# EDGAR Filing Document

**Accession Number:** 0000906352
**File Stem:** 0001104659-25-065683
**Filing Date:** 2025-7
**Character Count:** 1070392
**Document Hash:** 5dcb9d82618f3c9438e8073f6e2aa69b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-065683.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001104659-25-065683

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07762
- **FILM NUMBER:** 251104434

**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           |

?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; 3235-0570 Expires:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2026 Estimated average burden hours per response&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>April 30, 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](#classnamedc2227cb-c78b-49b2-9ccd-e45b82a516b7)<br> **[Class A - SGENX](#classnamedc2227cb-c78b-49b2-9ccd-e45b82a516b7)**  |
|  [First Eagle Global Fund](#classname64134607-cc5e-4a0a-b04f-28288a8e3a9b)<br> **[Class C - FESGX](#classname64134607-cc5e-4a0a-b04f-28288a8e3a9b)**  |
|  [First Eagle Global Fund](#classname209e2749-205f-4984-8c5c-c2552fd171e1)<br> **[Class I - SGIIX](#classname209e2749-205f-4984-8c5c-c2552fd171e1)**  |
|  [First Eagle Global Fund](#classname02651f8a-0b58-42a9-a30d-b33f0bb4e542)<br> **[Class R6 - FEGRX](#classname02651f8a-0b58-42a9-a30d-b33f0bb4e542)**  |
|  [First Eagle Overseas Fund](#classname8cd1a63f-9248-4f53-ba3f-6d96d10ca506)<br> **[Class A - SGOVX](#classname8cd1a63f-9248-4f53-ba3f-6d96d10ca506)**  |
|  [First Eagle Overseas Fund](#classnamedd4b207c-ecf8-4fdc-8537-c79c752a637e)<br> **[Class C - FESOX](#classnamedd4b207c-ecf8-4fdc-8537-c79c752a637e)**  |
|  [First Eagle Overseas Fund](#classname10604828-48e2-49f8-a204-531d6b32163d)<br> **[Class I - SGOIX](#classname10604828-48e2-49f8-a204-531d6b32163d)**  |
|  [First Eagle Overseas Fund](#classname6a102618-c5e6-4eae-801a-4842630bd9da)<br> **[Class R6 - FEORX](#classname6a102618-c5e6-4eae-801a-4842630bd9da)**  |
|  [First Eagle U.S. Fund](#classname2ff754f0-4884-44ce-9d14-604276b060ce)<br> **[Class A - FEVAX](#classname2ff754f0-4884-44ce-9d14-604276b060ce)**  |
|  [First Eagle U.S. Fund](#classname5b528c8e-4775-4072-be16-0dd4bbd5b555)<br> **[Class C - FEVCX](#classname5b528c8e-4775-4072-be16-0dd4bbd5b555)**  |
|  [First Eagle U.S. Fund](#classname2ed90fc7-110a-4605-a1b4-d154f0b56047)<br> **[Class I - FEVIX](#classname2ed90fc7-110a-4605-a1b4-d154f0b56047)**  |
|  [First Eagle U.S. Fund](#classname5d70b976-4e37-4dbb-b4c9-3cc00b65fa1e)<br> **[Class R6 - FEVRX](#classname5d70b976-4e37-4dbb-b4c9-3cc00b65fa1e)**  |
|  [First Eagle Gold Fund](#classnamea657614f-f0e4-49c8-98a7-4799f9c346f4)<br> **[Class A - SGGDX](#classnamea657614f-f0e4-49c8-98a7-4799f9c346f4)**  |
|  [First Eagle Gold Fund](#classname82a05edb-d288-4a73-94f6-8dcfb7e779d6)<br> **[Class C - FEGOX](#classname82a05edb-d288-4a73-94f6-8dcfb7e779d6)**  |
|  [First Eagle Gold Fund](#classname33cecdda-b258-4ebe-b77d-bb34bec161c6)<br> **[Class I - FEGIX](#classname33cecdda-b258-4ebe-b77d-bb34bec161c6)**  |
|  [First Eagle Gold Fund](#classnameb6b42faa-a8e2-4205-86e0-12536ab636fb)<br> **[Class R6 - FEURX](#classnameb6b42faa-a8e2-4205-86e0-12536ab636fb)**  |
|  [First Eagle Global Income Builder Fund](#classname1f726e4e-3548-47af-aa38-9101c16b58d7)<br> **[Class A - FEBAX](#classname1f726e4e-3548-47af-aa38-9101c16b58d7)**  |
|  [First Eagle Global Income Builder Fund](#classname32af9e24-b9b5-41ea-8202-01202c334100)<br> **[Class C - FEBCX](#classname32af9e24-b9b5-41ea-8202-01202c334100)**  |
|  [First Eagle Global Income Builder Fund](#classnameb7b3fc85-6627-4555-a5f2-eba0a8176dd2)<br> **[Class I - FEBIX](#classnameb7b3fc85-6627-4555-a5f2-eba0a8176dd2)**  |
|  [First Eagle Global Income Builder Fund](#classname900e0dad-aaa3-4e3b-b378-a625913adf8e)<br> **[Class R6 - FEBRX](#classname900e0dad-aaa3-4e3b-b378-a625913adf8e)**  |
|  [First Eagle Rising Dividend Fund](#classname216a6cfc-ee09-4c09-be99-e4c96c7f26c5)<br> **[Class A - FEFAX](#classname216a6cfc-ee09-4c09-be99-e4c96c7f26c5)**  |
|  [First Eagle Rising Dividend Fund](#classname4a31646c-2857-4e34-b71f-71338ee6562a)<br> **[Class C - FEAMX](#classname4a31646c-2857-4e34-b71f-71338ee6562a)**  |
|  [First Eagle Rising Dividend Fund](#classname2ee25124-2ad0-4bd2-aa7a-c480e002fd33)<br> **[Class I - FEAIX](#classname2ee25124-2ad0-4bd2-aa7a-c480e002fd33)**  |
|  [First Eagle Rising Dividend Fund](#classnamefe1426a5-1271-47ef-b313-ecb5cf191db7)<br> **[Class R6 - FEFRX](#classnamefe1426a5-1271-47ef-b313-ecb5cf191db7)**  |
|  [First Eagle Small Cap Opportunity Fund](#classname63aaeea9-b3eb-427e-ae2b-38cdcd6eeba4)<br> **[Class A - FESAX](#classname63aaeea9-b3eb-427e-ae2b-38cdcd6eeba4)**  |
|  [First Eagle Small Cap Opportunity Fund](#classname45c6be4f-d45c-4aaf-b4d9-ff61b0f26dab)<br> **[Class I - FESCX](#classname45c6be4f-d45c-4aaf-b4d9-ff61b0f26dab)**  |
|  [First Eagle Small Cap Opportunity Fund](#classname85a8d703-b0c6-4faf-a187-29a762307d9f)<br> **[Class R6 - FESRX](#classname85a8d703-b0c6-4faf-a187-29a762307d9f)**  |
|  [First Eagle U.S. Smid Cap Opportunity Fund](#classname9aac3377-4efa-4328-a92b-1c69dfcb9a16)<br> **[Class A - FEMAX](#classname9aac3377-4efa-4328-a92b-1c69dfcb9a16)**  |
|  [First Eagle U.S. Smid Cap Opportunity Fund](#classnameccca6919-c0ae-426f-a089-e39e89c3f1f9)<br> **[Class I - FESMX](#classnameccca6919-c0ae-426f-a089-e39e89c3f1f9)**  |
|  [First Eagle U.S. Smid Cap Opportunity Fund](#classname7e361551-5fdc-46de-a617-b4e10df1e6dd)<br> **[Class R6 - FEXRX](#classname7e361551-5fdc-46de-a617-b4e10df1e6dd)**  |
|  [First Eagle Global Real Assets Fund](#classnameca911ad7-c992-4b4b-9720-13c04536a51f)<br> **[Class A - FERAX](#classnameca911ad7-c992-4b4b-9720-13c04536a51f)**  |
|  [First Eagle Global Real Assets Fund](#classname4ecc650a-14a9-4d47-96d8-eacfaba24f6e)<br> **[Class I - FEREX](#classname4ecc650a-14a9-4d47-96d8-eacfaba24f6e)**  |
|  [First Eagle Global Real Assets Fund](#classnamea6ec609b-45dc-4457-a8e6-af51aa590a03)<br> **[Class R6 - FERRX](#classnamea6ec609b-45dc-4457-a8e6-af51aa590a03)**  |
|  [First Eagle High Yield Municipal Fund](#classname1880f8ae-9f8d-4cb0-9569-6908772eedec)<br> **[Class A - FEHAX](#classname1880f8ae-9f8d-4cb0-9569-6908772eedec)**  |
|  [First Eagle High Yield Municipal Fund](#classnameb9083358-7433-4f4c-8f90-3d5b30f5e3fc)<br> **[Class C - FEHCX](#classnameb9083358-7433-4f4c-8f90-3d5b30f5e3fc)**  |
|  [First Eagle High Yield Municipal Fund](#classname5e67f62d-f136-4f23-b140-0081ca67e73d)<br> **[Class I - FEHIX](#classname5e67f62d-f136-4f23-b140-0081ca67e73d)**  |
|  [First Eagle High Yield Municipal Fund](#classname51355d2c-e4d5-44d4-8b31-e29d4ee3449b)<br> **[Class R6 - FEHRX](#classname51355d2c-e4d5-44d4-8b31-e29d4ee3449b)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classname1a0ec42c-d42a-4bdb-b2ce-a70c3f77bae1)<br> **[Class A - FDUAX](#classname1a0ec42c-d42a-4bdb-b2ce-a70c3f77bae1)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classname2b609225-a796-4f57-89d2-fad1906869b3)<br> **[Class I - FDUIX](#classname2b609225-a796-4f57-89d2-fad1906869b3)**  |
|  [First Eagle Short Duration High Yield Municipal Fund](#classname01312b02-89b4-41b0-88b0-686c56d7730b)<br> **[Class R6 - FDURX](#classname01312b02-89b4-41b0-88b0-686c56d7730b)**  |

---

![Image](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| SGENX

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

#### First Eagle Global Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $55 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$58,134,775,648

* Number of Portfolio Holdings203

* Portfolio Turnover Rate9.35%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.6% |
| Commodities | 11.0% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.4%<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> | 11.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.4% |
| Oracle Corp. (Software, United States) | 2.1% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Philip Morris International, Inc. (Tobacco, United States) | 1.8% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 1.7% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 1.7% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.6% |
| Comcast Corp., Class A (Media, United States) | 1.5% |
| Prosus NV (Broadline Retail, China) | 1.4% |
| Total | 27.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.4% |
| Others<sup>Footnote Reference1</sup> | 3.0% |
| Energy | 5.2% |
| Materials | 6.1% |
| Consumer Discretionary | 6.9% |
| Communication Services | 7.3% |
| Information Technology | 8.1% |
| Health Care | 10.6% |
| Industrials | 10.6% |
| Commodities | 11.0% |
| Financials | 12.0% |
| Consumer Staples | 13.8% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 51.2% |
| United Kingdom | 8.5% |
| Japan | 6.7% |
| Canada | 5.2% |
| Switzerland | 3.6% |
| France | 3.5% |
| South Korea | 3.3% |
| China | 2.4% |
| Hong Kong | 1.9% |
| Mexico | 1.6% |
| Others<sup>Footnote Reference4</sup> | 6.7% |
| Short-Term Investments | 5.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FESGX

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

#### First Eagle Global Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $94 | 1.86%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$58,134,775,648

* Number of Portfolio Holdings203

* Portfolio Turnover Rate9.35%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.6% |
| Commodities | 11.0% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.4%<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> | 11.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.4% |
| Oracle Corp. (Software, United States) | 2.1% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Philip Morris International, Inc. (Tobacco, United States) | 1.8% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 1.7% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 1.7% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.6% |
| Comcast Corp., Class A (Media, United States) | 1.5% |
| Prosus NV (Broadline Retail, China) | 1.4% |
| Total | 27.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.4% |
| Others<sup>Footnote Reference1</sup> | 3.0% |
| Energy | 5.2% |
| Materials | 6.1% |
| Consumer Discretionary | 6.9% |
| Communication Services | 7.3% |
| Information Technology | 8.1% |
| Health Care | 10.6% |
| Industrials | 10.6% |
| Commodities | 11.0% |
| Financials | 12.0% |
| Consumer Staples | 13.8% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 51.2% |
| United Kingdom | 8.5% |
| Japan | 6.7% |
| Canada | 5.2% |
| Switzerland | 3.6% |
| France | 3.5% |
| South Korea | 3.3% |
| China | 2.4% |
| Hong Kong | 1.9% |
| Mexico | 1.6% |
| Others<sup>Footnote Reference4</sup> | 6.7% |
| Short-Term Investments | 5.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| SGIIX

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

#### First Eagle Global Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $44 | 0.86%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$58,134,775,648

* Number of Portfolio Holdings203

* Portfolio Turnover Rate9.35%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.6% |
| Commodities | 11.0% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.4%<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> | 11.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.4% |
| Oracle Corp. (Software, United States) | 2.1% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Philip Morris International, Inc. (Tobacco, United States) | 1.8% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 1.7% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 1.7% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.6% |
| Comcast Corp., Class A (Media, United States) | 1.5% |
| Prosus NV (Broadline Retail, China) | 1.4% |
| Total | 27.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.4% |
| Others<sup>Footnote Reference1</sup> | 3.0% |
| Energy | 5.2% |
| Materials | 6.1% |
| Consumer Discretionary | 6.9% |
| Communication Services | 7.3% |
| Information Technology | 8.1% |
| Health Care | 10.6% |
| Industrials | 10.6% |
| Commodities | 11.0% |
| Financials | 12.0% |
| Consumer Staples | 13.8% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 51.2% |
| United Kingdom | 8.5% |
| Japan | 6.7% |
| Canada | 5.2% |
| Switzerland | 3.6% |
| France | 3.5% |
| South Korea | 3.3% |
| China | 2.4% |
| Hong Kong | 1.9% |
| Mexico | 1.6% |
| Others<sup>Footnote Reference4</sup> | 6.7% |
| Short-Term Investments | 5.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEGRX

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

#### First Eagle Global Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $40 | 0.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$58,134,775,648

* Number of Portfolio Holdings203

* Portfolio Turnover Rate9.35%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.6% |
| Commodities | 11.0% |
| Corporate Bonds | 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments | 5.4%<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> | 11.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 2.4% |
| Oracle Corp. (Software, United States) | 2.1% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 1.8% |
| Philip Morris International, Inc. (Tobacco, United States) | 1.8% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 1.7% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 1.7% |
| British American Tobacco plc (Tobacco, United Kingdom) | 1.6% |
| Comcast Corp., Class A (Media, United States) | 1.5% |
| Prosus NV (Broadline Retail, China) | 1.4% |
| Total | 27.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.5% of total investments) that settles in 90 days or less; long-term commercial paper (3.4% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.4% |
| Others<sup>Footnote Reference1</sup> | 3.0% |
| Energy | 5.2% |
| Materials | 6.1% |
| Consumer Discretionary | 6.9% |
| Communication Services | 7.3% |
| Information Technology | 8.1% |
| Health Care | 10.6% |
| Industrials | 10.6% |
| Commodities | 11.0% |
| Financials | 12.0% |
| Consumer Staples | 13.8% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 51.2% |
| United Kingdom | 8.5% |
| Japan | 6.7% |
| Canada | 5.2% |
| Switzerland | 3.6% |
| France | 3.5% |
| South Korea | 3.3% |
| China | 2.4% |
| Hong Kong | 1.9% |
| Mexico | 1.6% |
| Others<sup>Footnote Reference4</sup> | 6.7% |
| Short-Term Investments | 5.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| SGOVX

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

#### First Eagle Overseas Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $60 | 1.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$13,097,964,403

* Number of Portfolio Holdings147

* Portfolio Turnover Rate7.17%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 88.9% |
| Commodities | 8.9% |
| 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> | 8.9% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.0% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.3% |
| Prosus NV (Broadline Retail, China) | 2.2% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 2.0% |
| Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico) | 2.0% |
| Unilever plc (Personal Care Products, United Kingdom) | 1.9% |
| Danone SA (Food Products, France) | 1.9% |
| BAE Systems plc (Aerospace & Defense, United Kingdom) | 1.8% |
| Total | 28.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Others<sup>Footnote Reference1</sup> | 1.1% |
| Real Estate | 2.6% |
| Information Technology | 5.0% |
| Energy | 5.3% |
| Health Care | 6.0% |
| Materials | 8.7% |
| Commodities | 8.9% |
| Consumer Discretionary | 10.6% |
| Industrials | 14.3% |
| Financials | 14.9% |
| Consumer Staples | 20.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 15.5% |
| United Kingdom | 14.9% |
| United States<sup>Footnote Reference3</sup> | 11.8% |
| Canada | 8.4% |
| South Korea | 5.9% |
| France | 5.7% |
| Switzerland | 5.4% |
| Hong Kong | 4.1% |
| China | 3.7% |
| Germany | 3.2% |
| Others<sup>Footnote Reference4</sup> | 19.2% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Overseas Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FESOX

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

#### First Eagle Overseas Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $98 | 1.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$13,097,964,403

* Number of Portfolio Holdings147

* Portfolio Turnover Rate7.17%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 88.9% |
| Commodities | 8.9% |
| 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> | 8.9% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.0% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.3% |
| Prosus NV (Broadline Retail, China) | 2.2% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 2.0% |
| Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico) | 2.0% |
| Unilever plc (Personal Care Products, United Kingdom) | 1.9% |
| Danone SA (Food Products, France) | 1.9% |
| BAE Systems plc (Aerospace & Defense, United Kingdom) | 1.8% |
| Total | 28.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Others<sup>Footnote Reference1</sup> | 1.1% |
| Real Estate | 2.6% |
| Information Technology | 5.0% |
| Energy | 5.3% |
| Health Care | 6.0% |
| Materials | 8.7% |
| Commodities | 8.9% |
| Consumer Discretionary | 10.6% |
| Industrials | 14.3% |
| Financials | 14.9% |
| Consumer Staples | 20.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 15.5% |
| United Kingdom | 14.9% |
| United States<sup>Footnote Reference3</sup> | 11.8% |
| Canada | 8.4% |
| South Korea | 5.9% |
| France | 5.7% |
| Switzerland | 5.4% |
| Hong Kong | 4.1% |
| China | 3.7% |
| Germany | 3.2% |
| Others<sup>Footnote Reference4</sup> | 19.2% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Overseas Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| SGOIX

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

#### First Eagle Overseas Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $46 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$13,097,964,403

* Number of Portfolio Holdings147

* Portfolio Turnover Rate7.17%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 88.9% |
| Commodities | 8.9% |
| 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> | 8.9% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.0% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.3% |
| Prosus NV (Broadline Retail, China) | 2.2% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 2.0% |
| Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico) | 2.0% |
| Unilever plc (Personal Care Products, United Kingdom) | 1.9% |
| Danone SA (Food Products, France) | 1.9% |
| BAE Systems plc (Aerospace & Defense, United Kingdom) | 1.8% |
| Total | 28.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Others<sup>Footnote Reference1</sup> | 1.1% |
| Real Estate | 2.6% |
| Information Technology | 5.0% |
| Energy | 5.3% |
| Health Care | 6.0% |
| Materials | 8.7% |
| Commodities | 8.9% |
| Consumer Discretionary | 10.6% |
| Industrials | 14.3% |
| Financials | 14.9% |
| Consumer Staples | 20.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 15.5% |
| United Kingdom | 14.9% |
| United States<sup>Footnote Reference3</sup> | 11.8% |
| Canada | 8.4% |
| South Korea | 5.9% |
| France | 5.7% |
| Switzerland | 5.4% |
| Hong Kong | 4.1% |
| China | 3.7% |
| Germany | 3.2% |
| Others<sup>Footnote Reference4</sup> | 19.2% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Overseas Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEORX

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

#### First Eagle Overseas Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$13,097,964,403

* Number of Portfolio Holdings147

* Portfolio Turnover Rate7.17%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 88.9% |
| Commodities | 8.9% |
| 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> | 8.9% |
| Imperial Oil Ltd. (Oil, Gas & Consumable Fuels, Canada) | 3.0% |
| British American Tobacco plc (Tobacco, United Kingdom) | 2.4% |
| Shell plc (Oil, Gas & Consumable Fuels, United Kingdom) | 2.3% |
| Prosus NV (Broadline Retail, China) | 2.2% |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods, Switzerland) | 2.0% |
| Fomento Economico Mexicano SAB de CV, ADR (Beverages, Mexico) | 2.0% |
| Unilever plc (Personal Care Products, United Kingdom) | 1.9% |
| Danone SA (Food Products, France) | 1.9% |
| BAE Systems plc (Aerospace & Defense, United Kingdom) | 1.8% |
| Total | 28.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (0.7% of total investments) that settles in 90 days or less; long-term commercial paper (0.8% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Others<sup>Footnote Reference1</sup> | 1.1% |
| Real Estate | 2.6% |
| Information Technology | 5.0% |
| Energy | 5.3% |
| Health Care | 6.0% |
| Materials | 8.7% |
| Commodities | 8.9% |
| Consumer Discretionary | 10.6% |
| Industrials | 14.3% |
| Financials | 14.9% |
| Consumer Staples | 20.4% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Japan | 15.5% |
| United Kingdom | 14.9% |
| United States<sup>Footnote Reference3</sup> | 11.8% |
| Canada | 8.4% |
| South Korea | 5.9% |
| France | 5.7% |
| Switzerland | 5.4% |
| Hong Kong | 4.1% |
| China | 3.7% |
| Germany | 3.2% |
| Others<sup>Footnote Reference4</sup> | 19.2% |
| Short-Term Investments | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Overseas Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FEVAX

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

#### First Eagle U.S. Fund

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

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $56 | 1.13%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,379,001,136

* Number of Portfolio Holdings84

* Portfolio Turnover Rate8.66%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.7% |
| Commodities | 13.0% |
| Master Limited Partnerships | 1.7% |
| Corporate Bonds | 1.4% |
| Convertible Preferred Stocks | 0.4% |
| Short-Term Investments | 8.8%<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> | 13.0% |
| Philip Morris International, Inc. (Tobacco, United States) | 4.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.8% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.7% |
| Oracle Corp. (Software, United States) | 3.1% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.9% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.8% |
| Comcast Corp., Class A (Media, United States) | 2.5% |
| Colgate-Palmolive Co. (Household Products, United States) | 2.5% |
| Total | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.8% |
| Others<sup>Footnote Reference1</sup> | 0.3% |
| Real Estate | 3.6% |
| Materials | 5.8% |
| Industrials | 6.5% |
| Energy | 7.7% |
| Consumer Staples | 8.1% |
| Information Technology | 9.2% |
| Financials | 10.4% |
| Communication Services | 11.4% |
| Commodities | 13.0% |
| Health Care | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FEVCX

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

#### First Eagle U.S. Fund

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

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $93 | 1.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,379,001,136

* Number of Portfolio Holdings84

* Portfolio Turnover Rate8.66%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.7% |
| Commodities | 13.0% |
| Master Limited Partnerships | 1.7% |
| Corporate Bonds | 1.4% |
| Convertible Preferred Stocks | 0.4% |
| Short-Term Investments | 8.8%<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> | 13.0% |
| Philip Morris International, Inc. (Tobacco, United States) | 4.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.8% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.7% |
| Oracle Corp. (Software, United States) | 3.1% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.9% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.8% |
| Comcast Corp., Class A (Media, United States) | 2.5% |
| Colgate-Palmolive Co. (Household Products, United States) | 2.5% |
| Total | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.8% |
| Others<sup>Footnote Reference1</sup> | 0.3% |
| Real Estate | 3.6% |
| Materials | 5.8% |
| Industrials | 6.5% |
| Energy | 7.7% |
| Consumer Staples | 8.1% |
| Information Technology | 9.2% |
| Financials | 10.4% |
| Communication Services | 11.4% |
| Commodities | 13.0% |
| Health Care | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FEVIX

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

#### First Eagle U.S. Fund

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

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $44 | 0.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,379,001,136

* Number of Portfolio Holdings84

* Portfolio Turnover Rate8.66%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.7% |
| Commodities | 13.0% |
| Master Limited Partnerships | 1.7% |
| Corporate Bonds | 1.4% |
| Convertible Preferred Stocks | 0.4% |
| Short-Term Investments | 8.8%<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> | 13.0% |
| Philip Morris International, Inc. (Tobacco, United States) | 4.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.8% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.7% |
| Oracle Corp. (Software, United States) | 3.1% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.9% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.8% |
| Comcast Corp., Class A (Media, United States) | 2.5% |
| Colgate-Palmolive Co. (Household Products, United States) | 2.5% |
| Total | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.8% |
| Others<sup>Footnote Reference1</sup> | 0.3% |
| Real Estate | 3.6% |
| Materials | 5.8% |
| Industrials | 6.5% |
| Energy | 7.7% |
| Consumer Staples | 8.1% |
| Information Technology | 9.2% |
| Financials | 10.4% |
| Communication Services | 11.4% |
| Commodities | 13.0% |
| Health Care | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEVRX

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

#### First Eagle U.S. Fund

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

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $41 | 0.82%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,379,001,136

* Number of Portfolio Holdings84

* Portfolio Turnover Rate8.66%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 74.7% |
| Commodities | 13.0% |
| Master Limited Partnerships | 1.7% |
| Corporate Bonds | 1.4% |
| Convertible Preferred Stocks | 0.4% |
| Short-Term Investments | 8.8%<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> | 13.0% |
| Philip Morris International, Inc. (Tobacco, United States) | 4.0% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 3.8% |
| HCA Healthcare, Inc. (Health Care Providers & Services, United States) | 3.7% |
| Oracle Corp. (Software, United States) | 3.1% |
| Elevance Health, Inc. (Health Care Providers & Services, United States) | 3.1% |
| Bank of New York Mellon Corp. (The) (Capital Markets, United States) | 2.9% |
| Becton Dickinson & Co. (Health Care Equipment & Supplies, United States) | 2.8% |
| Comcast Corp., Class A (Media, United States) | 2.5% |
| Colgate-Palmolive Co. (Household Products, United States) | 2.5% |
| Total | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.6% of total investments) that settles in 90 days or less; long-term commercial paper (2.2% of total investments) that settles in 91 days or more; and other short-term investments (5.0% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 8.8% |
| Others<sup>Footnote Reference1</sup> | 0.3% |
| Real Estate | 3.6% |
| Materials | 5.8% |
| Industrials | 6.5% |
| Energy | 7.7% |
| Consumer Staples | 8.1% |
| Information Technology | 9.2% |
| Financials | 10.4% |
| Communication Services | 11.4% |
| Commodities | 13.0% |
| Health Care | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Fund

#### (formerly First Eagle U.S. Value Fund)
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| SGGDX

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

#### First Eagle Gold Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $63 | 1.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$3,481,601,299

* Number of Portfolio Holdings30

* Portfolio Turnover Rate3.49%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.6% |
| Commodities | 15.1% |
| Rights | 0.1% |
| Short-Term Investments | 4.2%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.2% |
| Commodities | 15.1% |
| Materials | 80.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 53.3% |
| United States<sup>Footnote Reference2</sup> | 26.0% |
| Australia | 8.3% |
| South Africa | 3.9% |
| United Kingdom | 2.9% |
| Mexico | 1.4% |
| Short-Term Investments | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes gold bullion. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Gold Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FEGOX

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

#### First Eagle Gold Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $103 | 1.88%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$3,481,601,299

* Number of Portfolio Holdings30

* Portfolio Turnover Rate3.49%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg045.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.6% |
| Commodities | 15.1% |
| Rights | 0.1% |
| Short-Term Investments | 4.2%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.2% |
| Commodities | 15.1% |
| Materials | 80.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 53.3% |
| United States<sup>Footnote Reference2</sup> | 26.0% |
| Australia | 8.3% |
| South Africa | 3.9% |
| United Kingdom | 2.9% |
| Mexico | 1.4% |
| Short-Term Investments | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes gold bullion. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Gold Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FEGIX

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

#### First Eagle Gold Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $50 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$3,481,601,299

* Number of Portfolio Holdings30

* Portfolio Turnover Rate3.49%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg049.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.6% |
| Commodities | 15.1% |
| Rights | 0.1% |
| Short-Term Investments | 4.2%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.2% |
| Commodities | 15.1% |
| Materials | 80.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 53.3% |
| United States<sup>Footnote Reference2</sup> | 26.0% |
| Australia | 8.3% |
| South Africa | 3.9% |
| United Kingdom | 2.9% |
| Mexico | 1.4% |
| Short-Term Investments | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes gold bullion. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Gold Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEURX

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

#### First Eagle Gold Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $44 | 0.81%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$3,481,601,299

* Number of Portfolio Holdings30

* Portfolio Turnover Rate3.49%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.6% |
| Commodities | 15.1% |
| Rights | 0.1% |
| Short-Term Investments | 4.2%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (3.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.7% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.2% |
| Commodities | 15.1% |
| Materials | 80.7% |

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| Canada | 53.3% |
| United States<sup>Footnote Reference2</sup> | 26.0% |
| Australia | 8.3% |
| South Africa | 3.9% |
| United Kingdom | 2.9% |
| Mexico | 1.4% |
| Short-Term Investments | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes gold bullion. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Gold Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FEBAX

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

#### First Eagle Global Income Builder Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $60 | 1.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,870,642,205

* Number of Portfolio Holdings265

* Portfolio Turnover Rate7.34%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg055.jpg)

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.0% |
| Others<sup>Footnote Reference1</sup> | 6.9% |
| Consumer Discretionary | 4.0% |
| Real Estate | 4.4% |
| Materials | 5.4% |
| Energy | 5.9% |
| Industrials | 7.6% |
| Health Care | 8.4% |
| Commodities | 8.4% |
| U.S. Treasury Obligations | 9.1% |
| Financials | 13.4% |
| Consumer Staples | 23.5% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 49.8% |
| United Kingdom | 10.4% |
| Canada | 5.5% |
| Switzerland | 5.4% |
| South Korea | 3.7% |
| Hong Kong | 3.6% |
| Mexico | 3.5% |
| Japan | 2.8% |
| Brazil | 2.1% |
| Chile | 1.5% |
| Others<sup>Footnote Reference4</sup> | 8.7% |
| Short-Term Investments | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Income Builder Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FEBCX

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

#### First Eagle Global Income Builder Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $99 | 1.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,870,642,205

* Number of Portfolio Holdings265

* Portfolio Turnover Rate7.34%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg006.jpg)

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.0% |
| Others<sup>Footnote Reference1</sup> | 6.9% |
| Consumer Discretionary | 4.0% |
| Real Estate | 4.4% |
| Materials | 5.4% |
| Energy | 5.9% |
| Industrials | 7.6% |
| Health Care | 8.4% |
| Commodities | 8.4% |
| U.S. Treasury Obligations | 9.1% |
| Financials | 13.4% |
| Consumer Staples | 23.5% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 49.8% |
| United Kingdom | 10.4% |
| Canada | 5.5% |
| Switzerland | 5.4% |
| South Korea | 3.7% |
| Hong Kong | 3.6% |
| Mexico | 3.5% |
| Japan | 2.8% |
| Brazil | 2.1% |
| Chile | 1.5% |
| Others<sup>Footnote Reference4</sup> | 8.7% |
| Short-Term Investments | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Income Builder Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FEBIX

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

#### First Eagle Global Income Builder Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $49 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,870,642,205

* Number of Portfolio Holdings265

* Portfolio Turnover Rate7.34%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg058.jpg)

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.0% |
| Others<sup>Footnote Reference1</sup> | 6.9% |
| Consumer Discretionary | 4.0% |
| Real Estate | 4.4% |
| Materials | 5.4% |
| Energy | 5.9% |
| Industrials | 7.6% |
| Health Care | 8.4% |
| Commodities | 8.4% |
| U.S. Treasury Obligations | 9.1% |
| Financials | 13.4% |
| Consumer Staples | 23.5% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 49.8% |
| United Kingdom | 10.4% |
| Canada | 5.5% |
| Switzerland | 5.4% |
| South Korea | 3.7% |
| Hong Kong | 3.6% |
| Mexico | 3.5% |
| Japan | 2.8% |
| Brazil | 2.1% |
| Chile | 1.5% |
| Others<sup>Footnote Reference4</sup> | 8.7% |
| Short-Term Investments | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Income Builder Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEBRX

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

#### First Eagle Global Income Builder Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $45 | 0.87%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,870,642,205

* Number of Portfolio Holdings265

* Portfolio Turnover Rate7.34%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg071.jpg)

---

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

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.5% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg064.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.0% |
| Others<sup>Footnote Reference1</sup> | 6.9% |
| Consumer Discretionary | 4.0% |
| Real Estate | 4.4% |
| Materials | 5.4% |
| Energy | 5.9% |
| Industrials | 7.6% |
| Health Care | 8.4% |
| Commodities | 8.4% |
| U.S. Treasury Obligations | 9.1% |
| Financials | 13.4% |
| Consumer Staples | 23.5% |

---

#### Asset Allocation by Country<sup>Footnote Reference 2</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States<sup>Footnote Reference3</sup> | 49.8% |
| United Kingdom | 10.4% |
| Canada | 5.5% |
| Switzerland | 5.4% |
| South Korea | 3.7% |
| Hong Kong | 3.6% |
| Mexico | 3.5% |
| Japan | 2.8% |
| Brazil | 2.1% |
| Chile | 1.5% |
| Others<sup>Footnote Reference4</sup> | 8.7% |
| Short-Term Investments | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Includes gold bullion. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Income Builder Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FEFAX

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

#### First Eagle Rising Dividend Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $44 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$390,576,309

* Number of Portfolio Holdings38

* Portfolio Turnover Rate10.20%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.5% |
| Master Limited Partnerships | 3.3% |
| Short-Term Investments | 1.2%<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) | 5.9% |
| Comcast Corp., Class A (Media, United States) | 5.7% |
| Oracle Corp. (Software, United States) | 5.6% |
| Schindler Holding AG (Machinery, Switzerland) | 5.6% |
| Philip Morris International, Inc. (Tobacco, United States) | 5.4% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States) | 4.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 4.7% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.6% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.4% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg056.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Rising Dividend Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FEAMX

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

#### First Eagle Rising Dividend Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $80 | 1.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$390,576,309

* Number of Portfolio Holdings38

* Portfolio Turnover Rate10.20%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.5% |
| Master Limited Partnerships | 3.3% |
| Short-Term Investments | 1.2%<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) | 5.9% |
| Comcast Corp., Class A (Media, United States) | 5.7% |
| Oracle Corp. (Software, United States) | 5.6% |
| Schindler Holding AG (Machinery, Switzerland) | 5.6% |
| Philip Morris International, Inc. (Tobacco, United States) | 5.4% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States) | 4.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 4.7% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.6% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.4% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg037.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Rising Dividend Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FEAIX

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

#### First Eagle Rising Dividend Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $32 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$390,576,309

* Number of Portfolio Holdings38

* Portfolio Turnover Rate10.20%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.5% |
| Master Limited Partnerships | 3.3% |
| Short-Term Investments | 1.2%<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) | 5.9% |
| Comcast Corp., Class A (Media, United States) | 5.7% |
| Oracle Corp. (Software, United States) | 5.6% |
| Schindler Holding AG (Machinery, Switzerland) | 5.6% |
| Philip Morris International, Inc. (Tobacco, United States) | 5.4% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States) | 4.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 4.7% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.6% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.4% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg061.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Rising Dividend Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEFRX

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

#### First Eagle Rising Dividend Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $32 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$390,576,309

* Number of Portfolio Holdings38

* Portfolio Turnover Rate10.20%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.5% |
| Master Limited Partnerships | 3.3% |
| Short-Term Investments | 1.2%<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) | 5.9% |
| Comcast Corp., Class A (Media, United States) | 5.7% |
| Oracle Corp. (Software, United States) | 5.6% |
| Schindler Holding AG (Machinery, Switzerland) | 5.6% |
| Philip Morris International, Inc. (Tobacco, United States) | 5.4% |
| Meta Platforms, Inc., Class A (Interactive Media & Services, United States) | 5.2% |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment, United States) | 4.9% |
| TE Connectivity plc (Electronic Equipment, Instruments & Components, Ireland) | 4.7% |
| Home Depot, Inc. (The) (Specialty Retail, United States) | 4.6% |
| Medtronic plc (Health Care Equipment & Supplies, United States) | 4.4% |
| Total | 52.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes short-term commercial paper (1.0% of total investments) that settles in 90 days or less; long-term commercial paper (0.0% of total investments) that settles in 91 days or more; and other short-term investments (0.2% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg001.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Rising Dividend Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FESAX

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

#### First Eagle Small Cap Opportunity Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $58 | 1.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,468,926,113

* Number of Portfolio Holdings246

* Portfolio Turnover Rate25.22%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg031.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Rights 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments 5.9%<sup>Footnote Reference2</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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 (5.9% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.9% |
| Others<sup>Footnote Reference1</sup> | 1.6% |
| Communication Services | 2.6% |
| Consumer Staples | 3.4% |
| Real Estate | 3.7% |
| Energy | 7.7% |
| Materials | 8.5% |
| Health Care | 9.2% |
| Financials | 12.2% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.8% |
| Industrials | 19.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Small Cap Opportunity Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FESCX

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

#### First Eagle Small Cap Opportunity Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $46 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,468,926,113

* Number of Portfolio Holdings246

* Portfolio Turnover Rate25.22%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg067.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Rights 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments 5.9%<sup>Footnote Reference2</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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 (5.9% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.9% |
| Others<sup>Footnote Reference1</sup> | 1.6% |
| Communication Services | 2.6% |
| Consumer Staples | 3.4% |
| Real Estate | 3.7% |
| Energy | 7.7% |
| Materials | 8.5% |
| Health Care | 9.2% |
| Financials | 12.2% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.8% |
| Industrials | 19.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Small Cap Opportunity Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FESRX

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

#### First Eagle Small Cap Opportunity Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $44 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$1,468,926,113

* Number of Portfolio Holdings246

* Portfolio Turnover Rate25.22%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg027.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Rights 0.0%<sup>Footnote Reference1</sup> |
| Short-Term Investments 5.9%<sup>Footnote Reference2</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &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 (5.9% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.9% |
| Others<sup>Footnote Reference1</sup> | 1.6% |
| Communication Services | 2.6% |
| Consumer Staples | 3.4% |
| Real Estate | 3.7% |
| Energy | 7.7% |
| Materials | 8.5% |
| Health Care | 9.2% |
| Financials | 12.2% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.8% |
| Industrials | 19.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Includes additional sectors outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Small Cap Opportunity Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FEMAX

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

#### First Eagle U.S. Smid Cap Opportunity Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $56 | 1.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$50,191,498

* Number of Portfolio Holdings77

* Portfolio Turnover Rate17.64%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg030.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Short-Term Investments 8.3%<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) | 3.0% |
| Tenet Healthcare Corp. (Health Care Providers & Services, United States) | 3.0% |
| Expand Energy Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Quanta Services, Inc. (Construction & Engineering, United States) | 2.1% |
| Air Lease Corp., Class A (Trading Companies & Distributors, United States) | 2.0% |
| Old Republic International Corp. (Insurance, United States) | 2.0% |
| Axis Capital Holdings Ltd. (Insurance, United States) | 1.9% |
| Evercore, Inc., Class A (Capital Markets, United States) | 1.9% |
| Quest Diagnostics, Inc. (Health Care Providers & Services, United States) | 1.9% |
| Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States) | 1.9% |
| Total | 21.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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 (8.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg066.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Smid Cap Opportunity Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FESMX

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

#### First Eagle U.S. Smid Cap Opportunity Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $44 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$50,191,498

* Number of Portfolio Holdings77

* Portfolio Turnover Rate17.64%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg032.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Short-Term Investments 8.3%<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) | 3.0% |
| Tenet Healthcare Corp. (Health Care Providers & Services, United States) | 3.0% |
| Expand Energy Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Quanta Services, Inc. (Construction & Engineering, United States) | 2.1% |
| Air Lease Corp., Class A (Trading Companies & Distributors, United States) | 2.0% |
| Old Republic International Corp. (Insurance, United States) | 2.0% |
| Axis Capital Holdings Ltd. (Insurance, United States) | 1.9% |
| Evercore, Inc., Class A (Capital Markets, United States) | 1.9% |
| Quest Diagnostics, Inc. (Health Care Providers & Services, United States) | 1.9% |
| Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States) | 1.9% |
| Total | 21.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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 (8.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg051.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Smid Cap Opportunity Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEXRX

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

#### First Eagle U.S. Smid Cap Opportunity Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $44 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$50,191,498

* Number of Portfolio Holdings77

* Portfolio Turnover Rate17.64%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg038.jpg)

---

| |
|:---|
| **Value** |
| Common Stocks |
| Short-Term Investments 8.3%<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) | 3.0% |
| Tenet Healthcare Corp. (Health Care Providers & Services, United States) | 3.0% |
| Expand Energy Corp. (Oil, Gas & Consumable Fuels, United States) | 2.1% |
| Quanta Services, Inc. (Construction & Engineering, United States) | 2.1% |
| Air Lease Corp., Class A (Trading Companies & Distributors, United States) | 2.0% |
| Old Republic International Corp. (Insurance, United States) | 2.0% |
| Axis Capital Holdings Ltd. (Insurance, United States) | 1.9% |
| Evercore, Inc., Class A (Capital Markets, United States) | 1.9% |
| Quest Diagnostics, Inc. (Health Care Providers & Services, United States) | 1.9% |
| Cheesecake Factory, Inc. (The) (Hotels, Restaurants & Leisure, United States) | 1.9% |
| Total | 21.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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 (8.3% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg060.jpg)

---

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

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle U.S. Smid Cap Opportunity Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.jpg)

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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FERAX

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

#### First Eagle Global Real Assets Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $54 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$14,068,193

* Number of Portfolio Holdings68

* Portfolio Turnover Rate26.15%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.4% |
| Master Limited Partnerships | 4.4% |
| Commodities | 2.3% |
| Exchange Traded Funds | 1.3% |
| Short-Term Investments | 0.6%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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 (0.6% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg063.jpg)

---

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

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States | 44.5% |
| Canada | 15.5% |
| United Kingdom | 10.3% |
| Mexico | 8.6% |
| Hong Kong | 3.9% |
| Japan | 3.9% |
| Germany | 2.4% |
| China | 1.9% |
| South Korea | 1.7% |
| Australia | 1.6% |
| Others<sup>Footnote Reference2</sup> | 5.1% |
| Short-Term Investments | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Real Assets Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FEREX

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

#### First Eagle Global Real Assets Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $42 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$14,068,193

* Number of Portfolio Holdings68

* Portfolio Turnover Rate26.15%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.4% |
| Master Limited Partnerships | 4.4% |
| Commodities | 2.3% |
| Exchange Traded Funds | 1.3% |
| Short-Term Investments | 0.6%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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 (0.6% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg018.jpg)

---

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

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States | 44.5% |
| Canada | 15.5% |
| United Kingdom | 10.3% |
| Mexico | 8.6% |
| Hong Kong | 3.9% |
| Japan | 3.9% |
| Germany | 2.4% |
| China | 1.9% |
| South Korea | 1.7% |
| Australia | 1.6% |
| Others<sup>Footnote Reference2</sup> | 5.1% |
| Short-Term Investments | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Real Assets Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FERRX

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

#### First Eagle Global Real Assets Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $42 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$14,068,193

* Number of Portfolio Holdings68

* Portfolio Turnover Rate26.15%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.4% |
| Master Limited Partnerships | 4.4% |
| Commodities | 2.3% |
| Exchange Traded Funds | 1.3% |
| Short-Term Investments | 0.6%<sup>Footnote Reference1</sup> |

---

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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 (0.6% of total investments), such as U.S. treasury bills or money market funds. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Holdings in cash, short-term commercial paper, long-term commercial paper and other short-term cash equivalents have been excluded. |

---

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

![Group By Sector Chart](tm2515921d1_tsrimg042.jpg)

---

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

---

#### Asset Allocation by Country<sup>Footnote Reference 1</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| United States | 44.5% |
| Canada | 15.5% |
| United Kingdom | 10.3% |
| Mexico | 8.6% |
| Hong Kong | 3.9% |
| Japan | 3.9% |
| Germany | 2.4% |
| China | 1.9% |
| South Korea | 1.7% |
| Australia | 1.6% |
| Others<sup>Footnote Reference2</sup> | 5.1% |
| Short-Term Investments | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Includes additional countries outside the top 10 listed above. |

---

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

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Global Real Assets Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.

# 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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FEHAX

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

#### First Eagle High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $57 | 1.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$6,233,485,914

* Number of Portfolio Holdings1,528

* Portfolio Turnover Rate49.03%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg059.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| 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 | 2.9% |
| AA | 8.4% |
| A | 1.1% |
| BBB | 7.8% |
| BB or lower | 6.0% |
| N/R (Not Rated) | 73.8% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class C \| FEHCX

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

#### First Eagle High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class C | $94 | 1.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$6,233,485,914

* Number of Portfolio Holdings1,528

* Portfolio Turnover Rate49.03%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg052.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| 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 | 2.9% |
| AA | 8.4% |
| A | 1.1% |
| BBB | 7.8% |
| BB or lower | 6.0% |
| N/R (Not Rated) | 73.8% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FEHIX

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

#### First Eagle High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $46 | 0.93%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$6,233,485,914

* Number of Portfolio Holdings1,528

* Portfolio Turnover Rate49.03%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg019.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| 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 | 2.9% |
| AA | 8.4% |
| A | 1.1% |
| BBB | 7.8% |
| BB or lower | 6.0% |
| N/R (Not Rated) | 73.8% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FEHRX

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

#### First Eagle High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $44 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$6,233,485,914

* Number of Portfolio Holdings1,528

* Portfolio Turnover Rate49.03%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg044.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| 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 | 2.9% |
| AA | 8.4% |
| A | 1.1% |
| BBB | 7.8% |
| BB or lower | 6.0% |
| N/R (Not Rated) | 73.8% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference3</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &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;Footnote<sup>3</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>4</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class A \| FDUAX

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

#### First Eagle Short Duration High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class A | $42 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$802,759,934

* Number of Portfolio Holdings435

* Portfolio Turnover Rate97.61%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg054.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.0%<sup>Footnote Reference1</sup><sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.8% |
| AA | 5.9% |
| A | 5.4% |
| BBB | 7.2% |
| BB or lower | 12.2% |
| N/R (Not Rated) | 68.5% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class I \| FDUIX

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

#### First Eagle Short Duration High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class I | $30 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$802,759,934

* Number of Portfolio Holdings435

* Portfolio Turnover Rate97.61%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg028.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.0%<sup>Footnote Reference1</sup><sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.8% |
| AA | 5.9% |
| A | 5.4% |
| BBB | 7.2% |
| BB or lower | 12.2% |
| N/R (Not Rated) | 68.5% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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](tm2515921d1_tsrimg048.jpg)

April 30, 2025

Semi-Annual Shareholder Report

Class R6 \| FDURX

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

#### First Eagle Short Duration High Yield Municipal Fund

# What were the Fund's costs for the last six months?
Based on a Hypothetical $10,000 Investment

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $30 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics
* Net Assets$802,759,934

* Number of Portfolio Holdings435

* Portfolio Turnover Rate97.61%<sup>Footnote Reference1</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Not annualized. |

---

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

![Group By Asset Type Chart](tm2515921d1_tsrimg026.jpg)

---

| |
|:---|
| **Value** |
| Municipal Bonds |
| Short-Term Investments 0.0%<sup>Footnote Reference1</sup><sup>Footnote Reference2</sup> |

---

# Bond Credit Quality<sup>**Footnote Reference 3**</sup>
Based on total investments in the portfolio

---

| | |
|:---|:---|
| AAA | 0.8% |
| AA | 5.9% |
| A | 5.4% |
| BBB | 7.2% |
| BB or lower | 12.2% |
| N/R (Not Rated) | 68.5% |
| N/A (not applicable) | 0.0%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &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;Footnote<sup>2</sup> | &nbsp;&nbsp;Less than 0.05%. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &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
On March 3, 2025, First Eagle Holdings, Inc. ("FE Holdings") announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in FE Holdings. FE Holdings is the parent company to First Eagle Investment Management, LLC (the "Adviser"), which is the investment adviser to the Fund.

The transaction will involve the buyout of all interests in FE Holdings currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

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

![Image](tm2515921d1_tsrimg048.jpg)

#### First Eagle Short Duration High Yield Municipal Fund
April 30, 2025

Semi-Annual Shareholder Report

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.firsteagle.com/first-eagle-fund-shareholder-reports](tm2515921d1_tsrimg020.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.**

Not applicable to this semiannual report..

**Item 4. Principal Accountant Fees and Services.**

Not applicable to this semiannual report.

**Item 5. Audit Committee of Listed Registrants**

Not applicable to this report.

**Item 6. Investments.**

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

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

![](j25159212_aa001.jpg)

Semiannual Report

**April 30, 2025**

First Eagle Global Fund

First Eagle Overseas Fund

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

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle Rising Dividend Fund

First Eagle Small Cap Opportunity Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Global Real Assets Fund

First Eagle High Yield Municipal Fund

First Eagle Short Duration High Yield Municipal Fund

Advised by First Eagle Investment Management, LLC

![](j25159212_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 \| Semiannual Report \| April 30, 2025

------

**Table of Contents**

---

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

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 83.4%** | **Common Stocks — 83.4%** | **Common Stocks — 83.4%** |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Groupe Bruxelles Lambert NV | 6469396 | 533686978 |
| **Brazil — 1.2%** | **Brazil — 1.2%** | **Brazil — 1.2%** |
| Ambev SA, ADR | 166791911 | 421983535 |
| Itausa SA (Preference) | 150707188 | 284145249 |
|  |  | **706128784** |
| **Canada — 5.2%** | **Canada — 5.2%** | **Canada — 5.2%** |
| Agnico Eagle Mines Ltd. | 1999447 | 234999563 |
| Barrick Gold Corp. | 20796383 | 395963132 |
| Franco-Nevada Corp. | 1228062 | 211040308 |
| Imperial Oil Ltd. | 10896401 | 734989358 |
| Nutrien Ltd. | 6438891 | 367338732 |
| Power Corp. of Canada | 10763570 | 407401046 |
| Wheaton Precious Metals Corp. | 7730000 | 645609600 |
|  |  | **2997341739** |
| **China — 2.4%** | **China — 2.4%** | **China — 2.4%** |
| Alibaba Group Holding Ltd. | 37671592 | 562438045 |
| Prosus NV | 18115368 | 849331914 |
|  |  | **1411769959** |
| **France — 3.4%** | **France — 3.4%** | **France — 3.4%** |
| Danone SA | 7847337 | 675235220 |
| Legrand SA | 2092188 | 229931106 |
| LVMH Moet Hennessy Louis Vuitton SE | 814596 | 451228541 |
| Pluxee NV | 1781470 | 40064539 |
| Sanofi SA | 3554059 | 388784995 |
| Sodexo SA | 2131829 | 135321759 |
| Wendel SE | 867489 | 85296837 |
|  |  | **2005862997** |
| **Germany — 1.4%** | **Germany — 1.4%** | **Germany — 1.4%** |
| Brenntag SE | 1126149 | 75208555 |
| Henkel AG & Co. KGaA (Preference) | 3516726 | 273131338 |
| Merck KGaA | 3315208 | 461543470 |
|  |  | **809883363** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd. | 41248000 | 309067811 |
| CK Asset Holdings Ltd. | 54929000 | 224405071 |
| Guoco Group Ltd. (a) | 12748580 | 103517694 |
| Hongkong Land Holdings Ltd. | 31759300 | 155430092 |
| Jardine Matheson Holdings Ltd. | 7051271 | 313323824 |
|  |  | **1105744492** |
| **Japan — 6.7%** | **Japan — 6.7%** | **Japan — 6.7%** |
| Chofu Seisakusho Co. Ltd. (b) | 2707400 | 34150021 |
| FANUC Corp. | 17670600 | 448473860 |
| Hirose Electric Co. Ltd. | 1258915 | 142400204 |
| Hoshizaki Corp. | 6107800 | 259679907 |
| Keyence Corp. | 263400 | 110125336 |
| Mitsubishi Electric Corp. | 24592300 | 475748018 |
| MS&AD Insurance Group Holdings, Inc. | 24566360 | 558388777 |
| Secom Co. Ltd. | 12674260 | 466037975 |
| Shimano, Inc. | 3377090 | 475782672 |
| SMC Corp. | 1416056 | 458293634 |
| Sompo Holdings, Inc. | 11453400 | 375340651 |
| T Hasegawa Co. Ltd. (b) | 3002800 | 60181977 |
| USS Co. Ltd. | 2597200 | 25888229 |
|  |  | **3890491261** |
| **Mexico — 1.6%** | **Mexico — 1.6%** | **Mexico — 1.6%** |
| Fomento Economico Mexicano SAB de CV, ADR | 6677092 | 703164559 |
| Fresnillo plc | 5445510 | 72983762 |
| Grupo Mexico SAB de CV, Series B | 3934693 | 20445436 |
| Industrias Penoles SAB de CV\* | 6234643 | 124336785 |
|  |  | **920930542** |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| Heineken Holding NV | 3269505 | 255641993 |
| Heineken NV | 439351 | 39328595 |
|  |  | **294970588** |
| **Norway — 0.3%** | **Norway — 0.3%** | **Norway — 0.3%** |
| Orkla ASA | 16166787 | 180299425 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **South Korea — 3.3%** | **South Korea — 3.3%** | **South Korea — 3.3%** |
| Hyundai Mobis Co. Ltd. | 999985 | 187705858 |
| KT&G Corp. | 5242098 | 423112214 |
| NAVER Corp. | 2140516 | 301182611 |
| Samsung Electronics Co. Ltd. | 11473361 | 447662305 |
| Samsung Electronics Co. Ltd. (Preference) | 12016075 | 396658506 |
| Samsung Life Insurance Co. Ltd. | 2998664 | 182071846 |
|  |  | **1938393340** |
| **Sweden — 1.1%** | **Sweden — 1.1%** | **Sweden — 1.1%** |
| Investor AB, Class A | 4970940 | 148046186 |
| Investor AB, Class B | 11255824 | 333492785 |
| Svenska Handelsbanken AB, Class A | 10429006 | 136513806 |
|  |  | **618052777** |
| **Switzerland — 3.6%** | **Switzerland — 3.6%** | **Switzerland — 3.6%** |
| Cie Financiere Richemont SA (Registered) | 4501227 | 795390296 |
| Galderma Group AG | 186050 | 21608908 |
| Nestle SA (Registered) | 4863144 | 517620330 |
| Schindler Holding AG | 1798637 | 657842476 |
| Schindler Holding AG (Registered) | 211870 | 75117223 |
|  |  | **2067579233** |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3514485 | 585829505 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Bangkok Bank PCL, NVDR | 42690800 | 178802343 |
| **United Kingdom — 8.5%** | **United Kingdom — 8.5%** | **United Kingdom — 8.5%** |
| BAE Systems plc | 27034130 | 626722397 |
| Berkeley Group Holdings plc (b) | 6528960 | 363945780 |
| British American Tobacco plc | 20559170 | 895523309 |
| Derwent London plc, REIT | 4966240 | 128597611 |
| Diageo plc | 6908194 | 193984810 |
| Haleon plc | 107935852 | 543119056 |
| Lloyds Banking Group plc | 396239696 | 389296935 |
| Reckitt Benckiser Group plc | 9376596 | 605226680 |
| Shell plc | 11330510 | 368587061 |
| Unilever plc | 12894404 | 822277832 |
|  |  | **4937281471** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 40.1%** | **United States — 40.1%** | **United States — 40.1%** |
| Alphabet, Inc., Class A | 2694360 | 427864368 |
| Alphabet, Inc., Class C | 5094822 | 819705912 |
| American Express Co. | 1531880 | 408108151 |
| Analog Devices, Inc. | 1978983 | 385743366 |
| Bank of New York Mellon Corp. (The) | 9925724 | 798127467 |
| Becton Dickinson & Co. | 4660770 | 965198859 |
| Berkshire Hathaway, Inc., Class A\* | 675 | 540364500 |
| Bio-Rad Laboratories, Inc., Class A\* | 1676148 | 409114204 |
| BXP, Inc., REIT | 2473129 | 157612511 |
| Carlisle Cos., Inc. | 403991 | 153306505 |
| CH Robinson Worldwide, Inc. (b) | 7566045 | 675042535 |
| Charter Communications, Inc., Class A\* | 567150 | 222243399 |
| Colgate-Palmolive Co. | 5342322 | 492508665 |
| Comcast Corp., Class A | 24979449 | 854297156 |
| Cummins, Inc. | 1119800 | 329042032 |
| Deere & Co. | 381724 | 176951977 |
| Dentsply Sirona, Inc. (b) | 10435979 | 145060108 |
| Dollar General Corp. | 4406100 | 412807509 |
| Douglas Emmett, Inc., REIT (b) | 9162021 | 126710750 |
| Elevance Health, Inc. | 2300110 | 967380264 |
| Equity Residential, REIT | 6189955 | 434906238 |
| Expeditors International of Washington, Inc. | 3823523 | 420243413 |
| Extra Space Storage, Inc., REIT | 1155209 | 169261223 |
| Exxon Mobil Corp. | 5306628 | 560539116 |
| Ferguson Enterprises, Inc. | 444071 | 75341086 |
| Fidelity National Financial, Inc. | 4297027 | 275224579 |
| Flowserve Corp. | 2915531 | 131869467 |
| HCA Healthcare, Inc. | 3109934 | 1073176025 |
| International Flavors & Fragrances, Inc. | 2916342 | 228816193 |
| IPG Photonics Corp.\* (b) | 3319802 | 198822942 |
| JG Boswell Co. | 2485 | 1273563 |
| Kraft Heinz Co. (The) | 2639545 | 76810760 |
| Medtronic plc | 6658084 | 564339200 |
| Meta Platforms, Inc., Class A | 2584560 | 1418923440 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 40.1% (continued)** | **United States — 40.1% (continued)** | **United States — 40.1% (continued)** |
| Microsoft Corp. | 466954 | 184568238 |
| Mills Music Trust (b) | 31592 | 750310 |
| Newmont Corp. | 8042727 | 423690858 |
| Noble Corp. plc (b) | 9141720 | 198740993 |
| NOV, Inc. (b) | 28255276 | 328043754 |
| ONEOK, Inc. | 1994428 | 163862204 |
| Oracle Corp. | 8840792 | 1244076250 |
| Philip Morris International, Inc. | 5939369 | 1017770272 |
| PPG Industries, Inc. | 4111217 | 447547083 |
| Ross Stores, Inc. | 1040944 | 144691216 |
| Royal Gold, Inc. | 1438598 | 262846241 |
| RPM International, Inc. | 217286 | 23195280 |
| Salesforce, Inc. | 1958768 | 526340549 |
| Schlumberger NV | 20475698 | 680816959 |
| Texas Instruments, Inc. | 2881064 | 461114293 |
| Universal Health Services, Inc., Class B | 3368166 | 596401154 |
| US Bancorp | 5965007 | 240628382 |
| Walt Disney Co. (The) | 2500477 | 227418383 |
| Weyerhaeuser Co., REIT | 10347140 | 268094397 |
| Willis Towers Watson plc | 2511169 | 772937818 |
|  |  | **23310272117** |
| **Total Common Stocks <br>(Cost $32,582,243,099)** | **Total Common Stocks <br>(Cost $32,582,243,099)** | **48493320914** |
|  | **Ounces** |  |
| **Commodities — 11.0%** | **Commodities — 11.0%** | **Commodities — 11.0%** |
| Gold bullion\* <br>(Cost $1,871,828,285) | 1946358 | 6411069452 |
|  | **Principal Amount ($)** |  |
| **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 $5,240,057) | 5467000 | 5275655 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** |
| **Commercial Paper — 4.9%** | **Commercial Paper — 4.9%** | **Commercial Paper — 4.9%** |
| Air Liquide US LLC<br>4.44%, 07/22/2025 (d) | 75000000 | 74243955 |
| Amphenol Corporation Corporate Commercial Paper<br>4.49%, 05/01/2025 (d)(e) | 55955000 | 55948017 |
| Apple, Inc.<br>4.30%, 08/04/2025 (d)(e) | 45000000 | 44485079 |
| Coca-Cola Co. (The)<br>4.31%, 05/12/2025 (d) | 100000000 | 99856470 |
| CVS Caremark Corp.<br>4.80%, 05/01/2025 (d) | 83931000 | 83919770 |
| Engie SA<br>4.38%, 05/28/2025 (d) | 75000000 | 74735520 |
| 4.35%, 06/11/2025 (d) | 75000000 | 74602747 |
| 4.37%, 06/16/2025 (d) | 50000000 | 49704075 |
| 4.37%, 06/17/2025 (d) | 50000000 | 49698000 |
| 4.39%, 06/18/2025 (d) | 50000000 | 49691935 |
| 4.47%, 07/23/2025 (d) | 100000000 | 98963530 |
| Entergy Corp.<br>4.53%, 05/01/2025 (d)(e) | 36371000 | 36366399 |
| Erste Abwicklungsanstalt<br>4.36%, 07/30/2025 (d)(e) | 90000000 | 89012691 |
| General Dynamics Corp.<br>4.41%, 05/19/2025 (d)(e) | 50000000 | 49884935 |
| Global Payments Inc Corporate Commercial Paper<br>4.90%, 05/01/2025 (d) | 27942000 | 27938197 |
| Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper<br>4.58%, 05/01/2025 (d)(e) | 129254000 | 129237468 |
| Government of Quebec<br>4.38%, 08/01/2025 (d)(e) | 70000000 | 69220340 |
| Honeywell International, Inc.<br>4.35%, 06/11/2025 (d)(e) | 13000000 | 12934207 |
| Hydro-Quebec<br>4.32%, 05/01/2025 (d)(e) | 50000000 | 49994055 |
| 4.32%, 05/05/2025 (d) | 100000000 | 99940460 |
| 4.37%, 07/29/2025 (d)(e) | 40500000 | 40066650 |
| Johnson & Johnson<br>4.33%, 05/09/2025 (d)(e) | 115000000 | 114876421 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 4.9% (continued)** | **Commercial Paper — 4.9% (continued)** | **Commercial Paper — 4.9% (continued)** |
| Kreditanstalt fuer Wiederaufbau<br>4.34%, 05/08/2025 (d)(e) | 80000000 | 79923824 |
| 4.28%, 07/24/2025 (d) | 53000000 | 52467324 |
| 4.29%, 07/25/2025 (d)(e) | 39500000 | 39098652 |
| NRW Bank<br>4.37%, 05/27/2025 (d)(e) | 50000000 | 49841000 |
| 4.39%, 06/23/2025 (d)(e) | 46000000 | 45707440 |
| Onttea Cp 0 08/01/25<br>4.37%, 08/01/2025 (d)(e) | 45000000 | 44498093 |
| Philip Morris International, Inc.<br>4.40%, 05/14/2025 (d) | 50000000 | 49915355 |
| 4.40%, 05/21/2025 (d) | 50000000 | 49872655 |
| 4.46%, 05/23/2025 (d) | 50000000 | 49860360 |
| 4.42%, 07/25/2025 (d) | 50000000 | 49474125 |
| 4.42%, 07/28/2025 (d) | 40000000 | 39564824 |
| Province of Quebec<br>4.36%, 07/29/2021 (d) | 40000000 | 39568000 |
| PSP Capital, Inc.<br>4.35%, 05/02/2025 (d)(e) | 75000000 | 74982030 |
| 4.32%, 05/15/2025 (d)(e) | 50000000 | 49910065 |
| 4.32%, 05/16/2025 (d)(e) | 50000000 | 49904195 |
| 4.34%, 06/09/2025 (d)(e) | 75000000 | 74640000 |
| 4.34%, 06/10/2025 (d)(e) | 75000000 | 74630917 |
| 4.35%, 06/25/2025 (d)(e) | 50000000 | 49663325 |
| 4.37%, 07/28/2025 (d)(e) | 90000000 | 89038728 |
| 4.37%, 08/05/2025 (d)(e) | 45000000 | 44476907 |
| Total Finance USA, Inc.<br>4.42%, 05/12/2021 (d)(e) | 30000000 | 29956356 |
| 4.42%, 05/20/2021 (d)(e) | 50000000 | 49879040 |
| TotalEnergies Capital SA <br>4.42%, 05/06/2025 (d)(e) | 100000000 | 99927400 |
| 4.42%, 05/22/2025 (d)(e) | 50000000 | 49866990 |
| Westun Cp 0 05/01/25<br>4.60%, 05/01/2025 (d)(e) | 37489000 | 37484216 |
| **Total Commercial Paper <br>(Cost $2,839,907,010)** | **Total Commercial Paper <br>(Cost $2,839,907,010)** | **2839472742** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **U.S. Treasury Obligations — 0.4%** | **U.S. Treasury Obligations — 0.4%** | **U.S. Treasury Obligations — 0.4%** |
| U.S. Treasury Bills<br>4.27%, 05/15/2025 (d)(f) | 40000000 | 39934433 |
| 4.23%, 08/07/2025 (d)(f) | 40000000 | 39544654 |
| 4.15%, 09/18/2025 (d)(f) | 40000000 | 39362806 |
| 4.08%, 10/02/2025 (d)(f) | 60000000 | 58949695 |
| 3.93%, 10/30/2025 (d)(f) | 50000000 | 48980041 |
| **Total U.S. Treasury Obligations <br>(Cost $226,851,998)** | **Total U.S. Treasury Obligations <br>(Cost $226,851,998)** | **226771629** |
|  | **Shares** |  |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (g) (Cost $63,735,501) | 63735501 | 63735501 |
| **Total Short-Term Investments <br>(Cost $3,130,494,509)** | **Total Short-Term Investments <br>(Cost $3,130,494,509)** | **3129979872** |
| **Total Investments — 99.8% <br>(Cost $37,589,805,950)** | **Total Investments — 99.8% <br>(Cost $37,589,805,950)** | **58039645893** |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | **95129755** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **58134775648** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at April 30, 2025 amounted to $103,517,694, which represents approximately 0.18% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Guoco Group Ltd. | 03/22/04 - 12/29/20 | $115604847 | $8.12 |

---

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

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

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

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

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

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $22361554020 |
| Aggregate gross unrealized depreciation | (2022780442) |
| Net unrealized appreciation | $20338773578 |
| Federal income tax cost of investments | $37589805950 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>Currency<br>Purchased** | **<br>Currency<br>Purchased** | **<br>Currency Sold** | **<br>Currency Sold** | **<br>Counterparty** | **<br>Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 157142000 | USD | 170609069 | Goldman Sachs | 05/07/2025 | $7463123 |
| GBP | 4739000 | USD | 6110609 | Goldman Sachs | 05/07/2025 | 205026 |
| EUR | 175539000 | USD | 191014518 | JPMorgan Chase Bank | 06/04/2025 | 8257776 |
| GBP | 14364000 | USD | 18538309 | JPMorgan Chase Bank | 06/04/2025 | 606913 |
| EUR | 223751000 | USD | 243823702 | UBS AG | 07/02/2025 | 10660497 |
| USD | 233443956 | EUR | 203826000 | Goldman Sachs | 09/03/2025 | 727980 |
| USD | 78577645 | GBP | 58809000 | Goldman Sachs | 09/03/2025 | 170716 |
| **Total unrealized appreciation** |  |  |  |  |  | 28092031 |
| EUR | 182556000 | USD | 207593555 | Goldman Sachs | 05/07/2025 | (722400) |
| GBP | 52435000 | USD | 70036905 | Goldman Sachs | 05/07/2025 | (157118) |
| JPY | 16124703000 | USD | 112870664 | Goldman Sachs | 05/07/2025 | (31556) |
| USD | 356394157 | EUR | 339698000 | Goldman Sachs | 05/07/2025 | (28549190) |
| USD | 71890588 | GBP | 57174000 | Goldman Sachs | 05/07/2025 | (4304835) |
| USD | 103715849 | JPY | 16124703000 | Goldman Sachs | 05/07/2025 | (9123259) |
| USD | 374164048 | EUR | 358095000 | JPMorgan Chase Bank | 06/04/2025 | (32346256) |
| USD | 82771863 | GBP | 66799000 | JPMorgan Chase Bank | 06/04/2025 | (6261952) |
| USD | 94943814 | JPY | 14551782000 | JPMorgan Chase Bank | 06/04/2025 | (7221206) |
| USD | 428642508 | EUR | 406307000 | UBS AG | 07/02/2025 | (33472573) |
| USD | 87555004 | JPY | 12907490000 | UBS AG | 07/02/2025 | (3351441) |
| USD | 187403168 | EUR | 172434000 | Bank of New York Mellon | 08/06/2025 | (9134887) |
| USD | 91587298 | JPY | 13581572000 | Bank of New York Mellon | 08/06/2025 | (4455427) |
| USD | 103143587 | JPY | 14548403000 | Goldman Sachs | 09/03/2025 | (26296) |
| **Total unrealized depreciation** |  |  |  |  |  | (139158396) |
| **Net unrealized depreciation** |  |  |  |  |  | $(111066365) |

---

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

NVDR — Non-Voting Depositary Receipt

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

REIT — Real Estate Investment Trust

USD — United States Dollar

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Security Description** | **Market Value <br>October 31, 2024** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** | **Net Realized <br>Gains (Loss)** |
| **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** |
| **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** |
| Chofu Seisakusho Co. Ltd. | $36095872 | $— | $(1315101) | $(894160) |
| T Hasegawa Co. Ltd. | 65161051 |  |  |  |
|  | **101256923** | **—** | **(1315101)** | **(894160)** |
| **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |
| Berkeley Group Holdings plc | 372574034 |  |  |  |
| **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** |
| CH Robinson Worldwide, Inc. | 823996146 |  | (48288702) | 14585470 |
| Dentsply Sirona, Inc. | 241801633 |  |  |  |
| Douglas Emmett, Inc., REIT | 162992354 |  |  |  |
| Flowserve Corp.<sup>^</sup> | 415446250 |  | (308624827) | 56028426 |
| IPG Photonics Corp.\* | 268771170 |  |  |  |
| Mills Music Trust | 1137312 |  |  |  |
| Noble Corp. plc<sup>^^</sup> | 171568734 | 122490591 |  |  |
| NOV, Inc. | 438239331 |  |  |  |
|  | **2523952930** | **122490591** | **(356913529)** | **70613896** |
| **Total Common Stocks** | **2997783887** | **122490591** | **(358228630)** | **69719736** |
| **Total** | $**2997783887** | $**122490591** | $**(358228630)** | $**69719736** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized<br>Appreciation/ <br>Depreciation** | **Market Value <br>April 30, 2025** | **Shares at <br>April 30, 2025** | **Dividend <br>Income** |
| **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** |
| **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** |
| Chofu Seisakusho Co. Ltd. | $263410 | $34150021 | 2707400 | $368552 |
| T Hasegawa Co. Ltd. | (4979074) | 60181977 | 3002800 | 667712 |
|  | **(4715664)** | **94331998** | **5710200** | **1036264** |
| **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |
| Berkeley Group Holdings plc | (8628254) | 363945780 | 6528960 | 2774746 |
| **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** |
| CH Robinson Worldwide, Inc. | (115250379) | 675042535 | 7566045 | 9484113 |
| Dentsply Sirona, Inc. | (96741525) | 145060108 | 10435979 | 3339513 |
| Douglas Emmett, Inc., REIT | (36281604) | 126710750 | 9162021 | 3481568 |
| Flowserve Corp.<sup>^</sup> | (30980382) | 131869467 | 2915531 | 1790267 |
| IPG Photonics Corp.\* | (69948228) | 198822942 | 3319802 |  |
| Mills Music Trust | (387002) | 750310 | 31592 |  |
| Noble Corp. plc<sup>^^</sup> | (95318332) | 198740993 | 9141720 | 8484401 |
| NOV, Inc. | (110195577) | 328043754 | 28255276 | 4238291 |
|  | **(555103029)** | **1805040859** | **70827966** | **30818153** |
| **Total Common Stocks** | **(568446947)** | **2263318637** | **83067126** | **34629163** |
| **Total** | $**(568446947)** | $**2263318637** | **83067126** | $**34629163** |

---

\* Non-income producing security.

<sup>^</sup> Represents an unaffiliated issuer as of April 30, 2025.

<sup>^^</sup> Represents an unaffiliated issuer as of October 31, 2024.

