| **6/30/25** | 1928057.52 | 1175709 | 2786547 | 2017514 |
| **7/31/25** | 1906657.67 | 1172608 | 2822417 | 2030968 |
| **8/31/25** | 1986244.17 | 1186633 | 2896041 | 2072472 |
| **9/30/25** | 2027525.94 | 1199578 | 2989137 | 2121488 |
| **10/31/25** | 2021864.39 | 1207072 | 3048995 | 2152280 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 15.90% | 10.50% | 7.29% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| MSCI World Index | 22.02% | 15.58% | 11.79% |
| Composite Index | 15.56% | 9.18% | 7.97% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$2,117,005,108

* Number of Portfolio Holdings247

* Portfolio Turnover Rate12.45%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,063,971

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 62.2% |
| Corporate Bonds | 11.2% |
| U.S. Treasury Obligations | 9.4% |
| Commodities | 8.5% |
| Preferred Stocks | 2.0% |
| Convertible Preferred Stocks | 1.6% |
| Master Limited Partnerships | 1.0% |
| Foreign Government Securities | 0.8% |
| Loan Assignments | 0.1% |
| Asset-Backed Securities | 0.1% |
| Short-Term Investments | 3.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal) | 8.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 3.2% |
| Unilever plc (Personal Care Products, United Kingdom) | 2.4% |
| Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | 2.4% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.2% |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Nestle SA (Registered) (Food Products, Switzerland) | 2.0% |
| KT&G Corp. (Tobacco, South Korea) | 1.8% |
| Power Corp. of Canada (Insurance, Canada) | 1.8% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.6% |
| Total | 28.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.1% |
| Others<sup>Footnote Reference3</sup> | 7.0% |
| Real Estate | 4.2% |
| Information Technology | 5.0% |
| Materials | 5.6% |
| Energy | 6.3% |
| Industrials | 8.0% |
| Health Care | 8.4% |
| Commodities | 8.5% |
| U.S. Treasury Obligations | 9.4% |
| Financials | 14.4% |
| Consumer Staples | 20.1% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference5</sup> | 50.1% |
| United Kingdom | 9.6% |
| Canada | 5.8% |
| South Korea | 4.7% |
| Switzerland | 4.6% |
| Hong Kong | 4.4% |
| Mexico | 3.6% |
| Japan | 2.6% |
| Brazil | 2.0% |
| Chile | 1.4% |
| Others<sup>Footnote Reference6</sup> | 8.1% |
| Short-Term Investments | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (3.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Income Builder Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| FEBIX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEBRX

**This 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 October 31, 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 Income Builder Fund

# What Were the Fund's Costs for the Last Year?
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 | $90 | 0.83% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Income Builder Fund Class R6 Shares increased 16.01% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02%, the Bloomberg U.S. Aggregate Bond Index was up 6.16% and the composite index<sup>1</sup> increased 15.56% over the same time period.

• The Fund's equity and bond holdings both contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to equity performance. Developed Europe and emerging markets were the leading equity contributors by region, while Japan and developed Asia excluding Japan were the weakest performing regions.

• Consumer staples and financials were the largest contributors among equity sectors, while communication services and healthcare were the only detractors.

• Gold bullion was the leading contributor to performance. Our equity holding in Comcast Corp., Class A was the largest detractor.

<sup>1</sup> The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Global Income Builder Fund (Class R6) \| $18,317** | **Bloomberg U.S. Aggregate Bond Index \| $11,727** | **MSCI World Index \| $27,563** | **Composite Index \| $19,990** |
| **3/1/17** | 10000.0 | 10000 | 10000 | 10000 |
| **3/31/17** | 10073.79 | 9995 | 10107 | 10062 |
| **4/30/17** | 10203.47 | 10072 | 10256 | 10182 |
| **5/31/17** | 10371.68 | 10149 | 10473 | 10343 |
| **6/30/17** | 10427.39 | 10139 | 10513 | 10363 |
| **7/31/17** | 10514.48 | 10183 | 10765 | 10529 |
| **8/31/17** | 10518.63 | 10274 | 10780 | 10576 |
| **9/30/17** | 10660.91 | 10225 | 11022 | 10698 |
| **10/31/17** | 10768.37 | 10231 | 11230 | 10822 |
| **11/30/17** | 10843.56 | 10218 | 11474 | 10957 |
| **12/31/17** | 10910.95 | 10265 | 11629 | 11066 |
| **1/31/18** | 11183.18 | 10147 | 12243 | 11366 |
| **2/28/18** | 10851.53 | 10051 | 11736 | 11040 |
| **3/31/18** | 10844.68 | 10115 | 11480 | 10924 |
| **4/30/18** | 10848.25 | 10040 | 11612 | 10967 |
| **5/31/18** | 10891.33 | 10111 | 11685 | 11039 |
| **6/30/18** | 10814.07 | 10099 | 11679 | 11031 |
| **7/31/18** | 10991.68 | 10101 | 12044 | 11239 |
| **8/31/18** | 10895.76 | 10166 | 12193 | 11351 |
| **9/30/18** | 10924.39 | 10101 | 12261 | 11360 |
| **10/31/18** | 10523.77 | 10021 | 11360 | 10823 |
| **11/30/18** | 10542.53 | 10081 | 11490 | 10923 |
| **12/31/18** | 10231.25 | 10266 | 10616 | 10505 |
| **1/31/19** | 10725.56 | 10375 | 11442 | 11040 |
| **2/28/19** | 10929.81 | 10369 | 11786 | 11236 |
| **3/31/19** | 10988.97 | 10568 | 11941 | 11411 |
| **4/30/19** | 11144.69 | 10571 | 12364 | 11655 |
| **5/31/19** | 10815.64 | 10759 | 11651 | 11334 |
| **6/30/19** | 11260.88 | 10894 | 12418 | 11840 |
| **7/31/19** | 11214.8 | 10918 | 12480 | 11885 |
| **8/31/19** | 11139.51 | 11201 | 12225 | 11862 |
| **9/30/19** | 11288.3 | 11141 | 12485 | 11989 |
| **10/31/19** | 11430.53 | 11174 | 12803 | 12186 |
| **11/30/19** | 11488.78 | 11169 | 13159 | 12387 |
| **12/31/19** | 11753.97 | 11161 | 13553 | 12607 |
| **1/31/20** | 11516.13 | 11376 | 13471 | 12658 |
| **2/29/20** | 10966.44 | 11580 | 12332 | 12107 |
| **3/31/20** | 9908.05 | 11512 | 10700 | 11117 |
| **4/30/20** | 10602.03 | 11717 | 11869 | 11925 |
| **5/31/20** | 10775.16 | 11772 | 12442 | 12292 |
| **6/30/20** | 10940.72 | 11846 | 12772 | 12518 |
| **7/31/20** | 11294.88 | 12023 | 13383 | 12953 |
| **8/31/20** | 11497.25 | 11926 | 14277 | 13430 |
| **9/30/20** | 11298.98 | 11919 | 13784 | 13149 |
| **10/31/20** | 11071.28 | 11866 | 13361 | 12884 |
| **11/30/20** | 11963.72 | 11982 | 15070 | 13923 |
| **12/31/20** | 12344.76 | 11999 | 15709 | 14284 |
| **1/31/21** | 12214.3 | 11913 | 15553 | 14158 |
| **2/28/21** | 12291.56 | 11741 | 15951 | 14294 |
| **3/31/21** | 12731.67 | 11594 | 16482 | 14508 |
| **4/30/21** | 13142.09 | 11686 | 17249 | 14959 |
| **5/31/21** | 13595.2 | 11724 | 17497 | 15108 |
| **6/30/21** | 13477.85 | 11806 | 17758 | 15286 |
| **7/31/21** | 13490.75 | 11938 | 18076 | 15518 |
| **8/31/21** | 13434.32 | 11916 | 18526 | 15738 |
| **9/30/21** | 13079.19 | 11812 | 17757 | 15292 |
| **10/31/21** | 13475.52 | 11809 | 18763 | 15809 |
| **11/30/21** | 13041.28 | 11844 | 18351 | 15620 |
| **12/31/21** | 13592.23 | 11814 | 19136 | 16005 |
| **1/31/22** | 13671.87 | 11559 | 18123 | 15359 |
| **2/28/22** | 13607.37 | 11430 | 17665 | 15057 |
| **3/31/22** | 13555.11 | 11113 | 18150 | 15138 |
| **4/30/22** | 13195.24 | 10691 | 16642 | 14154 |
| **5/31/22** | 13477.84 | 10760 | 16655 | 14197 |
| **6/30/22** | 12632.77 | 10591 | 15212 | 13370 |
| **7/31/22** | 13103.55 | 10850 | 16420 | 14137 |
| **8/31/22** | 12619.62 | 10543 | 15733 | 13623 |
| **9/30/22** | 11825.91 | 10088 | 14271 | 12627 |
| **10/31/22** | 12418.18 | 9957 | 15296 | 13106 |
| **11/30/22** | 13235.09 | 10323 | 16359 | 13846 |
| **12/31/22** | 13146.22 | 10277 | 15664 | 13468 |
| **1/31/23** | 13863.73 | 10593 | 16773 | 14205 |
| **2/28/23** | 13469.89 | 10319 | 16369 | 13854 |
| **3/31/23** | 13697.05 | 10581 | 16875 | 14251 |
| **4/30/23** | 13990.75 | 10645 | 17171 | 14436 |
| **5/31/23** | 13513.67 | 10529 | 17000 | 14286 |
| **6/30/23** | 13902.2 | 10492 | 18028 | 14784 |
| **7/31/23** | 14140.88 | 10484 | 18633 | 15078 |
| **8/31/23** | 13892.62 | 10418 | 18188 | 14824 |
| **9/30/23** | 13529.99 | 10153 | 17404 | 14289 |
| **10/31/23** | 13248.12 | 9993 | 16899 | 13950 |
| **11/30/23** | 13820.68 | 10445 | 18483 | 14988 |
| **12/31/23** | 14264.02 | 10845 | 19390 | 15659 |
| **1/31/24** | 14262.27 | 10815 | 19623 | 15754 |
| **2/29/24** | 14261.18 | 10662 | 20455 | 16066 |
| **3/31/24** | 14659.52 | 10761 | 21112 | 16435 |
| **4/30/24** | 14501.65 | 10489 | 20328 | 15903 |
| **5/31/24** | 14896.6 | 10667 | 21236 | 16437 |
| **6/30/24** | 14744.15 | 10768 | 21668 | 16700 |
| **7/31/24** | 15323.26 | 11019 | 22050 | 17032 |
| **8/31/24** | 15827.45 | 11178 | 22633 | 17400 |
| **9/30/24** | 16073.26 | 11327 | 23047 | 17685 |
| **10/31/24** | 15788.81 | 11046 | 22590 | 17299 |
| **11/30/24** | 15857.16 | 11163 | 23626 | 17848 |
| **12/31/24** | 15258.0 | 10981 | 23011 | 17452 |
| **1/31/25** | 15752.85 | 11039 | 23823 | 17859 |
| **2/28/25** | 16186.87 | 11282 | 23651 | 17939 |
| **3/31/25** | 16574.85 | 11286 | 22598 | 17462 |
| **4/30/25** | 16921.36 | 11330 | 22799 | 17583 |
| **5/31/25** | 17156.39 | 11249 | 24149 | 18157 |
| **6/30/25** | 17461.72 | 11422 | 25191 | 18739 |
| **7/31/25** | 17268.54 | 11392 | 25515 | 18864 |
| **8/31/25** | 17991.48 | 11528 | 26181 | 19249 |
| **9/30/25** | 18355.16 | 11654 | 27022 | 19704 |
| **10/31/25** | 18317.09 | 11727 | 27563 | 19990 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 16.01% | 10.59% | 7.23% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.85% |
| MSCI World Index | 22.02% | 15.58% | 12.41% |
| Composite Index | 15.56% | 9.18% | 8.32% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$2,117,005,108

* Number of Portfolio Holdings247

* Portfolio Turnover Rate12.45%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,063,971

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 62.2% |
| Corporate Bonds | 11.2% |
| U.S. Treasury Obligations | 9.4% |
| Commodities | 8.5% |
| Preferred Stocks | 2.0% |
| Convertible Preferred Stocks | 1.6% |
| Master Limited Partnerships | 1.0% |
| Foreign Government Securities | 0.8% |
| Loan Assignments | 0.1% |
| Asset-Backed Securities | 0.1% |
| Short-Term Investments | 3.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Gold bullion (Precious Metal) | 8.5% |
| British American Tobacco plc (Tobacco, United Kingdom) | 3.2% |
| Unilever plc (Personal Care Products, United Kingdom) | 2.4% |
| Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | 2.4% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.2% |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Nestle SA (Registered) (Food Products, Switzerland) | 2.0% |
| KT&G Corp. (Tobacco, South Korea) | 1.8% |
| Power Corp. of Canada (Insurance, Canada) | 1.8% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 1.6% |
| Total | 28.0% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.1% |
| Others<sup>Footnote Reference3</sup> | 7.0% |
| Real Estate | 4.2% |
| Information Technology | 5.0% |
| Materials | 5.6% |
| Energy | 6.3% |
| Industrials | 8.0% |
| Health Care | 8.4% |
| Commodities | 8.5% |
| U.S. Treasury Obligations | 9.4% |
| Financials | 14.4% |
| Consumer Staples | 20.1% |

---

#### Asset Allocation by Country<sup>Footnote Reference 4</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference5</sup> | 50.1% |
| United Kingdom | 9.6% |
| Canada | 5.8% |
| South Korea | 4.7% |
| Switzerland | 4.6% |
| Hong Kong | 4.4% |
| Mexico | 3.6% |
| Japan | 2.6% |
| Brazil | 2.0% |
| Chile | 1.4% |
| Others<sup>Footnote Reference6</sup> | 8.1% |
| Short-Term Investments | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (3.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Income Builder Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FEBRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEFAX

**This 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 October 31, 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 Rising Dividend Fund

# What Were the Fund's Costs for the Last Year?
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 | $97 | 0.90% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Rising Dividend Fund Class A Shares<sup>1</sup> increased 15.98% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• All geographic regions contributed to performance. North America was the leading contributor by region, while developed Europe was the weakest performing region.

• Information technology and communication services were the largest contributors among equity sectors, while healthcare and real estate were the only detractors.

• Alphabet Inc., Class A was the leading contributor to performance. UnitedHealth Group, Inc. was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Rising Dividend Fund (Class A) \| $19,508** | **S&P 500 Index \| $20,535** |
| **10/31/15** | 9500.92 | 10000 |
| **11/30/15** | 9628.34 | 10134 |
| **12/31/15** | 9519.68 | 10019 |
| **1/31/16** | 8708.16 | 9166 |
| **2/29/16** | 8798.33 | 9260 |
| **3/31/16** | 9221.85 | 9706 |
| **4/30/16** | 9071.57 | 9547 |
| **5/31/16** | 9118.02 | 9596 |
| **6/30/16** | 8855.71 | 9320 |
| **7/31/16** | 9317.48 | 9806 |
| **8/31/16** | 9426.78 | 9921 |
| **9/30/16** | 9459.57 | 9956 |
| **10/31/16** | 8997.79 | 9470 |
| **11/30/16** | 9336.61 | 9826 |
| **12/31/16** | 9332.51 | 9822 |
| **1/31/17** | 9652.82 | 10159 |
| **2/28/17** | 9932.35 | 10454 |
| **3/31/17** | 10034.27 | 10561 |
| **4/30/17** | 10313.81 | 10856 |
| **5/31/17** | 10144.92 | 10678 |
| **6/30/17** | 10273.04 | 10812 |
| **7/31/17** | 10366.22 | 10911 |
| **8/31/17** | 10398.25 | 10945 |
| **9/30/17** | 10986.45 | 11564 |
| **10/31/17** | 11117.48 | 11702 |
| **11/30/17** | 11196.1 | 11785 |
| **12/31/17** | 11365.06 | 11963 |
| **1/31/18** | 11724.64 | 12342 |
| **2/28/18** | 11288.01 | 11883 |
| **3/31/18** | 11027.96 | 11608 |
| **4/30/18** | 10992.65 | 11571 |
| **5/31/18** | 11326.54 | 11923 |
| **6/30/18** | 11121.07 | 11707 |
| **7/31/18** | 11182.07 | 11771 |
| **8/31/18** | 11236.65 | 11829 |
| **9/30/18** | 11047.23 | 11629 |
| **10/31/18** | 9801.57 | 10317 |
| **11/30/18** | 9849.72 | 10368 |
| **12/31/18** | 8655.08 | 9110 |
| **1/31/19** | 9755.41 | 10268 |
| **2/28/19** | 10277.66 | 10818 |
| **3/31/19** | 10269.69 | 10809 |
| **4/30/19** | 10465.04 | 11014 |
| **5/31/19** | 9655.74 | 10163 |
| **6/30/19** | 10484.97 | 11036 |
| **7/31/19** | 10736.13 | 11301 |
| **8/31/19** | 10417.19 | 10965 |
| **9/30/19** | 10584.64 | 11142 |
| **10/31/19** | 10544.77 | 11099 |
| **11/30/19** | 10927.49 | 11502 |
| **12/31/19** | 11106.09 | 11690 |
| **1/31/20** | 11041.74 | 11622 |
| **2/29/20** | 10575.13 | 11130 |
| **3/31/20** | 8471.36 | 8917 |
| **4/30/20** | 9352.29 | 9844 |
| **5/31/20** | 9863.15 | 10381 |
| **6/30/20** | 10048.18 | 10577 |
| **7/31/20** | 10494.68 | 11046 |
| **8/31/20** | 10691.78 | 11254 |
| **9/30/20** | 10587.19 | 11143 |
| **10/31/20** | 10394.11 | 10941 |
| **11/30/20** | 11439.96 | 12041 |
| **12/31/20** | 11933.92 | 12562 |
| **1/31/21** | 11601.1 | 12211 |
| **2/28/21** | 11910.15 | 12536 |
| **3/31/21** | 12480.69 | 13136 |
| **4/30/21** | 13216.56 | 13911 |
| **5/31/21** | 13373.56 | 14077 |
| **6/30/21** | 13568.62 | 14282 |
| **7/31/21** | 13949.94 | 14684 |
| **8/31/21** | 14159.42 | 14904 |
| **9/30/21** | 13454.78 | 14162 |
| **10/31/21** | 14196.42 | 14942 |
| **11/30/21** | 13891.53 | 14621 |
| **12/31/21** | 14354.88 | 15109 |
| **1/31/22** | 13545.09 | 14257 |
| **2/28/22** | 12648.96 | 13313 |
| **3/31/22** | 12988.4 | 13670 |
| **4/30/22** | 12058.71 | 12691 |
| **5/31/22** | 12107.64 | 12743 |
| **6/30/22** | 11234.5 | 11824 |
| **7/31/22** | 12078.99 | 12714 |
| **8/31/22** | 11615.88 | 12227 |
| **9/30/22** | 10437.95 | 10987 |
| **10/31/22** | 11082.14 | 11665 |
| **11/30/22** | 12004.74 | 12637 |
| **12/31/22** | 11583.96 | 12193 |
| **1/31/23** | 12289.41 | 12936 |
| **2/28/23** | 11981.47 | 12611 |
| **3/31/23** | 12399.71 | 13051 |
| **4/30/23** | 12809.48 | 13482 |
| **5/31/23** | 12635.47 | 13298 |
| **6/30/23** | 13453.32 | 14159 |
| **7/31/23** | 14067.4 | 14804 |
| **8/31/23** | 13723.74 | 14443 |
| **9/30/23** | 13109.67 | 13798 |
| **10/31/23** | 12651.96 | 13316 |
| **11/30/23** | 13589.98 | 14303 |
| **12/31/23** | 14179.63 | 14923 |
| **1/31/24** | 14410.89 | 15167 |
| **2/29/24** | 14575.2 | 15340 |
| **3/31/24** | 15127.79 | 15921 |
| **4/30/24** | 14498.48 | 15259 |
| **5/31/24** | 15188.89 | 15985 |
| **6/30/24** | 15599.47 | 16417 |
| **7/31/24** | 16114.14 | 16958 |
| **8/31/24** | 16671.7 | 17545 |
| **9/30/24** | 17171.05 | 18071 |
| **10/31/24** | 16820.99 | 17703 |
| **11/30/24** | 17232.46 | 18136 |
| **12/31/24** | 16209.18 | 17059 |
| **1/31/25** | 16942.2 | 17830 |
| **2/28/25** | 16980.44 | 17871 |
| **3/31/25** | 16606.94 | 17478 |
| **4/30/25** | 16159.48 | 17008 |
| **5/31/25** | 16651.68 | 17527 |
| **6/30/25** | 17612.42 | 18538 |
| **7/31/25** | 17882.0 | 18822 |
| **8/31/25** | 18600.87 | 19578 |
| **9/30/25** | 19321.67 | 20338 |
| **10/31/25** | 19508.2 | 20535 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | 15.98% | 13.42% | 7.46% |
| Class A - with sales charge | 10.18% | 12.26% | 6.91% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$448,997,226

* Number of Portfolio Holdings37

* Portfolio Turnover Rate12.52%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$1,889,164

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.9% |
| Master Limited Partnerships | 3.0% |
| Short-Term Investments | 1.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Alphabet, Inc. (Interactive Media & Services, United States) | 8.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 6.5% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 6.3% |
| Oracle Corp. (Software, United States) | 6.1% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 4.7% |
| Schindler Holding AG (Machinery, Switzerland) | 4.5% |
| Comcast Corp., Class A (Media, United States) | 4.3% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.1% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.0% |
| Total | 54.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.5% |
| Financials | 1.8% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 9.6% |
| Industrials | 10.2% |
| Health Care | 16.2% |
| Communication Services | 18.3% |
| Information Technology | 27.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Rising Dividend Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEFAX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEAMX

**This 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 October 31, 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 Rising Dividend Fund

# What Were the Fund's Costs for the Last Year?
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 | $178 | 1.65% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Rising Dividend Fund Class C Shares<sup>1</sup> increased 15.16% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• All geographic regions contributed to performance. North America was the leading contributor by region, while developed Europe was the weakest performing region.

• Information technology and communication services were the largest contributors among equity sectors, while healthcare and real estate were the only detractors.

• Alphabet Inc., Class A was the leading contributor to performance. UnitedHealth Group, Inc. was the largest detractor.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Rising Dividend Fund (Class C) \| $19,052** | **S&P 500 Index \| $20,535** |
| **10/31/15** | 9999.99 | 10000 |
| **11/30/15** | 10129.69 | 10134 |
| **12/31/15** | 10010.13 | 10019 |
| **1/31/16** | 9149.86 | 9166 |
| **2/29/16** | 9239.33 | 9260 |
| **3/31/16** | 9679.79 | 9706 |
| **4/30/16** | 9511.17 | 9547 |
| **5/31/16** | 9555.91 | 9596 |
| **6/30/16** | 9277.18 | 9320 |
| **7/31/16** | 9755.49 | 9806 |
| **8/31/16** | 9862.16 | 9921 |
| **9/30/16** | 9889.69 | 9956 |
| **10/31/16** | 9401.06 | 9470 |
| **11/30/16** | 9748.61 | 9826 |
| **12/31/16** | 9738.76 | 9822 |
| **1/31/17** | 10065.11 | 10159 |
| **2/28/17** | 10350.67 | 10454 |
| **3/31/17** | 10447.1 | 10561 |
| **4/30/17** | 10732.66 | 10856 |
| **5/31/17** | 10550.94 | 10678 |
| **6/30/17** | 10677.03 | 10812 |
| **7/31/17** | 10769.75 | 10911 |
| **8/31/17** | 10792.0 | 10945 |
| **9/30/17** | 11396.5 | 11564 |
| **10/31/17** | 11526.3 | 11702 |
| **11/30/17** | 11600.47 | 11785 |
| **12/31/17** | 11767.02 | 11963 |
| **1/31/18** | 12131.33 | 12342 |
| **2/28/18** | 11674.89 | 11883 |
| **3/31/18** | 11398.51 | 11608 |
| **4/30/18** | 11356.64 | 11571 |
| **5/31/18** | 11695.83 | 11923 |
| **6/30/18** | 11473.89 | 11707 |
| **7/31/18** | 11528.33 | 11771 |
| **8/31/18** | 11578.58 | 11829 |
| **9/30/18** | 11377.57 | 11629 |
| **10/31/18** | 10087.81 | 10317 |
| **11/30/18** | 10129.68 | 10368 |
| **12/31/18** | 8897.17 | 9110 |
| **1/31/19** | 10020.44 | 10268 |
| **2/28/19** | 10554.27 | 10818 |
| **3/31/19** | 10537.58 | 10809 |
| **4/30/19** | 10726.65 | 11014 |
| **5/31/19** | 9892.54 | 10163 |
| **6/30/19** | 10737.77 | 11036 |
| **7/31/19** | 10988.0 | 11301 |
| **8/31/19** | 10654.36 | 10965 |
| **9/30/19** | 10821.18 | 11142 |
| **10/31/19** | 10771.13 | 11099 |
| **11/30/19** | 11160.39 | 11502 |
| **12/31/19** | 11336.03 | 11690 |
| **1/31/20** | 11257.27 | 11622 |
| **2/29/20** | 10779.07 | 11130 |
| **3/31/20** | 8624.38 | 8917 |
| **4/30/20** | 9518.89 | 9844 |
| **5/31/20** | 10030.84 | 10381 |
| **6/30/20** | 10216.49 | 10577 |
| **7/31/20** | 10660.93 | 11046 |
| **8/31/20** | 10857.83 | 11254 |
| **9/30/20** | 10745.32 | 11143 |
| **10/31/20** | 10542.79 | 10941 |
| **11/30/20** | 11594.82 | 12041 |
| **12/31/20** | 12087.36 | 12562 |
| **1/31/21** | 11737.31 | 12211 |
| **2/28/21** | 12044.5 | 12536 |
| **3/31/21** | 12616.0 | 13136 |
| **4/30/21** | 13351.82 | 13911 |
| **5/31/21** | 13501.84 | 14077 |
| **6/30/21** | 13687.58 | 14282 |
| **7/31/21** | 14066.2 | 14684 |
| **8/31/21** | 14266.23 | 14904 |
| **9/30/21** | 13551.85 | 14162 |
| **10/31/21** | 14287.66 | 14942 |
| **11/30/21** | 13973.33 | 14621 |
| **12/31/21** | 14431.32 | 15109 |
| **1/31/22** | 13609.67 | 14257 |
| **2/28/22** | 12700.61 | 13313 |
| **3/31/22** | 13032.77 | 13670 |
| **4/30/22** | 12088.75 | 12691 |
| **5/31/22** | 12132.45 | 12743 |
| **6/30/22** | 11251.37 | 11824 |
| **7/31/22** | 12091.94 | 12714 |
| **8/31/22** | 11619.12 | 12227 |
| **9/30/22** | 10432.69 | 10987 |
| **10/31/22** | 11072.68 | 11665 |
| **11/30/22** | 11984.45 | 12637 |
| **12/31/22** | 11560.14 | 12193 |
| **1/31/23** | 12253.02 | 12936 |
| **2/28/23** | 11943.05 | 12611 |
| **3/31/23** | 12346.01 | 13051 |
| **4/30/23** | 12748.1 | 13482 |
| **5/31/23** | 12565.33 | 13298 |
| **6/30/23** | 13371.34 | 14159 |
| **7/31/23** | 13977.04 | 14804 |
| **8/31/23** | 13628.31 | 14443 |
| **9/30/23** | 13007.0 | 13798 |
| **10/31/23** | 12546.74 | 13316 |
| **11/30/23** | 13467.27 | 14303 |
| **12/31/23** | 14034.72 | 14923 |
| **1/31/24** | 14253.36 | 15167 |
| **2/29/24** | 14409.53 | 15340 |
| **3/31/24** | 14955.1 | 15921 |
| **4/30/24** | 14316.71 | 15259 |
| **5/31/24** | 14996.96 | 15985 |
| **6/30/24** | 15381.05 | 16417 |
| **7/31/24** | 15885.0 | 16958 |
| **8/31/24** | 16430.95 | 17545 |
| **9/30/24** | 16902.36 | 18071 |
| **10/31/24** | 16544.53 | 17703 |
| **11/30/24** | 16944.46 | 18136 |
| **12/31/24** | 15925.83 | 17059 |
| **1/31/25** | 16644.12 | 17830 |
| **2/28/25** | 16666.57 | 17871 |
| **3/31/25** | 16287.22 | 17478 |
| **4/30/25** | 15836.68 | 17008 |
| **5/31/25** | 16309.75 | 17527 |
| **6/30/25** | 17246.89 | 18538 |
| **7/31/25** | 17496.19 | 18822 |
| **8/31/25** | 18187.43 | 19578 |
| **9/30/25** | 18882.07 | 20338 |
| **10/31/25** | 19052.48 | 20535 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | 15.16% | 12.56% | 6.66% |
| Class C - with sales charge | 14.16% | 12.56% | 6.66% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$448,997,226

* Number of Portfolio Holdings37

* Portfolio Turnover Rate12.52%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$1,889,164

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.9% |
| Master Limited Partnerships | 3.0% |
| Short-Term Investments | 1.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Alphabet, Inc. (Interactive Media & Services, United States) | 8.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 6.5% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 6.3% |
| Oracle Corp. (Software, United States) | 6.1% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 4.7% |
| Schindler Holding AG (Machinery, Switzerland) | 4.5% |
| Comcast Corp., Class A (Media, United States) | 4.3% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.1% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.0% |
| Total | 54.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.5% |
| Financials | 1.8% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 9.6% |
| Industrials | 10.2% |
| Health Care | 16.2% |
| Communication Services | 18.3% |
| Information Technology | 27.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Rising Dividend Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEAMX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEAIX

**This 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 October 31, 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 Rising Dividend Fund

# What Were the Fund's Costs for the Last Year?
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 | $70 | 0.65% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Rising Dividend Fund Class I Shares increased 16.28% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• All geographic regions contributed to performance. North America was the leading contributor by region, while developed Europe was the weakest performing region.

• Information technology and communication services were the largest contributors among equity sectors, while healthcare and real estate were the only detractors.

• Alphabet Inc., Class A was the leading contributor to performance. UnitedHealth Group, Inc. was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg052.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Rising Dividend Fund (Class I) \| $2,111,364** | **S&P 500 Index \| $3,919,570** |
| **10/31/15** | 999999.99 | 1000000 |
| **11/30/15** | 1013930.61 | 1002974 |
| **12/31/15** | 1002872.33 | 987155 |
| **1/31/16** | 917233.79 | 938168 |
| **2/29/16** | 927093.49 | 936903 |
| **3/31/16** | 972166.41 | 1000460 |
| **4/30/16** | 956390.89 | 1004339 |
| **5/31/16** | 961743.29 | 1022375 |
| **6/30/16** | 934136.13 | 1025024 |
| **7/31/16** | 983434.63 | 1062815 |
| **8/31/16** | 994984.57 | 1064307 |
| **9/30/16** | 998646.74 | 1064509 |
| **10/31/16** | 949911.65 | 1045091 |
| **11/30/16** | 985969.98 | 1083796 |
| **12/31/16** | 985781.7 | 1105218 |
| **1/31/17** | 1020064.53 | 1126180 |
| **2/28/17** | 1049535.73 | 1170896 |
| **3/31/17** | 1060662.61 | 1172262 |
| **4/30/17** | 1090434.54 | 1184301 |
| **5/31/17** | 1072992.4 | 1200967 |
| **6/30/17** | 1086825.82 | 1208463 |
| **7/31/17** | 1097050.53 | 1233313 |
| **8/31/17** | 1100659.25 | 1237088 |
| **9/30/17** | 1163210.37 | 1262607 |
| **10/31/17** | 1177043.79 | 1292070 |
| **11/30/17** | 1186065.59 | 1331698 |
| **12/31/17** | 1204083.42 | 1346504 |
| **1/31/18** | 1242465.85 | 1423597 |
| **2/28/18** | 1196473.11 | 1371127 |
| **3/31/18** | 1169340.7 | 1336283 |
| **4/30/18** | 1165700.99 | 1341410 |
| **5/31/18** | 1201436.35 | 1373714 |
| **6/30/18** | 1179928.96 | 1382169 |
| **7/31/18** | 1186546.62 | 1433604 |
| **8/31/18** | 1193164.28 | 1480319 |
| **9/30/18** | 1172980.41 | 1488745 |
| **10/31/18** | 1041288.96 | 1386989 |
| **11/30/18** | 1046583.09 | 1415253 |
| **12/31/18** | 919807.83 | 1287469 |
| **1/31/19** | 1036874.28 | 1390641 |
| **2/28/19** | 1092756.17 | 1435292 |
| **3/31/19** | 1091940.38 | 1463183 |
| **4/30/19** | 1112743.13 | 1522426 |
| **5/31/19** | 1027084.75 | 1425679 |
| **6/30/19** | 1115598.4 | 1526156 |
| **7/31/19** | 1142927.51 | 1548090 |
| **8/31/19** | 1109072.05 | 1523567 |
| **9/30/19** | 1127427.42 | 1552074 |
| **10/31/19** | 1123348.45 | 1585691 |
| **11/30/19** | 1164546.05 | 1643250 |
| **12/31/19** | 1184204.43 | 1692847 |
| **1/31/20** | 1177597.99 | 1692183 |
| **2/29/20** | 1128049.68 | 1552884 |
| **3/31/20** | 903843.62 | 1361083 |
| **4/30/20** | 997985.39 | 1535565 |
| **5/31/20** | 1052901.43 | 1608701 |
| **6/30/20** | 1073133.65 | 1640694 |
| **7/31/20** | 1121030.34 | 1733205 |
| **8/31/20** | 1142501.27 | 1857788 |
| **9/30/20** | 1131352.9 | 1787198 |
| **10/31/20** | 1111120.68 | 1739670 |
| **11/30/20** | 1223017.26 | 1930101 |
| **12/31/20** | 1276193.18 | 2004310 |
| **1/31/21** | 1240702.85 | 1984075 |
| **2/28/21** | 1273762.33 | 2038786 |
| **3/31/21** | 1335505.78 | 2128076 |
| **4/30/21** | 1414479.49 | 2241648 |
| **5/31/21** | 1431515.55 | 2257305 |
| **6/30/21** | 1452445.56 | 2310001 |
| **7/31/21** | 1493763.46 | 2364875 |
| **8/31/21** | 1516669.45 | 2436781 |
| **9/30/21** | 1441128.4 | 2323447 |
| **10/31/21** | 1520937.13 | 2486231 |
| **11/30/21** | 1488732.49 | 2469004 |
| **12/31/21** | 1538710.87 | 2579656 |
| **1/31/22** | 1452180.08 | 2446166 |
| **2/28/22** | 1356474.5 | 2372924 |
| **3/31/22** | 1392820.48 | 2461030 |
| **4/30/22** | 1293649.89 | 2246424 |
| **5/31/22** | 1298636.12 | 2250545 |
| **6/30/22** | 1205449.02 | 2064776 |
| **7/31/22** | 1297107.58 | 2255158 |
| **8/31/22** | 1247112.0 | 2163188 |
| **9/30/22** | 1121067.58 | 1963962 |
| **10/31/22** | 1190681.81 | 2122967 |
| **11/30/22** | 1289812.48 | 2241607 |
| **12/31/22** | 1244832.77 | 2112458 |
| **1/31/23** | 1320744.17 | 2245192 |
| **2/28/23** | 1288210.71 | 2190411 |
| **3/31/23** | 1333358.02 | 2270831 |
| **4/30/23** | 1378013.2 | 2306275 |
| **5/31/23** | 1359120.63 | 2316299 |
| **6/30/23** | 1447343.25 | 2469349 |
| **7/31/23** | 1514019.91 | 2548677 |
| **8/31/23** | 1477232.79 | 2508098 |
| **9/30/23** | 1411475.8 | 2388517 |
| **10/31/23** | 1362446.19 | 2338295 |
| **11/30/23** | 1463966.32 | 2551841 |
| **12/31/23** | 1527256.17 | 2667773 |
| **1/31/24** | 1552638.22 | 2712603 |
| **2/29/24** | 1571210.45 | 2857444 |
| **3/31/24** | 1630827.3 | 2949381 |
| **4/30/24** | 1563057.5 | 2828915 |
| **5/31/24** | 1638288.19 | 2969185 |
| **6/30/24** | 1682307.47 | 3075726 |
| **7/31/24** | 1739070.54 | 3113165 |
| **8/31/24** | 1799576.22 | 3188680 |
| **9/30/24** | 1853345.18 | 3256781 |
| **10/31/24** | 1815815.41 | 3227247 |
| **11/30/24** | 1860851.14 | 3416690 |
| **12/31/24** | 1750184.15 | 3335242 |
| **1/31/25** | 1829914.76 | 3428120 |
| **2/28/25** | 1835100.49 | 3383389 |
| **3/31/25** | 1794327.68 | 3192755 |
| **4/30/25** | 1746201.46 | 3171105 |
| **5/31/25** | 1800180.87 | 3370709 |
| **6/30/25** | 1904172.53 | 3542119 |
| **7/31/25** | 1934221.23 | 3621614 |
| **8/31/25** | 2011955.88 | 3695030 |
| **9/30/25** | 2091062.33 | 3829899 |
| **10/31/25** | 2111363.91 | 3919570 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 16.28% | 13.70% | 7.76% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$448,997,226

* Number of Portfolio Holdings37

* Portfolio Turnover Rate12.52%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$1,889,164

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.9% |
| Master Limited Partnerships | 3.0% |
| Short-Term Investments | 1.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Alphabet, Inc. (Interactive Media & Services, United States) | 8.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 6.5% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 6.3% |
| Oracle Corp. (Software, United States) | 6.1% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 4.7% |
| Schindler Holding AG (Machinery, Switzerland) | 4.5% |
| Comcast Corp., Class A (Media, United States) | 4.3% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.1% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.0% |
| Total | 54.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.5% |
| Financials | 1.8% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 9.6% |
| Industrials | 10.2% |
| Health Care | 16.2% |
| Communication Services | 18.3% |
| Information Technology | 27.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Rising Dividend Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEAIX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEFRX

**This 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 October 31, 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 Rising Dividend Fund

# What Were the Fund's Costs for the Last Year?
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 | $68 | 0.63% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Rising Dividend Fund Class R6 Shares increased 16.33% in the 12-month period ended October 31, 2025. The S&P 500 Index increased 21.45% for the same period.

• All geographic regions contributed to performance. North America was the leading contributor by region, while developed Europe was the weakest performing region.

• Information technology and communication services were the largest contributors among equity sectors, while healthcare and real estate were the only detractors.

• Alphabet Inc., Class A was the leading contributor to performance. UnitedHealth Group, Inc. was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg049.jpg)

---

| | | |
|:---|:---|:---|
| | **First Eagle Rising Dividend Fund (Class R6) \| $19,840** | **S&P 500 Index \| $33,475** |
| **3/1/17** | 10000.0 | 10000 |
| **3/31/17** | 9952.03 | 10012 |
| **4/30/17** | 10234.2 | 10114 |
| **5/31/17** | 10070.54 | 10257 |
| **6/30/17** | 10200.34 | 10321 |
| **7/31/17** | 10296.27 | 10533 |
| **8/31/17** | 10327.31 | 10565 |
| **9/30/17** | 10914.22 | 10783 |
| **10/31/17** | 11046.84 | 11035 |
| **11/30/17** | 11128.67 | 11373 |
| **12/31/17** | 11297.77 | 11500 |
| **1/31/18** | 11658.01 | 12158 |
| **2/28/18** | 11229.45 | 11710 |
| **3/31/18** | 10974.8 | 11412 |
| **4/30/18** | 10940.64 | 11456 |
| **5/31/18** | 11276.03 | 11732 |
| **6/30/18** | 11074.18 | 11804 |
| **7/31/18** | 11136.29 | 12244 |
| **8/31/18** | 11195.29 | 12643 |
| **9/30/18** | 11008.96 | 12715 |
| **10/31/18** | 9772.98 | 11846 |
| **11/30/18** | 9822.67 | 12087 |
| **12/31/18** | 8636.65 | 10996 |
| **1/31/19** | 9739.2 | 11877 |
| **2/28/19** | 10259.84 | 12258 |
| **3/31/19** | 10256.02 | 12496 |
| **4/30/19** | 10455.09 | 13002 |
| **5/31/19** | 9651.14 | 12176 |
| **6/30/19** | 10481.89 | 13034 |
| **7/31/19** | 10738.38 | 13221 |
| **8/31/19** | 10420.63 | 13012 |
| **9/30/19** | 10589.08 | 13255 |
| **10/31/19** | 10554.62 | 13543 |
| **11/30/19** | 10941.28 | 14034 |
| **12/31/19** | 11121.19 | 14458 |
| **1/31/20** | 11059.17 | 14452 |
| **2/29/20** | 10597.89 | 13262 |
| **3/31/20** | 8489.16 | 11624 |
| **4/30/20** | 9376.84 | 13114 |
| **5/31/20** | 9892.39 | 13739 |
| **6/30/20** | 10078.46 | 14012 |
| **7/31/20** | 10531.99 | 14802 |
| **8/31/20** | 10733.56 | 15866 |
| **9/30/20** | 10628.9 | 15264 |
| **10/31/20** | 10435.08 | 14858 |
| **11/30/20** | 11489.44 | 16484 |
| **12/31/20** | 11989.27 | 17118 |
| **1/31/21** | 11655.85 | 16945 |
| **2/28/21** | 11966.43 | 17412 |
| **3/31/21** | 12546.48 | 18175 |
| **4/30/21** | 13288.41 | 19145 |
| **5/31/21** | 13443.89 | 19278 |
| **6/30/21** | 13645.09 | 19728 |
| **7/31/21** | 14033.26 | 20197 |
| **8/31/21** | 14248.45 | 20811 |
| **9/30/21** | 13538.77 | 19843 |
| **10/31/21** | 14288.55 | 21234 |
| **11/30/21** | 13986.0 | 21086 |
| **12/31/21** | 14455.53 | 22031 |
| **1/31/22** | 13642.6 | 20891 |
| **2/28/22** | 12743.49 | 20266 |
| **3/31/22** | 13084.94 | 21018 |
| **4/30/22** | 12148.07 | 19186 |
| **5/31/22** | 12200.12 | 19221 |
| **6/30/22** | 11324.67 | 17634 |
| **7/31/22** | 12185.76 | 19260 |
| **8/31/22** | 11716.07 | 18475 |
| **9/30/22** | 10531.94 | 16773 |
| **10/31/22** | 11180.7 | 18131 |
| **11/30/22** | 12117.22 | 19144 |
| **12/31/22** | 11694.65 | 18041 |
| **1/31/23** | 12407.81 | 19175 |
| **2/28/23** | 12102.17 | 18707 |
| **3/31/23** | 12526.32 | 19394 |
| **4/30/23** | 12945.83 | 19697 |
| **5/31/23** | 12768.35 | 19782 |
| **6/30/23** | 13597.15 | 21089 |
| **7/31/23** | 14223.55 | 21767 |
| **8/31/23** | 13877.95 | 21420 |
| **9/30/23** | 13260.2 | 20399 |
| **10/31/23** | 12799.58 | 19970 |
| **11/30/23** | 13753.32 | 21794 |
| **12/31/23** | 14348.47 | 22784 |
| **1/31/24** | 14586.93 | 23167 |
| **2/29/24** | 14755.6 | 24404 |
| **3/31/24** | 15322.1 | 25189 |
| **4/30/24** | 14685.38 | 24160 |
| **5/31/24** | 15386.35 | 25358 |
| **6/30/24** | 15805.77 | 26268 |
| **7/31/24** | 16333.21 | 26588 |
| **8/31/24** | 16901.68 | 27233 |
| **9/30/24** | 17412.72 | 27814 |
| **10/31/24** | 17054.24 | 27562 |
| **11/30/24** | 17483.24 | 29180 |
| **12/31/24** | 16443.49 | 28485 |
| **1/31/25** | 17192.58 | 29278 |
| **2/28/25** | 17235.21 | 28896 |
| **3/31/25** | 16858.23 | 27268 |
| **4/30/25** | 16406.07 | 27083 |
| **5/31/25** | 16907.12 | 28787 |
| **6/30/25** | 17890.26 | 30251 |
| **7/31/25** | 18172.57 | 30930 |
| **8/31/25** | 18902.91 | 31557 |
| **9/30/25** | 19643.09 | 32709 |
| **10/31/25** | 19840.01 | 33475 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 16.33% | 13.71% | 8.22% |
| S&P 500 Index | 21.45% | 17.64% | 14.96% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$448,997,226

* Number of Portfolio Holdings37

* Portfolio Turnover Rate12.52%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$1,889,164

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.9% |
| Master Limited Partnerships | 3.0% |
| Short-Term Investments | 1.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Alphabet, Inc. (Interactive Media & Services, United States) | 8.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 6.5% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 6.3% |
| Oracle Corp. (Software, United States) | 6.1% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 4.7% |
| Schindler Holding AG (Machinery, Switzerland) | 4.5% |
| Comcast Corp., Class A (Media, United States) | 4.3% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.1% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.0% |
| Total | 54.6% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.1% |
| Real Estate | 1.5% |
| Financials | 1.8% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 9.6% |
| Industrials | 10.2% |
| Health Care | 16.2% |
| Communication Services | 18.3% |
| Information Technology | 27.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Includes short-term commercial paper (1.1% 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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Rising Dividend Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEFRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FESAX

**This 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 October 31, 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 Small Cap Opportunity Fund

# What Were the Fund's Costs for the Last Year?
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 | $132 | 1.24% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Small Cap Opportunity Fund Class A Shares<sup>1</sup> increased 12.80% in the 12-month period ended October 31, 2025. The Russell 2000<sup>®</sup> Index increased 14.41%, Russell 2000<sup>®</sup> Value Index increased 9.87% and the S&P 500 increased 21.45% for the same period.

• Industrials, information technology and materials were the largest contributors among equity sectors; communication services, consumer discretionary and real estate were the leading detractors.

• TTM Technologies, Inc. was the leading contributor to performance. Tronox Holdings plc, Class A was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Small Cap Opportunity Fund (Class A) \| $10,989** | **S&P 500 Index \| $16,968** | **Russell 2000<sup>®</sup> Value Index \| $11,725** | **Russell 2000<sup>®</sup> Index \| $11,392** |
| **7/1/21** | 9502.35 | 10000 | 10000 | 10000 |
| **7/31/21** | 9211.27 | 10238 | 9642 | 9639 |
| **8/31/21** | 9183.1 | 10549 | 9900 | 9855 |
| **9/30/21** | 8901.41 | 10058 | 9702 | 9564 |
| **10/31/21** | 9164.32 | 10763 | 10072 | 9971 |
| **11/30/21** | 8882.63 | 10688 | 9728 | 9555 |
| **12/31/21** | 9286.38 | 11167 | 10124 | 9769 |
| **1/31/22** | 8788.73 | 10589 | 9534 | 8828 |
| **2/28/22** | 9136.15 | 10272 | 9692 | 8923 |
| **3/31/22** | 9211.27 | 10654 | 9882 | 9034 |
| **4/30/22** | 8441.31 | 9725 | 9115 | 8138 |
| **5/31/22** | 8582.16 | 9743 | 9290 | 8151 |
| **6/30/22** | 7539.91 | 8938 | 8372 | 7480 |
| **7/31/22** | 8403.76 | 9763 | 9182 | 8261 |
| **8/31/22** | 8103.29 | 9364 | 8892 | 8092 |
| **9/30/22** | 7117.37 | 8502 | 7986 | 7317 |
| **10/31/22** | 7953.05 | 9190 | 8991 | 8122 |
| **11/30/22** | 8347.42 | 9704 | 9266 | 8312 |
| **12/31/22** | 7962.44 | 9145 | 8658 | 7772 |
| **1/31/23** | 8957.75 | 9719 | 9484 | 8530 |
| **2/28/23** | 8882.63 | 9482 | 9266 | 8386 |
| **3/31/23** | 8460.09 | 9830 | 8601 | 7985 |
| **4/30/23** | 8215.96 | 9984 | 8387 | 7842 |
| **5/31/23** | 8046.95 | 10027 | 8222 | 7769 |
| **6/30/23** | 9014.08 | 10690 | 8875 | 8401 |
| **7/31/23** | 9389.67 | 11033 | 9545 | 8915 |
| **8/31/23** | 8882.63 | 10858 | 9085 | 8469 |
| **9/30/23** | 8300.47 | 10340 | 8612 | 7970 |
| **10/31/23** | 7690.14 | 10122 | 8099 | 7426 |
| **11/30/23** | 8356.81 | 11047 | 8828 | 8099 |
| **12/31/23** | 9280.46 | 11549 | 9926 | 9088 |
| **1/31/24** | 8978.66 | 11743 | 9475 | 8735 |
| **2/29/24** | 9252.16 | 12370 | 9785 | 9229 |
| **3/31/24** | 9752.03 | 12768 | 10214 | 9559 |
| **4/30/24** | 9148.42 | 12246 | 9563 | 8886 |
| **5/31/24** | 9686.01 | 12854 | 10011 | 9332 |
| **6/30/24** | 9525.67 | 13315 | 9842 | 9246 |
| **7/31/24** | 10308.48 | 13477 | 11041 | 10185 |
| **8/31/24** | 10044.4 | 13804 | 10834 | 10033 |
| **9/30/24** | 10025.54 | 14099 | 10841 | 10103 |
| **10/31/24** | 9742.6 | 13971 | 10671 | 9957 |
| **11/30/24** | 10751.75 | 14791 | 11701 | 11049 |
| **12/31/24** | 9853.3 | 14438 | 10726 | 10137 |
| **1/31/25** | 10216.11 | 14840 | 10946 | 10403 |
| **2/28/25** | 9557.32 | 14647 | 10527 | 9846 |
| **3/31/25** | 8908.07 | 13821 | 9895 | 9176 |
| **4/30/25** | 8507.06 | 13728 | 9498 | 8964 |
| **5/31/25** | 9146.76 | 14592 | 9897 | 9443 |
| **6/30/25** | 9690.99 | 15334 | 10387 | 9956 |
| **7/31/25** | 9843.75 | 15678 | 10570 | 10129 |
| **8/31/25** | 10674.41 | 15996 | 11465 | 10852 |
| **9/30/25** | 10951.29 | 16580 | 11696 | 11190 |
| **10/31/25** | 10989.48 | 16968 | 11725 | 11392 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (7/1/21)** |
| Class A - without sales charge | 12.80% | 3.41% |
| Class A - with sales charge | 7.19% | 2.20% |
| S&P 500 Index | 21.45% | 12.91% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 3.72% |
| Russell 2000<sup>®</sup> Index | 14.41% | 3.04% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,753,571,739

* Number of Portfolio Holdings245

* Portfolio Turnover Rate47.31%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,224,152

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.3% |
| Exchange Traded Funds | 0.5% |
| Rights | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.2%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Ameresco, Inc. (Construction & Engineering, United States) | 1.3% |
| Coeur Mining, Inc. (Metals & Mining, United States) | 1.2% |
| Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States) | 1.1% |
| TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States) | 1.1% |
| Hecla Mining Co. (Metals & Mining, United States) | 1.0% |
| CECO Environmental Corp. (Machinery, United States) | 1.0% |
| Graham Corp. (Machinery, United States) | 1.0% |
| PBF Energy, Inc., Class A (Oil, Gas & Consumable Fuels, United States) | 0.9% |
| Brookdale Senior Living, Inc. (Health Care Providers & Services, United States) | 0.9% |
| Fabrinet (Electronic Equipment, Instruments & Components, Thailand) | 0.9% |
| Total | 10.4% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.2% |
| Others<sup>Footnote Reference4</sup> | 1.3% |
| Communication Services | 1.6% |
| Consumer Staples | 2.8% |
| Real Estate | 3.2% |
| Energy | 6.9% |
| Materials | 9.4% |
| Consumer Discretionary | 9.7% |
| Financials | 9.9% |
| Health Care | 10.4% |
| Information Technology | 18.6% |
| Industrials | 21.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (5.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Small Cap Opportunity Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FESAX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FESCX

**This 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 October 31, 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 Small Cap Opportunity Fund

# What Were the Fund's Costs for the Last Year?
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 | $107 | 1.00% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Small Cap Opportunity Fund Class I Shares increased 13.08% in the 12-month period ended October 31, 2025. The Russell 2000<sup>®</sup> Index increased 14.41%, Russell 2000<sup>®</sup> Value Index increased 9.87% and the S&P 500 increased 21.45% for the same period.

• Industrials, information technology and materials were the largest contributors among equity sectors; communication services, consumer discretionary and real estate were the leading detractors.

• TTM Technologies, Inc. was the leading contributor to performance. Tronox Holdings plc, Class A was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg057.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Small Cap Opportunity Fund (Class I) \| $1,204,777** | **S&P 500 Index \| $1,746,423** | **Russell 2000<sup>®</sup> Value Index \| $1,189,659** | **Russell 2000<sup>®</sup> Index \| $1,146,118** |
| **4/27/21** | 1000000.0 | 1000000 | 1000000 | 1000000 |
| **4/30/21** | 984000.0 | 998800 | 990000 | 984900 |
| **5/31/21** | 1021000.0 | 1005776 | 1020807 | 986931 |
| **6/30/21** | 1020793.78 | 1029256 | 1014622 | 1006052 |
| **7/31/21** | 999399.9 | 1053705 | 978304 | 969725 |
| **8/31/21** | 996343.63 | 1085744 | 1004499 | 991416 |
| **9/30/21** | 966799.7 | 1035246 | 984375 | 962184 |
| **10/31/21** | 995324.88 | 1107778 | 1021908 | 1003115 |
| **11/30/21** | 964762.19 | 1100102 | 987002 | 961315 |
| **12/31/21** | 1008568.71 | 1149404 | 1027253 | 982789 |
| **1/31/22** | 954574.62 | 1089926 | 967359 | 888173 |
| **2/28/22** | 992268.61 | 1057292 | 983366 | 897654 |
| **3/31/22** | 1001437.41 | 1096549 | 1002608 | 908826 |
| **4/30/22** | 917899.4 | 1000928 | 924800 | 818753 |
| **5/31/22** | 932161.99 | 1002764 | 942548 | 819990 |
| **6/30/22** | 819080.04 | 919992 | 849436 | 752552 |
| **7/31/22** | 913824.37 | 1004819 | 931676 | 831120 |
| **8/31/22** | 881224.17 | 963841 | 902215 | 814113 |
| **9/30/22** | 774254.77 | 875073 | 810277 | 736092 |
| **10/31/22** | 865942.83 | 945920 | 912284 | 817128 |
| **11/30/22** | 907711.84 | 998781 | 940157 | 836214 |
| **12/31/22** | 866815.56 | 941237 | 878472 | 781942 |
| **1/31/23** | 974912.56 | 1000379 | 962302 | 858155 |
| **2/28/23** | 967774.08 | 975971 | 940116 | 843660 |
| **3/31/23** | 920864.06 | 1011803 | 872701 | 803350 |
| **4/30/23** | 895369.48 | 1027595 | 850939 | 788907 |
| **5/31/23** | 877013.39 | 1032062 | 834201 | 781619 |
| **6/30/23** | 983070.82 | 1100256 | 900467 | 845166 |
| **7/31/23** | 1023862.14 | 1135601 | 968418 | 896851 |
| **8/31/23** | 968793.86 | 1117521 | 921834 | 851984 |
| **9/30/23** | 905567.31 | 1064240 | 873822 | 801825 |
| **10/31/23** | 839281.42 | 1041862 | 821697 | 747142 |
| **11/30/23** | 911686.01 | 1137011 | 895662 | 814765 |
| **12/31/23** | 1012075.8 | 1188666 | 1007138 | 914316 |
| **1/31/24** | 980255.97 | 1208641 | 961389 | 878755 |
| **2/29/24** | 1010022.9 | 1273177 | 992840 | 928442 |
| **3/31/24** | 1064424.54 | 1314141 | 1036353 | 961679 |
| **4/30/24** | 998732.0 | 1260465 | 970319 | 893993 |
| **5/31/24** | 1058265.87 | 1322965 | 1015698 | 938842 |
| **6/30/24** | 1040816.28 | 1370436 | 998580 | 930158 |
| **7/31/24** | 1126011.31 | 1387117 | 1120278 | 1024661 |
| **8/31/24** | 1098297.26 | 1420764 | 1099251 | 1009355 |
| **9/30/24** | 1096244.37 | 1451108 | 1099952 | 1016409 |
| **10/31/24** | 1065450.99 | 1437948 | 1082746 | 1001729 |
| **11/30/24** | 1175280.72 | 1522357 | 1187183 | 1111612 |
| **12/31/24** | 1077739.29 | 1486067 | 1088259 | 1019809 |
| **1/31/25** | 1117308.46 | 1527450 | 1110614 | 1046547 |
| **2/28/25** | 1045459.18 | 1507520 | 1068095 | 990568 |
| **3/31/25** | 974651.18 | 1422580 | 1003998 | 923141 |
| **4/30/25** | 930916.84 | 1412933 | 963682 | 901815 |
| **5/31/25** | 1001724.83 | 1501870 | 1004164 | 949972 |
| **6/30/25** | 1062119.88 | 1578244 | 1053855 | 1001605 |
| **7/31/25** | 1078780.58 | 1613664 | 1072466 | 1018980 |
| **8/31/25** | 1169373.16 | 1646376 | 1163299 | 1091783 |
| **9/30/25** | 1200611.98 | 1706469 | 1186683 | 1125752 |
| **10/31/25** | 1204777.16 | 1746423 | 1189659 | 1146118 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (4/27/21)** |
| Class I | 13.08% | 4.22% |
| S&P 500 Index | 21.45% | 13.08% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 3.98% |
| Russell 2000<sup>®</sup> Index | 14.41% | 3.09% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,753,571,739

* Number of Portfolio Holdings245

* Portfolio Turnover Rate47.31%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,224,152

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.3% |
| Exchange Traded Funds | 0.5% |
| Rights | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.2%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Ameresco, Inc. (Construction & Engineering, United States) | 1.3% |
| Coeur Mining, Inc. (Metals & Mining, United States) | 1.2% |
| Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States) | 1.1% |
| TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States) | 1.1% |
| Hecla Mining Co. (Metals & Mining, United States) | 1.0% |
| CECO Environmental Corp. (Machinery, United States) | 1.0% |
| Graham Corp. (Machinery, United States) | 1.0% |
| PBF Energy, Inc., Class A (Oil, Gas & Consumable Fuels, United States) | 0.9% |
| Brookdale Senior Living, Inc. (Health Care Providers & Services, United States) | 0.9% |
| Fabrinet (Electronic Equipment, Instruments & Components, Thailand) | 0.9% |
| Total | 10.4% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.2% |
| Others<sup>Footnote Reference4</sup> | 1.3% |
| Communication Services | 1.6% |
| Consumer Staples | 2.8% |
| Real Estate | 3.2% |
| Energy | 6.9% |
| Materials | 9.4% |
| Consumer Discretionary | 9.7% |
| Financials | 9.9% |
| Health Care | 10.4% |
| Information Technology | 18.6% |
| Industrials | 21.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (5.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Small Cap Opportunity Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FESCX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FESRX

**This 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 October 31, 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 Small Cap Opportunity Fund

# What Were the Fund's Costs for the Last Year?
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 | $99 | 0.92% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Small Cap Opportunity Fund Class R6 Shares increased 13.07% in the 12-month period ended October 31, 2025. The Russell 2000<sup>®</sup> Index increased 14.41%, Russell 2000<sup>®</sup> Value Index increased 9.87% and the S&P 500 increased 21.45% for the same period.

• Industrials, information technology and materials were the largest contributors among equity sectors; communication services, consumer discretionary and real estate were the leading detractors.

• TTM Technologies, Inc. was the leading contributor to performance. Tronox Holdings plc, Class A was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle Small Cap Opportunity Fund (Class R6) \| $11,697** | **S&P 500 Index \| $16,968** | **Russell 2000<sup>®</sup> Value Index \| $11,725** | **Russell 2000<sup>®</sup> Index \| $11,392** |
| **7/1/21** | 10000.0 | 10000 | 10000 | 10000 |
| **7/31/21** | 9693.67 | 10238 | 9642 | 9639 |
| **8/31/21** | 9673.91 | 10549 | 9900 | 9855 |
| **9/30/21** | 9377.47 | 10058 | 9702 | 9564 |
| **10/31/21** | 9654.15 | 10763 | 10072 | 9971 |
| **11/30/21** | 9357.71 | 10688 | 9728 | 9555 |
| **12/31/21** | 9792.49 | 11167 | 10124 | 9769 |
| **1/31/22** | 9258.89 | 10589 | 9534 | 8828 |
| **2/28/22** | 9634.39 | 10272 | 9692 | 8923 |
| **3/31/22** | 9713.44 | 10654 | 9882 | 9034 |
| **4/30/22** | 8903.16 | 9725 | 9115 | 8138 |
| **5/31/22** | 9051.38 | 9743 | 9290 | 8151 |
| **6/30/22** | 7954.54 | 8938 | 8372 | 7480 |
| **7/31/22** | 8873.52 | 9763 | 9182 | 8261 |
| **8/31/22** | 8547.43 | 9364 | 8892 | 8092 |
| **9/30/22** | 7509.88 | 8502 | 7986 | 7317 |
| **10/31/22** | 8399.21 | 9190 | 8991 | 8122 |
| **11/30/22** | 8814.23 | 9704 | 9266 | 8312 |
| **12/31/22** | 8407.67 | 9145 | 8658 | 7772 |
| **1/31/23** | 9466.04 | 9719 | 9484 | 8530 |
| **2/28/23** | 9386.91 | 9482 | 9266 | 8386 |
| **3/31/23** | 8941.8 | 9830 | 8601 | 7985 |
| **4/30/23** | 8684.62 | 9984 | 8387 | 7842 |
| **5/31/23** | 8506.58 | 10027 | 8222 | 7769 |
| **6/30/23** | 9535.28 | 10690 | 8875 | 8401 |
| **7/31/23** | 9940.83 | 11033 | 9545 | 8915 |
| **8/31/23** | 9406.69 | 10858 | 9085 | 8469 |
| **9/30/23** | 8783.54 | 10340 | 8612 | 7970 |
| **10/31/23** | 8140.6 | 10122 | 8099 | 7426 |
| **11/30/23** | 8842.89 | 11047 | 8828 | 8099 |
| **12/31/23** | 9826.5 | 11549 | 9926 | 9088 |
| **1/31/24** | 9517.87 | 11743 | 9475 | 8735 |
| **2/29/24** | 9806.59 | 12370 | 9785 | 9229 |
| **3/31/24** | 10334.26 | 12768 | 10214 | 9559 |
| **4/30/24** | 9697.08 | 12246 | 9563 | 8886 |
| **5/31/24** | 10274.52 | 12854 | 10011 | 9332 |
| **6/30/24** | 10105.27 | 13315 | 9842 | 9246 |
| **7/31/24** | 10931.61 | 13477 | 11041 | 10185 |
| **8/31/24** | 10662.8 | 13804 | 10834 | 10033 |
| **9/30/24** | 10632.93 | 14099 | 10841 | 10103 |
| **10/31/24** | 10344.21 | 13971 | 10671 | 9957 |
| **11/30/24** | 11409.5 | 14791 | 11701 | 11049 |
| **12/31/24** | 10464.34 | 14438 | 10726 | 10137 |
| **1/31/25** | 10848.16 | 14840 | 10946 | 10403 |
| **2/28/25** | 10151.21 | 14647 | 10527 | 9846 |
| **3/31/25** | 9464.37 | 13821 | 9895 | 9176 |
| **4/30/25** | 9040.14 | 13728 | 9498 | 8964 |
| **5/31/25** | 9726.98 | 14592 | 9897 | 9443 |
| **6/30/25** | 10312.82 | 15334 | 10387 | 9956 |
| **7/31/25** | 10474.44 | 15678 | 10570 | 10129 |
| **8/31/25** | 11363.3 | 15996 | 11465 | 10852 |
| **9/30/25** | 11656.22 | 16580 | 11696 | 11190 |
| **10/31/25** | 11696.62 | 16968 | 11725 | 11392 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (7/1/21)** |
| Class R6 | 13.07% | 3.68% |
| S&P 500 Index | 21.45% | 12.91% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 3.72% |
| Russell 2000<sup>®</sup> Index | 14.41% | 3.04% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,753,571,739

* Number of Portfolio Holdings245

* Portfolio Turnover Rate47.31%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$14,224,152

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.3% |
| Exchange Traded Funds | 0.5% |
| Rights | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.2%<sup>Footnote Reference2</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 3**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Ameresco, Inc. (Construction & Engineering, United States) | 1.3% |
| Coeur Mining, Inc. (Metals & Mining, United States) | 1.2% |
| Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components, United States) | 1.1% |
| TTM Technologies, Inc. (Electronic Equipment, Instruments & Components, United States) | 1.1% |
| Hecla Mining Co. (Metals & Mining, United States) | 1.0% |
| CECO Environmental Corp. (Machinery, United States) | 1.0% |
| Graham Corp. (Machinery, United States) | 1.0% |
| PBF Energy, Inc., Class A (Oil, Gas & Consumable Fuels, United States) | 0.9% |
| Brookdale Senior Living, Inc. (Health Care Providers & Services, United States) | 0.9% |
| Fabrinet (Electronic Equipment, Instruments & Components, Thailand) | 0.9% |
| Total | 10.4% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.2% |
| Others<sup>Footnote Reference4</sup> | 1.3% |
| Communication Services | 1.6% |
| Consumer Staples | 2.8% |
| Real Estate | 3.2% |
| Energy | 6.9% |
| Materials | 9.4% |
| Consumer Discretionary | 9.7% |
| Financials | 9.9% |
| Health Care | 10.4% |
| Information Technology | 18.6% |
| Industrials | 21.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (5.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Small Cap Opportunity Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FESRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEMAX

**This 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 October 31, 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 U.S. Smid Cap Opportunity Fund

# What Were the Fund's Costs for the Last Year?
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 | $124 | 1.20% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Smid Cap Opportunity Fund Class A Shares<sup>1</sup> increased 5.86% in the 12-month period ended October 31, 2025. The Russell 2500™ Index increased 11.94%, Russell 2500™ Value Index increased 10.11% and the S&P 500 increased 21.45% for the same period.

• Industrials, information technology and health care were the largest contributors among equity sectors; consumer discretionary, materials and real estate were the leading detractors.

• Fabrinet was the leading contributor to performance. Onto Innovation, Inc. was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg032.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle U.S. Smid Cap Opportunity Fund (Class A) \| $11,761** | **S&P 500 Index \| $16,692** | **Russell 2500™ Value Index \| $12,683** | **Russell 2500™ Index \| $12,946** |
| **8/15/22** | 9496.68 | 10000 | 10000 | 10000 |
| **8/31/22** | 8755.94 | 9212 | 9208 | 9190 |
| **9/30/22** | 7768.28 | 8364 | 8277 | 8315 |
| **10/31/22** | 8518.52 | 9041 | 9151 | 9112 |
| **11/30/22** | 9002.85 | 9546 | 9610 | 9497 |
| **12/31/22** | 8404.82 | 8996 | 9039 | 8932 |
| **1/31/23** | 9412.63 | 9561 | 9942 | 9825 |
| **2/28/23** | 9079.86 | 9328 | 9661 | 9595 |
| **3/31/23** | 8661.52 | 9670 | 9165 | 9235 |
| **4/30/23** | 8661.52 | 9821 | 9043 | 9115 |
| **5/31/23** | 8461.86 | 9864 | 8785 | 8955 |
| **6/30/23** | 9498.2 | 10516 | 9566 | 9718 |
| **7/31/23** | 9802.45 | 10854 | 10127 | 10201 |
| **8/31/23** | 9450.66 | 10681 | 9737 | 9800 |
| **9/30/23** | 8851.68 | 10172 | 9216 | 9253 |
| **10/31/23** | 8271.71 | 9958 | 8699 | 8691 |
| **11/30/23** | 9051.34 | 10867 | 9488 | 9473 |
| **12/31/23** | 9849.95 | 11361 | 10484 | 10489 |
| **1/31/24** | 9626.97 | 11552 | 10190 | 10214 |
| **2/29/24** | 10169.88 | 12169 | 10598 | 10770 |
| **3/31/24** | 10683.7 | 12560 | 11120 | 11214 |
| **4/30/24** | 10034.15 | 12047 | 10421 | 10463 |
| **5/31/24** | 10567.36 | 12644 | 10860 | 10898 |
| **6/30/24** | 10392.86 | 13098 | 10641 | 10735 |
| **7/31/24** | 10926.07 | 13258 | 11503 | 11532 |
| **8/31/24** | 11119.97 | 13579 | 11503 | 11503 |
| **9/30/24** | 11255.7 | 13869 | 11666 | 11674 |
| **10/31/24** | 11110.28 | 13743 | 11519 | 11566 |
| **11/30/24** | 11944.03 | 14550 | 12535 | 12704 |
| **12/31/24** | 10964.48 | 14203 | 11635 | 11747 |
| **1/31/25** | 11343.23 | 14599 | 12031 | 12163 |
| **2/28/25** | 10614.86 | 14408 | 11586 | 11592 |
| **3/31/25** | 10003.02 | 13596 | 10957 | 10865 |
| **4/30/25** | 9779.65 | 13504 | 10640 | 10641 |
| **5/31/25** | 10469.18 | 14354 | 11247 | 11278 |
| **6/30/25** | 11081.02 | 15084 | 11755 | 11798 |
| **7/31/25** | 11314.1 | 15423 | 11959 | 12026 |
| **8/31/25** | 11595.73 | 15735 | 12587 | 12657 |
| **9/30/25** | 11799.68 | 16310 | 12716 | 12860 |
| **10/31/25** | 11760.83 | 16692 | 12683 | 12946 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (8/15/22)** |
| Class A - without sales charge | 5.86% | 6.89% |
| Class A - with sales charge | 0.59% | 5.18% |
| S&P 500 Index | 21.45% | 17.21% |
| Russell 2500™ Value Index | 10.11% | 7.66% |
| Russell 2500™ Index | 11.94% | 8.37% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$47,656,026

* Number of Portfolio Holdings71

* Portfolio Turnover Rate66.26%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$128,655

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg021.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Short-Term Investments 2.9%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Cardinal Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Fabrinet (Electronic Equipment, Instruments & Components, Thailand) | 3.0% |
| Tenet Healthcare Corp. (Health Care Providers & Services, United States) | 2.9% |
| Flex Ltd. (Electronic Equipment, Instruments & Components, United States) | 2.5% |
| nVent Electric plc (Electrical Equipment, United States) | 2.5% |
| Evercore, Inc., Class A (Capital Markets, United States) | 2.5% |
| Coherent Corp. (Electronic Equipment, Instruments & Components, United States) | 2.5% |
| Webster Financial Corp. (Banks, United States) | 2.5% |
| Quanta Services, Inc. (Construction & Engineering, United States) | 2.4% |
| Bio-Rad Laboratories, Inc., Class A (Life Sciences Tools & Services, United States) | 2.2% |
| Total | 26.1% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.9% |
| Others<sup>Footnote Reference3</sup> | 0.4% |
| Communication Services | 1.4% |
| Materials | 1.8% |
| Real Estate | 2.5% |
| Energy | 3.3% |
| Consumer Staples | 4.9% |
| Consumer Discretionary | 10.5% |
| Health Care | 12.5% |
| Financials | 16.3% |
| Information Technology | 18.0% |
| Industrials | 25.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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 (2.9% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Smid Cap Opportunity Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEMAX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FESMX

**This 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 October 31, 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 U.S. Smid Cap Opportunity Fund

# What Were the Fund's Costs for the Last Year?
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 | $98 | 0.95% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Smid Cap Opportunity Fund Class I Shares increased 6.13% in the 12-month period ended October 31, 2025. The Russell 2500™ Index increased 11.94%, Russell 2500™ Value Index increased 10.11% and the S&P 500 increased 21.45% for the same period.

• Industrials, information technology and health care were the largest contributors among equity sectors; consumer discretionary, materials and real estate were the leading detractors.

• Fabrinet was the leading contributor to performance. Onto Innovation, Inc. was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg016.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle U.S. Smid Cap Opportunity Fund (Class I) \| $1,249,237** | **S&P 500 Index \| $1,669,160** | **Russell 2500™ Value Index \| $1,268,313** | **Russell 2500™ Index \| $1,294,640** |
| **8/15/22** | 1000000.0 | 1000000 | 1000000 | 1000000 |
| **8/31/22** | 922000.0 | 921200 | 920800 | 919000 |
| **9/30/22** | 819000.0 | 836359 | 827683 | 831464 |
| **10/31/22** | 898000.0 | 904071 | 915071 | 911237 |
| **11/30/22** | 949000.0 | 954595 | 961038 | 949706 |
| **12/31/22** | 886707.07 | 899596 | 903916 | 893223 |
| **1/31/23** | 993031.68 | 956121 | 994233 | 982532 |
| **2/28/23** | 957924.5 | 932793 | 966085 | 959472 |
| **3/31/23** | 913789.76 | 967040 | 916526 | 923506 |
| **4/30/23** | 913789.76 | 982134 | 904313 | 911458 |
| **5/31/23** | 893728.51 | 986403 | 878505 | 895476 |
| **6/30/23** | 1003062.3 | 1051580 | 956598 | 971758 |
| **7/31/23** | 1035160.29 | 1085361 | 1012673 | 1020071 |
| **8/31/23** | 998046.99 | 1068081 | 973687 | 980021 |
| **9/30/23** | 934854.06 | 1017157 | 921576 | 925288 |
| **10/31/23** | 874670.33 | 995770 | 869867 | 869088 |
| **11/30/23** | 955918.37 | 1086709 | 948809 | 947323 |
| **12/31/23** | 1042183.3 | 1136079 | 1048372 | 1048851 |
| **1/31/24** | 1018016.73 | 1155170 | 1018957 | 1021418 |
| **2/29/24** | 1075412.34 | 1216851 | 1059801 | 1076978 |
| **3/31/24** | 1129787.12 | 1256002 | 1112012 | 1121426 |
| **4/30/24** | 1062322.11 | 1204701 | 1042095 | 1046299 |
| **5/31/24** | 1118710.77 | 1264436 | 1086015 | 1089821 |
| **6/30/24** | 1100585.85 | 1309807 | 1064137 | 1073490 |
| **7/31/24** | 1155967.57 | 1325750 | 1150313 | 1153245 |
| **8/31/24** | 1177113.32 | 1357909 | 1150268 | 1150280 |
| **9/30/24** | 1192217.42 | 1386910 | 1166584 | 1167406 |
| **10/31/24** | 1177113.32 | 1374332 | 1151881 | 1156574 |
| **11/30/24** | 1265724.07 | 1455007 | 1253505 | 1270401 |
| **12/31/24** | 1162175.37 | 1420322 | 1163521 | 1174661 |
| **1/31/25** | 1201656.93 | 1459875 | 1203123 | 1216300 |
| **2/28/25** | 1125730.84 | 1440826 | 1158639 | 1159207 |
| **3/31/25** | 1060940.58 | 1359644 | 1095666 | 1086546 |
| **4/30/25** | 1037656.58 | 1350424 | 1063956 | 1064117 |
| **5/31/25** | 1110545.62 | 1435426 | 1124688 | 1127808 |
| **6/30/25** | 1176348.24 | 1508421 | 1175535 | 1179832 |
| **7/31/25** | 1200644.59 | 1542275 | 1195942 | 1202634 |
| **8/31/25** | 1231015.02 | 1573539 | 1258700 | 1265747 |
| **9/30/25** | 1252274.33 | 1630973 | 1271630 | 1286016 |
| **10/31/25** | 1249237.28 | 1669160 | 1268313 | 1294640 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (8/15/22)** |
| Class I | 6.13% | 7.18% |
| S&P 500 Index | 21.45% | 17.21% |
| Russell 2500™ Value Index | 10.11% | 7.66% |
| Russell 2500™ Index | 11.94% | 8.37% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$47,656,026

* Number of Portfolio Holdings71

* Portfolio Turnover Rate66.26%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$128,655

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg021.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Short-Term Investments 2.9%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Cardinal Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Fabrinet (Electronic Equipment, Instruments & Components, Thailand) | 3.0% |
| Tenet Healthcare Corp. (Health Care Providers & Services, United States) | 2.9% |
| Flex Ltd. (Electronic Equipment, Instruments & Components, United States) | 2.5% |
| nVent Electric plc (Electrical Equipment, United States) | 2.5% |
| Evercore, Inc., Class A (Capital Markets, United States) | 2.5% |
| Coherent Corp. (Electronic Equipment, Instruments & Components, United States) | 2.5% |
| Webster Financial Corp. (Banks, United States) | 2.5% |
| Quanta Services, Inc. (Construction & Engineering, United States) | 2.4% |
| Bio-Rad Laboratories, Inc., Class A (Life Sciences Tools & Services, United States) | 2.2% |
| Total | 26.1% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.9% |
| Others<sup>Footnote Reference3</sup> | 0.4% |
| Communication Services | 1.4% |
| Materials | 1.8% |
| Real Estate | 2.5% |
| Energy | 3.3% |
| Consumer Staples | 4.9% |
| Consumer Discretionary | 10.5% |
| Health Care | 12.5% |
| Financials | 16.3% |
| Information Technology | 18.0% |
| Industrials | 25.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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 (2.9% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Smid Cap Opportunity Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FESMX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEXRX

**This 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 October 31, 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 U.S. Smid Cap Opportunity Fund

# What Were the Fund's Costs for the Last Year?
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 | $98 | 0.95% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle U.S. Smid Cap Opportunity Fund Class R6 Shares increased 6.05% in the 12-month period ended October 31, 2025. The Russell 2500™ Index increased 11.94%, Russell 2500™ Value Index increased 10.11% and the S&P 500 increased 21.45% for the same period.

• Industrials, information technology and health care were the largest contributors among equity sectors; consumer discretionary, materials and real estate were the leading detractors.

• Fabrinet was the leading contributor to performance. Onto Innovation, Inc. was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg046.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle U.S. Smid Cap Opportunity Fund (Class R6) \| $12,485** | **S&P 500 Index \| $16,692** | **Russell 2500™ Value Index \| $12,683** | **Russell 2500™ Index \| $12,946** |
| **8/15/22** | 10000.0 | 10000 | 10000 | 10000 |
| **8/31/22** | 9220.0 | 9212 | 9208 | 9190 |
| **9/30/22** | 8190.0 | 8364 | 8277 | 8315 |
| **10/31/22** | 8980.0 | 9041 | 9151 | 9112 |
| **11/30/22** | 9490.0 | 9546 | 9610 | 9497 |
| **12/31/22** | 8863.6 | 8996 | 9039 | 8932 |
| **1/31/23** | 9927.63 | 9561 | 9942 | 9825 |
| **2/28/23** | 9576.3 | 9328 | 9661 | 9595 |
| **3/31/23** | 9134.63 | 9670 | 9165 | 9235 |
| **4/30/23** | 9134.63 | 9821 | 9043 | 9115 |
| **5/31/23** | 8933.86 | 9864 | 8785 | 8955 |
| **6/30/23** | 10028.01 | 10516 | 9566 | 9718 |
| **7/31/23** | 10349.23 | 10854 | 10127 | 10201 |
| **8/31/23** | 9977.82 | 10681 | 9737 | 9800 |
| **9/30/23** | 9345.43 | 10172 | 9216 | 9253 |
| **10/31/23** | 8743.14 | 9958 | 8699 | 8691 |
| **11/30/23** | 9556.22 | 10867 | 9488 | 9473 |
| **12/31/23** | 10410.51 | 11361 | 10484 | 10489 |
| **1/31/24** | 10171.31 | 11552 | 10190 | 10214 |
| **2/29/24** | 10753.71 | 12169 | 10598 | 10770 |
| **3/31/24** | 11294.52 | 12560 | 11120 | 11214 |
| **4/30/24** | 10618.51 | 12047 | 10421 | 10463 |
| **5/31/24** | 11180.12 | 12644 | 10860 | 10898 |
| **6/30/24** | 11003.32 | 13098 | 10641 | 10735 |
| **7/31/24** | 11554.52 | 13258 | 11503 | 11532 |
| **8/31/24** | 11762.52 | 13579 | 11503 | 11503 |
| **9/30/24** | 11918.53 | 13869 | 11666 | 11674 |
| **10/31/24** | 11772.92 | 13743 | 11519 | 11566 |
| **11/30/24** | 12646.53 | 14550 | 12535 | 12704 |
| **12/31/24** | 11619.02 | 14203 | 11635 | 11747 |
| **1/31/25** | 12015.71 | 14599 | 12031 | 12163 |
| **2/28/25** | 11253.64 | 14408 | 11586 | 11592 |
| **3/31/25** | 10606.4 | 13596 | 10957 | 10865 |
| **4/30/25** | 10376.73 | 13504 | 10640 | 10641 |
| **5/31/25** | 11107.49 | 14354 | 11247 | 11278 |
| **6/30/25** | 11754.73 | 15084 | 11755 | 11798 |
| **7/31/25** | 12005.28 | 15423 | 11959 | 12026 |
| **8/31/25** | 12308.02 | 15735 | 12587 | 12657 |
| **9/30/25** | 12527.24 | 16310 | 12716 | 12860 |
| **10/31/25** | 12485.49 | 16692 | 12683 | 12946 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (8/15/22)** |
| Class R6 | 6.05% | 7.16% |
| S&P 500 Index | 21.45% | 17.21% |
| Russell 2500™ Value Index | 10.11% | 7.66% |
| Russell 2500™ Index | 11.94% | 8.37% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$47,656,026

* Number of Portfolio Holdings71

* Portfolio Turnover Rate66.26%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$128,655

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg021.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Short-Term Investments 2.9%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Cardinal Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Fabrinet (Electronic Equipment, Instruments & Components, Thailand) | 3.0% |
| Tenet Healthcare Corp. (Health Care Providers & Services, United States) | 2.9% |
| Flex Ltd. (Electronic Equipment, Instruments & Components, United States) | 2.5% |
| nVent Electric plc (Electrical Equipment, United States) | 2.5% |
| Evercore, Inc., Class A (Capital Markets, United States) | 2.5% |
| Coherent Corp. (Electronic Equipment, Instruments & Components, United States) | 2.5% |
| Webster Financial Corp. (Banks, United States) | 2.5% |
| Quanta Services, Inc. (Construction & Engineering, United States) | 2.4% |
| Bio-Rad Laboratories, Inc., Class A (Life Sciences Tools & Services, United States) | 2.2% |
| Total | 26.1% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.9% |
| Others<sup>Footnote Reference3</sup> | 0.4% |
| Communication Services | 1.4% |
| Materials | 1.8% |
| Real Estate | 2.5% |
| Energy | 3.3% |
| Consumer Staples | 4.9% |
| Consumer Discretionary | 10.5% |
| Health Care | 12.5% |
| Financials | 16.3% |
| Information Technology | 18.0% |
| Industrials | 25.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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 (2.9% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle U.S. Smid Cap Opportunity Fund
![QR Code](tm2526851d1_tsrimg048.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEXRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FERAX

**This 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 October 31, 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 Real Assets Fund

# What Were the Fund's Costs for the Last Year?
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 | $118 | 1.10% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Real Assets Fund Class A Shares<sup>1</sup> increased 14.40% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% and the consumer price index increased 2.79% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and emerging markets were the leading contributors by region, while developed Europe and Japan were the weakest performing regions.

• Materials and information technology were the largest contributors among equity sectors; communication services and consumer staples were the only detractors.

• Grupo Mexico SAB de CV, Series B was the leading contributor to performance. Extra Space Storage, Inc. was the largest detractor.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Global Real Assets Fund (Class A) \| $12,728** | **MSCI World Index \| $15,020** | **Consumer Price Index for Urban Consumers (CPI-U) \| $11,633** |
| **11/30/21** | 9496.68 | 10000 | 10000 |
| **12/31/21** | 9905.04 | 10427 | 10071 |
| **1/31/22** | 9876.55 | 9876 | 10133 |
| **2/28/22** | 9952.52 | 9626 | 10204 |
| **3/31/22** | 10398.86 | 9890 | 10310 |
| **4/30/22** | 9857.55 | 9068 | 10350 |
| **5/31/22** | 10056.98 | 9075 | 10447 |
| **6/30/22** | 9097.82 | 8289 | 10583 |
| **7/31/22** | 9563.16 | 8947 | 10578 |
| **8/31/22** | 9145.3 | 8573 | 10586 |
| **9/30/22** | 8319.09 | 7776 | 10631 |
| **10/31/22** | 9088.32 | 8335 | 10687 |
| **11/30/22** | 9772.08 | 8914 | 10713 |
| **12/31/22** | 9510.87 | 8536 | 10717 |
| **1/31/23** | 10210.76 | 9140 | 10776 |
| **2/28/23** | 9712.21 | 8920 | 10812 |
| **3/31/23** | 9827.26 | 9196 | 10818 |
| **4/30/23** | 9961.49 | 9357 | 10862 |
| **5/31/23** | 9309.53 | 9263 | 10878 |
| **6/30/23** | 9740.97 | 9824 | 10906 |
| **7/31/23** | 10201.17 | 10154 | 10925 |
| **8/31/23** | 9980.66 | 9911 | 10980 |
| **9/30/23** | 9654.68 | 9484 | 11024 |
| **10/31/23** | 9376.64 | 9208 | 11034 |
| **11/30/23** | 9894.37 | 10072 | 11050 |
| **12/31/23** | 10424.15 | 10566 | 11073 |
| **1/31/24** | 10112.11 | 10693 | 11111 |
| **2/29/24** | 10151.11 | 11146 | 11155 |
| **3/31/24** | 10775.2 | 11504 | 11194 |
| **4/30/24** | 10385.15 | 11077 | 11226 |
| **5/31/24** | 10745.94 | 11572 | 11231 |
| **6/30/24** | 10463.16 | 11807 | 11230 |
| **7/31/24** | 10970.22 | 12015 | 11246 |
| **8/31/24** | 11155.5 | 12333 | 11266 |
| **9/30/24** | 11399.28 | 12559 | 11292 |
| **10/31/24** | 11126.24 | 12310 | 11318 |
| **11/30/24** | 11340.77 | 12874 | 11349 |
| **12/31/24** | 10583.52 | 12539 | 11391 |
| **1/31/25** | 10865.48 | 12981 | 11444 |
| **2/28/25** | 11087.01 | 12888 | 11469 |
| **3/31/25** | 11046.74 | 12314 | 11463 |
| **4/30/25** | 11056.81 | 12424 | 11488 |
| **5/31/25** | 11469.67 | 13159 | 11498 |
| **6/30/25** | 11812.05 | 13727 | 11531 |
| **7/31/25** | 11812.05 | 13904 | 11553 |
| **8/31/25** | 12335.69 | 14266 | 11597 |
| **9/30/25** | 12929.82 | 14725 | 11633 |
| **10/31/25** | 12728.42 | 15020 | 11633 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (11/30/21)** |
| Class A - without sales charge | 14.40% | 7.76% |
| Class A - with sales charge | 8.68% | 6.35% |
| MSCI World Index | 22.02% | 10.94% |
| Consumer Price Index for Urban Consumers (CPI-U) | 2.79% | 3.94% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$16,602,335

* Number of Portfolio Holdings68

* Portfolio Turnover Rate38.78%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$-

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.6% |
| Master Limited Partnerships | 4.5% |
| Commodities | 2.4% |
| Exchange Traded Funds | 1.4% |
| Short-Term Investments | 2.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Grupo Mexico SAB de CV (Metals & Mining, Mexico) | 3.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.2% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 3.1% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 3.1% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 3.1% |
| Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States) | 2.8% |
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 2.4% |
| CRH plc (Construction Materials, United States) | 2.4% |
| GDS Holdings Ltd., Class A (IT Services, China) | 2.3% |
| United Tractors Tbk. PT (Oil, Gas & Consumable Fuels, Indonesia) | 2.3% |
| Total | 28.3% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.1% |
| Others<sup>Footnote Reference4</sup> | 2.0% |
| Consumer Discretionary | 1.6% |
| Consumer Staples | 2.3% |
| Commodities | 2.4% |
| Health Care | 3.2% |
| Information Technology | 6.6% |
| Utilities | 6.8% |
| Industrials | 9.8% |
| Energy | 16.8% |
| Real Estate | 19.2% |
| Materials | 27.2% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States | 38.6% |
| Canada | 16.9% |
| United Kingdom | 9.7% |
| Mexico | 8.3% |
| Hong Kong | 4.4% |
| China | 3.8% |
| Japan | 3.5% |
| South Korea | 3.0% |
| Indonesia | 2.3% |
| Germany | 1.8% |
| Others<sup>Footnote Reference6</sup> | 5.6% |
| Short-Term Investments | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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 (2.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Real Assets Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class A \| FERAX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEREX

**This 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 October 31, 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 Real Assets Fund

# What Were the Fund's Costs for the Last Year?
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 | $91 | 0.85% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Real Assets Fund Class I Shares increased 14.63% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% and the consumer price index increased 2.79% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and emerging markets were the leading contributors by region, while developed Europe and Japan were the weakest performing regions.

• Materials and information technology were the largest contributors among equity sectors; communication services and consumer staples were the only detractors.

• Grupo Mexico SAB de CV, Series B was the leading contributor to performance. Extra Space Storage, Inc. was the largest detractor.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Global Real Assets Fund (Class I) \| $1,353,410** | **MSCI World Index \| $1,501,968** | **Consumer Price Index for Urban Consumers (CPI-U) \| $1,163,343** |
| **11/30/21** | 1000000.0 | 1000000 | 1000000 |
| **12/31/21** | 1044000.0 | 1042740 | 1007108 |
| **1/31/22** | 1040000.0 | 987568 | 1013335 |
| **2/28/22** | 1049000.0 | 962591 | 1020447 |
| **3/31/22** | 1096000.0 | 989008 | 1030998 |
| **4/30/22** | 1039000.0 | 906848 | 1034997 |
| **5/31/22** | 1060000.0 | 907534 | 1044741 |
| **6/30/22** | 959000.0 | 828922 | 1058273 |
| **7/31/22** | 1009000.0 | 894735 | 1057800 |
| **8/31/22** | 965000.0 | 857328 | 1058596 |
| **9/30/22** | 878000.0 | 777631 | 1063111 |
| **10/31/22** | 959000.0 | 833475 | 1068699 |
| **11/30/22** | 1031000.0 | 891427 | 1071314 |
| **12/31/22** | 1004080.14 | 853571 | 1071672 |
| **1/31/23** | 1078494.2 | 913966 | 1077583 |
| **2/28/23** | 1025486.92 | 891996 | 1081241 |
| **3/31/23** | 1038738.74 | 919558 | 1081840 |
| **4/30/23** | 1053009.93 | 935677 | 1086198 |
| **5/31/23** | 983692.73 | 926336 | 1087840 |
| **6/30/23** | 1030583.78 | 982359 | 1090649 |
| **7/31/23** | 1078494.2 | 1015359 | 1092499 |
| **8/31/23** | 1056068.05 | 991106 | 1097961 |
| **9/30/23** | 1021409.44 | 948352 | 1102394 |
| **10/31/23** | 992867.06 | 920834 | 1103395 |
| **11/30/23** | 1047913.08 | 1007165 | 1104952 |
| **12/31/23** | 1102607.64 | 1056611 | 1107276 |
| **1/31/24** | 1071372.3 | 1069290 | 1111074 |
| **2/29/24** | 1075537.01 | 1114626 | 1115478 |
| **3/31/24** | 1141131.23 | 1150444 | 1119369 |
| **4/30/24** | 1100525.28 | 1107711 | 1122629 |
| **5/31/24** | 1139048.87 | 1157173 | 1123074 |
| **6/30/24** | 1108854.71 | 1180719 | 1123042 |
| **7/31/24** | 1162995.97 | 1201526 | 1124602 |
| **8/31/24** | 1182778.36 | 1233283 | 1126628 |
| **9/30/24** | 1209848.99 | 1255869 | 1129211 |
| **10/31/24** | 1180696.0 | 1230957 | 1131768 |
| **11/30/24** | 1203601.92 | 1287441 | 1134942 |
| **12/31/24** | 1122996.5 | 1253889 | 1139081 |
| **1/31/25** | 1153144.06 | 1298137 | 1144399 |
| **2/28/25** | 1176831.43 | 1288795 | 1146870 |
| **3/31/25** | 1172524.63 | 1231417 | 1146297 |
| **4/30/25** | 1174678.03 | 1242360 | 1148829 |
| **5/31/25** | 1218822.67 | 1315898 | 1149758 |
| **6/30/25** | 1255430.42 | 1372683 | 1153057 |
| **7/31/25** | 1255430.42 | 1390353 | 1155324 |
| **8/31/25** | 1311418.74 | 1426621 | 1159742 |
| **9/30/25** | 1373867.25 | 1472481 | 1163343 |
| **10/31/25** | 1353409.98 | 1501968 | 1163343 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (11/30/21)** |
| Class I | 14.63% | 8.03% |
| MSCI World Index | 22.02% | 10.94% |
| Consumer Price Index for Urban Consumers (CPI-U) | 2.79% | 3.94% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$16,602,335

* Number of Portfolio Holdings68

* Portfolio Turnover Rate38.78%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$-

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.6% |
| Master Limited Partnerships | 4.5% |
| Commodities | 2.4% |
| Exchange Traded Funds | 1.4% |
| Short-Term Investments | 2.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Grupo Mexico SAB de CV (Metals & Mining, Mexico) | 3.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.2% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 3.1% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 3.1% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 3.1% |
| Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States) | 2.8% |
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 2.4% |
| CRH plc (Construction Materials, United States) | 2.4% |
| GDS Holdings Ltd., Class A (IT Services, China) | 2.3% |
| United Tractors Tbk. PT (Oil, Gas & Consumable Fuels, Indonesia) | 2.3% |
| Total | 28.3% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.1% |
| Others<sup>Footnote Reference4</sup> | 2.0% |
| Consumer Discretionary | 1.6% |
| Consumer Staples | 2.3% |
| Commodities | 2.4% |
| Health Care | 3.2% |
| Information Technology | 6.6% |
| Utilities | 6.8% |
| Industrials | 9.8% |
| Energy | 16.8% |
| Real Estate | 19.2% |
| Materials | 27.2% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States | 38.6% |
| Canada | 16.9% |
| United Kingdom | 9.7% |
| Mexico | 8.3% |
| Hong Kong | 4.4% |
| China | 3.8% |
| Japan | 3.5% |
| South Korea | 3.0% |
| Indonesia | 2.3% |
| Germany | 1.8% |
| Others<sup>Footnote Reference6</sup> | 5.6% |
| Short-Term Investments | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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 (2.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Real Assets Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| FEREX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FERRX

**This 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 October 31, 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 Real Assets Fund

# What Were the Fund's Costs for the Last Year?
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 | $91 | 0.85% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Global Real Assets Fund Class R6 Shares increased 14.67% in the 12-month period ended October 31, 2025. The MSCI World Index increased 22.02% and the consumer price index increased 2.79% for the same period.

• The Fund's equity holdings contributed to performance, while gold and gold-related equities also contributed.

• All geographic regions contributed to performance. North America and emerging markets were the leading contributors by region, while developed Europe and Japan were the weakest performing regions.

• Materials and information technology were the largest contributors among equity sectors; communication services and consumer staples were the only detractors.

• Grupo Mexico SAB de CV, Series B was the leading contributor to performance. Extra Space Storage, Inc. was the largest detractor.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Global Real Assets Fund (Class R6) \| $13,533** | **MSCI World Index \| $15,020** | **Consumer Price Index for Urban Consumers (CPI-U) \| $11,633** |
| **11/30/21** | 10000.0 | 10000 | 10000 |
| **12/31/21** | 10440.0 | 10427 | 10071 |
| **1/31/22** | 10400.0 | 9876 | 10133 |
| **2/28/22** | 10490.0 | 9626 | 10204 |
| **3/31/22** | 10960.0 | 9890 | 10310 |
| **4/30/22** | 10390.0 | 9068 | 10350 |
| **5/31/22** | 10600.0 | 9075 | 10447 |
| **6/30/22** | 9590.0 | 8289 | 10583 |
| **7/31/22** | 10090.0 | 8947 | 10578 |
| **8/31/22** | 9650.0 | 8573 | 10586 |
| **9/30/22** | 8780.0 | 7776 | 10631 |
| **10/31/22** | 9590.0 | 8335 | 10687 |
| **11/30/22** | 10310.0 | 8914 | 10713 |
| **12/31/22** | 10042.73 | 8536 | 10717 |
| **1/31/23** | 10787.02 | 9140 | 10776 |
| **2/28/23** | 10256.84 | 8920 | 10812 |
| **3/31/23** | 10389.39 | 9196 | 10818 |
| **4/30/23** | 10521.93 | 9357 | 10862 |
| **5/31/23** | 9838.82 | 9263 | 10878 |
| **6/30/23** | 10297.63 | 9824 | 10906 |
| **7/31/23** | 10787.02 | 10154 | 10925 |
| **8/31/23** | 10552.52 | 9911 | 10980 |
| **9/30/23** | 10205.87 | 9484 | 11024 |
| **10/31/23** | 9930.58 | 9208 | 11034 |
| **11/30/23** | 10470.95 | 10072 | 11050 |
| **12/31/23** | 11030.58 | 10566 | 11073 |
| **1/31/24** | 10707.68 | 10693 | 11111 |
| **2/29/24** | 10749.34 | 11146 | 11155 |
| **3/31/24** | 11405.55 | 11504 | 11194 |
| **4/30/24** | 11009.74 | 11077 | 11226 |
| **5/31/24** | 11395.14 | 11572 | 11231 |
| **6/30/24** | 11093.07 | 11807 | 11230 |
| **7/31/24** | 11634.71 | 12015 | 11246 |
| **8/31/24** | 11832.61 | 12333 | 11266 |
| **9/30/24** | 12093.01 | 12559 | 11292 |
| **10/31/24** | 11801.36 | 12310 | 11318 |
| **11/30/24** | 12030.51 | 12874 | 11349 |
| **12/31/24** | 11225.09 | 12539 | 11391 |
| **1/31/25** | 11527.02 | 12981 | 11444 |
| **2/28/25** | 11764.24 | 12888 | 11469 |
| **3/31/25** | 11731.89 | 12314 | 11463 |
| **4/30/25** | 11742.68 | 12424 | 11488 |
| **5/31/25** | 12184.78 | 13159 | 11498 |
| **6/30/25** | 12551.4 | 13727 | 11531 |
| **7/31/25** | 12551.4 | 13904 | 11553 |
| **8/31/25** | 13112.12 | 14266 | 11597 |
| **9/30/25** | 13748.31 | 14725 | 11633 |
| **10/31/25** | 13532.65 | 15020 | 11633 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (11/30/21)** |
| Class R6 | 14.67% | 8.03% |
| MSCI World Index | 22.02% | 10.94% |
| Consumer Price Index for Urban Consumers (CPI-U) | 2.79% | 3.94% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$16,602,335

* Number of Portfolio Holdings68

* Portfolio Turnover Rate38.78%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$-

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.6% |
| Master Limited Partnerships | 4.5% |
| Commodities | 2.4% |
| Exchange Traded Funds | 1.4% |
| Short-Term Investments | 2.1%<sup>Footnote Reference1</sup> |

---

# Top 10 Holdings<sup>**Footnote Reference 2**</sup>
Based on total net assets of the portfolio

---

| | |
|:---|:---|
| Grupo Mexico SAB de CV (Metals & Mining, Mexico) | 3.6% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.2% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 3.1% |
| Samsung Electronics Co. Ltd. (Preference) (Technology Hardware, Storage & Peripherals, South Korea) | 3.1% |
| Wheaton Precious Metals Corp. (Metals & Mining, Canada) | 3.1% |
| Enterprise Products Partners LP (Oil, Gas & Consumable Fuels, United States) | 2.8% |
| Gold bullion (Precious Metal)<sup>Footnote Reference3</sup> | 2.4% |
| CRH plc (Construction Materials, United States) | 2.4% |
| GDS Holdings Ltd., Class A (IT Services, China) | 2.3% |
| United Tractors Tbk. PT (Oil, Gas & Consumable Fuels, Indonesia) | 2.3% |
| Total | 28.3% |

---

# Asset Allocation by Sector
Based on total investments in the portfolio

![Group By Sector Chart](tm2526851d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.1% |
| Others<sup>Footnote Reference4</sup> | 2.0% |
| Consumer Discretionary | 1.6% |
| Consumer Staples | 2.3% |
| Commodities | 2.4% |
| Health Care | 3.2% |
| Information Technology | 6.6% |
| Utilities | 6.8% |
| Industrials | 9.8% |
| Energy | 16.8% |
| Real Estate | 19.2% |
| Materials | 27.2% |

---

#### Asset Allocation by Country<sup>Footnote Reference 5</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States | 38.6% |
| Canada | 16.9% |
| United Kingdom | 9.7% |
| Mexico | 8.3% |
| Hong Kong | 4.4% |
| China | 3.8% |
| Japan | 3.5% |
| South Korea | 3.0% |
| Indonesia | 2.3% |
| Germany | 1.8% |
| Others<sup>Footnote Reference6</sup> | 5.6% |
| Short-Term Investments | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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 (2.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>5</sup> | &nbsp;&nbsp;&nbsp;Country allocations reflect country of risk not currency of issue. Bonds of non-U.S. issuers may be U.S. dollar denominated. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>6</sup> | &nbsp;&nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Global Real Assets Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FERRX

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.

# Material Fund Changes
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

# 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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FEHAX

**This 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 October 31, 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 High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $115 | 1.15% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle High Yield Municipal Fund Class A Shares<sup>1</sup> decreased 0.11% in the 12-month period ended October 31, 2025. The S&P Municipal Yield Index increased 3.19%, the S&P Municipal Bond Index increased 4.14% and the Bloomberg U.S. Corporate High Yield Index increased 8.16% for the same period.

• Housing and tax-supported were the largest contributors among sectors, while industrial development/pollution control revenue, tobacco settlement and utility were the only detractors.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg044.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle High Yield Municipal Fund (Class A) \| $14,448** | **Bloomberg U.S. Corporate High Yield Index \| $17,735** | **S&P Municipal Yield Index \| $14,953** | **S&P Municipal Bond Index \| $12,806** |
| **10/31/15** | 9549.35 | 10000 | 10000 | 10000 |
| **11/30/15** | 9396.78 | 9778 | 10047 | 10043 |
| **12/31/15** | 8960.8 | 9531 | 10117 | 10114 |
| **1/31/16** | 8614.79 | 9378 | 10186 | 10221 |
| **2/29/16** | 8562.25 | 9432 | 10248 | 10237 |
| **3/31/16** | 9084.05 | 9851 | 10347 | 10280 |
| **4/30/16** | 9527.67 | 10237 | 10432 | 10352 |
| **5/31/16** | 9636.61 | 10300 | 10536 | 10384 |
| **6/30/16** | 9719.97 | 10395 | 10806 | 10554 |
| **7/31/16** | 9903.16 | 10676 | 10846 | 10555 |
| **8/31/16** | 10093.27 | 10899 | 10903 | 10579 |
| **9/30/16** | 10202.0 | 10972 | 10925 | 10540 |
| **10/31/16** | 10336.32 | 11014 | 10832 | 10453 |
| **11/30/16** | 10287.65 | 10962 | 10382 | 10091 |
| **12/31/16** | 10470.19 | 11164 | 10438 | 10192 |
| **1/31/17** | 10583.9 | 11326 | 10540 | 10245 |
| **2/28/17** | 10616.27 | 11491 | 10701 | 10314 |
| **3/31/17** | 10637.64 | 11466 | 10731 | 10336 |
| **4/30/17** | 10729.35 | 11598 | 10844 | 10411 |
| **5/31/17** | 10785.35 | 11699 | 10959 | 10548 |
| **6/30/17** | 10746.3 | 11715 | 10952 | 10524 |
| **7/31/17** | 10827.06 | 11844 | 11020 | 10594 |
| **8/31/17** | 10778.46 | 11840 | 11128 | 10676 |
| **9/30/17** | 10874.9 | 11946 | 11032 | 10628 |
| **10/31/17** | 10926.68 | 11996 | 11025 | 10642 |
| **11/30/17** | 10936.15 | 11966 | 11055 | 10596 |
| **12/31/17** | 10946.6 | 12002 | 11171 | 10696 |
| **1/31/18** | 11055.31 | 12074 | 11144 | 10595 |
| **2/28/18** | 10939.75 | 11971 | 11128 | 10554 |
| **3/31/18** | 11037.42 | 11899 | 11247 | 10598 |
| **4/30/18** | 11043.18 | 11976 | 11280 | 10561 |
| **5/31/18** | 11075.31 | 11973 | 11460 | 10681 |
| **6/30/18** | 11124.36 | 12021 | 11525 | 10694 |
| **7/31/18** | 11183.8 | 12152 | 11586 | 10721 |
| **8/31/18** | 11227.8 | 12242 | 11671 | 10741 |
| **9/30/18** | 11297.53 | 12310 | 11615 | 10679 |
| **10/31/18** | 11205.92 | 12113 | 11474 | 10609 |
| **11/30/18** | 11050.29 | 12009 | 11516 | 10719 |
| **12/31/18** | 10869.06 | 11752 | 11630 | 10841 |
| **1/31/19** | 11137.46 | 12283 | 11698 | 10921 |
| **2/28/19** | 11297.86 | 12488 | 11805 | 10979 |
| **3/31/19** | 11306.92 | 12605 | 12084 | 11141 |
| **4/30/19** | 11377.19 | 12784 | 12149 | 11178 |
| **5/31/19** | 11341.08 | 12632 | 12356 | 11328 |
| **6/30/19** | 11526.43 | 12920 | 12430 | 11377 |
| **7/31/19** | 11585.38 | 12993 | 12520 | 11465 |
| **8/31/19** | 11647.5 | 13045 | 12796 | 11629 |
| **9/30/19** | 11653.04 | 13093 | 12767 | 11554 |
| **10/31/19** | 11602.7 | 13129 | 12787 | 11571 |
| **11/30/19** | 11615.41 | 13172 | 12828 | 11591 |
| **12/31/19** | 11805.75 | 13435 | 12900 | 11628 |
| **1/31/20** | 11782.0 | 13438 | 13177 | 11818 |
| **2/29/20** | 11607.62 | 13249 | 13441 | 11960 |
| **3/31/20** | 10368.43 | 11731 | 12217 | 11561 |
| **4/30/20** | 10840.37 | 12259 | 11880 | 11425 |
| **5/31/20** | 11126.2 | 12799 | 12301 | 11767 |
| **6/30/20** | 11385.15 | 12925 | 12750 | 11858 |
| **7/31/20** | 11757.21 | 13530 | 13047 | 12025 |
| **8/31/20** | 11978.26 | 13659 | 13087 | 11996 |
| **9/30/20** | 12033.02 | 13519 | 13094 | 11998 |
| **10/31/20** | 12111.66 | 13587 | 13118 | 11981 |
| **11/30/20** | 12412.64 | 14125 | 13410 | 12133 |
| **12/31/20** | 12620.47 | 14391 | 13643 | 12204 |
| **1/31/21** | 12630.54 | 14438 | 13897 | 12273 |
| **2/28/21** | 12540.32 | 14491 | 13746 | 12106 |
| **3/31/21** | 12524.68 | 14513 | 13855 | 12173 |
| **4/30/21** | 12574.75 | 14671 | 14040 | 12271 |
| **5/31/21** | 12653.98 | 14714 | 14195 | 12320 |
| **6/30/21** | 12890.67 | 14911 | 14345 | 12356 |
| **7/31/21** | 12928.59 | 14968 | 14492 | 12442 |
| **8/31/21** | 12983.1 | 15045 | 14459 | 12408 |
| **9/30/21** | 12993.88 | 15043 | 14329 | 12324 |
| **10/31/21** | 12961.27 | 15017 | 14283 | 12312 |
| **11/30/21** | 12842.35 | 14871 | 14466 | 12403 |
| **12/31/21** | 13040.5 | 15150 | 14510 | 12420 |
| **1/31/22** | 12776.03 | 14736 | 14109 | 12124 |
| **2/28/22** | 12610.16 | 14584 | 13997 | 12062 |
| **3/31/22** | 12448.25 | 14417 | 13510 | 11733 |
| **4/30/22** | 12119.17 | 13905 | 13009 | 11416 |
| **5/31/22** | 12133.62 | 13939 | 13217 | 11584 |
| **6/30/22** | 11468.46 | 13000 | 12752 | 11379 |
| **7/31/22** | 11975.31 | 13768 | 13266 | 11673 |
| **8/31/22** | 11800.06 | 13450 | 12955 | 11406 |
| **9/30/22** | 11428.81 | 12916 | 12164 | 10992 |
| **10/31/22** | 11718.04 | 13252 | 11938 | 10913 |
| **11/30/22** | 11916.54 | 13539 | 12656 | 11418 |
| **12/31/22** | 11890.47 | 13455 | 12626 | 11421 |
| **1/31/23** | 12261.08 | 13967 | 13174 | 11743 |
| **2/28/23** | 12094.49 | 13788 | 12796 | 11470 |
| **3/31/23** | 12269.84 | 13935 | 12992 | 11708 |
| **4/30/23** | 12352.01 | 14074 | 13068 | 11694 |
| **5/31/23** | 12298.3 | 13945 | 13003 | 11606 |
| **6/30/23** | 12413.22 | 14179 | 13215 | 11709 |
| **7/31/23** | 12560.75 | 14374 | 13265 | 11739 |
| **8/31/23** | 12599.65 | 14414 | 13115 | 11610 |
| **9/30/23** | 12449.03 | 14243 | 12674 | 11299 |
| **10/31/23** | 12346.77 | 14078 | 12392 | 11171 |
| **11/30/23** | 12767.52 | 14715 | 13307 | 11830 |
| **12/31/23** | 12997.03 | 15264 | 13738 | 12110 |
| **1/31/24** | 13104.93 | 15263 | 13806 | 12091 |
| **2/29/24** | 13333.33 | 15308 | 13908 | 12101 |
| **3/31/24** | 13543.25 | 15489 | 14006 | 12099 |
| **4/30/24** | 13477.13 | 15343 | 13830 | 11969 |
| **5/31/24** | 13689.45 | 15512 | 13907 | 11940 |
| **6/30/24** | 14083.74 | 15659 | 14197 | 12130 |
| **7/31/24** | 14283.79 | 15963 | 14345 | 12235 |
| **8/31/24** | 14445.95 | 16223 | 14484 | 12335 |
| **9/30/24** | 14688.06 | 16486 | 14679 | 12460 |
| **10/31/24** | 14464.24 | 16397 | 14491 | 12297 |
| **11/30/24** | 14775.18 | 16585 | 14724 | 12483 |
| **12/31/24** | 14515.92 | 16515 | 14511 | 12340 |
| **1/31/25** | 14643.74 | 16740 | 14617 | 12385 |
| **2/28/25** | 14907.71 | 16853 | 14806 | 12510 |
| **3/31/25** | 14611.15 | 16680 | 14535 | 12311 |
| **4/30/25** | 14364.74 | 16677 | 14328 | 12242 |
| **5/31/25** | 14239.11 | 16957 | 14305 | 12232 |
| **6/30/25** | 14285.44 | 17269 | 14388 | 12319 |
| **7/31/25** | 13748.46 | 17347 | 14232 | 12289 |
| **8/31/25** | 13852.72 | 17564 | 14310 | 12390 |
| **9/30/25** | 14394.91 | 17707 | 14764 | 12670 |
| **10/31/25** | 14447.66 | 17735 | 14953 | 12806 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class A - without sales charge | -0.11% | 3.59% | 4.23% |
| Class A - with sales charge | -2.59% | 2.64% | 3.75% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.90% |
| S&P Municipal Yield Index | 3.19% | 2.65% | 4.11% |
| S&P Municipal Bond Index | 4.14% | 1.34% | 2.50% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$7,847,779,510

* Number of Portfolio Holdings1,836

* Portfolio Turnover Rate82.00%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$28,068,019

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg058.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.1%<sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 2.9% |
| AA | 10.7% |
| A | 2.7% |
| BBB | 5.2% |
| BB or lower | 9.6% |
| N/R (Not Rated) | 68.8% |
| N/A (not applicable) | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (0.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class A \| FEHAX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FEHCX

**This 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 October 31, 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 High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $190 | 1.91% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle High Yield Municipal Fund Class C Shares<sup>1</sup> decreased 0.88% in the 12-month period ended October 31, 2025. The S&P Municipal Yield Index increased 3.19%, the S&P Municipal Bond Index increased 4.14% and the Bloomberg U.S. Corporate High Yield Index increased 8.16% for the same period.

