First Eagle Global Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 83.1%
Belgium - 0.9%
Groupe Bruxelles Lambert NV		6,469,396		540,842,323
Brazil - 1.1%
Ambev SA, ADR		166,791,911		363,606,366
Itausa SA (Preference)		167,347,694		309,319,255
				672,925,621
Canada - 5.3%
Agnico Eagle Mines Ltd.		1,999,447		248,213,682
Barrick Mining Corp.		20,796,383		439,219,609
Franco-Nevada Corp.		1,228,062		195,624,888
Imperial Oil Ltd.		10,896,401		908,531,472
Nutrien Ltd.		6,438,891		381,955,014
Power Corp. of Canada		10,763,570		433,774,357
Wheaton Precious Metals Corp.		7,730,000		707,372,300
				3,314,691,322
China - 2.6%
Alibaba Group Holding Ltd.		37,671,592		566,384,050
Prosus NV		18,115,368		1,034,855,001
				1,601,239,051
France - 2.9%
Danone SA		7,619,136		623,526,596
Legrand SA		2,092,188		309,030,513
LVMH Moet Hennessy Louis Vuitton SE		1,121,606		602,091,637
Pluxee NV		1,781,470		36,125,231
Sanofi SA		429,071		38,518,026
Sodexo SA		2,131,829		126,787,357
Wendel SE		867,489		81,288,727
				1,817,368,087
Germany - 1.5%
Brenntag SE		1,126,149		69,865,355
Henkel AG & Co. KGaA (Preference)		3,516,726		270,995,883
Merck KGaA		4,928,583		615,996,253
				956,857,491
Hong Kong - 2.1%
AIA Group Ltd.		41,248,000		384,603,454
CK Asset Holdings Ltd.		54,929,000		251,695,777
Guoco Group Ltd. (a)		12,748,580		120,340,099
Hongkong Land Holdings Ltd.		31,759,300		192,143,765
Jardine Matheson Holdings Ltd.		7,051,271		382,893,844
				1,331,676,939
Japan - 6.4%
Chofu Seisakusho Co. Ltd. (b)		2,263,600		29,994,587
FANUC Corp.		17,670,600		491,895,819
Hirose Electric Co. Ltd.		1,258,915		158,075,846
Hoshizaki Corp.		6,107,800		209,148,155
Keyence Corp.		336,400		121,686,462
Mitsubishi Electric Corp.		24,592,300		553,136,039
MS&AD Insurance Group Holdings, Inc.		23,189,560		495,470,020
Secom Co. Ltd.		12,674,260		455,173,845
Shimano, Inc. (b)		4,397,890		481,111,430
SMC Corp.		1,622,456		564,571,785
Sompo Holdings, Inc.		11,283,000		332,702,433
T Hasegawa Co. Ltd. (b)		3,002,800		61,955,925
USS Co. Ltd.		2,597,200		28,228,688
				3,983,151,034
Mexico - 1.6%
Fomento Economico Mexicano SAB de CV, ADR		6,677,092		604,009,742
Fresnillo plc		5,445,510		100,408,027
Grupo Mexico SAB de CV, Series B		16,513,538		103,370,459
Industrias Penoles SAB de CV *		6,234,643		164,334,812
Wal-Mart de Mexico SAB de CV		11,700,536		34,490,687
				1,006,613,727
Netherlands - 0.4%
Heineken Holding NV		3,269,505		220,662,701
Heineken NV		439,351		34,485,424
				255,148,125
Norway - 0.3%
Orkla ASA		16,166,787		170,010,525
South Korea - 3.8%
Hyundai Mobis Co. Ltd.		999,985		211,016,639
KT&G Corp.		5,242,098		491,309,757
NAVER Corp.		1,857,627		312,629,605
Samsung Electronics Co. Ltd.		11,473,361		584,728,073
Samsung Electronics Co. Ltd. (Preference)		12,016,075		494,755,444
Samsung Life Insurance Co. Ltd.		2,998,664		270,672,958
				2,365,112,476
Sweden - 1.0%
Investor AB, Class A		4,970,940		144,214,858
Investor AB, Class B		11,255,824		326,188,361
Svenska Handelsbanken AB, Class A		10,429,006		127,070,956
				597,474,175
Switzerland - 3.0%
Cie Financiere Richemont SA (Registered)		4,453,017		727,072,264
Nestle SA (Registered)		4,863,144		424,927,328
Schindler Holding AG		1,736,948		628,142,817
Schindler Holding AG (Registered)		211,870		74,309,061
				1,854,451,470
Taiwan - 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,514,485		849,169,866
Thailand - 0.3%
Bangkok Bank PCL, NVDR		42,690,800		192,965,439
United Kingdom - 8.2%
BAE Systems plc		23,344,728		557,020,187
Berkeley Group Holdings plc (b)		6,528,960		313,989,695
British American Tobacco plc		20,559,170		1,101,505,959
Derwent London plc, REIT		4,966,240		126,582,232
Diageo plc		9,616,920		233,090,685
Haleon plc		107,935,852		506,291,810

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Shares		Value ($)
Lloyds Banking Group plc		332,182,803		340,636,313
Reckitt Benckiser Group plc		9,376,596		702,736,421
Shell plc		12,805,177		461,448,738
Unilever plc		12,894,404		753,737,601
				5,097,039,641
United States - 40.3%
Alphabet, Inc., Class A		2,694,360		517,047,684
Alphabet, Inc., Class C		5,094,822		982,587,371
American Express Co.		1,267,879		379,488,863
Analog Devices, Inc.		1,391,521		312,577,362
Bank of New York Mellon Corp. (The)		8,011,973		812,814,661
Becton Dickinson & Co.		6,610,056		1,178,242,482
Berkshire Hathaway, Inc., Class A *		434		312,414,900
Bio-Rad Laboratories, Inc., Class A *		1,878,739		454,560,901
BXP, Inc., REIT		2,473,129		161,816,830
Carlisle Cos., Inc.		403,991		143,299,648
CH Robinson Worldwide, Inc. (b)		7,566,045		872,516,309
Charter Communications, Inc., Class A *		567,150		152,767,524
Colgate-Palmolive Co.		5,342,322		447,953,700
Comcast Corp., Class A		24,979,449		830,067,090
Cummins, Inc.		1,119,800		411,660,876
Deere & Co.		381,724		200,164,614
Dentsply Sirona, Inc. (b)		10,435,979		149,338,859
Dollar General Corp.		4,406,100		462,199,890
Douglas Emmett, Inc., REIT (b)		9,162,021		138,896,238
Elevance Health, Inc.		2,570,018		727,520,695
Equity Residential, REIT		6,189,955		391,205,156
Expeditors International of Washington, Inc.		4,576,022		531,916,797
Extra Space Storage, Inc., REIT		1,155,209		155,213,881
Exxon Mobil Corp.		5,306,628		592,431,950
Ferguson Enterprises, Inc.		444,071		99,174,376
Fidelity National Financial, Inc.		4,297,027		242,481,234
Flowserve Corp.		1,491,326		83,573,909
HCA Healthcare, Inc.		2,734,128		967,853,971
International Flavors & Fragrances, Inc.		4,086,470		290,261,964
IPG Photonics Corp. *(b)		3,319,802		248,619,972
JG Boswell Co.		2,485		1,318,292
Kraft Heinz Co. (The)		771,756		21,192,420
Medtronic plc		6,658,084		600,825,500
Meta Platforms, Inc., Class A		2,449,415		1,894,475,538
Microsoft Corp.		391,945		209,102,658
Mills Music Trust (b)		31,592		837,188
Newmont Corp.		8,042,727		499,453,347
Noble Corp. plc (b)		9,141,720		245,089,513
NOV, Inc. (b)		28,255,276		355,451,372
Omnicom Group, Inc.		2,970,235		214,005,432
ONEOK, Inc.		4,577,305		375,842,514
Oracle Corp.		7,270,036		1,844,917,036
Philip Morris International, Inc.		4,885,816		801,518,115
PPG Industries, Inc.		4,111,217		433,733,394
Ross Stores, Inc.		1,040,944		142,130,494
Royal Gold, Inc.		1,438,598		217,832,509
RPM International, Inc.		217,286		25,511,549
Salesforce, Inc.		2,340,124		604,524,233
Schlumberger NV		20,475,698		692,078,592
Texas Instruments, Inc.		2,442,932		442,317,268
Universal Health Services, Inc., Class B		3,368,166		560,631,231
US Bancorp		5,965,007		268,186,715
Walt Disney Co. (The)		2,500,477		297,831,815
Weyerhaeuser Co., REIT		10,347,140		259,195,857
Willis Towers Watson plc		2,511,169		793,052,282
				25,051,724,571
TOTAL COMMON STOCKS (Cost $33,640,950,775)				51,658,461,883

Investments	Ounces		Value ($)
COMMODITIES - 10.3%
Gold bullion* (Cost $1,871,828,285)		1,946,358		6,405,853,213

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 0.0%(c)
United States - 0.0%(c)
Bausch & Lomb, Inc.
7.13%, 08/01/2028  ‡ (Cost $5,255,642)		5,467,000		5,234,653
SHORT-TERM INVESTMENTS - 6.7%
COMMERCIAL PAPER - 6.3%
AES Corp. (The)
4.75%, 08/01/2025 (d)		33,080,000		33,075,614
Apple, Inc.
4.33%, 09/24/2021 (d)(e)		55,000,000		54,637,841
4.30%, 08/04/2025 (d)(e)		45,000,000		44,978,477
4.31%, 08/05/2025 (d)(e)		70,000,000		69,958,070
4.35%, 09/15/2025 (d)(e)		4,000,000		3,977,971
Cargill, Inc.
4.32%, 08/01/2025 (d)(e)		47,696,000		47,690,262
Cencora, Inc.
4.55%, 08/01/2025 (d)(e)		23,487,000		23,484,036
Energy Transfer LP
4.55%, 08/01/2025 (d)(e)		16,540,000		16,537,918
Engie SA
4.46%, 08/11/2025 (d)(e)		50,000,000		49,933,280
4.45%, 08/14/2025 (d)(e)		40,000,000		39,931,984
4.50%, 08/27/2025 (d)(e)		85,000,000		84,722,424
4.45%, 09/15/2025 (d)(e)		50,000,000		49,721,230
4.43%, 09/22/2025 (d)(e)		50,000,000		49,679,670
4.38%, 09/30/2025 (d)		80,000,000		79,411,648
4.39%, 10/27/2025 (d)		60,000,000		59,362,098

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
4.40%, 10/28/2025 (d)		50,000,000		49,462,330
Export Development Corp.
4.33%, 10/15/2025 (d)		50,000,000		49,552,445
General Motors Financial Co., Inc.
4.48%, 08/01/2025 (d)(e)		78,399,000		78,389,278
Global Payments, Inc.
4.88%, 08/01/2025 (d)		16,540,000		16,537,749
Honeywell International, Inc.
4.45%, 10/06/2025 (d)(e)		70,000,000		69,430,683
4.46%, 10/14/2025 (d)(e)		12,000,000		11,890,750
Hydro-Quebec
4.38%, 09/04/2025 (d)		50,000,000		49,788,865
4.40%, 10/16/2025 (d)		65,000,000		64,395,227
4.40%, 10/17/2025 (d)		65,000,000		64,387,375
Johnson & Johnson
4.32%, 10/23/2025 (d)		12,000,000		11,879,376
Kreditanstalt fuer Wiederaufbau
4.36%, 10/14/2021 (d)(e)		80,000,000		79,280,832
4.39%, 08/12/2025 (d)(e)		49,000,000		48,930,092
4.33%, 08/13/2025 (d)(e)		60,000,000		59,907,264
4.39%, 08/25/2025 (d)		100,000,000		99,702,160
4.39%, 08/29/2025 (d)(e)		78,136,000		77,865,485
4.36%, 10/24/2025 (d)		67,500,000		66,810,703
4.37%, 10/27/2025 (d)		67,500,000		66,785,877
NRW Bank
4.35%, 10/20/2021 (d)(e)		70,000,000		69,319,761
4.38%, 08/15/2025 (d)(e)		90,000,000		89,837,496
4.38%, 08/22/2025 (d)		48,500,000		48,371,470
4.36%, 08/26/2025 (d)		80,000,000		79,749,344
4.37%, 10/10/2025 (d)(e)		100,000,000		99,146,230
4.36%, 10/29/2025 (d)		70,000,000		69,245,750
Ontario Teachers' Finance Trust
4.37%, 08/01/2025 (d)(e)		45,000,000		44,994,609
Oracle Corp.
4.60%, 08/28/2025 (d)(e)		50,000,000		49,822,945
Philip Morris International, Inc.
4.37%, 08/11/2025 (d)		50,000,000		49,933,515
4.37%, 08/12/2025 (d)		50,000,000		49,927,465
4.37%, 08/14/2025 (d)		60,000,000		59,898,426
4.37%, 08/20/2025 (d)		60,000,000		59,854,536
4.38%, 09/17/2025 (d)		50,000,000		49,707,865
Province of Quebec
4.40%, 09/02/2021 (d)(e)		46,751,000		46,565,782
4.38%, 08/01/2025 (d)(e)		70,000,000		69,991,635
4.36%, 08/06/2025 (d)(e)		100,000,000		99,928,190
4.36%, 08/08/2025 (d)(e)		50,000,000		49,952,105
4.37%, 08/20/2025 (d)		40,000,000		39,903,912
4.36%, 08/21/2025 (d)		100,000,000		99,747,640
4.36%, 08/22/2025 (d)		99,000,000		98,738,313
4.37%, 09/16/2025 (d)		50,000,000		49,717,345
PSP Capital, Inc.
4.37%, 08/05/2025 (d)(e)		45,000,000		44,973,018
4.36%, 08/18/2025 (d)(e)		100,000,000		99,785,020
4.38%, 08/19/2025 (d)(e)		85,000,000		84,807,373
4.38%, 09/03/2025 (d)(e)		70,000,000		69,714,799
4.35%, 09/25/2025 (d)(e)		50,000,000		49,663,325
4.37%, 10/24/2025 (d)(e)		60,000,000		59,387,766
4.36%, 11/04/2025 (d)(e)		51,000,000		50,412,750
Sanofi SA
4.40%, 08/28/2025 (d)(e)		65,113,000		64,893,758
Siemens Capital Co. LLC
4.33%, 09/02/2025 (d)(e)		19,000,000		18,925,248
4.35%, 09/26/2025 (d)(e)		75,000,000		74,489,378
TotalEnergies Capital SA
4.41%, 09/29/2025 (d)		70,000,000		69,489,000
Walt Disney Co. (The)
4.39%, 09/23/2025 (d)		100,000,000		99,344,500
4.39%, 09/24/2025 (d)(e)		25,000,000		24,833,090
4.40%, 10/02/2025 (d)(e)		67,900,000		67,380,735
TOTAL COMMERCIAL PAPER (Cost $3,925,019,698)				3,924,553,108
U.S. TREASURY OBLIGATIONS - 0.4%
U.S. Treasury Bills
4.23%, 08/07/2025 (d)		40,000,000		39,971,545
4.15%, 09/18/2025 (d)		40,000,000		39,772,582
4.08%, 10/02/2025 (d)		60,000,000		59,560,928
3.93%, 10/30/2025 (d)(f)		50,000,000		49,470,063
4.18%, 11/13/2025 (d)(f)		40,000,000		39,515,013
TOTAL U.S. TREASURY OBLIGATIONS (Cost $228,388,869)				228,290,131