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 88.6%** | **Common Stocks — 88.6%** | **Common Stocks — 88.6%** |
| **Belgium — 1.9%** | **Belgium — 1.9%** | **Belgium — 1.9%** |
| Groupe Bruxelles Lambert NV | 2664632 | 219816409 |
| Legris Industries SA\*‡ (a)(b)(c) | 905366 | 22379549 |
|  |  | **242195958** |
| **Brazil — 2.3%** | **Brazil — 2.3%** | **Brazil — 2.3%** |
| Ambev SA, ADR | 75441038 | 190865826 |
| Itausa SA (Preference) | 51995634 | 98033230 |
|  |  | **288899056** |
| **Canada — 8.3%** | **Canada — 8.3%** | **Canada — 8.3%** |
| Agnico Eagle Mines Ltd. | 441349 | 51872754 |
| Barrick Gold Corp. | 4261436 | 81137741 |
| CAE, Inc.\* | 762974 | 19088186 |
| Franco-Nevada Corp. | 306336 | 52643306 |
| Imperial Oil Ltd. | 5850392 | 394623496 |
| Nutrien Ltd. | 3011174 | 171787477 |
| Power Corp. of Canada | 4489154 | 169914446 |
| Wheaton Precious Metals Corp. | 1823029 | 152259382 |
|  |  | **1093326788** |
| **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** |
| Cia Cervecerias Unidas SA, ADR (c) | 9392572 | 142954946 |
| **China — 3.7%** | **China — 3.7%** | **China — 3.7%** |
| Alibaba Group Holding Ltd. | 13121728 | 195907809 |
| Prosus NV | 6044723 | 283404464 |
|  |  | **479312273** |
| **Faroe Islands — 0.4%** | **Faroe Islands — 0.4%** | **Faroe Islands — 0.4%** |
| Bakkafrost P/F | 1037685 | 52326000 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Kesko OYJ, Class B | 2190611 | 50293869 |
| **France — 5.7%** | **France — 5.7%** | **France — 5.7%** |
| Danone SA | 2890957 | 248756487 |
| Laurent-Perrier (c) | 558938 | 61419712 |
| Legrand SA | 807311 | 88723342 |
| LVMH Moet Hennessy Louis Vuitton SE | 216751 | 120064716 |
| Pluxee NV | 669814 | 15063846 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **France — 5.7% (continued)** | **France — 5.7% (continued)** | **France — 5.7% (continued)** |
| Sanofi SA | 1197140 | 130957328 |
| Sodexo SA | 641855 | 40742924 |
| Wendel SE | 439181 | 43182968 |
|  |  | **748911323** |
| **Germany — 3.2%** | **Germany — 3.2%** | **Germany — 3.2%** |
| Brenntag SE | 557632 | 37240806 |
| FUCHS SE (Preference) | 2212932 | 110962246 |
| Henkel AG & Co. KGaA (Preference) | 1433672 | 111348098 |
| Merck KGaA | 1117886 | 155632161 |
|  |  | **415183311** |
| **Hong Kong — 4.1%** | **Hong Kong — 4.1%** | **Hong Kong — 4.1%** |
| AIA Group Ltd. | 13725400 | 102843273 |
| CK Asset Holdings Ltd. | 23053000 | 94179943 |
| Great Eagle Holdings Ltd. | 22777700 | 38180167 |
| Guoco Group Ltd. (d) | 7806340 | 63387006 |
| Hongkong Land Holdings Ltd. | 15024400 | 73529451 |
| Jardine Matheson Holdings Ltd. | 3666800 | 162934568 |
|  |  | **535054408** |
| **Japan — 15.3%** | **Japan — 15.3%** | **Japan — 15.3%** |
| As One Corp. | 2847960 | 45136321 |
| Chofu Seisakusho Co. Ltd. | 1475100 | 18606300 |
| Daiichikosho Co. Ltd. | 5004288 | 58524779 |
| FANUC Corp. | 6879600 | 174601925 |
| Hirose Electric Co. Ltd. | 714830 | 80856879 |
| Hoshizaki Corp. | 2796700 | 118904810 |
| Kansai Paint Co. Ltd. (c) | 11635930 | 175391880 |
| Keyence Corp. | 74800 | 31273254 |
| MISUMI Group, Inc. | 1689700 | 23671454 |
| Mitsubishi Electric Corp. | 9698800 | 187627220 |
| MS&AD Insurance Group Holdings, Inc. | 7817200 | 177683497 |
| Nagaileben Co. Ltd. | 1687224 | 24873608 |
| Nihon Kohden Corp. | 5018000 | 60615271 |
| Pilot Corp. | 742300 | 20718504 |
| Secom Co. Ltd. | 5385700 | 198034498 |
| Shimano, Inc. | 1287470 | 181385725 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Japan — 15.3% (continued)** | **Japan — 15.3% (continued)** | **Japan — 15.3% (continued)** |
| SK Kaken Co. Ltd. | 437805 | 27340784 |
| SMC Corp. | 459890 | 148839212 |
| Sompo Holdings, Inc. | 4072000 | 133443967 |
| T Hasegawa Co. Ltd. | 1906436 | 38208701 |
| TIS, Inc. | 2317600 | 66893325 |
| USS Co. Ltd. | 3806100 | 37938237 |
|  |  | **2030570151** |
| **Mexico — 2.7%** | **Mexico — 2.7%** | **Mexico — 2.7%** |
| Fomento Economico Mexicano SAB de CV, ADR | 2467172 | 259817883 |
| Fresnillo plc | 1303809 | 17474375 |
| Grupo Mexico SAB de CV, Series B | 6922272 | 35969481 |
| Industrias Penoles SAB de CV\* | 2124178 | 42362243 |
|  |  | **355623982** |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** | **Netherlands — 1.4%** |
| HAL Trust | 644459 | 84807821 |
| Heineken Holding NV | 1150489 | 89956523 |
| Heineken NV | 140099 | 12540991 |
|  |  | **187305335** |
| **Norway — 1.1%** | **Norway — 1.1%** | **Norway — 1.1%** |
| Orkla ASA | 13060096 | 145652182 |
| **Singapore — 2.0%** | **Singapore — 2.0%** | **Singapore — 2.0%** |
| Haw Par Corp. Ltd. (c) | 19436313 | 192937622 |
| UOL Group Ltd. | 14477700 | 64044734 |
|  |  | **256982356** |
| **South Korea — 5.8%** | **South Korea — 5.8%** | **South Korea — 5.8%** |
| Fursys, Inc. (c) | 872463 | 27523115 |
| Hyundai Mobis Co. Ltd. | 505396 | 94867213 |
| KT&G Corp. | 2242051 | 180965553 |
| NAVER Corp. | 655708 | 92261795 |
| NongShim Co. Ltd. | 189870 | 53809902 |
| Samsung Electronics Co. Ltd. | 3413647 | 133192103 |
| Samsung Electronics Co. Ltd. (Preference) | 4008416 | 132320438 |
| Samsung Life Insurance Co. Ltd. | 910865 | 55305587 |
|  |  | **770245706** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| Industrivarden AB, Class C | 1572517 | 55221616 |
| Investor AB, Class B | 7625327 | 225926732 |
| L E Lundbergforetagen AB, Class B | 624661 | 32959649 |
| Svenska Handelsbanken AB, Class A | 5974046 | 78199184 |
|  |  | **392307181** |
| **Switzerland — 5.4%** | **Switzerland — 5.4%** | **Switzerland — 5.4%** |
| Cie Financiere Richemont SA (Registered) | 1507492 | 266381702 |
| Galderma Group AG | 57490 | 6677216 |
| Nestle SA (Registered) | 1712170 | 182238897 |
| Schindler Holding AG | 616969 | 225653322 |
| Schindler Holding AG (Registered) | 82435 | 29226829 |
|  |  | **710177966** |
| **Taiwan — 1.8%** | **Taiwan — 1.8%** | **Taiwan — 1.8%** |
| Taiwan Secom Co. Ltd. | 8545694 | 30666732 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1284857 | 214172813 |
|  |  | **244839545** |
| **Thailand — 0.8%** | **Thailand — 0.8%** | **Thailand — 0.8%** |
| Bangkok Bank PCL, NVDR | 19959159 | 83595163 |
| Thai Beverage PCL | 52214985 | 20011358 |
|  |  | **103606521** |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| AG Anadolu Grubu Holding A/S | 7024323 | 50021418 |
| **United Kingdom — 14.9%** | **United Kingdom — 14.9%** | **United Kingdom — 14.9%** |
| BAE Systems plc | 10350116 | 239942973 |
| Berkeley Group Holdings plc | 2512868 | 140075556 |
| Big Yellow Group plc, REIT | 2602379 | 35035498 |
| British American Tobacco plc | 7127880 | 310478618 |
| Diageo plc | 2255588 | 63337800 |
| Great Portland Estates plc, REIT | 7832988 | 32360972 |
| Haleon plc | 33065514 | 166381331 |
| Lloyds Banking Group plc | 173711484 | 170667778 |
| Reckitt Benckiser Group plc | 3583284 | 231288527 |
| Shell plc | 9120566 | 296696496 |
| Unilever plc | 4000171 | 255091429 |
|  |  | **1941356978** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 2.9%** | **United States — 2.9%** | **United States — 2.9%** |
| Newmont Corp. | 1938603 | 102125606 |
| Royal Gold, Inc. | 411512 | 75187358 |
| Willis Towers Watson plc | 645984 | 198833875 |
|  |  | **376146839** |
| **Total Common Stocks <br>(Cost $8,028,102,295)** | **Total Common Stocks <br>(Cost $8,028,102,295)** | **11613294092** |
|  | **Ounces** |  |
| **Commodities — 8.9%** | **Commodities — 8.9%** | **Commodities — 8.9%** |
| Gold bullion\* <br>(Cost $272,993,545) | 352647 | 1161576709 |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| **Commercial Paper — 1.5%** | **Commercial Paper — 1.5%** | **Commercial Paper — 1.5%** |
| Amphenol Corporation Corporate Commercial Paper<br>4.49%, 05/01/2025 (e)(f) | 14034000 | 14032249 |
| CVS Caremark Corp.<br>4.80%, 05/01/2025 (e) | 21052000 | 21049183 |
| Entergy Corp.<br>4.53%, 05/01/2025 (e)(f) | 9122000 | 9120846 |
| Erste Abwicklungsanstalt<br>4.36%, 07/30/2025 (e)(f) | 10000000 | 9890299 |
| Global Payments Inc Corporate Commercial Paper<br>4.90%, 05/01/2025 (e) | 7017000 | 7016045 |
| Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper<br>4.58%, 05/01/2025 (e)(f) | 32420000 | 32415853 |
| Government of Quebec<br>4.38%, 08/01/2025 (e)(f) | 5000000 | 4944310 |
| Hydro-Quebec<br>4.37%, 07/29/2025 (e)(f) | 10000000 | 9893000 |
| Kreditanstalt fuer Wiederaufbau<br>4.34%, 05/08/2025 (e)(f) | 20000000 | 19980956 |
| 4.29%, 07/25/2025 (e)(f) | 10000000 | 9898393 |
| Onttea Cp 0 08/01/25<br>4.37%, 08/01/2025 (e)(f) | 5000000 | 4944233 |
| Philip Morris International, Inc.<br>4.42%, 07/28/2025 (e) | 10000000 | 9891206 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commercial Paper — 1.5% (continued)** | **Commercial Paper — 1.5% (continued)** | **Commercial Paper — 1.5% (continued)** |
| Province of Quebec<br>4.36%, 07/29/2021 (e) | 10000000 | 9892000 |
| PSP Capital, Inc.<br>4.37%, 07/28/2025 (e)(f) | 10000000 | 9893192 |
| 4.37%, 08/05/2025 (e)(f) | 5000000 | 4941879 |
| Westun Cp 0 05/01/25<br>4.60%, 05/01/2025 (e)(f) | 9403000 | 9401800 |
| **Total Commercial Paper <br>(Cost $187,229,677)** | **Total Commercial Paper <br>(Cost $187,229,677)** | **187205444** |
| **U.S. Treasury Obligations — 0.6%** | **U.S. Treasury Obligations — 0.6%** | **U.S. Treasury Obligations — 0.6%** |
| U.S. Treasury Bills<br>4.29%, 05/15/2025 (e)(g) | 15000000 | 14975413 |
| 4.23%, 08/07/2025 (e)(g) | 15000000 | 14829245 |
| 4.16%, 09/18/2025 (e)(g) | 15000000 | 14761052 |
| 4.07%, 10/02/2025 (e)(g) | 22500000 | 22106136 |
| 3.90%, 10/30/2025 (e)(g) | 15000000 | 14694012 |
| **Total U.S. Treasury Obligations <br>(Cost $81,395,374)** | **Total U.S. Treasury Obligations <br>(Cost $81,395,374)** | **81365858** |
|  | **Shares** |  |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (h) (Cost $15,804,241) | 15804241 | 15804241 |
| **Total Short-Term Investments <br>(Cost $284,429,292)** | **Total Short-Term Investments <br>(Cost $284,429,292)** | **284375543** |
| **Total Investments — 99.7% <br>(Cost $8,585,525,132)** | **Total Investments — 99.7% <br>(Cost $8,585,525,132)** | **13059246344** |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | **38718059** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **13097964403** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Legris Industries SA | 04/30/04 | $23433066 | $24.72 |

---

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

(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 April 30, 2025 amounted to $63,387,006, which represents approximately 0.48% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Guoco Group Ltd. | 10/21/03 - 09/15/09 | $57283838 | $8.12 |

---

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

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

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

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $4798371265 |
| Aggregate gross unrealized depreciation | (376620093) |
| Net unrealized appreciation | $4421751172 |
| Federal income tax cost of investments | $8585525132 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>Currency<br>Purchased** | **<br>Currency<br>Purchased** | **<br>Currency Sold** | **<br>Currency Sold** | **<br>Counterparty** | **<br>Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 75905000 | USD | 82410059 | Goldman Sachs | 05/07/2025 | $3604945 |
| GBP | 68000 | USD | 87681 | Goldman Sachs | 05/07/2025 | 2942 |
| EUR | 75523000 | USD | 82181108 | JPMorgan Chase Bank | 06/04/2025 | 3552783 |
| GBP | 5429000 | USD | 7006717 | JPMorgan Chase Bank | 06/04/2025 | 229388 |
| EUR | 99683000 | USD | 108625562 | UBS AG | 07/02/2025 | 4749343 |
| USD | 90390156 | EUR | 78922000 | Goldman Sachs | 09/03/2025 | 281876 |
| USD | 32318796 | GBP | 24188000 | Goldman Sachs | 09/03/2025 | 70216 |
| **Total unrealized appreciation** |  |  |  |  |  | 12491493 |
| EUR | 82639000 | USD | 93972939 | Goldman Sachs | 05/07/2025 | (327014) |
| GBP | 21731000 | USD | 29025879 | Goldman Sachs | 05/07/2025 | (65115) |
| JPY | 8596009000 | USD | 60170860 | Goldman Sachs | 05/07/2025 | (16822) |
| USD | 166336438 | EUR | 158544000 | Goldman Sachs | 05/07/2025 | (13324491) |
| USD | 27410063 | GBP | 21799000 | Goldman Sachs | 05/07/2025 | (1641324) |
| USD | 55290468 | JPY | 8596009000 | Goldman Sachs | 05/07/2025 | (4863570) |
| USD | 165259314 | EUR | 158162000 | JPMorgan Chase Bank | 06/04/2025 | (14286568) |
| USD | 33654453 | GBP | 27160000 | JPMorgan Chase Bank | 06/04/2025 | (2546065) |
| USD | 49457882 | JPY | 7580276000 | JPMorgan Chase Bank | 06/04/2025 | (3761652) |
| USD | 192344605 | EUR | 182322000 | UBS AG | 07/02/2025 | (15020136) |
| USD | 47918947 | JPY | 7064283000 | UBS AG | 07/02/2025 | (1834247) |
| USD | 86779685 | EUR | 79848000 | Bank of New York Mellon | 08/06/2025 | (4230038) |
| USD | 52055324 | JPY | 7719336000 | Bank of New York Mellon | 08/06/2025 | (2532325) |
| USD | 47717724 | JPY | 6730585000 | Goldman Sachs | 09/03/2025 | (12166) |
| **Total unrealized depreciation** |  |  |  |  |  | (64461533) |
| **Net unrealized depreciation** |  |  |  |  |  | $(51970040) |

---

**<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 \| Semiannual Report \| April 30, 2025

------

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

**Affiliated Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Security Description** | **Market Value <br>October 31, 2024** | **Purchases at <br>Cost** | **Proceeds from <br>Sales** | **Net Realized <br>Gains (Loss)** |
| **Common Stocks — 5.3%** | **Common Stocks — 5.3%** | **Common Stocks — 5.3%** | **Common Stocks — 5.3%** | **Common Stocks — 5.3%** |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Legris Industries SA\*‡ (a)(b) | $22955965 | $— | $— | $— |
| **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** |
| Cia Cervecerias Unidas SA, ADR | 101909406 |  |  |  |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Laurent-Perrier | 61102473 |  |  |  |
| **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** |
| Daiichikosho Co. Ltd.<sup>^</sup> | 71632170 |  | (8339438) | (3782023) |
| Kansai Paint Co. Ltd.<sup>^^</sup> | 142088475 | 40855061 |  |  |
|  | **213720645** | **40855061** | **(8339438)** | **(3782023)** |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| 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** | **(8339438)** | **(3782023)** |
| **Total** | $**583624317** | $**40855061** | $**(8339438)** | $**(3782023)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized<br>Appreciation/ <br>Depreciation** | **Market Value <br>April 30, 2025** | **Shares at <br>April 30, 2025** | **Dividend <br>Income** |
| **Common Stocks — 5.3%** | **Common Stocks — 5.3%** | **Common Stocks — 5.3%** | **Common Stocks — 5.3%** | **Common Stocks — 5.3%** |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Legris Industries SA\*‡ (a)(b) | $(576416) | $22379549 | 905366 | $— |
| **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** | **Chile — 1.1%** |
| Cia Cervecerias Unidas SA, ADR | 41045540 | 142954946 | 9392572 | 2918492 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Laurent-Perrier | 317239 | 61419712 | 558938 |  |
| **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** | **Japan — 1.8%** |
| Daiichikosho Co. Ltd.<sup>^</sup> | (985930) | 58524779 | 5004288 | 899189 |
| Kansai Paint Co. Ltd.<sup>^^</sup> | (7551656) | 175391880 | 11635930 | 1543879 |
|  | **(8537586)** | **233916659** | **16640218** | **2443068** |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| Haw Par Corp. Ltd. | 35433312 | 192937622 | 19436313 |  |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Fursys, Inc. | 1091597 | 27523115 | 872463 | 554910 |
| **Total Common Stocks** | **68773686** | **681131603** | **47805870** | **5916470** |
| **Total** | $**68773686** | $**681131603** | **47805870** | $**5916470** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

<sup>^</sup> Represents an unaffiliated issuer as of April 30, 2025.

<sup>^^</sup> Represents an unaffiliated issuer as of October 31, 2024.

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

(b) Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $22,379,549, which represents approximately 0.17% of net assets of the Fund.

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 74.8%** | **Common Stocks — 74.8%** | **Common Stocks — 74.8%** |
| **Air Freight & Logistics — 3.5%** | **Air Freight & Logistics — 3.5%** | **Air Freight & Logistics — 3.5%** |
| CH Robinson Worldwide, Inc. | 328757 | 29331700 |
| Expeditors International of Washington, Inc. | 166939 | 18348265 |
|  |  | **47679965** |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| US Bancorp | 330658 | 13338744 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Carlisle Cos., Inc. | 15235 | 5781378 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| Bank of New York Mellon Corp. (The) | 502349 | 40393883 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| International Flavors & Fragrances, Inc. | 106309 | 8341004 |
| Nutrien Ltd. (Canada) | 238370 | 13599008 |
| PPG Industries, Inc. | 154630 | 16833022 |
| RPM International, Inc. | 7729 | 825071 |
|  |  | **39598105** |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| American Express Co. | 58719 | 15643329 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Dollar General Corp. | 167072 | 15652976 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| IPG Photonics Corp.\* | 186242 | 11154033 |
| **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** |
| Noble Corp. plc | 375505 | 8163479 |
| NOV, Inc. | 1034361 | 12008931 |
| Schlumberger NV | 486530 | 16177122 |
|  |  | **36349532** |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Walt Disney Co. (The) | 93652 | 8517649 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Berkshire Hathaway, Inc., Class A\* | 32 | 25617280 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Kraft Heinz Co. (The) | 262298 | 7632872 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies — 5.0%** | **Health Care Equipment & Supplies — 5.0%** | **Health Care Equipment & Supplies — 5.0%** |
| Becton Dickinson & Co. | 188006 | 38934163 |
| Dentsply Sirona, Inc. | 503680 | 7001152 |
| Medtronic plc | 276170 | 23408169 |
|  |  | **69343484** |
| **Health Care Providers & Services — 9.0%** | **Health Care Providers & Services — 9.0%** | **Health Care Providers & Services — 9.0%** |
| Elevance Health, Inc. | 102027 | 42910516 |
| HCA Healthcare, Inc. | 147442 | 50879285 |
| Universal Health Services, Inc., Class B | 170425 | 30177155 |
|  |  | **123966956** |
| **Household Products — 2.5%** | **Household Products — 2.5%** | **Household Products — 2.5%** |
| Colgate-Palmolive Co. | 365303 | 33677283 |
| **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
| Fidelity National Financial, Inc. | 158855 | 10174663 |
| Willis Towers Watson plc | 88365 | 27198747 |
|  |  | **37373410** |
| **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** |
| Alphabet, Inc., Class A | 126759 | 20129329 |
| Alphabet, Inc., Class C | 202083 | 32513134 |
| Meta Platforms, Inc., Class A | 95714 | 52546986 |
|  |  | **105189449** |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Bio-Rad Laboratories, Inc., Class A\* | 51359 | 12535705 |
| **Machinery — 2.4%** | **Machinery — 2.4%** | **Machinery — 2.4%** |
| Cummins, Inc. | 55552 | 16323400 |
| Deere & Co. | 20543 | 9522913 |
| Flowserve Corp. | 148148 | 6700734 |
|  |  | **32547047** |
| **Media — 3.1%** | **Media — 3.1%** | **Media — 3.1%** |
| Charter Communications, Inc., Class A\* | 21433 | 8398735 |
| Comcast Corp., Class A | 1020363 | 34896415 |
|  |  | **43295150** |
| **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** |
| Agnico Eagle Mines Ltd. (Canada) | 48620 | 5714419 |
| Barrick Gold Corp. (Canada) | 500107 | 9522037 |
| Franco-Nevada Corp. (Canada) | 29128 | 5005596 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Metals & Mining — 2.9% (continued)** | **Metals & Mining — 2.9% (continued)** | **Metals & Mining — 2.9% (continued)** |
| Newmont Corp. | 259404 | 13665403 |
| Royal Gold, Inc. | 36122 | 6599851 |
|  |  | **40507306** |
| **Office REITs — 0.8%** | **Office REITs — 0.8%** | **Office REITs — 0.8%** |
| BXP, Inc., REIT | 102688 | 6544306 |
| Douglas Emmett, Inc., REIT | 359380 | 4970226 |
|  |  | **11514532** |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| Exxon Mobil Corp. | 269349 | 28451335 |
| ONEOK, Inc. | 118156 | 9707697 |
|  |  | **38159032** |
| **Residential REITs — 1.5%** | **Residential REITs — 1.5%** | **Residential REITs — 1.5%** |
| Equity Residential, REIT | 296839 | 20855908 |
| **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| Analog Devices, Inc. | 92129 | 17957785 |
| Texas Instruments, Inc. | 144465 | 23121623 |
|  |  | **41079408** |
| **Software — 5.4%** | **Software — 5.4%** | **Software — 5.4%** |
| Microsoft Corp. | 22886 | 9045920 |
| Oracle Corp. | 309068 | 43492049 |
| Salesforce, Inc. | 82462 | 22158364 |
|  |  | **74696333** |
| **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** |
| Extra Space Storage, Inc., REIT | 42904 | 6286294 |
| Weyerhaeuser Co., REIT | 401701 | 10408073 |
|  |  | **16694367** |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Ross Stores, Inc. | 38745 | 5385555 |
| **Tobacco — 4.0%** | **Tobacco — 4.0%** | **Tobacco — 4.0%** |
| Philip Morris International, Inc. | 317514 | 54409199 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Ferguson Enterprises, Inc. | 15912 | 2699630 |
| **Total Common Stocks <br>(Cost $615,289,120)** | **Total Common Stocks <br>(Cost $615,289,120)** | **1031289500** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities — 13.0%** | **Commodities — 13.0%** | **Commodities — 13.0%** |
| Gold bullion\* <br>(Cost $54,489,904) | 54304 | 178870454 |
|  | **Shares** |  |
| **Master Limited Partnerships — 1.7%** | **Master Limited Partnerships — 1.7%** | **Master Limited Partnerships — 1.7%** |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| Enterprise Products Partners LP <br>(Cost $17,301,746) | 791505 | 23666000 |
|  | **Principal Amount ($)** |  |
| **Corporate Bonds — 1.4%** | **Corporate Bonds — 1.4%** | **Corporate Bonds — 1.4%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Manufacturers & Traders Trust Co.<br>4.65%, 01/27/2026 | 1205000 | 1204290 |
| **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 | 2596291 |
| **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 | 5403750 |
| **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 | 579000 |
| Embecta Corp.<br>5.00%, 02/15/2030 (a) | 3000000 | 2700071 |
|  |  | **3279071** |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (a) | 1490000 | 1413420 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| Enterprise Products Operating LLC<br>Series E, (CME Term SOFR 3 Month + 3.29%), <br>5.25%, 08/16/2077 (b) | 2600000 | 2515092 |
| (CME Term SOFR 3 Month + 2.83%), <br>5.38%, 02/15/2078 (b) | 2750000 | 2653432 |
|  |  | **5168524** |
| **Total Corporate Bonds <br>(Cost $19,036,932)** | **Total Corporate Bonds <br>(Cost $19,036,932)** | **19065346** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **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 | 4972840 |
| **Short-Term Investments — 8.8%** | **Short-Term Investments — 8.8%** | **Short-Term Investments — 8.8%** |
| **Commercial Paper — 3.8%** | **Commercial Paper — 3.8%** | **Commercial Paper — 3.8%** |
| Amphenol Corporation Corporate Commercial Paper<br>4.49%, 05/01/2025 (a)(d) | 3311000 | 3310587 |
| Apple, Inc.<br>4.30%, 08/04/2025 (a)(d) | 5000000 | 4942786 |
| Chevron Corp.<br>4.34%, 05/29/2025 (a)(d) | 1100000 | 1096180 |
| CVS Caremark Corp.<br>4.80%, 05/01/2025 (d) | 4966000 | 4965335 |
| Entergy Corp.<br>4.53%, 05/01/2025 (a)(d) | 2152000 | 2151728 |
| Global Payments Inc Corporate Commercial Paper<br>4.90%, 05/01/2025 (d) | 1655000 | 1654775 |
| Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper<br>4.58%, 05/01/2025 (a)(d) | 7648000 | 7647022 |
| Honeywell International, Inc.<br>4.35%, 06/11/2025 (a)(d) | 12000000 | 11939268 |
| PepsiCo, Inc.<br>4.29%, 07/28/2025 (a)(d) | 13000000 | 12861814 |
| Westun Cp 0 05/01/25<br>4.60%, 05/01/2025 (a)(d) | 2218000 | 2217717 |
| **Total Commercial Paper <br>(Cost $52,798,028)** | **Total Commercial Paper <br>(Cost $52,798,028)** | **52787212** |
|  | **Shares** |  |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (e) (Cost $3,716,012) | 3716012 | 3716012 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **U.S. Treasury Obligations — 4.7%** | **U.S. Treasury Obligations — 4.7%** | **U.S. Treasury Obligations — 4.7%** |
| U.S. Treasury Bills<br>4.37%, 05/08/2025 (d) | 15000000 | 14987735 |
| 4.25%, 05/15/2025 (d) | 15000000 | 14975413 |
| 4.23%, 08/07/2025 (d) | 5000000 | 4943082 |
| 4.19%, 09/18/2025 (d) | 5000000 | 4920351 |
| 4.09%, 10/02/2025 (d) | 10000000 | 9824949 |
| 4.12%, 10/16/2025 (d) | 15000000 | 14716144 |
| **Total U.S. Treasury Obligations <br>(Cost $64,373,588)** | **Total U.S. Treasury Obligations <br>(Cost $64,373,588)** | **64367674** |
| **Total Short-Term Investments <br>(Cost $120,887,628)** | **Total Short-Term Investments <br>(Cost $120,887,628)** | **120870898** |
| **Total Investments — 100.0% <br>(Cost $832,698,793)** | **Total Investments — 100.0% <br>(Cost $832,698,793)** | **1378735038** |
| **Other Assets Less Liabilities — 0.0% (f)** | **Other Assets Less Liabilities — 0.0% (f)** | **266098** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1379001136** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $58,280,634, which represents approximately 4.23% of net assets of the Fund.

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

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

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

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

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $600747555 |
| Aggregate gross unrealized depreciation | (54711310) |
| Net unrealized appreciation | $546036245 |
| Federal income tax cost of investments | $832698793 |

---

**<u>Abbreviations</u>**

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 80.4%** | **Common Stocks — 80.4%** | **Common Stocks — 80.4%** |
| **Australia — 8.3%** | **Australia — 8.3%** | **Australia — 8.3%** |
| Northern Star Resources Ltd. | 19552128 | 240172061 |
| Ora Banda Mining Ltd.\* | 76767386 | 49052903 |
|  |  | **289224964** |
| **Canada — 53.1%** | **Canada — 53.1%** | **Canada — 53.1%** |
| Agnico Eagle Mines Ltd. | 2132360 | 250621131 |
| Alamos Gold, Inc., Class A | 6016287 | 171987430 |
| B2Gold Corp. | 12416427 | 38818221 |
| Barrick Gold Corp. | 6944076 | 132215207 |
| Dundee Precious Metals, Inc. (a) | 12892410 | 168987269 |
| Franco-Nevada Corp. | 962524 | 165408067 |
| G Mining Ventures Corp. | 7149118 | 99152137 |
| Kinross Gold Corp. | 11506400 | 169834464 |
| MAG Silver Corp. (a) | 7541500 | 117121366 |
| Novagold Resources, Inc.\* | 11841556 | 50089782 |
| Orla Mining Ltd.\* | 7840941 | 86337940 |
| Wheaton Precious Metals Corp. | 4773406 | 398674869 |
|  |  | **1849247883** |
| **Mexico — 1.4%** | **Mexico — 1.4%** | **Mexico — 1.4%** |
| Fresnillo plc | 1477558 | 19803057 |
| Industrias Penoles SAB de CV\* | 1403600 | 27991837 |
|  |  | **47794894** |
| **South Africa — 3.9%** | **South Africa — 3.9%** | **South Africa — 3.9%** |
| Gold Fields Ltd., ADR | 5927329 | 133601996 |
| **United Kingdom — 2.9%** | **United Kingdom — 2.9%** | **United Kingdom — 2.9%** |
| Anglogold Ashanti plc | 2420265 | 102038372 |
| **United States — 10.8%** | **United States — 10.8%** | **United States — 10.8%** |
| Newmont Corp. | 4060970 | 213931900 |
| Royal Gold, Inc. | 891278 | 162845403 |
|  |  | **376777303** |
| **Total Common Stocks <br>(Cost $1,299,557,864)** | **Total Common Stocks <br>(Cost $1,299,557,864)** | **2798685412** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Ounces** | **Value ($)** |
| **Commodities — 15.1%** | **Commodities — 15.1%** | **Commodities — 15.1%** |
| Gold bullion\* | 82123 | 270502023 |
| Silver bullion\* | 7857300 | 255833682 |
| **Total Commodities <br>(Cost $312,890,019)** | **Total Commodities <br>(Cost $312,890,019)** | **526335705** |
|  | **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, <br>expiring 02/22/2029\* (Cost $45,973,715) | 6835667 | 2525095 |
|  | **Principal Amount ($)** |  |
| **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** |
| **Commercial Paper — 3.5%** | **Commercial Paper — 3.5%** | **Commercial Paper — 3.5%** |
| Amphenol Corporation Corporate Commercial Paper<br>4.49%, 05/01/2025 (b)(c) | 18561000 | 18558683 |
| CVS Caremark Corp.<br>4.80%, 05/01/2025 (b) | 27842000 | 27838275 |
| Entergy Corp.<br>4.53%, 05/01/2025 (b)(c) | 12065000 | 12063474 |
| Global Payments Inc Corporate Commercial Paper<br>4.90%, 05/01/2025 (b) | 9281000 | 9279737 |
| Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper<br>4.58%, 05/01/2025 (b)(c) | 42876000 | 42870516 |
| Westun Cp 0 05/01/25<br>4.60%, 05/01/2025 (b)(c) | 12436000 | 12434413 |
| **Total Commercial Paper <br>(Cost $123,061,000)** | **Total Commercial Paper <br>(Cost $123,061,000)** | **123045098** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (d) (Cost $20,805,055) | 20805055 | 20805055 |
| **Total Short-Term Investments <br>(Cost $143,866,055)** | **Total Short-Term Investments <br>(Cost $143,866,055)** | **143850153** |
| **Total Investments — 99.7% <br>(Cost $1,802,287,653)** | **Total Investments — 99.7% <br>(Cost $1,802,287,653)** | **3471396365** |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | **10204934** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **3481601299** |

---

\* Non-income producing security.

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

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

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

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

**<u>Abbreviations</u>**

ADR — American Depositary Receipt

CVR — Contingent Value Rights

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1712964995 |
| Aggregate gross unrealized depreciation | (43856283) |
| Net unrealized appreciation | $1669108712 |
| Federal income tax cost of investments | $1802287653 |

---

**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 — 9.7%** | **Common Stocks — 9.7%** | **Common Stocks — 9.7%** | **Common Stocks — 9.7%** | **Common Stocks — 9.7%** |
| **Canada — 9.7%** | **Canada — 9.7%** | **Canada — 9.7%** | **Canada — 9.7%** | **Canada — 9.7%** |
| Dundee Precious Metals, Inc. | $138413886 | $— | $(7436881) | $2460786 |
| MAG Silver Corp. | 108160763 | 19713191 |  |  |
| Novagold Resources, Inc.\*<sup>^</sup> | 87830560 |  | (39880298) | (39863560) |
| **Total Common Stocks** | **334405209** | **19713191** | **(47317179)** | **(37402774)** |
| **Total** | $**334405209** | $**19713191** | $**(47317179)** | $**(37402774)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Market Value<br>April 30, 2025** | **Shares at<br>April 30, 2025** | **Dividend<br>Income** |
| **Common Stocks — 9.7%** | **Common Stocks — 9.7%** | **Common Stocks — 9.7%** | **Common Stocks — 9.7%** | **Common Stocks — 9.7%** |
| **Canada — 9.7%** | **Canada — 9.7%** | **Canada — 9.7%** | **Canada — 9.7%** | **Canada — 9.7%** |
| Dundee Precious Metals, Inc. | $35549478 | $168987269 | 12892410 | $898899 |
| MAG Silver Corp. | (10752588) | 117121366 | 7541500 | 1153850 |
| Novagold Resources, Inc.\*<sup>^</sup> | 42003080 | 50089782 | 11841556 |  |
| **Total Common Stocks** | **66799970** | **336198417** | **32275466** | **2052749** |
| **Total** | $**66799970** | $**336198417** | **32275466** | $**2052749** |

---

\* Non-income producing security.

<sup>^</sup> Represents an unaffiliated issuer as of April 30, 2025.

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 63.3%** | **Common Stocks — 63.3%** | **Common Stocks — 63.3%** |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| Ambev SA, ADR | 9345635 | 23644456 |
| Itausa SA (Preference) | 5641763 | 10637052 |
|  |  | **34281508** |
| **Canada — 5.0%** | **Canada — 5.0%** | **Canada — 5.0%** |
| Agnico Eagle Mines Ltd. | 16806 | 1975248 |
| Barrick Gold Corp. | 90496 | 1723044 |
| Franco-Nevada Corp. | 42649 | 7329156 |
| Franco-Nevada Corp. (a) | 20862 | 3583675 |
| Imperial Oil Ltd. | 238922 | 16115883 |
| Nutrien Ltd. (a) | 175280 | 9999724 |
| Power Corp. of Canada | 776074 | 29374395 |
| Wheaton Precious Metals Corp. (a) | 281516 | 23512216 |
|  |  | **93613341** |
| **Chile — 1.6%** | **Chile — 1.6%** | **Chile — 1.6%** |
| Cia Cervecerias Unidas SA, ADR | 1327830 | 20209573 |
| Quinenco SA | 2083758 | 8756321 |
|  |  | **28965894** |
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| Budweiser Brewing Co. APAC Ltd. (b) | 3962100 | 4186468 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Kesko OYJ, Class B | 318997 | 7323798 |
| **France — 1.5%** | **France — 1.5%** | **France — 1.5%** |
| Danone SA | 91535 | 7876259 |
| Sanofi SA | 135886 | 14864817 |
| Sodexo SA | 38666 | 2454395 |
| Wendel SE | 19995 | 1966031 |
|  |  | **27161502** |
| **Germany — 1.1%** | **Germany — 1.1%** | **Germany — 1.1%** |
| FUCHS SE (Preference) | 318042 | 15947464 |
| Henkel AG & Co. KGaA (Preference) | 56692 | 4403062 |
|  |  | **20350526** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hong Kong — 3.6%** | **Hong Kong — 3.6%** | **Hong Kong — 3.6%** |
| CK Asset Holdings Ltd. | 2483000 | 10143964 |
| Hongkong Land Holdings Ltd. | 3870800 | 18943705 |
| Jardine Matheson Holdings Ltd. | 802500 | 35659155 |
| Mandarin Oriental International Ltd. | 1047200 | 1884960 |
|  |  | **66631784** |
| **Japan — 2.8%** | **Japan — 2.8%** | **Japan — 2.8%** |
| FANUC Corp. | 294600 | 7476848 |
| MS&AD Insurance Group Holdings, Inc. | 189700 | 4311846 |
| Nagaileben Co. Ltd. | 22700 | 334651 |
| Nohmi Bosai Ltd. | 70300 | 1636075 |
| Secom Co. Ltd. | 353400 | 12994669 |
| Shimano, Inc. | 103800 | 14623904 |
| SMC Corp. | 100 | 32364 |
| Sompo Holdings, Inc. | 204800 | 6711524 |
| USS Co. Ltd. | 429800 | 4284137 |
|  |  | **52406018** |
| **Mexico — 2.8%** | **Mexico — 2.8%** | **Mexico — 2.8%** |
| Coca-Cola Femsa SAB de CV, ADR | 187916 | 17688533 |
| Fomento Economico Mexicano SAB de CV, ADR | 211291 | 22251055 |
| GMexico Transportes SAB de CV (b) | 1331937 | 2297041 |
| Grupo Mexico SAB de CV, Series B | 2026562 | 10530413 |
|  |  | **52767042** |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| HAL Trust | 40521 | 5332376 |
| Heineken Holding NV | 136892 | 10703560 |
| Heineken NV | 13745 | 1230387 |
|  |  | **17266323** |
| **Norway — 1.1%** | **Norway — 1.1%** | **Norway — 1.1%** |
| Orkla ASA | 1753522 | 19556082 |
| **Singapore — 0.7%** | **Singapore — 0.7%** | **Singapore — 0.7%** |
| United Overseas Bank Ltd. | 386000 | 10251714 |
| UOL Group Ltd. | 764200 | 3380577 |
|  |  | **13632291** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **South Korea — 3.6%** | **South Korea — 3.6%** | **South Korea — 3.6%** |
| KT&G Corp. | 429767 | 34688338 |
| Samsung Electronics Co. Ltd. | 317526 | 12389083 |
| Samsung Electronics Co. Ltd. (Preference) | 372602 | 12299836 |
| Samsung Life Insurance Co. Ltd. | 143349 | 8703815 |
|  |  | **68081072** |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| Svenska Handelsbanken AB, Class A | 996753 | 13047317 |
| **Switzerland — 5.4%** | **Switzerland — 5.4%** | **Switzerland — 5.4%** |
| Cie Financiere Richemont SA (Registered) | 168707 | 29811407 |
| Nestle SA (Registered) | 430180 | 45787234 |
| Schindler Holding AG | 61668 | 22554762 |
| Schindler Holding AG (Registered) | 7544 | 2674680 |
|  |  | **100828083** |
| **Taiwan — 0.5%** | **Taiwan — 0.5%** | **Taiwan — 0.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 54821 | 9138113 |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| Bangkok Bank PCL, NVDR | 1467900 | 6148021 |
| Thai Beverage PCL | 17954100 | 6880897 |
|  |  | **13028918** |
| **United Kingdom — 10.2%** | **United Kingdom — 10.2%** | **United Kingdom — 10.2%** |
| BAE Systems plc | 556301 | 12896524 |
| Berkeley Group Holdings plc | 214849 | 11976392 |
| British American Tobacco plc | 1307848 | 56967687 |
| Diageo plc | 212100 | 5955852 |
| Great Portland Estates plc, REIT | 523564 | 2163037 |
| Haleon plc | 4109584 | 20678888 |
| Lloyds Banking Group plc | 11546087 | 11343781 |
| Reckitt Benckiser Group plc | 243748 | 15733086 |
| Unilever plc | 842191 | 53706630 |
|  |  | **191421877** |
| **United States — 18.7%** | **United States — 18.7%** | **United States — 18.7%** |
| Analog Devices, Inc. (a) | 64448 | 12562204 |
| Bank of New York Mellon Corp. (The) (a) | 56934 | 4578063 |
| Becton Dickinson & Co. (a) | 122207 | 25307848 |
| BXP, Inc., REIT (a) | 97307 | 6201375 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 18.7% (continued)** | **United States — 18.7% (continued)** | **United States — 18.7% (continued)** |
| CH Robinson Worldwide, Inc. (a) | 133684 | 11927286 |
| Colgate-Palmolive Co. (a) | 232838 | 21465335 |
| Comcast Corp., Class A | 635037 | 21718265 |
| Dollar General Corp. | 15479 | 1450228 |
| Douglas Emmett, Inc., REIT | 366396 | 5067257 |
| Elevance Health, Inc. | 17617 | 7409358 |
| Equity Residential, REIT (a) | 345193 | 24253260 |
| Exxon Mobil Corp. (a) | 395470 | 41773496 |
| Fidelity National Financial, Inc. (a) | 84603 | 5418822 |
| General Dynamics Corp. | 7297 | 1985660 |
| HCA Healthcare, Inc. (a) | 66205 | 22846021 |
| IDACORP, Inc. | 45996 | 5431668 |
| Kraft Heinz Co. (The) (a) | 133886 | 3896083 |
| Linde plc | 53 | 24021 |
| Medtronic plc | 233926 | 19827568 |
| Noble Corp. plc | 118352 | 2572972 |
| ONEOK, Inc. | 11079 | 910251 |
| Oracle Corp. | 16238 | 2285011 |
| Philip Morris International, Inc. (a) | 245096 | 41999651 |
| PPG Industries, Inc. | 14351 | 1562250 |
| Royal Gold, Inc. (a) | 78623 | 14365208 |
| Schlumberger NV | 153224 | 5094698 |
| Texas Instruments, Inc. (a) | 116702 | 18678155 |
| Universal Health Services, Inc., Class B | 19258 | 3410014 |
| US Bancorp | 326193 | 13158626 |
| Weyerhaeuser Co., REIT | 129131 | 3345784 |
|  |  | **350526438** |
| **Total Common Stocks <br>(Cost $945,327,445)** | **Total Common Stocks <br>(Cost $945,327,445)** | **1184214395** |
|  | **Principal Amount ($)** |  |
| **Corporate Bonds — 10.7%** | **Corporate Bonds — 10.7%** | **Corporate Bonds — 10.7%** |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Nufarm Australia Ltd.<br>5.00%, 01/27/2030 (c) | 2595000 | 2403411 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Canada — 0.5%** | **Canada — 0.5%** | **Canada — 0.5%** |
| Transcanada Trust<br>Series 16-A, 5.88%, 08/15/2076 | 9142000 | 9008823 |
| **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) | 3020000 | 2948332 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Mexico Remittances Funding Fiduciary Estate <br>Management Sarl 12.50%, 10/15/2031‡ (c) | 7000000 | 6877500 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| DNB Boligkreditt A/S<br>(NIBOR 3M + 0.45%), 5.03%, 10/05/2027‡ (d) | 46000000 | 4434896 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Canpack SA<br>3.13%, 11/01/2025 (c) | 420000 | 411420 |
| 3.88%, 11/15/2029 (c) | 1000000 | 915348 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| BAT Capital Corp.<br>3.22%, 09/06/2026 | 2425000 | 2386282 |
| **United States — 9.1%** | **United States — 9.1%** | **United States — 9.1%** |
| ACCO Brands Corp.<br>4.25%, 03/15/2029 (c) | 6858000 | 5957564 |
| American Airlines, Inc.<br>5.50%, 04/20/2026 (c) | 1422615 | 1413134 |
| 5.75%, 04/20/2029 (c) | 502000 | 486891 |
| AMN Healthcare, Inc.<br>4.63%, 10/01/2027 (c) | 2959000 | 2835339 |
| Aramark Services, Inc.<br>5.00%, 02/01/2028 (c) | 2700000 | 2656434 |
| Ball Corp.<br>6.88%, 03/15/2028 | 4152000 | 4252602 |
| 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 | 4375298 |
| Series I, (US Treasury Yield Curve Rate T Note Constant <br>Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(e) | 9889000 | 9347241 |
| Carnival Corp.<br>4.00%, 08/01/2028 (c) | 1206000 | 1150222 |
| CCO Holdings LLC <br>5.13%, 05/01/2027 (c) | 1807000 | 1782281 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 9.1% (continued)** | **United States — 9.1% (continued)** | **United States — 9.1% (continued)** |
| 5.38%, 06/01/2029 (c) | 1900000 | 1858558 |
| 6.38%, 09/01/2029 (c) | 1835000 | 1851440 |
| Centene Corp.<br>4.25%, 12/15/2027 | 3573000 | 3491556 |
| 4.63%, 12/15/2029 | 900000 | 867596 |
| Charles River Laboratories International, Inc.<br>4.25%, 05/01/2028 (c) | 4682000 | 4452517 |
| 3.75%, 03/15/2029 (c) | 1522000 | 1393311 |
| 4.00%, 03/15/2031 (c) | 2950000 | 2593914 |
| Charter Communications Operating LLC<br>4.20%, 03/15/2028 | 3640000 | 3576741 |
| CITGO Petroleum Corp.<br>6.38%, 06/15/2026 (c) | 4182000 | 4159408 |
| Crown Americas LLC<br>4.75%, 02/01/2026 | 875000 | 869919 |
| 5.25%, 04/01/2030 | 900000 | 897983 |
| DENTSPLY SIRONA, Inc.<br>3.25%, 06/01/2030 | 4075000 | 3635894 |
| Diamond Foreign Asset Co.<br>8.50%, 10/01/2030 (c) | 1775000 | 1696918 |
| Dollar General Corp.<br>3.50%, 04/03/2030 | 2750000 | 2581877 |
| Edgewell Personal Care Co.<br>5.50%, 06/01/2028 (c) | 1770000 | 1738838 |
| 4.13%, 04/01/2029 (c) | 1557000 | 1455264 |
| Embecta Corp.<br>5.00%, 02/15/2030 (c) | 4893000 | 4403816 |
| 6.75%, 02/15/2030 (c) | 2292000 | 2200320 |
| Enterprise Products Operating LLC<br>Series E, (CME Term SOFR 3 Month + 3.29%), <br>5.25%, 08/16/2077 (d) | 6250000 | 6045895 |
| Fair Isaac Corp.<br>5.25%, 05/15/2026 (c) | 1715000 | 1710480 |
| 4.00%, 06/15/2028 (c) | 2764000 | 2650618 |
| GE HealthCare Technologies, Inc.<br>5.60%, 11/15/2025 | 2525000 | 2536549 |
| HCA, Inc.<br>5.88%, 02/15/2026 | 3449000 | 3457846 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 9.1% (continued)** | **United States — 9.1% (continued)** | **United States — 9.1% (continued)** |
| 3.50%, 09/01/2030 | 2788000 | 2605218 |
| 5.45%, 04/01/2031 | 4150000 | 4229443 |
| Iron Mountain, Inc.<br>REIT, 4.88%, 09/15/2027 (c) | 3609000 | 3558127 |
| REIT, 5.25%, 03/15/2028 (c) | 1005000 | 989514 |
| REIT, 5.00%, 07/15/2028 (c) | 1596000 | 1560583 |
| REIT, 4.88%, 09/15/2029 (c) | 1322000 | 1273189 |
| KeyBank NA<br>4.15%, 08/08/2025 | 2575000 | 2569983 |
| KFC Holding Co.<br>4.75%, 06/01/2027 (c) | 2322000 | 2316074 |
| Kraft Heinz Foods Co.<br>3.00%, 06/01/2026 | 1800000 | 1772151 |
| Lamb Weston Holdings, Inc.<br>4.13%, 01/31/2030 (c) | 2583000 | 2423151 |
| Manufacturers & Traders Trust Co.<br>4.65%, 01/27/2026 | 3480000 | 3477950 |
| 4.70%, 01/27/2028 | 3825000 | 3844474 |
| Mellon Capital IV<br>Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), <br>5.13%, 12/31/2164 (d)(e) | 6183000 | 5251260 |
| Mileage Plus Holdings LLC<br>6.50%, 06/20/2027 (c) | 2447804 | 2455476 |
| MSCI, Inc.<br>4.00%, 11/15/2029 (c) | 4725000 | 4520104 |
| Noble Finance II LLC<br>8.00%, 04/15/2030 (c) | 5750000 | 5478412 |
| Roller Bearing Co. of America, Inc.<br>4.38%, 10/15/2029 (c) | 6359000 | 6032173 |
| Service Corp. International<br>4.63%, 12/15/2027 | 1749000 | 1720912 |
| 5.13%, 06/01/2029 | 857000 | 846954 |
| Teleflex, Inc.<br>4.63%, 11/15/2027 | 2919000 | 2849616 |
| 4.25%, 06/01/2028 (c) | 782000 | 748741 |
| Truist Financial Corp.<br>Series N, (US Treasury Yield Curve Rate T Note Constant <br>Maturity 5 Year + 3.00%), 6.67%, 09/01/2025 (d)(e) | 14157000 | 13905179 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **United States — 9.1% (continued)** | **United States — 9.1% (continued)** | **United States — 9.1% (continued)** |
| WESCO Distribution, Inc.<br>7.25%, 06/15/2028 (c) | 2136000 | 2164375 |
| **Total Corporate Bonds <br>(Cost $199,170,390)** | **Total Corporate Bonds <br>(Cost $199,170,390)** | **200363335** |
| **U.S. Treasury Obligations — 9.1%** | **U.S. Treasury Obligations — 9.1%** | **U.S. Treasury Obligations — 9.1%** |
| U.S. Treasury Bonds<br>6.63%, 02/15/2027 | 17102200 | 18040817 |
| 6.13%, 11/15/2027 (f) | 21467400 | 22792341 |
| U.S. Treasury Inflation Linked Notes<br>0.38%, 07/15/2025 | 13375000 | 17978020 |
| 0.13%, 04/15/2026 | 9140000 | 11049808 |
| 0.13%, 04/15/2027 | 20780800 | 23152097 |
| 1.25%, 04/15/2028 | 19125000 | 20438933 |
| 2.13%, 04/15/2029 | 5933000 | 6319379 |
| 1.63%, 04/15/2030 | 3650000 | 3694641 |
| 1.88%, 07/15/2034 | 3565000 | 3629066 |
| U.S. Treasury Notes<br>2.75%, 06/30/2025 | 8350000 | 8329125 |
| 1.75%, 12/31/2026 | 18610000 | 18036434 |
| 4.00%, 03/31/2030 | 3650000 | 3695340 |
| 3.38%, 05/15/2033 | 9250000 | 8833027 |
| 3.88%, 08/15/2034 (f) | 3600000 | 3526313 |
| **Total U.S. Treasury Obligations <br>(Cost 168,177,272)** | **Total U.S. Treasury Obligations <br>(Cost 168,177,272)** | **169515341** |
|  | **Ounces** |  |
| **Commodities — 8.4%** | **Commodities — 8.4%** | **Commodities — 8.4%** |
| Gold bullion\* <br>(Cost $58,435,439) | 47675 | 157036411 |
|  | **Shares** |  |
| **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** |
| **United States — 1.8%** | **United States — 1.8%** | **United States — 1.8%** |
| Charles Schwab Corp. (The)<br>Series D, 5.95%, (e) | 178714 | 4458915 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 1.8% (continued)** | **United States — 1.8% (continued)** | **United States — 1.8% (continued)** |
| MetLife, Inc.<br>Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), <br>5.56%, (d)(e) | 128986 | 3078896 |
| Northern Trust Corp.<br>Series E, 4.70%, (e) | 189849 | 3743822 |
| State Street Corp.<br>Series G, 5.35%, (e) | 100371 | 2221210 |
| Truist Financial Corp.<br>Series R, 4.75%, (e) | 499123 | 9533249 |
| US Bancorp<br>Series A, (CME Term SOFR 3 Month + 1.28%), 5.54%, (d)(e) | 6400 | 5401600 |
| Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), <br>5.12%, (d)(e) | 213750 | 4582800 |
| **Total Preferred Stocks <br>(Cost 35,568,672)** | **Total Preferred Stocks <br>(Cost 35,568,672)** | **33020492** |
|  | **Principal Amount ($)** |  |
| **Convertible Preferred Stocks — 1.3%** | **Convertible Preferred Stocks — 1.3%** | **Convertible Preferred Stocks — 1.3%** |
| **United States — 1.3%** | **United States — 1.3%** | **United States — 1.3%** |
| Bank of America Corp.<br>Series L, 7.25%, (e) | 10496 | 12281160 |
| Wells Fargo & Co.<br>Series L, 7.50%, (e) | 11123 | 12924926 |
| **Total Convertible Preferred Stocks <br>(Cost $30,438,618)** | **Total Convertible Preferred Stocks <br>(Cost $30,438,618)** | **25206086** |
|  | **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 $11,024,328) | 612186 | 18304361 |
|  | **Principal Amount ($)** |  |
| **Foreign Government Securities — 0.9%** | **Foreign Government Securities — 0.9%** | **Foreign Government Securities — 0.9%** |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Federative Republic of Brazil<br>10.00%, 01/01/2027 | 30000000 | 5005560 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Canada — 0.0% (g)** | **Canada — 0.0% (g)** | **Canada — 0.0% (g)** |
| Province of Quebec<br>2.50%, 04/20/2026 | 893000 | 880063 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Republic of Colombia<br>3.00%, 01/30/2030 | 4290000 | 3621430 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| United Mexican States<br>4.75%, 04/27/2032 | 5700000 | 5335018 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Kingdom of Saudi Arabia<br>4.75%, 01/18/2028 (c) | 2600000 | 2618863 |
| **Total Foreign Government Securities <br>(Cost 17,466,624)** | **Total Foreign Government Securities <br>(Cost 17,466,624)** | **17460934** |
| **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%, 10/15/2027 <br>(Cost $2,633,380) | 2641359 | 2688811 |
| **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 B7<br>(CME Term SOFR 1 Month + 2.00%), 6.32%, <br>04/06/2028 (d) (Cost $2,500,000) | 2500000 | 2509063 |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| **Commercial Paper — 2.6%** | **Commercial Paper — 2.6%** | **Commercial Paper — 2.6%** |
| Amphenol Corporation Corporate Commercial Paper<br>4.49%, 05/01/2025 (c)(h) | 7130000 | 7129110 |
| CVS Caremark Corp.<br>4.80%, 05/01/2025 (h) | 10695000 | 10693569 |
| Entergy Corp.<br>4.53%, 05/01/2025 (c)(h) | 4634000 | 4633414 |
| Global Payments Inc Corporate Commercial Paper<br>4.90%, 05/01/2025 (h) | 3565000 | 3564515 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Commercial Paper — 2.6% (continued)** | **Commercial Paper — 2.6% (continued)** | **Commercial Paper — 2.6% (continued)** |
| Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper<br>4.58%, 05/01/2025 (c)(h) | 16470000 | 16467894 |
| Westun Cp 0 05/01/25<br>4.60%, 05/01/2025 (c)(h) | 4777000 | 4776390 |
| **Total Commercial Paper <br>(Cost $47,271,000)** | **Total Commercial Paper <br>(Cost $47,271,000)** | **47264892** |
|  | **Shares** |  |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (i) (Cost $7,943,950) | 7943950 | 7943950 |
| **Total Short-Term Investments <br>(Cost $55,214,950)** | **Total Short-Term Investments <br>(Cost $55,214,950)** | **55208842** |
| **Total Investments — 99.7% <br>(Cost $1,525,957,118)** | **Total Investments — 99.7% <br>(Cost $1,525,957,118)** | **1865528071** |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | **5114134** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1870642205** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

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

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

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

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

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

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

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

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

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $400199462 |
| Aggregate gross unrealized depreciation | (63930410) |
| Net unrealized appreciation | $336269052 |
| Federal income tax cost of investments | $1525957118 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>Currency<br>Purchased** | **<br>Currency<br>Purchased** | **<br>Currency Sold** | **<br>Currency Sold** | **<br>Counterparty** | **<br>Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| EUR | 3557000 | USD | 3861835 | Goldman Sachs | 05/07/2025 | $168932 |
| GBP | 161000 | USD | 207598 | Goldman Sachs | 05/07/2025 | 6965 |
| EUR | 4659000 | USD | 5069737 | JPMorgan Chase Bank | 06/04/2025 | 219171 |
| GBP | 457000 | USD | 589808 | JPMorgan Chase Bank | 06/04/2025 | 19309 |
| EUR | 4327000 | USD | 4715175 | UBS AG | 07/02/2025 | 206158 |
| USD | 4616745 | EUR | 4031000 | Goldman Sachs | 09/03/2025 | 14397 |
| USD | 2439810 | GBP | 1826000 | Goldman Sachs | 09/03/2025 | 5301 |
| **Total unrealized appreciation** |  |  |  |  |  | 640233 |
| EUR | 4264000 | USD | 4848808 | Goldman Sachs | 05/07/2025 | (16873) |
| GBP | 1616000 | USD | 2158475 | Goldman Sachs | 05/07/2025 | (4842) |
| JPY | 209230000 | USD | 1464581 | Goldman Sachs | 05/07/2025 | (409) |
| USD | 8205402 | EUR | 7821000 | Goldman Sachs | 05/07/2025 | (657299) |
| USD | 2234400 | GBP | 1777000 | Goldman Sachs | 05/07/2025 | (133797) |
| USD | 1345790 | JPY | 209230000 | Goldman Sachs | 05/07/2025 | (118381) |
| USD | 9323408 | EUR | 8923000 | JPMorgan Chase Bank | 06/04/2025 | (806003) |
| USD | 2568692 | GBP | 2073000 | JPMorgan Chase Bank | 06/04/2025 | (194331) |
| USD | 1361367 | JPY | 208653000 | JPMorgan Chase Bank | 06/04/2025 | (103542) |
| USD | 9063264 | EUR | 8591000 | UBS AG | 07/02/2025 | (707748) |
| USD | 974234 | JPY | 143623000 | UBS AG | 07/02/2025 | (37292) |
| USD | 4164660 | EUR | 3832000 | Bank of New York Mellon | 08/06/2025 | (203005) |
| USD | 1572631 | JPY | 233207000 | Bank of New York Mellon | 08/06/2025 | (76503) |
| USD | 1169763 | JPY | 164995000 | Goldman Sachs | 09/03/2025 | (298) |
| **Total unrealized depreciation** |  |  |  |  |  | (3060323) |
| **Net unrealized depreciation** |  |  |  |  |  | $(2420090) |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

**<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

**Written Call Options Contracts as of April 30, 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, <br>Inc. | Exchange Traded | 74 | USD | (1442408) | USD | 330.00 | 9/19/2025 | (3330) |
| Bank of New York <br>Mellon Corp. (The) | Exchange Traded | 215 | USD | (1728815) | USD | 95.00 | 6/20/2025 | (29025) |
| Becton <br>Dickinson & Co. | Exchange Traded | 70 | USD | (1449630) | USD | 285.00 | 9/19/2025 | (10850) |
| Becton <br>Dickinson & Co. | Exchange Traded | 70 | USD | (1449630) | USD | 290.00 | 9/19/2025 | (10500) |
| BXP, Inc., REIT | Exchange Traded | 262 | USD | (1669726) | USD | 100.00 | 10/17/2025 | (35370) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 195 | USD | (1739790) | USD | 110.00 | 5/16/2025 | (2145) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 351 | USD | (3131622) | USD | 130.00 | 8/15/2025 | (54405) |
| CH Robinson <br>Worldwide, Inc. | Exchange Traded | 163 | USD | (1454286) | USD | 135.00 | 5/16/2025 | (22005) |
| Colgate-<br>Palmolive Co. | Exchange Traded | 190 | USD | (1751610) | USD | 105.00 | 6/20/2025 | (4750) |
| Colgate-<br>Palmolive Co. | Exchange Traded | 192 | USD | (1770048) | USD | 110.00 | 8/15/2025 | (5760) |
| Colgate-<br>Palmolive Co. | Exchange Traded | 180 | USD | (1659420) | USD | 115.00 | 6/20/2025 | (1800) |
| Equity Residential, <br>REIT | Exchange Traded | 263 | USD | (1847838) | USD | 80.00 | 10/17/2025 | (40765) |
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1647828) | USD | 140.00 | 7/18/2025 | (2262) |
| Exxon Mobil Corp. | Exchange Traded | 151 | USD | (1595013) | USD | 145.00 | 6/20/2025 | (755) |
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1647828) | USD | 160.00 | 12/19/2025 | (3666) |
| Exxon Mobil Corp. | Exchange Traded | 160 | USD | (1690080) | USD | 160.00 | 1/16/2026 | (4800) |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Exxon Mobil Corp. | Exchange Traded | 156 | USD | (1647828) | USD | 165.00 | 12/19/2025 | (3198) |
| Fidelity National <br>Financial, Inc. | Exchange Traded | 290 | USD | (1857450) | USD | 75.00 | 9/19/2025 | (24650) |
| Franco-Nevada <br>Corp. | Exchange Traded | 121 | USD | (2078538) | USD | 190.00 | 7/18/2025 | (42652) |
| Franco-Nevada <br>Corp. | Exchange Traded | 87 | USD | (1494486) | USD | 200.00 | 6/20/2025 | (12833) |
| HCA Healthcare,<br>Inc. | Exchange Traded | 55 | USD | (1897940) | USD | 380.00 | 5/16/2025 | (2200) |
| HCA Healthcare, <br>Inc. | Exchange Traded | 55 | USD | (1897940) | USD | 400.00 | 6/20/2025 | (8800) |
| HCA Healthcare, <br>Inc. | Exchange Traded | 55 | USD | (1897940) | USD | 405.00 | 6/20/2025 | (16225) |
| HCA Healthcare, <br>Inc. | Exchange Traded | 50 | USD | (1725400) | USD | 435.00 | 6/20/2025 | (9500) |
| HCA Healthcare, <br>Inc. | Exchange Traded | 55 | USD | (1897940) | USD | 440.00 | 9/19/2025 | (16225) |
| HCA Healthcare, <br>Inc. | Exchange Traded | 53 | USD | (1828924) | USD | 470.00 | 9/19/2025 | (6758) |
| Kraft Heinz Co. <br>(The) | Exchange Traded | 555 | USD | (1615050) | USD | 35.00 | 6/20/2025 | (3330) |
| Kraft Heinz Co. <br>(The) | Exchange Traded | 555 | USD | (1615050) | USD | 37.50 | 6/20/2025 | (1665) |
| Nutrien Ltd. | Exchange Traded | 312 | USD | (1779960) | USD | 65.00 | 6/20/2025 | (9360) |
| Nutrien Ltd. | Exchange Traded | 350 | USD | (1996750) | USD | 70.00 | 6/20/2025 | (5250) |
| Philip Morris <br>International, Inc. | Exchange Traded | 131 | USD | (2244816) | USD | 155.00 | 6/20/2025 | (229250) |
| Philip Morris <br>International, Inc. | Exchange Traded | 136 | USD | (2330496) | USD | 160.00 | 6/20/2025 | (195840) |
| Philip Morris <br>International, Inc. | Exchange Traded | 131 | USD | (2244816) | USD | 165.00 | 9/19/2025 | (191260) |
| Philip Morris <br>International, Inc. | Exchange Traded | 136 | USD | (2330496) | USD | 170.00 | 9/19/2025 | (165920) |
| Philip Morris <br>International, Inc. | Exchange Traded | 111 | USD | (1902096) | USD | 185.00 | 6/20/2025 | (12765) |
| Philip Morris <br>International, Inc. | Exchange Traded | 111 | USD | (1902096) | USD | 190.00 | 6/20/2025 | (6660) |
| Philip Morris <br>International, Inc. | Exchange Traded | 111 | USD | (1902096) | USD | 190.00 | 9/19/2025 | (43290) |
| Philip Morris <br>International, Inc. | Exchange Traded | 111 | USD | (1902096) | USD | 195.00 | 9/19/2025 | (27750) |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value ($)** |
| Philip Morris <br>International, Inc. | Exchange Traded | 114 | USD | (1953504) | USD | 200.00 | 9/19/2025 | (21090) |
| Philip Morris <br>International, Inc. | Exchange Traded | 111 | USD | (1902096) | USD | 200.00 | 10/17/2025 | (22755) |
| Philip Morris <br>International, Inc. | Exchange Traded | 117 | USD | (2004912) | USD | 200.00 | 11/21/2025 | (40950) |
| Philip Morris <br>International, Inc. | Exchange Traded | 118 | USD | (2022048) | USD | 200.00 | 12/19/2025 | (48970) |
| Philip Morris <br>International, Inc. | Exchange Traded | 118 | USD | (2022048) | USD | 200.00 | 1/16/2026 | (51920) |
| Royal Gold, Inc. | Exchange Traded | 115 | USD | (2101165) | USD | 190.00 | 5/16/2025 | (24725) |
| Texas Instruments, <br>Inc. | Exchange Traded | 87 | USD | (1392435) | USD | 240.00 | 6/20/2025 | (8352) |
| Texas Instruments, <br>Inc. | Exchange Traded | 87 | USD | (1392435) | USD | 250.00 | 6/20/2025 | (10179) |
| Wheaton Precious <br>Metals Corp. | Exchange Traded | 253 | USD | (2113056) | USD | 100.00 | 6/20/2025 | (8855) |
|  |  |  |  |  |  |  |  | **(1505365)** |
| **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **Total Written Options Contracts (Premiums Received ($623554))&nbsp;&nbsp;&nbsp;&nbsp;**  | **(1505365)** |

---

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 95.5%** | **Common Stocks — 95.5%** | **Common Stocks — 95.5%** |
| **Air Freight & Logistics — 5.0%** | **Air Freight & Logistics — 5.0%** | **Air Freight & Logistics — 5.0%** |
| CH Robinson Worldwide, Inc. | 99192 | 8849910 |
| Expeditors International of Washington, Inc. | 97431 | 10708641 |
|  |  | **19558551** |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| PepsiCo, Inc. | 45339 | 6147062 |
| **Electronic Equipment, Instruments & Components — 4.7%** | **Electronic Equipment, Instruments & Components — 4.7%** | **Electronic Equipment, Instruments & Components — 4.7%** |
| TE Connectivity plc (Ireland) | 125168 | 18322092 |
| **Food Products — 1.9%** | **Food Products — 1.9%** | **Food Products — 1.9%** |
| Nestle SA (Registered) (Switzerland) | 69427 | 7389628 |
| **Health Care Equipment & Supplies — 7.7%** | **Health Care Equipment & Supplies — 7.7%** | **Health Care Equipment & Supplies — 7.7%** |
| Becton Dickinson & Co. | 62955 | 13037351 |
| Medtronic plc | 200930 | 17030827 |
|  |  | **30068178** |
| **Health Care Providers & Services — 10.1%** | **Health Care Providers & Services — 10.1%** | **Health Care Providers & Services — 10.1%** |
| Elevance Health, Inc. | 19679 | 8276594 |
| HCA Healthcare, Inc. | 46694 | 16113165 |
| UnitedHealth Group, Inc. | 36061 | 14836938 |
|  |  | **39226697** |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| Starbucks Corp. | 26121 | 2090986 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| Fidelity National Financial, Inc. | 78112 | 5003073 |
| Willis Towers Watson plc | 14727 | 4532971 |
|  |  | **9536044** |
| **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** | **Interactive Media & Services — 11.1%** |
| Alphabet, Inc., Class A | 145543 | 23112228 |
| Meta Platforms, Inc., Class A | 37022 | 20325078 |
|  |  | **43437306** |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Accenture plc, Class A | 2610 | 780782 |
| **Machinery — 5.6%** | **Machinery — 5.6%** | **Machinery — 5.6%** |
| Schindler Holding AG (Switzerland) | 59354 | 21708428 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Media — 5.7%** | **Media — 5.7%** | **Media — 5.7%** |
| Comcast Corp., Class A | 650778 | 22256608 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| Exxon Mobil Corp. | 108409 | 11451243 |
| **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** | **Semiconductors & Semiconductor Equipment — 6.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 40199 | 6700772 |
| Texas Instruments, Inc. | 119663 | 19152063 |
|  |  | **25852835** |
| **Software — 6.6%** | **Software — 6.6%** | **Software — 6.6%** |
| Microsoft Corp. | 9771 | 3862085 |
| Oracle Corp. | 155797 | 21923754 |
|  |  | **25785839** |
| **Specialized REITs — 2.1%** | **Specialized REITs — 2.1%** | **Specialized REITs — 2.1%** |
| Extra Space Storage, Inc., REIT | 56487 | 8276475 |
| **Specialty Retail — 6.7%** | **Specialty Retail — 6.7%** | **Specialty Retail — 6.7%** |
| Home Depot, Inc. (The) | 50170 | 18085783 |
| Ross Stores, Inc. | 57195 | 7950105 |
|  |  | **26035888** |
| **Technology Hardware, Storage & Peripherals — 4.1%** | **Technology Hardware, Storage & Peripherals — 4.1%** | **Technology Hardware, Storage & Peripherals — 4.1%** |
| Samsung Electronics Co. Ltd. (Preference) (South Korea) | 488794 | 16135410 |
| **Textiles, Apparel & Luxury Goods — 2.8%** | **Textiles, Apparel & Luxury Goods — 2.8%** | **Textiles, Apparel & Luxury Goods — 2.8%** |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 19806 | 10971123 |
| **Tobacco — 7.1%** | **Tobacco — 7.1%** | **Tobacco — 7.1%** |
| British American Tobacco plc (United Kingdom) | 149544 | 6513888 |
| Philip Morris International, Inc. | 124313 | 21302276 |
|  |  | **27816164** |
| **Total Common Stocks <br>(Cost $285,990,240)** | **Total Common Stocks <br>(Cost $285,990,240)** | **372847339** |
| **Master Limited Partnerships — 3.3%** | **Master Limited Partnerships — 3.3%** | **Master Limited Partnerships — 3.3%** |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| Enterprise Products Partners LP <br>(Cost $11,423,801) | 436706 | 13057509 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Commercial Paper — 1.0%** | **Commercial Paper — 1.0%** | **Commercial Paper — 1.0%** |
| Amphenol Corporation Corporate Commercial Paper<br>4.49%, 05/01/2025 (a)(b) | 580000 | 579928 |
| CVS Caremark Corp.<br>4.80%, 05/01/2025 (b) | 870000 | 869884 |
| Entergy Corp.<br>4.53%, 05/01/2025 (a)(b) | 377000 | 376952 |
| Global Payments Inc Corporate Commercial Paper<br>4.90%, 05/01/2025 (b) | 290000 | 289960 |
| Gnrl Mtrs Fincl Co Inc Corporate Commercial Paper<br>4.58%, 05/01/2025 (a)(b) | 1340000 | 1339829 |
| Westun Cp 0 05/01/25<br>4.60%, 05/01/2025 (a)(b) | 389000 | 388950 |
| **Total Commercial Paper <br>(Cost $3,846,000)** | **Total Commercial Paper <br>(Cost $3,846,000)** | **3845503** |
|  | **Shares** |  |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (c) (Cost $648,681) | 648681 | 648681 |
| **Total Short-Term Investments <br>(Cost $4,494,681)** | **Total Short-Term Investments <br>(Cost $4,494,681)** | **4494184** |
| **Total Investments — 100.0% <br>(Cost $301,908,722)** | **Total Investments — 100.0% <br>(Cost $301,908,722)** | **390399032** |
| **Other Assets Less Liabilities — 0.0% (d)** | **Other Assets Less Liabilities — 0.0% (d)** | **177277** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **390576309** |

---

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

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

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

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

**<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 \| Semiannual Report \| April 30, 2025

------

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $99167419 |
| Aggregate gross unrealized depreciation | (10677109) |
| Net unrealized appreciation | $88490310 |
| Federal income tax cost of investments | $301908722 |