• Housing and tax-supported were the largest contributors among sectors, while industrial development/pollution control revenue, tobacco settlement and utility were the only detractors.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg042.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle High Yield Municipal Fund (Class C) \| $14,058** | **Bloomberg U.S. Corporate High Yield Index \| $17,735** | **S&P Municipal Yield Index \| $14,953** | **S&P Municipal Bond Index \| $12,806** |
| **10/31/15** | 10000.0 | 10000 | 10000 | 10000 |
| **11/30/15** | 9833.96 | 9778 | 10047 | 10043 |
| **12/31/15** | 9371.45 | 9531 | 10117 | 10114 |
| **1/31/16** | 9015.02 | 9378 | 10186 | 10221 |
| **2/29/16** | 8955.02 | 9432 | 10248 | 10237 |
| **3/31/16** | 9495.04 | 9851 | 10347 | 10280 |
| **4/30/16** | 9941.35 | 10237 | 10432 | 10352 |
| **5/31/16** | 10049.0 | 10300 | 10536 | 10384 |
| **6/30/16** | 10141.76 | 10395 | 10806 | 10554 |
| **7/31/16** | 10314.77 | 10676 | 10846 | 10555 |
| **8/31/16** | 10506.37 | 10899 | 10903 | 10579 |
| **9/30/16** | 10612.97 | 10972 | 10925 | 10540 |
| **10/31/16** | 10745.53 | 11014 | 10832 | 10453 |
| **11/30/16** | 10688.33 | 10962 | 10382 | 10091 |
| **12/31/16** | 10871.43 | 11164 | 10438 | 10192 |
| **1/31/17** | 10982.73 | 11326 | 10540 | 10245 |
| **2/28/17** | 11010.15 | 11491 | 10701 | 10314 |
| **3/31/17** | 11025.51 | 11466 | 10731 | 10336 |
| **4/30/17** | 11126.17 | 11598 | 10844 | 10411 |
| **5/31/17** | 11164.94 | 11699 | 10959 | 10548 |
| **6/30/17** | 11129.9 | 11715 | 10952 | 10524 |
| **7/31/17** | 11206.67 | 11844 | 11020 | 10594 |
| **8/31/17** | 11137.16 | 11840 | 11128 | 10676 |
| **9/30/17** | 11230.22 | 11946 | 11032 | 10628 |
| **10/31/17** | 11289.01 | 11996 | 11025 | 10642 |
| **11/30/17** | 11279.52 | 11966 | 11055 | 10596 |
| **12/31/17** | 11283.3 | 12002 | 11171 | 10696 |
| **1/31/18** | 11388.41 | 12074 | 11144 | 10595 |
| **2/28/18** | 11262.98 | 11971 | 11128 | 10554 |
| **3/31/18** | 11356.73 | 11899 | 11247 | 10598 |
| **4/30/18** | 11368.66 | 11976 | 11280 | 10561 |
| **5/31/18** | 11381.61 | 11973 | 11460 | 10681 |
| **6/30/18** | 11424.92 | 12021 | 11525 | 10694 |
| **7/31/18** | 11478.64 | 12152 | 11586 | 10721 |
| **8/31/18** | 11516.34 | 12242 | 11671 | 10741 |
| **9/30/18** | 11580.7 | 12310 | 11615 | 10679 |
| **10/31/18** | 11479.14 | 12113 | 11474 | 10609 |
| **11/30/18** | 11312.46 | 12009 | 11516 | 10719 |
| **12/31/18** | 11119.54 | 11752 | 11630 | 10841 |
| **1/31/19** | 11387.21 | 12283 | 11698 | 10921 |
| **2/28/19** | 11557.93 | 12488 | 11805 | 10979 |
| **3/31/19** | 11546.52 | 12605 | 12084 | 11141 |
| **4/30/19** | 11624.36 | 12784 | 12149 | 11178 |
| **5/31/19** | 11566.6 | 12632 | 12356 | 11328 |
| **6/30/19** | 11748.57 | 12920 | 12430 | 11377 |
| **7/31/19** | 11801.18 | 12993 | 12520 | 11465 |
| **8/31/19** | 11857.09 | 13045 | 12796 | 11629 |
| **9/30/19** | 11868.94 | 13093 | 12767 | 11554 |
| **10/31/19** | 11796.65 | 13129 | 12787 | 11571 |
| **11/30/19** | 11802.45 | 13172 | 12828 | 11591 |
| **12/31/19** | 11988.36 | 13435 | 12900 | 11628 |
| **1/31/20** | 11970.09 | 13438 | 13177 | 11818 |
| **2/29/20** | 11772.04 | 13249 | 13441 | 11960 |
| **3/31/20** | 10506.75 | 11731 | 12217 | 11561 |
| **4/30/20** | 10978.82 | 12259 | 11880 | 11425 |
| **5/31/20** | 11275.38 | 12799 | 12301 | 11767 |
| **6/30/20** | 11516.83 | 12925 | 12750 | 11858 |
| **7/31/20** | 11886.05 | 13530 | 13047 | 12025 |
| **8/31/20** | 12101.83 | 13659 | 13087 | 11996 |
| **9/30/20** | 12149.51 | 13519 | 13094 | 11998 |
| **10/31/20** | 12220.8 | 13587 | 13118 | 11981 |
| **11/30/20** | 12530.99 | 14125 | 13410 | 12133 |
| **12/31/20** | 12732.46 | 14391 | 13643 | 12204 |
| **1/31/21** | 12720.62 | 14438 | 13897 | 12273 |
| **2/28/21** | 12621.61 | 14491 | 13746 | 12106 |
| **3/31/21** | 12597.58 | 14513 | 13855 | 12173 |
| **4/30/21** | 12639.89 | 14671 | 14040 | 12271 |
| **5/31/21** | 12711.48 | 14714 | 14195 | 12320 |
| **6/30/21** | 12941.5 | 14911 | 14345 | 12356 |
| **7/31/21** | 12970.94 | 14968 | 14492 | 12442 |
| **8/31/21** | 13017.34 | 15045 | 14459 | 12408 |
| **9/30/21** | 13034.41 | 15043 | 14329 | 12324 |
| **10/31/21** | 12978.78 | 15017 | 14283 | 12312 |
| **11/30/21** | 12865.15 | 14871 | 14466 | 12403 |
| **12/31/21** | 13039.74 | 15150 | 14510 | 12420 |
| **1/31/22** | 12765.55 | 14736 | 14109 | 12124 |
| **2/28/22** | 12592.63 | 14584 | 13997 | 12062 |
| **3/31/22** | 12423.18 | 14417 | 13510 | 11733 |
| **4/30/22** | 12087.02 | 13905 | 13009 | 11416 |
| **5/31/22** | 12094.52 | 13939 | 13217 | 11584 |
| **6/30/22** | 11424.13 | 13000 | 12752 | 11379 |
| **7/31/22** | 11922.94 | 13768 | 13266 | 11673 |
| **8/31/22** | 11756.1 | 13450 | 12955 | 11406 |
| **9/30/22** | 11364.79 | 12916 | 12164 | 10992 |
| **10/31/22** | 11661.07 | 13252 | 11938 | 10913 |
| **11/30/22** | 11835.93 | 13539 | 12656 | 11418 |
| **12/31/22** | 11817.09 | 13455 | 12626 | 11421 |
| **1/31/23** | 12162.71 | 13967 | 13174 | 11743 |
| **2/28/23** | 11990.37 | 13788 | 12796 | 11470 |
| **3/31/23** | 12172.02 | 13935 | 12992 | 11708 |
| **4/30/23** | 12246.04 | 14074 | 13068 | 11694 |
| **5/31/23** | 12169.85 | 13945 | 13003 | 11606 |
| **6/30/23** | 12291.56 | 14179 | 13215 | 11709 |
| **7/31/23** | 12414.4 | 14374 | 13265 | 11739 |
| **8/31/23** | 12445.1 | 14414 | 13115 | 11610 |
| **9/30/23** | 12304.11 | 14243 | 12674 | 11299 |
| **10/31/23** | 12179.69 | 14078 | 12392 | 11171 |
| **11/30/23** | 12587.22 | 14715 | 13307 | 11830 |
| **12/31/23** | 12805.38 | 15264 | 13738 | 12110 |
| **1/31/24** | 12921.71 | 15263 | 13806 | 12091 |
| **2/29/24** | 13139.03 | 15308 | 13908 | 12101 |
| **3/31/24** | 13337.29 | 15489 | 14006 | 12099 |
| **4/30/24** | 13248.11 | 15343 | 13830 | 11969 |
| **5/31/24** | 13448.57 | 15512 | 13907 | 11940 |
| **6/30/24** | 13827.85 | 15659 | 14197 | 12130 |
| **7/31/24** | 14015.67 | 15963 | 14345 | 12235 |
| **8/31/24** | 14165.93 | 16223 | 14484 | 12335 |
| **9/30/24** | 14394.31 | 16486 | 14679 | 12460 |
| **10/31/24** | 14181.74 | 16397 | 14491 | 12297 |
| **11/30/24** | 14477.29 | 16585 | 14724 | 12483 |
| **12/31/24** | 14197.33 | 16515 | 14511 | 12340 |
| **1/31/25** | 14313.07 | 16740 | 14617 | 12385 |
| **2/28/25** | 14561.9 | 16853 | 14806 | 12510 |
| **3/31/25** | 14262.41 | 16680 | 14535 | 12311 |
| **4/30/25** | 14029.12 | 16677 | 14328 | 12242 |
| **5/31/25** | 13880.91 | 16957 | 14305 | 12232 |
| **6/30/25** | 13917.38 | 17269 | 14388 | 12319 |
| **7/31/25** | 13385.13 | 17347 | 14232 | 12289 |
| **8/31/25** | 13495.28 | 17564 | 14310 | 12390 |
| **9/30/25** | 13997.99 | 17707 | 14764 | 12670 |
| **10/31/25** | 14057.63 | 17735 | 14953 | 12806 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class C - without sales charge | -0.88% | 2.84% | 3.46% |
| Class C - with sales charge | -1.82% | 2.84% | 3.46% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.90% |
| S&P Municipal Yield Index | 3.19% | 2.65% | 4.11% |
| S&P Municipal Bond Index | 4.14% | 1.34% | 2.50% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$7,847,779,510

* Number of Portfolio Holdings1,836

* Portfolio Turnover Rate82.00%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$28,068,019

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg058.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.1%<sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 2.9% |
| AA | 10.7% |
| A | 2.7% |
| BBB | 5.2% |
| BB or lower | 9.6% |
| N/R (Not Rated) | 68.8% |
| N/A (not applicable) | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (0.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class C \| FEHCX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FEHIX

**This 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 October 31, 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 High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $92 | 0.92% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle High Yield Municipal Fund Class I Shares increased 0.13% in the 12-month period ended October 31, 2025. The S&P Municipal Yield Index increased 3.19%, the S&P Municipal Bond Index increased 4.14% and the Bloomberg U.S. Corporate High Yield Index increased 8.16% for the same period.

• Housing and tax-supported were the largest contributors among sectors, while industrial development/pollution control revenue, tobacco settlement and utility were the only detractors.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg055.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle High Yield Municipal Fund (Class I) \| $1,555,832** | **Bloomberg U.S. Corporate High Yield Index \| $1,773,479** | **S&P Municipal Yield Index \| $1,495,278** | **S&P Municipal Bond Index \| $1,280,600** |
| **10/31/15** | 1000000.0 | 1000000 | 1000000 | 1000000 |
| **11/30/15** | 984252.43 | 977771 | 1004738 | 1004304 |
| **12/31/15** | 938664.65 | 953145 | 1011714 | 1011402 |
| **1/31/16** | 903800.87 | 937827 | 1018595 | 1022095 |
| **2/29/16** | 898511.52 | 943188 | 1024817 | 1023692 |
| **3/31/16** | 953433.06 | 985106 | 1034717 | 1027952 |
| **4/30/16** | 999026.84 | 1023674 | 1043156 | 1035183 |
| **5/31/16** | 1010721.73 | 1029995 | 1053649 | 1038422 |
| **6/30/16** | 1020909.43 | 1039474 | 1080621 | 1055415 |
| **7/31/16** | 1039217.53 | 1067580 | 1084561 | 1055548 |
| **8/31/16** | 1059435.39 | 1089913 | 1090289 | 1057944 |
| **9/30/16** | 1071089.9 | 1097178 | 1092460 | 1053951 |
| **10/31/16** | 1085426.11 | 1101414 | 1083242 | 1045344 |
| **11/30/16** | 1080578.16 | 1096185 | 1038234 | 1009140 |
| **12/31/16** | 1100031.81 | 1116417 | 1043822 | 1019211 |
| **1/31/17** | 1112261.72 | 1132631 | 1054004 | 1024535 |
| **2/28/17** | 1115930.34 | 1149116 | 1070106 | 1031412 |
| **3/31/17** | 1118476.69 | 1146551 | 1073060 | 1033631 |
| **4/30/17** | 1129651.34 | 1159791 | 1084404 | 1041084 |
| **5/31/17** | 1135839.4 | 1169877 | 1095898 | 1054791 |
| **6/30/17** | 1132019.95 | 1171459 | 1095175 | 1052408 |
| **7/31/17** | 1140823.88 | 1184432 | 1101974 | 1059357 |
| **8/31/17** | 1134759.59 | 1183968 | 1112817 | 1067644 |
| **9/30/17** | 1145187.0 | 1194599 | 1103186 | 1062799 |
| **10/31/17** | 1152134.1 | 1199645 | 1102461 | 1064186 |
| **11/30/17** | 1152150.26 | 1196582 | 1105477 | 1059590 |
| **12/31/17** | 1153551.82 | 1200198 | 1117138 | 1069636 |
| **1/31/18** | 1165306.89 | 1207397 | 1114420 | 1059476 |
| **2/28/18** | 1153388.79 | 1197135 | 1112840 | 1055361 |
| **3/31/18** | 1163977.18 | 1189904 | 1124722 | 1059765 |
| **4/30/18** | 1166169.34 | 1197646 | 1128000 | 1056107 |
| **5/31/18** | 1169843.09 | 1197314 | 1145959 | 1068059 |
| **6/30/18** | 1173964.77 | 1202120 | 1152465 | 1069404 |
| **7/31/18** | 1180523.4 | 1215240 | 1158646 | 1072145 |
| **8/31/18** | 1185451.59 | 1224202 | 1167100 | 1074129 |
| **9/30/18** | 1193081.97 | 1231019 | 1161492 | 1067898 |
| **10/31/18** | 1183661.78 | 1211339 | 1147391 | 1060891 |
| **11/30/18** | 1167498.61 | 1200918 | 1151557 | 1071897 |
| **12/31/18** | 1148640.19 | 1175206 | 1163000 | 1084139 |
| **1/31/19** | 1177291.52 | 1228328 | 1169800 | 1092107 |
| **2/28/19** | 1195868.4 | 1248755 | 1180516 | 1097853 |
| **3/31/19** | 1195747.89 | 1260500 | 1208412 | 1114077 |
| **4/30/19** | 1204832.35 | 1278422 | 1214920 | 1117797 |
| **5/31/19** | 1199930.28 | 1263228 | 1235576 | 1132832 |
| **6/30/19** | 1219831.4 | 1292019 | 1243041 | 1137689 |
| **7/31/19** | 1226373.17 | 1299304 | 1251969 | 1146452 |
| **8/31/19** | 1233248.28 | 1304501 | 1279629 | 1162893 |
| **9/30/19** | 1235527.44 | 1309252 | 1276719 | 1155384 |
| **10/31/19** | 1229093.4 | 1312868 | 1278743 | 1157102 |
| **11/30/19** | 1232128.94 | 1317154 | 1282849 | 1159053 |
| **12/31/19** | 1251186.15 | 1343488 | 1289989 | 1162845 |
| **1/31/20** | 1250394.23 | 1343845 | 1317677 | 1181779 |
| **2/29/20** | 1230766.64 | 1324895 | 1344068 | 1196046 |
| **3/31/20** | 1099647.36 | 1173067 | 1221702 | 1156135 |
| **4/30/20** | 1149950.7 | 1225919 | 1188035 | 1142530 |
| **5/31/20** | 1182005.59 | 1279926 | 1230129 | 1176661 |
| **6/30/20** | 1208329.13 | 1292454 | 1274972 | 1185800 |
| **7/31/20** | 1248123.84 | 1353046 | 1304705 | 1202488 |
| **8/31/20** | 1273374.68 | 1365908 | 1308748 | 1199567 |
| **9/30/20** | 1278007.02 | 1351859 | 1309407 | 1199834 |
| **10/31/20** | 1286653.23 | 1358724 | 1311840 | 1198139 |
| **11/30/20** | 1320393.57 | 1412475 | 1341038 | 1213339 |
| **12/31/20** | 1342776.9 | 1439060 | 1364277 | 1220445 |
| **1/31/21** | 1342654.64 | 1443820 | 1389661 | 1227316 |
| **2/28/21** | 1333345.19 | 1449124 | 1374638 | 1210634 |
| **3/31/21** | 1333470.76 | 1451291 | 1385537 | 1217293 |
| **4/30/21** | 1337573.77 | 1467055 | 1403994 | 1227079 |
| **5/31/21** | 1346307.55 | 1471394 | 1419509 | 1232016 |
| **6/30/21** | 1371790.48 | 1491105 | 1434527 | 1235562 |
| **7/31/21** | 1377655.88 | 1496784 | 1449192 | 1244202 |
| **8/31/21** | 1382223.07 | 1504474 | 1445937 | 1240845 |
| **9/30/21** | 1385183.14 | 1504309 | 1432873 | 1232388 |
| **10/31/21** | 1380469.45 | 1501733 | 1428255 | 1231178 |
| **11/30/21** | 1369629.82 | 1487128 | 1446584 | 1240253 |
| **12/31/21** | 1389492.48 | 1515003 | 1450959 | 1242035 |
| **1/31/22** | 1361607.85 | 1473578 | 1410897 | 1212382 |
| **2/28/22** | 1344204.46 | 1458448 | 1399706 | 1206174 |
| **3/31/22** | 1327242.67 | 1441728 | 1350973 | 1173342 |
| **4/30/22** | 1292437.18 | 1390463 | 1300884 | 1141574 |
| **5/31/22** | 1294276.1 | 1393871 | 1321740 | 1158435 |
| **6/30/22** | 1223607.04 | 1300023 | 1275187 | 1137856 |
| **7/31/22** | 1277972.88 | 1376768 | 1326612 | 1167280 |
| **8/31/22** | 1261157.92 | 1345042 | 1295465 | 1140577 |
| **9/30/22** | 1220214.43 | 1291617 | 1216385 | 1099171 |
| **10/31/22** | 1252985.64 | 1325183 | 1193763 | 1091324 |
| **11/30/22** | 1272838.55 | 1353947 | 1265586 | 1141831 |
| **12/31/22** | 1271947.24 | 1345496 | 1262572 | 1142098 |
| **1/31/23** | 1310194.67 | 1396722 | 1317373 | 1174320 |
| **2/28/23** | 1292641.01 | 1378767 | 1279587 | 1146975 |
| **3/31/23** | 1313291.38 | 1393505 | 1299233 | 1170820 |
| **4/30/23** | 1322342.35 | 1407420 | 1306775 | 1169394 |
| **5/31/23** | 1315222.28 | 1394523 | 1300334 | 1160630 |
| **6/30/23** | 1329440.4 | 1417857 | 1321509 | 1170929 |
| **7/31/23** | 1343832.56 | 1437420 | 1326467 | 1173892 |
| **8/31/23** | 1348278.23 | 1441401 | 1311489 | 1160971 |
| **9/30/23** | 1334113.1 | 1424349 | 1267383 | 1129902 |
| **10/31/23** | 1321756.4 | 1407762 | 1239175 | 1117099 |
| **11/30/23** | 1367051.97 | 1471539 | 1330725 | 1183007 |
| **12/31/23** | 1391836.65 | 1526398 | 1373775 | 1210990 |
| **1/31/24** | 1405327.15 | 1526338 | 1380622 | 1209138 |
| **2/29/24** | 1429873.9 | 1530798 | 1390800 | 1210067 |
| **3/31/24** | 1452728.6 | 1548907 | 1400626 | 1209874 |
| **4/30/24** | 1444183.63 | 1534347 | 1382979 | 1196907 |
| **5/31/24** | 1467244.09 | 1551204 | 1390733 | 1194006 |
| **6/30/24** | 1509853.91 | 1565854 | 1419716 | 1213050 |
| **7/31/24** | 1531622.14 | 1596295 | 1434532 | 1223509 |
| **8/31/24** | 1549348.19 | 1622334 | 1448374 | 1233545 |
| **9/30/24** | 1575671.57 | 1648582 | 1467904 | 1245951 |
| **10/31/24** | 1553753.4 | 1639671 | 1449083 | 1229692 |
| **11/30/24** | 1587487.85 | 1658535 | 1472398 | 1248333 |
| **12/31/24** | 1558151.23 | 1651464 | 1451061 | 1234031 |
| **1/31/25** | 1574032.77 | 1674029 | 1461744 | 1238538 |
| **2/28/25** | 1600912.66 | 1685266 | 1480619 | 1250954 |
| **3/31/25** | 1569371.18 | 1668038 | 1453538 | 1231118 |
| **4/30/25** | 1545035.43 | 1667702 | 1432821 | 1224172 |
| **5/31/25** | 1529998.57 | 1695715 | 1430475 | 1223194 |
| **6/30/25** | 1535293.29 | 1726902 | 1438816 | 1231897 |
| **7/31/25** | 1477812.95 | 1734683 | 1423209 | 1228857 |
| **8/31/25** | 1491205.05 | 1756364 | 1430984 | 1238999 |
| **9/30/25** | 1547972.52 | 1770691 | 1476394 | 1266965 |
| **10/31/25** | 1555831.6 | 1773479 | 1495278 | 1280600 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment over the past 10 years. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **10 Years** |
| Class I | 0.13% | 3.87% | 4.52% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.90% |
| S&P Municipal Yield Index | 3.19% | 2.65% | 4.11% |
| S&P Municipal Bond Index | 4.14% | 1.34% | 2.50% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$7,847,779,510

* Number of Portfolio Holdings1,836

* Portfolio Turnover Rate82.00%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$28,068,019

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg058.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.1%<sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 2.9% |
| AA | 10.7% |
| A | 2.7% |
| BBB | 5.2% |
| BB or lower | 9.6% |
| N/R (Not Rated) | 68.8% |
| N/A (not applicable) | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (0.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| FEHIX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FEHRX

**This 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 October 31, 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 High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $83 | 0.83% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle High Yield Municipal Fund Class R6 Shares increased 0.10% in the 12-month period ended October 31, 2025. The S&P Municipal Yield Index increased 3.19%, the S&P Municipal Bond Index increased 4.14% and the Bloomberg U.S. Corporate High Yield Index increased 8.16% for the same period.

• Housing and tax-supported were the largest contributors among sectors, while industrial development/pollution control revenue, tobacco settlement and utility were the only detractors.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg028.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle High Yield Municipal Fund (Class R6) \| $13,951** | **Bloomberg U.S. Corporate High Yield Index \| $15,433** | **S&P Municipal Yield Index \| $13,973** | **S&P Municipal Bond Index \| $12,416** |
| **3/1/17** | 10000.0 | 10000 | 10000 | 10000 |
| **3/31/17** | 10010.66 | 9978 | 10028 | 10022 |
| **4/30/17** | 10099.78 | 10093 | 10134 | 10094 |
| **5/31/17** | 10155.37 | 10181 | 10241 | 10227 |
| **6/30/17** | 10121.47 | 10194 | 10234 | 10204 |
| **7/31/17** | 10200.48 | 10307 | 10298 | 10271 |
| **8/31/17** | 10157.73 | 10303 | 10399 | 10351 |
| **9/30/17** | 10250.98 | 10396 | 10309 | 10304 |
| **10/31/17** | 10299.05 | 10440 | 10302 | 10318 |
| **11/30/17** | 10299.03 | 10413 | 10331 | 10273 |
| **12/31/17** | 10322.92 | 10445 | 10440 | 10371 |
| **1/31/18** | 10427.99 | 10507 | 10414 | 10272 |
| **2/28/18** | 10321.27 | 10418 | 10399 | 10232 |
| **3/31/18** | 10404.15 | 10355 | 10510 | 10275 |
| **4/30/18** | 10423.62 | 10422 | 10541 | 10239 |
| **5/31/18** | 10454.9 | 10419 | 10709 | 10355 |
| **6/30/18** | 10493.19 | 10461 | 10770 | 10368 |
| **7/31/18** | 10550.29 | 10575 | 10827 | 10395 |
| **8/31/18** | 10604.71 | 10653 | 10906 | 10414 |
| **9/30/18** | 10659.64 | 10713 | 10854 | 10354 |
| **10/31/18** | 10587.4 | 10541 | 10722 | 10286 |
| **11/30/18** | 10431.34 | 10451 | 10761 | 10393 |
| **12/31/18** | 10263.12 | 10227 | 10868 | 10511 |
| **1/31/19** | 10518.39 | 10689 | 10932 | 10588 |
| **2/28/19** | 10684.76 | 10867 | 11032 | 10644 |
| **3/31/19** | 10684.14 | 10969 | 11292 | 10801 |
| **4/30/19** | 10765.77 | 11125 | 11353 | 10838 |
| **5/31/19** | 10722.24 | 10993 | 11546 | 10983 |
| **6/30/19** | 10900.42 | 11244 | 11616 | 11030 |
| **7/31/19** | 10959.42 | 11307 | 11699 | 11115 |
| **8/31/19** | 11021.43 | 11352 | 11958 | 11275 |
| **9/30/19** | 11042.35 | 11394 | 11931 | 11202 |
| **10/31/19** | 10984.53 | 11425 | 11950 | 11219 |
| **11/30/19** | 11012.1 | 11462 | 11988 | 11238 |
| **12/31/19** | 11182.84 | 11691 | 12055 | 11274 |
| **1/31/20** | 11176.28 | 11695 | 12314 | 11458 |
| **2/29/20** | 11001.2 | 11530 | 12560 | 11596 |
| **3/31/20** | 9829.49 | 10208 | 11417 | 11209 |
| **4/30/20** | 10279.59 | 10668 | 11102 | 11077 |
| **5/31/20** | 10566.48 | 11138 | 11495 | 11408 |
| **6/30/20** | 10802.02 | 11247 | 11914 | 11497 |
| **7/31/20** | 11158.11 | 11775 | 12192 | 11659 |
| **8/31/20** | 11380.37 | 11887 | 12230 | 11630 |
| **9/30/20** | 11419.23 | 11764 | 12236 | 11633 |
| **10/31/20** | 11494.38 | 11824 | 12259 | 11616 |
| **11/30/20** | 11796.39 | 12292 | 12532 | 11764 |
| **12/31/20** | 11997.01 | 12523 | 12749 | 11833 |
| **1/31/21** | 11996.5 | 12565 | 12986 | 11899 |
| **2/28/21** | 11913.51 | 12611 | 12846 | 11738 |
| **3/31/21** | 11914.81 | 12630 | 12948 | 11802 |
| **4/30/21** | 11951.64 | 12767 | 13120 | 11897 |
| **5/31/21** | 12030.09 | 12805 | 13265 | 11945 |
| **6/30/21** | 12258.21 | 12976 | 13405 | 11979 |
| **7/31/21** | 12311.02 | 13026 | 13543 | 12063 |
| **8/31/21** | 12352.54 | 13092 | 13512 | 12031 |
| **9/30/21** | 12379.71 | 13091 | 13390 | 11949 |
| **10/31/21** | 12338.37 | 13069 | 13347 | 11937 |
| **11/30/21** | 12242.14 | 12942 | 13518 | 12025 |
| **12/31/21** | 12420.44 | 13184 | 13559 | 12042 |
| **1/31/22** | 12171.85 | 12824 | 13185 | 11755 |
| **2/28/22** | 12017.2 | 12692 | 13080 | 11694 |
| **3/31/22** | 11866.63 | 12546 | 12625 | 11376 |
| **4/30/22** | 11556.5 | 12100 | 12157 | 11068 |
| **5/31/22** | 11573.67 | 12130 | 12351 | 11232 |
| **6/30/22** | 10942.61 | 11313 | 11916 | 11032 |
| **7/31/22** | 11429.72 | 11981 | 12397 | 11317 |
| **8/31/22** | 11280.27 | 11705 | 12106 | 11058 |
| **9/30/22** | 10914.96 | 11240 | 11367 | 10657 |
| **10/31/22** | 11207.86 | 11532 | 11156 | 10581 |
| **11/30/22** | 11386.02 | 11783 | 11827 | 11071 |
| **12/31/22** | 11378.61 | 11709 | 11799 | 11073 |
| **1/31/23** | 11720.78 | 12155 | 12311 | 11386 |
| **2/28/23** | 11563.74 | 11999 | 11958 | 11120 |
| **3/31/23** | 11748.44 | 12127 | 12141 | 11352 |
| **4/30/23** | 11829.45 | 12248 | 12212 | 11338 |
| **5/31/23** | 11765.58 | 12136 | 12151 | 11253 |
| **6/30/23** | 11876.02 | 12339 | 12349 | 11353 |
| **7/31/23** | 12019.62 | 12509 | 12396 | 11381 |
| **8/31/23** | 12059.36 | 12544 | 12256 | 11256 |
| **9/30/23** | 11932.65 | 12395 | 11844 | 10955 |
| **10/31/23** | 11822.18 | 12251 | 11580 | 10831 |
| **11/30/23** | 12228.42 | 12806 | 12435 | 11470 |
| **12/31/23** | 12451.7 | 13283 | 12838 | 11741 |
| **1/31/24** | 12571.97 | 13283 | 12902 | 11723 |
| **2/29/24** | 12825.65 | 13322 | 12997 | 11732 |
| **3/31/24** | 13017.45 | 13479 | 13089 | 11730 |
| **4/30/24** | 12957.13 | 13352 | 12924 | 11605 |
| **5/31/24** | 13164.07 | 13499 | 12996 | 11576 |
| **6/30/24** | 13545.24 | 13627 | 13267 | 11761 |
| **7/31/24** | 13740.37 | 13892 | 13406 | 11862 |
| **8/31/24** | 13899.1 | 14118 | 13535 | 11960 |
| **9/30/24** | 14141.77 | 14347 | 13717 | 12080 |
| **10/31/24** | 13937.07 | 14269 | 13542 | 11922 |
| **11/30/24** | 14230.28 | 14433 | 13759 | 12103 |
| **12/31/24** | 13975.08 | 14372 | 13560 | 11964 |
| **1/31/25** | 14108.63 | 14568 | 13660 | 12008 |
| **2/28/25** | 14357.17 | 14666 | 13836 | 12129 |
| **3/31/25** | 14065.4 | 14516 | 13583 | 11936 |
| **4/30/25** | 13851.12 | 14513 | 13390 | 11869 |
| **5/31/25** | 13732.45 | 14757 | 13368 | 11859 |
| **6/30/25** | 13779.97 | 15028 | 13446 | 11944 |
| **7/31/25** | 13248.11 | 15096 | 13300 | 11914 |
| **8/31/25** | 13369.0 | 15284 | 13372 | 12013 |
| **9/30/25** | 13896.39 | 15409 | 13797 | 12284 |
| **10/31/25** | 13950.99 | 15433 | 13973 | 12416 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 years** | **Since Inception (3/1/17)** |
| Class R6 | 0.10% | 3.95% | 3.92% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.13% |
| S&P Municipal Yield Index | 3.19% | 2.65% | 3.94% |
| S&P Municipal Bond Index | 4.14% | 1.34% | 2.53% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$7,847,779,510

* Number of Portfolio Holdings1,836

* Portfolio Turnover Rate82.00%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$28,068,019

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg058.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.1%<sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 2.9% |
| AA | 10.7% |
| A | 2.7% |
| BBB | 5.2% |
| BB or lower | 9.6% |
| N/R (Not Rated) | 68.8% |
| N/A (not applicable) | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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 (0.1% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FEHRX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class A \| FDUAX

**This 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 October 31, 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 Short Duration High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $86 | 0.85% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Short Duration High Yield Municipal Fund Class A Shares<sup>1</sup> increased 1.95%

in the 12-month period ended October 31, 2025. The S&P Short Duration Municipal Yield Index increased 4.20% and the S&P Municipal Bond Index increased 4.14% for the same period.

• Utility and other revenue were the largest contributors among sectors, while industrial development revenue/pollution control revenue was the only detractor and transportation was the next weakest performing sector.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

<sup>1</sup> Reflects performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Short Duration High Yield Municipal Fund (Class A) \| $10,562** | **S&P Municipal Bond Index \| $10,575** | **S&P Short Duration Municipal Yield Index \| $10,627** |
| **1/2/24** | 9746.59 | 10000 | 10000 |
| **1/31/24** | 9819.76 | 9985 | 10034 |
| **2/29/24** | 9858.66 | 9992 | 10041 |
| **3/31/24** | 9909.43 | 9991 | 10040 |
| **4/30/24** | 9934.88 | 9884 | 9932 |
| **5/31/24** | 9990.56 | 9860 | 9908 |
| **6/30/24** | 10134.98 | 10017 | 10066 |
| **7/31/24** | 10241.75 | 10103 | 10153 |
| **8/31/24** | 10339.61 | 10186 | 10236 |
| **9/30/24** | 10421.21 | 10289 | 10339 |
| **10/31/24** | 10360.28 | 10154 | 10204 |
| **11/30/24** | 10490.06 | 10308 | 10359 |
| **12/31/24** | 10446.21 | 10190 | 10240 |
| **1/31/25** | 10525.19 | 10227 | 10277 |
| **2/28/25** | 10634.55 | 10330 | 10381 |
| **3/31/25** | 10590.71 | 10166 | 10216 |
| **4/30/25** | 10505.58 | 10109 | 10158 |
| **5/31/25** | 10523.64 | 10101 | 10150 |
| **6/30/25** | 10572.8 | 10173 | 10222 |
| **7/31/25** | 10314.05 | 10148 | 10197 |
| **8/31/25** | 10419.47 | 10231 | 10281 |
| **9/30/25** | 10579.29 | 10462 | 10513 |
| **10/31/25** | 10561.91 | 10575 | 10627 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (1/2/24)** |
| Class A - without sales charge | 1.95% | 4.49% |
| Class A - with sales charge | -0.57% | 3.03% |
| S&P Municipal Bond Index | 4.14% | 3.08% |
| S&P Short Duration Municipal Yield Index | 4.20% | 4.38% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,558,753,154

* Number of Portfolio Holdings700

* Portfolio Turnover Rate114.60%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$3,539,670

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 99.2%<sup>Footnote Reference1</sup> |
| Corporate Bonds | 0.8% |
| Short-Term Investments | 0.0%<sup>Footnote Reference2</sup><sup>Footnote Reference3</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 4**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.4% |
| AA | 8.5% |
| A | 5.0% |
| BBB | 7.0% |
| BB or lower | 21.8% |
| N/R (Not Rated) | 57.3% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class A \| FDUAX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class C \| FDYCX

**This Annual Shareholder Report contains important information about the Class C shares of the Fund, and a material change that occurred for the period of July 11, 2025 to October 31, 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 Short Duration High Yield Municipal Fund

# What Were the Fund's Costs for the Period July 11, 2025 to October 31, 2025?
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 | $49<sup>Footnote Reference1</sup> | 1.60%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The cost of a $10,000 investment is based on the period July 11, 2025 to October 31, 2025. Had the class been open for the full fiscal year, the cost of a $10,000 investment would have been higher. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized. |

---

# How Did the Fund Perform for the Period July 11, 2025 to October 31, 2025?
The NAV of First Eagle Short Duration High Yield Municipal Fund Class C Shares<sup>1</sup> increased 0.09%

in the period since inception on July 11, 2025 and ended October 31, 2025. The S&P Short Duration Municipal Yield Index increased 2.08% and the S&P Municipal Bond Index increased 4.04% for the same period.

• Education and tax-supported were the largest contributors among sectors, while industrial development revenue/pollution control revenue was the only detractor and other revenue was the next weakest-performing sector.

• Westchester County Health Care Corp Group Revenue Bond was the leading contributor to performance.

• Brightline Trains Florida LLC was the largest detractor to performance.

<sup>1</sup> Reflects performance for Class C shares without the effect of sales charges and assumes all distributions have been reinvested; if sales charges were included, values would be lower.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Short Duration High Yield Municipal Fund (Class C) \| $9,910** | **S&P Municipal Bond Index \| $10,395** | **S&P Short Duration Municipal Yield Index \| $10,197** |
| **7/11/25** | 10000.0 | 10000 | 10000 |
| **7/31/25** | 9790.53 | 9975 | 9973 |
| **8/31/25** | 9884.48 | 10058 | 10061 |
| **9/30/25** | 10030.74 | 10285 | 10180 |
| **10/31/25** | 9910.01 | 10395 | 10197 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | |
|:---|:---|
| **Class/Index Name** | **Since Inception (7/11/25)** |
| Class C - without sales charge | 0.09% |
| Class C - with sales charge | -0.90% |
| S&P Municipal Bond Index | 4.04% |
| S&P Short Duration Municipal Yield Index | 2.08% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,558,753,154

* Number of Portfolio Holdings700

* Portfolio Turnover Rate114.60%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$3,539,670

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 99.2%<sup>Footnote Reference1</sup> |
| Corporate Bonds | 0.8% |
| Short-Term Investments | 0.0%<sup>Footnote Reference2</sup><sup>Footnote Reference3</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 4**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.4% |
| AA | 8.5% |
| A | 5.0% |
| BBB | 7.0% |
| BB or lower | 21.8% |
| N/R (Not Rated) | 57.3% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since July 11, 2025 . For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class C \| FDYCX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class I \| FDUIX

**This 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 October 31, 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 Short Duration High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $61 | 0.60% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Short Duration High Yield Municipal Fund Class I Shares increased 2.20%

in the 12-month period ended October 31, 2025. The S&P Short Duration Municipal Yield Index increased 4.20% and the S&P Municipal Bond Index increased 4.14% for the same period.

• Utility and other revenue were the largest contributors among sectors, while industrial development revenue/pollution control revenue was the only detractor and transportation was the next weakest performing sector.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

# Total Return Based on a $1,000,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Short Duration High Yield Municipal Fund (Class I) \| $1,089,002** | **S&P Municipal Bond Index \| $1,057,482** | **S&P Short Duration Municipal Yield Index \| $1,062,652** |
| **1/2/24** | 1000000.0 | 1000000 | 1000000 |
| **1/31/24** | 1007698.89 | 998471 | 1003352 |
| **2/29/24** | 1011451.89 | 999238 | 1004124 |
| **3/31/24** | 1017506.89 | 999079 | 1003963 |
| **4/30/24** | 1020340.8 | 988371 | 993203 |
| **5/31/24** | 1026339.67 | 985976 | 990796 |
| **6/30/24** | 1041426.76 | 1001701 | 1006598 |
| **7/31/24** | 1051649.03 | 1010338 | 1015278 |
| **8/31/24** | 1062993.92 | 1018626 | 1023606 |
| **9/30/24** | 1071641.3 | 1028870 | 1033900 |
| **10/31/24** | 1065593.39 | 1015444 | 1020409 |
| **11/30/24** | 1078124.16 | 1030837 | 1035877 |
| **12/31/24** | 1073871.97 | 1019027 | 1024009 |
| **1/31/25** | 1083225.9 | 1022749 | 1027749 |
| **2/28/25** | 1094731.73 | 1033001 | 1038052 |
| **3/31/25** | 1090437.61 | 1016622 | 1021592 |
| **4/30/25** | 1081882.33 | 1010886 | 1015828 |
| **5/31/25** | 1083964.39 | 1010078 | 1015016 |
| **6/30/25** | 1089256.06 | 1017265 | 1022238 |
| **7/31/25** | 1062775.13 | 1014754 | 1019715 |
| **8/31/25** | 1073865.89 | 1023129 | 1028131 |
| **9/30/25** | 1090574.08 | 1046223 | 1051338 |
| **10/31/25** | 1089002.3 | 1057482 | 1062652 |

---

The above chart represents historical performance of a hypothetical $1,000,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (1/2/24)** |
| Class I | 2.20% | 4.77% |
| S&P Municipal Bond Index | 4.14% | 3.08% |
| S&P Short Duration Municipal Yield Index | 4.20% | 4.38% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,558,753,154

* Number of Portfolio Holdings700

* Portfolio Turnover Rate114.60%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$3,539,670

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 99.2%<sup>Footnote Reference1</sup> |
| Corporate Bonds | 0.8% |
| Short-Term Investments | 0.0%<sup>Footnote Reference2</sup><sup>Footnote Reference3</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 4**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.4% |
| AA | 8.5% |
| A | 5.0% |
| BBB | 7.0% |
| BB or lower | 21.8% |
| N/R (Not Rated) | 57.3% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class I \| FDUIX

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.

![Image](tm2526851d1_tsrimg015.jpg)

October 31, 2025

Annual Shareholder Report

Class R6 \| FDURX

**This 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 October 31, 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 Short Duration High Yield Municipal Fund

# What Were the Fund's Costs for the Last Year?
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 | $61 | 0.60% |

---

# How Did the Fund Perform Last Year?
The NAV of First Eagle Short Duration High Yield Municipal Fund Class R6 Shares increased 2.23%

in the 12-month period ended October 31, 2025. The S&P Short Duration Municipal Yield Index increased 4.20% and the S&P Municipal Bond Index increased 4.14% for the same period.

• Utility and other revenue were the largest contributors among sectors, while industrial development revenue/pollution control revenue was the only detractor and transportation was the next weakest performing sector.

• Florida Development Finance Corp. Revenue 8.25% due August 13, 2025 was the leading contributor to performance.

• Florida Development Finance Corp. Revenue with Variable Terms due July 15, 2028 was the largest detractor to performance.

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](tm2526851d1_tsrimg061.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle Short Duration High Yield Municipal Fund (Class R6) \| $10,892** | **S&P Municipal Bond Index \| $10,575** | **S&P Short Duration Municipal Yield Index \| $10,627** |
| **1/2/24** | 10000.0 | 10000 | 10000 |
| **1/31/24** | 10076.99 | 9985 | 10034 |
| **2/29/24** | 10118.89 | 9992 | 10041 |
| **3/31/24** | 10173.35 | 9991 | 10040 |
| **4/30/24** | 10201.6 | 9884 | 9932 |
| **5/31/24** | 10261.63 | 9860 | 9908 |
| **6/30/24** | 10412.29 | 10017 | 10066 |
| **7/31/24** | 10524.83 | 10103 | 10153 |
| **8/31/24** | 10627.84 | 10186 | 10236 |
| **9/30/24** | 10724.93 | 10289 | 10339 |
| **10/31/24** | 10654.33 | 10154 | 10204 |
| **11/30/24** | 10790.13 | 10308 | 10359 |
| **12/31/24** | 10748.04 | 10190 | 10240 |
| **1/31/25** | 10831.37 | 10227 | 10277 |
| **2/28/25** | 10946.52 | 10330 | 10381 |
| **3/31/25** | 10903.93 | 10166 | 10216 |
| **4/30/25** | 10818.87 | 10109 | 10158 |
| **5/31/25** | 10839.73 | 10101 | 10150 |
| **6/30/25** | 10892.64 | 10173 | 10222 |
| **7/31/25** | 10628.93 | 10148 | 10197 |
| **8/31/25** | 10750.55 | 10231 | 10281 |
| **9/30/25** | 10906.95 | 10462 | 10513 |
| **10/31/25** | 10891.58 | 10575 | 10627 |

---

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The results of this chart do not predict the results of future time periods and does not guarantee the same results.

# Average Annual Returns

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception (1/2/24)** |
| Class R6 | 2.23% | 4.78% |
| S&P Municipal Bond Index | 4.14% | 3.08% |
| S&P Short Duration Municipal Yield Index | 4.20% | 4.38% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.334.2143 or visit https://www.firsteagle.com if you have questions about current performance.**

# Key Fund Statistics
* Net Assets$1,558,753,154

* Number of Portfolio Holdings700

* Portfolio Turnover Rate114.60%

* Net Investment Advisory Fees
(net of waivers and reimbursements)$3,539,670

# Asset Allocation by Asset Class
Based on total investments in the portfolio

![Group By Asset Type Chart](tm2526851d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 99.2%<sup>Footnote Reference1</sup> |
| Corporate Bonds | 0.8% |
| Short-Term Investments | 0.0%<sup>Footnote Reference2</sup><sup>Footnote Reference3</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 4**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.4% |
| AA | 8.5% |
| A | 5.0% |
| BBB | 7.0% |
| BB or lower | 21.8% |
| N/R (Not Rated) | 57.3% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;&nbsp;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
This is a summary of certain changes of the Fund since November 1, 2024. For more information contact 800.334.2143 or you may review the Fund's next prospectus, which is expected to be available by March 1, 2026 at https://www.firsteagle.com or upon request at 800.334.2143. First Eagle Investment Management, LLC, the investment adviser of the Fund, is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P. On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held BCP CC Holdings L.P.

![Image](tm2526851d1_tsrimg015.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
October 31, 2025

Annual Shareholder Report

![QR Code](tm2526851d1_tsrimg048.jpg)

Class R6 \| FDURX

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.

**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.**

The Board of Trustees of the registrant has designated Mandakini Puri, Paul J. Lawler, William M. Kelly and Jean Hamilton as Audit Committee Financial Experts. Ms. Puri, Mr. Lawler, Mr. Kelly and Ms. Hamilton are considered by the Board to be independent trustees.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees:

For the Fiscal years ended October 31, 2025 and October 31, 2024, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $690,728 and $726,359, respectively. Fees included in the audit fees category are those associated with the annual audits of the financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b) Audit Related Fees:

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate PwC fees for assurance and related services rendered to the registrant were approximately $0 and $0, respectively.

(c) Tax Fees

In each fiscal year ended October 31, 2025 and October 31, 2024, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $712,100 and $700,335, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to audits. This category comprises fees for tax compliance and preparation of tax returns.

(d) All Other Fees:

In each of the fiscal years ended October 31, 2025 and October 31, 2024, there were no fees billed by PwC for products and services, other than 4(a)-(c) above, rendered to the registrant.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval by the committee or a designated member thereof. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit and non-audit services requiring fees of a de minimis amount is not permitted.

(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) According to PwC, for the fiscal year ended October 31, 2025, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributable to work performed by persons who are not full-time, permanent employees of PwC was 0%.

(g) Other than as described in the table above, the aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant ("covered"), its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser ("non-covered") that provides ongoing services to the registrant was $0 in 2025 and 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**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.**

![](j25268512_aa001.jpg)

Annual Report

**October 31, 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

![](j25268512_aa002.jpg)

------

**Forward-Looking Statement Disclosure**

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

First Eagle Funds \| Annual Report \| October 31, 2025

------

**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. Value Fund (formerly First Eagle U.S. Value Fund) Consolidated Schedule of Investments** | 25 |
| **First Eagle Gold Fund Consolidated Schedule of Investments** | 32 |
| **First Eagle Global Income Builder Fund Schedule of Investments** | 36 |
| **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** | 66 |
| **First Eagle Global Real Assets Fund Consolidated Schedule of Investments** | 71 |
| **First Eagle High Yield Municipal Fund Schedule of Investments** | 75 |
| **First Eagle Short Duration High Yield Municipal Fund Schedule of Investments** | 192 |
| **Statements of Assets and Liabilities** | 242 |
| **Statements of Operations** | 254 |
| **Statements of Changes in Net Assets** | 266 |
| **Statement of Cash Flow** | 284 |
| **Financial Highlights** | 286 |
| **Notes to Financial Statements** | 300 |
| **Report of Independent Registered Accounting Firm** | 336 |
| **Item 8 Changes in and Disagreements with Accountants** | 338 |
| **Item 9 Proxy Disclosures** | 338 |
| **Item 10 Remuneration Paid to Directors, Officers, and Others** | 339 |
| **Item 11 Statement Regarding Basis for Approval of Investment <br>Advisory Contract** | 339 |
| **General Information** | 340 |
| **Tax Information** | 341 |
| **Privacy Notice** | 343 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 83.6%** | **Common Stocks — 83.6%** | **Common Stocks — 83.6%** |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Groupe Bruxelles Lambert NV | 6081911 | 534542698 |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| Ambev SA, ADR | 166791911 | 385289314 |
| Itausa SA (Preference) | 167347694 | 362382668 |
|  |  | **747671982** |
| **Canada — 5.4%** | **Canada — 5.4%** | **Canada — 5.4%** |
| Agnico Eagle Mines Ltd. | 1999447 | 321582300 |
| Barrick Mining Corp. | 15868592 | 520489818 |
| Franco-Nevada Corp. | 2427224 | 453394471 |
| Imperial Oil Ltd. | 10558962 | 933898425 |
| Nutrien Ltd. | 6438891 | 350597615 |
| Power Corp. of Canada | 10763570 | 504200598 |
| Wheaton Precious Metals Corp. | 6542920 | 631522638 |
|  |  | **3715685865** |
| **China — 3.0%** | **China — 3.0%** | **China — 3.0%** |
| Alibaba Group Holding Ltd. | 37671592 | 801604355 |
| Prosus NV\* | 18115368 | 1252106140 |
|  |  | **2053710495** |
| **France — 3.0%** | **France — 3.0%** | **France — 3.0%** |
| Danone SA | 6769033 | 597818262 |
| Legrand SA | 1813338 | 313141173 |
| LVMH Moet Hennessy Louis Vuitton SE | 1249732 | 883339557 |
| Pluxee NV | 1781470 | 34413592 |
| Sodexo SA | 2131829 | 118040281 |
| Wendel SE | 867489 | 81422830 |
|  |  | **2028175695** |
| **Germany — 1.7%** | **Germany — 1.7%** | **Germany — 1.7%** |
| Brenntag SE | 1126149 | 62544912 |
| Henkel AG & Co. KGaA (Preference) | 3516726 | 284900151 |
| Merck KGaA | 6071389 | 795313260 |
|  |  | **1142758323** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| AIA Group Ltd. | 41248000 | 401373425 |
| CK Asset Holdings Ltd. | 54929000 | 271747323 |
| Guoco Group Ltd. (a) | 12748580 | 127148651 |
| Hongkong Land Holdings Ltd. | 31759300 | 194059569 |
| Jardine Matheson Holdings Ltd. | 7051271 | 414012413 |
|  |  | **1408341381** |
| **Japan — 6.1%** | **Japan — 6.1%** | **Japan — 6.1%** |
| Chofu Seisakusho Co. Ltd. (b) | 2102200 | 26654002 |
| FANUC Corp. | 17670600 | 589693480 |
| Hirose Electric Co. Ltd. | 1258915 | 168653386 |
| Hoshizaki Corp. | 6107800 | 214904328 |
| Keyence Corp. | 375300 | 139286890 |
| Mitsubishi Electric Corp. | 21523500 | 611108283 |
| MS&AD Insurance Group Holdings, Inc. | 23189560 | 478040302 |
| Secom Co. Ltd. | 12674260 | 428450971 |
| Shimano, Inc. (b) | 4397890 | 460748849 |
| SMC Corp. | 1831956 | 627119812 |
| Sompo Holdings, Inc. | 11283000 | 343854759 |
| T Hasegawa Co. Ltd. (b) | 3002800 | 52610563 |
| USS Co. Ltd. | 2597200 | 28667591 |
|  |  | **4169793216** |
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |
| Fomento Economico Mexicano SAB de CV, ADR | 6677092 | 630050401 |
| Fresnillo plc | 4454810 | 130272804 |
| Grupo Mexico SAB de CV, Series B | 35279302 | 305006405 |
| Industrias Penoles SAB de CV\* | 3190717 | 132085396 |
| Wal-Mart de Mexico SAB de CV | 61958380 | 204832667 |
|  |  | **1402247673** |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| Heineken Holding NV | 3269505 | 220793199 |
| Heineken NV | 1762645 | 136485654 |
|  |  | **357278853** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Orkla ASA | 16166787 | 164194931 |
| **South Korea — 4.3%** | **South Korea — 4.3%** | **South Korea — 4.3%** |
| Hyundai Mobis Co. Ltd. | 999985 | 221134137 |
| KT&G Corp. | 5242098 | 493343755 |
| NAVER Corp. | 1857627 | 348149320 |
| Samsung Electronics Co. Ltd. | 11473361 | 863671241 |
| Samsung Electronics Co. Ltd. (Preference) | 12016075 | 709128211 |
| Samsung Life Insurance Co. Ltd. | 2998664 | 324063502 |
|  |  | **2959490166** |
| **Sweden — 1.0%** | **Sweden — 1.0%** | **Sweden — 1.0%** |
| Investor AB, Class A | 4970940 | 163515728 |
| Investor AB, Class B | 11255824 | 370618838 |
| Svenska Handelsbanken AB, Class A | 10429006 | 136091600 |
|  |  | **670226166** |
| **Switzerland — 3.2%** | **Switzerland — 3.2%** | **Switzerland — 3.2%** |
| Cie Financiere Richemont SA (Registered) | 4453017 | 880832195 |
| Nestle SA (Registered) | 6438767 | 615214275 |
| Schindler Holding AG | 1687339 | 601030664 |
| Schindler Holding AG (Registered) | 211870 | 71620560 |
|  |  | **2168697694** |
| **Taiwan — 1.5%** | **Taiwan — 1.5%** | **Taiwan — 1.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3514485 | 1055856729 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Bangkok Bank PCL, NVDR | 42690800 | 209195799 |
| **United Kingdom — 7.5%** | **United Kingdom — 7.5%** | **United Kingdom — 7.5%** |
| BAE Systems plc | 21476029 | 529029493 |
| Berkeley Group Holdings plc (b) | 6528960 | 345869867 |
| British American Tobacco plc | 20248964 | 1037061808 |
| Derwent London plc, REIT | 4966240 | 114995626 |
| Diageo plc | 9616920 | 221206040 |
| Haleon plc | 107935852 | 501926746 |
| Lloyds Banking Group plc | 332182803 | 389480859 |
| Reckitt Benckiser Group plc | 9376596 | 717207218 |
| Shell plc | 12805177 | 480778596 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United Kingdom — 7.5% (continued)** | **United Kingdom — 7.5% (continued)** | **United Kingdom — 7.5% (continued)** |
| Unilever plc | 12894404 | 780839625 |
|  |  | **5118395878** |
| **United States — 39.9%** | **United States — 39.9%** | **United States — 39.9%** |
| Alphabet, Inc., Class A | 2694360 | 757627088 |
| Alphabet, Inc., Class C | 5094822 | 1435822736 |
| American Express Co. | 1267879 | 457361992 |
| Analog Devices, Inc. | 1391521 | 325796812 |
| Bank of New York Mellon Corp. (The) | 7468582 | 806084055 |
| Becton Dickinson & Co. | 7827190 | 1398797125 |
| Berkshire Hathaway, Inc., Class A\* | 434 | 310631160 |
| Bio-Rad Laboratories, Inc., Class A\* | 1878739 | 600351047 |
| BXP, Inc., REIT | 2473129 | 176062054 |
| Carlisle Cos., Inc. | 403991 | 131317275 |
| CH Robinson Worldwide, Inc. (b) | 7566045 | 1165095270 |
| Charter Communications, Inc., Class A\* | 1020339 | 238596072 |
| Colgate-Palmolive Co. | 5342322 | 411625910 |
| Comcast Corp., Class A | 24979449 | 695302963 |
| Cummins, Inc. | 943076 | 412765504 |
| Deere & Co. | 381724 | 176215250 |
| Dentsply Sirona, Inc. (b) | 10435979 | 131597695 |
| Dollar General Corp. | 4406100 | 434705826 |
| Douglas Emmett, Inc., REIT (b) | 9162021 | 118556552 |
| Elevance Health, Inc. | 2844869 | 902392447 |
| Equity Residential, REIT | 6189955 | 367930925 |
| Expeditors International of Washington, Inc. | 4576022 | 557817082 |
| Extra Space Storage, Inc., REIT | 1304682 | 174227234 |
| Exxon Mobil Corp. | 5306628 | 606865978 |
| Ferguson Enterprises, Inc. | 444071 | 110351643 |
| Fidelity National Financial, Inc. | 4297027 | 237367771 |
| HCA Healthcare, Inc. | 2734128 | 1256823959 |
| International Flavors & Fragrances, Inc. | 6474034 | 407669921 |
| IPG Photonics Corp.\* (b) | 3319802 | 282581546 |
| JG Boswell Co. | 2485 | 1150555 |
| Medtronic plc | 6658084 | 603888219 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 39.9% (continued)** | **United States — 39.9% (continued)** | **United States — 39.9% (continued)** |
| Meta Platforms, Inc., Class A | 2449415 | 1588078215 |
| Microsoft Corp. | 391945 | 202953040 |
| Mills Music Trust\* (b) | 31592 | 758208 |
| Newmont Corp. | 6221162 | 503727487 |
| Noble Corp. plc (b) | 9141720 | 268309482 |
| NOV, Inc. (b) | 28255276 | 412527030 |
| Omnicom Group, Inc. | 4515387 | 338744333 |
| ONEOK, Inc. | 5659323 | 379174641 |
| Oracle Corp. | 6449364 | 1693667480 |
| Philip Morris International, Inc. | 4553943 | 657270593 |
| PPG Industries, Inc. | 4627995 | 452386511 |
| Ross Stores, Inc. | 1040944 | 165426820 |
| Salesforce, Inc. | 3095205 | 806022334 |
| SLB Ltd. | 20475698 | 738353670 |
| Texas Instruments, Inc. | 2442932 | 394435801 |
| Universal Health Services, Inc., Class B | 3368166 | 730925704 |
| US Bancorp | 5965007 | 278446527 |
| Walt Disney Co. (The) | 2500477 | 281603720 |
| Weyerhaeuser Co., REIT | 16888688 | 388439824 |
| Willis Towers Watson plc | 2511169 | 786247014 |
| Workday, Inc., Class A\* | 2260948 | 542446644 |
|  |  | **27303324744** |
| **Total Common Stocks<br>(Cost $35,686,277,016)** | **Total Common Stocks<br>(Cost $35,686,277,016)** | **57209588288** |
|  | **Ounces** |  |
| **Commodities — 11.4%** | **Commodities — 11.4%** | **Commodities — 11.4%** |
| Gold bullion\*<br>(Cost $1,871,828,285) | 1946358 | 7784964586 |
|  | **Principal Amount ($)** |  |
| **Corporate Bonds — 0.0% (c)** | **Corporate Bonds — 0.0% (c)** | **Corporate Bonds — 0.0% (c)** |
| **United States — 0.0% (c)** | **United States — 0.0% (c)** | **United States — 0.0% (c)** |
| Bausch & Lomb, Inc.<br>7.13%, 08/01/2028‡ (Cost $5,271,299) | 5467000 | 5384995 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** |
| **Commercial Paper — 4.6%** | **Commercial Paper — 4.6%** | **Commercial Paper — 4.6%** |
| AES Corp. (The)<br>4.25%, 11/03/2025 (d)(e) | 23631000 | 23622627 |
| Amazon.com, Inc.<br>3.86%, 12/18/2025 (d) | 42500000 | 42278660 |
| Apple, Inc.<br>4.04%, 11/05/2025 (d)(e) | 50000000 | 49972600 |
| 4.05%, 11/06/2025 (d)(e) | 75000000 | 74950462 |
| Cargill, Inc.<br>3.92%, 11/03/2025 (d)(e) | 14769000 | 14764165 |
| Credit Agricole Corporate and Investment Bank<br>3.84%, 11/03/2025 (d) | 10722000 | 10718537 |
| Engie SA<br>4.20%, 11/03/2025 (d)(e) | 43333000 | 43319060 |
| 4.29%, 11/12/2025 (d)(e) | 75000000 | 74901420 |
| 4.25%, 11/17/2025 (d)(e) | 75000000 | 74860605 |
| 4.15%, 12/02/2025 (d)(e) | 100000000 | 99644530 |
| 4.25%, 12/03/2025 (d)(e) | 50000000 | 49816735 |
| 4.13%, 01/06/2026 (d)(e) | 86667000 | 86024798 |
| 4.12%, 01/07/2026 (d)(e) | 25000000 | 24812007 |
| 4.02%, 01/26/2026 (d)(e) | 60000000 | 59424132 |
| 4.02%, 01/30/2026 (d)(e) | 60000000 | 59397732 |
| Export Development Corp.<br>4.23%, 11/19/2025 (d) | 86667000 | 86491473 |
| 3.95%, 12/04/2025 (d) | 88850000 | 88528496 |
| General Motors Financial Co., Inc.<br>4.00%, 11/03/2025 (d)(e) | 31459000 | 31448455 |
| Johnson & Johnson<br>3.95%, 12/19/2025 (d)(e) | 65000000 | 64652627 |
| 3.88%, 01/27/2026 (d)(e) | 72270000 | 71590568 |
| Kreditanstalt fuer Wiederaufbau<br>4.23%, 11/14/2025 (d)(e) | 50000000 | 49925015 |
| LVMH Moet Hennessy Louis Vuitton SE<br>3.95%, 01/08/2026 (d)(e) | 50000000 | 49625485 |
| 3.94%, 01/09/2026 (d)(e) | 50000000 | 49620185 |
| 3.95%, 01/12/2026 (d)(e) | 50000000 | 49604315 |
| 3.94%, 01/15/2026 (d)(e) | 80000000 | 79341560 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 4.6% (continued)** | **Commercial Paper — 4.6% (continued)** | **Commercial Paper — 4.6% (continued)** |
| LVMH Moet Hennessy Louis Vuitton, Inc.<br>4.26%, 11/14/2025 (d)(e) | 44000000 | 43932667 |
| Nestle Capital Corp.<br>4.03%, 11/05/2025 (d)(e) | 50000000 | 49972885 |
| NRW Bank<br>4.23%, 12/01/2025 (d)(e) | 85000000 | 84719126 |
| Oracle Corp.<br>4.31%, 11/20/2025 (d)(e) | 75000000 | 74832045 |
| 4.31%, 11/24/2025 (d)(e) | 100000000 | 99730230 |
| 4.29%, 01/16/2026 (d)(e) | 12000000 | 11896576 |
| Province of Quebec<br>4.07%, 11/10/2025 (d)(e) | 78000000 | 77914387 |
| 4.24%, 11/21/2025 (d)(e) | 43333000 | 43233759 |
| 4.01%, 11/25/2025 (d)(e) | 75000000 | 74796120 |
| 3.98%, 12/03/2025 (d)(e) | 30000000 | 29892888 |
| 3.96%, 01/05/2026 (d)(e) | 100000000 | 99289030 |
| 3.96%, 01/07/2026 (d)(e) | 100000000 | 99267620 |
| 3.96%, 01/12/2026 (d)(e) | 75000000 | 74410575 |
| 3.96%, 01/14/2026 (d)(e) | 75000000 | 74394532 |
| 3.93%, 01/29/2026 (d)(e) | 75000000 | 74274375 |
| PSP Capital, Inc.<br>4.36%, 11/04/2025 (d)(e) | 51000000 | 50977779 |
| 4.24%, 11/18/2025 (d)(e) | 55000000 | 54892860 |
| 4.25%, 11/19/2025 (d)(e) | 85000000 | 84825130 |
| 4.23%, 11/21/2025 (d)(e) | 100000000 | 99772380 |
| 3.96%, 01/21/2026 (d)(e) | 50000000 | 49553175 |
| Roche Holdings, Inc.<br>4.07%, 11/07/2025 (d)(e) | 100000000 | 99923000 |
| Siemens Capital Co. LLC<br>3.95%, 01/13/2026 (d)(e) | 50000000 | 49602525 |
| Unilever Finance Netherlands BV<br>4.10%, 11/03/2025 (d)(e) | 50000000 | 49983675 |
| Walmart, Inc.<br>3.99%, 11/20/2025 (d)(e) | 42500000 | 42407524 |
| Walt Disney Co. (The)<br>4.10%, 11/04/2025 (d)(e) | 50000000 | 49978050 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 4.6% (continued)** | **Commercial Paper — 4.6% (continued)** | **Commercial Paper — 4.6% (continued)** |
| 4.08%, 12/16/2025 (d)(e) | 100000000 | 99497150 |
| **Total Commercial Paper<br>(Cost $3,153,404,765)** | **Total Commercial Paper<br>(Cost $3,153,404,765)** | **3153306312** |
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| U.S. Treasury Bills<br>4.18%, 11/13/2025 (d) | 40000000 | 39957078 |
| 4.12%, 12/18/2025 (d) | 40000000 | 39806575 |
| 3.76%, 02/05/2026 (d) | 60000000 | 59412265 |
| 3.77%, 03/19/2026 (d) | 40000000 | 39437992 |
| 3.68%, 04/30/2026 (d) | 50000000 | 49085587 |
| **Total U.S. Treasury Obligations<br>(Cost $227,667,947)** | **Total U.S. Treasury Obligations<br>(Cost $227,667,947)** | **227699497** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** |
| JPMorgan US Government Money Market <br>Fund 4.07% (f) (Cost $185,022) | 185022 | 185022 |
| **Total Short-Term Investments<br>(Cost $3,381,257,734)** | **Total Short-Term Investments<br>(Cost $3,381,257,734)** | **3381190831** |
| **Total Investments — 99.9%<br>(Cost $40,944,634,334)** | **Total Investments — 99.9%<br>(Cost $40,944,634,334)** | **68381128700** |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | **79213510** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **68460342210** |

---

\* 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 October 31, 2025 amounted to $127,148,651, which represents approximately 0.19% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Guoco Group Ltd. | 03/22/04 - 12/29/20 | $115604847 | $9.97 |

---

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

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

(d) The rate shown was the current yield as of October 31, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 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 October 31, 2025 amounted to $2,925,289,146, which represents approximately 4.27% of net assets of the Fund.

(f) Represents 7-day effective yield as of October 31, 2025.

As of October 31, 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 | $29176036111 |
| Aggregate gross unrealized depreciation | (3102044650) |
| Net unrealized appreciation | $26073991461 |
| Federal income tax cost of investments | $42346371837 |

---

**Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency <br>Purchased** | **Currency <br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized <br>Appreciation<br>(Depreciation)** |
| USD | 303216050 | EUR | 258736000 | UBS AG | 11/05/2025 | $4964816 |
| USD | 86455654 | JPY | 12428813000 | UBS AG | 11/05/2025 | 5798499 |
| USD | 284653287 | EUR | 246110000 | Bank of New York Mellon | 12/03/2025 | 509758 |
| USD | 119845972 | JPY | 17623530000 | Bank of New York Mellon | 12/03/2025 | 5151863 |
| USD | 356608532 | EUR | 305211000 | Goldman Sachs | 01/07/2026 | 3492082 |
| USD | 77502059 | GBP | 57826000 | Goldman Sachs | 01/07/2026 | 1533468 |
| USD | 101460661 | JPY | 14822388000 | Goldman Sachs | 01/07/2026 | 4636658 |
| USD | 339577809 | EUR | 287348000 | JPMorgan Chase Bank | 02/04/2026 | 6655746 |
| USD | 72446309 | GBP | 53952000 | JPMorgan Chase Bank | 02/04/2026 | 1568989 |
| USD | 112366888 | JPY | 16497720000 | JPMorgan Chase Bank | 02/04/2026 | 4315566 |
| USD | 367955438 | EUR | 314419000 | UBS AG | 03/04/2026 | 3169972 |
| USD | 98188315 | JPY | 14776821000 | UBS AG | 03/04/2026 | 1167491 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 42964908 |
| EUR | 258736000 | USD | 300966372 | UBS AG | 11/05/2025 | (2715138) |
| JPY | 12428813000 | USD | 81672327 | UBS AG | 11/05/2025 | (1015172) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (3730310) |
| **Net unrealized appreciation** | **Net unrealized appreciation** |  |  |  |  | $39234598 |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NVDR — Non-Voting Depositary Receipt

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

REIT — Real Estate Investment Trust

USD — United States Dollar

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value <br>October 31, 2024** | **Purchases at<br>Cost** | **Proceeds from <br>Sales** | **Net Realized<br>Gains<br>(Loss)** |
| **Common Stocks — 4.8%** | **Common Stocks — 4.8%** | **Common Stocks — 4.8%** | **Common Stocks — 4.8%** | **Common Stocks — 4.8%** |
| **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** |
| Chofu Seisakusho Co. Ltd. | $36095872 | $— | $(9164698) | $(5411827) |
| Shimano, Inc.<sup>^</sup> | 362821426 | 259452603 |  |  |
| T Hasegawa Co. Ltd. | 65161051 |  |  |  |
|  | **464078349** | **259452603** | **(9164698)** | **(5411827)** |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| Berkeley Group Holdings plc | 372574034 |  |  |  |
| **United States — 3.5%** | **United States — 3.5%** | **United States — 3.5%** | **United States — 3.5%** | **United States — 3.5%** |
| CH Robinson Worldwide, Inc. | 823996146 |  | (48288702) | 14585470 |
| Dentsply Sirona, Inc. | 241801633 |  |  |  |
| Douglas Emmett, Inc., REIT | 162992354 |  |  |  |
| Flowserve Corp.<sup>^^</sup> | 415446250 |  | (472000294) | 103334933 |
| IPG Photonics Corp.\* | 268771170 |  |  |  |
| Mills Music Trust\* | 1137312 |  |  |  |
| Noble Corp. plc<sup>^</sup> | 171568734 | 122490591 |  |  |
| NOV, Inc. | 438239331 |  |  |  |
|  | **2523952930** | **122490591** | **(520288996)** | **117920403** |
| **Total Common Stocks** | **3360605313** | **381943194** | **(529453694)** | **112508576** |
| **Total** | $**3360605313** | $**381943194** | $**(529453694)** | $**112508576** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Fund \| Consolidated Schedule of Investments \| October 31, 2025

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized <br>Appreciation/<br>Depreciation** | **Market Value <br>October 31, 2025** | **Shares at<br>October 31, 2025** | **Dividend <br>Income** |
| **Common Stocks — 4.8%** | **Common Stocks — 4.8%** | **Common Stocks — 4.8%** | **Common Stocks — 4.8%** | **Common Stocks — 4.8%** |
| **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** | **Japan — 0.8%** |
| Chofu Seisakusho Co. Ltd. | $5134655 | $26654002 | 2102200 | $736608 |
| Shimano, Inc.<sup>^</sup> | (161525180) | 460748849 | 4397890 | 6501142 |
| T Hasegawa Co. Ltd. | (12550488) | 52610563 | 3002800 | 1340433 |
|  | **(168941013)** | **540013414** | **9502890** | **8578183** |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| Berkeley Group Holdings plc | (26704167) | 345869867 | 6528960 | 2774746 |
| **United States — 3.5%** | **United States — 3.5%** | **United States — 3.5%** | **United States — 3.5%** | **United States — 3.5%** |
| CH Robinson Worldwide, Inc. | 374802356 | 1165095270 | 7566045 | 18866009 |
| Dentsply Sirona, Inc. | (110203938) | 131597695 | 10435979 | 6679027 |
| Douglas Emmett, Inc., REIT | (44435802) | 118556552 | 9162021 | 6963136 |
| Flowserve Corp.<sup>^^</sup> | (46780889) |  |  | 2402529 |
| IPG Photonics Corp.\* | 13810376 | 282581546 | 3319802 |  |
| Mills Music Trust\* | (379104) | 758208 | 31592 |  |
| Noble Corp. plc<sup>^</sup> | (25749843) | 268309482 | 9141720 | 17626121 |
| NOV, Inc. | (25712301) | 412527030 | 28255276 | 14410191 |
|  | **135350855** | **2379425783** | **67912435** | **66947013** |
| **Total Common Stocks** | **(60294325)** | **3265309064** | **83944285** | **78299942** |
| **Total** | $**(60294325)** | $**3265309064** | **83944285** | $**78299942** |

---

\* Non-income producing security.

<sup>^</sup> Represents an unaffiliated issuer as of October 31, 2024.

<sup>^^</sup> Represents an unaffiliated issuer as of October 31, 2025.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 86.8%** | **Common Stocks — 86.8%** | **Common Stocks — 86.8%** |
| **Belgium — 1.6%** | **Belgium — 1.6%** | **Belgium — 1.6%** |
| Groupe Bruxelles Lambert NV | 2664632 | 234196057 |
| Legris Industries SA\*‡ (a)(b)(c) | 905366 | 18836441 |
|  |  | **253032498** |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| Ambev SA, ADR | 75441038 | 174268798 |
| Itausa SA (Preference) | 52050181 | 112711941 |
|  |  | **286980739** |
| **Canada — 8.9%** | **Canada — 8.9%** | **Canada — 8.9%** |
| Agnico Eagle Mines Ltd. | 441349 | 70984640 |
| Barrick Mining Corp. | 3539024 | 116079987 |
| CAE, Inc.\* | 762974 | 21422349 |
| Franco-Nevada Corp. | 569583 | 106395530 |
| Imperial Oil Ltd. | 5779312 | 511157288 |
| Nutrien Ltd. | 3011174 | 163958424 |
| Power Corp. of Canada | 4489154 | 210286562 |
| Wheaton Precious Metals Corp. | 1523138 | 147013280 |
|  |  | **1347298060** |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| Cia Cervecerias Unidas SA, ADR (c) | 9392572 | 121164179 |
| **China — 4.5%** | **China — 4.5%** | **China — 4.5%** |
| Alibaba Group Holding Ltd. | 13121728 | 279213958 |
| Prosus NV\* | 6044723 | 417801879 |
|  |  | **697015837** |
| **Faroe Islands — 0.3%** | **Faroe Islands — 0.3%** | **Faroe Islands — 0.3%** |
| Bakkafrost P/F | 1113537 | 51130970 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Kesko OYJ, Class B | 2392767 | 50474499 |
| **France — 5.4%** | **France — 5.4%** | **France — 5.4%** |
| Danone SA | 2781333 | 245637990 |
| Laurent-Perrier (c) | 558938 | 60302725 |
| Legrand SA | 738408 | 127513981 |
| LVMH Moet Hennessy Louis Vuitton SE | 425006 | 300404096 |
| Pluxee NV | 669814 | 12939149 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **France — 5.4% (continued)** | **France — 5.4% (continued)** | **France — 5.4% (continued)** |
| Sodexo SA | 641855 | 35539785 |
| Wendel SE | 439181 | 41221687 |
|  |  | **823559413** |
| **Germany — 3.4%** | **Germany — 3.4%** | **Germany — 3.4%** |
| Brenntag SE | 557632 | 30970186 |
| FUCHS SE (Preference) | 2212932 | 99060965 |
| Henkel AG & Co. KGaA (Preference) | 1433672 | 116145918 |
| Merck KGaA | 2061073 | 269987426 |
|  |  | **516164495** |
| **Hong Kong — 4.2%** | **Hong Kong — 4.2%** | **Hong Kong — 4.2%** |
| AIA Group Ltd. | 13725400 | 133558253 |
| CK Asset Holdings Ltd. | 25349500 | 125410235 |
| Guoco Group Ltd. (d) | 7806340 | 77856953 |
| Hongkong Land Holdings Ltd. | 15344600 | 93760456 |
| Jardine Matheson Holdings Ltd. | 3666800 | 215294621 |
|  |  | **645880518** |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| Astra International Tbk. PT | 149362500 | 55228798 |
| **Japan — 13.9%** | **Japan — 13.9%** | **Japan — 13.9%** |
| As One Corp. | 2893260 | 47229259 |
| Chofu Seisakusho Co. Ltd. | 1145300 | 14521372 |
| Daiichikosho Co. Ltd. | 1403056 | 14345430 |
| FANUC Corp. | 6879600 | 229582202 |
| Hirose Electric Co. Ltd. | 714830 | 95763812 |
| Hoshizaki Corp. | 2982500 | 104939939 |
| Kansai Paint Co. Ltd. (c) | 11635930 | 186761374 |
| Keyence Corp. | 114200 | 42383594 |
| Mitsubishi Electric Corp. | 9698800 | 275374220 |
| MS&AD Insurance Group Holdings, Inc. | 7767100 | 160114587 |
| Nagaileben Co. Ltd. | 1687224 | 19224127 |
| Nihon Kohden Corp. | 6253100 | 72267176 |
| Pilot Corp. | 551500 | 16653122 |
| Secom Co. Ltd. | 5385700 | 182062574 |
| Shimano, Inc. | 1644070 | 172242453 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Japan — 13.9% (continued)** | **Japan — 13.9% (continued)** | **Japan — 13.9% (continued)** |
| SK Kaken Co. Ltd. | 437805 | 25755890 |
| SMC Corp. | 619690 | 212133848 |
| Sompo Holdings, Inc. | 3779100 | 115169859 |
| T Hasegawa Co. Ltd. | 1906436 | 33401716 |
| TIS, Inc. | 2317600 | 79843282 |
| USS Co. Ltd. | 3806100 | 42011289 |
|  |  | **2141781125** |
| **Mexico — 3.1%** | **Mexico — 3.1%** | **Mexico — 3.1%** |
| Fomento Economico Mexicano SAB de CV, ADR | 2467172 | 232802350 |
| Fresnillo plc | 995640 | 29115678 |
| Grupo Mexico SAB de CV, Series B | 11215649 | 96964639 |
| Industrias Penoles SAB de CV\* | 1418753 | 58731800 |
| Wal-Mart de Mexico SAB de CV | 19808624 | 65486755 |
|  |  | **483101222** |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** | **Netherlands — 1.5%** |
| HAL Trust | 644459 | 101150179 |
| Heineken Holding NV | 1150489 | 77693763 |
| Heineken NV | 592023 | 45841702 |
|  |  | **224685644** |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Orkla ASA | 13060096 | 132642409 |
| **Singapore — 2.0%** | **Singapore — 2.0%** | **Singapore — 2.0%** |
| Haw Par Corp. Ltd. (c) | 19436313 | 220986185 |
| UOL Group Ltd. | 15760500 | 96284287 |
|  |  | **317270472** |
| **South Korea — 7.2%** | **South Korea — 7.2%** | **South Korea — 7.2%** |
| Fursys, Inc. (c) | 872463 | 27850881 |
| Hyundai Mobis Co. Ltd. | 505396 | 111761985 |
| KT&G Corp. | 2242051 | 211003659 |
| NAVER Corp. | 569050 | 106649166 |
| NongShim Co. Ltd. | 176897 | 54089767 |
| Samsung Electronics Co. Ltd. | 3413647 | 256966441 |
| Samsung Electronics Co. Ltd. (Preference) | 4008416 | 236556518 |
| Samsung Life Insurance Co. Ltd. | 910865 | 98436538 |
|  |  | **1103314955** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Sweden — 2.7%** | **Sweden — 2.7%** | **Sweden — 2.7%** |
| Industrivarden AB, Class C | 1572517 | 65229868 |
| Investor AB, Class B | 7625327 | 251078004 |
| L E Lundbergforetagen AB, Class B | 624661 | 33433684 |
| Svenska Handelsbanken AB, Class A | 5974046 | 77957332 |
|  |  | **427698888** |
| **Switzerland — 4.8%** | **Switzerland — 4.8%** | **Switzerland — 4.8%** |
| Cie Financiere Richemont SA (Registered) | 1491378 | 295003086 |
| Nestle SA (Registered) | 2230136 | 213086062 |
| Schindler Holding AG | 568797 | 202605664 |
| Schindler Holding AG (Registered) | 82435 | 27866337 |
|  |  | **738561149** |
| **Taiwan — 2.7%** | **Taiwan — 2.7%** | **Taiwan — 2.7%** |
| Taiwan Secom Co. Ltd. | 8545694 | 29983533 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1284857 | 386009588 |
|  |  | **415993121** |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Bangkok Bank PCL, NVDR | 19959159 | 97804965 |
| Thai Beverage PCL | 52214985 | 19243745 |
|  |  | **117048710** |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| AG Anadolu Grubu Holding A/S | 70243230 | 42820693 |
| **United Kingdom — 13.3%** | **United Kingdom — 13.3%** | **United Kingdom — 13.3%** |
| BAE Systems plc | 7462382 | 183824494 |
| Berkeley Group Holdings plc | 2512868 | 133118494 |
| Big Yellow Group plc, REIT | 3048535 | 44590620 |
| British American Tobacco plc | 7127880 | 365058287 |
| Diageo plc | 2951126 | 67881078 |
| Great Portland Estates plc, REIT | 7832988 | 34289686 |
| Haleon plc | 33065514 | 153762309 |
| Lloyds Banking Group plc | 147454324 | 172888651 |
| Reckitt Benckiser Group plc | 3583284 | 274082103 |
| Shell plc | 9919091 | 372418643 |
| Unilever plc | 4000171 | 242236246 |
|  |  | **2044150611** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 2.1%** | **United States — 2.1%** | **United States — 2.1%** |
| Newmont Corp. | 1563056 | 126560644 |
| Willis Towers Watson plc | 645984 | 202257590 |
|  |  | **328818234** |
| **Total Common Stocks<br>(Cost $8,355,161,838)** | **Total Common Stocks<br>(Cost $8,355,161,838)** | **13365817239** |
|  | **Ounces** |  |
| **Commodities — 9.2%** | **Commodities — 9.2%** | **Commodities — 9.2%** |
| Gold bullion\*<br>(Cost $272,993,545) | 352647 | 1410503133 |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** |
| **Commercial Paper — 3.3%** | **Commercial Paper — 3.3%** | **Commercial Paper — 3.3%** |
| AES Corp. (The)<br>4.25%, 11/03/2025 (e)(f) | 76478000 | 76450904 |
| Amazon.com, Inc.<br>3.86%, 12/18/2025 (e) | 7500000 | 7460940 |
| Apple, Inc.<br>4.05%, 11/06/2025 (e)(f) | 25000000 | 24983487 |
| Cargill, Inc.<br>3.92%, 11/03/2025 (e)(f) | 47800000 | 47784350 |
| Credit Agricole Corporate and Investment Bank<br>3.84%, 11/03/2025 (e) | 34702000 | 34690791 |
| Engie SA<br>4.20%, 11/03/2025 (e)(f) | 6667000 | 6664855 |
| 4.13%, 01/06/2026 (e)(f) | 13333000 | 13234202 |
| 4.12%, 01/07/2026 (e)(f) | 25000000 | 24812008 |
| 4.02%, 01/30/2026 (e)(f) | 15000000 | 14849433 |
| Export Development Corp.<br>4.23%, 11/19/2025 (e) | 13333000 | 13305997 |
| General Motors Financial Co., Inc.<br>4.00%, 11/03/2025 (e)(f) | 101812000 | 101777873 |
| Johnson & Johnson<br>3.95%, 12/19/2025 (e)(f) | 10000000 | 9946558 |
| NRW Bank<br>4.23%, 12/01/2025 (e)(f) | 15000000 | 14950434 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 3.3% (continued)** | **Commercial Paper — 3.3% (continued)** | **Commercial Paper — 3.3% (continued)** |
| Province of Quebec<br>4.24%, 11/21/2025 (e)(f) | 6667000 | 6651731 |
| 4.01%, 11/25/2025 (e)(f) | 25000000 | 24932040 |
| 3.96%, 01/12/2026 (e)(f) | 25000000 | 24803525 |
| 3.93%, 01/29/2026 (e)(f) | 25000000 | 24758125 |
| PSP Capital, Inc.<br>4.36%, 11/04/2025 (e)(f) | 15000000 | 14993464 |
| 4.25%, 11/19/2025 (e)(f) | 15000000 | 14969141 |
| Walmart, Inc.<br>3.99%, 11/20/2025 (e)(f) | 7500000 | 7483681 |
| **Total Commercial Paper <br>(Cost $509,538,549)** | **Total Commercial Paper <br>(Cost $509,538,549)** | **509503539** |
| **U.S. Treasury Obligations — 0.5%** | **U.S. Treasury Obligations — 0.5%** | **U.S. Treasury Obligations — 0.5%** |
| U.S. Treasury Bills<br>4.18%, 11/13/2025 (e) | 15000000 | 14983904 |
| 4.12%, 12/18/2025 (e) | 15000000 | 14927466 |
| 3.76%, 02/05/2026 (e) | 22500000 | 22279599 |
| 3.77%, 03/19/2026 (e) | 15000000 | 14789247 |
| 3.68%, 04/30/2026 (e) | 15000000 | 14725676 |
| **Total U.S. Treasury Obligations<br>(Cost $81,693,308)** | **Total U.S. Treasury Obligations<br>(Cost $81,693,308)** | **81705892** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (g)** | **Investment Companies — 0.0% (g)** | **Investment Companies — 0.0% (g)** |
| JPMorgan US Government Money <br>Market Fund 4.07% (h) (Cost $165,413) | 165413 | 165413 |
| **Total Short-Term Investments<br>(Cost $591,397,270)** | **Total Short-Term Investments<br>(Cost $591,397,270)** | **591374844** |
| **Total Investments — 99.8%<br>(Cost $9,219,552,653)** | **Total Investments — 99.8%<br>(Cost $9,219,552,653)** | **15367695216** |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | **29184707** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **15396879923** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

(a) Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value of all such securities at October 31, 2025 amounted to $18,836,441, which represents approximately 0.12% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Legris Industries SA | 04/30/04 | $23433066 | $20.81 |

---

(b) Security fair valued as of October 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at October 31, 2025 amounted to $18,836,441, which represents approximately 0.12% of net assets of the Fund.

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

(d) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at October 31, 2025 amounted to $77,856,953, which represents approximately 0.51% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Guoco Group Ltd. | 10/21/03 - 09/15/09 | $57283838 | $9.97 |

---

(e) The rate shown was the current yield as of October 31, 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 October 31, 2025 amounted to $454,045,811, which represents approximately 2.95% of net assets of the Fund.

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

(h) Represents 7-day effective yield as of October 31, 2025.

As of October 31, 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 | $6385772242 |
| Aggregate gross unrealized depreciation | (1096129173) |
| Net unrealized appreciation | $5289643069 |
| Federal income tax cost of investments | $10096753098 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

**Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency <br>Purchased** | **Currency <br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 134532607 | EUR | 114862000 | UBS AG | 11/05/2025 | $2128406 |
| USD | 48544506 | JPY | 6978729000 | UBS AG | 11/05/2025 | 3255834 |
| USD | 125316380 | EUR | 108348000 | Bank of New York Mellon | 12/03/2025 | 224417 |
| USD | 64850600 | JPY | 9536378000 | Bank of New York Mellon | 12/03/2025 | 2787757 |
| USD | 153407415 | EUR | 131297000 | Goldman Sachs | 01/07/2026 | 1502239 |
| USD | 31730774 | GBP | 23675000 | Goldman Sachs | 01/07/2026 | 627872 |
| USD | 48262071 | JPY | 7050606000 | Goldman Sachs | 01/07/2026 | 2205532 |
| USD | 145277917 | EUR | 122933000 | JPMorgan Chase Bank | 02/04/2026 | 2847456 |
| USD | 30603570 | GBP | 22791000 | JPMorgan Chase Bank | 02/04/2026 | 662790 |
| USD | 55605628 | JPY | 8164025000 | JPMorgan Chase Bank | 02/04/2026 | 2135591 |
| USD | 170368052 | EUR | 145580000 | UBS AG | 03/04/2026 | 1467738 |
| USD | 53041356 | JPY | 7982443000 | UBS AG | 03/04/2026 | 630679 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 20476311 |
| EUR | 114862000 | USD | 133609546 | UBS AG | 11/05/2025 | (1205345) |
| JPY | 6978729000 | USD | 45858686 | UBS AG | 11/05/2025 | (570015) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (1775360) |
| **Net unrealized appreciation** | **Net unrealized appreciation** |  |  |  |  | $18700951 |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NVDR — Non-Voting Depositary Receipt

OYJ — Public Limited Company

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

REIT — Real Estate Investment Trust

USD — United States Dollar

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value <br>October 31, 2024** | **Purchases at<br>Cost** | **Proceeds from <br>Sales** | **Net Realized<br>Gains<br>(Loss)** |
| **Common Stocks — 4.2%** | **Common Stocks — 4.2%** | **Common Stocks — 4.2%** | **Common Stocks — 4.2%** | **Common Stocks — 4.2%** |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Legris Industries SA\*‡ (a)(b) | $22955965 | $— | $— | $— |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| Cia Cervecerias Unidas SA, ADR | 101909406 |  |  |  |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| Laurent-Perrier | 61102473 |  |  |  |
| **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** |
| Daiichikosho Co. Ltd.<sup>^</sup> | 71632170 |  | (49134411) | 12220521 |
| Kansai Paint Co. Ltd.<sup>^^</sup> | 142088475 | 40855061 |  |  |
|  | **213720645** | **40855061** | **(49134411)** | **12220521** |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| Haw Par Corp. Ltd. | 157504310 |  |  |  |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Fursys, Inc. | 26431518 |  |  |  |
| **Total Common Stocks** | **583624317** | **40855061** | **(49134411)** | **12220521** |
| **Total** | $**583624317** | $**40855061** | $**(49134411)** | $**12220521** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Overseas Fund \| Consolidated Schedule of Investments \| October 31, 2025

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized <br>Appreciation/<br>Depreciation** | **Market Value <br>October 31, 2025** | **Shares at<br>October 31, 2025** | **Dividend <br>Income** |
| **Common Stocks — 4.2%** | **Common Stocks — 4.2%** | **Common Stocks — 4.2%** | **Common Stocks — 4.2%** | **Common Stocks — 4.2%** |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Legris Industries SA\*‡ (a)(b) | $(4119524) | $18836441 | 905366 | $— |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| Cia Cervecerias Unidas SA, ADR | 19254773 | 121164179 | 9392572 | 3045262 |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| Laurent-Perrier | (799748) | 60302725 | 558938 | 1174697 |
| **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** |
| Daiichikosho Co. Ltd.<sup>^</sup> | (20372850) | 14345430 | 1403056 | 1195627 |
| Kansai Paint Co. Ltd.<sup>^^</sup> | 3817838 | 186761374 | 11635930 | 5845094 |
|  | **(16555012)** | **201106804** | **13038986** | **7040721** |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| Haw Par Corp. Ltd. | 63481875 | 220986185 | 19436313 | 21105281 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Fursys, Inc. | 1419363 | 27850881 | 872463 | 554910 |
| **Total Common Stocks** | **62681727** | **650247215** | **44204638** | **32920871** |
| **Total** | $**62681727** | $**650247215** | **44204638** | $**32920871** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

<sup>^</sup> Represents an unaffiliated issuer as of October 31, 2025.

<sup>^^</sup> Represents an unaffiliated issuer as of October 31, 2024.

(a) Security fair valued as of October 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at October 31, 2025 amounted to $18,836,441, which represents approximately 0.12% 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 October 31, 2025 amounted to $18,836,441, which represents approximately 0.12% of net assets of the Fund.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 74.6%** | **Common Stocks — 74.6%** | **Common Stocks — 74.6%** |
| **Air Freight & Logistics — 4.7%** | **Air Freight & Logistics — 4.7%** | **Air Freight & Logistics — 4.7%** |
| CH Robinson Worldwide, Inc. | 328757 | 50625290 |
| Expeditors International of Washington, Inc. | 195594 | 23842909 |
|  |  | **74468199** |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| US Bancorp | 330658 | 15435115 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Carlisle Cos., Inc. | 15235 | 4952137 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Bank of New York Mellon Corp. (The) | 380604 | 41078590 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| International Flavors & Fragrances, Inc. | 222581 | 14015926 |
| Nutrien Ltd. (Canada) | 238370 | 12979246 |
| PPG Industries, Inc. | 170744 | 16690226 |
|  |  | **43685398** |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| American Express Co. | 58719 | 21181705 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Dollar General Corp. | 167072 | 16483324 |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| IPG Photonics Corp.\* | 186242 | 15852919 |
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
| Noble Corp. plc | 375505 | 11021072 |
| NOV, Inc. | 742177 | 10835784 |
| SLB Ltd. | 486530 | 17544272 |
|  |  | **39401128** |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Walt Disney Co. (The) | 93652 | 10547088 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Berkshire Hathaway, Inc., Class A\* | 20 | 14314800 |
| **Health Care Equipment & Supplies — 5.2%** | **Health Care Equipment & Supplies — 5.2%** | **Health Care Equipment & Supplies — 5.2%** |
| Becton Dickinson & Co. | 300416 | 53687343 |
| Dentsply Sirona, Inc. | 211498 | 2666990 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies — 5.2% (continued)** | **Health Care Equipment & Supplies — 5.2% (continued)** | **Health Care Equipment & Supplies — 5.2% (continued)** |
| Medtronic plc | 276170 | 25048619 |
|  |  | **81402952** |
| **Health Care Providers & Services — 8.6%** | **Health Care Providers & Services — 8.6%** | **Health Care Providers & Services — 8.6%** |
| Elevance Health, Inc. | 122276 | 38785947 |
| HCA Healthcare, Inc. | 129738 | 59637965 |
| Universal Health Services, Inc., Class B | 170425 | 36983929 |
|  |  | **135407841** |
| **Household Products — 1.8%** | **Household Products — 1.8%** | **Household Products — 1.8%** |
| Colgate-Palmolive Co. | 365303 | 28146596 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Fidelity National Financial, Inc. | 158855 | 8775150 |
| Willis Towers Watson plc | 88365 | 27667082 |
|  |  | **36442232** |
| **Interactive Media & Services — 9.6%** | **Interactive Media & Services — 9.6%** | **Interactive Media & Services — 9.6%** |
| Alphabet, Inc., Class A | 126759 | 35643363 |
| Alphabet, Inc., Class C | 202083 | 56951031 |
| Meta Platforms, Inc., Class A | 89616 | 58102534 |
|  |  | **150696928** |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| Bio-Rad Laboratories, Inc., Class A\* | 56329 | 17999932 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| Cummins, Inc. | 49449 | 21642838 |
| Deere & Co. | 20543 | 9483265 |
|  |  | **31126103** |
| **Media — 3.1%** | **Media — 3.1%** | **Media — 3.1%** |
| Charter Communications, Inc., Class A\* | 36022 | 8423385 |
| Comcast Corp., Class A | 1020363 | 28401804 |
| Omnicom Group, Inc. | 157862 | 11842807 |
|  |  | **48667996** |
| **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** |
| Agnico Eagle Mines Ltd. (Canada) | 48620 | 7819828 |
| Barrick Mining Corp. (Canada) | 365988 | 12004406 |
| Franco-Nevada Corp. (Canada) | 56012 | 10462789 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Metals & Mining — 2.9% (continued)** | **Metals & Mining — 2.9% (continued)** | **Metals & Mining — 2.9% (continued)** |
| Newmont Corp. | 179497 | 14533872 |
|  |  | **44820895** |
| **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
| BXP, Inc., REIT | 102688 | 7310359 |
| Douglas Emmett, Inc., REIT | 359380 | 4650377 |
|  |  | **11960736** |
| **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** |
| Exxon Mobil Corp. | 269349 | 30802752 |
| ONEOK, Inc. | 286494 | 19195098 |
|  |  | **49997850** |
| **Residential REITs — 1.1%** | **Residential REITs — 1.1%** | **Residential REITs — 1.1%** |
| Equity Residential, REIT | 296839 | 17644110 |
| **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** |
| Analog Devices, Inc. | 66103 | 15476695 |
| Texas Instruments, Inc. | 116050 | 18737433 |
|  |  | **34214128** |
| **Software — 7.7%** | **Software — 7.7%** | **Software — 7.7%** |
| Microsoft Corp. | 20091 | 10403321 |
| Oracle Corp. | 225941 | 59334366 |
| Salesforce, Inc. | 123151 | 32069752 |
| Workday, Inc., Class A\* | 78363 | 18800851 |
|  |  | **120608290** |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| Extra Space Storage, Inc., REIT | 47312 | 6318044 |
| Weyerhaeuser Co., REIT | 663968 | 15271264 |
|  |  | **21589308** |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Ross Stores, Inc. | 38745 | 6157355 |
| **Tobacco — 2.1%** | **Tobacco — 2.1%** | **Tobacco — 2.1%** |
| Philip Morris International, Inc. | 232098 | 33498704 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Ferguson Enterprises, Inc. | 15912 | 3954132 |
| **Total Common Stocks<br>(Cost $655,138,080)** | **Total Common Stocks<br>(Cost $655,138,080)** | **1171736491** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities — 13.6%** | **Commodities — 13.6%** | **Commodities — 13.6%** |
| Gold bullion\* <br>(Cost $53,299,636) | 53402 | 213595819 |
|  | **Shares** |  |
| **Master Limited Partnerships — 1.5%** | **Master Limited Partnerships — 1.5%** | **Master Limited Partnerships — 1.5%** |
| **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
| Enterprise Products Partners LP (Cost $17,301,746) | 791505 | 24370439 |
|  | **Principal Amount ($)** |  |
| **Corporate Bonds — 1.3%** | **Corporate Bonds — 1.3%** | **Corporate Bonds — 1.3%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Manufacturers & Traders Trust Co.<br>4.65%, 01/27/2026 | 1205000 | 1205855 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Noble Finance II LLC<br>8.00%, 04/15/2030 (a) | 2725000 | 2828122 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| Mexico Remittances Funding Fiduciary Estate <br>Management Sarl<br>12.50%, 10/15/2031‡ (a) | 5500000 | 5720000 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Bausch & Lomb, Inc.<br>7.13%, 08/01/2028‡ | 600000 | 591000 |
| Embecta Corp.<br>5.00%, 02/15/2030 (a) | 3000000 | 2846456 |
|  |  | **3437456** |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (a) | 1490000 | 1460120 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| Enterprise Products Operating LLC<br>Series E, (CME Term SOFR 3 Month + 3.29%), <br>5.25%, 08/16/2077 (b) | 2600000 | 2592927 |
| (CME Term SOFR 3 Month + 2.83%), <br>5.38%, 02/15/2078 (b) | 2750000 | 2736580 |
|  |  | **5329507** |
| **Total Corporate Bonds<br>(Cost $19,093,229)** | **Total Corporate Bonds<br>(Cost $19,093,229)** | **19981060** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Convertible Preferred Stocks — 0.3%** | **Convertible Preferred Stocks — 0.3%** | **Convertible Preferred Stocks — 0.3%** |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Bank of America Corp.<br>Series L, 7.25%, (c) (Cost $5,693,463) | 4250 | 5359250 |
|  | **Shares** |  |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| US Bancorp, <br>Series A, (CME Term SOFR 3 Month + 1.28%), <br>5.19%, 04/12/23 (b)(c) | 1600 | 1264000 |
| US Bancorp, <br>Series B, (CME Term SOFR 3 Month + 0.86%), <br>4.77%, 03/07/24 (b)(c) | 64000 | 1208320 |
|  |  | **2472320** |
| **Total Preferred Stocks<br>(Cost $2,758,655)** | **Total Preferred Stocks<br>(Cost $2,758,655)** | **2472320** |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** |
| **Commercial Paper — 4.5%** | **Commercial Paper — 4.5%** | **Commercial Paper — 4.5%** |
| AES Corp. (The)<br>4.25%, 11/3/2025 (a)(d) | 9571000 | 9567609 |
| Cargill, Inc.<br>3.92%, 11/3/2025 (a)(d) | 5982000 | 5980042 |
| Credit Agricole Corporate and Investment Bank<br>3.84%, 11/3/2025 (d) | 4343000 | 4341597 |
| General Motors Financial Co., Inc.<br>4.00%, 11/3/2025 (a)(d) | 12741000 | 12736729 |
| Honeywell International, Inc.<br>4.09%, 1/14/2026 (a)(d) | 13000000 | 12891938 |
| Johnson & Johnson<br>3.89%, 1/27/2026 (a)(d) | 13000000 | 12877783 |
| Oracle Corp.<br>4.29%, 1/16/2026 (a)(d) | 13000000 | 12887957 |
| **Total Commercial Paper<br>(Cost $71,284,725)** | **Total Commercial Paper<br>(Cost $71,284,725)** | **71283655** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** |
| JPMorgan US Government Money Market Fund <br>4.07% (f) (Cost $43,712) | 43712 | 43712 |
|  | **Principal Amount ($)** |  |
| **U.S. Treasury Obligations — 4.1%** | **U.S. Treasury Obligations — 4.1%** | **U.S. Treasury Obligations — 4.1%** |
| U.S. Treasury Bills<br>4.18%, 11/13/2025 (d) | 15000000 | 14983904 |
| 4.12%, 12/18/2025 (d) | 5000000 | 4975822 |
| 3.76%, 2/5/2026 (d) | 10000000 | 9902044 |
| 3.77%, 3/19/2026 (d) | 5000000 | 4929749 |
| 3.75%, 4/9/2026 (d) | 15000000 | 14757152 |
| 3.68%, 4/30/2026 (d) | 15000000 | 14725676 |
| **Total U.S. Treasury Obligations<br>(Cost $64,267,548)** | **Total U.S. Treasury Obligations<br>(Cost $64,267,548)** | **64274347** |
| **Total Short-Term Investments<br>(Cost $135,595,985)** | **Total Short-Term Investments<br>(Cost $135,595,985)** | **135601714** |
| **Total Investments — 100.1%<br>(Cost $888,880,794)** | **Total Investments — 100.1%<br>(Cost $888,880,794)** | **1573117093** |
| **Liabilities in Excess of Other Assets — (0.1%)** | **Liabilities in Excess of Other Assets — (0.1%)** | **(2134874)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1570982219** |

---

\* 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 October 31, 2025 amounted to $79,796,756, which represents approximately 5.08% 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 October 31, 2025.

(c) Perpetual security. The rate reflected was the rate in effect on October 31, 2025. The maturity date reflects the next call date.

(d) The rate shown was the current yield as of October 31, 2025.

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

(f) Represents 7-day effective yield as of October 31, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Fund \| Consolidated Schedule of Investments \| October 31, 2025

As of October 31, 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 | $735466453 |
| Aggregate gross unrealized depreciation | (44526391) |
| Net unrealized appreciation | $690940062 |
| Federal income tax cost of investments | $882177031 |

---

**<u>Abbreviations</u>**

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 75.4%** | **Common Stocks — 75.4%** | **Common Stocks — 75.4%** |
| **Australia — 6.3%** | **Australia — 6.3%** | **Australia — 6.3%** |
| Northern Star Resources Ltd. | 14166413 | 228431173 |
| Ora Banda Mining Ltd.\* | 76767386 | 60423211 |
|  |  | **288854384** |
| **Canada — 50.9%** | **Canada — 50.9%** | **Canada — 50.9%** |
| Agnico Eagle Mines Ltd. | 2082360 | 334917663 |
| Alamos Gold, Inc., Class A | 6016287 | 185479484 |
| B2Gold Corp. | 12416427 | 54355896 |
| Barrick Mining Corp. | 6733076 | 220844893 |
| DPM Metals, Inc. | 10223681 | 218680567 |
| Franco-Nevada Corp. | 1040599 | 194379189 |
| G Mining Ventures Corp.\* | 7272273 | 143158859 |
| Kinross Gold Corp. | 9323600 | 216680464 |
| Novagold Resources, Inc.\* | 11605630 | 96210673 |
| Orla Mining Ltd.\* | 6549227 | 67567869 |
| Pan American Silver Corp. | 4437739 | 156304094 |
| Wheaton Precious Metals Corp. | 4498645 | 434209215 |
|  |  | **2322788866** |
| **Mexico — 2.2%** | **Mexico — 2.2%** | **Mexico — 2.2%** |
| Fresnillo plc | 1477558 | 43208492 |
| Industrias Penoles SAB de CV\* | 1403600 | 58104515 |
|  |  | **101313007** |
| **South Africa — 2.9%** | **South Africa — 2.9%** | **South Africa — 2.9%** |
| Gold Fields Ltd., ADR | 3435881 | 131972189 |
| **United Kingdom — 3.0%** | **United Kingdom — 3.0%** | **United Kingdom — 3.0%** |
| Anglogold Ashanti plc | 1984617 | 134953956 |
| **United States — 10.1%** | **United States — 10.1%** | **United States — 10.1%** |
| Newmont Corp. | 3965970 | 321124591 |
| Royal Gold, Inc. | 794024 | 138787455 |
|  |  | **459912046** |
| **Total Common Stocks<br>(Cost $1,199,758,125)** | **Total Common Stocks<br>(Cost $1,199,758,125)** | **3439794448** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities — 20.7%** | **Commodities — 20.7%** | **Commodities — 20.7%** |
| Gold bullion\* | 147106 | 588389355 |
| Silver bullion\* | 7337280 | 355893314 |
| **Total Commodities<br>(Cost $516,444,027)** | **Total Commodities<br>(Cost $516,444,027)** | **944282669** |
|  | **Number of Rights** |  |
| **Rights — 0.1%** | **Rights — 0.1%** | **Rights — 0.1%** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| Pan American Silver Corp., CVR, expiring 02/22/2029\*<br>(Cost $45,973,715) | 6835667 | 2568502 |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| **Commercial Paper — 2.1%** | **Commercial Paper — 2.1%** | **Commercial Paper — 2.1%** |
| AES Corp. (The)<br>4.25%, 11/03/2025 (a)(b) | 28515000 | 28504897 |
| Cargill, Inc.<br>3.92%, 11/03/2025 (a)(b) | 17822000 | 17816165 |
| Credit Agricole Corporate and Investment Bank<br>3.84%, 11/03/2025 (a) | 12939000 | 12934821 |
| General Motors Financial Co., Inc.<br>4.00%, 11/03/2025 (a)(b) | 37961000 | 37948276 |
| **Total Commercial Paper<br>(Cost $97,215,190)** | **Total Commercial Paper<br>(Cost $97,215,190)** | **97204159** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** |
| JPMorgan US Government Money Market Fund <br>4.07% (d) (Cost $140,943) | 140943 | 140943 |
| **Total Short-Term Investments<br>(Cost $97,356,133)** | **Total Short-Term Investments<br>(Cost $97,356,133)** | **97345102** |
| **Total Investments — 98.3%<br>(Cost $1,859,532,000)** | **Total Investments — 98.3%<br>(Cost $1,859,532,000)** | **4483990721** |
| **Other Assets Less Liabilities — 1.6%** | **Other Assets Less Liabilities — 1.6%** | **74909497** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **4558900218** |

---

\* Non-income producing security.

(a) The rate shown was the current yield as of October 31, 2025.

(b) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at October 31, 2025 amounted to $84,269,338, which represents approximately 1.85% of net assets of the Fund.

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

(d) Represents 7-day effective yield as of October 31, 2025.

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

CVR — Contingent Value Rights

As of October 31, 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 | $2667874966 |
| Aggregate gross unrealized depreciation | (146420559) |
| Net unrealized appreciation | $2521454407 |
| Federal income tax cost of investments | $1962536314 |

---

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value <br>October 31, 2024** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** | **Net Realized <br>Gains <br>(Loss)** |
| **Common Stocks — 6.9%** | **Common Stocks — 6.9%** | **Common Stocks — 6.9%** | **Common Stocks — 6.9%** | **Common Stocks — 6.9%** |
| **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** |
| DPM Metals, Inc.<sup>^#</sup> | $138413886 | $— | $(52887000) | $33941801 |
| MAG Silver Corp.<sup>^</sup> | 108160763 | 19713191 | (183921133) | 93943077 |
| Novagold Resources, Inc.\*<sup>^</sup> | 87830560 | 6464063 | (48074882) | (40694760) |
|  | **334405209** | **26177254** | **(284883015)** | **87190118** |
| **Total Common Stocks** | **334405209** | **26177254** | **(284883015)** | **87190118** |
| **Total** | $**334405209** | $**26177254** | $**(284883015)** | $**87190118** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Gold Fund \| Consolidated Schedule of Investments \| October 31, 2025

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized <br>Appreciation/<br>Depreciation** | **Market Value <br>October 31, 2025** | **Shares at <br>October 31, 2025** | **Dividend<br>Income** |
| **Common Stocks — 6.9%** | **Common Stocks — 6.9%** | **Common Stocks — 6.9%** | **Common Stocks — 6.9%** | **Common Stocks — 6.9%** |
| **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** |
| DPM Metals, Inc.<sup>^#</sup> | $99211880 | $218680567 | 10223681 | $1666558 |
| MAG Silver Corp.<sup>^</sup> | (37895898) |  |  | 3358984 |
| Novagold Resources, Inc.\*<sup>^</sup> | 90685692 | 96210673 | 11605630 |  |
|  | **152001674** | **314891240** | **21829311** | **5025542** |
| **Total Common Stocks** | **152001674** | **314891240** | **21829311** | **5025542** |
| **Total** | $**152001674** | $**314891240** | **21829311** | $**5025542** |

---

<sup>^</sup> Represents an unaffiliated issuer as of October 31, 2025.

<sup>#</sup> DPM Metals, Inc was formerly known as Dundee Precious Metals, Inc.