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.0%(c)
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (g) (Cost $17,680,115)		17,680,115		17,680,115
TOTAL SHORT-TERM INVESTMENTS   (Cost $4,171,088,682)				4,170,523,354
Total Investments - 100.1% (Cost $39,689,123,384)				62,240,073,103
Liabilities in excess of other assets - (0.1)%				(49,845,920	)
Net Assets - 100.0%				62,190,227,183

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(a)	Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2025 amounted to $120,340,099, which represents approximately 0.19% of net assets of the Fund.

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Guoco Group Ltd.	03/22/2004 - 12/29/2020	$	115,604,847	$	9.44

(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 July 31, 2025.
(e)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $2,289,772,560, which represents approximately 3.68% of net assets of the Fund.
(f)	All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts.
(g)	Represents 7-day effective yield as of July 31, 2025.

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2025  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	101,057,916	EUR	86,302,000	Bank of New York Mellon	08/06/2025	$	2,557,104
USD	91,587,298	JPY	13,581,572,000	Bank of New York Mellon	08/06/2025		1,501,369
USD	297,897,314	EUR	258,736,000	Goldman Sachs	09/03/2025		2,020,278
USD	78,577,645	GBP	58,809,000	Goldman Sachs	09/03/2025		888,075
USD	103,143,587	JPY	14,548,403,000	Goldman Sachs	09/03/2025		6,335,781
USD	52,304,522	EUR	44,460,000	JPMorgan Chase Bank	10/01/2025		1,362,124
USD	73,833,625	GBP	54,772,000	JPMorgan Chase Bank	10/01/2025		1,456,068
USD	117,074,684	JPY	16,683,084,000	JPMorgan Chase Bank	10/01/2025		5,691,292
USD	303,216,050	EUR	258,736,000	UBS AG	11/05/2025		6,094,546
USD	86,455,654	JPY	12,428,813,000	UBS AG	11/05/2025		3,165,741
USD	284,653,287	EUR	246,110,000	Bank of New York Mellon	12/03/2025		1,509,983
USD	119,845,972	JPY	17,623,530,000	Bank of New York Mellon	12/03/2025		1,383,001
Total unrealized appreciation							33,965,362
EUR	258,736,000	USD	297,003,054	Bank of New York Mellon	08/06/2025		(1,694,647	)
JPY	13,581,572,000	USD	91,231,088	Bank of New York Mellon	08/06/2025		(1,145,159	)
USD	187,403,168	EUR	172,434,000	Bank of New York Mellon	08/06/2025		(9,404,427	)
USD	244,372,136	EUR	214,276,000	JPMorgan Chase Bank	10/01/2025		(1,145,934	)
Total unrealized depreciation							(13,390,167	)
Net unrealized appreciation						$	20,575,195

Abbreviations
ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NVDR	Non-Voting Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
USD	United States Dollar

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		0.9	%
Air Freight & Logistics		2.3
Automobile Components		0.3
Banks		2.0
Beverages		2.4
Broadline Retail		2.6
Building Products		0.2
Capital Markets		1.3
Chemicals		1.9
Commercial Services & Supplies		0.7
Commodities		10.3
Consumer Finance		0.6
Consumer Staples Distribution & Retail		0.7
Electrical Equipment		1.4
Electronic Equipment, Instruments & Components		0.9
Energy Equipment & Services		2.1
Entertainment		0.5
Financial Services		2.3
Food Products		2.0
Health Care Equipment & Supplies		3.1
Health Care Providers & Services		3.7
Hotels, Restaurants & Leisure		0.2
Household Durables		0.6
Household Products		2.2
Industrial Conglomerates		0.8
Insurance		4.7
Interactive Media & Services		6.0
Leisure Products		0.8
Life Sciences Tools & Services		0.7
Machinery		4.2
Media		1.8
Metals & Mining		4.3
Office REITs		0.7
Oil, Gas & Consumable Fuels		3.8
Personal Care Products		1.2
Pharmaceuticals		1.9
Real Estate Management & Development		0.7
Residential REITs		0.6
Semiconductors & Semiconductor Equipment		2.6
Software		4.3
Specialized REITs		0.7
Specialty Retail		0.2
Technology Hardware, Storage & Peripherals		1.8
Textiles, Apparel & Luxury Goods		2.2
Tobacco		3.9
Trading Companies & Distributors		0.3
Short-Term Investments		6.7
Total Investments		100.1	%

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Affiliated Securities

Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)			Change in Unrealized Appreciation/Depreciation			Market Value July  31, 2025		Shares at July  31, 2025		Dividend Income
Common Stocks 4.8%
Japan 0.9%
Chofu Seisakusho Co. Ltd.	$	36,095,872	$	—	$	(7,036,403	)	$	(4,318,913	)	$	5,254,031		$	29,994,587		2,263,600	$	736,608
Shimano, Inc.^		362,821,426		259,452,603		—			—			(141,162,599	)		481,111,430		4,397,890		6,501,142
T Hasegawa Co. Ltd.		65,161,051		—		—			—			(3,205,126	)		61,955,925		3,002,800		667,712
		464,078,349		259,452,603		(7,036,403	)		(4,318,913	)		(139,113,694	)		573,061,942		9,664,290		7,905,462
United Kingdom 0.5%
Berkeley Group Holdings plc		372,574,034		—		—			—			(58,584,339	)		313,989,695		6,528,960		2,774,746
United States 3.4%
CH Robinson Worldwide, Inc.		823,996,146		—		(48,288,702	)		14,585,470			82,223,395			872,516,309		7,566,045		14,175,061
Dentsply Sirona, Inc.		241,801,633		—		—			—			(92,462,774	)		149,338,859		10,435,979		5,009,270
Douglas Emmett, Inc., REIT		162,992,354		—		—			—			(24,096,116	)		138,896,238		9,162,021		5,222,352
Flowserve Corp.^^		415,446,250		—		(387,516,340	)		76,156,984			(20,512,985	)		83,573,909		1,491,326		2,402,529
IPG Photonics Corp.*		268,771,170		—		—			—			(20,151,198	)		248,619,972		3,319,802		—
Mills Music Trust		1,137,312		—		—			—			(300,124	)		837,188		31,592		—
Noble Corp. plc^		171,568,734		122,490,591		—			—			(48,969,812	)		245,089,513		9,141,720		13,055,261
NOV, Inc.		438,239,331		—		—			—			(82,787,959	)		355,451,372		28,255,276		12,291,045
		2,523,952,930		122,490,591		(435,805,042	)		90,742,454			(207,057,573	)		2,094,323,360		69,403,761		52,155,518
Total Common Stocks		3,360,605,313		381,943,194		(442,841,445	)		86,423,541			(404,755,606	)		2,981,374,997		85,597,011		62,835,726
Total	$	3,360,605,313	$	381,943,194	$	(442,841,445	)	$	86,423,541		$	(404,755,606	)	$	2,981,374,997		85,597,011	$	62,835,726

*	Non-income producing security.
^	Represents an unaffiliated issuer as of October 31, 2024.
^^	Represents an unaffiliated issuer as of July 31, 2025.

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 87.7%
Belgium - 1.7%
Groupe Bruxelles Lambert NV		2,664,632		222,763,572
Legris Industries SA *‡(a)(b)(c)		905,366		18,649,326
				241,412,898
Brazil - 1.9%
Ambev SA, ADR		75,441,038		164,461,463
Itausa SA (Preference)		52,050,181		96,207,619
				260,669,082
Canada - 9.0%
Agnico Eagle Mines Ltd.		441,349		54,789,580
Barrick Mining Corp.		4,261,436		90,001,528
CAE, Inc. *		762,974		21,755,992
Franco-Nevada Corp.		306,336		48,797,981
Imperial Oil Ltd.		5,850,392		487,800,078
Nutrien Ltd.		3,011,174		178,622,842
Power Corp. of Canada		4,489,154		180,913,943
Wheaton Precious Metals Corp.		1,823,029		166,825,384
				1,229,507,328
Chile - 0.8%
Cia Cervecerias Unidas SA, ADR (c)		9,392,572		110,174,870
China - 3.9%
Alibaba Group Holding Ltd.		13,121,728		197,282,277
Prosus NV		6,044,723		345,309,674
				542,591,951
Faroe Islands - 0.3%
Bakkafrost P/F		1,037,685		41,449,512
Finland - 0.3%
Kesko OYJ, Class B		2,190,611		47,644,546
France - 5.2%
Danone SA		2,781,333		227,615,716
Laurent-Perrier (c)		558,938		60,469,132
Legrand SA		807,311		119,245,370
LVMH Moet Hennessy Louis Vuitton SE		381,682		204,891,504
Pluxee NV		669,814		13,582,707
Sanofi SA		144,312		12,954,997
Sodexo SA		641,855		38,173,371
Wendel SE		439,181		41,153,795
				718,086,592
Germany - 3.2%
Brenntag SE		557,632		34,595,029
FUCHS SE (Preference)		2,212,932		101,264,428
Henkel AG & Co. KGaA (Preference)		1,433,672		110,477,532
Merck KGaA		1,656,278		207,009,001
				453,345,990
Hong Kong - 4.4%
AIA Group Ltd.		13,725,400		127,977,993
CK Asset Holdings Ltd.		25,349,500		116,156,531
Great Eagle Holdings Ltd.		5,264,482		9,871,742
Guoco Group Ltd. (d)		7,806,340		73,687,872
Hongkong Land Holdings Ltd.		15,344,600		92,834,830
Jardine Matheson Holdings Ltd.		3,666,800		199,112,351
				619,641,319
Japan - 14.9%
As One Corp.		2,847,960		44,754,981
Chofu Seisakusho Co. Ltd.		1,233,400		16,343,578
Daiichikosho Co. Ltd.		4,050,692		43,488,790
FANUC Corp.		6,879,600		191,507,163
Hirose Electric Co. Ltd.		714,830		89,757,734
Hoshizaki Corp.		2,960,600		101,379,225
Kansai Paint Co. Ltd. (c)		11,635,930		164,763,639
Keyence Corp.		100,400		36,317,838
MISUMI Group, Inc.		1,179,700		16,987,719
Mitsubishi Electric Corp.		9,698,800		218,147,787
MS&AD Insurance Group Holdings, Inc.		7,767,100		165,952,489
Nagaileben Co. Ltd.		1,687,224		24,445,716
Nihon Kohden Corp.		5,813,600		63,941,188
Pilot Corp.		742,300		21,611,452
Secom Co. Ltd.		5,385,700		193,417,981
Shimano, Inc.		1,644,070		179,854,628
SK Kaken Co. Ltd.		437,805		26,361,203
SMC Corp.		541,590		188,458,999
Sompo Holdings, Inc.		3,779,100		111,434,527
T Hasegawa Co. Ltd.		1,906,436		39,334,956
TIS, Inc.		2,317,600		73,935,893
USS Co. Ltd.		3,806,100		41,368,092
				2,053,565,578
Mexico - 2.7%
Fomento Economico Mexicano SAB de CV, ADR		2,467,172		223,180,379
Fresnillo plc		1,303,809		24,040,520
Grupo Mexico SAB de CV, Series B		8,313,852		52,042,554
Industrias Penoles SAB de CV *		2,124,178		55,989,796
Wal-Mart de Mexico SAB de CV		3,740,761		11,026,966
				366,280,215
Netherlands - 1.4%
HAL Trust		644,459		91,447,434
Heineken Holding NV		1,150,489		77,647,843
Heineken NV		140,099		10,996,614
				180,091,891
Norway - 1.0%
Orkla ASA		13,060,096		137,340,448
Singapore - 2.1%
Haw Par Corp. Ltd. (c)		19,436,313		207,309,541
UOL Group Ltd.		15,760,500		83,313,098
				290,622,639
South Korea - 6.7%
Fursys, Inc. (c)		872,463		29,032,799
Hyundai Mobis Co. Ltd.		505,396		106,648,565
KT&G Corp.		2,242,051		210,133,716