---

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 94.0%** | **Common Stocks — 94.0%** | **Common Stocks — 94.0%** |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| AAR Corp.\* | 99426 | 5315314 |
| Astronics Corp.\* | 204761 | 4646027 |
| Ducommun, Inc.\* | 211452 | 12120429 |
| Kratos Defense & Security Solutions, Inc.\* | 273054 | 9225130 |
| Leonardo DRS, Inc. | 124617 | 4605844 |
| Triumph Group, Inc.\* | 101883 | 2587828 |
| V2X, Inc.\* | 31220 | 1553507 |
|  |  | **40054079** |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| GXO Logistics, Inc.\* | 170052 | 6162685 |
| Radiant Logistics, Inc.\* | 462611 | 2706274 |
|  |  | **8868959** |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Goodyear Tire & Rubber Co. (The)\* | 658385 | 7163229 |
| Holley, Inc.\* | 349663 | 751775 |
|  |  | **7915004** |
| **Banks — 4.5%** | **Banks — 4.5%** | **Banks — 4.5%** |
| Ameris Bancorp | 164015 | 9611279 |
| Axos Financial, Inc.\* | 136401 | 8658735 |
| Customers Bancorp, Inc.\* | 83326 | 4166300 |
| Dime Community Bancshares, Inc. | 288308 | 7406633 |
| Old National Bancorp | 524658 | 10802708 |
| Seacoast Banking Corp. of Florida | 477528 | 11322189 |
| Valley National Bancorp | 870982 | 7490445 |
| Webster Financial Corp. | 151786 | 7179478 |
|  |  | **66637767** |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| CareDx, Inc.\* | 269490 | 4548991 |
| **Building Products — 2.3%** | **Building Products — 2.3%** | **Building Products — 2.3%** |
| American Woodmark Corp.\* | 111917 | 6603103 |
| Insteel Industries, Inc. | 427420 | 14493812 |
| Janus International Group, Inc.\* | 973501 | 6697687 |
| JELD-WEN Holding, Inc.\* | 235451 | 1299690 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Building Products — 2.3% (continued)** | **Building Products — 2.3% (continued)** | **Building Products — 2.3% (continued)** |
| Quanex Building Products Corp. | 254376 | 4181941 |
|  |  | **33276233** |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| Moelis & Co., Class A | 78692 | 4216317 |
| Perella Weinberg Partners, Class A | 286650 | 4921781 |
|  |  | **9138098** |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| AdvanSix, Inc. | 195489 | 4187374 |
| Intrepid Potash, Inc.\* | 454601 | 15020017 |
| Kronos Worldwide, Inc. | 450900 | 3476439 |
| LSB Industries, Inc.\* | 1570478 | 10019650 |
| Mativ Holdings, Inc. | 672264 | 3435269 |
| Mosaic Co. (The) | 172835 | 5254184 |
| Tronox Holdings plc | 947799 | 5127593 |
|  |  | **46520526** |
| **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** | **Commercial Services & Supplies — 1.9%** |
| ACCO Brands Corp. | 702002 | 2709728 |
| CECO Environmental Corp.\* | 528607 | 12575561 |
| Healthcare Services Group, Inc.\* | 471330 | 6697599 |
| Interface, Inc., Class A | 129132 | 2427682 |
| VSE Corp. | 35995 | 4122147 |
|  |  | **28532717** |
| **Communications Equipment — 3.0%** | **Communications Equipment — 3.0%** | **Communications Equipment — 3.0%** |
| ADTRAN Holdings, Inc.\* | 995854 | 7628242 |
| Aviat Networks, Inc.\* | 317574 | 5576599 |
| Ceragon Networks Ltd. (Israel)\* | 504058 | 1098846 |
| Ciena Corp.\* | 58918 | 3956933 |
| Digi International, Inc.\* | 156493 | 4256610 |
| Harmonic, Inc.\* | 400656 | 3597891 |
| KVH Industries, Inc.\* | 120644 | 616491 |
| Lantronix, Inc.\* | 463266 | 986757 |
| NETGEAR, Inc.\* | 104174 | 2512677 |
| NetScout Systems, Inc.\* | 203772 | 4283287 |
| Ribbon Communications, Inc.\* | 785533 | 2521561 |
| Viavi Solutions, Inc.\* | 654501 | 6924620 |
|  |  | **43960514** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** |
| Ameresco, Inc., Class A\* | 591585 | 6288549 |
| Arcosa, Inc. | 114145 | 9139590 |
| Concrete Pumping Holdings, Inc. | 343715 | 2062290 |
| Dycom Industries, Inc.\* | 56168 | 9410948 |
| Matrix Service Co.\* | 346827 | 4023193 |
|  |  | **30924570** |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Titan America SA (Belgium)\* | 138263 | 1829219 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Chefs' Warehouse, Inc. (The)\* | 140985 | 8031915 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| TriMas Corp. | 240161 | 5775872 |
| **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** |
| Lincoln Educational Services Corp.\* | 769765 | 13009028 |
| Universal Technical Institute, Inc.\* | 369164 | 10358742 |
|  |  | **23367770** |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| LSI Industries, Inc. | 283248 | 4274212 |
| Thermon Group Holdings, Inc.\* | 306157 | 8030498 |
|  |  | **12304710** |
| **Electronic Equipment, Instruments & Components — 5.3%** | **Electronic Equipment, Instruments & Components — 5.3%** | **Electronic Equipment, Instruments & Components — 5.3%** |
| Advanced Energy Industries, Inc. | 102846 | 10018229 |
| Airgain, Inc.\* | 468791 | 1757966 |
| Avnet, Inc. | 132044 | 6204748 |
| Belden, Inc. | 66444 | 6851041 |
| Benchmark Electronics, Inc. | 203082 | 6606258 |
| Fabrinet (Thailand)\* | 54622 | 11200787 |
| OSI Systems, Inc.\* | 21627 | 4427912 |
| Sanmina Corp.\* | 70517 | 5415000 |
| TTM Technologies, Inc.\* | 659350 | 13200187 |
| Vishay Intertechnology, Inc. | 662592 | 8607070 |
| Vishay Precision Group, Inc.\* | 128832 | 3213070 |
|  |  | **77502268** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
| Geospace Technologies Corp.\* | 435516 | 2804723 |
| Helix Energy Solutions Group, Inc.\* | 322646 | 1964914 |
| Liberty Energy, Inc., Class A | 333506 | 3835319 |
| Natural Gas Services Group, Inc.\* | 260739 | 4685480 |
| NOV, Inc. | 173062 | 2009250 |
| NPK International, Inc.\* | 570260 | 3296103 |
| Oil States International, Inc.\* | 2277641 | 7994520 |
| ProPetro Holding Corp.\* | 420552 | 2094349 |
| RPC, Inc. | 287946 | 1361984 |
| SEACOR Marine Holdings, Inc.\* | 972019 | 4743453 |
| Seadrill Ltd.\* | 44750 | 919165 |
| Smart Sand, Inc. | 236349 | 496333 |
|  |  | **36205593** |
| **Financial Services — 2.7%** | **Financial Services — 2.7%** | **Financial Services — 2.7%** |
| Cantaloupe, Inc.\* | 96286 | 770288 |
| International Money Express, Inc.\* | 411650 | 5112693 |
| MGIC Investment Corp. | 353929 | 8816371 |
| NMI Holdings, Inc., Class A\* | 246650 | 8921331 |
| Radian Group, Inc. | 218692 | 6985022 |
| Remitly Global, Inc.\* | 407717 | 8244038 |
| Repay Holdings Corp., Class A\* | 352631 | 1410524 |
|  |  | **40260267** |
| **Food Products — 2.1%** | **Food Products — 2.1%** | **Food Products — 2.1%** |
| Ingredion, Inc. | 64241 | 8532490 |
| Mama's Creations, Inc.\* | 1157783 | 7641368 |
| SunOpta, Inc. (Canada)\* | 435233 | 1880207 |
| Utz Brands, Inc. | 490549 | 6519396 |
| Vital Farms, Inc.\* | 184973 | 6333475 |
|  |  | **30906936** |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| ONE Gas, Inc. | 118194 | 9279411 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| FTAI Infrastructure, Inc. | 1295863 | 5598128 |
| Heartland Express, Inc. | 490928 | 3731053 |
| Proficient Auto Logistics, Inc.\* | 434238 | 3608518 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Ground Transportation — 1.2% (continued)** | **Ground Transportation — 1.2% (continued)** | **Ground Transportation — 1.2% (continued)** |
| RXO, Inc.\* | 321623 | 4531668 |
|  |  | **17469367** |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Alphatec Holdings, Inc.\* | 615530 | 6758519 |
| AngioDynamics, Inc.\* | 286645 | 2662932 |
| Artivion, Inc.\* | 370425 | 8775368 |
| Embecta Corp. | 342701 | 4177525 |
| Enovis Corp.\* | 195318 | 6756050 |
| SI-BONE, Inc.\* | 302226 | 4125385 |
| Treace Medical Concepts, Inc.\* | 550252 | 3895784 |
| Zimvie, Inc.\* | 361729 | 3277265 |
|  |  | **40428828** |
| **Health Care Providers & Services — 4.9%** | **Health Care Providers & Services — 4.9%** | **Health Care Providers & Services — 4.9%** |
| AdaptHealth Corp., Class A\* | 755773 | 6431628 |
| Aveanna Healthcare Holdings, Inc.\* | 685451 | 3159929 |
| Brookdale Senior Living, Inc.\* | 1718343 | 11272330 |
| Concentra Group Holdings Parent, Inc. | 285066 | 6200186 |
| DocGo, Inc.\* | 433133 | 965887 |
| InfuSystem Holdings, Inc.\* | 804835 | 3798821 |
| LifeStance Health Group, Inc.\* | 919978 | 6044256 |
| Pennant Group, Inc. (The)\* | 374707 | 9599993 |
| Performant Healthcare, Inc.\* | 2344575 | 5533197 |
| Progyny, Inc.\* | 136961 | 3128189 |
| RadNet, Inc.\* | 52785 | 2764878 |
| Select Medical Holdings Corp. | 338310 | 6170775 |
| Talkspace, Inc.\* | 1123899 | 3450370 |
| Viemed Healthcare, Inc.\* | 384990 | 2721879 |
|  |  | **71242318** |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| Strawberry Fields REIT, Inc., REIT | 216932 | 2282125 |
| **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** |
| HealthStream, Inc. | 354546 | 11923382 |
| iCAD, Inc.\* | 527418 | 1803769 |
|  |  | **13727151** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| Cheesecake Factory, Inc. (The) | 115924 | 5839092 |
| Denny's Corp.\* | 1554118 | 5734695 |
| El Pollo Loco Holdings, Inc.\* | 600687 | 5616424 |
| Portillo's, Inc., Class A\* | 488412 | 5050180 |
| Potbelly Corp.\* | 873798 | 7077764 |
|  |  | **29318155** |
| **Household Durables — 4.6%** | **Household Durables — 4.6%** | **Household Durables — 4.6%** |
| Beazer Homes USA, Inc.\* | 567451 | 11099342 |
| Cavco Industries, Inc.\* | 3174 | 1567480 |
| Century Communities, Inc. | 151700 | 8273718 |
| Champion Homes, Inc.\* | 77794 | 6729181 |
| Ethan Allen Interiors, Inc. | 188064 | 5346659 |
| Hooker Furnishings Corp. | 242969 | 2332502 |
| Installed Building Products, Inc. | 59736 | 9906021 |
| LGI Homes, Inc.\* | 108395 | 5919451 |
| Smith Douglas Homes Corp., Class A\* | 208319 | 4051805 |
| Taylor Morrison Home Corp., Class A\* | 196841 | 11288831 |
| Universal Electronics, Inc.\* | 153227 | 743151 |
|  |  | **67258141** |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Spectrum Brands Holdings, Inc. | 166208 | 10487725 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| Axis Capital Holdings Ltd. | 132162 | 12729844 |
| Citizens, Inc., Class A\* | 492832 | 1986113 |
| First American Financial Corp. | 107571 | 6541393 |
| Kemper Corp. | 187442 | 11081571 |
| Lincoln National Corp. | 444598 | 14169338 |
| Old Republic International Corp. | 257904 | 9697190 |
| Stewart Information Services Corp. | 106675 | 6985079 |
|  |  | **63190528** |
| **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** |
| Cars.com, Inc.\* | 518053 | 6030137 |
| EverQuote, Inc., Class A\* | 257719 | 6118249 |
| QuinStreet, Inc.\* | 631635 | 11066245 |
|  |  | **23214631** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Backblaze, Inc., Class A\* | 935900 | 4117960 |
| Fastly, Inc., Class A\* | 676581 | 3890341 |
|  |  | **8008301** |
| **Leisure Products — 1.0%** | **Leisure Products — 1.0%** | **Leisure Products — 1.0%** |
| AMMO, Inc.\* | 1611821 | 3175287 |
| Clarus Corp. | 812410 | 2672829 |
| Johnson Outdoors, Inc., Class A | 98958 | 2259211 |
| YETI Holdings, Inc.\* | 205972 | 5880501 |
|  |  | **13987828** |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Azenta, Inc.\* | 75950 | 2000523 |
| **Machinery — 4.4%** | **Machinery — 4.4%** | **Machinery — 4.4%** |
| Astec Industries, Inc. | 260369 | 9433169 |
| Enpro, Inc. | 46315 | 6919461 |
| Graham Corp.\* | 318572 | 9710074 |
| JBT Marel Corp. | 57412 | 6043187 |
| Luxfer Holdings plc (United Kingdom) | 389900 | 4195324 |
| Manitowoc Co., Inc. (The)\* | 717959 | 5657517 |
| Mayville Engineering Co., Inc.\* | 309895 | 3960458 |
| Park-Ohio Holdings Corp. | 290904 | 5791899 |
| Shyft Group, Inc. (The) | 136043 | 1150924 |
| Titan International, Inc.\* | 459265 | 3375598 |
| Trinity Industries, Inc. | 347211 | 8714996 |
|  |  | **64952607** |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Magnite, Inc.\* | 504333 | 5996519 |
| National CineMedia, Inc. | 781883 | 4480190 |
| Thryv Holdings, Inc.\* | 333454 | 4568320 |
|  |  | **15045029** |
| **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** |
| Carpenter Technology Corp. | 21602 | 4225567 |
| Century Aluminum Co.\* | 322113 | 5285874 |
| Coeur Mining, Inc.\* | 2134632 | 11847208 |
| Commercial Metals Co. | 229944 | 10241706 |
| Ferroglobe plc | 1808988 | 6313368 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Metals & Mining — 3.8% (continued)** | **Metals & Mining — 3.8% (continued)** | **Metals & Mining — 3.8% (continued)** |
| Hecla Mining Co. | 1685259 | 9639681 |
| Kaiser Aluminum Corp. | 137130 | 8839400 |
|  |  | **56392804** |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Black Hills Corp. | 132691 | 8080882 |
| Northwestern Energy Group, Inc. | 113508 | 6609571 |
|  |  | **14690453** |
| **Oil, Gas & Consumable Fuels — 5.3%** | **Oil, Gas & Consumable Fuels — 5.3%** | **Oil, Gas & Consumable Fuels — 5.3%** |
| Dorian LPG Ltd. | 336659 | 7211236 |
| Golar LNG Ltd. (Bermuda) | 246742 | 10487769 |
| Kosmos Energy Ltd. (Ghana)\* | 1711426 | 2635596 |
| Matador Resources Co. | 267268 | 10567777 |
| Murphy Oil Corp. | 283147 | 5813008 |
| Navigator Holdings Ltd. | 590498 | 7493420 |
| PBF Energy, Inc., Class A | 430394 | 7394169 |
| Permian Resources Corp., Class A | 553852 | 6535453 |
| Riley Exploration Permian, Inc. | 257618 | 6358012 |
| Scorpio Tankers, Inc. (Monaco) | 184801 | 6965150 |
| SM Energy Co. | 246203 | 5610966 |
|  |  | **77072556** |
| **Paper & Forest Products — 1.0%** | **Paper & Forest Products — 1.0%** | **Paper & Forest Products — 1.0%** |
| Clearwater Paper Corp.\* | 98175 | 2636981 |
| Louisiana-Pacific Corp. | 141843 | 12242469 |
|  |  | **14879450** |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Blade Air Mobility, Inc.\* | 1034014 | 2740137 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Perrigo Co. plc | 131444 | 3380740 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Asure Software, Inc.\* | 189223 | 1922506 |
| NV5 Global, Inc.\* | 264881 | 4913542 |
|  |  | **6836048** |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| Douglas Elliman, Inc.\* | 1389113 | 2305928 |
| Forestar Group, Inc.\* | 457724 | 8815764 |
|  |  | **11121692** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Residential REITs — 0.6%** | **Residential REITs — 0.6%** | **Residential REITs — 0.6%** |
| UMH Properties, Inc., REIT | 506544 | 8950632 |
| **Retail REITs — 1.4%** | **Retail REITs — 1.4%** | **Retail REITs — 1.4%** |
| Macerich Co. (The), REIT | 258967 | 3796456 |
| Tanger, Inc., REIT | 154895 | 4880742 |
| Whitestone REIT, REIT | 926010 | 12075170 |
|  |  | **20752368** |
| **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
| Alpha & Omega Semiconductor Ltd.\* | 287097 | 5406037 |
| Amkor Technology, Inc. | 180533 | 3150301 |
| Amtech Systems, Inc.\* | 713090 | 2460161 |
| Cohu, Inc.\* | 35871 | 573936 |
| FormFactor, Inc.\* | 77636 | 2184677 |
| Ichor Holdings Ltd.\* | 291880 | 5773386 |
| inTEST Corp.\* | 524512 | 3251974 |
| MKS Instruments, Inc. | 73336 | 5143787 |
| Penguin Solutions, Inc.\* | 332289 | 5672173 |
| Ultra Clean Holdings, Inc.\* | 319518 | 5976584 |
| Veeco Instruments, Inc.\* | 383091 | 7163802 |
|  |  | **46756818** |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Silvaco Group, Inc.\* | 643012 | 3420824 |
| Sprinklr, Inc., Class A\* | 551685 | 4242457 |
|  |  | **7663281** |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Outfront Media, Inc., REIT | 718880 | 10876654 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| 1-800-Flowers.com, Inc., Class A\* | 308979 | 1708654 |
| MarineMax, Inc.\* | 175096 | 3757560 |
| Monro, Inc. | 280082 | 3904343 |
| National Vision Holdings, Inc.\* | 491524 | 6070321 |
| OneWater Marine, Inc., Class A\* | 161747 | 2427822 |
| Shoe Carnival, Inc. | 272744 | 4740291 |
| Sonic Automotive, Inc., Class A | 98776 | 5997679 |
| Tile Shop Holdings, Inc.\* | 266002 | 1508231 |
| Tilly's, Inc., Class A\* | 306293 | 468628 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Specialty Retail — 2.7% (continued)** | **Specialty Retail — 2.7% (continued)** | **Specialty Retail — 2.7% (continued)** |
| Warby Parker, Inc., Class A\* | 404088 | 6671493 |
| Zumiez, Inc.\* | 147615 | 1727096 |
|  |  | **38982118** |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Eastman Kodak Co.\* | 445678 | 2803315 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Fossil Group, Inc.\* | 588674 | 594561 |
| Lakeland Industries, Inc. | 224092 | 3659422 |
| Steven Madden Ltd. | 113506 | 2383626 |
|  |  | **6637609** |
| **Trading Companies & Distributors — 2.9%** | **Trading Companies & Distributors — 2.9%** | **Trading Companies & Distributors — 2.9%** |
| Air Lease Corp., Class A | 200083 | 9355881 |
| Alta Equipment Group, Inc. | 684048 | 2907204 |
| Boise Cascade Co. | 55795 | 5204558 |
| Custom Truck One Source, Inc.\* | 290894 | 1172303 |
| DNOW, Inc.\* | 218694 | 3470674 |
| Titan Machinery, Inc.\* | 656508 | 10891468 |
| WESCO International, Inc. | 59336 | 9669394 |
|  |  | **42671482** |
| **Total Common Stocks <br>(Cost $1,424,109,820)** | **Total Common Stocks <br>(Cost $1,424,109,820)** | **1381662833** |
|  | **Number of Rights** |  |
| **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 — 5.9%** | **Short-Term Investments — 5.9%** | **Short-Term Investments — 5.9%** |
| **Investment Companies — 5.9%** | **Investment Companies — 5.9%** | **Investment Companies — 5.9%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (c) (Cost $86,109,241) | 86109241 | 86109241 |
| **Total Investments — 99.9% <br>(Cost $1,510,246,863)** | **Total Investments — 99.9% <br>(Cost $1,510,246,863)** | **1467772074** |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | **1154039** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **1468926113** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

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

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

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

**<u>Abbreviations</u>**

CVR — Contingent Value Rights

REIT — Real Estate Investment Trust

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $193384350 |
| Aggregate gross unrealized depreciation | (235859139) |
| Net unrealized depreciation | $(42474789) |
| Federal income tax cost of investments | $1510246863 |

---

**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 — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| Amtech Systems, Inc.\*^ | $4023077 | $117845 | $(114903) | $(170050) |
| **Total Common Stocks** | **4023077** | **117845** | **(114903)** | **(170050)** |
| **Total** | $**4023077** | $**117845** | $**(114903)** | $**(170050)** |

---

**Affiliated Securities (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Change in<br>Unrealized <br>Appreciation/<br>Depreciation** | **Market Value <br>April 30, 2025** | **Shares at <br>April 30, 2025** | **Dividend <br>Income** |
| **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| Amtech Systems, Inc.\*^ | $(1395808) | $2460161 | 713090 | $— |
| **Total Common Stocks** | **(1395808)** | **2460161** | **713090** | **—** |
| **Total** | $**(1395808)** | $**2460161** | **713090** | $**—** |

---

\* Non-income producing security.

<sup>^</sup> Represents an unaffiliated issuer as of April 30, 2025.

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 91.3%** | **Common Stocks — 91.3%** | **Common Stocks — 91.3%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| AAR Corp.\* | 2968 | 158669 |
| Curtiss-Wright Corp. | 2156 | 743583 |
|  |  | **902252** |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| GXO Logistics, Inc.\* | 12311 | 446151 |
| **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
| Goodyear Tire & Rubber Co. (The)\* | 25999 | 282869 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| Webster Financial Corp. | 19800 | 936540 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| CareDx, Inc.\* | 9815 | 165677 |
| Exelixis, Inc.\* | 19271 | 754460 |
|  |  | **920137** |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| AZEK Co., Inc. (The), Class A\* | 5900 | 292404 |
| Lennox International, Inc. | 1302 | 711868 |
|  |  | **1004272** |
| **Capital Markets — 4.3%** | **Capital Markets — 4.3%** | **Capital Markets — 4.3%** |
| Evercore, Inc., Class A | 4740 | 973074 |
| Houlihan Lokey, Inc., Class A | 4202 | 681060 |
| Raymond James Financial, Inc. | 3743 | 512941 |
|  |  | **2167075** |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| International Flavors & Fragrances, Inc. | 6977 | 547416 |
| Westlake Corp. | 6552 | 605601 |
|  |  | **1153017** |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| Ciena Corp.\* | 5000 | 335800 |
| **Construction & Engineering — 4.1%** | **Construction & Engineering — 4.1%** | **Construction & Engineering — 4.1%** |
| Arcosa, Inc. | 1796 | 143806 |
| Dycom Industries, Inc.\* | 5212 | 873271 |
| Quanta Services, Inc. | 3518 | 1029683 |
|  |  | **2046760** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Titan America SA (Belgium)\* | 10925 | 144538 |
| **Consumer Staples Distribution & Retail — 3.8%** | **Consumer Staples Distribution & Retail — 3.8%** | **Consumer Staples Distribution & Retail — 3.8%** |
| Casey's General Stores, Inc. | 1293 | 598129 |
| Chefs' Warehouse, Inc. (The)\* | 9979 | 568503 |
| Performance Food Group Co.\* | 9300 | 750138 |
|  |  | **1916770** |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Generac Holdings, Inc.\* | 6535 | 747473 |
| **Electronic Equipment, Instruments & Components — 6.5%** | **Electronic Equipment, Instruments & Components — 6.5%** | **Electronic Equipment, Instruments & Components — 6.5%** |
| Avnet, Inc. | 9328 | 438323 |
| Belden, Inc. | 6475 | 667637 |
| Coherent Corp.\* | 7601 | 488896 |
| Fabrinet (Thailand)\* | 4316 | 885039 |
| Flex Ltd.\* | 16348 | 561390 |
| Trimble, Inc.\* | 3703 | 230105 |
|  |  | **3271390** |
| **Financial Services — 6.6%** | **Financial Services — 6.6%** | **Financial Services — 6.6%** |
| MGIC Investment Corp. | 29925 | 745432 |
| Radian Group, Inc. | 29931 | 955996 |
| Rocket Cos., Inc., Class A | 64300 | 830113 |
| Walker & Dunlop, Inc. | 10492 | 803058 |
|  |  | **3334599** |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| Ingredion, Inc. | 6732 | 894144 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| XPO, Inc.\* | 4885 | 518396 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| Align Technology, Inc.\* | 976 | 169141 |
| Enovis Corp.\* | 8008 | 276996 |
| Zimmer Biomet Holdings, Inc. | 4136 | 426215 |
|  |  | **872352** |
| **Health Care Providers & Services — 9.3%** | **Health Care Providers & Services — 9.3%** | **Health Care Providers & Services — 9.3%** |
| Cardinal Health, Inc. | 10779 | 1522965 |
| Ensign Group, Inc. (The) | 5525 | 712670 |
| Quest Diagnostics, Inc. | 5435 | 968626 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Health Care Providers & Services — 9.3% (continued)** | **Health Care Providers & Services — 9.3% (continued)** | **Health Care Providers & Services — 9.3% (continued)** |
| Tenet Healthcare Corp.\* | 10333 | 1477102 |
|  |  | **4681363** |
| **Hotels, Restaurants & Leisure — 5.9%** | **Hotels, Restaurants & Leisure — 5.9%** | **Hotels, Restaurants & Leisure — 5.9%** |
| Aramark | 15985 | 534379 |
| Cheesecake Factory, Inc. (The) | 19215 | 967860 |
| Denny's Corp.\* | 144748 | 534120 |
| Texas Roadhouse, Inc., Class A | 5615 | 931865 |
|  |  | **2968224** |
| **Household Durables — 4.0%** | **Household Durables — 4.0%** | **Household Durables — 4.0%** |
| Beazer Homes USA, Inc.\* | 37080 | 725285 |
| Champion Homes, Inc.\* | 3645 | 315293 |
| LGI Homes, Inc.\* | 6389 | 348903 |
| PulteGroup, Inc. | 1826 | 187311 |
| Toll Brothers, Inc. | 4091 | 412659 |
|  |  | **1989451** |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| Axis Capital Holdings Ltd. | 10112 | 973988 |
| First American Financial Corp. | 2447 | 148802 |
| Old Republic International Corp. | 26060 | 979856 |
|  |  | **2102646** |
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |
| Bio-Rad Laboratories, Inc., Class A\* | 3273 | 798874 |
| **Machinery — 5.1%** | **Machinery — 5.1%** | **Machinery — 5.1%** |
| Chart Industries, Inc.\* | 6530 | 881419 |
| Donaldson Co., Inc. | 11371 | 747416 |
| Dover Corp. | 5576 | 951545 |
|  |  | **2580380** |
| **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** | **Multi-Utilities — 1.3%** |
| Black Hills Corp. | 10830 | 659547 |
| **Oil, Gas & Consumable Fuels — 5.1%** | **Oil, Gas & Consumable Fuels — 5.1%** | **Oil, Gas & Consumable Fuels — 5.1%** |
| Expand Energy Corp. | 10074 | 1046689 |
| HF Sinclair Corp. | 7891 | 237282 |
| Matador Resources Co. | 18137 | 717137 |
| Permian Resources Corp., Class A | 47371 | 558978 |
|  |  | **2560086** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Passenger Airlines — 1.8%** | **Passenger Airlines — 1.8%** | **Passenger Airlines — 1.8%** |
| Delta Air Lines, Inc. | 15194 | 632526 |
| Southwest Airlines Co. | 9500 | 265620 |
|  |  | **898146** |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Coty, Inc., Class A\* | 61074 | 308424 |
| **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| Amkor Technology, Inc. | 5879 | 102588 |
| Entegris, Inc. | 5176 | 409525 |
| MKS Instruments, Inc. | 3847 | 269829 |
| Onto Innovation, Inc.\* | 5893 | 718769 |
|  |  | **1500711** |
| **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| Lithia Motors, Inc., Class A | 1294 | 378831 |
| RH\* | 975 | 179429 |
| Shoe Carnival, Inc. | 17997 | 312788 |
| Warby Parker, Inc., Class A\* | 47500 | 784225 |
|  |  | **1655273** |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Steven Madden Ltd. | 11478 | 241038 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| Air Lease Corp., Class A | 21592 | 1009642 |
| **Total Common Stocks <br>(Cost $41,778,562)** | **Total Common Stocks <br>(Cost $41,778,562)** | **45848340** |
| **Short-Term Investments — 8.3%** | **Short-Term Investments — 8.3%** | **Short-Term Investments — 8.3%** |
| **Investment Companies — 8.3%** | **Investment Companies — 8.3%** | **Investment Companies — 8.3%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (a) (Cost $4,163,482) | 4163482 | 4163482 |
| **Total Investments — 99.6% <br>(Cost $45,942,044)** | **Total Investments — 99.6% <br>(Cost $45,942,044)** | **50011822** |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | **179676** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **50191498** |

---

\* Non-income producing security.

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $7677408 |
| Aggregate gross unrealized depreciation | (3607630) |
| Net unrealized appreciation | $4069778 |
| Federal income tax cost of investments | $45942044 |

---

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks — 92.2%** | **Common Stocks — 92.2%** | **Common Stocks — 92.2%** |
| **Australia — 1.6%** | **Australia — 1.6%** | **Australia — 1.6%** |
| Glencore plc | 56259 | 184458 |
| Ora Banda Mining Ltd.\* | 57000 | 36422 |
|  |  | **220880** |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| Shurgard Self Storage Ltd., REIT | 4095 | 169906 |
| **Canada — 15.6%** | **Canada — 15.6%** | **Canada — 15.6%** |
| Agnico Eagle Mines Ltd. | 1799 | 211440 |
| Canadian National Railway Co. | 1765 | 170931 |
| Canadian Pacific Kansas City Ltd. | 2446 | 177657 |
| Franco-Nevada Corp. | 1795 | 308468 |
| G Mining Ventures Corp. | 3000 | 41607 |
| Imperial Oil Ltd. | 4162 | 280737 |
| Nutrien Ltd. | 6291 | 359134 |
| TransAlta Corp. | 15350 | 136843 |
| Wheaton Precious Metals Corp. | 6158 | 514179 |
|  |  | **2200996** |
| **China — 1.9%** | **China — 1.9%** | **China — 1.9%** |
| GDS Holdings Ltd., Class A\* | 85700 | 271850 |
| **Faroe Islands — 1.4%** | **Faroe Islands — 1.4%** | **Faroe Islands — 1.4%** |
| Bakkafrost P/F | 3802 | 191719 |
| **France — 0.6%** | **France — 0.6%** | **France — 0.6%** |
| Air Liquide SA | 414 | 85068 |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| FUCHS SE (Preference) | 6832 | 342574 |
| **Hong Kong — 4.0%** | **Hong Kong — 4.0%** | **Hong Kong — 4.0%** |
| CK Asset Holdings Ltd. | 33000 | 134817 |
| Guoco Group Ltd. (a) | 15000 | 121799 |
| Hongkong Land Holdings Ltd. | 61200 | 299513 |
|  |  | **556129** |
| **Indonesia — 0.9%** | **Indonesia — 0.9%** | **Indonesia — 0.9%** |
| United Tractors Tbk. PT | 93388 | 127626 |
| **Japan — 3.9%** | **Japan — 3.9%** | **Japan — 3.9%** |
| Kansai Paint Co. Ltd. | 18800 | 283378 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Japan — 3.9% (continued)** | **Japan — 3.9% (continued)** | **Japan — 3.9% (continued)** |
| Komatsu Ltd. | 6700 | 193761 |
| Shin-Etsu Chemical Co. Ltd. | 2300 | 69993 |
|  |  | **547132** |
| **Mexico — 8.7%** | **Mexico — 8.7%** | **Mexico — 8.7%** |
| FIBRA Macquarie Mexico, REIT (b) | 180168 | 282418 |
| GCC SAB de CV | 27020 | 226585 |
| GMexico Transportes SAB de CV (b) | 97497 | 168142 |
| Grupo Mexico SAB de CV, Series B | 63460 | 329750 |
| Prologis Property Mexico SA de CV, REIT | 61553 | 219244 |
|  |  | **1226139** |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC‡(c) | 48132 |  |
| **Singapore — 0.6%** | **Singapore — 0.6%** | **Singapore — 0.6%** |
| Sheng Siong Group Ltd. | 58700 | 79088 |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
| Samsung Electronics Co. Ltd. (Preference) | 7390 | 243949 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** | **Switzerland — 0.5%** |
| Barry Callebaut AG (Registered) | 83 | 74411 |
| **United Kingdom — 10.4%** | **United Kingdom — 10.4%** | **United Kingdom — 10.4%** |
| Ashtead Group plc | 3799 | 203370 |
| Big Yellow Group plc, REIT | 22260 | 299684 |
| Cranswick plc | 2595 | 179602 |
| Derwent London plc, REIT | 6976 | 180639 |
| Great Portland Estates plc, REIT | 51232 | 211658 |
| Shell plc | 11970 | 389390 |
|  |  | **1464343** |
| **United States — 36.8%** | **United States — 36.8%** | **United States — 36.8%** |
| American Water Works Co., Inc. | 454 | 66743 |
| BXP, Inc., REIT | 2176 | 138676 |
| Carlisle Cos., Inc. | 404 | 153310 |
| Comcast Corp., Class A | 4034 | 137963 |
| CRH plc | 4052 | 384334 |
| Cummins, Inc. | 502 | 147508 |
| Deere & Co. | 228 | 105692 |
| Dominion Energy, Inc. | 4586 | 249387 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **United States — 36.8% (continued)** | **United States — 36.8% (continued)** | **United States — 36.8% (continued)** |
| Douglas Emmett, Inc., REIT | 15605 | 215817 |
| EastGroup Properties, Inc., REIT | 831 | 135802 |
| Equinix, Inc., REIT | 86 | 74024 |
| Equity Residential, REIT | 3885 | 272960 |
| Extra Space Storage, Inc., REIT | 2353 | 344762 |
| Exxon Mobil Corp. | 533 | 56301 |
| HCA Healthcare, Inc. | 1163 | 401328 |
| IDACORP, Inc. | 2675 | 315891 |
| Noble Corp. plc | 10932 | 237662 |
| ONEOK, Inc. | 4718 | 387631 |
| Reliance, Inc. | 793 | 228566 |
| RPM International, Inc. | 1633 | 174323 |
| Schlumberger NV | 3589 | 119334 |
| Terreno Realty Corp., REIT | 1210 | 68159 |
| TXNM Energy, Inc. | 5387 | 286588 |
| UGI Corp. | 8613 | 282420 |
| Williams Cos., Inc. (The) | 3190 | 186838 |
|  |  | **5172019** |
| **Total Common Stocks <br>(Cost $12,272,211)** | **Total Common Stocks <br>(Cost $12,272,211)** | **12973829** |
| **Master Limited Partnerships — 4.4%** | **Master Limited Partnerships — 4.4%** | **Master Limited Partnerships — 4.4%** |
| **United States — 4.4%** | **United States — 4.4%** | **United States — 4.4%** |
| Black Stone Minerals LP | 14564 | 205498 |
| Enterprise Products Partners LP | 13892 | 415371 |
| **Total Master Limited Partnerships <br>(Cost 565,035)** | **Total Master Limited Partnerships <br>(Cost 565,035)** | **620869** |
|  | **Ounces** |  |
| **Commodities — 2.3%** | **Commodities — 2.3%** | **Commodities — 2.3%** |
| Gold bullion\* <br>(Cost $274,172) | 100 | 329691 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Exchange Traded Funds — 1.4%** | **Exchange Traded Funds — 1.4%** | **Exchange Traded Funds — 1.4%** |
| **United States** | **United States** | **United States** |
| iShares Gold Trust <br>(Cost $165,374) | 3056 | 189991 |
| **Short-Term Investment — 0.6%** | **Short-Term Investment — 0.6%** | **Short-Term Investment — 0.6%** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (d) (Cost $80,186) | 80186 | 80186 |
| **Total Investments — 100.9% <br>(Cost $13,356,978)** | **Total Investments — 100.9% <br>(Cost $13,356,978)** | **14194566** |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | **(126373)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **14068193** |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at April 30, 2025 amounted to $121,799, which represents approximately 0.87% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Carrying Value<br>Per<br>Share/Principal** |
| Guoco Group Ltd. | 01/17/23 - 01/31/24 | $131016 | $8.12 |

---

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

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

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1822430 |
| Aggregate gross unrealized depreciation | (984842) |
| Net unrealized appreciation | $837588 |
| Federal income tax cost of investments | $13356978 |