\* Non-income producing security.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 61.9%** | **Common Stocks — 61.9%** | **Common Stocks — 61.9%** |
| **Brazil — 1.7%** | **Brazil — 1.7%** | **Brazil — 1.7%** |
| Ambev SA, ADR | 9345635 | 21588417 |
| Itausa SA (Preference) | 6681290 | 14467984 |
|  |  | **36056401** |
| **Canada — 5.3%** | **Canada — 5.3%** | **Canada — 5.3%** |
| Agnico Eagle Mines Ltd. | 16806 | 2703004 |
| Barrick Mining Corp. | 90496 | 2968269 |
| Franco-Nevada Corp. | 12162 | 2269794 |
| Franco-Nevada Corp. | 42649 | 7966640 |
| Imperial Oil Ltd. | 238922 | 21131706 |
| Nutrien Ltd. (a) | 175280 | 9543996 |
| Power Corp. of Canada | 797956 | 37378852 |
| Wheaton Precious Metals Corp. (a) | 281516 | 27171924 |
|  |  | **111134185** |
| **Chile — 1.3%** | **Chile — 1.3%** | **Chile — 1.3%** |
| Cia Cervecerias Unidas SA, ADR | 1327830 | 17129007 |
| Quinenco SA | 2083758 | 9528404 |
|  |  | **26657411** |
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| Budweiser Brewing Co. APAC Ltd. (b) | 4909800 | 4980223 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Kesko OYJ, Class B | 318997 | 6729119 |
| **France — 0.6%** | **France — 0.6%** | **France — 0.6%** |
| Danone SA | 91535 | 8084064 |
| Sodexo SA | 58674 | 3248804 |
| Wendel SE | 19995 | 1876738 |
|  |  | **13209606** |
| **Germany — 0.9%** | **Germany — 0.9%** | **Germany — 0.9%** |
| FUCHS SE (Preference) | 318042 | 14237016 |
| Henkel AG & Co. KGaA (Preference) | 56692 | 4592783 |
|  |  | **18829799** |
| **Hong Kong — 4.4%** | **Hong Kong — 4.4%** | **Hong Kong — 4.4%** |
| CK Asset Holdings Ltd. | 2483000 | 12284014 |
| Hongkong Land Holdings Ltd. | 4334700 | 26486415 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hong Kong — 4.4% (continued)** | **Hong Kong — 4.4% (continued)** | **Hong Kong — 4.4% (continued)** |
| Jardine Matheson Holdings Ltd. | 868600 | 50999484 |
| Mandarin Oriental International Ltd. | 1047200 | 3434816 |
|  |  | **93204729** |
| **Japan — 2.6%** | **Japan — 2.6%** | **Japan — 2.6%** |
| FANUC Corp. | 347200 | 11586566 |
| MS&AD Insurance Group Holdings, Inc. | 189700 | 3910564 |
| Nagaileben Co. Ltd. | 22700 | 258643 |
| Secom Co. Ltd. | 353400 | 11946620 |
| Shimano, Inc. | 108300 | 11346146 |
| SMC Corp. | 11200 | 3834012 |
| Sompo Holdings, Inc. | 204800 | 6241377 |
| Subaru Corp. | 57300 | 1218950 |
| USS Co. Ltd. | 429800 | 4744082 |
|  |  | **55086960** |
| **Mexico — 2.8%** | **Mexico — 2.8%** | **Mexico — 2.8%** |
| Coca-Cola Femsa SAB de CV, ADR | 196999 | 16932064 |
| Fomento Economico Mexicano SAB de CV, ADR | 211291 | 19937419 |
| Grupo Mexico SAB de CV, Series B | 2455064 | 21225200 |
|  |  | **58094683** |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| HAL Trust | 40521 | 6359918 |
| Heineken Holding NV | 159417 | 10765602 |
| Heineken NV | 55613 | 4306242 |
|  |  | **21431762** |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Orkla ASA | 1753522 | 17809316 |
| **Singapore — 0.7%** | **Singapore — 0.7%** | **Singapore — 0.7%** |
| United Overseas Bank Ltd. | 386000 | 10266624 |
| UOL Group Ltd. | 764200 | 4668662 |
|  |  | **14935286** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **South Korea — 4.7%** | **South Korea — 4.7%** | **South Korea — 4.7%** |
| KT&G Corp. | 410945 | 38674811 |
| Samsung Electronics Co. Ltd. | 317526 | 23902157 |
| Samsung Electronics Co. Ltd. (Preference) | 372602 | 21989093 |
| Samsung Life Insurance Co. Ltd. | 143349 | 15491625 |
|  |  | **100057686** |
| **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
| Svenska Handelsbanken AB, Class A | 996753 | 13006965 |
| **Switzerland — 4.6%** | **Switzerland — 4.6%** | **Switzerland — 4.6%** |
| Cie Financiere Richemont SA (Registered) | 168707 | 33371208 |
| Nestle SA (Registered) | 430180 | 41103037 |
| Schindler Holding AG | 55939 | 19925489 |
| Schindler Holding AG (Registered) | 7544 | 2550174 |
|  |  | **96949908** |
| **Taiwan — 0.8%** | **Taiwan — 0.8%** | **Taiwan — 0.8%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a) | 59403 | 17846443 |
| **Thailand — 0.8%** | **Thailand — 0.8%** | **Thailand — 0.8%** |
| Bangkok Bank PCL, NVDR | 2026300 | 9929386 |
| Thai Beverage PCL | 17954100 | 6616954 |
|  |  | **16546340** |
| **United Kingdom — 9.5%** | **United Kingdom — 9.5%** | **United Kingdom — 9.5%** |
| BAE Systems plc | 484359 | 11931451 |
| Berkeley Group Holdings plc | 214849 | 11381567 |
| British American Tobacco plc | 1307848 | 66982153 |
| Diageo plc | 304273 | 6998813 |
| Great Portland Estates plc, REIT | 523564 | 2291954 |
| Haleon plc | 4109584 | 19110519 |
| Lloyds Banking Group plc | 10534141 | 12351170 |
| Reckitt Benckiser Group plc | 243748 | 18644061 |
| Unilever plc | 842191 | 51000116 |
|  |  | **200691804** |
| **United States — 18.3%** | **United States — 18.3%** | **United States — 18.3%** |
| Analog Devices, Inc. (a) | 64448 | 15089210 |
| Bank of New York Mellon Corp. (The) (a) | 52920 | 5711656 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 18.3% (continued)** | **United States — 18.3% (continued)** | **United States — 18.3% (continued)** |
| Becton Dickinson & Co. (a) | 254582 | 45496349 |
| BXP, Inc., REIT (a) | 97307 | 6927285 |
| CH Robinson Worldwide, Inc. | 113784 | 17521598 |
| Colgate-Palmolive Co. (a) | 232838 | 17940168 |
| Comcast Corp., Class A | 635037 | 17676255 |
| Dollar General Corp. | 15479 | 1527158 |
| Douglas Emmett, Inc., REIT | 366396 | 4741164 |
| Elevance Health, Inc. (a) | 32402 | 10277915 |
| Equity Residential, REIT (a) | 345193 | 20518272 |
| Exxon Mobil Corp. (a) | 395470 | 45225949 |
| Fidelity National Financial, Inc. | 105623 | 5834615 |
| General Dynamics Corp. (a) | 7297 | 2516735 |
| HCA Healthcare, Inc. (a) | 60290 | 27714107 |
| IDACORP, Inc. | 45996 | 5934404 |
| Medtronic plc (a) | 233926 | 21217088 |
| Noble Corp. plc (a) | 170546 | 5005525 |
| Omnicom Group, Inc. | 139148 | 10438883 |
| ONEOK, Inc. | 81888 | 5486496 |
| Philip Morris International, Inc. (a) | 204693 | 29543341 |
| PPG Industries, Inc. | 14351 | 1402810 |
| Royal Gold, Inc. (a) | 78623 | 13742514 |
| SLB Ltd. | 153224 | 5525258 |
| Texas Instruments, Inc. (a) | 109344 | 17654682 |
| Universal Health Services, Inc., Class B | 19258 | 4179179 |
| US Bancorp | 326193 | 15226689 |
| Vail Resorts, Inc. | 12576 | 1865398 |
| Weyerhaeuser Co., REIT | 220501 | 5071523 |
|  |  | **387012226** |
| **Total Common Stocks<br>(Cost $993,376,906)** | **Total Common Stocks<br>(Cost $993,376,906)** | **1310270852** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Corporate Bonds — 11.2%** | **Corporate Bonds — 11.2%** | **Corporate Bonds — 11.2%** |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Nufarm Australia Ltd.<br>5.00%, 01/27/2030 (c) | 2595000 | 2311711 |
| **Canada — 0.5%** | **Canada — 0.5%** | **Canada — 0.5%** |
| Transcanada Trust<br>Series 16-A, 5.88%, 08/15/2076 (d) | 10307000 | 10307546 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Latam Airlines Group SA<br>7.63%, 01/07/2031 (c) | 3856000 | 3965510 |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| IHO Verwaltungs GmbH<br>7.75%, (7.75% Cash or 8.50% PIK), 11/15/2030 (c) | 3650000 | 3781312 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Mexico Remittances Funding Fiduciary <br>Estate Management Sarl<br>12.50%, 10/15/2031‡ (c) | 9000000 | 9360000 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| DNB Boligkreditt A/S<br>(NIBOR 3 Month + 0.45%), 4.58%, 10/05/2027‡ (d) | 96000000 | 9517051 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| Canpack SA<br>3.13%, 11/01/2025 (c) | 420000 | 420000 |
| 3.88%, 11/15/2029 (c) | 5350000 | 5081714 |
|  |  | **5501714** |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| BAT Capital Corp.<br>3.22%, 09/06/2026 | 2425000 | 2406513 |
| **United States — 9.0%** | **United States — 9.0%** | **United States — 9.0%** |
| ACCO Brands Corp.<br>4.25%, 03/15/2029 (c) | 6858000 | 6024562 |
| American Airlines, Inc.<br>5.50%, 04/20/2026 (c) | 711311 | 713120 |
| 5.75%, 04/20/2029 (c) | 502000 | 506491 |
| AMN Healthcare, Inc.<br>6.50%, 01/15/2031 (c) | 3100000 | 3107449 |
| Aramark Services, Inc.<br>5.00%, 02/01/2028 (c) | 2700000 | 2696265 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 9.0% (continued)** | **United States — 9.0% (continued)** | **United States — 9.0% (continued)** |
| Ball Corp.<br>6.88%, 03/15/2028 | 4152000 | 4224324 |
| Bank of New York Mellon Corp. (The)<br>Series F, (CME Term SOFR 3 Month + 3.39%), <br>4.63%, 09/20/2026 (d)(e) | 4475000 | 4449022 |
| Series I, (US Treasury Yield Curve Rate T Note <br>Constant Maturity 5 Year + 2.63%), <br>3.75%, 12/20/2026 (d)(e) | 9889000 | 9690197 |
| Carnival Corp.<br>4.00%, 08/01/2028 (c) | 1206000 | 1186385 |
| CCO Holdings LLC<br>5.13%, 05/01/2027 (c) | 1807000 | 1796583 |
| 5.38%, 06/01/2029 (c) | 1900000 | 1875155 |
| 6.38%, 09/01/2029 (c) | 1835000 | 1849441 |
| Centene Corp.<br>4.25%, 12/15/2027 | 3573000 | 3521527 |
| 4.63%, 12/15/2029 | 4150000 | 4025765 |
| 2.50%, 03/01/2031 | 2500000 | 2151450 |
| Charles River Laboratories International, Inc.<br>4.25%, 05/01/2028 (c) | 4682000 | 4628858 |
| 3.75%, 03/15/2029 (c) | 1522000 | 1459218 |
| 4.00%, 03/15/2031 (c) | 5200000 | 4902314 |
| Charter Communications Operating LLC<br>4.20%, 03/15/2028 | 3640000 | 3619541 |
| CITGO Petroleum Corp.<br>6.38%, 06/15/2026 (c) | 4182000 | 4187052 |
| Crown Americas LLC<br>5.25%, 04/01/2030 | 900000 | 913831 |
| DENTSPLY SIRONA, Inc.<br>3.25%, 06/01/2030 | 4075000 | 3778768 |
| Diamond Foreign Asset Co.<br>8.50%, 10/01/2030 (c) | 1775000 | 1884413 |
| Dollar General Corp.<br>3.50%, 04/03/2030 | 2750000 | 2646255 |
| Edgewell Personal Care Co.<br>5.50%, 06/01/2028 (c) | 1770000 | 1767520 |
| 4.13%, 04/01/2029 (c) | 1557000 | 1478774 |
| Embecta Corp.<br>5.00%, 02/15/2030 (c) | 4893000 | 4642570 |
| 6.75%, 02/15/2030 (c) | 2292000 | 2253289 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 9.0% (continued)** | **United States — 9.0% (continued)** | **United States — 9.0% (continued)** |
| Enterprise Products Operating LLC<br>Series E, (CME Term SOFR 3 Month + 3.29%), <br>5.25%, 08/16/2077 (d) | 6705000 | 6686760 |
| Fair Isaac Corp.<br>5.25%, 05/15/2026 (c) | 1715000 | 1717283 |
| 4.00%, 06/15/2028 (c) | 2764000 | 2708851 |
| HCA, Inc.<br>5.88%, 02/15/2026 | 3449000 | 3453096 |
| 3.50%, 09/01/2030 | 2788000 | 2678673 |
| 5.45%, 04/01/2031 | 4150000 | 4319297 |
| 7.50%, 11/06/2033 | 2643000 | 3058673 |
| Iron Mountain, Inc.<br>REIT, 4.88%, 09/15/2027 (c) | 3609000 | 3597788 |
| REIT, 5.25%, 03/15/2028 (c) | 1005000 | 1004477 |
| REIT, 5.00%, 07/15/2028 (c) | 1596000 | 1587102 |
| REIT, 4.88%, 09/15/2029 (c) | 3372000 | 3327825 |
| KFC Holding Co.<br>4.75%, 06/01/2027 (c) | 2322000 | 2317230 |
| Kraft Heinz Foods Co.<br>3.00%, 06/01/2026 | 1800000 | 1786640 |
| Lamb Weston Holdings, Inc.<br>4.13%, 01/31/2030 (c) | 2583000 | 2494766 |
| Manufacturers & Traders Trust Co.<br>4.65%, 01/27/2026 | 3480000 | 3482470 |
| 4.70%, 01/27/2028 | 3825000 | 3870941 |
| Mellon Capital IV<br>Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), <br>4.83%, 12/31/2164 (d)(e) | 6183000 | 5273758 |
| MSCI, Inc.<br>4.00%, 11/15/2029 (c) | 4725000 | 4609263 |
| Noble Finance II LLC<br>8.00%, 04/15/2030 (c) | 5750000 | 5967597 |
| Oracle Corp.<br>5.95%, 09/26/2055 | 4250000 | 4029402 |
| Pershing Square Holdings Ltd.<br>5.50%, 10/28/2032 (c) | 5300000 | 5301219 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (c) | 6359000 | 6231478 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 9.0% (continued)** | **United States — 9.0% (continued)** | **United States — 9.0% (continued)** |
| Service Corp. International<br>4.63%, 12/15/2027 | 1749000 | 1744136 |
| 5.13%, 06/01/2029 | 857000 | 857414 |
| Teleflex, Inc.<br>4.63%, 11/15/2027 | 2919000 | 2903992 |
| 4.25%, 06/01/2028 (c) | 782000 | 766189 |
| Truist Financial Corp.<br>Series N, (US Treasury Yield Curve Rate T Note <br>Constant Maturity 5 Year + 3.00%), <br>6.67%, 03/01/2026 (d)(e) | 14157000 | 14215624 |
| WESCO Distribution, Inc.<br>7.25%, 06/15/2028 (c) | 2136000 | 2165784 |
| William Carter Co. (The)<br>7.38%, 02/15/2031 (c) | 2100000 | 2089875 |
|  |  | **190227742** |
| **Total Corporate Bonds <br>(Cost $232,313,503)** | **Total Corporate Bonds <br>(Cost $232,313,503)** | **237379099** |
| **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** |
| U.S. Treasury Bonds<br>6.63%, 02/15/2027 | 21802200 | 22667475 |
| 6.13%, 11/15/2027 | 21467400 | 22534061 |
| U.S. Treasury Inflation Linked Notes<br>0.13%, 04/15/2026 | 16340000 | 20050723 |
| 0.13%, 04/15/2027 | 20780800 | 23440366 |
| 1.25%, 04/15/2028 | 22225000 | 24004450 |
| 2.13%, 04/15/2029 | 18553000 | 19976336 |
| 1.63%, 04/15/2030 | 12650000 | 13031231 |
| 1.88%, 07/15/2034 | 8465000 | 8862467 |
| U.S. Treasury Notes<br>1.75%, 12/31/2026 | 18610000 | 18200725 |
| 3.88%, 07/15/2028 | 4950000 | 4984418 |
| 4.00%, 03/31/2030 | 7750000 | 7848086 |
| 3.38%, 05/15/2033 | 9250000 | 8917940 |
| 3.88%, 08/15/2034 | 3600000 | 3558375 |
| **Total U.S. Treasury Obligations <br>(Cost 197,012,936)** | **Total U.S. Treasury Obligations <br>(Cost 197,012,936)** | **198076653** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities — 8.5%** | **Commodities — 8.5%** | **Commodities — 8.5%** |
| Gold bullion\* <br>(Cost $55,101,836) | 45069 | 180265628 |
|  | **Shares** |  |
| **Preferred Stocks — 2.0%** | **Preferred Stocks — 2.0%** | **Preferred Stocks — 2.0%** |
| **United States — 2.0%** | **United States — 2.0%** | **United States — 2.0%** |
| Charles Schwab Corp. (The)<br>Series D, 5.95%, (e) | 178714 | 4487508 |
| MetLife, Inc.<br>Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), <br>5.30%, (d)(e) | 182311 | 4353587 |
| Northern Trust Corp.<br>Series E, 4.70%, (e) | 304399 | 6078848 |
| State Street Corp.<br>Series G, 5.35%, (e) | 127521 | 2920231 |
| Truist Financial Corp.<br>Series R, 4.75%, (e) | 563348 | 11255693 |
| US Bancorp<br>Series A, (CME Term SOFR 3 Month + 1.28%), 5.19%, (d)(e) | 7400 | 5846000 |
| Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), <br>4.77%, (d)(e) | 379475 | 7164488 |
| **Total Preferred Stocks <br>(Cost 45,247,134)** | **Total Preferred Stocks <br>(Cost 45,247,134)** | **42106355** |
|  | **Principal Amount ($)** |  |
| **Convertible Preferred Stocks — 1.6%** | **Convertible Preferred Stocks — 1.6%** | **Convertible Preferred Stocks — 1.6%** |
| **United States — 1.6%** | **United States — 1.6%** | **United States — 1.6%** |
| Bank of America Corp.<br>Series L, 7.25%, (e) | 13496 | 17018456 |
| Wells Fargo & Co.<br>Series L, 7.50%, (e) | 13673 | 16916919 |
|  |  | **33935375** |
| **Total Convertible Preferred Stocks<br>(Cost $37,413,836)** | **Total Convertible Preferred Stocks<br>(Cost $37,413,836)** | **33935375** |
|  | **Shares** |  |
| **Master Limited Partnerships — 1.0%** | **Master Limited Partnerships — 1.0%** | **Master Limited Partnerships — 1.0%** |
| **United States — 1.0%** | **United States — 1.0%** | **United States — 1.0%** |
| Enterprise Products Partners LP (Cost $13,128,888) | 680686 | 20958322 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Foreign Government Securities — 0.8%** | **Foreign Government Securities — 0.8%** | **Foreign Government Securities — 0.8%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Federative Republic of Brazil<br>10.00%, 01/01/2027 | 30000000 | 5370058 |
| **Canada — 0.0% (f)** | **Canada — 0.0% (f)** | **Canada — 0.0% (f)** |
| Province of Quebec<br>2.50%, 04/20/2026 | 893000 | 886672 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| United Mexican States<br>4.75%, 04/27/2032 | 7800000 | 7679100 |
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| Kingdom of Saudi Arabia<br>4.75%, 01/18/2028 (c) | 3800000 | 3851712 |
| **Total Foreign Government Securities <br>(Cost 17,022,808)** | **Total Foreign Government Securities <br>(Cost 17,022,808)** | **17787542** |
| **Loan Assignments — 0.1%** | **Loan Assignments — 0.1%** | **Loan Assignments — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Aramark Services, Inc., First Lien Term Loan B9<br>(CME Term SOFR 1 Month + 1.75%), 5.71%, <br>04/06/2028 (d) (Cost $2,500,000) | 2500000 | 2506775 |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| United Airlines Pass-Through Trust<br>Series 2020-1, Class A, 5.88%, 4/15/2029 <br>(Cost $2,253,636) | 2259684 | 2316481 |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Commercial Paper — 3.1%** | **Commercial Paper — 3.1%** | **Commercial Paper — 3.1%** |
| AES Corp. (The)<br>4.25%, 11/03/2025 (c)(g) | 19348000 | 19341145 |
| Cargill, Inc.<br>3.92%, 11/03/2025 (c)(g) | 12092000 | 12088041 |
| Credit Agricole Corporate and Investment Bank<br>3.84%, 11/03/2025 (g) | 8779000 | 8776164 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 3.1% (continued)** | **Commercial Paper — 3.1% (continued)** | **Commercial Paper — 3.1% (continued)** |
| General Motors Financial Co., Inc.<br>4.00%, 11/03/2025 (c)(g) | 25756000 | 25747367 |
| **Total Commercial Paper <br>(Cost $65,960,202)** | **Total Commercial Paper <br>(Cost $65,960,202)** | **65952717** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (f)** | **Investment Companies — 0.0% (f)** | **Investment Companies — 0.0% (f)** |
| JPMorgan US Government Money Market Fund <br>4.07% (h) (Cost $35,636) | 35636 | 35636 |
| **Total Short-Term Investments <br>(Cost $65,995,838)** | **Total Short-Term Investments <br>(Cost $65,995,838)** | **65988353** |
| **Total Investments — 99.7% <br>(Cost $1,661,367,321)** | **Total Investments — 99.7% <br>(Cost $1,661,367,321)** | **2111591435** |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | **5413673** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **2117005108** |

---

\* 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 October 31, 2025 amounted to $178,794,698, which represents approximately 8.45% 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 October 31, 2025.

(e) Perpetual security. The rate reflected was the rate in effect on October 31, 2025. The maturity date reflects the next call date.

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

(g) The rate shown was the current yield as of October 31, 2025.

(h) Represents 7-day effective yield as of October 31, 2025.

As of October 31, 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 | $521974771 |
| Aggregate gross unrealized depreciation | (66581840) |
| Net unrealized appreciation | $455392931 |
| Federal income tax cost of investments | $1655895929 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

**Forward Foreign Currency Exchange Contracts outstanding as of October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized <br>Appreciation <br>(Depreciation)** |
| USD | 6360314 | EUR | 5425000 | UBS AG | 11/05/2025 | $106785 |
| USD | 1371952 | JPY | 197231000 | UBS AG | 11/05/2025 | 92015 |
| USD | 3145979 | EUR | 2720000 | Bank of New York Mellon | 12/03/2025 | 5634 |
| USD | 1997157 | JPY | 293685000 | Bank of New York Mellon | 12/03/2025 | 85853 |
| USD | 6543040 | EUR | 5600000 | Goldman Sachs | 01/07/2026 | 64073 |
| USD | 2464616 | GBP | 1839000 | Goldman Sachs | 01/07/2026 | 48639 |
| USD | 863858 | JPY | 126201000 | Goldman Sachs | 01/07/2026 | 39478 |
| USD | 6082544 | EUR | 5147000 | JPMorgan Chase Bank | 02/04/2026 | 119218 |
| USD | 2375399 | GBP | 1769000 | JPMorgan Chase Bank | 02/04/2026 | 51445 |
| USD | 1432760 | JPY | 210358000 | JPMorgan Chase Bank | 02/04/2026 | 55027 |
| USD | 7169080 | EUR | 6126000 | UBS AG | 03/04/2026 | 61762 |
| USD | 1462782 | JPY | 220141000 | UBS AG | 03/04/2026 | 17393 |
| **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  |  | 747322 |
| EUR | 5425000 | USD | 6310458 | UBS AG | 11/05/2025 | (56929) |
| JPY | 197231000 | USD | 1296046 | UBS AG | 11/05/2025 | (16110) |
| **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  |  | (73039) |
| **Net unrealized appreciation** | **Net unrealized appreciation** |  |  |  |  | $674283 |

---

**<u>Abbreviations</u>**

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

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

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

**Written Call Options Contracts as of October 31, 2025:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Analog Devices, Inc. | Exchange Traded | 84 | USD | (1966692) | USD | 270.00 | 12/19/2025 | (18228) |
| Analog Devices, Inc. | Exchange Traded | 486 | USD | (11378718) | USD | 310.00 | 1/16/2026 | (49815) |
| Bank of New York <br>Mellon Corp. (The) | Exchange Traded | 210 | USD | (2266530) | USD | 105.00 | 1/16/2026 | (160650) |
| Becton Dickinson & <br>Co. | Exchange Traded | 110 | USD | (1965810) | USD | 230.00 | 12/19/2025 | (23650) |
| BXP, Inc., REIT | Exchange Traded | 294 | USD | (2092986) | USD | 80.00 | 1/16/2026 | (29400) |
| BXP, Inc., REIT | Exchange Traded | 294 | USD | (2092986) | USD | 82.50 | 1/16/2026 | (19110) |
| Colgate-Palmolive <br>Co. | Exchange Traded | 213 | USD | (1641165) | USD | 110.00 | 1/16/2026 | (20235) |
| Elevance Health, Inc. | Exchange Traded | 45 | USD | (1427400) | USD | 550.00 | 12/19/2025 | (14850) |
| Elevance Health, Inc. | Exchange Traded | 45 | USD | (1427400) | USD | 560.00 | 12/19/2025 | (21600) |
| Equity Residential, <br>REIT | Exchange Traded | 267 | USD | (1587048) | USD | 90.00 | 12/19/2025 | (57405) |
| Exxon Mobil Corp. | Exchange Traded | 175 | USD | (2001300) | USD | 135.00 | 11/21/2025 | (963) |
| Exxon Mobil Corp. | Exchange Traded | 170 | USD | (1944120) | USD | 140.00 | 12/19/2025 | (1870) |
| Exxon Mobil Corp. | Exchange Traded | 178 | USD | (2035608) | USD | 140.00 | 1/16/2026 | (3738) |
| Exxon Mobil Corp. | Exchange Traded | 178 | USD | (2035608) | USD | 145.00 | 1/16/2026 | (1780) |
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1784016) | USD | 160.00 | 12/19/2025 | (7020) |
| Exxon Mobil Corp. | Exchange Traded | 160 | USD | (1829760) | USD | 160.00 | 1/16/2026 | (1440) |
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1784016) | USD | 165.00 | 12/19/2025 | (9360) |
| General Dynamics <br>Corp. | Exchange Traded | 72 | USD | (2483280) | USD | 330.00 | 1/16/2026 | (168480) |
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (2298400) | USD | 500.00 | 12/19/2025 | (26000) |
| HCA Healthcare, Inc. | Exchange Traded | 50 | USD | (2298400) | USD | 500.00 | 1/16/2026 | (38500) |
| HCA Healthcare, Inc. | Exchange Traded | 51 | USD | (2344368) | USD | 520.00 | 1/16/2026 | (21930) |
| HCA Healthcare, Inc. | Exchange Traded | 46 | USD | (2114528) | USD | 520.00 | 3/20/2026 | (59340) |
| Medtronic plc | Exchange Traded | 220 | USD | (1995400) | USD | 110.00 | 1/16/2026 | (15400) |
| Noble Corp. plc | Exchange Traded | 338 | USD | (992030) | USD | 35.00 | 12/19/2025 | (12168) |
| Nutrien Ltd. | Exchange Traded | 324 | USD | (1764180) | USD | 75.00 | 12/19/2025 | (4860) |
| Nutrien Ltd. | Exchange Traded | 330 | USD | (1796850) | USD | 75.00 | 1/16/2026 | (6600) |
| Philip Morris <br>International, Inc. | Exchange Traded | 117 | USD | (1688661) | USD | 200.00 | 11/21/2025 | (2925) |
| Philip Morris <br>International, Inc. | Exchange Traded | 118 | USD | (1703094) | USD | 200.00 | 12/19/2025 | (1180) |
| Philip Morris <br>International, Inc. | Exchange Traded | 118 | USD | (1703094) | USD | 200.00 | 1/16/2026 | (3540) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Income Builder Fund \| Schedule of Investments \| October 31, 2025

**Written Call Options Contracts as of October 31, 2025: (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional <br>Amount** | **Notional <br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Royal Gold, Inc. | Exchange Traded | 110 | USD | (1922690) | USD | 250.00 | 11/21/2025 | (23650) |
| Taiwan <br>Semiconductor <br>Manufacturing Co. <br>Ltd., ADR | Exchange Traded | 87 | USD | (2613741) | USD | 340.00 | 1/16/2026 | (85347) |
| Texas Instruments, <br>Inc. | Exchange Traded | 115 | USD | (1856790) | USD | 240.00 | 12/19/2025 | (3335) |
| Texas Instruments, <br>Inc. | Exchange Traded | 99 | USD | (1598454) | USD | 260.00 | 11/21/2025 | (5544) |
| Texas Instruments, <br>Inc. | Exchange Traded | 100 | USD | (1614600) | USD | 260.00 | 12/19/2025 | (4400) |
| Texas Instruments, <br>Inc. | Exchange Traded | 94 | USD | (1517724) | USD | 280.00 | 12/19/2025 | (3854) |
| Texas Instruments, <br>Inc. | Exchange Traded | 94 | USD | (1517724) | USD | 290.00 | 12/19/2025 | (1786) |
| Wheaton Precious <br>Metals Corp. | Exchange Traded | 223 | USD | (2152396) | USD | 125.00 | 12/19/2025 | (13380) |
| Wheaton Precious <br>Metals Corp. | Exchange Traded | 227 | USD | (2191004) | USD | 125.00 | 1/16/2026 | (23835) |
| Wheaton Precious <br>Metals Corp. | Exchange Traded | 228 | USD | (2200656) | USD | 130.00 | 12/19/2025 | (9690) |
|  |  |  |  |  |  |  |  | **(976858)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Written Options Contracts (Premiums Received ($810610))**  | **(976858)** |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Rising Dividend Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 96.0%** | **Common Stocks — 96.0%** | **Common Stocks — 96.0%** |
| **Air Freight & Logistics — 5.8%** | **Air Freight & Logistics — 5.8%** | **Air Freight & Logistics — 5.8%** |
| CH Robinson Worldwide, Inc. | 92362 | 14222824 |
| Expeditors International of Washington, Inc. | 96084 | 11712640 |
|  |  | **25935464** |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| PepsiCo, Inc. | 44711 | 6531830 |
| **Electronic Equipment, Instruments & Components — 6.5%** | **Electronic Equipment, Instruments & Components — 6.5%** | **Electronic Equipment, Instruments & Components — 6.5%** |
| TE Connectivity plc (Ireland) | 118864 | 29360597 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Nestle SA (Registered) (Switzerland) | 68466 | 6541821 |
| **Health Care Equipment & Supplies — 7.2%** | **Health Care Equipment & Supplies — 7.2%** | **Health Care Equipment & Supplies — 7.2%** |
| Becton Dickinson & Co. | 80101 | 14314850 |
| Medtronic plc | 198151 | 17972295 |
|  |  | **32287145** |
| **Health Care Providers & Services — 9.0%** | **Health Care Providers & Services — 9.0%** | **Health Care Providers & Services — 9.0%** |
| Elevance Health, Inc. | 19406 | 6155583 |
| HCA Healthcare, Inc. | 45518 | 20923714 |
| UnitedHealth Group, Inc. | 39272 | 13413745 |
|  |  | **40493042** |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| Starbucks Corp. | 25758 | 2083049 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Fidelity National Financial, Inc. | 77032 | 4255248 |
| Willis Towers Watson plc | 12392 | 3879935 |
|  |  | **8135183** |
| **Interactive Media & Services — 14.1%** | **Interactive Media & Services — 14.1%** | **Interactive Media & Services — 14.1%** |
| Alphabet, Inc., Class A | 141712 | 39847997 |
| Meta Platforms, Inc., Class A | 36224 | 23485831 |
|  |  | **63333828** |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Accenture plc, Class A | 2573 | 643507 |
| **Machinery — 4.4%** | **Machinery — 4.4%** | **Machinery — 4.4%** |
| Schindler Holding AG (Switzerland) | 56111 | 19986755 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Rising Dividend Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Media — 4.3%** | **Media — 4.3%** | **Media — 4.3%** |
| Comcast Corp., Class A | 686166 | 19099431 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| Exxon Mobil Corp. | 106908 | 12225999 |
| **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 39643 | 11909946 |
| Texas Instruments, Inc. | 109689 | 17710386 |
|  |  | **29620332** |
| **Software — 7.9%** | **Software — 7.9%** | **Software — 7.9%** |
| Microsoft Corp. | 6519 | 3375604 |
| Oracle Corp. | 104271 | 27382607 |
| Salesforce, Inc. | 17397 | 4530353 |
|  |  | **35288564** |
| **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** |
| Extra Space Storage, Inc., REIT | 50005 | 6677668 |
| **Specialty Retail — 6.0%** | **Specialty Retail — 6.0%** | **Specialty Retail — 6.0%** |
| Home Depot, Inc. (The) | 48925 | 18571441 |
| Ross Stores, Inc. | 53348 | 8478064 |
|  |  | **27049505** |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| Samsung Electronics Co. Ltd. (Preference) (South Korea) | 482035 | 28447277 |
| **Textiles, Apparel & Luxury Goods — 3.1%** | **Textiles, Apparel & Luxury Goods — 3.1%** | **Textiles, Apparel & Luxury Goods — 3.1%** |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 19533 | 13806377 |
| **Tobacco — 5.2%** | **Tobacco — 5.2%** | **Tobacco — 5.2%** |
| British American Tobacco plc (United Kingdom) | 147475 | 7553013 |
| Philip Morris International, Inc. | 109242 | 15766898 |
|  |  | **23319911** |
| **Total Common Stocks<br>(Cost $282,833,980)** | **Total Common Stocks<br>(Cost $282,833,980)** | **430867285** |
| **Master Limited Partnerships — 3.0%** | **Master Limited Partnerships — 3.0%** | **Master Limited Partnerships — 3.0%** |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| Enterprise Products Partners LP <br>(Cost $11,240,337) | 430666 | 13260206 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Rising Dividend Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Commercial Paper — 1.0%** | **Commercial Paper — 1.0%** | **Commercial Paper — 1.0%** |
| AES Corp. (The)<br>4.25%, 11/3/2025 (a)(b) | 1386000 | 1385509 |
| Cargill, Inc.<br>3.92%, 11/3/2025 (a)(b) | 866000 | 865716 |
| Credit Agricole Corporate and Investment Bank<br>3.84%, 11/3/2025 (b) | 629000 | 628797 |
| General Motors Financial Co., Inc.<br>4.00%, 11/3/2025 (a)(b) | 1845000 | 1844381 |
| **Total Commercial Paper<br>(Cost $4,724,940)** | **Total Commercial Paper<br>(Cost $4,724,940)** | **4724403** |
|  | **Shares** |  |
| **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** | **Investment Companies — 0.0% (c)** |
| JPMorgan US Government Money Market Fund <br>4.07% (d) (Cost $2,975) | 2975 | 2975 |
| **Total Short-Term Investments<br>(Cost $4,727,915)** | **Total Short-Term Investments<br>(Cost $4,727,915)** | **4727378** |
| **Total Investments — 100.0%<br>(Cost $298,802,232)** | **Total Investments — 100.0%<br>(Cost $298,802,232)** | **448854869** |
| **Other Assets Less Liabilities — 0.0% (c)** | **Other Assets Less Liabilities — 0.0% (c)** | **142357** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **448997226** |

---

(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 October 31, 2025 amounted to $4,095,606, which represents approximately 0.91% of net assets of the Fund.

(b) The rate shown was the current yield as of October 31, 2025.

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

(d) Represents 7-day effective yield as of October 31, 2025.

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

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

REIT — Real Estate Investment Trust

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Rising Dividend Fund \| Schedule of Investments \| October 31, 2025

As of October 31, 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 | $170149815 |
| Aggregate gross unrealized depreciation | (18847710) |
| Net unrealized appreciation | $151302105 |
| Federal income tax cost of investments | $297552764 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 94.5%** | **Common Stocks — 94.5%** | **Common Stocks — 94.5%** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| AAR Corp.\* | 43903 | 3697072 |
| Astronics Corp.\* | 206908 | 10175735 |
| Ducommun, Inc.\* | 160288 | 14706424 |
| Kratos Defense & Security Solutions, Inc.\* | 127721 | 11571522 |
| VSE Corp. | 24332 | 4396306 |
|  |  | **44547059** |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| GXO Logistics, Inc.\* | 105865 | 5950672 |
| Radiant Logistics, Inc.\* | 451590 | 2732119 |
|  |  | **8682791** |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Dorman Products, Inc.\* | 14288 | 1916450 |
| Holley, Inc.\* | 425160 | 1220209 |
|  |  | **3136659** |
| **Banks — 4.9%** | **Banks — 4.9%** | **Banks — 4.9%** |
| Ameris Bancorp | 174657 | 12508934 |
| Avidbank Holdings, Inc.\* | 101858 | 2661549 |
| Axos Financial, Inc.\* | 120836 | 9422791 |
| Columbia Banking System, Inc. | 96180 | 2577624 |
| Customers Bancorp, Inc.\* | 109106 | 7323195 |
| Dime Community Bancshares, Inc. | 228583 | 6000304 |
| Old National Bancorp | 519108 | 10605376 |
| Red River Bancshares, Inc. | 28319 | 1870753 |
| Seacoast Banking Corp. of Florida | 359259 | 10885548 |
| SmartFinancial, Inc. | 87105 | 3046062 |
| Valley National Bancorp | 776140 | 8436642 |
| Webster Financial Corp. | 174846 | 9973216 |
|  |  | **85311994** |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| CareDx, Inc.\* | 433312 | 6499680 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| American Woodmark Corp.\* | 112171 | 7148658 |
| Insteel Industries, Inc. | 352348 | 11007351 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Building Products — 1.9% (continued)** | **Building Products — 1.9% (continued)** | **Building Products — 1.9% (continued)** |
| Janus International Group, Inc.\* | 1002252 | 9621619 |
| Quanex Building Products Corp. | 373413 | 5306199 |
|  |  | **33083827** |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| Ceragon Networks Ltd. (Israel)\* | 517925 | 1346605 |
| Moelis & Co., Class A | 69959 | 4430504 |
| Perella Weinberg Partners, Class A | 507156 | 9473674 |
|  |  | **15250783** |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| AdvanSix, Inc. | 163526 | 3039948 |
| Arq, Inc.\* | 211002 | 1401053 |
| Aspen Aerogels, Inc.\* | 570570 | 4644440 |
| Intrepid Potash, Inc.\* | 228777 | 6092332 |
| LSB Industries, Inc.\* | 1236943 | 10427429 |
| Mativ Holdings, Inc. | 897323 | 9583410 |
|  |  | **35188612** |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| ABM Industries, Inc. | 65393 | 2811899 |
| ACCO Brands Corp. | 758625 | 2852430 |
| Healthcare Services Group, Inc.\* | 491487 | 8782873 |
| Interface, Inc., Class A | 119156 | 2966984 |
|  |  | **17414186** |
| **Communications Equipment — 4.1%** | **Communications Equipment — 4.1%** | **Communications Equipment — 4.1%** |
| ADTRAN Holdings, Inc.\* | 1062073 | 11066801 |
| Aviat Networks, Inc.\* | 332993 | 8311505 |
| Ciena Corp.\* | 54069 | 10268785 |
| Digi International, Inc.\* | 156493 | 5740163 |
| Harmonic, Inc.\* | 715953 | 7660697 |
| Inseego Corp.\* | 168367 | 2801627 |
| KVH Industries, Inc.\* | 185431 | 1107023 |
| Lantronix, Inc.\* | 107972 | 532302 |
| NETGEAR, Inc.\* | 138482 | 4808095 |
| NetScout Systems, Inc.\* | 184081 | 5117452 |
| Ribbon Communications, Inc.\* | 904945 | 3040615 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Communications Equipment — 4.1% (continued)** | **Communications Equipment — 4.1% (continued)** | **Communications Equipment — 4.1% (continued)** |
| Viavi Solutions, Inc.\* | 676972 | 11982404 |
|  |  | **72437469** |
| **Construction & Engineering — 3.2%** | **Construction & Engineering — 3.2%** | **Construction & Engineering — 3.2%** |
| Ameresco, Inc., Class A\* | 575041 | 22725620 |
| Arcosa, Inc. | 111180 | 11340360 |
| Concrete Pumping Holdings, Inc. | 448336 | 2864867 |
| Dycom Industries, Inc.\* | 37303 | 10735431 |
| Matrix Service Co.\* | 525917 | 7899273 |
|  |  | **55565551** |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| Eagle Materials, Inc. | 30481 | 6471726 |
| Titan America SA (Belgium) | 310078 | 4576751 |
|  |  | **11048477** |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Chefs' Warehouse, Inc. (The)\* | 133357 | 7868063 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Ranpak Holdings Corp., Class A\* | 223190 | 1182907 |
| TriMas Corp. | 260010 | 9238155 |
|  |  | **10421062** |
| **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
| Lincoln Educational Services Corp.\* | 677950 | 13165789 |
| Phoenix Education Partners, Inc.\* | 67790 | 2504841 |
| Universal Technical Institute, Inc.\* | 382685 | 11373398 |
|  |  | **27044028** |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| LSI Industries, Inc. | 256142 | 5863091 |
| Thermon Group Holdings, Inc.\* | 350703 | 10075697 |
|  |  | **15938788** |
| **Electronic Equipment, Instruments & Components — 7.2%** | **Electronic Equipment, Instruments & Components — 7.2%** | **Electronic Equipment, Instruments & Components — 7.2%** |
| 908 Devices, Inc.\* | 555324 | 4431486 |
| Advanced Energy Industries, Inc. | 99041 | 20078582 |
| Airgain, Inc.\* | 408025 | 1754508 |
| Avnet, Inc. | 90574 | 4388310 |
| Belden, Inc. | 68720 | 8373532 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Electronic Equipment, Instruments & Components — 7.2% (continued)** | **Electronic Equipment, Instruments & Components — 7.2% (continued)** | **Electronic Equipment, Instruments & Components — 7.2% (continued)** |
| Benchmark Electronics, Inc. | 208277 | 9126698 |
| Fabrinet (Thailand)\* | 35716 | 15735398 |
| OSI Systems, Inc.\* | 25277 | 7038633 |
| Rogers Corp.\* | 93669 | 8199784 |
| Sanmina Corp.\* | 40314 | 5525034 |
| TTM Technologies, Inc.\* | 298542 | 20062022 |
| Vishay Intertechnology, Inc. | 810178 | 13756823 |
| Vishay Precision Group, Inc.\* | 216519 | 8110802 |
|  |  | **126581612** |
| **Energy Equipment & Services — 2.9%** | **Energy Equipment & Services — 2.9%** | **Energy Equipment & Services — 2.9%** |
| Flowco Holdings, Inc., Class A | 104916 | 1699639 |
| Geospace Technologies Corp.\* | 435750 | 11041905 |
| Helix Energy Solutions Group, Inc.\* | 487515 | 3276101 |
| Natural Gas Services Group, Inc. | 262544 | 7309225 |
| Oil States International, Inc.\* | 2332010 | 13922100 |
| ProPetro Holding Corp.\* | 427000 | 4432260 |
| RPC, Inc. | 292655 | 1521806 |
| SEACOR Marine Holdings, Inc.\* | 981711 | 6243682 |
| Seadrill Ltd.\* | 43027 | 1357932 |
| Smart Sand, Inc. | 251059 | 539777 |
|  |  | **51344427** |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Flywire Corp.\* | 245352 | 3268089 |
| MGIC Investment Corp. | 343929 | 9430533 |
| NMI Holdings, Inc., Class A\* | 239139 | 8711834 |
| Radian Group, Inc. | 202775 | 6882183 |
| Remitly Global, Inc.\* | 314093 | 5038052 |
|  |  | **33330691** |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| Mama's Creations, Inc.\* | 1171415 | 12405285 |
| SunOpta, Inc. (Canada)\* | 537471 | 2805599 |
| Utz Brands, Inc. | 647425 | 6817385 |
| Vital Farms, Inc.\* | 247563 | 8132444 |
|  |  | **30160713** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| ONE Gas, Inc. | 88840 | 7124080 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| FTAI Infrastructure, Inc. | 1870636 | 9989196 |
| RXO, Inc.\* | 301245 | 5341074 |
|  |  | **15330270** |
| **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** |
| Alphatec Holdings, Inc.\* | 613332 | 11647175 |
| AngioDynamics, Inc.\* | 243221 | 2925949 |
| Artivion, Inc.\* | 291333 | 13217778 |
| Axogen, Inc.\* | 394480 | 8765345 |
| Beta Bionics, Inc.\* | 219205 | 5966760 |
| Embecta Corp. | 347343 | 4633556 |
| Envista Holdings Corp.\* | 196815 | 4005185 |
| Profound Medical Corp. (Canada)\* | 261886 | 1589648 |
| SI-BONE, Inc.\* | 471278 | 6989053 |
| Teleflex, Inc. | 55955 | 6964719 |
| Treace Medical Concepts, Inc.\* | 1138683 | 7276184 |
|  |  | **73981352** |
| **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** |
| Aveanna Healthcare Holdings, Inc.\* | 693998 | 6280682 |
| Brookdale Senior Living, Inc.\* | 1709674 | 15848678 |
| Concentra Group Holdings Parent, Inc. | 283108 | 5639511 |
| Hinge Health, Inc., Class A\* | 122183 | 6079826 |
| InfuSystem Holdings, Inc.\* | 679297 | 7037517 |
| LifeStance Health Group, Inc.\* | 1307486 | 6406681 |
| Pennant Group, Inc. (The)\* | 386696 | 9562992 |
| Progyny, Inc.\* | 191131 | 3576061 |
| RadNet, Inc.\* | 78501 | 5965291 |
| Strata Critical Medical, Inc.\* | 1731223 | 8708052 |
| Talkspace, Inc.\* | 1867121 | 6030801 |
| Viemed Healthcare, Inc.\* | 409065 | 2642560 |
|  |  | **83778652** |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Strawberry Fields REIT, Inc., REIT | 262813 | 3056515 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** |
| HealthStream, Inc. | 363183 | 8934302 |
| Simulations Plus, Inc.\* | 250968 | 4311630 |
|  |  | **13245932** |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| Cheesecake Factory, Inc. (The) | 76132 | 3791374 |
| El Pollo Loco Holdings, Inc.\* | 484611 | 4952724 |
|  |  | **8744098** |
| **Household Durables — 4.4%** | **Household Durables — 4.4%** | **Household Durables — 4.4%** |
| Beazer Homes USA, Inc.\* | 585702 | 13119725 |
| Century Communities, Inc. | 194276 | 11539994 |
| Champion Homes, Inc.\* | 104365 | 7120824 |
| Ethan Allen Interiors, Inc. | 219059 | 5294656 |
| Hooker Furnishings Corp. | 310350 | 2817978 |
| Installed Building Products, Inc. | 53559 | 13294951 |
| M/I Homes, Inc.\* | 49835 | 6238844 |
| Smith Douglas Homes Corp., Class A\* | 314022 | 5485964 |
| Taylor Morrison Home Corp., Class A\* | 202173 | 11982794 |
| Universal Electronics, Inc.\* | 155597 | 605272 |
|  |  | **77501002** |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Central Garden & Pet Co., Class A\* | 58578 | 1629054 |
| Spectrum Brands Holdings, Inc. | 165342 | 8908627 |
|  |  | **10537681** |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Axis Capital Holdings Ltd. | 63467 | 5944319 |
| Citizens, Inc., Class A\* | 515686 | 2872371 |
| Lincoln National Corp. | 359360 | 15093120 |
| Old Republic International Corp. | 227495 | 8976953 |
| Stewart Information Services Corp. | 104792 | 7154150 |
|  |  | **40040913** |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| EverQuote, Inc., Class A\* | 221724 | 4775935 |
| QuinStreet, Inc.\* | 219332 | 3243920 |
| Trivago NV, ADR (Germany)\* | 200432 | 645391 |
|  |  | **8665246** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Backblaze, Inc., Class A\* | 906295 | 9343901 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| Clarus Corp. | 750397 | 2506326 |
| Johnson Outdoors, Inc., Class A | 122517 | 4990117 |
| YETI Holdings, Inc.\* | 122538 | 4165067 |
|  |  | **11661510** |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| Bio-Rad Laboratories, Inc., Class A\* | 6558 | 2095609 |
| Maravai LifeSciences Holdings, Inc., Class A\* | 921007 | 2891962 |
|  |  | **4987571** |
| **Machinery — 6.8%** | **Machinery — 6.8%** | **Machinery — 6.8%** |
| Aebi Schmidt Holding AG (Switzerland) | 268528 | 2994087 |
| Albany International Corp., Class A | 69503 | 3932480 |
| Astec Industries, Inc. | 260801 | 12135071 |
| CECO Environmental Corp.\* | 366311 | 17908945 |
| Columbus McKinnon Corp. | 40750 | 661373 |
| Enpro, Inc. | 49095 | 11390531 |
| Flowserve Corp. | 39345 | 2685296 |
| Graham Corp.\* | 266467 | 16598230 |
| JBT Marel Corp. | 56053 | 7068283 |
| Luxfer Holdings plc (United Kingdom) | 394362 | 4811216 |
| Manitowoc Co., Inc. (The)\* | 728984 | 7413767 |
| Mayville Engineering Co., Inc.\* | 303588 | 5409938 |
| Park-Ohio Holdings Corp. | 363724 | 7503626 |
| Timken Co. (The) | 75063 | 5893196 |
| Titan International, Inc.\* | 544668 | 4112243 |
| Trinity Industries, Inc. | 347211 | 9503165 |
|  |  | **120021447** |
| **Marine Transportation — 0.0% (a)** | **Marine Transportation — 0.0% (a)** | **Marine Transportation — 0.0% (a)** |
| Diana Shipping, Inc. (Greece) | 52451 | 91789 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| DoubleVerify Holdings, Inc.\* | 463373 | 5273185 |
| Magnite, Inc.\* | 236528 | 4229121 |
| National CineMedia, Inc. | 725292 | 3205790 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Media — 1.1% (continued)** | **Media — 1.1% (continued)** | **Media — 1.1% (continued)** |
| Thryv Holdings, Inc.\* | 832013 | 6414820 |
|  |  | **19122916** |
| **Metals & Mining — 5.3%** | **Metals & Mining — 5.3%** | **Metals & Mining — 5.3%** |
| Century Aluminum Co.\* | 294100 | 8711242 |
| Coeur Mining, Inc.\* | 1240903 | 21306304 |
| Commercial Metals Co. | 235131 | 13957376 |
| Ferroglobe plc | 1839983 | 8923918 |
| Hecla Mining Co. | 1411431 | 18165117 |
| Kaiser Aluminum Corp. | 132194 | 11967523 |
| Materion Corp. | 41093 | 4710491 |
| Ramaco Resources, Inc., Class B | 339521 | 4984168 |
|  |  | **92726139** |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Black Hills Corp. | 108145 | 6859637 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| Dorian LPG Ltd. | 337561 | 9738635 |
| Golar LNG Ltd. (Bermuda) | 247814 | 10172765 |
| Murphy Oil Corp. | 237811 | 6730051 |
| Navigator Holdings Ltd. | 607969 | 9995010 |
| PBF Energy, Inc., Class A | 478124 | 16337497 |
| Riley Exploration Permian, Inc. | 173500 | 4514470 |
| Scorpio Tankers, Inc. (Monaco) | 187310 | 11557027 |
|  |  | **69045455** |
| **Paper & Forest Products — 0.9%** | **Paper & Forest Products — 0.9%** | **Paper & Forest Products — 0.9%** |
| Clearwater Paper Corp.\* | 124200 | 2192130 |
| Louisiana-Pacific Corp. | 161334 | 14053805 |
|  |  | **16245935** |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Allegiant Travel Co.\* | 16912 | 1051588 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Nature's Sunshine Products, Inc.\* | 100969 | 1361062 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| TIC Solutions, Inc.\* | 218329 | 2648331 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| Douglas Elliman, Inc.\* | 1421549 | 3511226 |
| Forestar Group, Inc.\* | 433454 | 11274139 |
|  |  | **14785365** |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| UMH Properties, Inc., REIT | 596923 | 8679260 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| FrontView REIT, Inc., REIT | 181668 | 2416184 |
| Macerich Co. (The), REIT | 148547 | 2547581 |
| Tanger, Inc., REIT | 155196 | 5053182 |
| Whitestone REIT, REIT | 624292 | 7828622 |
|  |  | **17845569** |
| **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| Alpha & Omega Semiconductor Ltd.\* | 286692 | 8044578 |
| Ambiq Micro, Inc.\* | 93606 | 2860599 |
| Amtech Systems, Inc.\* | 659277 | 5228067 |
| Axcelis Technologies, Inc.\* | 113927 | 9064032 |
| Cohu, Inc.\* | 217506 | 5174468 |
| FormFactor, Inc.\* | 264789 | 14550156 |
| inTEST Corp.\* | 351390 | 2979787 |
| Silicon Motion Technology Corp., ADR (Taiwan) | 131659 | 12917064 |
| Ultra Clean Holdings, Inc.\* | 352031 | 9649170 |
| Veeco Instruments, Inc.\* | 416787 | 11982626 |
|  |  | **82450547** |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| CS Disco, Inc.\* | 265829 | 1680039 |
| Five9, Inc.\* | 304677 | 7397558 |
| Kaltura, Inc.\* | 160356 | 248552 |
| Silvaco Group, Inc.\* | 675001 | 3975756 |
| SimilarWeb Ltd. (Israel)\* | 654337 | 5594581 |
| Sprinklr, Inc., Class A\* | 953280 | 7359322 |
|  |  | **26255808** |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Outfront Media, Inc., REIT | 708357 | 12530835 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| MarineMax, Inc.\* | 238776 | 5914482 |
| National Vision Holdings, Inc.\* | 447243 | 11516507 |
| OneWater Marine, Inc., Class A\* | 244736 | 3800750 |
| Outdoor Holding Co.\* | 1667543 | 2668069 |
| Sonic Automotive, Inc., Class A | 72693 | 4618186 |
| Tile Shop Holdings, Inc.\* | 266002 | 1665173 |
| Warby Parker, Inc., Class A\* | 390714 | 7654087 |
|  |  | **37837254** |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| Eastman Kodak Co.\* | 670857 | 4253233 |
| Xerox Holdings Corp. | 1562761 | 5188367 |
|  |  | **9441600** |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Fossil Group, Inc.\* | 525810 | 1093685 |
| Lakeland Industries, Inc. | 234719 | 3863475 |
|  |  | **4957160** |
| **Trading Companies & Distributors — 3.1%** | **Trading Companies & Distributors — 3.1%** | **Trading Companies & Distributors — 3.1%** |
| Air Lease Corp., Class A | 40092 | 2560275 |
| Alta Equipment Group, Inc. | 685234 | 4193632 |
| Boise Cascade Co. | 108636 | 7657752 |
| Custom Truck One Source, Inc.\* | 675234 | 3977128 |
| DNOW, Inc.\* | 203499 | 2991435 |
| NPK International, Inc.\* | 238424 | 2932615 |
| QXO, Inc.\* | 150901 | 2666421 |
| Titan Machinery, Inc.\* | 660170 | 10826788 |
| Transcat, Inc.\* | 25193 | 1830272 |
| WESCO International, Inc. | 57046 | 14805148 |
|  |  | **54441466** |
| **Total Common Stocks<br>(Cost $1,300,145,978)** | **Total Common Stocks<br>(Cost $1,300,145,978)** | **1657254358** |
| **Exchange Traded Funds — 0.5%** | **Exchange Traded Funds — 0.5%** | **Exchange Traded Funds — 0.5%** |
| State Street SPDR S&P Regional Banking ETF<br>(Cost $9,241,224) | 148361 | 8901660 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Rights** | **Value ($)** |
| **Rights — 0.0% (a)** | **Rights — 0.0% (a)** | **Rights — 0.0% (a)** |
| **IT Services — 0.0% (a)** | **IT Services — 0.0% (a)** | **IT Services — 0.0% (a)** |
| Flexion, Inc., CVR\*‡ (b)<br>(Cost $27,802) | 44841 |  |
|  | **Shares** |  |
| **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** |
| **Investment Companies — 5.2%** | **Investment Companies — 5.2%** | **Investment Companies — 5.2%** |
| JPMorgan US Government Money Market Fund 4.07% (c) <br>(Cost $91,226,352) | 91226352 | 91226352 |
| **Total Investments — 100.2%<br>(Cost $1,400,641,356)** | **Total Investments — 100.2%<br>(Cost $1,400,641,356)** | **1757382370** |
| **Liabilities in Excess of Other Assets — (0.2%)** | **Liabilities in Excess of Other Assets — (0.2%)** | **(3810631)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1753571739** |

---

\* 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 October 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at October 31, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c) Represents 7-day effective yield as of October 31, 2025.

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

CVR — Contingent Value Rights

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor's Depositary Receipt

As of October 31, 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 | $434181296 |
| Aggregate gross unrealized depreciation | (79172710) |
| Net unrealized appreciation | $355008586 |
| Federal income tax cost of investments | $1402373784 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Small Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value <br>October 31, 2024** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** | **Net Realized <br>Gains <br>(Loss)** |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| Amtech Systems, Inc.\*<sup>^</sup> | $4023077 | $117845 | $(428161) | $(378769) |
| **Total Common Stocks** | **4023077** | **117845** | **(428161)** | **(378769)** |
| **Total** | $**4023077** | $**117845** | $**(428161)** | $**(378769)** |

---

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized <br>Appreciation/<br>Depreciation** | **Market Value<br>October 31, <br>2025** | **Shares at <br>October 31, 2025** | **Dividend <br>Income** |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| Amtech Systems, Inc.\*<sup>^</sup> | $1894075 | $5228067 | 659277 | $— |
| **Total Common Stocks** | **1894075** | **5228067** | **659277** | **—** |
| **Total** | $**1894075** | $**5228067** | **659277** | $**—** |

---

\* Non-income producing security.

<sup>^</sup> Represents an unaffiliated issuer as of October 31, 2025.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 97.1%** | **Common Stocks — 97.1%** | **Common Stocks — 97.1%** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| Curtiss-Wright Corp. | 1756 | 1046102 |
| StandardAero, Inc.\* | 14500 | 418905 |
|  |  | **1465007** |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| GXO Logistics, Inc.\* | 7211 | 405330 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| Webster Financial Corp. | 20500 | 1169320 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| CareDx, Inc.\* | 29015 | 435225 |
| Exelixis, Inc.\* | 13771 | 532525 |
|  |  | **967750** |
| **Building Products — 2.5%** | **Building Products — 2.5%** | **Building Products — 2.5%** |
| Advanced Drainage Systems, Inc. | 5100 | 714255 |
| Lennox International, Inc. | 977 | 493385 |
|  |  | **1207640** |
| **Capital Markets — 5.0%** | **Capital Markets — 5.0%** | **Capital Markets — 5.0%** |
| Evercore, Inc., Class A | 4090 | 1204750 |
| Houlihan Lokey, Inc., Class A | 4402 | 788310 |
| Raymond James Financial, Inc. | 2343 | 371764 |
|  |  | **2364824** |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| Clean Harbors, Inc.\* | 2900 | 610479 |
| **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** | **Communications Equipment — 1.8%** |
| Ciena Corp.\* | 4400 | 835648 |
| **Construction & Engineering — 4.7%** | **Construction & Engineering — 4.7%** | **Construction & Engineering — 4.7%** |
| Arcosa, Inc. | 1496 | 152592 |
| Dycom Industries, Inc.\* | 3312 | 953161 |
| Quanta Services, Inc. | 2518 | 1130909 |
|  |  | **2236662** |
| **Construction Materials — 1.7%** | **Construction Materials — 1.7%** | **Construction Materials — 1.7%** |
| James Hardie Industries plc, ADR\* | 28176 | 589724 |
| Titan America SA (Belgium) | 16425 | 242433 |
|  |  | **832157** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Consumer Staples Distribution & Retail — 3.9%** | **Consumer Staples Distribution & Retail — 3.9%** | **Consumer Staples Distribution & Retail — 3.9%** |
| Casey's General Stores, Inc. | 893 | 458279 |
| Chefs' Warehouse, Inc. (The)\* | 9979 | 588761 |
| Performance Food Group Co.\* | 8400 | 812616 |
|  |  | **1859656** |
| **Electrical Equipment — 4.4%** | **Electrical Equipment — 4.4%** | **Electrical Equipment — 4.4%** |
| Generac Holdings, Inc.\* | 5235 | 879585 |
| nVent Electric plc | 10600 | 1212110 |
|  |  | **2091695** |
| **Electronic Equipment, Instruments & Components — 11.2%** | **Electronic Equipment, Instruments & Components — 11.2%** | **Electronic Equipment, Instruments & Components — 11.2%** |
| Belden, Inc. | 5275 | 642759 |
| Coherent Corp.\* | 8901 | 1174576 |
| Fabrinet (Thailand)\* | 3236 | 1425684 |
| Flex Ltd.\* | 19448 | 1215889 |
| OSI Systems, Inc.\* | 1945 | 541605 |
| Trimble, Inc.\* | 4503 | 359114 |
|  |  | **5359627** |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Roku, Inc., Class A\* | 6200 | 658006 |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** | **Financial Services — 5.9%** |
| MGIC Investment Corp. | 18425 | 505213 |
| Radian Group, Inc. | 23931 | 812218 |
| Rocket Cos., Inc., Class A | 60700 | 1011262 |
| Walker & Dunlop, Inc. | 6042 | 482877 |
|  |  | **2811570** |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Ingredion, Inc. | 3182 | 367235 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| XPO, Inc.\* | 3585 | 515774 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Zimmer Biomet Holdings, Inc. | 1636 | 164516 |
| **Health Care Providers & Services — 7.9%** | **Health Care Providers & Services — 7.9%** | **Health Care Providers & Services — 7.9%** |
| Cardinal Health, Inc. | 7729 | 1474461 |
| Ensign Group, Inc. (The) | 1225 | 220623 |
| Quest Diagnostics, Inc. | 3935 | 692363 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Health Care Providers & Services — 7.9% (continued)** | **Health Care Providers & Services — 7.9% (continued)** | **Health Care Providers & Services — 7.9% (continued)** |
| Tenet Healthcare Corp.\* | 6733 | 1390297 |
|  |  | **3777744** |
| **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** |
| Ryman Hospitality Properties, Inc., REIT | 4400 | 382404 |
| **Hotels, Restaurants & Leisure — 4.4%** | **Hotels, Restaurants & Leisure — 4.4%** | **Hotels, Restaurants & Leisure — 4.4%** |
| Aramark | 12485 | 472932 |
| Cheesecake Factory, Inc. (The) | 15215 | 757707 |
| Texas Roadhouse, Inc., Class A | 5215 | 853069 |
|  |  | **2083708** |
| **Household Durables — 4.5%** | **Household Durables — 4.5%** | **Household Durables — 4.5%** |
| Beazer Homes USA, Inc.\* | 27280 | 611072 |
| Century Communities, Inc. | 7650 | 454410 |
| SharkNinja, Inc.\* | 7900 | 675450 |
| Toll Brothers, Inc. | 2891 | 390140 |
|  |  | **2131072** |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| Axis Capital Holdings Ltd. | 6212 | 581816 |
| Old Republic International Corp. | 20760 | 819190 |
|  |  | **1401006** |
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| Kyndryl Holdings, Inc.\* | 25000 | 723000 |
| **Life Sciences Tools & Services — 2.2%** | **Life Sciences Tools & Services — 2.2%** | **Life Sciences Tools & Services — 2.2%** |
| Bio-Rad Laboratories, Inc., Class A\* | 3308 | 1057071 |
| **Machinery — 3.4%** | **Machinery — 3.4%** | **Machinery — 3.4%** |
| CECO Environmental Corp.\* | 10000 | 488900 |
| Donaldson Co., Inc. | 3200 | 269600 |
| Enpro, Inc. | 3615 | 838716 |
|  |  | **1597216** |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Black Hills Corp. | 3030 | 192193 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| Expand Energy Corp. | 9074 | 937435 |
| HF Sinclair Corp. | 4491 | 231735 |
| Permian Resources Corp., Class A | 33871 | 425420 |
|  |  | **1594590** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Passenger Airlines — 2.0%** | **Passenger Airlines — 2.0%** | **Passenger Airlines — 2.0%** |
| Delta Air Lines, Inc. | 12694 | 728382 |
| Southwest Airlines Co. | 8000 | 242400 |
|  |  | **970782** |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Coty, Inc., Class A\* | 28074 | 111454 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| CBIZ, Inc.\* | 8637 | 475035 |
| **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** |
| Colliers International Group, Inc. (Canada) | 5008 | 798926 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| Entegris, Inc. | 9400 | 860758 |
| Onto Innovation, Inc.\* | 6050 | 816508 |
|  |  | **1677266** |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Lithia Motors, Inc., Class A | 444 | 139452 |
| Warby Parker, Inc., Class A\* | 32700 | 640593 |
|  |  | **780045** |
| **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
| QXO, Inc.\* | 34000 | 600780 |
| **Total Common Stocks<br>(Cost $33,235,283)** | **Total Common Stocks<br>(Cost $33,235,283)** | **46277188** |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan US Government Money Market Fund 4.07% (a) <br>(Cost $1,396,497) | 1396497 | 1396497 |
| **Total Investments — 100.0%<br>(Cost $34,631,780)** | **Total Investments — 100.0%<br>(Cost $34,631,780)** | **47673685** |
| **Liabilities in Excess of Other Assets — 0.0% (b)** | **Liabilities in Excess of Other Assets — 0.0% (b)** | **(17659)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **47656026** |

---

\* Non-income producing security.

(a) Represents 7-day effective yield as of October 31, 2025.

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

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle U.S. Smid Cap Opportunity Fund \| Schedule of Investments \| October 31, 2025

As of October 31, 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 | $13944177 |
| Aggregate gross unrealized depreciation | (921663) |
| Net unrealized appreciation | $13022514 |
| Federal income tax cost of investments | $34651171 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 91.4%** | **Common Stocks — 91.4%** | **Common Stocks — 91.4%** |
| **Australia — 1.6%** | **Australia — 1.6%** | **Australia — 1.6%** |
| Glencore plc | 47378 | 226968 |
| Ora Banda Mining Ltd.\* | 57462 | 45228 |
|  |  | **272196** |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Shurgard Self Storage Ltd., REIT | 4128 | 151113 |
| **Canada — 17.2%** | **Canada — 17.2%** | **Canada — 17.2%** |
| Agnico Eagle Mines Ltd. | 1812 | 291434 |
| Canadian National Railway Co. | 1780 | 170684 |
| Canadian Pacific Kansas City Ltd. | 2464 | 177314 |
| Franco-Nevada Corp. | 1809 | 337913 |
| G Mining Ventures Corp.\* | 6812 | 134098 |
| Imperial Oil Ltd. | 3278 | 289926 |
| LunR Royalties Corp.\*‡ (a) | 4958 | 5090 |
| NGEx Minerals Ltd.\* | 19835 | 323147 |
| Nutrien Ltd. | 6340 | 345309 |
| TransAlta Corp. | 15474 | 273502 |
| Wheaton Precious Metals Corp. | 5307 | 512519 |
|  |  | **2860936** |
| **China — 3.8%** | **China — 3.8%** | **China — 3.8%** |
| Contemporary Amperex Technology Co. Ltd., Class H | 3500 | 250467 |
| GDS Holdings Ltd., Class A\* | 86400 | 384951 |
|  |  | **635418** |
| **Faroe Islands — 1.1%** | **Faroe Islands — 1.1%** | **Faroe Islands — 1.1%** |
| Bakkafrost P/F | 3862 | 177334 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Air Liquide SA | 417 | 80707 |
| **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** |
| FUCHS SE (Preference) | 6886 | 308249 |
| **Hong Kong — 4.5%** | **Hong Kong — 4.5%** | **Hong Kong — 4.5%** |
| CK Asset Holdings Ltd. | 75500 | 373517 |
| Guoco Group Ltd. (b) | 15000 | 149603 |
| Hongkong Land Holdings Ltd. | 35700 | 218139 |
|  |  | **741259** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Indonesia — 2.3%** | **Indonesia — 2.3%** | **Indonesia — 2.3%** |
| United Tractors Tbk. PT | 236800 | 382877 |
| **Japan — 3.6%** | **Japan — 3.6%** | **Japan — 3.6%** |
| Kansai Paint Co. Ltd. | 18800 | 301747 |
| Komatsu Ltd. | 6800 | 227467 |
| Shin-Etsu Chemical Co. Ltd. | 2200 | 66130 |
|  |  | **595344** |
| **Mexico — 8.4%** | **Mexico — 8.4%** | **Mexico — 8.4%** |
| FIBRA Macquarie Mexico, REIT (c) | 181623 | 294159 |
| GCC SAB de CV | 27238 | 261553 |
| Grupo Mexico SAB de CV, Series B | 69255 | 598742 |
| Prologis Property Mexico SA de CV, REIT | 62051 | 247790 |
|  |  | **1402244** |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC\*‡ (a) | 48132 |  |
| **Singapore — 0.2%** | **Singapore — 0.2%** | **Singapore — 0.2%** |
| Sheng Siong Group Ltd. | 22700 | 40446 |
| **South Korea — 3.1%** | **South Korea — 3.1%** | **South Korea — 3.1%** |
| Samsung Electronics Co. Ltd. (Preference) | 8710 | 514020 |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 751 | 225623 |
| **United Kingdom — 10.0%** | **United Kingdom — 10.0%** | **United Kingdom — 10.0%** |
| Ashtead Group plc | 3829 | 255757 |
| Big Yellow Group plc, REIT | 22440 | 328228 |
| Cranswick plc | 2615 | 169647 |
| Derwent London plc, REIT | 10425 | 241396 |
| Great Portland Estates plc, REIT | 32841 | 143765 |
| Shell plc | 13742 | 515952 |
|  |  | **1654745** |
| **United States — 30.9%** | **United States — 30.9%** | **United States — 30.9%** |
| American Water Works Co., Inc. | 458 | 58821 |
| BXP, Inc., REIT | 2192 | 156048 |
| Carlisle Cos., Inc. | 407 | 132295 |
| Charter Communications, Inc., Class A\* | 465 | 108736 |
| CRH plc | 3379 | 399197 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 30.9% (continued)** | **United States — 30.9% (continued)** | **United States — 30.9% (continued)** |
| Cummins, Inc. | 408 | 178573 |
| Deere & Co. | 230 | 106175 |
| Dominion Energy, Inc. | 4622 | 271265 |
| Douglas Emmett, Inc., REIT | 15731 | 203559 |
| EastGroup Properties, Inc., REIT | 838 | 146256 |
| Equinix, Inc., REIT | 353 | 298642 |
| Equity Residential, REIT | 2287 | 135939 |
| Extra Space Storage, Inc., REIT | 2372 | 316757 |
| HCA Healthcare, Inc. | 1172 | 538745 |
| IDACORP, Inc. | 2034 | 262427 |
| Noble Corp. plc | 11020 | 323437 |
| ONEOK, Inc. | 5047 | 338149 |
| PulteGroup, Inc. | 2228 | 267070 |
| Reliance, Inc. | 799 | 225662 |
| RPM International, Inc. | 1315 | 143703 |
| SLB Ltd. | 1103 | 39774 |
| UGI Corp. | 8681 | 290206 |
| Williams Cos., Inc. (The) | 3215 | 186052 |
|  |  | **5127488** |
| **Total Common Stocks<br>(Cost $12,783,098)** | **Total Common Stocks<br>(Cost $12,783,098)** | **15169999** |
| **Master Limited Partnerships — 4.6%** | **Master Limited Partnerships — 4.6%** | **Master Limited Partnerships — 4.6%** |
| **United States — 4.6%** | **United States — 4.6%** | **United States — 4.6%** |
| Black Stone Minerals LP | 22260 | 293609 |
| Enterprise Products Partners LP | 15243 | 469332 |
| **Total Master Limited Partnerships<br>(Cost 705,643)** | **Total Master Limited Partnerships<br>(Cost 705,643)** | **762941** |
|  | **Ounces** |  |
| **Commodities — 2.4%** | **Commodities — 2.4%** | **Commodities — 2.4%** |
| Gold bullion\*<br>(Cost $274,172) | 100 | 400344 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Global Real Assets Fund \| Consolidated Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Exchange Traded Funds — 1.4%** | **Exchange Traded Funds — 1.4%** | **Exchange Traded Funds — 1.4%** |
| **United States — 1.4%** | **United States — 1.4%** | **United States — 1.4%** |
| iShares Gold Trust<br>(Cost $170,349) | 3121 | 235292 |
| **Short-Term Investment — 2.1%** | **Short-Term Investment — 2.1%** | **Short-Term Investment — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| JPMorgan US Government Money Market Fund 4.07% (d) <br>(Cost $351,700) | 351700 | 351700 |
| **Total Investments — 101.9%<br>(Cost $14,284,962)** | **Total Investments — 101.9%<br>(Cost $14,284,962)** | **16920276** |
| **Liabilities in Excess of Other Assets — (1.9)%** | **Liabilities in Excess of Other Assets — (1.9)%** | **(317941)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **16602335** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Security fair valued as of October 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at October 31, 2025 amounted to $5,090, which represents approximately 0.03% of net assets of the Fund.

(b) 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 October 31, 2025 amounted to $149,603, which represents approximately 0.90% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Guoco Group Ltd. | 01/17/23 - 01/31/24 | $131016 | $9.97 |

---

(c) 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.

(d) Represents 7-day effective yield as of October 31, 2025.

As of October 31, 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 | $3392117 |
| Aggregate gross unrealized depreciation | (757459) |
| Net unrealized appreciation | $2634658 |
| Federal income tax cost of investments | $14285618 |