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Shares		Value ($)
NAVER Corp.		569,050		95,768,352
NongShim Co. Ltd.		189,870		52,687,327
Samsung Electronics Co. Ltd.		3,413,647		173,973,018
Samsung Electronics Co. Ltd. (Preference)		4,008,416		165,044,379
Samsung Life Insurance Co. Ltd.		910,865		82,218,789
				915,506,945
Sweden - 2.7%
Industrivarden AB, Class C		1,572,517		58,072,543
Investor AB, Class B		7,625,327		220,978,306
L E Lundbergforetagen AB, Class B		624,661		30,469,177
Svenska Handelsbanken AB, Class A		5,974,046		72,790,037
				382,310,063
Switzerland - 4.6%
Cie Financiere Richemont SA (Registered)		1,491,378		243,506,724
Nestle SA (Registered)		1,712,170		149,604,417
Schindler Holding AG		568,797		205,697,436
Schindler Holding AG (Registered)		82,435		28,912,387
				627,720,964
Taiwan - 2.4%
Taiwan Secom Co. Ltd.		8,545,694		32,353,551
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,284,857		310,447,148
				342,800,699
Thailand - 0.8%
Bangkok Bank PCL, NVDR		19,959,159		90,216,812
Thai Beverage PCL		52,214,985		18,645,112
				108,861,924
Turkey - 0.3%
AG Anadolu Grubu Holding A/S		7,024,323		48,368,205
United Kingdom - 14.5%
BAE Systems plc		7,905,220		188,623,621
Berkeley Group Holdings plc		2,512,868		120,848,444
Big Yellow Group plc, REIT		2,602,379		32,086,368
British American Tobacco plc		7,127,880		381,892,960
Diageo plc		2,951,126		71,528,096
Great Portland Estates plc, REIT		7,832,988		35,120,038
Haleon plc		33,065,514		155,099,521
Lloyds Banking Group plc		147,454,324		151,206,796
Reckitt Benckiser Group plc		3,583,284		268,552,060
Shell plc		9,919,091		357,445,432
Unilever plc		4,000,171		233,828,512
				1,996,231,848
United States - 2.9%
Newmont Corp.		1,938,603		120,387,246
Royal Gold, Inc.		411,512		62,311,147
Willis Towers Watson plc		645,984		204,008,207
				386,706,600
TOTAL COMMON STOCKS (Cost $8,114,927,917)				12,100,932,107

Investments	Ounces		Value ($)
COMMODITIES - 8.4%
Gold bullion* (Cost $272,993,545)		352,647		1,160,631,616

Investments	Principal Amount ($)	Value ($)
SHORT-TERM INVESTMENTS - 4.1%
COMMERCIAL PAPER - 3.4%
AES Corp. (The)
4.75%, 08/01/2025 (e)	25,692,000	25,688,593
Cargill, Inc.
4.32%, 08/01/2025 (e)(f)	37,048,000	37,043,543
Cencora, Inc.
4.55%, 08/01/2025 (e)(f)	18,241,000	18,238,698
Energy Transfer LP
4.55%, 08/01/2025 (e)(f)	12,846,000	12,844,383
Engie SA
4.50%, 08/27/2025 (e)(f)	15,000,000	14,951,016
4.38%, 09/30/2025 (e)	20,000,000	19,852,912
4.39%, 10/27/2025 (e)	15,000,000	14,840,524
General Motors Financial Co., Inc.
4.48%, 08/01/2025 (e)(f)	60,890,000	60,882,450
Global Payments, Inc.
4.88%, 08/01/2025 (e)	12,846,000	12,844,252
Hydro-Quebec
4.40%, 10/16/2025 (e)	10,000,000	9,906,958
4.40%, 10/17/2025 (e)	10,000,000	9,905,750
Kreditanstalt fuer Wiederaufbau
4.39%, 08/29/2025 (e)(f)	11,864,000	11,822,926
4.36%, 10/24/2025 (e)	7,500,000	7,423,411
4.37%, 10/27/2025 (e)	7,500,000	7,420,653
NRW Bank
4.35%, 10/20/2021 (e)(f)	30,000,000	29,708,469
4.38%, 08/15/2025 (e)(f)	10,000,000	9,981,944
4.36%, 08/26/2025 (e)	20,000,000	19,937,336
4.36%, 10/29/2025 (e)	30,000,000	29,676,750
Ontario Teachers' Finance Trust
4.37%, 08/01/2025 (e)(f)	5,000,000	4,999,401
Province of Quebec
4.40%, 09/02/2021 (e)(f)	7,099,000	7,070,875
4.38%, 08/01/2025 (e)(f)	5,000,000	4,999,403
4.37%, 08/20/2025 (e)	10,000,000	9,975,978
PSP Capital, Inc.
4.37%, 08/05/2025 (e)(f)	5,000,000	4,997,002
4.38%, 08/19/2025 (e)(f)	15,000,000	14,966,007
4.38%, 09/03/2025 (e)(f)	15,000,000	14,938,885
4.36%, 11/04/2025 (e)(f)	15,000,000	14,827,280

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Sanofi SA
4.40%, 08/28/2025 (e)(f)		9,887,000		9,853,709
TotalEnergies Capital SA
4.41%, 09/29/2025 (e)		30,000,000		29,781,000
TOTAL COMMERCIAL PAPER (Cost $469,437,593)				469,380,108
U.S. TREASURY OBLIGATIONS - 0.6%
U.S. Treasury Bills
4.23%, 08/07/2025 (e)		15,000,000		14,989,329
4.16%, 09/18/2025 (e)		15,000,000		14,914,718
4.07%, 10/02/2025 (e)(g)		22,500,000		22,335,348
3.90%, 10/30/2025 (e)(g)		15,000,000		14,841,019
4.18%, 11/13/2025 (e)		15,000,000		14,818,130
TOTAL U.S. TREASURY OBLIGATIONS (Cost $81,933,285)				81,898,544

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.1%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (h) (Cost $13,869,562)		13,869,562		13,869,562
TOTAL SHORT-TERM INVESTMENTS   (Cost $565,240,440)				565,148,214
Total Investments - 100.2% (Cost $8,953,161,902)				13,826,711,937
Liabilities in excess of other assets - (0.2)%				(26,117,219	)
Net Assets - 100.0%				13,800,594,718

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(a)	Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund.

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Legris Industries SA	04/30/2004	$	23,433,066	$	20.60

(b)	Security fair valued as of  July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund.
(c)	Affiliated company as defined under the Investment Company Act of 1940.
(d)	Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2025 amounted to $73,687,872, which represents approximately 0.53% of net assets of the Fund.

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Guoco Group Ltd.	10/21/2003 - 09/15/2009	$	57,283,838	$	9.44

(e)	The rate shown was the current yield as of July 31, 2025.
(f)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $272,125,991, which represents approximately 1.97% of net assets of the Fund.
(g)	All or a portion of this security is pledged with the custodian for current or potential holdings of forward foreign currency exchange contracts.
(h)	Represents 7-day effective yield as of July 31, 2025.

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2025

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	41,000,694	EUR	35,014,000	Bank of New York Mellon	08/06/2025	$	1,037,455
USD	52,055,324	JPY	7,719,336,000	Bank of New York Mellon	08/06/2025		853,331
USD	132,576,528	EUR	114,862,000	Goldman Sachs	09/03/2025		1,226,318
USD	32,318,796	GBP	24,188,000	Goldman Sachs	09/03/2025		365,263
USD	47,717,724	JPY	6,730,585,000	Goldman Sachs	09/03/2025		2,931,147
USD	22,564,119	EUR	19,180,000	JPMorgan Chase Bank	10/01/2025		587,619
USD	31,198,522	GBP	23,144,000	JPMorgan Chase Bank	10/01/2025		615,264
USD	57,876,119	JPY	8,247,318,000	JPMorgan Chase Bank	10/01/2025		2,813,502
USD	134,532,607	EUR	114,862,000	UBS AG	11/05/2025		2,629,933
USD	48,544,506	JPY	6,978,729,000	UBS AG	11/05/2025		1,777,551
USD	125,316,380	EUR	108,348,000	Bank of New York Mellon	12/03/2025		664,758
USD	64,850,600	JPY	9,536,378,000	Bank of New York Mellon	12/03/2025		748,364
Total unrealized appreciation							16,250,505
EUR	114,862,000	USD	131,850,090	Bank of New York Mellon	08/06/2025		(752,313	)
JPY	7,719,336,000	USD	51,852,865	Bank of New York Mellon	08/06/2025		(650,872	)
USD	86,779,685	EUR	79,848,000	Bank of New York Mellon	08/06/2025		(4,354,853	)
USD	109,121,015	EUR	95,682,000	JPMorgan Chase Bank	10/01/2025		(511,701	)
Total unrealized depreciation							(6,269,739	)
Net unrealized appreciation						$	9,980,766

Abbreviations
ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
USD	United States Dollar

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		1.5	%
Automobile Components		0.8
Banks		3.0
Beverages		5.3
Broadline Retail		3.9
Chemicals		3.7
Commercial Services & Supplies		2.0
Commodities		8.4
Consumer Staples Distribution & Retail		0.4
Electrical Equipment		2.5
Electronic Equipment, Instruments & Components		0.9
Entertainment		0.3
Financial Services		4.9
Food Products		4.4
Health Care Equipment & Supplies		0.7
Health Care Providers & Services		0.3
Hotels, Restaurants & Leisure		0.3
Household Durables		1.0
Household Products		2.7
Industrial Conglomerates		2.2
Insurance		6.3
Interactive Media & Services		0.7
IT Services		0.5
Leisure Products		1.3
Machinery		5.4
Metals & Mining		5.1
Office REITs		0.3
Oil, Gas & Consumable Fuels		6.1
Personal Care Products		1.7
Pharmaceuticals		4.2
Real Estate Management & Development		2.2
Semiconductors & Semiconductor Equipment		2.2
Specialized REITs		0.2
Specialty Retail		0.3
Technology Hardware, Storage & Peripherals		2.5
Textiles, Apparel & Luxury Goods		3.3
Tobacco		4.3
Trading Companies & Distributors		0.3
Short-Term Investments		4.1
Total Investments		100.2	%

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Affiliated Securities

Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)			Change in Unrealized Appreciation/Depreciation			Market Value July 31, 2025		Shares at July 31, 2025		Dividend Income
Common Stocks 4.5%
Belgium 0.1%
Legris Industries SA*‡(a)(b)	$	22,955,965	$	—	$	—		$	—		$	(4,306,639	)	$	18,649,326		905,366	$	—
Chile 0.8%
Cia Cervecerias Unidas SA, ADR		101,909,406		—		—			—			8,265,464			110,174,870		9,392,572		3,045,262
France 0.4%
Laurent-Perrier		61,102,473		—		—			—			(633,341	)		60,469,132		558,938		1,174,697
Japan 1.5%
Daiichikosho Co. Ltd.^		71,632,170		—		(18,819,023	)		(3,491,313	)		(5,833,044	)		43,488,790		4,050,692		899,189
Kansai Paint Co. Ltd.^^		142,088,475		40,855,061		—			—			(18,179,897	)		164,763,639		11,635,930		1,970,104
		213,720,645		40,855,061		(18,819,023	)		(3,491,313	)		(24,012,941	)		208,252,429		15,686,622		2,869,293
Singapore 1.5%
Haw Par Corp. Ltd.		157,504,310		—		—			—			49,805,231			207,309,541		19,436,313		18,080,291
South Korea 0.2%
Fursys, Inc.		26,431,518		—		—			—			2,601,281			29,032,799		872,463		554,910
Total Common Stocks		583,624,317		40,855,061		(18,819,023	)		(3,491,313	)		31,719,055			633,888,097		46,852,274		25,724,453
Total	$	583,624,317	$	40,855,061	$	(18,819,023	)	$	(3,491,313	)	$	31,719,055		$	633,888,097		46,852,274	$	25,724,453

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
^	Represents an unaffiliated issuer as of July 31, 2025.
^^	Represents an unaffiliated issuer as of October 31, 2024.
(a)	Security fair valued as of  July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund.
(b)	Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $18,649,326, which represents approximately 0.14% of net assets of the Fund.