---

**<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 \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Municipal Bonds — 108.6%** | **Municipal Bonds — 108.6%** | **Municipal Bonds — 108.6%** |
| **Alabama — 0.7%** | **Alabama — 0.7%** | **Alabama — 0.7%** |
| Alabama Housing Finance Authority,<br>Revenue, GNMA Insured, <br>Series 2024 C, 4.70%, 10/01/2054 (a) | 7500000 | 7420172 |
| Revenue, GNMA Insured, <br>Series 2025 A, 4.75%, 10/01/2045 | 4000000 | 4026420 |
| Homewood Educational Building Authority,<br>CHF — Horizons I LLC, Revenue, <br>Series 2024 A, 5.50%, 10/01/2049 | 2000000 | 2044562 |
| CHF — Horizons I LLC, Revenue, <br>Series 2024 A, 5.50%, 10/01/2054 | 11020000 | 11210493 |
| CHF — Horizons II LLC, Revenue, <br>Series 2024 C, 5.50%, 10/01/2049 | 1615000 | 1650984 |
| CHF — Horizons II LLC, Revenue, <br>Series 2024 C, 5.50%, 10/01/2054 | 10575000 | 10757801 |
| CHF — Horizons II LLC, Revenue, <br>Series 2024 C, 5.00%, 10/01/2056 | 7505000 | 7146246 |
|  |  | **44256678** |
| **American Samoa — 0.0% (b)** | **American Samoa — 0.0% (b)** | **American Samoa — 0.0% (b)** |
| American Samoa Economic Development <br>Authority, Revenue, <br>Series 2018, 6.50%, 09/01/2028 (c) | 150000 | 155562 |
| Revenue,<br>Series 2021 A, 5.00%, 09/01/2038 (c) | 1000000 | 983560 |
|  |  | **1139122** |
| **Arizona — 2.3%** | **Arizona — 2.3%** | **Arizona — 2.3%** |
| Arizona Industrial Development Authority,<br>Revenue, GNMA Insured, <br>Series 2024 A, 5.00%, 10/01/2045 (d) | 2100000 | 2119462 |
| Revenue, Refunding, GNMA Insured, <br>Series 2024 C, 4.65%, 10/01/2049 | 1000000 | 985796 |
| Revenue, Refunding, GNMA Insured, <br>Series 2024 C, 4.70%, 10/01/2054 | 1095000 | 1073159 |
| Revenue, GNMA Insured, <br>Series 2025 A, 4.70%, 10/01/2040 (d) | 2755000 | 2766787 |
| Revenue, GNMA Insured, <br>Series 2025 A, 5.10%, 10/01/2050 (d) | 3500000 | 3548409 |
| Revenue, GNMA Insured, <br>Series 2025 A, 5.15%, 10/01/2053 (d) | 1350000 | 1364756 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 2.3% (continued)** | **Arizona — 2.3% (continued)** | **Arizona — 2.3% (continued)** |
| Doral Academy of Northern Nevada Obligated <br>Group, Revenue, Refunding, <br>Series 2021 A, 4.00%, 07/15/2051 (c) | 1115000 | 875310 |
| Great Lakes Senior Living Communities LLC, Revenue, <br>Series 2025 A2, 5.13%, 01/01/2059 | 29350000 | 26956009 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 5.75%, 03/01/2035 (c) | 1275000 | 1258144 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 6.88%, 03/01/2055 (c) | 11500000 | 11230274 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 6.75%, 03/01/2065 (c) | 19000000 | 17868742 |
| KIPP Nashville Obligated Group, Revenue, <br>Series 2022 A, 5.00%, 07/01/2062 | 2160000 | 2001056 |
| Leman Academy of Excellence Obligated Group, <br>Revenue, Refunding, <br>Series 2022 A, 4.50%, 07/01/2054 | 7000000 | 5922111 |
| Mater Academy of Nevada Obligated Group, Revenue, <br>Series 2020 A, 5.00%, 12/15/2040 (c) | 1840000 | 1797672 |
| Industrial Development Authority of the <br>County of Pima (The), Revenue, GNMA Insured, <br>Series 2024 D-1, 4.60%, 07/01/2049 | 475000 | 464937 |
| Revenue, GNMA Insured, <br>Series 2024 D-1, 4.65%, 07/01/2054 | 575000 | 560853 |
| Maricopa County & Phoenix Industrial <br>Development Authorities, Revenue, GNMA Insured, <br>Series 2025 A, 4.65%, 09/01/2050 | 7500000 | 7379727 |
| Revenue, GNMA Insured, <br>Series 2025 A, 4.70%, 09/01/2055 | 2750000 | 2685687 |
| Maricopa County Industrial Development Authority,<br>Arizona Christian University, Revenue, <br>Series 2024 A, 6.38%, 10/01/2041 (c)(e)(f) | 8400000 | 8126135 |
| Choice Academies, Inc., Revenue, Refunding, <br>Series 2022, 5.75%, 09/01/2045 (c) | 2275000 | 2281415 |
| Morrison Education Group Obligated Group, <br>Revenue, Refunding, <br>Series 2024 A, 6.75%, 07/01/2063 (c) | 2000000 | 2041374 |
| Prescott Valley Charter School, Revenue, <br>Series 2024, 6.50%, 07/01/2039 (c) | 380000 | 371836 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 2.3% (continued)** | **Arizona — 2.3% (continued)** | **Arizona — 2.3% (continued)** |
| Prescott Valley Charter School, Revenue, <br>Series 2024, 7.13%, 07/01/2054 (c) | 2000000 | 1911693 |
| Prescott Valley Charter School, Revenue, <br>Series 2024, 7.38%, 07/01/2063 (c) | 4850000 | 4629051 |
| Sierra Vista Industrial Development Authority,<br>American Leadership Academy, Inc., Revenue, <br>Series 2024, 5.00%, 06/15/2054 (c) | 12400000 | 11490216 |
| American Leadership Academy, Inc., Revenue, <br>Series 2024, 5.00%, 06/15/2059 (c) | 1500000 | 1374814 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 5.38%, 06/15/2034 (c) | 325000 | 332626 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 6.00%, 06/15/2044 (c) | 550000 | 561814 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 6.30%, 06/15/2054 (c) | 1120000 | 1152982 |
| Fit Kids, Inc., Revenue, <br>Series 2024, 6.38%, 06/15/2064 (c) | 1640000 | 1685602 |
| Superstition Vistas, Community Facilities District No. 1 <br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.80%, 07/01/2048 | 348000 | 334046 |
| Superstition Vistas Community Facilities District No. 1,<br>Assessment Area 4, Special Assessment, <br>Series 2024, 4.70%, 07/01/2039 | 75000 | 68563 |
| Assessment Area 4, Special Assessment, <br>Series 2024, 5.25%, 07/01/2049 | 325000 | 288866 |
| Tempe Industrial Development Authority,<br>Tempe Life Care Village Obligated Group, Revenue, <br>Series 2019, 5.00%, 12/01/2050 | 1905000 | 1729066 |
| Tempe Life Care Village Obligated Group, Revenue, <br>Series 2019, 5.00%, 12/01/2054 | 2250000 | 2013925 |
| Tempe Life Care Village Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 12/01/2038 | 250000 | 228523 |
| Tempe Life Care Village Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 12/01/2046 | 6555000 | 5492003 |
| Tempe Life Care Village Obligated Group, Revenue, <br>Series 2021 B, 4.00%, 12/01/2056 | 2130000 | 1657601 |
| Town of Florence, Merrill Ranch Community <br>Facilities District No. 1 Assmnt Area No. 11, <br>Special Assessment, 5.00%, 07/01/2039 | 125000 | 119679 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 2.3% (continued)** | **Arizona — 2.3% (continued)** | **Arizona — 2.3% (continued)** |
| Merrill Ranch Community Facilities District No. 1 <br>Assmnt Area No. 11, Special Assessment, <br>5.60%, 07/01/2049 | 435000 | 405166 |
| Merrill Ranch Community Facilities District No. 2 <br>Assessment Area 11, Special Assessment, <br>5.00%, 07/01/2039 | 75000 | 71879 |
| Merrill Ranch Community Facilities District No. 2 <br>Assessment Area 11, Special Assessment, <br>5.60%, 07/01/2049 | 275000 | 256139 |
|  |  | **139483905** |
| **Arkansas — 0.5%** | **Arkansas — 0.5%** | **Arkansas — 0.5%** |
| Arkansas Development Finance Authority,<br>Hybar LLC, Revenue, AMT, <br>Series 2023 B, 7.37%, 07/01/2048 (c) | 11250000 | 12195713 |
| Batesville Public Facilities Board, White River <br>Health System Obligated Group, Revenue, Refunding, <br>Series 2020, 3.00%, 06/01/2028 | 1040000 | 969220 |
| White River Health System Obligated Group, <br>Revenue, Refunding, <br>Series 2020, 3.25%, 04/01/2032 | 395000 | 342898 |
| City of Brookland, Revenue, <br>Series 2025, 4.75%, 04/01/2045 | 285000 | 262142 |
| Clarksville Public Educational Facilities Board,<br>University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 6.00%, 08/01/2044 | 1080000 | 1106095 |
| University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 6.25%, 08/01/2049 | 3365000 | 3456115 |
| University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 6.25%, 08/01/2056 | 7800000 | 7964269 |
| County of Johnson, Johnson Regional Medical Center, <br>Revenue, Refunding, <br>Series 2018, 4.50%, 11/01/2035 | 3500000 | 3177431 |
|  |  | **29473883** |
| **California — 10.9%** | **California — 10.9%** | **California — 10.9%** |
| Antelope Valley Healthcare District, <br>Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 03/01/2031 | 2765000 | 2769086 |
| Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 03/01/2046 | 8375000 | 7484145 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (continued)** |
| 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 (c) | 12800000 | 10455998 |
| Creekwood Apartments, Revenue, <br>Series 2021 A, 4.00%, 02/01/2056 (c) | 64255000 | 40317487 |
| Summit at Sausalito Apartments, Revenue, <br>Series 2021 A-1, 3.00%, 02/01/2057 (c) | 1000000 | 663330 |
| California County Tobacco Securitization Agency,<br>Stanislaus County Tobacco Funding Corp., Revenue, <br>Series 2006 A, 0.00%, 06/01/2046 (g) | 75610000 | 17833994 |
| California Infrastructure & Economic <br>Development Bank, Desertxpress Enterprises LLC, <br>Revenue, AMT, Refunding, <br>Series 2025 A, 9.50%, 01/01/2035 (c)(e)(f) | 130700000 | 126151758 |
| La Scuola International School, Revenue, <br>Series 2024, 5.00%, 07/01/2044 (c) | 2645000 | 2494850 |
| La Scuola International School, Revenue, <br>Series 2024, 5.13%, 07/01/2054 (c) | 2100000 | 1939677 |
| La Scuola International School, Revenue, <br>Series 2024, 5.25%, 07/01/2064 (c) | 8550000 | 7873170 |
| Rex & Margaret Fortune School of <br>Education, Revenue, <br>Series 2024 C, 5.00%, 06/01/2038 (c) | 9400000 | 9050800 |
| WFCS Holdings II LLC, Revenue, <br>Series 2021 A-1, 5.00%, 01/01/2056 (c) | 9710000 | 8681741 |
| WFCS Holdings II LLC, Revenue, <br>Series 2021 B, 0.00%, 01/01/2061 (c)(g) | 10000000 | 699856 |
| WFCS Holdings LLC, Revenue, <br>Series 2020 A-1, 5.00%, 01/01/2055 (c) | 3000000 | 2687599 |
| California Municipal Finance Authority, Barlow <br>Respiratory Hospital Obligated Group, Revenue, <br>Series B, 4.00%, 09/01/2050 | 5030000 | 4079022 |
| BOLD Program, Special Tax,<br>Series 2024 A, 5.13%, 09/01/2054 | 1000000 | 1003164 |
| BOLD Program, Special Tax,<br>Series 2024 B, 5.00%, 09/01/2049 | 1070000 | 1077310 |
| BOLD Program, Special Tax,<br>Series 2024 B, 5.00%, 09/01/2054 | 1250000 | 1233451 |
| Catalyst Impact Fund 1 LLC, Revenue, <br>Series 2024, Class I, 6.00%, 01/01/2039 (c) | 2000000 | 2028004 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (continued)** |
| City of Elk Grove Community Facilities <br>District No. 2023-7 Area No. 1, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 1000000 | 988264 |
| Clinicas del Camino Real, Inc., Revenue, <br>Series 2020, 4.00%, 03/01/2040 | 2750000 | 2406823 |
| Clinicas del Camino Real, Inc., Revenue, <br>Series 2020, 4.00%, 03/01/2050 | 3250000 | 2622307 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.00%, 09/01/2044 | 325000 | 329597 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 670000 | 674079 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 800000 | 788209 |
| Community Facilities District No. 2023-11 <br>Improvement Area A, Special Tax, <br>Series 2024, 5.13%, 09/01/2059 | 1250000 | 1254310 |
| John Adams Academy — Roseville, Revenue, <br>Series 2015 A, 5.25%, 10/01/2045 | 1325000 | 1258481 |
| John Adams Academy — Roseville, Revenue, <br>Series A, 5.00%, 10/01/2044 | 1810000 | 1676541 |
| MWLA, Inc., Revenue, Refunding, <br>Series 2024, 5.25%, 06/01/2044 (c) | 1000000 | 945429 |
| MWLA, Inc., Revenue, Refunding, <br>Series 2024, 5.50%, 06/01/2054 (c) | 1250000 | 1166409 |
| Nova Academy, Revenue,<br>Series 2016 A, 5.00%, 06/15/2036 (c) | 2825000 | 2703831 |
| Nova Academy, Revenue,<br>Series 2016 A, 5.00%, 06/15/2046 (c) | 7800000 | 7078299 |
| Palmdale Aerospace Academy, Inc. (The), Revenue, <br>Series 2016 A, 5.00%, 07/01/2046 (c) | 1670000 | 1571397 |
| St. Mary and All Angels Christian Church, Revenue, <br>Series 2024 A, 5.75%, 05/01/2054 (c) | 710000 | 713910 |
| St. Mary and All Angels Christian Church, Revenue, <br>Series 2024 A, 5.88%, 05/01/2059 (c) | 695000 | 701431 |
| Westside Neighborhood School, Revenue, <br>Series 2024, 5.90%, 06/15/2044 (c) | 775000 | 813676 |
| Westside Neighborhood School, Revenue, <br>Series 2024, 6.20%, 06/15/2054 (c) | 3230000 | 3388807 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (continued)** |
| Westside Neighborhood School, Revenue, <br>Series 2024, 6.38%, 06/15/2064 (c) | 5560000 | 5878249 |
| California Public Finance Authority,<br>California University of Science & Medicine <br>Obligated Group, Revenue, <br>Series 2019 A, 6.25%, 07/01/2054 (c) | 1500000 | 1544491 |
| EEC, Inc., Revenue,<br>Series 2020 A, 5.00%, 06/15/2050 (c) | 400000 | 365077 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 5.63%, 03/01/2035 (c) | 1255000 | 1238781 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 6.50%, 03/01/2045 (c) | 14740000 | 14329049 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 6.75%, 03/01/2055 (c) | 12000000 | 11737229 |
| ISF Ativo Portfolio Obligated Group, Revenue, <br>Senior Lien,<br>Series 2025 A, 6.63%, 03/01/2065 (c) | 16500000 | 15597118 |
| QSH/MB LLC, Revenue, Senior Lien, <br>Series 2025A-1, 6.75%, 07/01/2065 (c) | 33000000 | 34286518 |
| California School Finance Authority,<br>Harbor Springs Obligated Group, Revenue, <br>Series 2024 A, 5.63%, 07/01/2063 (c) | 1000000 | 1010688 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.00%, 07/01/2039 (c) | 2305000 | 2212943 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.25%, 07/01/2044 (c) | 830000 | 792573 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.50%, 07/01/2054 (c) | 1755000 | 1660330 |
| Integrity Charter School, Revenue, <br>Series 2024, 5.60%, 07/01/2064 (c) | 3805000 | 3577555 |
| New Designs Charter School, Revenue, Refunding, <br>Series 2024 A, 4.75%, 06/01/2044 (c) | 1000000 | 935195 |
| New Designs Charter School, Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/01/2054 (c) | 735000 | 685181 |
| New Designs Charter School, Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/01/2064 (c) | 5475000 | 4974135 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.00%, 06/01/2044 (c) | 2000000 | 1885730 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (continued)** |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, Class A, 5.00%, 06/01/2054 (c) | 1750000 | 1587440 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.13%, 06/01/2059 (c) | 4650000 | 4247392 |
| Rex & Margaret Fortune School of Education, Revenue, <br>Series 2024 A, 5.13%, 06/01/2064 (c) | 8380000 | 7563703 |
| Stockton Collegiate International Schools <br>Obligated Group, Revenue, <br>Series 2024 A, 6.00%, 06/15/2053 (c) | 5340000 | 4978095 |
| Stockton Collegiate International Schools <br>Obligated Group, Revenue, <br>Series 2024 B, 7.50%, 06/15/2029 (c) | 360000 | 361692 |
| Sycamore Creek Community Charter School, Revenue, <br>Series 2025 A, 6.75%, 06/01/2064 (c) | 18235000 | 16518450 |
| Sycamore Creek Community Charter School, Revenue, <br>Series 2025 B, 11.00%, 06/01/2032 (c) | 640000 | 649329 |
| Vista Charter Public Schools Obligated <br>Group, Revenue, <br>Series 2021 A, 4.00%, 06/01/2051 (c) | 6790000 | 5342532 |
| Vista Charter Public Schools Obligated <br>Group, Revenue, <br>Series 2021 A, 4.00%, 06/01/2061 (c) | 1455000 | 1087441 |
| California Statewide Communities Development <br>Authority, Special Assessment, <br>Series 2024 A, 5.00%, 09/02/2054 | 1150000 | 1157176 |
| Community Facilities District No. 2021-03, Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 820000 | 815718 |
| Community Facilities District No. 2021-03, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 850000 | 842587 |
| Front Porch Communities & Services Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 3.00%, 04/01/2051 | 9000000 | 6263156 |
| California Statewide Financing Authority, Revenue, <br>Series 2006 A, 0.00%, 06/01/2046 (g) | 15000000 | 3738229 |
| TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 A, 6.00%, 05/01/2037 | 800000 | 817997 |
| TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 A, 6.00%, 05/01/2043 | 800000 | 818004 |
| TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 B, 6.00%, 05/01/2037 | 230000 | 235174 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (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 | 684140 |
| 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 (c) | 1000000 | 935345 |
| International Airport, Revenue, Second<br>Series, AMT, Series 2025 A, 5.50%, 05/01/2055 (a) | 26950000 | 28177365 |
| City of Los Angeles Department of Airports,<br>Revenue, AMT, Refunding, <br>Series 2025 A, 5.50%, 05/15/2055 (a) | 25000000 | 26180108 |
| Revenue, AMT, Refunding, <br>Series 2025 B, 5.25%, 05/15/2050 (a) | 14085000 | 14480238 |
| Revenue, AMT, Refunding, <br>Series 2025 B, 5.50%, 05/15/2055 (a) | 18025000 | 18875951 |
| 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 | 1402296 |
| City of Rancho Cordova, Grantline 220 Community <br>Facilities District No. 2023-1 Improvement Area No. 1, <br>Special Tax, <br>Series 2024, 5.00%, 09/01/2049 | 550000 | 554177 |
| Grantline 220 Community Facilities District No. 2023-1 <br>Improvement Area No. 1, Special Tax, <br>Series 2024, 5.00%, 09/01/2053 | 545000 | 546898 |
| CMFA Special Finance Agency I,<br>Mix at CTR City (The), Revenue, <br>Series 2021 A-2, 4.00%, 04/01/2056 (c) | 12240000 | 8951990 |
| CSCDA Community Improvement Authority,<br>Altana Apartments, Revenue, <br>Series 2021 A-2, 4.00%, 10/01/2056 (c) | 24965000 | 18735813 |
| Escondido Portfolio, Revenue, Senior Lien, <br>Series 2021 A-2, 4.00%, 06/01/2058 (c) | 9875000 | 7592994 |
| Link — Glendale (The), Revenue, <br>Series 2021 A-2, 4.00%, 07/01/2056 (c) | 1295000 | 972785 |
| Millennium South Bay-Hawthorne, Revenue, <br>Series 2021 A-2, 3.25%, 07/01/2056 (c) | 23865000 | 15929055 |
| MODA at Monrovia Station, Revenue, <br>Series 2021 A-1, 3.40%, 10/01/2046 (c) | 150000 | 114810 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (continued)** |
| Monterey Station Apartments, Revenue, Senior Lien, <br>Series 2021 A-2, 3.13%, 07/01/2056 (c) | 6250000 | 4035358 |
| Oceanaire Apartments, Revenue, <br>Series 2021 A-2, 4.00%, 09/01/2056 (c) | 19365000 | 14051304 |
| Renaissance at City Center, Revenue, <br>Series 2020 A, 5.00%, 07/01/2051 (c) | 1000000 | 915455 |
| Vineyard Garden Apartments, Revenue, Senior Lien, <br>Series 2021 A, 3.25%, 10/01/2058 (c) | 160000 | 105413 |
| Waterscape Apartments, Revenue, Senior Lien, <br>Series 2021 A, 3.00%, 09/01/2056 (c) | 4950000 | 3280936 |
| Westgate Apartments, Revenue, Senior Lien, <br>Series 2021 A-1, 3.00%, 06/01/2047 (c) | 2250000 | 1525592 |
| Westgate Apartments, Revenue, Senior Lien, <br>Series 2021 A-2, 3.13%, 06/01/2057 (c) | 39995000 | 23441417 |
| Wood Creek Apartments, Revenue, Senior Lien, <br>Series 2021 A-1, 3.00%, 12/01/2049 (c) | 6885000 | 4420871 |
| Wood Creek Apartments, Revenue, Senior Lien, <br>Series 2021 A-2, 4.00%, 12/01/2058 (c) | 31100000 | 22055510 |
| 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 | 401136 |
| City of Folsom Community Facilities District No. 23 <br>Improvement Area No. 2, Special Tax, <br>Series 2024, 5.00%, 09/01/2053 | 460000 | 458069 |
| Golden State Tobacco Securitization Corp.,<br>Revenue, Refunding, <br>Series 2021 B-2, 0.00%, 06/01/2066 (g) | 40000000 | 4287624 |
| Inland Empire Tobacco Securitization Corp., Revenue, <br>Series 2007 C-2, 0.00%, 06/01/2047 (g) | 40000000 | 6653184 |
| Kaweah Delta Health Care District Guild, Revenue, <br>Series 2015 B, 3.25%, 06/01/2030 | 65000 | 59404 |
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 45000 | 40706 |
| Revenue, Series 2015 B, 3.50%, 06/01/2032 | 125000 | 111954 |
| Revenue, Series 2015 B, 3.50%, 06/01/2033 | 110000 | 96715 |
| Revenue, Series 2015 B, 4.00%, 06/01/2037 | 765000 | 683141 |
| Revenue, Series 2015 B, 5.00%, 06/01/2040 | 3420000 | 3243286 |
| Revenue, Series 2015 B, 4.00%, 06/01/2045 | 10635000 | 8510255 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.9% (continued)** | **California — 10.9% (continued)** | **California — 10.9% (continued)** |
| River Islands Public Financing Authority,<br>Community Facilities District No. 2023-1 <br>Improvement Area No. 2, Special Tax, <br>Series 2024, 5.00%, 09/01/2054 | 2750000 | 2676817 |
| Woodland-Davis Clean Water Agency,<br>Revenue, Sub. Lien, Refunding, <br>Series 2015 B, 4.70%, 03/01/2039 (c) | 1533585 | 1320994 |
|  |  | **685850305** |
| **Colorado — 2.3%** | **Colorado — 2.3%** | **Colorado — 2.3%** |
| Aerotropolis Regional Transportation <br>Authority, Revenue,<br>Series 2024, 5.50%, 12/01/2044 (c) | 2250000 | 2217147 |
| Revenue, Series 2024, 5.75%, 12/01/2054 (c) | 24525000 | 24613347 |
| Canyons Metropolitan District No. 5, GO, Refunding, <br>Series 2024 B, 6.50%, 12/01/2054 | 3400000 | 3354438 |
| CCP Metropolitan District No. 3, GO, Refunding, <br>Series 2024, 5.00%, 12/01/2053 | 1200000 | 1118884 |
| Colorado Educational & Cultural Facilities Authority,<br>Aspen View Academy, Inc., Revenue, <br>Series 2021, 4.00%, 05/01/2051 | 1235000 | 988579 |
| Expeditionary Learning School Board of Cooperative <br>Educational Services, Revenue, <br>Series 2019, 5.00%, 03/01/2050 (c) | 2000000 | 1793796 |
| Colorado Health Facilities Authority,<br>BSLC Obligated Group, Revenue, Refunding, <br>Series 2018 A-1, 4.25%, 09/15/2038 | 160000 | 144548 |
| BSLC Obligated Group, Revenue, Refunding, <br>Series 2018 A-1, 5.00%, 09/15/2048 | 7000000 | 6395353 |
| BSLC Obligated Group, Revenue, Second <br>Tier, Refunding,<br>Series 2018 B, 4.50%, 09/15/2038 | 190000 | 165868 |
| BSLC Obligated Group, Revenue, Second <br>Tier, Refunding,<br>Series 2018 B, 5.00%, 09/15/2053 | 200000 | 164703 |
| Covenant Living Communities and Services <br>Obligated Group, Revenue, Refunding, <br>Series 2025 A, 5.13%, 12/01/2055 | 1445000 | 1446975 |
| Colorado Housing and Finance Authority, Revenue, <br>Series 2024 A-1, Class I, 4.60%, 10/01/2049 (a) | 2620000 | 2567981 |
| Revenue, <br>Series 2024 A-1, Class I, 4.70%, 10/01/2054 (a) | 3500000 | 3440560 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 2.3% (continued)** | **Colorado — 2.3% (continued)** | **Colorado — 2.3% (continued)** |
| Revenue, <br>Series 2024 A-1, Class I, 4.80%, 10/01/2059 (a) | 2765000 | 2756390 |
| Revenue,<br>Series 2024 A-1, Class I, 4.85%, 10/01/2064 (a) | 2150000 | 2143013 |
| Revenue, <br>Series 2024 A-1, Class I, 4.88%, 10/01/2067 (a) | 2230000 | 2245406 |
| Elbert County Independence Water & <br>Sanitation District, Revenue, Refunding, <br>Series 2024, 5.13%, 12/01/2033 | 3741000 | 3638655 |
| Granary Metropolitan District,<br>Special Assessment, <br>Series 2024, 5.45%, 12/01/2044 (c) | 3040000 | 2788636 |
| Haymeadow Metropolitan District No. 1, GO,<br>Series 2025 A, 6.13%, 12/01/2054 | 1625000 | 1539178 |
| Hess Ranch Metropolitan District No. 5,<br>Special Improvement District No. 1, <br>Special Assessment, <br>Series 2024 A-1, 6.00%, 12/01/2043 | 2500000 | 2480942 |
| Special Improvement District No. 1, <br>Special Assessment, <br>Series 2024 A-2, 6.50%, 12/01/2043 | 2250000 | 2293357 |
| Independence Metropolitan District,<br>GO, Senior Lien, Refunding, <br>Series 2024 A, 5.38%, 12/01/2054 | 5250000 | 4791279 |
| Ledge Rock Center Residential Metropolitan <br>District No. 1, GO, <br>Series 2024 A, 6.38%, 12/01/2054 | 4050000 | 3886264 |
| Mineral Business Improvement District, GO, <br>Series 2024 A, 5.75%, 12/01/2054 (c) | 3125000 | 3004763 |
| Mirabelle Metropolitan District No. 2, GO, Refunding, <br>Series 2025B, 6.13%, 12/15/2049 | 2100000 | 2079887 |
| Murphy Creek Metropolitan District No. 2, GO, <br>Series 2024 A, 6.00%, 12/01/2054 (c) | 7065000 | 6490729 |
| Newlin Crossing Metropolitan District, GO, <br>Series 2024 A, 5.38%, 12/01/2054 (c) | 1145000 | 1061304 |
| GO, Series 2024 B, 7.75%, 12/15/2054 (c) | 603000 | 605268 |
| Pinery Commercial Metropolitan <br>District No. 2, Revenue,<br>Series 2025, 5.75%, 12/01/2054 | 5200000 | 4944995 |
| Pinon Pines Metropolitan District No. 3, GO, <br>Series 2025, 0.00%, 12/01/2054 (e) | 4000000 | 3334030 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 2.3% (continued)** | **Colorado — 2.3% (continued)** | **Colorado — 2.3% (continued)** |
| Poudre Heights Valley Metropolitan District, GO, <br>Series 2024 A, 5.50%, 12/01/2054 (c) | 980000 | 874172 |
| Prairie Center Metropolitan District No. 3, GO, <br>Refunding,<br>Series 2024 A, 5.88%, 12/15/2046 | 2125000 | 2180958 |
| GO, Series 2024 B, 5.88%, 12/15/2046 | 1000000 | 1026333 |
| Ridge at Johnstown Metropolitan District,<br>Special Assessment, <br>Series 2024, 5.88%, 12/01/2044 (c) | 2000000 | 1816596 |
| Rocky Mountain Rail Park Metropolitan District, GO, <br>Series 2021 A, 5.00%, 12/01/2051 (c) | 4000000 | 3554028 |
| Sky Dance Metropolitan District No. 2, GO, <br>Series 2024 A, 6.00%, 12/01/2054 | 2500000 | 2318056 |
| Sky Ranch Community Authority Board, GO, <br>Series 2024 B, 6.50%, 12/15/2054 | 550000 | 543331 |
| St Vrain Lakes Metropolitan District No. 2, GO, <br>Refunding,<br>Series 2024 B, 6.38%, 11/15/2054 | 2000000 | 2000867 |
| St. Vrain Lakes Metropolitan District No. 4, GO, <br>Series 2024 A, 0.00%, 09/20/2054 (c) | 17585000 | 11690234 |
| STC Metropolitan District No. 2, GO, Second Lien, <br>Refunding,<br>Series 2025 A-2, 6.25%, 12/01/2055 (c) | 2500000 | 2518072 |
| GO, Refunding,<br>Series 2025 B, 8.00%, 12/15/2055 (c)(d) | 1840000 | 1852012 |
| Sterling Ranch Community Authority Board,<br>Sterling Ranch Metropolitan District No. 1, <br>Special Assessment, <br>Series 2024, 5.63%, 12/01/2043 | 2600000 | 2592912 |
| Sunset Parks Metropolitan District, GO, <br>Series 2024 A, 5.13%, 12/01/2054 (c) | 1415000 | 1293628 |
| Town of Del Norte, Valley Citizens' Foundation for <br>Health Care, Inc., Revenue, Refunding, <br>Series 2024, 5.20%, 12/01/2039 | 550000 | 511609 |
| Valley Citizens' Foundation for Health Care, Inc., <br>Revenue, Refunding, <br>Series 2024, 5.70%, 12/01/2049 | 1375000 | 1257089 |
| Valley Citizens' Foundation for Health Care, Inc., <br>Revenue, Refunding, <br>Series 2024, 5.80%, 12/01/2054 | 1000000 | 914810 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Colorado — 2.3% (continued)** | **Colorado — 2.3% (continued)** | **Colorado — 2.3% (continued)** |
| Water Valley Metropolitan District No. 3, GO, <br>Series 2024 A, 5.25%, 12/01/2054 | 600000 | 555951 |
| Waterview North Metropolitan District, GO, <br>Series 2024 A, 5.75%, 12/01/2054 (c) | 1750000 | 1593293 |
|  |  | **137590226** |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** |
| Connecticut Housing Finance Authority,<br>Revenue, Refunding, <br>Series 2024 F-1, 4.60%, 11/15/2044 (a) | 21770000 | 21670662 |
| Revenue, Refunding, <br>Series 2024 F-1, 4.75%, 11/15/2049 (a) | 34810000 | 34709768 |
| Revenue, Refunding, <br>Series 2024 F-1, 4.80%, 11/15/2052 (a) | 10010000 | 10020265 |
| Connecticut State Health & Educational <br>Facilities Authority, Goodwin University <br>Obligated Group, Revenue, <br>Series A-1, 5.00%, 07/01/2044 | 3000000 | 2855076 |
| Goodwin University Obligated Group, Revenue, <br>Series A-1, 5.38%, 07/01/2054 | 6340000 | 5984629 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2044 (c) | 3850000 | 3617112 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2050 (c) | 1265000 | 1152910 |
| Nuvance Health Obligated Group, Revenue, Refunding, <br>Series 2019 A, 3.00%, 07/01/2039 | 365000 | 278713 |
| University of Hartford (The), Revenue, Refunding, <br>Series 2019 N, 4.00%, 07/01/2049 | 3900000 | 2897425 |
| University of Hartford (The), Revenue, <br>Series 2022 P, 5.38%, 07/01/2052 | 3750000 | 3344429 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 4.00%, 07/01/2039 | 60000 | 49291 |
| Stamford Housing Authority, TJH Senior Living LLC <br>Obligated Group, Revenue, <br>Series 2025 A, 5.50%, 10/01/2035 | 1000000 | 999465 |
| TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.38%, 10/01/2045 | 1600000 | 1616721 |
| TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.50%, 10/01/2055 | 2500000 | 2511133 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Connecticut — 1.8% (continued)** | **Connecticut — 1.8% (continued)** | **Connecticut — 1.8% (continued)** |
| TJH Senior Living LLC Obligated Group, <br>Revenue, Refunding, <br>Series 2025 A, 6.25%, 10/01/2060 | 1900000 | 1850996 |
| TJH Senior Living LLC Obligated Group, Revenue, <br>Series 2025 C, 4.75%, 10/01/2032 | 2590000 | 2568108 |
| Steel Point Infrastructure Improvement District,<br>Tax Allocation, <br>Series 2024, 5.63%, 04/01/2044 (c) | 1000000 | 1013529 |
| Tax Allocation, <br>Series 2024, 6.00%, 04/01/2052 (c) | 2500000 | 2597110 |
|  |  | **99737342** |
| **Delaware — 0.3%** | **Delaware — 0.3%** | **Delaware — 0.3%** |
| Delaware State Housing Authority,<br>Revenue, Senior Lien, GNMA Insured, <br>Series 2025 A, 4.65%, 07/01/2050 | 5000000 | 4916041 |
| Revenue, Senior Lien, GNMA Insured, <br>Series 2025 A, 4.70%, 07/01/2055 | 1490000 | 1459868 |
| Town of Bridgeville, Heritage Shores Special <br>Development District, Special Tax, <br>Series 2024, 5.25%, 07/01/2044 (c) | 870000 | 871343 |
| Heritage Shores Special Development District, <br>Special Tax, <br>Series 2024, 5.63%, 07/01/2053 (c) | 3065000 | 3097166 |
| Town of Milton, Granary at Draper Farm Special <br>Development District, Special Tax, <br>Series 2024, 5.70%, 09/01/2044 (c) | 1265000 | 1218739 |
| Granary at Draper Farm Special Development <br>District, Special Tax, <br>Series 2024, 5.95%, 09/01/2053 (c) | 4665000 | 4535432 |
|  |  | **16098589** |
| **District of Columbia — 1.2%** | **District of Columbia — 1.2%** | **District of Columbia — 1.2%** |
| 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 | 2935716 |
| Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/01/2056 (c) | 6510000 | 5749020 |
| Obligated Group, Revenue, <br>Series 2021 A, 5.00%, 06/01/2051 (c) | 4345000 | 3881858 |
| Rocketship DC Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/01/2049 (c) | 7180000 | 6491792 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **District of Columbia — 1.2% (continued)** | **District of Columbia — 1.2% (continued)** | **District of Columbia — 1.2% (continued)** |
| Rocketship Obligated Group, Revenue, <br>Series 2021 A, 5.00%, 06/01/2061 (c) | 10570000 | 9243624 |
| Rocketship Obligated Group, Revenue, <br>Series 2024 A, 5.75%, 06/01/2054 | 4100000 | 4112733 |
| Rocketship Obligated Group, Revenue, <br>Series 2024 A, 6.00%, 06/01/2058 | 2400000 | 2439247 |
| Tobacco Settlement Financing Corp., Revenue, <br>Series 2006 A, 0.00%, 06/15/2046 (g) | 20000000 | 4980010 |
| Union Market TIF Area, Tax Allocation, <br>Series 2021 A, 0.00%, 06/01/2031 (c) | 2162000 | 1950270 |
| Union Market TIF Area, Tax Allocation, <br>Series 2021 A, 0.00%, 06/01/2046 (c) | 8635000 | 6403630 |
| Union Market TIF Area, Tax Allocation, <br>Series 2024 B, 0.00%, 06/01/2041 (c) | 6010000 | 4457824 |
| Union Market TIF Area, Tax Allocation, <br>Series 2024 B, 0.00%, 06/01/2049 (c) | 14470000 | 8283754 |
| Metropolitan Washington Airports Authority Aviation,<br>Revenue, AMT, Refunding, <br>Series 2024 A, 5.50%, 10/01/2054 (a) | 11750000 | 12232837 |
|  |  | **73162315** |
| **Florida — 20.3%** | **Florida — 20.3%** | **Florida — 20.3%** |
| Academical Village Community Development District,<br>Special Assessment, <br>Series 2020, 3.63%, 05/01/2040 | 4320000 | 3560900 |
| Anabelle Island Community Development District,<br>Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 180000 | 143378 |
| Antillia Community Development District,<br>Special Assessment, <br>Series 2024, 5.60%, 05/01/2044 | 720000 | 711745 |
| Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1000000 | 987394 |
| Arbors Community Development District,<br>Project Area, Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 (c) | 1000000 | 977427 |
| Arbors Community Development District 2024,<br>Project Area, Special Assessment, <br>Series 2024, 5.15%, 05/01/2044 (c) | 875000 | 852293 |
| Ave Maria Stewardship Community District,<br>Assessment Phase 5, Special Assessment, <br>Series 2022, 4.00%, 05/01/2042 | 2445000 | 2090671 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Phase 5, Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 1000000 | 781214 |
| Ave Maria Stewardship Community District <br>Series 2021 Assessment, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 325000 | 258510 |
| Babcock Ranch Community Independent <br>Special District, Assessment Area, <br>Special Assessment, <br>Series 2024, 5.25%, 05/01/2055 (c) | 2750000 | 2658484 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 5.00%, 05/01/2042 | 15000 | 14807 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 5.00%, 05/01/2053 | 3175000 | 3033476 |
| Bella Collina Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 685000 | 663800 |
| Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 915000 | 879543 |
| Berry Bay Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 1375000 | 1106692 |
| Berry Bay II Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 550000 | 525115 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 1000000 | 943547 |
| Bridgewater North Community Development District,<br>Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 2000000 | 1600285 |
| Brightwater Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 (c) | 655000 | 641274 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.63%, 05/01/2055 (c) | 1450000 | 1418722 |
| Buckhead Trails Community Development District,<br>Special Assessment, <br>Series 2024, 5.60%, 05/01/2044 | 1000000 | 976078 |
| Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1675000 | 1626928 |
| Caldera Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 1450000 | 1391668 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2054 | 1000000 | 940662 |
| Capital Projects Finance Authority,<br>Kissimmee Charter Academy, Revenue, <br>Series 2024, 6.13%, 06/15/2044 (c) | 820000 | 840054 |
| Kissimmee Charter Academy, Revenue, <br>Series 2024, 6.50%, 06/15/2054 (c) | 510000 | 520912 |
| Kissimmee Charter Academy, Revenue, <br>Series 2024, 6.63%, 06/15/2059 (c) | 1460000 | 1497782 |
| Navigator Academy of Leadership, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2024, 5.00%, 06/15/2054 (c) | 4800000 | 4402372 |
| Navigator Academy of Leadership, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2024, 5.00%, 06/15/2064 (c) | 1885000 | 1682504 |
| PRG — UnionWest Properties LLC, Revenue, <br>Senior Lien, <br>Series 2024 A-1, 5.00%, 06/01/2049 (c) | 1900000 | 1811220 |
| PRG — UnionWest Properties LLC, Revenue, <br>Senior Lien, <br>Series 2024 A-1, 5.00%, 06/01/2054 (c) | 4300000 | 4057449 |
| PRG — UnionWest Properties LLC, Revenue, <br>Senior Lien, <br>Series 2024 A-1, 5.00%, 06/01/2058 (c) | 1600000 | 1493547 |
| PRG — UnionWest Properties LLC, Revenue, <br>Series 2024 B, 0.00%, 06/01/2062 (c)(e) | 73715000 | 11085019 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 6.38%, 01/01/2040 (c) | 1500000 | 1487792 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 6.75%, 01/01/2045 (c) | 1500000 | 1476047 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 7.25%, 01/01/2055 (c) | 4500000 | 4546000 |
| Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 7.13%, 01/01/2065 (c) | 8000000 | 7863817 |
| Capital Trust Agency, Inc.,<br>Babcock Neighborhood School, Inc., Revenue, <br>Series 2021, 4.20%, 08/15/2056 (c) | 2450000 | 1856313 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Babcock Neighborhood School, Inc., Revenue, <br>Series 2021, 4.25%, 08/15/2061 (c) | 2250000 | 1681642 |
| Franklin Academy Obligated Group, Revenue, <br>Series 2020, 5.00%, 12/15/2035 (c) | 1085000 | 1057208 |
| Marie Selby Botanical Gardens, Inc. (The), Revenue, <br>Series 2021, 4.00%, 06/15/2051 (c) | 2000000 | 1454397 |
| Renaissance Charter School, Inc. <br>Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 06/15/2049 (c) | 4365000 | 3888351 |
| WFCS Holdings II LLC, Revenue, <br>Series 2021 A-1, 5.00%, 01/01/2056 (c) | 6950000 | 6123387 |
| Capital Trust Authority,<br>Revenue, AMT, <br>Series 2024 A, 6.88%, 12/01/2044 (c) | 9000000 | 8842639 |
| AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.00%, 06/01/2044 (c) | 1000000 | 929793 |
| AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.25%, 06/01/2054 (c) | 1500000 | 1391028 |
| AcadeMir Charter School Middle & Preparatory <br>Academy Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.25%, 06/01/2064 (c) | 2000000 | 1811461 |
| IDEA Florida, Inc., Revenue, Refunding, <br>Series 2023 A, 6.38%, 06/15/2058 (c) | 1500000 | 1535150 |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.63%, 06/15/2044 (c) | 810000 | 818447 |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.00%, 06/15/2054 (c) | 1250000 | 1269544 |
| KIPP Miami Obligated Group, Revenue, Refunding, <br>Series 2024 A, 6.13%, 06/15/2060 (c) | 1100000 | 1118145 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025 B, 7.75%, 07/01/2034 (c) | 1475000 | 1474024 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025A, 4.75%, 07/01/2040 (c) | 2000000 | 1882477 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025A, 5.00%, 07/01/2045 (c) | 1500000 | 1401796 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025A, 5.25%, 07/01/2050 (c) | 2000000 | 1879274 |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025A, 5.25%, 07/01/2055 (c) | 2500000 | 2313258 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Madrone Florida Tech Student Housing I LLC, Revenue, <br>Series 2025A, 5.38%, 07/01/2065 (c) | 5820000 | 5372417 |
| Seaside School Consortium, Inc., Revenue, <br>Series 2024 A, 5.13%, 06/15/2059 | 2970000 | 2737457 |
| St Johns Classical Academy, Inc., Revenue, Refunding, <br>Series 2025 A, 5.13%, 06/15/2050 (c) | 1000000 | 929351 |
| St Johns Classical Academy, Inc., Revenue, Refunding, <br>Series 2025 A, 5.25%, 06/15/2059 (c) | 1770000 | 1646373 |
| Caymas Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 05/01/2054 | 1000000 | 967824 |
| Cedar Crossings Community Development District,<br>Special Assessment, <br>Series 2025, 5.30%, 05/01/2045 (c) | 500000 | 479428 |
| Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 (c) | 700000 | 660163 |
| Central Parc Community Development District,<br>Special Assessment, <br>Series 2024, 4.90%, 05/01/2031 | 475000 | 473911 |
| Special Assessment, <br>Series 2024, 6.00%, 05/01/2054 | 750000 | 739162 |
| Chaparral Palm Bay Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 1000000 | 961541 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 | 2250000 | 2161599 |
| Chapel Creek Community Development District,<br>Assessment Area, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 983795 |
| Charlotte County Industrial Development Authority,<br>MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2021 A, 4.00%, 10/01/2041 (c) | 4345000 | 3815971 |
| MSKP Town & Country Utility LLC, Revenue, AMT, <br>Series 2021 A, 4.00%, 10/01/2051 (c) | 4345000 | 3462495 |
| City of Pompano Beach, John Knox Village of <br>Florida, Inc. Obligated Group, Revenue, <br>Series 2021 A, 4.00%, 09/01/2056 | 500000 | 384529 |
| Connerton East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.45%, 06/15/2045 | 500000 | 483810 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.63%, 06/15/2055 | 1000000 | 961784 |
| Coral Bay Lee County Community <br>Development District, Assessment Area 2, Revenue, <br>Series 2024, 5.25%, 05/01/2044 | 1000000 | 984698 |
| Assessment Area 2, Revenue, <br>Series 2024, 5.55%, 05/01/2054 | 1220000 | 1203224 |
| Coral Creek Community Development District,<br>Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1700000 | 1679455 |
| Coral Lakes Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.75%, 11/01/2053 | 1000000 | 1001288 |
| County of Miami-Dade, Aviation, Revenue, AMT, <br>Series 2025 A, 5.50%, 10/01/2055 (a) | 15000000 | 15639555 |
| County of Palm Beach, Provident Group — LU <br>Properties LLC, Revenue, <br>Series 2021 A, 5.00%, 06/01/2057 (c) | 1000000 | 867789 |
| Provident Group — LU Properties LLC, Revenue, <br>Series 2024 A, 6.13%, 06/01/2054 | 13250000 | 12761128 |
| Provident Group — LU Properties LLC, Revenue, <br>Series 2024 A, 6.25%, 06/01/2059 | 10890000 | 10597411 |
| Provident Group-PBAU Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 04/01/2039 (c) | 1950000 | 1816588 |
| Creekview Community Development District,<br>Phase 1, Special Assessment, <br>Series 2022, 4.63%, 05/01/2042 | 1535000 | 1430544 |
| Phase 2, Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 2000000 | 1927505 |
| Phase 2, Special Assessment, <br>Series 2024, 5.63%, 05/01/2055 | 3500000 | 3347779 |
| Crossings Community Development District,<br>Area 2, Special Assessment, <br>Series 2024, 5.35%, 05/01/2044 | 1000000 | 963118 |
| Area 2, Special Assessment, <br>Series 2024, 5.60%, 05/01/2054 | 1375000 | 1318599 |
| Crosswinds East Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1500000 | 1488090 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.15%, 05/01/2044 | 775000 | 737175 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 1000000 | 948880 |
| Curiosity Creek Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.40%, 05/01/2044 (c) | 900000 | 868957 |
| Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.70%, 05/01/2055 (c) | 1475000 | 1418286 |
| Dewey Robbins Community Development District,<br>Special Assessment, <br>Series 2025, 5.60%, 05/01/2045 | 905000 | 884169 |
| Special Assessment, <br>Series 2025, 5.80%, 05/01/2055 | 1325000 | 1283467 |
| Dowden West Community Development District,<br>Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 495000 | 483971 |
| Special Assessment, <br>Series 2024, 5.55%, 05/01/2054 | 855000 | 830194 |
| East Nassau Stewardship District,<br>Assessments, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 1505000 | 1188333 |
| Wildlight Village Phase 3, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 1505000 | 1454185 |
| Wildlight Village Phase 3, Special Assessment, <br>Series 2024, Class A, 5.50%, 05/01/2055 | 1605000 | 1533153 |
| East Palm Drive Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.10%, 06/15/2044 | 500000 | 481907 |
| Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.38%, 06/15/2054 | 750000 | 716714 |
| Edgewater East Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2021, 4.00%, 05/01/2051 | 1730000 | 1386257 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 4.00%, 05/01/2042 | 2635000 | 2298739 |
| Assessment Area 2, Special Assessment, <br>Series 2022, 4.00%, 05/01/2052 | 7530000 | 5997973 |
| Edgewater West Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 2000000 | 1894255 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 2500000 | 2343188 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Entrada Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 900000 | 858628 |
| Assessments, Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 725000 | 686812 |
| Epperson North Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2021 A, 4.00%, 11/01/2051 | 1985000 | 1578762 |
| Assessment Area 4, Special Assessment, <br>Series 2024, 5.30%, 05/01/2044 | 465000 | 449362 |
| Assessment Area 4, Special Assessment, <br>Series 2024, 5.60%, 05/01/2055 | 750000 | 720850 |
| Everlands Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 5.55%, 06/15/2054 | 1000000 | 983168 |
| Assessment Area 2 Phase 2, Special Assessment, <br>Series 2024, 5.20%, 06/15/2044 (c) | 750000 | 726520 |
| Assessment Area 2 Phase 2, Special Assessment, <br>Series 2024, 5.50%, 06/15/2054 (c) | 1000000 | 958230 |
| Everlands II Community Development District,<br>Special Assessment, <br>Series 2024, 5.20%, 06/15/2044 | 725000 | 711575 |
| 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 | 801747 |
| Fish Lake Cover Community Development District <br>Series 2025 Special Assessment, Special Assessment, <br>Series 2025, 5.55%, 05/01/2055 | 1180000 | 1119508 |
| Florida Development Finance Corp., AAF Operations <br>Holdings LLC, Revenue, AMT, Refunding, <br>Series 2024, 12.00%, 07/15/2028 (c)(e)(f) | 166140000 | 172412948 |
| AAF Operations Holdings LLC, Revenue, AMT, <br>Series 2024 A, 10.00%, 07/15/2028 (c)(e)(f) | 75210000 | 77670360 |
| Assistance Unlimited, Inc., Revenue, Refunding, <br>Series 2022, 6.00%, 08/15/2057 (c) | 5000000 | 4671711 |
| Brightline Florida Holdings LLC, Revenue, AMT, <br>Series 2025 A, 8.25%, 08/13/2025 (c)(e)(f) | 246250000 | 253861932 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2041 | 15590000 | 15117434 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.50%, 07/01/2053 | 172655000 | 172666050 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.00%, 06/01/2034 (c) | 1190000 | 1190284 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.25%, 06/01/2044 (c) | 1000000 | 969114 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.50%, 06/01/2054 (c) | 2790000 | 2704202 |
| Cornerstone Classical Academy, Inc., Revenue, <br>Series 2024 A, 5.50%, 06/01/2059 (c) | 1500000 | 1427586 |
| Downtown Doral Charter Elementary School, Inc., <br>Revenue,<br>Series 2017 C, 5.75%, 07/01/2047 (c) | 2000000 | 1985936 |
| Renaissance Charter School, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2020 A, 6.00%, 06/15/2050 | 3000000 | 2997973 |
| Renaissance Charter School, Inc. Obligated <br>Group, Revenue, <br>Series 2021 A, 5.50%, 06/15/2051 | 1000000 | 937170 |
| SFP — Tampa I LLC, Revenue, Senior Lien, <br>Series 2024 A-1, 5.00%, 06/01/2044 (c) | 1600000 | 1536937 |
| SFP — Tampa I LLC, Revenue, Senior Lien, <br>Series 2024 A-1, 5.25%, 06/01/2054 (c) | 7200000 | 6873887 |
| SFP — Tampa I LLC, Revenue, Senior Lien, <br>Series 2024 A-1, 5.25%, 06/01/2059 (c) | 6550000 | 6188204 |
| 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 | 892510 |
| Shingle Creek Transit & Utility Community <br>Development District, Special Assessment, AMT, <br>Series 2024, 5.40%, 05/01/2054 | 825000 | 812295 |
| Gardens at Hammock Beach Community <br>Development District, Assessment Area 1, <br>Special Assessment, <br>Series 2024-1, 5.65%, 05/01/2054 | 530000 | 509080 |
| Assessment Area 2, Special Assessment, <br>Series 2024-2, 5.00%, 05/01/2031 | 270000 | 267869 |
| Assessment Area 2, Special Assessment, <br>Series 2024-2, 5.60%, 05/01/2044 | 990000 | 956384 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 2, Special Assessment, <br>Series 2024-2, 5.88%, 05/01/2055 | 1250000 | 1198708 |
| Golden Gem Community Development District,<br>Special Assessment, <br>Series 2024, 5.15%, 05/01/2031 | 535000 | 535819 |
| Special Assessment, <br>Series 2024, 5.70%, 05/01/2044 | 2900000 | 2850641 |
| Special Assessment, <br>Series 2024, 6.00%, 05/01/2055 | 5000000 | 4967518 |
| Governors Park South Community Development <br>District, Assessment Area 1, Special Assessment, <br>Series 2025, 5.40%, 05/01/2045 | 845000 | 821270 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1250000 | 1208473 |
| Gracewater Sarasota Community Development <br>District, Assessments, Special Assessment, <br>Series 2021, 3.35%, 05/01/2041 | 3170000 | 2490952 |
| Assessments, Special Assessment, <br>Series 2021, 4.00%, 05/01/2052 | 3815000 | 2980330 |
| Greater Orlando Aviation Authority,<br>Revenue, AMT, <br>Series 2024, 5.25%, 10/01/2048 (a) | 20000000 | 20453222 |
| Greenbriar Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2025, 5.65%, 05/01/2045 | 1000000 | 980540 |
| Assessment Area No. 1, Special Assessment, <br>Series 2025, 5.88%, 05/01/2054 | 1350000 | 1320241 |
| Hamilton Bluff Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1360000 | 1333384 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.80%, 05/01/2054 | 2000000 | 1948840 |
| Hammock Oaks Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 6.15%, 05/01/2054 | 1250000 | 1250262 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 5.55%, 05/01/2045 (c) | 1000000 | 987415 |
| Assessment Area 3, Special Assessment, <br>Series 2025, 5.75%, 05/01/2055 (c) | 1500000 | 1473250 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Harmony on Lake Eloise Community Development <br>District, Assessment Area No. 2, Special Assessment, <br>Series 2025, 5.45%, 11/01/2045 | 1000000 | 978027 |
| Assessment Area No. 2, Special Assessment, <br>Series 2025, 5.65%, 11/01/2054 | 1250000 | 1218135 |
| Harmony West Community Development District,<br>Assessment Area No. 3, Special Assessment, <br>Series 2025, 5.45%, 05/01/2045 | 625000 | 610437 |
| Assessment Area No. 3, Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1000000 | 973639 |
| Harvest Ridge Community Development District,<br>Special Assessment, <br>Series 2024, 5.38%, 05/01/2054 | 650000 | 619588 |
| Hawthorne Mill North Community Development <br>District, Assessment Area 2, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 1000000 | 960406 |
| Assessment Area 2, Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 1400000 | 1338184 |
| Hickory Tree Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.45%, 05/01/2055 | 1500000 | 1418212 |
| Highland Trails Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 880000 | 868278 |
| Hillcrest Community Development District,<br>Special Assessment, <br>Series 2018, 5.00%, 11/01/2048 | 300000 | 288926 |
| Hillcrest Preserve Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 (c) | 1000000 | 930618 |
| Special Assessment, <br>Series 2024, 5.30%, 05/01/2054 (c) | 1500000 | 1395933 |
| Hills of Minneola Community Development District,<br>North Parcel Assessment Area 1, Special Assessment, <br>Series 2024, 5.55%, 05/01/2044 | 650000 | 662930 |
| North Parcel Assessment Area 1, Special Assessment, <br>Series 2024, 5.88%, 05/01/2054 | 1000000 | 1033730 |
| South Parcel Assessment Area, Special Assessment, <br>Series 2020, 4.00%, 05/01/2050 (c) | 4500000 | 3667806 |
| South Parcel Assessment Area Phase 2, <br>Special Assessment,<br>Series 2021, 4.00%, 05/01/2052 | 1940000 | 1556956 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Hobe-St. Lucie Conservancy District,<br>Unit of Development No. 1A, Special Assessment, <br>Series 2024, 5.60%, 05/01/2044 | 1900000 | 1904048 |
| Unit of Development No. 1A, Special Assessment, <br>Series 2024, 5.88%, 05/01/2055 | 2690000 | 2677900 |
| Hyde Park Community Development District No. 1,<br>Assessments, Special Assessment, <br>Series 2024 A, 5.35%, 05/01/2044 | 425000 | 410763 |
| Assessments, Special Assessment, <br>Series 2024 A, 5.63%, 05/01/2055 | 685000 | 659845 |
| Assessments, Special Assessment, <br>Series 2024 B, 5.25%, 05/01/2034 | 1705000 | 1678701 |
| Kelly Park Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.30%, 05/01/2045 | 650000 | 630068 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.50%, 05/01/2055 | 915000 | 876540 |
| Keys Edge Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.10%, 05/01/2044 | 975000 | 931642 |
| Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.38%, 05/01/2055 | 1000000 | 947073 |
| Lake Hideaway Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.65%, 05/01/2044 | 2000000 | 1970349 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.90%, 05/01/2054 | 2750000 | 2687705 |
| Lake Mattie Preserve Community Development <br>District, Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 570000 | 556257 |
| Special Assessment, <br>Series 2025, 5.45%, 05/01/2045 | 980000 | 936821 |
| Special Assessment, <br>Series 2025, 5.65%, 05/01/2055 | 1080000 | 1020940 |
| Lakes of Sarasota Community Development District,<br>Assessments, Special Assessment, <br>Series 2024 A, 5.30%, 05/01/2044 | 425000 | 408305 |
| Assessments, Special Assessment, <br>Series 2024 A, 5.60%, 05/01/2055 | 685000 | 655591 |
| Assessments, Special Assessment, <br>Series 2024 B, 5.25%, 05/01/2034 | 2325000 | 2287518 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Lakewood Ranch Stewardship District,<br>Special Assessment, <br>Series 2024, 5.50%, 05/01/2055 | 765000 | 734944 |
| Assessment Star Farms Phase 1/2, <br>Special Assessment, <br>Series 2021, 4.00%, 05/01/2052 | 430000 | 344579 |
| Lakewood Ranch Stewardship District <br>Series 2024 Assessment, Special Assessment, <br>Series 2024, 5.25%, 05/01/2044 | 585000 | 569266 |
| Northeast Sector Project, Special <br>Assessment, Refunding, <br>Series 2020, 4.00%, 05/01/2050 (c) | 70000 | 56972 |
| Landings Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2031 | 275000 | 273669 |
| Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1030000 | 1002839 |
| Special Assessment, <br>Series 2024, 5.80%, 05/01/2055 | 855000 | 828199 |
| Langley South Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.40%, 05/01/2055 | 4765000 | 4562523 |
| Leomas Landing Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.50%, 11/01/2045 | 450000 | 437501 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.70%, 11/04/2054 | 555000 | 535662 |
| Liberty Cove Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.38%, 05/01/2044 | 1085000 | 1037184 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.70%, 05/01/2054 | 2000000 | 1910898 |
| Live Oak Lake Community Development District,<br>Assessments, Special Assessment, <br>Series 2020, 4.40%, 05/01/2040 | 1600000 | 1418405 |
| Assessments, Special Assessment, <br>Series 2020, 4.60%, 05/01/2051 | 5000000 | 4303481 |
| Longleaf Community Development District,<br>Neighborhood 4 Assessment Area 1, <br>Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 (c) | 1000000 | 1001605 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Neighborhood 4 Assessment Area 2, <br>Special Assessment, <br>Series 2024 A, 5.20%, 05/01/2044 | 700000 | 662843 |
| Neighborhood 4 Assessment Area 2, <br>Special Assessment, <br>Series 2024 A, 5.45%, 05/01/2055 | 1150000 | 1071948 |
| Los Cayos Community Development District,<br>Special Assessment, <br>Series 2024, 5.55%, 06/15/2054 | 800000 | 784299 |
| Lowery Hills Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.63%, 05/01/2045 (c) | 725000 | 702937 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.85%, 05/01/2055 (c) | 1000000 | 968821 |
| LT Ranch Community Development District,<br>Assessments, Special Assessment, <br>Series 2019, 4.00%, 05/01/2050 | 1000000 | 818644 |
| Phase IIB Assessment Area, Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 275000 | 274051 |
| Phase IIB Assessment Area, Special Assessment, <br>Series 2024, 5.85%, 05/01/2054 | 1000000 | 1000212 |
| LTC Ranch West Residential Community <br>Development District, Assessment Area 1, <br>Special Assessment, <br>Series 2021 A, 4.00%, 05/01/2052 | 1860000 | 1470510 |
| Assessment Area 2, Special Assessment, <br>Series 2024 AA-2, 6.00%, 05/01/2054 | 605000 | 601139 |
| Assessment Area 3, Special Assessment, <br>Series 2024 AA-3, 6.05%, 05/01/2054 | 1405000 | 1396080 |
| Assessment Area 4, Special Assessment, Refunding, <br>Series 2024 AA-4, 5.38%, 05/01/2044 | 1000000 | 963752 |
| Assessment Area 4, Special Assessment, Refunding, <br>Series 2024 AA-4, 5.65%, 05/01/2054 | 1250000 | 1202331 |
| Magnolia Island Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 5.55%, 05/01/2045 | 750000 | 734411 |
| Assessment Area 1, Special Assessment, <br>Series 2025, 5.75%, 05/01/2055 | 1000000 | 971198 |
| Malabar Springs Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.20%, 05/01/2044 | 1000000 | 952507 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.50%, 05/01/2054 | 1500000 | 1415766 |
| Marion Ranch Community Development District,<br>Special Assessment, <br>Series 2024, 5.95%, 05/01/2054 | 1375000 | 1355027 |
| Miami Health Facilities Authority, Miami Jewish Health <br>Systems Obligated Group, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2026 | 1260000 | 1252599 |
| Miami Jewish Health Systems Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2027 | 1000000 | 992408 |
| Miami Jewish Health Systems Obligated Group, <br>Revenue, Refunding, <br>Series 2017, 5.13%, 07/01/2038 | 1000000 | 926194 |
| Miami-Dade County Industrial Development Authority,<br>Pinecrest Academy Obligated Group, Revenue, <br>Series 2017, 5.00%, 09/15/2044 (c) | 4210000 | 3900577 |
| Mirada Community Development District,<br>Assessment Area 3, Special Assessment, Refunding, <br>Series 2024, 6.00%, 05/01/2055 | 2000000 | 1976095 |
| Newport Isles Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 2440000 | 2325049 |
| Special Assessment, <br>Series 2024, 5.20%, 05/01/2054 | 2685000 | 2507525 |
| Normandy Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.30%, 05/01/2044 (c) | 1500000 | 1421002 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.55%, 05/01/2054 (c) | 2500000 | 2331062 |
| North AR-1 Pasco Community Development District,<br>Assessment Area 4, Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 930000 | 906085 |
| Assessment Area 5, Special Assessment, <br>Series 2024 A, 5.75%, 05/01/2044 | 1475000 | 1458287 |
| Assessment Area 5, Special Assessment, <br>Series 2024 A, 6.00%, 05/01/2054 | 1965000 | 1955122 |
| Paddocks Community Development District,<br>Assessments, Special Assessment, <br>Series 2024, 5.13%, 05/01/2044 (c) | 1000000 | 947164 |
| Assessments, Special Assessment, <br>Series 2024, 5.45%, 05/01/2055 (c) | 1375000 | 1288969 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Palermo Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 5.35%, 06/15/2045 | 745000 | 717207 |
| Assessment Area 2, Special Assessment, <br>Series 2025, 5.50%, 06/15/2055 | 1000000 | 945613 |
| Palm Beach County Health Facilities Authority,<br>Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2016 B, 5.00%, 05/15/2047 | 925000 | 889008 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2019 B, 4.00%, 05/15/2053 | 150000 | 121208 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2019 B, 5.00%, 05/15/2053 | 15675000 | 14569533 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Refunding,<br>Series 2023 C, 7.50%, 05/15/2053 | 965000 | 1072021 |
| Palm Coast Park Community Development District,<br>Sawmill Branch — Phase 7, Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 1270000 | 1201512 |
| Sawmill Branch — Phase 7, Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 1935000 | 1822466 |
| Spring Lake — Tracts 2 & 3, Special Assessment, <br>Series 2021, 4.00%, 05/01/2052 | 1200000 | 936062 |
| Palm Gate Community Development District,<br>Special Assessment, <br>Series 2025, 5.30%, 06/15/2045 | 1000000 | 956735 |
| Special Assessment, <br>Series 2025, 5.55%, 06/15/2055 | 1000000 | 953980 |
| Parker Pointe Community Development District,<br>Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 700000 | 684709 |
| Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 967578 |
| Parker Road Community Development District,<br>Assessment Area, Special Assessment, Refunding, <br>Series 2020, 4.10%, 05/01/2050 | 2000000 | 1521716 |
| Parrish Lakes Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.50%, 05/01/2044 | 1540000 | 1487298 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 5.80%, 05/01/2054 | 1985000 | 1905266 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Parrish Lakes II Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.13%, 05/01/2044 | 3000000 | 2834780 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 5.45%, 05/01/2054 | 5000000 | 4691295 |
| Parrish Plantation Community Development District,<br>Assessment Area 3, Special Assessment, <br>Series 2024, 5.80%, 05/01/2044 | 700000 | 706858 |
| Assessment Area 3, Special Assessment, <br>Series 2024, 6.05%, 05/01/2054 | 1545000 | 1566715 |
| Pasadena Ridge Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2024, 5.38%, 05/01/2055 | 2475000 | 2337266 |
| Peace Creek Village Community Development District,<br>Special Assessment, <br>Series 2024, 5.75%, 05/01/2054 | 905000 | 886631 |
| Special Assessment, <br>Series 2025, 5.60%, 05/01/2045 (c) | 710000 | 689570 |
| Special Assessment, <br>Series 2025, 5.85%, 05/01/2055 (c) | 1000000 | 966148 |
| Peace Crossing Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.70%, 05/01/2044 | 2820000 | 2682091 |
| Assessment Area 1, Special Assessment, <br>Series 2024, 6.00%, 05/01/2054 | 4000000 | 3786744 |
| Pine Island Community Development District,<br>Special Assessment, <br>Series 2004, 5.75%, 05/01/2035 | 2115000 | 2124222 |
| Pioneer Ranch Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2044 | 1000000 | 937085 |
| Special Assessment, <br>Series 2024, 5.30%, 05/01/2055 | 1250000 | 1155439 |
| Preston Cove Community Development District,<br>Assessments, Special Assessment,<br>Series 2022, 4.13%, 05/01/2052 | 1870000 | 1506621 |
| Ranches at Lake Mcleod Community <br>Development District, Assessment Area 2, <br>Special Assessment,<br>Series 2025, 5.45%, 06/15/2045 | 600000 | 589004 |
| Assessment Area 2, Special Assessment,<br>Series 2025, 5.65%, 06/15/2055 | 1000000 | 972144 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Regal Village Community Development District,<br>Special Assessment,<br>Series 2024, 5.50%, 05/01/2054 | 725000 | 704853 |
| River Hall Community Development District,<br>Assessment Area 3, Special Assessment,<br>Series 2020 A, 3.88%, 05/01/2051 | 3690000 | 2880134 |
| Assessment Area No. 5, Special Assessment,<br>Series 2024, 5.35%, 05/01/2044 (c) | 800000 | 772298 |
| Assessment Area No. 5, Special Assessment,<br>Series 2024, 5.63%, 05/01/2055 (c) | 900000 | 863286 |
| River Landing Community Development District,<br>Special Assessment,<br>Series 2025, 5.20%, 05/01/2045 | 640000 | 618701 |
| Special Assessment,<br>Series 2025, 5.45%, 05/01/2055 | 900000 | 864447 |
| Rivers Edge III Community Development District,<br>Assessments, Special Assessment,<br>Series 2024, 5.65%, 05/01/2044 | 1665000 | 1649781 |
| Assessments, Special Assessment,<br>Series 2024, 5.95%, 05/01/2055 | 2225000 | 2201304 |
| Riverwalk Community Development District,<br>Special Assessment,<br>Series 2025, 5.20%, 05/01/2045 (c) | 625000 | 603464 |
| Special Assessment,<br>Series 2025, 5.45%, 05/01/2055 (c) | 1000000 | 957738 |
| Rookery Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2024, 5.00%, 05/01/2044 | 800000 | 752354 |
| Assessment Area 1, Special Assessment,<br>Series 2024, 5.35%, 05/01/2055 | 1500000 | 1407148 |
| Rustic Oaks Community Development District,<br>Assessments, Special Assessment,<br>Series 2022, 3.45%, 05/01/2042 | 2000000 | 1601463 |
| Rye Crossing Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.00%, 05/01/2044 | 650000 | 614947 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 5.25%, 05/01/2054 | 710000 | 664271 |
| Saltleaf Community Development District,<br>Assessments, Special Assessment,<br>Series 2024, 5.63%, 05/01/2044 | 3250000 | 3174226 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessments, Special Assessment,<br>Series 2024, 6.00%, 05/01/2056 | 3000000 | 2976131 |
| Savanna Lakes Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.25%, 06/15/2044 | 625000 | 606948 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 5.50%, 06/15/2054 | 750000 | 726866 |
| Sawgrass Village Community Development District,<br>Assessment Area 3, Special Assessment,<br>Series 2024, 5.55%, 05/01/2044 (c) | 700000 | 687149 |
| Assessment Area 3, Special Assessment,<br>Series 2024, 5.88%, 05/01/2054 (c) | 1380000 | 1355138 |
| Sawyers Landing Community Development District,<br>Special Assessment,<br>Series 2021, 4.13%, 05/01/2041 | 1285000 | 1133517 |
| Scenic Terrace South Community Development <br>District, Special Assessment,<br>Series 2022, 4.63%, 05/01/2053 | 3935000 | 3462540 |
| Seagrove Community Development District,<br>Special Assessment,<br>Series 2024, 4.88%, 06/15/2044 | 750000 | 710605 |
| Special Assessment,<br>Series 2024, 5.20%, 06/15/2054 | 1250000 | 1180522 |
| Seminole Palms Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.20%, 05/01/2044 (c) | 1250000 | 1178129 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 5.50%, 05/01/2055 (c) | 1750000 | 1655095 |
| Shadowlawn Community Development District,<br>Special Assessment,<br>Series 2024, 5.50%, 05/01/2044 | 1585000 | 1544992 |
| Special Assessment,<br>Series 2024, 5.85%, 05/01/2054 | 1500000 | 1459831 |
| Silver Oaks Community Development District,<br>Special Assessment,<br>Series 2024, 5.85%, 05/01/2054 | 1500000 | 1484109 |
| Silverlake Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.38%, 05/01/2044 | 505000 | 497641 |
| Six Mile Creek Community Development District,<br>Assessment Area 2, Special Assessment, Refunding,<br>Series 2021, 4.00%, 05/01/2052 | 2255000 | 1801610 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Project Area, Special Assessment,<br>Series 2024, 5.10%, 05/01/2044 | 625000 | 584586 |
| Project Area, Special Assessment,<br>Series 2024, 5.38%, 05/01/2055 | 1000000 | 937595 |
| Solaeris Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2024, 5.20%, 05/01/2031 | 500000 | 501864 |
| Assessment Area 1, Special Assessment,<br>Series 2024, 6.00%, 05/01/2044 | 1790000 | 1788074 |
| Assessment Area 1, Special Assessment,<br>Series 2024, 6.25%, 05/01/2055 | 2750000 | 2732602 |
| Somerset Bay Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2024, 5.63%, 05/01/2044 (c) | 920000 | 899582 |
| Assessment Area 1, Special Assessment,<br>Series 2024, 5.90%, 05/01/2054 (c) | 1405000 | 1365711 |
| Southern Groves Community Development <br>District No. 5, Assessment Area, Special Assessment,<br>Series 2024, 5.45%, 05/01/2044 | 1250000 | 1269580 |
| Assessment Area, Special Assessment,<br>Series 2024, 5.70%, 05/01/2050 | 930000 | 951673 |
| Southshore Bay Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.38%, 05/01/2044 | 675000 | 654341 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 5.63%, 05/01/2054 | 930000 | 893817 |
| 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 | 1840827 |
| Summit View Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.63%, 05/01/2044 | 1005000 | 1002145 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 6.00%, 05/01/2054 | 1400000 | 1404154 |
| Talavera Community Development District,<br>Assessments, Special Assessment,<br>Series 2019, 3.50%, 05/01/2025 | 95000 | 95000 |
| Tern Bay Community Development District,<br>Special Assessment,<br>Series 2022, 4.00%, 06/15/2052 | 9260000 | 7426098 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Terra Lago Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2025, 5.63%, 05/01/2045 | 1040000 | 1026383 |
| Assessment Area 1, Special Assessment,<br>Series 2025, 5.80%, 05/01/2055 | 1525000 | 1500050 |
| Terreno Community Development District,<br>Special Assessment,<br>Series 2025, 5.40%, 05/01/2045 | 875000 | 862809 |
| Special Assessment,<br>Series 2025, 5.65%, 05/01/2055 | 1000000 | 980576 |
| Timber Creek Southwest Community Development <br>District, Assessment Area 2, Special Assessment,<br>Series 2021, 3.30%, 12/15/2041 | 2175000 | 1728012 |
| Tolomato Community Development District,<br>Assessment Area, Special Assessment,<br>Series 2024, 4.80%, 05/01/2044 | 880000 | 823748 |
| Assessment Area, Special Assessment,<br>Series 2024, 5.13%, 05/01/2054 | 885000 | 824234 |
| Tradition Community Development District No. 9,<br>Special Assessment,<br>Series 2025, 5.65%, 05/01/2056 | 895000 | 866147 |
| Triple Creek Community Development District,<br>Villages Q & R Assessment Area, Special Assessment,<br>Series 2021, 4.00%, 11/01/2051 (c) | 1040000 | 825932 |
| Twisted Oaks Pointe Community Development District,<br>Assessment Area 3, Special Assessment,<br>Series 2024, 5.63%, 05/01/2044 | 1065000 | 1050995 |
| Assessment Area 3, Special Assessment,<br>Series 2024, 6.00%, 05/01/2055 | 1375000 | 1362308 |
| Two Rivers West Community Development District,<br>Special Assessment,<br>Series 2024, 5.63%, 05/01/2044 | 750000 | 749602 |
| Special Assessment,<br>Series 2024, 5.88%, 05/01/2054 | 1250000 | 1256769 |
| V-Dana Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2025, 5.38%, 05/01/2045 | 1000000 | 973617 |
| Assessment Area 2, Special Assessment,<br>Series 2025, 5.55%, 05/01/2055 | 1375000 | 1328823 |
| Veranda Community Development District II,<br>Assessment Area 4, Special Assessment, Refunding,<br>Series 2021, 4.00%, 05/01/2051 (c) | 185000 | 147586 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 5 Phase 2, Special <br>Assessment, Refunding,<br>Series 2024, 5.63%, 05/01/2054 | 1000000 | 985663 |
| Verano No. 2 Community Development District,<br>Special Assessment,<br>Series 2024, 5.35%, 05/01/2044 | 500000 | 483816 |
| Special Assessment,<br>Series 2024, 5.63%, 05/01/2055 | 800000 | 767366 |
| Pod D, Special Assessment,<br>Series 2024, 5.80%, 05/01/2054 | 1000000 | 982521 |
| Villages of Westport Community Development District,<br>Assessments, Special Assessment,<br>Series 2005 A, 5.70%, 05/01/2035 | 2910000 | 2922568 |
| Villamar Community Development District,<br>Assessment Area 6, Special Assessment,<br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 999028 |
| Waterford Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 5.20%, 05/01/2044 | 650000 | 619130 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 5.45%, 05/01/2054 | 900000 | 850388 |
| Wellness Ridge Community Development District,<br>Assessment Area No. 2, Special Assessment,<br>Series 2024, 5.20%, 06/15/2055 (c) | 1100000 | 1027591 |
| West Villages Improvement District,<br>Assessment Area 1, Special Assessment,<br>Series 2025, 5.75%, 05/01/2045 | 910000 | 929716 |
| Assessment Area 1, Special Assessment,<br>Series 2025, 6.00%, 05/01/2055 | 1705000 | 1747868 |
| Unit of Development No. 10 Assessment Area 1, <br>Special Assessment,<br>Series 2024, 5.38%, 05/01/2044 | 995000 | 974762 |
| Unit of Development No. 7, Special Assessment,<br>Series 2019, 5.00%, 05/01/2050 | 2500000 | 2363666 |
| Unit of Development No. 8, Special Assessment,<br>Series 2021, 3.50%, 05/01/2041 | 2505000 | 2024774 |
| Westside Haines City Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2024, 6.00%, 05/01/2054 | 1985000 | 1992260 |
| Willowbrook Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2024, 5.63%, 05/01/2044 | 750000 | 732513 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** | **Florida — 20.3% (continued)** |
| Assessment Area 1, Special Assessment,<br>Series 2024, 5.90%, 05/01/2055 | 1100000 | 1071772 |
| Windsor Cay Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2024, 5.75%, 05/01/2054 | 1000000 | 1026344 |
| Wiregrass Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2016, 5.00%, 05/01/2047 | 1020000 | 980233 |
| Woodcreek Community Development District,<br>Assessment Area 2, Special Assessment,<br>Series 2025, 5.35%, 05/01/2045 | 575000 | 548800 |
| Assessment Area 2, Special Assessment,<br>Series 2025, 5.50%, 05/01/2055 | 750000 | 703326 |
| Woodland Crossing Community Development District,<br>Special Assessment,<br>Series 2025, 5.13%, 05/01/2035 (c) | 375000 | 377996 |
| Special Assessment,<br>Series 2025, 5.88%, 05/01/2045 (c) | 1000000 | 1004435 |
| Special Assessment,<br>Series 2025, 6.13%, 05/01/2056 (c) | 1925000 | 1937553 |
| Woodland Preserve Community Development District,<br>Assessment Area 1, Special Assessment,<br>Series 2025, 5.30%, 05/01/2045 (c) | 630000 | 610681 |
| Assessment Area 1, Special Assessment,<br>Series 2025, 5.50%, 05/01/2055 (c) | 845000 | 811801 |
| Woodland Ranch Estates Community Development <br>District, Special Assessment,<br>Series 2025, 5.55%, 05/01/2045 | 500000 | 489025 |
| Special Assessment,<br>Series 2025, 5.75%, 05/01/2055 | 720000 | 699263 |
| 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 | 751232 |
| Yarborough Lane Community Development District<br>Series 2024 Special Assessment, Special Assessment,<br>Series 2024, 5.60%, 05/01/2055 | 1620000 | 1543901 |
|  |  | **1284226746** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **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 (c) | 30425000 | 30510890 |
| City of Atlanta Westside Tax Allocation District Gulch <br>Area, Revenue,<br>Series 2024-1, Class A, 0.00%, 12/15/2048 (c) | 132920000 | 114412246 |
| DeKalb County Development Authority,<br>GLOBE Academy, Inc. (The), Revenue,<br>Series 2024 A, 5.00%, 06/01/2055 | 500000 | 463112 |
| GLOBE Academy, Inc. (The), Revenue,<br>Series 2024 A, 5.00%, 06/01/2063 | 1320000 | 1191140 |
| Development Authority of Bulloch County,<br>Charter Conservatory for Liberal Arts & <br>Technology, Inc., Revenue,<br>Series 2024 A, 6.75%, 06/15/2064 (c) | 3225000 | 3164963 |
| Charter Conservatory for Liberal Arts & <br>Technology, Inc., Revenue,<br>Series 2024 B, 7.50%, 06/15/2031 (c) | 265000 | 265134 |
| Development Authority of Lagrange,<br>LaGrange College Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 5.00%, 10/15/2052 | 17700000 | 14700967 |
| Development Authority of The City of Marietta,<br>Life University, Inc., Revenue, Refunding,<br>Series 2017 A, 5.00%, 11/01/2047 (c) | 10000000 | 9110277 |
| 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%, 04/01/2047 (c) | 3540000 | 3351561 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue, Refunding,<br>Series 2019 A, 5.00%, 04/01/2054 (c) | 6680000 | 6149916 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 04/01/2041 (c) | 4000000 | 3488949 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 04/01/2051 (c) | 12400000 | 9603000 |
| All Saints-St. Luke's Episcopal Home for the Retired <br>Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 04/01/2056 (c) | 8700000 | 6535834 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Georgia — 4.4% (continued)** | **Georgia — 4.4% (continued)** | **Georgia — 4.4% (continued)** |
| Gainesville & Hall County Hospital Authority,<br>Northeast Georgia Health System Obligated <br>Group, Revenue,<br>Series 2021 A, 2.50%, 02/15/2051 | 1350000 | 831777 |
| George L Smith II Congress Center Authority,<br>Signia Hotel Management LLC, Revenue, First Tier,<br>Series 2021 A, 4.00%, 01/01/2054 | 3000000 | 2499682 |
| Signia Hotel Management LLC, Revenue, Second Tier,<br>Series 2021 B, 5.00%, 01/01/2054 (c) | 16420000 | 15010190 |
| Georgia Housing & Finance Authority,<br>Revenue, Refunding,<br>Series 2024 C, 4.40%, 12/01/2044 (a) | 4500000 | 4448871 |
| Revenue, Refunding,<br>Series 2024 C, 4.55%, 12/01/2049 (a) | 27010000 | 26612461 |
| Revenue, Refunding,<br>Series 2024 C, 4.60%, 12/01/2054 (a) | 12750000 | 12373417 |
| Revenue,<br>Series 2025 A, 4.70%, 12/01/2055 | 5000000 | 4945704 |
| Oconee County Industrial Development Authority,<br>Westminster Presbyterian Homes Obligated <br>Group, Revenue,<br>Series 2018 A-1, 6.25%, 12/01/2048 | 3000000 | 2904408 |
| Westminster Presbyterian Homes Obligated <br>Group, Revenue,<br>Series 2018 A-1, 6.38%, 12/01/2053 | 3000000 | 2894471 |
|  |  | **275468970** |
| **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%, 07/01/2034 (c) | 3000000 | 2967540 |
| Hawai`i Pacific University, Revenue, Refunding,<br>Series 2024, 5.00%, 07/01/2039 (c) | 2780000 | 2635734 |
| Hawai`i Pacific University, Revenue, Refunding,<br>Series 2024, 5.13%, 07/01/2043 (c) | 2500000 | 2307119 |
|  |  | **7910393** |
| **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 (c) | 2452000 | 2464159 |
| Assessment Area 6, Special Assessment,<br>Series 2024 B, 5.50%, 09/01/2053 (c) | 3000000 | 2892371 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Idaho — 0.3% (continued)** | **Idaho — 0.3% (continued)** | **Idaho — 0.3% (continued)** |
| Spring Valley Community Infrastructure District No. 1,<br>Assessment Area 1, Special Assessment,<br>Series 2021, 3.75%, 09/01/2051 (c) | 1413000 | 1259003 |
| Assessment Area 2, Special Assessment,<br>Series 2024, 6.25%, 09/01/2053 (c) | 9000000 | 9221040 |
|  |  | **15836573** |
| **Illinois — 2.5%** | **Illinois — 2.5%** | **Illinois — 2.5%** |
| Bellwood Municipal Housing Corp.,<br>Village of Bellwood, Revenue,<br>Series 2024, 6.38%, 12/01/2059 (c) | 8450000 | 7838662 |
| Chicago Board of Education, GO,<br>Series 2012 A, 5.00%, 12/01/2042 | 2885000 | 2678575 |
| GO, Series 2017 H, 5.00%, 12/01/2046 | 6525000 | 6057004 |
| GO, Series 2018 D, 5.00%, 12/01/2046 | 11165000 | 10364206 |
| GO, Series 2022 A, 5.00%, 12/01/2047 | 1000000 | 944081 |
| GO, Refunding, Series 2022 B, 4.00%, 12/01/2041 | 10000000 | 8790707 |
| City of Harvey,<br>GO, Refunding,<br>Series 2023 A, 4.50%, 01/01/2054 | 4610000 | 3755402 |
| City of Palos Heights,<br>Trinity Christian College Association Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 7.00%, 01/01/2050 | 8790000 | 8199490 |
| Trinity Christian College Association Obligated Group, <br>Revenue, Refunding,<br>Series 2024 B, 8.50%, 01/01/2032 | 1210000 | 1229693 |
| County of Cook,<br>Deerfield SLF LP, Revenue,<br>Series 2024, 6.50%, 01/01/2045 | 18000000 | 17900417 |
| Illinois Finance Authority,<br>Benedictine University, Revenue, Refunding,<br>Series 2017, 5.00%, 10/01/2038 | 5320000 | 4341063 |
| Bradley University, Revenue, Refunding,<br>Series 2021 A, 4.00%, 08/01/2051 | 4750000 | 3792122 |
| Chicago Theatre Group, Inc., Revenue, Refunding,<br>Series 2025A, 6.00%, 10/01/2045 (c) | 2360000 | 2350031 |
| Chicago Theatre Group, Inc., Revenue, Refunding,<br>Series 2025A, 6.13%, 10/01/2050 (c) | 1250000 | 1247527 |
| Columbia College Chicago, Revenue,<br>Series 2019, 5.00%, 12/01/2044 | 2175000 | 1980560 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 2.5% (continued)** | **Illinois — 2.5% (continued)** | **Illinois — 2.5% (continued)** |
| Illinois Institute of Technology, Revenue, Refunding,<br>Series 2019, 5.00%, 09/01/2036 | 1725000 | 1644759 |
| Illinois Institute of Technology, Revenue, Refunding,<br>Series 2019, 4.00%, 09/01/2037 | 400000 | 339048 |
| Illinois Institute of Technology, Revenue, Refunding,<br>Series 2019, 5.00%, 09/01/2040 | 2060000 | 1894398 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2015 A, 4.00%, 05/15/2035 | 15000 | 14310 |
| Navy Pier, Inc. Obligated Group, Revenue, Refunding,<br>Series 2024 B, 5.00%, 10/01/2044 (c) | 750000 | 711193 |
| Navy Pier, Inc. Obligated Group, Revenue, Refunding,<br>Series 2024 B, 5.00%, 10/01/2049 (c) | 3700000 | 3479547 |
| Plymouth Place Obligated Group, Revenue, Refunding,<br>Series 2021 A, 5.00%, 05/15/2036 | 325000 | 316633 |
| Plymouth Place Obligated Group, Revenue, Refunding,<br>Series 2021 A, 5.00%, 05/15/2056 | 1255000 | 1061386 |
| Plymouth Place Obligated Group, Revenue,<br>Series 2022 A, 6.63%, 05/15/2052 | 1085000 | 1137260 |
| Roosevelt University, Revenue, Refunding,<br>Series 2018 B, 6.00%, 04/01/2038 (c) | 1185000 | 1158680 |
| Roosevelt University, Revenue, Refunding,<br>Series 2018A, 6.13%, 04/01/2058 (c) | 100000 | 94529 |
| Roosevelt University, Revenue,<br>Series 2019A, 6.13%, 04/01/2049 (c) | 2500000 | 2410662 |
| Roosevelt University, Revenue,<br>Series 2019A, 6.13%, 04/01/2058 (c) | 1350000 | 1276142 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding,<br>Series 2022, 4.00%, 10/15/2027 | 485000 | 472531 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding,<br>Series 2022, 4.00%, 10/15/2028 | 670000 | 646102 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding,<br>Series 2022, 4.00%, 10/15/2029 | 1050000 | 1001417 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding,<br>Series 2022, 4.00%, 10/15/2030 | 725000 | 684976 |
| Washington and Jane Smith Community — Orland Park, <br>Revenue, Refunding,<br>Series 2022, 4.00%, 10/15/2037 | 6000000 | 5148889 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 2.5% (continued)** | **Illinois — 2.5% (continued)** | **Illinois — 2.5% (continued)** |
| Westminster Village, Inc. Obligated Group, Revenue, <br>Refunding,<br>Series 2018 A, 5.25%, 05/01/2038 | 2165000 | 2079512 |
| Westminster Village, Inc. Obligated Group, Revenue, <br>Refunding,<br>Series 2018 A, 5.00%, 05/01/2048 | 4040000 | 3426995 |
| Illinois Housing Development Authority,<br>Stonebridge of Gurnee LLC, Revenue,<br>Series A, 5.45%, 01/01/2046 (c) | 1640000 | 1552423 |
| Stonebridge of Gurnee LLC, Revenue,<br>Series A, 5.60%, 01/01/2056 (c) | 1000000 | 935352 |
| Sangamon County School District No. 186 Springfield,<br>GO, BAM Insured,<br>Series 2025, 5.50%, 06/01/2060 | 10000000 | 10563039 |
| GO, BAM Insured,<br>Series 2025, 5.00%, 06/01/2062 | 6075000 | 6118355 |
| Upper Illinois River Valley Development Authority,<br>Northern Kane Educational Corp., Revenue, Refunding,<br>Series 2017 A, 5.25%, 12/01/2047 (c) | 2000000 | 1814438 |
| Village of Bellwood, Tax Allocation,<br>Series 2024, 5.00%, 12/01/2050 | 6750000 | 6388134 |
| Village of Lincolnwood,<br>North Lincoln Redevelopment Project Area, COP,<br>Series 2021 A, 4.82%, 01/01/2041 (c) | 6040000 | 5722678 |
| Village of Lincolnwood Il, North Lincoln Redevelopment <br>Project Area, COP,<br>Series 2025 B, 5.75%, 12/01/2043 (c) | 1200000 | 1185319 |
| Village of Rantoul, Evans Road Redevelopment Area, <br>Tax Allocation, Refunding,<br>Series 2024, 5.25%, 12/01/2033 (c) | 6095000 | 5965883 |
| Village of Romeoville, Lewis University, <br>Revenue, Refunding,<br>Series 2018 B, 4.13%, 10/01/2041 | 4940000 | 4160132 |
| Lewis University, Revenue, Refunding,<br>Series 2018 B, 4.13%, 10/01/2046 | 2525000 | 2051334 |
| Western Illinois Economic Development Authority,<br>Memorial Hospital Association, Revenue, Refunding,<br>Series 2016, 4.00%, 06/01/2036 | 1500000 | 1304550 |
|  |  | **158230146** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Indiana — 1.8%** | **Indiana — 1.8%** | **Indiana — 1.8%** |
| Indiana Finance Authority, <br>Revenue, Series 2025, 5.63%, 07/01/2050 | 2750000 | 2713645 |
| Revenue, Series 2025, 5.25%, 07/01/2055 | 4200000 | 3869452 |
| Revenue, Series 2025, 5.75%, 07/01/2060 | 5550000 | 5462886 |
| BHI Senior Living Obligated Group, Revenue,<br>Series 2018 A, 5.00%, 11/15/2048 | 7000000 | 6598297 |
| BHI Senior Living Obligated Group, Revenue,<br>Series 2018 A, 5.00%, 11/15/2053 | 2765000 | 2551850 |
| Earlham College, Inc., Revenue, Refunding,<br>Series 2013A, 3.75%, 10/01/2037 | 1000000 | 808051 |
| Lutheran University Association, Inc. (The), Revenue,<br>Series 2014, 5.00%, 10/01/2039 | 750000 | 743533 |
| PRG — UINDY Properties LLC, Revenue,<br>Series 2025, 5.25%, 07/01/2045 | 3500000 | 3323359 |
| Retirement Living, Inc., Revenue, Refunding,<br>Series 2015 A, 5.00%, 03/01/2039 | 2770000 | 2651804 |
| Rock Creek Community Academy, Inc., Revenue,<br>Series 2018 A, 5.88%, 07/01/2038 (c) | 1800000 | 1795933 |
| Indiana Housing & Community Development Authority,<br>Revenue, GNMA Insured,<br>Series 2024 C-1, 4.70%, 07/01/2049 (a) | 16030000 | 15843515 |
| Revenue, GNMA Insured,<br>Series 2024 C-1, 4.80%, 07/01/2054 (a) | 3890000 | 3866147 |
| Revenue, Refunding, GNMA Insured,<br>Series 2024 D-1, 4.55%, 07/01/2044 (a) | 11235000 | 11109457 |
| Revenue, Refunding, GNMA Insured,<br>Series 2024 D-1, 4.70%, 07/01/2049 (a) | 15760000 | 15576656 |
| Revenue, Refunding, GNMA Insured,<br>Series 2024 D-1, 4.75%, 07/01/2054 (a) | 28130000 | 27869224 |
| Indianapolis Local Public Improvement Bond Bank,<br>Revenue,<br>Series 2019 A, 3.84%, 02/01/2054 | 4545000 | 3881505 |
| Town of Whiteland, Patch Economic Development Area, <br>Tax Allocation,<br>Series 2022 A, 5.75%, 09/01/2047 (c) | 1125000 | 1039011 |
| Patch Economic Development Area, Tax Allocation,<br>Series 2024 A, 6.13%, 03/01/2049 (c) | 2725000 | 2620741 |
| Town of Whitestown, Whitestown Redevelopment <br>Commission, Tax Allocation,<br>Series 2024, 5.50%, 09/01/2049 (c) | 2170000 | 1979818 |
|  |  | **114304884** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Iowa — 1.0%** | **Iowa — 1.0%** | **Iowa — 1.0%** |
| Crawford County Memorial Hospital, Inc., Revenue,<br>Series 2024, 5.00%, 06/15/2027 | 1515000 | 1526573 |
| Delaware County Memorial Hospital, Revenue,<br>Series 2025, 5.20%, 12/01/2035 (d) | 715000 | 720498 |
| Revenue, Series 2025, 5.60%, 12/01/2038 (d) | 840000 | 844824 |
| Revenue, Series 2025, 5.70%, 12/01/2039 (d) | 890000 | 894806 |
| Iowa Finance Authority,<br>Revenue, GNMA Insured,<br>Series 2025A, 4.75%, 07/01/2055 | 2000000 | 1981634 |
| Lifespace Communities, Inc. Obligated Group, Revenue,<br>Series 2016 A, 5.00%, 05/15/2041 | 6385000 | 6354983 |
| Lifespace Communities, Inc. Obligated Group, Revenue,<br>Series 2016 A, 5.00%, 05/15/2047 | 500000 | 480545 |
| Lifespace Communities, Inc. Obligated Group, Revenue,<br>Series 2018 A, 5.00%, 05/15/2043 | 2160000 | 2111545 |
| Lifespace Communities, Inc. Obligated Group, Revenue,<br>Series 2018 A, 5.00%, 05/15/2048 | 17790000 | 17030431 |
| Lifespace Communities, Inc. Obligated Group, Revenue,<br>Series 2019 A-1, 5.00%, 05/15/2055 | 7065000 | 6543360 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 4.00%, 05/15/2029 | 1000000 | 989633 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 4.00%, 05/15/2053 | 1700000 | 1373689 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.00%, 05/15/2049 | 2400000 | 2269709 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.13%, 05/15/2059 | 4000000 | 3778874 |
| Riserville Holdings, Inc., Revenue, AMT,<br>Series 2021, 5.00%, 12/01/2051 (c) | 3815000 | 2961603 |
| Iowa Higher Education Loan Authority, Revenue,<br>Series 2025, 5.00%, 10/01/2045 | 1470000 | 1367859 |
| Revenue, Series 2025, 6.00%, 10/01/2055 | 8000000 | 8183416 |
| Iowa Student Loan Liquidity Corp., Revenue, AMT,<br>Series 2024 C, 5.00%, 12/01/2054 | 2500000 | 2235907 |
|  |  | **61649889** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |
| City of Colby,<br>Citizens Medical Center, Inc., Revenue,<br>Series 2024, 5.50%, 07/01/2026 | 7000000 | 7008077 |
| City of Hutchinson,<br>Hutchinson Regional Medical Center Obligated <br>Group, Revenue,<br>Series 2016, 5.00%, 12/01/2041 | 550000 | 455962 |
| City of Wichita, Presbyterian Manors Obligated Group, <br>Revenue, Refunding,<br>Series 2019 III, 5.00%, 05/15/2050 | 400000 | 333182 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding,<br>Series 2024 VIII, 5.75%, 05/15/2045 | 1000000 | 969236 |
| Presbyterian Manors Obligated Group, <br>Revenue, Refunding,<br>Series 2024 VIII, 5.88%, 05/15/2050 | 1000000 | 954088 |
| Wyandotte County-Kansas City Unified Government,<br>Tax Allocation, Refunding,<br>Series 2022, 5.75%, 03/01/2041 (c) | 7500000 | 7601661 |
| Sales Tax, Tax Allocation, Refunding,<br>Series 2022, 5.75%, 09/01/2039 (c) | 4500000 | 4575000 |
| Sales Tax, Revenue,<br>Series 2024 A, 5.25%, 03/01/2046 (c) | 10230000 | 9271089 |
|  |  | **31168295** |
| **Kentucky — 1.2%** | **Kentucky — 1.2%** | **Kentucky — 1.2%** |
| City of Campbellsville, Campbellsville University, Inc., <br>Revenue, Refunding,<br>Series 2017, 4.50%, 03/01/2047 | 965000 | 771047 |
| City of Henderson, Pratt Paper LLC, Revenue, AMT,<br>Series 2022 A, 4.70%, 01/01/2052 (c) | 2000000 | 1846362 |
| City of Hopkinsville, Ascend Elements, Inc., <br>Revenue, AMT,<br>Series 2024, 6.00%, 12/01/2031 (e)(f) | 66300000 | 65384185 |
| Louisville/Jefferson County Metropolitan Government,<br>Bellarmine University, Inc., Revenue, Refunding,<br>Series 2015, 5.00%, 05/01/2027 | 500000 | 493576 |
| Bellarmine University, Inc., Revenue, Refunding,<br>Series 2015, 5.00%, 05/01/2031 | 1790000 | 1718295 |
| Bellarmine University, Inc., Revenue, Refunding,<br>Series 2015, 5.00%, 05/01/2040 | 1210000 | 1057972 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Kentucky — 1.2% (continued)** | **Kentucky — 1.2% (continued)** | **Kentucky — 1.2% (continued)** |
| Bellarmine University, Inc., Revenue, Refunding,<br>Series 2017 A, 5.00%, 05/01/2033 | 2270000 | 2146282 |
| Bellarmine University, Inc., Revenue, Refunding,<br>Series 2017 A, 5.00%, 05/01/2036 | 2715000 | 2491636 |
|  |  | **75909355** |
| **Louisiana — 2.0%** | **Louisiana — 2.0%** | **Louisiana — 2.0%** |
| 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 | 248214 |
| Southwest Louisiana Healthcare System Obligated <br>Group, Revenue, Refunding,<br>Series 2019, 5.00%, 12/01/2039 | 8305000 | 7860409 |
| Louisiana Local Government Environmental Facilities & <br>Community Development Authority,<br>Christwood Obligated Group, Revenue, Refunding,<br>Series 2024, 5.25%, 11/15/2053 (c) | 500000 | 465752 |
| Christwood Obligated Group, Revenue, Refunding,<br>Series 2024, 5.25%, 11/15/2059 (c) | 625000 | 571763 |
| Provident Group — ULM Properties LLC, Revenue,<br>Series 2019 A, 5.00%, 07/01/2029 (c) | 975000 | 954438 |
| Provident Group — ULM Properties LLC, Revenue,<br>Series 2019 A, 5.00%, 07/01/2039 (c) | 2900000 | 2596219 |
| Provident Group — ULM Properties LLC, Revenue,<br>Series 2019 A, 5.00%, 07/01/2054 (c) | 8265000 | 6646147 |
| Louisiana Public Facilities Authority,<br>Athlos Academy of Jefferson, Revenue,<br>Series 2024 A, 7.38%, 06/01/2054 (c) | 5000000 | 5233686 |
| Calcasieu Bridge Partners LLC, Revenue, <br>Senior Lien, AMT,<br>Series 2024, 5.50%, 09/01/2059 | 23360000 | 23876088 |
| Calcasieu Bridge Partners LLC, Revenue, <br>Senior Lien, AMT,<br>Series 2024, 5.75%, 09/01/2064 | 12500000 | 12967470 |
| Calcasieu Bridge Partners LLC, Revenue, <br>Senior Lien, AMT,<br>Series 2024, 5.00%, 09/01/2066 | 54425000 | 52425033 |
| Lake Charles College Prep, Revenue,<br>Series 2019 A, 5.00%, 06/01/2049 (c) | 6315000 | 5717331 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Louisiana — 2.0% (continued)** | **Louisiana — 2.0% (continued)** | **Louisiana — 2.0% (continued)** |
| Lake Charles College Prep, Revenue,<br>Series 2019 A, 5.00%, 06/01/2058 (c) | 8760000 | 7725186 |
| Parish of St. James,<br>NuStar Logistics LP, Revenue,<br>Series 2010, 6.35%, 07/01/2040 (c) | 1000000 | 1060961 |
|  |  | **128348697** |
| **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 | 24078 |
| Eastern Maine Healthcare Systems Obligated <br>Group, Revenue,<br>Series 2016 A, 5.00%, 07/01/2046 | 8000000 | 7249779 |
| Maine State Housing Authority, Revenue,<br>Series 2024 D, 4.75%, 11/15/2054 (a) | 8750000 | 8643737 |
| Revenue, Series 2024 F, 4.55%, 11/15/2044 (a) | 5600000 | 5549689 |
| Revenue, Series 2024 F, 4.70%, 11/15/2049 (a) | 9410000 | 9316485 |
| Revenue, Series 2024 F, 4.75%, 11/15/2054 (a) | 8000000 | 7902846 |
|  |  | **38686614** |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| City of Baltimore, Poppleton Development District, <br>Tax Allocation,<br>Series A, 5.38%, 06/01/2036 | 1000000 | 948779 |
| Poppleton Development District, Tax Allocation,<br>Series A, 5.50%, 06/01/2043 | 1450000 | 1342736 |
| County of Frederick, Mount St Mary's University, Inc., <br>Revenue, Refunding,<br>Series 2017 A, 5.00%, 09/01/2045 (c) | 2470000 | 2269642 |
| County of Prince George's, Westphalia Town Center <br>Development District, Tax Allocation,<br>Series 2018, 5.25%, 07/01/2048 (c) | 3000000 | 2969843 |
| Maryland Economic Development Corp.,<br>City of Baltimore, Revenue,<br>Series 2024, 5.00%, 07/01/2039 | 1965000 | 2059321 |
| City of Baltimore, Revenue,<br>Series 2024, 5.00%, 07/01/2044 | 2175000 | 2225722 |
| City of Baltimore, Revenue,<br>Series 2024, 5.00%, 07/01/2056 | 7755000 | 7795900 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Maryland — 0.2% (continued)** | **Maryland — 0.2% (continued)** | **Maryland — 0.2% (continued)** |
| Maryland Health & Higher Educational <br>Facilities Authority, Maryland Institute College of Art, <br>Revenue, Refunding,<br>Series 2024, 5.50%, 06/01/2047 | 1830000 | 1861388 |
|  |  | **21473331** |
| **Massachusetts — 0.6%** | **Massachusetts — 0.6%** | **Massachusetts — 0.6%** |
| Massachusetts Development Finance Agency,<br>Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 5.00%, 07/01/2041 (c) | 1620000 | 1446597 |
| Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 5.00%, 07/01/2051 (c) | 7280000 | 5933067 |
| Ascentria Care Alliance Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 5.00%, 07/01/2056 (c) | 2310000 | 1842842 |
| CHF Merrimack, Inc., Revenue,<br>Series 2024 A, 5.00%, 07/01/2054 (c) | 1200000 | 1155957 |
| CHF Merrimack, Inc., Revenue,<br>Series 2024 A, 5.00%, 07/01/2060 (c) | 1100000 | 1046677 |
| Lasell University, Revenue, Refunding,<br>Series 2021, 4.00%, 07/01/2045 | 1650000 | 1293155 |
| Suffolk University, Revenue,<br>Series 2021, 4.00%, 07/01/2046 | 4620000 | 3736822 |
| Suffolk University, Revenue,<br>Series 2021, 4.00%, 07/01/2051 | 4750000 | 3667454 |
| Massachusetts Educational Financing Authority,<br>Revenue, AMT,<br>Series 2021 C, 3.00%, 07/01/2051 | 1545000 | 996867 |
| Revenue, AMT,<br>Series 2022 C, 4.13%, 07/01/2052 | 1000000 | 793674 |
| Revenue, AMT, Refunding,<br>Series 2024 D, 5.00%, 07/01/2054 | 14855000 | 13745832 |
| Massachusetts Housing Finance Agency, Revenue,<br>Series 2024 B-1, 4.70%, 12/01/2059 | 1000000 | 981779 |
| Revenue, Series 2024 B-1, 4.75%, 12/01/2067 | 1375000 | 1376924 |
|  |  | **38017647** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Michigan — 1.5%** | **Michigan — 1.5%** | **Michigan — 1.5%** |
| Flint Hospital Building Authority,<br>Hurley Medical Center, Revenue,<br>Series 2013 A, 5.25%, 07/01/2039 | 2000000 | 1926311 |
| Hurley Medical Center, Revenue, Refunding,<br>Series 2020, 4.00%, 07/01/2041 | 210000 | 186339 |
| Kalamazoo Economic Development Corp.,<br>Heritage Community of Kalamazoo Obligated Group, <br>Revenue, Refunding,<br>Series 2019, 5.00%, 05/15/2042 | 425000 | 400100 |
| Michigan Finance Authority,<br>Albion College, Revenue, Refunding,<br>Series 2022, 5.00%, 12/01/2032 | 925000 | 676698 |
| Albion College, Revenue, Refunding,<br>Series 2022, 4.00%, 12/01/2034 | 650000 | 460905 |
| Albion College, Revenue, Refunding,<br>Series 2022, 4.00%, 12/01/2041 | 4075000 | 2705897 |
| Albion College, Revenue, Refunding,<br>Series 2022, 4.00%, 12/01/2051 | 1895000 | 1140516 |
| Aquinas College, Revenue, Refunding,<br>Series 2021, 4.00%, 05/01/2031 | 1080000 | 841432 |
| Hanley International Academy, Inc., <br>Revenue, Refunding,<br>Series 2021, 5.00%, 09/01/2040 | 2000000 | 1910782 |
| Huron Academy, Revenue, Refunding,<br>Series 2024, 5.00%, 10/01/2044 | 1375000 | 1295285 |
| Huron Academy, Revenue, Refunding,<br>Series 2024, 5.00%, 10/01/2054 | 2795000 | 2531601 |
| Michigan State Housing Development <br>Authority, Revenue,<br>Series 2021 A, 2.70%, 10/01/2056 | 5010000 | 3180158 |
| Revenue, Series 2024 A, 4.70%, 10/01/2054 | 1485000 | 1457486 |
| Revenue, Series 2024 A, 4.75%, 10/01/2059 | 7100000 | 7030313 |
| Revenue, Series 2024 A, 4.80%, 10/01/2064 | 11800000 | 11557339 |
| Revenue, Series 2024 D, 4.45%, 12/01/2049 (a) | 5000000 | 4833516 |
| Revenue, Series 2024 D, 4.55%, 06/01/2055 (a) | 21360000 | 20686944 |
| Revenue, Series 2025 A, 4.95%, 12/01/2050 | 8915000 | 8975604 |
| Revenue, Series 2025 A, 5.00%, 12/01/2055 | 20540000 | 20800020 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Michigan — 1.5% (continued)** | **Michigan — 1.5% (continued)** | **Michigan — 1.5% (continued)** |
| Michigan Strategic Fund,<br>United Methodist Retirement Communities, Inc. <br>Obligated Group, Revenue, Refunding,<br>Series 2020, 5.00%, 05/15/2044 | 1000000 | 920461 |
| Tipton Academy, Revenue,<br>Series 2021, 4.00%, 06/01/2051 | 965000 | 699345 |
|  |  | **94217052** |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| City of Bethel, Spectrum Building Co., Revenue,<br>Series 2024, 5.00%, 07/01/2059 | 1750000 | 1608862 |
| 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 | 1230375 |
| Second Century Housing & Owatonna Senior <br>Living LLC Obligated Group, Revenue, Refunding,<br>Series 2024 A, 6.13%, 03/01/2049 | 1400000 | 1337916 |
| City of Cologne, Cologne Academy, Revenue,<br>Series 2014 A, 5.00%, 07/01/2045 | 3565000 | 3326682 |
| City of Marshall, Southwest & West Central Service <br>Cooperatives, Revenue,<br>Series 2024 A, 5.13%, 02/01/2041 | 675000 | 661888 |
| Southwest & West Central Service <br>Cooperatives, Revenue,<br>Series 2024 A, 5.38%, 02/01/2045 | 725000 | 708022 |
| City of Shakopee, Benedictine Living Community of <br>Shakopee LLC, Revenue,<br>Series 2018, 5.85%, 11/01/2025 (c)(e)(f) | 5640000 | 5625102 |
| Dakota County Community Development Agency,<br>Sanctuary at West St Paul (The), Revenue,<br>Series 2015, 6.00%, 08/01/2035 | 2700000 | 2083085 |
| Minnesota Higher Education Facilities Authority,<br>Augsburg University, Revenue,<br>Series 2016 A, 5.00%, 05/01/2046 | 1630000 | 1115018 |
|  |  | **17696950** |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| County of Tunica, Revenue, Refunding,<br>Series 2019, 6.00%, 10/01/2040 | 4740000 | 4498841 |
| County of Washington, Delta Regional Medical Center, <br>Revenue, Refunding,<br>Series 2019, 4.25%, 02/01/2036 | 3800000 | 3163462 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Mississippi — 1.0% (continued)** | **Mississippi — 1.0% (continued)** | **Mississippi — 1.0% (continued)** |
| Mississippi Development Bank,<br>City of Jackson, Revenue, Refunding,<br>Series 2013A, 3.25%, 03/01/2036 | 230000 | 170989 |
| Mississippi Home Corp., Revenue, GNMA Insured,<br>Series 2024 E, 4.60%, 12/01/2049 | 7630000 | 7470178 |
| Revenue, GNMA Insured,<br>Series 2024 E, 4.65%, 12/01/2054 | 12775000 | 12498181 |
| Revenue, GNMA Insured,<br>Series 2025 A, 4.80%, 12/01/2045 (a) | 10000000 | 10104524 |
| Revenue, GNMA Insured,<br>Series 2025 A, 4.90%, 12/01/2050 (a) | 15000000 | 15025839 |
| Revenue, GNMA Insured,<br>Series 2025 A, 4.95%, 06/01/2053 | 3500000 | 3553986 |
| Natchez-Adams School District, GO,<br>Series 2020, 1.75%, 03/01/2036 | 510000 | 327237 |
| Revenue, Series 2020, 2.38%, 02/01/2037 | 1145000 | 801160 |
| GO, Series 2020, 1.75%, 03/01/2037 | 520000 | 319078 |
|  |  | **57933475** |
| **Missouri — 1.5%** | **Missouri — 1.5%** | **Missouri — 1.5%** |
| Cape Girardeau County Industrial Development <br>Authority, West Park Mall Redevelopment Area, <br>Tax Allocation,<br>Series 2024, 5.50%, 05/01/2044 (c) | 3570000 | 3257505 |
| West Park Mall Redevelopment Area, Tax Allocation,<br>Series 2024, 5.75%, 05/01/2054 (c) | 10000000 | 8915162 |
| Citizens Memorial Hospital District, Revenue,<br>Series 2024 D, 6.75%, 02/01/2053 | 575000 | 559754 |
| Grindstone Plaza Transportation Development <br>District, Revenue,<br>Series 2006 A, 5.40%, 10/01/2026 | 120000 | 119706 |
| Revenue, Series 2006 A, 5.50%, 10/01/2031 | 2280000 | 2226975 |
| Revenue, Series 2006 A, 5.55%, 10/01/2036 | 1840000 | 1737645 |
| Health & Educational Facilities Authority of the <br>State of Missouri, Lutheran Senior Services Obligated <br>Group, Revenue, Refunding,<br>Series 2019 C, 4.00%, 02/01/2048 | 1000000 | 811366 |
| Industrial Development Authority of the City of <br>St. Louis Missouri (The), Revenue, Refunding,<br>Series 2024 A, 4.88%, 06/15/2034 | 505000 | 494694 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Missouri — 1.5% (continued)** | **Missouri — 1.5% (continued)** | **Missouri — 1.5% (continued)** |
| Revenue, Refunding,<br>Series 2024 A, Class A, 5.75%, 06/15/2054 | 7200000 | 6986569 |
| Kansas City Industrial Development Authority,<br>City of Kansas City Historic Northeast <br>Redevelopment Area, Revenue,<br>Series 2024 A-1, 5.00%, 06/01/2046 (c) | 1875000 | 1756974 |
| City of Kansas City Historic Northeast <br>Redevelopment Area, Revenue,<br>Series 2024 A-1, 5.00%, 06/01/2054 (c) | 3000000 | 2729032 |
| Ward Parkway Center Community Improvement <br>District, Revenue, Refunding,<br>Series 2016 A, 5.00%, 04/01/2036 (c) | 1000000 | 948546 |
| Ward Parkway Center Community Improvement <br>District, Revenue, Refunding,<br>Series 2016 A, 5.00%, 04/01/2046 (c) | 1215000 | 1056777 |
| Lees Summit Industrial Development Authority,<br>John Knox Village Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.25%, 08/15/2044 | 540000 | 537953 |
| John Knox Village Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.63%, 08/15/2054 | 1940000 | 1939008 |
| John Knox Village Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.75%, 08/15/2059 | 1835000 | 1830672 |
| Missouri Housing Development Commission,<br>Revenue, GNMA Insured,<br>Series 2025 C, 4.85%, 11/01/2045 (a) | 13955000 | 14178703 |
| Revenue, GNMA Insured,<br>Series 2025 C, 4.95%, 11/01/2050 (a) | 10955000 | 11066496 |
| Revenue, GNMA Insured,<br>Series 2025 C, 5.00%, 11/01/2055 (a) | 8710000 | 8810255 |
| Rolla Industrial Development Authority,<br>Westside Marketplace Redevelopment <br>Project — RPA 1, Tax Allocation,<br>Series 2017 A, 5.38%, 05/01/2044 | 860000 | 808230 |
| St Louis County Industrial Development Authority,<br>Friendship Village St Louis Obligated Group, Revenue,<br>Series 2013 A, 5.50%, 09/01/2033 | 1000000 | 1000036 |
| Friendship Village St Louis Obligated Group, Revenue,<br>Series 2018 A, 5.25%, 09/01/2053 | 9970000 | 9573871 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Missouri — 1.5% (continued)** | **Missouri — 1.5% (continued)** | **Missouri — 1.5% (continued)** |
| 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 (c) | 1265000 | 1097362 |
| Economic Development Council of St. Charles County <br>Suemandy/Mid-Rivers Sales Tax, Revenue,<br>Series 2016, 5.00%, 10/01/2046 (c) | 3775000 | 3036074 |
|  |  | **85479365** |
| **Montana — 0.0% (b)** | **Montana — 0.0% (b)** | **Montana — 0.0% (b)** |
| Montana Facility Finance Authority,<br>Montana Children's Home and Hospital, Revenue,<br>Series 2020 A, 4.00%, 07/01/2040 | 240000 | 184828 |
| Montana Children's Home and Hospital, Revenue,<br>Series 2020 A, 4.00%, 07/01/2044 | 1360000 | 950288 |
| Montana Children's Home and Hospital, Revenue,<br>Series 2020 A, 4.00%, 07/01/2050 | 1945000 | 1256441 |
|  |  | **2391557** |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| Nebraska Investment Finance Authority,<br>Revenue, GNMA Insured,<br>Series 2024 G, 4.55%, 09/01/2044 (a) | 4470000 | 4421050 |
| Revenue, GNMA Insured,<br>Series 2024 G, 4.70%, 09/01/2051 (a) | 9690000 | 9697716 |
| Revenue, GNMA Insured,<br>Series 2025 A, 4.65%, 09/01/2055 | 9500000 | 9276550 |
|  |  | **23395316** |
| **Nevada — 2.7%** | **Nevada — 2.7%** | **Nevada — 2.7%** |
| City of Las Vegas, Special Improvement <br>District No. 613, Special Assessment,<br>Series 2024, 5.25%, 12/01/2047 | 550000 | 524633 |
| Special Improvement District No. 613, <br>Special Assessment,<br>Series 2024, 5.50%, 12/01/2053 | 600000 | 583137 |
| Special Improvement District No. 818, <br>Special Assessment,<br>Series 2024, 5.00%, 12/01/2054 | 1200000 | 1111130 |
| City of Reno, 2024 Special Assessment District No. 1, <br>Special Assessment,<br>Series 2025, 5.13%, 06/01/2047 (c) | 140000 | 130431 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Nevada — 2.7% (continued)** | **Nevada — 2.7% (continued)** | **Nevada — 2.7% (continued)** |
| 2024 Special Assessment District No. 1, <br>Special Assessment,<br>Series 2025, 5.25%, 06/01/2054 (c) | 1225000 | 1134871 |
| City of Sparks, Special Improvement District No. 1, <br>Special Assessment,<br>Series 2024, 5.13%, 06/01/2054 | 500000 | 464399 |
| Nevada Housing Division, Revenue, Senior Lien, <br>GNMA Insured,<br>Series 2024 E, 4.70%, 10/01/2054 | 1500000 | 1470081 |
| Revenue, Senior Lien, Refunding, GNMA Insured,<br>Series 2025 A, 4.70%, 10/01/2050 | 1500000 | 1504130 |
| Revenue, Senior Lien, Refunding, GNMA Insured,<br>Series 2025 A, 4.75%, 10/01/2055 | 7140000 | 7029470 |
| State of Nevada Department of Business & Industry,<br>Desertxpress Enterprises LLC, Revenue, AMT,<br>Series 2025 A, 9.50%, 01/01/2033 (c)(e)(f) | 166865000 | 160649312 |
|  |  | **174601594** |
| **New Hampshire — 2.7%** | **New Hampshire — 2.7%** | **New Hampshire — 2.7%** |
| New Hampshire Business Finance Authority, Revenue,<br>Series 2024, 5.63%, 02/01/2030 (c) | 5000000 | 4909515 |
| Revenue, Series 2024, 5.13%, 12/15/2030 | 8000000 | 7780523 |
| Revenue, Series 2024, 5.38%, 12/01/2031 (c) | 5000000 | 4871025 |
| Revenue, Series 2024, 5.88%, 12/15/2032 (c) | 13474000 | 12887209 |
| Revenue, Series 2024, 0.00%, 12/01/2034 (c)(g) | 6000000 | 3121680 |
| Revenue, Series 2024, 5.25%, 12/01/2035 (c) | 20800000 | 20509592 |
| Revenue, Series 2024, 5.38%, 12/15/2035 (c) | 36300000 | 35825240 |
| Revenue, Series 2025, 0.00%, 12/01/2031 (c)(g) | 5000000 | 3285568 |
| Revenue, Series 2025, 0.00%, 12/15/2032 (c)(d)(g) | 8571000 | 5214254 |
| Revenue, Series 2025 A, 0.00%, 02/01/2035 (c)(g) | 8000000 | 4321984 |
| Ascentria Care Alliance Obligated Group, Revenue,<br>Series 2021, 5.00%, 07/01/2041 (c) | 3765000 | 3361998 |
| Ascentria Care Alliance Obligated Group, Revenue,<br>Series 2021, 5.00%, 07/01/2051 (c) | 4445000 | 3622594 |
| Ascentria Care Alliance Obligated Group, Revenue,<br>Series 2021, 5.00%, 07/01/2056 (c) | 3910000 | 3119270 |
| Brazoria County Municipal Utility <br>District No. 83, Revenue,<br>Series 2024, 5.30%, 12/01/2032 (c) | 7728000 | 7613100 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Hampshire — 2.7% (continued)** | **New Hampshire — 2.7% (continued)** | **New Hampshire — 2.7% (continued)** |
| Brazoria-Fort Bend County Municipal Utility <br>District No. 3, Revenue,<br>Series 2024, 4.88%, 12/01/2033 (c) | 5600000 | 5443819 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2024 A, 5.50%, 04/01/2043 | 200000 | 200365 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2024 A, 5.38%, 04/01/2049 | 295000 | 285662 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2024 A, 5.50%, 04/01/2054 | 275000 | 268463 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2024 A, 5.63%, 04/01/2059 | 350000 | 347204 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2025 A, 5.63%, 04/01/2045 | 250000 | 251585 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2025 A, 5.75%, 04/01/2050 | 500000 | 503797 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2025 A, 5.75%, 04/01/2055 | 650000 | 653328 |
| Pennichuck Water Works, Inc., Revenue, AMT,<br>Series 2025 A, 5.88%, 04/01/2060 | 600000 | 605897 |
| Reworld Holding Corp., Revenue, Refunding,<br>Series 2018 B, 4.63%, 11/01/2042 (c) | 7995000 | 7126976 |
| Reworld Holding Corp., Revenue, AMT, Refunding,<br>Series 2018 C, 4.88%, 11/01/2042 (c) | 3805000 | 3497084 |
| Reworld Holding Corp., Revenue, Refunding,<br>Series 2020 A, 3.63%, 07/02/2040 (c)(e)(f) | 250000 | 201803 |
| Reworld Holding Corp., Revenue, AMT, Refunding,<br>Series 2020 B, 3.75%, 07/02/2040 (c)(e)(f) | 5600000 | 4596499 |
| Waller County Municipal Utility District No. 38, Revenue,<br>Series 2024, 0.00%, 04/01/2032 (c)(g) | 4983000 | 3160219 |
| 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 | 20154 |
| New Hampshire Health and Education Facilities <br>Authority Act, Catholic Medical Center Obligated <br>Group, Revenue, Pre-Refunded,<br>Series 2017, 5.00%, 07/01/2044 | 40000 | 41581 |
| Rivier University, Revenue, Refunding,<br>Series 2024, 5.00%, 02/01/2049 | 10000000 | 9722808 |
|  |  | **157370796** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Jersey — 0.3%** | **New Jersey — 0.3%** | **New Jersey — 0.3%** |
| Hillsborough Township School District, GO,<br>Series 2020, 2.00%, 07/15/2036 | 285000 | 213656 |
| New Jersey Economic Development Authority, LEAP <br>Academy University Charter School, Inc., Revenue,<br>Series 2014 A, 6.20%, 10/01/2044 (c) | 100000 | 100042 |
| Lutheran Social Ministries at Crane's Mill, Inc., <br>Revenue, Refunding,<br>Series 2018, 5.00%, 01/01/2049 | 2400000 | 2172163 |
| Port Newark Container Terminal LLC, Revenue, <br>AMT, Refunding,<br>Series 2017, 5.00%, 10/01/2047 | 4065000 | 3939496 |
| Teaneck Community Charter School A New Jersey <br>Nonprofit Corp., Revenue, Refunding,<br>Series 2017 A, 5.00%, 09/01/2037 (c) | 1120000 | 1121534 |
| United Airlines, Inc., Revenue, AMT, Refunding,<br>Series 2012, 5.75%, 09/15/2027 | 500000 | 500058 |
| 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 | 51126 |
| Rider University A New Jersey <br>Non-Profit Corp., Revenue,<br>Series 2017 F, 5.00%, 07/01/2036 | 405000 | 339305 |
| Rider University A New Jersey Non-Profit <br>Corp., Revenue,<br>Series 2017 F, 4.00%, 07/01/2042 | 130000 | 88191 |
| Rider University A New Jersey Non-Profit <br>Corp., Revenue,<br>Series 2017 F, 5.00%, 07/01/2047 | 3255000 | 2332508 |
| New Jersey Higher Education Student <br>Assistance Authority, Revenue, AMT,<br>Series 2024 C, 5.25%, 12/01/2054 | 4050000 | 3915710 |
| New Jersey Housing & Mortgage Finance Agency,<br>Forest Hill House Preservation Urban Renewal LLC, <br>Revenue, GNMA Insured,<br>Series 2024 A-1, 5.00%, 01/20/2066 | 500000 | 499654 |
|  |  | **15273443** |
| **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 | 458570 |
| Special Tax,<br>Series 2024, 5.30%, 10/01/2053 | 810000 | 747682 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Mexico — 0.1% (continued)** | **New Mexico — 0.1% (continued)** | **New Mexico — 0.1% (continued)** |
| Lower Petroglyphs Public Improvement District,<br>Special Tax, Refunding,<br>Series 2018, 5.00%, 10/01/2048 | 1150000 | 1058985 |
| New Mexico Hospital Equipment Loan Council,<br>Haverland Carter Lifestyle Obligated Group, Revenue,<br>Series 2019 A, 5.00%, 07/01/2039 | 2000000 | 1912744 |
| Haverland Carter Lifestyle Obligated Group, Revenue,<br>Series 2019A, 5.00%, 07/01/2049 | 1500000 | 1322135 |
| New Mexico Mortgage Finance Authority,<br>Revenue, GNMA Insured,<br>Series 2025 C, 4.95%, 09/01/2045 (d) | 2000000 | 2015440 |
| Revenue, GNMA Insured,<br>Series 2025 C, 5.05%, 09/01/2050 (d) | 2340000 | 2358272 |
| Revenue, GNMA Insured,<br>Series 2025 C, 5.10%, 09/01/2055 (d) | 3000000 | 3022359 |
|  |  | **12896187** |
| **New York — 6.2%** | **New York — 6.2%** | **New York — 6.2%** |
| Allegany County Capital Resource Corp.,<br>Houghton College, Revenue, Refunding,<br>Series 2022 A, 5.00%, 12/01/2037 | 1525000 | 1385640 |
| Houghton College, Revenue, Refunding,<br>Series 2022 A, 5.00%, 12/01/2042 | 1925000 | 1665904 |
| Houghton College, Revenue, Refunding,<br>Series 2022 A, 5.00%, 12/01/2052 | 6185000 | 5010624 |
| Buffalo Sewer Authority, Revenue,<br>Series 2021, 1.75%, 06/15/2049 (e) | 3030000 | 2206428 |
| Build NYC Resource Corp.,<br>Albert Einstein College of Medicine, Inc., Revenue,<br>Series 2015, 5.50%, 09/01/2045 (c) | 1000000 | 1001035 |
| Bay Ridge Preparatory School, Revenue,<br>Series 2024, 5.00%, 09/01/2044 (c) | 725000 | 682180 |
| Bay Ridge Preparatory School, Revenue,<br>Series 2024, 5.00%, 09/01/2049 (c) | 1260000 | 1168263 |
| Bay Ridge Preparatory School, Revenue,<br>Series 2024, 5.00%, 09/01/2059 (c) | 5375000 | 4861929 |
| Shefa School, Revenue,<br>Series 2021 A, 5.00%, 06/15/2051 (c) | 10565000 | 9550782 |
| Hempstead Town Local Development Corp.,<br>Evergreen Charter School, Inc., Revenue,<br>Series 2022 A, 5.25%, 06/15/2052 | 7000000 | 6842433 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 6.2% (continued)** | **New York — 6.2% (continued)** | **New York — 6.2% (continued)** |
| Jefferson County Civic Facility Development Corp.,<br>Samaritan Medical Center Obligated Group, <br>Revenue, Refunding,<br>Series 2017 A, 4.00%, 11/01/2047 | 1260000 | 926490 |
| Monroe County Industrial Development Corp.,<br>Eugenio Maria de Hostos Charter School, Revenue,<br>Series 2024 A, 5.00%, 07/01/2044 (c) | 1000000 | 915977 |
| Eugenio Maria de Hostos Charter School, Revenue,<br>Series 2024 A, 5.00%, 07/01/2054 (c) | 2000000 | 1746054 |
| St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding,<br>Series 2019, 4.00%, 01/01/2030 | 680000 | 648926 |
| St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding,<br>Series 2019, 5.00%, 01/01/2040 | 14850000 | 13796302 |
| St. Ann's of Greater Rochester Obligated Group, <br>Revenue, Refunding,<br>Series 2019, 5.00%, 01/01/2050 | 6515000 | 5468037 |
| New York City Housing Development Corp., Revenue,<br>Series 2025 A-1, 4.80%, 11/01/2055 | 15885000 | 15838403 |
| Revenue, Series 2025 A-1, 4.85%, 11/01/2060 | 2000000 | 2006792 |
| Revenue, Series 2025 B-1, 5.05%, 11/01/2045 | 420000 | 426378 |
| Revenue, Series 2025 B-1, 5.20%, 11/01/2050 | 450000 | 457970 |
| Revenue, Series 2025 B-1, 5.25%, 11/01/2055 | 750000 | 761331 |
| Revenue, Series 2025 B-1, 5.30%, 11/01/2060 | 1235000 | 1254434 |
| Revenue, Series 2025 B-1, 5.35%, 11/01/2064 | 1065000 | 1092268 |
| CSA Preservation Partners LLC, Revenue,<br>Series 2023 A, 4.60%, 08/01/2048 (a) | 5000000 | 4924915 |
| New York Liberty Development Corp.,<br>3 World Trade Center LLC, Revenue, Refunding,<br>Series 2014, Class 2, 5.38%, 11/15/2040 (c) | 2000000 | 2000053 |
| 3 World Trade Center LLC, Revenue, Refunding,<br>Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 2000000 | 2001251 |
| New York State Dormitory Authority, Garnet Health <br>Medical Center Obligated Group, Revenue, Refunding,<br>Series 2017, 5.00%, 12/01/2031 (c) | 1000000 | 991958 |
| Garnet Health Medical Center Obligated Group, <br>Revenue, Refunding,<br>Series 2017, 5.00%, 12/01/2032 (c) | 1100000 | 1085437 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 6.2% (continued)** | **New York — 6.2% (continued)** | **New York — 6.2% (continued)** |
| Garnet Health Medical Center Obligated Group, <br>Revenue, Refunding,<br>Series 2017, 5.00%, 12/01/2037 (c) | 2000000 | 1880130 |
| St. Joseph's College, Revenue,<br>Series 2021, 5.00%, 07/01/2051 | 1750000 | 1467159 |
| New York State Housing Finance Agency, Revenue,<br>Series 2025 A1, 4.60%, 11/01/2045 | 485000 | 481567 |
| Revenue, Series 2025 A1, 4.75%, 11/01/2050 | 900000 | 900021 |
| Revenue, Series 2025 A1, 4.80%, 11/01/2055 | 830000 | 819730 |
| Revenue, Series 2025 A1, 4.90%, 11/01/2068 | 2175000 | 2180363 |
| New York Transportation Development Corp.,<br>JFK Millennium Partners LLC, Revenue, AMT, <br>Refunding, AGMC Insured,<br>Series 2024 A, 4.50%, 12/31/2054 | 5000000 | 4602978 |
| JFK Millennium Partners LLC, Revenue, <br>AMT, Refunding,<br>Series 2024 A, 5.50%, 12/31/2060 | 44330000 | 44999822 |
| JFK Millennium Partners LLC, Revenue, AMT, <br>Refunding, AGMC Insured,<br>Series 2024 B, 0.00%, 12/31/2054 | 16050000 | 9833739 |
| JFK NTO LLC, Revenue, AMT, AGMC Insured,<br>Series 2024, 5.00%, 06/30/2049 | 10000000 | 10027926 |
| JFK NTO LLC, Revenue, AMT,<br>Series 2024, 5.50%, 06/30/2054 | 56040000 | 56856217 |
| JFK NTO LLC, Revenue, AMT,<br>Series 2024, 5.00%, 06/30/2060 | 35105000 | 33662065 |
| JFK NTO LLC, Revenue, AMT, AGMC Insured,<br>Series 2024, 5.25%, 06/30/2060 | 49505000 | 50199545 |
| JFK NTO LLC, Revenue, AMT,<br>Series 2024, 5.50%, 06/30/2060 | 9150000 | 9270987 |
| Niagara Area Development Corp.,<br>Reworld Holding Corp., Revenue, AMT, Refunding,<br>Series 2018 A, 4.75%, 11/01/2042 (c) | 3195000 | 2892282 |
| Oneida Indian Nation of New York, Revenue,<br>Series 2024 B, 6.00%, 09/01/2043 (c) | 5500000 | 5826613 |
| Onondaga Civic Development Corp.,<br>Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.13%, 08/01/2044 | 1250000 | 1090585 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 6.2% (continued)** | **New York — 6.2% (continued)** | **New York — 6.2% (continued)** |
| Crouse Health Hospital, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.38%, 08/01/2054 | 12980000 | 11365792 |
| State of New York Mortgage Agency Homeowner <br>Mortgage, Revenue,<br>Series 264, 4.38%, 10/01/2044 (a) | 1800000 | 1792802 |
| Revenue, Series 264, 4.55%, 10/01/2049 (a) | 2500000 | 2456969 |
| Revenue, Series 264, 4.60%, 10/01/2054 (a) | 3000000 | 2911644 |
| Suffolk Regional Off-Track Betting Co., Revenue,<br>Series 2024, 5.75%, 12/01/2044 | 18000000 | 18301243 |
| Revenue, Series 2024, 6.00%, 12/01/2053 | 21200000 | 21656294 |
| Westchester County Industrial Development Agency,<br>Million Air Two LLC Obligated Group, Revenue, AMT,<br>Series 2017 A, 7.00%, 06/01/2046 (c) | 4000000 | 4166429 |
| Westchester County Local Development Corp.,<br>Bethel Methodist Home (The), Revenue, Refunding,<br>Series 2020 A, 5.00%, 07/01/2040 | 1000000 | 867169 |
| Bethel Methodist Home (The), Revenue, Refunding,<br>Series 2020 A, 5.13%, 07/01/2055 | 5630000 | 4376919 |
| Purchase Senior Learning Community Obligated <br>Group, Revenue, Refunding,<br>Series 2021 A, 5.00%, 07/01/2046 (c) | 3135000 | 2996042 |
| Purchase Senior Learning Community Obligated <br>Group, Revenue, Refunding,<br>Series 2021 A, 4.50%, 07/01/2056 (c) | 4410000 | 3650554 |
| Western Regional Off-Track Betting Corp.,<br>Revenue, Refunding,<br>Series 2021, 4.13%, 12/01/2041 (c) | 1000000 | 869824 |
|  |  | **403121604** |
| **North Carolina — 0.4%** | **North Carolina — 0.4%** | **North Carolina — 0.4%** |
| North Carolina Capital Facilities Finance Agency,<br>Meredith College, Revenue, Refunding,<br>Series 2018, 5.00%, 06/01/2038 | 3095000 | 2875595 |
| North Carolina Medical Care Commission,<br>Carolina Meadows, Inc. Obligated Group, Revenue,<br>Series 2024, 5.25%, 12/01/2049 | 2700000 | 2765561 |
| Carolina Meadows, Inc. Obligated Group, Revenue,<br>Series 2024, 5.25%, 12/01/2054 | 1000000 | 1016451 |
| Penick Village Obligated Group, Revenue,<br>Series 2024 A, 5.50%, 09/01/2044 | 1380000 | 1353676 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **North Carolina — 0.4% (continued)** | **North Carolina — 0.4% (continued)** | **North Carolina — 0.4% (continued)** |
| Penick Village Obligated Group, Revenue,<br>Series 2024 A, 5.50%, 09/01/2054 | 3630000 | 3419448 |
| Presbyterian Home at Charlotte, Inc. (The), <br>Revenue, Refunding,<br>Series 2019 A, 5.00%, 07/01/2049 | 600000 | 554915 |
| North Carolina Turnpike Authority, <br>Revenue, Refunding,<br>Series 2016 A, 5.00%, 07/01/2047 | 4400000 | 4351884 |
|  |  | **16337530** |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** | **North Dakota — 0.4%** |
| City of Horace, GO, Special Assessment, Refunding,<br>Series 2024 A, 5.38%, 05/01/2050 | 800000 | 811311 |
| GO, Special Assessment, Refunding,<br>Series 2024 C, 4.75%, 05/01/2044 | 1100000 | 1056561 |
| GO, Special Assessment, Refunding,<br>Series 2024 C, 5.00%, 05/01/2050 | 1500000 | 1448717 |
| City of Mayville, GO, Special Assessment, Refunding,<br>Series 2024, 5.00%, 05/01/2044 | 2825000 | 2550841 |
| County of Ward, Trinity Health Obligated <br>Group, Revenue,<br>Series 2017 C, 5.00%, 06/01/2038 | 2000000 | 1924031 |
| Trinity Health Obligated Group, Revenue,<br>Series 2017 C, 5.00%, 06/01/2043 | 2800000 | 2650792 |
| North Dakota Housing Finance Agency, Revenue,<br>Series 2024 D, 4.65%, 07/01/2049 (a) | 15000000 | 14810590 |
|  |  | **25252843** |
| **Ohio — 4.8%** | **Ohio — 4.8%** | **Ohio — 4.8%** |
| Buckeye Tobacco Settlement Financing Authority,<br>Revenue, Senior Lien, Refunding,<br>Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (g) | 308700000 | 29444609 |
| City of Brecksville, Valor Acres TIF Area, Tax Allocation,<br>Series 2022, 5.63%, 12/01/2053 (c) | 3880000 | 3563391 |
| City of Norwood, Rockwood Exchange Tax Increment <br>Fund, Tax Allocation, Refunding,<br>Series 2025, 5.00%, 12/01/2041 | 1000000 | 966259 |
| Cleveland-Cuyahoga County Port Authority,<br>Euclid Avenue Development Corp., Revenue, Refunding,<br>Series 2014, 5.00%, 08/01/2039 | 5000000 | 4934031 |
| Playhouse Square Foundation, Revenue, Refunding,<br>Series 2018, 5.50%, 12/01/2043 | 1290000 | 1296903 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 4.8% (continued)** | **Ohio — 4.8% (continued)** | **Ohio — 4.8% (continued)** |
| Columbus Regional Airport Authority, <br>Revenue, AMT, Refunding,<br>Series 2025 A, 5.50%, 01/01/2050 | 10000000 | 10432788 |
| Columbus-Franklin County Finance <br>Authority, Revenue,<br>Series 2019 A-1, 5.00%, 12/01/2051 | 5000000 | 4672620 |
| Central Ohio Regional Bond Fund, Revenue,<br>Series 2024 A, 5.00%, 11/15/2054 | 980000 | 982504 |
| County of Butler, UC Health Obligated Group, <br>Revenue, Refunding,<br>Series 2016, 5.00%, 11/15/2045 | 1000000 | 968766 |
| County of Cuyahoga, Eliza Jennings Obligated Group, <br>Revenue, Refunding,<br>Series 2022 A, 5.00%, 05/15/2032 | 2295000 | 2250412 |
| County of Fairfield, Fairfield Medical Center <br>Obligated Group, Revenue, Refunding,<br>Series 2013, 5.13%, 06/15/2033 | 9615000 | 9311509 |
| Fairfield Medical Center Obligated Group, <br>Revenue, Refunding,<br>Series 2013, 5.00%, 06/15/2043 | 4345000 | 3674064 |
| County of Hamilton, <br>UC Health Obligated Group, Revenue,<br>Series 2020, 4.00%, 09/15/2050 | 3175000 | 2540661 |
| UC Health Obligated Group, Revenue,<br>Series 2020, 5.00%, 09/15/2050 | 7000000 | 6694911 |
| County of Hardin, Ohio Northern University, <br>Revenue, Refunding,<br>Series 2020, 4.00%, 05/01/2026 | 195000 | 191915 |
| Ohio Northern University, Revenue, Refunding,<br>Series 2020, 5.00%, 05/01/2030 | 1000000 | 972231 |
| Ohio Northern University, Revenue, Refunding,<br>Series 2020, 5.25%, 05/01/2040 | 2425000 | 2213687 |
| Ohio Northern University, Revenue, Refunding,<br>Series 2020, 5.50%, 05/01/2050 | 4000000 | 3538706 |
| County of Lucas, Promedica Healthcare Obligated <br>Group, Revenue,<br>Series 2015 B, 4.00%, 11/15/2045 | 2075000 | 1701366 |
| Promedica Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2018 A, 5.25%, 11/15/2048 | 16790000 | 16414523 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 4.8% (continued)** | **Ohio — 4.8% (continued)** | **Ohio — 4.8% (continued)** |
| County of Muskingum, Genesis Healthcare System <br>Obligated Group, Revenue,<br>Series 2013, 5.00%, 02/15/2044 | 2115000 | 2019443 |
| Genesis Healthcare System Obligated Group, Revenue,<br>Series 2013, 5.00%, 02/15/2048 | 4000000 | 3766841 |
| County of Washington, Marietta Area Health Care, Inc. <br>Obligated Group, Revenue, Refunding,<br>Series 2022, 6.63%, 12/01/2042 | 100000 | 106936 |
| Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2022, 6.75%, 12/01/2052 | 11700000 | 12516273 |
| Dayton-Montgomery County Port Authority,<br>Dayton Regional STEM Schools, Inc., Revenue,<br>Series 2024, 5.00%, 12/01/2054 | 1000000 | 960585 |
| Dayton Regional STEM Schools, Inc., Revenue,<br>Series 2024, 5.00%, 12/01/2060 | 1000000 | 949963 |
| Delaware County Finance Authority,<br>Common Bond Fund, Revenue,<br>Series 2024 B, 5.38%, 12/01/2038 | 3675000 | 3525849 |
| Jefferson County Port Authority,<br>JSW Steel USA Ohio, Inc., Revenue, AMT,<br>Series 2021, 3.50%, 12/01/2051 (c) | 3000000 | 2201613 |
| Ohio Higher Educational Facility Commission,<br>Ashtabula County Medical Center Obligated <br>Group, Revenue,<br>Series 2022, 5.25%, 01/01/2052 | 250000 | 250303 |
| Ohio Housing Finance Agency, Revenue, <br>GNMA Insured,<br>Series 2024 C, 4.50%, 09/01/2044 (a) | 28855000 | 28356126 |
| Revenue, GNMA Insured,<br>Series 2024 C, 4.65%, 09/01/2049 (a) | 12110000 | 11961311 |
| Revenue, GNMA Insured,<br>Series 2024 C, 4.70%, 09/01/2054 (a) | 15995000 | 15824664 |
| Revenue, Refunding, GNMA Insured,<br>Series 2025 A, 4.55%, 09/01/2045 (a) | 11000000 | 10920932 |
| Revenue, Refunding, GNMA Insured,<br>Series 2025 A, 4.65%, 09/01/2050 (a) | 26900000 | 26468621 |
| Revenue, GNMA Insured,<br>Series 2025 A, 4.70%, 09/01/2055 (a) | 23205000 | 22953407 |
| Havens Edge Apartments LLC, Revenue,<br>Series 2025 A, 5.70%, 08/01/2043 (c) | 3500000 | 3565178 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 4.8% (continued)** | **Ohio — 4.8% (continued)** | **Ohio — 4.8% (continued)** |
| Mansfield AAL LP, Revenue,<br>Series 2024, 6.00%, 01/01/2045 (c) | 4480000 | 4285765 |
| Port of Greater Cincinnati Development Authority,<br>RBM Phase 3 Garage Project, Tax Allocation,<br>Series 2024, 5.13%, 12/01/2055 | 3250000 | 2996519 |
| Southeastern Ohio Port Authority,<br>Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2015, 5.00%, 12/01/2035 | 1750000 | 1616168 |
| Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2015, 5.00%, 12/01/2043 | 6695000 | 5744630 |
| Marietta Area Health Care, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2015, 5.50%, 12/01/2043 | 6525000 | 5952857 |
| State of Ohio,<br>University Hospitals Health System, Inc. <br>Obligated Group, Revenue, Refunding,<br>Series 2015 A, 3.85%, 05/08/2025 (f)(h) | 11750000 | 11750000 |
| University Hospitals Health System, Inc. <br>Obligated Group, Revenue, Refunding,<br>Series 2021 C, 3.80%, 05/01/2025 (f)(h) | 2560000 | 2560000 |
| Summit County Development Finance Authority,<br>UAkronPark, Inc., Revenue,<br>Series 2023, 5.63%, 12/01/2048 | 800000 | 830477 |
| UAkronPark, Inc., Revenue,<br>Series 2023, 5.75%, 12/01/2053 | 1400000 | 1452050 |
| UAkronPark, Inc., Revenue,<br>Series 2023, 6.00%, 12/01/2058 | 3000000 | 3162027 |
| Toledo-Lucas County Port Authority,<br>Northwest Ohio Bond Fund, Revenue,<br>Series 2024 C, 5.00%, 11/15/2054 | 1155000 | 1155064 |
| ParkUToledo, Inc., Revenue,<br>Series 2021, 4.00%, 01/01/2046 | 1000000 | 820982 |
| Warren County Port Authority,<br>Ohio Communities Accelerator Fund, Revenue,<br>Series 2024 A, 6.70%, 12/01/2056 | 605000 | 641259 |
|  |  | **296081699** |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |
| City of Oklahoma City, GO,<br>Series 2025, 4.13%, 03/01/2041 (d) | 8420000 | 8193285 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Oklahoma — 0.9% (continued)** | **Oklahoma — 0.9% (continued)** | **Oklahoma — 0.9% (continued)** |
| GO, Series 2025, 4.13%, 03/01/2042 (d) | 7920000 | 7639370 |
| Commerce Development Authority,<br>City of Commerce, Revenue,<br>Series 2025, 5.75%, 01/01/2045 | 370000 | 359033 |
| City of Commerce, Revenue,<br>Series 2025, 6.00%, 01/01/2055 | 1720000 | 1669125 |
| Norman Regional Hospital Authority,<br>Obligated Group, Revenue, Refunding,<br>Series 2016, 4.00%, 09/01/2037 | 740000 | 593970 |
| Obligated Group, Revenue,<br>Series 2019, 3.25%, 09/01/2039 | 195000 | 139896 |
| Obligated Group, Revenue,<br>Series 2019, 4.00%, 09/01/2045 | 630000 | 465692 |
| Oklahoma County Finance Authority,<br>Aerospace Science and Technology Education <br>Center, Inc., Revenue,<br>Series 2024, 6.00%, 06/15/2044 (c) | 1800000 | 1747076 |
| Aerospace Science and Technology Education <br>Center, Inc., Revenue,<br>Series 2024, 6.25%, 06/15/2054 (c) | 3200000 | 3104581 |
| Aerospace Science and Technology Education <br>Center, Inc., Revenue,<br>Series 2024, 6.50%, 06/15/2064 (c) | 11650000 | 11523022 |
| Oklahoma Housing Finance Agency,<br>Revenue, GNMA Insured,<br>Series 2025 B, 4.65%, 09/01/2040 (d) | 6000000 | 6005940 |
| Revenue, GNMA Insured,<br>Series 2025 B, 4.88%, 09/01/2045 (d) | 3500000 | 3504375 |
| Revenue, GNMA Insured,<br>Series 2025 B, 5.00%, 03/01/2049 (d) | 1410000 | 1411354 |
| Tulsa Airports Improvement Trust,<br>American Airlines, Inc., Revenue, AMT, Refunding,<br>Series 2001 B, 5.50%, 12/01/2035 | 3705000 | 3708354 |
| Tulsa Authority for Economic Opportunity,<br>Increment District No. 8, Tax Allocation,<br>Series 2021, 4.38%, 12/01/2041 (c) | 1980000 | 1730200 |
| Wagoner County Development Authority, Revenue,<br>Series 2025, 6.50%, 05/01/2035 (d) | 2265000 | 2261670 |
|  |  | **54056943** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Oregon — 1.2%** | **Oregon — 1.2%** | **Oregon — 1.2%** |
| Oregon State Facilities Authority,<br>Portland Village School, Revenue,<br>Series 2024 A, 6.75%, 12/15/2054 (c) | 4000000 | 3760222 |
| Southern Oregon Goodwill Industries, Revenue,<br>Series 2025A, 5.50%, 12/01/2054 | 2250000 | 2163565 |
| Willamette University, Revenue, Refunding,<br>Series 2016 B, 3.00%, 10/01/2045 | 110000 | 74700 |
| Polk County Hospital Facility Authority,<br>Dallas Mennonite Retirement Community Obligated <br>Group, Revenue,<br>Series 2020 A, 5.13%, 07/01/2055 | 1000000 | 891913 |
| Port of Morrow, GO,<br>Series 2024 A, 5.15%, 10/01/2026 (c) | 35140000 | 35189758 |
| Port of Portland, Airport, Revenue, AMT,<br>Series 28, 5.00%, 07/01/2052 (a) | 23305000 | 23172280 |
| Yamhill County Hospital Authority, Friendsview <br>Manor Obligated Group, Revenue, Refunding,<br>Series 2016 A, 5.00%, 11/15/2046 | 1300000 | 1104307 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding,<br>Series 2016 A, 5.00%, 11/15/2051 | 1005000 | 823100 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 5.00%, 11/15/2046 | 3040000 | 2582379 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 5.00%, 11/15/2051 | 1100000 | 900906 |
| Friendsview Manor Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 5.00%, 11/15/2056 | 1940000 | 1555018 |
|  |  | **72218148** |
| **Pennsylvania — 4.6%** | **Pennsylvania — 4.6%** | **Pennsylvania — 4.6%** |
| Allentown Commercial and Industrial <br>Development Authority, Lincoln Leadership Academy <br>Charter School, Revenue,<br>Series 2023, 6.00%, 06/15/2053 | 1900000 | 1952191 |
| Allentown Neighborhood Improvement Zone <br>Development Authority, Total Waterfront, Revenue,<br>Series 2024 A, 5.25%, 05/01/2042 (c) | 1725000 | 1662799 |
| Total Waterfront, Revenue,<br>Series 2024 B, 6.00%, 05/01/2042 (c) | 12750000 | 12837034 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** |
| Berks County Industrial Development Authority,<br>Revenue, Refunding,<br>Series 2024 D, 8.00%, 04/01/2029 (c)(e)(f) | 3440000 | 2911594 |
| Revenue, Senior Lien, Refunding,<br>Series 2024C, 5.00%, 04/01/2029 (c)(e)(f) | 2817000 | 2488405 |
| Berks County Municipal Authority (The), Tower Health <br>Obligated Group, Revenue,<br>Series 2024 A-3, 5.00%, 06/30/2039 | 53926000 | 49846175 |
| Tower Health Obligated Group, Revenue,<br>Series 2024 B-1, 0.00%, 06/30/2044 | 33687000 | 24184261 |
| Bucks County Industrial Development Authority,<br>Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2027 | 275000 | 280331 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2028 | 525000 | 539206 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2029 | 550000 | 568488 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2032 | 1000000 | 1040724 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2033 | 1150000 | 1192088 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2034 | 1355000 | 1399877 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2035 | 1100000 | 1131887 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2036 | 1250000 | 1281164 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2037 | 2650000 | 2705809 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2038 | 1725000 | 1753648 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2039 | 2940000 | 2978466 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2040 | 3000000 | 3026729 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 4.00%, 07/01/2046 | 9920000 | 8265380 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 4.00%, 07/01/2051 | 5480000 | 4391291 |
| Grand View Hospital/Sellersville Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2054 | 9120000 | 8534188 |
| Grand View Hospital/Sellersville PA Obligated <br>Group, Revenue,<br>Series 2021, 5.00%, 07/01/2041 | 1225000 | 1229426 |
| Butler County Hospital Authority, Revenue, Refunding,<br>Series 2015 A, 5.00%, 07/01/2035 | 4430000 | 4247153 |
| Revenue, Refunding,<br>Series 2015 A, 5.00%, 07/01/2039 | 3710000 | 3355660 |
| DuBois Hospital Authority,<br>Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2018, 4.00%, 07/15/2043 | 295000 | 243617 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2018, 5.00%, 07/15/2043 | 3785000 | 3450385 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2018, 4.00%, 07/15/2048 | 50000 | 38736 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2018, 5.00%, 07/15/2048 | 120000 | 106797 |
| Penn Highlands Healthcare Obligated Group, Revenue,<br>Series 2020, 4.00%, 07/15/2045 | 335000 | 269189 |
| Penn Highlands Healthcare Obligated Group, Revenue,<br>Series 2020, 4.00%, 07/15/2050 | 2005000 | 1542608 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 5.00%, 07/15/2037 | 100000 | 96124 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 3.00%, 07/15/2046 | 150000 | 99989 |
| Penn Highlands Healthcare Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 4.00%, 07/15/2051 | 2000000 | 1521651 |
| Huntingdon County General Authority,<br>Juniata College, Revenue, Refunding,<br>Series 2021 TT-3, 5.00%, 10/01/2051 | 2000000 | 1811619 |
| Lancaster Municipal Authority, Garden Spot Village <br>Obligated Group, Revenue,<br>Series 2024 B, 5.00%, 05/01/2059 | 2660000 | 2573418 |
| Luthercare Obligated Group, Revenue, Refunding,<br>Series 2025A, 5.00%, 12/01/2055 | 1370000 | 1301066 |
| Lehigh County General Purpose Authority,<br>Muhlenberg College, Revenue, Refunding,<br>Series 2024, 5.25%, 02/01/2054 | 1600000 | 1621904 |
| Lehigh County Industrial Development Authority,<br>Seven Generations Charter School, Revenue,<br>Series 2021 A, 4.00%, 05/01/2041 | 1775000 | 1488958 |
| Northeastern Pennsylvania Hospital and <br>Education Authority, King's College, Revenue,<br>Series 2019, 3.25%, 05/01/2035 | 150000 | 127840 |
| King's College, Revenue,<br>Series 2019, 3.38%, 05/01/2037 | 340000 | 283609 |
| King's College, Revenue,<br>Series 2019, 5.00%, 05/01/2044 | 820000 | 761341 |
| King's College, Revenue,<br>Series 2019, 5.00%, 05/01/2049 | 2265000 | 2038809 |
| Pennsylvania Economic Development <br>Financing Authority, Commonwealth of Pennsylvania <br>Department of Transportation, Revenue, AMT,<br>Series 2022, 5.25%, 06/30/2053 | 2000000 | 1980253 |
| Core Natural Resources, Inc., Revenue, <br>AMT, Refunding,<br>Series 2025, 5.45%, 03/27/2035 (c)(e)(f) | 5500000 | 5446720 |
| Reworld Holding Corp., Revenue, AMT,<br>Series 2019 A, 3.25%, 08/01/2039 (c) | 3000000 | 2366697 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** | **Pennsylvania — 4.6% (continued)** |
| Pennsylvania Higher Education Assistance Agency,<br>Revenue, AMT,<br>Series 2020 B, 3.00%, 06/01/2047 | 835000 | 569427 |
| Pennsylvania Higher Educational Facilities Authority,<br>Foundation for Indiana University of Pennsylvania <br>Phase II Student Housing, Revenue, AGMC Insured,<br>Series 2007 A, (3-month SOFR + 0.65%), <br>3.70%, 07/01/2039 (e) | 500000 | 456441 |
| Widener University, Revenue, Refunding,<br>Series 2014, 5.00%, 07/15/2038 | 1810000 | 1739134 |
| Pennsylvania Housing Finance Agency, Revenue,<br>Series 2023 143A, 5.38%, 10/01/2046 (a) | 15440000 | 15968140 |
| Revenue, Series 2023-143 A, 5.45%, 04/01/2051 (a) | 19280000 | 19899469 |
| Revenue, Series 2024 -147A, 4.70%, 10/01/2049 | 7500000 | 7425925 |
| Revenue, Series 2025 148 A, 4.75%, 10/01/2050 | 30020000 | 29731952 |
| Revenue, Series 2025 148 A, 4.80%, 10/01/2055 | 36000000 | 35898055 |
| Philadelphia Authority for Industrial Development,<br>Frankford Valley Foundation for Literacy, <br>Revenue, Refunding,<br>Series 2024, 5.00%, 06/15/2043 (c) | 1475000 | 1423681 |
| Philadelphia Performing Arts Charter School, <br>Revenue, Refunding,<br>Series 2020, 5.00%, 06/15/2050 (c) | 3700000 | 3414207 |
| Scranton-Lackawanna Health and Welfare Authority,<br>Marywood University, Revenue, Refunding,<br>Series 2016, 5.00%, 06/01/2036 | 400000 | 362728 |
| St. Mary Hospital Authority, Trinity Health Corp. <br>Obligated Group, Revenue,<br>Series 2007 F, (3-month SOFR + 0.83%), <br>3.90%, 11/15/2034 (e) | 1965000 | 1909376 |
| Westmoreland County Industrial Development <br>Authority, Redstone Presbyterian Seniorcare <br>Obligated Group, Revenue, Refunding,<br>Series 2021, 4.00%, 05/15/2041 | 7980000 | 6440687 |
| Redstone Presbyterian Seniorcare Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 4.00%, 05/15/2047 | 6230000 | 4612178 |
|  |  | **302826704** |
| **Puerto Rico — 0.4%** | **Puerto Rico — 0.4%** | **Puerto Rico — 0.4%** |
| Children's Trust Fund, Revenue,<br>Series 2002, 5.63%, 05/15/2043 | 295000 | 298659 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Puerto Rico — 0.4% (continued)** | **Puerto Rico — 0.4% (continued)** | **Puerto Rico — 0.4% (continued)** |
| Puerto Rico Industrial Tourist Educational Medical & <br>Environmental Control Facilities Financing Authority,<br>San Juan Cruise Port LLC, Revenue, AMT,<br>Series 2023 A-1, 6.75%, 01/01/2045 | 8000000 | 8942963 |
| San Juan Cruise Port LLC, Revenue, AMT,<br>Series 2023 A-2, 6.75%, 01/01/2045 | 6750000 | 7545626 |
| San Juan Cruise Port LLC, Revenue, AMT,<br>Series 2023 A-3, 6.25%, 01/01/2040 | 2000000 | 2213885 |
| San Juan Cruise Port LLC, Revenue, AMT,<br>Series 2023 A-3, 6.50%, 01/01/2041 | 5500000 | 6116622 |
| San Juan Cruise Port LLC, Revenue, AMT,<br>Series 2023 A-3, 6.50%, 01/01/2042 | 1765000 | 1964394 |
|  |  | **27082149** |
| **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 | 891166 |
| Revenue, FHA Insured,<br>Series 2024 1-C, 4.80%, 04/01/2066 | 1935000 | 1940185 |
| Revenue, GNMA Insured,<br>Series 83-A, 4.90%, 10/01/2054 (a) | 16760000 | 16851859 |
| Revenue, Refunding, GNMA Insured,<br>Series 85-A, 4.65%, 10/01/2050 (a) | 9250000 | 9091824 |
| Tobacco Settlement Financing Corp., Revenue,<br>Series 2007 A, 0.00%, 06/01/2052 (g) | 160000000 | 28820800 |
|  |  | **57595834** |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| South Dakota Housing Development Authority,<br>Revenue, Refunding, GNMA Insured,<br>Series 2024 C, 4.70%, 11/01/2049 | 3500000 | 3465351 |
| **Tennessee — 0.4%** | **Tennessee — 0.4%** | **Tennessee — 0.4%** |
| Metropolitan Government Nashville & Davidson County <br>Health & Educational Facilities Board, Vanderbilt <br>University Medical Center Obligated Group, Revenue,<br>Series 2016 A, 5.00%, 07/01/2040 | 2770000 | 2773509 |
| 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 (c)(g) | 1800000 | 688247 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Tennessee — 0.4% (continued)** | **Tennessee — 0.4% (continued)** | **Tennessee — 0.4% (continued)** |
| Shelby County Health & Educational Facilities Board,<br>Madrone Memphis Student Housing I LLC, Revenue,<br>Series 2024 A-1, 5.25%, 06/01/2056 (c) | 2000000 | 1918594 |
| 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 (c) | 1980000 | 1705825 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding,<br>Series 2013 A, 5.50%, 09/01/2047 (c) | 7340000 | 6217269 |
| Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding,<br>Series 2016 A, 4.25%, 09/01/2037 (c) | 795000 | 628159 |
| Tennessee Housing Development Agency,<br>Revenue, Refunding, GNMA Insured,<br>Series 2025-1A, 4.90%, 07/01/2045 (d) | 3000000 | 3010350 |
| Revenue, Refunding, GNMA Insured,<br>Series 2025-1A, 5.00%, 07/01/2050 (d) | 3750000 | 3763088 |
| Revenue, Refunding, GNMA Insured,<br>Series 2025-1A, 5.05%, 07/01/2055 (d) | 2250000 | 2259157 |
|  |  | **22964198** |
| **Texas — 6.8%** | **Texas — 6.8%** | **Texas — 6.8%** |
| Arlington Higher Education Finance Corp.,<br>BASIS Texas Charter Schools, Inc., Revenue,<br>Series 2024, 4.75%, 06/15/2049 (c) | 1785000 | 1638484 |
| BASIS Texas Charter Schools, Inc., Revenue,<br>Series 2024, 4.88%, 06/15/2054 (c) | 1050000 | 963984 |
| BASIS Texas Charter Schools, Inc., Revenue,<br>Series 2024, 4.88%, 06/15/2059 (c) | 1000000 | 905965 |
| BASIS Texas Charter Schools, Inc., Revenue,<br>Series 2024, 5.00%, 06/15/2064 (c) | 2400000 | 2194496 |
| Brooks Collegiate Academy / Brooks Lone Star <br>Academy, Revenue,<br>Series 2021 A, 5.00%, 06/15/2041 | 3000000 | 2726139 |
| Brooks Collegiate Academy / Brooks Lone <br>Star Academy, Revenue,<br>Series 2021 A, 5.00%, 06/15/2051 | 10430000 | 8930621 |
| Cypress Christian School, Inc., Revenue,<br>Series 2024, 5.75%, 06/01/2043 (c) | 1500000 | 1509678 |
| Cypress Christian School, Inc., Revenue,<br>Series 2024, 6.25%, 06/01/2063 (c) | 1200000 | 1209514 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| City of Anna, Meadow Vista Public Improvement <br>District Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.50%, 09/15/2044 (c) | 850000 | 816312 |
| Meadow Vista Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.75%, 09/15/2054 (c) | 1200000 | 1118463 |
| Sherley Tract Public Improvement District No. 2 <br>Improvement Area No. 1, Special Assessment,<br>Series 2021, 4.00%, 09/15/2041 (c) | 1867000 | 1548282 |
| Sherley Tract Public Improvement District No. 2 <br>Improvement Area No. 1, Special Assessment,<br>Series 2021, 4.25%, 09/15/2051 (c) | 1407000 | 1101877 |
| City of Aubrey, Duck Point Public Improvement <br>District, Special Assessment,<br>Series 2025, 5.38%, 12/31/2045 (c) | 1250000 | 1161157 |
| Duck Point Public Improvement District, <br>Special Assessment,<br>Series 2025, 5.63%, 12/31/2055 (c) | 2260000 | 2086998 |
| City of Austin, Whisper Valley Public Improvement <br>District Improvement Area No. 3, Special Assessment,<br>Series 2024, 5.00%, 11/01/2044 (c) | 560000 | 521089 |
| Whisper Valley Public Improvement District <br>Improvement Area No. 3, Special Assessment,<br>Series 2024, 5.25%, 11/01/2053 (c) | 1460000 | 1346935 |
| City of Bastrop, Valverde Public Improvement <br>District Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.38%, 09/01/2045 (c) | 600000 | 576627 |
| Valverde Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2025, 5.63%, 09/01/2055 (c) | 1000000 | 960718 |
| City of Buda, Persimmon Public Improvement <br>District Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.88%, 09/01/2045 (c) | 1500000 | 1423980 |
| Persimmon Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2025, 6.00%, 09/01/2055 (c) | 3000000 | 2800497 |
| Persimmon Public Improvement District Major <br>Improvement Area, Special Assessment,<br>Series 2025, 6.75%, 09/01/2055 (c) | 3000000 | 2815103 |
| City of Celina, Special Assessment,<br>Series 2024, 5.50%, 09/01/2044 (c) | 475000 | 460032 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Special Assessment,<br>Series 2024, 5.75%, 09/01/2054 (c) | 1350000 | 1295053 |
| Celina Hills Public Improvement District, <br>Special Assessment,<br>Series 2022, 4.88%, 09/01/2042 (c) | 1084000 | 998910 |
| Lakes at Mustang Ranch Public Improvement District <br>Phases 8-9, Special Assessment,<br>Series 2025, 5.50%, 09/01/2045 (c) | 445000 | 427585 |
| Lakes at Mustang Ranch Public Improvement District <br>Phases 8-9, Special Assessment,<br>Series 2025, 5.63%, 09/01/2055 (c) | 750000 | 704483 |
| Mosaic Public Improvement District Area No. 2, <br>Special Assessment,<br>Series 2024, 5.13%, 09/01/2044 (c) | 1750000 | 1619009 |
| Mosaic Public Improvement District Area No. 2, <br>Special Assessment,<br>Series 2024, 5.50%, 09/01/2054 (c) | 2500000 | 2312909 |
| Mosaic Public Improvement District Phase No. 1B, <br>Special Assessment,<br>Series 2024, 5.13%, 09/01/2044 (c) | 360000 | 333053 |
| Mosaic Public Improvement District Phase No. 1B, <br>Special Assessment,<br>Series 2024, 5.38%, 09/01/2053 (c) | 500000 | 455252 |
| North Sky Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 | 600000 | 546421 |
| North Sky Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.25%, 09/01/2052 | 535000 | 479536 |
| Sutton Fields East Public Improvement District <br>Phase No. 1, Special Assessment,<br>Series 2022, 4.00%, 09/01/2043 (c) | 2059000 | 1639595 |
| Sutton Fields East Public Improvement District <br>Phase No. 2, Special Assessment,<br>Series 2025, 5.38%, 09/01/2045 (c) | 500000 | 473046 |
| Sutton Fields East Public Improvement District <br>Phase No. 2, Special Assessment,<br>Series 2025, 5.63%, 09/01/2055 (c) | 875000 | 821897 |
| Sutton Fields II Public Improvement District <br>Neighborhood Improvement Area No. 5, <br>Special Assessment,<br>Series 2022, 4.00%, 09/01/2051 (c) | 1000000 | 744645 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| 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 | 1095013 |
| Whitecap Public Improvement District No. 1 <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 6.50%, 09/15/2054 | 2000000 | 1902596 |
| City of Crandall, River Ridge Public Improvement <br>District Improvement Area No. 2, Special Assessment,<br>Series 2025, 5.25%, 09/15/2045 (c) | 700000 | 657261 |
| River Ridge Public Improvement District Improvement <br>Area No. 2, Special Assessment,<br>Series 2025, 5.50%, 09/15/2055 (c) | 1400000 | 1314801 |
| 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 (c) | 610000 | 583333 |
| Westpointe Villages Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Senior Lien,<br>Series 2024 A, 5.75%, 09/01/2054 (c) | 900000 | 836639 |
| Westpointe Villages Public Improvement District <br>Improvement Area No. 2, Special Assessment, <br>Junior Lien,<br>Series 2024 B, 6.25%, 09/01/2054 (c) | 1250000 | 1169364 |
| City of Decatur, Paloma Trails Public Improvement <br>District Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.50%, 09/15/2045 (c) | 700000 | 659693 |
| Paloma Trails Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.75%, 09/15/2055 (c) | 1400000 | 1315232 |
| Paloma Trails Public Improvement District Major <br>Improvement Area, Special Assessment,<br>Series 2025, 5.38%, 09/15/2035 (c) | 170000 | 164279 |
| Paloma Trails Public Improvement District Major <br>Improvement Area, Special Assessment,<br>Series 2025, 6.38%, 09/15/2055 (c) | 865000 | 813294 |
| City of Dorchester, Cottonwood Public Improvement <br>District Major Improvement Area, Special Assessment,<br>Series 2024, 7.00%, 09/15/2044 (c) | 1331000 | 1262922 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Cottonwood Public Improvement District Major <br>Improvement Area, Special Assessment,<br>Series 2024, 7.25%, 09/15/2054 (c) | 1459000 | 1367152 |
| Cottonwood Public Improvement District Major <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 6.00%, 09/15/2044 (c) | 1050000 | 972536 |
| Cottonwood Public Improvement District Major <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 6.25%, 09/15/2054 (c) | 1500000 | 1365993 |
| City of Dripping Springs, Heritage Public Improvement <br>District Improvement Area No. 2, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 (c) | 645000 | 591622 |
| Heritage Public Improvement District Improvement <br>Area No. 2, Special Assessment,<br>Series 2024, 5.25%, 09/01/2054 (c) | 840000 | 763400 |
| City of Fate, Monterra Public Improvement District <br>Improvement Area No. 2, Special Assessment,<br>Series 2024, 5.38%, 08/15/2044 (c) | 900000 | 850880 |
| Monterra Public Improvement District Improvement <br>Area No. 2, Special Assessment,<br>Series 2024, 5.75%, 08/15/2054 (c) | 1350000 | 1267064 |
| City of Friendswood, Public Improvement District, <br>Special Assessment,<br>Series 2024, 7.00%, 09/15/2054 | 7250000 | 6955580 |
| City of Huntsville, Reserves of Huntsville Public <br>Improvement District (The), Special Assessment,<br>Series 2024, 5.38%, 09/15/2044 (c) | 775000 | 750590 |
| Reserves of Huntsville Public Improvement <br>District (The), Special Assessment,<br>Series 2024, 5.63%, 09/15/2054 (c) | 740000 | 697199 |
| City of Hutto, Cottonwood Creek Public Improvement <br>District Improvement Area No. 2, Special Assessment,<br>Series 2025, 5.13%, 09/01/2045 (c) | 705000 | 651379 |
| Cottonwood Creek Public Improvement District <br>Improvement Area No. 2, Special Assessment,<br>Series 2025, 5.38%, 09/01/2055 (c) | 825000 | 764736 |
| Prairie Winds Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.13%, 09/01/2045 (c) | 385000 | 356754 |
| Prairie Winds Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.38%, 09/01/2060 (c) | 1165000 | 1073844 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| City of Justin, Timberbrook Public Improvement <br>District No. 2 Area No. 1, Special Assessment,<br>Series 2024, 5.50%, 09/01/2044 (c) | 580000 | 561723 |
| Timberbrook Public Improvement District No. 2 <br>Area No. 1, Special Assessment,<br>Series 2024, 5.75%, 09/01/2053 (c) | 1000000 | 959786 |
| City of Kyle, 6 Creeks Public Improvement District <br>Improvement Area No. 3, Special Assessment,<br>Series 2021, 3.75%, 09/01/2041 (c) | 2000000 | 1657683 |
| 6 Creeks Public Improvement District Improvement <br>Area No. 3B, Special Assessment,<br>Series 2025, 5.13%, 09/01/2046 (c) | 895000 | 827182 |
| 6 Creeks Public Improvement District Improvement <br>Area No. 5, Special Assessment,<br>Series 2025, 5.38%, 09/01/2050 (c) | 650000 | 598032 |
| Limestone Creek Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.75%, 09/01/2053 (c) | 1125000 | 1082705 |
| Plum Creek North Public Improvement District <br>Improvement Area No. 2, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 (c) | 520000 | 493884 |
| Plum Creek North Public Improvement District <br>Improvement Area No. 2, Special Assessment,<br>Series 2024, 5.38%, 09/01/2054 (c) | 805000 | 755103 |
| 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 (c) | 1000000 | 961629 |
| City of Lavon, Elevon Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2022, 4.13%, 09/15/2052 (c) | 2005000 | 1545060 |
| Elevon Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.00%, 09/15/2044 (c) | 500000 | 478218 |
| Elevon Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.38%, 09/15/2052 (c) | 500000 | 471754 |
| Elevon Public Improvement District Improvement <br>Area No. 2A-2B, Special Assessment,<br>Series 2024, 5.13%, 09/15/2044 (c) | 600000 | 582829 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Elevon Public Improvement District Improvement <br>Area No. 2A-2B, Special Assessment,<br>Series 2024, 5.50%, 09/15/2054 (c) | 800000 | 763269 |
| City of Manor, Manor Heights Public Improvement <br>District Area No. 4, Special Assessment,<br>Series 2024, 5.38%, 09/15/2044 (c) | 515000 | 502927 |
| Manor Heights Public Improvement District Area No. 4, <br>Special Assessment,<br>Series 2024, 5.63%, 09/15/2054 (c) | 685000 | 659934 |
| City of Mesquite, Solterra Public Improvement District <br>Improvement Area No. C-3, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 (c) | 500000 | 465260 |
| Solterra Public Improvement District Improvement <br>Area No. C-3, Special Assessment,<br>Series 2024, 5.25%, 09/01/2053 (c) | 560000 | 516801 |
| City of Oak Point, Chaparral Park Public Improvement <br>District Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.10%, 09/15/2044 (c) | 725000 | 666054 |
| Chaparral Park Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.25%, 09/15/2054 (c) | 1000000 | 907433 |
| Oak Point 720 Public Improvement District Area No. 1, <br>Special Assessment,<br>Series 2024, 5.35%, 09/15/2044 (c) | 570000 | 537573 |
| Oak Point 720 Public Improvement District Area No. 1, <br>Special Assessment,<br>Series 2024, 5.63%, 09/15/2054 (c) | 1000000 | 919106 |
| City of Penitas, GO,<br>Series 2025, 5.75%, 09/01/2045 (d) | 1160000 | 1160139 |
| GO, Series 2025, 6.00%, 09/01/2055 (d) | 2795000 | 2797264 |
| City of Pflugerville, Meadowlark Preserve Public <br>Improvement District, Special Assessment,<br>Series 2025, 5.13%, 09/01/2045 (c) | 875000 | 813614 |
| Meadowlark Preserve Public Improvement District, <br>Special Assessment,<br>Series 2025, 5.38%, 09/01/2055 (c) | 1450000 | 1353749 |
| 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 (c)(d) | 1780000 | 1793131 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Series 2025, 6.38%, 09/15/2055 (c)(d) | 3500000 | 3525021 |
| City of Plano, Collin Creek West Public Improvement <br>District, Special Assessment,<br>Series 2021, 4.00%, 09/15/2051 (c) | 500000 | 379845 |
| City of Port Isabel, GO,<br>Series 2024, 5.25%, 02/15/2044 | 3255000 | 3291126 |
| GO, Series 2024, 5.50%, 02/15/2054 | 2020000 | 2039761 |
| City of Princeton, Eastridge Public Improvement <br>District Improvement Area No. 2, Special Assessment,<br>Series 2023, 5.25%, 09/01/2043 (c) | 1000000 | 946797 |
| Eastridge Public Improvement District Improvement <br>Area No. 3, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 (c) | 700000 | 648246 |
| Eastridge Public Improvement District Improvement <br>Area No. 4, Special Assessment,<br>Series 2025, 5.38%, 09/01/2045 (c) | 500000 | 477051 |
| Eastridge Public Improvement District Improvement <br>Area No. 4, Special Assessment,<br>Series 2025, 5.63%, 09/01/2055 (c) | 1000000 | 951261 |
| Southbridge Public Improvement District <br>Improvement Area No. 2, Special Assessment,<br>Series 2024, 5.50%, 09/01/2054 (c) | 1220000 | 1175677 |
| Westridge Public Improvement District Improvement <br>Area, Special Assessment,<br>Series 2025, 5.38%, 09/01/2045 (c) | 540000 | 515216 |
| Westridge Public Improvement District Improvement <br>Area, Special Assessment,<br>Series 2025, 5.63%, 09/01/2055 (c) | 1000000 | 951260 |
| Winchester Crossing Public Improvement <br>District No. 3, Special Assessment,<br>Series 2024, 5.13%, 09/01/2044 (c) | 875000 | 804727 |
| Winchester Crossing Public Improvement <br>District No. 3, Special Assessment,<br>Series 2024, 5.38%, 09/01/2054 (c) | 1200000 | 1143430 |
| Windmore Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.13%, 09/01/2044 (c) | 410000 | 377965 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Windmore Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.50%, 09/01/2054 (c) | 565000 | 544474 |
| City of Royse City, Liberty Crossing Public <br>Improvement District improvement Area No. 2, <br>Special Assessment,<br>Series 2024, 5.63%, 09/15/2054 (c) | 746000 | 686591 |
| City of Seagoville, Santorini Public Improvement <br>District Improvement Area, Special Assessment,<br>Series 2024, 7.00%, 09/15/2054 (c) | 5000000 | 4768109 |
| Santorini Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 6.00%, 09/15/2044 (c) | 2100000 | 2001968 |
| Santorini Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 6.25%, 09/15/2054 (c) | 2500000 | 2350668 |
| City of Tomball, Winfrey Estates Public Improvement <br>District, Special Assessment,<br>Series 2025, 5.75%, 09/15/2045 (c)(d) | 500000 | 504803 |
| Winfrey Estates Public Improvement District, <br>Special Assessment,<br>Series 2025, 6.00%, 09/15/2053 (c)(d) | 770000 | 778047 |
| City of Uhland, Anderson Park Public Improvement <br>District Area No. 1, Special Assessment,<br>Series 2024, 5.13%, 09/01/2044 (c) | 605000 | 564385 |
| Anderson Park Public Improvement District <br>Area No. 1, Special Assessment,<br>Series 2024, 5.50%, 09/01/2055 (c) | 950000 | 882154 |
| City of Venus, Patriot Estates Public Improvement <br>District, Special Assessment,<br>Series 2021, 4.00%, 09/15/2051 (c) | 163000 | 128452 |
| Clifton Higher Education Finance Corp.,<br>Valor Texas Education Foundation, Revenue,<br>Series 2024 A, 5.75%, 06/15/2044 (c) | 870000 | 831566 |
| Valor Texas Education Foundation, Revenue,<br>Series 2024 A, 6.00%, 06/15/2054 (c) | 2240000 | 2111421 |
| Club Municipal Management District No. 1,<br>Improvement Area No. 3, Special Assessment,<br>Series 2024, Class A, 5.10%, 09/01/2044 (c) | 1050000 | 974140 |
| Improvement Area No. 3, Special Assessment,<br>Series 2024, 5.38%, 09/01/2055 (c) | 1500000 | 1392420 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| 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 (c) | 605000 | 576577 |
| Double Eagle Ranch Public Improvement District <br>Improvement Area No. 2, Special Assessment,<br>Series 2024, 5.50%, 09/01/2054 (c) | 770000 | 727482 |
| County of Denton, Green Meadows Public <br>Improvement District Improvement Area No. 1, <br>Special Assessment,<br>Series 2025, 5.38%, 12/31/2045 (c) | 2180000 | 2040229 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Senior Lien,<br>Series 2024 A, 5.25%, 12/31/2044 (c) | 2000000 | 1865707 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Senior Lien,<br>Series 2024 A, 5.63%, 12/31/2054 (c) | 3200000 | 2987964 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien,<br>Series 2024 B, 5.75%, 12/31/2044 (c) | 1250000 | 1180041 |
| 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 | 3310094 |
| Tabor Ranch Public Improvement District Major <br>Improvement Area, Special Assessment,<br>Series 2024, 6.00%, 12/31/2044 (c) | 2125000 | 2033327 |
| Tabor Ranch Public Improvement District Major <br>Improvement Area, Special Assessment,<br>Series 2024, 6.25%, 12/31/2054 (c) | 3350000 | 3095650 |
| County of Medina, Talley Ho Public Improvement <br>District Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.13%, 09/01/2044 (c) | 2519000 | 2308492 |
| Talley Ho Public Improvement District Improvement <br>Area No. 1, Special Assessment,<br>Series 2024, 5.35%, 09/01/2054 (c) | 1800000 | 1623882 |
| Woodlands Public Improvement District Neighborhood <br>Improvement Area No. 1, Special Assessment,<br>Series 2021, 4.75%, 09/01/2050 (c) | 2250000 | 1873375 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| County of Montgomery, Crockett Meadows Public <br>Improvement District Improvement Area, <br>Special Assessment,<br>Series 2025, 5.25%, 09/15/2045 | 1125000 | 1077102 |
| Crockett Meadows Public Improvement District <br>Improvement Area, Special Assessment,<br>Series 2025, 5.50%, 09/15/2054 | 1875000 | 1746669 |
| Meadow Park Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.13%, 09/15/2045 | 675000 | 641592 |
| Meadow Park Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2025, 5.38%, 09/15/2054 | 815000 | 772088 |
| Edinburg Economic Development Corp.,<br>Sales Tax, Revenue,<br>Series 2021A, 3.38%, 08/15/2046 | 355000 | 231835 |
| Greater Texas Cultural Education Facilities <br>Finance Corp.,<br>CFC — WLH LLC, Revenue,<br>Series 2024 A, 6.38%, 09/01/2034 (c) | 1470000 | 1416876 |
| CFC — WLH LLC, Revenue,<br>Series 2024 A, 6.50%, 09/01/2049 (c) | 7495000 | 6975259 |
| CFC — WLH LLC, Revenue,<br>Series 2024 B, 11.00%, 09/01/2029 (c) | 785000 | 786027 |
| Hidalgo County Regional Mobility Authority,<br>Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2043 (g) | 2000000 | 756312 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2044 (g) | 3000000 | 1075134 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2045 (g) | 4000000 | 1364020 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2046 (g) | 6000000 | 1949056 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2047 (g) | 6125000 | 1874512 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2048 (g) | 7130000 | 2059994 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2049 (g) | 7135000 | 1931381 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2050 (g) | 5145000 | 1313063 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2052 (g) | 2175000 | 492558 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2054 (g) | 5000000 | 1016876 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2055 (g) | 6100000 | 1168487 |
| Revenue, Senior Lien,<br>Series A, 0.00%, 12/01/2056 (g) | 1000000 | 180922 |
| Revenue, Junior Lien, Refunding,<br>Series B, 0.00%, 12/01/2045 (g) | 5805000 | 1879036 |
| Revenue, Junior Lien, Refunding,<br>Series B, 0.00%, 12/01/2046 (g) | 2945000 | 905792 |
| Houston Higher Education Finance Corp.,<br>Houston Baptist University, Revenue,<br>Series 2025, 5.13%, 10/01/2051 | 1700000 | 1619988 |
| Houston Baptist University, Revenue,<br>Series 2025, 5.25%, 10/01/2054 | 3675000 | 3544742 |
| Hunt Memorial Hospital District Charitable Health,<br>GO, Refunding,<br>Series 2020, 4.00%, 02/15/2038 | 1195000 | 1051912 |
| GO, Refunding, Series 2020, 3.00%, 02/15/2039 | 25000 | 19755 |
| GO, Refunding, Series 2020, 3.00%, 02/15/2040 | 10000 | 7713 |
| Lubbock Educational Facilities Authority, Inc.,<br>Lubbock Christian University, Revenue, Refunding,<br>Series 2016, 2.75%, 11/01/2031 | 2585000 | 2274791 |
| New Hope Cultural Education Facilities Finance Corp.,<br>Jubilee Academic Center, Inc., Revenue, Refunding,<br>Series 2021, 4.00%, 08/15/2041 (c) | 200000 | 171252 |
| Sanctuary LTC LLC, Revenue,<br>Series 2021 A-1, 5.25%, 01/01/2042 | 18180000 | 17235107 |
| Sanctuary LTC LLC, Revenue,<br>Series 2021 A-1, 5.50%, 01/01/2057 | 83715000 | 76427266 |
| SLF CHP LLC, Revenue,<br>Series 2025 A, 6.25%, 07/01/2045 (c) | 3000000 | 2803625 |
| SLF CHP LLC, Revenue,<br>Series 2025 A, 6.50%, 07/01/2056 (c) | 9525000 | 8826927 |
| Westminster Manor, Revenue,<br>Series 2021, 4.00%, 11/01/2049 | 2000000 | 1682744 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| Westminster Manor, Revenue, Refunding,<br>Series 2025, 5.00%, 11/01/2055 | 2200000 | 2070627 |
| Westminster Manor, Revenue, Refunding,<br>Series 2025, 5.00%, 11/01/2060 | 2750000 | 2558554 |
| Olney Hamilton Hospital District, GO,<br>Series 2024, 6.25%, 09/15/2054 (c) | 24600000 | 24952939 |
| Port of Beaumont Navigation District,<br>Jefferson 2020 Bond Lessee & Borrower LLC <br>Obligated Group, Revenue, AMT, Refunding,<br>Series 2020 A, 4.00%, 01/01/2050 (c) | 12900000 | 10221408 |
| Jefferson 2020 Bond Lessee & Borrower LLC <br>Obligated Group, Revenue, AMT,<br>Series 2021 A, 3.00%, 01/01/2050 (c) | 8750000 | 5765923 |
| Jefferson 2020 Bond Lessee & Borrower LLC <br>Obligated Group, Revenue, AMT,<br>Series 2024 A, 5.00%, 01/01/2039 (c) | 3000000 | 2963000 |
| Jefferson 2020 Bond Lessee & Borrower LLC <br>Obligated Group, Revenue, AMT,<br>Series 2024 A, 5.13%, 01/01/2044 (c) | 9000000 | 8647647 |
| Jefferson 2020 Bond Lessee & Borrower LLC <br>Obligated Group, Revenue, AMT,<br>Series 2024 A, 5.25%, 01/01/2054 (c) | 1000000 | 949242 |
| San Antonio Education Facilities Corp.,<br>University of the Incarnate Word, Revenue, Refunding,<br>Series 2021 A, 4.00%, 04/01/2046 | 1355000 | 1080467 |
| University of the Incarnate Word, Revenue, Refunding,<br>Series 2021 A, 4.00%, 04/01/2051 | 1850000 | 1415762 |
| University of the Incarnate Word, Revenue, Refunding,<br>Series 2021 A, 4.00%, 04/01/2054 | 7075000 | 5312114 |
| Tarrant County Cultural Education Facilities <br>Finance Corp., Barton Creek Senior Living Center <br>Obligated Group, Revenue, Refunding,<br>Series 2015, 4.75%, 11/15/2035 | 80000 | 77805 |
| Texas Transportation Commission, <br>State Highway 249 System, Revenue, First Tier,<br>Series 2019 A, 0.00%, 08/01/2052 (g) | 5000000 | 1190121 |
| Texas Water Development Board, State Water <br>Implementation Fund for Texas, Revenue,<br>Series 2024 A, 4.25%, 10/15/2051 (a) | 17670000 | 16631064 |
| Town of Little Elm, Spiritas East Public Improvement <br>District, Special Assessment,<br>Series 2022, 4.00%, 09/01/2051 (c) | 1509000 | 1138376 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** | **Texas — 6.8% (continued)** |
| 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 (c) | 775000 | 734462 |
| Foree Ranch Public Improvement Dist Improvement <br>Area No. 2, Special Assessment,<br>Series 2025, 5.50%, 09/01/2055 (c) | 1350000 | 1262481 |
| Foree Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 (c) | 650000 | 599066 |
| Foree Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.25%, 09/01/2054 (c) | 865000 | 796256 |
| Travis County Development Authority,<br>Special Assessment,<br>Series 2025, 5.00%, 09/01/2044 | 780000 | 731940 |
| Special Assessment,<br>Series 2025, 5.25%, 09/01/2054 | 1400000 | 1281632 |
| Bella Fortuna Public Improvement District, <br>Special Assessment,<br>Series 2024, 5.38%, 09/01/2044 (c) | 900000 | 884340 |
| Bella Fortuna Public Improvement District, <br>Special Assessment,<br>Series 2024, 5.63%, 09/01/2051 (c) | 765000 | 751326 |
| Longview 71 Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.00%, 09/01/2044 (c) | 585000 | 548955 |
| Longview 71 Public Improvement District <br>Improvement Area No. 1, Special Assessment,<br>Series 2024, 5.13%, 09/01/2054 (c) | 840000 | 758552 |
| Village of Salado, Sanctuary East Public Improvement <br>District Area No. 1, Special Assessment,<br>Series 2024, 6.25%, 09/01/2044 (c) | 718000 | 691309 |
| Sanctuary East Public Improvement District <br>Area No. 1, Special Assessment,<br>Series 2024, 6.50%, 09/01/2054 (c) | 707000 | 674313 |
|  |  | **408042838** |
| **Utah — 2.2%** | **Utah — 2.2%** | **Utah — 2.2%** |
| Arrowhead Springs Public Infrastructure District,<br>Special Assessment,<br>Series 2025, 5.63%, 12/01/2054 (c) | 3200000 | 3073082 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Utah — 2.2% (continued)** | **Utah — 2.2% (continued)** | **Utah — 2.2% (continued)** |
| Black Desert Public Infrastructure District, GO,<br>Series 2021 A, 4.00%, 03/01/2051 (c) | 8280000 | 6437242 |
| Assessment Area 1, Special Assessment,<br>Series 2024, 5.63%, 12/01/2053 (c) | 10885000 | 10575682 |
| Chelsey Public Infrastructure District No. 1, GO,<br>Series 2024, 7.25%, 03/01/2054 (c) | 1610000 | 1611218 |
| Assessment Area 1, Special Assessment,<br>Series 2024, 7.00%, 12/01/2042 (c) | 1350000 | 1368305 |
| Downtown East Streetcar Sewer Public <br>Infrastructure District, GO, Senior Lien,<br>Series 2022 A, 6.00%, 03/01/2053 (c) | 1000000 | 975361 |
| Fields Estates Public Infrastructure District, GO,<br>Series 2024 A-1, 6.13%, 03/01/2055 (c) | 1975000 | 1907385 |
| Assessment Area, Special Assessment,<br>Series 2024 A-2, 5.25%, 12/01/2053 (c) | 6935000 | 6396246 |
| Firefly Public Infrastructure District No. 1, GO,<br>Series 2024 A-1, 6.63%, 03/01/2054 (c) | 5645000 | 5685558 |
| Assessment Area 1, Special Assessment,<br>Series 2024 A-2, 5.63%, 12/01/2043 (c) | 1805000 | 1755588 |
| MIDA Mountain Veterans Program Public <br>Infrastructure District, Tax Allocation,<br>Series 2024, 5.00%, 06/01/2044 (c) | 2750000 | 2588562 |
| Tax Allocation,<br>Series 2024, 5.20%, 06/01/2054 (c) | 4705000 | 4426630 |
| Mida Mountain Village Public Infrastructure District,<br>Military Installation Development Auth Military <br>Recreation Fac Project Area, Tax Allocation,<br>Series 2024-1, 5.13%, 06/15/2054 (c) | 6000000 | 5437143 |
| Military Installation Development Authority,<br>Military Recreation Assessment Area, Revenue,<br>Series 2021 A-2, 4.00%, 06/01/2041 | 4715000 | 4081722 |
| Military Recreation Assessment Area, Revenue,<br>Series 2021 A-2, 4.00%, 06/01/2052 | 12530000 | 9487952 |
| Moonlight Village Public Infrastructure <br>District No. 1, GO,<br>Series 2025 A, 6.00%, 03/01/2056 (c) | 1000000 | 947215 |
| Olympia Public Infrastructure District No. 1, Revenue,<br>Series 2024 A-2, 5.13%, 12/01/2029 (c) | 3500000 | 3489191 |
| Limited Tax Pledged, GO,<br>Series 2024 A-1, 6.38%, 03/01/2055 (c) | 1985000 | 1964304 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Utah — 2.2% (continued)** | **Utah — 2.2% (continued)** | **Utah — 2.2% (continued)** |
| Sage Creek Infrastructure Financing District,<br>Special Assessment,<br>Series 2024, 5.75%, 12/01/2053 (c) | 7155000 | 6753257 |
| Soleil Hills Public Infrastructure District No. 1, GO,<br>Series 2025 A, 5.88%, 03/01/2055 (c) | 2425000 | 2295751 |
| Utah Charter School Finance Authority,<br>Ascent Academies of Utah, Revenue, Refunding,<br>Series 2022, 5.00%, 06/15/2052 (c) | 3000000 | 2533878 |
| Ascent Academies of Utah, Revenue, Refunding,<br>Series 2022, 5.00%, 06/15/2057 (c) | 8500000 | 7057959 |
| Ascent Academies of Utah, Revenue,<br>Series 2024, 6.75%, 06/15/2059 (c) | 17000000 | 17602143 |
| Athenian Academy, Inc. (The), Revenue,<br>Series 2024 A, 6.50%, 04/15/2058 (c) | 9060000 | 8225358 |
| Freedom Academy Foundation, Revenue, Refunding,<br>Series 2017, 5.38%, 06/15/2048 (c) | 5805000 | 5202349 |
| Freedom Academy Foundation, Revenue,<br>Series 2021 A, 5.00%, 06/15/2052 (c) | 3895000 | 3227868 |
| Freedom Academy Foundation, Revenue,<br>Series 2021A, 5.00%, 06/15/2041 (c) | 1020000 | 911237 |
| Odyssey Charter School, Inc., Revenue,<br>Series 2025 A, 7.25%, 06/15/2055 (c) | 7380000 | 7077504 |
| Odyssey Charter School, Inc., Revenue,<br>Series 2025 B, 9.00%, 06/15/2031 (c) | 400000 | 404418 |
| Wallace Stegner Academy, Revenue,<br>Series 2019 A, 5.00%, 06/15/2049 (c) | 1590000 | 1407021 |
| Utah Infrastructure Agency, Revenue,<br>Series 2021, 3.00%, 10/15/2045 | 1000000 | 701964 |
| Ventana Resort Village Public Infrastructure <br>District, GO,<br>Series 2024, 5.50%, 03/01/2054 (c) | 4000000 | 3675825 |
| Viridian Farm Public Infrastructure District No. 1, GO,<br>Series 2024 A, 5.88%, 03/01/2054 (c) | 2255000 | 2162041 |
| Wood Ranch Public Infrastructure District,<br>Assessment Area 1, Special Assessment,<br>Series 2024, 5.63%, 12/01/2053 (c) | 4285000 | 4140128 |
|  |  | **145587087** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **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 | 382622 |
| Vermont Housing Finance Agency,<br>Revenue, GNMA Insured,<br>Series 2025 A, 4.70%, 05/01/2050 | 4255000 | 4270363 |
|  |  | **4652985** |
| **Virgin Islands — 0.5%** | **Virgin Islands — 0.5%** | **Virgin Islands — 0.5%** |
| 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 | 20155000 | 19921807 |
| Virgin Islands Public Finance Authority,<br>United States Virgin Islands, Revenue,<br>Series 2012 C, 5.00%, 10/01/2042 | 500000 | 431508 |
| United States Virgin Islands, Revenue, Refunding,<br>Series 2014 C, 5.00%, 10/01/2030 (c) | 7500000 | 7422777 |
| United States Virgin Islands Frenchman's Reef Hotel <br>Room Occupancy Tax, Revenue,<br>Series 2024 A, 6.00%, 04/01/2053 (c) | 4500000 | 4522325 |
|  |  | **32298417** |
| **Virginia — 1.4%** | **Virginia — 1.4%** | **Virginia — 1.4%** |
| 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 | 1397543 |
| Virginia Beach Development Authority,<br>Westminster-Canterbury on Chesapeake Bay <br>Obligated Group, Revenue, Refunding,<br>Series 2018, 4.00%, 09/01/2048 | 4395000 | 3446565 |
| Virginia College Building Authority,<br>Marymount University, Revenue, Refunding,<br>Series 2015 A, 5.00%, 07/01/2045 (c) | 1000000 | 764235 |
| Marymount University, Revenue,<br>Series 2015 B, 5.00%, 07/01/2045 (c) | 1000000 | 764234 |
| Virginia Housing Development Authority, Revenue,<br>Series 2023 E-4, 4.70%, 07/01/2055 | 1955000 | 1933855 |
| Revenue, Series 2024 D, 4.63%, 08/01/2060 (a) | 11835000 | 11625259 |
| Revenue, Series 2024 F SUB F-1, 4.65%, 07/01/2040 (d) | 1810000 | 1846511 |
| Revenue, Series 2024 F SUB F-1, 4.95%, 07/01/2045 (d) | 1000000 | 1017806 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Virginia — 1.4% (continued)** | **Virginia — 1.4% (continued)** | **Virginia — 1.4% (continued)** |
| Revenue, <br>Series 2024 F SUB F-1, 5.05%, 07/01/2050 (d) | 2250000 | 2269448 |
| Revenue,<br>Series 2024 F SUB F-1, 5.10%, 07/01/2055 (d) | 2000000 | 2033781 |
| Revenue, Series 2024 H, 4.45%, 12/01/2044 (a) | 1100000 | 1091908 |
| Revenue, Series 2024 H, 4.63%, 12/01/2049 (a) | 2200000 | 2160301 |
| Revenue, Series 2024 H, 4.70%, 12/01/2054 (a) | 3000000 | 2967588 |
| Revenue, Series 2024 H, 4.75%, 12/01/2059 (a) | 5000000 | 4950831 |
| Revenue, Series 2024 H, 4.85%, 12/01/2066 (a) | 12735000 | 12812949 |
| Revenue, Series 2025 A, 4.75%, 09/01/2060 | 13715000 | 13735360 |
| Revenue, Series 2025 A, 4.85%, 03/01/2068 (a) | 16500000 | 16063575 |
| Virginia Small Business Financing Authority,<br>LifeSpire of Virginia Obligated Group, <br>Revenue, Refunding,<br>Series 2024 A, 5.50%, 12/01/2054 | 4000000 | 4062413 |
| National Senior Communities, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2020 A, 3.38%, 01/01/2051 | 125000 | 91096 |
|  |  | **85035258** |
| **Washington — 0.5%** | **Washington — 0.5%** | **Washington — 0.5%** |
| Grant County Public Hospital District No. 2, GO,<br>Series 2024, 5.50%, 12/01/2039 | 500000 | 525439 |
| GO, Series 2024, 5.50%, 12/01/2044 | 1050000 | 1074547 |
| King County Public Hospital District No. 4, Revenue,<br>Series 2015 A, 6.25%, 12/01/2045 | 1300000 | 1258998 |
| Port of Woodland, Revenue,<br>Series 2024, 5.25%, 12/01/2034 | 1270000 | 1198548 |
| Revenue, Series 2024, 6.00%, 12/01/2047 | 3090000 | 2792715 |
| Washington Health Care Facilities Authority,<br>Overlake Hospital Medical Center Obligated Group, <br>Revenue, Refunding,<br>Series A, 4.00%, 07/01/2042 | 100000 | 90501 |
| Washington State Housing Finance Commission,<br>Bayview Manor Homes Obligated Group, Revenue,<br>Series 2024, 6.00%, 07/01/2059 (c) | 1645000 | 1662718 |
| German Retirement Home of the State of Washington <br>Obligated Group, Revenue,<br>Series 2024 A, 5.50%, 01/01/2044 (c) | 1000000 | 956647 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Washington — 0.5% (continued)** | **Washington — 0.5% (continued)** | **Washington — 0.5% (continued)** |
| German Retirement Home of the State of <br>Washington Obligated Group, Revenue,<br>Series 2024 A, 5.75%, 01/01/2053 (c) | 2540000 | 2424212 |
| German Retirement Home of the State of Washington <br>Obligated Group, Revenue,<br>Series 2024 A, 5.88%, 01/01/2059 (c) | 3320000 | 3188176 |
| Horizon House Obligated Group, Revenue, Refunding,<br>Series 2017, 5.00%, 01/01/2038 (c) | 2000000 | 1868228 |
| Provident Group-SH I Properties LLC, Revenue,<br>Series 2024, 5.00%, 07/01/2054 | 4305000 | 4166345 |
| Provident Group-SH I Properties LLC, Revenue,<br>Series 2024, 5.50%, 07/01/2059 | 8000000 | 8158477 |
| Spokane United Methodist Homes Obligated <br>Group, Revenue,<br>Series 2019, 5.00%, 01/01/2055 (c) | 2000000 | 1738638 |
| Spokane United Methodist Homes Obligated <br>Group, Revenue,<br>Series 2020 A, 5.00%, 01/01/2051 (c) | 3510000 | 3093722 |
|  |  | **34197911** |
| **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 | 415000 | 394651 |
| Downtown Development/Redevelopment <br>District No. 1, Tax Allocation, Refunding,<br>Series 2024 A, 5.50%, 06/01/2049 | 450000 | 425004 |
| Kinetic Park Development/Redevelopment <br>District No. 2, Tax Allocation, Refunding,<br>Series 2024, 5.13%, 06/01/2039 | 480000 | 461835 |
| Kinetic Park Development/Redevelopment <br>District No. 2, Tax Allocation, Refunding,<br>Series 2024, 5.63%, 05/01/2050 | 955000 | 901032 |
| County of Ohio, Tax Allocation, Refunding,<br>Series 2024, 5.25%, 06/01/2053 | 2000000 | 1953203 |
| West Virginia Economic Development Authority,<br>Core Natural Resources, Inc., Revenue, <br>AMT, Refunding,<br>Series 2025, 5.45%, 03/27/2035 (c)(e)(f) | 6000000 | 5942086 |
|  |  | **10077811** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8%** | **Wisconsin — 10.8%** | **Wisconsin — 10.8%** |
| Public Finance Authority, Revenue,<br>Series 2023-1, Class A, 5.75%, 07/01/2062 | 26932237 | 27251664 |
| Revenue, Series 2024, 5.50%, 12/15/2038 (c) | 21075000 | 20609984 |
| A&T Real Estate Foundation LLC, Revenue,<br>Series 2019 B, 5.00%, 06/01/2044 | 1900000 | 1852199 |
| Ameream LLC, Revenue,<br>Series 2017, 6.50%, 12/01/2037 (c) | 3000000 | 3021685 |
| Ameream LLC, Revenue,<br>Series 2017, 7.00%, 12/01/2050 (c) | 49030000 | 49620556 |
| Anthem Municipal Utility District, Revenue,<br>Series 2025, 0.00%, 12/15/2037 (c)(g) | 11000000 | 5362589 |
| Bonnie Cone Classical Academy, Inc., Revenue,<br>Series 2021 A, 4.00%, 06/15/2040 (c) | 2020000 | 1677364 |
| Bonnie Cone Classical Academy, Inc., Revenue,<br>Series 2021 A, 4.00%, 06/15/2050 (c) | 2995000 | 2240002 |
| Bonnie Cone Classical Academy, Inc., Revenue,<br>Series 2021 A, 4.00%, 06/15/2056 (c) | 2445000 | 1749409 |
| Campus Real Estate Holding Corp. LLC, <br>Revenue, Refunding,<br>Series 2025 A, 5.25%, 06/01/2045 | 370000 | 367453 |
| Campus Real Estate Holding Corp. LLC, <br>Revenue, Refunding,<br>Series 2025 A, 5.50%, 06/01/2055 | 600000 | 600938 |
| Cedars Obligated Group, Revenue, Refunding,<br>Series 2019, 5.75%, 05/01/2054 (c) | 175000 | 130765 |
| Charter Day School Obligated Group, Revenue,<br>Series 2020 A, 5.00%, 12/01/2055 (c) | 2500000 | 2193397 |
| CHF — Manoa LLC, Revenue,<br>Series 2023 B, 6.75%, 07/01/2063 (c) | 2500000 | 2571131 |
| Cincinnati Classical Academy, Revenue,<br>Series 2024 A, 5.38%, 06/15/2039 (c) | 250000 | 240728 |
| Cincinnati Classical Academy, Revenue,<br>Series 2024 A, 5.70%, 06/15/2044 (c) | 410000 | 396757 |
| Cincinnati Classical Academy, Revenue,<br>Series 2024 A, 5.88%, 06/15/2054 (c) | 1000000 | 956585 |
| Cincinnati Classical Academy, Revenue,<br>Series 2024 A, 6.00%, 06/15/2064 (c) | 2415000 | 2307533 |
| College Achieve Central Charter School Obligated <br>Group, Revenue, Series COLLEGE ACHIEVE CENT <br>CHARTER SCH 2021 A, 5.00%, 06/15/2051 (c) | 3645000 | 3229174 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** |
| Coral Academy of Science Las Vegas, Revenue,<br>Series 2021 A, 4.00%, 07/01/2041 | 1000000 | 871948 |
| Coral Academy of Science Las Vegas, Revenue,<br>Series 2021 A, 4.00%, 07/01/2051 | 1000000 | 788101 |
| Cornerstone Charter Academy: A Challenge <br>Foundation Academy, Inc., Revenue,<br>Series 2024, 5.00%, 02/01/2054 | 900000 | 867505 |
| Cornerstone Charter Academy: A Challenge <br>Foundation Academy, Inc., Revenue,<br>Series 2024, 5.00%, 02/01/2064 | 2000000 | 1890799 |
| Denton County Municipal Utility District <br>No. 16, Revenue,<br>Series 2024, 5.75%, 12/15/2033 (c) | 5000000 | 4782409 |
| Dominium Holdings I LLC, Revenue,<br>Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 27155000 | 27521943 |
| FAH Tree House LLC, Revenue,<br>Series 2023 A, 6.50%, 08/01/2053 (c) | 200000 | 190301 |
| Foundation of The University of North Carolina at <br>Charlotte, Inc. (The), Revenue,<br>Series 2021 A, 4.00%, 09/01/2036 (c) | 3920000 | 3406943 |
| Foundation of The University of North Carolina at <br>Charlotte, Inc. (The), Revenue,<br>Series 2021 A, 4.00%, 09/01/2056 (c) | 2440000 | 1625883 |
| Guilford Charter School Corp., Revenue,<br>Series 2022 A, 5.00%, 04/01/2047 (c) | 2500000 | 2169982 |
| Guilford Charter School Corp., Revenue,<br>Series 2022 A, 5.00%, 04/01/2057 (c) | 2700000 | 2246156 |
| Guilford College, Revenue, Refunding,<br>Series 2016, 4.25%, 01/01/2028 | 25000 | 24582 |
| Harris County Municipal Utility <br>District No. 544, Revenue,<br>Series 2024, 5.88%, 11/15/2029 (c) | 2500000 | 2455077 |
| Inperium, Inc. Obligated Group, Revenue,<br>Series 2024, 5.50%, 12/01/2044 (c) | 16000000 | 15595963 |
| Inperium, Inc. Obligated Group, Revenue,<br>Series 2024, 5.75%, 12/01/2054 (c) | 1450000 | 1411364 |
| KIPP Charlotte, Inc. Obligated Group, Revenue,<br>Series 2020 A, 5.00%, 10/15/2040 (c) | 2815000 | 2637182 |
| KIPP Charlotte, Inc. Obligated Group, Revenue,<br>Series 2020 A, 5.00%, 10/15/2050 (c) | 4640000 | 4185245 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** |
| KIPP Charlotte, Inc. Obligated Group, Revenue,<br>Series 2020 A, 5.00%, 10/15/2055 (c) | 4060000 | 3573323 |
| KSU Bixby Real Estate Foundation LLC, <br>Revenue, Senior Lien,<br>Series 2025 A, 5.25%, 06/15/2050 | 1000000 | 1012476 |
| KSU Bixby Real Estate Foundation LLC, <br>Revenue, Senior Lien,<br>Series 2025 A, 5.25%, 06/15/2055 | 1500000 | 1510780 |
| KSU Bixby Real Estate Foundation LLC, Revenue,<br>Series 2025 B, 5.25%, 06/15/2045 | 600000 | 603439 |
| KSU Bixby Real Estate Foundation LLC, Revenue,<br>Series 2025 B, 5.50%, 06/15/2055 | 1000000 | 1008647 |
| KSU Bixby Real Estate Foundation LLC, Revenue,<br>Series 2025 C, 5.00%, 06/15/2035 | 600000 | 605848 |
| KSU Bixby Real Estate Foundation LLC, Revenue,<br>Series 2025 C, 5.50%, 06/15/2045 | 1000000 | 985526 |
| KSU Bixby Real Estate Foundation LLC, Revenue,<br>Series 2025 C, 5.75%, 06/15/2055 | 1000000 | 987907 |
| Mater Academy of Nevada, Revenue,<br>Series 2024 A, 5.00%, 12/15/2054 (c) | 2000000 | 1829109 |
| Million Air Three Obligated Group, Revenue, <br>AMT, Refunding,<br>Series 2024 A, 6.25%, 09/01/2046 (c) | 12650000 | 12905153 |
| Million Air Two LLC Obligated Group, Revenue, <br>AMT, Refunding,<br>Series 2017 B, 7.13%, 06/01/2041 (c) | 3500000 | 3666178 |
| Montgomery County Municipal Utility District <br>Nos. 123 & 153, Revenue,<br>Series 2024, 0.00%, 12/15/2034 (c)(g) | 12428000 | 6952299 |
| NC A&T Real Estate Foundation LLC, Revenue,<br>Series 2024 A, 5.25%, 06/01/2054 | 1000000 | 985735 |
| Nevada Charter Academies, Revenue,<br>Series 2019 A, 5.00%, 07/15/2039 (c) | 450000 | 437001 |
| New Plan Learning, Inc. Obligated Group, <br>Revenue, Refunding,<br>Series 2021 A, 3.75%, 07/01/2031 | 3490000 | 3217952 |
| North East Carolina Preparatory School, Inc., <br>Revenue, Refunding,<br>Series 2024 A, 5.00%, 06/15/2044 | 1000000 | 965633 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** |
| North East Carolina Preparatory School, Inc., <br>Revenue, Refunding,<br>Series 2024 A, 5.25%, 06/15/2054 | 1500000 | 1459769 |
| Phoenix Montessori Academy, Revenue,<br>Series 2024 A, 7.00%, 07/01/2059 (c) | 21895000 | 20506515 |
| Phoenix Montessori Academy, Revenue,<br>Series 2024 B, 8.00%, 07/01/2029 (c) | 400000 | 400952 |
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT,<br>Series 2024, 5.75%, 07/01/2049 | 4000000 | 4187620 |
| Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT,<br>Series 2024, 5.75%, 07/01/2054 | 89500000 | 93313407 |
| QCF Behavioral Hospitals I Obligated Group, Revenue,<br>Series 2024 A, 7.50%, 07/01/2059 (c) | 37000000 | 40711122 |
| Queens University of Charlotte, Revenue, Refunding,<br>Series 2022 A, 5.25%, 03/01/2047 | 2000000 | 1936895 |
| Queens University of Charlotte, Revenue, Refunding,<br>Series 2022 A, 4.75%, 03/01/2052 | 1750000 | 1530449 |
| Renaissance Hall at Old Course LLC, Revenue, <br>FHA Insured,<br>Series 2024, 8.00%, 06/01/2067 (c) | 1000000 | 929157 |
| Rider University A New Jersey Non-Profit Corp., <br>Revenue, Refunding,<br>Series 2021 A, 4.50%, 07/01/2048 (c) | 6920000 | 5069630 |
| Rider University A New Jersey Non-Profit <br>Corp., Revenue,<br>Series 2024, 12.75%, 01/01/2030 (c) | 4700000 | 4739322 |
| Roseman University of Health Sciences, Revenue,<br>Series 2020, 5.00%, 04/01/2050 (c) | 2075000 | 1908278 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment,<br>Series 2024 A, 7.00%, 06/17/2029 (c) | 1000000 | 1004354 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment,<br>Series 2024 B, 7.00%, 07/15/2029 (c) | 706646 | 704520 |
| Sky Harbour Capital LLC Obligated Group, <br>Revenue, AMT,<br>Series AVIATION FACS PROJ 2021, 4.25%, 07/01/2054 | 13975000 | 11249140 |
| Southeast Overtown Park West Community <br>Redevelopment Agency, Tax Allocation,<br>Series 2024 A, 5.00%, 06/01/2041 (c) | 6000000 | 6001615 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** |
| Southeast Overtown Park West Community <br>Redevelopment Agency, Tax Allocation,<br>Series 2024 B, 8.00%, 06/15/2042 (c) | 21000000 | 20824091 |
| Southeastern Regional Medical Center <br>Obligated Group, Revenue, Refunding,<br>Series 2021 A, 4.00%, 02/01/2041 | 3420000 | 2766522 |
| Southeastern Regional Medical Center Obligated <br>Group, Revenue, Refunding,<br>Series 2021 A, 4.00%, 02/01/2051 | 2000000 | 1441395 |
| Southeastern Regional Medical Center Obligated <br>Group, Revenue, Refunding,<br>Series 2022 A, 5.00%, 02/01/2030 | 200000 | 196950 |
| Southeastern Regional Medical Center Obligated <br>Group, Revenue, Refunding,<br>Series 2022 A, 5.00%, 02/01/2033 | 1725000 | 1675749 |
| Southminster, Inc. Obligated Group, Revenue,<br>Series 2018, 5.00%, 10/01/2053 (c) | 8170000 | 7296441 |
| Town of Scarborough Downtown Omnibus Municipal <br>Development & TIF District, Tax Allocation,<br>Series 2024, 5.00%, 08/01/2039 | 1600000 | 1531676 |
| Triad Educational Services, Inc., Revenue, Refunding,<br>Series 2025, 5.40%, 06/15/2065 | 2750000 | 2664743 |
| Triad Math & Science Academy Co., Revenue,<br>Series 2021 A, 4.00%, 06/15/2061 | 6235000 | 4794231 |
| Triad Math & Science Academy Co., <br>Revenue, Refunding,<br>Series 2025, 5.50%, 06/15/2055 | 2200000 | 2166653 |
| Triad Math & Science Academy Co., <br>Revenue, Refunding,<br>Series 2025, 5.25%, 06/15/2065 | 4300000 | 4064002 |
| UNC Health Appalachian Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 07/01/2051 | 1675000 | 1235315 |
| Washoe Barton Medical Clinic, Revenue, Refunding,<br>Series 2021 A, 4.00%, 12/01/2041 (c) | 365000 | 318343 |
| Washoe Barton Medical Clinic, Revenue, Refunding,<br>Series 2021 A, 4.00%, 12/01/2051 (c) | 510000 | 417242 |
| WFCS Holdings II LLC, Revenue,<br>Series 2021 A-1, 5.00%, 01/01/2056 (c) | 13985000 | 12321665 |
| WFCS Holdings LLC, Revenue,<br>Series 2020 A-1, 5.00%, 01/01/2055 (c) | 1750000 | 1545166 |