---

**<u>Abbreviations</u>**

PJSC — Public Joint Stock Company

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

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Municipal Bonds — 112.0%** | **Municipal Bonds — 112.0%** | **Municipal Bonds — 112.0%** |
| **Alabama — 0.5%** | **Alabama — 0.5%** | **Alabama — 0.5%** |
| Alabama Housing Finance Authority,<br>Revenue, GNMA Insured, <br>Series 2024 C, 4.70%, 10/01/2054 (a) | 7340000 | 7278636 |
| Homewood Educational Building Authority,<br>CHF — Horizons I LLC, Revenue, <br>Series 2024 A, 5.50%, 10/01/2049 | 2000000 | 2048124 |
| CHF — Horizons I LLC, Revenue, <br>Series 2024 A, 5.50%, 10/01/2054 | 4790000 | 4877928 |
| CHF — Horizons II LLC, Revenue, <br>Series 2024 C, 5.50%, 10/01/2049 | 1615000 | 1653861 |
| CHF — Horizons II LLC, Revenue, <br>Series 2024 C, 5.50%, 10/01/2054 | 16805000 | 17113483 |
| CHF — Horizons II LLC, Revenue, <br>Series 2024 C, 5.00%, 10/01/2056 | 7505000 | 7234131 |
| Walker County Economic & Industrial <br>Development Authority,<br>Alabama Power Co., Revenue, First Series, AMT, <br>Series 2023, 4.00%, 11/03/2025 (b)(c) | 1800000 | 1800000 |
|  |  | **42006163** |
| **Alaska — 0.0% (d)** | **Alaska — 0.0% (d)** | **Alaska — 0.0% (d)** |
| Alaska Railroad Corp., Revenue, AMT, AG Insured, <br>Series 2025, 6.00%, 10/01/2050 | 2750000 | 3002214 |
| **American Samoa — 0.0% (d)** | **American Samoa — 0.0% (d)** | **American Samoa — 0.0% (d)** |
| American Samoa Economic Development <br>Authority, Revenue, <br>Series 2018, 6.50%, 09/01/2028 (e) | 150000 | 156876 |
| Revenue, Series 2021 A, 5.00%, 09/01/2038 (e) | 1000000 | 1018764 |
|  |  | **1175640** |
| **Arizona — 1.9%** | **Arizona — 1.9%** | **Arizona — 1.9%** |
| Arizona Health Facilities Authority,<br>Banner Health Obligated Group, Revenue, <br>Series 2015 C, 3.90%, 11/03/2025 (b)(c) | 2260000 | 2260000 |
| Arizona Industrial Development Authority,<br>Revenue, Refunding, GNMA Insured, <br>Series 2024 C, 4.70%, 10/01/2054 | 1095000 | 1094522 |
| Revenue, GNMA Insured, <br>Series 2025 A, 5.00%, 10/01/2045 | 2100000 | 2170057 |
| Revenue, GNMA Insured, <br>Series 2025 A, 5.10%, 10/01/2050 | 3500000 | 3607798 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 1.9% (continued)** | **Arizona — 1.9% (continued)** | **Arizona — 1.9% (continued)** |
| Revenue, GNMA Insured, <br>Series 2025 A, 5.15%, 10/01/2053 | 1350000 | 1406659 |
| Doral Academy of Northern Nevada Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 07/15/2051 (e) | 2115000 | 1544360 |
| Great Lakes Senior Living Communities LLC, Revenue, <br>Series 2025 A2, 5.13%, 01/01/2059 | 29500000 | 27470810 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 5.75%, 03/01/2035 (e) | 1275000 | 1323686 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 6.88%, 03/01/2055 (e) | 16500000 | 16666597 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 6.75%, 03/01/2065 (e) | 19000000 | 18632757 |
| KIPP Nashville Obligated Group, Revenue, <br>Series 2022 A, 5.00%, 07/01/2062 | 2160000 | 2121850 |
| Mater Academy of Nevada Obligated Group, Revenue, <br>Series 2020 A, 5.00%, 12/15/2040 (e) | 1840000 | 1814851 |
| San Tan Montessori School, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 6.88%, 02/01/2065 (e) | 10000000 | 10004345 |
| Floreo at Teravalis Community Facilities District,<br>Floreo at Teravalis Community Facilities District <br>Special Assessment Dist No. 1, Special Assessment, <br>Series 2025, 5.75%, 07/01/2040 | 1469000 | 1531656 |
| Floreo at Teravalis Community Facilities District <br>Special Assessment Dist No. 1, Special Assessment, <br>Series 2025, 6.13%, 07/01/2045 | 1958000 | 2027487 |
| Industrial Development Authority of the County of <br>Pima (The), Revenue, GNMA Insured, <br>Series 2024 D-1, 4.60%, 07/01/2049 | 475000 | 471321 |
| Revenue, GNMA Insured, <br>Series 2024 D-1, 4.65%, 07/01/2054 | 570000 | 566100 |
| Maricopa County & Phoenix Industrial Development <br>Authorities, Revenue, GNMA Insured, <br>Series 2025 A, 4.70%, 09/01/2055 | 2750000 | 2726655 |
| Maricopa County Industrial Development Authority,<br>Arizona Christian University, Revenue, <br>Series 2024 A, 6.38%, 10/01/2041 (b)(e)(f) | 8400000 | 8269201 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 1.9% (continued)** | **Arizona — 1.9% (continued)** | **Arizona — 1.9% (continued)** |
| Choice Academies, Inc., Revenue, Refunding, <br>Series 2022, 5.75%, 09/01/2045 (e) | 2225000 | 2230773 |
| Morrison Education Group Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 6.75%, 07/01/2063 (e) | 2000000 | 2037729 |
| Paragon Management, Inc., Revenue, <br>Series 2025, 5.63%, 07/01/2045 (e) | 535000 | 535933 |
| Paragon Management, Inc., Revenue, <br>Series 2025, 5.88%, 07/01/2060 (e) | 1060000 | 1059795 |
| Prescott Valley Charter School, Revenue, <br>Series 2024, 6.50%, 07/01/2039 (e) | 380000 | 379850 |
| Prescott Valley Charter School, Revenue, <br>Series 2024, 7.13%, 07/01/2054 (e) | 2000000 | 1909004 |
| Prescott Valley Charter School, Revenue, <br>Series 2024, 7.38%, 07/01/2063 (e) | 4850000 | 4619103 |
| Sierra Vista Industrial Development Authority,<br>American Leadership Academy, Inc., Revenue, <br>Series 2024, 5.00%, 06/15/2064 (e) | 14135000 | 12605012 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 5.38%, 06/15/2034 (e) | 320000 | 337623 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 6.00%, 06/15/2044 (e) | 550000 | 562161 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 6.30%, 06/15/2054 (e) | 1120000 | 1151076 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 6.38%, 06/15/2064 (e) | 1640000 | 1682492 |
| Wake Preparatory Academy, Revenue, <br>Series 2025, 6.50%, 06/15/2060 | 5000000 | 5057604 |
| Superstition Vistas, Community Facilities District No. 1 <br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.80%, 07/01/2048 | 348000 | 350563 |
| Superstition Vistas Community Facilities District No. 1,<br>Assessment Area No. 4, Special Assessment, <br>Series 2024, 4.70%, 07/01/2039 | 75000 | 72960 |
| Assessment Area No. 4, Special Assessment, <br>Series 2024, 5.25%, 07/01/2049 | 325000 | 306701 |
| Assessment Area No. 5, Special Assessment, <br>Series 2025, 5.15%, 07/01/2035 | 219000 | 226020 |
| Assessment Area No. 5, Special Assessment, <br>Series 2025, 5.60%, 07/01/2040 | 172000 | 179923 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 1.9% (continued)** | **Arizona — 1.9% (continued)** | **Arizona — 1.9% (continued)** |
| Assessment Area No. 5, Special Assessment, <br>Series 2025, 6.20%, 07/01/2049 | 469000 | 484605 |
| Superstition Vistas Community Facilities District No. 2,<br>Assessment Area No. 2, Special Assessment, <br>Series 2025, 5.20%, 07/01/2035 | 210000 | 215750 |
| Assessment Area No. 2, Special Assessment, <br>Series 2025, 6.30%, 07/01/2049 | 441000 | 454620 |
| Tempe Industrial Development Authority,<br>Tempe Life Care Village Obligated Group, Revenue, <br>Series 2019, 5.00%, 12/01/2050 | 3100000 | 2806966 |
| Tempe Life Care Village Obligated Group, Revenue, <br>Series 2019, 5.00%, 12/01/2054 | 2250000 | 2009045 |
| Tempe Life Care Village Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 12/01/2038 | 250000 | 235220 |
| Tempe Life Care Village Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 12/01/2046 | 6555000 | 5455086 |
| Tempe Life Care Village Obligated Group, Revenue, <br>Series 2021 B, 4.00%, 12/01/2056 | 2130000 | 1645601 |
| Town of Florence, Merrill Ranch Community <br>Facilities District No. 1 Assmnt Area No. 11, <br>Special Assessment, 5.00%, 07/01/2039 | 125000 | 126515 |
| Merrill Ranch Community Facilities District No. 1 <br>Assmnt Area No. 11, Special Assessment, <br>5.60%, 07/01/2049 | 435000 | 429621 |
| Merrill Ranch Community Facilities District No. 2 <br>Assessment Area 11, Special Assessment, <br>5.00%, 07/01/2039 | 75000 | 75963 |
| Merrill Ranch Community Facilities District No. 2 <br>Assessment Area 11, Special Assessment, <br>5.60%, 07/01/2049 | 275000 | 271599 |
| Westpark Community Facilities District,<br>Westpark Community Facilities District Special <br>Assessment District No. 2, Special Assessment, <br>Series 2025, 5.15%, 07/01/2035 | 579000 | 593955 |
| Westpark Community Facilities District Special <br>Assessment District No. 2, Special Assessment, <br>Series 2025, 6.13%, 07/01/2045 | 982000 | 1017590 |
|  |  | **156837170** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arkansas — 0.6%** | **Arkansas — 0.6%** | **Arkansas — 0.6%** |
| Arkansas Development Finance Authority,<br>Hybar LLC, Revenue, AMT, <br>Series 2023 B, 7.37%, 07/01/2048 (e)(g) | 11250000 | 12228008 |
| United States Steel Corp., Revenue, AMT, <br>Series 2023, 5.70%, 05/01/2053 | 250000 | 255166 |
| Batesville Public Facilities Board, White River <br>Health System Obligated Group, Revenue, Refunding, <br>Series 2020, 3.00%, 06/01/2028 | 1040000 | 991261 |
| White River Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2020, 3.25%, 04/01/2032 | 395000 | 358445 |
| City of Brookland, Revenue, <br>Series 2025, 4.75%, 04/01/2045 | 285000 | 283711 |
| Clarksville Public Educational Facilities Board,<br>University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 6.00%, 08/01/2044 | 1080000 | 1109440 |
| University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 6.25%, 08/01/2049 | 3365000 | 3456974 |
| University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 6.25%, 08/01/2056 | 7800000 | 7959483 |
| County of Jefferson, COP, <br>Series 2020, 2.40%, 09/01/2040 | 4060000 | 2799404 |
| COP, Series 2020, 2.60%, 09/01/2051 | 5760000 | 3345064 |
| County of Johnson, Johnson Regional Medical Center, <br>Revenue, Refunding, <br>Series 2018, 4.50%, 11/01/2035 | 3500000 | 3339914 |
| Prairie Grove School District No. 23, GO, <br>2.00%, 02/01/2043 | 1595000 | 1061207 |
|  |  | **37188077** |
| **California — 9.7%** | **California — 9.7%** | **California — 9.7%** |
| Antelope Valley Healthcare District, <br>Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 03/01/2046 | 8375000 | 7737731 |
| California Community Housing Agency, <br>Brio Apartments & Next on Lex Apartments, <br>Revenue, Senior Lien, <br>Series 2021 A-1, 4.00%, 02/01/2056 (e) | 12800000 | 10569554 |
| Creekwood Apartments, Revenue, <br>Series 2021 A, 4.00%, 02/01/2056 (e) | 64255000 | 42973352 |
| Summit at Sausalito Apartments, Revenue, <br>Series 2021 A-1, 3.00%, 02/01/2057 (e) | 1000000 | 681678 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| California County Tobacco Securitization Agency,<br>Stanislaus County Tobacco Funding Corp., Revenue, <br>Series 2006 A, 0.00%, 06/01/2046 (h) | 95610000 | 21821156 |
| California Housing Finance Agency,<br>Revenue, FHA Insured, <br>Series 2025 A, 4.95%, 08/01/2050 | 3920000 | 4013933 |
| Revenue, Series 2025 B, 4.35%, 02/01/2043 (a)(i) | 9000000 | 9022230 |
| California Infrastructure & Economic <br>Development Bank, Desertxpress Enterprises LLC, <br>Revenue, AMT, Refunding, <br>Series 2025 A, 9.50%, 01/01/2035 (b)(e)(f)(g) | 118755000 | 95004000 |
| La Scuola International School, Revenue, <br>Series 2024, 5.00%, 07/01/2044 (e) | 1615000 | 1544963 |
| La Scuola International School, Revenue, <br>Series 2024, 5.13%, 07/01/2054 (e) | 2100000 | 1952468 |
| La Scuola International School, Revenue, <br>Series 2024, 5.25%, 07/01/2064 (e) | 8550000 | 7921449 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 C, 5.00%, 06/01/2038 (e) | 9400000 | 9244041 |
| California Municipal Finance Authority, Special Tax, <br>Series 2025 B, 5.00%, 09/01/2045 | 1220000 | 1242914 |
| Special Tax, Series 2025 B, 5.13%, 09/01/2050 | 1220000 | 1248179 |
| Special Tax, Series 2025 B, 5.13%, 09/01/2055 | 1735000 | 1765020 |
| Revenue, <br>Series 2025-1, Class A-2, 3.54%, 02/20/2041 (f) | 10901398 | 9674400 |
| Revenue, Series 2025-1, 3.54%, 12/02/2025 (b)(e)(f) | 4000000 | 2534441 |
| Barlow Respiratory Hospital Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 09/01/2050 | 5030000 | 4235299 |
| BOLD Program, Special Tax, <br>Series 2024 A, 5.13%, 09/01/2054 | 1000000 | 1016981 |
| BOLD Program, Special Tax, <br>Series 2024 B, 5.00%, 09/01/2049 | 1070000 | 1080100 |
| BOLD Program, Special Tax, <br>Series 2024 B, 5.00%, 09/01/2054 | 1250000 | 1255182 |
| California Baptist University, Revenue, Refunding, <br>Series 2025 A, 5.38%, 11/01/2045 (e) | 775000 | 791351 |
| California Baptist University, Revenue, Refunding, <br>Series 2025 A, 5.63%, 11/01/2054 (e) | 500000 | 509932 |
| Catalyst Impact Fund 1 LLC, Revenue, <br>Series 2024, Class I, 6.00%, 01/01/2039 (e) | 2000000 | 2076710 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| Clinicas del Camino Real, Inc., Revenue, <br>Series 2020, 4.00%, 03/01/2040 | 2750000 | 2524395 |
| Clinicas del Camino Real, Inc., Revenue, <br>Series 2020, 4.00%, 03/01/2050 | 3250000 | 2721890 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.00%, 09/01/2044 | 325000 | 333330 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 670000 | 679206 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 800000 | 809024 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.13%, 09/01/2059 | 1250000 | 1274323 |
| John Adams Academy — Roseville, Revenue, <br>Series 2015 A, 5.25%, 10/01/2045 | 1325000 | 1277955 |
| John Adams Academy — Roseville, Revenue, <br>Series A, 5.00%, 10/01/2044 | 1810000 | 1706655 |
| MWLA, Inc., Revenue, Refunding, <br>Series 2024, 5.25%, 06/01/2044 (e) | 1000000 | 949532 |
| MWLA, Inc., Revenue, Refunding, <br>Series 2024, 5.50%, 06/01/2054 (e) | 1250000 | 1166333 |
| Nova Academy, Revenue, <br>Series 2016 A, 5.00%, 06/15/2036 (e) | 2825000 | 2786503 |
| Nova Academy, Revenue, <br>Series 2016 A, 5.00%, 06/15/2046 (e) | 7800000 | 7105528 |
| Palmdale Aerospace Academy, Inc. (The), Revenue, <br>Series 2016 A, 5.00%, 07/01/2046 (e) | 1670000 | 1553050 |
| St. Mary and All Angels Christian Church, Revenue, <br>Series 2024 A, 5.75%, 05/01/2054 (e) | 710000 | 714675 |
| St. Mary and All Angels Christian Church, Revenue, <br>Series 2024 A, 5.88%, 05/01/2059 (e) | 695000 | 702499 |
| Vista Charter Public Schools, Inc., Revenue, <br>Series 2014, 6.00%, 07/01/2044 | 2460000 | 2460097 |
| Westside Neighborhood School, Revenue, <br>Series 2024, 5.90%, 06/15/2044 (e) | 775000 | 816386 |
| Westside Neighborhood School, Revenue, <br>Series 2024, 6.20%, 06/15/2054 (e) | 3230000 | 3391397 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| Westside Neighborhood School, Revenue, <br>Series 2024, 6.38%, 06/15/2064 (e) | 5560000 | 5864731 |
| California Public Finance Authority,<br>California University of Science & Medicine <br>Obligated Group, Revenue, <br>Series 2019 A, 6.25%, 07/01/2054 (e) | 1500000 | 1545690 |
| EEC, Inc., Revenue, <br>Series 2020 A, 5.00%, 06/15/2050 (e) | 400000 | 365006 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 5.63%, 03/01/2035 (e) | 1255000 | 1308994 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 6.50%, 03/01/2045 (e) | 14740000 | 14938368 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 6.75%, 03/01/2055 (e) | 12000000 | 12184444 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien, <br>Series 2025 A, 6.63%, 03/01/2065 (e) | 16500000 | 16481388 |
| QSH/LB LLC, Revenue, Senior Lien, <br>Series 2025 A, 6.00%, 06/01/2040 (e) | 1500000 | 1581518 |
| QSH/LB LLC, Revenue, Senior Lien, <br>Series 2025 A, 6.50%, 06/01/2055 (e) | 5000000 | 5169435 |
| QSH/LB LLC, Revenue, Senior Lien, <br>Series 2025 A, 6.63%, 06/01/2065 (e) | 10500000 | 10868779 |
| QSH/MB LLC, Revenue, Senior Lien, <br>Series 2025 A-1, 6.75%, 07/01/2065 (e) | 28000000 | 29960126 |
| California School Finance Authority,<br>Fenton Charter Public Schools, Revenue, <br>Series 2020 A, 5.00%, 07/01/2058 (e) | 625000 | 546670 |
| Harbor Springs Obligated Group, Revenue, <br>Series 2024 A, 5.63%, 07/01/2063 (e) | 1000000 | 1009038 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.00%, 07/01/2039 (e) | 2305000 | 2283894 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.25%, 07/01/2044 (e) | 830000 | 795445 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.50%, 07/01/2054 (e) | 755000 | 713164 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.60%, 07/01/2064 (e) | 4805000 | 4499315 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| New Designs Charter School, Revenue, Refunding, <br>Series 2024 A, 4.75%, 06/01/2044 (e) | 1000000 | 939587 |
| New Designs Charter School, Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/01/2054 (e) | 735000 | 684149 |
| New Designs Charter School, Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/01/2064 (e) | 5475000 | 4977216 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.00%, 06/01/2044 (e) | 2000000 | 1888165 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.00%, 06/01/2054 (e) | 1750000 | 1582293 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.13%, 06/01/2059 (e) | 4650000 | 4228829 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.13%, 06/01/2064 (e) | 8380000 | 7540487 |
| Stockton Collegiate International Schools <br>Obligated Group, Revenue, <br>Series 2024 A, 6.00%, 06/15/2053 (e) | 5340000 | 4971744 |
| Stockton Collegiate International Schools <br>Obligated Group, Revenue, <br>Series 2024 B, 7.50%, 06/15/2029 (e) | 300000 | 302368 |
| Sycamore Creek Community Charter School, Revenue, <br>Series 2025 A, 6.75%, 06/01/2064 (e) | 19235000 | 18605619 |
| Sycamore Creek Community Charter School, Revenue, <br>Series 2025 B, 11.00%, 06/01/2032 (e) | 640000 | 656066 |
| Vista Charter Public Schools Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 06/01/2051 (e) | 6790000 | 5355230 |
| California Statewide Communities Development <br>Authority, Special Assessment, <br>Series 2024 A, 5.00%, 09/02/2054 | 1150000 | 1175295 |
| Community Facilities District No. 2021-03, Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 820000 | 837778 |
| Community Facilities District No. 2021-03, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 850000 | 864477 |
| California Statewide Financing Authority, Revenue, <br>Series 2006 A, 0.00%, 06/01/2046 (h) | 15000000 | 3773652 |
| TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 A, 6.00%, 05/01/2037 | 785000 | 801519 |
| TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 A, 6.00%, 05/01/2043 | 800000 | 816743 |
| TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 B, 6.00%, 05/01/2037 | 230000 | 234840 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| Chino Community Facilities District, City of Chino <br>Community Facilities District No. 2003-3 <br>Improvement Area No. 10, Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 680000 | 694250 |
| City & County of San Francisco, Infrastructure & <br>Revitalization Financing District No. 1 Facilities <br>Increment, Tax Allocation, <br>Series 2022 A, 5.00%, 09/01/2052 (e) | 1000000 | 973897 |
| City of Los Angeles Department of Airports,<br>Revenue, AMT, Refunding, <br>Series 2025 A, 5.50%, 05/15/2055 (a) | 59140000 | 63554057 |
| Revenue, AMT, Refunding, <br>Series 2025 B, 5.25%, 05/15/2050 (a) | 14085000 | 14853172 |
| Revenue, AMT, Refunding, <br>Series 2025 B, 5.50%, 05/15/2055 (a) | 18025000 | 19369319 |
| Revenue, AMT, Refunding, <br>Series 2025 A, 5.00%, 05/15/2055 (a) | 3645000 | 3750989 |
| City of Rancho, Mirage Community Facilities <br>District No. 5 Improvement Area No. 1, Special Tax, <br>Series 2024 A, 5.00%, 09/01/2054 | 1400000 | 1413788 |
| CMFA Special Finance Agency I,<br>Mix at CTR City (The), Revenue, <br>Series 2021 A-2, 4.00%, 04/01/2056 (e) | 12340000 | 9439612 |
| CSCDA Community Improvement Authority,<br>Altana Apartments, Revenue, <br>Series 2021 A-2, 4.00%, 10/01/2056 (e) | 24965000 | 19271155 |
| City of Orange Portfolio, Revenue, Senior Lien, <br>Series 2021 A-2, 3.00%, 03/01/2057 (e) | 3000000 | 2047579 |
| Escondido Portfolio, Revenue, <br>Series 2021 A-2, 4.00%, 06/01/2058 (e) | 9875000 | 7814486 |
| Link — Glendale (The), Revenue, <br>Series 2021 A-2, 4.00%, 07/01/2056 (e) | 1295000 | 1000537 |
| Millennium South Bay-Hawthorne, Revenue, <br>Series 2021 A-2, 3.25%, 07/01/2056 (e) | 23865000 | 15508794 |
| MODA at Monrovia Station, Revenue, <br>Series 2021 A-1, 3.40%, 10/01/2046 (e) | 150000 | 118652 |
| Monterey Station Apartments, Revenue, Senior Lien, <br>Series 2021 A-2, 3.13%, 07/01/2056 (e) | 6250000 | 4081547 |
| Oceanaire Apartments, Revenue, <br>Series 2021 A-2, 4.00%, 09/01/2056 (e) | 19365000 | 13885737 |
| Renaissance at City Center, Revenue, <br>Series 2020 A, 5.00%, 07/01/2051 (e) | 1000000 | 942765 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| Vineyard Garden Apartments, Revenue, Senior Lien, <br>Series 2021 A, 3.25%, 10/01/2058 (e) | 160000 | 113189 |
| Waterscape Apartments, Revenue, Senior Lien, <br>Series 2021 A, 3.00%, 09/01/2056 (e) | 4950000 | 3389086 |
| Westgate Apartments, Revenue, Senior Lien, <br>Series 2021 A-1, 3.00%, 06/01/2047 (e) | 2250000 | 1577526 |
| Westgate Apartments, Revenue, Senior Lien, <br>Series 2021 A-2, 3.13%, 06/01/2057 (e) | 40095000 | 24236525 |
| Wood Creek Apartments, Revenue, Senior Lien, <br>Series 2021 A-1, 3.00%, 12/01/2049 (e) | 6885000 | 4673000 |
| Wood Creek Apartments, Revenue, Senior Lien, <br>Series 2021 A-2, 4.00%, 12/01/2058 (e) | 31100000 | 22023254 |
| Folsom Ranch Financing Authority,<br>City of Folsom Community Facilities District No. 23 <br>Improvement Area No. 2, Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 400000 | 407857 |
| Golden State Tobacco Securitization Corp.,<br>Revenue, Refunding, <br>Series 2021 B-2, 0.00%, 06/01/2066 (h) | 50000000 | 5295580 |
| Inland Empire Tobacco Securitization Corp., Revenue, <br>Series 2007 C-2, 0.00%, 06/01/2047 (h) | 40000000 | 7270616 |
| Kaweah Delta Health Care District Guild, Revenue, <br>Series 2015 B, 3.25%, 06/01/2030 | 65000 | 61369 |
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 70000 | 65737 |
| Revenue, Series 2015 B, 3.50%, 06/01/2032 | 125000 | 116864 |
| Revenue, Series 2015 B, 3.50%, 06/01/2033 | 110000 | 101510 |
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 780000 | 734819 |
| Revenue, Series 2015 B, 5.00%, 06/01/2040 | 4020000 | 3983805 |
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 13980000 | 11442970 |
| Mountain House Community Facilities District,<br>Community Facilities District No. 2024-1 <br>Improvement Area 6, Special Tax, <br>Series 2025, 5.13%, 09/01/2045 | 275000 | 283221 |
| Community Facilities District No. 2024-1 <br>Improvement Area 6, Special Tax, <br>Series 2025, 5.25%, 09/01/2050 | 400000 | 410485 |
| Community Facilities District No. 2024-1 <br>Improvement Area 6, Special Tax, <br>Series 2025, 5.25%, 09/01/2055 | 600000 | 613117 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 9.7% (continued)** | **California — 9.7% (continued)** | **California — 9.7% (continued)** |
| River Islands Public Financing Authority,<br>Community Facilities District No. 2003-, Special Tax, <br>Series 2019 A, 4.13%, 09/01/2049 | 75000 | 65668 |
| Community Facilities District No. 2023-1 <br>Improvement Area No. 2, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 2750000 | 2745421 |
| San Francisco City & County Airport <br>Comm-San Francisco International Airport,<br>Revenue, Second Series, AMT, <br>Series 2019 E, 5.00%, 05/01/2050 (a) | 12410000 | 12535439 |
| San Jacinto Unified School District, GO, <br>Series 2025, 4.13%, 08/01/2052 (a) | 10300000 | 10066081 |
| GO, Series 2025, 4.13%, 08/01/2055 (a) | 10595000 | 10288966 |
| Woodland-Davis Clean Water Agency,<br>Revenue, Sub. Lien, Refunding, <br>Series 2015 B, 4.70%, 03/01/2039 (e) | 1533585 | 1393062 |
|  |  | **745857407** |
| **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |
| Aerotropolis Regional Transportation Authority,<br>Revenue, <br>Series 2024, 5.50%, 12/01/2044 (e) | 2250000 | 2271590 |
| Revenue, Series 2024, 5.75%, 12/01/2054 (e) | 24525000 | 24766816 |
| Canyons Metropolitan District No. 5, GO, Refunding, <br>Series 2024 B, 6.50%, 12/15/2054 | 3400000 | 3418578 |
| CCP Metropolitan District No. 3, GO, Refunding, <br>Series 2024, 5.00%, 12/01/2053 | 1200000 | 1192999 |
| Colorado Educational & Cultural Facilities Authority,<br>Aspen View Academy, Inc., Revenue, <br>Series 2021, 4.00%, 05/01/2051 | 1235000 | 1028994 |
| Expeditionary Learning School Board of Cooperative <br>Educational Services, Revenue, <br>Series 2019, 5.00%, 03/01/2050 (e) | 2000000 | 1854735 |
| Stanley Partnership for Art Culture & Education LLC, <br>Revenue, Senior Lien, <br>Series 2025 A1, 6.88%, 02/01/2059 (e) | 5000000 | 5253905 |
| Colorado Health Facilities Authority,<br>BSLC II Obligated Group, Revenue, Second Tier, <br>Series 2025, 5.25%, 09/15/2045 | 3000000 | 3008921 |
| BSLC II Obligated Group, Revenue, Second Tier, <br>Series 2025, 5.50%, 09/15/2054 | 5255000 | 5231167 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 2.5% (continued)** | **Colorado — 2.5% (continued)** | **Colorado — 2.5% (continued)** |
| BSLC II Obligated Group, Revenue, Second Tier, <br>Series 2025, 5.63%, 09/15/2059 | 9505000 | 9527658 |
| BSLC Obligated Group, Revenue, Refunding, <br>Series 2018 A-1, 4.25%, 09/15/2038 | 160000 | 151890 |
| BSLC Obligated Group, Revenue, Refunding, <br>Series 2018 A-1, 5.00%, 09/15/2048 | 7000000 | 6461848 |
| BSLC Obligated Group, Revenue, Second Tier, Refunding, <br>Series 2018 B, 4.50%, 09/15/2038 | 190000 | 172933 |
| BSLC Obligated Group, Revenue, Second Tier, Refunding, <br>Series 2018 B, 5.00%, 09/15/2053 | 200000 | 167844 |
| Covenant Living Communities and Services <br>Obligated Group, Revenue, Refunding, <br>Series 2025 A, 5.13%, 12/01/2055 | 1445000 | 1427284 |
| Colorado High Performance Transportation Enterprise, <br>Colorado High Performance Transportation <br>Enterprise C-470 Express Lanes System, Revenue, <br>Series 2017, 5.00%, 12/31/2056 | 455000 | 451284 |
| Colorado Housing and Finance Authority, Revenue, <br>Series 2024 A-1, Class I, 4.60%, 10/01/2049 (a) | 2620000 | 2631693 |
| Revenue, <br>Series 2024 A-1, Class I, 4.70%, 10/01/2054 (a) | 3500000 | 3524378 |
| Revenue, <br>Series 2024 A-1, Class I, 4.80%, 10/01/2059 (a) | 2765000 | 2796620 |
| Revenue, <br>Series 2024 A-1, Class I, 4.85%, 10/01/2064 (a) | 2150000 | 2155128 |
| Revenue, <br>Series 2024 A-1, Class I, 4.88%, 10/01/2067 (a) | 2230000 | 2259863 |
| Elbert County Independence Water & Sanitation <br>District, Revenue, Refunding, <br>Series 2024, 5.13%, 12/01/2033 | 3741000 | 3879264 |
| Foster Farm Business Improvement District, GO, <br>Series 2025 A, 0.00%, 12/01/2055 (e)(j) | 6625000 | 4622413 |
| Granary Metropolitan District, Special Assessment, <br>Series 2024, 5.45%, 12/01/2044 (e) | 3040000 | 3047877 |
| Haymeadow Metropolitan District No. 1, GO, <br>Series 2025 A, 6.13%, 12/01/2054 | 1625000 | 1672741 |
| Hess Ranch Metropolitan District No. 5, Special <br>Improvement District No. 1, Special Assessment, <br>Series 2024 A-1, 6.00%, 12/01/2043 | 1800000 | 1843311 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 2.5% (continued)** | **Colorado — 2.5% (continued)** | **Colorado — 2.5% (continued)** |
| Special Improvement District No. 1, <br>Special Assessment, <br>Series 2024 A-2, 6.50%, 12/01/2043 | 1683319 | 1723162 |
| Ledge Rock Center Residential Metropolitan <br>District No. 1, GO, <br>Series 2024 A, 6.38%, 12/01/2054 | 4050000 | 4077013 |
| Mineral Business Improvement District, GO, <br>Series 2024 A, 5.75%, 12/01/2054 (e) | 3125000 | 3152179 |
| Mirabelle Metropolitan District No. 2, GO, Refunding, <br>Series 2025 B, 6.13%, 12/15/2049 | 2100000 | 2088494 |
| Murphy Creek Metropolitan District No. 2, GO, <br>Series 2024 A, 6.00%, 12/01/2054 (e) | 7065000 | 7017881 |
| Newlin Crossing Metropolitan District, GO, <br>Series 2024 A, 5.38%, 12/01/2054 (e) | 1145000 | 1147378 |
| GO, Series 2024 B, 7.75%, 12/15/2054 (e) | 603000 | 607724 |
| Pinery Commercial Metropolitan <br>District No. 2, Revenue, <br>Series 2025, 5.75%, 12/01/2054 | 7200000 | 7251262 |
| Pinon Pines Metropolitan District No. 3, GO, <br>Series 2025, 0.00%, 12/01/2054 (j) | 4000000 | 3605330 |
| Poudre Heights Valley Metropolitan District, GO, <br>Series 2024 A, 5.50%, 12/01/2054 (e) | 980000 | 929850 |
| Prairie Center Metropolitan District No. 3, GO, <br>Refunding, <br>Series 2024 A, 5.88%, 12/15/2046 | 2125000 | 2238697 |
| GO, Series 2024 B, 5.88%, 12/15/2046 | 1000000 | 1053505 |
| Ridge at Johnstown Metropolitan District,<br>Special Assessment, <br>Series 2024, 5.88%, 12/01/2044 (e) | 1900000 | 1812051 |
| Rocky Mountain Rail Park Metropolitan District, GO, <br>Series 2021 A, 5.00%, 12/01/2051 (e) | 4000000 | 3668287 |
| Sky Dance Metropolitan District No. 2, GO, <br>Series 2024 A, 6.00%, 12/01/2054 | 2500000 | 2547622 |
| Sky Ranch Community Authority Board, GO, <br>Series 2024 B, 6.50%, 12/15/2054 | 550000 | 553005 |
| Sojourn at Idlewild Metropolitan District, GO, <br>Series 2025 A, 6.13%, 12/01/2055 (e) | 2500000 | 2577271 |
| St Vrain Lakes Metropolitan District No. 2, GO, <br>Refunding, <br>Series 2024 B, 6.38%, 11/15/2054 | 2000000 | 1999046 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 2.5% (continued)** | **Colorado — 2.5% (continued)** | **Colorado — 2.5% (continued)** |
| St. Vrain Lakes Metropolitan District No. 4, GO, <br>Series 2024 A, 0.00%, 09/20/2054 (e)(j) | 17585000 | 12337154 |
| STC Metropolitan District No. 2, GO, Second Lien, <br>Refunding, <br>Series 2025 A-2, 6.25%, 12/01/2055 (e) | 2500000 | 2540860 |
| GO, Refunding, <br>Series 2025 B, 8.00%, 12/15/2055 (e) | 1840000 | 1850108 |
| Sterling Ranch Community Authority Board,<br>Sterling Ranch Colorado Metropolitan District No. 2, <br>Revenue, Refunding, <br>Series 2025 B, 6.88%, 12/15/2055 | 1700000 | 1715996 |
| Sterling Ranch Metropolitan District No. 1, <br>Special Assessment, <br>Series 2024, 5.63%, 12/01/2043 | 2600000 | 2667724 |
| Sunset Parks Metropolitan District, GO, <br>Series 2024 A, 5.13%, 12/01/2054 (e) | 1415000 | 1380765 |
| Town of Del Norte, Valley Citizens' Foundation for <br>Health Care, Inc., Revenue, Refunding, <br>Series 2024, 5.20%, 12/01/2039 | 550000 | 545545 |
| Valley Citizens' Foundation for Health Care, Inc., <br>Revenue, Refunding, <br>Series 2024, 5.70%, 12/01/2049 | 1375000 | 1355689 |
| Valley Citizens' Foundation for Health Care, Inc., <br>Revenue, Refunding, <br>Series 2024, 5.80%, 12/01/2054 | 1000000 | 985721 |
| Vail Home Partners Corp., Revenue, <br>Series 2025, 5.88%, 10/01/2055 (e) | 3495000 | 3565636 |
| Revenue, Series 2025, 6.00%, 10/01/2064 (e) | 13000000 | 13284213 |
| Village Metropolitan District (The), GO, <br>Series 2025 A, 5.75%, 12/01/2055 | 2250000 | 2268454 |
| Water Valley Metropolitan District No. 3, GO, <br>Series 2024 A, 5.25%, 12/01/2054 | 600000 | 593043 |
| Waterview North Metropolitan District, GO, <br>Series 2024 A, 5.75%, 12/01/2054 (e) | 2750000 | 2689620 |
| Weems Neighborhood Metropolitan District, GO, <br>Series 2025 A, 5.88%, 12/01/2055 | 1500000 | 1539290 |
|  |  | **192191309** |
| **Connecticut — 1.0%** | **Connecticut — 1.0%** | **Connecticut — 1.0%** |
| Connecticut Housing Finance Authority,<br>Revenue, Refunding, <br>Series 2024 F-1, 4.75%, 11/15/2049 (a) | 34810000 | 35221095 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Connecticut — 1.0% (continued)** | **Connecticut — 1.0% (continued)** | **Connecticut — 1.0% (continued)** |
| Revenue, Refunding, <br>Series 2024 F-1, 4.80%, 11/15/2052 (a) | 10010000 | 10166022 |
| Connecticut State Health & Educational <br>Facilities Authority, Goodwin University <br>Obligated Group, Revenue, <br>Series A-1, 5.00%, 07/01/2044 | 3000000 | 2950167 |
| Goodwin University Obligated Group, Revenue, <br>Series A-1, 5.38%, 07/01/2054 | 6340000 | 6210858 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2044 (e) | 3850000 | 3738643 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2050 (e) | 1265000 | 1192710 |
| Nuvance Health Obligated Group, Revenue, Refunding, <br>Series 2019 A, 3.00%, 07/01/2039 | 365000 | 297674 |
| University of Hartford (The), Revenue, <br>Series 2022 P, 5.38%, 07/01/2052 | 4200000 | 3831476 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 4.00%, 07/01/2039 | 240000 | 206323 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 4.00%, 07/01/2049 | 3965000 | 2989303 |
| Stamford Housing Authority, TJH Senior Living LLC <br>Obligated Group, Revenue, Refunding, <br>Series 2025 A, 5.50%, 10/01/2035 | 1000000 | 1047584 |
| TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.38%, 10/01/2045 | 2050000 | 2107610 |
| TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.50%, 10/01/2055 | 3220000 | 3284833 |
| TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.25%, 10/01/2060 | 3100000 | 3101411 |
| Steel Point Infrastructure Improvement District,<br>Tax Allocation, <br>Series 2024, 5.63%, 04/01/2044 (e) | 1000000 | 1044703 |
| Tax Allocation, <br>Series 2024, 6.00%, 04/01/2052 (e) | 2500000 | 2667689 |
|  |  | **80058101** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| Delaware State Economic Development Authority,<br>ACTS Retirement-Life Communities, Inc. <br>Obligated Group, Revenue, <br>Series 2023 B, 5.25%, 11/15/2053 | 1000000 | 1004673 |
| Town of Bridgeville, Heritage Shores Special <br>Development District, Special Tax, <br>Series 2024, 5.25%, 07/01/2044 (e) | 870000 | 879831 |
| Heritage Shores Special Development District, <br>Special Tax, <br>Series 2024, 5.63%, 07/01/2053 (e) | 2955000 | 3007542 |
| Town of Milton, Granary at Draper Farm Special <br>Development District, Special Tax, <br>Series 2024, 5.70%, 09/01/2044 (e) | 1265000 | 1274330 |
| Granary at Draper Farm Special Development District, <br>Special Tax, <br>Series 2024, 5.95%, 09/01/2053 (e) | 4665000 | 4736092 |
|  |  | **10902468** |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| District of Columbia, Latin American Montessori <br>Bilingual Public Charter School Obligated Group, <br>Revenue, Refunding, <br>Series 2020, 5.00%, 06/01/2050 | 3220000 | 2935143 |
| Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/01/2056 (e) | 6510000 | 5738016 |
| Obligated Group, Revenue, <br>Series 2021 A, 5.00%, 06/01/2051 (e) | 4345000 | 3880433 |
| Rocketship DC Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/01/2049 (e) | 7180000 | 6496848 |
| Rocketship Obligated Group, Revenue, <br>Series 2021 A, 5.00%, 06/01/2061 (e) | 10570000 | 9223088 |
| Rocketship Obligated Group, Revenue, <br>Series 2024 A, 5.75%, 06/01/2054 | 4100000 | 4111066 |
| Rocketship Obligated Group, Revenue, <br>Series 2024 A, 6.00%, 06/01/2058 | 2400000 | 2434353 |
| Tobacco Settlement Financing Corp., Revenue, <br>Series 2006 A, 0.00%, 06/15/2046 (h) | 30000000 | 6951309 |
| Union Market TIF Area, Tax Allocation, <br>Series 2021 A, 0.00%, 06/01/2031 (e)(j) | 2162000 | 2062501 |
| Union Market TIF Area, Tax Allocation, <br>Series 2021 A, 0.00%, 06/01/2046 (e)(j) | 8635000 | 6842827 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **District of Columbia — 1.6% (continued)** | **District of Columbia — 1.6% (continued)** | **District of Columbia — 1.6% (continued)** |
| Union Market TIF Area, Tax Allocation, <br>Series 2024 B, 0.00%, 06/01/2041 (e)(j) | 6010000 | 3791446 |
| Union Market TIF Area, Tax Allocation, <br>Series 2024 B, 0.00%, 06/01/2049 (e)(j) | 14470000 | 8858618 |
| Metropolitan Washington Airports Authority Aviation,<br>Revenue, AMT, Refunding, <br>Series 2024 A, 5.50%, 10/01/2054 (a) | 11750000 | 12431387 |
| Revenue, AMT, Refunding, <br>Series 2025 A, 5.00%, 10/01/2050 (a) | 5590000 | 5757181 |
| Washington Metropolitan Area Transit Authority <br>Dedicated, Revenue, Second Lien, <br>Series 2025 A, 5.00%, 07/15/2060 (a) | 5785000 | 6006783 |
| Revenue, Second Lien, <br>Series 2025 A, 5.50%, 07/15/2060 (a) | 37990000 | 41230649 |
|  |  | **128751648** |
| **Florida — 18.2%** | **Florida — 18.2%** | **Florida — 18.2%** |
| Academical Village Community Development District,<br>Special Assessment, <br>Series 2020, 3.63%, 05/01/2040 | 4320000 | 3784665 |
| Alachua County Housing Finance Authority,<br>Woodland Park II LLC, Revenue, <br>Series 2025 A, 6.30%, 07/01/2043 (b)(e)(f) | 3250000 | 3404406 |
| Anabelle Island Community Development District,<br>Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 180000 | 150353 |
| Antillia Community Development District,<br>Special Assessment, <br>Series 2024, 5.60%, 05/01/2044 | 720000 | 734165 |
| Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1500000 | 1528018 |
| Arbors Community Development District,<br>Project Area, Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 (e) | 1000000 | 1010204 |
| Arbors Community Development District 2024,<br>Project Area, Special Assessment, <br>Series 2024, 5.15%, 05/01/2044 (e) | 875000 | 883831 |
| Ave Maria Stewardship Community District,<br>Assessment Phase 5, Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 1000000 | 820279 |
| Ave Maria Stewardship Community District <br>Series 2021 Assessment, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 325000 | 267853 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Babcock Ranch Community Independent Special <br>District, Assessment Area, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 (e) | 4390000 | 4403421 |
| Assessment Area, Special Assessment, <br>Series 2024, 5.25%, 05/01/2055 (e) | 10000 | 10055 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 5.00%, 05/01/2042 | 15000 | 15205 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 5.00%, 05/01/2053 | 3175000 | 3066558 |
| Bella Collina Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 685000 | 685505 |
| Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 915000 | 914251 |
| Bella Tara Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 6.13%, 05/01/2056 | 1500000 | 1554949 |
| Master Infrastructure Project, Special Assessment, <br>Series 2025, 6.50%, 05/01/2056 | 4000000 | 4142482 |
| Bellehaven Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.80%, 05/01/2045 | 1500000 | 1553575 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 6.05%, 05/01/2055 | 1250000 | 1291106 |
| Berry Bay Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 2430000 | 1897175 |
| Berry Bay II Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 550000 | 548109 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 1100000 | 1083466 |
| Bridgewater North Community Development District,<br>Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 2000000 | 1640558 |
| Bridle Creek Community Development District,<br>Special Assessment, <br>Series 2025, 6.38%, 05/01/2056 | 3000000 | 3104559 |
| Brightwater Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 (e) | 655000 | 663431 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.63%, 05/01/2055 (e) | 1450000 | 1465230 |
| Buckhead Trails Community Development District,<br>Special Assessment, <br>Series 2024, 5.60%, 05/01/2044 | 865000 | 873773 |
| Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1455000 | 1463621 |
| Caldera Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 1450000 | 1444937 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2054 | 2430000 | 2361204 |
| Capital Projects Finance Authority,<br>Heritage Charter Academy, Inc., Revenue, <br>Series 2025 A1, 7.50%, 06/15/2065 (e) | 4355000 | 4388319 |
| Heritage Charter Academy, Inc., Revenue, <br>Series 2025 A2, 7.50%, 06/15/2065 (e) | 11685000 | 11766415 |
| Heritage Charter Academy, Inc., Revenue, <br>Series 2025 B1, 9.00%, 06/15/2042 (e) | 1030000 | 1030456 |
| Heritage Charter Academy, Inc., Revenue, <br>Series 2025 B2, 9.00%, 06/15/2042 (e) | 940000 | 943669 |
| Imagine School At North Port, Inc., Revenue, <br>Series 2025 A, 6.75%, 06/15/2065 (e) | 5000000 | 5029794 |
| Kissimmee Charter Academy, Revenue, <br>Series 2024, 6.13%, 06/15/2044 (e) | 820000 | 840731 |
| Kissimmee Charter Academy, Revenue, <br>Series 2024, 6.50%, 06/15/2054 (e) | 510000 | 519978 |
| Kissimmee Charter Academy, Revenue, <br>Series 2024, 6.63%, 06/15/2059 (e) | 1460000 | 1496342 |
| Navigator Academy of Leadership, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2024, 5.00%, 06/15/2054 (e) | 4800000 | 4421960 |
| Navigator Academy of Leadership, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2024, 5.00%, 06/15/2064 (e) | 1885000 | 1691710 |
| PRG — UnionWest Properties LLC, Revenue, <br>Series 2024 B, 0.00%, 06/01/2062 (e)(j) | 73715000 | 9813110 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 6.38%, 01/01/2040 (e) | 1500000 | 1523187 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 6.75%, 01/01/2045 (e) | 1500000 | 1506541 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 7.25%, 01/01/2055 (e) | 4500000 | 4605162 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 7.13%, 01/01/2065 (e) | 8000000 | 8038190 |
| Capital Trust Agency, Inc.,<br>Babcock Neighborhood School, Inc., Revenue, <br>Series 2021, 4.20%, 08/15/2056 (e) | 2450000 | 1885723 |
| Babcock Neighborhood School, Inc., Revenue, <br>Series 2021, 4.25%, 08/15/2061 (e) | 2250000 | 1708379 |
| Franklin Academy Obligated Group, Revenue, <br>Series 2020, 5.00%, 12/15/2035 (e) | 1085000 | 1085516 |
| Marie Selby Botanical Gardens, Inc. (The), Revenue, <br>Series 2021, 4.00%, 06/15/2051 (e) | 2000000 | 1484436 |
| Renaissance Charter School, Inc. <br>Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/15/2049 (e) | 4365000 | 3922754 |
| University Bridge LLC, Revenue, <br>Series 2018 A, 5.25%, 12/01/2058 (e) | 12500000 | 12071903 |
| Capital Trust Authority, Revenue, AMT, <br>Series 2024 A, 6.88%, 12/01/2044 (e) | 9000000 | 9000610 |
| AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/01/2044 (e) | 1000000 | 918949 |
| AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.25%, 06/01/2054 (e) | 1500000 | 1342966 |
| AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.25%, 06/01/2064 (e) | 1750000 | 1526443 |
| Academir Charter Schools, Inc., Revenue, <br>Series 2025 A, 6.63%, 07/01/2065 (e) | 2500000 | 2529115 |
| Babcock Neighborhood School, Inc., Revenue, <br>Series 2024, 6.00%, 08/15/2063 (e) | 500000 | 473911 |
| IDEA Florida, Inc., Revenue, Refunding, <br>Series 2023 A, 6.38%, 06/15/2058 (e) | 1500000 | 1530993 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.63%, 06/15/2044 (e) | 810000 | 819179 |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.00%, 06/15/2054 (e) | 1250000 | 1268130 |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.13%, 06/15/2060 (e) | 1100000 | 1116574 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 A, 4.75%, 07/01/2040 (e) | 2000000 | 2006159 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 A, 5.00%, 07/01/2045 (e) | 2750000 | 2679452 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 A, 5.25%, 07/01/2050 (e) | 2000000 | 1969048 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 A, 5.25%, 07/01/2055 (e) | 2500000 | 2426090 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 A, 5.38%, 07/01/2065 (e) | 7445000 | 7253958 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 B, 7.75%, 07/01/2034 (e) | 1475000 | 1497003 |
| Seaside School Consortium, Inc., Revenue, <br>Series 2024 A, 5.13%, 06/15/2059 | 2970000 | 2863115 |
| St Johns Classical Academy, Inc., Revenue, Refunding, <br>Series 2025 A, 5.13%, 06/15/2050 (e) | 1000000 | 915381 |
| St Johns Classical Academy, Inc., Revenue, Refunding, <br>Series 2025 A, 5.25%, 06/15/2059 (e) | 1770000 | 1613104 |
| Caymas Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 05/01/2054 | 1000000 | 1004641 |
| Cedar Crossings Community Development District,<br>Special Assessment, <br>Series 2025, 5.30%, 05/01/2045 (e) | 500000 | 499139 |
| Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 (e) | 700000 | 689402 |
| Central Parc Community Development District,<br>Special Assessment, <br>Series 2024, 4.90%, 05/01/2031 | 365000 | 371054 |
| Special Assessment, <br>Series 2024, 6.00%, 05/01/2054 | 750000 | 759663 |
| Chaparral Palm Bay Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 1000000 | 1002285 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 | 2250000 | 2254030 |
| Chapel Creek Community Development District,<br>Assessment Area, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 1012340 |
| Charlotte County Industrial Development Authority,<br>MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2021 A, 4.00%, 10/01/2041 (e) | 4345000 | 4053871 |
| MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2021 A, 4.00%, 10/01/2051 (e) | 4345000 | 3629517 |
| MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2025, 5.88%, 10/01/2045 | 1500000 | 1560853 |
| MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2025, 6.13%, 10/01/2055 | 4000000 | 4161088 |
| Connerton East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.63%, 06/15/2055 | 1000000 | 1025938 |
| Coral Bay Lee County Community Development District,<br>Assessment Area 2, Revenue, <br>Series 2024, 5.25%, 05/01/2044 | 1000000 | 1016539 |
| Assessment Area 2, Revenue, <br>Series 2024, 5.55%, 05/01/2054 | 1220000 | 1237614 |
| Coral Creek Community Development District,<br>Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1630000 | 1653417 |
| Coral Lakes Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.75%, 11/01/2053 | 1000000 | 1022476 |
| County of Miami-Dade, Aviation, Revenue, AMT, <br>Series 2025 A, 5.50%, 10/01/2055 (a) | 15000000 | 15917693 |
| County of Palm Beach, Palm Beach Atlantic <br>University, Inc., Revenue, <br>Series 2025 A, 5.50%, 10/01/2045 (e) | 4000000 | 4093192 |
| Palm Beach Atlantic University, Inc., Revenue, <br>Series 2025 A, 5.75%, 10/01/2055 (e) | 7900000 | 8156084 |
| Palm Beach Atlantic University, Inc., Revenue, <br>Series 2025 A, 5.75%, 10/01/2065 (e) | 10500000 | 10790858 |
| Palm Beach Atlantic University, Inc., Revenue, <br>Series 2025 B, 6.50%, 10/01/2045 (e) | 1000000 | 1022224 |
| Palm Beach Atlantic University, Inc., Revenue, <br>Series 2025 B, 6.75%, 10/01/2055 (e) | 1100000 | 1134026 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Provident Group — LU Properties LLC, Revenue, <br>Series 2021 A, 5.00%, 06/01/2057 (e) | 3650000 | 3165534 |
| Provident Group — LU Properties LLC, Revenue, <br>Series 2024 A, 6.13%, 06/01/2054 | 13250000 | 12907762 |
| Provident Group — LU Properties LLC, Revenue, <br>Series 2024 A, 6.25%, 06/01/2059 | 10890000 | 10701833 |
| Creekview Community Development District,<br>Phase 1, Special Assessment, <br>Series 2022, 4.63%, 05/01/2042 | 1425000 | 1393225 |
| Phase 2, Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 2000000 | 2006472 |
| Phase 2, Special Assessment, <br>Series 2024, 5.63%, 05/01/2055 | 3500000 | 3494729 |
| Crossings Community Development District,<br>Area 2, Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 | 1000000 | 1009291 |
| Area 2, Special Assessment, <br>Series 2024, 5.60%, 05/01/2054 | 1375000 | 1382164 |
| Crosswinds East Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1750000 | 1778696 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.15%, 05/01/2044 | 775000 | 769593 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 1000000 | 990618 |
| Curiosity Creek Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.40%, 05/01/2044 (e) | 900000 | 903865 |
| Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.70%, 05/01/2055 (e) | 1475000 | 1477512 |
| Cypress Creek Reserve Community Development <br>District, Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 870000 | 902515 |
| Cypress Creek Reserve Community Development <br>District Assessment Area 1, Special Assessment, <br>Series 2025, 6.00%, 05/01/2056 | 1750000 | 1809726 |
| Cypress Reserve Community Development District,<br>Assessments, Special Assessment, <br>Series 2025, 5.60%, 05/01/2045 (e) | 1000000 | 1009577 |
| Assessments, Special Assessment, <br>Series 2025, 5.80%, 05/01/2056 (e) | 2375000 | 2394619 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Deering Park Stewardship District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 6.25%, 05/01/2055 | 2630000 | 2731843 |
| Del Webb Oak Creek Community Development District,<br>Special Assessment, <br>Series 2025, 5.38%, 05/01/2045 (e) | 1290000 | 1301985 |
| Special Assessment, <br>Series 2025, 5.63%, 05/01/2055 (e) | 1290000 | 1302711 |
| Dewey Robbins Community Development District,<br>Special Assessment, <br>Series 2025, 5.60%, 05/01/2045 | 905000 | 914003 |
| Special Assessment, <br>Series 2025, 5.80%, 05/01/2055 | 1325000 | 1332147 |
| Dowden West Community Development District,<br>Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 495000 | 500773 |
| Special Assessment, <br>Series 2024, 5.55%, 05/01/2054 | 855000 | 860422 |
| East Nassau Stewardship District, Assessments, <br>Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 1505000 | 1245888 |
| Wildlight Village Phase 3, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 1505000 | 1512243 |
| Wildlight Village Phase 3, Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 | 1605000 | 1601389 |
| East Palm Drive Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.10%, 06/15/2044 | 500000 | 504967 |
| Edgewater East Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 2660000 | 2091846 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 4.00%, 05/01/2042 | 2635000 | 2379201 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 11175000 | 9043573 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 6.30%, 05/01/2055 | 1700000 | 1751371 |
| Edgewater East Community Development District <br>Assessment Area Three, Special Assessment, <br>Series 2025, 6.10%, 05/01/2045 | 925000 | 957577 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Edgewater West Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 2000000 | 1974566 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 3000000 | 2930125 |
| Entrada Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 900000 | 896858 |
| Assessments, Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 725000 | 718003 |
| Epperson North Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2021 A, 4.00%, 11/01/2051 | 1985000 | 1654788 |
| Assessment Area 4, Special Assessment, <br>Series 2024, 5.30%, 05/01/2044 | 465000 | 467337 |
| Assessment Area 4, Special Assessment, <br>Series 2024, 5.60%, 05/01/2055 | 750000 | 751283 |
| Everlands Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.55%, 06/15/2054 | 1000000 | 1009003 |
| Assessment Area 2 Phase 2, Special Assessment, <br>Series 2024, 5.20%, 06/15/2044 (e) | 750000 | 752525 |
| Assessment Area 2 Phase 2, Special Assessment, <br>Series 2024, 5.50%, 06/15/2054 (e) | 1000000 | 1000155 |
| Everlands II Community Development District,<br>Special Assessment, <br>Series 2024, 5.20%, 06/15/2044 | 725000 | 735342 |
| Fish Lake Cover Community Development District,<br>Fish Lake Cover Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.35%, 05/01/2045 | 835000 | 834569 |
| Fish Lake Cover Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.55%, 05/01/2055 | 1180000 | 1168919 |
| Florida Development Finance Corp., AAF Operations <br>Holdings LLC, Revenue, AMT, Refunding, <br>Series 2024, 12.00%, 07/15/2028 (b)(e)(f) | 189740000 | 89177800 |
| AAF Operations Holdings LLC, Revenue, AMT, <br>Series 2024 A, 10.00%, 07/15/2028 (b)(e)(f) | 92610000 | 43526700 |
| Assistance Unlimited, Inc., Revenue, Refunding, <br>Series 2022, 6.00%, 08/15/2057 (e) | 5000000 | 4674230 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Brightline Florida Holdings LLC, Revenue, AMT, <br>Series 2025 B, 10.00%, 06/15/2026 (b)(e)(f) | 285000000 | 237975000 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2036 | 500000 | 417500 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2037 | 4000000 | 3340000 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2038 | 2000000 | 1670000 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2041 | 10130000 | 8458550 |
| Brightline Trains Florida LLC, Revenue, AMT, <br>Refunding, AG Insured, <br>Series 2024, 5.00%, 07/01/2044 | 8935000 | 8895567 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.25%, 07/01/2047 | 12190000 | 10178650 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.50%, 07/01/2053 | 184805000 | 154312175 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.25%, 06/01/2044 (e) | 1000000 | 972984 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.50%, 06/01/2054 (e) | 2790000 | 2699499 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.50%, 06/01/2059 (e) | 1500000 | 1424035 |
| Downtown Doral Charter Elementary School, Inc., <br>Revenue, <br>Series 2017 C, 5.75%, 07/01/2047 (e) | 2000000 | 1985377 |
| Glenridge on Palmer Ranch Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 06/01/2051 (e) | 2075000 | 1929624 |
| Imagine School at Broward, Revenue, <br>Series 2019 A, 5.00%, 12/15/2049 (e) | 1030000 | 1002746 |
| Renaissance Charter School, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2020 A, 6.00%, 06/15/2050 | 3000000 | 2987278 |
| Renaissance Charter School, Inc. Obligated Group, <br>Revenue, <br>Series 2021 A, 5.50%, 06/15/2051 | 1000000 | 937624 |
| Renaissance Charter School, Inc. <br>Series 2025 Obligated Group, Revenue, Refunding, <br>Series 2025 A, 6.00%, 06/15/2055 (e) | 4500000 | 4571253 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| SFP — Tampa I LLC, Revenue, Senior Lien, <br>Series 2024 A-1, 5.00%, 06/01/2044 (e) | 1600000 | 1565363 |
| SFP — Tampa I LLC, Revenue, Senior Lien, <br>Series 2024 A-1, 5.25%, 06/01/2054 (e) | 7200000 | 6971049 |
| SFP — Tampa I LLC, Revenue, Senior Lien, <br>Series 2024 A-1, 5.25%, 06/01/2059 (e) | 6550000 | 6276039 |
| Florida Local Government Finance Commission,<br>BridgePrep Academy, Inc. Series 2025 Obligated <br>Group, Revenue, <br>Series 2025 A, 6.13%, 06/15/2065 (e) | 7500000 | 7563925 |
| Orlando Lutheran Towers, Inc. Obligated Group, <br>Revenue, <br>Series 2025 A, 6.00%, 07/01/2050 (e) | 2610000 | 2657492 |
| Orlando Lutheran Towers, Inc. Obligated Group, <br>Revenue, <br>Series 2025 A, 6.00%, 07/01/2055 (e) | 2000000 | 2026285 |
| Orlando Lutheran Towers, Inc. Obligated Group, <br>Revenue, <br>Series 2025 A, 6.00%, 07/01/2060 (e) | 3510000 | 3542378 |
| Ponte Vedra Pine Co. LLC Obligated Group, Revenue, <br>Series 2025 A, 6.75%, 11/15/2055 (e) | 2500000 | 2599193 |
| Ponte Vedra Pine Co. LLC Obligated Group, Revenue, <br>Series 2025 A, 6.88%, 11/15/2064 (e) | 6500000 | 6768651 |
| Florida Municipal Loan Council, Shingle Creek <br>Transit & Utility Community Development District, <br>Special Assessment, AMT, <br>Series 2024, 5.15%, 05/01/2044 | 900000 | 918036 |
| Shingle Creek Transit & Utility Community <br>Development District, Special Assessment, AMT, <br>Series 2024, 5.40%, 05/01/2054 | 825000 | 835892 |
| Gardens at Hammock Beach Community <br>Development District, Assessment Area 1, <br>Special Assessment, <br>Series 2024-1, 5.65%, 05/01/2054 | 530000 | 536567 |
| Assessment Area 2, Special Assessment, <br>Series 2024-2, 5.00%, 05/01/2031 | 270000 | 274934 |
| Assessment Area 2, Special Assessment, <br>Series 2024-2, 5.60%, 05/01/2044 | 990000 | 1010833 |
| Assessment Area 2, Special Assessment, <br>Series 2024-2, 5.88%, 05/01/2055 | 1250000 | 1275053 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Gas Worx Community Development District,<br>Assessments, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 (e) | 1250000 | 1284004 |
| Gas Worx Community Development District <br>Series 2025 Special Assessments, Special Assessment, <br>Series 2025, 6.00%, 05/01/2057 (e) | 2400000 | 2457870 |
| Golden Gem Community Development District,<br>Special Assessment, <br>Series 2024, 5.15%, 05/01/2031 | 535000 | 549380 |
| Special Assessment, <br>Series 2024, 5.70%, 05/01/2044 | 2900000 | 2941052 |
| Special Assessment, <br>Series 2024, 6.00%, 05/01/2055 | 5000000 | 5084567 |
| Governors Park South Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.40%, 05/01/2045 | 845000 | 850970 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1250000 | 1255874 |
| Gracewater Sarasota Community Development District,<br>Assessments, Special Assessment, <br>Series 2021, 3.35%, 05/01/2041 | 3170000 | 2630778 |
| Greater Orlando Aviation Authority, Revenue, AMT, <br>Series 2024, 5.25%, 10/01/2048 (a) | 37315000 | 39414510 |
| Greenbriar Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2025, 5.65%, 05/01/2045 | 1000000 | 1012136 |
| Assessment Area No. 1, Special Assessment, <br>Series 2025, 5.88%, 05/01/2054 | 1350000 | 1363620 |
| Hamilton Bluff Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1360000 | 1377553 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.80%, 05/01/2054 | 2000000 | 2015231 |
| Hammock Oaks Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 6.15%, 05/01/2054 | 1250000 | 1275182 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 5.55%, 05/01/2045 (e) | 1000000 | 1016650 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 5.75%, 05/01/2055 (e) | 1500000 | 1519088 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Harmony on Lake Eloise Community Development <br>District, Assessment Area No. 2, Special Assessment, <br>Series 2025, 5.45%, 11/01/2045 | 1000000 | 1010595 |
| Assessment Area No. 2, Special Assessment, <br>Series 2025, 5.65%, 11/01/2054 | 1250000 | 1260909 |
| Harmony West Community Development District,<br>Assessment Area No. 3, Special Assessment, <br>Series 2025, 5.45%, 05/01/2045 | 625000 | 631259 |
| Assessment Area No. 3, Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1000000 | 1008364 |
| Hawthorne Mill North Community Development <br>District, Assessment Area 2, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 1000000 | 1001478 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 1400000 | 1396864 |
| Hickory Tree Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.45%, 05/01/2055 | 1500000 | 1481454 |
| Highland Trails Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 880000 | 891999 |
| Hillcrest Community Development District,<br>Special Assessment, <br>Series 2018, 5.00%, 11/01/2048 | 300000 | 300161 |
| Hillcrest Preserve Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 (e) | 1000000 | 983509 |
| Special Assessment, <br>Series 2024, 5.30%, 05/01/2054 (e) | 1500000 | 1466430 |
| Hills of Minneola Community Development District,<br>North Parcel Assessment Area 1, Special Assessment, <br>Series 2024, 5.55%, 05/01/2044 | 650000 | 677272 |
| North Parcel Assessment Area 1, Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1000000 | 1051081 |
| South Parcel Assessment Area, Special Assessment, <br>Series 2020, 4.00%, 05/01/2050 (e) | 4500000 | 3738753 |
| South Parcel Assessment Area Phase 2, Special <br>Assessment, <br>Series 2021, 4.00%, 05/01/2052 | 1940000 | 1622928 |
| Hobe-St. Lucie Conservancy District,<br>Unit of Development No. 1A, Special Assessment, <br>Series 2024, 5.60%, 05/01/2044 | 1900000 | 1957012 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Unit of Development No. 1A, Special Assessment, <br>Series 2024, 5.88%, 05/01/2055 | 2690000 | 2754876 |
| Hyde Park Community Development District No. 1,<br>Assessments, Special Assessment, <br>Series 2024 A, 5.35%, 05/01/2044 | 425000 | 427037 |
| Assessments, Special Assessment, <br>Series 2024 A, 5.63%, 05/01/2055 | 685000 | 686808 |
| Assessments, Special Assessment, <br>Series 2024 B, 5.25%, 05/01/2034 | 1695000 | 1744858 |
| Ibis Landing Community Development District,<br>Ibis Landing Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.70%, 06/15/2045 | 615000 | 637821 |
| Ibis Landing Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.88%, 06/15/2055 | 800000 | 823188 |
| Kelly Park Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.30%, 05/01/2045 | 650000 | 653646 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 | 915000 | 915297 |
| Keys Edge Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.10%, 05/01/2044 | 975000 | 972776 |
| Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.38%, 05/01/2055 | 1000000 | 989704 |
| Kings Creek I Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 795000 | 816009 |
| Kings Creek I Community Development District <br>Assessment Area One, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 | 1750000 | 1791517 |
| Kingston One Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 4000000 | 4121277 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 6.00%, 05/01/2057 | 9400000 | 9669975 |
| Kissimmee Park Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 6.13%, 05/01/2056 | 1500000 | 1554949 |
| Offsite Master Infrastructure Pro, Special Assessment, <br>Series 2025, 6.50%, 05/01/2056 | 8500000 | 8802775 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Lake Hideaway Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.65%, 05/01/2044 | 1890000 | 1919377 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.90%, 05/01/2054 | 2600000 | 2623190 |
| Lake Mattie Preserve Community Development District,<br>Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 570000 | 574713 |
| Special Assessment, <br>Series 2025, 5.45%, 05/01/2045 | 980000 | 974846 |
| Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1080000 | 1065420 |
| Lakes of Sarasota Community Development District,<br>Assessments, Special Assessment, <br>Series 2024 A, 5.30%, 05/01/2044 | 425000 | 425597 |
| Assessments, Special Assessment, <br>Series 2024 A, 5.60%, 05/01/2055 | 685000 | 684457 |
| Assessments, Special Assessment, <br>Series 2024 B, 5.25%, 05/01/2034 | 2325000 | 2391757 |
| Lakewood Ranch Stewardship District,<br>Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 | 765000 | 770387 |
| Special Assessment, <br>Series 2025, 6.00%, 05/01/2056 | 8230000 | 8518600 |
| Assessment Azario, Special Assessment, <br>Series 2020 A, 3.90%, 05/01/2050 | 770000 | 640345 |
| Assessment Northeast Sector Project Phase 1A, <br>Special Assessment, <br>Series 2018, 5.10%, 05/01/2048 | 2535000 | 2539203 |
| Assessment Star Farms Phase 1/2, <br>Special Assessment, <br>Series 2021, 4.00%, 05/01/2052 | 420000 | 348703 |
| Lakewood Ranch Stewardship District <br>Series 2024 Assessment, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 585000 | 594648 |
| Northeast Sector Project, Special Assessment, <br>Refunding, <br>Series 2020, 4.00%, 05/01/2050 (e) | 595000 | 495065 |
| Landings Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2031 | 275000 | 279972 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1030000 | 1046108 |
| Special Assessment, <br>Series 2024, 5.80%, 05/01/2055 | 855000 | 864962 |
| Landings Community Development District <br>SW Phase 1 Assessment Area, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 1785000 | 1842401 |
| Landings Community Development District <br>SW Phase 1 Assessment Area, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 | 3245000 | 3340655 |
| Langley South Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.40%, 05/01/2055 | 4105000 | 4065816 |
| Leomas Landing Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.50%, 11/01/2045 | 450000 | 453093 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.70%, 11/01/2054 | 555000 | 556993 |
| Liberty Cove Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 1085000 | 1081949 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.70%, 05/01/2054 | 2000000 | 1992824 |
| Live Oak Lake Community Development District,<br>Assessments, Special Assessment, <br>Series 2020, 4.40%, 05/01/2040 | 1600000 | 1473386 |
| Assessments, Special Assessment, <br>Series 2020, 4.60%, 05/01/2051 | 5000000 | 4474852 |
| Longleaf Community Development District,<br>Neighborhood 4 Assessment Area 1, <br>Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 (e) | 970000 | 991184 |
| Neighborhood 4 Assessment Area 2, <br>Special Assessment, <br>Series 2024 A, 5.20%, 05/01/2044 | 700000 | 691875 |
| Neighborhood 4 Assessment Area 2, <br>Special Assessment, <br>Series 2024 A, 5.45%, 05/01/2055 | 1150000 | 1119490 |
| Los Cayos Community Development District,<br>Special Assessment, <br>Series 2024, 5.55%, 06/15/2054 | 800000 | 808849 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Lowery Hills Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.63%, 05/01/2045 (e) | 725000 | 728742 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.85%, 05/01/2055 (e) | 1000000 | 1005382 |
| LT Ranch Community Development District,<br>Assessments, Special Assessment, <br>Series 2019, 4.00%, 05/01/2050 | 1000000 | 846735 |
| Phase IIB Assessment Area, Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 275000 | 282712 |
| Phase IIB Assessment Area, Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 1000000 | 1027888 |
| LTC Ranch West Residential Community <br>Development District, Assessment Area 1, <br>Special Assessment, <br>Series 2021 A, 4.00%, 05/01/2052 | 1860000 | 1532634 |
| Assessment Area 2, Special Assessment, <br>Series 2024 AA-2, 6.00%, 05/01/2054 | 605000 | 613604 |
| Assessment Area 3, Special Assessment, <br>Series 2024 AA-3, 6.05%, 05/01/2054 | 1395000 | 1419468 |
| Assessment Area 4, Special Assessment, Refunding, <br>Series 2024 AA-4, 5.38%, 05/01/2044 | 1000000 | 994875 |
| Assessment Area 4, Special Assessment, Refunding, <br>Series 2024 AA-4, 5.65%, 05/01/2054 | 1655000 | 1649030 |
| Magnolia Island Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.55%, 05/01/2045 | 750000 | 755263 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2055 | 1870000 | 1880110 |
| Malabar Springs Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 1000000 | 994219 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 1500000 | 1477573 |
| Marion Ranch Community Development District,<br>Special Assessment, <br>Series 2024, 5.95%, 05/01/2054 | 1340000 | 1367214 |
| Miami Health Facilities Authority, Miami Jewish <br>Health Systems Obligated Group, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2026 | 1260000 | 1258699 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Miami Jewish Health Systems Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2027 | 1000000 | 998201 |
| Miami Jewish Health Systems Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.13%, 07/01/2038 | 1000000 | 948561 |
| Miami Jewish Health Systems Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.13%, 07/01/2046 | 4625000 | 4199833 |
| Miami-Dade County Industrial Development Authority,<br>AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, <br>Series 2022 A, 5.25%, 07/01/2052 (e) | 2465000 | 2216577 |
| Miami Community Charter School, Revenue, <br>Series 2025, 6.38%, 06/01/2065 (e) | 2250000 | 2280869 |
| Miami Community Charter School, Inc., Revenue, <br>Series 2025, 6.25%, 06/01/2055 (e) | 750000 | 759799 |
| Pinecrest Academy Obligated Group, Revenue, <br>Series 2017, 5.00%, 09/15/2044 (e) | 4090000 | 3921506 |
| Mirada Community Development District,<br>Assessment Area 3, Special Assessment, Refunding, <br>Series 2024, 6.00%, 05/01/2055 | 1875000 | 1901684 |
| Newfield Community Development District,<br>Newfield Community Development District <br>Series 2025 Assessment Area, Special Assessment, <br>Series 2025, 5.90%, 05/01/2056 | 2915000 | 2989407 |
| Newport Isles Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 2440000 | 2428574 |
| Special Assessment, <br>Series 2024, 5.20%, 05/01/2054 | 2685000 | 2620431 |
| Normandy Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.30%, 05/01/2044 (e) | 1500000 | 1472408 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.55%, 05/01/2054 (e) | 4975000 | 4812236 |
| North AR-1 Pasco Community Development District,<br>Assessment Area 4, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 855000 | 861525 |
| Assessment Area 5, Special Assessment, <br>Series 2024 A, 5.75%, 05/01/2044 | 975000 | 1000726 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Assessment Area 5, Special Assessment, <br>Series 2024 A, 6.00%, 05/01/2054 | 1360000 | 1394002 |
| Northlake Stewardship District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 6.00%, 05/01/2045 | 1250000 | 1297145 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 6.20%, 05/01/2056 | 3000000 | 3108359 |
| Northridge Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 (e) | 1875000 | 1923093 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 (e) | 2375000 | 2433164 |
| Orange County Health Facilities Authority,<br>Orlando Health Obligated Group, Revenue, Refunding, <br>Series 2025 A, 5.25%, 10/01/2056 (a) | 33905000 | 35608419 |
| Paddocks Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.13%, 05/01/2044 (e) | 1000000 | 988909 |
| Assessments, Special Assessment, <br>Series 2024, 5.45%, 05/01/2055 (e) | 1375000 | 1346261 |
| Palermo Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.35%, 06/15/2045 | 745000 | 761115 |
| Palm Beach County Health Facilities Authority,<br>ACTS Retirement-Life Communities, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2025 B, 5.00%, 11/15/2055 | 8000000 | 7755360 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2016 B, 5.00%, 05/15/2047 | 925000 | 883750 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2019 B, 4.00%, 05/15/2053 | 160000 | 126387 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2019 B, 5.00%, 05/15/2053 | 15675000 | 14594886 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2023 C, 7.50%, 05/15/2053 | 965000 | 1070804 |
| Palm Coast Park Community Development District,<br>Sawmill Branch — Phase 7, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 1270000 | 1255026 |
| Sawmill Branch — Phase 7, Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 1935000 | 1905059 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Spring Lake — Tracts 2 & 3, Special Assessment, <br>Series 2021, 4.00%, 05/01/2052 | 1200000 | 974036 |
| Palm Gate Community Development District,<br>Special Assessment, <br>Series 2025, 5.30%, 06/15/2045 | 1000000 | 996036 |
| Special Assessment, <br>Series 2025, 5.55%, 06/15/2055 | 1000000 | 996077 |
| Parker Pointe Community Development District,<br>Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 700000 | 708081 |
| Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 1004283 |
| Parker Road Community Development District,<br>Assessment Area, Special Assessment, Refunding, <br>Series 2020, 4.10%, 05/01/2050 | 2000000 | 1636563 |
| Parrish Lakes Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2023 A, 5.63%, 05/01/2053 | 1725000 | 1756553 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1435000 | 1451308 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 5.80%, 05/01/2054 | 2220000 | 2240783 |
| Parrish Lakes II Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.13%, 05/01/2044 | 3000000 | 2970234 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 5000000 | 4917820 |
| Parrish Plantation Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.80%, 05/01/2044 | 695000 | 718558 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 6.05%, 05/01/2054 | 1535000 | 1586876 |
| Pasadena Ridge Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.38%, 05/01/2055 | 2475000 | 2442362 |
| Peace Creek Village Community Development District,<br>Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 905000 | 914338 |
| Special Assessment, <br>Series 2025, 5.60%, 05/01/2045 (e) | 710000 | 716539 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Special Assessment, <br>Series 2025, 5.85%, 05/01/2055 (e) | 2125000 | 2141068 |
| Peace Crossing Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.70%, 05/01/2044 | 2820000 | 2794818 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 6.00%, 05/01/2054 | 4000000 | 3943235 |
| Pine Island Community Development District,<br>Special Assessment, <br>Series 2004, 5.75%, 05/01/2035 | 2015000 | 2015691 |
| Pioneer Ranch Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 (e) | 980000 | 959260 |
| Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 (e) | 1230000 | 1188121 |
| Poitras East Community Development District,<br>Special Assessment, <br>Series 2025, 5.85%, 05/01/2045 | 665000 | 684300 |
| Special Assessment, <br>Series 2025, 6.10%, 05/01/2055 | 1000000 | 1027870 |
| Preston Cove Community Development District,<br>Assessments, Special Assessment, <br>Series 2022, 4.13%, 05/01/2052 | 1870000 | 1578894 |
| Radiance Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 6.40%, 05/01/2056 (e) | 2500000 | 2583751 |
| Ranches at Lake Mcleod Community Development <br>District, Assessment Area 2, Special Assessment, <br>Series 2025, 5.45%, 06/15/2045 | 600000 | 607924 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.65%, 06/15/2055 | 1000000 | 1007547 |
| Reflection Bay Community Development District,<br>Reflection Bay Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.63%, 05/01/2045 | 725000 | 741164 |
| Reflection Bay Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.88%, 05/01/2055 | 1200000 | 1225406 |
| Regal Village Community Development District,<br>Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 725000 | 730098 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| River Hall Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2020 A, 3.88%, 05/01/2051 | 3690000 | 3026157 |
| Assessment Area No. 5, Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 (e) | 800000 | 803443 |
| Assessment Area No. 5, Special Assessment, <br>Series 2024, 5.63%, 05/01/2055 (e) | 900000 | 900594 |
| River Landing Community Development District,<br>Special Assessment, <br>Series 2025, 5.20%, 05/01/2045 | 640000 | 642651 |
| Special Assessment, <br>Series 2025, 5.45%, 05/01/2055 | 900000 | 901616 |
| Rivers Edge III Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.65%, 05/01/2044 | 1665000 | 1696552 |
| Assessments, Special Assessment, <br>Series 2024, 5.95%, 05/01/2055 | 2225000 | 2258222 |
| Rivers Edge III Community Development District <br>Series 2025 Assessment, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 450000 | 465148 |
| Rivers Edge III Community Development District <br>Series 2025 Assessment, Special Assessment, <br>Series 2025, 6.00%, 05/01/2056 | 1000000 | 1032829 |
| Riverwalk Community Development District,<br>Special Assessment, <br>Series 2025, 5.20%, 05/01/2045 (e) | 625000 | 627123 |
| Special Assessment, <br>Series 2025, 5.45%, 05/01/2055 (e) | 1000000 | 1000326 |
| Rookery Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 800000 | 784001 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.35%, 05/01/2055 | 1500000 | 1464029 |
| Rustic Oaks Community Development District,<br>Assessments, Special Assessment, <br>Series 2022, 3.45%, 05/01/2042 | 2000000 | 1694222 |
| Assessments, Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 2385000 | 1968200 |
| Rye Crossing Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 650000 | 645411 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.25%, 05/01/2054 | 710000 | 703195 |
| Saltleaf Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.63%, 05/01/2044 | 3250000 | 3306104 |
| Assessments, Special Assessment, <br>Series 2024, 6.00%, 05/01/2056 | 3000000 | 3059838 |
| Saltmeadows Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 (e) | 405000 | 418546 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 (e) | 750000 | 775302 |
| Savanna Lakes Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.25%, 06/15/2044 | 625000 | 629807 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.50%, 06/15/2054 | 750000 | 754389 |
| Sawgrass Village Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.55%, 05/01/2044 (e) | 700000 | 709493 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 (e) | 1380000 | 1395554 |
| Scenic Terrace South Community Development District,<br>Special Assessment, <br>Series 2022, 4.63%, 05/01/2053 | 1935000 | 1771677 |
| Seagrove Community Development District,<br>Special Assessment, <br>Series 2024, 4.88%, 06/15/2044 | 1500000 | 1455718 |
| Special Assessment, <br>Series 2024, 5.20%, 06/15/2054 | 1250000 | 1221381 |
| Seminole Palms Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 (e) | 1705000 | 1659743 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 (e) | 1705000 | 1664773 |
| Shadowlawn Community Development District,<br>Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1480000 | 1481068 |
| Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 1900000 | 1904317 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Silver Oaks Community Development District,<br>Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 1490000 | 1512323 |
| Silverlake Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 505000 | 513112 |
| Six Mile Creek Community Development District,<br>Assessment Area 2, Special Assessment, Refunding, <br>Series 2021, 4.00%, 05/01/2052 | 2255000 | 1892185 |
| Project Area, Special Assessment, <br>Series 2024, 5.10%, 05/01/2044 | 625000 | 616228 |
| Project Area, Special Assessment, <br>Series 2024, 5.38%, 05/01/2055 | 1000000 | 981069 |
| Solaeris Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2031 | 500000 | 521132 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 6.00%, 05/01/2044 | 1790000 | 1906280 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 6.25%, 05/01/2055 | 2750000 | 2929657 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 6.00%, 05/01/2045 (e) | 2000000 | 2063022 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 6.30%, 05/01/2056 (e) | 3000000 | 3096386 |
| Somerset Bay Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 05/01/2044 (e) | 920000 | 917462 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.90%, 05/01/2054 (e) | 1905000 | 1908058 |
| Southern Groves Community Development <br>District No. 5, Assessment Area, Special Assessment, <br>Series 2024, 5.45%, 05/01/2044 | 1245000 | 1294813 |
| Assessment Area, Special Assessment, <br>Series 2024, 5.70%, 05/01/2050 | 930000 | 969822 |
| Southshore Bay Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 675000 | 679581 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.63%, 05/01/2054 | 930000 | 931254 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| St. Johns County Industrial Development Authority,<br>Presbyterian Retirement Communities, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2020 A, 4.00%, 08/01/2055 | 2325000 | 1926302 |
| Stonegate Preserve Community Development District,<br>Stonegate Preserve Community Development District <br>Series 2023 Special Assessmen, Special Assessment, <br>Series 2025, 5.70%, 06/15/2045 | 700000 | 724448 |
| Stonegate Preserve Community Development District <br>Series 2023 Special Assessmen, Special Assessment, <br>Series 2025, 5.88%, 06/15/2055 | 1250000 | 1282986 |
| Summit View Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.63%, 05/01/2044 | 975000 | 997168 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 6.00%, 05/01/2054 | 1350000 | 1381009 |
| Sunrise Community Development District,<br>Sunrise Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.63%, 05/01/2045 (e) | 2500000 | 2476856 |
| Sunrise Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.88%, 05/01/2055 (e) | 4000000 | 3944554 |
| Tern Bay Community Development District,<br>Special Assessment, <br>Series 2022, 4.00%, 06/15/2052 | 9260000 | 7421297 |
| Terra Lago Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.63%, 05/01/2045 | 1040000 | 1056872 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.80%, 05/01/2055 | 1525000 | 1545482 |
| Terreno Community Development District,<br>Special Assessment, <br>Series 2025, 5.40%, 05/01/2045 | 875000 | 889011 |
| Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1000000 | 1012045 |
| Timber Creek Southwest Community Development <br>District, Assessment Area 2, Special Assessment, <br>Series 2021, 3.30%, 12/15/2041 | 2175000 | 1814131 |
| Tolomato Community Development District,<br>Assessment Area, Special Assessment, <br>Series 2024, 4.80%, 05/01/2044 | 880000 | 861080 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Assessment Area, Special Assessment, <br>Series 2024, 5.13%, 05/01/2054 | 880000 | 856772 |
| Tradition Community Development District No. 9,<br>Special Assessment, <br>Series 2025, 5.65%, 05/01/2056 | 895000 | 899538 |
| Triple Creek Community Development District,<br>Villages Q & R Assessment Area, Special Assessment, <br>Series 2021, 4.00%, 11/01/2051 (e) | 1040000 | 865692 |
| Twisted Oaks Pointe Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.63%, 05/01/2044 | 1065000 | 1082659 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 6.00%, 05/01/2055 | 1375000 | 1396410 |
| Two Ridges Community Development District,<br>Two Ridges Community Development District <br>Series 2025 Special Assessments, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 500000 | 516832 |
| Two Ridges Community Development District <br>Series 2025 Special Assessments, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 | 665000 | 687075 |
| Two Rivers West Community Development District,<br>Special Assessment, <br>Series 2024, 5.63%, 05/01/2044 | 750000 | 768083 |
| Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1355000 | 1389512 |
| V-Dana Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.38%, 05/01/2045 | 1000000 | 1008188 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.55%, 05/01/2055 | 1375000 | 1381490 |
| Veranda Community Development District II,<br>Assessment Area 4, Special Assessment, Refunding, <br>Series 2021, 4.00%, 05/01/2051 (e) | 180000 | 149674 |
| Assessment Area 5 Phase 2, Special Assessment, <br>Refunding, <br>Series 2024, 5.63%, 05/01/2054 | 530000 | 536035 |
| Verano No. 2 Community Development District,<br>Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 (e) | 500000 | 502863 |
| Special Assessment, <br>Series 2024, 5.63%, 05/01/2055 | 800000 | 800528 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Pod D, Special Assessment, <br>Series 2024, 5.80%, 05/01/2054 | 1000000 | 1011642 |
| Verano No. 4 Community Development District,<br>Verano No. 4 Community Development District <br>Astor Creek Phase 2 Assessment Area, <br>Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 450000 | 466818 |
| Verano No. 4 Community Development District Astor <br>Creek Phase 2 Assessment Area, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 | 875000 | 906556 |
| Villages of Westport Community Development District,<br>Assessments, Special Assessment, <br>Series 2005 A, 5.70%, 05/01/2035 | 2695000 | 2707203 |
| Villamar Community Development District,<br>Assessment Area 6, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 1018434 |
| Waterford Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 505000 | 502081 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 695000 | 685532 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 6.00%, 05/01/2045 | 500000 | 520418 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 6.25%, 05/01/2056 (e) | 1665000 | 1728842 |
| Waterset South Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.70%, 05/01/2056 (e) | 1010000 | 1017324 |
| Wellness Ridge Community Development District,<br>Assessment Area No. 2, Special Assessment, <br>Series 2024, 5.20%, 06/15/2055 (e) | 1100000 | 1072877 |
| West Villages Improvement District,<br>Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 (e)(i) | 1000000 | 992450 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2045 | 910000 | 951689 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 6.00%, 05/01/2055 | 1705000 | 1784657 |
| Unit of Development No. 10 Assessment Area 1, <br>Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 995000 | 1008250 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Unit of Development No. 8, Special Assessment, <br>Series 2021, 3.50%, 05/01/2041 | 2505000 | 2073772 |
| Westside Haines City Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 6.00%, 05/01/2054 | 2070000 | 2118948 |
| Westview South Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 6.20%, 05/01/2055 (e) | 2000000 | 2082269 |
| Willowbrook Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 05/01/2044 | 750000 | 757853 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.90%, 05/01/2055 | 1095000 | 1103316 |
| Willowbrook Community Development District <br>Assessment Area Two, Special Assessment, <br>Series 2025, 5.65%, 05/01/2045 (e) | 1000000 | 1014155 |
| Willowbrook Community Development District <br>Assessment Area Two, Special Assessment, <br>Series 2025, 5.88%, 05/01/2056 (e) | 1250000 | 1266447 |
| Windsor Cay Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 1046063 |
| Woodcreek Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.35%, 05/01/2045 | 575000 | 571266 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 | 750000 | 734409 |
| Woodland Crossing Community Development District,<br>Woodland Crossing Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.13%, 05/01/2035 (e) | 375000 | 392839 |
| Woodland Crossing Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.88%, 05/01/2045 (e) | 1000000 | 1028617 |
| Woodland Crossing Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 6.13%, 05/01/2056 (e) | 1925000 | 1978601 |
| Woodland Preserve Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.30%, 05/01/2045 (e) | 630000 | 633534 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 (e) | 845000 | 846513 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** | **Florida — 18.2% (continued)** |
| Woodland Ranch Estates Community Development <br>District, Special Assessment, <br>Series 2025, 5.55%, 05/01/2045 | 500000 | 505354 |
| Special Assessment, <br>Series 2025, 5.75%, 05/01/2055 | 720000 | 724943 |
| Yarborough Lane Community Development District,<br>Yarborough Lane Community Development District <br>Series 2024 Special Assessment, Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 | 780000 | 782250 |
| Yarborough Lane Community Development District <br>Series 2024 Special Assessment, Special Assessment, <br>Series 2024, 5.60%, 05/01/2055 | 1620000 | 1611769 |
|  |  | **1451216445** |
| **Georgia — 4.4%** | **Georgia — 4.4%** | **Georgia — 4.4%** |
| Atlanta Development Authority (The),<br>City of Atlanta Westside Tax Allocation District Gulch <br>Area, Tax Allocation, <br>Series 2024 A-2, 5.50%, 04/01/2039 (e) | 34440000 | 35382878 |
| City of Atlanta Westside Tax Allocation District Gulch <br>Area, Revenue, <br>Series 2024-1, Class A, 0.00%, 12/15/2048 (e)(j) | 132920000 | 118473111 |
| PRG — CAU Properties LLC, Revenue, <br>Series 2025 A, 6.00%, 07/01/2050 (e) | 1000000 | 1038265 |
| PRG — CAU Properties LLC, Revenue, <br>Series 2025 A, 6.00%, 07/01/2055 (e) | 750000 | 774817 |
| Bartow County Development Authority,<br>Georgia Power Co., Revenue, Second Series, AMT, <br>Series 2022-2, 4.00%, 11/03/2025 (b)(c) | 2500000 | 2500000 |
| City of Atlanta, Department of Aviation, Revenue, AMT, <br>Series 2025B B-1, 5.50%, 07/01/2055 (a) | 15000000 | 16028084 |
| DeKalb County Development Authority,<br>GLOBE Academy, Inc. (The), Revenue, <br>Series 2024 A, 5.00%, 06/01/2055 | 500000 | 481555 |
| GLOBE Academy, Inc. (The), Revenue, <br>Series 2024 A, 5.00%, 06/01/2063 | 1320000 | 1242091 |
| Development Authority of Appling County,<br>Georgia Power Co., Revenue, <br>Series 1997, 4.00%, 11/03/2025 (b)(c) | 3100000 | 3100000 |
| Georgia Power Co., Revenue, <br>Series 2011, 4.00%, 11/03/2025 (b)(c) | 2770000 | 2770000 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Georgia — 4.4% (continued)** | **Georgia — 4.4% (continued)** | **Georgia — 4.4% (continued)** |
| Development Authority of Bulloch County,<br>Charter Conservatory for Liberal Arts & <br>Technology, Inc., Revenue, <br>Series 2024 A, 6.75%, 06/15/2064 (e) | 3225000 | 3161507 |
| Charter Conservatory for Liberal Arts & <br>Technology, Inc., Revenue, <br>Series 2024 B, 7.50%, 06/15/2031 (e) | 265000 | 267213 |
| Development Authority of Lagrange, LaGrange <br>College Obligated Group, Revenue, Refunding, <br>Series 2021 A, 5.00%, 10/15/2052 | 17875000 | 14771905 |
| Development Authority of The City of Marietta,<br>Life University, Inc., Revenue, Refunding, <br>Series 2017 A, 5.00%, 11/01/2047 (e) | 10000000 | 8454617 |
| Fulton County Residential Care Facilities for the <br>Elderly Authority, All Saints-St. Luke's Episcopal <br>Home for the Retired Obligated Group, <br>Revenue, Refunding, <br>Series 2019 A, 5.00%, 04/01/2054 (e) | 6680000 | 6214482 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 04/01/2041 (e) | 4000000 | 3628942 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 04/01/2051 (e) | 12400000 | 9941143 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 04/01/2056 (e) | 8700000 | 6780227 |
| Gainesville & Hall County Hospital Authority, Northeast <br>Georgia Health System Obligated Group, Revenue, <br>Series 2021 A, 2.50%, 02/15/2051 | 1350000 | 866589 |
| George L Smith II Congress Center Authority,<br>Signia Hotel Management LLC, Revenue, <br>Series 2021 A, 4.00%, 01/01/2054 | 3045000 | 2600955 |
| Signia Hotel Management LLC, Revenue, <br>Series 2021 B, 5.00%, 01/01/2054 (e) | 16420000 | 15571726 |
| Georgia Housing & Finance Authority,<br>Revenue, Refunding, <br>Series 2024 C, 4.40%, 12/01/2044 (a) | 4500000 | 4529078 |
| Revenue, Refunding, <br>Series 2024 C, 4.55%, 12/01/2049 (a) | 20000000 | 20003982 |
| Revenue, Refunding, <br>Series 2024 C, 4.60%, 12/01/2054 (a) | 12750000 | 12642027 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Georgia — 4.4% (continued)** | **Georgia — 4.4% (continued)** | **Georgia — 4.4% (continued)** |
| Revenue, Series 2025 C, 5.15%, 06/01/2055 | 10000000 | 10214005 |
| Municipal Gas Authority of Georgia,<br>Revenue, BAM Insured, <br>Series 2025, 5.00%, 09/01/2050 | 3000000 | 3070238 |
| Oconee County Industrial Development Authority,<br>Westminster Presbyterian Homes Obligated <br>Group, Revenue, <br>Series 2018 A-1, 6.25%, 12/01/2048 | 3000000 | 2944126 |
| Westminster Presbyterian Homes Obligated <br>Group, Revenue, <br>Series 2018 A-1, 6.38%, 12/01/2053 | 3000000 | 2931495 |
| Savannah Georgia Convention Center Authority,<br>Revenue, <br>Series 2025 B, 6.00%, 06/01/2050 (e) | 7400000 | 7361436 |
| Revenue, Series 2025 B, 6.25%, 06/01/2061 (e) | 32455000 | 32580636 |
|  |  | **350327130** |
| **Hawaii — 0.4%** | **Hawaii — 0.4%** | **Hawaii — 0.4%** |
| State of Hawaii Airports System,<br>Revenue, AMT, <br>Series 2025 A, 5.50%, 07/01/2054 (a) | 17935000 | 19332111 |
| State of Hawaii Department of Budget & Finance,<br>Hawai`i Pacific University, Revenue, Refunding, <br>Series 2024, 5.00%, 07/01/2034 (e) | 3000000 | 3067681 |
| Hawai`i Pacific University, Revenue, Refunding, <br>Series 2024, 5.00%, 07/01/2039 (e) | 2780000 | 2722946 |
| Hawai`i Pacific University, Revenue, Refunding, <br>Series 2024, 5.13%, 07/01/2043 (e) | 2500000 | 2358198 |
|  |  | **27480936** |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| Avimor Community Infrastructure District No. 1,<br>Assessment Area 5, Special Assessment, <br>Series 2024, 5.88%, 09/01/2053 (e) | 2242000 | 2306900 |
| Assessment Area 6, Special Assessment, <br>Series 2024 B, 5.50%, 09/01/2053 (e) | 3000000 | 3023520 |
| Spring Valley Community Infrastructure District No. 1,<br>Assessment Area 1, Special Assessment, <br>Series 2021, 3.75%, 09/01/2051 (e) | 1312000 | 1248357 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 6.25%, 09/01/2053 (e) | 9000000 | 9231988 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Idaho — 0.3% (continued)** | **Idaho — 0.3% (continued)** | **Idaho — 0.3% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2025, 6.25%, 09/01/2054 (e) | 9300000 | 9579373 |
|  |  | **25390138** |
| **Illinois — 6.5%** | **Illinois — 6.5%** | **Illinois — 6.5%** |
| Bellwood Municipal Housing Corp., Village of <br>Bellwood, Revenue, <br>Series 2024, 6.38%, 12/01/2059 (e) | 8450000 | 7958561 |
| Chicago Board of Education, GO, Refunding, <br>Series 2016 A, 7.00%, 12/01/2044 | 26830000 | 26898358 |
| GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (e) | 57075000 | 59281828 |
| GO, Series 2018 D, 5.00%, 12/01/2046 | 7465000 | 6773596 |
| GO, Series 2022 A, 5.00%, 12/01/2047 | 1000000 | 901221 |
| GO, Refunding, Series 2022 B, 4.00%, 12/01/2041 | 12885000 | 10951130 |
| GO, Series 2025 A, 5.75%, 12/01/2050 | 20000000 | 19860420 |
| GO, Refunding, Series 2025 B, 6.00%, 12/01/2043 (i) | 3300000 | 3439965 |
| GO, Refunding, Series 2025 B, 6.00%, 12/01/2044 (i) | 6000000 | 6211075 |
| GO, Refunding, Series 2025 C, 5.50%, 12/01/2045 (i) | 22000000 | 21521590 |
| GO, Refunding, Series B, 7.00%, 12/01/2042 (e) | 19750000 | 20524836 |
| City of Chicago, GO, <br>Series 2019 A, 5.50%, 01/01/2049 | 1310000 | 1288607 |
| GO, BAM Insured, <br>Series 2025 A, 6.00%, 01/01/2046 | 16000000 | 17488058 |
| GO, Series 2025 A, 6.00%, 01/01/2050 | 37800000 | 39651573 |
| GO, Series 2025 C, 6.00%, 01/01/2043 | 800000 | 862612 |
| GO, Series 2025 F, 6.00%, 01/01/2045 | 1755000 | 1872782 |
| GO, Series 2025 F, 6.00%, 01/01/2050 | 4500000 | 4741605 |
| GO, Series 2025 F, 6.00%, 01/01/2055 | 6000000 | 6295337 |
| City of Galesburg, Knox College/Illinois, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 10/01/2046 | 170000 | 134113 |
| City of Harvey, GO, Refunding, <br>Series 2023 A, 4.50%, 01/01/2054 | 4762000 | 3913333 |
| City of Palos Heights, Trinity Christian College <br>Association Obligated Group, Revenue, Refunding, <br>Series 2024 A, 7.00%, 01/01/2050 (g) | 8790000 | 7749002 |
| Trinity Christian College Association Obligated Group, <br>Revenue, Refunding, <br>Series 2024 B, 8.50%, 01/01/2032 (g) | 1210000 | 1182471 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 6.5% (continued)** | **Illinois — 6.5% (continued)** | **Illinois — 6.5% (continued)** |
| County of Cook, Deerfield SLF LP, Revenue, <br>Series 2024, 6.50%, 01/01/2045 | 18000000 | 18124657 |
| Illinois Finance Authority, AIM Art in Motion, Revenue, <br>Series 2021 A, 5.00%, 07/01/2051 (e) | 3000000 | 2132761 |
| Benedictine University, Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2038 | 5320000 | 4763636 |
| Bradley University, Revenue, Refunding, <br>Series 2021 A, 4.00%, 08/01/2051 | 5750000 | 4571463 |
| Chicago Theatre Group, Inc., Revenue, Refunding, <br>Series 2025 A, 6.00%, 10/01/2045 (e) | 2360000 | 2407044 |
| Chicago Theatre Group, Inc., Revenue, Refunding, <br>Series 2025 A, 6.13%, 10/01/2050 (e) | 1250000 | 1272291 |
| Columbia College Chicago, Revenue, <br>Series 2019, 5.00%, 12/01/2044 | 2175000 | 1893865 |
| Illinois Institute of Technology, Revenue, Refunding, <br>Series 2019, 4.00%, 09/01/2037 | 400000 | 364574 |
| Illinois Institute of Technology, Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2038 | 10000 | 10017 |
| Illinois Institute of Technology, Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2040 | 5585000 | 5471161 |
| Illinois Institute of Technology, Revenue, Refunding, <br>Series 2025 A, 5.88%, 09/01/2046 (e) | 36000000 | 36059778 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 4.00%, 05/15/2035 | 15000 | 14837 |
| Navy Pier, Inc. Obligated Group, Revenue, Refunding, <br>Series 2024 B, 5.00%, 10/01/2044 (e) | 750000 | 741440 |
| Navy Pier, Inc. Obligated Group, Revenue, Refunding, <br>Series 2024 B, 5.00%, 10/01/2049 (e) | 3700000 | 3591724 |
| Northwestern Memorial Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021 B, 3.85%, 11/03/2025 (b)(c) | 2400000 | 2400000 |
| Plymouth Place Obligated Group, Revenue, Refunding, <br>Series 2021 A, 5.00%, 05/15/2036 | 325000 | 326035 |
| Plymouth Place Obligated Group, Revenue, Refunding, <br>Series 2021 A, 5.00%, 05/15/2056 | 1255000 | 1072113 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.63%, 05/15/2052 | 1085000 | 1140032 |
| Roosevelt University, Revenue, Refunding, <br>Series 2018 A, 6.13%, 04/01/2058 (e) | 100000 | 98487 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 6.5% (continued)** | **Illinois — 6.5% (continued)** | **Illinois — 6.5% (continued)** |
| Roosevelt University, Revenue, Refunding, <br>Series 2018 B, 6.00%, 04/01/2038 (e) | 1185000 | 1207944 |
| Roosevelt University, Revenue, <br>Series 2019 A, 6.13%, 04/01/2049 (e) | 2500000 | 2499832 |
| Roosevelt University, Revenue, <br>Series 2019 A, 6.13%, 04/01/2058 (e) | 1350000 | 1329572 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding, <br>Series 2022, 4.00%, 10/15/2027 | 485000 | 478659 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding, <br>Series 2022, 4.00%, 10/15/2028 | 670000 | 657672 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding, <br>Series 2022, 4.00%, 10/15/2029 | 1050000 | 1025726 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding, <br>Series 2022, 4.00%, 10/15/2037 | 6000000 | 5372538 |
| Westminster Village, Inc. Obligated Group, Revenue, <br>Refunding, <br>Series 2018 A, 5.25%, 05/01/2038 | 2165000 | 2153621 |
| Westminster Village, Inc. Obligated Group, Revenue, <br>Refunding, <br>Series 2018 A, 5.00%, 05/01/2048 | 4040000 | 3482288 |
| Illinois Housing Development Authority,<br>Stonebridge of Gurnee LLC, Revenue, <br>Series A, 5.45%, 01/01/2046 (e) | 1640000 | 1590785 |
| Stonebridge of Gurnee LLC, Revenue, <br>Series A, 5.60%, 01/01/2056 (e) | 1000000 | 957198 |
| Metropolitan Pier & Exposition Authority,<br>State of Illinois McCormick Place Expansion <br>Project Fund, Revenue, Refunding, <br>Series 2020 A, 5.00%, 06/15/2050 (a) | 57665000 | 57722146 |
| Sangamon County School District No. 186 Springfield,<br>GO, BAM Insured, <br>Series 2025, 5.50%, 06/01/2060 | 10000000 | 10795429 |
| GO, BAM Insured, <br>Series 2025, 5.00%, 06/01/2062 | 6075000 | 6290134 |
| Schaumburg Cook & DuPage Counties,<br>Tax Allocation, <br>Series 2025, 6.13%, 12/30/2038 (e) | 3700000 | 3712833 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 6.5% (continued)** | **Illinois — 6.5% (continued)** | **Illinois — 6.5% (continued)** |
| State of Illinois, GO, <br>Series 2025 F, 5.25%, 09/01/2050 (a) | 34855000 | 36098157 |
| Upper Illinois River Valley Development Authority,<br>Northern Kane Educational Corp., Revenue, Refunding, <br>Series 2017 A, 5.25%, 12/01/2047 (e) | 2000000 | 1812506 |
| Northern Kane Educational Corp., Revenue, <br>Series 2025 A, 6.00%, 12/01/2055 (e) | 2000000 | 2014391 |
| Village of Bellwood, Tax Allocation, <br>Series 2024, 5.00%, 12/01/2050 | 6750000 | 6772444 |
| Village of Bridgeview, GO, Refunding, <br>Series 2014 A, 5.13%, 12/01/2044 | 15000 | 13654 |
| GO, Refunding, <br>Series 2015 A, 5.63%, 12/01/2041 | 100000 | 100005 |
| Village of Lincolnwood, North Lincoln Redevelopment <br>Project Area, COP, <br>Series 2021 A, 4.82%, 01/01/2041 (e) | 6040000 | 5944915 |
| Village of Lincolnwood Il, North Lincoln Redevelopment <br>Project Area, COP, <br>Series B, 5.75%, 12/01/2043 (e) | 1200000 | 1216415 |
| Village of Oswego, GO, <br>Series 2025 A, 5.00%, 12/15/2050 | 1465000 | 1501583 |
| Village of Rantoul, Evans Road Redevelopment Area, <br>Tax Allocation, Refunding, <br>Series 2024, 5.25%, 12/01/2033 (e) | 6095000 | 6186470 |
| Village of Romeoville, Lewis University, <br>Revenue, Refunding, <br>Series 2018 B, 4.13%, 10/01/2041 | 1190000 | 1061238 |
| Lewis University, Revenue, Refunding, <br>Series 2018 B, 4.13%, 10/01/2046 | 6200000 | 5224989 |
| Western Illinois Economic Development Authority,<br>Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 4.00%, 06/01/2036 | 1500000 | 1375880 |
|  |  | **524557012** |
| **Indiana — 2.1%** | **Indiana — 2.1%** | **Indiana — 2.1%** |
| City of East Chicago, Revenue, <br>Series 2025, 6.50%, 07/15/2044 (e) | 7220000 | 7399715 |
| City of Valparaiso, Lutheran University <br>Association, Inc. (The), Revenue, <br>Series 2025 A, 6.25%, 10/01/2050 (e) | 2500000 | 2538446 |
| Lutheran University Association, Inc. (The), Revenue, <br>Series 2025 B, 9.50%, 10/01/2035 (e) | 8000000 | 7849376 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Indiana — 2.1% (continued)** | **Indiana — 2.1% (continued)** | **Indiana — 2.1% (continued)** |
| Pratt Paper IN LLC, Revenue, AMT, Refunding, <br>Series 2024, 4.88%, 01/01/2044 (e) | 2260000 | 2278777 |
| Pratt Paper IN LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 01/01/2054 (e) | 4175000 | 4119682 |
| Indiana Finance Authority, Revenue, <br>Series 2025, 5.25%, 07/01/2055 | 6300000 | 5727760 |
| Revenue, Series 2025, 5.75%, 07/01/2060 | 9300000 | 9020967 |
| Avondale Meadows Academy, Revenue, Refunding, <br>Series 2017, 5.38%, 07/01/2047 | 7845000 | 6761826 |
| BHI Senior Living Obligated Group, Revenue, <br>Series 2018 A, 5.00%, 11/15/2048 | 7000000 | 6818634 |
| BHI Senior Living Obligated Group, Revenue, <br>Series 2018 A, 5.00%, 11/15/2053 | 2765000 | 2647282 |
| Earlham College, Inc., Revenue, Refunding, <br>Series 2013 A, 3.75%, 10/01/2037 | 1025000 | 864064 |
| Earlham College, Inc., Revenue, Refunding, <br>Series 2013 A, 3.75%, 10/01/2042 | 10000 | 7723 |
| Global Preparatory Academy, Inc. Obligated Group, <br>Revenue, <br>Series 2025 A, 6.38%, 10/15/2055 (e) | 1000000 | 1003587 |
| Global Preparatory Academy, Inc. Obligated Group, <br>Revenue, <br>Series 2025 A, 6.38%, 10/15/2060 (e) | 890000 | 888637 |
| Lutheran University Association, Inc. (The), Revenue, <br>Series 2014, 5.00%, 10/01/2039 | 750000 | 721401 |
| Lutheran University Association, Inc. (The), Revenue, <br>Series 2014, 4.00%, 10/01/2044 | 25000 | 19637 |
| PRG — UINDY Properties LLC, Revenue, <br>Series 2025, 5.25%, 07/01/2045 | 5200000 | 4919445 |
| PRG — UINDY Properties LLC, Revenue, <br>Series 2025, 5.63%, 07/01/2050 | 1250000 | 1211299 |
| Retirement Living, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 5.38%, 03/01/2055 | 2700000 | 2713423 |
| Rock Creek Community Academy, Inc., Revenue, <br>Series 2018 A, 5.88%, 07/01/2038 (e) | 1800000 | 1810582 |
| Indiana Housing & Community Development Authority,<br>Revenue, Refunding, GNMA Insured, <br>Series 2024 D-1, 4.70%, 07/01/2049 (a) | 15760000 | 15998860 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Indiana — 2.1% (continued)** | **Indiana — 2.1% (continued)** | **Indiana — 2.1% (continued)** |
| Revenue, Refunding, GNMA Insured, <br>Series 2024 D-1, 4.75%, 07/01/2054 (a) | 28130000 | 28292144 |
| Revenue, GNMA Insured, <br>Series 2025 B-1, 5.00%, 07/01/2050 (a) | 13665000 | 13905152 |
| Revenue, GNMA Insured, <br>Series 2025 B-1, 5.05%, 07/01/2055 (a) | 31450000 | 31908073 |
| Town of Whiteland, Patch Economic Development <br>Area, Tax Allocation, <br>Series 2022 A, 5.75%, 09/01/2047 (e) | 1125000 | 1095342 |
| Patch Economic Development Area, Tax Allocation, <br>Series 2024 A, 6.13%, 03/01/2049 (e) | 2725000 | 2747370 |
| Town of Whitestown, Whitestown Redevelopment <br>Commission, Tax Allocation, <br>Series 2024, 5.50%, 09/01/2049 (e) | 2170000 | 2100088 |
|  |  | **165369292** |
| **Iowa — 1.0%** | **Iowa — 1.0%** | **Iowa — 1.0%** |
| Crawford County Memorial Hospital, Inc., Revenue, <br>Series 2024, 5.00%, 06/15/2027 | 1515000 | 1523226 |
| Delaware County Memorial Hospital, Revenue, <br>Series 2025, 5.20%, 12/01/2035 | 715000 | 745500 |
| Revenue, Series 2025, 5.60%, 12/01/2038 | 840000 | 870420 |
| Revenue, Series 2025, 5.70%, 12/01/2039 | 890000 | 920188 |
| Iowa Finance Authority, Revenue, GNMA Insured, <br>Series 2025 C, 5.00%, 07/01/2050 | 5020000 | 5111912 |
| Revenue, GNMA Insured, <br>Series 2025 C, 5.05%, 07/01/2055 | 10000000 | 10151723 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2016 A, 5.00%, 05/15/2047 | 500000 | 477703 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2018 A, 5.00%, 05/15/2043 | 2160000 | 2130870 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2018 A, 5.00%, 05/15/2048 | 17790000 | 16910425 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2019 A-1, 4.00%, 05/15/2055 | 3750000 | 2929697 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2019 A-1, 5.00%, 05/15/2055 | 7065000 | 6544478 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 05/15/2053 | 8950000 | 7069781 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Iowa — 1.0% (continued)** | **Iowa — 1.0% (continued)** | **Iowa — 1.0% (continued)** |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 05/15/2044 | 2610000 | 2549767 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 05/15/2049 | 2400000 | 2264808 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.13%, 05/15/2059 | 6800000 | 6369790 |
| Presbyterian Homes Mill Pond Apartment, Inc., Revenue, <br>Series 2025, 5.75%, 10/01/2055 | 1500000 | 1523791 |
| Presbyterian Homes Mill Pond Apartment, Inc., Revenue, <br>Series 2025, 5.88%, 10/01/2065 | 3150000 | 3194011 |
| Riserville Holdings, Inc., Revenue, AMT, <br>Series 2021, 5.00%, 12/01/2051 (e) | 3815000 | 3167787 |
| Iowa Higher Education Loan Authority, Revenue, <br>Series 2025, 5.00%, 10/01/2045 | 1470000 | 1443880 |
| University of Dubuque, Revenue, <br>Series 2025, 6.00%, 10/01/2055 | 7000000 | 7386534 |
|  |  | **83286291** |
| **Kansas — 0.3%** | **Kansas — 0.3%** | **Kansas — 0.3%** |
| City of Colby, Citizens Medical Center, Inc., Revenue, <br>Series 2024, 5.50%, 07/01/2026 | 7000000 | 7004043 |
| City of Hutchinson, Hutchinson Regional Medical <br>Center Obligated Group, Revenue, <br>Series 2016, 5.00%, 12/01/2036 | 1310000 | 1267189 |
| Hutchinson Regional Medical Center Obligated <br>Group, Revenue, <br>Series 2016, 5.00%, 12/01/2041 | 1865000 | 1687977 |
| City of Wichita, Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2018 I, 4.63%, 05/15/2041 | 5000 | 4522 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2018 I, 5.00%, 05/15/2047 | 25000 | 21617 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2019 III, 5.00%, 05/15/2050 | 420000 | 353793 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2024 VIII, 5.75%, 05/15/2045 | 1000000 | 973829 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Kansas — 0.3% (continued)** | **Kansas — 0.3% (continued)** | **Kansas — 0.3% (continued)** |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2024 VIII, 5.88%, 05/15/2050 | 1000000 | 950065 |
| Wyandotte County-Kansas City Unified Government,<br>Tax Allocation, Refunding, <br>Series 2022, 5.75%, 03/01/2041 (e) | 7500000 | 7770733 |
| Sales Tax, Tax Allocation, Refunding, <br>Series 2022, 5.75%, 09/01/2039 (e) | 1500000 | 1563803 |
| Sales Tax, Revenue, <br>Series 2024 A, 5.25%, 03/01/2046 (e) | 10230000 | 9779910 |
|  |  | **31377481** |
| **Kentucky — 0.1%** | **Kentucky — 0.1%** | **Kentucky — 0.1%** |
| City of Campbellsville, Campbellsville University, Inc., <br>Revenue, Refunding, <br>Series 2017, 4.50%, 03/01/2047 | 965000 | 805750 |
| City of Henderson, Pratt Paper LLC, Revenue, AMT, <br>Series 2022 A, 4.70%, 01/01/2052 (e) | 2000000 | 1890932 |
| Louisville/Jefferson County Metropolitan Government,<br>Bellarmine University, Inc., Revenue, Refunding, <br>Series 2015, 5.00%, 05/01/2027 | 500000 | 497532 |
| Bellarmine University, Inc., Revenue, Refunding, <br>Series 2015, 5.00%, 05/01/2031 | 1790000 | 1766325 |
| Bellarmine University, Inc., Revenue, Refunding, <br>Series 2015, 5.00%, 05/01/2040 | 1210000 | 1092176 |
| Bellarmine University, Inc., Revenue, Refunding, <br>Series 2017 A, 5.00%, 05/01/2033 | 2270000 | 2226549 |
| Bellarmine University, Inc., Revenue, Refunding, <br>Series 2017 A, 5.00%, 05/01/2036 | 2715000 | 2585241 |
|  |  | **10864505** |
| **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| Calcasieu Parish Memorial Hospital Service District,<br>Southwest Louisiana Healthcare System Obligated <br>Group, Revenue, Refunding, <br>Series 2019, 5.00%, 12/01/2034 | 250000 | 254808 |
| Southwest Louisiana Healthcare System Obligated <br>Group, Revenue, Refunding, <br>Series 2019, 5.00%, 12/01/2039 | 8305000 | 8286526 |
| Capital Area Finance Authority, Revenue, <br>GNMA Insured, <br>Series 2025 B, 5.05%, 10/01/2055 (i) | 1570000 | 1569334 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Louisiana — 1.4% (continued)** | **Louisiana — 1.4% (continued)** | **Louisiana — 1.4% (continued)** |
| Louisiana Local Government Environmental <br>Facilities & Community Development Authority,<br>Christwood Obligated Group, Revenue, Refunding, <br>Series 2024, 5.25%, 11/15/2053 (e) | 1000000 | 938296 |
| Provident Group — ULM Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 07/01/2029 (e) | 815000 | 814935 |
| Provident Group — ULM Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 07/01/2039 (e) | 2900000 | 2710692 |
| Provident Group — ULM Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 07/01/2054 (e) | 11995000 | 9866485 |
| Louisiana Public Facilities Authority,<br>Athlos Academy of Jefferson, Revenue, <br>Series 2024 A, 7.38%, 06/01/2054 (e) | 5000000 | 5218189 |
| Calcasieu Bridge Partners LLC, Revenue, <br>Senior Lien, AMT, <br>Series 2024, 5.75%, 09/01/2064 | 46385000 | 48096184 |
| Lafayette Renaissance Charter Academy, Revenue, <br>Series 2025, 6.38%, 06/15/2053 (e) | 9500000 | 9626420 |
| Lafayette Renaissance Charter Academy, Revenue, <br>Series 2025, 6.50%, 06/15/2059 (e) | 9000000 | 9155939 |
| Lake Charles College Prep, Revenue, <br>Series 2019 A, 5.00%, 06/01/2049 (e) | 6315000 | 5721707 |
| Lake Charles College Prep, Revenue, <br>Series 2019 A, 5.00%, 06/01/2058 (e) | 8760000 | 7720769 |
| Parish of St. James, NuStar Logistics LP, Revenue, <br>Series 2010, 6.35%, 07/01/2040 (e) | 1000000 | 1088256 |
|  |  | **111068540** |
| **Maine — 0.6%** | **Maine — 0.6%** | **Maine — 0.6%** |
| Maine Health & Higher Educational Facilities Authority,<br>Eastern Maine Healthcare Systems Obligated <br>Group, Revenue, <br>Series 2016 A, 4.00%, 07/01/2041 | 30000 | 25392 |
| Eastern Maine Healthcare Systems Obligated <br>Group, Revenue, <br>Series 2016 A, 4.00%, 07/01/2046 | 25000 | 20098 |
| Eastern Maine Healthcare Systems Obligated <br>Group, Revenue, <br>Series 2016 A, 5.00%, 07/01/2046 | 8000000 | 7497255 |
| Maine State Housing Authority, Revenue, <br>Series 2024 D, 4.75%, 11/15/2054 (a) | 8750000 | 8786889 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Maine — 0.6% (continued)** | **Maine — 0.6% (continued)** | **Maine — 0.6% (continued)** |
| Revenue, Series 2024 F, 4.70%, 11/15/2049 (a) | 9410000 | 9501453 |
| Revenue, Series 2024 F, 4.75%, 11/15/2054 (a) | 8000000 | 8030163 |
| Revenue, Series 2025 C, 5.25%, 11/15/2055 | 15520000 | 16049310 |
|  |  | **49910560** |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| City of Baltimore, Poppleton Development District, <br>Tax Allocation, <br>Series A, 5.38%, 06/01/2036 | 1000000 | 999155 |
| Poppleton Development District, Tax Allocation, <br>Series A, 5.50%, 06/01/2043 | 1450000 | 1416680 |
| County of Frederick, Mount St Mary's University, Inc., <br>Revenue, Refunding, <br>Series 2017 A, 5.00%, 09/01/2045 (e) | 2470000 | 2162504 |
| County of Prince George's, Collington Episcopal <br>Life Care Community, Inc., Revenue, Refunding, <br>Series 2017, 5.25%, 04/01/2037 | 7000000 | 7014019 |
| Westphalia Town Center Development District, <br>Tax Allocation, <br>Series 2018, 5.25%, 07/01/2048 (e) | 3000000 | 3007169 |
| Maryland Department of Housing & Community <br>Development, Revenue, <br>Series 2025 B, 5.10%, 07/01/2050 | 700000 | 718923 |
| Revenue, Series 2025 B, 5.15%, 07/01/2055 | 995000 | 1030362 |
| Revenue, Series 2025 B, 5.20%, 07/01/2060 | 1715000 | 1775467 |
| Revenue, Series 2025 B, 5.25%, 07/01/2067 | 1735000 | 1792671 |
| Revenue, Series 2025 C, 5.15%, 07/01/2055 | 3065000 | 3169926 |
| Revenue, Series 2025 C, 5.25%, 07/01/2060 | 8305000 | 8624318 |
| Revenue, Series 2025 C, 5.30%, 07/01/2067 | 10590000 | 10996392 |
| Maryland Economic Development Corp.,<br>City of Baltimore, Revenue, <br>Series 2024, 5.00%, 07/01/2039 | 1965000 | 2088202 |
| City of Baltimore, Revenue, <br>Series 2024, 5.00%, 07/01/2044 | 2175000 | 2219117 |
| City of Baltimore, Revenue, <br>Series 2024, 5.00%, 07/01/2056 | 7755000 | 7893487 |
| Maryland Health & Higher Educational Facilities <br>Authority, Goucher College, Revenue, Refunding, <br>Series 2017 A, 5.00%, 07/01/2044 | 7210000 | 6882054 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Maryland — 0.9% (continued)** | **Maryland — 0.9% (continued)** | **Maryland — 0.9% (continued)** |
| Prince George's County Revenue Authority,<br>County of Prince George's MD Suitland-Naylor <br>Road Development District, Tax Allocation, <br>Series 2016, 5.00%, 07/01/2046 (e) | 5000000 | 5000084 |
|  |  | **66790530** |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| Massachusetts Bay Transportation Authority <br>Sales Tax, Revenue, <br>Series 2025 B, 5.00%, 07/01/2055 (a) | 10000000 | 10520386 |
| Revenue, Series 2025 B, 5.25%, 07/01/2055 (a) | 16000000 | 17211023 |
| Massachusetts Development Finance Agency,<br>Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/01/2031 (e) | 2680000 | 2703890 |
| Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/01/2041 (e) | 1620000 | 1484421 |
| Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/01/2051 (e) | 5775000 | 4758550 |
| Care Communities LLC Obligated Group, Revenue, <br>Series 2025 A-1, 6.38%, 07/15/2045 (e) | 4800000 | 4856717 |
| Care Communities LLC Obligated Group, Revenue, <br>Series 2025 A-1, 6.50%, 07/15/2060 (e) | 36200000 | 36184416 |
| CHF Merrimack, Inc., Revenue, <br>Series 2024 A, 5.00%, 07/01/2060 (e) | 2300000 | 2164917 |
| Lasell University, Revenue, Refunding, <br>Series 2021, 4.00%, 07/01/2045 | 1650000 | 1358505 |
| PRG Medford Properties, Inc., Revenue, <br>Series 2025, 5.25%, 06/01/2055 | 4635000 | 4853036 |
| PRG Medford Properties, Inc., Revenue, <br>Series 2025, 5.25%, 06/01/2060 | 7975000 | 8281366 |
| PRG Medford Properties, Inc., Revenue, <br>Series 2025, 5.25%, 06/01/2065 | 6540000 | 6781043 |
| Seven Hills Foundation Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 6.00%, 09/01/2045 | 1000000 | 1084296 |
| Seven Hills Foundation Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 6.00%, 09/01/2055 | 1000000 | 1060819 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Massachusetts — 1.5% (continued)** | **Massachusetts — 1.5% (continued)** | **Massachusetts — 1.5% (continued)** |
| Suffolk University, Revenue, <br>Series 2021, 4.00%, 07/01/2046 | 4620000 | 3929339 |
| Suffolk University, Revenue, <br>Series 2021, 4.00%, 07/01/2051 | 4750000 | 3873568 |
| Massachusetts Educational Financing Authority,<br>Revenue, AMT, <br>Series 2021 C, 3.00%, 07/01/2051 | 1545000 | 1066753 |
| Revenue, AMT, Series 2022 C, 4.13%, 07/01/2052 | 1000000 | 844728 |
| Massachusetts Housing Finance Agency,<br>Revenue, Refunding, GNMA Insured, <br>Series 246, 5.05%, 12/01/2050 | 7370000 | 7506959 |
| Revenue, Refunding, GNMA Insured, <br>Series 246, 5.10%, 12/01/2055 | 1925000 | 1953537 |
|  |  | **122478269** |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** |
| Flint Hospital Building Authority,<br>Hurley Medical Center, Revenue, <br>Series 2013 A, 5.25%, 07/01/2039 | 2075000 | 2075662 |
| Hurley Medical Center, Revenue, Refunding, <br>Series 2020, 4.00%, 07/01/2041 | 460000 | 427800 |
| Kalamazoo Economic Development Corp.,<br>Heritage Community of Kalamazoo Obligated Group, <br>Revenue, Refunding, <br>Series 2019, 5.00%, 05/15/2042 | 425000 | 423096 |
| Michigan Finance Authority, Albion College, <br>Revenue, Refunding, <br>Series 2022, 5.00%, 12/01/2032 | 925000 | 701856 |
| Albion College, Revenue, Refunding, <br>Series 2022, 4.00%, 12/01/2034 | 650000 | 469585 |
| Albion College, Revenue, Refunding, <br>Series 2022, 4.00%, 12/01/2041 | 4075000 | 2757038 |
| Albion College, Revenue, Refunding, <br>Series 2022, 4.00%, 12/01/2051 | 1895000 | 1148748 |
| Aquinas College, Revenue, Refunding, <br>Series 2021, 4.00%, 05/01/2031 | 1080000 | 877944 |
| Hanley International Academy, Inc., <br>Revenue, Refunding, <br>Series 2021, 5.00%, 09/01/2040 | 2000000 | 1954789 |
| Huron Academy, Revenue, Refunding, <br>Series 2024, 5.00%, 10/01/2044 | 1375000 | 1298036 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Michigan — 2.0% (continued)** | **Michigan — 2.0% (continued)** | **Michigan — 2.0% (continued)** |
| Huron Academy, Revenue, Refunding, <br>Series 2024, 5.00%, 10/01/2054 | 2795000 | 2528351 |
| Michigan State Housing Development <br>Authority, Revenue, <br>Series 2021 A, 2.70%, 10/01/2056 | 5010000 | 3291166 |
| Revenue, Series 2024 D, 4.55%, 06/01/2055 (a) | 21360000 | 20939876 |
| Revenue, Series 2025 A, 4.95%, 12/01/2050 (a) | 8915000 | 8997457 |
| Revenue, Series 2025 A, 5.00%, 12/01/2055 (a) | 20540000 | 20723260 |
| Revenue, Series 2025 A-1, 5.30%, 10/01/2055 (a) | 10180000 | 10507277 |
| Revenue, Series 2025 A-1, 5.50%, 10/01/2068 (a) | 58255000 | 60988839 |
| Revenue, Series 2025 C, 5.10%, 06/01/2056 (a) | 11515000 | 11687268 |
| Michigan Strategic Fund, United Methodist Retirement <br>Communities, Inc. Obligated Group, Revenue, Refunding, <br>Series 2020, 5.00%, 05/15/2044 | 1000000 | 974600 |
| Tipton Academy, Revenue, <br>Series 2021, 4.00%, 06/01/2051 | 945000 | 686945 |
|  |  | **153459593** |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| City of Apple Valley, <br>Orchard Path Phase III Project, Revenue, <br>Series 2025 A, 5.38%, 09/01/2045 | 475000 | 480195 |
| PHS Apple Valley Senior Housing, Inc., Revenue, <br>Series 2025 A, 5.50%, 09/01/2055 | 625000 | 630934 |
| PHS Apple Valley Senior Housing, Inc., Revenue, <br>Series 2025 A, 5.63%, 09/01/2065 | 1000000 | 1011204 |
| City of Bethel, Spectrum Building Co., Revenue, <br>Series 2024, 5.00%, 07/01/2059 | 1750000 | 1630122 |
| City of Bethel Housing and Health Care Facilities,<br>Second Century Housing & Owatonna Senior <br>Living LLC Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.13%, 03/01/2044 | 1250000 | 1253825 |
| Second Century Housing & Owatonna Senior <br>Living LLC Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.13%, 03/01/2049 | 1400000 | 1356153 |
| City of Cologne, Cologne Academy, Revenue, <br>Series 2014 A, 5.00%, 07/01/2045 | 3565000 | 3331763 |
| City of Marshall, Southwest & West Central Service <br>Cooperatives, Revenue, <br>Series 2024 A, 5.13%, 02/01/2041 | 675000 | 689169 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Minnesota — 0.3% (continued)** | **Minnesota — 0.3% (continued)** | **Minnesota — 0.3% (continued)** |
| Southwest & West Central Service <br>Cooperatives, Revenue, <br>Series 2024 A, 5.38%, 02/01/2045 | 725000 | 733734 |
| City of Shakopee, Benedictine Living Community of <br>Shakopee LLC Obligated Group, Revenue, Refunding, <br>Series 2025, 5.75%, 11/01/2055 | 2350000 | 2349221 |
| Benedictine Living Community of Shakopee LLC <br>Obligated Group, Revenue, Refunding, <br>Series 2025, 5.88%, 11/01/2065 | 3000000 | 3021384 |
| City of St Bonifacius, Augustana Chapel View <br>Homes, Inc., Revenue, <br>Series 2025, 6.50%, 06/01/2060 | 10000000 | 10111059 |
| Dakota County Community Development Agency,<br>Sanctuary at West St. Paul (The), Revenue, <br>Series 2015, 6.00%, 08/01/2035 | 2700000 | 2124857 |
| Minnesota Health & Education Facilities Authority,<br>Augsburg University, Revenue, <br>Series 2016 A, 5.00%, 05/01/2046 | 1790000 | 1228448 |
|  |  | **29952068** |
| **Mississippi — 0.5%** | **Mississippi — 0.5%** | **Mississippi — 0.5%** |
| County of Tunica, Revenue, Refunding, <br>Series 2019, 6.00%, 10/01/2040 | 4560000 | 4706277 |
| County of Washington, Delta Regional Medical Center, <br>Revenue, Refunding, <br>Series 2019, 4.25%, 02/01/2036 | 4180000 | 3670149 |
| Mississippi Business Finance Corp., Chevron <br>USA, Inc., Revenue, <br>Series 2010 G, 3.90%, 11/03/2025 (b)(c) | 1855000 | 1855000 |
| Mississippi Power Co., Revenue, AMT, <br>Series 1999, 4.10%, 11/03/2025 (b)(c) | 1000000 | 1000000 |
| Mississippi Development Bank, City of Jackson, <br>Revenue, Refunding, <br>Series 2013 A, 3.25%, 03/01/2036 | 240000 | 189386 |
| Mississippi Home Corp., Revenue, GNMA Insured, <br>Series 2025 A, 4.80%, 12/01/2045 (a) | 10000000 | 10132620 |
| Revenue, GNMA Insured, <br>Series 2025 A, 4.90%, 12/01/2050 (a) | 15000000 | 15078958 |
| Natchez-Adams School District, GO, <br>Series 2020, 1.75%, 03/01/2036 | 510000 | 351042 |
| Revenue, Series 2020, 2.38%, 02/01/2037 | 1145000 | 851014 |
| GO, Series 2020, 1.75%, 03/01/2037 | 520000 | 342857 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Mississippi — 0.5% (continued)** | **Mississippi — 0.5% (continued)** | **Mississippi — 0.5% (continued)** |
| Revenue, Series 2020, 2.50%, 02/01/2039 | 15000 | 10600 |
| Revenue, Series 2020, 2.50%, 02/01/2040 | 10000 | 6766 |
|  |  | **38194669** |
| **Missouri — 1.3%** | **Missouri — 1.3%** | **Missouri — 1.3%** |
| Bear Creek Community Improvement District,<br>Revenue, Refunding, <br>Series 2025, 6.25%, 05/01/2045 | 2500000 | 2577292 |
| Cape Girardeau County Industrial Development <br>Authority, West Park Mall Redevelopment Area, <br>Tax Allocation, <br>Series 2024, 5.50%, 05/01/2044 (e) | 3570000 | 3427434 |
| West Park Mall Redevelopment Area, Tax Allocation, <br>Series 2024, 5.75%, 05/01/2054 (e) | 10000000 | 9448862 |
| Citizens Memorial Hospital District, Revenue, <br>Series 2024 D, 6.75%, 02/01/2053 | 1375000 | 1364511 |
| Grindstone Plaza Transportation Development <br>District, Revenue, <br>Series 2006 A, 5.40%, 10/01/2026 | 30000 | 30029 |
| Revenue, Series 2006 A, 5.50%, 10/01/2031 | 2280000 | 2282570 |
| Revenue, Series 2006 A, 5.55%, 10/01/2036 | 1840000 | 1841522 |
| Health & Educational Facilities Authority of the <br>State of Missouri, <br>Maryville University of St. Louis, Revenue, <br>Series 2025 A, 5.00%, 06/15/2040 | 1500000 | 1537709 |
| Maryville University of St. Louis, Revenue, <br>Series 2025 A, 5.50%, 06/15/2047 | 2880000 | 2922267 |
| SSM Health Care Obligated Group, Revenue, <br>Series 2018 F, 3.90%, 11/03/2025 (b)(c) | 2875000 | 2875000 |
| Industrial Development Authority of the City of <br>St. Louis Missouri (The), Revenue, Refunding, <br>Series 2024 A, 4.88%, 06/15/2034 | 450000 | 459937 |
| Revenue, Refunding, <br>Series 2024 A, 5.75%, 06/15/2054 | 7200000 | 7296588 |
| Kansas City Industrial Development Authority,<br>City of Kansas City Historic Northeast Redevelopment <br>Area, Revenue, <br>Series 2024 A-1, 5.00%, 06/01/2054 (e) | 3000000 | 2832917 |
| Ward Parkway Center Community Improvement <br>District, Revenue, Refunding, <br>Series 2016 A, 5.00%, 04/01/2036 (e) | 1000000 | 995760 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Missouri — 1.3% (continued)** | **Missouri — 1.3% (continued)** | **Missouri — 1.3% (continued)** |
| Ward Parkway Center Community Improvement <br>District, Revenue, Refunding, <br>Series 2016 A, 5.00%, 04/01/2046 (e) | 3515000 | 3192505 |
| Lees Summit Industrial Development Authority,<br>John Knox Village Obligated Group, Revenue, Refunding, <br>Series 2018 A, 5.00%, 08/15/2042 | 15000 | 14381 |
| John Knox Village Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.25%, 08/15/2044 | 540000 | 544046 |
| John Knox Village Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.63%, 08/15/2054 | 1940000 | 1953806 |
| John Knox Village Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.75%, 08/15/2059 | 1835000 | 1850898 |
| Missouri Housing Development Commission, Revenue, <br>GNMA Insured, <br>Series 2025 C, 4.85%, 11/01/2045 (a) | 13955000 | 14173855 |
| Revenue, GNMA Insured, <br>Series 2025 C, 4.95%, 11/01/2050 (a) | 10955000 | 11051280 |
| Revenue, GNMA Insured, <br>Series 2025 C, 5.00%, 11/01/2055 (a) | 8710000 | 8781117 |
| Rolla Industrial Development Authority, Westside <br>Marketplace Redevelopment Project — RPA 1, <br>Tax Allocation, <br>Series 2017 A, 5.38%, 05/01/2044 | 860000 | 850922 |
| St Louis County Industrial Development Authority,<br>Friendship Village St Louis Obligated Group, Revenue, <br>Series 2012, 5.00%, 09/01/2042 | 30000 | 29856 |
| Friendship Village St Louis Obligated Group, Revenue, <br>Series 2018 A, 5.25%, 09/01/2053 | 10070000 | 9937382 |
| St. Charles County Industrial Development Authority,<br>Economic Development Council of St. Charles County <br>Suemandy/Mid-Rivers Sales Tax, Revenue, <br>Series 2016, 4.25%, 10/01/2034 (e) | 1240000 | 1137247 |
| Economic Development Council of St. Charles County <br>Suemandy/Mid-Rivers Sales Tax, Revenue, <br>Series 2016, 5.00%, 10/01/2046 (e) | 3775000 | 3207816 |
|  |  | **96617509** |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| City of Kalispell, Immanuel Living at Buffalo Hill <br>Obligated Group, Revenue, Refunding, <br>Series 2017 A, 5.25%, 05/15/2047 | 95000 | 88496 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Montana — 0.1% (continued)** | **Montana — 0.1% (continued)** | **Montana — 0.1% (continued)** |
| Immanuel Living at Buffalo Hill Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.00%, 05/15/2060 | 3000000 | 3062712 |
| Montana Facility Finance Authority, <br>Montana Children's Home and Hospital, Revenue, <br>Series 2020 A, 4.00%, 07/01/2040 | 490000 | 421645 |
| Montana Children's Home and Hospital, Revenue, <br>Series 2020 A, 4.00%, 07/01/2044 | 1580000 | 1254534 |
| Montana Children's Home and Hospital, Revenue, <br>Series 2020 A, 4.00%, 07/01/2050 | 2305000 | 1714760 |
|  |  | **6542147** |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** | **Nebraska — 0.8%** |
| Nebraska Investment Finance Authority, <br>Revenue, GNMA Insured, <br>Series 2024 G, 4.55%, 09/01/2044 (a) | 4470000 | 4535207 |
| Revenue, GNMA Insured, <br>Series 2024 G, 4.70%, 09/01/2051 (a) | 9690000 | 9714740 |
| Revenue, GNMA Insured, <br>Series 2025 C, 5.05%, 09/01/2045 (a) | 4900000 | 5062315 |
| Revenue, GNMA Insured, <br>Series 2025 C, 5.13%, 09/01/2050 (a) | 15000000 | 15436764 |
| Revenue, GNMA Insured, <br>Series 2025 C, 5.20%, 09/01/2055 (a) | 28145000 | 28909820 |
|  |  | **63658846** |
| **Nevada — 2.1%** | **Nevada — 2.1%** | **Nevada — 2.1%** |
| City of Las Vegas, Special Improvement <br>District No. 613, Special Assessment, <br>Series 2024, 5.25%, 12/01/2047 | 550000 | 550969 |
| Special Improvement District No. 613, <br>Special Assessment, <br>Series 2024, 5.50%, 12/01/2053 | 600000 | 608583 |
| Special Improvement District No. 818, <br>Special Assessment, <br>Series 2024, 5.00%, 12/01/2054 | 1200000 | 1171451 |
| Special Improvement District No. 819, <br>Special Assessment, <br>Series 2025, 5.25%, 06/01/2045 | 325000 | 323929 |
| Special Improvement District No. 819, <br>Special Assessment, <br>Series 2025, 5.50%, 06/01/2055 | 1000000 | 1001166 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Nevada — 2.1% (continued)** | **Nevada — 2.1% (continued)** | **Nevada — 2.1% (continued)** |
| City of Reno, 2024 Special Assessment District No. 1, <br>Special Assessment, <br>Series 2025, 5.13%, 06/01/2047 (e) | 140000 | 138677 |
| 2024 Special Assessment District No. 1, <br>Special Assessment, <br>Series 2025, 5.25%, 06/01/2054 (e) | 1225000 | 1211769 |
| City of Sparks, Special Improvement District No. 1, <br>Special Assessment, <br>Series 2024, 5.13%, 06/01/2054 | 500000 | 494895 |
| Nevada Housing Division, Revenue, Senior Lien, <br>Refunding, GNMA Insured, <br>Series 2025 A, 4.75%, 10/01/2055 | 4340000 | 4331335 |
| State of Nevada Department of Business & Industry,<br>Desertxpress Enterprises LLC, Revenue, AMT, <br>Series 2025 A, 9.50%, 01/01/2033 (b)(e)(f)(g) | 199660000 | 159728000 |
|  |  | **169560774** |
| **New Hampshire — 2.1%** | **New Hampshire — 2.1%** | **New Hampshire — 2.1%** |
| New Hampshire Business Finance Authority, Revenue, <br>Series 2024, 5.63%, 02/01/2030 (e) | 5000000 | 5006586 |
| Revenue, Series 2024, 5.38%, 12/01/2031 (e) | 4800000 | 4812911 |
| Revenue, Series 2024, 5.88%, 12/15/2032 (e) | 13474000 | 13485694 |
| Revenue, Series 2024, 0.00%, 12/01/2034 (e)(h) | 6000000 | 3364981 |
| Revenue, Series 2024, 5.25%, 12/01/2035 (e) | 17200000 | 17203084 |
| Revenue, Series 2024, 5.38%, 12/15/2035 (e) | 36300000 | 36323047 |
| Revenue, Series 2025, 0.00%, 12/01/2031 (e)(h) | 5000000 | 3496855 |
| Revenue, Series 2025, 0.00%, 12/15/2032 (e)(h) | 26662000 | 16764631 |
| Revenue, Series 2025 A, 0.00%, 02/01/2035 (e)(h) | 7900000 | 4391520 |
| Ascentria Care Alliance Obligated Group, Revenue, <br>Series 2021, 5.00%, 07/01/2041 (e) | 3765000 | 3449904 |
| Ascentria Care Alliance Obligated Group, Revenue, <br>Series 2021, 5.00%, 07/01/2051 (e) | 6445000 | 5310624 |
| Ascentria Care Alliance Obligated Group, Revenue, <br>Series 2021, 5.00%, 07/01/2056 (e) | 5725000 | 4619817 |
| Brazoria County Municipal Utility <br>District No. 83, Revenue, <br>Series 2024, 5.30%, 12/01/2032 (e) | 7728000 | 7753191 |
| Brazoria-Fort Bend County Municipal Utility <br>District No. 3, Revenue, <br>Series 2024, 4.88%, 12/01/2033 (e) | 3500000 | 3500359 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Hampshire — 2.1% (continued)** | **New Hampshire — 2.1% (continued)** | **New Hampshire — 2.1% (continued)** |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2024 A, 5.50%, 04/01/2043 | 200000 | 206025 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2024 A, 5.38%, 04/01/2049 | 295000 | 296278 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2024 A, 5.50%, 04/01/2054 | 275000 | 277112 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2024 A, 5.63%, 04/01/2059 | 350000 | 354661 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2025 A, 5.63%, 04/01/2045 | 250000 | 257772 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2025 A, 5.75%, 04/01/2050 | 500000 | 513111 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2025 A, 5.75%, 04/01/2055 | 1410000 | 1443199 |
| Pennichuck Water Works, Inc., Revenue, AMT, <br>Series 2025 A, 5.88%, 04/01/2060 | 1250000 | 1284597 |
| Reworld Holding Corp., Revenue, AMT, Refunding, <br>Series 2018 C, 4.88%, 11/01/2042 (e) | 3805000 | 3420505 |
| Reworld Holding Corp., Revenue, Refunding, <br>Series 2020 A, 3.63%, 07/02/2040 (b)(e)(f) | 250000 | 208403 |
| Reworld Holding Corp., Revenue, AMT, Refunding, <br>Series 2020 B, 3.75%, 07/02/2040 (b)(e)(f) | 5600000 | 4641763 |
| Travis County Municipal Utility District No. 22, Revenue, <br>Series 2025, 0.00%, 12/01/2031 (e)(h) | 10000000 | 6792014 |
| Waller County Municipal Utility District No. 38, Revenue, <br>Series 2024, 0.00%, 04/01/2032 (e)(h) | 4983000 | 3361100 |
| New Hampshire Health and Education Facilities <br>Authority, Catholic Medical Center Obligated Group, <br>Revenue, Pre-Refunded, <br>Series 2017, 3.50%, 07/01/2034 | 20000 | 20213 |
| New Hampshire Health and Education Facilities <br>Authority Act, Rivier University, Revenue, Refunding, <br>Series 2024, 5.00%, 02/01/2049 | 10000000 | 10030576 |
|  |  | **162590533** |
| **New Jersey — 1.1%** | **New Jersey — 1.1%** | **New Jersey — 1.1%** |
| New Jersey Economic Development Authority,<br>Advanced Schools, Inc., Revenue, <br>Series 2025, 5.13%, 11/01/2055 | 850000 | 830501 |
| Advanced Schools, Inc., Revenue, <br>Series 2025, 5.25%, 11/01/2060 | 750000 | 732015 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Jersey — 1.1% (continued)** | **New Jersey — 1.1% (continued)** | **New Jersey — 1.1% (continued)** |
| DRP Urban Renewal 4 LLC, Revenue, AMT, <br>Series 2025, 6.38%, 01/01/2035 (e) | 13750000 | 14281737 |
| DRP Urban Renewal 4 LLC, Revenue, AMT, <br>Series 2025, 6.63%, 01/01/2045 (e) | 26550000 | 27597374 |
| LEAP Academy University Charter School, Inc., <br>Revenue, <br>Series 2014 A, 6.20%, 10/01/2044 (e) | 100000 | 100040 |
| Lutheran Social Ministries at Crane's Mill, Inc., <br>Revenue, Refunding, <br>Series 2018, 5.00%, 01/01/2049 | 2400000 | 2212135 |
| Teaneck Community Charter School A New Jersey <br>Nonprofit Corp., Revenue, Refunding, <br>Series 2017 A, 5.00%, 09/01/2037 (e) | 1120000 | 1127455 |
| United Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2012, 5.75%, 09/15/2027 | 400000 | 400002 |
| New Jersey Educational Facilities Authority, Rider <br>University A New Jersey Non-Profit Corp., Revenue, <br>Series 2017 F, 3.63%, 07/01/2034 | 65000 | 53334 |
| Rider University A New Jersey Non-Profit <br>Corp., Revenue, <br>Series 2017 F, 5.00%, 07/01/2036 | 405000 | 357619 |
| Rider University A New Jersey Non-Profit <br>Corp., Revenue, <br>Series 2017 F, 4.00%, 07/01/2042 | 140000 | 100928 |
| Rider University A New Jersey Non-Profit <br>Corp., Revenue, <br>Series 2017 F, 5.00%, 07/01/2047 | 5860000 | 4535373 |
| New Jersey Transportation Trust Fund Authority,<br>State of New Jersey, Revenue, <br>Series 2025 AA, 5.00%, 06/15/2055 (a) | 35445000 | 36732793 |
|  |  | **89061306** |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| Aspire Public Improvement District, Special Tax, <br>Series 2024, 5.05%, 10/01/2044 | 500000 | 487823 |
| Special Tax, <br>Series 2024, 5.30%, 10/01/2053 | 810000 | 784655 |
| Lower Petroglyphs Public Improvement District,<br>Special Tax, Refunding, <br>Series 2018, 5.00%, 10/01/2048 | 1150000 | 1122934 |
| New Mexico Hospital Equipment Loan Council,<br>Haverland Carter Lifestyle Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 07/01/2039 | 2000000 | 1974523 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Mexico — 0.1% (continued)** | **New Mexico — 0.1% (continued)** | **New Mexico — 0.1% (continued)** |
| Haverland Carter Lifestyle Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 07/01/2049 | 1500000 | 1337678 |
| New Mexico Mortgage Finance Authority,<br>Revenue, GNMA Insured, <br>Series 2025 C, 5.05%, 09/01/2050 | 2340000 | 2385730 |
| Revenue, GNMA Insured, <br>Series 2025 C, 5.10%, 09/01/2055 | 3000000 | 3045916 |
| Tierra Del Oro Public Improvement District,<br>Special Tax, <br>Series 2025, 5.75%, 10/01/2054 | 1570000 | 1586479 |
|  |  | **12725738** |
| **New York — 7.2%** | **New York — 7.2%** | **New York — 7.2%** |
| Allegany County Capital Resource Corp.,<br>Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2037 | 1525000 | 1437633 |
| Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2042 | 1925000 | 1706224 |
| Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2052 | 6185000 | 5040192 |
| Buffalo Sewer Authority, Revenue, <br>Series 2021, 1.75%, 06/15/2049 (f) | 3030000 | 2230933 |
| Build NYC Resource Corp., Albert Einstein <br>College of Medicine, Inc., Revenue, <br>Series 2015, 5.50%, 09/01/2045 (e) | 3245000 | 3202690 |
| Bay Ridge Preparatory School, Revenue, <br>Series 2024, 5.00%, 09/01/2044 (e) | 725000 | 698578 |
| Bay Ridge Preparatory School, Revenue, <br>Series 2024, 5.00%, 09/01/2049 (e) | 1260000 | 1177518 |
| Bay Ridge Preparatory School, Revenue, <br>Series 2024, 5.00%, 09/01/2059 (e) | 5375000 | 4884749 |
| Shefa School, Revenue, <br>Series 2021 A, 5.00%, 06/15/2051 (e) | 6565000 | 6162436 |
| Chautauqua Tobacco Asset Securitization Corp.,<br>Revenue, Refunding, <br>Series 2014, 5.00%, 06/01/2048 | 5300000 | 4139676 |
| City of New York, GO, <br>Series 2021-3, 3.90%, 11/03/2025 (b)(c) | 4910000 | 4910000 |
| GO, Series 2026 D, 5.25%, 10/01/2055 | 10000000 | 10649288 |
| Hempstead Town Local Development Corp.,<br>Evergreen Charter School, Inc., Revenue, <br>Series 2022 A, 5.25%, 06/15/2052 | 7000000 | 6830774 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 7.2% (continued)** | **New York — 7.2% (continued)** | **New York — 7.2% (continued)** |
| Jefferson County Civic Facility Development Corp.,<br>Samaritan Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series 2017 A, 4.00%, 11/01/2042 | 5000 | 4104 |
| Samaritan Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series 2017 A, 4.00%, 11/01/2047 | 3460000 | 2628625 |
| Monroe County Industrial Development Corp.,<br>St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding, <br>Series 2019, 4.00%, 01/01/2030 | 680000 | 665563 |
| St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding, <br>Series 2019, 5.00%, 01/01/2040 | 14850000 | 14433333 |
| St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding, <br>Series 2019, 5.00%, 01/01/2050 | 6515000 | 5626676 |
| New York City Housing Development Corp.,<br>Revenue, FHLMC Insured, <br>Series 2025 A, 5.20%, 02/01/2055 (a) | 30000000 | 30789478 |
| Revenue, Series 2025 A-1, 4.80%, 11/01/2055 (a) | 15885000 | 15963321 |
| Revenue, Series 2025 A-1, 4.85%, 11/01/2060 (a) | 2000000 | 2010170 |
| Revenue, Series 2025 B-1, 5.05%, 11/01/2045 | 420000 | 439078 |
| Revenue, Series 2025 B-1, 5.20%, 11/01/2050 | 450000 | 465040 |
| Revenue, Series 2025 B-1, 5.25%, 11/01/2055 | 750000 | 777397 |
| Revenue, Series 2025 B-1, 5.30%, 11/01/2060 | 1235000 | 1291927 |
| Revenue, Series 2025 B-1, 5.35%, 11/01/2064 | 1065000 | 1110574 |
| Revenue, FHLMC Insured, <br>Series 2025 C, 4.95%, 02/01/2055 | 8605000 | 8552572 |
| Revenue, Series 2025 C-1, 5.13%, 11/01/2055 | 7000000 | 7210599 |
| Revenue, Series 2025 C-1, 5.20%, 11/01/2060 | 5000000 | 5157552 |
| Revenue, Series 2025 C-1, 5.25%, 05/01/2065 | 10120000 | 10438332 |
| New York City Municipal Water Finance Authority,<br>Water & Sewer System, Revenue, Refunding, <br>Series 2022 DD, 3.90%, 11/03/2025 (b)(c) | 4800000 | 4800000 |
| New York City Transitional Finance Authority Future <br>Tax Secured, Revenue, <br>Series 2026 B, 5.25%, 05/01/2055 | 25000000 | 26678675 |
| New York Counties Tobacco Trust IV, Revenue, <br>Series 2005 A, 5.00%, 06/01/2045 | 26365000 | 20597216 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 7.2% (continued)** | **New York — 7.2% (continued)** | **New York — 7.2% (continued)** |
| New York Liberty Development Corp.,<br>3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, Class 2, 5.38%, 11/15/2040 (e) | 2000000 | 2000368 |
| 3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, Class 3, 7.25%, 11/15/2044 (e) | 2000000 | 2001432 |
| New York State Dormitory Authority,<br>Garnet Health Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 12/01/2031 (e) | 1000000 | 1009532 |
| Garnet Health Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 12/01/2032 (e) | 1100000 | 1109148 |
| Garnet Health Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 12/01/2037 (e) | 1000000 | 969210 |
| Pace University, Revenue, <br>Series 2024 A, 5.50%, 05/01/2056 | 4525000 | 4677924 |
| St. Joseph's College, Revenue, <br>Series 2021, 5.00%, 07/01/2051 | 1750000 | 1529010 |
| New York State Housing Finance Agency, Revenue, <br>Series 2025 A1, 4.90%, 11/01/2068 | 2175000 | 2177213 |
| Revenue, Series 2025 D-1, 4.90%, 11/01/2055 (a) | 7590000 | 7596655 |
| Revenue, Series 2025 D-1, 4.95%, 11/01/2060 (a) | 17955000 | 17993414 |
| Revenue, Series 2025 D-1, 5.00%, 05/01/2069 (a) | 1800000 | 1812290 |
| New York Transportation Development Corp.,<br>JFK Millennium Partners LLC, Revenue, AMT, <br>Refunding, AG Insured, <br>Series 2024 A, 5.25%, 12/31/2054 | 49505000 | 50974670 |
| JFK Millennium Partners LLC, Revenue, AMT, Refunding, <br>Series 2024 A, 5.50%, 12/31/2060 | 54330000 | 55486534 |
| JFK Millennium Partners LLC, Revenue, AMT, <br>Refunding, AG Insured, <br>Series 2024 B, 0.00%, 12/31/2054 (j) | 16050000 | 10428447 |
| JFK NTO LLC, Revenue, AMT, <br>Series 2024, 5.50%, 06/30/2054 | 27500000 | 28111432 |
| JFK NTO LLC, Revenue, AMT, <br>Series 2024, 5.50%, 06/30/2060 | 9150000 | 9341882 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.25%, 01/01/2050 | 4675000 | 4674918 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 7.2% (continued)** | **New York — 7.2% (continued)** | **New York — 7.2% (continued)** |
| Niagara Area Development Corp., <br>Reworld Holding Corp., Revenue, AMT, Refunding, <br>Series 2018 A, 4.75%, 11/01/2042 (e) | 3195000 | 2829407 |
| Oneida Indian Nation of New York, Revenue, <br>Series 2024 B, 6.00%, 09/01/2043 (e) | 5500000 | 5920839 |
| Onondaga Civic Development Corp.,<br>Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.13%, 08/01/2044 | 1500000 | 1334108 |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.38%, 08/01/2054 | 15355000 | 13472610 |
| Rockland County Economic Assistance Corp.,<br>Bon Secours Health System, Inc. <br>Obligated Group, Revenue, <br>Series 2025, 7.50%, 11/01/2055 | 735000 | 793823 |
| Suffolk Regional Off-Track Betting Corp., Revenue, <br>Series 2024, 5.75%, 12/01/2044 | 18000000 | 18293965 |
| Revenue, Series 2024, 6.00%, 12/01/2053 | 21200000 | 21507292 |
| Ulster County Capital Resource Corp.,<br>Woodland Pond, Inc. Obligated Group, Revenue, <br>Series 2025, 5.88%, 09/15/2059 (e)(i) | 4750000 | 4696392 |
| Westchester County Industrial Development Agency,<br>Million Air Two LLC Obligated Group, Revenue, AMT, <br>Series 2017 A, 7.00%, 06/01/2046 (e) | 4000000 | 4164776 |
| Westchester County Local Development Corp.,<br>Bethel Methodist Home (The), Revenue, Refunding, <br>Series 2020 A, 5.00%, 07/01/2040 | 1000000 | 903653 |
| Bethel Methodist Home (The), Revenue, Refunding, <br>Series 2020 A, 5.13%, 07/01/2055 | 5630000 | 4463923 |
| Purchase Senior Learning Community Obligated <br>Group, Revenue, Refunding, <br>Series 2021 A, 4.50%, 07/01/2056 (e) | 4410000 | 3569842 |
| Purchase Senior Learning Community Obligated <br>Group, Revenue, Refunding, <br>Series 2021 A, 5.00%, 07/01/2056 (e) | 3000000 | 2641266 |
| Westchester County Health Care Corp. Obligated <br>Group, Revenue, Refunding, <br>Series 2016, 5.00%, 11/01/2046 | 200000 | 182923 |
| Westchester County Health Care Corp. Obligated <br>Group, Revenue, <br>Series 2025, 7.25%, 11/01/2045 | 15000000 | 16207548 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 7.2% (continued)** | **New York — 7.2% (continued)** | **New York — 7.2% (continued)** |
| Westchester County Healthcare Corp., Revenue, <br>AG Insured, <br>Series 2025, 6.50%, 11/01/2055 | 5500000 | 6243135 |
| Westchester County Healthcare Corp., Revenue, <br>Series 2025, 7.50%, 11/01/2055 | 18765000 | 20266799 |
| Western Regional Off-Track Betting Corp.,<br>Revenue, Refunding, <br>Series 2021, 4.13%, 12/01/2041 (e) | 1000000 | 905286 |
|  |  | **543002589** |
| **North Carolina — 0.1%** | **North Carolina — 0.1%** | **North Carolina — 0.1%** |
| North Carolina Capital Facilities Finance Agency,<br>Meredith College, Revenue, Refunding, <br>Series 2018, 5.00%, 06/01/2038 | 3095000 | 3025444 |
| North Carolina Medical Care Commission,<br>Lutheran Retirement Ministries of Alamance County <br>Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2044 | 2005000 | 2012090 |
| Penick Village Obligated Group, Revenue, <br>Series 2024 A, 5.50%, 09/01/2044 | 1380000 | 1411223 |
| Penick Village Obligated Group, Revenue, <br>Series 2024 A, 5.50%, 09/01/2054 | 3630000 | 3613716 |
| Presbyterian Home at Charlotte, Inc. (The), <br>Revenue, Refunding, <br>Series 2019 A, 5.00%, 07/01/2049 | 600000 | 563558 |
|  |  | **10626031** |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| City of Horace, GO, Special Assessment, Refunding, <br>Series 2024 A, 5.38%, 05/01/2050 | 800000 | 821510 |
| GO, Special Assessment, Refunding, <br>Series 2024 C, 4.75%, 05/01/2044 | 1100000 | 1093665 |
| GO, Special Assessment, Refunding, <br>Series 2024 C, 5.00%, 05/01/2050 | 1500000 | 1500803 |
| City of Mayville, GO, Special Assessment, Refunding, <br>Series 2024, 5.00%, 05/01/2044 | 2825000 | 2773792 |
| County of Ward, Trinity Health Obligated <br>Group, Revenue, <br>Series 2017 C, 5.00%, 06/01/2043 | 2800000 | 2730107 |
|  |  | **8919877** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 3.9%** | **Ohio — 3.9%** | **Ohio — 3.9%** |
| Buckeye Tobacco Settlement Financing Authority,<br>Revenue, Senior Lien, Refunding, <br>Series 2020 B-2, Class 2, 5.00%, 06/01/2055 | 200000 | 167608 |
| Revenue, Senior Lien, Refunding, <br>Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (h) | 308700000 | 29170607 |
| City of Brecksville, Valor Acres TIF Area, Tax Allocation, <br>Series 2022, 5.63%, 12/01/2053 (e) | 3880000 | 3781632 |
| City of Norwood, Rockwood Exchange Tax Increment <br>Fund, Tax Allocation, Refunding, <br>Series 2025, 5.00%, 12/01/2041 | 1000000 | 1016737 |
| Cleveland-Cuyahoga County Port Authority,<br>Playhouse Square Foundation, Revenue, Refunding, <br>Series 2018, 5.50%, 12/01/2043 | 1290000 | 1304818 |
| Playhouse Square Foundation, Revenue, Refunding, <br>Series 2018, 5.50%, 12/01/2053 | 11485000 | 11498266 |
| Columbus-Franklin County Finance <br>Authority, Revenue, <br>Series 2019 A-1, 5.00%, 12/01/2051 | 5000000 | 4971860 |
| County of Cuyahoga, Eliza Jennings Obligated Group, <br>Revenue, Refunding, <br>Series 2022 A, 5.00%, 05/15/2032 | 2050000 | 2060693 |
| MetroHealth System (The), Revenue, Refunding, <br>Series 2017, 5.25%, 02/15/2047 | 1085000 | 1082462 |
| County of Fairfield, Fairfield Medical Center <br>Obligated Group, Revenue, Refunding, <br>Series 2013, 5.13%, 06/15/2033 | 9615000 | 9615307 |
| Fairfield Medical Center Obligated Group, Revenue, <br>Refunding, <br>Series 2013, 5.00%, 06/15/2043 | 4345000 | 3808196 |
| County of Hamilton, Life Enriching Communities <br>Obligated Group, Revenue, Refunding, <br>Series 2025, 5.50%, 01/01/2055 | 3250000 | 3286094 |
| TriHealth Obligated Group, Revenue, Refunding, <br>Series 2021 B, 4.00%, 11/03/2025 (b)(c) | 5000000 | 5000000 |
| UC Health Obligated Group, Revenue, <br>Series 2020, 4.00%, 09/15/2050 | 3175000 | 2645651 |
| UC Health Obligated Group, Revenue, <br>Series 2020, 5.00%, 09/15/2050 | 7000000 | 6899252 |
| County of Hardin, Ohio Northern University, <br>Revenue, Refunding, <br>Series 2020, 4.00%, 05/01/2026 | 145000 | 143973 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 3.9% (continued)** | **Ohio — 3.9% (continued)** | **Ohio — 3.9% (continued)** |
| Ohio Northern University, Revenue, Refunding, <br>Series 2020, 5.00%, 05/01/2030 | 1000000 | 994499 |
| Ohio Northern University, Revenue, Refunding, <br>Series 2020, 5.25%, 05/01/2040 | 2425000 | 2282708 |
| Ohio Northern University, Revenue, Refunding, <br>Series 2020, 5.50%, 05/01/2050 | 4000000 | 3568297 |
| County of Lucas, Promedica Healthcare Obligated <br>Group, Revenue, <br>Series 2015 B, 4.00%, 11/15/2045 | 2460000 | 2131575 |
| County of Muskingum, Genesis Healthcare System <br>Obligated Group, Revenue, <br>Series 2013, 5.00%, 02/15/2048 | 4000000 | 3796980 |
| County of Washington, Marietta Area Health Care, <br>Inc. Obligated Group, Revenue, Refunding, <br>Series 2022, 6.63%, 12/01/2042 | 100000 | 106116 |
| Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2022, 6.75%, 12/01/2052 | 17760000 | 18400309 |
| Dayton-Montgomery County Port Authority,<br>Dayton Regional STEM Schools, Inc., Revenue, <br>Series 2024, 5.00%, 12/01/2054 | 1000000 | 998936 |
| Dayton Regional STEM Schools, Inc., Revenue, <br>Series 2024, 5.00%, 12/01/2060 | 1000000 | 990703 |
| Springfield AAL LLC, Revenue, <br>Series 2025 A, 6.63%, 01/01/2045 (e) | 6500000 | 6761267 |
| Delaware County Finance Authority, Revenue, <br>Series 2025 C-2, 6.25%, 12/01/2043 | 1645000 | 1721211 |
| Common Bond Fund, Revenue, <br>Series 2024 B, 5.38%, 12/01/2038 | 3675000 | 3755219 |
| Jefferson County Port Authority,<br>JSW Steel USA Ohio, Inc., Revenue, AMT, <br>Series 2021, 3.50%, 12/01/2051 (e) | 3000000 | 2352702 |
| Ohio Higher Educational Facility Commission,<br>Ashtabula County Medical Center Obligated <br>Group, Revenue, <br>Series 2022, 5.25%, 01/01/2052 | 250000 | 251370 |
| Ohio Housing Finance Agency, Revenue, GNMA Insured, <br>Series 2024 C, 4.50%, 09/01/2044 (a) | 28730000 | 29075417 |
| Revenue, GNMA Insured, <br>Series 2024 C, 4.70%, 09/01/2054 (a) | 15925000 | 15931137 |
| Revenue, Refunding, GNMA Insured, <br>Series 2025 A, 4.65%, 09/01/2050 (a) | 26900000 | 26791811 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 3.9% (continued)** | **Ohio — 3.9% (continued)** | **Ohio — 3.9% (continued)** |
| Revenue, GNMA Insured, <br>Series 2025 A, 4.70%, 09/01/2055 (a) | 23205000 | 23008010 |
| Amherst AAL LP, Revenue, <br>Series 2025 A, 6.25%, 01/01/2045 (e) | 4210000 | 4308951 |
| Ashford at the Enclave LLC, Revenue, <br>Series 2025 A, 6.50%, 01/01/2045 (e) | 5460000 | 5590923 |
| Bedford Heights AAL LP, Revenue, <br>Series 2025, 6.38%, 01/01/2045 (e) | 3370000 | 3476929 |
| Canton AAL LP, Revenue, <br>Series 2025 A, 6.25%, 01/01/2045 (e) | 3570000 | 3653909 |
| Cuyahoga Falls AAL LP, Revenue, <br>Series 2025 A, 6.25%, 01/01/2045 (e) | 4340000 | 4442007 |
| Green Oaks of Canal Winchester LLC, Revenue, <br>Series 2025 A, 6.30%, 01/01/2045 | 5660000 | 5715496 |
| Green Oaks of Holland LLC, Revenue, <br>Series 2025 A, 6.30%, 01/01/2045 | 6355000 | 6417310 |
| Havens Edge Apartments LLC, Revenue, <br>Series 2025 A, 5.70%, 08/01/2043 (e) | 3500000 | 3622009 |
| Mansfield AAL LP, Revenue, <br>Series 2024, 6.00%, 01/01/2045 (e) | 4480000 | 4483535 |
| Port of Greater Cincinnati Development Authority,<br>RBM Phase 3 Garage Project, Tax Allocation, <br>Series 2024, 5.13%, 12/01/2055 | 3250000 | 3165926 |
| Vivera Northbrook LLC, Revenue, <br>Series 2025 A, 6.50%, 01/01/2045 (e) | 4500000 | 4653598 |
| Southeastern Ohio Port Authority, <br>Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 12/01/2035 | 1750000 | 1663526 |
| Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 12/01/2043 | 6695000 | 5790392 |
| Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.50%, 12/01/2043 | 6525000 | 5993524 |
| Summit County Development Finance Authority,<br>UAkronPark, Inc., Revenue, <br>Series 2023, 5.63%, 12/01/2048 | 800000 | 836183 |
| UAkronPark, Inc., Revenue, <br>Series 2023, 5.75%, 12/01/2053 | 1400000 | 1460809 |
| UAkronPark, Inc., Revenue, <br>Series 2023, 6.00%, 12/01/2058 | 3000000 | 3177673 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 3.9% (continued)** | **Ohio — 3.9% (continued)** | **Ohio — 3.9% (continued)** |
| Toledo-Lucas County Port Authority, <br>ParkUToledo, Inc., Revenue, <br>Series 2021, 4.00%, 01/01/2046 | 1000000 | 875879 |
| Warren County Port Authority, Ohio Communities <br>Accelerator Fund, Revenue, <br>Series 2018 G-1, 5.13%, 12/01/2038 | 400000 | 401127 |
| Ohio Communities Accelerator Fund, Revenue, <br>Series 2024 A, 6.70%, 12/01/2056 | 605000 | 662294 |
|  |  | **299763423** |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |
| Commerce Development Authority, <br>City of Commerce, Revenue, <br>Series 2025, 5.75%, 01/01/2045 | 370000 | 370038 |
| City of Commerce, Revenue, <br>Series 2025, 6.00%, 01/01/2055 | 1720000 | 1724586 |
| Norman Regional Hospital Authority,<br>Obligated Group, Revenue, Refunding, <br>Series 2016, 4.00%, 09/01/2037 | 920000 | 632963 |
| Obligated Group, Revenue, <br>Series 2019, 3.25%, 09/01/2039 | 195000 | 135321 |
| Obligated Group, Revenue, <br>Series 2019, 4.00%, 09/01/2045 | 800000 | 550065 |
| Oklahoma County Finance Authority, <br>Aerospace Science and Technology Education <br>Center, Inc., Revenue, <br>Series 2024, 6.00%, 06/15/2044 (e) | 1800000 | 1753121 |
| Aerospace Science and Technology Education <br>Center, Inc., Revenue, <br>Series 2024, 6.25%, 06/15/2054 (e) | 3200000 | 3099545 |
| Aerospace Science and Technology Education <br>Center, Inc., Revenue, <br>Series 2024, 6.50%, 06/15/2064 (e) | 11650000 | 11525845 |
| Oklahoma Development Finance Authority,<br>OU Medicine Obligated Group, Revenue, <br>Series 2018 B, 5.25%, 08/15/2043 | 35000 | 35241 |
| OU Medicine Obligated Group, Revenue, <br>Series 2018 B, 5.25%, 08/15/2048 | 1000000 | 1001348 |
| OU Medicine Obligated Group, Revenue, <br>Series 2018 B, 5.50%, 08/15/2052 | 5000000 | 5019524 |
| OU Medicine Obligated Group, Revenue, <br>Series 2018 B, 5.50%, 08/15/2057 | 3100000 | 3105777 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Oklahoma — 0.5% (continued)** | **Oklahoma — 0.5% (continued)** | **Oklahoma — 0.5% (continued)** |
| Tulsa Authority for Economic Opportunity,<br>Increment District No. 15, Tax Allocation, <br>Series 2025, 5.50%, 12/01/2035 (e) | 1445000 | 1491032 |
| Increment District No. 15, Tax Allocation, <br>Series 2025, 6.75%, 12/01/2045 (e) | 4720000 | 4930784 |
| Increment District No. 8, Tax Allocation, <br>Series 2021, 4.38%, 12/01/2041 (e) | 1980000 | 1840133 |
| Tulsa Municipal Airport Trust Trustees,<br>American Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2025, 6.25%, 12/01/2040 | 10000000 | 11214525 |
| Wagoner County Development Authority, Revenue, <br>Series 2025, 6.50%, 05/01/2035 | 2265000 | 2317997 |
|  |  | **50747845** |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| City of Redmond, GO, AMT, <br>Series 2025 A, 5.50%, 06/01/2052 (a) | 10500000 | 11188564 |
| Oregon State Facilities Authority,<br>ISF Magnolia Gardens LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A-1, 7.00%, 03/01/2045 (e) | 4000000 | 4000760 |
| ISF Magnolia Gardens LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A-1, 7.25%, 03/01/2060 (e) | 12500000 | 12501750 |
| ISF Magnolia Gardens LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A-2, 7.00%, 03/01/2045 (e) | 2000000 | 2000380 |
| ISF Magnolia Gardens LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A-2, 7.25%, 03/01/2060 (e) | 7000000 | 7000980 |
| Portland Village School, Revenue, <br>Series 2024 A, 6.75%, 12/15/2054 (e) | 4000000 | 3759759 |
| Southern Oregon Goodwill Industries, Revenue, <br>Series 2025 A, 5.50%, 12/01/2054 | 2250000 | 2228367 |
| Willamette University, Revenue, Refunding, <br>Series 2016 B, 3.00%, 10/01/2045 | 190000 | 135088 |
| Willamette University, Revenue, Refunding, <br>Series 2021 A, 4.00%, 10/01/2051 | 850000 | 696594 |
| Polk County Hospital Facility Authority,<br>Dallas Mennonite Retirement Community Obligated <br>Group, Revenue, <br>Series 2020 A, 5.13%, 07/01/2055 | 1000000 | 915566 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Oregon — 1.2% (continued)** | **Oregon — 1.2% (continued)** | **Oregon — 1.2% (continued)** |
| Port of Portland, Airport, Revenue, AMT, <br>Series 28, 5.00%, 07/01/2052 (a) | 23305000 | 23654229 |
| State of Oregon Housing & Community <br>Services Department, Revenue, GNMA Insured, <br>Series 2025 A, 5.05%, 07/01/2050 | 6370000 | 6490497 |
| Yamhill County Hospital Authority, Friendsview <br>Manor Obligated Group, Revenue, Refunding, <br>Series 2016 A, 5.00%, 11/15/2046 | 1300000 | 1156639 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 5.00%, 11/15/2051 | 1005000 | 865998 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 5.00%, 11/15/2046 | 3040000 | 2704757 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 5.00%, 11/15/2051 | 1650000 | 1421788 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 5.00%, 11/15/2056 | 1990000 | 1683736 |
|  |  | **82405452** |
| **Pennsylvania — 6.0%** | **Pennsylvania — 6.0%** | **Pennsylvania — 6.0%** |
| Allentown Commercial and Industrial Development <br>Authority, Lincoln Leadership Academy Charter <br>School, Revenue, <br>Series 2023, 6.00%, 06/15/2053 | 1900000 | 1956604 |
| Allentown Neighborhood Improvement Zone <br>Development Authority, Revenue, <br>Series 2025, 6.00%, 05/01/2042 (e) | 2850000 | 3070101 |
| Total Waterfront, Revenue, <br>Series 2024 A, 5.25%, 05/01/2042 (e) | 5725000 | 5728972 |
| Total Waterfront, Revenue, <br>Series 2024 B, 6.00%, 05/01/2042 (e) | 12440000 | 12571983 |
| Beaver County Industrial Development Authority,<br>Energy Harbor Generation LLC, Revenue, Refunding, <br>Series B, 3.75%, 10/01/2047 | 4855000 | 4082724 |
| Berks County Industrial Development Authority,<br>Revenue, Refunding, <br>Series 2024 D, 8.00%, 04/01/2029 (b)(e)(f) | 3440000 | 2973628 |
| Heritage Campus Green Hills Obligated Group, <br>Revenue, Senior Lien, Refunding, <br>Series 2024 C, 5.00%, 04/01/2029 (b)(e)(f) | 2786000 | 2504162 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** |
| Tower Health Obligated Group, Revenue, Refunding, <br>Series 2017, 4.00%, 11/01/2047 | 200000 | 126382 |
| Berks County Municipal Authority (The),<br>Tower Health Obligated Group, Revenue, <br>Series 2024 A-3, 5.00%, 06/30/2039 | 56447000 | 51122823 |
| Tower Health Obligated Group, Revenue, <br>Series 2024 B-1, 0.00%, 06/30/2044 (j) | 50146000 | 34494681 |
| Bucks County Industrial Development Authority,<br>Grand View Hospital/Sellersville Obligated Group, <br>Revenue, <br>Series 2021, 5.00%, 07/01/2036 | 1250000 | 1314836 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 5.00%, 07/01/2037 | 2650000 | 2771724 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 5.00%, 07/01/2038 | 1725000 | 1794616 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 5.00%, 07/01/2040 | 3000000 | 3080413 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 4.00%, 07/01/2046 | 9920000 | 8729098 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 4.00%, 07/01/2051 | 5480000 | 4641050 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 5.00%, 07/01/2054 | 9220000 | 8995916 |
| Grand View Hospital/Sellersville PA Obligated <br>Group, Revenue, <br>Series 2021, 5.00%, 07/01/2041 | 1225000 | 1249492 |
| Butler County Hospital Authority, Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2035 | 4430000 | 4429852 |
| Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2039 | 3710000 | 3528574 |
| DuBois Hospital Authority, Penn Highlands Healthcare <br>Obligated Group, Revenue, Refunding, <br>Series 2018, 4.00%, 07/15/2043 | 345000 | 278519 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2043 | 3850000 | 3644983 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 4.00%, 07/15/2048 | 205000 | 153498 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2048 | 1380000 | 1230982 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Series 2020, 4.00%, 07/15/2045 | 335000 | 260427 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Series 2020, 4.00%, 07/15/2050 | 7020000 | 5213663 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2037 | 150000 | 150849 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 3.00%, 07/15/2046 | 265000 | 173178 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 4.00%, 07/15/2051 | 2095000 | 1519620 |
| Glendale Valley Municipal Authority, <br>Revenue, Refunding, <br>Series 2018, 4.75%, 12/01/2039 | 400000 | 356732 |
| Huntingdon County General Authority,<br>Juniata College, Revenue, Refunding, <br>Series 2021 TT-3, 5.00%, 10/01/2051 | 4500000 | 4198691 |
| Lancaster Municipal Authority, Luthercare Obligated <br>Group, Revenue, Refunding, <br>Series 2025 A, 5.00%, 12/01/2055 | 1370000 | 1330076 |
| Lehigh County Industrial Development Authority,<br>Seven Generations Charter School, Revenue, <br>Series 2021 A, 4.00%, 05/01/2041 | 1775000 | 1525017 |
| Monroe County Industrial Development Authority,<br>Tobyhanna Township TIF District, Tax Allocation, <br>Refunding, <br>Series 2025, 5.00%, 07/01/2031 | 2500000 | 2575983 |
| Northampton County General Purpose Authority,<br>St Luke's Hospital Obligated Group, Revenue, <br>Series 2024 B, 4.00%, 11/03/2025 (b)(c) | 1000000 | 1000000 |
| Northeastern Pennsylvania Hospital and Education <br>Authority, King's College, Revenue, <br>Series 2019, 3.25%, 05/01/2035 | 150000 | 134965 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** |
| King's College, Revenue, <br>Series 2019, 3.38%, 05/01/2037 | 340000 | 300151 |
| King's College, Revenue, <br>Series 2019, 5.00%, 05/01/2044 | 820000 | 784805 |
| King's College, Revenue, <br>Series 2019, 5.00%, 05/01/2049 | 2265000 | 2104453 |
| Pennsylvania Economic Development Financing <br>Authority, Commonwealth of Pennsylvania Motor <br>License Fund, Revenue, AMT, <br>Series 2022, 5.25%, 06/30/2053 | 2000000 | 2025774 |
| Noble Environmental, Inc., Revenue, AMT, <br>Series 2025, 6.88%, 09/01/2047 (e) | 16500000 | 17167161 |
| Reworld Holding Corp., Revenue, AMT, <br>Series 2019 A, 3.25%, 08/01/2039 (e) | 3000000 | 2419209 |
| Pennsylvania Higher Education Assistance Agency,<br>Revenue, AMT, <br>Series 2020 B, 3.00%, 06/01/2047 | 835000 | 595971 |
| Pennsylvania Higher Educational Facilities Authority,<br>Foundation for Indiana University of Pennsylvania <br>Phase II Student Housing, Revenue, AG Insured, <br>Series 2007 A, (3-month SOFR + 0.65%), <br>3.50%, 07/01/2039 (k) | 500000 | 462744 |
| Widener University, Revenue, Refunding, <br>Series 2014, 5.00%, 07/15/2038 | 1810000 | 1810011 |
| Pennsylvania Housing Finance Agency, Revenue, <br>Series 2023 143 A, 5.38%, 10/01/2046 (a) | 15440000 | 16176170 |
| Revenue, Series 2023-143 A, 5.45%, 04/01/2051 (a) | 19280000 | 20209257 |
| Revenue, Series 2025 148 A, 4.75%, 10/01/2050 (a) | 30020000 | 30298941 |
| Revenue, Series 2025 148 A, 4.80%, 10/01/2055 (a) | 36000000 | 36207679 |
| Revenue, Series 2025-149 A, 5.15%, 10/01/2050 (a) | 32845000 | 33456185 |
| Revenue, Refunding, <br>Series 2025-150 A, 5.15%, 10/01/2045 | 20000000 | 20489442 |
| Revenue, Refunding, <br>Series 2025-150 A, 5.20%, 10/01/2050 | 30445000 | 31367946 |
| Revenue, Refunding, <br>Series 2025-150 A, 5.25%, 10/01/2052 (a) | 19000000 | 19634299 |
| Philadelphia Authority for Industrial Development,<br>Philadelphia Performing Arts Charter School, <br>Revenue, Refunding, <br>Series 2020, 5.00%, 06/15/2050 (e) | 3700000 | 3408531 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** | **Pennsylvania — 6.0% (continued)** |
| Quakertown General Authority, Special Assessment, <br>Series 2025, 6.50%, 03/01/2055 (e) | 6000000 | 6176300 |
| Scranton-Lackawanna Health and Welfare Authority,<br>Marywood University, Revenue, Refunding, <br>Series 2016, 5.00%, 06/01/2036 | 400000 | 376149 |
| St. Mary Hospital Authority, Trinity Health Corp. <br>Obligated Group, Revenue, <br>Series 2007 F, (3-month SOFR + 0.83%), <br>3.83%, 11/15/2034 (k) | 1965000 | 1933153 |
| Westmoreland County Industrial Development <br>Authority, Redstone Presbyterian Seniorcare <br>Obligated Group, Revenue, Refunding, <br>Series 2021, 4.00%, 05/15/2041 | 7980000 | 6695148 |
| Redstone Presbyterian Seniorcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 4.00%, 05/15/2047 | 6230000 | 4703101 |
| Wilkins Area Industrial Development Authority,<br>Jewish Association on Aging, Revenue, <br>Series 2025 A, 7.00%, 04/01/2060 (e) | 13000000 | 13121566 |
|  |  | **454838960** |
| **Puerto Rico — 0.3%** | **Puerto Rico — 0.3%** | **Puerto Rico — 0.3%** |
| Children's Trust Fund, Revenue, <br>Series 2002, 5.63%, 05/15/2043 | 295000 | 299857 |
| Revenue, Series 2008 B, 0.00%, 05/15/2057 (h) | 72305000 | 2166923 |
| Puerto Rico Industrial Tourist Educational <br>Medical & Environmental Control Facilities Financing <br>Authority, San Juan Cruise Port LLC, Revenue, AMT, <br>Series 2023 A-1, 6.75%, 01/01/2045 | 8000000 | 9067653 |
| San Juan Cruise Port LLC, Revenue, AMT, <br>Series 2023 A-2, 6.75%, 01/01/2045 | 6750000 | 7625349 |
| San Juan Cruise Port LLC, Revenue, AMT, <br>Series 2023 A-3, 6.50%, 01/01/2041 | 5510000 | 6279156 |
| San Juan Cruise Port LLC, Revenue, AMT, <br>Series 2023 A-3, 6.50%, 01/01/2042 | 1765000 | 1993347 |
| San Juan Cruise Port LLC, Revenue, AMT, <br>Series 2023 A-3, 6.75%, 01/01/2046 | 250000 | 280650 |
|  |  | **27712935** |
| **Rhode Island — 0.9%** | **Rhode Island — 0.9%** | **Rhode Island — 0.9%** |
| Rhode Island Housing & Mortgage Finance Corp.,<br>Revenue, FHA Insured, <br>Series 2024 1-C, 4.75%, 10/01/2059 | 900000 | 900146 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Rhode Island — 0.9% (continued)** | **Rhode Island — 0.9% (continued)** | **Rhode Island — 0.9% (continued)** |
| Revenue, FHA Insured, <br>Series 2024 1-C, 4.80%, 04/01/2066 | 1935000 | 1964250 |
| Revenue, GNMA Insured, <br>Series 83-A, 4.90%, 10/01/2054 (a) | 16760000 | 17032796 |
| Revenue, Refunding, GNMA Insured, <br>Series 85-A, 4.65%, 10/01/2050 (a) | 9250000 | 9198262 |
| Revenue, GNMA Insured, <br>Series 86-A, 5.20%, 10/01/2050 | 5000000 | 5180098 |
| Revenue, GNMA Insured, <br>Series 86-A, 5.25%, 10/01/2055 | 10000000 | 10291326 |
| Tobacco Settlement Financing Corp., Revenue, <br>Series 2007 A, 0.00%, 06/01/2052 (h) | 187765000 | 27147270 |
|  |  | **71714148** |
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |
| County of Lancaster, Roselyn Residential <br>Improvement District, Special Assessment, <br>Series 2025, 6.00%, 06/01/2045 (e) | 1000000 | 1031458 |
| Roselyn Residential Improvement District, <br>Special Assessment, <br>Series 2025, 6.20%, 06/01/2055 (e) | 1500000 | 1547122 |
| South Carolina Jobs-Economic Development Authority,<br>Connexion Communities Obligated Group, Revenue, <br>Series 2025 A1, 6.75%, 10/15/2060 (e) | 32000000 | 32108125 |
| Libertas Academy Woodruff, Revenue, <br>Series 2025 A, 7.15%, 08/15/2055 (e) | 2000000 | 1991472 |
| Libertas Academy Woodruff, Revenue, <br>Series 2025 A, 7.25%, 08/15/2065 (e) | 4000000 | 3980912 |
|  |  | **40659089** |
| **Tennessee — 0.4%** | **Tennessee — 0.4%** | **Tennessee — 0.4%** |
| Metropolitan Government Nashville & Davidson <br>County Industrial Development Board,<br>South Nashville Central Business Improvement <br>District, Special Assessment, Senior Lien, <br>Series 2021 B, 0.00%, 06/01/2043 (e)(h) | 1725000 | 735072 |
| Shelby County Health & Educational Facilities Board,<br>Madrone Memphis Student Housing I LLC, Revenue, <br>Series 2024 A-1, 5.25%, 06/01/2056 (e) | 2125000 | 2021110 |
| Shelby County Health Educational & Housing <br>Facilities Board, Trezevant Episcopal Home Obligated <br>Group, Revenue, Refunding, <br>Series 2013 A, 5.38%, 09/01/2041 | 3230000 | 2839344 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Tennessee — 0.4% (continued)** | **Tennessee — 0.4% (continued)** | **Tennessee — 0.4% (continued)** |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2013 A, 5.50%, 09/01/2047 | 7340000 | 6321551 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 4.00%, 09/01/2031 (e) | 65000 | 58325 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 4.25%, 09/01/2037 (e) | 870000 | 713249 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 5.00%, 09/01/2037 (e) | 100000 | 88347 |
| Tennessee Housing Development Agency,<br>Revenue, Refunding, GNMA Insured, <br>Series 2025-1 A, 4.90%, 07/01/2045 (a) | 3000000 | 3103569 |
| Revenue, Refunding, GNMA Insured, <br>Series 2025-1 A, 5.00%, 07/01/2050 (a) | 3750000 | 3807023 |
| Revenue, Refunding, GNMA Insured, <br>Series 2025-1 A, 5.05%, 07/01/2055 (a) | 2250000 | 2288534 |
| Williamson County Industrial Development Board,<br>Franklin Classical School, Revenue, <br>Series 2025, 7.25%, 07/01/2055 (e) | 12800000 | 13119025 |
|  |  | **35095149** |
| **Texas — 7.3%** | **Texas — 7.3%** | **Texas — 7.3%** |
| Anson Education Facilities Corp.,<br>Arlington Classics Academy, Revenue, <br>Series 2016 A, 5.00%, 08/15/2045 | 2000000 | 1981680 |
| Arlington Higher Education Finance Corp.,<br>BASIS Texas Charter Schools, Inc., Revenue, Refunding, <br>Series 2025, 5.88%, 06/15/2065 (e) | 7750000 | 7853445 |
| Brooks Collegiate Academy / Brooks Lone Star <br>Academy, Revenue, <br>Series 2021 A, 5.00%, 06/15/2041 | 3000000 | 2668293 |
| Brooks Collegiate Academy / Brooks Lone Star <br>Academy, Revenue, <br>Series 2021 A, 5.00%, 06/15/2051 | 11830000 | 9707764 |
| Cypress Christian School, Inc., Revenue, <br>Series 2024, 5.75%, 06/01/2043 (e) | 1500000 | 1520996 |
| Cypress Christian School, Inc., Revenue, <br>Series 2024, 6.25%, 06/01/2063 (e) | 1200000 | 1210369 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| El Paso Education Initiative, Inc. (The), Revenue, <br>Refunding, PSF Guaranty, <br>Series 2020 A, 3.00%, 08/15/2050 | 4405000 | 3118752 |
| Bexar County Health Facilities Development Corp.,<br>Army Retirement Residence Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 4.00%, 07/15/2031 | 10000 | 9751 |
| Central Texas Regional Mobility Authority,<br>Revenue, Refunding, <br>Series 2020 G, 4.00%, 01/01/2050 | 1270000 | 1141628 |
| City of Alvarado, Lone Oak Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.75%, 09/01/2045 (e) | 725000 | 743618 |
| Lone Oak Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2025, 6.00%, 09/01/2054 (e) | 850000 | 871983 |
| City of Anna, Meadow Vista Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.50%, 09/15/2044 (e) | 850000 | 853982 |
| Meadow Vista Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.75%, 09/15/2054 (e) | 1300000 | 1308938 |
| Sherley Tract Public Improvement District No. 2 <br>Improvement Area No. 1, Special Assessment, <br>Series 2021, 4.00%, 09/15/2041 (e) | 1867000 | 1651149 |
| Sherley Tract Public Improvement District No. 2 <br>Improvement Area No. 1, Special Assessment, <br>Series 2021, 4.25%, 09/15/2051 (e) | 1407000 | 1166518 |
| City of Aubrey, Duck Point Public Improvement <br>District, Special Assessment, <br>Series 2025, 5.38%, 12/31/2045 (e) | 1250000 | 1239375 |
| Duck Point Public Improvement District, <br>Special Assessment, <br>Series 2025, 5.63%, 12/31/2055 (e) | 2260000 | 2258951 |
| City of Austin, Whisper Valley Public Improvement <br>District Improvement Area No. 3, Special Assessment, <br>Series 2024, 5.00%, 11/01/2044 (e) | 560000 | 548616 |
| Whisper Valley Public Improvement District <br>Improvement Area No. 3, Special Assessment, <br>Series 2024, 5.25%, 11/01/2053 (e) | 1460000 | 1433119 |
| City of Bastrop, Valverde Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.38%, 09/01/2045 (e) | 600000 | 604604 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Valverde Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2025, 5.63%, 09/01/2055 (e) | 1000000 | 1009931 |
| City of Blue Ridge, Blue Ridge Crossing Public <br>Improvement District, Special Assessment, <br>Series 2025, 5.63%, 09/15/2045 (e) | 500000 | 511740 |
| Blue Ridge Crossing Public Improvement District, <br>Special Assessment, <br>Series 2025, 5.88%, 09/15/2055 (e) | 680000 | 697084 |
| City of Boyd, Special Assessment, <br>Series 2025, 5.63%, 09/15/2045 (e) | 760000 | 780801 |
| Special Assessment, <br>Series 2025, 5.88%, 09/15/2055 (e) | 1000000 | 1030920 |
| City of Buda, Persimmon Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.88%, 09/01/2045 (e) | 1500000 | 1500086 |
| Persimmon Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2025, 6.00%, 09/01/2055 (e) | 3000000 | 2972545 |
| Persimmon Public Improvement District Major <br>Improvement Area, Special Assessment, <br>Series 2025, 6.75%, 09/01/2055 (e) | 3000000 | 2974501 |
| City of Caddo Mills, Enclave of Bahamas Public <br>Improvement District Improvement Area 1, <br>Special Assessment, <br>Series 2025, 6.20%, 09/15/2045 (e) | 2245000 | 2297247 |
| Enclave of Bahamas Public Improvement District <br>Improvement Area 1, Special Assessment, <br>Series 2025, 6.35%, 09/15/2055 (e) | 4140000 | 4240787 |
| City of Celina, Special Assessment, <br>Series 2024, 5.50%, 09/01/2044 (e) | 475000 | 482472 |
| Special Assessment, <br>Series 2024, 5.75%, 09/01/2054 (e) | 1350000 | 1376869 |
| Celina Hills Public Improvement District, <br>Special Assessment, <br>Series 2022, 4.88%, 09/01/2042 (e) | 1084000 | 1060502 |
| Lakes at Mustang Ranch Public Improvement <br>District Phases 8-9, Special Assessment, <br>Series 2025, 5.50%, 09/01/2045 (e) | 445000 | 447908 |
| Lakes at Mustang Ranch Public Improvement <br>District Phases 8-9, Special Assessment, <br>Series 2025, 5.63%, 09/01/2055 (e) | 750000 | 751998 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Legacy Celina Public Improvement District, <br>Special Assessment, <br>Series 2025, 5.88%, 09/01/2045 (i) | 1000000 | 1001527 |
| Legacy Celina Public Improvement District, <br>Special Assessment, <br>Series 2025, 6.13%, 09/01/2055 (i) | 1000000 | 1001275 |
| Mosaic Public Improvement District Area No. 2, <br>Special Assessment, <br>Series 2024, 5.13%, 09/01/2044 (e) | 1750000 | 1721500 |
| Mosaic Public Improvement District Area No. 2, <br>Special Assessment, <br>Series 2024, 5.50%, 09/01/2054 (e) | 4000000 | 4036776 |
| Mosaic Public Improvement District Phase No. 1B, <br>Special Assessment, <br>Series 2024, 5.13%, 09/01/2044 (e) | 360000 | 354137 |
| Mosaic Public Improvement District Phase No. 1B, <br>Special Assessment, <br>Series 2024, 5.38%, 09/01/2053 (e) | 500000 | 501907 |
| North Sky Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 | 600000 | 575799 |
| North Sky Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.25%, 09/01/2052 | 535000 | 509386 |
| Sutton Fields East Public Improvement District <br>Phase No. 1, Special Assessment, <br>Series 2022, 4.00%, 09/01/2043 (e) | 2059000 | 1769383 |
| Sutton Fields East Public Improvement District <br>Phase No. 2, Special Assessment, <br>Series 2025, 5.38%, 09/01/2045 (e) | 500000 | 499480 |
| Sutton Fields East Public Improvement District <br>Phase No. 2, Special Assessment, <br>Series 2025, 5.63%, 09/01/2055 (e) | 875000 | 874796 |
| Sutton Fields II Public Improvement District <br>Neighborhood Improvement Area No. 5, <br>Special Assessment, <br>Series 2022, 4.00%, 09/01/2051 (e) | 1000000 | 790370 |
| City of Corpus Christi, Whitecap Public Improvement <br>District No. 1 Improvement Area No. 1, <br>Special Assessment, <br>Series 2024, 6.13%, 09/15/2044 | 1150000 | 1148477 |