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

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 73.7%
Air Freight & Logistics - 4.1%
CH Robinson Worldwide, Inc.		328,757		37,912,257
Expeditors International of Washington, Inc.		195,594		22,735,847
				60,648,104
Banks - 1.0%
US Bancorp		330,658		14,866,384
Building Products - 0.4%
Carlisle Cos., Inc.		15,235		5,404,007
Capital Markets - 2.6%
Bank of New York Mellon Corp. (The)		380,604		38,612,276
Chemicals - 2.8%
International Flavors & Fragrances, Inc.		145,020		10,300,771
Nutrien Ltd. (Canada)		238,370		14,140,108
PPG Industries, Inc.		154,630		16,313,465
RPM International, Inc.		7,729		907,462
				41,661,806
Consumer Finance - 1.2%
American Express Co.		58,719		17,575,184
Consumer Staples Distribution & Retail - 1.2%
Dollar General Corp.		167,072		17,525,853
Electronic Equipment, Instruments & Components - 1.0%
IPG Photonics Corp. *		186,242		13,947,663
Energy Equipment & Services - 2.7%
Noble Corp. plc		375,505		10,067,289
NOV, Inc.		1,034,361		13,012,261
Schlumberger NV		486,530		16,444,714
				39,524,264
Entertainment - 0.8%
Walt Disney Co. (The)		93,652		11,154,890
Financial Services - 1.0%
Berkshire Hathaway, Inc., Class A *		20		14,397,000
Food Products - 0.2%
Kraft Heinz Co. (The)		76,691		2,105,935
Health Care Equipment & Supplies - 5.3%
Becton Dickinson & Co.		259,544		46,263,718
Dentsply Sirona, Inc.		503,680		7,207,661
Medtronic plc		276,170		24,921,581
				78,392,960
Health Care Providers & Services - 7.2%
Elevance Health, Inc.		111,899		31,676,369
HCA Healthcare, Inc.		129,738		45,925,955
Universal Health Services, Inc., Class B		170,425		28,367,241
				105,969,565
Household Products - 2.1%
Colgate-Palmolive Co.		365,303		30,630,656
Insurance - 2.5%
Fidelity National Financial, Inc.		158,855		8,964,187
Willis Towers Watson plc		88,365		27,906,551
				36,870,738
Interactive Media & Services - 9.0%
Alphabet, Inc., Class A		126,759		24,325,052
Alphabet, Inc., Class C		202,083		38,973,727
Meta Platforms, Inc., Class A		89,616		69,312,599
				132,611,378
Life Sciences Tools & Services - 0.9%
Bio-Rad Laboratories, Inc., Class A *		56,329		13,628,801
Machinery - 2.4%
Cummins, Inc.		55,552		20,422,026
Deere & Co.		20,543		10,772,133
Flowserve Corp.		75,778		4,246,599
				35,440,758
Media - 3.2%
Charter Communications, Inc., Class A *		21,433		5,773,193
Comcast Corp., Class A		1,020,363		33,906,663
Omnicom Group, Inc.		100,588		7,247,365
				46,927,221
Metals & Mining - 2.9%
Agnico Eagle Mines Ltd. (Canada)		48,620		6,035,744
Barrick Mining Corp. (Canada)		500,107		10,562,260
Franco-Nevada Corp. (Canada)		29,128		4,639,963
Newmont Corp.		259,404		16,108,988
Royal Gold, Inc.		36,122		5,469,593
				42,816,548
Office REITs - 0.8%
BXP, Inc., REIT		102,688		6,718,876
Douglas Emmett, Inc., REIT		359,380		5,448,201
				12,167,077
Oil, Gas & Consumable Fuels - 3.5%
Exxon Mobil Corp.		269,349		30,070,122
ONEOK, Inc.		252,943		20,769,150
				50,839,272
Residential REITs - 1.3%
Equity Residential, REIT		296,839		18,760,225
Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.		66,103		14,848,717

See Notes to Consolidated Schedule of Investments. (Continued)

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

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Shares	Value ($)
Texas Instruments, Inc.	116,050		21,012,013
			35,860,730
Software - 6.9%
Microsoft Corp.	20,091		10,718,549
Oracle Corp.	258,233		65,531,788
Salesforce, Inc.	96,887		25,028,819
			101,279,156
Specialized REITs - 1.1%
Extra Space Storage, Inc., REIT	42,904		5,764,581
Weyerhaeuser Co., REIT	401,701		10,062,610
			15,827,191
Specialty Retail - 0.4%
Ross Stores, Inc.	38,745		5,290,242
Tobacco - 2.6%
Philip Morris International, Inc.	232,098		38,075,677
Trading Companies & Distributors - 0.2%
Ferguson Enterprises, Inc.	15,912		3,553,627
TOTAL COMMON STOCKS (Cost $629,343,255)			1,082,365,188

Investments	Ounces	Value ($)
COMMODITIES - 12.0%
Gold bullion* (Cost $53,299,636)	53,402		175,757,186

Investments	Shares	Value ($)
MASTER LIMITED PARTNERSHIPS - 1.7%
Oil, Gas & Consumable Fuels - 1.7%
Enterprise Products Partners LP (Cost $17,301,746)	791,505		24,528,740

Investments	Principal Amount ($)	Value ($)
CORPORATE BONDS - 1.3%
Banks - 0.1%
Manufacturers & Traders Trust Co.
4.65%, 01/27/2026	1,205,000		1,204,861
Energy Equipment & Services - 0.2%
Noble Finance II LLC
8.00%, 04/15/2030 (a)	2,725,000		2,779,410
Financial Services - 0.4%
Mexico Remittances Funding Fiduciary Estate Management Sarl
12.50%, 10/15/2031 ‡(a)	5,500,000		5,540,700
Health Care Equipment & Supplies - 0.2%
Bausch & Lomb, Inc.
7.13%, 08/01/2028 ‡	600,000		574,500
Embecta Corp.
5.00%, 02/15/2030 (a)	3,000,000		2,720,837
			3,295,337
Machinery - 0.1%
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029 (a)	1,490,000		1,432,838
Oil, Gas & Consumable Fuels - 0.3%
Enterprise Products Operating LLC
Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (b)	2,600,000		2,571,106
(CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (b)	2,750,000		2,715,095
			5,286,201
TOTAL CORPORATE BONDS (Cost $19,065,002)			19,539,347

Investments	Principal Amount ($)	Value ($)
CONVERTIBLE PREFERRED STOCKS - 0.4%
Banks - 0.4%
Bank of America Corp.
Series L, 7.25% (c) (Cost $5,693,463)	4,250		5,185,000

Investments	Shares	Value ($)
PREFERRED STOCKS - 0.2%
Banks - 0.2%
US Bancorp, Series A(CME Term SOFR 3 Month + 1.28%), 5.60%, 04/12/23 (b)(c)	1,600		1,334,400
US Bancorp, Series B(CME Term SOFR 3 Month + 0.86%), 5.18%, 03/07/24 (b)(c)	64,000		1,318,400
			2,652,800

See Notes to Consolidated Schedule of Investments. (Continued)

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

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)	Value ($)
SHORT-TERM INVESTMENTS - 10.8%
COMMERCIAL PAPER - 6.1%
AES Corp. (The)
4.75%, 08/1/2025(d)	7,869,000		7,867,956
Apple, Inc.
4.30%, 08/4/2025(a)(d)	5,000,000		4,997,609
4.35%, 09/15/2025(a)(d)	8,000,000		7,955,942
Cargill, Inc.
4.32%, 08/1/2025(a)(d)	11,347,000		11,345,635
Cencora, Inc.
4.55%, 08/1/2025(a)(d)	5,587,000		5,586,295
Energy Transfer LP
4.55%, 08/1/2025(a)(d)	3,934,000		3,933,505
General Motors Financial Co., Inc.
4.48%, 08/1/2025(a)(d)	18,649,000		18,646,687
Global Payments, Inc.
4.88%, 08/1/2025(d)	3,934,000		3,933,465
Honeywell International, Inc.
4.46%, 10/14/2025(a)(d)	13,000,000		12,881,645
Johnson & Johnson
4.32%, 10/23/2025(d)	13,000,000		12,869,324
TOTAL COMMERCIAL PAPER (Cost $90,029,403)			90,018,063

Investments	Shares	Value ($)
INVESTMENT COMPANIES - 0.3%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (e) (Cost $4,291,793)	4,291,793		4,291,793

Investments	Principal Amount ($)	Value ($)
U.S. TREASURY OBLIGATIONS - 4.4%
U.S. Treasury Bills
4.23%, 08/7/2025(d)	5,000,000		4,996,443
4.19%, 09/18/2025(d)	5,000,000		4,971,573
4.09%, 10/2/2025(d)	10,000,000		9,926,821
4.12%, 10/16/2025(d)	15,000,000		14,865,775
4.16%, 10/30/2025(d)	15,000,000		14,841,019
4.18%, 11/13/2025(d)	15,000,000		14,818,130
TOTAL U.S. TREASURY OBLIGATIONS (Cost $64,442,365)			64,419,761
TOTAL SHORT-TERM INVESTMENTS (Cost $158,763,561)			158,729,617
Total Investments - 100.1% (Cost $886,225,318)			1,468,757,878
Liabilities in excess of other assets - (0.1%)			(920,420	)
Net Assets - 100.0%			1,467,837,458

*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(a)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $77,821,103, which represents approximately 5.30% of net assets of the Fund.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2025.
(c)	Perpetual security. The rate reflected was the rate in effect on July 31, 2025. The maturity date reflects the next call date.
(d)	The rate shown was the current yield as of July 31, 2025.
(e)	Represents 7-day effective yield as of July 31, 2025.

Abbreviations
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

See Notes to Consolidated Schedule of Investments. (Continued)

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

Consolidated Schedule of Investments

July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Air Freight & Logistics		4.1	%
Banks		1.7
Building Products		0.4
Capital Markets		2.6
Chemicals		2.8
Commodities		12.0
Consumer Finance		1.2
Consumer Staples Distribution & Retail		1.2
Electronic Equipment,Instruments & Components		1.0
Energy Equipment & Services		2.9
Entertainment		0.8
Financial Services		1.4
Food Products		0.2
Health Care Equipment & Supplies		5.5
Health Care Providers & Services		7.2
Household Products		2.1
Insurance		2.5
Interactive Media & Services		9.0
Life Sciences Tools & Services		0.9
Machinery		2.5
Media		3.2
Metals & Mining		2.9
Office REITs		0.8
Oil, Gas & Consumable Fuels		5.5
Residential REITs		1.3
Semiconductors & Semiconductor Equipment		2.4
Software		6.9
Specialized REITs		1.1
Specialty Retail		0.4
Tobacco		2.6
Trading Companies & Distributors		0.2
Short-Term Investments		10.8
Total Investments		100.1	%

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 75.6%
Australia - 5.5%
Northern Star Resources Ltd.		16,666,413		165,586,324
Ora Banda Mining Ltd. *		76,767,386		31,819,493
				197,405,817
Canada - 52.8%
Agnico Eagle Mines Ltd.		2,132,360		264,713,657
Alamos Gold, Inc., Class A		6,016,287		146,195,427
B2Gold Corp.		12,416,427		41,758,480
Barrick Mining Corp.		6,944,076		146,658,885
Dundee Precious Metals, Inc. (a)		10,828,252		175,052,573
Franco-Nevada Corp.		1,040,599		165,762,855
G Mining Ventures Corp. *		7,272,273		85,235,070
Kinross Gold Corp.		10,998,600		175,977,600
MAG Silver Corp. (a)		7,541,500		153,812,637
Novagold Resources, Inc. *		11,605,630		60,233,220
Orla Mining Ltd. *		6,549,227		60,973,606
Wheaton Precious Metals Corp.		4,773,406		436,814,383
				1,913,188,393
Mexico - 1.8%
Fresnillo plc		1,477,558		27,244,222
Industrias Penoles SAB de CV *		1,403,600		36,996,560
				64,240,782
South Africa - 2.3%
Gold Fields Ltd., ADR		3,435,881		83,698,061
United Kingdom - 2.5%
Anglogold Ashanti plc		1,984,617		91,788,536
United States - 10.7%
Newmont Corp.		4,060,970		252,186,237
Royal Gold, Inc.		891,278		134,957,315
				387,143,552
TOTAL COMMON STOCKS (Cost $1,215,679,623)				2,737,465,141

Investments	Ounces	Value ($)
COMMODITIES - 18.5%
Gold bullion*	116,393		383,071,489
Silver bullion*	7,857,300		288,259,187
TOTAL COMMODITIES (Cost $424,159,632)			671,330,676

Investments	Number of Rights	Value ($)
RIGHTS - 0.1%
Canada - 0.1%
Pan American Silver Corp., CVR, expiring 02/22/2029* (Cost $45,973,715)	6,835,667		1,606,382

Investments	Principal Amount ($)	Value ($)
SHORT-TERM INVESTMENTS - 4.9%
COMMERCIAL PAPER - 4.5%
AES Corp. (The)
4.75%, 08/01/2025 (b)	25,107,000		25,103,671
Cargill, Inc.
4.32%, 08/01/2025 (b)(c)	36,204,000		36,199,645
Cencora, Inc.
4.55%, 08/01/2025 (b)(c)	17,826,000		17,823,750
Energy Transfer LP
4.55%, 08/01/2025 (b)(c)	12,554,000		12,552,419
General Motors Financial Co., Inc.
4.48%, 08/01/2025 (b)(c)	59,504,000		59,496,622
Global Payments, Inc.
4.88%, 08/01/2025 (b)	12,554,000		12,552,291
TOTAL COMMERCIAL PAPER (Cost $163,749,000)			163,728,398

Investments	Shares	Value ($)
INVESTMENT COMPANIES - 0.4%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (d) (Cost $13,660,195)	13,660,195		13,660,195
TOTAL SHORT-TERM INVESTMENTS  (Cost $177,409,195)			177,388,593
Total Investments - 99.1% (Cost $1,863,222,165)			3,587,790,792
Other assets less liabilities - 0.9%			34,199,676
Net Assets - 100.0%			3,621,990,468

*	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 July 31, 2025.
(c)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $126,072,436, which represents approximately 3.48% of net assets of the Fund.
(d)	Represents 7-day effective yield as of July 31, 2025.

Abbreviations
ADR	American Depositary Receipt
CVR	Contingent Value Rights

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Commodities		18.5	%
Metals & Mining		75.7
Short-Term Investments		4.9
Total Investments		99.1	%

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Gold Fund
Consolidated Schedule of Investments
July 31, 2025 (unaudited)

Affiliated Securities
Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)			Change in Unrealized Appreciation/ Depreciation		Market Value July 31, 2025		Shares at July 31, 2025		Dividend Income
Common Stocks 10.7%
Canada 10.7%
Dundee Precious Metals, Inc.	$	138,413,886	$	—	$	(39,888,897	)	$	23,525,854		$	53,001,730	$	175,052,573		10,828,252	$	1,298,397
MAG Silver Corp.		108,160,763		19,713,191		—			—			25,938,683		153,812,637		7,541,500		2,435,905
Novagold Resources, Inc.*^		87,830,560		6,464,063		(48,074,882	)		(40,694,760	)		54,708,239		60,233,220		11,605,630		—
		334,405,209		26,177,254		(87,963,779	)		(17,168,906	)		133,648,652		389,098,430		29,975,382		3,734,302
Total Common Stocks		334,405,209		26,177,254		(87,963,779	)		(17,168,906	)		133,648,652		389,098,430		29,975,382		3,734,302
Total	$	334,405,209	$	26,177,254	$	(87,963,779	)	$	(17,168,906	)	$	133,648,652	$	389,098,430		29,975,382	$	3,734,302

*	Non-income producing security.
^	Represents an unaffiliated issuer as of July 31, 2025.