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First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** |
| Wingate University, Revenue, Refunding,<br>Series 2018A, 5.25%, 10/01/2043 | 6100000 | 5945162 |
| Wingate University, Revenue, Refunding,<br>Series 2018A, 5.25%, 10/01/2048 | 13335000 | 12709887 |
| Wittenberg University, Revenue,<br>Series 2016, 5.25%, 12/01/2039 (c) | 21070000 | 17579904 |
| WVC, Revenue,<br>Series 2022 A, 4.00%, 12/01/2041 (c) | 4865000 | 4070289 |
| WVC, Revenue,<br>Series 2022 A, 4.25%, 12/01/2051 (c) | 1155000 | 898685 |
| Wisconsin Health & Educational Facilities Authority,<br>Cedar Crest, Inc. Obligated Group, Revenue, Refunding,<br>Series 2022 A, 5.00%, 04/01/2042 | 2000000 | 1830197 |
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding,<br>Series 2022 A, 4.75%, 04/01/2057 | 3020000 | 2381099 |
| Cedar Crest, Inc. Obligated Group, Revenue, Refunding,<br>Series 2022 A, 5.13%, 04/01/2057 | 5130000 | 4369965 |
| Chiara Communities, Inc., Revenue,<br>Series 2018 B, 5.00%, 07/01/2048 | 1470000 | 1234472 |
| Chiara Communities, Inc., Revenue,<br>Series 2018 B, 5.00%, 07/01/2053 | 4800000 | 3897265 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue,<br>Series 2024, 5.00%, 07/01/2035 | 7000000 | 6955618 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue,<br>Series 2024, 5.63%, 07/01/2045 | 16500000 | 16038305 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue,<br>Series 2024, 5.88%, 07/01/2055 | 16350000 | 15854299 |
| Chiara Housing & Services, Inc. Obligated <br>Group, Revenue,<br>Series 2024, 6.00%, 07/01/2060 | 34900000 | 34120931 |
| Marshfield Clinic Health System Obligated <br>Group, Revenue,<br>Series 2016 A, 3.50%, 02/15/2046 | 1355000 | 1043784 |
| Marshfield Clinic Health System Obligated Group, <br>Revenue, Refunding,<br>Series 2017 C, 3.25%, 02/15/2033 | 1060000 | 938408 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** | **Wisconsin — 10.8% (continued)** |
| Marshfield Clinic Health System Obligated Group, <br>Revenue, Refunding,<br>Series 2017 C, 3.50%, 02/15/2036 | 965000 | 834006 |
| Marshfield Clinic Health System Obligated Group, <br>Revenue, Refunding,<br>Series 2017 C, 4.00%, 02/15/2050 | 65000 | 55699 |
| Oakwood Lutheran Senior Ministries Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 4.00%, 01/01/2047 | 3100000 | 2508892 |
| Oakwood Lutheran Senior Ministries Obligated Group, <br>Revenue, Refunding,<br>Series 2021, 4.00%, 01/01/2057 | 1500000 | 1121806 |
| PHW Menomonee Falls, Inc., Revenue,<br>Series 2024, 6.00%, 10/01/2049 | 1000000 | 1000322 |
| PHW Menomonee Falls, Inc., Revenue,<br>Series 2024, 6.00%, 10/01/2054 | 2000000 | 1975591 |
| Sauk-Prairie Memorial Hospital, Inc. Obligated <br>Group, Revenue,<br>Series 2013 A, 5.13%, 02/01/2038 | 2050000 | 1994081 |
| Sauk-Prairie Memorial Hospital, Inc. Obligated <br>Group, Revenue,<br>Series 2013 A, 5.25%, 02/01/2043 | 30000 | 28496 |
| Wisconsin Masonic Home Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 08/15/2046 | 1595000 | 1290712 |
| Wisconsin Masonic Home Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 08/15/2051 | 1200000 | 926736 |
| Wisconsin Masonic Home Obligated Group, Revenue,<br>Series 2021 A, 4.00%, 08/15/2055 | 1700000 | 1284247 |
| Wisconsin Masonic Home Obligated Group, Revenue,<br>Series 2024 A, 5.75%, 08/15/2059 | 3000000 | 3076691 |
|  |  | **647176780** |
| **Total Municipal Bonds<br>(Cost $6,883,013,284)** | **Total Municipal Bonds<br>(Cost $6,883,013,284)** | **6767351730** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Short-Term Investments — 0.0% (b)** | **Short-Term Investments — 0.0% (b)** | **Short-Term Investments — 0.0% (b)** |
| **Investment Companies — 0.0% (b)** | **Investment Companies — 0.0% (b)** | **Investment Companies — 0.0% (b)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (i) (Cost $876,078) | 876078 | 876078 |
| **Total Investments — 108.6%<br>(Cost $6,883,889,362)** | **Total Investments — 108.6%<br>(Cost $6,883,889,362)** | **6768227808** |
| Floating Rate Note Obligations — (9.0)% (j) |  | (561160000) |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | **26418106** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **6233485914** |