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First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Whitecap Public Improvement District No. 1 <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 6.50%, 09/15/2054 | 2000000 | 2006937 |
| City of Crandall, River Ridge Public Improvement <br>District Improvement Area No. 2, Special Assessment, <br>Series 2025, 5.25%, 09/15/2045 (e) | 700000 | 694360 |
| River Ridge Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2025, 5.50%, 09/15/2055 (e) | 1400000 | 1400182 |
| City of Dayton, Westpointe Villages Public <br>Improvement District Improvement Area No. 2, <br>Special Assessment, Senior Lien, <br>Series 2024 A, 5.38%, 09/01/2044 (e) | 610000 | 622988 |
| Westpointe Villages Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Senior Lien, <br>Series 2024 A, 5.75%, 09/01/2054 (e) | 900000 | 907594 |
| Westpointe Villages Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Junior Lien, <br>Series 2024 B, 6.25%, 09/01/2054 (e) | 1250000 | 1237320 |
| City of Decatur, Paloma Trails Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.50%, 09/15/2045 (e) | 700000 | 707085 |
| Paloma Trails Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.75%, 09/15/2055 (e) | 1400000 | 1412855 |
| Paloma Trails Public Improvement District Major <br>Improvement Area, Special Assessment, <br>Series 2025, 5.38%, 09/15/2035 (e) | 170000 | 171995 |
| Paloma Trails Public Improvement District Major <br>Improvement Area, Special Assessment, <br>Series 2025, 6.38%, 09/15/2055 (e) | 865000 | 861318 |
| City of Dorchester, Cottonwood Public Improvement <br>District Major Improvement Area, Special Assessment, <br>Series 2024, 7.00%, 09/15/2044 (e) | 1331000 | 1321746 |
| Cottonwood Public Improvement District Major <br>Improvement Area, Special Assessment, <br>Series 2024, 7.25%, 09/15/2054 (e) | 1459000 | 1442033 |
| Cottonwood Public Improvement District Major <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 6.00%, 09/15/2044 (e) | 1050000 | 1020363 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Cottonwood Public Improvement District Major <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 6.25%, 09/15/2054 (e) | 1500000 | 1446254 |
| City of Dripping Springs, Special Assessment, <br>Series 2025, 5.38%, 09/01/2045 (i) | 510000 | 507624 |
| Special Assessment, <br>Series 2025, 5.63%, 09/01/2055 (i) | 870000 | 866053 |
| Heritage Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 (e) | 645000 | 623441 |
| Heritage Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2024, 5.25%, 09/01/2054 (e) | 840000 | 812556 |
| City of Elmendorf, Hickory Ridge Public Improvement <br>District Improvement Area No. 2, Special Assessment, <br>Series 2025, 5.88%, 09/01/2045 (e) | 4094000 | 4103323 |
| Hickory Ridge Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Series 2025, 6.13%, 09/01/2055 (e) | 3017000 | 3036378 |
| City of Fate, Monterra Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Series 2024, 5.38%, 08/15/2044 (e) | 900000 | 895483 |
| Monterra Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2024, 5.75%, 08/15/2054 (e) | 1850000 | 1864311 |
| City of Friendswood, Public Improvement District, <br>Special Assessment, <br>Series 2024, 7.00%, 09/15/2054 | 7250000 | 7303086 |
| City of Houston, United Airlines, Inc., <br>Revenue, AMT, Refunding, <br>Series 2011, 6.63%, 07/15/2038 | 500000 | 500009 |
| City of Huntsville, Reserves of Huntsville Public <br>Improvement District (The), Special Assessment, <br>Series 2024, 5.38%, 09/15/2044 (e) | 775000 | 781978 |
| Reserves of Huntsville Public Improvement <br>District (The), Special Assessment, <br>Series 2024, 5.63%, 09/15/2054 (e) | 740000 | 740714 |
| City of Hutto, Cottonwood Creek Public Improvement <br>District Improvement Area No. 2, Special Assessment, <br>Series 2025, 5.13%, 09/01/2045 (e) | 705000 | 693919 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Cottonwood Creek Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Series 2025, 5.38%, 09/01/2055 (e) | 825000 | 815143 |
| Prairie Winds Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.13%, 09/01/2045 (e) | 385000 | 375247 |
| Prairie Winds Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.38%, 09/01/2060 (e) | 1165000 | 1128810 |
| City of Justin, Special Assessment, <br>Series 2025, 6.13%, 09/01/2055 (e) | 1000000 | 1037184 |
| Timberbrook Public Improvement District No. 1 <br>Impt Area No. 3, Special Assessment, <br>Series 2025, 5.88%, 09/01/2045 (e) | 660000 | 682442 |
| Timberbrook Public Improvement District No. 2 <br>Area No. 1, Special Assessment, <br>Series 2024, 5.50%, 09/01/2044 (e) | 580000 | 593313 |
| Timberbrook Public Improvement District No. 2 <br>Area No. 1, Special Assessment, <br>Series 2024, 5.75%, 09/01/2053 (e) | 1000000 | 1020976 |
| Timberbrook Public Improvement District No. 2 <br>Impt Area No. 2, Special Assessment, <br>Series 2025, 5.75%, 09/01/2045 (e) | 405000 | 407591 |
| Timberbrook Public Improvement District No. 2 <br>Impt Area No. 2, Special Assessment, <br>Series 2025, 6.00%, 09/01/2055 (e)(i) | 700000 | 704780 |
| City of Kyle, 6 Creeks Public Improvement District <br>Improvement Area No. 3, Special Assessment, <br>Series 2021, 3.75%, 09/01/2041 (e) | 2000000 | 1758283 |
| 6 Creeks Public Improvement District Improvement <br>Area No. 3B, Special Assessment, <br>Series 2025, 5.13%, 09/01/2046 (e) | 895000 | 882311 |
| 6 Creeks Public Improvement District Improvement <br>Area No. 5, Special Assessment, <br>Series 2025, 5.38%, 09/01/2050 (e) | 650000 | 640604 |
| Limestone Creek Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.75%, 09/01/2053 (e) | 1125000 | 1135740 |
| Plum Creek North Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 (e) | 520000 | 520210 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Plum Creek North Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Series 2024, 5.38%, 09/01/2054 (e) | 805000 | 812666 |
| City of Lago Vista, Tessera on Lake Travis Public <br>Improvement District Improvement Area No. 3, <br>Special Assessment, <br>Series 2024, 6.00%, 09/01/2054 (e) | 1000000 | 1020066 |
| City of Lavon, Special Assessment, <br>Series 2025, 5.75%, 09/15/2045 (e) | 1100000 | 1133879 |
| Special Assessment, <br>Series 2025, 6.00%, 09/15/2054 (e) | 1400000 | 1445322 |
| Elevon Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2022, 4.13%, 09/15/2052 (e) | 2005000 | 1638080 |
| Elevon Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.00%, 09/15/2044 (e) | 500000 | 501811 |
| Elevon Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.38%, 09/15/2052 (e) | 500000 | 500487 |
| Elevon Public Improvement District Improvement <br>Area No. 2A-2B, Special Assessment, <br>Series 2024, 5.13%, 09/15/2044 (e) | 600000 | 606496 |
| Elevon Public Improvement District Improvement <br>Area No. 2A-2B, Special Assessment, <br>Series 2024, 5.50%, 09/15/2054 (e) | 800000 | 805096 |
| City of Lowry Crossing, Simpson Road Public <br>Improvement District, Special Assessment, <br>Series 2025, 5.75%, 09/15/2045 (e) | 1000000 | 1026267 |
| Simpson Road Public Improvement District, <br>Special Assessment, <br>Series 2025, 6.00%, 09/15/2055 (e) | 1625000 | 1669263 |
| City of Manor, EntradenGlen Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2025, 6.00%, 09/15/2036 (e) | 400000 | 412563 |
| EntradenGlen Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 7.00%, 09/15/2055 (e) | 1910000 | 1969238 |
| Manor Heights Public Improvement District <br>Area No. 4, Special Assessment, <br>Series 2024, 5.38%, 09/15/2044 (e) | 515000 | 521712 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Manor Heights Public Improvement District <br>Area No. 4, Special Assessment, <br>Series 2024, 5.63%, 09/15/2054 (e) | 685000 | 691876 |
| City of Mansfield, Staybolt Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2025, 6.00%, 09/15/2045 (e) | 1030000 | 1063537 |
| Staybolt Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2025, 6.25%, 09/15/2055 (e) | 1200000 | 1239452 |
| City of Mesquite, Solterra Public Improvement <br>District Improvement Area A-1, Special Assessment, <br>Series 2023, 5.75%, 09/01/2053 (e) | 250000 | 256045 |
| Solterra Public Improvement District Improvement <br>Area No. C-3, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 (e) | 500000 | 490300 |
| Solterra Public Improvement District Improvement <br>Area No. C-3, Special Assessment, <br>Series 2024, 5.25%, 09/01/2053 (e) | 560000 | 549807 |
| City of Oak Point, Chaparral Park Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.10%, 09/15/2044 (e) | 725000 | 708964 |
| Chaparral Park Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.25%, 09/15/2054 (e) | 2000000 | 1923319 |
| Oak Point 720 Public Improvement District Area No. 1, <br>Special Assessment, <br>Series 2024, 5.35%, 09/15/2044 (e) | 570000 | 565539 |
| Oak Point 720 Public Improvement District Area No. 1, <br>Special Assessment, <br>Series 2024, 5.63%, 09/15/2054 (e) | 1000000 | 998290 |
| City of Penitas, GO, <br>Series 2025, 5.75%, 09/01/2045 | 1160000 | 1182724 |
| GO, Series 2025, 6.00%, 09/01/2055 | 3290000 | 3357871 |
| City of Pflugerville, Meadowlark Preserve Public <br>Improvement District, Special Assessment, <br>Series 2025, 5.13%, 09/01/2045 (e) | 875000 | 857027 |
| Meadowlark Preserve Public Improvement District, <br>Special Assessment, <br>Series 2025, 5.38%, 09/01/2055 (e) | 1450000 | 1430573 |
| City of Pilot Point, Bryson Ranch Public Improvement <br>District Zone A Improvement Area No. 1, <br>Special Assessment, <br>Series 2025, 6.13%, 09/15/2045 (e) | 750000 | 776281 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Bryson Ranch Public Improvement District Zone A <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 6.38%, 09/15/2055 (e) | 3500000 | 3615717 |
| Bryson Ranch Public Impt Dist Zone A Impt Area No. 1, <br>Special Assessment, <br>Series 2025, 6.13%, 09/15/2045 (e) | 1030000 | 1066092 |
| City of Plano, Collin Creek West Public Improvement <br>District, Special Assessment, <br>Series 2021, 4.00%, 09/15/2051 (e) | 500000 | 402695 |
| City of Port Isabel, GO, <br>Series 2024, 5.25%, 02/15/2044 | 3255000 | 3290921 |
| GO, Series 2024, 5.50%, 02/15/2054 | 2020000 | 2032970 |
| GO, Series 2025, 5.75%, 02/15/2045 | 1550000 | 1583576 |
| GO, Series 2025, 6.00%, 02/15/2055 | 1500000 | 1523148 |
| City of Princeton, Eastridge Public Improvement <br>District Improvement Area No. 2, Special Assessment, <br>Series 2023, 5.25%, 09/01/2043 (e) | 1000000 | 1007836 |
| Eastridge Public Improvement District Improvement <br>Area No. 3, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 (e) | 700000 | 685595 |
| Eastridge Public Improvement District Improvement <br>Area No. 4, Special Assessment, <br>Series 2025, 5.38%, 09/01/2045 (e) | 500000 | 504796 |
| Eastridge Public Improvement District Improvement <br>Area No. 4, Special Assessment, <br>Series 2025, 5.63%, 09/01/2055 (e) | 1000000 | 1015018 |
| Southbridge Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2024, 5.50%, 09/01/2054 (e) | 1220000 | 1203210 |
| Southridge Public Improvement District Area No. 3, <br>Special Assessment, <br>Series 2025, 5.75%, 09/01/2045 (e) | 850000 | 869100 |
| Southridge Public Improvement District Area No. 3, <br>Special Assessment, <br>Series 2025, 6.00%, 09/01/2055 (e) | 1000000 | 1024596 |
| Westridge Public Improvement District Improvement <br>Area, Special Assessment, <br>Series 2025, 5.38%, 09/01/2045 (e) | 540000 | 542081 |
| Westridge Public Improvement District Improvement <br>Area, Special Assessment, <br>Series 2025, 5.63%, 09/01/2055 (e) | 1000000 | 1005505 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Winchester Crossing Public Improvement District <br>No. 3, Special Assessment, <br>Series 2024, 5.13%, 09/01/2044 (e) | 875000 | 847544 |
| Winchester Crossing Public Improvement District <br>No. 3, Special Assessment, <br>Series 2024, 5.38%, 09/01/2054 (e) | 1200000 | 1206635 |
| Windmore Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.13%, 09/01/2044 (e) | 410000 | 399500 |
| Windmore Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.50%, 09/01/2054 (e) | 565000 | 561225 |
| Windmore Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2025, 5.75%, 09/01/2045 (e) | 810000 | 826269 |
| Windmore Public Improvement District Improvement <br>Area No. 2, Special Assessment, <br>Series 2025, 6.00%, 09/01/2055 (e) | 845000 | 863594 |
| City of Royse City, Clearview Ranch Public Impt Dist <br>North Zone Improvement Area 1, Special Assessment, <br>Series 2025, 5.75%, 09/15/2045 (e) | 605000 | 617387 |
| Clearview Ranch Public Impt Dist North Zone <br>Improvement Area 1, Special Assessment, <br>Series 2025, 6.00%, 09/15/2055 (e) | 775000 | 792644 |
| Liberty Crossing Public Improvement District <br>improvement Area No. 2, Special Assessment, <br>Series 2024, 5.63%, 09/15/2054 (e) | 746000 | 745779 |
| City of Seagoville, Special Assessment, <br>Series 2025, 5.75%, 09/15/2045 (e) | 650000 | 665397 |
| Special Assessment, <br>Series 2025, 6.00%, 09/15/2054 (e) | 875000 | 898828 |
| Santorini Public Improvement District Improvement <br>Area, Special Assessment, <br>Series 2024, 7.00%, 09/15/2054 (e) | 5000000 | 5020178 |
| Santorini Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 6.00%, 09/15/2044 (e) | 2000000 | 2000353 |
| Santorini Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 6.25%, 09/15/2054 (e) | 2500000 | 2490975 |
| City of Terrell, Arboretum Estates Public Improvement <br>Dist No. 6 Impt Area No., Special Assessment, <br>Series 2025, 6.00%, 09/15/2045 (e) | 2000000 | 2057472 |

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First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Arboretum Estates Public Improvement Dist No. 6 <br>Impt Area No., Special Assessment, <br>Series 2025, 6.25%, 09/15/2055 (e) | 3000000 | 3094084 |
| City of Tomball, Winfrey Estates Public Improvement <br>District, Special Assessment, <br>Series 2025, 5.75%, 09/15/2045 (e) | 500000 | 518986 |
| Winfrey Estates Public Improvement District, <br>Special Assessment, <br>Series 2025, 6.00%, 09/15/2053 (e) | 770000 | 799399 |
| City of Uhland, Anderson Park Public Improvement <br>District Area No. 1, Special Assessment, <br>Series 2024, 5.13%, 09/01/2044 (e) | 605000 | 594438 |
| Anderson Park Public Improvement District Area <br>No. 1, Special Assessment, <br>Series 2024, 5.50%, 09/01/2055 (e) | 950000 | 938120 |
| City of Venus, Patriot Estates Public Improvement <br>District, Special Assessment, <br>Series 2021, 4.00%, 09/15/2051 (e) | 162000 | 131442 |
| City of Wharton, Special Assessment, <br>Series 2025, 5.75%, 09/15/2045 (e) | 865000 | 885489 |
| Special Assessment, <br>Series 2025, 6.00%, 09/15/2055 (e) | 1250000 | 1280851 |
| Clifton Higher Education Finance Corp.,<br>Valor Texas Education Foundation, Revenue, <br>Series 2024 A, 5.75%, 06/15/2044 (e) | 870000 | 823589 |
| Valor Texas Education Foundation, Revenue, <br>Series 2024 A, 6.00%, 06/15/2054 (e) | 2240000 | 2080878 |
| Club Municipal Management District No. 1,<br>Improvement Area No. 3, Special Assessment, <br>Series 2024, Class A, 5.10%, 09/01/2044 (e) | 1050000 | 1049707 |
| Improvement Area No. 3, Special Assessment, <br>Series 2024, 5.38%, 09/01/2055 (e) | 1500000 | 1505745 |
| County of Bastrop, Double Eagle Ranch Public <br>Improvement District Improvement Area No. 2, <br>Special Assessment, <br>Series 2024, 5.25%, 09/01/2044 (e) | 605000 | 605926 |
| Double Eagle Ranch Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Series 2024, 5.50%, 09/01/2054 (e) | 770000 | 771406 |
| County of Denton, Green Meadows Public <br>Improvement District Improvement Area No. 1, <br>Special Assessment, <br>Series 2025, 5.38%, 12/31/2045 (e) | 2180000 | 2254116 |

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First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Senior Lien, <br>Series 2024 A, 5.25%, 12/31/2044 (e) | 2000000 | 1990291 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Senior Lien, <br>Series 2024 A, 5.63%, 12/31/2054 (e) | 3200000 | 3208247 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien, <br>Series 2024 B, 5.75%, 12/31/2044 | 1250000 | 1244147 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien, <br>Series 2024 B, 6.13%, 12/31/2054 | 3500000 | 3508805 |
| Tabor Ranch Public Improvement District Major <br>Improvement Area, Special Assessment, <br>Series 2024, 6.00%, 12/31/2044 (e) | 2125000 | 2133705 |
| Tabor Ranch Public Improvement District Major <br>Improvement Area, Special Assessment, <br>Series 2024, 6.25%, 12/31/2054 (e) | 3350000 | 3314453 |
| County of Medina, Talley Ho Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.13%, 09/01/2044 (e) | 2519000 | 2431298 |
| Talley Ho Public Improvement District Improvement <br>Area No. 1, Special Assessment, <br>Series 2024, 5.35%, 09/01/2054 (e) | 1800000 | 1726879 |
| Woodlands Public Improvement District Neighborhood <br>Improvement Area No. 1, Special Assessment, <br>Series 2021, 4.75%, 09/01/2050 (e) | 2250000 | 2005589 |
| County of Montgomery, Crockett Meadows Public <br>Improvement District Improvement Area, <br>Special Assessment, <br>Series 2025, 5.25%, 09/15/2045 | 1125000 | 1131723 |
| Crockett Meadows Public Improvement District <br>Improvement Area, Special Assessment, <br>Series 2025, 5.50%, 09/15/2054 | 1875000 | 1862377 |
| Meadow Park Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.13%, 09/15/2045 | 675000 | 676664 |

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First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Meadow Park Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2025, 5.38%, 09/15/2054 | 815000 | 819016 |
| Dallas Fort Worth International Airport, <br>Revenue, AMT, Refunding, <br>Series 2025 A-1, 5.50%, 11/01/2050 | 2390000 | 2553702 |
| Edinburg Economic Development Corp., <br>Sales Tax, Revenue, <br>Series 2021 A, 3.38%, 08/15/2046 | 355000 | 239192 |
| Greater Texas Cultural Education Facilities <br>Finance Corp.,<br>CFC — WLH LLC, Revenue, <br>Series 2024 A, 6.38%, 09/01/2034 (e) | 1470000 | 1482344 |
| CFC — WLH LLC, Revenue, <br>Series 2024 A, 6.50%, 09/01/2049 (e) | 7495000 | 7361210 |
| CFC — WLH LLC, Revenue, <br>Series 2024 B, 11.00%, 09/01/2029 (e) | 550000 | 552898 |
| Texas Biomedical Research Institute, Revenue, <br>Series 2024 A, 5.25%, 06/01/2054 | 9130000 | 8429254 |
| Harris County Cultural Education Facilities <br>Finance Corp., Brazos Presbyterian Homes Obligated <br>Group, Revenue, <br>Series 2013 A, 5.13%, 01/01/2048 | 1755000 | 1705851 |
| Harris County Municipal Utility District No. 406, GO, <br>Series 2019, 3.13%, 09/01/2044 | 1635000 | 1212366 |
| Hidalgo County Regional Mobility Authority,<br>Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2044 (h) | 3000000 | 1153601 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2045 (h) | 4000000 | 1444651 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2046 (h) | 6000000 | 2028702 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2047 (h) | 6125000 | 1943965 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2048 (h) | 7130000 | 2126319 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2049 (h) | 7135000 | 1997871 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2050 (h) | 5145000 | 1348653 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2052 (h) | 2175000 | 506920 |

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First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2054 (h) | 5000000 | 1040619 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2055 (h) | 6100000 | 1199357 |
| Revenue, Senior Lien, <br>Series A, 0.00%, 12/01/2056 (h) | 1000000 | 186266 |
| Revenue, Junior Lien, Refunding, <br>Series B, 0.00%, 12/01/2045 (h) | 5805000 | 2012155 |
| Revenue, Junior Lien, Refunding, <br>Series B, 0.00%, 12/01/2046 (h) | 2945000 | 957655 |
| Houston Higher Education Finance Corp.,<br>Houston Baptist University, Revenue, <br>Series 2021, 4.00%, 10/01/2051 | 3200000 | 2538536 |
| Houston Baptist University, Revenue, <br>Series 2025, 5.13%, 10/01/2051 | 1700000 | 1610878 |
| Houston Baptist University, Revenue, <br>Series 2025, 5.25%, 10/01/2054 | 4855000 | 4655169 |
| Hunt Memorial Hospital District Charitable Health,<br>GO, Refunding, <br>Series 2020, 4.00%, 02/15/2038 | 1195000 | 1084770 |
| GO, Refunding, Series 2020, 3.00%, 02/15/2039 | 25000 | 20529 |
| GO, Refunding, Series 2020, 3.00%, 02/15/2040 | 10000 | 8005 |
| Iowa Colony Development Authority,<br>Reinvestment Zone Number Two, Revenue, <br>Series 2021, 2.75%, 04/01/2045 | 1065000 | 717673 |
| Mustang Special Utility District, Revenue, Refunding, <br>Series 2020, 2.00%, 09/01/2045 | 2625000 | 1652292 |
| Revenue, Refunding, Series 2020, 2.13%, 09/01/2050 | 2900000 | 1693364 |
| New Hope Cultural Education Facilities Finance Corp.,<br>Jubilee Academic Center, Inc., Revenue, Refunding, <br>Series 2021, 4.00%, 08/15/2041 (e) | 200000 | 172538 |
| Sanctuary LTC LLC, Revenue, <br>Series 2021 A-1, 5.25%, 01/01/2042 | 18180000 | 17524931 |
| Sanctuary LTC LLC, Revenue, <br>Series 2021 A-1, 5.50%, 01/01/2057 | 129815000 | 119507858 |
| SLF CHP LLC, Revenue, <br>Series 2025 A, 6.25%, 07/01/2045 (e) | 3450000 | 3296966 |
| SLF CHP LLC, Revenue, <br>Series 2025 A, 6.50%, 07/01/2056 (e) | 14775000 | 13930352 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Westminster Manor, Revenue, <br>Series 2021, 4.00%, 11/01/2049 | 3600000 | 3056265 |
| Westminster Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 5.00%, 11/01/2055 | 2200000 | 2107053 |
| Westminster Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 5.00%, 11/01/2060 | 2750000 | 2597516 |
| North Texas Municipal Water District, Revenue, <br>Series 2020, 2.00%, 06/01/2041 | 1165000 | 794775 |
| Revenue, Series 2020, 2.00%, 06/01/2042 | 1195000 | 785331 |
| Revenue, Series 2020, 2.00%, 06/01/2043 | 1230000 | 782106 |
| Revenue, Series 2020, 2.00%, 06/01/2044 | 1260000 | 779363 |
| Revenue, Series 2020, 2.00%, 06/01/2046 | 2615000 | 1543609 |
| Buffalo Creek Wastewater Interceptor Syste, <br>Revenue, Refunding, <br>Series 2019, 2.75%, 06/01/2049 | 1130000 | 774944 |
| Olney Hamilton Hospital District, GO, <br>Series 2024, 6.25%, 09/15/2054 (e) | 24900000 | 25887305 |
| Parkway Utility District, GO, AG Insured, <br>Series 2020, 2.63%, 03/01/2040 | 1665000 | 1368148 |
| GO, AG Insured, Series 2020, 2.75%, 03/01/2041 | 2075000 | 1686176 |
| GO, AG Insured, Series 2020, 2.75%, 03/01/2042 | 2120000 | 1676338 |
| Paseo del Este Municipal Utility District No. 1, GO, <br>Series 2022, 3.00%, 08/15/2046 | 3505000 | 2325190 |
| Port of Beaumont Navigation District,<br>Jefferson 2020 Bond Lessee & Borrower LLC <br>Obligated Group, Revenue, AMT, <br>Series 2021 A, 3.00%, 01/01/2050 (e) | 8750000 | 5909485 |
| San Antonio Education Facilities Corp.,<br>University of the Incarnate Word, Revenue, Refunding, <br>Series 2021 A, 4.00%, 04/01/2046 | 7355000 | 6068816 |
| University of the Incarnate Word, Revenue, Refunding, <br>Series 2021 A, 4.00%, 04/01/2051 | 5620000 | 4455681 |
| University of the Incarnate Word, Revenue, Refunding, <br>Series 2021 A, 4.00%, 04/01/2054 | 7075000 | 5510325 |
| Tarrant County Cultural Education Facilities <br>Finance Corp., Barton Creek Senior Living Center <br>Obligated Group, Revenue, Refunding, <br>Series 2015, 4.63%, 11/15/2030 | 10000 | 10003 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Barton Creek Senior Living Center Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 4.75%, 11/15/2035 | 85000 | 85016 |
| Texas Transportation Commission,<br>State Highway 249 System, Revenue, First Tier, <br>Series 2019 A, 0.00%, 08/01/2052 (h) | 5000000 | 1303098 |
| Texas Water Development Board,<br>State Revolving Fund, Revenue, <br>Series 2025, 4.75%, 10/15/2055 (a) | 25000000 | 25328963 |
| State Revolving Fund, Revenue, <br>Series 2025, 4.80%, 10/15/2056 | 4500000 | 4590336 |
| Town of Argyle, Waterbrook of Argyle Public <br>Improvement District, Special Assessment, <br>Series 2018, 5.13%, 09/01/2038 (e) | 2100000 | 2120872 |
| Town of Little Elm, Spiritas East Public Improvement <br>District, Special Assessment, <br>Series 2022, 4.00%, 09/01/2051 (e) | 1509000 | 1226513 |
| Town of Providence Village, Foree Ranch Public <br>Improvement Dist Improvement Area No. 2, <br>Special Assessment, <br>Series 2025, 5.35%, 09/01/2045 (e) | 775000 | 775248 |
| Foree Ranch Public Improvement Dist Improvement <br>Area No. 2, Special Assessment, <br>Series 2025, 5.50%, 09/01/2055 (e) | 1350000 | 1344783 |
| Foree Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 (e) | 650000 | 631294 |
| Foree Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.25%, 09/01/2054 (e) | 865000 | 847795 |
| Travis County Development Authority,<br>Special Assessment, <br>Series 2025, 5.00%, 09/01/2044 | 780000 | 772278 |
| Special Assessment, <br>Series 2025, 5.25%, 09/01/2054 | 1400000 | 1374164 |
| Bella Fortuna Public Improvement District, <br>Special Assessment, <br>Series 2024, 5.38%, 09/01/2044 (e) | 900000 | 914481 |
| Bella Fortuna Public Improvement District, <br>Special Assessment, <br>Series 2024, 5.63%, 09/01/2051 (e) | 765000 | 778391 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** | **Texas — 7.3% (continued)** |
| Longview 71 Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.00%, 09/01/2044 (e) | 585000 | 582718 |
| Longview 71 Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Series 2024, 5.13%, 09/01/2054 (e) | 840000 | 824903 |
| Village of Salado, Sanctuary East Public Improvement <br>District Area No. 1, Special Assessment, <br>Series 2024, 6.25%, 09/01/2044 (e) | 658000 | 661840 |
| Sanctuary East Public Improvement District <br>Area No. 1, Special Assessment, <br>Series 2024, 6.50%, 09/01/2054 (e) | 707000 | 709924 |
|  |  | **566295289** |
| **Utah — 2.4%** | **Utah — 2.4%** | **Utah — 2.4%** |
| Arrowhead Springs Public Infrastructure District,<br>Special Assessment, <br>Series 2025, 5.63%, 12/01/2054 (e) | 3200000 | 3231540 |
| Black Desert Public Infrastructure District, GO, <br>Series 2021 A, 4.00%, 03/01/2051 (e) | 8780000 | 7215229 |
| Chelsey Public Infrastructure District No. 1, GO, <br>Series 2024, 7.25%, 03/01/2054 (e) | 1610000 | 1646387 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 7.00%, 12/01/2042 (e) | 1350000 | 1403361 |
| Downtown East Streetcar Sewer Public <br>Infrastructure District, GO, Senior Lien, <br>Series 2022 A, 6.00%, 03/01/2053 (e) | 1000000 | 1002455 |
| Fields Estates Public Infrastructure District, GO, <br>Series 2024 A-1, 6.13%, 03/01/2055 (e) | 1975000 | 1994421 |
| Assessment Area, Special Assessment, <br>Series 2024 A-2, 5.25%, 12/01/2053 (e) | 6935000 | 6806054 |
| Firefly Public Infrastructure District No. 1, GO, <br>Series 2024 A-1, 6.63%, 03/01/2054 (e) | 5645000 | 5810845 |
| Assessment Area 1, Special Assessment, <br>Series 2024 A-2, 5.63%, 12/01/2043 (e) | 1804190 | 1826105 |
| Mida Cormont Public Infrastructure District, GO, <br>Series 2025 A-1, 6.25%, 06/01/2055 (e) | 6900000 | 7261395 |
| GO, Series 2025 A-2, 0.00%, 06/01/2055 (e)(j) | 15725000 | 13292429 |
| GO, Series 2025 B, 8.50%, 06/15/2055 (e) | 3747000 | 3850893 |
| MIDA Mountain Veterans Program Public <br>Infrastructure District, Tax Allocation, <br>Series 2024, 5.00%, 06/01/2044 (e) | 4750000 | 4764268 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Utah — 2.4% (continued)** | **Utah — 2.4% (continued)** | **Utah — 2.4% (continued)** |
| Tax Allocation, <br>Series 2024, 5.20%, 06/01/2054 (e) | 11205000 | 11034547 |
| Military Installation Development Authority,<br>Military Recreation Assessment Area, Revenue, <br>Series 2021 A-2, 4.00%, 06/01/2041 | 4715000 | 4288237 |
| Military Recreation Assessment Area, Revenue, <br>Series 2021 A-2, 4.00%, 06/01/2052 | 27280000 | 22443491 |
| Moonlight Village Public Infrastructure <br>District No. 1, GO, <br>Series 2025 A, 6.00%, 03/01/2056 (e) | 1000000 | 1011116 |
| Olympia Public Infrastructure District No. 1, Revenue, <br>Series 2024 A-2, 5.13%, 12/01/2029 (e) | 3500000 | 3531045 |
| Limited Tax Pledged, GO, <br>Series 2024 A-1, 6.38%, 03/01/2055 (e) | 2485000 | 2561462 |
| Point Phase 1 Public Infrastructure District No. 1,<br>Revenue, <br>Series 2025 B, 8.50%, 03/15/2055 | 3500000 | 3545102 |
| Ridges Estates Infrastructure Financing District,<br>Ridges Estates Infrastructure Financing District <br>Apline Hollow Assessment Area, Special Assessment, <br>Series 2025, 6.25%, 12/01/2053 (e) | 3500000 | 3620130 |
| Sage Creek Infrastructure Financing District,<br>Special Assessment, <br>Series 2024, 5.75%, 12/01/2053 (e) | 7155000 | 7159234 |
| Soleil Hills Public Infrastructure District No. 1, GO, <br>Series 2025 A, 5.88%, 03/01/2055 (e) | 2425000 | 2431737 |
| Utah Charter School Finance Authority,<br>Ascent Academies of Utah, Revenue, Refunding, <br>Series 2022, 5.00%, 06/15/2052 (e) | 3000000 | 2539582 |
| Ascent Academies of Utah, Revenue, Refunding, <br>Series 2022, 5.00%, 06/15/2057 (e) | 8500000 | 7056745 |
| Ascent Academies of Utah, Revenue, <br>Series 2024, 6.75%, 06/15/2059 (e) | 16900000 | 17456155 |
| Athenian Academy, Inc. (The), Revenue, <br>Series 2024 A, 6.50%, 04/15/2058 (e) | 9060000 | 8209335 |
| Freedom Academy Foundation, Revenue, Refunding, <br>Series 2017, 5.38%, 06/15/2048 (e) | 5805000 | 5132066 |
| Freedom Academy Foundation, Revenue, <br>Series 2021 A, 5.00%, 06/15/2041 (e) | 1020000 | 913849 |
| Freedom Academy Foundation, Revenue, <br>Series 2021 A, 5.00%, 06/15/2052 (e) | 3895000 | 3184031 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Utah — 2.4% (continued)** | **Utah — 2.4% (continued)** | **Utah — 2.4% (continued)** |
| Odyssey Charter School, Inc., Revenue, <br>Series 2025 A, 7.25%, 06/15/2055 (e) | 7380000 | 7066547 |
| Odyssey Charter School, Inc., Revenue, <br>Series 2025 B, 9.00%, 06/15/2031 (e) | 400000 | 409009 |
| Wallace Stegner Academy, Revenue, <br>Series 2019 A, 5.00%, 06/15/2049 (e) | 1590000 | 1401038 |
| Utah Infrastructure Agency, Revenue, <br>Series 2021, 3.00%, 10/15/2045 | 1000000 | 731034 |
| Ventana Resort Village Public Infrastructure <br>District, GO, <br>Series 2024, 5.50%, 03/01/2054 (e) | 4000000 | 3969765 |
| Viridian Farm Public Infrastructure District No. 1, GO, <br>Series 2024 A, 5.88%, 03/01/2054 (e) | 2255000 | 2287428 |
| Wood Ranch Public Infrastructure District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 12/01/2053 (e) | 4285000 | 4332077 |
|  |  | **186420144** |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| Vermont Economic Development Authority,<br>Wake Robin Corp., Revenue, Refunding, <br>Series 2021 A, 4.00%, 05/01/2045 | 460000 | 382163 |
| Vermont Housing Finance Agency,<br>Revenue, GNMA Insured, <br>Series 2025 C, 5.05%, 11/01/2045 | 6560000 | 6840670 |
|  |  | **7222833** |
| **Virgin Islands — 0.1%** | **Virgin Islands — 0.1%** | **Virgin Islands — 0.1%** |
| Virgin Islands Public Finance Authority,<br>United States Virgin Islands, Revenue, <br>Series 2012 C, 5.00%, 10/01/2042 | 500000 | 482489 |
| United States Virgin Islands, Revenue, Refunding, <br>Series 2014 C, 5.00%, 10/01/2030 (e) | 6700000 | 6701654 |
|  |  | **7184143** |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| Farmville Industrial Development Authority,<br>Longwood Housing Foundation LLC, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2055 | 4705000 | 4198288 |
| Norfolk Redevelopment & Housing Authority,<br>Fort Norfolk Retirement Community, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2014, 5.38%, 01/01/2046 | 65000 | 64021 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Virginia — 1.0% (continued)** | **Virginia — 1.0% (continued)** | **Virginia — 1.0% (continued)** |
| Prince William County Industrial Development <br>Authority, Westminster Presbyterian Retirement <br>Community Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 01/01/2046 | 1530000 | 1409564 |
| Salem Economic Development Authority,<br>Roanoke College Obligated Group, Revenue, <br>Series 2025, 5.50%, 04/01/2045 | 600000 | 613533 |
| Roanoke College Obligated Group, Revenue, <br>Series 2025, 6.00%, 04/01/2050 | 720000 | 757640 |
| Roanoke College Obligated Group, Revenue, <br>Series 2025, 6.00%, 04/01/2055 | 1330000 | 1394537 |
| Virginia Beach Development Authority,<br>Westminster-Canterbury on Chesapeake Bay <br>Obligated Group, Revenue, Refunding, <br>Series 2018, 4.00%, 09/01/2048 | 4395000 | 3519711 |
| Virginia College Building Authority,<br>Marymount University, Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2045 (e) | 1000000 | 759220 |
| Marymount University, Revenue, <br>Series 2015 B, 5.00%, 07/01/2045 (e) | 1000000 | 759220 |
| Virginia Housing Development Authority, Revenue, <br>Series 2024 D, 4.63%, 08/01/2060 | 6635000 | 6632588 |
| Revenue, Series 2024 F SUB F-1, 4.95%, 07/01/2045 | 1000000 | 1040539 |
| Revenue, Series 2024 F SUB F-1, 5.05%, 07/01/2050 | 2250000 | 2303507 |
| Revenue, Series 2024 F SUB F-1, 5.10%, 07/01/2055 | 2000000 | 2040580 |
| Revenue, Series 2024 F SUB F-3, 5.00%, 07/01/2050 (a) | 4000000 | 4078546 |
| Revenue, Series 2024 F SUB F-3, 5.05%, 07/01/2055 (a) | 6000000 | 6088341 |
| Revenue, Series 2024 H, 4.70%, 12/01/2054 (a) | 3000000 | 3011904 |
| Revenue, Series 2024 H, 4.75%, 12/01/2059 (a) | 5000000 | 4985792 |
| Revenue, Series 2024 H, 4.85%, 12/01/2066 (a) | 12735000 | 12818718 |
| Revenue, Series 2025 A, 4.85%, 03/01/2068 (a) | 16500000 | 16594413 |
| Revenue, Series 2025 C, 5.05%, 07/01/2050 | 5030000 | 5209848 |
| Revenue, Series 2025 C, 5.10%, 07/01/2055 | 6420000 | 6654473 |
| Virginia Small Business Financing Authority,<br>LifeSpire of Virginia Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.50%, 12/01/2054 | 3000000 | 3069897 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Virginia — 1.0% (continued)** | **Virginia — 1.0% (continued)** | **Virginia — 1.0% (continued)** |
| National Senior Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2020 A, 3.38%, 01/01/2051 | 125000 | 96153 |
|  |  | **88101033** |
| **Washington — 2.0%** | **Washington — 2.0%** | **Washington — 2.0%** |
| Grant County Public Hospital District No. 2, GO, <br>Series 2024, 5.50%, 12/01/2039 | 500000 | 541910 |
| GO, Series 2024, 5.50%, 12/01/2044 | 1050000 | 1093233 |
| Port of Woodland, Revenue, <br>Series 2024, 5.25%, 12/01/2034 | 1270000 | 1265794 |
| Revenue, Series 2024, 6.00%, 12/01/2047 | 3090000 | 2900961 |
| Washington Health Care Facilities Authority,<br>Overlake Hospital Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series A, 4.00%, 07/01/2042 | 100000 | 94447 |
| Washington State Housing Finance Commission,<br>Bayview Manor Homes Obligated Group, Revenue, <br>Series 2024, 6.00%, 07/01/2059 | 1645000 | 1681347 |
| Bayview Manor Homes Obligated Group, Revenue, <br>Series 2025 A, 6.00%, 07/01/2060 (e) | 1500000 | 1533143 |
| German Retirement Home of the State of Washington <br>Obligated Group, Revenue, <br>Series 2024 A, 5.50%, 01/01/2044 (e) | 1000000 | 974640 |
| German Retirement Home of the State of Washington <br>Obligated Group, Revenue, <br>Series 2024 A, 5.75%, 01/01/2053 (e) | 2540000 | 2453800 |
| German Retirement Home of the State of Washington <br>Obligated Group, Revenue, <br>Series 2024 A, 5.88%, 01/01/2059 (e) | 3320000 | 3226680 |
| Horizon House Obligated Group, Revenue, Refunding, <br>Series 2017, 5.00%, 01/01/2038 (e) | 2000000 | 1962482 |
| Josephine Caring Community Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.25%, 07/01/2046 (e) | 5160000 | 5207498 |
| Josephine Caring Community Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.38%, 07/01/2060 (e) | 10075000 | 10104694 |
| Provident Group — SH II Properties LLC, Revenue, <br>BAM Insured, <br>Series 2025 A, 5.25%, 07/01/2055 (e) | 9000000 | 9165526 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Washington — 2.0% (continued)** | **Washington — 2.0% (continued)** | **Washington — 2.0% (continued)** |
| Provident Group — SH II Properties LLC, Revenue, <br>Series 2025 A, 5.75%, 07/01/2060 (e) | 45690000 | 46716778 |
| Provident Group — SH II Properties LLC, Revenue, <br>BAM Insured, <br>Series 2025 A, 5.25%, 07/01/2064 (e) | 27950000 | 28271847 |
| Provident Group — SH II Properties LLC, Revenue, <br>Series 2025 B, 7.00%, 07/01/2064 (e) | 6550000 | 6783057 |
| Provident Group-SH I Properties LLC, Revenue, <br>Series 2024, 5.00%, 07/01/2054 | 4305000 | 4172952 |
| Provident Group-SH I Properties LLC, Revenue, <br>Series 2024, 5.50%, 07/01/2059 | 8000000 | 8127887 |
| Spokane United Methodist Homes Obligated Group, <br>Revenue, <br>Series 2019, 5.00%, 01/01/2055 (e) | 5510000 | 4848212 |
|  |  | **141126888** |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| City of Huntington, Downtown Development/<br>Redevelopment District No. 1, Tax Allocation, Refunding, <br>Series 2024 A, 5.00%, 06/01/2039 | 380000 | 382593 |
| Downtown Development/Redevelopment <br>District No. 1, Tax Allocation, Refunding, <br>Series 2024 A, 5.50%, 06/01/2049 | 450000 | 449798 |
| Kinetic Park Development/Redevelopment <br>District No. 2, Tax Allocation, Refunding, <br>Series 2024, 5.13%, 06/01/2039 | 440000 | 446367 |
| Kinetic Park Development/Redevelopment <br>District No. 2, Tax Allocation, Refunding, <br>Series 2024, 5.63%, 05/01/2050 | 955000 | 954303 |
| County of Ohio, Tax Allocation, Refunding, <br>Series 2024, 5.25%, 06/01/2053 | 2000000 | 2007051 |
| West Virginia Hospital Finance Authority,<br>Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2043 | 5440000 | 5112164 |
| Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 4.13%, 01/01/2047 | 1600000 | 1272688 |
|  |  | **10624964** |
| **Wisconsin — 11.9%** | **Wisconsin — 11.9%** | **Wisconsin — 11.9%** |
| Public Finance Authority, Revenue, <br>Series 2023-1, Class A, 5.75%, 07/01/2062 | 26814238 | 28115906 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| Revenue, Series 2024, 5.50%, 12/15/2038 (e) | 21075000 | 21157355 |
| Revenue, Series 2025, 0.00%, 12/15/2042 (e)(h) | 25000000 | 7583143 |
| A&T Real Estate Foundation LLC, Revenue, <br>Series 2019 B, 5.00%, 06/01/2049 | 2725000 | 2664924 |
| AMCP Franklin LLC, Revenue, Senior Lien, <br>Series 2025 A-1, 6.75%, 12/01/2060 (e) | 1000000 | 1019252 |
| Ameream LLC, Revenue, <br>Series 2017, 7.00%, 12/01/2050 (e) | 52030000 | 41624000 |
| Anthem Municipal Utility District, Revenue, <br>Series 2025, 0.00%, 12/15/2037 (e)(h) | 11000000 | 5591982 |
| Bonnie Cone Classical Academy, Inc., Revenue, <br>Series 2021 A, 4.00%, 06/15/2040 (e) | 2020000 | 1587831 |
| Bonnie Cone Classical Academy, Inc., Revenue, <br>Series 2021 A, 4.00%, 06/15/2050 (e) | 2995000 | 1988061 |
| Bonnie Cone Classical Academy, Inc., Revenue, <br>Series 2021 A, 4.00%, 06/15/2056 (e) | 2445000 | 1566778 |
| Bonnie Cone Classical Academy, Inc., Revenue, <br>Series 2024, 5.63%, 06/15/2059 (e) | 1270000 | 1034654 |
| Briarwood Municipal Utility District, Revenue, <br>Series 2025, 0.00%, 12/15/2036 (e)(h) | 9500000 | 4607842 |
| Campus Real Estate Holding Corp. LLC, <br>Revenue, Refunding, <br>Series 2025 A, 5.25%, 06/01/2045 | 595000 | 603074 |
| Campus Real Estate Holding Corp. LLC, <br>Revenue, Refunding, <br>Series 2025 A, 5.50%, 06/01/2055 | 1200000 | 1222389 |
| Cedars Obligated Group, Revenue, Refunding, <br>Series 2019, 5.75%, 05/01/2054 (e) | 175000 | 119327 |
| CFC-SA LLC, Revenue, Senior Lien, <br>Series 2022 A, 5.00%, 02/01/2062 | 4000000 | 3983130 |
| CFC-SA LLC, Revenue, <br>Series 2022 B, 6.00%, 02/01/2062 (e) | 6800000 | 6989634 |
| Charter Day School Obligated Group, Revenue, <br>Series 2020 A, 5.00%, 12/01/2055 (e) | 2500000 | 2189399 |
| CHF — Manoa LLC, Revenue, <br>Series 2023 B, 6.75%, 07/01/2063 (e) | 2500000 | 2541980 |
| Cincinnati Classical Academy, Revenue, <br>Series 2024 A, 5.38%, 06/15/2039 (e) | 250000 | 251755 |
| Cincinnati Classical Academy, Revenue, <br>Series 2024 A, 5.70%, 06/15/2044 (e) | 410000 | 407290 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| Cincinnati Classical Academy, Revenue, <br>Series 2024 A, 5.88%, 06/15/2054 (e) | 1000000 | 985330 |
| Cincinnati Classical Academy, Revenue, <br>Series 2024 A, 6.00%, 06/15/2064 (e) | 2415000 | 2384163 |
| College Achieve Central Charter School <br>Obligated Group, Revenue, <br>Series 2021 A, 5.00%, 06/15/2051 (e) | 3645000 | 3228043 |
| Coral Academy of Science Las Vegas, Revenue, <br>Series 2021 A, 4.00%, 07/01/2041 | 1000000 | 903589 |
| Coral Academy of Science Las Vegas, Revenue, <br>Series 2021 A, 4.00%, 07/01/2051 | 1000000 | 819116 |
| Coral Academy of Science Reno, Revenue, <br>Series 2022 A, 5.88%, 06/01/2052 (e) | 1500000 | 1444013 |
| Cornerstone Charter Academy: A Challenge <br>Foundation Academy, Inc., Revenue, <br>Series 2024, 5.00%, 02/01/2054 | 900000 | 884327 |
| Cornerstone Charter Academy: A Challenge <br>Foundation Academy, Inc., Revenue, <br>Series 2024, 5.00%, 02/01/2064 | 2000000 | 1928374 |
| Denton County Municipal Utility District <br>No. 16, Revenue, <br>Series 2024, 5.75%, 12/15/2033 (e) | 5000000 | 4999310 |
| Dominium Holdings I LLC, Revenue, <br>Series 2024-1, Class B-1, 6.81%, 04/28/2036 (e) | 27155000 | 27972607 |
| Dreamhouse 'Ewa Beach Public Charter School, <br>Revenue, Refunding, <br>Series 2025 A, 7.38%, 06/15/2060 (e) | 9525000 | 9405675 |
| Dreamhouse 'Ewa Beach Public Charter School, <br>Revenue, Refunding, <br>Series 2025 B, 9.50%, 06/15/2040 (e) | 2170000 | 2089989 |
| Driftwood Conservation District, Revenue, <br>Series 2025, 0.00%, 12/15/2039 (e)(h) | 12000000 | 4874954 |
| FAH Tree House LLC, Revenue, <br>Series 2023 A, 6.50%, 08/01/2053 (e) | 200000 | 192683 |
| Foundation of The University of North Carolina at <br>Charlotte, Inc. (The), Revenue, <br>Series 2021 A, 4.00%, 09/01/2036 (e) | 3920000 | 3719029 |
| Foundation of The University of North Carolina at <br>Charlotte, Inc. (The), Revenue, <br>Series 2021 A, 4.00%, 09/01/2056 (e) | 2440000 | 1789057 |
| Gates at PV Apt I LLC, Revenue, <br>Series 2025, 8.75%, 07/30/2026 (e) | 9585000 | 9450292 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| Guilford Charter School Corp., Revenue, <br>Series 2022 A, 5.00%, 04/01/2047 (e) | 2500000 | 2173498 |
| Guilford Charter School Corp., Revenue, <br>Series 2022 A, 5.00%, 04/01/2057 (e) | 2700000 | 2242564 |
| Guilford College, Revenue, Refunding, <br>Series 2016, 4.25%, 01/01/2028 | 25000 | 24742 |
| Harris County Municipal Utility District <br>No. 544, Revenue, <br>Series 2024, 5.88%, 11/15/2029 (e) | 2500000 | 2502774 |
| Hozho Academy, Revenue, Refunding, <br>Series 2025 A, 7.00%, 05/01/2045 (e) | 1500000 | 1502885 |
| Hozho Academy, Revenue, Refunding, <br>Series 2025 A, 7.13%, 05/01/2055 (e) | 7600000 | 7557528 |
| Inperium, Inc. Obligated Group, Revenue, <br>Series 2024, 5.50%, 12/01/2044 (e) | 13500000 | 13602129 |
| Kahala Senior Living Community Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 5.00%, 11/15/2043 | 30000 | 30650 |
| Kahala Senior Living Community Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 5.25%, 11/15/2055 | 1750000 | 1773552 |
| Kahala Senior Living Community Obligated Group, <br>Revenue, Refunding, <br>Series 2025, 5.25%, 11/15/2061 | 750000 | 756846 |
| KIPP Charlotte, Inc. Obligated Group, Revenue, <br>Series 2020 A, 5.00%, 10/15/2040 (e) | 2815000 | 2698797 |
| KIPP Charlotte, Inc. Obligated Group, Revenue, <br>Series 2020 A, 5.00%, 10/15/2050 (e) | 4640000 | 4185241 |
| KIPP Charlotte, Inc. Obligated Group, Revenue, <br>Series 2020 A, 5.00%, 10/15/2055 (e) | 4060000 | 3572129 |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Senior Lien, <br>Series 2025 A, 5.25%, 06/15/2050 | 1000000 | 1029919 |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Senior Lien, <br>Series 2025 A, 5.25%, 06/15/2055 | 1500000 | 1539026 |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Series 2025 B, 5.25%, 06/15/2045 | 600000 | 614877 |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Series 2025 B, 5.50%, 06/15/2055 | 1000000 | 1027242 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Series 2025 C, 5.00%, 06/15/2035 | 575000 | 596246 |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Series 2025 C, 5.50%, 06/15/2045 | 1000000 | 1000169 |
| KSU Bixby Real Estate Foundation LLC, Revenue, <br>Series 2025 C, 5.75%, 06/15/2055 | 1000000 | 998339 |
| Liberty Classical Schools Educational Services, Inc., <br>Revenue, <br>Series 2025 A, 6.75%, 06/15/2055 (e) | 500000 | 497918 |
| Liberty Classical Schools Educational Services, Inc., <br>Revenue, <br>Series 2025 A, 7.00%, 06/15/2065 (e) | 700000 | 704608 |
| Mater Academy of Nevada, Revenue, <br>Series 2024 A, 5.00%, 12/15/2054 (e) | 2000000 | 1826629 |
| Million Air Three Obligated Group, Revenue, AMT, <br>Refunding, <br>Series 2024 A, 6.25%, 09/01/2046 (e) | 12650000 | 13104454 |
| Million Air Two LLC Obligated Group, Revenue, AMT, <br>Refunding, <br>Series 2017 B, 7.13%, 06/01/2041 (e) | 3300000 | 3436499 |
| Montgomery County Municipal Utility District <br>Nos. 123 & 153, Revenue, <br>Series 2024, 0.00%, 12/15/2034 (e)(h) | 12428000 | 7233002 |
| Nevada Charter Academies, Revenue, <br>Series 2019 A, 5.00%, 07/15/2039 (e) | 450000 | 447399 |
| New Plan Learning, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 3.75%, 07/01/2031 | 3015000 | 2866738 |
| North East Carolina Preparatory School, Inc., <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/15/2044 | 1000000 | 997677 |
| North East Carolina Preparatory School, Inc., <br>Revenue, Refunding, <br>Series 2024 A, 5.25%, 06/15/2054 | 1500000 | 1506002 |
| Phoenix Montessori Academy, Revenue, <br>Series 2024 A, 7.00%, 07/01/2059 (e) | 21895000 | 20464523 |
| Phoenix Montessori Academy, Revenue, <br>Series 2024 B, 8.00%, 07/01/2029 (e) | 400000 | 402352 |
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, <br>Series 2024, 5.75%, 07/01/2049 | 5000000 | 5221694 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, <br>Series 2024, 5.75%, 07/01/2054 | 94800000 | 98536855 |
| QCF Behavioral Hospitals I Obligated Group, Revenue, <br>Series 2024 A, 7.50%, 07/01/2059 (e) | 37000000 | 41678206 |
| Queens University of Charlotte, Revenue, Refunding, <br>Series 2022 A, 5.25%, 03/01/2047 | 2000000 | 2007069 |
| Queens University of Charlotte, Revenue, Refunding, <br>Series 2022 A, 4.75%, 03/01/2052 | 1950000 | 1776200 |
| Renaissance Hall at Old Course LLC, Revenue, <br>FHA Insured, <br>Series 2024, 8.00%, 06/01/2067 (e) | 1000000 | 940131 |
| Rider University A New Jersey Non-Profit Corp., <br>Revenue, Refunding, <br>Series 2021 A, 4.50%, 07/01/2048 (e) | 6920000 | 4924931 |
| Rider University A New Jersey Non-Profit Corp., <br>Revenue, <br>Series 2024, 12.75%, 01/01/2030 | 4700000 | 4785902 |
| Roseman University of Health Sciences, Revenue, <br>Series 2020, 5.00%, 04/01/2050 (e) | 2075000 | 1924943 |
| Sarpy County Sanitary & Improvement District <br>No. 365, Special Assessment, <br>Series 2024 A, 7.00%, 06/17/2029 (e) | 1000000 | 1021815 |
| Sarpy County Sanitary & Improvement District <br>No. 365, Special Assessment, <br>Series 2024 B, 7.00%, 07/15/2029 (e) | 706646 | 717516 |
| Sky Harbour Capital LLC Obligated Group, <br>Revenue, AMT, <br>Series 2021, 4.25%, 07/01/2054 | 19405000 | 16109954 |
| Southeast Overtown Park West Community <br>Redevelopment Agency, Tax Allocation, <br>Series 2024 A, 5.00%, 06/01/2041 (e) | 2240000 | 2276479 |
| Southeast Overtown Park West Community <br>Redevelopment Agency, Tax Allocation, <br>Series 2024 B, 8.00%, 06/15/2042 (e) | 22000000 | 22331089 |
| Southeastern Regional Medical Center Obligated <br>Group, Revenue, Refunding, <br>Series 2021 A, 4.00%, 02/01/2041 | 3420000 | 2922486 |
| Southeastern Regional Medical Center Obligated <br>Group, Revenue, Refunding, <br>Series 2021 A, 4.00%, 02/01/2051 | 2000000 | 1551487 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| Southeastern Regional Medical Center <br>Obligated Group, Revenue, Refunding, <br>Series 2022 A, 5.00%, 02/01/2030 | 200000 | 201522 |
| Southminster, Inc. Obligated Group, Revenue, <br>Series 2018, 5.00%, 10/01/2053 (e) | 8170000 | 7665732 |
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, <br>Series 2025, 5.75%, 06/30/2060 | 17750000 | 18330210 |
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, <br>Series 2025, 5.75%, 12/31/2065 | 107975000 | 111834620 |
| SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, <br>Series 2025, 6.50%, 12/31/2065 | 44000000 | 48324681 |
| Town of Scarborough Downtown Omnibus Municipal <br>Development & TIF District, Tax Allocation, <br>Series 2024, 5.00%, 08/01/2039 | 3125000 | 3167493 |
| Triad Educational Services, Inc., Revenue, Refunding, <br>Series 2025, 5.40%, 06/15/2065 | 2750000 | 2689753 |
| Triad Math & Science Academy Co., Revenue, <br>Series 2021 A, 4.00%, 06/15/2051 | 350000 | 282547 |
| Triad Math & Science Academy Co., Revenue, <br>Series 2021 A, 4.00%, 06/15/2061 | 6235000 | 4830958 |
| Triad Math & Science Academy Co., Revenue, Refunding, <br>Series 2025, 5.50%, 06/15/2055 | 1200000 | 1205097 |
| Triad Math & Science Academy Co., Revenue, Refunding, <br>Series 2025, 5.25%, 06/15/2065 | 5300000 | 5056809 |
| UNC Health Appalachian Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 07/01/2051 | 1675000 | 1285415 |
| United Methodist Retirement Homes, Inc. Obligated <br>Group (The), Revenue, Refunding, <br>Series 2021 A, 4.00%, 10/01/2046 | 30000 | 26288 |
| Wingate University, Revenue, Refunding, <br>Series 2018 A, 5.25%, 10/01/2043 | 6100000 | 5993494 |
| Wingate University, Revenue, Refunding, <br>Series 2018 A, 5.25%, 10/01/2048 | 13335000 | 12805598 |
| Wittenberg University, Revenue, <br>Series 2016, 5.25%, 12/01/2039 (e) | 21070000 | 18167563 |
| WVC, Revenue, <br>Series 2022 A, 4.00%, 12/01/2041 (e) | 4865000 | 4225216 |
| WVC, Revenue, <br>Series 2022 A, 4.25%, 12/01/2051 (e) | 1155000 | 908408 |
| WVC, Revenue, <br>Series 2025 A, 6.25%, 12/01/2045 (e) | 1325000 | 1346269 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| WVC, Revenue, <br>Series 2025 A, 6.50%, 12/01/2055 (e) | 2480000 | 2517894 |
| WVC, Revenue, <br>Series 2025 A, 6.75%, 12/01/2065 (e) | 4340000 | 4435378 |
| Wisconsin Health & Educational Facilities Authority,<br>Cedar Crest, Inc. Obligated Group, Revenue, Refunding, <br>Series 2022 A, 5.00%, 04/01/2042 | 2000000 | 1886029 |
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, <br>Series 2022 A, 4.75%, 04/01/2057 | 3020000 | 2448340 |
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, <br>Series 2022 A, 5.13%, 04/01/2057 | 5130000 | 4458123 |
| Chiara Communities, Inc., Revenue, <br>Series 2018 B, 4.50%, 07/01/2043 | 30000 | 26132 |
| Chiara Communities, Inc., Revenue, <br>Series 2018 B, 5.00%, 07/01/2048 | 3895000 | 3426765 |
| Chiara Communities, Inc., Revenue, <br>Series 2018 B, 5.00%, 07/01/2053 | 3850000 | 3292061 |
| Chiara Communities, Inc., Revenue, <br>Series 2018 C, 7.50%, 07/01/2053 | 2500000 | 2194629 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue, <br>Series 2024, 5.00%, 07/01/2035 | 6710000 | 6851596 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue, <br>Series 2024, 5.63%, 07/01/2045 | 16500000 | 16586414 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue, <br>Series 2024, 5.88%, 07/01/2055 | 16350000 | 16410150 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue, <br>Series 2024, 6.00%, 07/01/2060 | 34900000 | 35196064 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue, <br>Series 2025, 6.63%, 07/01/2060 | 27550000 | 28711701 |
| Oakwood Lutheran Senior Ministries Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 4.00%, 01/01/2047 | 3100000 | 2574182 |
| Oakwood Lutheran Senior Ministries Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 4.00%, 01/01/2057 | 1625000 | 1260996 |
| PHW Menomonee Falls, Inc., Revenue, <br>Series 2024, 6.00%, 10/01/2049 | 1000000 | 1037930 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** | **Wisconsin — 11.9% (continued)** |
| PHW Menomonee Falls, Inc., Revenue, <br>Series 2024, 6.00%, 10/01/2054 | 2000000 | 2062265 |
| Sanford Obligated Group, Revenue, <br>Series 2016 A, 3.50%, 02/15/2046 | 1615000 | 1311435 |
| Sanford Obligated Group, Revenue, Refunding, <br>Series 2017 C, 4.00%, 02/15/2050 | 65000 | 58690 |
| Sauk-Prairie Memorial Hospital, Inc. Obligated <br>Group, Revenue, <br>Series 2013 A, 5.13%, 02/01/2038 | 2050000 | 2005180 |
| Sauk-Prairie Memorial Hospital, Inc. Obligated <br>Group, Revenue, <br>Series 2013 A, 5.25%, 02/01/2043 | 40000 | 38160 |
| Wisconsin Masonic Home Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 08/15/2046 | 1595000 | 1319949 |
| Wisconsin Masonic Home Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 08/15/2051 | 1200000 | 945352 |
| Wisconsin Masonic Home Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 08/15/2055 | 1700000 | 1307889 |
| Wisconsin Masonic Home Obligated Group, Revenue, <br>Series 2024 A, 5.75%, 08/15/2059 | 3000000 | 3076140 |
|  |  | **919351085** |
| **Total Municipal Bonds <br>(Cost $9,012,958,807)** | **Total Municipal Bonds <br>(Cost $9,012,958,807)** | **8792262386** |
|  | **Shares** |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan US Government Money Market Fund <br>4.07% (l) (Cost $5,299,148) | 5299148 | 5299148 |
| **Total Investments — 112.1% <br>(Cost $9,018,257,955)** | **Total Investments — 112.1% <br>(Cost $9,018,257,955)** | **8797561534** |
| Floating Rate Note Obligations — (13.6)% (m) |  | (1065645000) |
| **Liabilities in Excess of Other Assets — 1.5%** | **Liabilities in Excess of Other Assets — 1.5%** | **115862976** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **7847779510** |

---

(a) All or a portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB residuals and cash.

(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on October 31, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

(c) Variable rate demand notes "VRDNs" are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end.

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

(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 October 31, 2025 amounted to $3,639,879,631, which represents approximately 46.38% of net assets of the Fund.

(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2025.

(g) 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 October 31, 2025 amounted to $275,891,481, which represents approximately 3.52% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Arkansas Development Finance <br>Authority | 01/31/24 - 03/05/24 | $12135593 | $108.69 |
| California Infrastructure & <br>Economic Development Bank | 02/21/25 - 09/17/25 | 114918735 | 80.00 |
| City of Palos Heights | 12/20/2024 | 1210000 | 97.72 |
| City of Palos Heights | 12/20/2024 | 8540885 | 88.16 |
| State of Nevada Department of <br>Business & Industry | 02/21/25 - 09/23/25 | 192739986 | 80.00 |
|  |  | $**329545199** |  |

---

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

(i) When-issued security.

(j) Zero coupon bond until next reset date.

(k) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2025.

(l) Represents 7-day effective yield as of October 31, 2025.

(m) Face value of Floating Rate Notes issued in TOB transactions.

**<u>Abbreviations</u>**

AMT — Alternative Minimum Tax

FHLMC — Federal Home Loan Mortgage Corp.