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 63.3%
Brazil - 1.7%
Ambev SA, ADR		9,345,635		20,373,484
Itausa SA (Preference)		6,681,290		12,349,448
				32,722,932
Canada - 5.2%
Agnico Eagle Mines Ltd.		16,806		2,086,316
Barrick Mining Corp.		90,496		1,911,276
Franco-Nevada Corp. (a)		20,862		3,323,942
Franco-Nevada Corp.		42,649		6,793,799
Imperial Oil Ltd.		238,922		19,921,087
Nutrien Ltd. (a)		175,280		10,397,610
Power Corp. of Canada		797,956		32,157,811
Wheaton Precious Metals Corp. (a)		281,516		25,761,529
				102,353,370
Chile - 1.2%
Cia Cervecerias Unidas SA, ADR		1,327,830		15,575,446
Quinenco SA		2,083,758		8,033,933
				23,609,379
China - 0.3%
Budweiser Brewing Co. APAC Ltd. (b)		4,909,800		5,154,030
Finland - 0.4%
Kesko OYJ, Class B		318,997		6,938,004
France - 0.7%
Danone SA		91,535		7,490,942
Sanofi SA		18,343		1,646,665
Sodexo SA		58,674		3,489,549
Wendel SE		19,995		1,873,647
				14,500,803
Germany - 1.0%
FUCHS SE (Preference)		318,042		14,553,696
Henkel AG & Co. KGaA (Preference)		56,692		4,368,637
				18,922,333
Hong Kong - 4.4%
CK Asset Holdings Ltd.		2,483,000		11,377,608
Hongkong Land Holdings Ltd.		4,334,700		26,224,935
Jardine Matheson Holdings Ltd.		868,600		47,166,190
Mandarin Oriental International Ltd.		1,047,200		2,073,456
				86,842,189
Japan - 2.8%
FANUC Corp.		347,200		9,664,993
MS&AD Insurance Group Holdings, Inc.		189,700		4,053,145
Nagaileben Co. Ltd.		22,700		328,894
Secom Co. Ltd.		353,400		12,691,742
Shimano, Inc.		108,300		11,847,583
SMC Corp.		11,200		3,897,304
Sompo Holdings, Inc.		204,800		6,038,949
Subaru Corp.		57,300		1,054,081
USS Co. Ltd.		429,800		4,671,450
				54,248,141
Mexico - 2.8%
Coca-Cola Femsa SAB de CV, ADR		196,999		16,358,797
Fomento Economico Mexicano SAB de CV, ADR		211,291		19,113,384
GMexico Transportes SAB de CV (b)		1,901,378		3,275,631
Grupo Mexico SAB de CV, Series B		2,455,064		15,368,063
				54,115,875
Netherlands - 0.9%
HAL Trust		40,521		5,749,848
Heineken Holding NV		159,417		10,759,239
Heineken NV		13,745		1,078,869
				17,587,956
Norway - 0.9%
Orkla ASA		1,753,522		18,440,102
Singapore - 0.8%
United Overseas Bank Ltd.		386,000		10,724,137
UOL Group Ltd.		764,200		4,039,711
				14,763,848
South Korea - 4.2%
KT&G Corp.		410,945		38,515,359
Samsung Electronics Co. Ltd.		317,526		16,182,387
Samsung Electronics Co. Ltd. (Preference)		372,602		15,341,688
Samsung Life Insurance Co. Ltd.		143,349		12,939,328
				82,978,762
Sweden - 0.6%
Svenska Handelsbanken AB, Class A		996,753		12,144,816
Switzerland - 4.5%
Cie Financiere Richemont SA (Registered)		168,707		27,545,859
Nestle SA (Registered)		430,180		37,587,873
Schindler Holding AG		55,939		20,229,553
Schindler Holding AG (Registered)		7,544		2,645,903
				88,009,188
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a)		59,403		14,352,953
Thailand - 0.8%
Bangkok Bank PCL, NVDR		2,026,300		9,159,019
Thai Beverage PCL		17,954,100		6,411,114
				15,570,133
United Kingdom - 10.2%
BAE Systems plc		484,359		11,557,117
Berkeley Group Holdings plc		214,849		10,332,484
British American Tobacco plc		1,307,848		70,071,037
Diageo plc		304,273		7,374,835

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Shares		Value ($)
Great Portland Estates plc, REIT		523,564		2,347,455
Haleon plc		4,109,584		19,276,716
Lloyds Banking Group plc		10,534,141		10,802,218
Reckitt Benckiser Group plc		243,748		18,267,887
Unilever plc		842,191		49,229,962
				199,259,711
United States - 19.2%
Analog Devices, Inc. (a)		64,448		14,476,954
Bank of New York Mellon Corp. (The) (a)		52,920		5,368,734
Becton Dickinson & Co. (a)		197,518		35,207,583
BXP, Inc., REIT (a)		97,307		6,366,797
CH Robinson Worldwide, Inc. (a)		133,684		15,416,439
Colgate-Palmolive Co. (a)		232,838		19,523,466
Comcast Corp., Class A		635,037		21,102,280
Dollar General Corp. (a)		15,479		1,623,747
Douglas Emmett, Inc., REIT		366,396		5,554,563
Elevance Health, Inc. (a)		32,402		9,172,358
Equity Residential, REIT (a)		345,193		21,816,198
Exxon Mobil Corp. (a)		395,470		44,150,271
Fidelity National Financial, Inc. (a)		105,623		5,960,306
General Dynamics Corp. (a)		7,297		2,273,818
HCA Healthcare, Inc. (a)		60,290		21,342,057
IDACORP, Inc.		45,996		5,764,679
Kraft Heinz Co. (The)		39,146		1,074,949
Medtronic plc (a)		233,926		21,109,482
Noble Corp. plc (a)		170,546		4,572,338
Omnicom Group, Inc.		93,506		6,737,107
ONEOK, Inc. (a)		81,888		6,723,824
Oracle Corp. (a)		16,238		4,120,717
Philip Morris International, Inc. (a)		204,693		33,579,887
PPG Industries, Inc.		14,351		1,514,031
Royal Gold, Inc. (a)		78,623		11,905,095
Schlumberger NV		153,224		5,178,971
Texas Instruments, Inc. (a)		109,344		19,797,825
Universal Health Services, Inc., Class B		19,258		3,205,494
US Bancorp		326,193		14,665,637
Vail Resorts, Inc. (a)		12,576		1,889,670
Weyerhaeuser Co., REIT		129,131		3,234,732
				374,430,009
TOTAL COMMON STOCKS (Cost $984,669,007)				1,236,944,534

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS - 10.7%
Australia - 0.1%
Nufarm Australia Ltd.
5.00%, 01/27/2030 (c)		2,595,000		2,407,387
Canada - 0.5%
Transcanada Trust
Series 16-A, 5.88%, 08/15/2076 (d)		10,307,000		10,285,555
Chile - 0.0%(e)
Latam Airlines Group SA
7.63%, 01/07/2031 (c)		1,056,000		1,089,264
Germany - 0.2%
IHO Verwaltungs GmbH
7.75%, (7.75% Cash or 8.50% PIK),11/15/2030 (c)		3,650,000		3,746,437
Mexico - 0.5%
Mexico Remittances Funding Fiduciary Estate Management Sarl
12.50%, 10/15/2031 ‡(c)		9,000,000		9,066,600
Norway - 0.5%
DNB Boligkreditt A/S
(NIBOR 3M + 0.45%), 4.77%, 10/05/2027 ‡(d)		96,000,000		9,329,142
Poland - 0.1%
Canpack SA
3.13%, 11/01/2025 (c)		420,000		415,968
3.88%, 11/15/2029 (c)		1,000,000		931,533
				1,347,501
United Kingdom - 0.1%
BAT Capital Corp.
3.22%, 09/06/2026		2,425,000		2,390,506
United States - 8.7%
ACCO Brands Corp.
4.25%, 03/15/2029 (c)		6,858,000		6,076,820
American Airlines, Inc.
5.50%, 04/20/2026 (c)		1,066,964		1,065,991
5.75%, 04/20/2029 (c)		502,000		501,824
AMN Healthcare, Inc.
4.63%, 10/01/2027 (c)		2,959,000		2,893,232
Aramark Services, Inc.
5.00%, 02/01/2028 (c)		2,700,000		2,673,374
Ball Corp.
6.88%, 03/15/2028		4,152,000		4,237,962
Bank of New York Mellon Corp. (The)
Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (d)(f)		4,475,000		4,412,977
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (d)(f)		9,889,000		9,546,434
Carnival Corp.
4.00%, 08/01/2028 (c)		1,206,000		1,171,328
CCO Holdings LLC
5.13%, 05/01/2027 (c)		1,807,000		1,792,207

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
5.38%, 06/01/2029 (c)		1,900,000		1,866,143
6.38%, 09/01/2029 (c)		1,835,000		1,851,865
Centene Corp.
4.25%, 12/15/2027		3,573,000		3,464,689
4.63%, 12/15/2029		900,000		855,797
Charles River Laboratories International, Inc.
4.25%, 05/01/2028 (c)		4,682,000		4,538,521
3.75%, 03/15/2029 (c)		1,522,000		1,433,743
4.00%, 03/15/2031 (c)		2,950,000		2,707,071
Charter Communications Operating LLC
4.20%, 03/15/2028		3,640,000		3,599,157
CITGO Petroleum Corp.
6.38%, 06/15/2026 (c)		4,182,000		4,175,612
Crown Americas LLC
5.25%, 04/01/2030		900,000		909,820
DENTSPLY SIRONA, Inc.
3.25%, 06/01/2030		4,075,000		3,702,632
Diamond Foreign Asset Co.
8.50%, 10/01/2030 (c)		1,775,000		1,849,981
Dollar General Corp.
3.50%, 04/03/2030		2,750,000		2,607,430
Edgewell Personal Care Co.
5.50%, 06/01/2028 (c)		1,770,000		1,756,690
4.13%, 04/01/2029 (c)		1,557,000		1,472,505
Embecta Corp.
5.00%, 02/15/2030 (c)		4,893,000		4,437,684
6.75%, 02/15/2030 (c)		2,292,000		2,190,333
Enterprise Products Operating LLC
Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (d)		6,705,000		6,630,487
Fair Isaac Corp.
5.25%, 05/15/2026 (c)		1,715,000		1,712,188
4.00%, 06/15/2028 (c)		2,764,000		2,669,481
GE HealthCare Technologies, Inc.
5.60%, 11/15/2025		2,525,000		2,529,464
HCA, Inc.
5.88%, 02/15/2026		3,449,000		3,451,584
3.50%, 09/01/2030		2,788,000		2,628,173
5.45%, 04/01/2031		4,150,000		4,265,455
Iron Mountain, Inc.
REIT, 4.88%, 09/15/2027 (c)		3,609,000		3,581,607
REIT, 5.25%, 03/15/2028 (c)		1,005,000		999,885
REIT, 5.00%, 07/15/2028 (c)		1,596,000		1,579,634
REIT, 4.88%, 09/15/2029 (c)		1,322,000		1,292,608
KeyBank NA
4.15%, 08/08/2025		2,575,000		2,574,389
KFC Holding Co.
4.75%, 06/01/2027 (c)		2,322,000		2,310,461
Kraft Heinz Foods Co.
3.00%, 06/01/2026		1,800,000		1,776,392
Lamb Weston Holdings, Inc.
4.13%, 01/31/2030 (c)		2,583,000		2,457,255
Manufacturers & Traders Trust Co.
4.65%, 01/27/2026		3,480,000		3,479,597
4.70%, 01/27/2028		3,825,000		3,848,234
Mellon Capital IV
Series 1, (CME Term SOFR 3 Month + 0.83%, 4.00% Floor), 5.15%, 12/31/2164 (d)(f)		6,183,000		5,281,701
MSCI, Inc.
4.00%, 11/15/2029 (c)		4,725,000		4,563,147
Noble Finance II LLC
8.00%, 04/15/2030 (c)		5,750,000		5,864,810
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029 (c)		6,359,000		6,115,046
Service Corp. International
4.63%, 12/15/2027		1,749,000		1,731,152
5.13%, 06/01/2029		857,000		849,207
Teleflex, Inc.
4.63%, 11/15/2027		2,919,000		2,871,160
4.25%, 06/01/2028 (c)		782,000		757,313
Truist Financial Corp.
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 6.67%, 09/01/2025 (d)(f)		14,157,000		14,147,804
WESCO Distribution, Inc.
7.25%, 06/15/2028 (c)		2,136,000		2,164,443
TOTAL CORPORATE BONDS (Cost $205,992,883)				209,586,891
U.S. TREASURY OBLIGATIONS - 9.6%
U.S. Treasury Bonds
6.63%, 02/15/2027		21,802,200		22,708,354
6.13%, 11/15/2027		21,467,400		22,548,317
U.S. Treasury Inflation Linked Notes
0.13%, 04/15/2026		16,340,000		19,838,836
0.13%, 04/15/2027		20,780,800		23,165,102
1.25%, 04/15/2028		22,225,000		23,767,079
2.13%, 04/15/2029		18,553,000		19,794,002
1.63%, 04/15/2030		9,650,000		9,814,121
1.88%, 07/15/2034		3,565,000		3,646,688
U.S. Treasury Notes
1.75%, 12/31/2026		18,610,000		18,023,349
3.88%, 07/15/2028		4,950,000		4,948,453
4.00%, 03/31/2030		7,750,000		7,767,861
3.38%, 05/15/2033		9,250,000		8,740,166
3.88%, 08/15/2034 (g)		3,600,000		3,482,719
TOTAL U.S. TREASURY OBLIGATIONS (Cost 188,037,088)				188,245,047