---

(a) All or portion of principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash.

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

(c) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $2,962,887,646, which represents approximately 47.53% of net assets of the Fund.

(d) When-issued security.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2025.

(f) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on April 30, 2025.

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

(h) 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.

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

(j) Face value of Floating Rate Notes issued in TOB transactions.

**<u>Abbreviations</u>**

AGMC — Insured by Assured Guaranty Municipal Corp.

AMT — Alternative Minimum Tax

GNMA — Government National Mortgage Association

GO — General Obligation

SOFR — Secured Overnight Financing Rate

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $43422742 |
| Aggregate gross unrealized depreciation | (159084296) |
| Net unrealized depreciation | $(115661554) |
| Federal income tax cost of investments | $6883889362 |

---

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Municipal Bonds — 99.9%** | **Municipal Bonds — 99.9%** | **Municipal Bonds — 99.9%** |
| **Alabama — 0.9%** | **Alabama — 0.9%** | **Alabama — 0.9%** |
| Houston County Health Care Authority, Revenue, <br>Refunding, Series 2016 A, 5.00%, 10/01/2030 | 7260000 | 7290129 |
| Lower Alabama Gas District (The), Revenue, <br>Series 2020, 4.00%, 12/01/2025 (a)(b) | 5000 | 5002 |
|  |  | **7295131** |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| Alaska Industrial Development & Export Authority,<br>Interior Alaska Natural Gas Utility, Revenue, <br>Series 2020 A, 5.00%, 06/01/2028 | 930000 | 957377 |
| **American Samoa — 0.3%** | **American Samoa — 0.3%** | **American Samoa — 0.3%** |
| American Samoa Economic Development Authority,<br>Revenue, Refunding, <br>Series 2015 A, 6.63%, 09/01/2035 | 100000 | 100817 |
| Revenue, Series 2018, 7.13%, 09/01/2038 (c) | 1995000 | 2119006 |
|  |  | **2219823** |
| **Arizona — 2.1%** | **Arizona — 2.1%** | **Arizona — 2.1%** |
| Arizona Board of Regents, Revenue, Refunding, <br>Series 2015A, 5.00%, 07/01/2041 | 1265000 | 1265516 |
| Arizona Industrial Development Authority,<br>Benjamin Franklin Charter School Obligated Group, <br>Revenue, Series 2023 A, 5.50%, 07/01/2058 (c) | 1500000 | 1447357 |
| Doral Academy of Northern Nevada Obligated Group, <br>Revenue, Refunding, <br>Series 2021 A, 4.00%, 07/15/2028 (c) | 200000 | 197891 |
| Industrial Development Authority of the City of <br>Phoenix Arizona (The), Freedom Academy, Inc., <br>Revenue, Series 2016, 5.13%, 07/01/2036 (c) | 1000000 | 967756 |
| Industrial Development Authority of the County of <br>Pima (The), La Posada at Park Centre, Inc. Obligated <br>Group, Revenue, Series 2022 A, 5.75%, 11/15/2025 (c) | 665000 | 665994 |
| La Posada at Park Centre, Inc. Obligated Group, <br>Revenue, Series 2022 B-1, 6.63%, 05/15/2031 (c) | 2000000 | 2010291 |
| La Posada at Park Centre, Inc. Obligated Group, <br>Revenue, Series 2022 A, 6.25%, 11/15/2035 (c) | 1000000 | 1050821 |
| La Posada at Park Centre, Inc. Obligated Group, <br>Revenue, Series 2022 A, 7.00%, 11/15/2057 (c) | 1235000 | 1302459 |
| Leading Edge Academy Maricopa, Revenue, <br>Pre-Refunded, Series 2013, 7.75%, 12/01/2043 | 1025000 | 1048363 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Arizona — 2.1% (continued)** | **Arizona — 2.1% (continued)** | **Arizona — 2.1% (continued)** |
| PLC Charter Schools, Revenue, Refunding, <br>Series 2016, 6.00%, 12/01/2036 (c) | 3000000 | 3008479 |
| Maricopa County Industrial Development Authority,<br>Benjamin Franklin Charter School Obligated Group, <br>Revenue, Series 2018 A, 6.00%, 07/01/2052 (c) | 3330000 | 3366980 |
| Superstition Vistas Community Facilities District No. 1,<br>Assessment Area 4, Special Assessment, <br>Series 2024, 4.30%, 07/01/2034 | 125000 | 115828 |
|  |  | **16447735** |
| **Arkansas — 1.0%** | **Arkansas — 1.0%** | **Arkansas — 1.0%** |
| Batesville Public Facilities Board, White River Health <br>System Obligated Group, Revenue, Refunding, <br>Series 2020, 5.00%, 06/01/2026 | 500000 | 499258 |
| White River Health System Obligated Group, Revenue, <br>Refunding, Series 2020, 3.25%, 04/01/2032 | 25000 | 21702 |
| Clarksville Public Educational Facilities Board,<br>University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 5.25%, 08/01/2029 | 195000 | 198287 |
| University of the Ozarks, Revenue, Refunding, <br>Series 2024 B, 5.25%, 08/01/2034 | 1040000 | 1050636 |
| Pulaski County Public Facilities Board,<br>Baptist Health Obligated Group, Revenue, <br>Series 2014, 5.00%, 12/01/2042 | 5530000 | 5525316 |
|  |  | **7295199** |
| **California — 10.0%** | **California — 10.0%** | **California — 10.0%** |
| Alameda County Industrial Development Authority,<br>Santini Foods, Inc., Revenue, <br>Series 2010 A, 4.62%, 05/08/2025 (b)(d) | 200000 | 200000 |
| California Community College Financing Authority,<br>NCCD-Orange Coast Properties LLC, Revenue, <br>Series 2018, 5.00%, 05/01/2025 | 50000 | 50000 |
| California Health Facilities Financing Authority,<br>Providence St. Joseph Health Obligated Group, Revenue, <br>Series 2014 B, 5.00%, 10/01/2044 | 1300000 | 1301990 |
| California Infrastructure & Economic Development Bank,<br>Desertxpress Enterprises LLC, Revenue, AMT, <br>Refunding, Series 2025 A, 9.50%, 01/01/2035 (a)(b)(c) | 4600000 | 4439924 |
| California Municipal Finance Authority,<br>Eisenhower Medical Center, Revenue, Refunding, <br>Series 2017 A, 5.00%, 07/01/2025 | 1035000 | 1034819 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.0% (continued)** | **California — 10.0% (continued)** | **California — 10.0% (continued)** |
| LAX Integrated Express Solutions LLC, <br>Revenue, Senior Lien, AMT, <br>Series 2018 A, 5.00%, 06/30/2025 | 35000 | 35029 |
| Palomar Health Obligated Group, COP, <br>Refunding, AGMC Insured, <br>Series 2022 A, 5.25%, 11/01/2052 | 6230000 | 6292712 |
| California Pollution Control Financing Authority,<br>Republic Services, Inc., Revenue, AMT, Refunding, <br>Series 2023, 3.70%, 08/15/2025 (a)(b)(c) | 2000000 | 1993127 |
| 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 | 2059322 |
| QSH/MB LLC, Revenue, Senior Lien, <br>Series 2025A-2, 6.50%, 07/01/2065 (c) | 4050000 | 4058953 |
| QSH/MB LLC, Revenue, Senior Lien, <br>Series 2025A-1, 6.75%, 07/01/2065 (c) | 3500000 | 3636449 |
| California School Finance Authority,<br>Sycamore Creek Community Charter School, Revenue, <br>Series 2025 A, 7.00%, 06/01/2040 (c) | 3305000 | 3255921 |
| California Statewide Communities Development <br>Authority, Loma Linda University Medical Center <br>Obligated Group, Revenue, <br>Series 2014 A, 5.25%, 12/01/2044 | 2585000 | 2564720 |
| Loma Linda University Medical Center Obligated Group, <br>Revenue, Series 2018 A, 5.25%, 12/01/2048 (c) | 1500000 | 1502229 |
| Loma Linda University Medical Center Obligated Group, <br>Revenue, Series 2016 A, 5.25%, 12/01/2056 (c) | 16320000 | 16265318 |
| California Statewide Financing Authority,<br>TSR Multi-County Special Purpose Trust, Revenue, <br>Series 2002 A, 6.00%, 05/01/2043 | 200000 | 204501 |
| City of Fontana,<br>Community Facilities District No. 80, Special Tax, <br>Series 2017, 2.38%, 09/01/2025 | 285000 | 282669 |
| City of Long Beach,<br>Harbor, Revenue, Refunding, <br>Series D, 5.00%, 05/15/2033 | 20000 | 20012 |
| Marina System, Revenue, <br>Series 2015, 5.00%, 05/15/2025 | 250000 | 250043 |
| City of Los Angeles Department of Airports,<br>Revenue, AMT, ETM, <br>Series 2016A, 5.00%, 05/15/2026 | 10000 | 10177 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **California — 10.0% (continued)** | **California — 10.0% (continued)** | **California — 10.0% (continued)** |
| Coachella Valley Water District Drinking Water System,<br>Revenue, Series 2022 A, 1.38%, 06/01/2025 | 5000 | 4987 |
| Kaweah Delta Health Care District Guild,<br>Revenue, Series 2015 B, 3.25%, 06/01/2029 | 300000 | 279146 |
| Revenue, Series 2015 B, 3.38%, 06/01/2031 | 50000 | 45228 |
| Revenue, Series 2015 B, 3.75%, 06/01/2035 | 430000 | 378520 |
| San Francisco City & County Airport Comm-San <br>Francisco International Airport, Revenue, AMT, <br>Series 2016 B, 5.00%, 05/01/2046 | 14000000 | 13983707 |
| Silicon Valley Tobacco Securitization Authority,<br>Revenue, Series 2007 A, 0.00%, 06/01/2036 (e) | 32500000 | 17573283 |
| Southern California Public Power Authority,<br>Los Angeles Department of Water & Power Power <br>System, Revenue, Refunding, <br>Series 2023-1, 5.00%, 07/01/2025 | 5000 | 5006 |
|  |  | **81727792** |
| **Colorado — 1.7%** | **Colorado — 1.7%** | **Colorado — 1.7%** |
| Aerotropolis Regional Transportation Authority,<br>Revenue, Series 2024, 5.75%, 12/01/2054 (c) | 5000000 | 5018012 |
| Colorado Educational & Cultural Facilities Authority,<br>Vega Collegiate Academy, Revenue, <br>Series 2021 A, 5.00%, 02/01/2034 (c) | 600000 | 599202 |
| Colorado Health Facilities Authority,<br>BSLC Obligated Group, Revenue, Refunding, <br>Series 2018 A-1, 4.25%, 09/15/2038 | 530000 | 478814 |
| Eagle County Airport Terminal Corp.,<br>Revenue, AMT, Refunding, <br>Series B, 5.00%, 05/01/2033 | 5450000 | 5490611 |
| Elbert County Independence Water & Sanitation District,<br>Revenue, Refunding, <br>Series 2024, 5.13%, 12/01/2033 | 1009000 | 981396 |
| Pueblo Urban Renewal Authority,<br>City of Pueblo Sales Tax, Revenue, <br>Series 2017, 5.00%, 06/01/2036 | 100000 | 92181 |
| Town of Del Norte,<br>Valley Citizens' Foundation for Health Care, Inc., <br>Revenue, Refunding, Series 2024,<br>4.88%, 12/01/2034 | 795000 | 757948 |
|  |  | **13418164** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Connecticut — 0.3%** | **Connecticut — 0.3%** | **Connecticut — 0.3%** |
| Connecticut State Health & Educational Facilities<br> Authority, Griffin Health Obligated Group, Revenue, <br>Refunding, Series G-1, 5.00%, 07/01/2027 (c) | 100000 | 100905 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2028 (c) | 100000 | 101223 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2029 (c) | 100000 | 101448 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2030 (c) | 100000 | 101302 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2032 (c) | 150000 | 151436 |
| Griffin Health Obligated Group, Revenue, Refunding, <br>Series G-1, 5.00%, 07/01/2034 (c) | 125000 | 125499 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 5.00%, 07/01/2032 | 575000 | 568425 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 5.00%, 07/01/2033 | 605000 | 592782 |
| University of Hartford (The), Revenue, Refunding, <br>Series N, 5.00%, 07/01/2034 | 645000 | 626555 |
|  |  | **2469575** |
| **Delaware — 0.0% (f)** | **Delaware — 0.0% (f)** | **Delaware — 0.0% (f)** |
| University of Delaware, Revenue, Pre-Refunded, <br>Series 2015, 5.00%, 11/01/2040 | 150000 | 150000 |
| **District of Columbia — 0.1%** | **District of Columbia — 0.1%** | **District of Columbia — 0.1%** |
| District of Columbia, Obligated Group, Revenue, <br>Series 2024A, 5.63%, 06/01/2044 | 1000000 | 1010284 |
| **Florida — 15.5%** | **Florida — 15.5%** | **Florida — 15.5%** |
| Alachua County Health Facilities Authority,<br>Shands Teaching Hospital & Clinics Obligated Group, <br>Revenue, Series A, 5.00%, 12/01/2044 | 25000 | 24650 |
| Antillia Community Development District,<br>Special Assessment, <br>Series 2024, 5.00%, 05/01/2031 | 250000 | 250606 |
| Avenir Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2021 A-1, 2.75%, 05/01/2031 | 3065000 | 2809277 |
| Babcock Ranch Community Independent Special <br>District, Special Assessment, <br>Series 2022, 4.25%, 05/01/2032 | 15000 | 14882 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** |
| Balm Grove Community Development District,<br>Special Assessment, <br>Series 2022, 3.63%, 11/01/2032 | 1290000 | 1196617 |
| Beach Road Golf Estates Community Development <br>District, Beach Road Golf Estates Cmnty <br>Development District Series 2015 Special Assmnt, <br>Special Assessment, <br>Series 2015, 5.00%, 11/01/2036 | 125000 | 125104 |
| Capital Projects Finance Authority,<br>Trilogy Community Development Foundation, Inc. <br>Obligated Group, Revenue, <br>Series 2025 A, 6.00%, 01/01/2035 (c) | 1500000 | 1493978 |
| Capital Trust Agency, Inc.,<br>Marie Selby Botanical Gardens, Inc. (The), Revenue, <br>Series 2021, 4.00%, 06/15/2031 (c) | 500000 | 471150 |
| Sarasota-Manatee Jewish Housing Council Obligated <br>Group, Revenue, Refunding, <br>Series 2017, 5.00%, 07/01/2027 (c) | 625000 | 604455 |
| Capital Trust Authority, Revenue, AMT, <br>Series 2024 A, 6.88%, 12/01/2044 (c) | 3500000 | 3438804 |
| Century Park South Community Development District,<br>Special Assessment, Series 2020, 3.00%, 05/01/2025 | 50000 | 50000 |
| Connerton East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2025, 4.65%, 06/15/2035 | 200000 | 196407 |
| County of Palm Beach,<br>Provident Group-PBAU Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 04/01/2029 (c) | 720000 | 717925 |
| Crossings Community Development District,<br>Area 2, Special Assessment, <br>Series 2024, 4.75%, 05/01/2031 | 300000 | 297154 |
| Crosswinds East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 4.50%, 05/01/2031 | 240000 | 236842 |
| East Nassau Stewardship District,<br>East Nassau Stewardship District Series 2024 <br>Special Assessment, Special Assessment, <br>5.25%, 05/01/2029 | 5500000 | 5453395 |
| Wildlight Village Phase 3, Special Assessment, <br>Series 2024, 4.70%, 05/01/2031 | 840000 | 834602 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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