GNMA — Government National Mortgage Association

GO — General Obligation

SOFR — Secured Overnight Financing Rate

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

As of October 31, 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 | $150287831 |
| Aggregate gross unrealized depreciation | (377901834) |
| Net unrealized depreciation | $(227614003) |
| Federal income tax cost of investments | $9025175537 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Municipal Bonds — 99.2%** | **Municipal Bonds — 99.2%** | **Municipal Bonds — 99.2%** |
| **Alabama — 1.7%** | **Alabama — 1.7%** | **Alabama — 1.7%** |
| Baldwin County Industrial Development Authority,<br>Novelis Corp., Revenue, AMT, <br>Series 2025 A, 5.00%, 06/01/2032 (a)(b)(c) | 10000000 | 10293616 |
| Novelis Corp., Revenue, AMT, <br>Series 2025 B, 4.63%, 06/01/2032 (a)(b)(c) | 5250000 | 5305203 |
| Chelsea Park Cooperative District, Special Assessment, <br>Series 2018, 4.00%, 05/01/2028 | 225000 | 220805 |
| Hoover Industrial Development Board,<br>United States Steel Corp., Revenue, AMT, <br>Series 2019, 5.75%, 10/01/2049 | 1000000 | 1014231 |
| Houston County Health Care Authority, <br>Revenue, Refunding, <br>Series 2016 A, 5.00%, 10/01/2030 | 7260000 | 7290712 |
| Lower Alabama Gas District (The), Revenue, <br>Series 2020, 4.00%, 12/01/2025 (a)(b) | 5000 | 5004 |
| Walker County Economic & Industrial Development <br>Authority, Alabama Power Co., <br>Revenue, First Series, AMT, <br>Series 2023, 4.00%, 11/03/2025 (b)(d) | 2315000 | 2315000 |
|  |  | **26444571** |
| **Alaska — 0.0% (e)** | **Alaska — 0.0% (e)** | **Alaska — 0.0% (e)** |
| Alaska Industrial Development & Export Authority,<br>Interior Alaska Natural Gas Utility, Revenue, <br>Series 2020 A, 5.00%, 06/01/2028 | 715000 | 741727 |
| **American Samoa — 0.1%** | **American Samoa — 0.1%** | **American Samoa — 0.1%** |
| American Samoa Economic Development Authority,<br>Revenue, Refunding, <br>Series 2015 A, 6.63%, 09/01/2035 | 100000 | 100200 |
| Revenue, Series 2018, 7.13%, 09/01/2038 (c) | 1995000 | 2130915 |
|  |  | **2231115** |
| **Arizona — 1.1%** | **Arizona — 1.1%** | **Arizona — 1.1%** |
| Arizona Industrial Development Authority, <br>Benjamin Franklin Charter School Obligated Group, <br>Revenue, <br>Series 2023 A, 5.50%, 07/01/2058 (c) | 1500000 | 1445817 |
| Doral Academy of Northern Nevada Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 07/15/2028 (c) | 200000 | 198061 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 1.1% (continued)** | **Arizona — 1.1% (continued)** | **Arizona — 1.1% (continued)** |
| Floreo at Teravalis Community Facilities District,<br>Floreo at Teravalis Community Facilities District <br>Special Assessment Dist No. 1, Special Assessment, <br>Series 2025, 5.15%, 07/01/2035 | 1129000 | 1167468 |
| Industrial Development Authority of the City of Phoenix <br>Arizona (The), Freedom Academy, Inc., Revenue, <br>Series 2016, 5.13%, 07/01/2036 (c) | 1000000 | 965805 |
| Industrial Development Authority of the <br>County of Pima (The), La Posada at Park Centre, Inc. <br>Obligated Group, Revenue, <br>Series 2022 A, 5.75%, 11/15/2025 (c) | 665000 | 665330 |
| La Posada at Park Centre, Inc. Obligated <br>Group, Revenue, <br>Series 2022 A, 6.25%, 11/15/2035 (c) | 1000000 | 1099692 |
| La Posada at Park Centre, Inc. Obligated <br>Group, Revenue, <br>Series 2022 A, 7.00%, 11/15/2057 (c) | 1235000 | 1328495 |
| La Posada at Park Centre, Inc. Obligated <br>Group, Revenue, <br>Series 2022 B-1, 6.63%, 05/15/2031 (c) | 2000000 | 2001779 |
| Leading Edge Academy Maricopa, <br>Revenue, Pre-Refunded, <br>Series 2013, 7.75%, 12/01/2043 | 1025000 | 1028374 |
| plc Charter Schools, Revenue, Refunding, <br>Series 2016, 5.25%, 12/01/2026 (c) | 250000 | 250278 |
| PLC Charter Schools, Revenue, Refunding, <br>Series 2016, 6.00%, 12/01/2036 (c) | 3000000 | 3016293 |
| Maricopa County Industrial Development Authority,<br>Benjamin Franklin Charter School Obligated <br>Group, Revenue, <br>Series 2018 A, 6.00%, 07/01/2052 (c) | 3330000 | 3360360 |
| Superstition Vistas Community Facilities District No. 1,<br>Assessment Area 4, Special Assessment, <br>Series 2024, 4.30%, 07/01/2034 | 125000 | 121999 |
|  |  | **16649751** |
| **Arkansas — 0.6%** | **Arkansas — 0.6%** | **Arkansas — 0.6%** |
| Arkansas Development Finance Authority,<br>Revenue, Refunding, <br>Series 2021, 3.00%, 07/01/2031 | 1750000 | 1426809 |
| Batesville Public Facilities Board, White River Health <br>System Obligated Group, Revenue, Refunding, <br>Series 2020, 5.00%, 06/01/2026 | 500000 | 500294 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arkansas — 0.6% (continued)** | **Arkansas — 0.6% (continued)** | **Arkansas — 0.6% (continued)** |
| White River Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2020, 3.25%, 04/01/2032 | 25000 | 22686 |
| Clarksville Public Educational Facilities Board,<br>University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 5.25%, 08/01/2029 | 195000 | 201324 |
| University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 5.25%, 08/01/2034 | 1040000 | 1076752 |
| Pulaski County Public Facilities Board,<br>Baptist Health Obligated Group, Revenue, <br>Series 2014, 5.00%, 12/01/2042 | 5530000 | 5533102 |
|  |  | **8760967** |
| **California — 6.6%** | **California — 6.6%** | **California — 6.6%** |
| Alameda Community Facilities District,<br>Community Facilities District No. 13-1, Special Tax, <br>Series 2016, 5.00%, 09/01/2042 | 1250000 | 1255514 |
| Antelope Valley Healthcare District, Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 5.25%, 03/01/2036 | 40000 | 40151 |
| California Health Facilities Financing Authority,<br>Providence St. Joseph Health Obligated Group, Revenue, <br>Series 2014 B, 5.00%, 10/01/2044 | 1300000 | 1300667 |
| California Housing Finance Agency, Revenue, <br>Series 2025 B, 4.35%, 02/01/2043 (f)(g) | 3000000 | 3007410 |
| California Infrastructure & Economic Development Bank,<br>Desertxpress Enterprises LLC, Revenue, AMT, <br>Refunding, <br>Series 2025 A, 9.50%, 01/01/2035 (a)(b)(c)(h) | 14875000 | 11900000 |
| California Municipal Finance Authority,<br>Santa Rosa Academy LLC, Revenue, <br>Series 2015, 5.13%, 07/01/2035 (c) | 1355000 | 1355244 |
| California Public Finance Authority,<br>California University of Science & Medicine <br>Obligated Group, Revenue, <br>Series 2019 A, 6.25%, 07/01/2054 (c) | 2000000 | 2060920 |
| Fontana Jurupa Hills Project Area, Tax Allocation, <br>Series 2025 B, 5.00%, 09/01/2033 (c) | 1920000 | 1957365 |
| QSH/LB LLC, Revenue, Senior Lien, <br>Series 2025 A, 5.38%, 06/01/2035 (c) | 750000 | 786779 |
| QSH/MB LLC, Revenue, Senior Lien, <br>Series 2025 A-1, 6.75%, 07/01/2065 (c) | 3500000 | 3745016 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 6.6% (continued)** | **California — 6.6% (continued)** | **California — 6.6% (continued)** |
| QSH/MB LLC, Revenue, Senior Lien, <br>Series 2025 A-2, 6.50%, 07/01/2065 (c) | 4050000 | 4071891 |
| California School Finance Authority, <br>Aspire Public Schools Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 08/01/2035 (c) | 1000000 | 1000074 |
| Sycamore Creek Community Charter School, Revenue, <br>Series 2025 A, 7.00%, 06/01/2040 (c) | 3305000 | 3360053 |
| California Statewide Communities <br>Development Authority, Loma Linda University <br>Medical Center Obligated Group, Revenue, <br>Series 2014 A, 5.25%, 12/01/2044 | 2585000 | 2585137 |
| Loma Linda University Medical Center Obligated <br>Group, Revenue, <br>Series 2016 A, 5.00%, 12/01/2036 (c) | 9795000 | 9850347 |
| Loma Linda University Medical Center Obligated <br>Group, Revenue, <br>Series 2016 A, 5.25%, 12/01/2056 (c) | 16320000 | 16213246 |
| Loma Linda University Medical Center Obligated <br>Group, Revenue, <br>Series 2018 A, 5.25%, 12/01/2048 (c) | 1500000 | 1504082 |
| California Statewide Financing Authority,<br>TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 A, 6.00%, 05/01/2043 | 200000 | 204186 |
| City of Los Angeles Department of Airports,<br>Revenue, AMT, ETM, <br>Series 2016 A, 5.00%, 05/15/2026 | 10000 | 10082 |
| Del Mar Race Track Authority, Revenue, Refunding, <br>Series 2015, 5.00%, 10/01/2027 | 1535000 | 1534944 |
| Kaweah Delta Health Care District Guild, Revenue, <br>Series 2015 B, 3.25%, 06/01/2029 | 300000 | 286493 |
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 60000 | 56347 |
| Revenue, Series 2015 B, 3.75%, 06/01/2035 | 745000 | 690966 |
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 55000 | 51814 |
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 295000 | 241465 |
| San Francisco City & County Airport Comm-San <br>Francisco International Airport, Revenue, <br>Second Series, AMT, <br>Series 2019 E, 5.00%, 05/01/2050 (g) | 14350000 | 14495048 |
| Silicon Valley Tobacco Securitization Authority, Revenue, <br>Series 2007 A, 0.00%, 06/01/2036 (i) | 32500000 | 18073750 |
|  |  | **101638991** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 3.6%** | **Colorado — 3.6%** | **Colorado — 3.6%** |
| Aerotropolis Regional Transportation <br>Authority, Revenue, <br>Series 2024, 5.75%, 12/01/2054 (c) | 5000000 | 5049300 |
| City & County of Denver, United Airlines, Inc., <br>Revenue, AMT, Refunding, <br>Series 2017, 5.00%, 10/01/2032 | 36550000 | 36550223 |
| City of Fruita, Lower Valley Hospital Association <br>Obligated Group, Revenue, Refunding, <br>Series 2017 A, 5.38%, 01/01/2033 (c) | 5400000 | 5486557 |
| Colorado Educational & Cultural Facilities Authority,<br>Vega Collegiate Academy, Revenue, <br>Series 2021 A, 5.00%, 02/01/2034 (c) | 600000 | 606258 |
| Colorado Health Facilities Authority, BSLC Obligated <br>Group, Revenue, Refunding, <br>Series 2018 A-1, 4.25%, 09/15/2038 | 530000 | 503135 |
| Eagle County Airport Terminal Corp.,<br>Revenue, AMT, Refunding, <br>Series B, 5.00%, 05/01/2033 | 5450000 | 5530038 |
| Revenue, AMT, Refunding, <br>Series B, 5.00%, 05/01/2037 | 1000000 | 1008097 |
| Elbert County Independence Water & Sanitation District,<br>Revenue, Refunding, <br>Series 2024, 5.13%, 12/01/2033 | 1009000 | 1046292 |
| Pueblo Urban Renewal Authority, City of Pueblo <br>Sales Tax, Revenue, <br>Series 2017, 5.00%, 06/01/2036 | 100000 | 96375 |
| Town of Del Norte, Valley Citizens' Foundation for <br>Health Care, Inc., Revenue, Refunding, <br>Series 2024, 4.88%, 12/01/2034 | 795000 | 800736 |
|  |  | **56677011** |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** | **Connecticut — 0.4%** |
| Connecticut Housing Finance Authority, <br>Revenue, AMT, Refunding, <br>Series 2020 E2, 1.70%, 11/15/2028 | 950000 | 883182 |
| Connecticut State Health & Educational Facilities <br>Authority, Griffin Health Obligated Group, <br>Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2027 (c) | 100000 | 101333 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2028 (c) | 100000 | 102228 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2029 (c) | 100000 | 103104 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Connecticut — 0.4% (continued)** | **Connecticut — 0.4% (continued)** | **Connecticut — 0.4% (continued)** |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2030 (c) | 400000 | 412552 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2032 (c) | 575000 | 592124 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2034 (c) | 125000 | 128071 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 5.00%, 07/01/2032 | 1075000 | 1087772 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 5.00%, 07/01/2033 | 1410000 | 1422245 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 5.00%, 07/01/2034 | 1365000 | 1372884 |
|  |  | **6205495** |
| **Delaware — 0.9%** | **Delaware — 0.9%** | **Delaware — 0.9%** |
| Delaware State Economic Development Authority,<br>NRG Energy, Inc., Revenue, Refunding, <br>Series 2020 A, 4.00%, 10/01/2035 (a)(b) | 14000000 | 14129444 |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |
| District of Columbia, Obligated Group, Revenue, <br>Series 2024 A, 5.63%, 06/01/2044 | 1000000 | 1010986 |
| District of Columbia Water & Sewer Authority, Revenue, <br>Series 2025 C-1, 3.95%, 11/03/2025 (b)(d) | 1000000 | 1000000 |
| Metropolitan Washington Airports Authority Aviation,<br>Revenue, AMT, Refunding, <br>Series 2021 A, 4.00%, 10/01/2037 | 1500000 | 1506193 |
| Revenue, AMT, Refunding, <br>Series A, 4.00%, 10/01/2035 | 10635000 | 10655532 |
|  |  | **14172711** |
| **Florida — 14.0%** | **Florida — 14.0%** | **Florida — 14.0%** |
| Alachua County Health Facilities Authority, Shands <br>Teaching Hospital & Clinics Obligated Group, Revenue, <br>Series A, 5.00%, 12/01/2044 | 475000 | 475160 |
| Alachua County Housing Finance Authority,<br>Woodland Park II LLC, Revenue, <br>Series 2025 B, 4.90%, 07/01/2028 (a)(b)(c) | 1850000 | 1858570 |
| Antillia Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2031 | 220000 | 224677 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| Avenir Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2021 A-1, 2.75%, 05/01/2031 | 2745000 | 2614121 |
| Babcock Ranch Community Independent Special <br>District, Assessments, Special Assessment, <br>Series 2022, 4.25%, 05/01/2032 | 15000 | 15175 |
| Assessments, Special Assessment, <br>Series 2024, 4.30%, 05/01/2031 (c) | 1000000 | 1010216 |
| Babcock Ranch Community Independent Special <br>District Assessment Area 1, Special Assessment, <br>Series 2015, 5.25%, 11/01/2046 | 3460000 | 3460564 |
| Balm Grove Community Development District,<br>Special Assessment, <br>Series 2022, 3.63%, 11/01/2032 | 1290000 | 1254758 |
| Beach Road Golf Estates Community Development <br>District, Beach Road Golf Estates Cmnty Development <br>District Series 2015 Special Assmnt, Special <br>Assessment, <br>Series 2015, 5.00%, 11/01/2036 | 125000 | 125065 |
| Bridle Creek Community Development District,<br>Special Assessment, <br>Series 2025, 5.15%, 05/01/2035 | 1790000 | 1827671 |
| Capital Projects Finance Authority, Trilogy Community <br>Development Foundation, Inc. Obligated Group, Revenue, <br>Series 2025 A, 6.00%, 01/01/2035 (c) | 1500000 | 1533562 |
| Capital Trust Agency, Inc., Marie Selby Botanical <br>Gardens, Inc. (The), Revenue, <br>Series 2021, 4.00%, 06/15/2031 (c) | 500000 | 485326 |
| Sarasota-Manatee Jewish Housing Council Obligated <br>Group, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2027 (c) | 425000 | 416312 |
| Capital Trust Authority, Revenue, AMT, <br>Series 2024 A, 6.88%, 12/01/2044 (c) | 3500000 | 3500237 |
| Academir Charter Schools, Inc., Revenue, <br>Series 2025 A, 5.00%, 07/01/2035 (c) | 2265000 | 2285683 |
| Charlotte County Industrial Development Authority,<br>MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2025, 5.13%, 10/01/2035 | 685000 | 706650 |
| Connerton East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 4.65%, 06/15/2035 | 200000 | 207362 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| County of Miami-Dade, Aviation, Revenue, AMT, <br>Refunding, <br>Series 2015 A, 5.00%, 10/01/2038 | 1000000 | 1001346 |
| County of Palm Beach, Palm Beach Atlantic <br>University, Inc., Revenue, <br>Series 2025 A, 5.50%, 10/01/2035 (c) | 1600000 | 1769062 |
| Palm Beach Atlantic University, Inc., Revenue, <br>Series 2025 B, 6.50%, 10/01/2035 (c) | 500000 | 542989 |
| Provident Group-PBAU Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 04/01/2029 (c) | 720000 | 731639 |
| Crossings Community Development District, Area 2, <br>Special Assessment, <br>Series 2024, 4.75%, 05/01/2031 | 260000 | 264012 |
| Crosswinds East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 4.50%, 05/01/2031 | 210000 | 212202 |
| East Nassau Stewardship District,<br>Wildlight Village Phase 3, Special Assessment, <br>Series 2024, 4.70%, 05/01/2031 | 840000 | 851970 |
| Edgewater East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2022, 3.38%, 05/01/2032 | 1975000 | 1924995 |
| Epperson North Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2018 A-1, 5.75%, 11/01/2049 (c) | 995000 | 1018958 |
| Florida Development Finance Corp.,<br>AAF Operations Holdings LLC, Revenue, AMT, Refunding, <br>Series 2024, 12.00%, 07/15/2028 (a)(b)(c) | 28375000 | 13336250 |
| AAF Operations Holdings LLC, Revenue, AMT, <br>Series 2024 A, 10.00%, 07/15/2028 (a)(b)(c) | 15750000 | 7402500 |
| Assistance Unlimited, Inc., Revenue, Refunding, <br>Series 2022, 5.00%, 08/15/2032 (c) | 410000 | 409487 |
| Brightline Florida Holdings LLC, Revenue, AMT, <br>Series 2025 B, 10.00%, 06/15/2026 (a)(b)(c) | 55960000 | 46726600 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2036 | 6675000 | 5573625 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2037 | 3500000 | 2922500 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2041 | 1500000 | 1252500 |
| GFL Solid Waste Southeast LLC, Revenue, AMT, <br>Series 2024 A, 4.38%, 10/01/2031 (a)(b)(c) | 8000000 | 8119870 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| Southwest Charter Foundation Bonita Springs & <br>Collier Charter Obligated Group, Revenue, <br>Series A, 6.00%, 06/15/2037 (c) | 1075000 | 1083683 |
| Waste Pro USA, Inc., Revenue, AMT, <br>Series 2019, 5.00%, 05/01/2029 (c) | 140000 | 141392 |
| Waste Pro USA, Inc., Revenue, AMT, <br>Series 2021, 3.00%, 06/01/2032 | 10520000 | 9618801 |
| Florida Local Government Finance Commission,<br>BridgePrep Academy, Inc. Series 2025 <br>Obligated Group, Revenue, <br>Series 2025 A, 5.00%, 06/15/2035 (c) | 7370000 | 7628802 |
| Orlando Lutheran Towers, Inc. Obligated Group, <br>Revenue, <br>Series 2025 A, 5.25%, 07/01/2038 (c) | 2070000 | 2152993 |
| Ponte Vedra Pine Co. LLC Obligated Group, Revenue, <br>Series 2025 A, 5.50%, 11/15/2035 (c) | 1000000 | 1046346 |
| Florida Municipal Loan Council, Shingle Creek <br>Transit & Utility Community Development District, <br>Special Assessment, AMT, <br>Series 2024, 4.50%, 05/01/2031 | 265000 | 269330 |
| Golden Gem Community Development District,<br>Special Assessment, <br>Series 2024, 5.15%, 05/01/2031 | 535000 | 549380 |
| Gracewater Sarasota Community Development District,<br>Assessments, Special Assessment, <br>Series 2021, 2.95%, 05/01/2031 | 500000 | 465478 |
| Greater Orlando Aviation Authority,<br>JetBlue Airways Corp., Revenue, AMT, Refunding, <br>Series 2013, 5.00%, 11/15/2026 | 3495000 | 3496371 |
| JetBlue Airways Corp., Revenue, AMT, Refunding, <br>Series 2013, 5.00%, 11/15/2036 | 7740000 | 7740708 |
| Greenbriar Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2025, 4.80%, 05/01/2032 | 410000 | 418611 |
| Harmony Community Development District,<br>Harmony Community Development District Series 2001 <br>Assessment, Special Assessment, Refunding, <br>Series 2014, 5.25%, 05/01/2032 | 2500000 | 2500292 |
| Highlands County Health Facilities Authority,<br>AdventHealth Obligated Group, Revenue, <br>Series 2025 C, 3.90%, 11/03/2025 (b)(d) | 11000000 | 11000000 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| Hills of Minneola Community Development District,<br>South Parcel Assessment Area, Special Assessment, <br>Series 2020, 4.00%, 05/01/2040 (c) | 3650000 | 3378835 |
| Kings Creek I Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 4.50%, 05/01/2030 | 300000 | 303957 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.00%, 05/01/2036 | 455000 | 473304 |
| Kingston One Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.00%, 05/01/2035 | 2590000 | 2714619 |
| Lakes of Sarasota Community Development District 2,<br>Special Assessment, <br>Series B, 5.20%, 05/01/2035 | 3025000 | 3120679 |
| Lakewood Ranch Stewardship District,<br>Special Assessment, <br>Series 2016, 5.00%, 05/01/2036 | 730000 | 733836 |
| Assessment Azario, Special Assessment, <br>Series 2020 A, 3.75%, 05/01/2040 | 525000 | 489078 |
| Assessment Lorraine Lakes, Special Assessment, <br>Series 2020, 3.63%, 05/01/2040 (c) | 1075000 | 968904 |
| Assessment Northeast Sector Phase 2A, <br>Special Assessment, <br>Series 2019, 3.85%, 05/01/2039 | 555000 | 515234 |
| Assessment Northeast Sector Project Phase 2B, <br>Special Assessment, Refunding, <br>Series 2020, 3.75%, 05/01/2040 (c) | 2100000 | 1941409 |
| Assessment Star Farms Phase 1/2, Special Assessment, <br>Series 2021, 3.00%, 05/01/2041 | 685000 | 569676 |
| Assessments, Special Assessment, <br>Series 2025, 5.00%, 05/01/2030 | 1710000 | 1785027 |
| Assessments, Special Assessment, <br>Series 2025, 5.00%, 05/01/2035 | 2795000 | 2909222 |
| Lakewood Ranch Stewardship District Series 2024 <br>Assessment, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 580000 | 589565 |
| LTC Ranch West Residential Community Development <br>District, Assessment Area 4, Special Assessment, <br>Refunding, <br>Series 2024 AA-4, 4.75%, 05/01/2031 | 300000 | 304020 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| LTC Ranch West Residential Cmnty Development Dist <br>2021B Assmnt Area Spl Assmnt, Special Assessment, <br>Series 2021 B, 3.25%, 05/01/2031 | 1320000 | 1270499 |
| Marion Ranch Community Development District,<br>Special Assessment, <br>Series 2024, 5.10%, 05/01/2031 | 210000 | 214525 |
| Miami Health Facilities Authority, Miami Jewish <br>Health Systems Obligated Group, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2031 | 1605000 | 1583140 |
| Miami Jewish Health Systems Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.13%, 07/01/2038 | 4090000 | 3879614 |
| Miami-Dade County Expressway Authority,<br>Revenue, Refunding, <br>Series 2010 A, 5.00%, 07/01/2040 | 1940000 | 1948230 |
| Miami-Dade County Industrial Development Authority,<br>Miami Community Charter School, Revenue, Refunding, <br>Series 2020 A, 4.25%, 06/01/2030 (c) | 485000 | 478171 |
| Midtown Miami Community Development District,<br>Midtown Miami Community Development District <br>Series 2014 Special Assessment, <br>Special Assessment, Refunding, <br>Series 2014 B, 5.00%, 05/01/2037 | 1000000 | 1000420 |
| Osceola Chain Lakes Community Development District,<br>Assessments, Special Assessment, <br>Series 2020, 3.50%, 05/01/2030 | 350000 | 339006 |
| Palm Beach County Health Facilities Authority,<br>Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2004 B, 4.00%, 11/15/2034 | 15000 | 14873 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 C, 5.00%, 05/15/2028 | 20000 | 20006 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2018 B, 5.00%, 05/15/2032 | 20000 | 20213 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2018 B, 5.00%, 05/15/2035 | 4665000 | 4703309 |
| Palm Coast 145 Community Development District,<br>Special Assessment, <br>Series 2025 B, 6.25%, 05/01/2035 (c) | 6000000 | 6198694 |
| Palm Coast Park Community Development District,<br>Sawmill Branch — Phase 7, Special Assessment, <br>Series 2024, 4.38%, 05/01/2031 | 200000 | 201312 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| Peace Crossing Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.00%, 05/01/2031 | 760000 | 767712 |
| Pine Island Community Development District,<br>Special Assessment, <br>Series 2004, 5.75%, 05/01/2035 | 1220000 | 1220418 |
| Saltleaf Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 6.00%, 05/01/2056 | 1000000 | 1019946 |
| Sarasota County Health Facilities Authority,<br>Southwest Florida Retirement Center, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 01/01/2031 | 25000 | 25210 |
| Silverlake Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 4.50%, 05/01/2031 | 350000 | 350616 |
| Southern Groves Community Development <br>District No. 5, Assessment Area, <br>Special Assessment, Refunding, <br>Series 2019, 3.25%, 05/01/2029 | 185000 | 180932 |
| St Johns County Industrial Development Authority,<br>Life Care Ponte Vedra Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 12/15/2025 | 180000 | 179814 |
| Sunrise Community Development District,<br>Sunrise Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 4.50%, 05/01/2035 (c) | 880000 | 874519 |
| Terra Lago Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 4.50%, 05/01/2032 | 650000 | 662300 |
| Terreno Community Development District,<br>Terreno Community Development District <br>Series 2025 Assessment Area, Special Assessment, <br>Series 2025, 4.55%, 05/01/2032 | 375000 | 383255 |
| Tuckers Pointe Community Development District,<br>Master Infrastructure Project, Special Assessment, <br>Series 2022, 3.63%, 05/01/2032 | 4500000 | 4407121 |
| Verandah East Community Development District,<br>Verandah East Community Development District <br>Series 2016 Special Assessment, <br>Special Assessment, Refunding, <br>Series 2016, 3.75%, 05/01/2026 | 5000 | 4986 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** | **Florida — 14.0% (continued)** |
| Villages of Westport Community Development District,<br>Assessments, Special Assessment, <br>Series 2005 A, 5.70%, 05/01/2035 | 35000 | 35159 |
| West Villages Improvement District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 4.75%, 05/01/2032 (f) | 4250000 | 4257190 |
| Woodland Crossing Community Development District,<br>Woodland Crossing Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 4.88%, 05/01/2030 (c) | 410000 | 418852 |
| Yarborough Lane Community Development District,<br>Yarborough Lane Community Development District <br>Series 2024 Special Assessment, Special Assessment, <br>Series 2024, 4.75%, 05/01/2031 | 250000 | 252986 |
|  |  | **221884194** |
| **Georgia — 1.5%** | **Georgia — 1.5%** | **Georgia — 1.5%** |
| Atlanta Development Authority (The), <br>City of Atlanta Westside Tax Allocation District <br>Gulch Area, Tax Allocation, <br>Series 2024 A-1, 5.00%, 04/01/2034 (c) | 8250000 | 8421453 |
| City of Atlanta Westside Tax Allocation District <br>Gulch Area, Tax Allocation, <br>Series 2024 A-2, 5.50%, 04/01/2039 (c) | 2850000 | 2928026 |
| City of Atlanta Westside Tax Allocation District <br>Gulch Area, Revenue, <br>Series 2024-1, Class A, 0.00%, 12/15/2048 (c)(j) | 1000000 | 891311 |
| PRG — CAU Properties LLC, Revenue, <br>Series 2025 A, 5.25%, 07/01/2040 (c) | 1000000 | 1023584 |
| City of Atlanta, Water & Wastewater, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 11/01/2040 | 5000000 | 5005876 |
| Development Authority of Burke County (The),<br>Georgia Power Co., Revenue, Refunding, <br>Series 2018, 3.95%, 11/03/2025 (b)(d) | 1750000 | 1750000 |
| Development Authority of Cobb County (The),<br>Kennesaw State University Real Estate Obligated <br>Group 2015 ABC, Revenue, Junior Lien, <br>Series 2014 C, 5.00%, 07/15/2029 | 235000 | 235139 |
| Development Authority of The City of Marietta,<br>Life University, Inc., Revenue, Refunding, <br>Series 2017 A, 5.00%, 11/01/2027 (c) | 400000 | 396879 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Georgia — 1.5% (continued)** | **Georgia — 1.5% (continued)** | **Georgia — 1.5% (continued)** |
| George L Smith II Congress Center Authority,<br>Signia Hotel Management LLC, Revenue, <br>Series 2021 B, 3.63%, 01/01/2031 (c) | 1170000 | 1132828 |
| Signia Hotel Management LLC, Revenue, <br>Series 2021 B, 5.00%, 01/01/2036 (c) | 2500000 | 2555088 |
| Main Street Natural Gas, Inc., Revenue, <br>Series 2022 C, 4.00%, 11/01/2027 (a)(b)(c) | 500000 | 502837 |
|  |  | **24843021** |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam, Revenue, Refunding, <br>Series 2015 D, 5.00%, 11/15/2029 | 525000 | 525358 |
| Revenue, Refunding, <br>Series 2015 D, 5.00%, 11/15/2031 | 685000 | 685467 |
| Revenue, Refunding, <br>Series 2015 D, 5.00%, 11/15/2034 | 1000000 | 1000681 |
|  |  | **2211506** |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |
| State of Hawaii Department of Budget & Finance,<br>Hawai`i Pacific University, Revenue, Refunding, <br>Series 2024, 5.00%, 07/01/2039 (c) | 1500000 | 1469215 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| Spring Valley Community Infrastructure District No. 1,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 6.25%, 09/01/2053 (c) | 2000000 | 2051553 |
| **Illinois — 10.6%** | **Illinois — 10.6%** | **Illinois — 10.6%** |
| Chicago Board of Education, GO, <br>Series 2015 C, 5.25%, 12/01/2035 | 2000000 | 1999964 |
| GO, Series 2015 C, 5.25%, 12/01/2039 | 120000 | 118228 |
| GO, Refunding, Series 2016 A, 7.00%, 12/01/2044 | 43000000 | 43109555 |
| GO, Refunding, Series 2017 A, 7.00%, 12/01/2046 (c) | 20700000 | 21500374 |
| GO, Refunding, Series 2021 B, 5.00%, 12/01/2036 | 150000 | 149438 |
| GO, Refunding, Series B, 7.00%, 12/01/2042 (c) | 6250000 | 6495201 |
| Chicago O'Hare International Airport,<br>Revenue, Senior Lien, AMT, Refunding, <br>Series 2018 A, 5.00%, 01/01/2039 | 3140000 | 3228881 |
| TrIPs Obligated Group, Revenue, AMT, <br>Series 2018, 5.00%, 07/01/2048 | 11005000 | 11005244 |
| City of Calumet City, GO, <br>Series 2023 B, 4.50%, 03/01/2037 | 600000 | 577512 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 10.6% (continued)** | **Illinois — 10.6% (continued)** | **Illinois — 10.6% (continued)** |
| City of Chicago, GO, <br>Series 2025 A, 6.00%, 01/01/2050 | 3000000 | 3146950 |
| GO, Series 2025 F, 6.00%, 01/01/2042 | 1475000 | 1604178 |
| Waterworks, Revenue, Second Lien, Refunding, <br>Series 2004, 5.00%, 11/01/2025 | 190000 | 190000 |
| City of Harvey, GO, Refunding, <br>Series 2023 A, 4.00%, 01/01/2028 | 265000 | 256517 |
| County of Cook, Deerfield SLF LP, Revenue, <br>Series 2024, 6.50%, 01/01/2045 | 2000000 | 2013851 |
| Illinois Finance Authority, Acero Charter Schools, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2021, 4.00%, 10/01/2028 (c) | 580000 | 579408 |
| Benedictine University, Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2030 | 1000000 | 973885 |
| Benedictine University, Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2038 | 10000 | 8954 |
| Benedictine University, Revenue, Refunding, <br>Series 2021, 5.00%, 10/01/2030 | 1300000 | 1266050 |
| Bradley University, Revenue, Refunding, <br>Series 2021 A, 4.00%, 08/01/2035 | 800000 | 769105 |
| Bradley University, Revenue, Refunding, <br>Series 2021 A, 4.00%, 08/01/2036 | 775000 | 739641 |
| Chicago Theatre Group, Inc., Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2027 | 1170000 | 1184501 |
| Chicago Theatre Group, Inc., Revenue, Refunding, <br>Series 2025 A, 5.13%, 10/01/2035 (c) | 700000 | 721871 |
| Chicago Theatre Group, Inc., Revenue, Refunding, <br>Series 2025 A, 6.00%, 10/01/2045 (c) | 1000000 | 1019934 |
| Columbia College Chicago, Revenue, <br>Series 2019, 5.00%, 12/01/2029 | 2055000 | 2058955 |
| Illinois Institute of Technology, Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2038 | 200000 | 200347 |
| Illinois Wesleyan University, Revenue, Refunding, <br>Series 2016, 3.00%, 09/01/2030 | 1500000 | 1443248 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 4.00%, 05/15/2035 | 295000 | 291795 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 05/15/2035 | 250000 | 250058 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 10.6% (continued)** | **Illinois — 10.6% (continued)** | **Illinois — 10.6% (continued)** |
| LRS Holdings LLC, Revenue, AMT, <br>Series 2023 B, 7.38%, 09/01/2033 (a)(b)(c) | 5000000 | 5688621 |
| Mercy Health Corp. Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 5.00%, 12/01/2046 | 2500000 | 2505865 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.50%, 05/15/2047 | 1000000 | 1053417 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.63%, 05/15/2052 | 285000 | 299455 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.75%, 05/15/2058 | 850000 | 890967 |
| Rosalind Franklin University of Medicine and <br>Science, Revenue, <br>Series 2025, 5.25%, 08/01/2035 (c) | 5000000 | 5114431 |
| Rush Obligated Group, Revenue, Refunding, <br>Series 2015 A, 5.00%, 11/15/2038 | 5000000 | 5002392 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding, <br>Series 2022, 4.00%, 10/15/2026 | 465000 | 461405 |
| Westminster Village, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.25%, 05/01/2038 | 25000 | 24869 |
| Illinois State Toll Highway Authority, Revenue, <br>Series 2014 C, 5.00%, 01/01/2037 | 5810000 | 5817164 |
| Revenue, Series 2014 C, 5.00%, 01/01/2038 | 3000000 | 3003450 |
| Revenue, Series 2015 A, 5.00%, 01/01/2036 | 1900000 | 1902500 |
| Southwestern Illinois Development Authority,<br>United States Steel Corp., Revenue, AMT, <br>Series 2012, 5.75%, 08/01/2042 | 210000 | 210090 |
| State of Illinois, GO, <br>Series 2025 E, 5.00%, 09/01/2044 (g) | 15000000 | 15527694 |
| Upper Illinois River Valley Development Authority,<br>Northern Kane Educational Corp., Revenue, Refunding, <br>Series 2017 A, 5.25%, 12/01/2037 (c) | 1000000 | 985663 |
| Village of Bridgeview, GO, Refunding, <br>Series 2015 A, 5.00%, 12/01/2030 | 90000 | 90034 |
| GO, Refunding, <br>Series 2015 A, 5.63%, 12/01/2041 | 2175000 | 2175110 |
| Village of Lincolnwood Il, North Lincoln Redevelopment <br>Project Area, COP, <br>Series 2025 B, 5.75%, 12/01/2043 (c) | 500000 | 506840 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 10.6% (continued)** | **Illinois — 10.6% (continued)** | **Illinois — 10.6% (continued)** |
| Village of Rantoul, Evans Road Redevelopment Area, <br>Tax Allocation, Refunding, <br>Series 2024, 5.25%, 12/01/2033 (c) | 400000 | 406003 |
| Village of Romeoville, Lewis University, <br>Revenue, Refunding, <br>Series 2018 B, 5.00%, 10/01/2036 | 505000 | 505093 |
| Lewis University, Revenue, Refunding, <br>Series 2018 B, 5.00%, 10/01/2039 | 4665000 | 4664937 |
| Western Illinois Economic Development Authority,<br>Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 3.13%, 06/01/2027 | 200000 | 195807 |
| Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 3.25%, 06/01/2028 | 755000 | 733001 |
| Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 3.50%, 06/01/2029 | 365000 | 353296 |
| Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 4.00%, 06/01/2033 | 680000 | 645634 |
|  |  | **165667383** |
| **Indiana — 1.3%** | **Indiana — 1.3%** | **Indiana — 1.3%** |
| City of Valparaiso, Lutheran University Association, Inc. <br>(The), Revenue, <br>Series 2025 B, 9.50%, 10/01/2035 (c) | 4000000 | 3924688 |
| Indiana Finance Authority, Avondale Meadows <br>Academy, Revenue, Refunding, <br>Series 2017, 5.13%, 07/01/2037 | 6190000 | 5843150 |
| Avondale Meadows Academy, Revenue, Refunding, <br>Series 2017, 5.38%, 07/01/2047 | 950000 | 818832 |
| Earlham College, Inc., Revenue, Refunding, <br>Series 2013 A, 5.00%, 10/01/2032 | 1000000 | 999992 |
| Earlham College, Inc., Revenue, Refunding, <br>Series 2013 A, 3.75%, 10/01/2037 | 15000 | 12645 |
| Good Samaritan Hospital Obligated Group, Revenue, <br>Series 2016 A, 5.50%, 04/01/2041 | 4555000 | 4572543 |
| Hanover College, Revenue, <br>Series 2013, 4.25%, 05/01/2033 | 25000 | 23866 |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 3.00%, 10/01/2031 | 45000 | 41180 |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 4.00%, 10/01/2032 | 45000 | 43271 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Indiana — 1.3% (continued)** | **Indiana — 1.3% (continued)** | **Indiana — 1.3% (continued)** |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2017, 3.25%, 10/01/2033 | 10000 | 8966 |
| Lutheran University Association, Inc. (The), <br>Revenue, Refunding, <br>Series 2021, 4.00%, 10/01/2035 | 25000 | 23102 |
| Rock Creek Community Academy, Inc., Revenue, <br>Series 2018 A, 5.25%, 07/01/2028 (c) | 500000 | 502649 |
| Rock Creek Community Academy, Inc., Revenue, <br>Series 2018 A, 5.88%, 07/01/2038 (c) | 540000 | 543175 |
| United States Steel Corp., Revenue, AMT, <br>Series 2012, 5.75%, 08/01/2042 | 165000 | 165069 |
| Richmond Hospital Authority, Reid Hospital & <br>Health Care Services, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 01/01/2029 | 800000 | 801608 |
|  |  | **18324736** |
| **Iowa — 0.7%** | **Iowa — 0.7%** | **Iowa — 0.7%** |
| City of Coralville, Revenue, Refunding, <br>Series 2016 A, 3.75%, 05/01/2036 | 60000 | 50048 |
| COP, Series 2016 E, 4.00%, 06/01/2029 | 900000 | 868324 |
| COP, Series 2016 E, 4.00%, 06/01/2031 | 1500000 | 1418896 |
| Crawford County Memorial Hospital, Inc., Revenue, <br>Series 2024, 5.00%, 06/15/2027 | 1000000 | 1005430 |
| Delaware County Memorial Hospital, Revenue, <br>Series 2025, 4.40%, 12/01/2027 | 285000 | 288184 |
| Revenue, Series 2025, 5.00%, 12/01/2033 | 195000 | 204195 |
| Revenue, Series 2025, 5.10%, 12/01/2034 | 430000 | 449510 |
| Iowa Finance Authority, Howmet Aerospace, Inc., <br>Revenue, <br>Series 2012, 4.75%, 08/01/2042 | 4000000 | 3999973 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2023 B, 6.60%, 05/15/2028 | 460000 | 478905 |
|  |  | **8763465** |
| **Kansas — 1.8%** | **Kansas — 1.8%** | **Kansas — 1.8%** |
| City of Derby, STAR Bond District, Revenue, <br>Series 2022, 5.00%, 09/01/2042 | 1375000 | 1375205 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Kansas — 1.8% (continued)** | **Kansas — 1.8% (continued)** | **Kansas — 1.8% (continued)** |
| City of Hutchinson, Hutchinson Regional Medical Center <br>Obligated Group, Revenue, <br>Series 2016, 5.00%, 12/01/2027 | 100000 | 100023 |
| Hutchinson Regional Medical Center Obligated <br>Group, Revenue, <br>Series 2016, 5.00%, 12/01/2041 | 300000 | 271524 |
| City of Lenexa, Lakeview Village, Inc., <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 05/15/2027 | 135000 | 135798 |
| City of Wichita, Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2018 I, 5.00%, 05/15/2033 | 135000 | 135586 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series 2024 VIII, 5.25%, 05/15/2039 | 1580000 | 1579329 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding, <br>Series III-2019, 3.75%, 05/15/2034 | 535000 | 494621 |
| Wyandotte County-Kansas City Unified Government,<br>Tax Allocation, Refunding, <br>Series 2022, 5.75%, 03/01/2041 (c) | 17000000 | 17613663 |
| Sales Tax, Revenue, <br>Series 2015 A, 5.00%, 09/01/2027 | 645000 | 645017 |
| Sales Tax, Tax Allocation, Refunding, <br>Series 2022, 5.75%, 09/01/2039 (c) | 5000000 | 5212677 |
| Wyandotte County-Kansas City Unified Government <br>Sales Tax, Revenue, <br>Series 2015 A, 5.75%, 09/01/2032 | 350000 | 335931 |
|  |  | **27899374** |
| **Kentucky — 0.1%** | **Kentucky — 0.1%** | **Kentucky — 0.1%** |
| City of Campbellsville, Campbellsville University, Inc., <br>Revenue, Refunding, <br>Series 2013 A, 4.50%, 03/01/2028 | 10000 | 9992 |
| Campbellsville University, Inc., Revenue, Refunding, <br>Series 2013 A, 4.75%, 03/01/2029 | 60000 | 60009 |
| Campbellsville University, Inc., Revenue, Refunding, <br>Series 2013 A, 5.00%, 03/01/2030 | 25000 | 25009 |
| Campbellsville University, Inc., Revenue, Refunding, <br>Series 2013 A, 5.13%, 03/01/2033 | 40000 | 40016 |
| Louisville/Jefferson County Metropolitan Government,<br>Bellarmine University, Inc., Revenue, Refunding, <br>Series 2015, 5.00%, 05/01/2031 | 2000000 | 1973548 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Kentucky — 0.1% (continued)** | **Kentucky — 0.1% (continued)** | **Kentucky — 0.1% (continued)** |
| Bellarmine University, Inc., Revenue, Refunding, <br>Series 2017 A, 4.00%, 05/01/2029 | 200000 | 191850 |
|  |  | **2300424** |
| **Louisiana — 0.2%** | **Louisiana — 0.2%** | **Louisiana — 0.2%** |
| Calcasieu Parish Memorial Hospital Service District,<br>Southwest Louisiana Healthcare System <br>Obligated Group, Revenue, Refunding, <br>Series 2019, 5.00%, 12/01/2034 | 2000000 | 2038463 |
| Louisiana Local Government Environmental Facilities & <br>Community Development Authority, Glen Retirement <br>System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2026 | 390000 | 388734 |
| Glen Retirement System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2027 | 410000 | 402031 |
| Glen Retirement System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2028 | 430000 | 415647 |
| Glen Retirement System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2029 | 450000 | 429095 |
| Provident Group — ULM Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 07/01/2039 (c) | 100000 | 93472 |
|  |  | **3767442** |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Finance Authority of Maine, <br>Casella Waste Systems, Inc., Revenue, AMT, <br>Series 2015 R-3, 5.00%, 08/01/2035 (c) | 2000000 | 2065362 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| City of Baltimore, <br>Baltimore Hotel Corp., Revenue, Refunding, <br>Series 2017, 5.00%, 09/01/2033 | 1105000 | 1121443 |
| County of Frederick, Mount St Mary's University, Inc., <br>Revenue, Refunding, <br>Series 2017 A, 5.00%, 09/01/2032 (c) | 740000 | 737786 |
| County of Prince George's, Collington Episcopal <br>Life Care Community, Inc., Revenue, Refunding, <br>Series 2017, 5.25%, 04/01/2037 | 2500000 | 2505007 |
| Westphalia Town Center Development District, <br>Tax Allocation, <br>Series 2018, 5.00%, 07/01/2030 (c) | 1200000 | 1215118 |
| Westphalia Town Center Development District, <br>Tax Allocation, <br>Series 2018, 5.25%, 07/01/2048 (c) | 2000000 | 2004779 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Maryland — 0.9% (continued)** | **Maryland — 0.9% (continued)** | **Maryland — 0.9% (continued)** |
| Maryland Health & Higher Educational Facilities <br>Authority, Goucher College, Revenue, Refunding, <br>Series 2017 A, 5.00%, 07/01/2037 | 1600000 | 1609365 |
| TidalHealth Obligated Group, Revenue, <br>Series 2020 A, 4.00%, 07/01/2036 | 2825000 | 2848252 |
| Prince George's County Revenue Authority,<br>County of Prince George's MD Suitland-Naylor Road <br>Development District, Tax Allocation, <br>Series 2016, 5.00%, 07/01/2046 (c) | 2000000 | 2000033 |
|  |  | **14041783** |
| **Massachusetts — 2.0%** | **Massachusetts — 2.0%** | **Massachusetts — 2.0%** |
| Massachusetts Development Finance Agency,<br>Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/01/2031 (c) | 280000 | 282496 |
| Boston Medical Center Corp. Obligated Group, <br>Revenue, Refunding, <br>Series 2016 E, 5.00%, 07/01/2033 | 5000000 | 5040210 |
| Boston Medical Center Corp. Obligated Group, Revenue, <br>Series 2017 F, 5.00%, 07/01/2030 | 1475000 | 1508004 |
| Care Communities LLC Obligated Group, Revenue, <br>Series 2025 A-1, 5.50%, 07/15/2035 (c) | 3300000 | 3371518 |
| Emmanuel College, Revenue, Refunding, <br>Series 2016 A, 5.00%, 10/01/2032 | 5630000 | 5641680 |
| Emmanuel College, Revenue, Refunding, <br>Series 2016 A, 5.00%, 10/01/2034 | 2835000 | 2841784 |
| Emmanuel College, Revenue, Refunding, <br>Series 2016 A, 5.00%, 10/01/2035 | 6375000 | 6389150 |
| Lawrence General Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2028 | 675000 | 664408 |
| Salem Community Corp. Obligated Group, <br>Revenue, Refunding, <br>Series 2022, 5.00%, 01/01/2030 | 465000 | 474684 |
| Salem Community Corp. Obligated Group, <br>Revenue, Refunding, <br>Series 2022, 5.00%, 01/01/2031 | 485000 | 495707 |
| Simmons University, Revenue, Refunding, <br>Series K-1, 5.00%, 10/01/2027 | 25000 | 24949 |
| Simmons University, Revenue, <br>Series K-1, 4.13%, 10/01/2032 | 35000 | 32788 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Massachusetts — 2.0% (continued)** | **Massachusetts — 2.0% (continued)** | **Massachusetts — 2.0% (continued)** |
| Southcoast Health System Obligated Group, Revenue, <br>Series 2013 F, 5.00%, 07/01/2027 | 25000 | 25026 |
| Suffolk University, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2034 | 1690000 | 1711099 |
| Suffolk University, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2035 | 1480000 | 1495811 |
|  |  | **29999314** |
| **Michigan — 0.4%** | **Michigan — 0.4%** | **Michigan — 0.4%** |
| Flint Hospital Building Authority, <br>Hurley Medical Center, Revenue, <br>Series 2013 B, 4.75%, 07/01/2028 | 750000 | 749113 |
| Hurley Medical Center, Revenue, Refunding, <br>Series 2020, 5.00%, 07/01/2026 | 500000 | 501177 |
| Kalamazoo Economic Development Corp.,<br>Friendship Village of Kalamazoo Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 08/15/2031 (c) | 790000 | 783980 |
| Michigan Finance Authority, Albion College, <br>Revenue, Refunding, <br>Series 2022, 5.00%, 12/01/2033 | 40000 | 29669 |
| Albion College, Revenue, Refunding, <br>Series 2022, 5.00%, 12/01/2036 | 1000000 | 710078 |
| Aquinas College, Revenue, Refunding, <br>Series 2021, 4.00%, 05/01/2031 | 500000 | 406455 |
| Presbyterian Villages of Michigan Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 4.75%, 11/15/2025 | 4902 | 4900 |
| Michigan Strategic Fund, Friendship Village of <br>Kalamazoo Obligated Group, Revenue, Refunding, <br>Series 2021, 5.00%, 08/15/2031 (c) | 515000 | 511076 |
| Township of Cannon, GO, <br>Series 2016, 3.00%, 11/01/2025 | 20000 | 20000 |
| Wayne County Airport Authority, Detroit Metropolitan <br>Wayne County Airport, Revenue, AMT, Refunding, <br>Series F, 5.00%, 12/01/2033 | 3000000 | 3005057 |
|  |  | **6721505** |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| City of Landfall Village, <br>Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.75%, 08/01/2029 | 205000 | 205328 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Minnesota — 0.6% (continued)** | **Minnesota — 0.6% (continued)** | **Minnesota — 0.6% (continued)** |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.80%, 08/01/2030 | 215000 | 215801 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.85%, 08/01/2031 | 225000 | 225924 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.90%, 08/01/2032 | 235000 | 236214 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 5.00%, 08/01/2033 | 250000 | 251312 |
| City of Moorhead, Concordia College, <br>Revenue, Refunding, <br>Series 2016, 5.00%, 12/01/2034 | 1155000 | 1155626 |
| Concordia College, Revenue, Refunding, <br>Series 2016, 5.00%, 12/01/2040 | 1350000 | 1350240 |
| City of Shakopee, Benedictine Living Community of <br>Shakopee LLC Obligated Group, Revenue, Refunding, <br>Series 2025, 4.45%, 11/01/2035 | 1335000 | 1339748 |
| Benedictine Living Community of Shakopee LLC <br>Obligated Group, Revenue, Refunding, <br>Series 2025, 5.13%, 11/01/2040 | 1815000 | 1824965 |
| Dakota County Community Development Agency,<br>Sanctuary at West St. Paul (The), Revenue, <br>Series 2015, 6.00%, 08/01/2035 | 1500000 | 1180476 |
|  |  | **7985634** |
| **Mississippi — 0.8%** | **Mississippi — 0.8%** | **Mississippi — 0.8%** |
| City of Jackson, GO, Refunding, <br>Series 2021, 5.00%, 03/01/2027 | 920000 | 933521 |
| County of Tunica, Revenue, Refunding, <br>Series 2019, 6.00%, 10/01/2040 | 4400000 | 4541144 |
| Harrison County Utility Authority, Revenue, Refunding, <br>Series 2020 A, 1.50%, 07/01/2030 (c) | 3500000 | 2994429 |
| Mississippi Business Finance Corp., <br>Chevron USA, Inc., Revenue, <br>Series 2010 G, 3.90%, 11/03/2025 (b)(d) | 1150000 | 1150000 |
| Chevron USA, Inc., Revenue, <br>Series 2010 L, 3.90%, 11/03/2025 (b)(d) | 100000 | 100000 |
| Mississippi Development Bank, City of Jackson, <br>Revenue, Refunding, <br>Series 2013 A, 3.00%, 03/01/2027 | 40000 | 39015 |
| City of Jackson, Revenue, Refunding, <br>Series 2013 A, 3.00%, 03/01/2028 | 170000 | 162719 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Mississippi — 0.8% (continued)** | **Mississippi — 0.8% (continued)** | **Mississippi — 0.8% (continued)** |
| City of Jackson, Revenue, Refunding, <br>Series 2013 A, 3.00%, 03/01/2029 | 295000 | 277632 |
| City of Jackson, Revenue, Refunding, <br>Series 2013 A, 3.13%, 03/01/2030 | 180000 | 165547 |
| City of Jackson, Revenue, Refunding, <br>Series 2013 A, 3.25%, 03/01/2036 | 320000 | 252514 |
| Natchez-Adams School District, GO, <br>Series 2020, 2.13%, 03/01/2027 | 430000 | 411882 |
| GO, Series 2020, 2.00%, 03/01/2031 | 175000 | 150869 |
| Revenue, Series 2020, 2.38%, 02/01/2036 | 30000 | 23040 |
|  |  | **11202312** |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| County of Boone, Boone County Hospital, <br>Revenue, Refunding, <br>Series 2016, 5.00%, 08/01/2028 | 1000000 | 960743 |
| Boone County Hospital, Revenue, Refunding, <br>Series 2016, 5.00%, 08/01/2029 | 1525000 | 1443372 |
| Boone County Hospital, Revenue, Refunding, <br>Series 2016, 5.00%, 08/01/2030 | 1300000 | 1215451 |
| Boone County Hospital, Revenue, Refunding, <br>Series 2016, 4.00%, 08/01/2033 | 2470000 | 2092565 |
| Grindstone Plaza Transportation Development <br>District, Revenue, <br>Series 2006 A, 5.40%, 10/01/2026 | 25000 | 25024 |
| Health & Educational Facilities Authority of the <br>State of Missouri, Maryville University of St Louis, <br>Revenue, Refunding, <br>Series 2020 A, 4.00%, 06/15/2034 | 4345000 | 4231504 |
| Maryville University of St. Louis, Revenue, Refunding, <br>Series 2020 A, 4.00%, 06/15/2038 | 4545000 | 4240366 |
| Mercy Health, Revenue, <br>Series 2014 F, 5.00%, 11/15/2045 | 150000 | 150061 |
| St Louis County Industrial Development Authority,<br>Friendship Village St Louis Obligated Group, Revenue, <br>Series 2013 A, 5.50%, 09/01/2033 | 915000 | 915287 |
|  |  | **15274373** |
| **Montana — 0.0% (e)** | **Montana — 0.0% (e)** | **Montana — 0.0% (e)** |
| City of Great Falls, Downtown Urban Renewal District, <br>Tax Allocation, <br>Series 2021, 3.00%, 07/01/2035 | 1005000 | 872685 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Montana — 0.0% (e) (continued)** | **Montana — 0.0% (e) (continued)** | **Montana — 0.0% (e) (continued)** |
| Montana Facility Finance Authority,<br>Montana Children's Home and Hospital, Revenue, <br>Series 2020 A, 4.00%, 07/01/2035 | 75000 | 70241 |
|  |  | **942926** |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
| Douglas County Hospital Authority No. 2, Madonna <br>Rehabilitation Hospital Obligated Group, Revenue, <br>Series 2014, 5.00%, 05/15/2036 | 1500000 | 1500479 |
| **Nevada — 2.7%** | **Nevada — 2.7%** | **Nevada — 2.7%** |
| City of Las Vegas, Special Improvement District No. 812, <br>Special Assessment, <br>Series 2015, 5.00%, 12/01/2031 | 520000 | 520549 |
| Special Improvement District No. 816, <br>Special Assessment, <br>Series 2021, 2.75%, 06/01/2031 | 220000 | 202325 |
| City of Sparks, Special Improvement District No. 1, <br>Special Assessment, <br>Series 2024, 5.00%, 06/01/2044 | 400000 | 402613 |
| Las Vegas Redevelopment Agency,<br>Las Vegas Redevelopment Agency Redevelopment <br>Area 1, Tax Allocation, Refunding, <br>Series 2016, 5.00%, 06/15/2045 | 5000000 | 5003831 |
| State of Nevada Department of Business & Industry,<br>Desertxpress Enterprises LLC, Revenue, AMT, <br>Series 2025 A, 9.50%, 01/01/2033 (a)(b)(c)(h) | 46190000 | 36952000 |
|  |  | **43081318** |
| **New Hampshire — 3.8%** | **New Hampshire — 3.8%** | **New Hampshire — 3.8%** |
| New Hampshire Business Finance Authority, Revenue, <br>Series 2024, 5.38%, 12/01/2031 (c) | 2400000 | 2406455 |
| Revenue, Series 2024, 5.88%, 12/15/2032 (c) | 2526000 | 2528192 |
| Revenue, Series 2024, 0.00%, 12/01/2034 (c)(i) | 22000000 | 12338262 |
| Revenue, Series 2024, 5.38%, 12/15/2035 (c) | 3900000 | 3902476 |
| Revenue, Series 2025, 0.00%, 12/15/2032 (c)(i) | 9429000 | 6011329 |
| Revenue, Series 2025, 0.00%, 12/15/2033 (c)(i) | 13000000 | 8071584 |
| Brazoria County Municipal Utility <br>District No. 83, Revenue, <br>Series 2024, 5.30%, 12/01/2032 (c) | 272000 | 272887 |
| Christian Health Care Center Obligated Group, Revenue, <br>Series 2019 A, 5.25%, 07/01/2039 (c) | 5410000 | 5436224 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Hampshire — 3.8% (continued)** | **New Hampshire — 3.8% (continued)** | **New Hampshire — 3.8% (continued)** |
| Travis County Municipal Utility District No. 22, Revenue, <br>Series 2025, 0.00%, 12/01/2031 (c)(i) | 23995000 | 16297438 |
| Waller County Municipal Utility District No. 38, Revenue, <br>Series 2024, 0.00%, 04/01/2032 (c)(i) | 1517000 | 1023237 |
|  |  | **58288084** |
| **New Jersey — 3.1%** | **New Jersey — 3.1%** | **New Jersey — 3.1%** |
| City of Atlantic City, GO, Refunding, <br>Series 2013, 5.00%, 12/01/2025 | 45000 | 44977 |
| GO, Refunding, <br>Series 2013, 5.00%, 12/01/2027 | 10000 | 9921 |
| New Jersey Economic Development Authority,<br>Advanced Schools, Inc., Revenue, <br>Series 2025, 5.00%, 11/01/2045 | 675000 | 674582 |
| DRP Urban Renewal 4 LLC, Revenue, AMT, <br>Series 2025, 6.38%, 01/01/2035 (c) | 21000000 | 21812108 |
| DRP Urban Renewal 4 LLC, Revenue, AMT, <br>Series 2025, 6.63%, 01/01/2045 (c) | 12250000 | 12733251 |
| Marion P Thomas Charter School, Inc., Revenue, <br>Series 2018 A, 4.75%, 10/01/2028 (c) | 800000 | 794686 |
| Marion P Thomas Charter School, Inc., Revenue, <br>Series 2018 A, 5.00%, 10/01/2033 (c) | 1000000 | 996086 |
| United Airlines, Inc., Revenue, AMT, <br>Series 1999, 5.25%, 09/15/2029 | 175000 | 175001 |
| United Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2012, 5.75%, 09/15/2027 | 1800000 | 1800011 |
| United Airlines, Inc., Revenue, AMT, <br>Series B, 5.63%, 11/15/2030 | 2390000 | 2390014 |
| New Jersey Educational Facilities Authority, Rider <br>University A New Jersey Non-Profit Corp., Revenue, <br>Series 2017 F, 3.25%, 07/01/2030 | 25000 | 22117 |
| Rider University A New Jersey <br>Non-Profit Corp., Revenue, <br>Series 2017 F, 3.50%, 07/01/2031 | 35000 | 30574 |
| Rider University A New Jersey <br>Non-Profit Corp., Revenue, <br>Series 2017 F, 5.00%, 07/01/2032 | 395000 | 369010 |
| Rider University A New Jersey <br>Non-Profit Corp., Revenue, <br>Series 2017 F, 5.00%, 07/01/2033 | 415000 | 382337 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Jersey — 3.1% (continued)** | **New Jersey — 3.1% (continued)** | **New Jersey — 3.1% (continued)** |
| Rider University A New Jersey <br>Non-Profit Corp., Revenue, <br>Series 2017 F, 5.00%, 07/01/2035 | 1185000 | 1066720 |
| New Jersey Health Care Facilities Financing Authority,<br>St Joseph's Healthcare System Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 3.00%, 07/01/2032 | 50000 | 46726 |
| St Joseph's Healthcare System Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 3.13%, 07/01/2033 | 150000 | 139532 |
| New Jersey Housing & Mortgage Finance Agency,<br>Revenue, AG Insured, <br>Series 2004 A, 4.70%, 11/01/2025 | 10000 | 10000 |
| New Jersey Housing & Mortgage Finance Agency <br>Single-Family Home Mortgage, Revenue, Refunding, <br>Series 2018 A, 3.75%, 10/01/2035 | 3775000 | 3784670 |
|  |  | **47282323** |
| **New Mexico — 0.0% (e)** | **New Mexico — 0.0% (e)** | **New Mexico — 0.0% (e)** |
| New Mexico Hospital Equipment Loan Council,<br>Haverland Carter Lifestyle Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 07/01/2034 | 415000 | 415657 |
| **New York — 9.5%** | **New York — 9.5%** | **New York — 9.5%** |
| Allegany County Capital Resource Corp.,<br>Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2026 | 170000 | 169264 |
| Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2032 | 1385000 | 1364863 |
| Build NYC Resource Corp., Inc., <br>Revenue, AMT, Refunding, <br>Series 2014, 5.00%, 01/01/2035 (c) | 12900000 | 12911676 |
| Albert Einstein College of Medicine, Inc., Revenue, <br>Series 2015, 5.50%, 09/01/2045 (c) | 3780000 | 3730715 |
| WHIN Music Community Charter School, Revenue, <br>Series 2022 A, 6.50%, 07/01/2052 (c) | 1500000 | 1482493 |
| City of Glens Falls, Revenue, <br>Series 2011, 5.00%, 06/15/2026 | 650000 | 650392 |
| City of New York, GO, <br>Series 2020 B SUB B-3, 3.90%, 11/03/2025 (b)(d) | 6200000 | 6200000 |
| GO, Series 2021 2, 3.90%, 11/07/2025 (b)(d) | 8375000 | 8375000 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 9.5% (continued)** | **New York — 9.5% (continued)** | **New York — 9.5% (continued)** |
| County of Sullivan, Improvement Districts Service Fee, <br>Special Assessment, <br>Series E-1, 4.85%, 11/01/2031 (c) | 100000 | 101124 |
| Dobbs Ferry Local Development Corp.,<br>Mercy University, Revenue, <br>Series 2014, 5.00%, 07/01/2039 | 20000 | 20012 |
| Dutchess County Local Development Corp.,<br>Nuvance Health Obligated Group, Revenue, <br>Series 2016 B, 3.00%, 07/01/2029 | 150000 | 145196 |
| Monroe County Industrial Development Corp.,<br>St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding, <br>Series 2019, 4.00%, 01/01/2030 | 910000 | 890680 |
| MTA Hudson Rail Yards Trust Obligations, Revenue, <br>Series 2016 A, 5.00%, 11/15/2056 | 20000 | 19999 |
| New York City Housing Development Corp., Revenue, <br>Series 2022 E-1, 2.40%, 11/01/2025 | 50000 | 50000 |
| New York City Municipal Water Finance Authority,<br>Water & Sewer System, Revenue, Refunding, <br>Series 2022 DD, 3.90%, 11/03/2025 (b)(d) | 9300000 | 9300000 |
| New York City Transitional Finance Authority <br>Future Tax Secured, Revenue, <br>Series 2019 A-4, 3.90%, 11/03/2025 (b)(d) | 680000 | 680000 |
| Revenue, Refunding, <br>Series 2021-1, 5.00%, 11/01/2025 | 5000 | 5000 |
| New York Liberty Development Corp.,<br>3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, 5.15%, 11/15/2034 (c) | 1500000 | 1501415 |
| 3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, Class 2, 5.38%, 11/15/2040 (c) | 13000000 | 13002393 |
| 3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, 5.00%, 11/15/2044 (c) | 10800000 | 10799780 |
| 3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 500000 | 500358 |
| New York State Dormitory Authority,<br>Catholic Health System Obligated Group, Revenue, <br>Series 2012 A, 4.75%, 07/01/2039 | 275000 | 250290 |
| Catholic Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2019 A, 5.00%, 07/01/2029 | 900000 | 900088 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 9.5% (continued)** | **New York — 9.5% (continued)** | **New York — 9.5% (continued)** |
| Catholic Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2019 A, 3.00%, 07/01/2031 | 100000 | 89020 |
| Garnet Health Medical Center Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 12/01/2033 (c) | 1700000 | 1710898 |
| St Joseph's University/Brooklyn, Revenue, <br>Series 2021, 5.00%, 07/01/2028 | 110000 | 111498 |
| New York State Environmental Facilities Corp.,<br>Casella Waste Systems, Inc., Revenue, AMT, <br>Series 2014, 2.88%, 12/03/2029 (a)(b)(c) | 3000000 | 2875843 |
| Casella Waste Systems, Inc., Revenue, AMT, <br>Series 2020 R-2, 5.13%, 09/03/2030 (a)(b)(c) | 1000000 | 1048373 |
| New York Transportation Development Corp.,<br>American Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2016, 5.00%, 08/01/2031 | 14000000 | 14003125 |
| American Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2021, 3.00%, 08/01/2031 | 235000 | 222396 |
| JFK International Air Terminal LLC, <br>Revenue, AMT, Refunding, <br>Series 2020 A, 5.00%, 12/01/2032 | 1250000 | 1337283 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.00%, 07/01/2034 | 2500000 | 2501624 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.00%, 07/01/2041 | 1000000 | 1000059 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.00%, 07/01/2046 | 1305000 | 1299308 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>AG Insured, <br>Series 2016 A, 5.25%, 01/01/2050 | 2105000 | 2105092 |
| Laguardia Gateway Partners LLC, Revenue, AMT,<br>Series 2016 A, 5.25%, 01/01/2050 | 1365000 | 1364976 |
| Oneida Indian Nation of New York, Revenue, <br>Series 2024 B, 6.00%, 09/01/2043 (c) | 145000 | 156095 |
| Onondaga Civic Development Corp., Crouse Health <br>Hospital, Inc. Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2029 | 550000 | 546722 |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2030 | 1120000 | 1112125 |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2031 | 200000 | 198234 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 9.5% (continued)** | **New York — 9.5% (continued)** | **New York — 9.5% (continued)** |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2032 | 250000 | 246918 |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2033 | 275000 | 270042 |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2034 | 700000 | 681858 |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 5.13%, 08/01/2044 | 500000 | 444703 |
| Rockland County Economic Assistance Corp.,<br>Bon Secours Charity Health System, Inc., Revenue, <br>Series 2025, 6.50%, 11/01/2030 | 3500000 | 3623771 |
| Suffolk Regional Off-Track Betting Corp., Revenue, <br>Series 2024, 6.00%, 12/01/2053 | 780000 | 791306 |
| Syracuse Regional Airport Authority,<br>Revenue, AMT, Refunding, <br>Series 2021, 5.00%, 07/01/2026 | 1000000 | 1006390 |
| Westchester County Healthcare Corp.,<br>Westchester County Health Care Corp. <br>Obligated Group, Revenue, Senior Lien, <br>Series 2010 B, 6.00%, 11/01/2030 | 115000 | 115025 |
| Westchester County Industrial Development Agency,<br>Million Air Two LLC Obligated Group, Revenue, AMT, <br>Series 2017 A, 7.00%, 06/01/2046 (c) | 400000 | 416478 |
| Westchester County Local Development Corp.,<br>Purchase Senior Learning Community Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 5.00%, 07/01/2036 (c) | 4000000 | 4116789 |
| Westchester County Health Care Corp. <br>Obligated Group, Revenue, Refunding, <br>Series 2016, 3.75%, 11/01/2037 | 15000 | 12824 |
| Westchester County Health Care Corp. <br>Obligated Group, Revenue, <br>Series 2025, 6.50%, 11/01/2030 | 31500000 | 32863824 |
|  |  | **149323337** |
| **North Carolina — 0.4%** | **North Carolina — 0.4%** | **North Carolina — 0.4%** |
| North Carolina Housing Finance Agency,<br>Revenue, GNMA Insured, <br>Series 43, 2.63%, 01/01/2035 | 2245000 | 2069612 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **North Carolina — 0.4% (continued)** | **North Carolina — 0.4% (continued)** | **North Carolina — 0.4% (continued)** |
| North Carolina Medical Care Commission,<br>Lutheran Services for the Aging, Inc. <br>Obligated Group, Revenue, <br>Series 2021 A, 3.00%, 03/01/2036 | 50000 | 44993 |
| Vidant Health Obligated Group, Revenue, Refunding, <br>Series 2015, 5.00%, 06/01/2040 | 5000000 | 5003230 |
| Northern Hospital District of Surry County,<br>Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2029 | 65000 | 64147 |
|  |  | **7181982** |
| **North Dakota — 0.0% (e)** | **North Dakota — 0.0% (e)** | **North Dakota — 0.0% (e)** |
| City of Horace, GO, Special Assessment, Refunding, <br>Series 2020 B, 3.00%, 05/01/2030 | 100000 | 94244 |
| **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** |
| City of Huber Heights, Canal Heights Incentive District <br>No. 1, Tax Allocation, <br>Series 2025, 6.00%, 12/01/2036 (c) | 1345000 | 1364139 |
| City of Norwood, Rockwood Exchange Tax Increment <br>Fund, Tax Allocation, Refunding, <br>Series 2025, 4.38%, 12/01/2030 | 645000 | 650231 |
| Rockwood Exchange Tax Increment Fund, <br>Tax Allocation, Refunding, <br>Series 2025, 5.00%, 12/01/2035 | 750000 | 788624 |
| Cleveland-Cuyahoga County Port Authority,<br>Playhouse Square Foundation, Revenue, Refunding, <br>Series 2018, 5.25%, 12/01/2038 | 3165000 | 3215980 |
| Playhouse Square Foundation, Revenue, Refunding, <br>Series 2018, 5.50%, 12/01/2043 | 1700000 | 1719528 |
| County of Fairfield, Fairfield Medical Center <br>Obligated Group, Revenue, Refunding, <br>Series 2013, 5.13%, 06/15/2033 | 5025000 | 5025160 |
| County of Hardin, Ohio Northern University, <br>Revenue, Refunding, <br>Series 2020, 4.00%, 05/01/2026 | 50000 | 49646 |
| County of Lucas, Promedica Healthcare <br>Obligated Group, Revenue, Refunding, <br>Series 2018 A, 5.25%, 11/15/2048 | 8700000 | 8558799 |
| County of Washington, Marietta Area Health Care, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2022, 6.75%, 12/01/2052 | 1080000 | 1118938 |
| Delaware County Finance Authority, Tax Allocation, <br>Series 2023 A, 6.25%, 12/01/2037 | 850000 | 892499 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** | **Ohio — 1.7% (continued)** |
| Ohio Air Quality Development Authority,<br>Ohio Valley Electric Corp., Revenue, <br>Series 2009 C, 1.50%, 11/04/2025 (a)(b) | 1000000 | 999924 |
| Ohio Valley Electric Corp., Revenue, Refunding, <br>Series 2019 A, 3.25%, 09/01/2029 | 10000 | 9849 |
| Port of Greater Cincinnati Development Authority,<br>RBM Phase 3 Garage Project, Tax Allocation, <br>Series 2024, 5.00%, 12/01/2044 | 1000000 | 1001071 |
| State of Ohio, State of Ohio Department of <br>Transportation, Revenue, AMT, AG Insured, <br>Series 2015, 5.00%, 12/31/2035 | 650000 | 650897 |
|  |  | **26045285** |
| **Oklahoma — 2.0%** | **Oklahoma — 2.0%** | **Oklahoma — 2.0%** |
| Oklahoma County Finance Authority,<br>Aerospace Science and Technology Education <br>Center, Inc., Revenue, <br>Series 2024, 5.25%, 06/15/2034 (c) | 775000 | 786038 |
| Oklahoma Development Finance Authority,<br>OU Medicine Obligated Group, Revenue, <br>Series 2018 B, 5.50%, 08/15/2057 | 1000000 | 1001864 |
| Tulsa Municipal Airport Trust, American Airlines, Inc., <br>Revenue, AMT, Refunding, <br>Series 2001 B, 5.50%, 12/01/2035 | 5000000 | 5001642 |
| Tulsa Municipal Airport Trust Trustees, <br>American Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2025, 6.25%, 12/01/2035 | 15500000 | 17874581 |
| Wagoner County Development Authority, Revenue, <br>Series 2025, 9.00%, 05/01/2026 | 225000 | 228669 |
| Revenue, Series 2025, 9.00%, 05/01/2027 | 580000 | 608719 |
| Revenue, Series 2025, 8.25%, 05/01/2028 | 630000 | 658954 |
| Revenue, Series 2025, 6.75%, 05/01/2040 | 3110000 | 3177269 |
|  |  | **29337736** |
| **Oregon — 0.9%** | **Oregon — 0.9%** | **Oregon — 0.9%** |
| Oregon State Facilities Authority, ISF Magnolia <br>Gardens LLC Obligated Group, Revenue, Refunding, <br>Series 2025 A-1, 6.00%, 03/01/2035 (c) | 5180000 | 5180363 |
| ISF Magnolia Gardens LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A-2, 6.00%, 03/01/2035 (c) | 2355000 | 2355141 |
| Southern Oregon Goodwill Industries, Revenue, <br>Series 2025 A, 5.00%, 12/01/2040 | 420000 | 426527 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Oregon — 0.9% (continued)** | **Oregon — 0.9% (continued)** | **Oregon — 0.9% (continued)** |
| Southern Oregon Goodwill Industries, Revenue, <br>Series 2025 A, 5.38%, 12/01/2045 | 1040000 | 1042870 |
| Polk County Hospital Facility Authority, <br>Dallas Mennonite Retirement Community <br>Obligated Group, Revenue, <br>Series 2015 A, 5.13%, 07/01/2035 | 3680000 | 3681190 |
| Yamhill County Hospital Authority, Friendsview Manor <br>Obligated Group, Revenue, Refunding, <br>Series 2016 A, 4.00%, 11/15/2026 | 185000 | 183935 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 5.00%, 11/15/2031 | 350000 | 352078 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 5.00%, 11/15/2036 | 455000 | 455667 |
|  |  | **13677771** |
| **Pennsylvania — 3.1%** | **Pennsylvania — 3.1%** | **Pennsylvania — 3.1%** |
| Allegheny County Higher Education Building Authority,<br>Robert Morris University, Revenue, Pre-Refunded, <br>Series 2016, 5.00%, 10/15/2034 | 600000 | 612037 |
| Allentown Neighborhood Improvement Zone <br>Development Authority, Revenue, <br>Series 2017, 5.00%, 05/01/2042 (c) | 4250000 | 4265766 |
| Revenue, Series 2025, 5.50%, 05/01/2032 (c) | 1600000 | 1733833 |
| Revenue, Revenue, <br>Series 2017, 5.00%, 05/01/2032 (c) | 4270000 | 4348304 |
| Total Waterfront, Revenue, <br>Series 2024 A, 5.25%, 05/01/2032 (c) | 1165000 | 1188599 |
| Berks County Municipal Authority (The),<br>Tower Health Obligated Group, Revenue, <br>Series 2024 A-2A, 6.00%, 06/30/2034 | 250000 | 269157 |
| Tower Health Obligated Group, Revenue, <br>Series 2024 A-3, 5.00%, 06/30/2039 | 3000000 | 2717035 |
| Tower Health Obligated Group, Revenue, <br>Series 2024 B-1, 0.00%, 06/30/2044 (j) | 13346000 | 9180513 |
| Bucks County Industrial Development Authority, Grand <br>View Hospital/Sellersville Obligated Group, Revenue, <br>Series 2021, 5.00%, 07/01/2027 | 620000 | 633265 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue, <br>Series 2021, 5.00%, 07/01/2029 | 275000 | 288593 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 3.1% (continued)** | **Pennsylvania — 3.1% (continued)** | **Pennsylvania — 3.1% (continued)** |
| Butler County Hospital Authority, Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2035 | 4370000 | 4369854 |
| Butler Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2026 | 20000 | 20003 |
| Butler Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2028 | 20000 | 20005 |
| Butler Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2029 | 1820000 | 1820460 |
| Butler Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2030 | 1370000 | 1370379 |
| City of Erie Higher Education Building Authority,<br>Mercyhurst University, Revenue, <br>Series 2016, 5.00%, 09/15/2026 (c) | 230000 | 229781 |
| Crawford County Hospital Authority, Meadville Medical <br>Center Obligated Group, Revenue, Refunding, <br>Series 2016 A, 6.00%, 06/01/2046 | 3810000 | 3822562 |
| DuBois Hospital Authority, Penn Highlands Healthcare <br>Obligated Group, Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2027 | 15000 | 15168 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2028 | 760000 | 768532 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2029 | 105000 | 106250 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2032 | 3050000 | 3085415 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 4.00%, 07/15/2035 | 280000 | 262255 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2018, 4.00%, 07/15/2037 | 25000 | 22693 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Series 2020, 5.00%, 07/15/2032 | 250000 | 253809 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Series 2020, 5.00%, 07/15/2035 | 125000 | 125740 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 3.1% (continued)** | **Pennsylvania — 3.1% (continued)** | **Pennsylvania — 3.1% (continued)** |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2030 | 150000 | 153857 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2031 | 10000 | 10316 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2032 | 125000 | 126892 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2033 | 30000 | 30640 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2034 | 585000 | 594897 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2035 | 340000 | 343993 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2036 | 30000 | 30256 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding, <br>Series 2021, 5.00%, 07/15/2037 | 310000 | 311754 |
| Fulton County Industrial Development Authority, Fulton <br>County Medical Center (The), Revenue, Refunding, <br>Series 2016, 4.00%, 07/01/2028 | 2145000 | 2099596 |
| General Authority of Southcentral Pennsylvania,<br>WellSpan Health Obligated Group, Revenue, Refunding, <br>Series 2019 E, 3.95%, 11/03/2025 (b)(d) | 300000 | 300000 |
| Lancaster County Hospital Authority,<br>Brethren Village Obligated Group, Revenue, Refunding, <br>Series 2017, 4.13%, 07/01/2027 | 40000 | 39653 |
| Moravian Manors Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/15/2028 | 250000 | 250180 |
| Moravian Manors Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/15/2030 | 255000 | 256305 |
| Monroe County Industrial Development Authority,<br>Monroe County Industrial Development Authority <br>Pocono CBK TIF District, Tax Allocation, Refunding, <br>Series 2025, 5.00%, 07/01/2033 | 1620000 | 1649651 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 3.1% (continued)** | **Pennsylvania — 3.1% (continued)** | **Pennsylvania — 3.1% (continued)** |
| Montgomery County Higher Education and <br>Health Authority, Holy Redeemer Health System <br>Obligated Group, Revenue, Refunding, <br>Series 2014 A, 5.00%, 10/01/2026 | 45000 | 45013 |
| Pennsylvania Economic Development <br>Financing Authority, Bridges Finco LP, Revenue, AMT, <br>Series 2015, 5.00%, 12/31/2026 | 10000 | 10099 |
| Pennsylvania Higher Educational Facilities Authority,<br>St Joseph's University, Revenue, Refunding, <br>Series 2015 A, 3.13%, 11/01/2029 | 25000 | 23995 |
| St. Mary Hospital Authority, Trinity Health Corp. <br>Obligated Group, Revenue, <br>Series 2007 F, (3-month SOFR+ 0.83%), 3.83%, <br>11/15/2034 (k) | 690000 | 678817 |
| Susquehanna Area Regional Airport Authority,<br>Revenue, AMT, Refunding, <br>Series 2017, 5.00%, 01/01/2038 | 1000000 | 1008924 |
| West Shore Area Authority, Messiah Lifeways <br>Obligated Group, Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2035 | 1675000 | 1670371 |
|  |  | **51165217** |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |
| Rhode Island Health and Educational Building Corp.,<br>Care New England Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2016 B, 5.00%, 09/01/2036 | 5250000 | 5259494 |
| Lifespan Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 05/15/2039 | 2840000 | 2845737 |
|  |  | **8105231** |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| South Carolina Jobs-Economic Development Authority,<br>Revenue, <br>Series 2025 A1, 6.25%, 10/15/2042 (c) | 1995000 | 1992923 |
| Connexion Communities Obligated Group, Revenue, <br>Series 2025 A1, 5.38%, 10/15/2035 (c) | 5865000 | 5867929 |
| Libertas Academy Woodruff, Revenue, <br>Series 2025 A, 7.00%, 08/15/2045 (c) | 1000000 | 995805 |
| South Carolina Public Service Authority,<br>South Carolina Public Service Authority, Revenue, <br>Series 2015 E, 5.25%, 12/01/2055 | 1120000 | 1120373 |
|  |  | **9977030** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Tennessee — 0.5%** | **Tennessee — 0.5%** | **Tennessee — 0.5%** |
| Chattanooga Health Educational & Housing <br>Facility Board, CDFI Phase I LLC, Revenue, Refunding, <br>Series 2015, 5.00%, 10/01/2028 | 1050000 | 1050403 |
| Industrial Development Board of The City of Kingsport <br>Tennessee (The), Domtar Paper Co. LLC, Revenue, AMT, <br>Series 2024, 5.25%, 11/15/2029 (a)(b)(c) | 3620000 | 3672848 |
| Shelby County Health Educational & Housing <br>Facilities Board, Trezevant Episcopal Home <br>Obligated Group, Revenue, Refunding, <br>Series 2013 A, 5.00%, 09/01/2033 (c) | 35000 | 32588 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 3.50%, 09/01/2026 (c) | 25000 | 24517 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2016 A, 5.00%, 09/01/2037 (c) | 4060000 | 3586880 |
|  |  | **8367236** |
| **Texas — 4.8%** | **Texas — 4.8%** | **Texas — 4.8%** |
| Abilene Convention Center Hotel Development Corp.,<br>City of Abilene Abilene Convention Center, <br>Revenue, Second Lien, <br>Series 2021 B, 3.75%, 10/01/2031 (c) | 500000 | 474448 |
| Arlington Higher Education Finance Corp.,<br>BASIS Texas Charter Schools, Inc., Revenue, Refunding, <br>Series 2025, 5.13%, 06/15/2040 (c) | 2000000 | 2036619 |
| Newman International Academy, Revenue, <br>Series 2021 A, 4.00%, 08/15/2031 | 350000 | 316263 |
| Austin Convention Enterprises, Inc.,<br>Revenue, First Tier, Refunding, <br>Series 2017 A, 5.00%, 01/01/2026 | 150000 | 150113 |
| Revenue, First Tier, Refunding, <br>Series A, 5.00%, 01/01/2028 | 20000 | 20160 |
| Revenue, First Tier, Refunding, <br>Series A, 5.00%, 01/01/2034 | 250000 | 251709 |
| Revenue, Second Tier, Refunding, <br>Series B, 5.00%, 01/01/2032 | 1075000 | 1081499 |
| Bexar County Health Facilities Development Corp.,<br>Army Retirement Residence Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 5.00%, 07/15/2026 | 40000 | 40077 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** |
| Army Retirement Residence Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 4.00%, 07/15/2031 | 25000 | 24378 |
| Army Retirement Residence Obligated Group, <br>Revenue, Refunding, <br>Series 2016, 4.00%, 07/15/2036 | 5000 | 4626 |
| City of Austin, Airport System, Revenue, AMT, <br>Series 2017 B, 5.00%, 11/15/2041 | 2985000 | 3001243 |
| City of Buda, Persimmon Public Improvement <br>District Major Improvement Area, Special Assessment, <br>Series 2025, 5.75%, 09/01/2033 (c) | 1000000 | 1013816 |
| City of Caddo Mills, Enclave of Bahamas Public <br>Improvement District Improvement Area 1, <br>Special Assessment, <br>Series 2025, 5.30%, 09/15/2035 (c) | 2425000 | 2482901 |
| City of Celina, Legacy Celina Public Improvement <br>District, Special Assessment, <br>Series 2025, 4.75%, 09/01/2035 (f) | 540000 | 541009 |
| City of Dorchester, Cottonwood Public Improvement <br>District Major Improvement Area No. 1, <br>Special Assessment, <br>Series 2024, 5.25%, 09/15/2031 (c) | 350000 | 350416 |
| City of Hackberry, Rivendale by the Lake Public <br>Improvement District No. 1, Special Assessment, <br>Series 2015, 6.00%, 09/01/2044 | 2730462 | 2731351 |
| Rivendale by the Lake Public Improvement <br>District No. 2, Special Assessment, <br>Series 2016, 5.75%, 09/01/2046 | 5510000 | 5512040 |
| City of Houston, United Airlines, Inc., Revenue, AMT, <br>Refunding, <br>Series 2011, 6.50%, 07/15/2030 | 505000 | 505003 |
| United Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2011, 6.63%, 07/15/2038 | 500000 | 500009 |
| United Airlines, Inc., Revenue, AMT, <br>Series 2018 C, 5.00%, 07/15/2028 | 7095000 | 7299837 |
| United Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2020 A, 5.00%, 07/01/2027 | 1000000 | 1019509 |
| United Airlines, Inc., Revenue, AMT, <br>Series B-1, 5.00%, 07/15/2035 | 6000000 | 6000037 |
| City of Huntsville, Reserves of Huntsville Public <br>Improvement District (The), Special Assessment, <br>Series 2024, 4.50%, 09/15/2031 (c) | 355000 | 360232 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** |
| City of Penitas, GO, <br>Series 2025, 5.00%, 09/01/2035 | 415000 | 430134 |
| City of Port Isabel, GO, <br>Series 2025, 5.00%, 02/15/2035 | 920000 | 934701 |
| City of Sugar Land, GO, <br>Series 2014, 5.25%, 02/15/2032 | 25000 | 25044 |
| Clifton Higher Education Finance Corp.,<br>Valor Texas Education Foundation, Revenue, <br>Series 2024 A, 5.00%, 06/15/2034 (c) | 325000 | 321807 |
| County of Denton, Tabor Ranch Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Junior Lien, <br>Series 2024 B, 5.13%, 12/31/2031 (c) | 500000 | 508135 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien, <br>Series 2024 B, 5.75%, 12/31/2044 | 1270000 | 1264053 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien, <br>Series 2024 B, 6.13%, 12/31/2054 | 500000 | 501258 |
| Tabor Ranch Public Improvement District Major <br>Impt Area, Special Assessment, <br>Series 2024, 5.25%, 12/31/2031 (c) | 1000000 | 1014881 |
| County of Medina, Talley Ho Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Series 2024, 4.88%, 09/01/2034 (c) | 1453000 | 1450705 |
| County of Wichita, GO, <br>Series 2017, 5.00%, 09/15/2042 | 500000 | 510543 |
| Edinburg Economic Development Corp., Revenue, <br>Series 2019, 4.00%, 08/15/2029 (c) | 480000 | 467360 |
| Harris County Cultural Education Facilities <br>Finance Corp., Brazos Presbyterian Homes <br>Obligated Group, Revenue, <br>Series 2013 A, 5.00%, 01/01/2038 | 315000 | 315139 |
| Harris County Municipal Utility District No. 489,<br>GO, BAM Insured, <br>Series 2021, 2.00%, 09/01/2033 | 1300000 | 1103556 |
| Hidalgo County Regional Mobility Authority,<br>Revenue, Junior Lien, Refunding, <br>Series B, 4.00%, 12/01/2038 | 100000 | 94955 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** |
| Kerrville Health Facilities Development Corp.,<br>Sid Peterson Memorial Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 08/15/2035 | 1750000 | 1754210 |
| Love Field Airport Modernization Corp.,<br>Southwest Airlines Co., Revenue, AMT, <br>Series 2012, 5.00%, 11/01/2028 | 105000 | 105053 |
| Mission Economic Development Corp.,<br>Graphic Packaging International LLC, Revenue, AMT, <br>Series 2025, 5.00%, 06/01/2030 (a)(b) | 4750000 | 4941387 |
| New Hope Cultural Education Facilities Finance Corp.,<br>CHF-Collegiate Housing College Station I LLC, Revenue, <br>Series 2014 A, 5.00%, 04/01/2029 | 4930000 | 4931112 |
| CHF-Collegiate Housing College Station I LLC, Revenue, <br>AG Insured, <br>Series 2014 A, 5.00%, 04/01/2046 | 1000000 | 1000008 |
| Outlook at Windhaven Forefront Living <br>Obligated Group, Revenue, <br>Series 2022 A, 6.50%, 10/01/2033 | 1500000 | 1605661 |
| Sanctuary LTC LLC, Revenue, <br>Series 2021 A-1, 5.00%, 01/01/2032 | 750000 | 764924 |
| Sanctuary LTC LLC, Revenue, <br>Series 2021 A-1, 5.25%, 01/01/2042 | 4000000 | 3855870 |
| SLF CHP LLC, Revenue, <br>Series 2025 A, 5.75%, 07/01/2035 (c) | 2500000 | 2527119 |
| Reagan Hospital District of Reagan County, GO, <br>Series A, 5.00%, 02/01/2029 | 985000 | 985161 |
| Red River Education Finance Corp.,<br>St Edward's University, Inc., Revenue, Refunding, <br>Series 2016, 4.00%, 06/01/2036 | 2325000 | 2201410 |
| St. Edward's University, Inc., Revenue, Refunding, <br>Series 2016, 3.00%, 06/01/2034 | 500000 | 434662 |
| Tarrant County Cultural Education Facilities <br>Finance Corp., Barton Creek Senior Living Center <br>Obligated Group, Revenue, Refunding, <br>Series 2015, 4.63%, 11/15/2030 | 10000 | 10002 |
| Barton Creek Senior Living Center Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 4.75%, 11/15/2035 | 70000 | 70014 |
| Barton Creek Senior Living Center Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 11/15/2035 | 475000 | 475181 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** | **Texas — 4.8% (continued)** |
| Tom Green County Cultural Education Facilities <br>Finance Corp., TLC Academy, Revenue, <br>Series 2013 A, 7.15%, 08/15/2043 | 5640000 | 5640570 |
| Town of Trophy Club, Public Improvement <br>District No. 1, Special Assessment, Refunding, <br>Series 2025, 5.00%, 09/01/2032 | 1000000 | 1074234 |
|  |  | **77036144** |
| **Utah — 1.9%** | **Utah — 1.9%** | **Utah — 1.9%** |
| City of Salt Lake City, Airport, Revenue, AMT, <br>Series 2017 A, 5.00%, 07/01/2036 | 5650000 | 5781034 |
| Airport, Revenue, AMT, <br>Series 2017 A, 5.00%, 07/01/2042 | 7390000 | 7459065 |
| Airport, Revenue, AMT, <br>Series 2018 A, 5.00%, 07/01/2037 | 7500000 | 7751893 |
| Downtown East Streetcar Sewer Public <br>Infrastructure District, GO, Senior Lien, <br>Series 2022 A, 5.75%, 03/01/2042 (c) | 2000000 | 2022886 |
| Downtown Revitalization Public Infrastructure District,<br>Revitalization Sales Tax, Revenue, <br>Series 2025 C, 5.00%, 07/15/2035 (c) | 2075000 | 2091055 |
| Fields Estates Public Infrastructure District,<br>Assessment Area, Special Assessment, <br>Series 2024 A-2, 5.25%, 12/01/2053 (c) | 1500000 | 1472110 |
| Firefly Public Infrastructure District No. 1,<br>Assessment Area 1, Special Assessment, <br>Series 2024 A-2, 5.63%, 12/01/2043 (c) | 1000000 | 1012147 |
| Utah Charter School Finance Authority,<br>Ascent Academies of Utah, Revenue, Refunding, <br>Series 2022, 4.25%, 06/15/2027 (c) | 410000 | 406170 |
| Freedom Academy Foundation, Revenue, Refunding, <br>Series 2017, 4.50%, 06/15/2027 (c) | 1405000 | 1389549 |
| Wallace Stegner Academy, Revenue, <br>Series 2022 A, 5.25%, 06/15/2032 (c) | 310000 | 317618 |
| Wood Ranch Public Infrastructure District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 12/01/2053 (c) | 1300000 | 1314282 |
|  |  | **31017809** |
| **Vermont — 0.0% (e)** | **Vermont — 0.0% (e)** | **Vermont — 0.0% (e)** |
| East Central Vermont Telecommunications <br>District, Revenue, <br>Series 2016 A, 5.00%, 12/01/2035 (c) | 170000 | 169988 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Vermont — 0.0% (e) (continued)** | **Vermont — 0.0% (e) (continued)** | **Vermont — 0.0% (e) (continued)** |
| Revenue, Refunding, <br>Series 2017 A, 5.25%, 12/01/2027 (c) | 80000 | 80046 |
| Revenue, Refunding, <br>Series 2017 A, 5.75%, 12/01/2031 (c) | 210000 | 210191 |
|  |  | **460225** |
| **Virgin Islands — 0.4%** | **Virgin Islands — 0.4%** | **Virgin Islands — 0.4%** |
| Matching Fund Special Purpose Securitization Corp.,<br>United States Virgin Islands Federal Excise Tax, <br>Revenue, Refunding, <br>Series 2022 A, 5.00%, 10/01/2039 | 2500000 | 2558131 |
| Virgin Islands Public Finance Authority,<br>United States Virgin Islands, Revenue, NATL Insured, <br>Series 2006, 4.25%, 10/01/2029 | 30000 | 30086 |
| United States Virgin Islands, Revenue, Refunding, <br>Series 2012 A, 5.00%, 10/01/2032 | 240000 | 240047 |
| United States Virgin Islands, Revenue, Refunding, <br>Series 2014 C, 5.00%, 10/01/2030 (c) | 1400000 | 1400346 |
| United States Virgin Islands Frenchman's Reef <br>Hotel Room Occupancy Tax, Revenue, <br>Series 2024 A, 6.00%, 04/01/2053 (c) | 1000000 | 1026600 |
|  |  | **5255210** |
| **Virginia — 0.4%** | **Virginia — 0.4%** | **Virginia — 0.4%** |
| Norfolk Redevelopment & Housing Authority,<br>Fort Norfolk Retirement Community, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2014, 5.38%, 01/01/2035 | 4945000 | 4948199 |
| Fort Norfolk Retirement Community, Inc. <br>Obligated Group, Revenue, <br>Series A, 5.00%, 01/01/2034 | 910000 | 921436 |
|  |  | **5869635** |
| **Washington — 1.3%** | **Washington — 1.3%** | **Washington — 1.3%** |
| King County Housing Authority, Revenue, <br>Series 2008, 5.50%, 05/01/2038 | 4000000 | 4007168 |
| Port of Seattle Industrial Development Corp.,<br>Delta Air Lines, Inc., Revenue, AMT, Refunding, <br>Series 2012, 5.00%, 04/01/2030 | 10625000 | 10627170 |
| Vancouver Housing Authority, Revenue, <br>Series 2025, 5.00%, 08/01/2035 | 595000 | 634810 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Washington — 1.3% (continued)** | **Washington — 1.3% (continued)** | **Washington — 1.3% (continued)** |
| Washington State Housing Finance Commission,<br>German Retirement Home of the State of Washington <br>Obligated Group, Revenue, <br>Series 2024 B-1, 4.50%, 07/01/2030 (c) | 1000000 | 1000033 |
| Horizon House Obligated Group, Revenue, Refunding, <br>Series 2017, 5.00%, 01/01/2027 (c) | 1560000 | 1564425 |
| Spokane International Academy, Revenue, <br>Series 2021 A, 4.00%, 07/01/2028 (c) | 305000 | 297680 |
| Spokane International Academy, Revenue, <br>Series 2021 A, 4.00%, 07/01/2029 (c) | 320000 | 309603 |
|  |  | **18440889** |
| **West Virginia — 1.1%** | **West Virginia — 1.1%** | **West Virginia — 1.1%** |
| City of Huntington, Downtown <br>Development/Redevelopment District No. 1, <br>Tax Allocation, Refunding, <br>Series 2024 A, 5.50%, 06/01/2049 | 450000 | 449799 |
| Monongalia County Building Commission,<br>Vandalia Health, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 07/01/2028 | 455000 | 455303 |
| West Virginia Economic Development Authority,<br>Commercial Metals Co., Revenue, AMT, <br>Series 2025, 4.63%, 05/15/2032 (a)(b) | 6450000 | 6552968 |
| West Virginia Hospital Finance Authority,<br>Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2026 | 5000 | 5007 |
| Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2035 | 730000 | 737643 |
| Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2036 | 2350000 | 2366984 |
| Cabell Huntington Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2018 A, 5.00%, 01/01/2043 | 6250000 | 5873350 |
| Vandalia Health, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2014 A, 5.00%, 09/01/2027 | 235000 | 235280 |
|  |  | **16676334** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 8.0%** | **Wisconsin — 8.0%** | **Wisconsin — 8.0%** |
| Public Finance Authority, Revenue, <br>Series 2024, 0.00%, 12/15/2030 (c)(i) | 5675000 | 4233130 |
| Revenue, Refunding, <br>Series 2025, 5.00%, 12/15/2036 (c) | 466969 | 457372 |
| Ameream LLC, Revenue, <br>Series 2017, 6.50%, 12/01/2037 (c) | 2500000 | 2000000 |
| Bancroft Neurohealth Obligated Group, Revenue, <br>Series 2016 A, 5.00%, 06/01/2026 (c) | 1005000 | 1006935 |
| Bancroft Neurohealth Obligated Group, Revenue, <br>Series 2016 A, 4.63%, 06/01/2036 (c) | 25000 | 24593 |
| Bancroft Neurohealth Obligated Group, Revenue, <br>Series 2016 A, 5.00%, 06/01/2036 (c) | 1500000 | 1501436 |
| Briarwood Municipal Utility District, Revenue, <br>Series 2025, 0.00%, 12/15/2036 (c)(i) | 9500000 | 4607842 |
| Campus Real Estate Holding Corp. LLC, <br>Revenue, Refunding, <br>Series 2025 A, 5.00%, 06/01/2035 | 1200000 | 1284326 |
| Church Home of Hartford Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 09/01/2030 (c) | 1700000 | 1700883 |
| Cincinnati Classical Academy, Revenue, <br>Series 2024 A, 5.25%, 06/15/2035 (c) | 1075000 | 1075198 |
| Coral Academy of Science Las Vegas, Revenue, <br>Series 2014 A, 5.63%, 07/01/2044 | 1590000 | 1589994 |
| Denton County Municipal Utility District No. 16, Revenue, <br>Series 2024, 5.75%, 12/15/2033 (c) | 5000000 | 4999310 |
| Dominium Holdings I LLC, Revenue, <br>Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 900000 | 927098 |
| Douglas County Sanitary & Improvement <br>District No. 637, Special Assessment, <br>Series 2025 A, 7.00%, 02/20/2030 (c) | 465434 | 464260 |
| Douglas County Sanitary & Improvement <br>District No. 637, Special Assessment, <br>Series 2025 B, 7.00%, 08/13/2030 (c) | 135305 | 134959 |
| Douglas County Sanitary & Improvement <br>District No. 639, Special Assessment, <br>Series 2025 A, 7.00%, 07/09/2030 (c) | 376639 | 375702 |
| Friends Homes Obligated Group, Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2039 (c) | 1230000 | 1247391 |
| Gardner-Webb University, Revenue, <br>Series 2018, 5.00%, 07/01/2027 (c) | 2865000 | 2860246 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** |
| Gardner-Webb University, Revenue, <br>Series 2018, 5.00%, 07/01/2031 (c) | 6810000 | 6757314 |
| Gates at PV Apt I LLC, Revenue, <br>Series 2025, 8.75%, 07/30/2026 (c) | 10000000 | 9859459 |
| Guilford Charter School Corp., Revenue, <br>Series 2022 A, 4.38%, 04/01/2032 (c) | 615000 | 601726 |
| Guilford College, Revenue, Refunding, <br>Series 2016, 5.00%, 01/01/2026 | 685000 | 684628 |
| Guilford College, Revenue, Refunding, <br>Series 2016, 4.25%, 01/01/2028 | 30000 | 29691 |
| Harris County Municipal Utility District No. 544, Revenue, <br>Series 2024, 5.88%, 11/15/2029 (c) | 1000000 | 1001110 |
| Hozho Academy, Revenue, Refunding, <br>Series 2025 A, 6.05%, 05/01/2033 (c) | 1000000 | 1026931 |
| Inperium, Inc. Obligated Group, Revenue, <br>Series 2024, 5.00%, 12/01/2034 (c) | 3500000 | 3669338 |
| Mary's Woods at Marylhurst Obligated Group, <br>Revenue, Refunding, <br>Series 2017 A, 5.00%, 05/15/2029 (c) | 110000 | 111254 |
| Million Air Three Obligated Group, Revenue, AMT, <br>Refunding, <br>Series 2024 A, 5.50%, 09/01/2030 (c) | 2865000 | 2998266 |
| Million Air Three Obligated Group, Revenue, AMT, <br>Refunding, <br>Series 2024 A, 5.75%, 09/01/2035 (c) | 3500000 | 3668890 |
| Montgomery County Municipal Utility <br>District Nos. 123 & 153, Revenue, <br>Series 2024, 0.00%, 12/15/2034 (c)(i) | 1072000 | 623896 |
| QCF Behavioral Hospitals I Obligated Group, Revenue, <br>Series 2024 A, 7.50%, 07/01/2059 (c) | 3000000 | 3379314 |
| Queens University of Charlotte, Revenue, Refunding, <br>Series 2022 A, 5.25%, 03/01/2042 | 1895000 | 1928453 |
| Rochester Hills Brownfield Redevelopment <br>Authority Tax Increment, Tax Allocation, <br>Series 2025, 5.25%, 06/01/2034 (c) | 3800000 | 3903216 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 A, 7.00%, 06/17/2029 (c) | 503303 | 514282 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 C, 7.00%, 08/26/2029 (c) | 878882 | 881773 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 C, 7.00%, 05/19/2030 (c) | 419624 | 418655 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 D, 7.00%, 09/23/2029 (c) | 592372 | 600726 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 E, 7.00%, 11/18/2029 (c) | 908307 | 914267 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 A, 7.00%, 12/16/2029 | 133955 | 135807 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 B, 7.00%, 01/27/2030 | 854262 | 852272 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 D, 7.00%, 06/16/2030 (c) | 353057 | 352204 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 E, 7.00%, 06/30/2030 (c) | 299821 | 299083 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 F, 7.00%, 08/11/2030 (c) | 1105318 | 1102493 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2024 A, 7.00%, 09/17/2029 (c) | 462737 | 463223 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2024 A, 7.00%, 09/16/2030 (c) | 587681 | 586155 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 A, 7.00%, 12/17/2029 | 370449 | 375438 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 B, 7.00%, 02/18/2030 | 391851 | 390868 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 C, 7.00%, 04/15/2030 (c) | 209553 | 209025 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 D, 7.00%, 05/20/2030 (c) | 881831 | 879791 |

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First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 E, 7.00%, 07/15/2030 (c) | 851279 | 849150 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 F, 7.00%, 08/19/2030 (c) | 625960 | 624353 |
| Sarpy County Sanitary & Improvement <br>District No. 379, Special Assessment, <br>Series 2025 A, 7.00%, 01/20/2030 (c) | 512520 | 511356 |
| Sarpy County Sanitary & Improvement <br>District No. 379, Special Assessment, <br>Series 2025 B, 7.00%, 06/05/2030 (c) | 182688 | 182254 |
| Sarpy County Sanitary & Improvement <br>District No. 379, Special Assessment, <br>Series 2025 C, 7.00%, 07/17/2030 (c) | 1101564 | 1098803 |
| Sarpy County Sanitary & Improvement <br>District No. 379, Special Assessment, <br>Series 2025 D, 7.00%, 09/04/2030 (c) | 498867 | 497576 |
| Southeast Overtown Park West Community <br>Redevelopment Agency, Tax Allocation, <br>Series 2024 A, 5.00%, 06/01/2041 (c) | 7500000 | 7622138 |
| TrIPs Obligated Group, Revenue, AMT, Refunding, <br>Series 2012 C, 5.25%, 07/01/2028 | 505000 | 505411 |
| Wittenberg University, Revenue, <br>Series 2016, 5.00%, 12/01/2031 (c) | 7330000 | 6911832 |
| WVC, Revenue, <br>Series 2025 A, 5.25%, 12/01/2035 (c) | 545000 | 553265 |
| Wisconsin Health & Educational Facilities Authority,<br>Benevolent Corp. Cedar Community Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 06/01/2028 | 1205000 | 1223353 |
| Benevolent Corp. Cedar Community Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 06/01/2037 | 3020000 | 3021448 |
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding, <br>Series 2022 A, 5.00%, 04/01/2042 | 1000000 | 943015 |
| Chiara Communities, Inc., Revenue, <br>Series 2018 B, 4.25%, 07/01/2033 | 125000 | 120817 |
| Chiara Communities, Inc., Revenue, <br>Series 2018 B, 4.38%, 07/01/2038 | 1650000 | 1512226 |

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First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 2025

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** | **Wisconsin — 8.0% (continued)** |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 5.00%, 07/01/2035 | 2520000 | 2573178 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 5.63%, 07/01/2045 | 3495000 | 3513304 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 5.88%, 07/01/2055 | 1500000 | 1505518 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 6.00%, 07/01/2060 | 7320000 | 7382097 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2025, 5.63%, 07/01/2035 | 1150000 | 1209599 |
| Sauk-Prairie Memorial Hospital, Inc. Obligated Group, <br>Revenue, Series 2013 A, 5.13%, 02/01/2038 | 65000 | 63579 |
| Wisconsin Masonic Home Obligated Group, Revenue, <br>Series 2024 A, 5.75%, 08/15/2059 | 500000 | 512690 |
|  |  | **122647185** |
| **Total Municipal Bonds <br>(Cost $1,573,335,154)** | **Total Municipal Bonds <br>(Cost $1,573,335,154)** | **1546313666** |
| **Corporate Bonds — 0.8%** | **Corporate Bonds — 0.8%** | **Corporate Bonds — 0.8%** |
| **Paper & Forest Products — 0.8%** | **Paper & Forest Products — 0.8%** | **Paper & Forest Products — 0.8%** |
| Domtar Corp.<br>6.75%, 10/01/2028 (c) (Cost $12,894,799) | 15000000 | 11387698 |
|  | **Shares** |  |
| **Short-Term Investments — 0.0% (e)** | **Short-Term Investments — 0.0% (e)** | **Short-Term Investments — 0.0% (e)** |
| **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** | **Investment Companies — 0.0% (e)** |
| JPMorgan US Government Money Market Fund <br>4.07% (l) (Cost $451,088) | 451088 | 451088 |
| **Total Investments — 100.0% <br>(Cost $1,586,681,041)** | **Total Investments — 100.0% <br>(Cost $1,586,681,041)** | **1558152452** |
| Floating Rate Note Obligations — (1.6%) (m) | Floating Rate Note Obligations — (1.6%) (m) | (25130000) |
| **Other Assets Less Liabilities — 1.6%** | **Other Assets Less Liabilities — 1.6%** | **25730702** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1558753154** |

---

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2025.

(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on October 31, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Short Duration High Yield Municipal Fund \| Schedule of Investments \| October 31, 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 October 31, 2025 amounted to $683,482,508, which represents approximately 43.85% of net assets of the Fund.

(d) Variable rate demand notes "VRDNs" are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end.

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

(f) When-issued security.

(g) All or a portion of the principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB residuals and cash.

(h) 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 October 31, 2025 amounted to $48,852,000, which represents approximately 3.13% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| California Infrastructure & Economic <br>Development Bank | 07/23/25-09/17/25 | $13131649 | $80.00 |
| State of Nevada Department of <br>Business & Industry | 02/21/25-08/26/25 | 44563366 | 80.00 |
|  |  | $**57695015** |  |

---

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

(j) Zero coupon bond until next reset date.

(k) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2025.

(l) Represents 7-day effective yield as of October 31, 2025.

(m) Face value of Floating Rate Notes issued in TOB transactions.

**<u>Abbreviations</u>**

AMT — Alternative Minimum Tax

ETM — Escrowed to Maturity

GO — General Obligation

SOFR — Secured Overnight Financing Rate

As of October 31, 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 | $17842801 |
| Aggregate gross unrealized depreciation | (46733893) |
| Net unrealized depreciation | $(28891092) |
| Federal income tax cost of investments | $1587043544 |

---

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

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Statements of Assets and Liabilities

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| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $35783325118 | $8529192214 |
| Investments in affiliates | 3289480931 | 417366894 |
| Gold bullion | 1871828285 | 272993545 |
| Silver bullion |  |  |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 57330855050 | 13321290298 |
| Investments in affiliates | 3265309064 | 635901785 |
| Gold bullion | 7784964586 | 1410503133 |
| Silver bullion |  |  |
| Cash |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 42964908 | 20476311 |
| Receivable for investment securities sold |  | 16 |
| Foreign tax reclaims receivable | 74990687 | 35452683 |
| Receivable for Fund shares sold | 57902491 | 12649618 |
| Accrued interest and dividends receivable | 84036027 | 31341812 |
| Investment for trustee deferred compensation plan (Note 3) | 11887053 | 2425382 |
| Other assets | 343510 | 79012 |
| **Total Assets** | **68653253376** | **15470120050** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 3) | 43867822 | 9816776 |
| Due to custodian | 2194 | 706 |
| Payable for investment securities purchased | 59257396 | 633123 |
| Distribution fees payable (Note 4) | 4620720 | 396295 |
| Administrative fees payable (Note 3) |  |  |
| Trustee deferred compensation plan (Note 3) | 11887053 | 2425382 |
| Service fees payable (Note 4) | 303695 | 13751 |
| Trustee fees payable | 118951 | 74590 |
| IRS compliance fees for foreign withholding tax claims payable | 21819281 | 37211235 |
| Unrealized depreciation on forward foreign currency exchange contracts | 3730310 | 1775360 |
| Payable for Fund shares redeemed | 31166317 | 16161211 |
| Accrued expenses and other liabilities | 16137427 | 4731698 |
| **Total Liabilities** | **192911166** | **73240127** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**68460342210** | $**15396879923** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $36281066272 | $8887361364 |
| Total distributable earnings (losses) | 32179275938 | 6509518559 |
| **Net Assets** | $**68460342210** | $**15396879923** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $835581158 | $1343087973 |
| Investments in affiliates |  |  |
| Gold bullion | 53299636 | 322686998 |
| Silver bullion |  | 193757029 |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 1359521274 | 3539708052 |
| Investments in affiliates |  |  |
| Gold bullion | 213595819 | 588389355 |
| Silver bullion |  | 355893314 |
| Cash |  | 39001 |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Receivable for investment securities sold |  | 68827632 |
| Foreign tax reclaims receivable | 114278 | 3055270 |
| Receivable for Fund shares sold | 722176 | 12164678 |
| Accrued interest and dividends receivable | 1244888 | 674 |
| Investment for trustee deferred compensation plan (Note 3) | 1641821 | 783114 |
| Other assets | 10306 | 22011 |
| **Total Assets** | **1576850562** | **4568883101** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 3) | 1008930 | 3126446 |
| Due to custodian |  |  |
| Payable for investment securities purchased | 2163328 | 24210 |
| Distribution fees payable (Note 4) | 161766 | 405084 |
| Administrative fees payable (Note 3) |  |  |
| Trustee deferred compensation plan (Note 3) | 1641821 | 783114 |
| Service fees payable (Note 4) | 5669 | 43334 |
| Trustee fees payable | 3080 |  |
| IRS compliance fees for foreign withholding tax claims payable |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |
| Payable for Fund shares redeemed | 461740 | 4674421 |
| Accrued expenses and other liabilities | 422009 | 926274 |
| **Total Liabilities** | **5868343** | **9982883** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**1570982219** | $**4558900218** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $742513654 | $2318684523 |
| Total distributable earnings (losses) | 828468565 | 2240215695 |
| **Net Assets** | $**1570982219** | $**4558900218** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $17334313988 | $1660723095 |
| Shares outstanding | 205972244 | 52663820 |
| Net asset value per share and redemption proceeds per share | $84.16 | $31.53 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $88.59<br><sup>(1)</sup> | $33.19<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $1409120901 | $64442386 |
| Shares outstanding | 17649268 | 2168738 |
| Net asset value per share and redemption proceeds per share | $79.84 | $29.71 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $79.04 | $29.41 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $45927917234 | $12169177120 |
| Shares outstanding | 541474110 | 374667097 |
| Net asset value per share and redemption proceeds per share | $84.82 | $32.48 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $3788990087 | $1502537322 |
| Shares outstanding | 44632244 | 46239749 |
| Net asset value per share and redemption proceeds per share | $84.89 | $32.49 |

---

\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

† First Eagle U.S. Fund was known as First Eagle U.S. Value Fund prior to March 1, 2025.

^ See Note 3 and Note 6 in the Notes to the Consolidated Financial Statements

\*\* A contingent deferred sales charge ("CDSC") of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

<sup>(1)</sup> The maximum sales charge is 5.00% for Class A shares. Classes C, I and R6 have no front-end sales charges.

<sup>(2)</sup> The maximum CDSC is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $675210717 | $1207488032 |
| Shares outstanding | 27898778 | 25421119 |
| Net asset value per share and redemption proceeds per share | $24.20 | $47.50 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $25.47<br><sup>(1)</sup> | $50.00<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $26148842 | $191189348 |
| Shares outstanding | 1159384 | 4494430 |
| Net asset value per share and redemption proceeds per share | $22.55 | $42.54 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $22.32 | $42.11 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $810219762 | $2689483711 |
| Shares outstanding | 32557795 | 54576054 |
| Net asset value per share and redemption proceeds per share | $24.89 | $49.28 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $59402898 | $470739127 |
| Shares outstanding | 2386565 | 9519485 |
| Net asset value per share and redemption proceeds per share | $24.89 | $49.45 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income<br>Builder Fund** | **First Eagle <br>Rising<br>Dividend Fund** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $1606265485 | $298802232 |
| Gold bullion | 55101836 |  |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 1931325807 | 448854869 |
| Gold bullion | 180265628 |  |
| Cash | 12668 |  |
| Due from custodian | 5368073 |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 747322 |  |
| Receivable for investment securities sold |  |  |
| Foreign tax reclaims receivable | 3075634 | 360025 |
| Receivable for Fund shares sold | 3065661 | 78356 |
| Accrued interest and dividends receivable | 6932343 | 614524 |
| Investment for trustee deferred compensation plan (Note 3) | 1187360 | 1939658 |
| Due from adviser (Note 3) |  | 8842 |
| Other assets | 12985 | 4301 |
| **Total Assets** | **2131993481** | **451860575** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 3) | 1350268 | 203930 |
| Option contracts written, at value (premiums received $810,610, $—, $— and <br>$—, respectively) | 976858 |  |
| Payable for investment securities purchased | 8015874 |  |
| Distribution fees payable (Note 4) | 221888 | 65981 |
| Administrative fees payable (Note 3) | 90021 |  |
| Trustee deferred compensation plan (Note 3) | 1187360 | 1939658 |
| Service fees payable (Note 4) | 14764 | 1105 |
| Trustee fees payable | 8536 | 1714 |
| IRS compliance fees for foreign withholding tax claims payable | 322472 |  |
| Payable for dividends to shareholders | 315812 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 73039 |  |
| Payable for Fund shares redeemed | 1770631 | 388686 |
| Accrued expenses and other liabilities | 640850 | 262275 |
| **Total Liabilities** | **14988373** | **2863349** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**2117005108** | $**448997226** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $1624189112 | $260714440 |
| Total distributable earnings (losses) | 492815996 | 188282786 |
| **Net Assets** | $**2117005108** | $**448997226** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Small Cap <br>Opportunity Fund** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $1400641356 | $34631780 |
| Gold bullion |  |  |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 1757382370 | 47673685 |
| Gold bullion |  |  |
| Cash |  |  |
| Due from custodian |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Receivable for investment securities sold | 1630954 | 230862 |
| Foreign tax reclaims receivable |  | 530 |
| Receivable for Fund shares sold | 2840165 | 71025 |
| Accrued interest and dividends receivable | 803537 | 11898 |
| Investment for trustee deferred compensation plan (Note 3) | 4041957 | 237416 |
| Due from adviser (Note 3) | 12673 | 25096 |
| Other assets | 10979 | 1755 |
| **Total Assets** | **1766722635** | **48252267** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 3) | 1263861 | 29969 |
| Option contracts written, at value (premiums received $810,610, $—, $— and <br>$—, respectively) |  |  |
| Payable for investment securities purchased | 4843904 | 179137 |
| Distribution fees payable (Note 4) | 24652 | 546 |
| Administrative fees payable (Note 3) |  |  |
| Trustee deferred compensation plan (Note 3) | 4041957 | 237416 |
| Service fees payable (Note 4) |  |  |
| Trustee fees payable | 5675 |  |
| 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 | 2426974 | 15301 |
| Accrued expenses and other liabilities | 543873 | 133872 |
| **Total Liabilities** | **13150896** | **596241** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**1753571739** | $**47656026** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $1382217239 | $35042809 |
| Total distributable earnings (losses) | 371354500 | 12613217 |
| **Net Assets** | $**1753571739** | $**47656026** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income <br>Builder Fund** | **First Eagle <br>Rising<br>Dividend Fund** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $835605980 | $293050428 |
| Shares outstanding | 54557622 | 9662465 |
| Net asset value per share and redemption proceeds per share | $15.32 | $30.33 |
| Offering price per share (NAV per share plus maximum sales charge)\* | $16.13<br><sup>(1)</sup> | $31.93<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $68478427 | $5119004 |
| Shares outstanding | 4442713 | 305271 |
| Net asset value per share and redemption proceeds per share | $15.41 | $16.77 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $15.26 | $16.60 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $1110349471 | $138173202 |
| Shares outstanding | 72840626 | 4285951 |
| Net asset value per share and redemption proceeds per share | $15.24 | $32.24 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $102571230 | $12654592 |
| Shares outstanding | 6739290 | 392555 |
| Net asset value per share and redemption proceeds per share | $15.22 | $32.24 |

---

^ See Note 3 and Note 6 in the Notes to the Consolidated Financial Statements

\* A contingent deferred sales charge ("CDSC") of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge. With respect to the First Eagle Global Income Builder Fund, a contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

<sup>(1)</sup> The maximum sales charge is 5.00% for Class A shares. Classes C, I and R6 have no front-end sales charges.

<sup>(2)</sup> The maximum CDSC is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Small Cap <br>Opportunity Fund** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $116856106 | $2617586 |
| Shares outstanding | 10155094 | 216186 |
| Net asset value per share and redemption proceeds per share | $11.51 | $12.11 |
| Offering price per share (NAV per share plus maximum sales charge)\* | $12.12<br><sup>(1)</sup> | $12.75<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $— | $— |
| Shares outstanding |  |  |
| Net asset value per share and redemption proceeds per share | $— | $— |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $— | $— |
| **Class I** | **Class I** | **Class I** |
| Net assets | $1505291716 | $44918039 |
| Shares outstanding | 130136285 | 3641195 |
| Net asset value per share and redemption proceeds per share | $11.57 | $12.34 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $131423917 | $120401 |
| Shares outstanding | 11347952 | 10068 |
| Net asset value per share and redemption proceeds per share | $11.58 | $11.96 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>High Yield <br>Municipal Fund** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $14010790 | $9018257955 |
| Gold bullion | 274172 |  |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 16519932 | 8797561534 |
| Gold bullion | 400344 |  |
| Receivable for investment securities sold |  | 50997782 |
| Foreign tax reclaims receivable | 12062 |  |
| Receivable for Fund shares sold | 1754 | 36007012 |
| Accrued interest and dividends receivable | 20943 | 180013921 |
| Investment for trustee deferred compensation plan (Note 3) | 191553 |  |
| Due from adviser (Note 3) | 30804 |  |
| Other assets | 1850 | 34462 |
| **Total Assets** | **17179242** | **9064614711** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 3) | 9217 | 2975224 |
| Due to custodian |  | 14075 |
| Payable for investment securities purchased | 168759 | 111176218 |
| Payable for floating rate note obligations |  | 1065645000 |
| Distribution fees payable (Note 4) | 441 | 509937 |
| Administrative fees payable (Note 3) |  |  |
| Trustee deferred compensation plan (Note 3) | 191553 |  |
| Service fees payable (Note 4) |  | 31392 |
| Trustee fees payable | 22 |  |
| Payable for dividends to shareholders |  | 2421588 |
| Payable for Fund shares redeemed |  | 23610166 |
| Interest expense and fees payable |  | 9296591 |
| Accrued expenses and other liabilities | 206915 | 1155010 |
| **Total Liabilities** | **576907** | **1216835201** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**16602335** | $**7847779510** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $13410787 | $8274417937 |
| Total distributable earnings (losses) | 3191548 | (426638427) |
| **Net Assets** | $**16602335** | $**7847779510** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | |
|:---|:---|
| | **First Eagle <br>Short Duration<br>High Yield <br>Municipal Fund** |
| **Assets** | **Assets** |
| **Investments, at Cost (Note 2)** | **Investments, at Cost (Note 2)** |
| Investments in non-affiliates | $1586681041 |
| Gold bullion |  |
| **Investments, at Value (Note 2)** | **Investments, at Value (Note 2)** |
| Investments in non-affiliates | 1558152452 |
| Gold bullion |  |
| Receivable for investment securities sold | 17508670 |
| Foreign tax reclaims receivable |  |
| Receivable for Fund shares sold | 13256094 |
| Accrued interest and dividends receivable | 29408967 |
| Investment for trustee deferred compensation plan (Note 3) |  |
| Due from adviser (Note 3) | 162945 |
| Other assets | 5493 |
| **Total Assets** | **1618494621** |
| **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 3) | 581026 |
| Due to custodian |  |
| Payable for investment securities purchased | 29842382 |
| Payable for floating rate note obligations | 25130000 |
| Distribution fees payable (Note 4) | 68595 |
| Administrative fees payable (Note 3) | 93606 |
| Trustee deferred compensation plan (Note 3) |  |
| Service fees payable (Note 4) | 237 |
| Trustee fees payable |  |
| Payable for dividends to shareholders | 25738 |
| Payable for Fund shares redeemed | 3689667 |
| Interest expense and fees payable | 65182 |
| Accrued expenses and other liabilities | 245034 |
| **Total Liabilities** | **59741467** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** |
| **Net Assets** | $**1558753154** |
| **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $1586509068 |
| Total distributable earnings (losses) | (27755914) |
| **Net Assets** | $**1558753154** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Assets and Liabilities (continued)

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>High Yield <br>Municipal Fund** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $2049305 | $1976452927 |
| Shares outstanding | 162167 | 241488049 |
| Net asset value per share and redemption proceeds per share | $12.64 | $8.18 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $13.31<br><sup>(1)</sup> | $8.39<br><sup>(2)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $— | $149925850 |
| Shares outstanding |  | 18331461 |
| Net asset value per share and redemption proceeds per share | $— | $8.18 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(3)</sup> | $— | $8.10 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $13147649 | $5711599636 |
| Shares outstanding | 1046074 | 698428047 |
| Net asset value per share and redemption proceeds per share | $12.57 | $8.18 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $1405381 | $9801097 |
| Shares outstanding | 111986 | 1199541 |
| Net asset value per share and redemption proceeds per share | $12.55 | $8.17 |

---

\* First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Real Asset Cayman Fund, Ltd.