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Ounces		Value ($)
COMMODITIES - 8.0%
Gold bullion* (Cost $58,435,439)		47,675		156,908,641

Investments	Shares		Value ($)
PREFERRED STOCKS - 2.2%
United States - 2.2%
Charles Schwab Corp. (The)
Series D, 5.95%, (f)		178,714		4,466,063
MetLife, Inc.
Series A, (CME Term SOFR 3 Month + 1.26%, 4.00% Floor), 5.58%, (d)(f)		182,311		4,360,879
Northern Trust Corp.
Series E, 4.70%, (f)		304,399		6,148,860
State Street Corp.
Series G, 5.35%, (f)		127,521		2,874,323
Truist Financial Corp.
Series R, 4.75%, (f)		563,348		10,912,051
US Bancorp
Series A, (CME Term SOFR 3 Month + 1.28%), 5.60%, (d)(f)		7,400		6,171,600
Series B, (CME Term SOFR 3 Month + 0.86%, 1.02% Floor), 5.18%, (d)(f)		379,475		7,817,185
TOTAL PREFERRED STOCKS (Cost 45,247,134)				42,750,961

Investments	Principal Amount ($)		Value ($)
CONVERTIBLE PREFERRED STOCKS - 1.3%
United States - 1.3%
Bank of America Corp.
Series L, 7.25%, (f)		10,496		12,805,120
Wells Fargo & Co.
Series L, 7.50%, (f)		11,123		13,175,638
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $30,438,618)				25,980,758

Investments	Shares		Value ($)
MASTER LIMITED PARTNERSHIPS - 1.0%
United States - 1.0%
Enterprise Products Partners LP (Cost $11,024,328)		612,186		18,971,644

Investments	Principal Amount ($)		Value ($)
FOREIGN GOVERNMENT SECURITIES - 0.8%
Brazil - 0.3%
Federative Republic of Brazil
10.00%, 01/01/2027	BRL	30,000,000		5,130,402
Canada - 0.0%(e)
Province of Quebec
2.50%, 04/20/2026		893,000		881,187
Mexico - 0.3%
United Mexican States
4.75%, 04/27/2032		5,700,000		5,406,849
Saudi Arabia - 0.2%
Kingdom of Saudi Arabia
4.75%, 01/18/2028 (c)		3,800,000		3,830,479
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost 15,087,961)				15,248,917

Investments	Principal Amount ($)		Value ($)
ASSET-BACKED SECURITIES - 0.1%
United States - 0.1%
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/2027 (Cost $2,443,539)		2,450,521		2,493,952
LOAN ASSIGNMENTS - 0.1%
United States - 0.1%
Aramark Services, Inc., First Lien Term Loan B7
(CME Term SOFR 1 Month + 2.00%), 6.36%, 04/06/2028 (d) (Cost $2,500,000)		2,500,000		2,507,300
SHORT-TERM INVESTMENTS - 2.5%
COMMERCIAL PAPER - 2.3%
AES Corp. (The)
4.75%, 08/01/2025 (h)		6,884,000		6,883,087
Cargill, Inc.
4.32%, 08/01/2025 (c)(h)		9,927,000		9,925,806

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Cencora, Inc.
4.55%, 08/01/2025 (c)(h)		4,888,000		4,887,383
Energy Transfer LP
4.55%, 08/01/2025 (c)(h)		3,442,000		3,441,567
General Motors Financial Co., Inc.
4.48%, 08/01/2025 (c)(h)		16,316,000		16,313,977
Global Payments, Inc.
4.88%, 08/01/2025 (h)		3,442,000		3,441,531
TOTAL COMMERCIAL PAPER (Cost $44,899,000)				44,893,351

Investments	Shares		Value ($)
INVESTMENT COMPANIES - 0.2%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (i) (Cost $3,730,543)		3,730,543		3,730,543
TOTAL SHORT-TERM INVESTMENTS  (Cost $48,629,543)				48,623,894
Total Investments - 99.6% (Cost $1,592,505,540)				1,948,262,539
Other assets less liabilities - 0.4%				6,869,474
Net Assets - 100.0%				1,955,132,013

*	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 July 31, 2025 amounted to $136,579,203, which represents approximately 6.99% 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 July 31, 2025.
(e)	Represents less than 0.05% of net assets.
(f)	Perpetual security. The rate reflected was the rate in effect on July 31, 2025. The maturity date reflects the next call date.
(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)	The rate shown was the current yield as of July 31, 2025.
(i)	Represents 7-day effective yield as of July 31, 2025.

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2025 

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,865,371	EUR	1,593,000	Bank of New York Mellon	08/06/2025	$	47,200
USD	1,572,631	JPY	233,207,000	Bank of New York Mellon	08/06/2025		25,780
USD	6,253,022	EUR	5,425,000	Goldman Sachs	09/03/2025		49,274
USD	2,439,810	GBP	1,826,000	Goldman Sachs	09/03/2025		27,574
USD	1,169,763	JPY	164,995,000	Goldman Sachs	09/03/2025		71,855
USD	581,161	EUR	494,000	JPMorgan Chase Bank	10/01/2025		15,135
USD	2,419,692	GBP	1,795,000	JPMorgan Chase Bank	10/01/2025		47,719
USD	1,541,339	JPY	219,640,000	JPMorgan Chase Bank	10/01/2025		74,928
USD	6,360,314	EUR	5,425,000	UBS AG	11/05/2025		130,473
USD	1,371,952	JPY	197,231,000	UBS AG	11/05/2025		50,236
USD	3,145,979	EUR	2,720,000	Bank of New York Mellon	12/03/2025		16,688
USD	1,997,157	JPY	293,685,000	Bank of New York Mellon	12/03/2025		23,047
Total unrealized appreciation							579,909
EUR	5,425,000	USD	6,227,358	Bank of New York Mellon	08/06/2025		(35,532	)
JPY	233,207,000	USD	1,566,514	Bank of New York Mellon	08/06/2025		(19,663	)
USD	4,164,660	EUR	3,832,000	Bank of New York Mellon	08/06/2025		(208,995	)
USD	5,623,584	EUR	4,931,000	JPMorgan Chase Bank	10/01/2025		(26,371	)
Total unrealized depreciation							(290,561	)
Net unrealized appreciation						$	289,348

Abbreviations
ADR	American Depositary Receipt
BRL	Brazilian Real
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NIBOR	Norwegian Interbank Offered Rate
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PIK	Pay in Kind
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Written Call Options Contracts as of July 31, 2025:      

Description	Counterparty	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value ($)
Analog Devices, Inc.	Exchange Traded		84	USD	(1,886,892	)	USD	270.00	12/19/2025		(29,400	)
Analog Devices, Inc.	Exchange Traded		486	USD	(10,917,018	)	USD	310.00	1/16/2026		(68,040	)
Analog Devices, Inc.	Exchange Traded		74	USD	(1,662,262	)	USD	330.00	9/19/2025		(9,990	)
Bank of New York Mellon Corp. (The)	Exchange Traded		210	USD	(2,130,450	)	USD	105.00	1/16/2026		(125,580	)
Becton Dickinson & Co.	Exchange Traded		110	USD	(1,960,750	)	USD	230.00	12/19/2025		(14,025	)
Becton Dickinson & Co.	Exchange Traded		70	USD	(1,247,750	)	USD	285.00	9/19/2025		(6,650	)
Becton Dickinson & Co.	Exchange Traded		70	USD	(1,247,750	)	USD	290.00	9/19/2025		(6,650	)
BXP, Inc., REIT	Exchange Traded		294	USD	(1,923,642	)	USD	80.00	1/16/2026		(20,580	)
BXP, Inc., REIT	Exchange Traded		294	USD	(1,923,642	)	USD	82.50	1/16/2026		(14,700	)
BXP, Inc., REIT	Exchange Traded		262	USD	(1,714,266	)	USD	100.00	10/17/2025		(19,650	)
CH Robinson Worldwide, Inc.	Exchange Traded		199	USD	(2,294,868	)	USD	110.00	8/15/2025		(131,340	)
CH Robinson Worldwide, Inc.	Exchange Traded		351	USD	(4,047,732	)	USD	130.00	8/15/2025		(1,755	)
Colgate-Palmolive Co.	Exchange Traded		192	USD	(1,609,920	)	USD	110.00	8/15/2025		(10,560	)
Colgate-Palmolive Co.	Exchange Traded		213	USD	(1,786,005	)	USD	110.00	1/16/2026		(21,300	)
Dollar General Corp.	Exchange Traded		154	USD	(1,615,460	)	USD	145.00	9/19/2025		(3,234	)
Elevance Health, Inc.	Exchange Traded		45	USD	(1,273,860	)	USD	550.00	12/19/2025		(6,750	)
Elevance Health, Inc.	Exchange Traded		45	USD	(1,273,860	)	USD	560.00	12/19/2025		(19,800	)
Equity Residential, REIT	Exchange Traded		263	USD	(1,662,160	)	USD	80.00	10/17/2025		(1,052	)
Equity Residential, REIT	Exchange Traded		267	USD	(1,687,440	)	USD	90.00	12/19/2025		(17,355	)
Exxon Mobil Corp.	Exchange Traded		178	USD	(1,987,192	)	USD	125.00	8/15/2025		(2,314	)
Exxon Mobil Corp.	Exchange Traded		175	USD	(1,953,700	)	USD	135.00	11/21/2025		(7,350	)
Exxon Mobil Corp.	Exchange Traded		170	USD	(1,897,880	)	USD	140.00	12/19/2025		(6,290	)
Exxon Mobil Corp.	Exchange Traded		178	USD	(1,987,192	)	USD	140.00	1/16/2026		(9,790	)
Exxon Mobil Corp.	Exchange Traded		178	USD	(1,987,192	)	USD	145.00	1/16/2026		(6,764	)
Exxon Mobil Corp.	Exchange Traded		156	USD	(1,741,584	)	USD	160.00	12/19/2025		(2,808	)
Exxon Mobil Corp.	Exchange Traded		160	USD	(1,786,240	)	USD	160.00	1/16/2026		(2,240	)
Exxon Mobil Corp.	Exchange Traded		156	USD	(1,741,584	)	USD	165.00	12/19/2025		(4,212	)
Fidelity National Financial, Inc.	Exchange Traded		290	USD	(1,636,470	)	USD	75.00	9/19/2025		(33,350	)
Franco-Nevada Corp.	Exchange Traded		87	USD	(1,386,171	)	USD	200.00	10/17/2025		(16,530	)
General Dynamics Corp.	Exchange Traded		72	USD	(2,243,592	)	USD	330.00	1/16/2026		(64,440	)
HCA Healthcare, Inc.	Exchange Traded		55	USD	(1,946,945	)	USD	440.00	9/19/2025		(9,075	)
HCA Healthcare, Inc.	Exchange Traded		53	USD	(1,876,147	)	USD	470.00	9/19/2025		(8,215	)
HCA Healthcare, Inc.	Exchange Traded		50	USD	(1,769,950	)	USD	500.00	12/19/2025		(4,000	)
HCA Healthcare, Inc.	Exchange Traded		50	USD	(1,769,950	)	USD	500.00	1/16/2026		(8,500	)
HCA Healthcare, Inc.	Exchange Traded		51	USD	(1,805,349	)	USD	520.00	1/16/2026		(8,670	)
Medtronic plc	Exchange Traded		220	USD	(1,985,280	)	USD	110.00	1/16/2026		(8,140	)
Noble Corp. plc	Exchange Traded		845	USD	(2,265,445	)	USD	35.00	9/19/2025		(10,563	)
Noble Corp. plc	Exchange Traded		338	USD	(906,178	)	USD	35.00	12/19/2025		(22,646	)
Nutrien Ltd.	Exchange Traded		642	USD	(3,808,344	)	USD	70.00	9/19/2025		(12,840	)
Nutrien Ltd.	Exchange Traded		324	USD	(1,921,968	)	USD	75.00	12/19/2025		(15,390	)
Nutrien Ltd.	Exchange Traded		330	USD	(1,957,560	)	USD	75.00	1/16/2026		(18,975	)
ONEOK, Inc.	Exchange Traded		229	USD	(1,880,319	)	USD	100.00	10/17/2025		(5,725	)
Oracle Corp.	Exchange Traded		162	USD	(4,111,074	)	USD	200.00	9/19/2025		(944,460	)
Philip Morris International, Inc.	Exchange Traded		131	USD	(2,149,055	)	USD	165.00	9/19/2025		(79,910	)
Philip Morris International, Inc.	Exchange Traded		136	USD	(2,231,080	)	USD	170.00	9/19/2025		(51,680	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,820,955	)	USD	190.00	9/19/2025		(4,440	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,820,955	)	USD	195.00	9/19/2025		(2,442	)
Philip Morris International, Inc.	Exchange Traded		108	USD	(1,771,740	)	USD	200.00	8/15/2025		(540	)
Philip Morris International, Inc.	Exchange Traded		114	USD	(1,870,170	)	USD	200.00	9/19/2025		(1,938	)
Philip Morris International, Inc.	Exchange Traded		111	USD	(1,820,955	)	USD	200.00	10/17/2025		(4,162	)
Philip Morris International, Inc.	Exchange Traded		117	USD	(1,919,385	)	USD	200.00	11/21/2025		(13,104	)
Philip Morris International, Inc.	Exchange Traded		118	USD	(1,935,790	)	USD	200.00	12/19/2025		(18,585	)
Philip Morris International, Inc.	Exchange Traded		118	USD	(1,935,790	)	USD	200.00	1/16/2026		(17,700	)
Philip Morris International, Inc.	Exchange Traded		108	USD	(1,771,740	)	USD	220.00	10/17/2025		(108	)