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| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** |
| Edgewater East Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2022, 3.38%, 05/01/2032 | 1975000 | 1852785 |
| Epperson North Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2018 A-1, 5.75%, 11/01/2049 (c) | 995000 | 1009600 |
| Florida Development Finance Corp.,<br>AAF Operations Holdings LLC, Revenue, AMT, <br>Refunding, Series 2024, 12.00%, 07/15/2028 (a)(b)(c) | 22975000 | 23842467 |
| AAF Operations Holdings LLC, Revenue, AMT, <br>Series 2024 A, 10.00%, 07/15/2028 (a)(b)(c) | 9750000 | 10068953 |
| Assistance Unlimited, Inc., Revenue, Refunding, <br>Series 2022, 5.00%, 08/15/2032 (c) | 410000 | 396930 |
| Brightline Florida Holdings LLC, Revenue, AMT, <br>Series 2025 A, 8.25%, 08/13/2025 (a)(b)(c) | 35710000 | 36813846 |
| Brightline Trains Florida LLC, Revenue, AMT, Refunding, <br>Series 2024, 5.00%, 07/01/2036 | 5250000 | 5226138 |
| Southwest Charter Foundation Bonita Springs & <br>Collier Charter Obligated Group, Revenue, <br>Series A, 6.00%, 06/15/2037 (c) | 1075000 | 1079327 |
| Waste Pro USA, Inc., Revenue, AMT, <br>Series 2019, 5.00%, 05/01/2029 (c) | 140000 | 140728 |
| Waste Pro USA, Inc., Revenue, AMT, <br>Series 2021, 3.00%, 06/01/2032 | 10520000 | 9332831 |
| Florida Municipal Loan Council,<br>Shingle Creek Transit & Utility Community <br>Development District, Special Assessment, AMT, <br>Series 2024, 4.50%, 05/01/2031 | 275000 | 274219 |
| Greenbriar Community Development District,<br>Assessment Area No. 1, Special Assessment, <br>Series 2025, 4.80%, 05/01/2032 | 500000 | 499642 |
| Lakes of Sarasota Community Development District 2,<br>Special Assessment, <br>Series B, 5.20%, 05/01/2035 | 3025000 | 2978008 |
| LTC Ranch West Residential Community Development <br>District, Assessment Area 4, Special Assessment, <br>Refunding, Series 2024 AA-4, 4.75%, 05/01/2031 | 345000 | 342256 |
| 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 | 1225214 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** |
| Marion Ranch Community Development District,<br>Special Assessment, <br>Series 2024, 5.10%, 05/01/2031 | 250000 | 250239 |
| Miami-Dade County Industrial Development Authority,<br>Miami Community Charter School, Revenue, Refunding, <br>Series 2020 A, 4.25%, 06/01/2030 (c) | 570000 | 540129 |
| Osceola Chain Lakes Community Development District,<br>Assessments, Special Assessment, <br>Series 2020, 3.50%, 05/01/2030 | 350000 | 328656 |
| Palm Beach County Health Facilities Authority,<br>Lifespace Communities, Inc. Obligated Group, Revenue, <br>Refunding, Series 2015 C, 5.00%, 05/15/2028 | 20000 | 20003 |
| Lifespace Communities, Inc. Obligated Group, Revenue, <br>Series 2004 B, 4.00%, 11/15/2034 | 15000 | 14397 |
| Peace Crossing Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.00%, 05/01/2031 | 875000 | 863219 |
| Pine Island Community Development District,<br>Special Assessment, <br>Series 2004, 5.75%, 05/01/2035 | 670000 | 672921 |
| Silverlake Community Development District,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 4.50%, 05/01/2031 | 400000 | 388640 |
| Southern Groves Community Development <br>District No. 5, Assessment Area, Special Assessment, <br>Refunding, Series 2019, 3.25%, 05/01/2029 | 290000 | 276979 |
| Terra Lago Community Development District,<br>Assessment Area 1, Special Assessment, <br>Series 2025, 4.50%, 05/01/2032 | 650000 | 647216 |
| 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 | 375230 |
| Tuckers Pointe Community Development District,<br>Master Infrastructure Project, Special Assessment, <br>Series 2022, 3.63%, 05/01/2032 | 4500000 | 4231659 |
| Verandah East Community Development District,<br>Verandah East Community Development District <br>Series 2016 Special Assessment, Special Assessment, <br>Refunding, Series 2016, 3.75%, 05/01/2026 | 15000 | 14883 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** | **Florida — 15.5% (continued)** |
| Villages of Westport Community Development District,<br>Assessments, Special Assessment, <br>Series 2005 A, 5.70%, 05/01/2035 | 35000 | 35151 |
| Woodland Crossing Community Development District,<br>Special Assessment, <br>Series 2025, 4.88%, 05/01/2030 (c) | 410000 | 412054 |
| 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 | 247373 |
|  |  | **122617541** |
| **Georgia — 1.7%** | **Georgia — 1.7%** | **Georgia — 1.7%** |
| Atlanta Development Authority (The), City of Atlanta <br>Westside Tax Allocation District Gulch Area, Tax <br>Allocation, Series 2024 A-1, 5.00%, 04/01/2034 (c) | 3250000 | 3190706 |
| City of Atlanta Westside Tax Allocation District Gulch <br>Area, Tax Allocation, <br>Series 2024 A-2, 5.50%, 04/01/2039 (c) | 2850000 | 2858045 |
| City of Atlanta Westside Tax Allocation District Gulch <br>Area, Revenue, Series 2024-1, Class A,<br>0.00%, 12/15/2048 (c) | 1000000 | 860760 |
| Development Authority of Burke County (The),<br>Georgia Power Co., Revenue, Refunding, <br>Series 2018, 2.40%, 05/01/2025 (b)(d) | 3000000 | 3000000 |
| 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 | 235044 |
| Development Authority of The City of Marietta,<br>Life University, Inc., Revenue, Refunding, <br>Series 2017 A, 5.00%, 11/01/2027 (c) | 400000 | 400720 |
| George L Smith II Congress Center Authority,<br>Signia Hotel Management LLC, Revenue, Second Tier, <br>Series 2021 B, 3.63%, 01/01/2031 (c) | 1170000 | 1099322 |
| Main Street Natural Gas, Inc., Revenue, <br>Series 2022 C, 4.00%, 11/01/2027 (a)(b)(c) | 500000 | 495926 |
|  |  | **12140523** |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam, Revenue, Refunding, <br>Series 2015 D, 5.00%, 11/15/2034 | 1000000 | 1002070 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| Spring Valley Community Infrastructure District No. 1,<br>Assessment Area 2, Special Assessment, <br>Series 2024, 6.25%, 09/01/2053 (c) | 2000000 | 2049120 |
| **Illinois — 6.8%** | **Illinois — 6.8%** | **Illinois — 6.8%** |
| Chicago Board of Education, GO, <br>Series 2015 C, 5.25%, 12/01/2039 | 120000 | 115479 |
| Chicago O'Hare International Airport,<br>TrIPs Obligated Group, Revenue, AMT, <br>Series 2018, 5.00%, 07/01/2048 | 11005000 | 10862891 |
| City of Calumet City, GO, <br>Series 2023 B, 4.50%, 03/01/2037 | 600000 | 547223 |
| City of Harvey, GO, Refunding, <br>Series 2023 A, 4.00%, 01/01/2028 | 265000 | 253918 |
| County of Cook, Deerfield SLF LP, Revenue, <br>Series 2024, 6.50%, 01/01/2045 | 2000000 | 1988935 |
| Illinois Finance Authority, Acero Charter Schools, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2021, 4.00%, 10/01/2028 (c) | 580000 | 571004 |
| Benedictine University, Revenue, Refunding, <br>Series 2017, 5.00%, 10/01/2030 | 1000000 | 925129 |
| Chicago Theatre Group, Inc., Revenue, Refunding, <br>Series 2025A, 5.13%, 10/01/2035 (c) | 700000 | 692415 |
| Columbia College Chicago, Revenue, <br>Series 2019, 5.00%, 12/01/2029 | 2055000 | 2075467 |
| Illinois Institute of Technology, Revenue, Refunding, <br>Series 2019, 5.00%, 09/01/2027 | 1170000 | 1172472 |
| Illinois Wesleyan University, Revenue, Refunding, <br>Series 2016, 3.00%, 09/01/2030 | 1500000 | 1380937 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 4.00%, 05/15/2035 | 245000 | 233731 |
| Lifespace Communities, Inc. Obligated Group, <br>Revenue, Refunding, <br>Series 2015 A, 5.00%, 05/15/2035 | 250000 | 250002 |
| Mercy Health Corp. Obligated Group, Revenue, <br>Refunding, Series 2016, 5.00%, 12/01/2046 | 10000000 | 9642786 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.50%, 05/15/2047 | 1000000 | 1050864 |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.63%, 05/15/2052 | 285000 | 298727 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Illinois — 6.8% (continued)** | **Illinois — 6.8% (continued)** | **Illinois — 6.8% (continued)** |
| Plymouth Place Obligated Group, Revenue, <br>Series 2022 A, 6.75%, 05/15/2058 | 850000 | 891578 |
| Rosalind Franklin University of Medicine and Science, <br>Revenue, Series 2025, 5.25%, 08/01/2035 (c) | 5000000 | 4985941 |
| Silver Cross Hospital Obligated Group, Revenue, <br>Refunding, Series 2015 C, 5.00%, 08/15/2044 | 1375000 | 1335589 |
| Washington and Jane Smith Community — Orland <br>Park, Revenue, Refunding, <br>Series 2022, 4.00%, 10/15/2026 | 465000 | 457441 |
| Illinois State Toll Highway Authority, Revenue, <br>Series 2015 A, 5.00%, 01/01/2036 | 1900000 | 1894570 |
| Revenue, Series 2014 C, 5.00%, 01/01/2037 | 5810000 | 5791095 |
| Village of Bridgeview, GO, Refunding, <br>Series 2015 A, 5.00%, 12/01/2030 | 40000 | 39941 |
| GO, Refunding, Series 2015 A, 5.63%, 12/01/2041 | 2175000 | 2121553 |
| Village of Lincolnwood Il,<br>North Lincoln Redevelopment Project Area, COP, <br>Series 2025 B, 5.75%, 12/01/2043 (c) | 500000 | 493883 |
| Village of Rantoul, Evans Road Redevelopment Area, <br>Tax Allocation, Refunding, <br>Series 2024, 5.25%, 12/01/2033 (c) | 400000 | 391527 |
| Village of Romeoville,<br>Lewis University, Revenue, Refunding, <br>Series 2018 B, 5.00%, 10/01/2036 | 505000 | 485303 |
| Lewis University, Revenue, Refunding, <br>Series 2018 B, 5.00%, 10/01/2039 | 1640000 | 1566145 |
| Western Illinois Economic Development Authority,<br>Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 3.13%, 06/01/2027 | 200000 | 193038 |
| Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 3.25%, 06/01/2028 | 755000 | 719192 |
| Memorial Hospital Association, Revenue, Refunding, <br>Series 2016, 4.00%, 06/01/2033 | 680000 | 616605 |
|  |  | **54045381** |
| **Indiana — 0.4%** | **Indiana — 0.4%** | **Indiana — 0.4%** |
| Indiana Finance Authority, Avondale Meadows <br>Academy, Revenue, Refunding, <br>Series 2017, 5.38%, 07/01/2047 | 950000 | 895835 |
| Earlham College, Inc., Revenue, Refunding, <br>Series 2013A, 5.00%, 10/01/2032 | 1000000 | 972600 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Indiana — 0.4% (continued)** | **Indiana — 0.4% (continued)** | **Indiana — 0.4% (continued)** |
| Hanover College, Revenue, <br>Series 2013, 4.25%, 05/01/2033 | 25000 | 22949 |
| Retirement Living, Inc., Revenue, Refunding, <br>Series 2015 A, 5.00%, 03/01/2039 | 125000 | 119666 |
| Rock Creek Community Academy, Inc., Revenue, <br>Series 2018 A, 5.25%, 07/01/2028 (c) | 700000 | 695510 |
| Rock Creek Community Academy, Inc., Revenue, <br>Series 2018 A, 5.88%, 07/01/2038 (c) | 540000 | 538780 |
| United States Steel Corp., Revenue, AMT, <br>Series 2012, 5.75%, 08/01/2042 | 160000 | 159991 |
| Richmond Hospital Authority, Reid Hospital & Health <br>Care Services, Inc. Obligated Group, Revenue, <br>Refunding, Series 2015 A, 5.00%, 01/01/2029 | 800000 | 800518 |
|  |  | **4205849** |
| **Iowa — 0.3%** | **Iowa — 0.3%** | **Iowa — 0.3%** |
| Crawford County Memorial Hospital, Inc.,<br>Revenue, Series 2024, 5.00%, 06/15/2027 | 1000000 | 1007639 |
| Delaware County Memorial Hospital,<br>Revenue, Series 2025, 4.40%, 12/01/2027 (g) | 285000 | 285860 |
| Revenue, Series 2025, 5.00%, 12/01/2033 (g) | 195000 | 196751 |
| Revenue, Series 2025, 5.10%, 12/01/2034 (g) | 430000 | 433611 |
| Iowa Finance Authority, Lifespace Communities, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2023 B, 6.60%, 05/15/2028 | 460000 | 482793 |
|  |  | **2406654** |
| **Kansas — 2.6%** | **Kansas — 2.6%** | **Kansas — 2.6%** |
| City of Derby, STAR Bond District, Revenue, <br>Series 2022, 5.00%, 09/01/2042 | 1425000 | 1405864 |
| Wyandotte County-Kansas City Unified Government,<br>Tax Allocation, Refunding, <br>Series 2022, 5.75%, 03/01/2041 (c) | 14000000 | 14189767 |
| Sales Tax, Tax Allocation, Refunding, <br>Series 2022, 5.75%, 09/01/2039 (c) | 5000000 | 5083333 |
|  |  | **20678964** |
| **Kentucky — 1.5%** | **Kentucky — 1.5%** | **Kentucky — 1.5%** |
| City of Campbellsville, Campbellsville University, Inc., <br>Revenue, Refunding, <br>Series 2013 A, 5.00%, 03/01/2030 | 25000 | 24975 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Kentucky — 1.5% (continued)** | **Kentucky — 1.5% (continued)** | **Kentucky — 1.5% (continued)** |
| City of Hopkinsville, Ascend Elements, Inc., Revenue, AMT, <br>Series 2024, 6.00%, 12/01/2031 (a)(b) | 10000000 | 9861868 |
| Louisville/Jefferson County Metropolitan Government,<br>Bellarmine University, Inc., Revenue, Refunding, <br>Series 2017 A, 4.00%, 05/01/2029 | 200000 | 187280 |
| Bellarmine University, Inc., Revenue, Refunding, <br>Series 2015, 5.00%, 05/01/2031 | 2000000 | 1919883 |
|  |  | **11994006** |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| Calcasieu Parish Memorial Hospital Service District,<br>Southwest Louisiana Healthcare System Obligated <br>Group, Revenue, Refunding, <br>Series 2019, 5.00%, 12/01/2034 | 2000000 | 1985709 |
| 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 | 384448 |
| Glen Retirement System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2027 | 410000 | 396810 |
| Glen Retirement System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2028 | 430000 | 408213 |
| Glen Retirement System Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 01/01/2029 | 450000 | 419260 |
| Provident Group — ULM Properties LLC, Revenue, <br>Series 2019 A, 5.00%, 07/01/2039 (c) | 100000 | 89525 |
|  |  | **3683965** |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| City of Baltimore, Baltimore Hotel Corp., Revenue, <br>Refunding, Series 2017, 5.00%, 09/01/2033 | 1105000 | 1110104 |
| County of Frederick, Mount St Mary's University, Inc., <br>Revenue, Refunding, <br>Series 2017 A, 5.00%, 09/01/2032 (c) | 740000 | 734299 |
| County of Prince George's, Westphalia Town Center <br>Development District, Tax Allocation, <br>Series 2018, 5.00%, 07/01/2030 (c) | 1200000 | 1205613 |
| Westphalia Town Center Development District, Tax <br>Allocation, Series 2018, 5.25%, 07/01/2048 (c) | 2000000 | 1979896 |
| Maryland Health & Higher Educational Facilities <br>Authority, Goucher College, Revenue, Refunding, <br>Series 2017 A, 5.00%, 07/01/2037 | 1600000 | 1600468 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **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 Road <br>Development District, Tax Allocation, <br>Series 2016, 5.00%, 07/01/2046 (c) | 2000000 | 1911594 |
|  |  | **8541974** |
| **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** |
| Massachusetts Development Finance Agency,<br>Boston Medical Center Corp. Obligated Group, <br>Revenue, Refunding, <br>Series 2016 E, 5.00%, 07/01/2033 | 5000000 | 5018850 |
| Lawrence General Hospital Obligated Group, Revenue, <br>Refunding, Series 2017, 5.00%, 07/01/2028 | 675000 | 662495 |
| Salem Community Corp. Obligated Group, Revenue, <br>Refunding, Series 2022, 5.00%, 01/01/2030 | 465000 | 463979 |
| Salem Community Corp. Obligated Group, Revenue, <br>Refunding, Series 2022, 5.00%, 01/01/2031 | 485000 | 482496 |
|  |  | **6627820** |
| **Michigan — 0.9%** | **Michigan — 0.9%** | **Michigan — 0.9%** |
| Flint Hospital Building Authority,<br>Hurley Medical Center, Revenue, Refunding, <br>Series 2020, 5.00%, 07/01/2026 | 500000 | 500588 |
| Hurley Medical Center, Revenue, <br>Series 2013B, 4.75%, 07/01/2028 | 820000 | 804185 |
| Kalamazoo Economic Development Corp.,<br>Friendship Village of Kalamazoo Obligated Group, <br>Revenue, Refunding, Series 2021,<br>5.00%, 08/15/2031 (c) | 890000 | 858165 |
| Michigan Finance Authority,<br>Albion College, Revenue, Refunding, <br>Series 2022, 5.00%, 12/01/2033 | 40000 | 28822 |
| Albion College, Revenue, Refunding, <br>Series 2022, 5.00%, 12/01/2036 | 1000000 | 698050 |
| Aquinas College, Revenue, Refunding, <br>Series 2021, 4.00%, 05/01/2031 | 500000 | 389552 |
| Detroit Public Lighting Authority Utility Users Tax, <br>Revenue, Series 2014 B, 5.00%, 07/01/2026 | 25000 | 25032 |
| Michigan Strategic Fund, Friendship Village of <br>Kalamazoo Obligated Group, Revenue, Refunding, <br>Series 2021, 5.00%, 08/15/2031 (c) | 665000 | 641213 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Michigan — 0.9% (continued)** | **Michigan — 0.9% (continued)** | **Michigan — 0.9% (continued)** |
| Wayne County Airport Authority, Detroit Metropolitan <br>Wayne County Airport, Revenue, AMT, Refunding, <br>Series F, 5.00%, 12/01/2033 | 3000000 | 3004838 |
|  |  | **6950445** |
| **Minnesota — 1.7%** | **Minnesota — 1.7%** | **Minnesota — 1.7%** |
| City of Landfall Village,<br>Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.75%, 08/01/2029 | 205000 | 202206 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.80%, 08/01/2030 | 215000 | 211536 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.85%, 08/01/2031 | 225000 | 220708 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 4.90%, 08/01/2032 | 235000 | 230043 |
| Pines of Richfield LLC (The), Revenue, <br>Series 2024, 5.00%, 08/01/2033 | 250000 | 244090 |
| City of Moorhead,<br>Concordia College, Revenue, Refunding, <br>Series 2016, 5.00%, 12/01/2034 | 1155000 | 1156103 |
| Concordia College, Revenue, Refunding, <br>Series 2016, 5.00%, 12/01/2040 | 1350000 | 1337073 |
| City of Shakopee,<br>Benedictine Living Community of Shakopee LLC, <br>Revenue, Series 2018, 5.85%, 11/01/2025 (a)(b)(c) | 9370000 | 9345249 |
| Dakota County Community Development Agency,<br>Sanctuary at West St Paul (The), Revenue, <br>Series 2015, 6.00%, 08/01/2035 | 1500000 | 1157270 |
|  |  | **14104278** |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** |
| City of Jackson, GO, Refunding, <br>Series 2021, 5.00%, 03/01/2027 | 920000 | 932714 |
| Mississippi Development Bank,<br>City of Jackson, Revenue, Refunding, <br>Series 2013A, 3.00%, 03/01/2027 | 40000 | 38414 |
| City of Jackson, Revenue, Refunding, <br>Series 2013 A, 3.00%, 03/01/2028 | 145000 | 135923 |
| City of Jackson, Revenue, Refunding, <br>Series 2013A, 3.00%, 03/01/2029 | 255000 | 233702 |
| City of Jackson, Revenue, Refunding, <br>Series 2013 A, 3.13%, 03/01/2030 | 130000 | 115610 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Mississippi — 0.2% (continued)** | **Mississippi — 0.2% (continued)** | **Mississippi — 0.2% (continued)** |
| Natchez-Adams School District, GO, <br>Series 2020, 2.00%, 03/01/2031 | 175000 | 144705 |
|  |  | **1601068** |
| **Missouri — 0.1%** | **Missouri — 0.1%** | **Missouri — 0.1%** |
| Grindstone Plaza Transportation Development District,<br>Revenue, Series 2006 A, 5.40%, 10/01/2026 | 100000 | 99755 |
| Health & Educational Facilities Authority of the <br>State of Missouri, Mercy Health, Revenue, <br>Series 2014 F, 5.00%, 11/15/2045 | 150000 | 147705 |
| St Louis County Industrial Development Authority,<br>Friendship Village St Louis Obligated Group, Revenue, <br>Series 2013 A, 5.50%, 09/01/2033 | 1000000 | 1000036 |
|  |  | **1247496** |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| City of Great Falls, Downtown Urban Renewal District, <br>Tax Allocation, Series 2021, 3.00%, 07/01/2035 | 1005000 | 820310 |
| Montana Facility Finance Authority, Montana <br>Children's Home and Hospital, Revenue, <br>Series 2020 A, 4.00%, 07/01/2035 | 50000 | 43487 |
|  |  | **863797** |
| **Nevada — 4.4%** | **Nevada — 4.4%** | **Nevada — 4.4%** |
| City of Las Vegas, Special Improvement District No. 812, <br>Special Assessment, Series 2015, 5.00%, 12/01/2031 | 530000 | 532304 |
| Special Improvement District No. 816, Special <br>Assessment, Series 2021, 2.75%, 06/01/2031 | 220000 | 192427 |
| City of Sparks, Special Improvement District No. 1, <br>Special Assessment, Series 2024, 5.00%, 06/01/2044 | 400000 | 383356 |
| 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) | 34710000 | 33417059 |
|  |  | **34525146** |
| **New Hampshire — 3.2%** | **New Hampshire — 3.2%** | **New Hampshire — 3.2%** |
| New Hampshire Business Finance Authority,<br>Revenue, Series 2024, 5.38%, 12/01/2031 (c) | 2500000 | 2435513 |
| Revenue, Series 2025, 0.00%, 12/15/2032 (c)(e)(g) | 9429000 | 5736226 |
| Revenue, Series 2024, 5.88%, 12/15/2032 (c) | 2526000 | 2415993 |
| Revenue, Series 2024, 0.00%, 12/01/2034 (c)(e) | 22000000 | 11446160 |
| Revenue, Series 2024, 5.38%, 12/15/2035 (c) | 1900000 | 1875150 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New Hampshire — 3.2% (continued)** | **New Hampshire — 3.2% (continued)** | **New Hampshire — 3.2% (continued)** |
| New Hampshire Brazoria County Municipal Utility <br>District No. 83, Revenue, <br>Series 2024, 5.30%, 12/01/2032 (c) | 272000 | 267956 |
| Waller County Municipal Utility District No. 38, <br>Revenue, Series 2024, 0.00%, 04/01/2032 (c)(e) | 1517000 | 962082 |
|  |  | **25139080** |
| **New Jersey — 0.6%** | **New Jersey — 0.6%** | **New Jersey — 0.6%** |
| City of Atlantic City, GO, Refunding, <br>Series 2013, 5.00%, 12/01/2025 | 45000 | 44825 |
| GO, Refunding, Series AND TAX APPEAL REF BDS 2013, <br>5.00%, 12/01/2027 | 10000 | 9850 |
| New Jersey Economic Development Authority,<br>Marion P Thomas Charter School, Inc., Revenue, <br>Series 2018 A, 5.00%, 10/01/2033 (c) | 1000000 | 967227 |
| Port Newark Container Terminal LLC, Revenue, AMT, <br>Refunding, Series 2017, 5.00%, 10/01/2047 | 2500000 | 2422814 |
| United Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2012, 5.75%, 09/15/2027 | 100000 | 100011 |
| United Airlines, Inc., Revenue, AMT, <br>Series 1999, 5.25%, 09/15/2029 | 210000 | 210008 |
| United Airlines, Inc., Revenue, AMT, <br>Series 2000 A, 5.63%, 11/15/2030 | 500000 | 500063 |
| New Jersey Educational Facilities Authority,<br>Rider University A New Jersey Non-Profit Corp., <br>Revenue, Series 2017 F, 3.25%, 07/01/2030 | 25000 | 21109 |
| Rider University A New Jersey Non-Profit Corp., <br>Revenue, Series 2017 F, 3.50%, 07/01/2031 | 10000 | 8357 |
| Rider University A New Jersey Non-Profit Corp., <br>Revenue, Series 2017 F, 5.00%, 07/01/2035 | 185000 | 157424 |
| New Jersey Health Care Facilities Financing Authority,<br>St Joseph's Healthcare System Obligated Group, <br>Revenue, Refunding, Series 2016, 3.00%, 07/01/2032 | 50000 | 44704 |
| St Joseph's Healthcare System Obligated Group, <br>Revenue, Refunding, Series 2016, 3.13%, 07/01/2033 | 150000 | 132844 |
|  |  | **4619236** |
| **New Mexico — 0.0% (f)** | **New Mexico — 0.0% (f)** | **New Mexico — 0.0% (f)** |
| New Mexico Hospital Equipment Loan Council,<br>Haverland Carter Lifestyle Obligated Group, Revenue, <br>Series 2019 A, 5.00%, 07/01/2034 | 40000 | 39471 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 9.4%** | **New York — 9.4%** | **New York — 9.4%** |
| Allegany County Capital Resource Corp.,<br>Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2026 | 170000 | 168153 |
| Houghton College, Revenue, Refunding, <br>Series 2022 A, 5.00%, 12/01/2032 | 1385000 | 1317914 |
| Build NYC Resource Corp., Inc., Revenue, AMT, <br>Refunding, Series 2014, 5.00%, 01/01/2035 (c) | 13400000 | 13402357 |
| Albert Einstein College of Medicine, Inc., Revenue, <br>Series 2015, 5.50%, 09/01/2045 (c) | 3880000 | 3884018 |
| WHIN Music Community Charter School, Revenue, <br>Series 2022A, 6.50%, 07/01/2052 (c) | 1500000 | 1483018 |
| City of Glens Falls, Revenue, <br>Series 2011, 5.00%, 06/15/2026 | 1075000 | 1075629 |
| City of North Tonawanda, GO, <br>Series 2024, 4.75%, 05/16/2025 | 2500000 | 2500673 |
| County of Sullivan, Improvement Districts Service Fee, <br>Special Assessment, Series E-1, 4.85%, 11/01/2031 (c) | 100000 | 99968 |
| Dobbs Ferry Local Development Corp.,<br>Mercy University, Revenue, <br>Series 2014, 5.00%, 07/01/2039 | 20000 | 19534 |
| Dutchess County Local Development Corp.,<br>Nuvance Health Obligated Group, Revenue, <br>Series 2016 B, 3.00%, 07/01/2029 | 150000 | 140062 |
| 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 | 868415 |
| MTA Hudson Rail Yards Trust Obligations, Revenue, <br>Series 2016 A, 5.00%, 11/15/2056 | 20000 | 19849 |
| New York City Municipal Water Finance Authority,<br>New York City Water & Sewer System, Revenue, <br>Refunding, Series 2015 GG, 5.00%, 06/15/2039 | 6200000 | 6211526 |
| New York City Transitional Finance Authority Future <br>Tax Secured, Revenue, <br>Series 2011 A-4, 2.55%, 05/01/2025 (b)(d) | 2250000 | 2250000 |
| New York Liberty Development Corp., 3 World Trade <br>Center LLC, Revenue, Refunding, <br>Series 2014, Class 2, 5.38%, 11/15/2040 (c) | 10500000 | 10500279 |
| 3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, 5.00%, 11/15/2044 (c) | 10800000 | 10734424 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 9.4% (continued)** | **New York — 9.4% (continued)** | **New York — 9.4% (continued)** |
| 3 World Trade Center LLC, Revenue, Refunding, <br>Series 2014, Class 3, 7.25%, 11/15/2044 (c) | 500000 | 500313 |
| New York State Dormitory Authority, Catholic Health <br>System Obligated Group, Revenue, Refunding, <br>Series 2019 A, 3.00%, 07/01/2031 | 100000 | 89423 |
| New School (The), Revenue, Pre-Refunded, <br>Series 2015 A, 5.00%, 07/01/2032 | 5000 | 5012 |
| New York State Energy Research & Development <br>Authority, Rochester Gas and Electric Corp., <br>Revenue, Refunding, <br>Series 1997 A, 3.00%, 07/01/2025 (a)(b) | 10000 | 9977 |
| New York State Environmental Facilities Corp.,<br>Casella Waste Systems, Inc., Revenue, AMT, <br>Series 2020 R-1, 2.75%, 09/02/2025 (a)(b) | 2475000 | 2455389 |
| New York Transportation Development Corp.,<br>JFK International Air Terminal LLC, Revenue, AMT, <br>Refunding, Series 2020 A, 5.00%, 12/01/2032 | 1250000 | 1299630 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.00%, 07/01/2041 | 1000000 | 1000074 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.00%, 07/01/2046 | 1305000 | 1276877 |
| Laguardia Gateway Partners LLC, Revenue, AMT, <br>Series 2016 A, 5.25%, 01/01/2050 | 1415000 | 1402400 |
| Oneida County Local Development Corp.,<br>Utica University, Revenue, Refunding, <br>Series 2019, 5.00%, 07/01/2025 | 80000 | 80005 |
| Oneida Indian Nation of New York, Revenue, <br>Series 2024 B, 6.00%, 09/01/2043 (c) | 145000 | 153611 |
| Onondaga Civic Development Corp., Crouse Health <br>Hospital, Inc. Obligated Group, Revenue, Refunding, <br>Series 2024 A, 5.00%, 08/01/2029 | 315000 | 309592 |
| Crouse Health Hospital, Inc. Obligated Group, Revenue, <br>Refunding, Series 2024 A, 5.00%, 08/01/2030 | 520000 | 506793 |
| Crouse Health Hospital, Inc. Obligated Group, Revenue, <br>Refunding, Series 2024 A, 5.00%, 08/01/2031 | 200000 | 193773 |
| Crouse Health Hospital, Inc. Obligated Group, Revenue, <br>Refunding, Series 2024 A, 5.00%, 08/01/2032 | 250000 | 241319 |
| Crouse Health Hospital, Inc. Obligated Group, Revenue, <br>Refunding, Series 2024 A, 5.00%, 08/01/2033 | 275000 | 264331 |
| Crouse Health Hospital, Inc. Obligated Group, Revenue, <br>Refunding, Series 2024 A, 5.00%, 08/01/2034 | 700000 | 669128 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **New York — 9.4% (continued)** | **New York — 9.4% (continued)** | **New York — 9.4% (continued)** |
| Port Authority of New York & New Jersey,<br>Revenue, Third Series, AMT, Refunding, <br>Series 2015, 5.00%, 10/15/2034 | 3540000 | 3546442 |
| Revenue, Refunding, Series 2015, 5.00%, 05/01/2040 | 2415000 | 2415196 |
| Sewanhaka Central High School District of Elmont, GO, <br>Series 2016, 2.00%, 07/15/2025 | 50000 | 49744 |
| Suffolk Regional Off-Track Betting Co., Revenue, <br>Series 2024, 6.00%, 12/01/2053 | 780000 | 796788 |
| Syracuse Regional Airport Authority, Revenue, AMT, <br>Refunding, Series 2021, 5.00%, 07/01/2026 | 1000000 | 1008173 |
| Town of Indian Lake, GO, <br>Series 2024, 4.75%, 05/08/2025 | 2500000 | 2500317 |
| 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 | 416643 |
|  |  | **75866769** |
| **North Carolina — 0.7%** | **North Carolina — 0.7%** | **North Carolina — 0.7%** |
| Charlotte-Mecklenburg Hospital Authority (The),<br>Atrium Health Obligated Group, Revenue, <br>Series 2018 G, 2.35%, 05/01/2025 (b)(d) | 1050000 | 1050000 |
| North Carolina Medical Care Commission,<br>Vidant Health Obligated Group, Revenue, Refunding, <br>Series 2015, 5.00%, 06/01/2040 | 5000000 | 4999645 |
|  |  | **6049645** |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| City of Horace, GO, Special Assessment, Refunding, <br>Series 2020 B, 3.00%, 05/01/2030 | 100000 | 90187 |
| County of Ward, Trinity Health Obligated Group, <br>Revenue, Series 2017 C, 5.00%, 06/01/2034 | 1000000 | 983305 |
|  |  | **1073492** |
| **Ohio — 4.1%** | **Ohio — 4.1%** | **Ohio — 4.1%** |
| City of Norwood, Rockwood Exchange Tax Increment <br>Fund, Tax Allocation, Refunding, <br>Series 2025, 4.38%, 12/01/2030 | 645000 | 635107 |
| Rockwood Exchange Tax Increment Fund, Tax <br>Allocation, Refunding, <br>Series 2025, 5.00%, 12/01/2035 | 750000 | 755064 |
| County of Fairfield, Fairfield Medical Center Obligated <br>Group, Revenue, Refunding, <br>Series 2013, 5.13%, 06/15/2033 | 5000000 | 4842179 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Ohio — 4.1% (continued)** | **Ohio — 4.1% (continued)** | **Ohio — 4.1% (continued)** |
| County of Hardin, Ohio Northern University, Revenue, <br>Refunding, Series 2020, 4.00%, 05/01/2026 | 75000 | 73814 |
| County of Lucas, Promedica Healthcare Obligated <br>Group, Revenue, Refunding, <br>Series 2018 A, 5.25%, 11/15/2048 | 8700000 | 8505441 |
| County of Washington, Marietta Area Health Care, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2022, 6.75%, 12/01/2052 | 1080000 | 1155348 |
| Ohio Air Quality Development Authority, Ohio Valley <br>Electric Corp., Revenue, <br>Series 2009 C, 1.50%, 11/04/2025 (a)(b) | 1000000 | 978123 |
| Ohio Valley Electric Corp., Revenue, Refunding, <br>Series 2019 A, 3.25%, 09/01/2029 | 10000 | 9636 |
| State of Ohio, University Hospitals Health System, Inc. <br>Obligated Group, Revenue, Refunding, <br>Series 2014 B, 3.85%, 05/08/2025 (b)(d) | 12750000 | 12750000 |
| Series 2015 A, 3.85%, 05/08/2025 (b)(d) | 3000000 | 3000000 |
|  |  | **32704712** |
| **Oklahoma — 3.7%** | **Oklahoma — 3.7%** | **Oklahoma — 3.7%** |
| Oklahoma County Finance Authority, Aerospace <br>Science and Technology Education Center, Inc., <br>Revenue, Series 2024, 5.25%, 06/15/2034 (c) | 775000 | 759635 |
| Oklahoma Development Finance Authority,<br>OU Medicine Obligated Group, Revenue, <br>Series 2018 B, 5.50%, 08/15/2057 | 1000000 | 1002945 |
| Tulsa Airports Improvement Trust,<br>American Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2015, 5.00%, 06/01/2025 (a)(b) | 18705000 | 18691173 |
| American Airlines, Inc., Revenue, AMT, Refunding, <br>Series 2001 B, 5.50%, 12/01/2035 | 5000000 | 5004526 |
| Wagoner County Development Authority,<br>Revenue, Series 2025, 9.00%, 05/01/2026 (g) | 225000 | 231890 |
| Revenue, Series 2025, 9.00%, 05/01/2027 (g) | 580000 | 613733 |
| Revenue, Series 2025, 8.25%, 05/01/2028 (g) | 630000 | 662151 |
| Revenue, Series 2025, 6.75%, 05/01/2040 (g) | 3110000 | 3104122 |
|  |  | **30070175** |
| **Oregon — 1.6%** | **Oregon — 1.6%** | **Oregon — 1.6%** |
| Oregon State Facilities Authority,<br>Southern Oregon Goodwill Industries, Revenue, <br>Series 2025A, 5.00%, 12/01/2040 | 420000 | 410222 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Oregon — 1.6% (continued)** | **Oregon — 1.6% (continued)** | **Oregon — 1.6% (continued)** |
| Southern Oregon Goodwill Industries, Revenue, <br>Series 2025A, 5.38%, 12/01/2045 | 1040000 | 1005967 |
| Polk County Hospital Facility Authority,<br>Dallas Mennonite Retirement Community <br>Obligated Group, Revenue, <br>Series 2015 A, 5.13%, 07/01/2035 | 3680000 | 3680243 |
| Port of Morrow, GO, <br>Series 2024 A, 5.15%, 10/01/2026 (c) | 6155000 | 6163715 |
| Yamhill County Hospital Authority,<br>Friendsview Manor Obligated Group, Revenue,<br>Refunding, Series 2016A, 4.00%, 11/15/2026 | 150000 | 147547 |
| Friendsview Manor Obligated Group, Revenue, <br>Refunding, Series 2016A, 5.00%, 11/15/2031 | 350000 | 345967 |
| Friendsview Manor Obligated Group, Revenue, <br>Refunding, Series 2016A, 5.00%, 11/15/2036 | 455000 | 434566 |
|  |  | **12188227** |
| **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** |
| Allegheny County Higher Education Building Authority,<br>Robert Morris University, Revenue, Refunding, <br>Series 2016, 5.00%, 10/15/2034 | 600000 | 573283 |
| Bucks County Industrial Development Authority,<br>Grand View Hospital/Sellersville Obligated Group, <br>Revenue, Series 2021, 5.00%, 07/01/2027 | 620000 | 632019 |
| Grand View Hospital/Sellersville Obligated Group, <br>Revenue, Series 2021, 5.00%, 07/01/2029 | 275000 | 284244 |
| Butler County Hospital Authority, Revenue, Refunding, <br>Series 2015 A, 5.00%, 07/01/2035 | 4370000 | 4189629 |
| Butler Health System Obligated Group, Revenue, <br>Refunding, Series 2015 A, 5.00%, 07/01/2026 | 20000 | 19998 |
| Butler Health System Obligated Group, Revenue, <br>Refunding, Series 2015 A, 5.00%, 07/01/2028 | 20000 | 19982 |
| Butler Health System Obligated Group, Revenue, <br>Refunding, Series 2015 A, 5.00%, 07/01/2029 | 1770000 | 1762494 |
| Butler Health System Obligated Group, Revenue, <br>Refunding, Series 2015 A, 5.00%, 07/01/2030 | 1370000 | 1361881 |
| City of Erie Higher Education Building Authority,<br>Mercyhurst University, Revenue, <br>Series 2016, 5.00%, 09/15/2026 (c) | 230000 | 228839 |
| Crawford County Hospital Authority, Meadville Medical <br>Center Obligated Group, Revenue, Refunding, <br>Series 2016 A, 6.00%, 06/01/2046 | 3810000 | 3829171 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.8% (continued)** | **Pennsylvania — 4.8% (continued)** | **Pennsylvania — 4.8% (continued)** |
| DuBois Hospital Authority, Penn Highlands Healthcare <br>Obligated Group, Revenue, Refunding, <br>Series 2018, 5.00%, 07/15/2025 | 30000 | 30046 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2018, 5.00%, 07/15/2027 | 15000 | 15032 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2018, 5.00%, 07/15/2028 | 760000 | 756126 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2018, 5.00%, 07/15/2029 | 75000 | 74439 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2018, 5.00%, 07/15/2032 | 3175000 | 3088382 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2021, 5.00%, 07/15/2033 | 30000 | 29677 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2021, 5.00%, 07/15/2034 | 585000 | 575515 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2021, 5.00%, 07/15/2035 | 465000 | 452953 |
| Penn Highlands Healthcare Obligated Group, Revenue, <br>Refunding, Series 2021, 5.00%, 07/15/2037 | 300000 | 288371 |
| Fulton County Industrial Development Authority,<br>Fulton County Medical Center (The), Revenue, <br>Refunding, Series 2016, 4.00%, 07/01/2028 | 2810000 | 2702362 |
| Lancaster County Hospital Authority,<br>Brethren Village Obligated Group, Revenue, Refunding, <br>Series 2017, 4.13%, 07/01/2027 | 40000 | 39232 |
| Montgomery County Higher Education and Health <br>Authority, Holy Redeemer Health System Obligated <br>Group, Revenue, Refunding, <br>Series 2014 A, 5.00%, 10/01/2026 | 50000 | 50002 |
| Pennsylvania Economic Development Financing <br>Authority, Bridges Finco LP, Revenue, AMT, <br>Series 2015, 5.00%, 12/31/2026 | 10000 | 10134 |
| Pennsylvania Higher Educational Facilities Authority,<br>St Joseph's University, Revenue, Refunding, <br>Series 2015 A, 3.13%, 11/01/2029 | 25000 | 23137 |
| Pennsylvania Housing Finance Agency, Revenue, <br>Series 2023 143A, 5.38%, 10/01/2046 | 3000000 | 3102986 |
| Philadelphia Authority for Industrial Development,<br>St Joseph's University, Revenue, <br>Series 2017, 5.00%, 11/01/2047 | 8915000 | 8817346 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Pennsylvania — 4.8% (continued)** | **Pennsylvania — 4.8% (continued)** | **Pennsylvania — 4.8% (continued)** |
| Pocono Mountains Industrial Park Authority,<br>St. Luke's Hospital Obligated Group, Revenue, <br>Series 2015 A, 5.00%, 08/15/2040 | 5100000 | 5099626 |
| St. Mary Hospital Authority, Trinity Health Corp. <br>Obligated Group, Revenue, Series 2007 F, (3-month <br>SOFR+ 0.83%), 3.90%, 11/15/2034 (a) | 690000 | 670468 |
|  |  | **38727374** |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| Rhode Island Health and Educational Building Corp.,<br>Lifespan Obligated Group, Revenue, Refunding, <br>Series 2016, 5.00%, 05/15/2039 | 2840000 | 2841599 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| South Carolina Jobs-Economic Development Authority,<br>Prisma Health Obligated Group, Revenue, Refunding, <br>Series 2018 A, 5.00%, 05/01/2025 | 425000 | 425000 |
| South Carolina Public Service Authority,<br>South Carolina Public Service Authority, Revenue, <br>Series 2015 E, 5.25%, 12/01/2055 | 1120000 | 1121494 |
|  |  | **1546494** |
| **Tennessee — 2.3%** | **Tennessee — 2.3%** | **Tennessee — 2.3%** |
| 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) | 18620000 | 18622125 |
| Shelby County Health Educational & Housing Facilities <br>Board, Trezevant Episcopal Home Obligated Group, <br>Revenue, Refunding, <br>Series 2013A, 5.00%, 09/01/2033 (c) | 35000 | 31725 |
|  |  | **18653850** |
| **Texas — 2.8%** | **Texas — 2.8%** | **Texas — 2.8%** |
| Abilene Convention Center Hotel Development Corp.,<br>City of Abilene Abilene Convention Center, Revenue, <br>Second Lien, Series 2021 B, 3.75%, 10/01/2031 (c) | 500000 | 453892 |
| Arlington Higher Education Finance Corp.,<br>Newman International Academy, Revenue, <br>Series 2021 A, 4.00%, 08/15/2031 | 350000 | 305500 |
| Austin Convention Enterprises, Inc.,<br>Revenue, First Tier, Refunding, <br>Series 2017 A, 5.00%, 01/01/2026 | 150000 | 150097 |
| Revenue, First Tier, Refunding, <br>Series A, 5.00%, 01/01/2028 | 20000 | 20006 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 2.8% (continued)** | **Texas — 2.8% (continued)** | **Texas — 2.8% (continued)** |
| Revenue, Second Tier, Refunding, <br>Series B, 5.00%, 01/01/2032 | 1075000 | 1061761 |
| City of Buda, Persimmon Public Improvement District <br>Major Improvement Area, Special Assessment, <br>Series 2025, 5.75%, 09/01/2033 (c) | 1000000 | 975227 |
| City of Dorchester, Cottonwood Public Improvement <br>District Major Improvement Area No. 1, Special <br>Assessment, Series 2024, 5.25%, 09/15/2031 (c) | 350000 | 338625 |
| City of Houston Airport System, United Airlines, Inc., <br>Revenue, AMT, Refunding, <br>Series 2020 A, 5.00%, 07/01/2027 | 1000000 | 1004390 |
| City of Huntsville, Reserves of Huntsville Public <br>Improvement District (The), Special Assessment, <br>Series 2024, 4.50%, 09/15/2031 (c) | 355000 | 351163 |
| City of Penitas, GO, <br>Series 2025, 5.00%, 09/01/2035 (g) | 415000 | 415124 |
| City of Sugar Land, GO,<br>5.25%, 02/15/2032 | 25000 | 25041 |
| City of Temple, Reinvestment Zone No. 1, Tax Allocation, <br>Series 2018 A, 5.00%, 08/01/2038 | 2830000 | 2818568 |
| Clifton Higher Education Finance Corp.,<br>Valor Texas Education Foundation, Revenue, <br>Series 2024 A, 5.00%, 06/15/2034 (c) | 325000 | 312348 |
| County of Denton, Tabor Ranch Public Improvement <br>District Improvement Area No. 1, Special Assessment, <br>Junior Lien, Series 2024 B, 5.13%, 12/31/2031 (c) | 500000 | 488606 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien, Series 2024 B, 5.75%, 12/31/2044 (c) | 1270000 | 1198921 |
| Tabor Ranch Public Improvement District <br>Improvement Area No. 1, Special Assessment, <br>Junior Lien, Series 2024 B, 6.13%, 12/31/2054 | 500000 | 472871 |
| Tabor Ranch Public Improvement District Major <br>Impt Area, Special Assessment, <br>Series 2024, 5.25%, 12/31/2031 (c) | 1000000 | 975948 |
| 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 | 1378648 |
| Edinburg Economic Development Corp.,<br>Revenue, Series 2019, 4.00%, 08/15/2029 (c) | 585000 | 555463 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Texas — 2.8% (continued)** | **Texas — 2.8% (continued)** | **Texas — 2.8% (continued)** |
| Hidalgo County Regional Mobility Authority,<br>Revenue, Junior Lien, Refunding, <br>Series B, 4.00%, 12/01/2038 | 100000 | 90524 |
| Kerrville Health Facilities Development Corp.,<br>Sid Peterson Memorial Hospital Obligated Group, <br>Revenue, Refunding, <br>Series 2015, 5.00%, 08/15/2035 | 1750000 | 1750022 |
| New Hope Cultural Education Facilities Finance Corp.,<br>CHF-Collegiate Housing College Station I LLC, <br>Revenue, AGMC Insured, <br>Series 2014 A, 5.00%, 04/01/2046 | 1000000 | 996785 |
| Jubilee Academic Center, Inc., Revenue, Refunding, <br>Series 2021, 4.00%, 08/15/2025 (c) | 440000 | 438990 |
| Outlook at Windhaven Forefront Living Obligated <br>Group, Revenue, Series 2022 A, 6.50%, 10/01/2033 | 1500000 | 1537907 |
| Sanctuary LTC LLC, Revenue, <br>Series 2021 A-1, 5.00%, 01/01/2032 | 750000 | 739172 |
| SLF CHP LLC, Revenue, <br>Series 2025 A, 5.75%, 07/01/2035 (c) | 2500000 | 2449038 |
| Reagan Hospital District of Reagan County, GO, <br>Series A, 5.00%, 02/01/2029 | 985000 | 977161 |
| Town of Trophy Club, Public Improvement <br>District No. 1, Special Assessment, Refunding, <br>Series 2025, 5.00%, 09/01/2032 (g) | 1000000 | 1037800 |
|  |  | **23319598** |
| **Utah — 0.9%** | **Utah — 0.9%** | **Utah — 0.9%** |
| Downtown East Streetcar Sewer Public <br>Infrastructure District, GO, Senior Lien, <br>Series 2022A, 5.75%, 03/01/2042 (c) | 2000000 | 1966624 |
| Fields Estates Public Infrastructure District,<br>Assessment Area, Special Assessment, <br>Series 2024 A-2, 5.25%, 12/01/2053 (c) | 1500000 | 1383471 |
| Firefly Public Infrastructure District No. 1,<br>Assessment Area 1, Special Assessment, <br>Series 2024 A-2, 5.63%, 12/01/2043 (c) | 1000000 | 972625 |
| Utah Charter School Finance Authority, Freedom <br>Academy Foundation, Revenue, Refunding, <br>Series 2017, 4.50%, 06/15/2027 (c) | 1510000 | 1487055 |
| Wood Ranch Public Infrastructure District,<br>Assessment Area 1, Special Assessment, <br>Series 2024, 5.63%, 12/01/2053 (c) | 1300000 | 1256048 |
|  |  | **7065823** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Vermont — 0.0% (f)** | **Vermont — 0.0% (f)** | **Vermont — 0.0% (f)** |
| East Central Vermont Telecommunications District,<br>Revenue, Refunding, <br>Series 2017 A, 5.75%, 12/01/2031 (c) | 60000 | 60026 |
| **Virgin Islands — 0.3%** | **Virgin Islands — 0.3%** | **Virgin Islands — 0.3%** |
| Virgin Islands Public Finance Authority, United States <br>Virgin Islands, Revenue, Refunding, <br>Series 2014 C, 5.00%, 10/01/2030 (c) | 1500000 | 1484556 |
| United States Virgin Islands, Revenue, Refunding, <br>Series 2012 A, 5.00%, 10/01/2032 | 240000 | 231833 |
| United States Virgin Islands Frenchman's Reef Hotel <br>Room Occupancy Tax, Revenue, <br>Series 2024 A, 6.00%, 04/01/2053 (c) | 1000000 | 1004961 |
|  |  | **2721350** |
| **Virginia — 0.6%** | **Virginia — 0.6%** | **Virginia — 0.6%** |
| Norfolk Redevelopment & Housing Authority,<br>Fort Norfolk Retirement Community, Inc. Obligated <br>Group, Revenue, Refunding, <br>Series 2014, 5.38%, 01/01/2035 | 4945000 | 4945349 |
| **Washington — 0.9%** | **Washington — 0.9%** | **Washington — 0.9%** |
| King County Housing Authority, Revenue, <br>Series 2008, 5.50%, 05/01/2038 | 4000000 | 4005093 |
| 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 | 985104 |
| Horizon House Obligated Group, Revenue, Refunding, <br>Series 2017, 5.00%, 01/01/2027 (c) | 1560000 | 1557331 |
| Spokane International Academy, Revenue, <br>Series 2021 A, 4.00%, 07/01/2028 (c) | 305000 | 293042 |
| Spokane International Academy, Revenue, <br>Series 2021 A, 4.00%, 07/01/2029 (c) | 320000 | 303793 |
|  |  | **7144363** |
| **West Virginia — 0.6%** | **West Virginia — 0.6%** | **West Virginia — 0.6%** |
| City of Huntington, Downtown Development/<br>Redevelopment District No. 1, Tax Allocation, <br>Refunding, Series 2024 A, 5.50%, 06/01/2049 | 450000 | 425004 |
| West Virginia Hospital Finance Authority, Cabell <br>Huntington Hospital Obligated Group, Revenue, <br>Refunding, Series 2018 A, 5.00%, 01/01/2043 | 3500000 | 3476525 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **West Virginia — 0.6% (continued)** | **West Virginia — 0.6% (continued)** | **West Virginia — 0.6% (continued)** |
| Vandalia Health, Inc. Obligated Group, Revenue, <br>Refunding, Series 2014 A, 5.00%, 09/01/2025 | 25000 | 25015 |
| Vandalia Health, Inc. Obligated Group, Revenue, <br>Refunding, Series 2014 A, 5.00%, 09/01/2027 | 235000 | 235217 |
|  |  | **4161761** |
| **Wisconsin — 7.5%** | **Wisconsin — 7.5%** | **Wisconsin — 7.5%** |
| Public Finance Authority, Ameream LLC, Revenue, <br>Series 2017, 6.50%, 12/01/2037 (c) | 2500000 | 2518071 |
| Bancroft Neurohealth Obligated Group, Revenue, <br>Series 2016 A, 5.00%, 06/01/2026 (c) | 1005000 | 1007987 |
| Bancroft Neurohealth Obligated Group, Revenue, <br>Series 2016 A, 5.00%, 06/01/2036 (c) | 1500000 | 1500148 |
| Campus Real Estate Holding Corp. LLC, Revenue, <br>Refunding, Series 2025 A, 5.00%, 06/01/2035 | 1200000 | 1234365 |
| Cincinnati Classical Academy, Revenue, <br>Series 2024 A, 5.25%, 06/15/2035 (c) | 1075000 | 1051405 |
| Denton County Municipal Utility District No. 16, <br>Revenue, Series 2024, 5.75%, 12/15/2033 (c) | 5000000 | 4782409 |
| Dominium Holdings I LLC, Revenue, <br>Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c) | 900000 | 912162 |
| Douglas County Sanitary & Improvement <br>District No. 637, Special Assessment, <br>Series 2025 A, 7.00%, 02/20/2030 (c) | 465434 | 458636 |
| Dreamhouse 'Ewa Beach Public Charter School, <br>Revenue, Series 2022A, 5.75%, 06/01/2025 (c) | 1175000 | 1174163 |
| Guilford Charter School Corp., Revenue, <br>Series 2022 A, 4.38%, 04/01/2032 (c) | 615000 | 583230 |
| Guilford College, Revenue, Refunding, <br>Series 2016, 5.00%, 01/01/2026 | 685000 | 682328 |
| Guilford College, Revenue, Refunding, <br>Series 2016, 4.25%, 01/01/2028 | 30000 | 29498 |
| Harris County Municipal Utility District No. 544, <br>Revenue, Series 2024, 5.88%, 11/15/2029 (c) | 1000000 | 982031 |
| Inperium, Inc. Obligated Group, Revenue, <br>Series 2024, 5.00%, 12/01/2034 (c) | 3500000 | 3510269 |
| Mary's Woods at Marylhurst Obligated Group, Revenue, <br>Refunding, Series 2017 A, 5.00%, 05/15/2029 (c) | 85000 | 85322 |
| Million Air Three Obligated Group, Revenue, AMT, <br>Refunding, Series 2024 A, 5.50%, 09/01/2030 (c) | 3550000 | 3632647 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 7.5% (continued)** | **Wisconsin — 7.5% (continued)** | **Wisconsin — 7.5% (continued)** |
| Million Air Three Obligated Group, Revenue, AMT, <br>Refunding, Series 2024 A, 5.75%, 09/01/2035 (c) | 3500000 | 3599274 |
| Montgomery County Municipal Utility <br>District Nos. 123 & 153, Revenue, <br>Series 2024, 0.00%, 12/15/2034 (c)(e) | 1072000 | 599683 |
| QCF Behavioral Hospitals I Obligated Group, Revenue, <br>Series 2024 A, 7.50%, 07/01/2059 (c) | 3000000 | 3300902 |
| Queens University of Charlotte, Revenue, Refunding, <br>Series 2022 A, 5.25%, 03/01/2042 | 1895000 | 1879811 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 A, 7.00%, 06/17/2029 (c) | 503303 | 505494 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 C, 7.00%, 08/26/2029 (c) | 878882 | 863200 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 D, 7.00%, 09/23/2029 (c) | 592372 | 589005 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2024 E, 7.00%, 11/18/2029 (c) | 908307 | 894748 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 A, 7.00%, 12/16/2029 | 133955 | 132968 |
| Sarpy County Sanitary & Improvement <br>District No. 365, Special Assessment, <br>Series 2025 B, 7.00%, 01/27/2030 | 854262 | 843140 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2024 A, 7.00%, 09/17/2029 (c) | 462737 | 450636 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 A, 7.00%, 12/17/2029 | 370449 | 367574 |
| Sarpy County Sanitary & Improvement <br>District No. 376, Special Assessment, <br>Series 2025 B, 7.00%, 02/18/2030 | 391851 | 386748 |
| Sarpy County Sanitary & Improvement <br>District No. 379, Special Assessment, <br>Series 2025 A, 7.00%, 01/20/2030 (c) | 512520 | 506410 |
| Wittenberg University, Revenue, <br>Series 2016, 5.00%, 12/01/2031 (c) | 7330000 | 6686032 |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Wisconsin — 7.5% (continued)** | **Wisconsin — 7.5% (continued)** | **Wisconsin — 7.5% (continued)** |
| Wisconsin Health & Educational Facilities Authority,<br>Chiara Communities, Inc., Revenue, <br>Series 2018 B, 4.25%, 07/01/2033 | 125000 | 114743 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 5.00%, 07/01/2035 | 2630000 | 2613325 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 5.63%, 07/01/2045 | 3495000 | 3397205 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 5.88%, 07/01/2055 | 1500000 | 1454523 |
| Chiara Housing & Services, Inc. Obligated Group, <br>Revenue, Series 2024, 6.00%, 07/01/2060 | 7320000 | 7156596 |
| Wisconsin Masonic Home Obligated Group, Revenue, <br>Series 2024 A, 5.75%, 08/15/2059 | 500000 | 512782 |
|  |  | **60999470** |
| **Total Municipal Bonds <br>(Cost $809,477,342)** | **Total Municipal Bonds <br>(Cost $809,477,342)** | **802215041** |
|  | **Shares** |  |
| **Short-Term Investments — 0.0% (f)** | **Short-Term Investments — 0.0% (f)** | **Short-Term Investments — 0.0% (f)** |
| **Investment Companies — 0.0% (f)** | **Investment Companies — 0.0% (f)** | **Investment Companies — 0.0% (f)** |
| JP Morgan U.S. Government Money Market Fund, <br>Capital Shares 4.30% (h) (Cost $64,910) | 64910 | 64910 |
| **Total Investments — 99.9% <br>(Cost $809,542,252)** | **Total Investments — 99.9% <br>(Cost $809,542,252)** | **802279951** |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | **479983** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **802759934** |

---

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 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 April 30, 2025.

(c) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at April 30, 2025 amounted to $385,409,368, which represents approximately 48.01% 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) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

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

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

(g) When-issued security.

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

**<u>Abbreviations</u>**

AGMC — Insured by Assured Guaranty Municipal Corp.

AMT — Alternative Minimum Tax

ETM — Escrowed to Maturity.

GO — General Obligation

SOFR — Secured Overnight Financing Rate

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

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $2050265 |
| Aggregate gross unrealized depreciation | (9312566) |
| Net unrealized depreciation | $(7262301) |
| Federal income tax cost of investments | $809542252 |

---

See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Global Fund\*** | **First Eagle <br>Overseas Fund\*** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $32834358921 | $7895164693 |
| Investments in affiliates | 2883618744 | 417366894 |
| Gold bullion | 1871828285 | 272993545 |
| Silver bullion |  |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 49497127271 | 11275062811 |
| Investments in affiliates | 2131449170 | 622606824 |
| Gold bullion | 6411069452 | 1161576709 |
| Silver bullion |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 28092031 | 12491493 |
| Receivable for investment securities sold | 14521752 | 17676250 |
| Foreign tax reclaims receivable | 69511352 | 30866128 |
| Receivable for Fund shares sold | 65720953 | 28632414 |
| Accrued interest and dividends receivable | 180435356 | 75428100 |
| Investment for trustee deferred compensation plan (Note 2) | 9918351 | 2041548 |
| Other assets | 232895 | 79566 |
| **Total Assets** | **58408078583** | **13226461843** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 34654821 | 7721079 |
| Payable for investment securities purchased | 21373059 | 4048007 |
| Distribution fees payable (Note 3) | 3813287 | 323729 |
| Administrative fees payable (Note 2) | 823303 | 208316 |
| Trustee deferred compensation plan (Note 2) | 9918351 | 2041548 |
| Service fees payable (Note 3) | 264086 | 11111 |
| Trustee fees payable | 236186 | 108835 |
| IRS compliance fees for foreign withholding tax claims payable | 20941890 | 37211235 |
| Unrealized depreciation on forward foreign currency exchange contracts | 139158396 | 64461533 |
| Payable for Fund shares redeemed | 30534197 | 8780132 |
| Accrued expenses and other liabilities | 11585359 | 3581915 |
| **Total Liabilities** | **273302935** | **128497440** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**58134775648** | $**13097964403** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $35604169380 | $8577124373 |
| Total distributable earnings (losses) | 22530606268 | 4520840030 |
| **Net Assets** | $**58134775648** | $**13097964403** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** |
| **Assets** | **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $778208889 | $1359410302 |
| Investments in affiliates |  | 129987332 |
| Gold bullion | 54489904 | 102520967 |
| Silver bullion |  | 210369052 |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 1199864584 | 2658952025 |
| Investments in affiliates |  | 286108635 |
| Gold bullion | 178870454 | 270502023 |
| Silver bullion |  | 255833682 |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Receivable for investment securities sold |  | 5980711 |
| Foreign tax reclaims receivable | 70184 | 2010242 |
| Receivable for Fund shares sold | 1624180 | 7188927 |
| Accrued interest and dividends receivable | 1290650 | 1009347 |
| Investment for trustee deferred compensation plan (Note 2) | 1406246 | 542739 |
| Other assets | 8144 | 12183 |
| **Total Assets** | **1383134442** | **3488140514** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 833471 | 2121163 |
| Payable for investment securities purchased | 135169 |  |
| Distribution fees payable (Note 3) | 138036 | 274530 |
| Administrative fees payable (Note 2) | 39057 | 66023 |
| Trustee deferred compensation plan (Note 2) | 1406246 | 542739 |
| Service fees payable (Note 3) | 5174 | 30557 |
| Trustee fees payable | 6379 | 9321 |
| IRS compliance fees for foreign withholding tax claims payable |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |
| Payable for Fund shares redeemed | 1183137 | 2829806 |
| Accrued expenses and other liabilities | 386637 | 665076 |
| **Total Liabilities** | **4133306** | **6539215** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**1379001136** | $**3481601299** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $748655341 | $2447481778 |
| Total distributable earnings (losses) | 630345795 | 1034119521 |
| **Net Assets** | $**1379001136** | $**3481601299** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 | $15174659569 | $1473894639 |
| Shares outstanding | 210368868 | 53970393 |
| Net asset value per share and redemption proceeds per share | $72.13 | $27.31 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $75.93<br><sup>(1)</sup> | $28.75<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $1304669938 | $55796007 |
| Shares outstanding | 18993226 | 2160210 |
| Net asset value per share and redemption proceeds per share | $68.69 | $25.83 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $68.00 | $25.57 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $38561059993 | $10253585636 |
| Shares outstanding | 531026246 | 364975658 |
| Net asset value per share and redemption proceeds per share | $72.62 | $28.09 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $3094386148 | $1314688121 |
| Shares outstanding | 42593700 | 46795860 |
| Net asset value per share and redemption proceeds per share | $72.65 | $28.09 |

---

\* 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 2 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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>U.S. Fund\*<sup>†</sup>** | **First Eagle <br>Gold Fund\*** |
| **Class A** | **Class A** | **Class A** |
| Net assets | $607189702 | $906725948 |
| Shares outstanding | 28776826 | 25656499 |
| Net asset value per share and redemption proceeds per share | $21.10 | $35.34 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $22.21<br><sup>(1)</sup> | $37.20<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $25534706 | $149961799 |
| Shares outstanding | 1293822 | 4720410 |
| Net asset value per share and redemption proceeds per share | $19.74 | $31.77 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $19.54 | $31.45 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $698554838 | $2100543128 |
| Shares outstanding | 32236288 | 57357056 |
| Net asset value per share and redemption proceeds per share | $21.67 | $36.62 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $47721890 | $324370424 |
| Shares outstanding | 2202559 | 8830888 |
| Net asset value per share and redemption proceeds per share | $21.67 | $36.73 |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $1467521679 | $301908722 |
| Gold bullion | 58435439 |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 1708491660 | 390399032 |
| Gold bullion | 157036411 |  |
| Cash | 13177 |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 640233 |  |
| Receivable for investment securities sold |  |  |
| Foreign tax reclaims receivable | 2812660 | 374525 |
| Receivable for Fund shares sold | 3272562 | 97438 |
| Accrued interest and dividends receivable | 12328956 | 605920 |
| Investment for trustee deferred compensation plan (Note 2) | 1064639 | 1574165 |
| Due from adviser |  | 47900 |
| Other assets | 10847 | 4705 |
| **Total Assets** | **1885671145** | **393103685** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 1102242 | 158241 |
| Option contracts written, at value (premiums received $623,554, $—, $— and <br>$—, respectively) | 1505365 |  |
| Payable for investment securities purchased | 3228012 |  |
| Distribution fees payable (Note 3) | 186556 | 54796 |
| Administrative fees payable (Note 2) | 73485 | 35781 |
| Trustee deferred compensation plan (Note 2) | 1064639 | 1574165 |
| Service fees payable (Note 3) | 13808 | 1003 |
| Trustee fees payable |  | 1773 |
| IRS compliance fees for foreign withholding tax claims payable | 276252 |  |
| Payable for dividends to shareholders | 557857 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 3060323 |  |
| Payable for Fund shares redeemed | 2981248 | 234402 |
| Accrued expenses and other liabilities | 979153 | 467215 |
| **Total Liabilities** | **15028940** | **2527376** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**1870642205** | $**390576309** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $1508221499 | $278684488 |
| Total distributable earnings (losses) | 362420706 | 111891821 |
| **Net Assets** | $**1870642205** | $**390576309** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **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 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $1510246863 | $45942044 |
| Gold bullion |  |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 1467772074 | 50011822 |
| Gold bullion |  |  |
| Cash |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Receivable for investment securities sold | 4722405 |  |
| Foreign tax reclaims receivable |  |  |
| Receivable for Fund shares sold | 3007225 | 319352 |
| Accrued interest and dividends receivable | 877874 | 15609 |
| Investment for trustee deferred compensation plan (Note 2) | 3042722 | 179866 |
| Due from adviser | 84606 | 47316 |
| Other assets | 9011 | 2019 |
| **Total Assets** | **1479515917** | **50575984** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 1007197 | 28857 |
| Option contracts written, at value (premiums received $623,554, $—, $— and <br>$—, respectively) |  |  |
| Payable for investment securities purchased | 1126967 |  |
| Distribution fees payable (Note 3) | 17934 | 276 |
| Administrative fees payable (Note 2) | 86139 | 29225 |
| Trustee deferred compensation plan (Note 2) | 3042722 | 179866 |
| Service fees payable (Note 3) |  |  |
| Trustee fees payable | 2502 |  |
| 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 | 4575220 |  |
| Accrued expenses and other liabilities | 731123 | 146262 |
| **Total Liabilities** | **10589804** | **384486** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**1468926113** | $**50191498** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $1509776389 | $47416649 |
| Total distributable earnings (losses) | (40850276) | 2774849 |
| **Net Assets** | $**1468926113** | $**50191498** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 | $730129595 | $256401707 |
| Shares outstanding | 50947960 | 10144408 |
| Net asset value per share and redemption proceeds per share | $14.33 | $25.28 |
| Offering price per share (NAV per share plus maximum sales charge)\* | $15.08<br><sup>(1)</sup> | $26.61<br><sup>(1)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $68824736 | $4853850 |
| Shares outstanding | 4771574 | 345190 |
| Net asset value per share and redemption proceeds per share | $14.42 | $14.06 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(2)</sup> | $14.28 | $13.92 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $987179303 | $118592351 |
| Shares outstanding | 69212246 | 4416382 |
| Net asset value per share and redemption proceeds per share | $14.26 | $26.85 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $84508571 | $10728401 |
| Shares outstanding | 5934157 | 399574 |
| Net asset value per share and redemption proceeds per share | $14.24 | $26.85 |

---

^ See Note 2 and Note 5 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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **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 | $88944752 | $1767268 |
| Shares outstanding | 9987034 | 175439 |
| Net asset value per share and redemption proceeds per share | $8.91 | $10.07 |
| Offering price per share (NAV per share plus maximum sales charge)\* | $9.38<br><sup>(1)</sup> | $10.60<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 | $1276252556 | $48324188 |
| Shares outstanding | 142728361 | 4714673 |
| Net asset value per share and redemption proceeds per share | $8.94 | $10.25 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $103728805 | $100042 |
| Shares outstanding | 11591544 | 10068 |
| Net asset value per share and redemption proceeds per share | $8.95 | $9.94 |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 1)** | **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $13082806 | $6883889362 |
| Gold bullion | 274172 |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 13864875 | 6768227808 |
| Gold bullion | 329691 |  |
| Cash |  | 76052 |
| Receivable for investment securities sold |  | 73495031 |
| Foreign tax reclaims receivable | 8908 |  |
| Receivable for Fund shares sold | 29 | 61434608 |
| Accrued interest and dividends receivable | 34216 | 108171585 |
| Investment for trustee deferred compensation plan (Note 2) | 159690 |  |
| Due from adviser | 64637 | 62782 |
| Other assets | 2649 | 6024 |
| **Total Assets** | **14464695** | **7011473890** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 7341 | 2236869 |
| Due to custodian |  |  |
| Payable for investment securities purchased |  | 192253459 |
| Payable for floating rate note obligations |  | 561160000 |
| Distribution fees payable (Note 3) | 353 | 388832 |
| Administrative fees payable (Note 2) | 26050 | 150321 |
| Trustee deferred compensation plan (Note 2) | 159690 |  |
| Service fees payable (Note 3) |  | 23921 |
| Trustee fees payable |  |  |
| Payable for dividends to shareholders |  | 792474 |
| Payable for Fund shares redeemed |  | 16251764 |
| Interest expense and fees payable |  | 4348619 |
| Accrued expenses and other liabilities | 203068 | 381717 |
| **Total Liabilities** | **396502** | **777987976** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** | **—** |
| **Net Assets** | $**14068193** | $**6233485914** |
| **Net Assets Consist of** | **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $13016479 | $6514760222 |
| Total distributable earnings (losses) | 1051714 | (281274308) |
| **Net Assets** | $**14068193** | $**6233485914** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield <br>Municipal Fund** |
| **Assets** | **Assets** |
| **Investments, at Cost (Note 1)** | **Investments, at Cost (Note 1)** |
| Investments in non-affiliates | $809542252 |
| Gold bullion |  |
| **Investments, at Value (Note 1)** | **Investments, at Value (Note 1)** |
| Investments in non-affiliates | 802279951 |
| Gold bullion |  |
| Cash |  |
| Receivable for investment securities sold | 8944163 |
| Foreign tax reclaims receivable |  |
| Receivable for Fund shares sold | 7806110 |
| Accrued interest and dividends receivable | 13824525 |
| Investment for trustee deferred compensation plan (Note 2) |  |
| Due from adviser | 134416 |
| Other assets | 2657 |
| **Total Assets** | **832991822** |
| **Liabilities** | **Liabilities** |
| Investment advisory fees payable (Note 2) | 268409 |
| Due to custodian |  |
| Payable for investment securities purchased | 28567804 |
| Payable for floating rate note obligations |  |
| Distribution fees payable (Note 3) | 31619 |
| Administrative fees payable (Note 2) | 14496 |
| Trustee deferred compensation plan (Note 2) |  |
| Service fees payable (Note 3) |  |
| Trustee fees payable |  |
| Payable for dividends to shareholders | 15286 |
| Payable for Fund shares redeemed | 1193255 |
| Interest expense and fees payable |  |
| Accrued expenses and other liabilities | 141019 |
| **Total Liabilities** | **30231888** |
| **Commitments and contingent liabilities<sup>^</sup>** | **—** |
| **Net Assets** | $**802759934** |
| **Net Assets Consist of** | **Net Assets Consist of** |
| Paid in capital | $810747703 |
| Total distributable earnings (losses) | (7987769) |
| **Net Assets** | $**802759934** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 | $1775833 | $1578520305 |
| Shares outstanding | 161673 | 188543261 |
| Net asset value per share and redemption proceeds per share | $10.98 | $8.37 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $11.56<br><sup>(1)</sup> | $8.58<br><sup>(2)</sup> |
| **Class C** | **Class C** | **Class C** |
| Net assets | $— | $119241505 |
| Shares outstanding |  | 14251277 |
| Net asset value per share and redemption proceeds per share | $— | $8.37 |
| Redemption proceeds per share (NAV per share less maximum contingent <br>deferred sale charge)<sup>(3)</sup> | $— | $8.29 |
| **Class I** | **Class I** | **Class I** |
| Net assets | $11079850 | $4533975198 |
| Shares outstanding | 1015496 | 541948037 |
| Net asset value per share and redemption proceeds per share | $10.91 | $8.37 |
| **Class R6** | **Class R6** | **Class R6** |
| Net assets | $1212510 | $1748906 |
| Shares outstanding | 111296 | 209211 |
| Net asset value per share and redemption proceeds per share | $10.89 | $8.36 |

---

\* 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 2 and Note 5 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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
|  | **First Eagle <br>Short Duration <br>High Yield <br>Municipal Fund** |
| **Class A** | **Class A** |
| Net assets | $171656652 |
| Shares outstanding | 16857965 |
| Net asset value per share and redemption proceeds per share | $10.18 |
| Offering price per share (NAV per share plus maximum sales charge)\*\* | $10.44<br><sup>(2)</sup> |
| **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>(3)</sup> | $— |
| **Class I** | **Class I** |
| Net assets | $630021141 |
| Shares outstanding | 61949536 |
| Net asset value per share and redemption proceeds per share | $10.17 |
| **Class R6** | **Class R6** |
| Net assets | $1082141 |
| Shares outstanding | 106274 |
| Net asset value per share and redemption proceeds per share | $10.18 |

---

First Eagle Funds \| Semiannual Report \| April 30, 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) | $72867975 | $3340620 |
| Dividends from: |  |  |
| Non-affiliates (net of $39,858,625, $18,169,664, $63,151 and $2,010,655 <br>foreign taxes withheld) | 570475061 | 170352342 |
| Affiliated issuers (net of $115,140, $1,699,318, $— and $362,250 foreign <br>taxes withheld) | 34629163 | 5916470 |
| **Total Income** | **677972199** | **179609432** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 208471972 | 45274492 |
| Distributions fees (Note 3) | Distributions fees (Note 3) | Distributions fees (Note 3) |
| Class A | 18436625 | 1731988 |
| Class C | 5060912 | 206484 |
| Shareholder servicing agent fees | 21398589 | 5490002 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C | 1686971 | 68828 |
| Administrative fees (Note 2) | 1802124 | 499820 |
| Professional fees | 482994 | 336011 |
| Custodian and accounting fees | 3117753 | 1062151 |
| Shareholder reporting fees | 1133731 | 361186 |
| Trustees' fees | 950003 | 237504 |
| Registration and filing fees | 421415 | 87570 |
| Other expenses | 441394 | 109413 |
| **Total Expenses** | **263404483** | **55465449** |
| Expense reductions due to earnings credits (Note 1) | (910384) | (117423) |
| **Net Expenses** | **262494099** | **55348026** |
| **Net Investment Income (Note 1)** | **415478100** | **124261406** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 1448235496 | 273529864 |
| Transactions from investments in affiliates | 69719736 | (3782023) |
| Commodity related transactions | 891937144 | 249590434 |
| Settlement of foreign currency and foreign currency transactions | (6329801) | (2351024) |
| Settlement of forward foreign currency exchange contracts | 107869157 | 54405251 |
|  | **2511431732** | **571392502** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **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) | $3517687 | $1751451 |
| Dividends from: |  |  |
| Non-affiliates (net of $39,858,625, $18,169,664, $63,151 and $2,010,655 <br>foreign taxes withheld) | 11224369 | 16195173 |
| Affiliated issuers (net of $115,140, $1,699,318, $— and $362,250 foreign <br>taxes withheld) |  | 2052749 |
| **Total Income** | **14742056** | **19999373** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 5180115 | 10680466 |
| Distributions fees (Note 3) | Distributions fees (Note 3) | Distributions fees (Note 3) |
| Class A | 773311 | 923938 |
| Class C | 102277 | 475793 |
| Shareholder servicing agent fees | 477168 | 1240866 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C | 34092 | 158598 |
| Administrative fees (Note 2) | 107736 | 149321 |
| Professional fees | 112220 | 132579 |
| Custodian and accounting fees | 122008 | 301523 |
| Shareholder reporting fees | 37089 | 98181 |
| Trustees' fees | 35941 | 54888 |
| Registration and filing fees | 40741 | 65575 |
| Other expenses | 16069 | 25536 |
| **Total Expenses** | **7038767** | **14307264** |
| Expense reductions due to earnings credits (Note 1) | (62348) | (80073) |
| **Net Expenses** | **6976419** | **14227191** |
| **Net Investment Income (Note 1)** | **7765637** | **5772182** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 57230115 | 3233272 |
| Transactions from investments in affiliates |  | (37402774) |
| Commodity related transactions | 17542186 | 8720286 |
| Settlement of foreign currency and foreign currency transactions | (897) | (54125) |
| Settlement of forward foreign currency exchange contracts |  |  |
|  | **74771404** | **(25503341)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 decrease in <br>deferred capital gain country tax accruals of $1,371,596, $476,261, $— and $—) | $(52809740) | $420434056 |
| Investment in affiliates | (568446947) | 68773686 |
| Foreign currency and foreign currency translations | 9226558 | 4051058 |
| Forward foreign currency exchange contracts | (162729906) | (78594631) |
|  | **(774760035)** | **414664169** |
| Net realized and unrealized gains (losses) on investments, commodity, <br>foreign currency and forward contract related transactions | 1736671697 | 986056671 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**2152149797** | $**1110318077** |

---

\* 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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **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 decrease in <br>deferred capital gain country tax accruals of $1,371,596, $476,261, $— and $—) | $(88305332) | $567080599 |
| Investment in affiliates |  | 66799970 |
| Foreign currency and foreign currency translations | 465 | 22985 |
| Forward foreign currency exchange contracts |  |  |
|  | **(88304867)** | **633903554** |
| Net realized and unrealized gains (losses) on investments, commodity, <br>foreign currency and forward contract related transactions | (13533463) | 608400213 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(5767826)** | $**614172395** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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) | $11176573 | $115223 |
| Dividends from: |  |  |
| Non-affiliates (net of $2,156,810, $193,148, $— and $— foreign taxes withheld) | 25809789 | 5282618 |
| **Total Income** | **36986362** | **5397841** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 6485288 | 1038178 |
| Distributions fees (Note 3) | Distributions fees (Note 3) | Distributions fees (Note 3) |
| Class A | 847597 | 338290 |
| Class C | 257898 | 19802 |
| Shareholder servicing agent fees | 565814 | 221530 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C | 85966 | 6601 |
| Administrative fees (Note 2) | 432365 | 84200 |
| Professional fees | 284393 | 162582 |
| Custodian and accounting fees | 170274 | 68382 |
| Shareholder reporting fees | 43030 | 28300 |
| Trustees' fees | 47046 | 7611 |
| Recoupment expense |  |  |
| Registration and filing fees | 45494 | 43365 |
| Other expenses | 19388 | 8309 |
| **Total Expenses** | **9284553** | **2027150** |
| Expense waiver (Note 2) |  | (262556) |
| Expense reductions due to earnings credits (Note 1) | (43488) | (50204) |
| **Net Expenses** | **9241065** | **1714390** |
| **Net Investment Income (Note 1)** | **27745297** | **3683451** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 17100665 | 19227098 |
| Transactions from investments in affiliates |  |  |
| Commodity related transactions | 1030369 |  |
| Settlement of foreign currency and foreign currency transactions | (568307) | (34216) |
| Settlement of forward foreign currency exchange contracts | 2423068 |  |
| Expiration or closing of option contracts written | 1245374 |  |
|  | **21231169** | **19192882** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **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: |  |  |
| Non-affiliates (net of $2,156,810, $193,148, $— and $— foreign taxes withheld) | 14252858 | 430434 |
| **Total Income** | **14252858** | **430434** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 7576573 | 193296 |
| Distributions fees (Note 3) | Distributions fees (Note 3) | Distributions fees (Note 3) |
| Class A | 128042 | 2243 |
| Class C |  |  |
| Shareholder servicing agent fees | 1079813 | 9095 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C |  |  |
| Administrative fees (Note 2) | 174004 | 48786 |
| Professional fees | 92728 | 82125 |
| Custodian and accounting fees | 111457 | 45149 |
| Shareholder reporting fees | 111776 | 7031 |
| Trustees' fees | 31295 | 1949 |
| Recoupment expense | 5238 |  |
| Registration and filing fees | 29010 | 25856 |
| Other expenses | 19481 | 3437 |
| **Total Expenses** | **9359417** | **418967** |
| Expense waiver (Note 2) | (335140) | (169808) |
| Expense reductions due to earnings credits (Note 1) | (22342) | (1954) |
| **Net Expenses** | **9001935** | **247205** |
| **Net Investment Income (Note 1)** | **5250923** | **183229** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 78889905 | (766925) |
| Transactions from investments in affiliates | (170050) |  |
| 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 |  |  |
|  | **78719855** | **(766925)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 decrease in <br>deferred capital gain country tax accruals of $16,772, $—, $— and $—) | $73188908 | $(39242645) |
| Investment in affiliates |  |  |
| Foreign currency and foreign currency translations | 398824 | 26258 |
| Forward foreign currency exchange contracts | (3436389) |  |
| Option contracts written | 2466784 |  |
|  | **72618127** | **(39216387)** |
| Net realized and unrealized gains (losses) on investments, commodity, foreign <br>currency, forward contract and option contracts written related transactions | 93849296 | (20023505) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**121594593** | $**(16340054)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;See Notes to Financial Statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **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 decrease in <br>deferred capital gain country tax accruals of $16,772, $—, $— and $—) | $(300997312) | $(5785633) |
| Investment in affiliates | (1395808) |  |
| Foreign currency and foreign currency translations |  |  |
| Forward foreign currency exchange contracts |  |  |
| Option contracts written |  |  |
|  | **(302393120)** | **(5785633)** |
| Net realized and unrealized gains (losses) on investments, commodity, foreign <br>currency, forward contract and option contracts written related transactions | (223673265) | (6552558) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(218422342)** | $**(6369329)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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) | $— | $168080923 |
| Dividends from: | Dividends from: | Dividends from: |
| Non-affiliates (net of $10,525, $— and $— foreign taxes withheld) | 199755 | 328173 |
| **Total Income** | **199755** | **168409096** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 45803 | 12006133 |
| Distributions fees (Note 3) | Distributions fees (Note 3) | Distributions fees (Note 3) |
| Class A | 2306 | 1716538 |
| Class C |  | 378908 |
| Shareholder servicing agent fees | 2129 | 1853741 |
| Service fees (Note 3) | Service fees (Note 3) | Service fees (Note 3) |
| Class C |  | 126303 |
| Administrative fees (Note 2) | 54794 | 366847 |
| Professional fees | 103509 | 356832 |
| Custodian and accounting fees | 64743 | 256963 |
| Shareholder reporting fees | 7065 | 47618 |
| Trustees' fees | 13828 | 46230 |
| Recoupment expense |  | 612440 |
| Interest expense |  | 8725351 |
| Registration and filing fees | 23902 | 367219 |
| Other expenses | 4760 | 21684 |
| **Total Expenses** | **322839** | **26882807** |
| Expense waiver (Note 2) | (258954) |  |
| Expense reductions due to earnings credits (Note 1) | (1653) | (32810) |
| **Net Expenses** | **62232** | **26849997** |
| **Net Investment Income (Note 1)** | **137523** | **141559099** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | 162702 | (40487773) |
| Commodity related transactions | 164446 |  |
| Settlement of foreign currency and foreign currency transactions | (1028) |  |
|  | **326120** | **(40487773)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
| | **First Eagle<br>Short Duration <br>High Yield <br>Municipal Fund** |
| **Investment Income** | **Investment Income** |
| Interest (net of $—, $— and $— foreign taxes withheld) | $12192271 |
| Dividends from: | Dividends from: |
| Non-affiliates (net of $10,525, $— and $— foreign taxes withheld) | 84905 |
| **Total Income** | **12277176** |
| **Expenses** | **Expenses** |
| Investment advisory fees (Note 2) | 1018529 |
| Distributions fees (Note 3) | Distributions fees (Note 3) |
| Class A | 121600 |
| Class C |  |
| Shareholder servicing agent fees | 107830 |
| Service fees (Note 3) | Service fees (Note 3) |
| Class C |  |
| Administrative fees (Note 2) | 32621 |
| Professional fees | 100127 |
| Custodian and accounting fees | 61408 |
| Shareholder reporting fees | 7877 |
| Trustees' fees | 2801 |
| Recoupment expense |  |
| Interest expense |  |
| Registration and filing fees | 170568 |
| Other expenses | 4754 |
| **Total Expenses** | **1628115** |
| Expense waiver (Note 2) | (133256) |
| Expense reductions due to earnings credits (Note 1) | (2287) |
| **Net Expenses** | **1492572** |
| **Net Investment Income (Note 1)** | **10784604** |
| **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** | **Realized and Unrealized Gains (Losses) on Investments and Foreign <br>Currency Related Transactions (Note 1)** |
| **Net realized gains (losses) on:** | **Net realized gains (losses) on:** |
| Transactions from investments in non-affiliates | (1133196) |
| Commodity related transactions |  |
| Settlement of foreign currency and foreign currency transactions |  |
|  | **(1133196)** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 | $(565309) | $(167216833) |
| Foreign currency and foreign currency translations | 1201 |  |
|  | **(564108)** | **(167216833)** |
| Net realized and unrealized gains (losses) on investments, commodity and <br>foreign currency related transactions | (237988) | (207704606) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(100465)** | $**(66145507)** |