\*\* A contingent deferred sales charge ("CDSC") of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge. With respect to the First Eagle High Yield Municipal Fund and the First Eagle Short Duration High Yield Municipal Fund, a contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

^ See Note 3 and Note 6 in the Notes to the Consolidated Financial Statements

<sup>(1)</sup> The maximum sales charge is 5.00% for Class A shares. Classes C, I and R6 have no front-end sales charges.

<sup>(2)</sup> The maximum sales charge is 2.50% for Class A shares. Classes C, I and R6 have no front-end sales charges.

<sup>(3)</sup> The maximum CDSC is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | |
|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield <br>Municipal Fund** |
| **Class A** | **Class A** |
| Net assets | $342488583 |
| Shares outstanding | 34291448 |
| Net asset value per share and redemption proceeds per share | $9.99 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $10.25<br><sup>(2)</sup> |
| **Class C** | **Class C** |
| Net assets | $1431483 |
| Shares outstanding | 143348 |
| Net asset value per share and redemption proceeds per share | $9.99 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(3)</sup> | $9.89 |
| **Class I** | **Class I** |
| Net assets | $1213742242 |
| Shares outstanding | 121666568 |
| Net asset value per share and redemption proceeds per share | $9.98 |
| **Class R6** | **Class R6** |
| Net assets | $1090846 |
| Shares outstanding | 109221 |
| Net asset value per share and redemption proceeds per share | $9.99 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $—, $—, $— and $— foreign taxes withheld) | $148568058 | $13576342 |
| Dividends from: | Dividends from: | Dividends from: |
| Non-affiliates (net of $78,021,957, $35,094,658, $130,046 and $3,506,002 <br>foreign taxes withheld) | 1115683155 | 332690149 |
| Affiliated issuers (net of $953,131, $2,632,700, $— and $886,860 <br>foreign taxes withheld) | 78299942 | 32920871 |
| **Total Income** | **1342551155** | **379187362** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 3) | 449722824 | 99149445 |
| Distributions fees (Note 4) | Distributions fees (Note 4) | Distributions fees (Note 4) |
| Class A | 39084555 | 3710658 |
| Class C | 10231379 | 435172 |
| Shareholder servicing agent fees | 45845717 | 11364825 |
| Service fees (Note 4) | Service fees (Note 4) | Service fees (Note 4) |
| Class C | 3410460 | 145057 |
| Administrative fees (Note 3) | 5145893 | 1133982 |
| Professional fees | 911516 | 736568 |
| Custodian and accounting fees | 6559596 | 2027480 |
| Shareholder reporting fees | 1558836 | 430521 |
| Trustees' fees | 1865277 | 430656 |
| Registration and filing fees | 769376 | 138420 |
| Other expenses | 903784 | 214885 |
| **Total Expenses** | **566009213** | **119917669** |
| Expense reductions due to earnings credits (Note 2) | (1730228) | (231890) |
| **Net Expenses** | **564278985** | **119685779** |
| **Net Investment Income (Note 2)** | **778272170** | **259501583** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 3824209328 | 493259907 |
| Transactions from investments in affiliates | 112508576 | 12220521 |
| Commodity related transactions | 891937144 | 249590434 |
| Settlement of foreign currency and foreign currency transactions | (4180506) | (1386101) |
| Settlement of forward foreign currency exchange contracts | 1397124 | 6014550 |
|  | **4825871666** | **759699311** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $—, $—, $— and $— foreign taxes withheld) | $7315556 | $5159418 |
| Dividends from: | Dividends from: | Dividends from: |
| Non-affiliates (net of $78,021,957, $35,094,658, $130,046 and $3,506,002 <br>foreign taxes withheld) | 22241282 | 31606031 |
| Affiliated issuers (net of $953,131, $2,632,700, $— and $886,860 <br>foreign taxes withheld) |  | 5025542 |
| **Total Income** | **29556838** | **41790991** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 3) | 10839951 | 25936888 |
| Distributions fees (Note 4) | Distributions fees (Note 4) | Distributions fees (Note 4) |
| Class A | 1592818 | 2251615 |
| Class C | 201024 | 1115995 |
| Shareholder servicing agent fees | 996250 | 2960874 |
| Service fees (Note 4) | Service fees (Note 4) | Service fees (Note 4) |
| Class C | 67008 | 371999 |
| Administrative fees (Note 3) | 308622 | 427000 |
| Professional fees | 245646 | 230063 |
| Custodian and accounting fees | 243498 | 1021709 |
| Shareholder reporting fees | 64437 | 117583 |
| Trustees' fees | 58165 | 102993 |
| Registration and filing fees | 59228 | 127693 |
| Other expenses | 30399 | 53851 |
| **Total Expenses** | **14707046** | **34718263** |
| Expense reductions due to earnings credits (Note 2) | (117151) | (153872) |
| **Net Expenses** | **14589895** | **34564391** |
| **Net Investment Income (Note 2)** | **14966943** | **7226600** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 113655520 | 120932952 |
| Transactions from investments in affiliates |  | 87190118 |
| Commodity related transactions | 19259959 | 15866658 |
| Settlement of foreign currency and foreign currency transactions | (2095) | (148011) |
| Settlement of forward foreign currency exchange contracts |  |  |
|  | **132913384** | **223841717** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of increase <br>in deferred capital gain country tax accruals of $1,803,676, $487,011, $— and $—) | $6422516789 | $2099984094 |
| Investment in affiliates | (60294325) | 62681727 |
| Foreign currency and foreign currency translations | 4358630 | 1777336 |
| Forward foreign currency exchange contracts | (12428943) | (7923640) |
|  | **6354152151** | **2156519517** |
| Net realized and unrealized gains on investments, commodity, <br>foreign currency and forward contract related transactions | 11180023817 | 2916218828 |
| **Net Increase in Net Assets Resulting from Operations** | $**11958295987** | $**3175720411** |

---

\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

† First Eagle U.S. Fund was known as First Eagle U.S. Value Fund prior to March 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of increase <br>in deferred capital gain country tax accruals of $1,803,676, $487,011, $— and $—) | $49894722 | $1437228904 |
| Investment in affiliates |  | 152001674 |
| Foreign currency and foreign currency translations | (49) | (30326) |
| Forward foreign currency exchange contracts |  |  |
|  | **49894673** | **1589200252** |
| Net realized and unrealized gains on investments, commodity, <br>foreign currency and forward contract related transactions | 182808057 | 1813041969 |
| **Net Increase in Net Assets Resulting from Operations** | $**197775000** | $**1820268569** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income <br>Builder Fund** | **First Eagle <br>Rising <br>Dividend Fund** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $—, $—, $— and $— foreign taxes withheld) | $23684473 | $229459 |
| Dividends from: | Dividends from: | Dividends from: |
| Non-affiliates (net of $3,266,099, $284,120, $— and $— foreign taxes withheld) | 46599146 | 9564786 |
| **Total Income** | **70283619** | **9794245** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 3) | 14063971 | 2113051 |
| Distributions fees (Note 4) | Distributions fees (Note 4) | Distributions fees (Note 4) |
| Class A | 1838358 | 690541 |
| Class C | 520594 | 38951 |
| Shareholder servicing agent fees | 1177476 | 412003 |
| Service fees (Note 4) | Service fees (Note 4) | Service fees (Note 4) |
| Class C | 173531 | 12984 |
| Administrative fees (Note 3) | 937625 | 211979 |
| Professional fees |  | 54228 |
| Custodian and accounting fees | 355485 | 143476 |
| Shareholder reporting fees | 57930 | 27759 |
| Trustees' fees | 88274 | 15246 |
| Recoupment expense |  |  |
| Registration and filing fees | 39699 | 81075 |
| Other expenses | 26416 | 14823 |
| **Total Expenses** | **19279359** | **3816116** |
| Expense waiver (Note 3) |  | (232729) |
| Expense reductions due to earnings credits (Note 2) | (82322) | (94262) |
| **Net Expenses** | **19197037** | **3489125** |
| **Net Investment Income (Note 2)** | **51086582** | **6305120**  |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 29398436 | 34631976 |
| Transactions from investments in affiliates |  |  |
| Commodity related transactions | 8505549 |  |
| Settlement of foreign currency and foreign currency transactions | (490513) | (32413) |
| Settlement of forward foreign currency exchange contracts | (69283) |  |
| Expiration or closing of option contracts written | 2041691 |  |
|  | **39385880** | **34599563** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Small Cap <br>Opportunity Fund** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $—, $—, $— and $— foreign taxes withheld) | $— | $— |
| Dividends from: | Dividends from: | Dividends from: |
| Non-affiliates (net of $3,266,099, $284,120, $— and $— foreign taxes withheld) | 23398019 | 736028 |
| **Total Income** | **23398019** | **736028** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 3) | 14650185 | 386146 |
| Distributions fees (Note 4) | Distributions fees (Note 4) | Distributions fees (Note 4) |
| Class A | 262325 | 5067 |
| Class C |  |  |
| Shareholder servicing agent fees | 1888540 | 28147 |
| Service fees (Note 4) | Service fees (Note 4) | Service fees (Note 4) |
| Class C |  |  |
| Administrative fees (Note 3) | 463053 | 178620 |
| Professional fees | 168061 | 138132 |
| Custodian and accounting fees | 235494 | 92638 |
| Shareholder reporting fees | 132955 | 16642 |
| Trustees' fees | 64579 | 3253 |
| Recoupment expense | 6264 |  |
| Registration and filing fees |  | 51380 |
| Other expenses | 4138 | 7215 |
| **Total Expenses** | **17875594** | **907240** |
| Expense waiver (Note 3) | (426033) | (409067) |
| Expense reductions due to earnings credits (Note 2) | (42912) | (3781) |
| **Net Expenses** | **17406649** | **494392** |
| **Net Investment Income (Note 2)** | **5991370** | **241636** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 92170680 | 40909 |
| Transactions from investments in affiliates | (378769) |  |
| Commodity related transactions |  |  |
| Settlement of foreign currency and foreign currency transactions |  |  |
| Settlement of forward foreign currency exchange contracts |  |  |
| Expiration or closing of option contracts written |  |  |
|  | **91791911** | **40909** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Income <br>Builder Fund** | **First Eagle <br>Rising <br>Dividend Fund** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of increase <br>in deferred capital gain country tax accruals of $51,843, $—, $— and $—) | $183773454 | $22319682 |
| Investment in affiliates |  |  |
| Foreign currency and foreign currency translations | 290811 | 21337 |
| Forward foreign currency exchange contracts | (342016) |  |
| Option contracts written | 3182347 |  |
|  | **186904596** | **22341019** |
| Net realized and unrealized gains on investments, commodity, foreign <br>currency, forward contract and option contracts written related transactions | 226290476 | 56940582 |
| **Net Increase in Net Assets Resulting from Operations** | $**277377058** | $**63245702** |

---

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Small Cap <br>Opportunity Fund** | **First Eagle <br>U.S. Smid Cap <br>Opportunity Fund** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions (net of increase <br>in deferred capital gain country tax accruals of $51,843, $—, $— and $—) | $94928608 | $3186494 |
| Investment in affiliates | 1894075 |  |
| Foreign currency and foreign currency translations |  |  |
| Forward foreign currency exchange contracts |  |  |
| Option contracts written |  |  |
|  | **96822683** | **3186494** |
| Net realized and unrealized gains on investments, commodity, foreign <br>currency, forward contract and option contracts written related transactions | 188614594 | 3227403 |
| **Net Increase in Net Assets Resulting from Operations** | $**194605964** | $**3469039** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>High Yield <br>Municipal Fund** |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Interest (net of $—, $— and $— foreign taxes withheld) | $— | $412356766 |
| Dividends from: | Dividends from: | Dividends from: |
| Non-affiliates (net of $29,374, $— and $— foreign taxes withheld) | 430106 | 730191 |
| **Total Income** | **430106** | **413086957** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 3) | 96486 | 28068019 |
| Distributions fees (Note 4) | Distributions fees (Note 4) | Distributions fees (Note 4) |
| Class A | 4757 | 3930229 |
| Class C |  | 883304 |
| Shareholder servicing agent fees | 5849 | 5486941 |
| Service fees (Note 4) | Service fees (Note 4) | Service fees (Note 4) |
| Class C |  | 294435 |
| Administrative fees (Note 3) | 211130 | 877014 |
| Professional fees | 176333 | 696159 |
| Custodian and accounting fees | 125901 | 640637 |
| Shareholder reporting fees | 12458 | 151295 |
| Trustees' fees | 14466 | 154826 |
| Interest expense |  | 20137011 |
| Recoupment expense |  | 338274 |
| Registration and filing fees | 47010 | 663879 |
| Other expenses | 8113 | 58947 |
| **Total Expenses** | **702503** | **62380970** |
| Expense waiver (Note 3) | (568216) |  |
| Expense reductions due to earnings credits (Note 2) | (3229) | (65318) |
| **Net Expenses** | **131058** | **62315652** |
| **Net Investment Income (Note 2)** | **299048** | **350771305** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 342265 | (80847732) |
| Commodity related transactions | 164446 |  |
| Settlement of foreign currency and foreign currency transactions | 835 |  |
|  | **507546** | **(80847732)** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | |
|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield <br>Municipal Fund** |
| **Investment Income** | **Investment Income** |
| Interest (net of $—, $— and $— foreign taxes withheld) | $47936119 |
| Dividends from: | Dividends from: |
| Non-affiliates (net of $29,374, $— and $— foreign taxes withheld) | 258888 |
| **Total Income** | **48195007** |
| **Expenses** | **Expenses** |
| Investment advisory fees (Note 3) | 3769180 |
| Distributions fees (Note 4) | Distributions fees (Note 4) |
| Class A | 429499 |
| Class C | 1486 |
| Shareholder servicing agent fees | 556798 |
| Service fees (Note 4) | Service fees (Note 4) |
| Class C | 495 |
| Administrative fees (Note 3) | 276934 |
| Professional fees | 205217 |
| Custodian and accounting fees | 159459 |
| Shareholder reporting fees | 30963 |
| Trustees' fees | 15476 |
| Interest expense | 38609 |
| Recoupment expense |  |
| Registration and filing fees | 261701 |
| Other expenses | 13121 |
| **Total Expenses** | **5758938** |
| Expense waiver (Note 3) | (229510) |
| Expense reductions due to earnings credits (Note 2) | (5003) |
| **Net Expenses** | **5524425** |
| **Net Investment Income (Note 2)** | **42670582** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 2)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | (674062) |
| Commodity related transactions |  |
| Settlement of foreign currency and foreign currency transactions |  |
|  | **(674062)** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Operations (continued)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Real <br>Assets Fund\*** | **First Eagle <br>High Yield <br>Municipal Fund** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions <br>(net of increase in deferred capital gain country tax accruals of $—, $— and $—) | $1232417 | $(272251700) |
| Foreign currency and foreign currency translations | 358 |  |
|  | **1232775** | **(272251700)** |
| Net realized and unrealized gains (losses) on investments, commodity and <br>foreign currency related transactions | 1740321 | (353099432) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**2039369** | **2328127)** |

---

\* First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Real Asset Cayman Fund, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

October 31, 2025

---

| | |
|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield <br>Municipal Fund** |
| **Changes in unrealized appreciation (depreciation) on:** | **Changes in unrealized appreciation (depreciation) on:** |
| Investment in non-affiliates and commodity related transactions <br>(net of increase in deferred capital gain country tax accruals of $—, $— and $—) | $(28516152) |
| Foreign currency and foreign currency translations |  |
|  | **(28516152)** |
| Net realized and unrealized gains (losses) on investments, commodity and <br>foreign currency related transactions | (29190214) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**13480368** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** | **First Eagle <br>Overseas Fund\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $778272170 | $772397856 | $259501583 | $233616650 |
| Net realized gain on investments, commodity, foreign currency and <br>forward contract related transactions | 4825871666 | 2076543048 | 759699311 | 625103535 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | 6354152151 | 9240921699 | 2156519517 | 1552382477 |
| **Net increase in net assets resulting from operations** | **11958295987** | **12089862603** | **3175720411** | **2411102662** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (752479645) | (476472548) | (106385762) | (31790527) |
| Class C | (63056039) | (43860612) | (4079377) | (1164501) |
| Class I | (1927947611) | (1170598120) | (716917557) | (235095957) |
| Class R3 |  | (467965) |  | (8462) |
| Class R4 |  | (65416) |  | (114289) |
| Class R5 |  | (7978) |  | (1027) |
| Class R6 | (141419924) | (84348553) | (93644660) | (34779408) |
| **Decrease in net assets resulting from distributions** | **(2884903219)** | **(1775821192)** | **(921027356)** | **(302954171)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 1218928163 | 902898419 | 146335944 | 103751530 |
| Net asset value of shares issued for reinvested dividends and distributions | 663125471 | 417748177 | 97309028 | 29118152 |
| Cost of shares redeemed | (1984021512) | (1990276449) | (279151458) | (281759302) |
| **Increase (decrease) in net assets from Fund share transactions** | **(101967878)** | **(669629853)** | **(35506486)** | **(148889620)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 238342133 | 168806447 | 16234061 | 5485918 |
| Net asset value of shares issued for reinvested dividends and distributions | 59401014 | 41505889 | 3797915 | 1096427 |
| Cost of shares redeemed | (518534282) | (554768126) | (24730489) | (32627078) |
| **Decrease in net assets from Fund share transactions** | **(220791135)** | **(344455790)** | **(4698513)** | **(26044733)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 7025246291 | 4853052805 | 2480108140 | 1399043949 |
| Net asset value of shares issued for reinvested dividends and distributions | 1687284431 | 1018464881 | 640979324 | 210292492 |
| Cost of shares redeemed | (5954728068) | (5425587580) | (2357231637) | (2733965845) |
| **Increase (decrease) in net assets from Fund share transactions** | **2757802654** | **445930106** | **763855827** | **(1124629404)** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Net proceeds from shares sold |  | 800063 |  | 16549 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 467965 |  | 8462 |
| Cost of shares redeemed |  | (14441910) |  | (449739) |
| **Decrease in net assets from Fund share transactions** | **—** | **(13173882)** | **—** | **(424728)** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** | **First Eagle <br>Gold Fund\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $14966943 | $14641335 | $7226600 | $9712434 |
| Net realized gain on investments, commodity, foreign currency and <br>forward contract related transactions | 132913384 | 76106560 | 223841717 | 233203825 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | 49894673 | 243691072 | 1589200252 | 541892310 |
| **Net increase in net assets resulting from operations** | **197775000** | **334438967** | **1820268569** | **784808569** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (38750193) | (35915770) | (32088609) | (5154188) |
| Class C | (1653042) | (1826542) | (5385945) | (253973) |
| Class I | (43178411) | (37008037) | (76199777) | (15422133) |
| Class R3 |  | (4458) |  | (3861) |
| Class R4 |  | (2849) |  | (14386) |
| Class R5 |  | (5869) |  | (5118) |
| Class R6 | (2634465) | (2193025) | (10342993) | (1860249) |
| **Decrease in net assets resulting from distributions** | **(86216111)** | **(76956550)** | **(124017324)** | **(22713908)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 37388134 | 27323134 | 257421482 | 122745062 |
| Net asset value of shares issued for reinvested dividends and distributions | 34390390 | 31617086 | 30683850 | 4911757 |
| Cost of shares redeemed | (81541398) | (74766587) | (260472927) | (130806208) |
| **Increase (decrease) in net assets from Fund share transactions** | **(9762874)** | **(15826367)** | **27632405** | **(3149389)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 4651455 | 3487062 | 28211406 | 14376527 |
| Net asset value of shares issued for reinvested dividends and distributions | 1497082 | 1664563 | 5139993 | 241570 |
| Cost of shares redeemed | (10861591) | (11000964) | (42399875) | (28797729) |
| **Decrease in net assets from Fund share transactions** | **(4713054)** | **(5849339)** | **(9048476)** | **(14179632)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 137624577 | 98186740 | 608405653 | 338846341 |
| Net asset value of shares issued for reinvested dividends and distributions | 29875781 | 25055673 | 69744097 | 13851484 |
| Cost of shares redeemed | (104619169) | (102024784) | (749762164) | (443077982) |
| **Increase (decrease) in net assets from Fund share transactions** | **62881189** | **21217629** | **(71612414)** | **(90380157)** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Net proceeds from shares sold |  | 200 |  | 45937 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 4458 |  | 3861 |
| Cost of shares redeemed |  | (79036) |  | (1247931) |
| **Decrease in net assets from Fund share transactions** | **—** | **(74378)** | **—** | **(1198133)** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** | **First Eagle <br>Overseas Fund\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Net proceeds from shares sold |  | 77216 |  | 164674 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 65416 |  | 114289 |
| Cost of shares redeemed |  | (2018348) |  | (5639834) |
| **Decrease in net assets from Fund share transactions** | **—** | **(1875716)** | **—** | **(5360871)** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Net proceeds from shares sold |  | 6261 |  | 4136 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 4799 |  | 1027 |
| Cost of shares redeemed |  | (231679) |  | (47190) |
| **Decrease in net assets from Fund share transactions** | **—** | **(220619)** | **—** | **(42027)** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 1162504347 | 628328209 | 238222311 | 151540868 |
| Net asset value of shares issued for reinvested dividends and distributions | 125053004 | 74502423 | 92596760 | 34097431 |
| Cost of shares redeemed | (671771841) | (579349948) | (280763935) | (472380559) |
| **Increase (decrease) in net assets from Fund share transactions** | **615785510** | **123480684** | **50055136** | **(286742260)** |
| **Increase (decrease) in net assets from Fund share transactions** | **3050829151** | **(459945070)** | **773705964** | **(1592133643)** |
| **Net increase in net assets** | **12124221919** | **9854096341** | **3028399019** | **516014848** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period | 56336120291 | 46482023950 | 12368480904 | 11852466056 |
| **End of period** | $**68460342210** | $**56336120291** | $**15396879923** | $**12368480904** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 206799517 | 216362656 | 53773662 | 59656595 |
| Shares sold | 16425594 | 13505416 | 5329100 | 4116476 |
| Shares issued on reinvestment of distributions | 9478644 | 6858457 | 3904857 | 1243303 |
| Shares redeemed | (26731511) | (29927012) | (10343799) | (11242712) |
| **Shares outstanding, end of period** | **205972244** | **206799517** | **52663820** | **53773662** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 20772700 | 26084098 | 2357034 | 3444418 |
| Shares sold | 3346445 | 2647035 | 611090 | 233000 |
| Shares issued on reinvestment of distributions | 888971 | 712058 | 160656 | 49211 |
| Shares redeemed | (7358848) | (8670491) | (960042) | (1369595) |
| **Shares outstanding, end of period** | **17649268** | **20772700** | **2168738** | **2357034** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 503356923 | 495595080 | 346399690 | 389313607 |
| Shares sold | 94097578 | 72240354 | 88241139 | 54468069 |
| Shares issued on reinvestment of distributions | 23980734 | 16630713 | 25028478 | 8754891 |
| Shares redeemed | (79961125) | (81109224) | (85002210) | (106136877) |
| **Shares outstanding, end of period** | **541474110** | **503356923** | **374667097** | **346399690** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** | **First Eagle <br>Gold Fund\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Net proceeds from shares sold |  | 1297 |  | 77494 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 2849 |  | 14386 |
| Cost of shares redeemed |  | (49419) |  | (1551853) |
| **Decrease in net assets from Fund share transactions** | **—** | **(45273)** | **—** | **(1459973)** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Net proceeds from shares sold |  | 6722 |  | 45674 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 868 |  | 4271 |
| Cost of shares redeemed |  | (96780) |  | (479637) |
| **Decrease in net assets from Fund share transactions** | **—** | **(89190)** | **—** | **(429692)** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 19662801 | 8513801 | 184775574 | 69141467 |
| Net asset value of shares issued for reinvested dividends and distributions | 2622111 | 2189335 | 9759911 | 1748970 |
| Cost of shares redeemed | (9041011) | (8878747) | (110503916) | (48120317) |
| **Increase (decrease) in net assets from Fund share transactions** | **13243901** | **1824389** | **84031569** | **22770120** |
| **Increase (decrease) in net assets from Fund share transactions** | **61649162** | **1157471** | **31003084** | **(88026856)** |
| **Net increase in net assets** | **173208051** | **258639888** | **1727254329** | **674067805** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period | 1397774168 | 1139134280 | 2831645889 | 2157578084 |
| **End of period** | $**1570982219** | $**1397774168** | $**4558900218** | $**2831645889** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 28292500 | 28915983 | 24372239 | 24654077 |
| Shares sold | 1694694 | 1356290 | 7094205 | 4691119 |
| Shares issued on reinvestment of distributions | 1597324 | 1727710 | 1125600 | 206811 |
| Shares redeemed | (3685740) | (3707483) | (7170925) | (5179768) |
| **Shares outstanding, end of period** | **27898778** | **28292500** | **25421119** | **24372239** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 1384879 | 1679875 | 4743206 | 5376559 |
| Shares sold | 225370 | 184827 | 862420 | 604989 |
| Shares issued on reinvestment of distributions | 74113 | 96609 | 209113 | 11220 |
| Shares redeemed | (524978) | (576432) | (1320309) | (1249562) |
| **Shares outstanding, end of period** | **1159384** | **1384879** | **4494430** | **4743206** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 29707684 | 28483950 | 54858882 | 58456099 |
| Shares sold | 6095947 | 4787322 | 16766927 | 13006767 |
| Shares issued on reinvestment of distributions | 1352458 | 1337016 | 2471442 | 564445 |
| Shares redeemed | (4598294) | (4900604) | (19521197) | (17168429) |
| **Shares outstanding, end of period** | **32557795** | **29707684** | **54576054** | **54858882** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** | **First Eagle <br>Overseas Fund\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 205968 |  | 17092 |
| Shares sold |  | 12834 |  | 679 |
| Shares issued on reinvestment of distributions |  | 7705 |  | 354 |
| Shares redeemed |  | (226507) |  | (18125) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 29134 |  | 216836 |
| Shares sold |  | 1226 |  | 6744 |
| Shares issued on reinvestment of distributions |  | 1068 |  | 4767 |
| Shares redeemed |  | (31428) |  | (228347) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 3470 |  | 1689 |
| Shares sold |  | 102 |  | 169 |
| Shares issued on reinvestment of distributions |  | 80 |  | 43 |
| Shares redeemed |  | (3652) |  | (1901) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 36151867 | 34101190 | 44141524 | 55025651 |
| Shares sold | 15642266 | 9402409 | 8549275 | 5881268 |
| Shares issued on reinvestment of distributions | 1777078 | 1216565 | 3617061 | 1420135 |
| Shares redeemed | (8938967) | (8568297) | (10068111) | (18185530) |
| **Shares outstanding, end of period** | **44632244** | **36151867** | **46239749** | **44141524** |

---

\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

† First Eagle U.S. Fund was known as First Eagle U.S. Value Fund prior to March 1, 2025.

^ On February 29, 2024, Class R3, Class R4 and Class R5 shares converted into Class R6 shares. As a result, Class R3, Class R4 and Class R5 shares were terminated.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** | **First Eagle <br>Gold Fund\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 3737 |  | 55925 |
| Shares sold |  | 10 |  | 1927 |
| Shares issued on reinvestment of distributions |  | 238 |  | 158 |
| Shares redeemed |  | (3985) |  | (58010) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 2281 |  | 68292 |
| Shares sold |  | 67 |  | 3345 |
| Shares issued on reinvestment of distributions |  | 152 |  | 586 |
| Shares redeemed |  | (2500) |  | (72223) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 4552 |  | 20143 |
| Shares sold |  | 356 |  | 1934 |
| Shares issued on reinvestment of distributions |  | 46 |  | 174 |
| Shares redeemed |  | (4954) |  | (22251) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 1798949 | 1705115 | 7160987 | 6353503 |
| Shares sold | 865389 | 403727 | 4872223 | 2561618 |
| Shares issued on reinvestment of distributions | 118755 | 116826 | 344873 | 71096 |
| Shares redeemed | (396528) | (426719) | (2858598) | (1825230) |
| **Shares outstanding, end of period** | **2386565** | **1798949** | **9519485** | **7160987** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Rising Dividend Fund** | **First Eagle <br>Rising Dividend Fund** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $51086582 | $46810714 | $6305120 | $6278318 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions and option contracts written | 39385880 | 25693905 | 34599563 | 15300823 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations <br>and option contracts written | 186904596 | 223130344 | 22341019 | 91686192 |
| **Net increase in net assets resulting from operations** | **277377058** | **295634963** | **63245702** | **113265333** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (28226775) | (16847331) | (13009821) | (21201944) |
| Class C | (2231013) | (1412038) | (412150) | (1012252) |
| Class I | (40341634) | (25608733) | (6057335) | (8088133) |
| Class R3 |  | (105) |  | (4079) |
| Class R4 |  | (380) |  | (2834) |
| Class R5 |  | (23) |  | (837) |
| Class R6 | (3506962) | (1992069) | (540636) | (555937) |
| **Decrease in net assets resulting from distributions** | **(74306384)** | **(45860679)** | **(20019942)** | **(30866016)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 182832707 | 95460012 | 9027763 | 15002736 |
| Net asset value of shares issued for reinvested dividends and distributions | 26063395 | 15529327 | 12432247 | 20071573 |
| Cost of shares redeemed | (132364670) | (149430352) | (42108697) | (48637648) |
| **Increase (decrease) in net assets from Fund share transactions** | **76531432** | **(38441013)** | **(20648687)** | **(13563339)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 12058967 | 7773276 | 738835 | 860400 |
| Net asset value of shares issued for reinvested dividends and distributions | 2153487 | 1359002 | 410833 | 1006066 |
| Cost of shares redeemed | (26757339) | (29137271) | (1813473) | (5413836) |
| **Decrease in net assets from Fund share transactions** | **(12544885)** | **(20004993)** | **(663805)** | **(3547370)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 220480338 | 114972376 | 9526098 | 26590666 |
| Net asset value of shares issued for reinvested dividends and distributions | 36258920 | 23060802 | 3891406 | 4708771 |
| Cost of shares redeemed | (182534972) | (215857981) | (22385803) | (17753843) |
| **Increase (decrease) in net assets from Fund share transactions** | **74204286** | **(77824803)** | **(8968299)** | **13545594** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Net proceeds from shares sold |  |  |  | 13 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 37 |  | 4079 |
| Cost of shares redeemed |  | (63414) |  | (63761) |
| **Decrease in net assets from Fund share transactions** | **—** | **(63377)** | **—** | **(59669)** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>U.S. Smid Cap Opportunity Fund** | **First Eagle <br>U.S. Smid Cap Opportunity Fund** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $5991370 | $7165789 | $241636 | $121730 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions and option contracts written | 91791911 | 5384792 | 40909 | (430268) |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations <br>and option contracts written | 96822683 | 362972830 | 3186494 | 10690345 |
| **Net increase in net assets resulting from operations** | **194605964** | **375523411** | **3469039** | **10381807** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (1367562) | (331193) | (2600) | (1661) |
| Class C |  |  |  |  |
| Class I | (25654317) | (8732209) | (276802) | (117436) |
| Class R3 |  |  |  |  |
| Class R4 |  |  |  |  |
| Class R5 |  |  |  |  |
| Class R6 | (1705941) | (479410) | (451) | (1676) |
| **Decrease in net assets resulting from distributions** | **(28727820)** | **(9542812)** | **(279853)** | **(120773)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 18908766 | 38906104 | 2527242 | 1152604 |
| Net asset value of shares issued for reinvested dividends and distributions | 1322858 | 321596 | 2600 | 1661 |
| Cost of shares redeemed | (17281167) | (15951866) | (1279613) | (33000) |
| **Increase (decrease) in net assets from Fund share transactions** | **2950457** | **23275834** | **1250229** | **1121265** |
| **Class C** | **Class C** | **Class C** | **Class C** | **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** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 444307780 | 812758873 | 14854998 | 11983423 |
| Net asset value of shares issued for reinvested dividends and distributions | 24725044 | 8438320 | 90371 | 12922 |
| Cost of shares redeemed | (762587947) | (677149839) | (21672646) | (1246787) |
| **Increase (decrease) in net assets from Fund share transactions** | **(293555123)** | **144047354** | **(6727277)** | **10749558** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| 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 Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Rising Dividend Fund** | **First Eagle <br>Rising Dividend Fund** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Net proceeds from shares sold |  | 2063 |  | 1228 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 300 |  | 2834 |
| Cost of shares redeemed |  | (64263) |  | (45125) |
| **Decrease in net assets from Fund share transactions** | **—** | **(61900)** | **—** | **(41063)** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Net proceeds from shares sold |  |  |  | 2 |
| Net asset value of shares issued for reinvested dividends and distributions |  | 7 |  | 837 |
| Cost of shares redeemed |  | (12281) |  | (13180) |
| **Decrease in net assets from Fund share transactions** | **—** | **(12274)** | **—** | **(12341)** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 29829327 | 21352716 | 5902428 | 2216374 |
| Net asset value of shares issued for reinvested dividends and distributions | 3495789 | 1985130 | 539603 | 539169 |
| Cost of shares redeemed | (16480745) | (19396610) | (3314713) | (2366664) |
| **Increase in net assets from Fund share transactions** | **16844371** | **3941236** | **3127318** | **388879** |
| **Increase (decrease) in net assets from Fund share transactions** | **155035204** | **(132467124)** | **(27153473)** | **(3289309)** |
| **Net increase (decrease) in net assets** | **358105878** | **117307160** | **16072287** | **79110008** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period | 1758899230 | 1641592070 | 432924939 | 353814931 |
| **End of period** | $**2117005108** | $**1758899230** | $**448997226** | $**432924939** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 49293828 | 52313628 | 10420922 | 10885417 |
| Shares sold | 12679779 | 7305639 | 327456 | 618865 |
| Shares issued on reinvestment of distributions | 1849384 | 1183813 | 460393 | 881509 |
| Shares redeemed | (9265369) | (11509252) | (1546306) | (1964869) |
| **Shares outstanding, end of period** | **54557622** | **49293828** | **9662465** | **10420922** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 5323986 | 6859097 | 348828 | 594264 |
| Shares sold | 832004 | 588856 | 49831 | 58125 |
| Shares issued on reinvestment of distributions | 152985 | 103084 | 27286 | 76976 |
| Shares redeemed | (1866262) | (2227051) | (120674) | (380537) |
| **Shares outstanding, end of period** | **4442713** | **5323986** | **305271** | **348828** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 67802292 | 73870683 | 4604708 | 4041364 |
| Shares sold | 15438280 | 8905990 | 328020 | 1046492 |
| Shares issued on reinvestment of distributions | 2583698 | 1767171 | 135629 | 193529 |
| Shares redeemed | (12983644) | (16741552) | (782406) | (676677) |
| **Shares outstanding, end of period** | **72840626** | **67802292** | **4285951** | **4604708** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>U.S. Smid Cap Opportunity Fund** | **First Eagle <br>U.S. Smid Cap Opportunity Fund** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| 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 R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| 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 R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 53968460 | 44595999 |  | 55000 |
| Net asset value of shares issued for reinvested dividends and distributions | 1705319 | 479410 | 451 | 1676 |
| Cost of shares redeemed | (45895763) | (19555934) |  |  |
| **Increase in net assets from Fund share transactions** | **9778016** | **25519475** | **451** | **56676** |
| **Increase (decrease) in net assets from Fund share transactions** | **(280826650)** | **192842663** | **(5476597)** | **11927499** |
| **Net increase (decrease) in net assets** | **(114948506)** | **558823262** | **(2287411)** | **22188533** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period | 1868520245 | 1309696983 | 49943437 | 27754904 |
| **End of period** | $**1753571739** | $**1868520245** | $**47656026** | $**49943437** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 9940432 | 7490976 | 113192 | 8975 |
| Shares sold | 1828676 | 4018628 | 226250 | 107150 |
| Shares issued on reinvestment of distributions | 119176 | 35693 | 215 | 177 |
| Shares redeemed | (1733190) | (1604865) | (123471) | (3110) |
| **Shares outstanding, end of period** | **10155094** | **9940432** | **216186** | **113192** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period |  |  |  |  |
| Shares sold |  |  |  |  |
| Shares issued on reinvestment of distributions |  |  |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 159633477 | 143815321 | 4151011 | 3170551 |
| Shares sold | 43589600 | 82436449 | 1346435 | 1086602 |
| Shares issued on reinvestment of distributions | 2221477 | 934476 | 7353 | 1350 |
| Shares redeemed | (75308269) | (67552769) | (1863604) | (107492) |
| **Shares outstanding, end of period** | **130136285** | **159633477** | **3641195** | **4151011** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Global Income Builder Fund** | **First Eagle <br>Rising Dividend Fund** | **First Eagle <br>Rising Dividend Fund** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 5010 |  | 2445 |
| Shares issued on reinvestment of distributions |  | 3 |  | 173 |
| Shares redeemed |  | (5013) |  | (2618) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 4899 |  | 1619 |
| Shares sold |  | 164 |  | 49 |
| Shares issued on reinvestment of distributions |  | 24 |  | 120 |
| Shares redeemed |  | (5087) |  | (1788) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Shares outstanding, beginning of period |  | 973 |  | 501 |
| Shares issued on reinvestment of distributions |  |  |  | 35 |
| Shares redeemed |  | (973) |  | (536) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 5583058 | 5292142 | 288554 | 272124 |
| Shares sold | 2079669 | 1636871 | 203209 | 82177 |
| Shares issued on reinvestment of distributions | 249047 | 152167 | 18801 | 22269 |
| Shares redeemed | (1172484) | (1498122) | (118009) | (88016) |
| **Shares outstanding, end of period** | **6739290** | **5583058** | **392555** | **288554** |

---

^ On February 29, 2024, Class R3, Class R4 and Class R5 shares converted into Class R6 shares. As a result, Class R3, Class R4 and Class R5 shares were terminated.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>Small Cap Opportunity Fund** | **First Eagle <br>U.S. Smid Cap Opportunity Fund** | **First Eagle <br>U.S. Smid Cap Opportunity Fund** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |  |  |
| Shares issued on reinvestment of distributions |  |  |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |  |  |
| Shares sold |  |  |  |  |
| Shares issued on reinvestment of distributions |  |  |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |  |  |
| Shares issued on reinvestment of distributions |  |  |  |  |
| Shares redeemed |  |  |  |  |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 10435226 | 7850147 | 10030 | 5019 |
| Shares sold | 5291764 | 4491578 |  | 4830 |
| Shares issued on reinvestment of distributions | 153081 | 53032 | 38 | 181 |
| Shares redeemed | (4532119) | (1959531) |  |  |
| **Shares outstanding, end of period** | **11347952** | **10435226** | **10068** | **10030** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Real Assets Fund\*** | **First Eagle <br>Global Real Assets Fund\*** | **First Eagle <br>High Yield Municipal Fund\*\*** | **First Eagle <br>High Yield Municipal Fund\*\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $299048 | $256035 | $350771305 | $69902940 |
| Net realized gain(loss) on investments, commodity and foreign currency <br>related transactions | 507546 | 83678 | (80847732) | (2097484) |
| Change in unrealized appreciation(depreciation) on investments, <br>commodity and foreign currency related translations | 1232775 | 1850643 | (272251700) | 65159338 |
| **Net increase (decrease) in net assets resulting from operations** | **2039369** | **2190356** | **(2328127)** | **132964794** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (64310) | (29923) | (85075234) | (19144908) |
| Class C |  |  | (5483891) | (1150729) |
| Class I | (371654) | (189360) | (257066846) | (50728750) |
| Class R3 |  |  |  | (5040) |
| Class R4 |  |  |  | (74) |
| Class R5 |  |  |  | (77) |
| Class R6 | (41796) | (22956) | (383413) | (171660) |
| **Return of capital:** | **Return of capital:** | **Return of capital:** | **Return of capital:** | **Return of capital:** |
| Class A |  |  |  | (1875965) |
| Class C |  |  |  | (133571) |
| Class I |  |  |  | (4709853) |
| Class R3 |  |  |  | (555) |
| Class R4 |  |  |  | (7) |
| Class R5 |  |  |  | (8) |
| Class R6 |  |  |  | (16143) |
| **Decrease in net assets resulting from distributions** | **(477760)** | **(242239)** | **(348009384)** | **(77937340)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 5869 | 26458 | 1318572023 | 1098379117 |
| Net asset value of shares issued for reinvested dividends and distributions | 64310 | 29923 | 82304965 | 20753148 |
| Cost of shares redeemed | (219867) | (31302) | (447116878) | (90636544) |
| **Increase (decrease) in net assets from Fund share transactions** | **(149688)** | **25079** | **953760110** | **1028495721** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold |  |  | 90161573 | 76487644 |
| Net asset value of shares issued for reinvested dividends and distributions |  |  | 5299533 | 1277666 |
| Cost of shares redeemed |  |  | (18701249) | (4511297) |
| **Increase in net assets from Fund share transactions** | **—** | **—** | **76759857** | **73254013** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** |
| | **For the <br>Year Ended <br>October 31, 2025** | **For the Period <br>1/2/24<sup>†</sup> - <br>10/31/24** |
| **Operations** | **Operations** | **Operations** |
| Net investment income | $42670582 | $1788891 |
| Net realized gain(loss) on investments, commodity and foreign currency <br>related transactions | (674062) | (4872) |
| Change in unrealized appreciation(depreciation) on investments, <br>commodity and foreign currency related translations | (28516152) | (12437) |
| **Net increase (decrease) in net assets resulting from operations** | **13480368** | **1771582** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (8133760) | (293307) |
| Class C | (8698) |  |
| Class I | (33052415) | (1428197) |
| Class R3 |  |  |
| Class R4 |  |  |
| Class R5 |  |  |
| Class R6 | (52829) | (39335) |
| **Return of capital:** | **Return of capital:** | **Return of capital:** |
| Class A |  |  |
| Class C |  |  |
| Class I |  |  |
| Class R3 |  |  |
| Class R4 |  |  |
| Class R5 |  |  |
| Class R6 |  |  |
| **Decrease in net assets resulting from distributions** | **(41247702)** | **(1760839)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 403405738 | 45800341 |
| Net asset value of shares issued for reinvested dividends and distributions | 8014462 | 279927 |
| Cost of shares redeemed | (107218896) | (2490434) |
| **Increase (decrease) in net assets from Fund share transactions** | **304201304** | **43589834** |
| **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 1515389 |  |
| Net asset value of shares issued for reinvested dividends and distributions | 8698 |  |
| Cost of shares redeemed | (94766) |  |
| **Increase in net assets from Fund share transactions** | **1429321** | **—** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Real Assets Fund\*** | **First Eagle <br>Global Real Assets Fund\*** | **First Eagle <br>High Yield Municipal Fund\*\*** | **First Eagle <br>High Yield Municipal Fund\*\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 1646830 | 1448354 | 5291611099 | 3187507157 |
| Net asset value of shares issued for reinvested dividends and distributions | 366838 | 186621 | 245995548 | 55031988 |
| Cost of shares redeemed | (1178107) | (623889) | (2615862491) | (308239589) |
| **Increase in net assets from Fund share transactions** | **835561** | **1011086** | **2921744156** | **2934299556** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Net proceeds from shares sold |  |  |  | 4090 |
| Net asset value of shares issued for reinvested dividends and distributions |  |  |  | 5368 |
| Cost of shares redeemed |  |  |  | (511451) |
| **Decrease in net assets from Fund share transactions** | **—** | **—** | **—** | **(501993)** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Net asset value of shares issued for reinvested dividends and distributions |  |  |  | 47 |
| Cost of shares redeemed |  |  |  | (10902) |
| **Decrease in net assets from Fund share transactions** | **—** | **—** | **—** | **(10855)** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Net proceeds from shares sold |  |  |  | 1 |
| Net asset value of shares issued for reinvested dividends and distributions |  |  |  | 50 |
| Cost of shares redeemed |  |  |  | (11190) |
| **Decrease in net assets from Fund share transactions** | **—** | **—** | **—** | **(11139)** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 18932 | 21815 | 17684220 | 1668663 |
| Net asset value of shares issued for reinvested dividends and distributions | 41796 | 22956 | 379914 | 187704 |
| Cost of shares redeemed | (3841) | (34589) | (9260345) | (8944231) |
| **Increase (decrease) in net assets from Fund share transactions** | **56887** | **10182** | **8803789** | **(7087864)** |
| **Increase in net assets from Fund share transactions** | **742760** | **1046347** | **3961067912** | **4028437439** |
| **Net increase in net assets** | **2304369** | **2994464** | **3610730401** | **4083464893** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period | 14297966 | 11303502 | 4237049109 | 153584216 |
| **End of period** | $**16602335** | $**14297966** | $**7847779510** | $**4237049109** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 176193 | 173842 | 128366630 | 8207087 |
| Shares sold | 494 | 2405 | 157540015 | 128396378 |
| Shares issued on reinvestment of distributions | 5757 | 2953 | 9909220 | 2417593 |
| Shares redeemed | (20277) | (3007) | (54327816) | (10654428) |
| **Shares outstanding, end of period** | **162167** | **176193** | **241488049** | **128366630** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** |
| | **For the <br>Year Ended <br>October 31, 2025** | **For the Period <br>1/2/24<sup>†</sup> - <br>10/31/24** |
| **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 1608950379 | 134025223 |
| Net asset value of shares issued for reinvested dividends and distributions | 32972449 | 1421281 |
| Cost of shares redeemed | (521753920) | (19419586) |
| **Increase in net assets from Fund share transactions** | **1120168908** | **116026918** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| 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 R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Net asset value of shares issued for reinvested dividends and distributions |  |  |
| Cost of shares redeemed |  |  |
| **Decrease in net assets from Fund share transactions** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| 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 R6** | **Class R6** | **Class R6** |
| Net proceeds from shares sold | 2000 | 1010000 |
| Net asset value of shares issued for reinvested dividends and distributions | 52823 | 39335 |
| Cost of shares redeemed | (10698) |  |
| **Increase (decrease) in net assets from Fund share transactions** | **44125** | **1049335** |
| **Increase in net assets from Fund share transactions** | **1425843658** | **160666087** |
| **Net increase in net assets** | **1398076324** | **160676830** |
| **Net Assets (Note 2)** | **Net Assets (Note 2)** | **Net Assets (Note 2)** |
| Beginning of period | 160676830 |  |
| **End of period** | $**1558753154** | $**160676830** |
| **Changes in Shares Outstanding** | **Changes in Shares Outstanding** | **Changes in Shares Outstanding** |
| **Class A** | **Class A** | **Class A** |
| Shares outstanding, beginning of period | 4232723 |  |
| Shares sold | 39907674 | 4446936 |
| Shares issued on reinvestment of distributions | 794679 | 27247 |
| Shares redeemed | (10643628) | (241460) |
| **Shares outstanding, end of period** | **34291448** | **4232723** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First Eagle <br>Global Real Assets Fund\*** | **First Eagle <br>Global Real Assets Fund\*** | **First Eagle <br>High Yield Municipal Fund\*\*** | **First Eagle <br>High Yield Municipal Fund\*\*** |
| | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** | **For the<br>Year Ended<br>October 31, 2025** | **For the<br>Year Ended<br>October 31, 2024** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period |  |  | 9205822 | 637855 |
| Shares sold |  |  | 10761035 | 8955332 |
| Shares issued on reinvestment of distributions |  |  | 639268 | 149177 |
| Shares redeemed |  |  | (2274664) | (536542) |
| **Shares outstanding, end of period** | **—** | **—** | **18331461** | **9205822** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 976752 | 880735 | 352664774 | 9828992 |
| Shares sold | 143927 | 133357 | 635613206 | 372578199 |
| Shares issued on reinvestment of distributions | 33108 | 18569 | 29649353 | 6393708 |
| Shares redeemed | (107713) | (55909) | (319499286) | (36136125) |
| **Shares outstanding, end of period** | **1046074** | **976752** | **698428047** | **352664774** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |  | 61473 |
| Shares sold |  |  |  | 506 |
| Shares issued on reinvestment of distributions |  |  |  | 663 |
| Shares redeemed |  |  |  | (62642) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |  | 1336 |
| Shares issued on reinvestment of distributions |  |  |  | 6 |
| Shares redeemed |  |  |  | (1342) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |  | 1373 |
| Shares issued on reinvestment of distributions |  |  |  | 6 |
| Shares redeemed |  |  |  | (1379) |
| **Shares outstanding, end of period** | **—** | **—** | **—** | **—** |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 106908 | 105765 | 140756 | 1005589 |
| Shares sold | 1665 | 2085 | 2152765 | 204881 |
| Shares issued on reinvestment of distributions | 3776 | 2286 | 46894 | 22755 |
| Shares redeemed | (363) | (3228) | (1140874) | (1092469) |
| **Shares outstanding, end of period** | **111986** | **106908** | **1199541** | **140756** |

---

\* First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Real Asset Cayman Fund, Ltd.

\*\* First Eagle High Yield Municipal Fund was known as First Eagle High Income Fund prior to December 27, 2023.

† Inception date.

^ On February 29, 2024, Class R3, Class R4 and Class R5 shares converted into Class R6 shares. As a result, Class R3, Class R4 and Class R5 shares were terminated.

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** |
| | **For the <br>Year Ended <br>October 31, 2025** | **For the Period <br>1/2/24<sup>†</sup> - <br>10/31/24** |
| **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period |  |  |
| Shares sold | 151936 |  |
| Shares issued on reinvestment of distributions | 870 |  |
| Shares redeemed | (9458) |  |
| **Shares outstanding, end of period** | **143348** | **—** |
| **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 11335372 |  |
| Shares sold | 159005062 | 13094425 |
| Shares issued on reinvestment of distributions | 3274019 | 138918 |
| Shares redeemed | (51947885) | (1897971) |
| **Shares outstanding, end of period** | **121666568** | **11335372** |
| **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** | **Class R3<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |
| Shares sold |  |  |
| Shares issued on reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| **Shares outstanding, end of period** | **—** | **—** |
| **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** | **Class R4<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |
| Shares issued on reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| **Shares outstanding, end of period** | **—** | **—** |
| **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** | **Class R5<sup>^</sup>** |
| Shares outstanding, beginning of period |  |  |
| Shares issued on reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| **Shares outstanding, end of period** | **—** | **—** |
| **Class R6** | **Class R6** | **Class R6** |
| Shares outstanding, beginning of period | 104854 |  |
| Shares sold | 199 | 100990 |
| Shares issued on reinvestment of distributions | 5201 | 3864 |
| Shares redeemed | (1033) |  |
| **Shares outstanding, end of period** | **109221** | **104854** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Statement of Cash Flow

Period Ended October 31, 2025

---

| | |
|:---|:---|
|  | **First Eagle High Yield<br>Municipal Fund** |
| **Cash Flows Provided by (Used in) Operating Activities:** | **Cash Flows Provided by (Used in) Operating Activities:** |
| Net (decrease) in net assets resulting from operations | $(2328127) |
| Adjustments to reconcile net increase (decrease) in net assets resulting <br>from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile net increase (decrease) in net assets resulting <br>from operations to net cash provided by (used in) operating activities: |
| Payments to purchase investments | (10455317893) |
| Proceeds from sale and paydowns of investments | 5869356826 |
| Net decrease in short term investments | (4964635) |
| Realized (gain) loss on investments | 80847732 |
| Change in unrealized (appreciation) depreciation on investments | 272251700 |
| Amortization (accretion) of bond premium (discount) | (21511276) |
| (Increases) decreases in operating assets: | (Increases) decreases in operating assets: |
| Accrued interest and dividends receivable | (116524553) |
| Due from adviser | 60271 |
| Other assets | (27006) |
| Increases (decreases) in operating liabilities: |  |
| Investment advisory fees payable | 1410451 |
| Administrative fees payable | (55763) |
| Distribution fees payable | 234541 |
| Service fees payable | 15574 |
| Trustee fees payable | (14902) |
| Due to custodian | 6248 |
| Interest expense and fees payable | 8728691 |
| Accrued expenses and other liabilities | 744404 |
| **Net cash provided by (used in) operating activities** | $**(4367087717)** |
| **Cash Flows Provided by (Used in) Financing Activities:** | **Cash Flows Provided by (Used in) Financing Activities:** |
| Proceeds from shares sold | 6715832681 |
| Payments on shares redeemed | (3075836789) |
| Cash distributions paid | (11778175) |
| Proceeds from floating rate note obligations | 738870000 |
| **Net cash provided by (used in) financing activities** | $**4367087717** |
| **Net change in cash** | **—** |
| **Cash, beginning of period** | **—** |
| **Cash, end of period** | $**—** |

---

Supplemental disclosure of cash flow information:

Cash paid during the period for interest in the amount of $11,408,320 for stated interest expense and unused commitment fees.

Non-cash financing activities consist of reinvestment of distributions in the amount $333,979,960.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income/<br>loss** | **Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments†** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From<br>capital<br>gains** | **Return of <br>capital** | **Total <br>distributions** |
| **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** |
| October 31, 2025 | $73.15 | 0.85 | 13.83 | 14.68 | (1.60) | (2.07) |  | (3.67) |
| October 31, 2024 | $59.97 | 0.89 | 14.51<br> (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<br> (d) | 13.79 | 14.46 | (0.51) | (0.95) |  | (1.46) |
| **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** |
| October 31, 2025 | $69.53 | 0.27 | 13.14 | 13.41 | (1.03) | (2.07) |  | (3.10) |
| October 31, 2024 | $57.05 | 0.36 | 13.84<br> (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<br> (d) | 13.28 | 13.43 |  | (0.95) |  | (0.95) |
| **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** |
| October 31, 2025 | $73.70 | 1.03 | 13.93 | 14.96 | (1.77) | (2.07) |  | (3.84) |
| October 31, 2024 | $60.42 | 1.06 | 14.60<br> (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<br> (d) | 13.87 | 14.72 | (0.66) | (0.95) |  | (1.61) |
| **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** |
| October 31, 2025 | $73.76 | 1.10 | 13.92 | 15.02 | (1.82) | (2.07) |  | (3.89) |
| October 31, 2024 | $60.46 | 1.11 | 14.61<br> (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<br> (d) | 13.87 | 14.77 | (0.70) | (0.95) |  | (1.65) |
| **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** |
| October 31, 2025 | $27.04 | 0.48 | 6.02 | 6.50 | (1.37) | (0.64) |  | (2.01) |
| October 31, 2024 | $22.81 | 0.41 | 4.36 | 4.77 | (0.41) | (0.13) |  | (0.54) |
| October 31, 2023 | $21.26 | 0.37 | 1.99 | 2.36 | (0.02) | (0.79) |  | (0.81) |
| October 31, 2022 | $26.71 | 0.30 | (4.30) | (4.00) | (0.87) | (0.58) |  | (1.45) |
| October 31, 2021 | $22.80 | 0.31<br> (e) | 3.65 | 3.96 | (0.05) |  |  | (0.05) |
| **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** |
| October 31, 2025 | $25.55 | 0.25 | 5.70 | 5.95 | (1.15) | (0.64) |  | (1.79) |
| October 31, 2024 | $21.55 | 0.22 | 4.13 | 4.35 | (0.22) | (0.13) |  | (0.35) |
| October 31, 2023 | $20.26 | 0.18 | 1.90 | 2.08 |  | (0.79) |  | (0.79) |
| October 31, 2022 | $25.44 | 0.11 | (4.09) | (3.98) | (0.62) | (0.58) |  | (1.20) |
| October 31, 2021 | $21.83 | 0.10<br> (e) | 3.51 | 3.61 |  |  |  |  |
| **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** |
| October 31, 2025 | $27.79 | 0.56 | 6.21 | 6.77 | (1.44) | (0.64) |  | (2.08) |
| October 31, 2024 | $23.43 | 0.49 | 4.48 | 4.97 | (0.48) | (0.13) |  | (0.61) |
| October 31, 2023 | $21.83 | 0.44 | 2.03 | 2.47 | (0.08) | (0.79) |  | (0.87) |
| October 31, 2022 | $27.39 | 0.37 | (4.40) | (4.03) | (0.95) | (0.58) |  | (1.53) |
| October 31, 2021 | $23.38 | 0.40<br> (e) | 3.73 | 4.13 | (0.12) |  |  | (0.12) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** | **First Eagle Global Fund Class A\*\*\*** |
| October 31, 2025 | $84.16 | 21.07% | $17334314 | 1.10% | 1.09% | 1.14% | 1.14% | 15.99% |
| October 31, 2024 | $73.15 | 26.43<br> %(k) | $15127580 | 1.10% | 1.10% | 1.33% | 1.33% | 9.51% |
| October 31, 2023 | $59.97 | 10.35% | $12976288 | 1.10% | 1.10% | 1.36% | 1.37% | 6.00% |
| October 31, 2022 | $56.57 | (11.90)% | $12562351 | 1.11% | 1.11% | 0.84% | 0.84% | 10.87% |
| October 31, 2021 | $68.42 | 26.49<br> %(g) | $15108210 | 1.11% | 1.11% | 1.03<br> %(d) | 1.03<br> %(d) | 7.29% |
| **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** | **First Eagle Global Fund Class C\*\*\*** |
| October 31, 2025 | $79.84 | 20.15% | $1409121 | 1.85% | 1.85% | 0.38% | 0.38% | 15.99% |
| October 31, 2024 | $69.53 | 25.47<br> %(k) | $1444250 | 1.86% | 1.86% | 0.56% | 0.57% | 9.51% |
| October 31, 2023 | $57.05 | 9.53% | $1488095 | 1.86% | 1.86% | 0.59% | 0.60% | 6.00% |
| October 31, 2022 | $54.26 | (12.57)% | $1738497 | 1.87% | 1.87% | 0.06% | 0.06% | 10.87% |
| October 31, 2021 | $65.60 | 25.53<br> %(g) | $2623491 | 1.87% | 1.87% | 0.24<br> %(d) | 0.24<br> %(d) | 7.29% |
| **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** | **First Eagle Global Fund Class I\*\*\*** |
| October 31, 2025 | $84.82 | 21.35% | $45927917 | 0.86% | 0.86% | 1.37% | 1.38% | 15.99% |
| October 31, 2024 | $73.70 | 26.70<br> %(k) | $37097842 | 0.86% | 0.86% | 1.56% | 1.56% | 9.51% |
| October 31, 2023 | $60.42 | 10.63% | $29941639 | 0.86% | 0.86% | 1.60% | 1.61% | 6.00% |
| October 31, 2022 | $56.98 | (11.69)% | $26919899 | 0.86% | 0.86% | 1.09% | 1.09% | 10.87% |
| October 31, 2021 | $68.90 | 26.82<br> %(g) | $30248818 | 0.86% | 0.86% | 1.29<br> %(d) | 1.29<br> %(d) | 7.29% |
| **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** | **First Eagle Global Fund Class R6\*\*\*** |
| October 31, 2025 | $84.89 | 21.44% | $3788990 | 0.78% | 0.78% | 1.46% | 1.46% | 15.99% |
| October 31, 2024 | $73.76 | 26.82<br> %(k) | $2666448 | 0.79% | 0.78% | 1.64% | 1.64% | 9.51% |
| October 31, 2023 | $60.46 | 10.70% | $2061709 | 0.79% | 0.79% | 1.68% | 1.68% | 6.00% |
| October 31, 2022 | $57.02 | (11.62)% | $1700134 | 0.79% | 0.79% | 1.15% | 1.15% | 10.87% |
| October 31, 2021 | $68.95 | 26.91<br> %(g) | $2122258 | 0.78% | 0.78% | 1.38<br> %(d) | 1.38<br> %(d) | 7.29% |
| **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** | **First Eagle Overseas Fund Class A\*\*\*** |
| October 31, 2025 | $31.53 | 26.00% | $1660723 | 1.14% | 1.13% | 1.73% | 1.73% | 12.34% |
| October 31, 2024 | $27.04 | 21.29% | $1453841 | 1.15% | 1.15% | 1.64% | 1.64% | 6.73% |
| October 31, 2023 | $22.81 | 11.11% | $1360488 | 1.15% | 1.15% | 1.56% | 1.56% | 3.98% |
| October 31, 2022 | $21.26 | (15.62)% | $1394388 | 1.15% | 1.15% | 1.24% | 1.24% | 8.99% |
| October 31, 2021 | $26.71 | 17.35<br> %(h) | $1895378 | 1.16% | 1.16% | 1.20<br> %(e) | 1.20<br> %(e) | 9.93% |
| **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** | **First Eagle Overseas Fund Class C\*\*\*** |
| October 31, 2025 | $29.71 | 25.09% | $64442 | 1.87% | 1.87% | 0.96% | 0.96% | 12.34% |
| October 31, 2024 | $25.55 | 20.42% | $60222 | 1.88% | 1.88% | 0.90% | 0.90% | 6.73% |
| October 31, 2023 | $21.55 | 10.26% | $74231 | 1.88% | 1.88% | 0.82% | 0.82% | 3.98% |
| October 31, 2022 | $20.26 | (16.23)% | $92476 | 1.89% | 1.89% | 0.48% | 0.48% | 8.99% |
| October 31, 2021 | $25.44 | 16.49<br> %(h) | $157203 | 1.89% | 1.89% | 0.41<br> %(e) | 0.41<br> %(e) | 9.93% |
| **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** | **First Eagle Overseas Fund Class I\*\*\*** |
| October 31, 2025 | $32.48 | 26.36% | $12169177 | 0.88% | 0.88% | 1.98% | 1.99% | 12.34% |
| October 31, 2024 | $27.79 | 21.62% | $9627067 | 0.89% | 0.88% | 1.90% | 1.90% | 6.73% |
| October 31, 2023 | $23.43 | 11.36% | $9122327 | 0.88% | 0.88% | 1.84% | 1.84% | 3.98% |
| October 31, 2022 | $21.83 | (15.40)% | $8462922 | 0.89% | 0.89% | 1.49% | 1.49% | 8.99% |
| October 31, 2021 | $27.39 | 17.71<br> %(h) | $11072223 | 0.88% | 0.88% | 1.49<br> %(e) | 1.49<br> %(e) | 9.93% |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income/<br>loss** | **Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments†** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From<br>capital<br>gains** | **Return of <br>capital** | **Total <br>distributions** |
| **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** |
| October 31, 2025 | $27.80 | 0.59 | 6.20 | 6.79 | (1.46) | (0.64) |  | (2.10) |
| October 31, 2024 | $23.44 | 0.52 | 4.47 | 4.99 | (0.50) | (0.13) |  | (0.63) |
| October 31, 2023 | $21.84 | 0.46 | 2.03 | 2.49 | (0.10) | (0.79) |  | (0.89) |
| October 31, 2022 | $27.40 | 0.39 | (4.40) | (4.01) | (0.97) | (0.58) |  | (1.55) |
| October 31, 2021 | $23.39 | 0.45<br> (e) | 3.70 | 4.15 | (0.14) |  |  | (0.14) |
| **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $22.57 | 0.20 | 2.81 | 3.01 | (0.34) | (1.04) |  | (1.38) |
| October 31, 2024 | $18.54 | 0.21 | 5.07 | 5.28 | (0.24) | (1.01) |  | (1.25) |
| October 31, 2023 | $18.41 | 0.22 | 1.37 | 1.59 | (0.10) | (1.36) |  | (1.46) |
| October 31, 2022 | $22.23 | 0.13 | (2.08) | (1.95) | (0.17) | (1.70) |  | (1.87) |
| October 31, 2021 | $16.97 | 0.09 | 5.49 | 5.58 | (0.20) | (0.12) |  | (0.32) |
| **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $21.11 | 0.03 | 2.62 | 2.65 | (0.17) | (1.04) |  | (1.21) |
| October 31, 2024 | $17.40 | 0.05 | 4.76 | 4.81 | (0.09) | (1.01) |  | (1.10) |
| October 31, 2023 | $17.39 | 0.08 | 1.29 | 1.37 |  | (1.36) |  | (1.36) |
| October 31, 2022 | $21.08 | (0.02) | (1.97) | (1.99) |  | (1.70) |  | (1.70) |
| October 31, 2021 | $16.06 | (0.06) | 5.22 | 5.16 | (0.02) | (0.12) |  | (0.14) |
| **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $23.17 | 0.26 | 2.90 | 3.16 | (0.40) | (1.04) |  | (1.44) |
| October 31, 2024 | $19.00 | 0.27 | 5.20 | 5.47 | (0.29) | (1.01) |  | (1.30) |
| October 31, 2023 | $18.84 | 0.28 | 1.39 | 1.67 | (0.15) | (1.36) |  | (1.51) |
| October 31, 2022 | $22.71 | 0.19 | (2.13) | (1.94) | (0.23) | (1.70) |  | (1.93) |
| October 31, 2021 | $17.32 | 0.15 | 5.61 | 5.76 | (0.25) | (0.12) |  | (0.37) |
| **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $23.17 | 0.28 | 2.89 | 3.17 | (0.41) | (1.04) |  | (1.45) |
| October 31, 2024 | $19.00 | 0.28 | 5.20 | 5.48 | (0.30) | (1.01) |  | (1.31) |
| October 31, 2023 | $18.84 | 0.29 | 1.39 | 1.68 | (0.16) | (1.36) |  | (1.52) |
| October 31, 2022 | $22.71 | 0.20 | (2.13) | (1.93) | (0.24) | (1.70) |  | (1.94) |
| October 31, 2021 | $17.32 | 0.16 | 5.61 | 5.77 | (0.26) | (0.12) |  | (0.38) |
| **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** |
| October 31, 2025 | $30.48 | 0.02 | 18.33 | 18.35 | (1.33) |  |  | (1.33) |
| October 31, 2024 | $22.30 | 0.07 | 8.32 | 8.39 | (0.21) |  |  | (0.21) |
| October 31, 2023 | $19.25 | 0.19 | 2.86 | 3.05 |  |  |  |  |
| October 31, 2022 | $22.94 | 0.05 | (3.52) | (3.47) | (0.22) |  |  | (0.22) |
| October 31, 2021 | $26.28 | (0.01) | (3.01) | (3.02) | (0.32) |  |  | (0.32) |
| **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** |
| October 31, 2025 | $27.45 | (0.21) | 16.45 | 16.24 | (1.15) |  |  | (1.15) |
| October 31, 2024 | $20.10 | (0.11) | 7.51 | 7.40 | (0.05) |  |  | (0.05) |
| October 31, 2023 | $17.48 | 0.01 | 2.61 | 2.62 |  |  |  |  |
| October 31, 2022 | $20.82 | (0.10) | (3.19) | (3.29) | (0.05) |  |  | (0.05) |
| October 31, 2021 | $23.92 | (0.17) | (2.76) | (2.93) | (0.17) |  |  | (0.17) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** | **First Eagle Overseas Fund Class R6\*\*\*** |
| October 31, 2025 | $32.49 | 26.47% | $1502537 | 0.79% | 0.79% | 2.08% | 2.08% | 12.34% |
| October 31, 2024 | $27.80 | 21.72% | $1227351 | 0.80% | 0.80% | 2.02% | 2.02% | 6.73% |
| October 31, 2023 | $23.44 | 11.45% | $1289925 | 0.80% | 0.80% | 1.91% | 1.92% | 3.98% |
| October 31, 2022 | $21.84 | (15.32)% | $1255272 | 0.80% | 0.80% | 1.58% | 1.58% | 8.99% |
| October 31, 2021 | $27.40 | 17.78<br> %(h) | $1566467 | 0.79% | 0.79% | 1.65<br> %(e) | 1.65<br> %(e) | 9.93% |
| **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class A\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $24.20 | 14.11% | $675211 | 1.14% | 1.13% | 0.91% | 0.91% | 16.89% |
| October 31, 2024 | $22.57 | 30.07% | $638522 | 1.15% | 1.12% | 0.99% | 1.01% | 8.63% |
| October 31, 2023 | $18.54 | 8.81% | $536105 | 1.16% | 1.10% | 1.14% | 1.19% | 6.62% |
| October 31, 2022 | $18.41 | (9.12)% | $540287 | 1.16% | 1.11% | 0.60% | 0.65% | 10.33% |
| October 31, 2021 | $22.23 | 33.28% | $638937 | 1.16% | 1.11% | 0.40% | 0.45% | 4.02% |
| **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class C\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $22.55 | 13.25% | $26149 | 1.88% | 1.87% | 0.16% | 0.17% | 16.89% |
| October 31, 2024 | $21.11 | 29.10% | $29232 | 1.91% | 1.88% | 0.22% | 0.25% | 8.63% |
| October 31, 2023 | $17.40 | 8.00% | $29230 | 1.91% | 1.86% | 0.37% | 0.43% | 6.62% |
| October 31, 2022 | $17.39 | (9.82)% | $34953 | 1.92% | 1.87% | (0.18)% | (0.13)% | 10.33% |
| October 31, 2021 | $21.08 | 32.29% | $53912 | 1.95% | 1.90% | (0.38)% | (0.33)% | 4.02% |
| **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class I\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $24.89 | 14.43% | $810220 | 0.89% | 0.89% | 1.15% | 1.16% | 16.89% |
| October 31, 2024 | $23.17 | 30.41% | $688339 | 0.88% | 0.86% | 1.25% | 1.28% | 8.63% |
| October 31, 2023 | $19.00 | 9.08% | $541195 | 0.91% | 0.86% | 1.38% | 1.44% | 6.62% |
| October 31, 2022 | $18.84 | (8.88)% | $538424 | 0.88% | 0.83% | 0.88% | 0.93% | 10.33% |
| October 31, 2021 | $22.71 | 33.72% | $584344 | 0.89% | 0.84% | 0.68% | 0.73% | 4.02% |
| **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** | **First Eagle U.S. Fund Class R6\*\*\* (formerly named First Eagle U.S. Value Fund)** |
| October 31, 2025 | $24.89 | 14.48% | $59403 | 0.83% | 0.82% | 1.22% | 1.23% | 16.89% |
| October 31, 2024 | $23.17 | 30.50% | $41682 | 0.84% | 0.81% | 1.30% | 1.32% | 8.63% |
| October 31, 2023 | $19.00 | 9.14% | $32405 | 0.84% | 0.79% | 1.46% | 1.51% | 6.62% |
| October 31, 2022 | $18.84 | (8.83)% | $25921 | 0.83% | 0.78% | 0.94% | 0.99% | 10.33% |
| October 31, 2021 | $22.71 | 33.78% | $25676 | 0.84% | 0.79% | 0.72% | 0.77% | 4.02% |
| **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** | **First Eagle Gold Fund Class A\*\*\*** |
| October 31, 2025 | $47.50 | 63.44% | $1207488 | 1.14% | 1.14% | 0.06% | 0.06% | 15.34% |
| October 31, 2024 | $30.48 | 37.88% | $742947 | 1.16% | 1.16% | 0.27% | 0.27% | 60.97% |
| October 31, 2023 | $22.30 | 15.84% | $549712 | 1.19% | 1.18% | 0.81% | 0.81% | 16.39% |
| October 31, 2022 | $19.25 | (15.24)% | $494372 | 1.19% | 1.19% | 0.24% | 0.24% | 17.78% |
| October 31, 2021 | $22.94 | (11.60)% | $578968 | 1.22% | 1.22% | (0.03)% | (0.03)% | 5.13% |
| **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** | **First Eagle Gold Fund Class C\*\*\*** |
| October 31, 2025 | $42.54 | 62.23% | $191189 | 1.89% | 1.88% | (0.68)% | (0.68)% | 15.34% |
| October 31, 2024 | $27.45 | 36.87% | $130212 | 1.91% | 1.90% | (0.47)% | (0.47)% | 60.97% |
| October 31, 2023 | $20.10 | 14.99% | $108058 | 1.92% | 1.92% | 0.06% | 0.07% | 16.39% |
| October 31, 2022 | $17.48 | (15.87)% | $104359 | 1.93% | 1.93% | (0.51)% | (0.51)% | 17.78% |
| October 31, 2021 | $20.82 | (12.25)% | $144502 | 1.95% | 1.95% | (0.77)% | (0.77)% | 5.13% |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income/<br>loss** | **Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments†** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From<br>capital<br>gains** | **Return of <br>capital** | **Total <br>distributions** |
| **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** |
| October 31, 2025 | $31.57 | 0.11 | 18.99 | 19.10 | (1.39) |  |  | (1.39) |
| October 31, 2024 | $23.08 | 0.13 | 8.63 | 8.76 | (0.27) |  |  | (0.27) |
| October 31, 2023 | $19.88 | 0.26 | 2.94 | 3.20 |  |  |  |  |
| October 31, 2022 | $23.68 | 0.12 | (3.64) | (3.52) | (0.28) |  |  | (0.28) |
| October 31, 2021 | $27.13 | 0.06 | (3.13) | (3.07) | (0.38) |  |  | (0.38) |
| **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** |
| October 31, 2025 | $31.67 | 0.14 | 19.06 | 19.20 | (1.42) |  |  | (1.42) |
| October 31, 2024 | $23.16 | 0.16 | 8.64 | 8.80 | (0.29) |  |  | (0.29) |
| October 31, 2023 | $19.93 | 0.29 | 2.94 | 3.23 |  |  |  |  |
| October 31, 2022 | $23.74 | 0.13 | (3.63) | (3.50) | (0.31) |  |  | (0.31) |
| October 31, 2021 | $27.19 | 0.08 | (3.13) | (3.05) | (0.40) |  |  | (0.40) |
| **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** |
| October 31, 2025 | $13.78 | 0.38 | 1.72 | 2.10 | (0.37) | (0.19) |  | (0.56) |
| October 31, 2024 | $11.89 | 0.34 | 1.89 | 2.23 | (0.33) | (0.01) |  | (0.34) |
| October 31, 2023 | $11.62 | 0.32 | 0.43 | 0.75 | (0.29) | (0.19) |  | (0.48) |
| October 31, 2022 | $13.52 | 0.27 | (1.34) | (1.07) | (0.26) | (0.57) |  | (0.83) |
| October 31, 2021 | $11.47 | 0.27<br> (f) | 2.17 | 2.44 | (0.26) | (0.13) |  | (0.39) |
| **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** |
| October 31, 2025 | $13.86 | 0.26 | 1.74 | 2.00 | (0.26) | (0.19) |  | (0.45) |
| October 31, 2024 | $11.98 | 0.24 | 1.88 | 2.12 | (0.23) | (0.01) |  | (0.24) |
| October 31, 2023 | $11.70 | 0.23 | 0.44 | 0.67 | (0.20) | (0.19) |  | (0.39) |
| October 31, 2022 | $13.47 | 0.17 | (1.34) | (1.17) | (0.03) | (0.57) |  | (0.60) |
| October 31, 2021 | $11.44 | 0.16<br> (f) | 2.17 | 2.33 | (0.17) | (0.13) |  | (0.30) |
| **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** |
| October 31, 2025 | $13.71 | 0.41 | 1.71 | 2.12 | (0.40) | (0.19) |  | (0.59) |
| October 31, 2024 | $11.84 | 0.37 | 1.86 | 2.23 | (0.35) | (0.01) |  | (0.36) |
| October 31, 2023 | $11.56 | 0.35 | 0.43 | 0.78 | (0.31) | (0.19) |  | (0.50) |
| October 31, 2022 | $13.48 | 0.30 | (1.34) | (1.04) | (0.31) | (0.57) |  | (0.88) |
| October 31, 2021 | $11.45 | 0.30<br> (f) | 2.15 | 2.45 | (0.29) | (0.13) |  | (0.42) |
| **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** |
| October 31, 2025 | $13.69 | 0.42 | 1.71 | 2.13 | (0.41) | (0.19) |  | (0.60) |
| October 31, 2024 | $11.82 | 0.38 | 1.86 | 2.24 | (0.36) | (0.01) |  | (0.37) |
| October 31, 2023 | $11.55 | 0.36 | 0.42 | 0.78 | (0.32) | (0.19) |  | (0.51) |
| October 31, 2022 | $13.47 | 0.31 | (1.33) | (1.02) | (0.33) | (0.57) |  | (0.90) |
| October 31, 2021 | $11.44 | 0.31<br> (f) | 2.15 | 2.46 | (0.30) | (0.13) |  | (0.43) |
| **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** |
| October 31, 2025 | $27.39 | 0.39 | 3.82<br> (l) | 4.21 | (0.29) | (0.98) |  | (1.27) |
| October 31, 2024 | $22.39 | 0.37 | 6.59<br> (n) | 6.96 | (0.29) | (1.67) |  | (1.96) |
| October 31, 2023 | $20.30 | 0.35 | 2.50<br> (p) | 2.85 | (0.26) | (0.50) |  | (0.76) |
| October 31, 2022 | $29.80 | 0.16 | (6.00) | (5.84) | (0.12) | (3.54) |  | (3.66) |
| October 31, 2021 | $25.84 | 0.09 | 8.37 | 8.46 | (0.06) | (4.44) |  | (4.50) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** | **First Eagle Gold Fund Class I\*\*\*** |
| October 31, 2025 | $49.28 | 63.79% | $2689484 | 0.91% | 0.90% | 0.30% | 0.31% | 15.34% |
| October 31, 2024 | $31.57 | 38.28% | $1731704 | 0.93% | 0.92% | 0.50% | 0.51% | 60.97% |
| October 31, 2023 | $23.08 | 16.10% | $1349359 | 0.94% | 0.94% | 1.07% | 1.07% | 16.39% |
| October 31, 2022 | $19.88 | (15.00)% | $1075242 | 0.94% | 0.94% | 0.50% | 0.50% | 17.78% |
| October 31, 2021 | $23.68 | (11.41)% | $1349701 | 0.96% | 0.96% | 0.23% | 0.23% | 5.13% |
| **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** | **First Eagle Gold Fund Class R6\*\*\*** |
| October 31, 2025 | $49.45 | 63.96% | $470739 | 0.81% | 0.81% | 0.38% | 0.39% | 15.34% |
| October 31, 2024 | $31.67 | 38.37% | $226783 | 0.83% | 0.83% | 0.59% | 0.59% | 60.97% |
| October 31, 2023 | $23.16 | 16.21% | $147133 | 0.85% | 0.84% | 1.18% | 1.19% | 16.39% |
| October 31, 2022 | $19.93 | (14.91)% | $105438 | 0.85% | 0.85% | 0.59% | 0.59% | 17.78% |
| October 31, 2021 | $23.74 | (11.33)% | $103234 | 0.85% | 0.85% | 0.31% | 0.31% | 5.13% |
| **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** | **First Eagle Global Income Builder Fund Class A** |
| October 31, 2025 | $15.32 | 15.65% | $835606 | 1.12% | 1.12% | 2.62% | 2.62% | 12.45% |
| October 31, 2024 | $13.78 | 18.89% | $679029 | 1.17% | 1.17% | 2.62% | 2.62% | 14.66% |
| October 31, 2023 | $11.89 | 6.35% | $622236 | 1.18% | 1.18% | 2.60% | 2.60% | 20.41% |
| October 31, 2022 | $11.62 | (8.23)% | $541002 | 1.16% | 1.16% | 2.17% | 2.18% | 13.76% |
| October 31, 2021 | $13.52 | 21.36<br> %(i) | $492402 | 1.17% | 1.17% | 2.04<br> %(f) | 2.04<br> %(f) | 22.80% |
| **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** | **First Eagle Global Income Builder Fund Class C** |
| October 31, 2025 | $15.41 | 14.76% | $68478 | 1.90% | 1.89% | 1.81% | 1.82% | 12.45% |
| October 31, 2024 | $13.86 | 17.79% | $73815 | 1.94% | 1.94% | 1.82% | 1.82% | 14.66% |
| October 31, 2023 | $11.98 | 5.65% | $82141 | 1.94% | 1.94% | 1.79% | 1.79% | 20.41% |
| October 31, 2022 | $11.70 | (8.95)% | $98977 | 1.94% | 1.94% | 1.38% | 1.38% | 13.76% |
| October 31, 2021 | $13.47 | 20.48<br> %(i) | $153654 | 1.94% | 1.94% | 1.25<br> %(f) | 1.25<br> %(f) | 22.80% |
| **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** | **First Eagle Global Income Builder Fund Class I** |
| October 31, 2025 | $15.24 | 15.90% | $1110349 | 0.91% | 0.91% | 2.84% | 2.84% | 12.45% |
| October 31, 2024 | $13.71 | 19.06% | $929623 | 0.96% | 0.96% | 2.85% | 2.85% | 14.66% |
| October 31, 2023 | $11.84 | 6.69% | $874530 | 0.97% | 0.97% | 2.83% | 2.84% | 20.41% |
| October 31, 2022 | $11.56 | (7.98)% | $751297 | 0.93% | 0.93% | 2.43% | 2.43% | 13.76% |
| October 31, 2021 | $13.48 | 21.62<br> %(i) | $668678 | 0.93% | 0.93% | 2.26<br> %(f) | 2.26<br> %(f) | 22.80% |
| **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** | **First Eagle Global Income Builder Fund Class R6** |
| October 31, 2025 | $15.22 | 16.01% | $102571 | 0.84% | 0.83% | 2.92% | 2.92% | 12.45% |
| October 31, 2024 | $13.69 | 19.18% | $76431 | 0.89% | 0.89% | 2.92% | 2.93% | 14.66% |
| October 31, 2023 | $11.82 | 6.68% | $62556 | 0.89% | 0.89% | 2.92% | 2.93% | 20.41% |
| October 31, 2022 | $11.55 | (7.85)% | $45873 | 0.87% | 0.87% | 2.49% | 2.49% | 13.76% |
| October 31, 2021 | $13.47 | 21.72<br> %(i) | $24506 | 0.87% | 0.87% | 2.35<br> %(f) | 2.35<br> %(f) | 22.80% |
| **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** | **First Eagle Rising Dividend Fund Class A** |
| October 31, 2025 | $30.33 | 15.98<br> %(m) | $293050 | 0.99% | 0.90% | 1.33% | 1.42% | 12.52% |
| October 31, 2024 | $27.39 | 32.95<br> %(o) | $285395 | 1.07% | 0.90% | 1.30% | 1.47% | 15.44% |
| October 31, 2023 | $22.39 | 14.17<br> %(q) | $243724 | 1.10% | 0.90% | 1.36% | 1.56% | 30.98% |
| October 31, 2022 | $20.30 | (21.94)% | $246151 | 1.05% | 0.90% | 0.54% | 0.69% | 10.87% |
| October 31, 2021 | $29.80 | 36.58% | $235888 | 1.04% | 0.90% | 0.20% | 0.34% | 40.70% |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income/<br>loss** | **Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments†** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From<br>capital<br>gains** | **Return of <br>capital** | **Total <br>distributions** |
| **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** |
| October 31, 2025 | $15.72 | 0.10 | 2.14<br> (l) | 2.24 | (0.21) | (0.98) |  | (1.19) |
| October 31, 2024 | $13.63 | 0.10 | 3.85<br> (n) | 3.95 | (0.19) | (1.67) |  | (1.86) |
| October 31, 2023 | $12.63 | 0.10 | 1.56<br> (p) | 1.66 | (0.16) | (0.50) |  | (0.66) |
| October 31, 2022 | $20.00 | (0.03 | (3.76) | (3.79) | (0.04) | (3.54) |  | (3.58) |
| October 31, 2021 | $18.74 | (0.07 | 5.77 | 5.70 |  | (4.44) |  | (4.44) |
| **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** |
| October 31, 2025 | $29.03 | 0.48 | 4.07<br> (l) | 4.55 | (0.36) | (0.98) |  | (1.34) |
| October 31, 2024 | $23.62 | 0.45 | 6.98<br> (n) | 7.43 | (0.35) | (1.67) |  | (2.02) |
| October 31, 2023 | $21.38 | 0.43 | 2.62<br> (p) | 3.05 | (0.31) | (0.50) |  | (0.81) |
| October 31, 2022 | $31.17 | 0.21 | (6.29) | (6.08) | (0.17) | (3.54) |  | (3.71) |
| October 31, 2021 | $26.91 | 0.17 | 8.72 | 8.89 | (0.19) | (4.44) |  | (4.63) |
| **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** |
| October 31, 2025 | $29.02 | 0.49 | 4.07<br> (l) | 4.56 | (0.36) | (0.98) |  | (1.34) |
| October 31, 2024 | $23.62 | 0.46 | 6.96<br> (n) | 7.42 | (0.35) | (1.67) |  | (2.02) |
| October 31, 2023 | $21.37 | 0.43 | 2.63<br> (p) | 3.06 | (0.31) | (0.50) |  | (0.81) |
| October 31, 2022 | $31.17 | 0.21 | (6.30) | (6.09) | (0.17) | (3.54) |  | (3.71) |
| October 31, 2021 | $26.92 | 0.17 | 8.74 | 8.91 | (0.22) | (4.44) |  | (4.66) |
| **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** |
| October 31, 2025 | $10.33 | 0.01 | 1.31 | 1.32 | (0.14) |  |  | (0.14) |
| October 31, 2024 | $8.19 | 0.02 | 2.16 | 2.18 | (0.04) |  |  | (0.04) |
| October 31, 2023 | $8.47 | 0.01 | (0.29) | (0.28) |  |  |  |  |
| October 31, 2022 | $9.76 | (0.02 | (1.27) | (1.29) |  |  |  |  |
| For The Period <br>7/1/21<sup>^</sup>-10/31/21 | $10.12 | (0.02 | (0.34) | (0.36) |  |  |  |  |
| **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** |
| October 31, 2025 | $10.38 | 0.04 | 1.31 | 1.35 | (0.16) |  |  | (0.16) |
| October 31, 2024 | $8.23 | 0.04 | 2.17 | 2.21 | (0.06) |  |  | (0.06) |
| October 31, 2023 | $8.50 | 0.03 | (0.29) | (0.26) | (0.01) |  |  | (0.01) |
| October 31, 2022 | $9.77 | 0.00 | (1.27) | (1.27) |  |  |  |  |
| For The Period <br>4/27/21<sup>^</sup>-10/31/21 | $10.00 | (0.02 | (0.02) | (0.04) | (0.00)\*\* | (0.19) | (0.00)\*\* | (0.19) |
| **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** |
| October 31, 2025 | $10.39 | 0.04 | 1.31 | 1.35 | (0.16) |  |  | (0.16) |
| October 31, 2024 | $8.23 | 0.04 | 2.18 | 2.22 | (0.06) |  |  | (0.06) |
| October 31, 2023 | $8.50 | 0.03 | (0.29) | (0.26) | (0.01) |  |  | (0.01) |
| October 31, 2022 | $9.77 | 0.00 | (1.27) | (1.27) |  |  |  |  |
| For The Period <br>7/1/21<sup>^</sup>-10/31/21 | $10.12 | (0.01 | (0.34) | (0.35) |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** | **First Eagle Rising Dividend Fund Class C** |
| October 31, 2025 | $16.77 | 15.16<br> %(m) | $5119 | 1.69% | 1.65% | 0.63% | 0.67% | 12.52% |
| October 31, 2024 | $15.72 | 31.86<br> %(o) | $5485 | 1.82% | 1.65% | 0.55% | 0.72% | 15.44% |
| October 31, 2023 | $13.63 | 13.31<br> %(q) | $8098 | 1.82% | 1.65% | 0.57% | 0.74% | 30.98% |
| October 31, 2022 | $12.63 | (22.50)% | $16002 | 1.84% | 1.65% | (0.36)% | (0.17)% | 10.87% |
| October 31, 2021 | $20.00 | 35.52% | $37722 | 1.79% | 1.65% | (0.54)% | (0.40)% | 40.70% |
| **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** | **First Eagle Rising Dividend Fund Class I** |
| October 31, 2025 | $32.24 | 16.28<br> %(m) | $138173 | 0.72% | 0.65% | 1.60% | 1.67% | 12.52% |
| October 31, 2024 | $29.03 | 33.28<br> %(o) | $133670 | 0.78% | 0.65% | 1.59% | 1.71% | 15.44% |
| October 31, 2023 | $23.62 | 14.43<br> %(q) | $95458 | 0.77% | 0.65% | 1.68% | 1.81% | 30.98% |
| October 31, 2022 | $21.38 | (21.71)% | $97103 | 0.74% | 0.65% | 0.77% | 0.86% | 10.87% |
| October 31, 2021 | $31.17 | 36.88% | $162113 | 0.70% | 0.65% | 0.53% | 0.58% | 40.70% |
| **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** | **First Eagle Rising Dividend Fund Class R6** |
| October 31, 2025 | $32.24 | 16.33<br> %(m) | $12655 | 0.65% | 0.63% | 1.68% | 1.71% | 12.52% |
| October 31, 2024 | $29.02 | 33.24<br> %(o) | $8375 | 0.73% | 0.65% | 1.65% | 1.72% | 15.44% |
| October 31, 2023 | $23.62 | 14.48<br> %(q) | $6427 | 0.74% | 0.65% | 1.73% | 1.82% | 30.98% |
| October 31, 2022 | $21.37 | (21.75)% | $5206 | 0.69% | 0.65% | 0.84% | 0.88% | 10.87% |
| October 31, 2021 | $31.17 | 36.93% | $7056 | 0.67% | 0.65% | 0.57% | 0.59% | 40.70% |
| **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** | **First Eagle Small Cap Opportunity Fund Class A** |
| October 31, 2025 | $11.51 | 12.80% | $116856 | 1.24% | 1.24% | 0.10% | 0.10% | 47.31% |
| October 31, 2024 | $10.33 | 26.69% | $102705 | 1.27% | 1.25% | 0.13% | 0.16% | 45.67% |
| October 31, 2023 | $8.19 | (3.31)% | $61379 | 1.32% | 1.25% | (0.01)% | 0.06% | 41.12% |
| October 31, 2022 | $8.47 | (13.22)% | $37220 | 1.41% | 1.25% | (0.42)% | (0.26)% | 45.84% |
| For The Period <br>7/1/21<sup>^</sup>-10/31/21 | $9.76 | (3.56)%(b) | $10060 | 1.95<br> %(c) | 1.25<br> %(c) | (1.30)%(c) | (0.60)%(c) | 13.63<br> %(b) |
| **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** | **First Eagle Small Cap Opportunity Fund Class I** |
| October 31, 2025 | $11.57 | 13.08% | $1505292 | 1.03% | 1.00% | 0.33% | 0.36% | 47.31% |
| October 31, 2024 | $10.38 | 26.95% | $1657408 | 1.06% | 1.00% | 0.35% | 0.41% | 45.67% |
| October 31, 2023 | $8.23 | (3.08)% | $1183672 | 1.09% | 1.00% | 0.22% | 0.31% | 41.12% |
| October 31, 2022 | $8.50 | (13.00)% | $501227 | 1.17% | 1.00% | (0.16)% | 0.01% | 45.84% |
| For The Period <br>4/27/21<sup>^</sup>-10/31/21 | $9.77 | (0.47)%(b) | $93195 | 2.07<br> %(c) | 1.00<br> %(c) | (1.37)%(c) | (0.30)%(c) | 13.63<br> %(b) |
| **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** | **First Eagle Small Cap Opportunity Fund Class R6** |
| October 31, 2025 | $11.58 | 13.07% | $131424 | 0.93% | 0.92% | 0.41% | 0.41% | 47.31% |
| October 31, 2024 | $10.39 | 27.07% | $108407 | 1.00% | 1.00% | 0.40% | 0.41% | 45.67% |
| October 31, 2023 | $8.23 | (3.08)% | $64646 | 1.02% | 1.00% | 0.29% | 0.31% | 41.12% |
| October 31, 2022 | $8.50 | (13.00)% | $22857 | 1.28% | 1.00% | (0.23)% | 0.04% | 45.84% |
| For The Period <br>7/1/21<sup>^</sup>-10/31/21 | $9.77 | (3.46)%(b) | $1236 | 1.98<br> %(c) | 1.00<br> %(c) | (1.29)%(c) | (0.31)%(c) | 13.63<br> %(b) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income/<br>loss** | **Net<br>investment<br>income/<br>loss** | **Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments†** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From<br>capital<br>gains** | **Return of <br>capital** | **Total <br>distributions** |
| **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** |
| October 31, 2025 | $11.46 | 0.02 |  | 0.65 | 0.67 | (0.02) |  |  | (0.02) |
| October 31, 2024 | $8.70 | 0.00 | \*\* | 2.95 | 2.95 | (0.19) |  |  | (0.19) |
| October 31, 2023 | $8.97 | 0.03 |  | (0.29) | (0.26) | (0.01) |  |  | (0.01) |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $10.00 | 0.01 |  | (1.04) | (1.03) |  |  |  |  |
| **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** |
| October 31, 2025 | $11.69 | 0.06 |  | 0.66 | 0.72 | (0.07) |  |  | (0.07) |
| October 31, 2024 | $8.72 | 0.03 |  | 2.98 | 3.01 | (0.04) |  |  | (0.04) |
| October 31, 2023 | $8.98 | 0.04 |  | (0.27) | (0.23) | (0.03) |  |  | (0.03) |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $10.00 | 0.01 |  | (1.03) | (1.02) |  |  |  |  |
| **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** |
| October 31, 2025 | $11.32 | 0.05 |  | 0.64 | 0.69 | (0.05) |  |  | (0.05) |
| October 31, 2024 | $8.71 | 0.03 |  | 2.91 | 2.94 | (0.33) |  |  | (0.33) |
| October 31, 2023 | $8.98 | 0.06 |  | (0.29) | (0.23) | (0.04) |  |  | (0.04) |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $10.00 | 0.01 |  | (1.03) | (1.02) |  |  |  |  |
| **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** |
| October 31, 2025 | $11.41 | 0.20 |  | 1.40 | 1.60 | (0.37) |  |  | (0.37) |
| October 31, 2024 | $9.78 | 0.19 |  | 1.61 | 1.80 | (0.17) |  |  | (0.17) |
| October 31, 2023 | $9.57 | 0.19 |  | 0.12 | 0.31 | (0.10) |  |  | (0.10) |
| For The Period <br>11/30/21<sup>^</sup>-10/31/22 | $10.00 | 0.13 |  | (0.56) | (0.43) |  |  |  |  |
| **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** |
| October 31, 2025 | $11.34 | 0.23 |  | 1.38 | 1.61 | (0.38) |  |  | (0.38) |
| October 31, 2024 | $9.73 | 0.22 |  | 1.61 | 1.83 | (0.22) |  |  | (0.22) |
| October 31, 2023 | $9.59 | 0.20 |  | 0.14 | 0.34 | (0.20) |  |  | (0.20) |
| For The Period <br>11/30/21<sup>^</sup>-10/31/22 | $10.00 | 0.15 |  | (0.56) | (0.41) |  |  |  |  |
| **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** |
| October 31, 2025 | $11.33 | 0.23 |  | 1.38 | 1.61 | (0.39) |  |  | (0.39) |
| October 31, 2024 | $9.73 | 0.21 |  | 1.61 | 1.82 | (0.22) |  |  | (0.22) |
| October 31, 2023 | $9.59 | 0.21 |  | 0.13 | 0.34 | (0.20) |  |  | (0.20) |
| For The Period <br>11/30/21<sup>^</sup>-10/31/22 | $10.00 | 0.15 |  | (0.56) | (0.41) |  |  |  |  |
| **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** |
| October 31, 2025 | $8.64 | 0.45 |  | (0.46) | (0.01) | (0.45) |  |  | (0.45) |
| October 31, 2024 | $7.78 | 0.40 |  | 0.91 | 1.31 | (0.41) |  | (0.04) | (0.45) |
| October 31, 2023 | $7.77 | 0.41 |  | 0.01 | 0.42 | (0.41) |  |  | (0.41) |
| October 31, 2022 | $8.98 | 0.36 |  | (1.21) | (0.85) | (0.36) |  |  | (0.36) |
| October 31, 2021 | $8.71 | 0.33 |  | 0.27 | 0.60 | (0.33) |  |  | (0.33) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** | **First Eagle U.S. Smid Cap Opportunity Fund Class A** |
| October 31, 2025 | $12.11 | 5.86% | $2618 | 2.11% | 1.20% | (0.71)% | 0.20% | 66.26% |
| October 31, 2024 | $11.46 | 34.32% | $1298 | 2.27% | 1.20% | (1.06)% | —<br> %(r) | 26.23% |
| October 31, 2023 | $8.70 | (2.90)% | $78 | 7.08% | 1.20% | (5.56)% | 0.31% | 30.48% |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $8.97 | (10.30)%(b) | $49 | 57.34<br> %(c) | 1.18<br> %(c) | (55.81)%(c) | 0.35<br> %(c) | 4.00<br> %(b) |
| **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** | **First Eagle U.S. Smid Cap Opportunity Fund Class I** |
| October 31, 2025 | $12.34 | 6.13% | $44918 | 1.75% | 0.95% | (0.32)% | 0.48% | 66.26% |
| October 31, 2024 | $11.69 | 34.58% | $48532 | 1.86% | 0.95% | (0.59)% | 0.32% | 26.23% |
| October 31, 2023 | $8.72 | (2.60)% | $27633 | 2.96% | 0.95% | (1.56)% | 0.44% | 30.48% |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $8.98 | (10.20)%(b) | $1046 | 46.97<br> %(c) | 0.95<br> %(c) | (45.46)%(c) | 0.56<br> %(c) | 4.00<br> %(b) |
| **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** | **First Eagle U.S. Smid Cap Opportunity Fund Class R6** |
| October 31, 2025 | $11.96 | 6.05% | $120 | 1.59% | 0.95% | (0.17)% | 0.47% | 66.26% |
| October 31, 2024 | $11.32 | 34.65% | $114 | 1.88% | 0.95% | (0.61)% | 0.32% | 26.23% |
| October 31, 2023 | $8.71 | (2.64)% | $44 | 8.96% | 0.95% | (7.42)% | 0.60% | 30.48% |
| For The Period <br>8/15/22<sup>^</sup>-10/31/22 | $8.98 | (10.20)%(b) | $45 | 47.13<br> %(c) | 0.94<br> %(c) | (45.59)%(c) | 0.60<br> %(c) | 4.00<br> %(b) |
| **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** | **First Eagle Global Real Assets Fund Class A\*\*\*** |
| October 31, 2025 | $12.64 | 14.40% | $2049 | 4.95% | 1.10% | (2.06)% | 1.79% | 38.78% |
| October 31, 2024 | $11.41 | 18.66% | $2011 | 5.11% | 1.10% | (2.28)% | 1.74% | 40.98% |
| October 31, 2023 | $9.78 | 3.17% | $1700 | 5.91% | 1.09% | (3.00)% | 1.82% | 39.01% |
| For The Period <br>11/30/21<sup>^</sup>-10/31/22 | $9.57 | (4.30)%(b) | $1286 | 5.23<br> %(c) | 1.09<br> %(c) | (2.78)%(c) | 1.37<br> %(c) | 12.37<br> %(b) |
| **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** | **First Eagle Global Real Assets Fund Class I\*\*\*** |
| October 31, 2025 | $12.57 | 14.63% | $13148 | 4.70% | 0.85% | (1.80)% | 2.05% | 38.78% |
| October 31, 2024 | $11.34 | 19.04% | $11075 | 4.86% | 0.85% | (2.01)% | 2.00% | 40.98% |
| October 31, 2023 | $9.73 | 3.43% | $8574 | 5.46% | 0.85% | (2.59)% | 2.01% | 39.01% |
| For The Period <br>11/30/21<sup>^</sup>-10/31/22 | $9.59 | (4.10)%(b) | $7074 | 4.85<br> %(c) | 0.85<br> %(c) | (2.34)%(c) | 1.65<br> %(c) | 12.37<br> %(b) |
| **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** | **First Eagle Global Real Assets Fund Class R6\*\*\*** |
| October 31, 2025 | $12.55 | 14.67% | $1405 | 4.68% | 0.85% | (1.78)% | 2.05% | 38.78% |
| October 31, 2024 | $11.33 | 18.96% | $1212 | 4.90% | 0.85% | (2.07)% | 1.99% | 40.98% |
| October 31, 2023 | $9.73 | 3.45% | $1029 | 5.51% | 0.85% | (2.63)% | 2.03% | 39.01% |
| For The Period <br>11/30/21<sup>^</sup>-10/31/22 | $9.59 | (4.10)%(b) | $1000 | 4.86<br> %(c) | 0.85<br> %(c) | (2.38)%(c) | 1.63<br> %(c) | 12.37<br> %(b) |
| **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** | **First Eagle High Yield Municipal Fund Class A** |
| October 31, 2025 | $8.18 | (0.11)% | $1976453 | 1.15% | 1.15<br> %(s) | 5.46% | 5.46% | 82.00% |
| October 31, 2024 | $8.64 | 17.15% | $1109654 | 0.89% | 0.80<br> %(t) | 4.60% | 4.70% | 136.03% |
| October 31, 2023 | $7.78 | 5.37% | $63824 | 1.14% | 0.98% | 4.98% | 5.15% | 24.60% |
| October 31, 2022 | $7.77 | (9.59)% | $68391 | 1.13% | 1.13% | 4.37% | 4.37% | 28.00% |
| October 31, 2021 | $8.98 | 7.01% | $83819 | 1.23% | 1.16% | 3.56% | 3.63% | 64.11% |

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First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** | **Per share operating performance\*** |
| | | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Change in net assets resulting <br>from operations** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** | **Less dividends and distributions** |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, <br>beginning <br>of period** | **Net<br>investment<br>income/<br>loss** | **Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments†** | **Total<br>investment<br>operations** | **From net <br>investment<br>income** | **From<br>capital<br>gains** | **Return of <br>capital** | **Total <br>distributions** |
| **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** |
| October 31, 2025 | $8.64 | 0.39 | (0.47 | (0.08) | (0.38) |  |  | (0.38) |
| October 31, 2024 | $7.77 | 0.34 | 0.92 | 1.26 | (0.35) |  | (0.04) | (0.39) |
| October 31, 2023 | $7.77 | 0.35 | 0.00 | 0.35 | (0.35) |  |  | (0.35) |
| October 31, 2022 | $8.97 | 0.30 | (1.19 | (0.89) | (0.31) |  |  | (0.31) |
| October 31, 2021 | $8.70 | 0.26 | 0.28 | 0.54 | (0.27) |  |  | (0.27) |
| **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** |
| October 31, 2025 | $8.64 | 0.47 | (0.46 | 0.01 | (0.47) |  |  | (0.47) |
| October 31, 2024 | $7.78 | 0.42 | 0.92 | 1.34 | (0.44) |  | (0.04) | (0.48) |
| October 31, 2023 | $7.78 | 0.43 | (0.01 | 0.42 | (0.42) |  |  | (0.42) |
| October 31, 2022 | $8.98 | 0.39 | (1.21 | (0.82) | (0.38) |  |  | (0.38) |
| October 31, 2021 | $8.71 | 0.35 | 0.28 | 0.63 | (0.36) |  |  | (0.36) |
| **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** |
| October 31, 2025 | $8.66 | 0.49 | (0.48 | 0.01 | (0.50) |  |  | (0.50) |
| October 31, 2024 | $7.78 | 0.46 | 0.91 | 1.37 | (0.45) |  | (0.04) | (0.49) |
| October 31, 2023 | $7.78 | 0.43 | (0.01 | 0.42 | (0.42) |  |  | (0.42) |
| October 31, 2022 | $8.98 | 0.39 | (1.19 | (0.80) | (0.40) |  |  | (0.40) |
| October 31, 2021 | $8.71 | 0.35 | 0.28 | 0.63 | (0.36) |  |  | (0.36) |
| **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** |
| October 31, 2025 | $10.26 | 0.49 | (0.29 | 0.20 | (0.47) |  |  | (0.47) |
| For The Period <br>1/2/24<sup>^</sup>-10/31/24 | $10.00 | 0.38 | 0.24 | 0.62 | (0.36) |  |  | (0.36) |
| **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** |
| For The Period <br>7/11/25<sup>^</sup>-10/31/25 | $10.11 | 0.13 | (0.12 | 0.01 | (0.13) |  |  | (0.13) |
| **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** |
| October 31, 2025 | $10.25 | 0.52 | (0.30 | 0.22 | (0.49) |  |  | (0.49) |
| For The Period <br>1/2/24<sup>^</sup>-10/31/24 | $10.00 | 0.40 | 0.25 | 0.65 | (0.40) |  |  | (0.40) |
| **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** |
| October 31, 2025 | $10.26 | 0.51 | (0.28 | 0.23 | (0.50) |  |  | (0.50) |
| For The Period <br>1/2/24<sup>^</sup>-10/31/24 | $10.00 | 0.40 | 0.24 | 0.64 | (0.38) |  |  | (0.38) |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | |
| | | | | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | **Ratios to Average Net Assets of:** | |
|<br>**Selected per <br>share data for <br>the period ended:** |<br>**Net asset <br>value, end <br>of period** |<br>**Total<br>return(a)** |<br>**Net assets, <br>end of <br>period <br>(thousands)** | **Operating<br>expenses<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Operating<br>expenses<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>excluding<br>earnings<br>credits<br>and/or fee <br>waivers** | **Net<br>investment<br>income<br>including<br>earnings<br>credits<br>and/or fee <br>waivers** |<br>**Portfolio<br>turnover<br>rate** |
| **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** | **First Eagle High Yield Municipal Fund Class C** |
| October 31, 2025 | $8.18 | (0.88)% | $149926 | 1.91% | 1.91<br> %(s) | 4.71% | 4.71% | 82.00% |
| October 31, 2024 | $8.64 | 16.44% | $79515 | 1.65% | 1.55<br> %(t) | 3.87% | 3.98% | 136.03% |
| October 31, 2023 | $7.77 | 4.45% | $4957 | 1.89% | 1.74% | 4.24% | 4.39% | 24.60% |
| October 31, 2022 | $7.77 | (10.15)% | $7376 | 1.88% | 1.88% | 3.55% | 3.55% | 28.00% |
| October 31, 2021 | $8.97 | 6.20% | $15129 | 2.01% | 1.94% | 2.81% | 2.88% | 64.11% |
| **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** | **First Eagle High Yield Municipal Fund Class I** |
| October 31, 2025 | $8.18 | 0.13% | $5711600 | 0.92% | 0.92<br> %(s) | 5.69% | 5.69% | 82.00% |
| October 31, 2024 | $8.64 | 17.55% | $3046662 | 0.66% | 0.57<br> %(t) | 4.81% | 4.89% | 136.03% |
| October 31, 2023 | $7.78 | 5.49% | $76482 | 0.89% | 0.73% | 5.23% | 5.39% | 24.60% |
| October 31, 2022 | $7.78 | (9.23)% | $99295 | 0.86% | 0.86% | 4.62% | 4.62% | 28.00% |
| October 31, 2021 | $8.98 | 7.29% | $132026 | 0.97% | 0.90% | 3.82% | 3.89% | 64.11% |
| **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** | **First Eagle High Yield Municipal Fund Class R6** |
| October 31, 2025 | $8.17 | 0.10% | $9801 | 0.83% | 0.83<br> %(s) | 6.03% | 6.03% | 82.00% |
| October 31, 2024 | $8.66 | 17.89% | $1218 | 0.86% | 0.26<br> %(t) | 4.95% | 5.56% | 136.03% |
| October 31, 2023 | $7.78 | 5.48% | $7823 | 0.81% | 0.70% | 5.32% | 5.44% | 24.60% |
| October 31, 2022 | $7.78 | (9.16)% | $1000 | 0.78% | 0.78% | 4.74% | 4.74% | 28.00% |
| October 31, 2021 | $8.98 | 7.34% | $1066 | 0.92% | 0.85% | 3.87% | 3.94% | 64.11% |
| **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** | **First Eagle Short Duration High Yield Municipal Fund Class A** |
| October 31, 2025 | $9.99 | 1.95% | $342489 | 0.87% | 0.85% | 4.85% | 4.87% | 114.60% |
| For The Period <br>1/2/24<sup>^</sup>-10/31/24 | $10.26 | 6.30<br> %(b) | $43433 | 1.45<br> %(c) | 0.43<br> %(c) | 3.48<br> %(c) | 4.51<br> %(c) | 202.33<br> %(b) |
| **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** | **First Eagle Short Duration High Yield Municipal Fund Class C** |
| For The Period <br>7/11/25<sup>^</sup>-10/31/25 | $9.99 | 0.09<br> %(b) | $1431 | 1.60<br> %(c) | 1.60<br> %(c) | 4.22<br> %(c) | 4.22<br> %(c) | 114.60<br> %(b) |
| **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** | **First Eagle Short Duration High Yield Municipal Fund Class I** |
| October 31, 2025 | $9.98 | 2.20% | $1213742 | 0.64% | 0.60% | 5.09% | 5.12% | 114.60% |
| For The Period <br>1/2/24<sup>^</sup>-10/31/24 | $10.25 | 6.56<br> %(b) | $116168 | 1.56<br> %(c) | 0.22<br> %(c) | 3.43<br> %(c) | 4.77<br> %(c) | 202.33<br> %(b) |
| **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** | **First Eagle Short Duration High Yield Municipal Fund Class R6** |
| October 31, 2025 | $9.99 | 2.23% | $1091 | 0.61% | 0.60% | 5.00% | 5.00% | 114.60% |
| For The Period <br>1/2/24<sup>^</sup>-10/31/24 | $10.26 | 6.54<br> %(b) | $1076 | 2.45<br> %(c) | 0.32<br> %(c) | 2.59<br> %(c) | 4.72<br> %(c) | 202.33<br> %(b) |

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First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Financial Highlights**

<sup>^</sup> Inception date.

\* Per share amounts have been calculated using the average shares method.

† The amount shown for shares outstanding throughout the period does not accord with the aggregate gain/loss on that period because of the timing of sales and purchase of the Funds' shares in relation to fluctuating market value of the investments in the Funds.

\*\* Amount represents less than $0.01 per share.

\*\*\* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund, First Eagle Gold Fund and First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Cayman Fund, Ltd., First Eagle Gold Cayman Fund, Ltd., and First Eagle Global Real Assets Cayman Fund, Ltd., respectively.

(a) Does not take into account the sales charge of 5.00% for Class A shares for all Funds, except First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund, which have a sales charge of 2.50% and the maximum contingent deferred sales charge ("CDSC") of 1.00% for Class C shares. Prior to March 1, 2024, the sales charge for Class A was 4.50% for First Eagle High Yield Municipal Fund, which was also not taken into account. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge for all funds, except First Eagle Global Income Builder Fund, First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund. With respect to the First Eagle Global Income Builder Fund, First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund, a CDSC of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

(b) Not Annualized.

(c) Annualized.

(d) Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Global Fund would have been 0.44, (0.15), 0.62 and 0.67 for Class A, Class C, Class I and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers ratios would have been 0.68%, (0.12)%, 0.93% and 1.02% for Class A, Class C, Class I and Class R6 shares, respectively.

(e) Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Overseas Fund would have been 0.20, (0.03), 0.29 and 0.35 for Class A, Class C, Class I and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers income ratios would have been 0.82%, 0.03%, 1.12% and 1.28% for Class A, Class C, Class I and Class R6 shares, respectively.

(f) Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Global Income Builder Fund would have been 0.24, 0.13, 0.28 and 0.29 for Class A, Class C, Class I and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers ratios would have been 1.85%, 1.06%, 2.08% and 2.16% for Class A, Class C, Class I and Class R6 shares, respectively.

(g) Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Global Fund would have been 26.05%, 24.96%, 26.38% and 26.48% for Class A, Class C, Class I and Class R6 shares, respectively.

(h) Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Overseas Fund would have been 16.90%, 15.94%, 17.24% and 17.35% for Class A, Class C, Class I and Class R6 shares, respectively.