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Description	Counterparty	Number of Contracts	Notional Amount			Exercise Price		Expiration Date	Value ($)
Royal Gold, Inc.	Exchange Traded	104	USD	(1,574,768	)	USD	250.00	10/17/2025	(11,960	)
Royal Gold, Inc.	Exchange Traded	110	USD	(1,665,620	)	USD	250.00	11/21/2025	(12,650	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Exchange Traded	87	USD	(2,102,094	)	USD	330.00	10/17/2025	(6,612	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Exchange Traded	87	USD	(2,102,094	)	USD	340.00	1/16/2026	(20,532	)
Texas Instruments, Inc.	Exchange Traded	227	USD	(4,110,062	)	USD	220.00	9/19/2025	(6,356	)
Texas Instruments, Inc.	Exchange Traded	100	USD	(1,810,600	)	USD	230.00	9/19/2025	(2,000	)
Texas Instruments, Inc.	Exchange Traded	115	USD	(2,082,190	)	USD	240.00	12/19/2025	(11,155	)
Texas Instruments, Inc.	Exchange Traded	91	USD	(1,647,646	)	USD	250.00	9/19/2025	(12,103	)
Texas Instruments, Inc.	Exchange Traded	99	USD	(1,792,494	)	USD	260.00	10/17/2025	(13,464	)
Texas Instruments, Inc.	Exchange Traded	99	USD	(1,792,494	)	USD	260.00	11/21/2025	(15,147	)
Texas Instruments, Inc.	Exchange Traded	100	USD	(1,810,600	)	USD	260.00	12/19/2025	(2,750	)
Texas Instruments, Inc.	Exchange Traded	94	USD	(1,701,964	)	USD	280.00	12/19/2025	(1,410	)
Texas Instruments, Inc.	Exchange Traded	94	USD	(1,701,964	)	USD	290.00	12/19/2025	(7,144	)
Vail Resorts, Inc.	Exchange Traded	125	USD	(1,878,250	)	USD	190.00	10/17/2025	(24,375	)
Wheaton Precious Metals Corp.	Exchange Traded	220	USD	(2,013,220	)	USD	120.00	9/19/2025	(9,900	)
Wheaton Precious Metals Corp.	Exchange Traded	223	USD	(2,040,673	)	USD	125.00	12/19/2025	(20,070	)
Wheaton Precious Metals Corp.	Exchange Traded	227	USD	(2,077,277	)	USD	125.00	1/16/2026	(34,050	)
Wheaton Precious Metals Corp.	Exchange Traded	228	USD	(2,086,428	)	USD	130.00	12/19/2025	(15,390	)
									(2,183,375	)
Total Written Options Contracts (Premiums Received ($1,311,810))									(2,183,375	)

See Notes to Schedule of Investments. (Continued)

First Eagle Global Income Builder Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		0.7	%
Air Freight & Logistics		0.8
Automobile Components		0.2
Automobiles		0.1
Banks		7.9
Beverages		5.3
Capital Markets		2.2
Chemicals		1.5
Commercial Services & Supplies		1.1
Commodities		8.0
Consumer Staples Distribution & Retail		0.6
Containers & Packaging		0.4
Diversified Consumer Services		0.1
Diversified Telecommunication Services		0.3
Electric Utilities		0.3
Energy Equipment & Services		0.9
Financial Services		0.9
Food Products		3.5
Foreign Government Securities		0.8
Ground Transportation		0.2
Health Care Equipment & Supplies		3.7
Health Care Providers & Services		2.5
Hotels, Restaurants & Leisure		0.5
Hotels, Restaurants and Leisure		0.1
Household Durables		0.5
Household Products		2.1
Industrial Conglomerates		2.8
Insurance		3.2
Leisure Products		0.6
Life Sciences Tools & Services		0.5
Machinery		2.2
Media		1.6
Metals & Mining		3.5
Office REITs		0.7
Oil, Gas & Consumable Fuels		5.7
Passenger Airlines		0.2
Personal Care Products		2.7
Pharmaceuticals		1.1
Professional Services		0.2
Real Estate Management & Development		2.1
Residential REITs		1.1
Semiconductors & Semiconductor Equipment		2.4
Software		0.4
Specialized REITs		0.6
Specialty Retail		0.2
Technology Hardware, Storage & Peripherals		1.6
Textiles, Apparel & Luxury Goods		1.4
Tobacco		7.4
Trading Companies & Distributors		0.1
U.S. Treasury Obligations		9.6
Short-Term Investments		2.5
Total Investments		99.6	%

See Notes to Schedule of Investments. (Continued)

First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 95.4%
Air Freight & Logistics - 5.3%
CH Robinson Worldwide, Inc.		97,819		11,280,487
Expeditors International of Washington, Inc.		96,084		11,168,804
				22,449,291
Beverages - 1.5%
PepsiCo, Inc.		44,711		6,166,541
Electronic Equipment, Instruments & Components - 6.0%
TE Connectivity plc (Ireland)		122,227		25,148,205
Food Products - 1.4%
Nestle SA (Registered) (Switzerland)		68,466		5,982,359
Health Care Equipment & Supplies - 7.6%
Becton Dickinson & Co.		80,101		14,278,004
Medtronic plc		198,151		17,881,146
				32,159,150
Health Care Providers & Services - 7.5%
Elevance Health, Inc.		19,406		5,493,451
HCA Healthcare, Inc.		45,518		16,112,917
UnitedHealth Group, Inc.		39,272		9,800,720
				31,407,088
Hotels, Restaurants & Leisure - 0.5%
Starbucks Corp.		25,758		2,296,583
Insurance - 2.1%
Fidelity National Financial, Inc.		77,032		4,346,916
Willis Towers Watson plc		14,524		4,586,824
				8,933,740
Interactive Media & Services - 13.2%
Alphabet, Inc., Class A		143,530		27,543,407
Meta Platforms, Inc., Class A		36,224		28,017,091
				55,560,498
IT Services - 0.2%
Accenture plc, Class A		2,573		687,248
Machinery - 5.0%
Schindler Holding AG (Switzerland)		57,975		20,965,844
Media - 5.1%
Comcast Corp., Class A		641,779		21,326,316
Oil, Gas & Consumable Fuels - 2.8%
Exxon Mobil Corp.		106,908		11,935,209
Semiconductors & Semiconductor Equipment - 7.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		39,643		9,578,542
Texas Instruments, Inc.		111,030		20,103,092
				29,681,634
Software - 8.9%
Microsoft Corp.		6,519		3,477,887
Oracle Corp.		117,807		29,895,882
Salesforce, Inc.		15,543		4,015,223
				37,388,992
Specialized REITs - 1.7%
Extra Space Storage, Inc., REIT		53,100		7,134,516
Specialty Retail - 6.1%
Home Depot, Inc. (The)		48,925		17,980,427
Ross Stores, Inc.		56,403		7,701,265
				25,681,692
Technology Hardware, Storage & Peripherals - 4.7%
Samsung Electronics Co. Ltd. (Preference) (South Korea)		482,035		19,847,533
Textiles, Apparel & Luxury Goods - 2.5%
LVMH Moet Hennessy Louis Vuitton SE (France)		19,533		10,485,550
Tobacco - 6.3%
British American Tobacco plc (United Kingdom)		147,475		7,901,320
Philip Morris International, Inc.		113,532		18,624,925
				26,526,245
TOTAL COMMON STOCKS (Cost $284,747,214)				401,764,234
MASTER LIMITED PARTNERSHIPS - 3.2%
Oil, Gas & Consumable Fuels - 3.2%
Enterprise Products Partners LP (Cost $11,240,337)		430,666		13,346,339

Investments	Principal Amount ($)	Value ($)
SHORT-TERM INVESTMENTS - 1.3%
COMMERCIAL PAPER - 1.2%
AES Corp. (The)
4.75%, 08/01/2025(a)	815,000	814,892
Cargill, Inc.
4.32%, 08/01/2025(a)(b)	1,175,000	1,174,859
Cencora, Inc.
4.55%, 08/01/2025(a)(b)	579,000	578,927
Energy Transfer LP
4.55%, 08/01/2025(a)(b)	408,000	407,949
General Motors Financial Co., Inc.
4.48%, 08/01/2025(a)(b)	1,932,000	1,931,760

See Notes to Schedule of Investments. (Continued)

First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)	Value ($)
Global Payments, Inc.
4.88%, 08/01/2025(a)	408,000	407,944
TOTAL COMMERCIAL PAPER (Cost $5,317,000)		5,316,331

Investments	Shares	Value ($)
INVESTMENT COMPANIES - 0.1%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (c) (Cost $441,981)	441,981	441,981
TOTAL SHORT-TERM INVESTMENTS (Cost $5,758,981)		5,758,312
Total Investments - 99.9% (Cost $301,746,532)		420,868,885
Other assets less liabilities - 0.1%		340,436
Net Assets - 100.0%		421,209,321

(a)	The rate shown was the current yield as of July 31, 2025.
(b)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $4,093,495, which represents approximately 0.97% of net assets of the Fund.
(c)	Represents 7-day effective yield as of July 31, 2025.

Abbreviations
ADR	American Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust

See Notes to Schedule of Investments. (Continued)

First Eagle Rising Dividend Fund
Schedule of Investments
July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Air Freight & Logistics		5.3	%
Beverages		1.5
Electronic Equipment,Instruments & Components		6.0
Food Products		1.4
Health Care Equipment & Supplies		7.6
Health Care Providers & Services		7.5
Hotels, Restaurants & Leisure		0.5
Insurance		2.1
Interactive Media & Services		13.2
IT Services		0.2
Machinery		5.0
Media		5.1
Oil, Gas & Consumable Fuels		6.0
Semiconductors & Semiconductor Equipment		7.0
Software		8.9
Specialized REITs		1.7
Specialty Retail		6.1
Technology Hardware, Storage & Peripherals		4.7
Textiles, Apparel & Luxury Goods		2.5
Tobacco		6.3
Short-Term Investments		1.3
Total Investments		99.9	%

See Notes to Schedule of Investments. (Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 95.2%
Aerospace & Defense - 2.6%
AAR Corp. *		39,909		2,981,602
Astronics Corp. *		195,651		7,066,914
Ducommun, Inc. *		167,523		15,241,243
Kratos Defense & Security Solutions, Inc. *		235,669		13,833,770
Leonardo DRS, Inc.		48,557		2,019,971
				41,143,500
Air Freight & Logistics - 0.5%
GXO Logistics, Inc. *		105,865		5,262,549
Radiant Logistics, Inc. *		451,590		2,668,897
				7,931,446
Automobile Components - 0.5%
Goodyear Tire & Rubber Co. (The) *		658,385		6,768,198
Holley, Inc. *		430,556		895,556
				7,663,754
Banks - 4.3%
Ameris Bancorp		159,715		10,916,520
Axos Financial, Inc. *		118,880		10,265,288
Customers Bancorp, Inc. *		86,970		5,544,338
Dime Community Bancshares, Inc.		228,583		6,334,035
Old National Bancorp		496,645		10,484,176
Seacoast Banking Corp. of Florida		358,421		10,103,888
Valley National Bancorp		776,140		7,194,818
Webster Financial Corp.		154,196		8,889,399
				69,732,462
Biotechnology - 0.3%
CareDx, Inc. *		387,797		4,764,086
Building Products - 2.1%
American Woodmark Corp. *		136,638		7,188,525
Insteel Industries, Inc.		353,299		12,754,094
Janus International Group, Inc. *		973,501		8,342,903
Quanex Building Products Corp.		302,716		5,896,908
				34,182,430
Capital Markets - 0.8%
Moelis & Co., Class A		69,959		4,906,924
Perella Weinberg Partners, Class A		369,444		7,366,714
				12,273,638
Chemicals - 2.5%
AdvanSix, Inc.		199,120		4,006,294
Aspen Aerogels, Inc. *		61,594		471,810
Intrepid Potash, Inc. *		338,148		11,253,566
LSB Industries, Inc. *		1,523,819		11,779,121
Mativ Holdings, Inc.		864,409		5,722,388
Mosaic Co. (The)		208,232		7,498,434
				40,731,613
Commercial Services & Supplies - 2.4%
ACCO Brands Corp.		758,625		2,844,844
CECO Environmental Corp. *		479,500		21,553,525
Healthcare Services Group, Inc. *		495,252		6,443,228
Interface, Inc., Class A		123,422		2,544,962
VSE Corp.		29,197		4,570,498
				37,957,057
Communications Equipment - 3.4%
ADTRAN Holdings, Inc. *		995,854		9,251,484
Aviat Networks, Inc. *		330,461		7,137,958
Ceragon Networks Ltd. (Israel) *		517,459		1,143,584
Ciena Corp. *		93,973		8,724,453
Digi International, Inc. *		156,493		5,103,237
Harmonic, Inc. *		645,448		5,492,763
KVH Industries, Inc. *		185,431		980,930
Lantronix, Inc. *		185,911		596,774
NETGEAR, Inc. *		104,174		2,422,046
NetScout Systems, Inc. *		184,081		3,943,015
Ribbon Communications, Inc. *		904,945		3,402,593
Viavi Solutions, Inc. *		692,629		6,960,921
				55,159,758
Construction & Engineering - 2.7%
Ameresco, Inc., Class A *		663,417		11,225,016
Arcosa, Inc.		113,240		9,725,051
Concrete Pumping Holdings, Inc.		384,923		2,629,024
Dycom Industries, Inc. *		47,202		12,688,369
Matrix Service Co. *		468,846		7,163,967
				43,431,427
Construction Materials - 0.2%
Titan America SA (Belgium)		250,666		3,597,057
Consumer Staples Distribution & Retail - 0.6%
Chefs' Warehouse, Inc. (The) *		133,357		9,142,956
Containers & Packaging - 0.5%
TriMas Corp.		244,498		8,735,913
Diversified Consumer Services - 1.6%
Lincoln Educational Services Corp. *		663,309		15,169,877
Universal Technical Institute, Inc. *		338,088		10,893,195
				26,063,072
Electrical Equipment - 0.8%
LSI Industries, Inc.		265,508		4,858,796
Thermon Group Holdings, Inc. *		306,157		8,658,120
				13,516,916
Electronic Equipment, Instruments & Components - 6.4%
908 Devices, Inc. *		356,254		2,333,464
Advanced Energy Industries, Inc.		104,238		14,480,743
Airgain, Inc. *		445,915		1,988,781
Avnet, Inc.		110,356		5,842,247
Belden, Inc.		65,698		8,123,558
Benchmark Electronics, Inc.		197,410		7,600,285
Fabrinet (Thailand) *		49,332		15,970,248
OSI Systems, Inc. *		28,339		6,263,202
Sanmina Corp. *		51,097		5,929,296
TTM Technologies, Inc. *		338,295		15,984,439
Vishay Intertechnology, Inc.		749,155		12,278,650