---

\* 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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | |
|:---|:---|
|  | **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 | $(7249864) |
| Foreign currency and foreign currency translations |  |
|  | **(7249864)** |
| Net realized and unrealized gains (losses) on investments, commodity and <br>foreign currency related transactions | (8383060) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**2401544** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $415478100 | $772397856 | $124261406 | $233616650 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions | 2511431732 | 2076543048 | 571392502 | 625103535 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | (774760035) | 9240921699 | 414664169 | 1552382477 |
| **Net increase (decrease) in net assets resulting from operations** | **2152149797** | **12089862603** | **1110318077** | **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 | 620331530 | 902898419 | 66240978 | 103751530 |
| Net asset value of shares issued for reinvested dividends and distributions | 663131083 | 417748177 | 97309028 | 29118152 |
| Cost of shares redeemed | (1036349792) | (1990276449) | (159982019) | (281759302) |
| **Increase (decrease) in net assets from Fund share transactions** | **247112821** | **(669629853)** | **3567987** | **(148889620)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 106363223 | 168806447 | 4686688 | 5485918 |
| Net asset value of shares issued for reinvested dividends and distributions | 59401014 | 41505889 | 3797915 | 1096427 |
| Cost of shares redeemed | (286294410) | (554768126) | (13348144) | (32627078) |
| **Decrease in net assets from Fund share transactions** | **(120530173)** | **(344455790)** | **(4863541)** | **(26044733)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 3516369126 | 4853052805 | 1249650712 | 1399043949 |
| Net asset value of shares issued for reinvested dividends and distributions | 1687284431 | 1018464881 | 640979324 | 210292492 |
| Cost of shares redeemed | (3251055406) | (5425587580) | (1415635669) | (2733965845) |
| **Increase (decrease) in net assets from Fund share transactions** | **1952598151** | **445930106** | **474994367** | **(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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $7765637 | $14641335 | $5772182 | $9712434 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions | 74771404 | 76106560 | (25503341) | 233203825 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations | (88304867) | 243691072 | 633903554 | 541892310 |
| **Net increase (decrease) in net assets resulting from operations** | **(5767826)** | **334438967** | **614172395** | **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 | (43178412) | (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** | **(86216112)** | **(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 | 19680767 | 27323134 | 116498361 | 122745062 |
| Net asset value of shares issued for reinvested dividends and distributions | 34390390 | 31617086 | 30683850 | 4911757 |
| Cost of shares redeemed | (43613573) | (74766587) | (108368031) | (130806208) |
| **Increase (decrease) in net assets from Fund share transactions** | **10457584** | **(15826367)** | **38814180** | **(3149389)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 2878536 | 3487062 | 11947139 | 14376527 |
| Net asset value of shares issued for reinvested dividends and distributions | 1497082 | 1664563 | 5139993 | 241570 |
| Cost of shares redeemed | (6228285) | (11000964) | (18054280) | (28797729) |
| **Decrease in net assets from Fund share transactions** | **(1852667)** | **(5849339)** | **(967148)** | **(14179632)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 82517072 | 98186740 | 296070564 | 338846341 |
| Net asset value of shares issued for reinvested dividends and distributions | 29875781 | 25055673 | 69744097 | 13851484 |
| Cost of shares redeemed | (56647769) | (102024784) | (294943035) | (443077982) |
| **Increase (decrease) in net assets from Fund share transactions** | **55745084** | **21217629** | **70871626** | **(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 \| Semiannual Report \| April 30, 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>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **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 | 653032158 | 628328209 | 129100156 | 151540868 |
| Net asset value of shares issued for reinvested dividends and distributions | 125053004 | 74502423 | 92596760 | 34097431 |
| Cost of shares redeemed | (325857182) | (579349948) | (155202951) | (472380559) |
| **Increase (decrease) in net assets from Fund share transactions** | **452227980** | **123480684** | **66493965** | **(286742260)** |
| **Increase (decrease) in net assets from Fund share transactions** | **2531408779** | **(459945070)** | **540192778** | **(1592133643)** |
| **Net increase (decrease) in net assets** | **1798655357** | **9854096341** | **729483499** | **516014848** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 56336120291 | 46482023950 | 12368480904 | 11852466056 |
| **End of period** | $**58134775648** | $**56336120291** | $**13097964403** | $**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 | 8808177 | 13505416 | 2578426 | 4116476 |
| Shares issued on reinvestment of distributions | 9478717 | 6858457 | 3904857 | 1243303 |
| Shares redeemed | (14717543) | (29927012) | (6286552) | (11242712) |
| **Shares outstanding, end of period** | **210368868** | **206799517** | **53970393** | **53773662** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 20772700 | 26084098 | 2357034 | 3444418 |
| Shares sold | 1583694 | 2647035 | 192085 | 233000 |
| Shares issued on reinvestment of distributions | 888971 | 712058 | 160656 | 49211 |
| Shares redeemed | (4252139) | (8670491) | (549565) | (1369595) |
| **Shares outstanding, end of period** | **18993226** | **20772700** | **2160210** | **2357034** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 503356923 | 495595080 | 346399690 | 389313607 |
| Shares sold | 49697578 | 72240354 | 47566019 | 54468069 |
| Shares issued on reinvestment of distributions | 23980734 | 16630713 | 25028478 | 8754891 |
| Shares redeemed | (46008989) | (81109224) | (54018529) | (106136877) |
| **Shares outstanding, end of period** | **531026246** | **503356923** | **364975658** | **346399690** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **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 | 10866770 | 8513801 | 75637132 | 69141467 |
| Net asset value of shares issued for reinvested dividends and distributions | 2622111 | 2189335 | 9759911 | 1748970 |
| Cost of shares redeemed | (4627976) | (8878747) | (34315362) | (48120317) |
| **Increase (decrease) in net assets from Fund share transactions** | **8860905** | **1824389** | **51081681** | **22770120** |
| **Increase (decrease) in net assets from Fund share transactions** | **73210906** | **1157471** | **159800339** | **(88026856)** |
| **Net increase (decrease) in net assets** | **(18773032)** | **258639888** | **649955410** | **674067805** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 1397774168 | 1139134280 | 2831645889 | 2157578084 |
| **End of period** | $**1379001136** | $**1397774168** | $**3481601299** | $**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 | 919099 | 1356290 | 3742853 | 4691119 |
| Shares issued on reinvestment of distributions | 1597324 | 1727710 | 1125600 | 206811 |
| Shares redeemed | (2032097) | (3707483) | (3584193) | (5179768) |
| **Shares outstanding, end of period** | **28776826** | **28292500** | **25656499** | **24372239** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 1384879 | 1679875 | 4743206 | 5376559 |
| Shares sold | 142873 | 184827 | 431140 | 604989 |
| Shares issued on reinvestment of distributions | 74113 | 96609 | 209113 | 11220 |
| Shares redeemed | (308043) | (576432) | (663049) | (1249562) |
| **Shares outstanding, end of period** | **1293822** | **1384879** | **4720410** | **4743206** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 29707684 | 28483950 | 54858882 | 58456099 |
| Shares sold | 3754542 | 4787322 | 9348497 | 13006767 |
| Shares issued on reinvestment of distributions | 1352457 | 1337016 | 2471442 | 564445 |
| Shares redeemed | (2578395) | (4900604) | (9321765) | (17168429) |
| **Shares outstanding, end of period** | **32236288** | **29707684** | **57357056** | **54858882** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended<br>April 30, 2025<br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **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 | 9242258 | 9402409 | 4933296 | 5881268 |
| Shares issued on reinvestment of distributions | 1777078 | 1216565 | 3617061 | 1420135 |
| Shares redeemed | (4577503) | (8568297) | (5896021) | (18185530) |
| **Shares outstanding, end of period** | **42593700** | **36151867** | **46795860** | **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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **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 | 494336 | 403727 | 2396576 | 2561618 |
| Shares issued on reinvestment of distributions | 118755 | 116826 | 344873 | 71096 |
| Shares redeemed | (209481) | (426719) | (1071548) | (1825230) |
| **Shares outstanding, end of period** | **2202559** | **1798949** | **8830888** | **7160987** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $27745297 | $46810714 | $3683451 | $6278318 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions and option contracts written | 21231169 | 25693905 | 19192882 | 15300823 |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations <br>and option contracts written | 72618127 | 223130344 | (39216387) | 91686192 |
| **Net increase (decrease) in net assets resulting from operations** | **121594593** | **295634963** | **(16340054)** | **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 | (19433994) | (16847331) | (11266043) | (21201944) |
| Class C | (1720702) | (1412038) | (368913) | (1012252) |
| Class I | (27306032) | (25608733) | (5147424) | (8088133) |
| Class R3 |  | (105) |  | (4079) |
| Class R4 |  | (380) |  | (2834) |
| Class R5 |  | (23) |  | (837) |
| Class R6 | (2321795) | (1992069) | (454928) | (555937) |
| **Decrease in net assets resulting from distributions** | **(50782523)** | **(45860679)** | **(17237308)** | **(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 | 66886888 | 95460012 | 4567977 | 15002736 |
| Net asset value of shares issued for reinvested dividends and distributions | 17963085 | 15529327 | 10765402 | 20071573 |
| Cost of shares redeemed | (61865858) | (149430352) | (22320922) | (48637648) |
| **Increase (decrease) in net assets from Fund share transactions** | **22984115** | **(38441013)** | **(6987543)** | **(13563339)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold | 4795551 | 7773276 | 612437 | 860400 |
| Net asset value of shares issued for reinvested dividends and distributions | 1661236 | 1359002 | 367732 | 1006066 |
| Cost of shares redeemed | (14047369) | (29137271) | (1023240) | (5413836) |
| **Decrease in net assets from Fund share transactions** | **(7590582)** | **(20004993)** | **(43071)** | **(3547370)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 103439935 | 114972376 | 4822167 | 26590666 |
| Net asset value of shares issued for reinvested dividends and distributions | 24590319 | 23060802 | 3302687 | 4708771 |
| Cost of shares redeemed | (107372618) | (215857981) | (13226075) | (17753843) |
| **Increase (decrease) in net assets from Fund share transactions** | **20657636** | **(77824803)** | **(5101221)** | **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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $5250923 | $7165789 | $183229 | $121730 |
| Net realized gain (loss) on investments, commodity, foreign currency <br>and forward contract related transactions and option contracts written | 78719855 | 5384792 | (766925) | (430268) |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity, foreign currency and forward contract related translations <br>and option contracts written | (302393120) | 362972830 | (5785633) | 10690345 |
| **Net increase (decrease) in net assets resulting from operations** | **(218422342)** | **375523411** | **(6369329)** | **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 | 10746149 | 38906104 | 1864994 | 1152604 |
| Net asset value of shares issued for reinvested dividends and distributions | 1322858 | 321596 | 2600 | 1661 |
| Cost of shares redeemed | (10886607) | (15951866) | (1093106) | (33000) |
| **Increase (decrease) in net assets from Fund share transactions** | **1182400** | **23275834** | **774488** | **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 | 276015020 | 812758873 | 10695320 | 11983423 |
| Net asset value of shares issued for reinvested dividends and distributions | 24725044 | 8438320 | 90371 | 12922 |
| Cost of shares redeemed | (466392573) | (677149839) | (4663387) | (1246787) |
| **Increase (decrease) in net assets from Fund share transactions** | **(165652509)** | **144047354** | **6122304** | **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 \| Semiannual Report \| April 30, 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>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **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 | 12181785 | 21352716 | 5014596 | 2216374 |
| Net asset value of shares issued for reinvested dividends and distributions | 2314424 | 1985130 | 454065 | 539169 |
| Cost of shares redeemed | (9616473) | (19396610) | (2108094) | (2366664) |
| **Increase in net assets from Fund share transactions** | **4879736** | **3941236** | **3360567** | **388879** |
| **Increase (decrease) in net assets from Fund share transactions** | **40930905** | **(132467124)** | **(8771268)** | **(3289309)** |
| **Net increase (decrease) in net assets** | **111742975** | **117307160** | **(42348630)** | **79110008** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 1758899230 | 1641592070 | 432924939 | 353814931 |
| **End of period** | $**1870642205** | $**1758899230** | $**390576309** | $**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 | 4883727 | 7305639 | 173054 | 618865 |
| Shares issued on reinvestment of distributions | 1306777 | 1183813 | 401505 | 881509 |
| Shares redeemed | (4536372) | (11509252) | (851073) | (1964869) |
| **Shares outstanding, end of period** | **50947960** | **49293828** | **10144408** | **10420922** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares outstanding, beginning of period | 5323986 | 6859097 | 348828 | 594264 |
| Shares sold | 349016 | 588856 | 41750 | 58125 |
| Shares issued on reinvestment of distributions | 120210 | 103084 | 24528 | 76976 |
| Shares redeemed | (1021638) | (2227051) | (69916) | (380537) |
| **Shares outstanding, end of period** | **4771574** | **5323986** | **345190** | **348828** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 67802292 | 73870683 | 4604708 | 4041364 |
| Shares sold | 7529658 | 8905990 | 173985 | 1046492 |
| Shares issued on reinvestment of distributions | 1798076 | 1767171 | 116105 | 193529 |
| Shares redeemed | (7917780) | (16741552) | (478416) | (676677) |
| **Shares outstanding, end of period** | **69212246** | **67802292** | **4416382** | **4604708** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **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 | 34762500 | 44595999 |  | 55000 |
| Net asset value of shares issued for reinvested dividends and distributions | 1705319 | 479410 | 451 | 1676 |
| Cost of shares redeemed | (24441680) | (19555934) |  |  |
| **Increase in net assets from Fund share transactions** | **12026139** | **25519475** | **451** | **56676** |
| **Increase (decrease) in net assets from Fund share transactions** | **(152443970)** | **192842663** | **6897243** | **11927499** |
| **Net increase (decrease) in net assets** | **(399594132)** | **558823262** | **248061** | **22188533** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 1868520245 | 1309696983 | 49943437 | 27754904 |
| **End of period** | $**1468926113** | $**1868520245** | $**50191498** | $**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 | 1053214 | 4018628 | 169349 | 107150 |
| Shares issued on reinvestment of distributions | 119176 | 35693 | 215 | 177 |
| Shares redeemed | (1125788) | (1604865) | (107317) | (3110) |
| **Shares outstanding, end of period** | **9987034** | **9940432** | **175439** | **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 | 27663486 | 82436449 | 993367 | 1086602 |
| Shares issued on reinvestment of distributions | 2221478 | 934476 | 7353 | 1350 |
| Shares redeemed | (46790080) | (67552769) | (437058) | (107492) |
| **Shares outstanding, end of period** | **142728361** | **159633477** | **4714673** | **4151011** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended<br>April 30, 2025 <br>(unaudited)** | **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 | 891825 | 1636871 | 173221 | 82177 |
| Shares issued on reinvestment of distributions | 169432 | 152167 | 15968 | 22269 |
| Shares redeemed | (710158) | (1498122) | (78169) | (88016) |
| **Shares outstanding, end of period** | **5934157** | **5583058** | **399574** | **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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **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 | 3500056 | 4491578 |  | 4830 |
| Shares issued on reinvestment of distributions | 153081 | 53032 | 38 | 181 |
| Shares redeemed | (2496819) | (1959531) |  |  |
| **Shares outstanding, end of period** | **11591544** | **10435226** | **10068** | **10030** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** |
| **Operations** | **Operations** | **Operations** | **Operations** | **Operations** |
| Net investment income | $137523 | $256035 | $141559099 | $69902940 |
| Net realized gain (loss) on investments, commodity and foreign currency <br>related transactions | 326120 | 83678 | (40487773) | (2097484) |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity and foreign currency related translations | (564108) | 1850643 | (167216833) | 65159338 |
| **Net increase (decrease) in net assets resulting from operations** | **(100465)** | **2190356** | **(66145507)** | **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) | (34573456) | (19144908) |
| Class C |  |  | (2143422) | (1150729) |
| Class I | (371654) | (189360) | (102075332) | (50728750) |
| Class R3 |  |  |  | (5040) |
| Class R4 |  |  |  | (74) |
| Class R5 |  |  |  | (77) |
| Class R6 | (41796) | (22956) | (35675) | (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)** | **(138827885)** | **(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 |  | 26458 | 632883868 | 1098379117 |
| Net asset value of shares issued for reinvested dividends and distributions | 64310 | 29923 | 33789421 | 20753148 |
| Cost of shares redeemed | (219867) | (31302) | (146950870) | (90636544) |
| **Increase (decrease) in net assets from Fund share transactions** | **(155557)** | **25079** | **519722419** | **1028495721** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Net proceeds from shares sold |  |  | 46634777 | 76487644 |
| Net asset value of shares issued for reinvested dividends and distributions |  |  | 2094034 | 1277666 |
| Cost of shares redeemed |  |  | (5224731) | (4511297) |
| **Increase in net assets from Fund share transactions** | **—** | **—** | **43504080** | **73254013** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** |
| | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Period 1/2/24<sup>†</sup> - <br>10/31/24** |
| **Operations** | **Operations** | **Operations** |
| Net investment income | $10784604 | $1788891 |
| Net realized gain (loss) on investments, commodity and foreign currency <br>related transactions | (1133196) | (4872) |
| Change in unrealized appreciation (depreciation) on investments, <br>commodity and foreign currency related translations | (7249864) | (12437) |
| **Net increase (decrease) in net assets resulting from operations** | **2401544** | **1771582** |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** |
| **Distributable earnings:** | **Distributable earnings:** | **Distributable earnings:** |
| Class A | (2142170) | (293307) |
| Class C |  |  |
| Class I | (8233311) | (1428197) |
| Class R3 |  |  |
| Class R4 |  |  |
| Class R5 |  |  |
| Class R6 | (25252) | (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** | **(10400733)** | **(1760839)** |
| **Fund Share Transactions** | **Fund Share Transactions** | **Fund Share Transactions** |
| **Class A** | **Class A** | **Class A** |
| Net proceeds from shares sold | 160454367 | 45800341 |
| Net asset value of shares issued for reinvested dividends and distributions | 2091330 | 279927 |
| Cost of shares redeemed | (32925271) | (2490434) |
| **Increase (decrease) in net assets from Fund share transactions** | **129620426** | **43589834** |
| **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 |  |  |
| **Increase in net assets from Fund share transactions** | **—** | **—** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 907479 | 1448354 | 2456433740 | 3187507157 |
| Net asset value of shares issued for reinvested dividends and distributions | 366838 | 186621 | 99868528 | 55031988 |
| Cost of shares redeemed | (818995) | (623889) | (918690250) | (308239589) |
| **Increase in net assets from Fund share transactions** | **455322** | **1011086** | **1637612018** | **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 | 10663 | 21815 | 564069 | 1668663 |
| Net asset value of shares issued for reinvested dividends and distributions | 41796 | 22956 | 35675 | 187704 |
| Cost of shares redeemed | (3772) | (34589) | (28064) | (8944231) |
| **Increase (decrease) in net assets from Fund share transactions** | **48687** | **10182** | **571680** | **(7087864)** |
| **Increase in net assets from Fund share transactions** | **348452** | **1046347** | **2201410197** | **4028437439** |
| **Net increase (decrease) in net assets** | **(229773)** | **2994464** | **1996436805** | **4083464893** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 14297966 | 11303502 | 4237049109 | 153584216 |
| **End of period** | $**14068193** | $**14297966** | $**6233485914** | $**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 |  | 2405 | 73503935 | 128396378 |
| Shares issued on reinvestment of distributions | 5757 | 2953 | 3926550 | 2417593 |
| Shares redeemed | (20277) | (3007) | (17253854) | (10654428) |
| **Shares outstanding, end of period** | **161673** | **176193** | **188543261** | **128366630** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** |
| | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Period 1/2/24<sup>†</sup> - <br>10/31/24** |
| **Class I** | **Class I** | **Class I** |
| Net proceeds from shares sold | 673697467 | 134025223 |
| Net asset value of shares issued for reinvested dividends and distributions | 8223096 | 1421281 |
| Cost of shares redeemed | (161473254) | (19419586) |
| **Increase in net assets from Fund share transactions** | **520447309** | **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 |  | 1010000 |
| Net asset value of shares issued for reinvested dividends and distributions | 25246 | 39335 |
| Cost of shares redeemed | (10688) |  |
| **Increase (decrease) in net assets from Fund share transactions** | **14558** | **1049335** |
| **Increase in net assets from Fund share transactions** | **650082293** | **160666087** |
| **Net increase (decrease) in net assets** | **642083104** | **160676830** |
| **Net Assets (Note 1)** | **Net Assets (Note 1)** | **Net Assets (Note 1)** |
| Beginning of period | 160676830 |  |
| **End of period** | $**802759934** | $**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 | 15635287 | 4446936 |
| Shares issued on reinvestment of distributions | 203347 | 27247 |
| Shares redeemed | (3213392) | (241460) |
| **Shares outstanding, end of period** | **16857965** | **4232723** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>October 31, 2024** | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **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 |  |  | 5411567 | 8955332 |
| Shares issued on reinvestment of distributions |  |  | 243581 | 149177 |
| Shares redeemed |  |  | (609693) | (536542) |
| **Shares outstanding, end of period** | **—** | **—** | **14251277** | **9205822** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares outstanding, beginning of period | 976752 | 880735 | 352664774 | 9828992 |
| Shares sold | 83751 | 133357 | 286428679 | 372578199 |
| Shares issued on reinvestment of distributions | 33108 | 18569 | 11613579 | 6393708 |
| Shares redeemed | (78115) | (55909) | (108758995) | (36136125) |
| **Shares outstanding, end of period** | **1015496** | **976752** | **541948037** | **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 | 970 | 2085 | 67559 | 204881 |
| Shares issued on reinvestment of distributions | 3776 | 2286 | 4142 | 22755 |
| Shares redeemed | (358) | (3228) | (3246) | (1092469) |
| **Shares outstanding, end of period** | **111296** | **106908** | **209211** | **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 \| Semiannual Report \| April 30, 2025

------

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** | **First Eagle <br>Short Duration <br>High Yield Municipal Fund** |
| | **For the <br>Six Months Ended <br>April 30, 2025 <br>(unaudited)** | **For the <br>Period 1/2/24<sup>†</sup> - <br>10/31/24** |
| **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** |
| Shares outstanding, beginning of period | 11335372 |  |
| Shares sold | 65669364 | 13094425 |
| Shares issued on reinvestment of distributions | 800467 | 138918 |
| Shares redeemed | (15855667) | (1897971) |
| **Shares outstanding, end of period** | **61949536** | **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 |  | 100990 |
| Shares issued on reinvestment of distributions | 2451 | 3864 |
| Shares redeemed | (1031) |  |
| **Shares outstanding, end of period** | **106274** | **104854** |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $73.15 | 0.47 | 2.18 | 2.65 | (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) |
| October 31, 2020 | $59.15 | 0.48 | (1.03) | (0.55) | (0.73) | (2.45) |  | (3.18) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $69.53 | 0.18 | 2.08 | 2.26 | (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) |
| October 31, 2020 | $56.69 | 0.07 | (1.01) | (0.94) | (0.18) | (2.45) |  | (2.63) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $73.70 | 0.56 | 2.20 | 2.76 | (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) |
| October 31, 2020 | $59.52 | 0.63 | (1.03) | (0.40) | (0.88) | (2.45) |  | (3.33) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $73.76 | 0.59 | 2.19 | 2.78 | (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) |
| October 31, 2020 | $59.55 | 0.64 | (0.99) | (0.35) | (0.92) | (2.45) |  | (3.37) |

---

First Eagle Funds \| Semiannual Report \| April 30, 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><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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $72.13 | 3.77<br> %(b) | $15174660 | 1.10<br> %(c) | 1.10<br> %(c) | 1.33<br> %(c) | 1.34<br> %(c) | 9.35<br> %(b) |
| 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% |
| October 31, 2020 | $55.42 | (1.12)% | $12112205 | 1.11% | 1.11% | 0.87% | 0.87% | 10.84% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $68.69 | 3.37<br> %(b) | $1304670 | 1.86<br> %(c) | 1.86<br> %(c) | 0.54<br> %(c) | 0.54<br> %(c) | 9.35<br> %(b) |
| 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% |
| October 31, 2020 | $53.12 | (1.86)% | $3423967 | 1.87% | 1.87% | 0.13% | 0.13% | 10.84% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $72.62 | 3.90<br> %(b) | $38561060 | 0.87<br> %(c) | 0.86<br> %(c) | 1.58<br> %(c) | 1.58<br> %(c) | 9.35<br> %(b) |
| 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% |
| October 31, 2020 | $55.79 | (0.86)% | $24274791 | 0.86% | 0.86% | 1.14% | 1.14% | 10.84% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $72.65 | 3.93<br> %(b) | $3094386 | 0.78<br> %(c) | 0.78<br> %(c) | 1.68<br> %(c) | 1.68<br> %(c) | 9.35<br> %(b) |
| 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% |
| October 31, 2020 | $55.83 | (0.79)% | $1555290 | 0.79% | 0.79% | 1.15% | 1.15% | 10.84% |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $27.04 | 0.23 | 2.05 | 2.28 | (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) |
| October 31, 2020 | $24.65 | 0.19 | (0.71) | (0.52) | (0.50) | (0.83) |  | (1.33) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $25.55 | 0.12 | 1.95 | 2.07 | (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 |  |  |  |  |
| October 31, 2020 | $23.58 | 0.02 | (0.69) | (0.67) | (0.25) | (0.83) |  | (1.08) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $27.79 | 0.27 | 2.11 | 2.38 | (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) |
| October 31, 2020 | $25.24 | 0.26 | (0.72) | (0.46) | (0.57) | (0.83) |  | (1.40) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $27.80 | 0.28 | 2.11 | 2.39 | (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) |
| October 31, 2020 | $25.25 | 0.28 | (0.72) | (0.44) | (0.59) | (0.83) |  | (1.42) |

---

First Eagle Funds \| Semiannual Report \| April 30, 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><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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $27.31 | 9.13<br> %(b) | $1473895 | 1.16<br> %(c) | 1.16<br> %(c) | 1.79<br> %(c) | 1.80<br> %(c) | 7.17<br> %(b) |
| 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% |
| October 31, 2020 | $22.80 | (2.35)% | $1742861 | 1.15% | 1.15% | 0.82% | 0.82% | 13.20% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $25.83 | 8.75<br> %(b) | $55796 | 1.90<br> %(c) | 1.90<br> %(c) | 1.01<br> %(c) | 1.01<br> %(c) | 7.17<br> %(b) |
| 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% |
| October 31, 2020 | $21.83 | (3.07)% | $228072 | 1.89% | 1.89% | 0.08% | 0.08% | 13.20% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $28.09 | 9.28<br> %(b) | $10253586 | 0.89<br> %(c) | 0.89<br> %(c) | 2.09<br> %(c) | 2.09<br> %(c) | 7.17<br> %(b) |
| 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% |
| October 31, 2020 | $23.38 | (2.06)% | $9698986 | 0.87% | 0.87% | 1.11% | 1.11% | 13.20% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $28.09 | 9.34<br> %(b) | $1314688 | 0.80<br> %(c) | 0.80<br> %(c) | 2.17<br> %(c) | 2.17<br> %(c) | 7.17<br> %(b) |
| 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% |
| October 31, 2020 | $23.39 | (1.99)% | $919645 | 0.80% | 0.80% | 1.19% | 1.19% | 13.20% |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $22.57 | 0.11 | (0.20) | (0.09) | (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) |
| October 31, 2020 | $18.84 | 0.14 | (0.48) | (0.34) | (0.16) | (1.37) |  | (1.53) |
| **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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $21.11 | 0.02 | (0.18) | (0.16) | (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) |
| October 31, 2020 | $17.89 | 0.01 | (0.47) | (0.46) |  | (1.37) |  | (1.37) |
| **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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $23.17 | 0.14 | (0.20) | (0.06) | (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) |
| October 31, 2020 | $19.21 | 0.20 | (0.51) | (0.31) | (0.21) | (1.37) |  | (1.58) |
| **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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $23.17 | 0.14 | (0.19) | (0.05) | (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) |
| October 31, 2020 | $19.22 | 0.19 | (0.50) | (0.31) | (0.22) | (1.37) |  | (1.59) |

---

First Eagle Funds \| Semiannual Report \| April 30, 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><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. 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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $21.10 | (0.51)%(b) | $607190 | 1.14<br> %(c) | 1.13<br> %(c) | 0.99<br> %(c) | 1.00<br> %(c) | 8.66<br> %(b) |
| 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% |
| October 31, 2020 | $16.97 | (2.23)% | $485589 | 1.18% | 1.13% | 0.78% | 0.83% | 10.30% |
| **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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $19.74 | (0.86)%(b) | $25535 | 1.89<br> %(c) | 1.88<br> %(c) | 0.24<br> %(c) | 0.25<br> %(c) | 8.66<br> %(b) |
| 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% |
| October 31, 2020 | $16.06 | (3.00)% | $101600 | 1.94% | 1.89% | 0.03% | 0.08% | 10.30% |
| **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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $21.67 | (0.38)%(b) | $698555 | 0.89<br> %(c) | 0.88<br> %(c) | 1.25<br> %(c) | 1.26<br> %(c) | 8.66<br> %(b) |
| 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% |
| October 31, 2020 | $17.32 | (2.01)% | $505997 | 0.89% | 0.84% | 1.08% | 1.13% | 10.30% |
| **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)** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $21.67 | (0.33)%(b) | $47722 | 0.83<br> %(c) | 0.82<br> %(c) | 1.32<br> %(c) | 1.33<br> %(c) | 8.66<br> %(b) |
| 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% |
| October 31, 2020 | $17.32 | (2.02)% | $15058 | 0.86% | 0.81% | 1.03% | 1.08% | 10.30% |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $30.48 | 0.04 | 6.15 | 6.19 | (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) |
| October 31, 2020 | $18.66 | (0.12) | 7.74 | 7.62 |  |  |  |  |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $27.45 | (0.07) | 5.54 | 5.47 | (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) |
| October 31, 2020 | $17.11 | (0.26) | 7.07 | 6.81 |  |  |  |  |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $31.57 | 0.08 | 6.36 | 6.44 | (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) |
| October 31, 2020 | $19.22 | (0.06) | 7.99 | 7.93 | (0.02) |  |  | (0.02) |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $31.67 | 0.09 | 6.39 | 6.48 | (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) |
| October 31, 2020 | $19.26 | (0.03) | 7.99 | 7.96 | (0.03) |  |  | (0.03) |

---

First Eagle Funds \| Semiannual Report \| April 30, 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><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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $35.34 | 21.60<br> %(b) | $906726 | 1.14<br> %(c) | 1.14<br> %(c) | 0.26<br> %(c) | 0.26<br> %(c) | 3.49<br> %(b) |
| 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% |
| October 31, 2020 | $26.28 | 40.84% | $643945 | 1.21% | 1.21% | (0.52)% | (0.52)% | 3.34% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $31.77 | 21.16<br> %(b) | $149962 | 1.89<br> %(c) | 1.88<br> %(c) | (0.50)%(c) | (0.49)%(c) | 3.49<br> %(b) |
| 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% |
| October 31, 2020 | $23.92 | 39.80% | $179978 | 1.95% | 1.95% | (1.25)% | (1.25)% | 3.34% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $36.62 | 21.71<br> %(b) | $2100543 | 0.91<br> %(c) | 0.90<br> %(c) | 0.50<br> %(c) | 0.50<br> %(c) | 3.49<br> %(b) |
| 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% |
| October 31, 2020 | $27.13 | 41.29% | $1424181 | 0.92% | 0.92% | (0.25)% | (0.25)% | 3.34% |
| **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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $36.73 | 21.78<br> %(b) | $324370 | 0.81<br> %(c) | 0.81<br> %(c) | 0.61<br> %(c) | 0.61<br> %(c) | 3.49<br> %(b) |
| 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% |
| October 31, 2020 | $27.19 | 41.42% | $209208 | 0.85% | 0.85% | (0.14)% | (0.14)% | 3.34% |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $13.78 | 0.21 | 0.73 | 0.94 | (0.20) | (0.19) |  | (0.39) |
| 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) |
| October 31, 2020 | $12.15 | 0.22 | (0.64) | (0.42) | (0.22) | (0.04) |  | (0.26) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $13.86 | 0.15 | 0.75 | 0.90 | (0.15) | (0.19) |  | (0.34) |
| 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) |
| October 31, 2020 | $12.11 | 0.13 | (0.63) | (0.50) | (0.13) | (0.04) |  | (0.17) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $13.71 | 0.22 | 0.74 | 0.96 | (0.22) | (0.19) |  | (0.41) |
| 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) |
| October 31, 2020 | $12.12 | 0.25 | (0.63) | (0.38) | (0.25) | (0.04) |  | (0.29) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $13.69 | 0.23 | 0.73 | 0.96 | (0.22) | (0.19) |  | (0.41) |
| 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) |
| October 31, 2020 | $12.11 | 0.24 | (0.62) | (0.38) | (0.25) | (0.04) |  | (0.29) |

---

First Eagle Funds \| Semiannual Report \| April 30, 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><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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $14.33 | 6.97<br> %(b) | $730130 | 1.16<br> %(c) | 1.16<br> %(c) | 3.11<br> %(c) | 3.12<br> %(c) | 7.34<br> %(b) |
| 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% |
| October 31, 2020 | $11.47 | (3.38)% | $359442 | 1.19% | 1.19% | 1.87% | 1.87% | 28.98% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $14.42 | 6.60<br> %(b) | $68825 | 1.94<br> %(c) | 1.94<br> %(c) | 2.24<br> %(c) | 2.24<br> %(c) | 7.34<br> %(b) |
| 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% |
| October 31, 2020 | $11.44 | (4.15)% | $186154 | 1.95% | 1.95% | 1.11% | 1.11% | 28.98% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $14.26 | 7.12<br> %(b) | $987179 | 0.96<br> %(c) | 0.95<br> %(c) | 3.32<br> %(c) | 3.33<br> %(c) | 7.34<br> %(b) |
| 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% |
| October 31, 2020 | $11.45 | (3.14)% | $630351 | 0.94% | 0.94% | 2.11% | 2.11% | 28.98% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $14.24 | 7.17<br> %(b) | $84509 | 0.88<br> %(c) | 0.87<br> %(c) | 3.43<br> %(c) | 3.43<br> %(c) | 7.34<br> %(b) |
| 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% |
| October 31, 2020 | $11.44 | (3.14)% | $15649 | 0.90% | 0.90% | 2.01% | 2.01% | 28.98% |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $27.39 | 0.22 | (1.23)(l) | (1.01) | (0.12) | (0.98) |  | (1.10) |
| 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) |
| October 31, 2020 | $26.45 | 0.01 | (0.38) | (0.37) | (0.01) | (0.23) |  | (0.24) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $15.72 | 0.07 | (0.68)(l) | (0.61) | (0.07) | (0.98) |  | (1.05) |
| 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) |
| October 31, 2020 | $19.37 | (0.14) | (0.26) | (0.40) |  | (0.23) |  | (0.23) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $29.03 | 0.27 | (1.32)(l) | (1.05) | (0.15) | (0.98) |  | (1.13) |
| 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) |
| October 31, 2020 | $27.54 | 0.09 | (0.37) | (0.28) | (0.12) | (0.23) |  | (0.35) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $29.02 | 0.28 | (1.32)(l) | (1.04) | (0.15) | (0.98) |  | (1.13) |
| 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) |
| October 31, 2020 | $27.57 | 0.07 | (0.37) | (0.30) | (0.12) | (0.23) |  | (0.35) |

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First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $25.28 | (3.93)%(b)(m) | $256402 | 1.06<br> %(c) | 0.90<br> %(c) | 1.54<br> %(c) | 1.70<br> %(c) | 10.20<br> %(b) |
| 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% |
| October 31, 2020 | $25.84 | (1.43)% | $203581 | 1.34% | 1.28% | (0.04)% | 0.02% | 97.86% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $14.06 | (4.28)%(b)(m) | $4854 | 1.77<br> %(c) | 1.65<br> %(c) | 0.82<br> %(c) | 0.94<br> %(c) | 10.20<br> %(b) |
| 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% |
| October 31, 2020 | $18.74 | (2.12)% | $62901 | 2.09% | 2.03% | (0.79)% | (0.73)% | 97.86% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $26.85 | (3.83)%(b)(m) | $118592 | 0.78<br> %(c) | 0.65<br> %(c) | 1.81<br> %(c) | 1.94<br> %(c) | 10.20<br> %(b) |
| 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% |
| October 31, 2020 | $26.91 | (1.09)% | $167093 | 1.01% | 0.96% | 0.28% | 0.33% | 97.86% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $26.85 | (3.80)%(b)(m) | $10728 | 0.72<br> %(c) | 0.65<br> %(c) | 1.92<br> %(c) | 1.99<br> %(c) | 10.20<br> %(b) |
| 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% |
| October 31, 2020 | $26.92 | (1.13)% | $5471 | 1.00% | 0.95% | 0.20% | 0.26% | 97.86% |

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First Eagle Funds \| Semiannual Report \| April 30, 2025

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First Eagle Funds

**Financial Highlights**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.33 | 0.02 | (1.30) | (1.28) | (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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.38 | 0.03 | (1.31) | (1.28) | (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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.39 | 0.03 | (1.31) | (1.28) | (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>-<br>10/31/21 | $10.12 | (0.01 | (0.34) | (0.35) |  |  |  |  |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $11.46 | 0.03 | (1.40) | (1.37) | (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>-<br>10/31/22 | $10.00 | 0.01 | (1.04) | (1.03) |  |  |  |  |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.91 | (12.68)%(b) | $88945 | 1.25<br> %(c) | 1.25<br> %(c) | 0.34<br> %(c) | 0.34<br> %(c) | 25.22<br> %(b) |
| 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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.94 | (12.63)%(b) | $1276253 | 1.05<br> %(c) | 1.00<br> %(c) | 0.56<br> %(c) | 0.60<br> %(c) | 25.22<br> %(b) |
| 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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.95 | (12.61)%(b) | $103729 | 0.94<br> %(c) | 0.94<br> %(c) | 0.64<br> %(c) | 0.65<br> %(c) | 25.22<br> %(b) |
| 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>-<br>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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.07 | (11.98)%(b) | $1767 | 1.89<br> %(c) | 1.20<br> %(c) | (0.18)%(c) | 0.50<br> %(c) | 17.64<br> %(b) |
| 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>-<br>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) |

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First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $11.69 | 0.04 | (1.41) | (1.37) | (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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $11.32 | 0.04 | (1.37) | (1.33) | (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>-<br>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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $11.41 | 0.09 | (0.15) | (0.06) | (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>-<br>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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $11.34 | 0.11 | (0.16) | (0.05) | (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>-<br>10/31/22 | $10.00 | 0.15 | (0.56) | (0.41) |  |  |  |  |

---

First Eagle Funds \| Semiannual Report \| April 30, 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><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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.25 | (11.85)%(b) | $48324 | 1.62<br> %(c) | 0.95<br> %(c) | 0.05<br> %(c) | 0.72<br> %(c) | 17.64<br> %(b) |
| 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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $9.94 | (11.86)%(b) | $100 | 1.59<br> %(c) | 0.95<br> %(c) | 0.09<br> %(c) | 0.73<br> %(c) | 17.64<br> %(b) |
| 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>-<br>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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.98 | (0.62)%(b) | $1776 | 4.80<br> %(c) | 1.10<br> %(c) | (1.99)%(c) | 1.71<br> %(c) | 26.15<br> %(b) |
| 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>-<br>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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.91 | (0.51)%(b) | $11080 | 4.55<br> %(c) | 0.85<br> %(c) | (1.71)%(c) | 1.99<br> %(c) | 26.15<br> %(b) |
| 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>-<br>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 Funds \| Semiannual Report \| April 30, 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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $11.33 | 0.11 | (0.16 | (0.05) | (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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.64 | 0.22 | (0.28 | (0.06) | (0.21) |  |  | (0.21) |
| 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) |
| October 31, 2020 | $8.71 | 0.37 | (0.01 | 0.36 | (0.36) |  |  | (0.36) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.64 | 0.19 | (0.28 | (0.09) | (0.18) |  |  | (0.18) |
| 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) |
| October 31, 2020 | $8.70 | 0.31 | (0.01 | 0.30 | (0.30) |  |  | (0.30) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.64 | 0.23 | (0.27 | (0.04) | (0.23) |  |  | (0.23) |
| 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) |
| October 31, 2020 | $8.71 | 0.39 | 0.00 | 0.39 | (0.39) |  |  | (0.39) |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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\*\*\*** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.89 | (0.50)%(b) | $1213 | 4.54<br> %(c) | 0.85<br> %(c) | (1.71)%(c) | 1.98<br> %(c) | 26.15<br> %(b) |
| 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>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.37 | (0.69)%(b) | $1578520 | 1.16<br> %(c) | 1.16<br> %(c)(s) | 5.15<br> %(c) | 5.15<br> %(c) | 49.03<br> %(b) |
| 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% |
| October 31, 2020 | $8.71 | 4.39% | $73112 | 1.33% | 1.23% | 4.27% | 4.37% | 55.38% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.37 | (1.08)%(b) | $119242 | 1.91<br> %(c) | 1.91<br> %(c)(s) | 4.40<br> %(c) | 4.40<br> %(c) | 49.03<br> %(b) |
| 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% |
| October 31, 2020 | $8.70 | 3.60% | $31972 | 2.10% | 2.00% | 3.53% | 3.63% | 55.38% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.37 | (0.56)%(b) | $4533975 | 0.93<br> %(c) | 0.93<br> %(c)(s) | 5.37<br> %(c) | 5.37<br> %(c) | 49.03<br> %(b) |
| 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% |
| October 31, 2020 | $8.71 | 4.68% | $126527 | 1.04% | 0.94% | 4.54% | 4.64% | 55.38% |

---

First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.66 | 0.23 | (0.28) | (0.05) | (0.25) |  |  | (0.25) |
| 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) |
| October 31, 2020 | $8.71 | 0.39 | (0.01) | 0.38 | (0.38) |  |  | (0.38) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.26 | 0.23 | (0.09) | 0.14 | (0.22) |  |  | (0.22) |
| For The Period <br>1/2/24<sup>^</sup>-<br>10/31/24 | $10.00 | 0.38 | 0.24 | 0.62 | (0.36) |  |  | (0.36) |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.25 | 0.24 | (0.08) | 0.16 | (0.24) |  |  | (0.24) |
| For The Period <br>1/2/24<sup>^</sup>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.26 | 0.24 | (0.08) | 0.16 | (0.24) |  |  | (0.24) |
| For The Period <br>1/2/24<sup>^</sup>-<br>10/31/24 | $10.00 | 0.40 | 0.24 | 0.64 | (0.38) |  |  | (0.38) |

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First Eagle Funds \| Semiannual Report \| April 30, 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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $8.36 | (0.62)%(b) | $1749 | 0.89<br> %(c) | 0.89<br> %(c)(s) | 5.43<br> %(c) | 5.43<br> %(c) | 49.03<br> %(b) |
| 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% |
| October 31, 2020 | $8.71 | 4.64% | $1033 | 1.07% | 0.97% | 4.47% | 4.57% | 55.38% |
| **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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.18 | 1.40<br> %(b) | $171657 | 0.91<br> %(c) | 0.85<br> %(c) | 4.45<br> %(c) | 4.51<br> %(c) | 97.61<br> %(b) |
| For The Period <br>1/2/24<sup>^</sup>-<br>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 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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.17 | 1.53<br> %(b) | $630021 | 0.66<br> %(c) | 0.60<br> %(c) | 4.73<br> %(c) | 4.79<br> %(c) | 97.61<br> %(b) |
| For The Period <br>1/2/24<sup>^</sup>-<br>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** |
| Six Months Ended <br>April 30, 2025 <br>(unaudited) | $10.18 | 1.54<br> %(b) | $1082 | 0.62<br> %(c) | 0.60<br> %(c) | 4.71<br> %(c) | 4.73<br> %(c) | 97.61<br> %(b) |
| For The Period <br>1/2/24<sup>^</sup>-<br>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 \| Semiannual Report \| April 30, 2025

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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 include 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.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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First Eagle Funds

**Financial Highlights**

(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.

(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 (1.37), (0.75), (1.46) and (1.46) 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 (4.46)%, (4.76)%, (4.34)% and (4.30)% 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 1(g)) representing 0.33% for the period ended April 30, 2025. Without the interest expense and fees, the operating expenses including earnings credits and/or fee waivers would have been 0.82%, 1.58%, 0.60% and 0.56% 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 1(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 \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**Note 1 — Significant Accounting Policies**

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 April 30, 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 First Eagle Short Duration High Yield Municipal Fund incepted on January 2, 2024.

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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 Investment Management, LLC (the "Adviser"), a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), manages the Funds. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership ("BCP CC Holdings"). BCP CC Holdings GP L.L.C., a Delaware limited liability company ("BCP CC Holdings GP"), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. ("BCP VI") and Corsair IV Financial Services Capital Partners L.P. ("Corsair IV"). BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. ("Blackstone") and Corsair Capital LLC ("Corsair"), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.

On March 3, 2025, First Eagle Holdings announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in First Eagle Holdings. First Eagle Holdings is the parent company to the Adviser. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries. The transaction will involve the buyout of all interests in First Eagle Holdings currently held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.

As required under the Investment Company Act of 1940 (the "1940 Act"), closing of the transaction will be deemed an "assignment" of the current investment management agreement between the First Eagle Funds and First Eagle Investment Management, LLC with respect to each Fund, which will result in automatic termination of the agreements. On April 3, 2025, the Board of Trustees of the First Eagle Funds (the "Board") considered new substantially identical investment management agreements with First Eagle Investment Management, LLC with respect to each Fund, which it approved and will be presented to the shareholders of the Funds for approval, and, if so approved by shareholders, will take effect upon closing of the transaction or such later time as shareholder approval is obtained. The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds' investment objectives or 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").

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**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 Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2025, the First Eagle Global Cayman Fund, Ltd. has $5,407,962,920 in net assets, representing 9.30% 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 April 30, 2025, the First Eagle Overseas Cayman Fund, Ltd. has $562,729,989 in net assets, representing 4.30% 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 April 30, 2025, the First Eagle U.S. Cayman Fund, Ltd. has $178,872,116 in net assets, representing 12.97% 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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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 April 30, 2025, the First Eagle Gold Cayman Fund, Ltd. has $526,455,927 in net assets, representing 15.12% 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 April 30, 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 April 30, 2025, the First Eagle Global Real Assets Cayman Fund, Ltd. has $519,798 in net assets, representing 3.69% of the Global Real Assets Fund's net assets.

**b) Investment Valuation** — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.

A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.

All bonds, whether listed on an exchange or traded in the over-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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.

Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.

Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source. The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.

Inverse Floaters are evaluated using a third party model that takes into account the evaluated price of the underlying bond, leverage factors, gain share and floating rate levels.

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are 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" in accordance with procedures approved by the Board of Trustees ("Board").

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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).

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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 April 30, 2025. A reconciliation of Level 3 investments is presented when the 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 | $28678883920 | $19814436994<br> <sup>(a)</sup> | $— | $48493320914 |
| Corporate Bonds |  |  | 5275655 | 5275655 |
| Commodities\* |  | 6411069452 |  | 6411069452 |
| Short-Term Investments | 63735501 | 3066244371 |  | 3129979872 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 28092031 |  | 28092031 |
| **Total** | $**28742619421** | $**29319842848** | $**5275655** | $**58067737924** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(139158396) | $— | $(139158396) |
| **Total** | $**—** | $**(139158396)** | $**—** | $**(139158396)** |

---

(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 1(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 \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**First Eagle Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $2648997905 | $8941916638<br> <sup>(a)</sup> | $22379549 | $11613294092 |
| Commodities\* |  | 1161576709 |  | 1161576709 |
| Short-Term Investments | 15804241 | 268571302 |  | 284375543 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 12491493 |  | 12491493 |
| **Total** | $**2664802146** | $**10384556142** | $**22379549** | $**13071737837** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(64461533) | $— | $(64461533) |
| **Total** | $**—** | $**(64461533)** | $**—** | $**(64461533)** |

---

(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 1(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

\*\* Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

**First Eagle U.S. Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1031289500 | $— | $— | $1031289500 |
| Convertible Preferred Stocks | 4972840 |  |  | 4972840 |
| Corporate Bonds |  | 13082596 | 5982750 | 19065346 |
| Commodities\* |  | 178870454 |  | 178870454 |
| Master Limited Partnerships | 23666000 |  |  | 23666000 |
| Short-Term Investments | 3716012 | 117154886 |  | 120870898 |
| **Total** | $**1063644352** | $**309107936** | $**5982750** | $**1378735038** |

---

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**First Eagle Gold Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $2489657391 | $309028021<br> <sup>(a)</sup> | $— | $2798685412 |
| Commodities\* |  | 526335705 |  | 526335705 |
| Rights | 2525095 |  |  | 2525095 |
| Short-Term Investments | 20805055 | 123045098 |  | 143850153 |
| **Total** | $**2512987541** | $**958408824** | $**—** | $**3471396365** |

---

(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 1(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 | $573340333 | $610874062<br> <sup>(a)</sup> | $— | $1184214395 |
| Convertible Preferred Stocks | 25206086 |  |  | 25206086 |
| Corporate Bonds |  | 189050939 | 11312396 | 200363335 |
| Asset-Backed Securities |  | 2688811 |  | 2688811 |
| Commodities\* |  | 157036411 |  | 157036411 |
| Foreign Government Securities |  | 17460934 |  | 17460934 |
| Loan Assignments |  | 2509063 |  | 2509063 |
| Master Limited Partnerships | 18304361 |  |  | 18304361 |
| Preferred Stocks | 33020492 |  |  | 33020492 |
| U.S. Treasury Obligations |  | 169515341 |  | 169515341 |
| Short-Term Investments | 7943950 | 47264892 |  | 55208842 |
| Forward Foreign Currency <br>Exchange Contracts\*\* |  | 640233 |  | 640233 |
| **Total** | $**657815222** | $**1197040686** | $**11312396** | $**1866168304** |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**First Eagle Global Income Builder Fund** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency <br>Exchange Contracts\*\* | $— | $(3060323) | $— | $(3060323) |
| Options Written | (1505365) |  |  | (1505365) |
| **Total** | $**(1505365)** | $**(3060323)** | $**—** | $**(4565688)** |

---

(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 1(b) for additional details.

† See 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 | $310128862 | $62718477<br> <sup>(a)</sup> | $— | $372847339 |
| Master Limited Partnerships | 13057509 |  |  | 13057509 |
| Short-Term Investments | 648681 | 3845503 |  | 4494184 |
| **Total** | $**323835052** | $**66563980** | $**—** | $**390399032** |

---

(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 1(b) for additional details.

† See Schedule of Investments for additional detailed categorizations.

**First Eagle Small Cap Opportunity Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1381662833 | $— | $— |  | $1381662833 |
| Rights |  |  |  | <sup>^</sup> |  |
| Short-Term Investments | 86109241 |  |  |  | 86109241 |
| **Total** | $**1467772074** | $**—** | $**—** |  | $**1467772074** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

^ Fair value represents zero.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**First Eagle U.S. Smid Cap Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $45848340 | $— | $— | $45848340 |
| Short-Term Investments | 4163482 |  |  | 4163482 |
| **Total** | $**50011822** | $**—** | $**—** | $**50011822** |

---

† See Schedule of Investments for additional detailed categorizations.

**First Eagle Global Real Assets Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $8728916 | $4244913<br> <sup>(a)</sup> | $— | <sup>^</sup> | $12973829 |
| Commodities\* |  | 329691 |  |  | 329691 |
| Exchange-Traded Funds | 189991 |  |  |  | 189991 |
| Master Limited Partnerships | 620869 |  |  |  | 620869 |
| Short-Term Investments | 80186 |  |  |  | 80186 |
| **Total** | $**9619962** | $**4574604** | $**—** |  | $**14194566** |

---

(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 1(b) for additional details.

† See Consolidated Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

\* Represents gold bullion.

^ Fair value represents zero.

**First Eagle High Yield Municipal Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3‡** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Municipal Bonds | $— | $6767351730 | $— | $6767351730 |
| Short-Term Investments | 876078 |  |  | 876078 |
| **Total** | $**876078** | $**6767351730** | $**—** | $**6768227808** |

---

† See Schedule of Investments for additional detailed categorizations.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**First Eagle Short Duration High Yield Municipal Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Municipal Bonds | $— | $802215041 | $— | $802215041 |
| Short-Term Investments | 64910 |  |  | 64910 |
| **Total** | $**64910** | $**802215041** | $**—** | $**802279951** |

---

† 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 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.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**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 \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

six months ended April 30, 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 | $617918779 | $292642615 | $14311740 |
| Average Settlement <br>Value — Sold | 2354469399 | 1119942612 | 53115066 |

---

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 \| Semiannual Report \| April 30, 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 April 30, 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** | **Asset Derivative<br>Fair Value<sup>(1)</sup>** | **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 | $28092031 | $139158396 | $107869157 | $(162729906) |

---

**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** | **Asset Derivative<br>Fair Value<sup>(1)</sup>** | **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 | $12491493 | $64461533 | $54405251 | $(78594631) |

---

**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** | **Asset Derivative<br>Fair Value<sup>(1)</sup>** | **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 | $640233 | $3060323 | $2423068 | $(3436389) |

---

(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 \| Semiannual Report \| April 30, 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 April 30, 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)** |
| Goldman Sachs | $8566845 | $(8566845) | $— | $— |
| JPMorgan Chase Bank | 8864689 | (8864689) |  |  |
| UBS AG | 10660497 | (10660497) |  |  |
|  | $28092031 | $(28092031) | $— | $— |
| **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)** |
| Bank of New York Mellon | $13590314 | $— | $(13590314) | $— |
| Goldman Sachs | 42914654 | (8566845) | (34347809) |  |
| JPMorgan Chase Bank | 45829414 | (8864689) | (36964725) |  |
| UBS AG | 36824014 | (10660497) | (26163517) |  |
|  | $139158396 | $(28092031) | $(111066365) | $— |

---

**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** | **<br>Collateral<br>Received\*** | **Net Amount<br>(Not Less<br>Than $0)** |
| Goldman Sachs | $3959979 | $(3959979) | $— | $— |
| JPMorgan Chase Bank | 3782171 | (3782171) |  |  |
| UBS AG | 4749343 | (4749343) |  |  |
|  | $12491493 | $(12491493) | $— | $— |

---

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| Bank of New York Mellon | $6762363 | $— | $(6762363) | $— |
| Goldman Sachs | 20250502 | (3959979) | (16290523) |  |
| JPMorgan Chase Bank | 20594285 | (3782171) | (16812114) |  |
| UBS AG | 16854383 | (4749343) | (12105040) |  |
|  | $64461533 | $(12491493) | $(51970040) | $— |

---

**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)** |
| Goldman Sachs | $195595 | $(195595) | $— | $— |
| JPMorgan Chase Bank | 238480 | (238480) |  |  |
| UBS AG | 206158 | (206158) |  |  |
|  | $640233 | $(640233) | $— | $— |
| **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)** |
| Bank of New York Mellon | $279508 | $— | $(279508) | $— |
| Goldman Sachs | 931899 | (195595) | (719062) | 17242 |
| JPMorgan Chase Bank | 1103876 | (238480) | (865396) |  |
| UBS AG | 745040 | (206158) | (538882) |  |
|  | $3060323 | $(640233) | $(2402848) | $17242 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over collateralization.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

trust (a "TOB Trust") that holds long-term fixed rate bonds sold to it by a Fund (the underlying security), and issues two classes of beneficial interests: short-term floating rate interests ("Floaters"), which are sold to other investors, and Inverse Floaters, which are purchased by the Fund. The Municipal Funds generally will purchase Floaters issued by a TOB Trust. The Floaters have first priority on the cash flow from the underlying security held by the TOB Trust, have a tender option feature that allows holders to tender the Floaters back to the TOB Trust for their par amount and accrued interest at specified intervals and bear interest at prevailing short- term interest rates. Tendered Floaters are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed. The Municipal Funds, as holders of the Inverse Floaters, are paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Municipal Funds with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Municipal Funds, and as short-term interest rates decline, Inverse Floaters produce more income for the Municipal Funds. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Municipal Funds could lose the entire amount of 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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

Fund will be required to reimburse the liquidity provider of a TOB Trust for any shortfall between the liquidation value of the underlying security and the principal amount of the Floaters in the event the Floaters cannot be successfully remarketed and the Fund could suffer losses in excess of the amount of its investment in the Inverse Floater.

The Underlying Bond deposited into the TOB Trust is identified in the Municipal Fund's Portfolio of Investments as "(g) 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 April 30, 2025, the aggregate value of Floaters issued by the Fund's TOB Trusts were as follows:

---

| | |
|:---|:---|
| | **Floating Rate<br>Obligations:** |
| First Eagle High Yield Municipal Fund | $561160000 |

---

For six months ended April 30, 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 | $529862762 | 3.52% |

---

**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 exercised, the proceeds on the sale of a written call option are adjusted

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.

As of April 30, 2025, portfolio securities valued at $86,559,223 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund.

For the six months ended April 30, 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 |  | 8,979 |

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First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

At April 30, 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** | **Asset Derivative <br>Fair Value<sup>(1)</sup>** | **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>** |
| Equity — Written options | $— | $1505365 | $1245374 | $2466784 |

---

(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 \| Semiannual Report \| April 30, 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 June 2022, FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. There is no material impact to 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 \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**o) 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.

**p) 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.

**q) 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.

**r) 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.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**Note 2 — 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 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 six months ended April 30, 2025, the Adviser reimbursed $262,556 in expenses which are included under Expense waiver in the Statement of Operations. As of April 30, 2025, the Fund has $47,900 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 \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended April 30, 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,** | **Potential Recoupment <br>Amounts Expiring<br>October 31,** |
| |<br>**Total Eligible<br>for Recoupment** | **2025** | **2026** | **2027** | **2028\*** |
| Class A | $1344418 | $305896 | $445261 | $406283 | $186978 |
| Class C | 70578 | 41567 | 16714 | 9653 | 2644 |
| Class I | 362769 | 75472 | 93128 | 123754 | 70415 |
| Class R6 | 11038 | 524 | 3990 | 4005 | 2519 |
| **Total** | $**1788803** | $**423459** | $**559093** | $**543695** | $**262556** |

---

\* Amounts included represent the amounts incurred for the period November 1, 2024 to April 30, 2025. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2028 will be available as of October 31, 2025.

(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 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 six months ended April 30, 2025, the Adviser reimbursed $335,140 in expenses which are included under Expense waiver in the Statement of Operations. As of April 30, 2025, the Fund has $84,606 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 April 30, 2025, the Fund recouped $5,238.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended April 30, 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,** | **Potential Recoupment <br>Amounts Expiring <br>October 31,** |
| |<br>**Total Eligible <br>for Recoupment** | **2025** | **2026** | **2027** | **2028\*** |
| Class A | $86171 | $31720 | $34918 | $19533 | $— |
| Class I | 2627538 | 467141 | 827060 | 998197 | 335140 |
| Class R6 |  |  |  |  |  |
| **Total** | $**2713709** | $**498861** | $**861978** | $**1017730** | $**335140** |

---

\* Amounts included represent the amounts incurred for the period November 1, 2024 to April 30, 2025. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2028 will be available as of October 31, 2025.

(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 six months ended April 30, 2025, the Adviser reimbursed $133,534 in expenses which are included under Expense waiver in the Statement of Operations. As of April 30, 2025, the Fund has $23,418 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 six months ended April 30, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Potential Recoupment <br>Amounts Expiring <br>October 31,** | **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** | **2025** | **2026** | **2027** | **2028\*** |
| Class A | $17154 | $5340 | $3555 | $3417 | $4842 |
| Class I | 856771 | 98971 | 347861 | 281515 | 128424 |
| Class R6 | 8775 | 4332 | 3743 | 432 | 268 |
| **Total** | $**882700** | $**108643** | $**355159** | $**285364** | $**133534** |

---

\* Amounts included represent the amounts incurred for the period November 1, 2024 to April 30, 2025. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2028 will be available as of October 31, 2025.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

(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 six months ended April 30, 2025, the Adviser reimbursed $207,768 in expenses which are included under Expense waiver in the Consolidated Statement of Operations. As of April 30, 2025, the Fund has $40,689 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 six months ended April 30, 2025, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Potential Recoupment <br>Amounts Expiring <br>October 31,** | **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** | **2025** | **2026** | **2027** | **2028\*** |
| Class A | $195748 | $40189 | $64115 | $64235 | $27209 |
| Class I | 1102997 | 262027 | 339917 | 337994 | 163059 |
| Class R6 | 137108 | 38082 | 42237 | 39289 | 17500 |
| **Total** | $**1435853** | $**340298** | $**446269** | $**441518** | $**207768** |

---

\* Amounts included represent the amounts incurred for the period November 1, 2024 to April 30, 2025. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2028 will be available as of October 31, 2025.

(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 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 six months ended April 30, 2025, the Adviser reimbursed $- in expenses which are included under Expense waiver in the Statement of Operations. As of April 30, 2025, the Fund has $62,782 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 April 30, 2025, the Fund recouped $612,440.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended April 30, 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 | 64079 |  | 64079 |  |
| Class R6 | 10892 | 3040 | 7852 |  |
| **Total** | $**74971** | $**3040** | $**71931** | $**—** |

---

\* Amounts included represent the amounts incurred for the period November 1, 2024 to April 30, 2025. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2028 will be available as of October 31, 2025.

(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 six months ended April 30, 2025, the Adviser reimbursed $133,256 in expenses which are included under Expense waiver in the Statement of Operations. As of April 30, 2025, the Fund has $134,416 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 six months ended April 30, 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 | $68774 | $41503 | $27271 |
| Class I | 391204 | 285309 | 105895 |
| Class R6 | 14857 | 14767 | 90 |
| **Total** | $**474835** | $**341579** | $**133256** |

---

\* Amounts included represent the amounts incurred for the period November 1, 2024 to April 30, 2025. The finalized amount available for potential future repayment by the Adviser expiring October 31, 2028 will be available as of October 31, 2025.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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, and First Eagle High Yield Municipal Fund, which before December 27, 2023, paid 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 each of First Eagle Global Income Builder Fund and prior to December 27, 2023, First Eagle High Yield Municipal Fund and the Adviser, such Funds pay/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 six months ended April 30, 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 |  |  |
| First Eagle Small Cap Opportunity Fund |  |  |
| First Eagle U.S. Smid Cap Opportunity Fund | 36274 | 23898 |
| First Eagle Global Real Assets Fund | 51186 | 23948 |
| First Eagle High Yield Municipal Fund |  |  |
| First Eagle Short Duration High Yield Municipal Fund |  |  |

---

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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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 six months ended April 30, 2025, FEF Distributors, LLC realized $247,994, $9,560, $6,565, $35,766, $5,822, $2,840, $8,809, $406, $-, $63,366 and $9,465 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 six months ended April 30, 2025, FEF Distributors, LLC realized $43,870, $2,208, $1,868, $4,474, $1,681, $197 and $11,304 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 $3,790, $7,203, $(1,470), $169, $16,835, $111, $173,753 and $109,178 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 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 various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of April 30, 2025, balances to the Plan are included in the fees payable to the Trustees on the Statements of Assets and Liabilities.

**Note 3 — 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

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

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.

---

| | | |
|:---|:---|:---|
| **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% |

---

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the six months ended April 30, 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 six months ended April 30, 2025, the services fees incurred by the Funds are disclosed in the Statements of Operations.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**Note 4 — Purchases and Sales of Securities**

For the six months ended April 30, 2025, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $5390236315 | $4957998758 | $— | $— |
| First Eagle Overseas Fund | 867529606 | 1219222795 |  |  |
| First Eagle U.S. Fund | 110215654 | 142071455 |  |  |
| First Eagle Gold Fund | 98464878 | 161751691 |  |  |
| First Eagle Global Income <br>Builder Fund | 97709683 | 94849384 | 33268540 | 30913241 |
| First Eagle Rising <br>Dividend Fund | 42251489 | 62828402 |  |  |
| First Eagle Small Cap <br>Opportunity Fund | 427840153 | 566049998 |  |  |
| First Eagle U.S. Smid Cap <br>Opportunity Fund | 13505785 | 8647847 |  |  |
| First Eagle Global Real <br>Assets Fund | 3836437 | 3731067 |  |  |
| First Eagle High Yield <br>Municipal Fund | 5150704525 | 2928312304 |  |  |
| First Eagle Short Duration <br>High Yield Municipal Fund | 1100256918 | 450804395 |  |  |

---

**Note 5 — 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 \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

Funds had no borrowings under the agreement. On June 4, 2025, the Funds' Audit Committee approved an extension of the Credit Facility until Fall 2025, pending a negotiation of its renewal.

**Note 6 — 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 7 — 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 \| Semiannual Report \| April 30, 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 six months ended April 30, 2025.

**Note 8 — Subsequent Events**

In accordance with the provision surrounding Subsequent Events adopted by the Fund, management has evaluated the possibility of subsequent events existing in the Fund's financial statements. Management has determined that there are no material events that would require disclosure in the Fund's financial statements.

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Notes to Financial Statements

**Item 8 Changes In and Disagreements with Accountants**

Not applicable.

**Item 9 Proxy Disclosures**

Not applicable.

**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**

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Board Considerations for Continuation of Current Advisory Agreements and Approval of New Advisory Agreements

At a meeting held on April 3, 2025, the Board of Trustees (the "Board") of the Funds, including a majority of the independent trustees (the "Independent Trustees"), approved the continuation of the Funds' current advisory agreements (the "Current Advisory Agreements"). It was noted that this would be in lieu of the regular review cycle that otherwise would have been scheduled for the June 2025 Board meetings and recognizes that the Current Advisory Agreements otherwise expire by their terms on (for the most part) June 30, 2025 (with certain agreements expiring in August 2025).

The Board of the Funds also approved "new" advisory agreements for the Funds with the Adviser (referred to here as the "New Advisory Agreements") that are substantially identical to the Current Advisory Agreements and will be effective subsequent to the prospective change of ownership (the "Transaction") of the parent company of the Adviser, First Eagle Holdings, Inc. ("FE Holdings"), subject to the approval of shareholders of the Funds. The Board also recommended that shareholders of the Funds approve the New Advisory Agreements.

In their deliberations, in addition to information provided by the Adviser specifically in connection with its evaluation of the terms and conditions of the New Advisory Agreements related to the Transaction, the Trustees also considered information they had received in June 2024, December 2024 and February 2025. It was noted that materials at the most recent renewal of the Current Advisory Agreements (from the June 2024 meeting of the Board) had included comprehensive fee, expense and performance comparisons prepared by a third-party consultant, including comparisons to peer mutual funds, to Morningstar and Lipper "Category Averages," and to the Funds' stated market benchmarks. Also noted was that the Board had the benefit of receiving presentations from and holding discussions with management throughout the year.

As at previous meetings, the Trustees received materials relating to the organizational structure and business of the Adviser. Various information relating to the terms of the Transaction, including the goals and interests of Genstar Capital (the "Buyers") and a timetable of the Transaction, was reviewed. The Buyer advised that it will exercise its oversight of the Adviser's business at the level of the parent company board of directors and will not be involved in the day-to-day management of the Adviser. The Buyer also advised that no change in investment processes, trading practices or distribution is anticipated as a result of the Transaction.

As described above, discussion with management and the Buyer had covered the respective goals and interests of the different parties, the expected timetable of the Transaction, financing and other key economic terms, the perspectives of key employees and related executive and employee retention initiatives, and the expected business strategies of and resources available to the Adviser going

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Board Considerations for Continuation of Current Advisory Agreements and Approval of New Advisory Agreements

forward. The Board also was advised of alternatives to the Transaction that had been considered by management and management's view that the Transaction, and related continuation of the Adviser's services without interruption under the proposed New Advisory Agreements, is desirable and appropriate and in the best interests of the Adviser, FE Holdings and the Funds and their shareholders. The Trustees specifically understood that there would be no diminution of services or support for the Funds by the Adviser as a result of the Transaction.

In their deliberations, each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. At the conclusion of their review, the Trustees determined that the advisory fees were fair and reasonable and within the range of what could be negotiated at arm's length, and that the continuance of the Current Advisory Agreements and the approval of the New Advisory Agreements should serve the best interests of each Fund and its shareholders. The Trustees considered the following topics in reaching their conclusions:

**Nature, Quality, and Extent of Services Provided by Adviser**

• The Trustees reviewed the services provided by the Adviser to the Funds and considered that the services were not expected to change in connection with the Transaction. The Adviser will provide the Funds with investment research, advice and supervision, and continuously furnish an investment portfolio for each Fund consistent with the Fund's investment objectives, policies and restrictions as set forth in each Fund's Prospectus. The Trustees were assured that service levels for the Funds subject to breakpoints or expense caps are not affected by the terms of the applicable breakpoint or expense cap.

• The Trustees reviewed each Fund's generally long-standing historical relationship with the Adviser and the institutional resources available to the Funds under that relationship. The Trustees, in their deliberations, recognized that, for many of the Funds' shareholders, the decision to purchase Fund shares included a decision to select the Adviser as the investment adviser and that there is a strong association in the minds of Fund shareholders between the Adviser and each of the Funds.

• The Trustees commented on the background and experience of the Funds' portfolio managers and the quality of the Trustees' regular meetings with them over time. The Trustees also noted that it was anticipated that the portfolio managers would not change in connection with the Transaction.

• The Trustees commented on the representations received regarding the continued independent operations of the Adviser and appropriate resourcing of the investment and other core business functions. The Trustees also noted information provided on the Buyers, including their track record of growing businesses, their likely time period of ownership of the business and possible later exit strategies, their familiarity with the investment management industry

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Board Considerations for Continuation of Current Advisory Agreements and Approval of New Advisory Agreements

and other highly regulated financial services sectors, their support for management's strategic direction of the Adviser, and potential resources and other support that might be made available to the Adviser over time.

• The Trustees noted that the costs associated with the proxy solicitation with respect to the New Advisory Agreements would be borne by the Adviser and/or the Buyers. No such costs would be borne by the Funds.

**Investment Performance of the Funds and the Adviser**

• The Trustees were provided investment performance information for each Fund on both an absolute and a relative basis over 1-year, 3-year, 5-year and 10-year periods in connection with the June 2024 Board meeting and select updated performance information in connection with the April 2025 Board meeting (where applicable, with no performance presented for the Short Duration High Yield Municipal Fund given it is recently formed, has very limited performance to review).

**Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Funds; Economies of Scale; Fall-Out Benefits**

• The Trustees were provided (in connection with the June 2024 Board meeting) detailed information regarding the total compensation to be received by the Adviser and the Funds' total costs for using the Adviser's services, taking into account expenses incurred by the Adviser that are passed through to the Funds (notably, under the administrative cost reimbursement program). The Trustees were also provided (in connection with the June 2024 Board meeting and select updated information in connection with the April 2025 Board meeting) comparative fee and expense information for peer mutual funds.

• The Trustees considered representations that there will not be any unfair burden imposed on the Funds in connection with the Transaction, including that the fee terms would not increase for two years as a result of the Transaction (noting that any existing fee waivers or expense caps, or those imposed in the future for reasons unrelated to the Transaction, are expected to be governed in accordance with their terms).

• The possibility of new affiliations in light of the Transaction were considered and it was determined that affiliates of the Buyers were not anticipated to have meaningful service or trading relationships with the Funds.

• The Trustees considered potential economies of scale in the operation of the Funds and the provision of services by the Adviser. While economies of scale can be complex to assess and typically are not directly measurable, the Trustees noted that the Adviser may be able to employ economies of scale in certain areas relating to the management of the Funds, potentially including investment management, trading, compliance and back-office operations. In the case of the administrative expense reimbursements, which is the method by which the majority of the Funds "pay" for administrative services performed by

First Eagle Funds \| Semiannual Report \| April 30, 2025

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Board Considerations for Continuation of Current Advisory Agreements and Approval of New Advisory Agreements

the Adviser, because they represent the provision of services at cost, any economies of scale realized are, by definition, for the benefit of the Funds. Further scale as a result of the Transaction was considered but viewed as speculative.

• The Trustees reviewed the Adviser's financial condition and profitability and were provided (in connection with the June 2024 Board meeting) information showing estimated and indicative profitability for the Adviser, generally on a Fund by Fund basis. Profits to the Adviser vary meaningfully depending on the particular Fund, with some Funds showing losses to the Adviser and others showing profits. The Trustees noted the cyclical and competitive nature of the global asset management industry and the related importance of profitability (when considered across the business) in maintaining the Adviser's culture and management continuity. The Trustees also noted that the Adviser has always shown the willingness to commit resources to support investment in the business and to maintain the generally high quality of the overall shareholder experience in the Funds, such as attracting and retaining qualified personnel and investing in technology. Levels of support are not dependent on or reflective of the profits realized on a per-Fund basis.

• The Trustees considered compensation and equity ownership incentives for key employees that would be included as part of the Transaction (or otherwise continued). The Trustees also considered the financial structure of the Transaction including the level of leverage that would be taken on by the Adviser's parent company.

First Eagle Funds \| Semiannual Report \| April 30, 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 \| Semiannual Report \| April 30, 2025

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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

**Advisory Trustee**

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. Sleyster 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.

\*\* 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 \| Semiannual Report \| April 30, 2025

------

![](j25159212_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.**

Not applicable.

**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.**

Board Considerations for Continuation of Current Advisory Agreements and Approval of New Advisory Agreements

At a meeting held on April 3, 2025, the Board of Trustees (the "Board") of the Funds, including a majority of the independent trustees (the "Independent Trustees"), approved the continuation of the Funds' current advisory agreements (the "Current Advisory Agreements"). It was noted that this would be in lieu of the regular review cycle that otherwise would have been scheduled for the June 2025 Board meetings and recognizes that the Current Advisory Agreements otherwise expire by their terms on (for the most part) June 30, 2025 (with certain agreements expiring in August 2025).

The Board of the Funds also approved "new" advisory agreements for the Funds with the Adviser (referred to here as the "New Advisory Agreements") that are substantially identical to the Current Advisory Agreements and will be effective subsequent to the prospective change of ownership (the "Transaction") of the parent company of the Adviser, First Eagle Holdings, Inc. ("FE Holdings"), subject to the approval of shareholders of the Funds. The Board also recommended that shareholders of the Funds approve the New Advisory Agreements.

In their deliberations, in addition to information provided by the Adviser specifically in connection with its evaluation of the terms and conditions of the New Advisory Agreements related to the Transaction, the Trustees also considered information they had received in June 2024, December 2024 and February 2025. It was noted that materials at the most recent renewal of the Current Advisory Agreements (from the June 2024 meeting of the Board) had included comprehensive fee, expense and performance comparisons prepared by a third-party consultant, including comparisons to peer mutual funds, to Morningstar and Lipper "Category Averages," and to the Funds' stated market benchmarks. Also noted was that the Board had the benefit of receiving presentations from and holding discussions with management throughout the year.

As at previous meetings, the Trustees received materials relating to the organizational structure and business of the Adviser. Various information relating to the terms of the Transaction, including the goals and interests of Genstar Capital (the "Buyers") and a timetable of the Transaction, was reviewed. The Buyer advised that it will exercise its oversight of the Adviser's business at the level of the parent company board of directors and will not be involved in the day-to-day management of the Adviser. The Buyer also advised that no change in investment processes, trading practices or distribution is anticipated as a result of the Transaction.

As described above, discussion with management and the Buyer had covered the respective goals and interests of the different parties, the expected timetable of the Transaction, financing and other key economic terms, the perspectives of key employees and related executive and employee retention initiatives, and the expected business strategies of and resources available to the Adviser going forward. The Board also was advised of alternatives to the Transaction that had been considered by management and management's view that the Transaction, and related continuation of the Adviser's services without interruption under the proposed New Advisory Agreements, is desirable and appropriate and in the best interests of the Adviser, FE Holdings and the Funds and their shareholders. The Trustees specifically understood that there would be no diminution of services or support for the Funds by the Adviser as a result of the Transaction.

In their deliberations, each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. At the conclusion of their review, the Trustees determined that the advisory fees were fair and reasonable and within the range of what could be negotiated at arm's length, and that the continuance of the Current Advisory Agreements and the approval of the New Advisory Agreements should serve the best interests of each Fund and its shareholders. The Trustees considered the following topics in reaching their conclusions:

**Nature, Quality, and Extent of Services Provided by Adviser**

● The Trustees reviewed the services provided by the Adviser to the Funds and considered that the services were not expected to change in connection with the Transaction. The Adviser will provide the Funds with investment research, advice and supervision, and continuously furnish an investment portfolio for each Fund consistent with the Fund's investment objectives, policies and restrictions as set forth in each Fund's Prospectus. The Trustees were assured that service levels for the Funds subject to breakpoints or expense caps are not affected by the terms of the applicable breakpoint or expense cap.

● The Trustees reviewed each Fund's generally long-standing historical relationship with the Adviser and the institutional resources available to the Funds under that relationship. The Trustees, in their deliberations, recognized that, for many of the Funds' shareholders, the decision to purchase Fund shares included a decision to select the Adviser as the investment adviser and that there is a strong association in the minds of Fund shareholders between the Adviser and each of the Funds.

● The Trustees commented on the background and experience of the Funds' portfolio managers and the quality of the Trustees' regular meetings with them over time. The Trustees also noted that it was anticipated that the portfolio managers would not change in connection with the Transaction.

● The Trustees commented on the representations received regarding the continued independent operations of the Adviser and appropriate resourcing of the investment and other core business functions. The Trustees also noted information provided on the Buyers, including their track record of growing businesses, their likely time period of ownership of the business and possible later exit strategies, their familiarity with the investment management industry and other highly regulated financial services sectors, their support for management's strategic direction of the Adviser, and potential resources and other support that might be made available to the Adviser over time.

● The Trustees noted that the costs associated with the proxy solicitation with respect to the New Advisory Agreements would be borne by the Adviser and/or the Buyers. No such costs would be borne by the Funds.

**Investment Performance of the Funds and the Adviser**

● The Trustees were provided investment performance information for each Fund on both an absolute and a relative basis over 1-year, 3-year, 5-year and 10-year periods in connection with the June 2024 Board meeting and select updated performance information in connection with the April 2025 Board meeting (where applicable, with no performance presented for the Short Duration High Yield Municipal Fund given it is recently formed, has very limited performance to review).

**Costs of Services To Be Provided and Profits To Be Realized by Adviser and its Affiliates From Relationship with Funds; Economies of Scale; Fall-Out Benefits**

● The Trustees were provided (in connection with the June 2024 Board meeting) detailed information regarding the total compensation to be received by the Adviser and the Funds' total costs for using the Adviser's services, taking into account expenses incurred by the Adviser that are passed through to the Funds (notably, under the administrative cost reimbursement program). The Trustees were also provided (in connection with the June 2024 Board meeting and select updated information in connection with the April 2025 Board meeting) comparative fee and expense information for peer mutual funds.

● The Trustees considered representations that there will not be any unfair burden imposed on the Funds in connection with the Transaction, including that the fee terms would not increase for two years as a result of the Transaction (noting that any existing fee waivers or expense caps, or those imposed in the future for reasons unrelated to the Transaction, are expected to be governed in accordance with their terms).

● The possibility of new affiliations in light of the Transaction were considered and it was determined that affiliates of the Buyers were not anticipated to have meaningful service or trading relationships with the Funds.

● The Trustees considered potential economies of scale in the operation of the Funds and the provision of services by the Adviser. While economies of scale can be complex to assess and typically are not directly measurable, the Trustees noted that the Adviser may be able to employ economies of scale in certain areas relating to the management of the Funds, potentially including investment management, trading, compliance and back-office operations. In the case of the administrative expense reimbursements, which is the method by which the majority of the Funds "pay" for administrative services performed by the Adviser, because they represent the provision of services at cost, any economies of scale realized are, by definition, for the benefit of the Funds. Further scale as a result of the Transaction was considered but viewed as speculative.

● The Trustees reviewed the Adviser's financial condition and profitability and were provided (in connection with the June 2024 Board meeting) information showing estimated and indicative profitability for the Adviser, generally on a Fund by Fund basis. Profits to the Adviser vary meaningfully depending on the particular Fund, with some Funds showing losses to the Adviser and others showing profits. The Trustees noted the cyclical and competitive nature of the global asset management industry and the related importance of profitability (when considered across the business) in maintaining the Adviser's culture and management continuity. The Trustees also noted that the Adviser has always shown the willingness to commit resources to support investment in the business and to maintain the generally high quality of the overall shareholder experience in the Funds, such as attracting and retaining qualified personnel and investing in technology. Levels of support are not dependent on or reflective of the profits realized on a per-Fund basis.

● The Trustees considered compensation and equity ownership incentives for key employees that would be included as part of the Transaction (or otherwise continued). The Trustees also considered the financial structure of the Transaction including the level of leverage that would be taken on by the Adviser's parent company.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) Not applicable to this semi-annual report.

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto.](tm2515921d1_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.](tm2515921d1_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 July 3, 2025 |  |

---

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 July 3, 2025 |  |
| By (Signature and Title)\* | /s/ Brandon Webster |
|  | Brandon Webster, Principal Financial Officer |
| Date July 3, 2025 |  |

---

\*Print the name and title of each signing officer under his or her signature.

## 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: July 3, 2025 | /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: July 3, 2025 | /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: July 3, 2025 | /s/ Mehdi Mahmud |
|  | MEHDI MAHMUD |
|  | Principal Executive Officer |
| Date:July 3, 2025 | /s/ Brandon Webster |
|  | BRANDON WEBSTER |
|  | Principal Financial Officer |

---