(i) Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Global Income Builder Fund would have been 21.09%, 20.21%, 21.44% and 21.54% for Class A, Class C, Class I and Class R6 shares, respectively.

First Eagle Funds \| Annual Report \| October 31, 2025

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First Eagle Funds

**Financial Highlights**

(j) Net realized and unrealized gains (losses) includes litigation proceeds. Without these proceeds, the net realized and unrealized gains (losses) per share for First Eagle Global Fund would have been 14.50, 13.82, 14.59 and 14.59 for Class A, Class C, Class I and Class R6 shares, respectively.

(k) Total return includes litigation proceeds. Without these proceeds, the total returns for First Eagle Global Fund would have been 26.41%, 25.43%, 26.69% and 26.78% for Class A, Class C, Class I and Class R6 shares, respectively.

(l) Net realized and unrealized gains (losses) includes litigation proceeds. Without these proceeds, the net realized and unrealized gains (losses) per share for First Eagle Rising Dividend Fund would have been 3.65, 2.04, 3.89 and 3.88 for Class A, Class C, Class I and Class R6 shares, respectively.

(m) Total return includes litigation proceeds. Without these proceeds, the total returns for First Eagle Rising Dividend Fund would have been 15.33%, 14.47%, 15.63% and 15.65% for Class A, Class C, Class I and Class R6 shares, respectively.

(n) Net realized and unrealized gains (losses) includes litigation proceeds. Without these proceeds, the net realized and unrealized gains (losses) per share for First Eagle Rising Dividend Fund would have been 6.56, 3.84, 6.95 and 6.94 for Class A, Class C, Class I and Class R6 shares, respectively.

(o) Total return includes litigation proceeds. Without these proceeds, the total returns for First Eagle Rising Dividend Fund would have been 32.81%, 31.78%, 33.14% and 33.15% for Class A, Class C, Class I and Class R6 shares, respectively.

(p) Net realized and unrealized gains (losses) includes litigation proceeds. Without these proceeds, the net realized and unrealized gains (losses) per share for First Eagle Rising Dividend Fund would have been 2.13, 1.23, 2.24 and 2.27 for Class A, Class C, Class I and Class R6 shares, respectively.

(q) Total return includes litigation proceeds. Without these proceeds, the total returns for First Eagle Rising Dividend Fund would have been 12.28%, 10.57%, 12.58% and 12.73% for Class A, Class C, Class I and Class R6 shares, respectively.

(r) Amount represents less than 0.005%.

(s) Interest expense and fees relate to the costs of tender option bond transactions (See Note 2(g)) representing 0.32% for the year ended October 31, 2025. Without the interest expense and fees, the operating expenses including earnings credits and/or fee waivers would have been 0.83%, 1.59%, 0.60% and 0.51% for Class A, Class C, Class I, and Class R6, respectively.

(t) Interest expense and fees relate to the costs of tender option bond transactions (See Note 2(g)) representing 0.02% for the year ended October 31, 2024. Without the interest expense and fees, the operating expenses including earnings credits and/or fee waivers would have been 0.78%, 1.53%, 0.56% and 0.24% for Class A, Class C, Class I, and Class R6, respectively.

See Notes to Financial Statements.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**Note 1 — Organization**

First Eagle Funds (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). As of October 31, 2025, the Trust consists of eleven separate portfolios, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund (formerly named 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 and First Eagle Short Duration High Yield Municipal Fund (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Rising Dividend Fund, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long- term growth of capital. The First Eagle Rising Dividend Fund seeks capital appreciation and current income. The First Eagle Small Cap Opportunity Fund seeks long-term growth of capital. The First Eagle U.S. Smid Cap Opportunity Fund seeks long-term growth of capital. The First Eagle Global Real Assets Fund seeks long-term growth of capital. The First Eagle High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund's primary objective. The First Eagle Short Duration High Yield Municipal Fund seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the Fund's primary objective.

The Funds generally offer up to four share classes, Class A shares, Class C shares, Class I shares and Class R6 shares, except for the First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, which offer Class A shares, Class I shares and Class R6 shares only. On March 1, 2025, Class C Shares were newly registered for the First Eagle Small Cap Opportunity Fund and First Eagle Short Duration High Yield Municipal Fund. On December 1, 2023, Class R3 Shares, Class R4 Shares, Class R5 Shares of the Funds were closed to new investors. On February 28, 2024, all remaining Class R3 shares, Class R4 shares, and Class R5 shares of the Funds converted into Class R6 shares. As a result, Class R3 shares, Class R4 shares, and Class R5 shares were terminated.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Funds. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain coinvestors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.

**Note 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

**a) Investments in Subsidiaries** — The First Eagle Global Fund (the "Global Fund"), First Eagle Overseas Fund (the "Overseas Fund"), First Eagle U.S. Fund (the "U.S. Fund"), First Eagle Gold Fund (the "Gold Fund"), First Eagle Global Income Builder Fund (the "Global Income Builder Fund") and First Eagle Global Real Assets Fund (the "Global Real Assets Fund") may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd.), First Eagle U.S. Cayman Fund, Ltd., (formerly named First Eagle U.S. Value Cayman Fund, Ltd.), First Eagle Gold Cayman Fund, Ltd., First Eagle Global Income Builder Cayman Fund, Ltd. and First Eagle Global Real Assets Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a "Subsidiary" or collectively "the Subsidiaries"). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary's assets represent physical gold bullion, and First Eagle Gold Cayman Fund, Ltd. also holds physical silver. Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds' tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds' "non-qualifying income" exceeds 10% of the Funds' gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks.

The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Fund and the First Eagle

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2025, the First Eagle Global Cayman Fund, Ltd. has $6,567,028,277 in net assets, representing 9.59% of the Global Fund's net assets.

The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2025, the First Eagle Overseas Cayman Fund, Ltd. has $683,436,113 in net assets, representing 4.44% of the Overseas Fund's net assets.

The First Eagle U.S. Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the U.S. Fund and the First Eagle U.S. Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2025, the First Eagle U.S. Cayman Fund, Ltd. has $213,605,702 in net assets, representing 13.60% of the U.S. Fund's net assets.

The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2025, the First Eagle Gold Cayman Fund, Ltd. has $944,239,663 in net assets, representing 20.71% of the Gold Fund's net assets.

The First Eagle Global Income Builder Cayman Fund, Ltd., established on May 31, 2024, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Income Builder Fund and the First Eagle Global Income Builder Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2025, the First Eagle Global Income Builder Cayman Fund, Ltd. has $0 in net assets, representing 0.00% of the Global Income Builder Fund's net assets.

The First Eagle Global Real Assets Cayman Fund, Ltd., established on September 9, 2021, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2025, the First Eagle Global Real Assets Cayman Fund, Ltd. has $643,659 in net assets, representing 3.88% of the Global Real Assets Fund's net assets.

**b) Investment Valuation** — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

All bonds, whether listed on an exchange or traded in the over-counter-market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.

Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.

Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source. The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.

Inverse Floaters are evaluated using a third party model that takes into account the evaluated price of the underlying bond, leverage factors, gain share and floating rate levels.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund's NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be "fair valued" as described below.

Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Adviser believes relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.

The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds' investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Funds are determined in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation and liquidity procedures for the Funds. In accordance with Rule 2a-5 under the 1940 Act, the Funds' Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements.

The following is a summary of the Funds' inputs used to value the Funds' investments as of October 31, 2025. A reconciliation of Level 3 investments is presented when a fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments were not considered to be material to each Fund's net assets at the beginning or end of the period.

**First Eagle Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $34220904632 | $22988683656<br> <sup>(a)</sup> | $— | $57209588288 |
| Corporate Bonds |  |  | 5384995 | 5384995 |
| Commodities\* |  | 7784964586 |  | 7784964586 |
| Short-Term Investments | 185022 | 3381005809 |  | 3381190831 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 42964908 |  | 42964908 |
| **Total** | $**34221089654** | $**34197618959** | $**5384995** | $**68424093608** |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**First Eagle Global Fund (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(3730310) | $— | $(3730310) |
| **Total** | $**—** | $**(3730310)** | $**—** | $**(3730310)** |

---

(a) The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

\*\* Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

**First Eagle Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $3062416022 | $10284564776<br> <sup>(a)</sup> | $18836441 | $13365817239 |
| Commodities\* |  | 1410503133 |  | 1410503133 |
| Short-Term Investments | 165413 | 591209431 |  | 591374844 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 20476311 |  | 20476311 |
| **Total** | $**3062581435** | $**12306753651** | $**18836441** | $**15388171527** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(1775360) | $— | $(1775360) |
| **Total** | $**—** | $**(1775360)** | $**—** | $**(1775360)** |

---

(a) The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

\*\* Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**First Eagle U.S. Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1171736491 | $— | $— | $1171736491 |
| Convertible Preferred Stocks | 5359250 |  |  | 5359250 |
| Corporate Bonds |  | 13670060 | 6311000 | 19981060 |
| Commodities\* |  | 213595819 |  | 213595819 |
| Master Limited Partnerships | 24370439 |  |  | 24370439 |
| Preferred Stocks | 2472320 |  |  | 2472320 |
| Short-Term Investments | 43712 | 135558002 |  | 135601714 |
| **Total** | $**1203982212** | $**362823881** | $**6311000** | $**1573117093** |

---

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

**First Eagle Gold Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $3107731572 | $332062876<br> <sup>(a)</sup> | $— | $3439794448 |
| Commodities\* |  | 944282669 |  | 944282669 |
| Rights | 2568502 |  |  | 2568502 |
| Short-Term Investments | 140943 | 97204159 |  | 97345102 |
| **Total** | $**3110441017** | $**1373549704** | $**—** | $**4483990721** |

---

(a) The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

\* Represents gold and silver bullion.

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $640236165 | $670034687<br> <sup>(a)</sup> | $— | $1310270852 |
| Convertible Preferred Stocks | 33935375 |  |  | 33935375 |
| Corporate Bonds |  | 218502048 | 18877051 | 237379099 |
| Asset-Backed Securities |  | 2316481 |  | 2316481 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**First Eagle Global Income Builder Fund (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Commodities\* | $— | $180265628 | $— | $180265628 |
| Foreign Government Securities |  | 17787542 |  | 17787542 |
| Loan Assignments |  | 2506775 |  | 2506775 |
| Master Limited Partnerships | 20958322 |  |  | 20958322 |
| Preferred Stocks | 42106355 |  |  | 42106355 |
| U.S. Treasury Obligations |  | 198076653 |  | 198076653 |
| Short-Term Investments | 35636 | 65952717 |  | 65988353 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 747322 |  | 747322 |
| **Total** | $**737271853** | $**1356189853** | $**18877051** | $**2112338757** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(73039) | $— | $(73039) |
| Options Written | (976858) |  |  | (976858) |
| **Total** | $**(976858)** | $**(73039)** | $**—** | $**(1049897)** |

---

(a) The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

\*\* Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

**First Eagle Rising Dividend Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $354532042 | $76335243<br> <sup>(a)</sup> | $— | $430867285 |
| Master Limited Partnerships | 13260206 |  |  | 13260206 |
| Short-Term Investments | 2975 | 4724403 |  | 4727378 |
| **Total** | $**367795223** | $**81059646** | $**—** | $**448854869** |

---

(a) The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.

† See Schedule of Investments for additional detailed categorizations.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**First Eagle Small Cap Opportunity Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1657254358 | $— | $— |  | $1657254358 |
| Exchange-Traded Funds | 8901660 |  |  |  | 8901660 |
| Rights |  |  |  | <sup>^</sup> |  |
| Short-Term Investments | 91226352 |  |  |  | 91226352 |
| **Total** | $**1757382370** | $**—** | $**—** |  | $**1757382370** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

<sup>^</sup> Fair value represents zero.

**First Eagle U.S. Smid Cap Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $46277188 | $— | $— | $46277188 |
| Short-Term Investments | 1396497 |  |  | 1396497 |
| **Total** | $**47673685** | $**—** | $**—** | $**47673685** |

---

† See Schedule of Investments for additional detailed categorizations.

**First Eagle Global Real Assets Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $9361607 | $5803302<br> <sup>(a)</sup> | $5090 | $15169999 |
| Commodities\* |  | 400344 |  | 400344 |
| Exchange-Traded Funds | 235292 |  |  | 235292 |
| Master Limited Partnerships | 762941 |  |  | 762941 |
| Short-Term Investments | 351700 |  |  | 351700 |
| **Total** | $**10711540** | $**6203646** | $**5090** | $**16920276** |

---

(a) The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**First Eagle High Yield Municipal Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Municipal Bonds | $— | $8792262386 | $— | $8792262386 |
| Short-Term Investments | 5299148 |  |  | 5299148 |
| **Total** | $**5299148** | $**8792262386** | $**—** | $**8797561534** |

---

† See Schedule of Investments for additional detailed categorizations.

**First Eagle Short Duration High Yield Municipal Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $11387698 | $— | $11387698 |
| Municipal Bonds |  | 1546313666 |  | 1546313666 |
| Short-Term Investments | 451088 |  |  | 451088 |
| **Total** | $**451088** | $**1557701364** | $**—** | $**1558152452** |

---

† See Schedule of Investments for additional detailed categorizations.

**c) Investment Transactions and Income** — Investment transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from investment transactions. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. The Funds may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. Investment income is recorded net of foreign withholding taxes. Foreign taxes are accrued based on gains realized by a Fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Interest income is recorded daily on the accrual basis. In computing investment income, each Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Investment income is allocated to each Fund's share class in proportion to its relative net assets. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

**d) Expenses** — Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds may be allocated to each Fund in proportion to its relative net assets. Certain expenses are shared with the First Eagle Variable Funds, an affiliated fund group, and certain other funds also

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

managed by the Adviser. Generally, expenses that do not pertain specifically to a Fund are allocated to each Fund based upon the percentage of net assets a Fund bears to the total net assets of all the Funds that share the expense. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

**e) Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. The market values of securities which are not traded in U.S. currency are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statements of Operations. However, for federal income tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.

**f) Forward Foreign Currency Exchange Contracts** — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Global Income Builder Fund enter into forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds' currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge.

Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund's portfolio. For the

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

year ended October 31, 2025, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **First Eagle<br>Global<br>Fund** | **First Eagle<br>Overseas<br>Fund** | **First Eagle<br>Global<br>Income<br>Builder<br>Fund** |
| **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** | **Forward Foreign Currency Exchange Contracts:** |
| Average Settlement <br>Value — Purchased | $572190370 | $266938160 | $12704808 |
| Average Settlement <br>Value — Sold | 2284804454 | 1067138399 | 48030356 |

---

The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.

In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter ("OTC") derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds' custodian bank. These amounts are not reflected on the Funds' Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.

At October 31, 2025, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:

**First Eagle Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized<br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $42964908 | $3730310 | $1397124 | $(12428943) |

---

**First Eagle Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized<br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $20476311 | $1775360 | $6014550 | $(7923640) |

---

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss)<br>Derivative Recognized<br>in Income** | **Gain or (Loss)<br>Derivative Recognized<br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net realized<br>Gains<br>(Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Foreign currency | $747322 | $73039 | $(69283) | $(342016) |

---

(1) Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

(2) Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

(3) Statement of Operations location: Net realized gains (losses) from settlement of forward foreign currency exchange contracts.

(4) Statement of Operations location: Changes in unrealized appreciation (depreciation) of forward foreign currency exchange contracts.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

The following tables present each Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each fund as of October 31, 2025:

**First Eagle Global Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Assets<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| Bank of New York Mellon | $5661621 | $— | $(5661621) | $— |
| Goldman Sachs | 9662208 |  | (9610000) | 52208 |
| JPMorgan Chase Bank | 12540301 |  | (12540301) |  |
| UBS AG | 15100778 | (3730310) | (11370468) |  |
|  | $42964908 | $(3730310) | $(39182390) | $52208 |
| **Counterparty** | **Gross Amount<br>of Liabilities<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| UBS AG | $3730310 | $(3730310) | $— | $— |
|  | $3730310 | $(3730310) | $— | $— |

---

**First Eagle Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Assets<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| Bank of New York Mellon | $3012174 | $— | $(3012174) | $— |
| Goldman Sachs | 4335643 |  | (4320000) | 15643 |
| JPMorgan Chase Bank | 5645837 |  | (5645837) |  |
| UBS AG | 7482657 | (1775360) | (5707297) |  |
|  | $20476311 | $(1775360) | $(18685308) | $15643 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**First Eagle Overseas Fund (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Liabilities<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| UBS AG | $1775360 | $(1775360) | $— | $— |
|  | $1775360 | $(1775360) | $— | $— |

---

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount<br>of Assets<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| Bank of New York Mellon | $91487 | $— | $— | $91487 |
| Goldman Sachs | 152190 |  | (130000) | 22190 |
| JPMorgan Chase Bank | 225690 |  | (225690) |  |
| UBS AG | 277955 | (73039) |  | 204916 |
|  | $747322 | $(73039) | $(355690) | $318593 |
| **Counterparty** | **Gross Amount<br>of Liabilities<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| UBS AG | $73039 | $(73039) | $— | $— |
|  | $73039 | $(73039) | $— | $— |

---

\* The actual collateral received/pledged may be more than the amount reported due to over collateralization.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

have a tender option feature that allows holders to tender the Floaters back to the TOB Trust for their par amount and accrued interest at specified intervals and bear interest at prevailing short-term interest rates. Tendered Floaters are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed. The Municipal Funds, as holders of the Inverse Floaters, are paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Municipal Funds with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Municipal Funds, and as short-term interest rates decline, Inverse Floaters produce more income for the Municipal Funds. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Municipal Funds could lose the entire amount of its investment in the Inverse Floater and may, in some cases, be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently, in a rising interest rate environment, the Municipal Funds' investments in Inverse Floaters could negatively impact the Municipal Funds' performance and yield, especially when those Inverse Floaters provide the Municipal Funds with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts.

The Municipal Funds may invest in Inverse Floaters on a non-recourse or recourse basis. If a Fund invests in an Inverse Floater on a recourse basis, the Fund will be required to reimburse the liquidity provider of a TOB Trust for any shortfall between the liquidation value of the underlying security and the principal amount of the Floaters in the event the Floaters cannot be successfully remarketed and the Fund could suffer losses in excess of the amount of its investment in the Inverse Floater.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

The Underlying Bond deposited into the TOB Trust is identified in the Municipal Fund's Portfolio of Investments as "All or portion of principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB residuals and cash." with the Fund recognizing as liabilities, labeled "Payable for Floating Rate Note Obligation" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of "Accrued interest and dividends receivable" and "Interest expense and fees payable" on the Statement of Assets and Liabilities, respectively.

As of October 31, 2025, the aggregate value of Floaters issued by the Funds' TOB Trusts were as follows:

---

| | |
|:---|:---|
| | **Floating Rate<br>Obligations:** |
| First Eagle High Yield Municipal Fund | $1065645000 |
| First Eagle Short Duration High Yield Municipal Fund | 25130000 |

---

For year ended October 31, 2025, the average amount of Floaters outstanding and the average annual interest rates and fees related to Inverse Floaters, were as follows:

---

| | | |
|:---|:---|:---|
| | **Average Floating<br>Rate Obligations<br>Outstanding** | **Average Annual<br>Interest Rate<br>and Fees** |
| First Eagle High Yield Municipal Fund | $661069644 | 3.16% |
| First Eagle Short Duration High Yield Municipal Fund<sup>(1)</sup> | 12223333 | 3.21 |

---

(1) Average Floating Rate Obligation Outstanding is for period ended October 31, 2025, beginning September 17, 2025, when the Fund began investing in TOB transactions; and the Average Annual Interest Rate and Fees is for period ended October 31, 2025, beginning September 23, 2025, when the Fund's first TOB settled.

**h) Options** — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write "covered" call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose.

Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This "opportunity cost" may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty. Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.

As of October 31, 2025, portfolio securities valued at $83,639,440 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.

For the year ended October 31, 2025, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:

---

| | | |
|:---|:---|:---|
| | **First Eagle<br>Global Income<br>Builder Fund** | **First Eagle<br>Global Income<br>Builder Fund** |
| **Options:** | **Options:** | **Options:** |
| Average Number of Contracts — Written |  | 9,572 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

At October 31, 2025, the Funds had the following options grouped into appropriate risk categories illustrated below:

**First Eagle Global Income Builder Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss) <br>Derivative Recognized <br>in Income** | **Gain or (Loss) <br>Derivative Recognized <br>in Income** |
|<br>**Risk Type** |<br>**Asset Derivative<br>Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br>Fair Value<sup>(2)</sup>** | **Net Realized<br>Gains (Losses)<sup>(3)</sup>** | **Change in<br>Appreciation<br>(Depreciation)<sup>(4)</sup>** |
| Equity — Written options | $— | $976858 | $2041691 | $3182347 |

---

(1) Statements of Assets and Liabilities location: Investments in securities of unaffiliated issuers.

(2) Statements of Assets and Liabilities location: Option contracts written, at value.

(3) Statements of Operations location: Net realized gains (losses) from expiration or closing of option contracts written.

(4) Statements of Operations location: Changes in unrealized appreciation (depreciation) of option contracts written.

**i) Repurchase Agreements** — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser's credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

**j) Bank Loans** — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between a Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**k) Treasury Inflation-Protected Securities** — The Funds may invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations and reflected in market value of the securities. TIPS are subject to interest rate risk.

**l) Restricted Securities** — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.

**m) New Accounting Pronouncements** — In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently assessing the impact on the financial statements and related disclosures.

**n) United States Income Taxes** — No provision has been made for U.S. federal income taxes since it is the intention of each Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to the regulated investment company. The Funds declare and pay such income and capital gains on an annual basis except for the First Eagle Global Income Builder Fund, the First Eagle High Yield Municipal Fund, and the First Eagle Short Duration High Yield Municipal Fund which declare income daily and pay monthly, and First Eagle Rising Dividend Fund which distributes income on a quarterly basis.

The Funds adopted provisions surrounding income taxes, which require the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that, based on their technical merits, have a more than 50% likelihood of being sustained upon examination. Management of the Trust has analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

At October 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward** |
|  | **Undistributed<br>Tax-Exempt**<br>**Income** | **Undistributed<br>Ordinary**<br>**Income** | **Undistributed<br>Net Realized**<br>**Gains** | **Net Unrealized<br>Appreciation**<br>**(Depreciation)** | **Short-Term** | **Long-Term** |
| First Eagle <br>Global Fund | $— | $2351801887 | $3768552511 | $26070274004 | $— | $— |
| First Eagle <br>Overseas Fund |  | 785951338 | 438319206 | 5288812141 |  |  |
| First Eagle <br>U.S. Value Fund |  | 31077084 | 106919543 | 690939716 |  |  |
| First Eagle <br>Gold Fund |  | 62065420 |  | 2521407542 |  | 342703929 |
| First Eagle <br>Global Income <br>Builder Fund |  | 4011849 | 33878784 | 455469223 |  |  |
| First Eagle Rising <br>Dividend Fund |  | 8073155 | 29279974 | 151328596 |  |  |
| First Eagle Small <br>Cap Opportunity <br>Fund |  | 2221056 | 14210290 | 355008586 |  |  |
| First Eagle <br>U.S. Smid Cap <br>Opportunity Fund |  | 184042 |  | 13022514 | 592019 |  |
| First Eagle Global <br>Real Assets Fund |  | 399081 | 158580 | 2634550 |  |  |
| First Eagle High <br>Yield Municipal <br>Fund | 4528798 |  |  | (227614003) | 65486649 | 135497818 |
| First Eagle Short <br>Duration High <br>Yield Municipal <br>Fund | 1380593 |  |  | (28891092) | 213581 |  |

---

The components of distributable earnings' differences between book basis and tax basis are primarily due to the treatment of passive foreign investment companies, distributions from real estate investment trusts, the treatment of forward foreign currencies contracts, straddle loss deferral, foreign repatriated earnings for First Eagle Overseas Fund, investment in partnerships, and global intangible low-taxed income from investment in certain foreign corporations for First Eagle Overseas Fund, wash sales, and amortization on certain callable bond investments.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Funds after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. For the current year, the First Eagle Gold Fund, First Eagle Small Cap Opportunity Fund and First Eagle Global Real Assets Fund utilized $184,884,873, $63,433,013 and $138,079 in net capital loss carryforward, respectively.

Late year ordinary losses incurred after December 31<sup>st</sup> and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year For the year ended October 31, 2025, none of the Funds had late year loss deferrals.

**o) Reclassification of Capital Accounts** — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, a reclassification has been made on the Statements of Assets and Liabilities to increase (decrease) distributable earnings and capital surplus for the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed Net<br>Investment Income<br>(Loss)** | **Undistributed Net<br>Realized Gains<br>(Losses)** | **Capital Surplus** |
| First Eagle Global Fund | $832795675 | $(990272195) | $157476520 |
| First Eagle Overseas Fund | 235838811 | (312562616) | 76723805 |
| First Eagle U.S. Value Fund | 18186819 | (23606876) | 5420057 |
| First Eagle Gold Fund | 40652650 | (40652650) |  |
| First Eagle Global Income Builder Fund | (519230) | (1344084) | 1863314 |
| First Eagle Rising Dividend Fund | (7590) | (404567) | 412157 |
| First Eagle Small Cap Opportunity Fund | 9366237 | (10189767) | 823530 |
| First Eagle U.S. Smid Cap Opportunity Fund | 142125 | (142125) |  |
| First Eagle Global Real Assets Fund | 200496 | (200496) |  |
| First Eagle High Yield Municipal Fund | (155010) | 155010 |  |
| First Eagle Short Duration High Yield <br>Municipal Fund | (5406) | 5406 |  |

---

The primary permanent differences causing such reclassification include the tax treatment of currency gains and losses, distributions paid in connection with the redemption of Fund shares, adjustments on certain callable bonds, investments in passive foreign investment companies and differing book and tax treatment of transactions with the Subsidiary.

At the year ended October 31, 2025, the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle Gold Cayman Fund Ltd., and First Eagle U.S. Cayman Fund, Ltd. had unrealized gains for tax purposes. Any unrealized losses to be recognized for tax purposes in the future can only be

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

utilized by the Funds to the extent of tax basis realized gains in the Subsidiaries in the same year. Given the uncertainty of their future use, tax losses have been reclassified to Capital surplus.

**p) Distribution to Shareholders** — Distributions to shareholders during the fiscal year ended October 31, 2025, which are determined in accordance with income tax regulations, are recorded on ex-dividend date.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt Income** | **Tax-Exempt Income** | **Ordinary Income** | **Ordinary Income** |
|  | **2025** | **2024** | **2025** | **2024** |
| First Eagle Global Fund | $— | $— | $1324519813 | $694254260 |
| First Eagle Overseas Fund |  |  | 645684361 | 249161450 |
| First Eagle U.S. Value Fund |  |  | 22894574 | 15644440 |
| First Eagle Gold Fund |  |  | 124017325 | 22713907 |
| First Eagle Global Income Builder Fund |  |  | 51604015 | 45860679 |
| First Eagle Rising Dividend Fund |  |  | 7136198 | 5079555 |
| First Eagle Small Cap Opportunity Fund |  |  | 28727821 | 9542812 |
| First Eagle U.S. Smid Cap Opportunity <br>Fund |  |  | 279853 | 120773 |
| First Eagle Global Real Assets Fund |  |  | 477760 | 242239 |
| First Eagle High Yield Municipal Fund | 336066002 | 66148989 | 11943382 | 5052249 |
| First Eagle Short Duration High Yield <br>Municipal Fund | 39432053 | 1650374 | 1815648 | 110465 |
|  | **Long Term Capital Gains** | **Long Term Capital Gains** | **Return of Capital** | **Return of Capital** |
|  | **2025** | **2024** | **2025** | **2024** |
| First Eagle Global Fund | $1560383406 | $1081566934 | $— | $— |
| First Eagle Overseas Fund | 275342996 | 53792723 |  |  |
| First Eagle U.S. Value Fund | 63321538 | 61312109 |  |  |
| First Eagle Gold Fund |  |  |  |  |
| First Eagle Global Income Builder Fund | 22702368 |  |  |  |
| First Eagle Rising Dividend Fund | 12883745 | 25786460 |  |  |
| First Eagle Small Cap Opportunity Fund |  |  |  |  |
| First Eagle U.S. Smid Cap Opportunity <br>Fund |  |  |  |  |
| First Eagle Global Real Assets Fund |  |  |  |  |
| First Eagle High Yield Municipal Fund |  |  |  | 6736102 |
| First Eagle Short Duration High Yield <br>Municipal Fund |  |  |  |  |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**q) Class Accounting** — Investment income, common expenses and realized/unrealized gain or loss on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

**r) Use of Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**s) Foreign Taxes** — The Funds may be subject to foreign taxes on income, and gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

**t) Segment Reporting** — The Funds have adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. Adoption of the new standard impacted financial statement disclosure requirements only and did not affect the Funds' financial position or the results of their operations. Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance.

In accordance with ASC 280, the Funds have determined that they have a single operating segment which derives its revenues from investments made in accordance with the Funds' defined investment objective. The Funds' CODM is represented by the Adviser, through various committees. The Funds' net investment income, total returns, expense ratios, and net increase (decrease) in net assets resulting from operations which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the Funds' consolidated financial statements.

**Note 3 — Investment Advisory, Custody and Administration Agreements; Transactions with Related Persons**

For its services, the Adviser receives, pursuant to an Investment Advisory Agreement between the Funds and the Adviser (the "Advisory Agreement"), an annual fee as follows:

---

| | |
|:---|:---|
| **Fund** | **Management Fee<br>(% of Average Daily Net Assets)** |
| First Eagle Global Fund | 0.75% |
| First Eagle Overseas Fund | 0.75 |

---

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

---

| | |
|:---|:---|
| **Fund** | **Management Fee<br>(% of Average Daily Net Assets)** |
| 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<br><sup>(1)</sup> |
| First Eagle Small Cap Opportunity Fund | 0.85<br><sup>(2)</sup> |
| First Eagle U.S. Smid Cap Opportunity Fund | 0.75<br><sup>(3)</sup> |
| First Eagle Global Real Assets Fund | 0.65<br><sup>(4)</sup> |
| First Eagle High Yield Municipal Fund | 0.45<br><sup>(5)</sup> |
| First Eagle Short Duration High Yield Municipal Fund | 0.45<br><sup>(6)</sup> |

---

(1) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 for First Eagle Rising Dividend Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 1.65%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board. First Eagle Rising Dividend Fund has agreed that each of Classes A, C, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.90%, 1.65%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2025, the Adviser reimbursed $223,887 in expenses which are included under Expense waiver in the Statement of Operations. As of October 31, 2025, the Fund has $— receivable from the Adviser for reimbursement of expenses, which are included under due from adviser on its Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2026** | **2027** | **2028** |
| Class A | $1018384 | $445261 | $406283 | $166840 |
| Class C | 27201 | 16714 | 9653 | 834 |
| Class I | 273095 | 93128 | 123754 | 56213 |
| Class R6 | 7995 | 3990 | 4005 |  |
| **Total** | $**1326675** | $**559093** | $**543695** | $**223887** |

---

(2) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 for First Eagle Small Cap Opportunity Fund so that the total annual operating

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 2.00%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, C, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.25%, 2.00%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2025, the Adviser reimbursed $426,033 in expenses which are included under Expense waiver in the Statement of Operations. As of October 31, 2025, the Fund has $12,673 receivable from the Adviser for reimbursement of expenses, which are included under due from adviser on its Statement of Assets and Liabilities. During the period ended October 31, 2025, the Fund recouped $6,264.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2026** | **2027** | **2028** |
| Class A | $55614 | $34918 | $19533 | $1163 |
| Class I | 2250127 | 827060 | 998197 | 424870 |
| Class R6 |  |  |  |  |
| **Total** | $**2305741** | $**861978** | $**1017730** | $**426033** |

---

(3) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 for First Eagle U.S. Smid Cap Opportunity Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.20%, 0.90% and 0.95% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2025, the Adviser reimbursed $257,491 in expenses which are included under Expense waiver in the Statement of Operations. As of October 31, 2025, the Fund has $24,173 receivable from the Adviser for reimbursement of expenses, which are included under due from adviser on its Statement of Assets and Liabilities.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2026** | **2027** | **2028** |
| Class A | $18119 | $3555 | $3417 | $11147 |
| Class I | 875367 | 347861 | 281515 | 245991 |
| Class R6 | 4528 | 3743 | 432 | 353 |
| **Total** | $**898014** | $**355159** | $**285364** | $**257491** |

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(4) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I, and R6 for First Eagle Global Real Assets Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2025, the Adviser reimbursed $366,553 in expenses which are included under Expense waiver in the Consolidated Statement of Operations. As of October 31, 2025, the Fund has $28,152 receivable from the Adviser for reimbursement of expenses, which are included under due from adviser on its Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2026** | **2027** | **2028** |
| Class A | $175657 | $64115 | $64235 | $47307 |
| Class I | 966177 | 339917 | 337994 | 288266 |
| Class R6 | 112506 | 42237 | 39289 | 30980 |
| **Total** | $**1254340** | $**446269** | $**441518** | $**366553** |

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(5) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 for First Eagle High Yield Municipal Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.85%, 1.60%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

terminated during its term without the consent of the Board. First Eagle High Yield Municipal Fund has agreed that each of Classes A, C, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2025, the Adviser reimbursed $— in expenses which are included under Expense waiver in the Statement of Operations. As of October 31, 2025, the Fund has $— receivable from the Adviser for reimbursement of expenses, which are included under Due from adviser on its Statement of Assets and Liabilities. During the period ended October 31, 2025, the Fund recouped $338,274.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2026** | **2027** | **2028** |
| Class A | $— | $— | $— | $— |
| Class C |  |  |  |  |
| Class I |  |  |  |  |
| Class R6 | 10892 | 3040 | 7852 |  |
| **Total** | $**10892** | $**3040** | $**7852** | $**—** |

---

(6) The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A,C, I, and R6 for First Eagle Short Duration High Yield Municipal Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.85%, 1.60%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Classes A, C, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. For the year ended October 31, 2025, the Adviser reimbursed $229,510 in expenses which are included under Expense waiver in the Statement of Operations. As of October 31, 2025, the Fund has $162,945 receivable from the Adviser for reimbursement of expenses, which are included under Due from adviser on its Statement of Assets and Liabilities.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended October 31, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Potential Recoupment<br>Amounts Expiring<br>October 31,** | **Potential Recoupment<br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2027** | **2028** |
| Class A | $61474 | $41503 | $19971 |
| Class I | 494827 | 285309 | 209518 |
| Class R6 | 14788 | 14767 | 21 |
| **Total** | $**571089** | $**341579** | $**229510** |

---

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with the Adviser, the Funds (except for First Eagle Global Income Builder Fund, which pays the fee described in the next paragraphs) reimburse the Adviser for costs (including personnel and other costs) related to those services. These reimbursements may not exceed an annual rate of 0.05% of a Fund's average daily net assets.

Pursuant to Administrative Services Agreements between First Eagle Global Income Builder Fund and the Adviser, the Fund pays/paid the Adviser a monthly administration fee that is accrued daily at an annual rate of 0.05% of the Fund's average daily net assets.

For the year ended October 31, 2025, the Adviser waived and the Funds had due from Adviser amounts shown below:

---

| | | |
|:---|:---|:---|
| | **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 | 8842 | 8842 |
| First Eagle Small Cap Opportunity Fund |  |  |
| First Eagle U.S. Smid Cap Opportunity Fund | 151576 | 923 |
| First Eagle Global Real Assets Fund | 201663 | 2652 |
| First Eagle High Yield Municipal Fund |  |  |
| First Eagle Short Duration High Yield Municipal Fund |  |  |

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First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

The Funds have entered into a custody agreement with J.P. Morgan Chase Bank, N.A. ("JPM"). The custody agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPM serves as custodian of the Funds' portfolio securities and other assets. JPM has directly entered into sub-custodial agreements to maintain the custody of gold and silver bullion in the Funds. Under the terms of the custody agreement between the Funds and JPM, JPM maintains and deposits in separate accounts, cash, securities and other assets of the Funds. JPM is also required, upon the order of the Funds, to deliver securities held by JPM and the sub-custodian, and to make payments for securities purchased by the Funds. JPM has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

The Funds have also entered into an agreement for administrative services with JPM, pursuant to which JPM provides certain financial reporting and other administrative services. JPM, as the Funds' administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.

FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the year ended October 31, 2025, FEF Distributors, LLC realized $572,743, $30,676, $17,948, $106,633, $14,820, $4,166, $15,797, $2,289, $11, $126,518 and $20,077 pertaining to the sales of shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund, First Eagle Global Real Assets Fund, First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund, respectively. For the year ended October 31, 2025, FEF Distributors, LLC realized $95,664, $5,550, $4,156, $10,166, $2,631, $536 and $40,441 CDSC pertaining to the redemption of shares of 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 and First Eagle High Yield Municipal Fund, respectively; and the Adviser realized $3,674, $6,954, $(1,458), $3,705, $33,806, $332, $1,292, $590,927 and $151,827 CDSC pertaining to the redemption of shares of 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 High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund, respectively.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan"), which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of October 31, 2025, balances to the Plan are included in the fees payable to the Trustees on the Statements of Assets and Liabilities.

**Note 4 — Plans of Distribution**

Under the terms of the Distribution Plans and Agreements ("the Plans") with FEF Distributors, LLC (the "Distributor"), pursuant to the provisions of Rule 12b-1 under the 1940 Act, the 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 and First Eagle Global Real Assets Fund, First Eagle High Yield Municipal Fund, and First Eagle Short Duration High Yield Municipal Fund pay the Distributor monthly a distribution and/or service fee with respect to Class A and Class C shares based on each Fund's average daily net assets as shown in the table below. Under the Plans, the Distributor is obligated to use the amounts received under the Plans for, among other things, payments to qualifying dealers for their assistance in the distribution of a Fund's shares and the provision of shareholder services and for other expenses such as advertising costs and the payment for the printing and distribution of prospectuses to prospective investors.

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| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class C** |
| First Eagle Global Fund | 0.25% | 1.00% |
| First Eagle Overseas Fund | 0.25% | 1.00% |
| First Eagle U.S. Fund | 0.25% | 1.00% |
| First Eagle Gold Fund | 0.25% | 1.00% |
| First Eagle Global Income Builder Fund | 0.25% | 1.00% |
| First Eagle Rising Dividend Fund | 0.25% | 1.00% |
| First Eagle Small Cap Opportunity Fund | 0.25% | 1.00% |
| First Eagle U.S. Smid Cap Opportunity Fund | 0.25% | n/a |
| First Eagle Global Real Assets Fund | 0.25% | n/a |
| First Eagle High Yield Municipal Fund | 0.25% | 1.00% |
| First Eagle Short Duration High Yield Municipal Fund | 0.25% | 1.00% |

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The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the year ended October 31, 2025, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.

The Service fee covers expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the year ended October 31, 2025, the services fees incurred by the Funds are disclosed in the Statements of Operations.

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

**Note 5 — Purchases and Sales of Securities**

For the year ended October 31, 2025, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases<br>excluding<br>U.S. Government<br>Securities** | **Sales and<br>Maturities<br>excluding<br>U.S. Government<br>Securities** | **Purchases of<br>U.S. Government<br>Securities** | **Sales and<br>Maturities of<br>U.S. Government<br>Securities** |
| First Eagle Global Fund | $10196601673 | $9052035967 | $— | $— |
| First Eagle Overseas Fund | 1592075757 | 1852431894 |  |  |
| First Eagle U.S. Fund | 222050757 | 269487714 |  |  |
| First Eagle Gold Fund | 510624638 | 719607923 |  |  |
| First Eagle Global Income <br>Builder Fund | 248340797 | 169098759 | 78323623 | 57373259 |
| First Eagle Rising <br>Dividend Fund | 52413137 | 91236200 |  |  |
| First Eagle Small Cap <br>Opportunity Fund | 778186229 | 1042698694 |  |  |
| First Eagle U.S. Smid Cap <br>Opportunity Fund | $31962147 | $36455252 |  |  |
| First Eagle Global Real <br>Assets Fund | 6371071 | 5773954 |  |  |
| First Eagle High Yield <br>Municipal Fund | 10053575483 | 5681715982 |  |  |
| First Eagle Short Duration <br>High Yield Municipal Fund | 2374642198 | 952427602 |  |  |

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**Note 6 — Line of Credit**

On June 24, 2024, the Funds renewed a $200 million committed, unsecured line of credit ("Credit Facility") with JPM for the First Eagle Funds and First Eagle Variable Funds to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes with a termination date of June 23, 2025. Under the Credit Facility arrangement, each Fund has agreed to pay a per annum rate of interest for borrowings generally based on 1.00% plus the higher of Daily Simple Secured Overnight Financing Rate plus a ten basis point credit spread adjustment, Overnight Bank Funding Rate or Effective Federal Funds Rate and a commitment fee of 0.20% per annum on the unused portion of the Credit Facility. A portion of the commitment fees related to the Credit Facility are paid by the Funds and are included in other expenses in the Statements of Operations. During the period, the

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

Funds had no borrowings under the agreement. On June 23, 2025, the Credit Facility was extended to October 31, 2025. On October 20, 2025, the Credit Facility was extended to November 28, 2025. On November 17, 2025, the Credit Facility was extended to February 27, 2026.

**Note 7 — Indemnification and Investment Risk**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. The Funds may have elements of risk not typically associated with investments in the United States due to their investments in foreign countries or regions. Such foreign investments may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities. The securities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries.

The First Eagle Global Income Builder Fund, First Eagle High Yield Municipal Fund and First Eagle Short Duration High Yield Municipal Fund invest in high yield securities which may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. These high yield securities may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments and may be subject to significant price fluctuations.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds enter into derivatives which may represent off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the Statements of Assets and Liabilities.

**Note 8 — Redemption In-Kind Transactions**

The redemption in-kind policy for all of the Funds reserves the right of the Funds to pay redemptions in-kind (i.e., payments in the form of marketable securities or, as needed, other traded assets, rather than cash) if the redemption request is large enough to affect a Fund's operations (for example, if it represents more than

First Eagle Funds \| Annual Report \| October 31, 2025

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Notes to Financial Statements

$250,000 or 1% of the Fund's assets). When receiving assets distributed in-kind, the recipient will bear applicable commissions or other costs on their sale. There were no redemptions in-kind during the year ended October 31, 2025.

**Note 9 — Subsequent Events**

First Eagle Core Plus Municipal Fund, a Portfolio in the Trust incepted on November 20, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of First Eagle Funds and Shareholders of each of the eleven funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting the First Eagle Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations, of changes in net assets and, for the fund indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the fund indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| First Eagle Global Fund<sup>(1)</sup>\* | First Eagle Small Cap Opportunity Fund<sup>(1)</sup> |
| First Eagle Overseas Fund<sup>(1)</sup>\* | First Eagle U.S. Smid Cap Opportunity Fund<sup>(1)</sup> |
| First Eagle U.S. Fund<sup>(1)</sup>\* | First Eagle Global Real Assets Fund<sup>(1)</sup>\* |
| First Eagle Gold Fund<sup>(1)</sup>\* | First Eagle High Yield Municipal Fund<sup>(2)</sup> |
| First Eagle Global Income Builder Fund<sup>(1)</sup> | First Eagle Short Duration High Yield <br>Municipal Fund<sup>(3)</sup> |
| First Eagle Rising Dividend Fund<sup>(1)</sup> |  |

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(1) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the years ended October 31, 2025 and 2024

(2) Statement of operations and statement of cash flows for the year ended October 31, 2025, and statement of changes in net assets for the years ended October 31, 2025 and 2024

(3) Statement of operations for the year ended October 31, 2025, and statement of changes in net assets for the year ended October 31, 2025 and for the period January 2, 2024 (inception date) through October 31, 2024

\* The financial statements for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund, First Eagle Gold Fund and First Eagle Global Real Assets Fund are presented on a consolidated basis

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

First Eagle Funds \| Annual Report \| October 31, 2025

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Report of Independent Registered Public Accounting Firm

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 26, 2025

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017

T: (646) 471 3000, www.pwc.com/us

First Eagle Funds \| Annual Report \| October 31, 2025

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**Item 8 Changes In and Disagreements with Accountants**

Not applicable.

**Item 9 Proxy Disclosures**

Results of Special Shareholder Meeting

A Special Shareholder Meeting of First Eagle Funds was held on June 30, 2025, which reconvened on July 28 and August 14, 2025 to: (1) approve "new" advisory agreements for the Funds with the Adviser subsequent to the prospective change of ownership of the parent company of the Adviser, First Eagle Holdings, Inc. and (2) elect ten members of the Board (Lisa Anderson, Candace K. Beinecke, Peter W. Davidson, Jean D. Hamilton, William M. Kelly, Paul J. Lawler, Mandakini Puri, John P. Arnhold, and Mehdi Mahmud effective upon approval and Scott Sleyster upon his eligibility to serve as an Independent Trustee, which was expected to be on or about September 1, 2025).

The voting results were as follows:

**Proposal 1:**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR** | **FOR** | **FOR** | **AGAINST** | **AGAINST** | **AGAINST** | **ABSTAIN** | **ABSTAIN** | **ABSTAIN** |
|  | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** |
| **First Eagle <br>Global Fund** | 360840011 | 88.89% | 45.01% | 5009047 | 1.23% | 0.62% | 40086425 | 9.88% | 5.00% |
| **First Eagle <br>Overseas Fund** | 230050464 | 95.49% | 49.28% | 1365068 | 0.57% | 0.29% | 9504930 | 3.95% | 2.04% |
| **First Eagle <br>U.S. Fund** | 31206310 | 91.68% | 48.42% | 299335 | 0.88% | 0.46% | 2531341 | 7.44% | 3.93% |
| **First Eagle <br>Gold Fund** | 43162725 | 87.78% | 44.50% | 838802 | 1.71% | 0.86% | 5168023 | 10.51% | 5.33% |
| **First Eagle <br>Global Income <br>Builder Fund** | 58464822 | 89.85% | 45.62% | 490755 | 0.75% | 0.38% | 6112732 | 9.39% | 4.77% |
| **First Eagle <br>Rising Dividend <br>Fund** | 6962897 | 86.33% | 45.36% | 93832 | 1.16% | 0.61% | 1008972 | 12.51% | 6.57% |
| **First Eagle <br>Small Cap <br>Opportunity <br>Fund** | 70856806 | 84.44% | 42.81% | 999851 | 1.19% | 0.60% | 12055887 | 14.37% | 7.28% |
| **First Eagle <br>U.S. Smid <br>Cap Opportunity <br>Fund** | 3438403 | 99.16% | 71.15% | 0 | 0.00% | 0.00% | 29166 | 0.84% | 0.60% |

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First Eagle Funds \| Annual Report \| October 31, 2025

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR** | **FOR** | **FOR** | **AGAINST** | **AGAINST** | **AGAINST** | **ABSTAIN** | **ABSTAIN** | **ABSTAIN** |
|  | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** |
| **First Eagle <br>Global Real <br>Assets Fund** | 1105550 | 99.97% | 85.91% | 0 | 0.00% | 0.00% | 278 | 0.03% | 0.02% |
| **First Eagle <br>High Yield <br>Municipal Fund** | 326472590 | 89.25% | 45.14% | 4374106 | 1.20% | 0.60% | 34961061 | 9.56% | 4.83% |
| **First Eagle <br>Short Duration <br>High Yield <br>Municipal Fund** | 28323352 | 80.22% | 40.53% | 429907 | 1.22% | 0.62% | 6552019 | 18.56% | 9.38% |

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**Proposal 2:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR** | **FOR** | **FOR** | **WITHHOLD** | **WITHHOLD** | **WITHHOLD** |
|  | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of<br>Outstanding<br>Shares** | **Shares<br>Voted** | **% of Voted<br>Shares** | **% of <br>Outstanding <br>Shares** |
| **(01) Lisa Anderson** | 1381827222 | 97.80% | 54.44% | 31042997 | 2.20% | 1.22% |
| **(02) Candace K. Beinecke** | 1382258156 | 97.83% | 54.46% | 30612063 | 2.17% | 1.21% |
| **(03) Peter W. Davidson** | 1383056466 | 97.89% | 54.49% | 29813753 | 2.11% | 1.17% |
| **(04) Jean D. Hamilton** | 1382647540 | 97.86% | 54.47% | 30222679 | 2.14% | 1.19% |
| **(05) Willliam M. Kelly** | 1380002810 | 97.67% | 54.37% | 32867409 | 2.33% | 1.29% |
| **(06) Paul J. Lawler** | 1380112717 | 97.68% | 54.37% | 32757502 | 2.32% | 1.29% |
| **(07) Mandakini Puri** | 1383027963 | 97.89% | 54.49% | 29842256 | 2.11% | 1.18% |
| **(08) John P. Arnhold** | 1379641941 | 97.65% | 54.35% | 33228278 | 2.35% | 1.31% |
| **(09) Mehdi Mahmud** | 1382323552 | 97.84% | 54.46% | 30546667 | 2.16% | 1.20% |
| **(10) Scott Sleyster** | 1382275602 | 97.83% | 54.46% | 30594617 | 2.17% | 1.21% |

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**Item 10 Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Item 11 Statement Regarding Basis for Approval of Investment Advisory Contract**

Refer to the semiannual financial statements and other information as of and for the period ended April 30, 2025, included within the N-CSRS filed with the SEC.

First Eagle Funds \| Annual Report \| October 31, 2025

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General Information

**Form N-PORT portfolio schedule**

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT are available on the SEC's Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT from the Funds upon request by calling 1.800.334.2143.

**Proxy voting policies, procedures and record**

You may obtain (1) a description of the Funds' proxy voting policies, (2) a description of the Funds' proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent twelve- month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Funds directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

First Eagle Funds \| Annual Report \| October 31, 2025

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Tax Information

**Fiscal Year Ended October 31, 2025 (unaudited)**

Each Fund designates at the following amounts (or the maximum amount allowable) distributed during the fiscal year ended October 31, 2025, if any, as dividends exempt from federal income tax, capital gain dividends, dividends eligible for the corporate dividends received deduction and/or qualified dividend income:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **% of Qualifying<br>Dividend<br>Income** | **% of Dividends<br>Eligible for<br>the Dividends<br>Received<br>Deduction** | **Tax-Exempt<br>Income** | **Long-Term<br>Capital Gains** | **Long-Term<br>Capital<br>Gains<br>28%** |
| First Eagle Global Fund | 65.65% | 23.63% | $— | $1658257964 | $— |
| First Eagle Overseas Fund | 40.38% | 0.57% |  | 262525999 | 22437099 |
| First Eagle U.S. Value Fund | 72.30% | 62.07% |  | 67568586 |  |
| First Eagle Gold Fund | 27.72% | 5.34% |  |  |  |
| First Eagle Global Income <br>Builder Fund | 74.52% | 19.66% |  | 16045871 | 8322524 |
| First Eagle Rising Dividend Fund | 95.01% | 74.17% |  | 13206822 |  |
| First Eagle Small Cap <br>Opportunity Fund | 67.15% | 65.30% |  | 712212 |  |
| First Eagle U.S. Smid Cap <br>Opportunity Fund | 100.00% | 100.00% |  |  |  |
| First Eagle Global Real Assets Fund | 54.30% | 14.90% |  |  |  |
| First Eagle High Yield Municipal Fund | 0.00% | 0.00% | 336066002 |  |  |
| First Eagle Short Duration High Yield <br>Municipal Fund | 0.00% | 0.00% | 39432053 |  |  |

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First Eagle Overseas Fund paid foreign taxes of $33,623,200 and recognized Section 853 foreign source income of $518,548,214. Pursuant to Section 853 of the Internal Revenue Code, the First Eagle Overseas Fund designates such amount (or the maximum amount allowable) as having been paid in connection with dividends distributed from investment company taxable income during the fiscal year ended October 31, 2025.

First Eagle Gold Fund paid foreign taxes of $4,261,714 and recognized Section 853 foreign source income of $33,552,880. Pursuant to Section 853 of the Internal Revenue Code, the First Eagle Gold Fund designates such amount (or the maximum amount allowable) as having been paid in connection with dividends distributed from investment company taxable income during the fiscal year ended October 31, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

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Tax Information

First Eagle Global Real Assets Fund paid foreign taxes of $18,067 and recognized Section 853 foreign source income of $354,880. Pursuant to Section 853 of the Internal Revenue Code, the First Eagle Global Real Assets Fund designates such amount (or the maximum amount allowable) as having been paid in connection with dividends distributed from investment company taxable income during the fiscal year ended October 31, 2025.

First Eagle Funds \| Annual Report \| October 31, 2025

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Privacy Notice

The Trust is providing you with this privacy notice to inform you of how we process your personal information. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy policy supersedes any of our previous policies relating to the information you disclose to us.

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| | |
|:---|:---|
| **FACTS** | <br>**WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>◼ Social Security number, income, and assets<br>◼ account balances, payment history, and account activity<br>◼ credit history and credit scores<br>◼ name, address, telephone number, occupation<br>◼ online information, such as your IP address and data gathered from your browsing activity and location<br>◼ information we encounter in public records in the ordinary course of business |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Trust chooses to share; and whether you can limit this sharing. |

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First Eagle Funds \| Annual Report \| October 31, 2025

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Privacy Notice

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Trust share?** | **Can you limit this sharing?** |
| **For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes—**<br> to offer our products and services to you | Yes | Yes |
| **For joint marketing with other financial companies** | No | N/A |
| **For our affiliates' everyday business purposes—**<br> information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes—**<br> information about your creditworthiness | Yes | Yes |
| **For our affiliates to market to you** | Yes | Yes |
| **For nonaffiliates to market to you** | No | N/A |

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| | |
|:---|:---|
| **To limit our sharing** | ◼ Call 800.334.2143 and indicate your desire to limit our sharing<br>◼ Visit us online: www.firsteagle.com/individuals-home or<br>◼ Mail the form below<br>**Please note:**<br> If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.<br>However, you can contact us at any time to limit our sharing. |
| **Questions?** | Call 800.334.2143 or go to www.firsteagle.com/individuals-home |

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First Eagle Funds \| Annual Report \| October 31, 2025

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Privacy Notice

✁

**Mail-in Form**

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| | |
|:---|:---|
| If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>❑ Apply my choices only to me | Mark any/all you want to limit:<br>❑ Do not share information about my creditworthiness with your affiliates for their everyday business purposes.<br>❑ Do not allow your affiliates to use my personal information to market to me.<br>❑ Do not share my personal information with nonaffiliates to market their products and services to me.<br>**Name<br>Address<br>City, State, Zip<br>Account #<br>Mail to:**<br> First Eagle Funds<br>P.O. Box 219324<br>Kansas City, MO<br>64121-9324 |

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✁

**What we do**

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| | |
|:---|:---|
| **How does the Trust protect my personal information?** | We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information. |
| **How does the Trust collect my personal information?** | We collect your personal information, for example, when you:<br>◼ open an account, make transactions using your account, or deposit money<br>◼ subscribe to receive information, submit an application, or otherwise submit a form containing personal information<br>◼ use our services online<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Privacy Notice

---

| | |
|:---|:---|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only:<br>◼ sharing for affiliates' everyday business purposes—information about your creditworthiness<br>◼ affiliates from using your information to market to you<br>◼ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | Your choices will apply to everyone on your account. |

---

**Definitions**

---

| | |
|:---|:---|
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ Affiliated companies include First Eagle Investments; First Eagle Holdings, Inc.; First Eagle Investment Management, LLC; FEF Distributors, LLC; First Eagle Separate Account Management, LLC; First Eagle Alternative Credit, LLC; Napier Park Global Capital Ltd; Napier Park Global Capital GmbH, Napier Park Global Capital (US) LP; First Eagle Investment Management Ltd; First Eagle Investment Management GmbH; First Eagle Investments Sarl; First Eagle Funds (Ireland) ICAV; First Eagle Amundi Sub-Funds (Luxembourg) SICAV; First Eagle Overseas Variable Fund, a portfolio of First Eagle Variable Funds, an open-end investment management company; First Eagle Credit Opportunities Fund, a closed-end interval fund; First Eagle Real Estate Debt Fund, a closed-end interval fund; First Eagle Tactical Municipal Opportunities Fund, a closed-end interval fund; First Eagle High Yield Municipal Completion Fund, a portfolio of First Eagle Completion Fund Trust, an open-end investment management company; First Eagle Private Credit Fund, a business development company; First Eagle Global Equity ETF (FEGE) and First Eagle Overseas Equity ETF (FEOE), exchange traded funds; and any other First Eagle Funds and any sub-funds, as applicable. |

---

First Eagle Funds \| Annual Report \| October 31, 2025

------

Privacy Notice

---

| | |
|:---|:---|
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>◼ Nonaffiliated third parties may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors. |

---

**Data Subject Rights**

Individuals in some jurisdictions may have certain data subject rights. These rights vary, but they may include the right for individuals to: (i) request access to and rectification or erasure of their personal data; (ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection authority. If you have any questions about exercising these rights call 800.334.2143 or go to www.firsteagle.com/individuals-home.

**Special Notice for Residents of California**

First Eagle does not sell non-public personal information or share non-public personal information for cross-context behavioral advertising. We will not share information we collect about you with nonaffiliates, except as required or permitted by California or other applicable law, including as described above. While the law provides California residents with data rights in some circumstances, the state protections do not apply to personal information collected about current or former investors whose information is protected by federal financial privacy law under the Gramm Leach Bliley Act and the SEC's Reg S-P.

First Eagle Funds \| Annual Report \| October 31, 2025

------

Privacy Notice

**Other important information**

Sharing of Personal Information with Nonaffiliated Third Parties

We will only share your personal information collected, as described above, with nonaffiliated third parties:

• At your request;

• When you authorize us to process or service a transaction or product (nonaffiliated third parties in this instance may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, and other parties providing individual shareholder servicing, accounting and recordkeeping services);

• With companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them;

• With third parties as part of a corporate business transaction such as a merger, joint venture, financing, reorganizing, or sale of company assets;

• As necessary to establish, defend, or otherwise manage a legal claim; or

• When required by law to disclose such information to appropriate authorities.

We do not otherwise provide information about you to outside firms, organizations or individuals except as permitted by law.

What We do with Personal Information about Our Former Customers

If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the information we have in our possession about you and your account following the termination of our shareholder relationship.

First Eagle Funds \| Annual Report \| October 31, 2025

------

First Eagle Funds

**Trustees**

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Peter Davidson

Jean D. Hamilton

William M. Kelly

Paul J. Lawler

Mehdi Mahmud

Mandakini Puri

Scott Sleyster

**Trustee Emeritus**

Jean-Marie Eveillard\*

**Officers**

Mehdi Mahmud

**President**

Frank Riccio

**Senior Vice President**

Brandon Webster

**Chief Financial Officer**

Seth Gelman

**Chief Compliance Officer**

David O'Connor

**General Counsel**

Sheelyn Michael

**Secretary & Deputy General Counsel**

Michael Luzzatto

**Vice President**

Shuang Wu

**Treasurer**

**Investment Adviser**

First Eagle Investment Management, LLC

**1345 Avenue of the Americas New York, NY 10105**

**Legal Counsel**

Sidley Austin LLP

**787 Seventh Avenue New York, NY 10019**

**Custodian**

JPMorgan Chase Bank, N.A.

**4 Chase Metrotech Center, Floor 16, Brooklyn, NY 11245**

**Shareholder Servicing Agent**

SS&C GIDS, Inc.

**801 Pennsylvania Avenue, Suite 219324 Kansas City, MO 64105 800.334.2143**

**Underwriter**

FEF Distributors, LLC

**1345 Avenue of the Americas New York, NY 10105**

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

**300 Madison Avenue New York, NY 10017**

&nbsp;&nbsp;&nbsp;&nbsp;Additional information about the Trustees and Officers is included in the Funds' Statement of Additional Information.

\* Mr. Eveillard is a former member of the Board of Trustees and is invited to attend all Board meetings. He is not a Trustee for purposes of the Trust's Declaration of Trust, Delaware law or the Investment Company Act.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

First Eagle Funds \| Annual Report \| October 31, 2025

------

![](j25268512_za003.jpg)

**First Eagle Funds are offered by FEF Distributors, LLC,**

1345 Avenue of the Americas, New York, NY 10105.

**First Eagle Investment Management, LLC**

1345 Avenue of the Americas, New York, NY 10105-0048

800.334.2143 www.firsteagle.com

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Results of Special Shareholder Meeting

A Special Shareholder Meeting of First Eagle Funds was held on June 30, 2025, which reconvened on July 28 and August 14, 2025 to: (1) approve "new" advisory agreements for the Funds with the Adviser subsequent to the prospective change of ownership of the parent company of the Adviser, First Eagle Holdings, Inc. and (2) election of ten members of the Board (Lisa Anderson, Candace K. Beinecke, Peter W. Davidson, Jean D. Hamilton, William M. Kelly, Paul J. Lawler, Mandakini Puri, John P. Arnhold, and Mehdi Mahmud effective upon approval and Scott Sleyster upon his eligibility to serve as an Independent Trustee, which was expected to be on or about September 1, 2025).

The voting results were as follows:

Proposal 1:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR** | **FOR** | **FOR** | **AGAINST** | **AGAINST** | **AGAINST** | **ABSTAIN** | **ABSTAIN** | **ABSTAIN** |
|  | **Shares<br> Voted** | **% of<br> Voted<br> Shares** | **% of<br> Outstanding<br> Shares** | **Shares<br> Voted** | **% of<br> Voted<br> Shares** | **% of<br> Outstanding<br> Shares** | **Shares<br> Voted** | **% of<br> Voted<br> Shares** | **% of<br> Outstanding<br> Shares** |
| **First Eagle Global Fund** | 360840011 | 88.89% | 45.01% | 5009047 | 1.23% | 0.62% | 40086425 | 9.88% | 5.00% |
| **First Eagle Overseas Fund** | 230050464 | 95.49% | 49.28% | 1365068 | 0.57% | 0.29% | 9504930 | 3.95% | 2.04% |
| **First Eagle U.S. Fund** | 31206310 | 91.68% | 48.42% | 299335 | 0.88% | 0.46% | 2531341 | 7.44% | 3.93% |
| **First Eagle Gold Fund** | 43162725 | 87.78% | 44.50% | 838802 | 1.71% | 0.86% | 5168023 | 10.51% | 5.33% |
| **First Eagle Global Income Builder Fund** | 58464822 | 89.85% | 45.62% | 490755 | 0.75% | 0.38% | 6112732 | 9.39% | 4.77% |
| **First Eagle Rising Dividend Fund** | 6962897 | 86.33% | 45.36% | 93832 | 1.16% | 0.61% | 1008972 | 12.51% | 6.57% |
| **First Eagle Small Cap Opportunity Fund** | 70856806 | 84.44% | 42.81% | 999851 | 1.19% | 0.60% | 12055887 | 14.37% | 7.28% |
| **First Eagle U.S. Smid Cap Opportunity Fund** | 3438403 | 99.16% | 71.15% | 0 | 0.00% | 0.00% | 29166 | 0.84% | 0.60% |
| **First Eagle Global Real Assets Fund** | 1105550 | 99.97% | 85.91% | 0 | 0.00% | 0.00% | 278 | 0.03% | 0.02% |
| **First Eagle High Yield Municipal Fund** | 326472590 | 89.25% | 45.14% | 4374106 | 1.20% | 0.60% | 34961061 | 9.56% | 4.83% |
| **First Eagle Short Duration High Yield Municipal Fund** | 28323352 | 80.22% | 40.53% | 429907 | 1.22% | 0.62% | 6552019 | 18.56% | 9.38% |

---

Proposal 2:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR** | **FOR** | **FOR** | **WITHHOLD** | **WITHHOLD** | **WITHHOLD** |
|  | **Shares Voted** | **% of Voted<br> Shares** | **% of<br> Outstanding<br> Shares** | **Shares Voted** | **% of Voted<br> Shares** | **% of<br> Outstanding<br> Shares** |
| **(01) Lisa Anderson** | 1381827222 | 97.80% | 54.44% | 31042997 | 2.20% | 1.22% |
| **(02) Candace K. Beinecke** | 1382258156 | 97.83% | 54.46% | 30612063 | 2.17% | 1.21% |
| **(03) Peter W. Davidson** | 1383056466 | 97.89% | 54.49% | 29813753 | 2.11% | 1.17% |
| **(04) Jean D. Hamilton** | 1382647540 | 97.86% | 54.47% | 30222679 | 2.14% | 1.19% |
| **(05) Willliam M. Kelly** | 1380002810 | 97.67% | 54.37% | 32867409 | 2.33% | 1.29% |
| **(06) Paul J. Lawler** | 1380112717 | 97.68% | 54.37% | 32757502 | 2.32% | 1.29% |
| **(07) Mandakini Puri** | 1383027963 | 97.89% | 54.49% | 29842256 | 2.11% | 1.18% |
| **(08) John P. Arnhold** | 1379641941 | 97.65% | 54.35% | 33228278 | 2.35% | 1.31% |
| **(09) Mehdi Mahmud** | 1382323552 | 97.84% | 54.46% | 30546667 | 2.16% | 1.20% |
| **(10) Scott Sleyster** | 1382275602 | 97.83% | 54.46% | 30594617 | 2.17% | 1.21% |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Please see Renumeration Paid included under Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Refer to the semiannual financial statements and other information as of and for the period ended April 30, 2025, included within the N-CSRS filed with the SEC.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

No material change to report at this time.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure
controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to
the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the
period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR
is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and
forms.

(b) There were no changes in
the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR.](tm2526851d1_ex99-codeeth.htm)

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto](tm2526851d1_ex99-cert.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.](tm2526851d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | First Eagle Funds |
| By (Signature and Title)\* | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, President |

---

Date January 2, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mehdi Mahmud |
|  | Mehdi Mahmud, President |

---

Date January 2, 2026

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brandon Webster |
|  | Brandon Webster, Principal Financial Officer |

---

Date January 2, 2026

\*Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**Code of Ethics**

**Personal Securities Transaction Policy**

![](tm252685d1_ex99-codeimg001.jpg)

FIRST EAGLE INVESTMENT MANAGEMENT LLC

FEF DISTRIBUTORS, LLC

FIRST EAGLE ALTERNATIVE CREDIT, LLC

FIRST EAGLE SEPARATE ACCOUNT MANAGEMENT, LLC

FIRST EAGLE INVESTMENT MANAGEMENT, LTD

FIRST EAGLE INVESTMENT MANAGEMENT, GMBH

AND

FIRST EAGLE FAMILY OF FUNDS

Effective: April 1, 2025

**Table of Contents**

---

| | |
|:---|:---|
| I. GENERAL POLICY STATEMENT | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standards of Conduct | 3 |
| II. CATEGORIES OF COVERED PERSONS | 4 |
| III. EXEMPT SECURITIES | 5 |
| IV. PRE-CLEARANCE EXEMPTIONS | 5 |
| V. PRE-CLEARANCE PROCEDURES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Personal Trading System | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. How Long Are Approvals Effective? | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Special Pre-Clearance Requirements | 7 |
| VI. AFFILIATED CLOSED-END FUNDS – SPECIAL PRE-CLEARANCE PROCEDURES | 7 |
| VII. BLACKOUT PERIODS – CLIENT TRADES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Periods | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. De Minimis Transactions | 9 |
| VIII. BLACKOUT PERIODS – AFFILIATED OPEN AND CLOSED-END FUNDS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Blackout Period - Affiliated Open-End Funds | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Blackout Period - Affiliated Closed-End Funds | 10 |
| IX. SHORT-TERM (FREQUENT) TRADING IN OPEN-END MUTUAL FUNDS | 10 |
| X. BAN ON SHORT-TERM TRADING | 10 |
| XI. RESTRICTED/WATCH LISTS | 11 |
| XII. PUBLIC OFFERINGS | 11 |
| XIII. PRIVATE PLACEMENTS– SPECIAL PRE-CLEARANCE PROCEDURES | 12 |
| XIV. REPORTABLE ACCOUNTS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Accounts Required to be Reported | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Reporting of Transactions - Designated Broker-Dealers | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Reporting of Transactions - Non-Designated Broker-Dealers | 14 |
| XV. REPORTING AND CERTIFICATION REQUIREMENTS | 15 |
| XVI. EXEMPTIONS FROM THIS POLICY | 16 |
| XVII. CONSEQUENCES OF VIOLATIONS OF THIS POLICY | 16 |
| XVIII. REPORTING OF VIOLATIONS | 16 |
| XIX. QUESTIONS CONCERNING THIS POLICY | 16 |
| XX. CODE OF ETHICS OFFICE CONTACT INFORMATION | 17 |
| XXI. DEFINITIONS | 17 |

---

**Code of Ethics: Personal Securities Transactions Policy**

**I. General Policy Statement**

**Standards of Conduct**

Each officer, director, employee and certain designated Temporary Workers (each, a "Covered Person") of First Eagle is subject to this Code of Ethics. First Eagle has a fiduciary duty that requires Covered Persons to act in the best interest of Clients. As a firm, and as individuals, it must be understood that Clients always come first and that any abuse of the positions of trust and responsibility placed in the firm by Clients will not be tolerated. Furthermore, Covered Persons are obligated to avoid any action or activity that could produce conflicts between their own personal interests and those of Clients. To this end, each Covered Person must act with honesty, integrity, and high ethical standards deserving of Clients' trust. Covered Persons must exercise reasonable care and professional judgment to avoid engaging in actions that put First Eagle's image or reputation at risk.

At all times, Covered Persons must:

1. Place the interests
 of Clients ahead of their personal interests;

2. Not take inappropriate
 advantage of their positions;

3. Conduct all
 personal securities transactions in full compliance with the letter and spirit of the Code
 of Ethics and the Insider Trading Policy;

4. Avoid any actual
 or potential conflicts of interest or any abuse of their positions of trust and responsibility;
 and

5. Comply with
 all applicable Federal securities laws.

While First Eagle encourages Covered Persons and their families to develop personal investment programs, they must not take any action in connection with their personal investments that could cause the appearance of unfairness or impropriety. Accordingly, Covered Persons must follow the policies set forth below with respect to personal trading. All Covered Persons must comply with the Code of Ethics – adherence to the Code of Ethics is a basic condition of employment. Covered Persons are required to promptly report any violation of this Code of Ethics of which they become aware, whether their own or another Covered Person's, to the Code of Ethics Office. Reports of ethical concerns or Code of Ethics violations by others may also be made on a confidential, anonymous basis via the internet at <u>www.FirstEagle.ethicspoint.com</u> or via phone at (855) 325-9019.

*Application of the Code of Ethics to Disinterested Trustees*

Disinterested Trustees of the First Eagle Funds are only subject to the reporting requirement in Section VI and XV of the Code of Ethics. Disinterested Trustees are not subject to other provisions of the Code of Ethics but are subject to the requirements of the Federal Securities Laws and other applicable laws, such as the prohibition on trading in securities of an issuer while in possession of material non-public information.

**A glossary of certain terms contained within this Policy is set forth in the "Definitions" section at the end of this document for reference. Capitalized terms not defined in context are defined in the glossary.**

**II. Categories of Covered Persons**

Different requirements and limitations on Covered Persons are based on their activities and roles within First Eagle. Covered Persons are assigned to one of the categories listed below.

Please note that a Covered Person's category under this Policy may change if their position within First Eagle changes or if they are transferred to another department or to an affiliated company. It is the Covered Person's obligation to notify the Legal and Compliance Department of changes to their position. Legal and Compliance will review the status and will notify the Covered Person if their category changes. If there are any questions regarding a Covered Person's category, please contact Legal and Compliance.

**Access Person:**

An Access Person is any Covered Person who satisfies the definition of "Access Person" defined in Rule 204A-1(e)(1) under the Advisers Act and/or with respect to a First Eagle Fund as defined in Rule 17j-1(a)(1) under the 1940 Act. An Access Person generally includes any Covered Person who:

1) has access to non-public information regarding any Client's purchase or sale of Securities;

2) has access to non-public information regarding Clients' portfolio holdings;

3) is involved in making Securities recommendations to Clients;

4) has access to Securities recommendations to Clients that are non-public; or

5) is an Investment Person as defined below.

**Investment Person:**

An Investment Person is an Access Person who, in connection with his/her regular functions and duties:

1) makes, or participates in making, recommendations regarding the purchase or sale of Securities on behalf of any client;

2) provides information or advice with respect to a purchase or sale of Securities to a portfolio manager; or

3) helps execute a portfolio manager's investment recommendations.

Generally, Investment Persons include, but are not limited to, portfolio managers, research analysts and traders.

**Temporary Worker:**

A Temporary Worker's status is determined upon the start of his/her assignment with First Eagle. If a Covered Person hires a Temporary Worker, the Covered Person is required to notify the Human Resources Department, who in turn will notify the Legal and Compliance Department.

Temporary Workers may be designated as Access Persons or Investment Persons subject to the Code of Ethics and certain provisions of the Code of Business Conduct. Temporary Workers who are not designated as an Access Person or Investment Person are deemed to be non-access persons. Non-access persons generally will not be subject to the Code of Ethics.

Temporary Workers will be notified about their designation by the Legal and Compliance Department. The Legal and Compliance Department, with the assistance of the Temporary Worker's supervisor, will re-review the status of a Temporary Worker periodically thereafter. The Legal and Compliance Department will notify the Temporary Worker as to any change in designation and the imposition of Code of Ethics requirements.

**III. Exempt Securities**

SEC Rule 204A-1 treats all Securities as "Reportable Securities" with certain limited exceptions enumerated below. As a result, this Policy does not apply to any of the following types of Securities or instruments ("Exempt Securities").

&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
 obligations of the United States Government, such as Treasury Notes, Treasury Bonds, Treasury
 Bills and U.S. Savings Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;2. Money market
 instruments, bankers' acceptances, bank certificates of deposit, commercial paper,
 and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* Shares
 of unaffiliated **open-end** mutual funds.  ***Caution:*** *Shares of the First Eagle Funds or mutual funds sub-advised by First Eagle are **not** Exempt Securities and must be reported.* 

&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 of unit investment trusts that are invested exclusively in unaffiliated open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;5. Interests
 in 529 college savings plans that First Eagle does not manage, distribute, market or underwrite. **Note:** *Please refer to Section XIV for reporting of 529 accounts*.

&nbsp;&nbsp;&nbsp;&nbsp;*6.* Shares
 of unaffiliated collective investment trusts. **Caution**: *Shares of First Eagle Investment Trusts and First Eagle managed collective investment trusts are **not** Exempt Securities and must be reported.* 

Covered Persons may engage in transactions in any Exempt Security without pre-clearing or reporting any such transactions.

**IV. Pre-Clearance Exemptions**

The following types of transactions are not subject to the pre-clearance requirements of this Policy. Covered Persons are not required to pre-clear transactions for which they do not exercise investment discretion at the time of the transactions ("non-volitional transactions") and certain other automated transactions. The transactions listed below are, however, required to be reported through trade confirmations and/or account statements, *unless noted otherwise*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases
 and sales of the First Eagle Open-End Mutual Funds and First Eagle Collective Investment
 Trusts. While First Eagle Open-End Mutual Funds and First Eagle Collective Investment Trusts
 are not subject to pre-clearance, please refer to Section IX entitled "Short Term
 Trading in Open-End Mutual Funds for other limitations and restrictions that may apply." **Note:** *Covered Persons will be required to pre-clear Affiliated Exchange Traded Funds and **Affiliated Closed-End Funds**, which include Affiliated Business Development Companies and Affiliated Interval Funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* Transactions
 in Securities made in an account that is fully managed by a third party. **Note:** *The Covered Person will be required to submit documents demonstrating that the fiduciary has full discretion over the relevant account. The Covered Person will be required to complete and sign an initial and annual discretionary attestation.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* Purchases
 and sales of Securities in accordance with a pre-set amount or pre-determined schedule effected
 through an automatic investment plan or dividend reinvestment plan (DRIP). This includes
 the automatic reinvestment of dividends, income or interest received from a Security in such
 plans or any other type of account. **Note**: *The purchase or sale of Securities outside of a pre-set amount and/or pre-determined schedule in such plans is subject to pre-clearance and reporting.* 

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases
 of Securities due to an exercise of rights issued to the holders of a class of Securities
 must be pro rata, to the extent they are issued with respect to Securities of which a Covered
 Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;5. Acquisitions
 or dispositions of Securities as the result of a stock dividend, stock split, reverse stock
 split, merger, consolidation, spin-off or other similar corporate distribution or reorganization
 applicable to holders of a class of Securities of which a Covered Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;6. The automatic
 exercise or liquidation by an exchange of an in-the-money derivative instrument upon expiration,
 the delivery of Securities pursuant to a written option that is exercised against a Covered
 Person and the assignment of options.

&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases
 or sales of unaffiliated broad-based market exchange traded funds ("BB ETFs").
 Information pertaining to BB ETF's is posted on the personal trading system dashboard.
 Transactions in all other ETFs including First Eagle ETFs must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;8. Purchases
 and sales of open-end mutual funds and variable insurance products, including funds organized
 outside the U.S. with a structure similar to that of open-end mutual funds that are not managed
 by First Eagle.

&nbsp;&nbsp;&nbsp;&nbsp;9. Gifts of
 Securities received, if the Covered Person does not control the timing of the gift.

&nbsp;&nbsp;&nbsp;&nbsp;10. Transactions
 in 529 College Savings Plans do not require pre-clearance and are not reportable.

**Note:** *Please refer to Section XIV for reporting 529 accounts*.

**V. Pre-clearance Procedures**

Covered Persons are required to obtain pre-approval for personal trades as described below.

**Note:** *Covered Persons must pre-clear transactions in Securities in which they have Beneficial Ownership. Additionally, a Covered Person must pre-clear Securities transactions for their spouse, domestic partner, minor children or any other person to whom a Covered Person provides significant financial support, as well as transactions in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.*

**A. Personal Trading System**

Covered Persons are required to pre-clear all personal transactions in Securities through the personal trading system, except for (i) transactions in Exempt Securities; and (ii) transactions listed under Pre-Clearance Exemptions.

Upon submitting a pre-clearance request through the personal trading system, a Covered Person will receive an approval or denial message in connection with their request. Although First Eagle retains records of all electronic pre-clearance requests, it is recommended that the Covered Person print and retain copies for their records. A link to the personal trading system can be found via the First Eagle Intranet.

**B. How Long Are Approvals Effective?**

Pre-clearance approvals for Securities ***traded in the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the day that a pre-clearance request has been approved. Pre-clearance approvals for Securities ***traded outside the local market or exchange of a Covered Person's country of residence*** are effective until the close of business on the business day following approval of a pre-clearance request. To make any modification to a previously pre-cleared trade request (for instance, date of execution or share quantity), a Covered Person must submit a new pre-clearance request and receive approval.

**C. Special Pre-Clearance Requirements**

Covered Persons may be subject to special pre-clearance requirements either in addition to, or in place of, those pre-clearance requirements described in this section. Such requirements may be necessary due to the risks presented by a particular position held within First Eagle. In such cases, the Code of Ethics Office will notify Covered Persons of any special pre-clearance requirements.

**VI. Affiliated Closed-End Funds – Special Pre-Clearance Procedures**

Covered Persons who want to purchase or sell an Affiliated Closed-End Fund must submit a pre-clearance request through the personal trading system. In determining whether to grant approval for the trade, the Code of Ethics Office makes an assessment as to whether the transaction complies with this Policy, including the 60-Day Holding Period applicable to Affiliated Closed-End Funds. In addition, the respective Company's CCO (or designee) for third party funds sub-advised by a Company verifies that your transaction does not conflict with any specific Fund information. Your request will be denied if the transaction would violate any requirements of this Policy.

**Section 16 Requirements**

Common shares of closed-end funds are registered under Section 12 of the Exchange Act. As such, there are specific reporting requirements and trading prohibitions under Sections 16(a) and 16(b) of the Exchange Act and Section 30(h) of the Investment Company Act if you are deemed to be a "Section 16 Person" with respect to a closed-end fund that include special filing obligations with the SEC. The Legal and Compliance Department will notify you if you are deemed to be a Section 16 Person in connection with an Affiliated Closed-End Fund. Even though individuals are personally responsible to file the forms with the SEC under Section 16, the Legal and Compliance Department will manage the Section 16 filings on your behalf, if authorized by you. In connection with Affiliated Closed-End Funds, if you are a Section 16 Person, the Code of Ethics Office must provide your trade execution details to the Legal and Compliance Department or to the respective Company's CCO (or designee) for third party closed-end funds sub-advised by First Eagle or its affiliates within one business day for filing purposes.

In addition, Section 16(b) of the Exchange Act (together with Section 30 (h)) prohibits Section 16 Persons from profiting from the purchase and sale, or sale and purchase, of an applicable Closed- End Fund within a six-month period (referred to as "short-swing profits"). Any such profits realized are required to be forfeited to the applicable Closed-End Fund.

**VII. Blackout Periods – Client Trades**

Potential conflicts of interest are of particular concern when a Covered Person buys or sells a Security at or near the same time as First Eagle buys or sells that Security or an Equivalent Security for Clients. The potential appearance of impropriety in such cases is particularly severe if the Covered Person acts as the portfolio manager or in another investment-related capacity for the Clients in question.

To reduce the potential for conflicts of interest and the potential appearance of impropriety that can arise in such situations, this Policy prohibits Covered Persons from trading for their Reportable Accounts during certain periods before, during and after trading is being conducted on behalf of Clients. The period during which personal securities transactions are prohibited is commonly referred to as a "blackout period." The applicable blackout period depends on (i) whether a transaction is classified as a De Minimis Transaction, as defined below; and (ii) whether the potential investor is an Access Person or an Investment Person.

First Eagle recognizes that the application of a blackout period during the period *prior* to Client transactions may result in inadvertent violations of this Policy from time to time. Covered Persons should consider carefully the potential consequences of the applicable blackout period before engaging in personal securities transactions in Securities or Equivalent Securities, which First Eagle holds, or might consider holding, in Client accounts.

Covered Persons who have any questions about the application of the blackout periods to a particular situation should contact the Code of Ethics Office before submission of a trade request.

The blackout periods below apply to both Securities and Equivalent Securities.

**Caution:** *Because of the many variations and complexities of options transactions, Covered Persons are strongly encouraged to seek guidance from the Code of Ethics Office if they are unsure whether a particular option is deemed to be an Equivalent Security.*

**A. Blackout Periods**

The blackout periods described below do not apply to: (i) Exempt Securities; or (ii) the transactions listed under Pre-Clearance Exemptions.

**<u>Orders Under Consideration</u>**

Covered Persons may not purchase or sell a Security or Equivalent Security if such person knows the Security or Equivalent Security is being considered for purchase or sale on behalf of a Client, even though no buy or sell orders have been placed at the time.

**<u>Same-Day Blackout Period</u>**

Access Persons may not purchase or sell a Security or Equivalent Security if there is a *pending* buy or sell order for a Client in the Security or Equivalent Security, until the order is executed, withdrawn or meets the De Minimis Exemption.

Investment Persons may not purchase or sell the same Security or Equivalent Security on a day during which a buy or sell is made on behalf of any Client in that same Security or Equivalent Security. **Note:** T*he De Minimis Exemption is not available to Investment Persons.*

**<u>Seven-Day Blackout Period – For Investment Persons only</u>**

The purchase or sale of a Security or Equivalent Security are prohibited within seven calendar days before and after the purchase or sale of the relevant Security or Equivalent Security by a Client.

**<u>Short Sale of Securities – For Investment Persons only</u>**

Short sales of any security held by a Client are not permitted. This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, purchases of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives.

**B. De Minimis Transactions**

The following transactions by Access Persons are defined as "De Minimis Transactions" under this Policy:

Purchases and sales of a Security or an Equivalent Security where, ***in aggregate, the trade*** does not exceed 1,000 shares per day in that issuer and which the issuer has a total market capitalization of $30 billion or greater at the time of investment.

Such transactions present little or no risk of conflict with Client transactions because they involve a relatively small number of highly liquid Securities. However, it should be noted that issuer market capitalization amounts often change. Accordingly, a Covered Person may purchase a Security that has a market capitalization of greater than $30 billion only to find out that they cannot sell the Security at a later date because the market capitalization has fallen below $30 billion and their sale would be during a blackout period in connection with a Client trade in the same Security or Equivalent Security. If a Covered Person is unsure whether a Security meets the market capitalization criteria, please contact Legal and Compliance.

**Note**: *De Minimis Transactions are nevertheless (i) required to be pre-cleared and reported; and (ii) subject to a ban on short-term trading as described in the section "Ban on Short-Term Trading."*

**VIII. Blackout Periods – Affiliated Open and Closed-end Funds**

**A. Blackout Period - Affiliated Open-End Funds**

A personal trading blackout may be put in place in connection with shares of Affiliated Open-End Mutual Funds up until the release of certain information regarding the Funds to the public. Reasons for a personal trading blackout with respect to a Fund may include but are not limited to: (i) an upcoming change in portfolio management; (ii) a planned reorganization of a Fund, including a merger into an existing Fund; or (iii) an anticipated dissolution/liquidation of a Fund. Please note that this type of information regarding the Funds is confidential and must not be discussed with, or disclosed to, anyone outside of First Eagle.

**Note**: *The blackout period applies to all share classes across all accounts in which Covered Persons are Beneficial Owners, including transactions in First Eagle 401(k) Plans if they are **not** effected through the firm's automatic investment plan, such as rebalancing transactions and fund transfers.*

Covered Persons are notified of such a personal trading blackout for the Funds in advance of the blackout period. Information pertaining to a firm-wide blackout period for a Fund is posted on the personal trading system dashboard.

**B. Blackout Period - Affiliated Closed-End Funds**

Affiliated Closed-End Funds may be subject to blackout periods surrounding a Fund's dividend declaration press release and quarterly earnings release that may prevent you from purchasing or selling the Fund. Affiliated Closed-End Funds may also be subject to blackout periods surrounding events involving Funds that have not yet been disclosed to the public.

**Note:** *Refer to the Closed-End Funds Dividend Blackout Calendar posted on the Compliance tab of the Company Intranet.*

**IX. Short-Term (Frequent) Trading in Open-End Mutual Funds**

Covered Persons are prohibited from engaging in market timing (frequent trading) in shares of any mutual fund including the First Eagle Open-End Mutual Funds. Frequent trading (including exchanges) of mutual fund shares, also known as "market-timing" may increase mutual fund transaction and administration costs and otherwise negatively affect a mutual fund's investment program, possibly diluting a mutual fund's value to its longer-term investors. The Board of Trustees of the First Eagle Funds have adopted a policy to deter inappropriate trading. The policy is set forth in the First Eagle Open-End Mutual Funds' prospectus, which governs all trading activity in the Funds.

Any activity that may be deemed to be frequent trading or market timing will be reviewed by the Code of Ethics Office, who will refer instances to the Chief Compliance Officer. The Chief Compliance Officer in consultation with members of the Legal and Compliance Department, will take disciplinary action as it deems appropriate.

Covered Persons must also comply with the holding period policy of any mutual fund held whether or not the mutual fund is part of the First Eagle Funds. Covered Persons are expected to abide by trading restrictions imposed by other mutual funds as described in the relevant prospectus.

**X. Ban on Short-Term Trading**

Frequent personal trading can distract a Covered Person from their job and, in turn, conflict with their fiduciary duty to Clients. Short-term trading increases the risks of front running and of abuse of confidential information. Covered Persons are prohibited from the purchase and sale or sale and purchase (or in the case of derivatives – short sales or similar transactions) of a Security or Equivalent Security within 60 calendar days.

For clarity, except as otherwise noted, this prohibition also applies to short-term trading through the use of derivatives and Equivalent Securities, either alone (e.g., exercising an option within 60 days of purchasing the option) or in combination with other securities transactions (e.g., selling the underlying or similar Security or Equivalent Security within 60 days of purchasing a call on such Security).

Any series of transactions made which violate (or are counter to) the spirit of the 60-day rule, such as the establishment of a long position and subsequent establishment of a short position (or vice versa), in the same Security or Equivalent Security, may be deemed a violation by the Code of Ethics Office.

A series of purchases and sales is measured on a last-in, first-out basis ("LIFO" accounting method) until all purchases and sales transactions of the same Security or Equivalent Security within a 60-calendar day period in a Reportable Account are matched. A purchase or sale is ordinarily deemed to occur on trade date. The purchase date is day 1, therefore day 61 is the first day a sale of those Securities may be made at a profit.

**Note: If there are *extenuating circumstances* where a Covered Person needs to sell or close out a position within the 60-day window, they may request an exception to override from the Compliance Department by sending an e-mail to <u>codeofethics@firsteagle.com</u>. The Compliance Department will review the individual facts and circumstances of each request and may grant a one-time exception to sell or close out a position within the 60-day window. The Compliance Department review may include whether the Covered Person has an unexpected short-term liquidity need or significant financial hardship, a company declaring bankruptcy, or some other extenuating circumstances.**

**The ban on short-term trading does not apply to the following:**

· Exempt Securities;

· Unaffiliated Broad-Based ETFs
or options on Unaffiliated Broad-Based ETFs;

· Unaffiliated Broad-Based Index Options and Index Futures; and

· Involuntary
 option assignment/transfer and exercise.

**XI. Restricted/Watch Lists**

From time to time, First Eagle may place restrictions on personal trading in the Securities of a company. Restrictions may be implemented, for example, to enhance an information barrier by preventing the appearance of impropriety in connection with trading, or by preventing the use or appearance of the use of inside information. Covered Persons are prohibited from trading in the Securities of any issuer on the firm's restricted list if the restrictions apply to personal account dealings.

First Eagle may also place the Securities of a company on a watch list. In such cases, the Code of Ethics Office reviews any personal trading activity in the Securities of an issuer on the watch list on a post-trade basis and evaluates whether there is any appearance of impropriety with respect to the personal trades by that Covered Person.

**XII. Public Offerings**

Covered Persons may not participate in initial public offerings of equity and equity-related Securities. Acquisitions of Securities in other public offerings are subject to pre-clearance procedures. Public offerings give rise to potential conflicts of interest that are greater than those present in other types of personal securities transactions since such offerings are generally only offered to institutional and retail investors who have a relationship with the underwriters involved in the offering. To preclude any possibility of a Covered Person profiting from his/her position with First Eagle, the following rules apply to public offerings.

**Initial Public Offerings ("IPO's") – Equity Securities and certain Digital Investment Assets**

As noted above, Covered Persons are prohibited from purchasing equity and equity related Securities in an IPO (including ICOs, initial coin offerings of digital or token assets).

**Note**: *This prohibition does not apply to Exempt Securities, to investments in public offerings if such an investment is available due to the Covered Person's existing investment in a Private Placement, or to Affiliated Closed-End Funds. However, Private Placements are subject to prior review and approval by the Covered Person's Department Manager and are subject to Legal and Compliance review. Additionally, **digital assets or coins** may be deemed securities by the SEC and as such employees are prohibited from participating in the initial public offering.*

**Secondary Offerings – Equity Securities**

Subject to pre-clearance approval and other provisions of this Code, Covered Persons are generally permitted to purchase equity and equity related Securities in secondary offerings of those Securities, unless First Eagle is participating in the offering on behalf of its Client accounts.

**Debt Offerings**

Subject to pre-clearance approval, Covered Persons are generally permitted to purchase debt Securities in public offerings of those Securities, unless First Eagle is participating in that offering on behalf of its Client accounts. Covered Persons cannot participate in any public offering of debt Securities if First Eagle is participating in the offering on behalf of its Client accounts unless it is an Exempt Security.

**XIII. Private Placements– Special Pre-Clearance Procedures**

Acquisitions of Securities in unaffiliated Private Placements (including any Digital Investment Assets or loans) are subject to special pre-clearance procedures. Private Placements typically include investments in the acquisition of securities of, or loans to, non-firm hedge funds, PIPEs, limited partnerships, limited liability companies, S corporations, and other legal entities. Prior approval is required by the Covered Person's department manager and this approval must be submitted for review to the Code of Ethics Office. The form for this purpose is located in the personal trading system. In determining whether to grant approval, the following should be considered but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the investment opportunity should be reserved for Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the opportunity to invest has been offered to a Covered Person solely by virtue of their
 position at First Eagle; or

&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the opportunity to invest could be considered a favor or gift designed to influence a Covered
 Person's judgment as an employee of First Eagle or as compensation for services rendered
 to the issuer.

**Note**: *A Covered Person must provide documentation confirming their investment in an approved Private Placement to the Code of Ethics Office upon completion of their investment. The Covered Person must also notify, in advance, the Code of Ethics Office if there are any changes in the circumstances of their Private Placement investment (e.g., additional contributions, liquidation or dissolution of the company). Additional contributions to an existing Private Placement must be pre-cleared as new Private Placement investments. For IPOs stemming from an existing Private Placement, refer to the section "Public Offerings.*"

**Investment Persons who have acquired Beneficial Ownership of Securities in a Private Placement, must disclose the investment when playing a part in any consideration of an investment by a Client in the issuer of the Securities.** Any decision to make such an investment must be independently reviewed by the Head of a Covered Person's Investment Team or by a portfolio manager who does not have Beneficial Ownership of any Securities of the issuer. The Code of Ethics Office must also be consulted in such instances.

**XIV. Reportable Accounts**

**A. Accounts Required to be Reported**

The following personal accounts are required to be reported to the Code of Ethics Office: (i) upon hire; (ii) upon a change in a Covered Person's category classification; (iii) before or at the time a new account is opened<sup>1</sup>; and (iv) annually, as described in the section "Reporting and Certification Requirements":

&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts
 in the name of, or for the direct or indirect benefit of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) A Covered Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Covered Person's spouse, domestic partner, minor children and any other person to whom a Covered Person provides significant financial support, as well as to transactions in any other account over which they exercise investment discretion or trading authority, regardless of Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* Accounts
 that are fully managed by a third party where a Covered Person does not directly or indirectly
 influence or control investment selections for the account through recommendation, advice,
 pre-approval or otherwise (i.e., suggest or direct any particular purchase or sale of securities
 or consult a particular allocation of investments to be made). **Note**: *Covered Persons will be required to provide documentation to verify that the account is fully managed by their broker or financial adviser and they will be required to execute an initial attestation and annual certification thereafter.* 

&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts
 that have the ability to hold Reportable Securities, even if the account currently only holds
 Exempt Securities. **Example:** *If a Covered Person has a 401(k) Plan with a prior employer that includes a First Eagle Fund as an investment option, the account is required to be reported regardless of whether a Covered Person holds that particular First Eagle Fund in their account.* 

Examples of the types of accounts that a Covered Person must report if the account holds or has the ability to transact Reportable Securities include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual
 Retirement Accounts ("IRAs"), including but not limited to, Traditional IRAs, Rollover
IRAs, Contributory IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 401(k) Plans
 and Other Retirement and Savings Accounts, including Personal Choice Retirement Accounts
 offered through the First Eagle 401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee
 Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Health
 Savings Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Automatic
 Investment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend
 Reinvestment Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 Stock Purchase Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deferred
 Compensation Plan Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Custodial
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trust
 Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Variable
 Annuity Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529
 College Savings Plans.

<sup>1</sup> FEFD personnel (includes registered representatives and associated persons) must obtain **written authorization** from the Code of Ethics Office prior to opening a Reportable Account at any Broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts
 that hold Digital Investment Assets (other than specifically designated Digital Currencies). **Note:** *Refer to glossary or personal trading system dashboard for a list of designated Digital Currencies that are not subject to reporting*.

If a Covered Person is unsure whether an account is required to be reported, please contact Legal and Compliance for guidance.

**B. Reporting of Transactions - Designated Broker-Dealers**

SEC Rules 204A-1 and 17j-1 require an adviser's employees who have been designated as Access Persons and Investment Persons to provide quarterly reports of their personal securities transactions no later than 30 days after the close of each calendar quarter.

To assist Covered Persons with this reporting requirement, First Eagle permits maintaining Reportable Accounts with broker-dealers that provide electronic feeds into the personal trading system as "Designated Broker-Dealers." A list of First Eagle's Designated Broker-Dealers is posted on the personal trading system dashboard. The Code of Ethics Office receives automated trade confirmations and/or account statements directly from these broker-dealers, thereby eliminating the need for a Covered Person's broker-dealer to submit copies of these documents in paper format. At the end of each calendar quarter, Covered Persons are required to review their Securities transactions via the personal trading system and affirm their accuracy.

Covered Persons are required to maintain their Reportable Accounts with a Designated Broker-Dealer, unless they have submitted an exception request in writing and received prior approval from the Code of Ethics Office to maintain the account(s) with a non-Designated Broker-Dealer. For more information, please refer to the section "Reporting of Transactions – Non-Designated Broker-Dealers."

If a Covered Person opens a new Reportable Account with a Designated Broker-Dealer, they must promptly notify Legal and Compliance in writing of the new account and provide account details. FEFD personnel (including registered representatives and associated persons) must obtain written authorization from the Code of Ethics Office prior to opening a Reportable Account at any broker-dealer (i.e., Designated or Non-Designated Broker-Dealer).

**C. Reporting of Transactions - Non-Designated Broker-Dealers**

Certain limited exceptions may be granted that would allow a Covered Person to maintain a Reportable Account with a non-Designated Broker-Dealer. For example, an exception may be granted based on the type of the account (e.g., a 401(k) account with a prior employer, a spousal 401(k) account with the spouse's employer, an employee stock purchase plan account or a direct stock purchase plan account). An exception may also be granted if a Covered Person's spouse works for another investment adviser or broker-dealer with their own designated or preferred broker-dealer requirement.

If the Covered Person is a new Access Person or Investment Person, they are required to transfer their Reportable Account(s) to a Designated Broker-Dealer within a reasonable period of time from the commencement of their employment with First Eagle or from the date they become an Access Person or Investment Person resulting from a change in their category classification, unless they have been granted an exception for the account(s).

Prior to opening an account with a Non-Designated Broker-Dealer, a Covered Person must submit a request in writing to the Code of Ethics Office. The notification must include the name of the broker-dealer, the type of account and the reason(s) for requesting the exception. The Code of Ethics Office will notify the Covered Person as to whether their request was approved or denied.

Covered Persons are required to submit duplicate trade confirmations and/or account statements no later than 30 days after the end of the calendar quarter. The Code of Ethics Office will send a FINRA Rule 3210 Letter to the broker-dealer requesting these documents. If the broker-dealer is unable to routinely provide the documents to First Eagle, Covered Persons are required to provide the documents to the Code of Ethics Office by the deadline. At the end of each calendar quarter, Covered Persons will be required to review the securities transactions via the personal trading system and affirm their accuracy. If the circumstances of the non-Designated Broker-Dealer account change in any way, it is the Covered Person's responsibility to notify the Code of Ethics Office immediately. Please note that the nature of the change in circumstances reported may cause the Designated Broker-Dealer exception to be revoked. Also note that an exception request must be made for each account to the Code of Ethics Office. Covered Persons may not assume that because an exception was granted in one instance that they would necessarily be permitted to open a new account with the same non-Designated Broker-Dealer or another non-Designated Broker-Dealer.

First Eagle treats all trade confirmations and account statements as confidential and only discloses such information to the personal trading system vendor, in connection with an audit request or upon a request by a regulatory authority.

**XV. Reporting and Certification Requirements**

Under SEC Rule 204A-1, advisers must provide each Supervised Person with a copy of the Code of Ethics and any amendments. The Code of Ethics must also require each Supervised Person to acknowledge its receipt, in writing. For purposes of this Code, Supervised Persons are Covered Persons. In addition, Covered Persons are required to provide a complete report of their respective Securities holdings at the time the person becomes a Covered Person and at least once a year thereafter. The information supplied must be current as of a date not more than 45 days prior to the individual becoming a Covered Person (initial report) or prior to the date the report is submitted (annual report). The Code of Ethics Office provides Covered Persons with notification of, and instructions pertaining to, their initial and annual reporting and certification requirements.

**Covered Persons**

Within 10 days of becoming a Covered Person (either following the commencement of employment with First Eagle or due to a change in their category classification), Covered Persons are required to (1) certify their receipt and understanding of and compliance with the Code of Ethics; and (2) complete an initial report of personal Securities holdings and accounts and submit the report, along with any relevant documentation as requested by the Code of Ethics Office.

On an annual basis, Covered Persons are required to (1) re-certify their understanding of and compliance with the Code of Ethics; (2) provide information regarding their Securities holdings; and (3) certify to a list of their current Reportable Accounts.

**Disinterested Trustees**

Disinterested Trustees are required to report, with respect to any Securities transaction in which they have Beneficial Ownership, if they knew, or in the ordinary course of fulfilling their official duties as Disinterested Trustees, should have known, that 15 days immediately before or after the date of their transaction, the Security or Equivalent Security was purchased or sold by a First Eagle Fund or considered for purchase or sale by a First Eagle Fund. Such report shall be made not later than 30 days after the calendar quarter in which any Securities transaction was effected.

**XVI. Exemptions from this Policy**

A Covered Person may apply for an exemption from a provision of this Policy by making a request in writing to the Code of Ethics Office. The request must fully describe the basis upon which the request is being made. As part of the consideration process, the Code of Ethics Office will determine if a Client may be disadvantaged by the request and consider any other relevant factors in deciding whether to grant or deny the request.

No exemptions may be granted for those sections of this Policy that are mandated by Rule 17j-1 or Rule 204A-1.

**XVII. Consequences of Violations of this Policy**

Compliance with this Policy is considered a basic condition of employment with the firm. First Eagle takes this Policy and Covered Persons' obligations under it very seriously. Any violation of this Policy may constitute grounds for remedial action, which may include, without limitation: a letter of education, warning or censure, recertification of this Code, cancellation, liquidations or otherwise unwind the transaction, disgorgement of profits<sup>2</sup>, suspension of trading privileges, termination of officer title, and/or suspension or termination of employment. Situations that are questionable may be resolved against a Covered Person's personal interests. Violations of this Policy may also constitute violations of law, which could result in criminal or civil penalties for a Covered Person and First Eagle.

In addition, the Federal Securities Laws require companies and supervisors to reasonably supervise Covered Persons with a view toward preventing violations of law and violations of a company's Code of Ethics. As a result, all Covered Persons who have supervisory responsibility should endeavor to ensure that the Covered Persons they supervise, including Temporary Workers, are familiar with and remain in compliance with the requirements of this Policy.

**XVIII. Reporting of Violations**

Violations of this Code must be reported to the Code of Ethics Office and subsequently to each Company's CCO (or designee). As required by Rule 17j-1, in connection with any First Eagle Fund, the Code of Ethics Office will report on a quarterly basis or as needed, any material violations of this Policy to the Funds' CCO who in turn will report to the First Eagle Funds' Boards of Trustees.

**XIX. Questions Concerning this Policy**

Given the seriousness of the potential consequences of violations of this Policy, all Covered Persons are urged to seek guidance with respect to issues that may arise. Determining whether a situation may create a potential conflict of interest, or the appearance of such a conflict, may not always be easy, and situations inevitably arise from time to time that require interpretation of this Policy as related to particular circumstances. If a Covered Person is unsure whether a proposed transaction is consistent with this Policy, please consult with the Code of Ethics Office.

<sup>2</sup> Any profits realized as a result of personal transactions that violate the Code of Ethics may be required to be disgorged to a charity or charitable foundation selected by First Eagle, in its sole discretion.

**XX. Code of Ethics Office Contact Information**

For purposes of this Policy, the contact information is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Trading Helpline: **(212) 373-5488**; or

&nbsp;&nbsp;&nbsp;&nbsp;· Outlook
 Group E-Mail Address: <u>CodeofEthics@FEIM.com</u> 

**XXI. Definitions**

The following definitions apply to terms that appear in this Policy. Additional definitions are contained in the text itself.

**1940 Act**

The Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

**Access Person**

Any employee, director, trustee, officer, general partner of First Eagle or any Advisory Person of First Eagle, or anyone who has access to non-public information regarding the First Eagle Funds' or Clients purchase or sale of securities and is under First Eagle's supervision and control. For Disinterested Trustees of the First Eagle Funds, see "Application of the Code of Ethics to Disinterested Trustees."

**Advisers Act**

The Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder.

**Advisory Person**

Any employee of First Eagle who, in connection with their regular function or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by a Client and whose functions relate to the making of any recommendations with respect to such purchases or sales, and shall include any natural person control relationship with First Eagle who obtains information concerning recommendations made to Clients with regard to the purchase or sale of a security.

**Affiliated Closed-End Funds**

Closed-end funds that are advised or sub-advised by First Eagle or its subsidiaries or distributed by FEFD. **Note**: Closed-end funds include business development companies and interval funds.

**Affiliated Exchange-Traded Funds**

**Exchanged-traded funds that are advised or sub-advised by First Eagle or its subsidiaries or distributed by FEFD.**

**Affiliated Open-End Funds**

Open-end mutual funds that are advised, sub-advised or distributed by First Eagle.

**Beneficial Ownership**

For purposes of this Policy, Beneficial Ownership is interpreted in the same way as it would under Rule 16a-1(a)(2) of the Exchange Act, and the rules thereunder. A Covered Person is considered to have Beneficial Ownership of Securities if they have or share a direct or indirect Pecuniary Interest in the Securities. Through indirect Pecuniary Interest, a Covered Person will generally be deemed to have Beneficial Ownership of Securities held by members of their immediate family sharing the same household and other individuals for whom the Covered Person provides significant economic support, and Securities held in investment vehicles for which the Covered Person serves as general partner or managing member, among other circumstances. See the definition of "Pecuniary Interest" below.

A Covered Person is also considered to have Beneficial Ownership of Securities held in a trust where (i) they act as trustee and either their or members of their immediate family have a vested interest in the principal or income of the trust; or (ii) the Covered Person acts as settlor of a trust, unless the consent of all of the beneficiaries is required in order for the trust to be revoked.

**Broad-Based Market Exchange Traded Fund ("BB ETF")**

Generally, an index designed to reflect the movement of an entire market. BB ETFs will have a minimum of 30 securities with no one security representing more than 25% of the index at the time of purchase.

**Clients**

Collectively, the First Eagle Funds, sub-advised Funds, private funds, private pooled vehicles and separately managed accounts.

**Control**

Shall have the same meaning as set forth in Section 2(a)(9) of the 1940 Act.

**Designated Broker-Dealer**

As determined by the CCO, a broker-dealer that directly provides First Eagle with automated trade confirmations and/or account statements for Covered Persons.

**Disinterested Trustee**

Disinterested Trustee of the First Eagle Funds shall mean a trustee thereof who is not an "interested person" of the First Eagle Funds within the meaning of Section 2(a)(19) of the Act.

**Digital Investment Asset**

An asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, so-called "coins", and "tokens."

**Digital Currency**

Any Digital Investment Asset that has been designated as a "virtual currency" based on the use of distributed ledger or blockchain technology to store and transfer value interests. As of the Effective Date of this Code of Ethics, First Eagle recognizes Bitcoin, Ethereum, and Litecoin as Digital Currencies, which will not be subject to pre-clearance or reporting. All other distributed ledger or blockchain technology stored value interests are deemed Digital Investment Assets and are subject to pre-clearance, unless specifically designated a Digital Currency by the Code of Ethics Office. A designation by First Eagle of any distributed ledger or blockchain technology stored value interests as a Digital Currency or Digital Investment Asset is solely for purposes of this Code of Ethics and should not be relied on for any other purpose.

**Equivalent Security**

An "Equivalent Security" for purposes of this Policy means any option (including options on digital investment assets and digital currencies), warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to the value of the underlying Security, or similar Securities with a price derived from the value of the underlying Security.

**ETF**

An exchange-traded fund (ETF) is an investment vehicle that has many of the attributes of mutual funds but trades throughout the day on an exchange like a stock.

**Exchange Act**

Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

**Federal Securities Laws**

Including without limitation, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Gramm-Leach-Bliley Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC and other regulatory bodies under these statutes, the U.S.A. Patriot Act and Bank Secrecy Act as they apply to mutual funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

**First Eagle**

First Eagle Investment Management, LLC ("FEIM"), FEF Distributors, LLC, First Eagle Alternative Credit, LLC, First Eagle Separate Account Management, LLC, First Eagle Investment Management, LTD, First Eagle Investment Management, GMBH and the First Eagle Funds (individually or collectively, as the context may require).

**First Eagle Funds**

Open and Closed-End Funds that are part of the First Eagle Family of Funds (each a "First Eagle Fund" and collectively, the "First Eagle Funds").

**IPO**

An initial public offering, also referred to as a "new issue" under Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5130, means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the requirements of Section 13 or 15(d) of the Exchange Act to file public periodic reports with the SEC.

**Narrow-Based Security Indices for Futures**

As set out by the NFA/CFTC (which is different from how we determine narrow based indices for ETFs) an index is considered a narrow-based security index if it has any one of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 index consists of nine or fewer component securities;

&nbsp;&nbsp;&nbsp;&nbsp;· One
 stock constitutes more than 30% of the index's weightings;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 five highest weighted stocks comprise more than 60 percent of the index's weightings;
 or

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 in the lowest 25% of the index's weighting fall below specified thresholds of average
 daily trading volume.

**Non-Public Information**

Non-Public Information is information which has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or when the recipient knows or should know that the information can only have been provided by an "insider" is also Non-Public Information.

**NYSE**

New York Stock Exchange

**Pecuniary Interest**

A Covered Person has a Pecuniary Interest in Securities if they have the opportunity to directly or indirectly benefit or share in any profit derived from a transaction in the Securities. The following are examples of an *indirect* pecuniary interest in Securities:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held by members of a Covered Person's immediate family sharing the same household unless
 it can be established that profits derived from transactions in these Securities do not provide
 the Covered Person with any economic benefit, subject to review and approval by Legal and
 Compliance. Immediate family means any child, stepchild, grandchild, parent, stepparent,
 grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, brother-in-law or sister-in-law, and includes any adoptive relationship;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held by any individual for whom the Covered Person provided significant economic support
 during the immediately preceding 12-month period, even if such individual does not share
 the same household;

&nbsp;&nbsp;&nbsp;&nbsp;· A Covered
 Person's interest as a general partner in Securities held by a partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;· A Covered
 Person's interest as a managing-member in the Securities held by a limited liability
 company.

A Covered Person does not have a pecuniary interest in the Securities held by a corporation or similar entity in which they hold an equity interest, unless the Covered Person is a controlling shareholder of the entity or has or shares investment control over the Securities held by the corporation or similar entity.

**PIPEs**

Private investments in public equities.

**Policy**

This Personal Securities Transactions Policy, also referred to as the Code of Ethics.

**Private Placements**

A private placement is an offering of securities that is exempt from registration under various laws and rules, such as the Securities Act, including investments in limited partnerships and hedge funds. Although private placements are subject to the Securities Act, the Securities offered do not have to be registered with the SEC if the issuance of the securities conforms to an exemption from registration as set forth in the Securities Act and SEC rules. As used in this Code of Ethics, a private placement includes the offering of loans.

**Reportable Account**

An account that is required to be reported by Covered Persons under this Policy.

**SEC**

Securities and Exchange Commission.

**SEC Rule 204A-1**

Rule 204A-1 under the Advisers Act, also known as the "Code of Ethics Rule."

**Securities Act**

Securities Act of 1933, as amended, and the rules and regulations thereunder.

**Security**

The term "Security", as defined in Section 202(a)(18) of the Advisers Act, means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For purposes of this Policy, commodities, futures and options traded on a commodities exchange, including currency futures, are not Securities. However, securities futures, financial futures and futures and options on narrow-based security indices of securities are Securities.

**Security Future**

A security future product is a future whose underlying instrument is either a single security or a narrow-based security index.

**Supervised Person**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

**Temporary Worker**

An intern, consultant or person working on a contract basis.

Revision History

First Eagle Investment Management, LLC and FEF Distributors, LLC First Eagle Funds and First Eagle Variable Funds

Amended Dates: April 1, 2025; December 19, 2024; December 14, 2022; October 1, 2021; September 10, 2020, December 17, 2019; January 1, 2019, April 1, 2017; October 2014; September 2012; April 2012

First Eagle Alternative Credit, LLC and First Eagle Credit Opportunities Fund

Amended Date: April 1, 2025; December 19, 2024; December 14, 2022

Date Adopted: October 1, 2021

First Eagle Real Estate Debt Fund

Date Adopted: April 1, 2025

First Eagle Global Opportunities Fund

Date Amended: TBD

Date Adopted: September 27, 2022

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, MEHDI MAHMUD certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the First Eagle Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, BRANDON WEBSTER, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the First Eagle Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002**

Name of Issuer: First Eagle Funds

In connection with the Report on Form N-CSR for the above named issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---