See Notes to Schedule of Investments. (Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
Vishay Precision Group, Inc. *		211,373		5,605,612
				102,400,525
Energy Equipment & Services - 2.3%
Geospace Technologies Corp. *		449,428		7,285,228
Helix Energy Solutions Group, Inc. *		386,505		2,291,975
Natural Gas Services Group, Inc. *		262,544		6,324,685
Oil States International, Inc. *		2,272,893		11,341,736
ProPetro Holding Corp. *		346,873		1,859,239
RPC, Inc.		287,197		1,335,466
SEACOR Marine Holdings, Inc. *		984,938		4,924,690
Seadrill Ltd. *		43,027		1,254,667
Smart Sand, Inc.		239,037		487,636
				37,105,322
Financial Services - 1.8%
Flywire Corp. *		101,835		1,108,983
MGIC Investment Corp.		343,929		8,907,761
NMI Holdings, Inc., Class A *		234,933		8,767,700
Radian Group, Inc.		202,775		6,612,493
Remitly Global, Inc. *		189,633		3,128,944
				28,525,881
Food Products - 2.3%
Ingredion, Inc.		60,670		7,980,532
Mama's Creations, Inc. *		1,155,435		9,543,893
SunOpta, Inc. (Canada) *		534,000		3,113,220
Utz Brands, Inc.		580,301		7,561,322
Vital Farms, Inc. *		249,262		9,272,546
				37,471,513
Gas Utilities - 0.4%
ONE Gas, Inc.		88,840		6,458,668
Ground Transportation - 1.1%
FTAI Infrastructure, Inc.		1,653,667		10,368,492
Proficient Auto Logistics, Inc. *		332,136		2,295,060
RXO, Inc. *		281,753		4,353,084
				17,016,636
Health Care Equipment & Supplies - 2.8%
Alphatec Holdings, Inc. *		616,706		6,524,750
AngioDynamics, Inc. *		264,421		2,342,770
Artivion, Inc. *		363,065		11,222,339
Axogen, Inc. *		267,012		3,495,187
Embecta Corp.		342,701		3,481,842
Profound Medical Corp. (Canada) *		165,228		918,668
SI-BONE, Inc. *		322,771		5,496,790
Treace Medical Concepts, Inc. *		917,559		4,927,292
Zimvie, Inc. *		319,441		6,002,296
				44,411,934
Health Care Providers & Services - 4.5%
AdaptHealth Corp., Class A *		408,834		3,667,241
Aveanna Healthcare Holdings, Inc. *		704,629		2,797,377
Brookdale Senior Living, Inc. *		1,705,843		13,220,283
Concentra Group Holdings Parent, Inc.		283,108		5,653,667
Hinge Health, Inc., Class A *		63,794		2,867,541
InfuSystem Holdings, Inc. *		804,835		4,507,076
LifeStance Health Group, Inc. *		1,081,843		4,305,735
Pennant Group, Inc. (The) *		374,707		8,307,254
Performant Healthcare, Inc. *		2,355,309		8,361,347
Progyny, Inc. *		134,461		3,161,178
RadNet, Inc. *		80,504		4,405,984
Select Medical Holdings Corp.		315,839		4,671,259
Talkspace, Inc. *		1,527,388		3,711,553
Viemed Healthcare, Inc. *		395,313		2,407,456
				72,044,951
Health Care REITs - 0.2%
Strawberry Fields REIT, Inc., REIT		255,729		2,623,779
Health Care Technology - 0.6%
HealthStream, Inc.		355,741		9,306,185
Hotels, Restaurants & Leisure - 2.1%
Cheesecake Factory, Inc. (The)		69,670		4,452,610
Dave & Buster's Entertainment, Inc. *		57,205		1,672,674
Denny's Corp. *		1,564,396		5,819,553
El Pollo Loco Holdings, Inc. *		650,201		6,697,070
Portillo's, Inc., Class A *		536,155		5,340,104
Potbelly Corp. *		863,356		10,386,173
				34,368,184
Household Durables - 3.9%
Beazer Homes USA, Inc. *		567,451		13,335,098
Century Communities, Inc.		151,700		8,539,193
Champion Homes, Inc. *		74,240		4,521,216
Ethan Allen Interiors, Inc.		195,149		5,809,586
Hooker Furnishings Corp.		288,877		2,729,888
Installed Building Products, Inc.		56,558		11,441,118
Smith Douglas Homes Corp., Class A *		212,835		4,009,811
Taylor Morrison Home Corp., Class A *		196,743		11,662,925
Universal Electronics, Inc. *		146,473		889,091
				62,937,926
Household Products - 0.6%
Spectrum Brands Holdings, Inc.		163,542		8,751,132
Insurance - 3.0%
Axis Capital Holdings Ltd.		87,934		8,251,727
Citizens, Inc., Class A *		519,877		1,985,930
Kemper Corp.		140,195		8,634,610
Lincoln National Corp.		363,972		13,870,973
Old Republic International Corp.		227,495		8,228,494
Stewart Information Services Corp.		106,675		6,926,408
				47,898,142
Interactive Media & Services - 1.4%
Cars.com, Inc. *		600,340		7,726,376
EverQuote, Inc., Class A *		257,719		6,337,310
QuinStreet, Inc. *		489,115		8,026,377
				22,090,063

See Notes to Schedule of Investments. (Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
IT Services - 0.3%
Backblaze, Inc., Class A *		1,019,988		5,089,740
Leisure Products - 0.8%
Clarus Corp.		830,665		2,990,394
Johnson Outdoors, Inc., Class A		117,168		3,889,977
Outdoor Holding Co. *		1,667,543		1,967,701
YETI Holdings, Inc. *		124,716		4,582,066
				13,430,138
Machinery - 5.6%
Aebi Schmidt Holding AG (Switzerland) *		227,835		2,346,701
Astec Industries, Inc.		258,121		10,237,079
Enpro, Inc.		46,754		9,931,017
Graham Corp. *		280,041		16,004,343
JBT Marel Corp.		56,053		7,724,104
Luxfer Holdings plc (United Kingdom)		389,900		4,686,598
Manitowoc Co., Inc. (The) *		715,949		9,128,350
Mayville Engineering Co., Inc. *		309,895		5,196,939
Park-Ohio Holdings Corp.		353,128		5,791,299
Timken Co. (The)		69,524		5,290,081
Titan International, Inc. *		544,668		4,607,891
Trinity Industries, Inc.		347,211		8,090,016
				89,034,418
Media - 1.6%
DoubleVerify Holdings, Inc. *		136,386		2,089,434
Magnite, Inc. *		542,195		12,475,907
National CineMedia, Inc.		747,657		3,596,230
Thryv Holdings, Inc. *		609,612		8,022,494
				26,184,065
Metals & Mining - 4.0%
Carpenter Technology Corp.		8,076		2,014,074
Century Aluminum Co. *		297,092		6,292,409
Coeur Mining, Inc. *		1,662,099		14,443,640
Commercial Metals Co.		230,687		11,963,428
Ferroglobe plc		1,826,263		7,725,092
Hecla Mining Co.		1,655,403		9,502,013
Kaiser Aluminum Corp.		132,320		10,229,659
Ramaco Resources, Inc., Class B		198,112		2,690,361
				64,860,676
Multi-Utilities - 0.4%
Black Hills Corp.		105,533		6,097,697
Oil, Gas & Consumable Fuels - 5.6%
Dorian LPG Ltd.		336,659		9,692,413
Golar LNG Ltd. (Bermuda)		244,284		10,054,729
Kosmos Energy Ltd. (Ghana) *		2,068,827		4,447,978
Matador Resources Co.		233,483		11,646,132
Murphy Oil Corp.		283,147		7,024,877
Navigator Holdings Ltd.		598,595		9,439,843
New Fortress Energy, Inc. *		461,950		1,258,814
PBF Energy, Inc., Class A		452,383		10,223,856
Permian Resources Corp., Class A		457,648		6,480,296
Riley Exploration Permian, Inc.		182,882		4,798,824
Scorpio Tankers, Inc. (Monaco)		184,781		8,353,949
SM Energy Co.		257,579		7,106,604
				90,528,315
Paper & Forest Products - 1.0%
Clearwater Paper Corp. *		170,581		3,848,307
Louisiana-Pacific Corp.		141,843		12,824,026
				16,672,333
Passenger Airlines - 0.3%
Blade Air Mobility, Inc. *		1,155,920		4,612,121
Personal Care Products - 0.1%
Nature's Sunshine Products, Inc. *		107,788		1,510,110
Pharmaceuticals - 0.2%
Perrigo Co. plc		126,004		3,360,527
Professional Services - 0.5%
Asure Software, Inc. *		153,638		1,490,289
NV5 Global, Inc. *		259,881		5,834,328
				7,324,617
Real Estate Management & Development - 1.0%
Douglas Elliman, Inc. *		1,389,971		3,822,420
Forestar Group, Inc. *		457,724		11,351,555
				15,173,975
Residential REITs - 0.5%
UMH Properties, Inc., REIT		529,735		8,624,086
Retail REITs - 0.9%
Macerich Co. (The), REIT		150,689		2,518,013
Tanger, Inc., REIT		159,504		4,788,310
Whitestone REIT, REIT		625,845		7,629,051
				14,935,374
Semiconductors & Semiconductor Equipment - 4.4%
Alpha & Omega Semiconductor Ltd. *		287,097		7,312,360
Ambiq Micro, Inc. *		10,000		438,500
Amtech Systems, Inc. *		701,590		3,300,981
Axcelis Technologies, Inc. *		109,988		7,445,088
Cohu, Inc. *		209,778		3,746,635
FormFactor, Inc. *		258,467		7,343,047
Ichor Holdings Ltd. *		306,266		6,061,004
inTEST Corp. *		503,966		3,522,722
Penguin Solutions, Inc. *		267,231		6,298,635
Silicon Motion Technology Corp., ADR (Taiwan)		128,868		9,863,557
Ultra Clean Holdings, Inc. *		331,136		7,457,183
Veeco Instruments, Inc. *		376,055		7,814,423
				70,604,135
Software - 0.8%
Five9, Inc. *		52,795		1,363,695
Silvaco Group, Inc. *		673,117		2,995,371
SimilarWeb Ltd. (Israel) *		256,937		2,147,993
Sprinklr, Inc., Class A *		746,205		6,723,307
				13,230,366

See Notes to Schedule of Investments. (Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
Specialized REITs - 0.8%
Outfront Media, Inc., REIT		708,357		12,417,498
Specialty Retail - 2.9%
MarineMax, Inc. *		211,190		4,789,789
Monro, Inc.		307,477		4,333,888
National Vision Holdings, Inc. *		497,401		12,066,948
OneWater Marine, Inc., Class A *		228,876		3,510,958
Shoe Carnival, Inc.		103,809		2,123,932
Sonic Automotive, Inc., Class A		107,457		7,774,514
Tile Shop Holdings, Inc. *		266,002		1,678,473
Warby Parker, Inc., Class A *		445,278		10,664,408
				46,942,910
Technology Hardware, Storage & Peripherals - 0.3%
Eastman Kodak Co. *		443,762		2,973,205
Xerox Holdings Corp.		417,955		1,692,718
				4,665,923
Textiles, Apparel & Luxury Goods - 0.3%
Fossil Group, Inc. *		663,816		1,121,849
Lakeland Industries, Inc.		234,719		3,264,941
				4,386,790
Trading Companies & Distributors - 3.7%
Air Lease Corp., Class A		193,083		10,696,798
Alta Equipment Group, Inc.		685,234		5,317,416
Boise Cascade Co.		77,665		6,509,104
Custom Truck One Source, Inc. *		570,518		3,531,506
DNOW, Inc. *		195,548		3,042,727
NPK International, Inc. *		280,795		2,532,771
QXO, Inc. *		131,546		2,638,813
Titan Machinery, Inc. *		655,583		12,665,864
WESCO International, Inc.		61,515		12,731,144
				59,666,143
TOTAL COMMON STOCKS (Cost $1,328,925,011)				1,528,789,883
EXCHANGE TRADED FUNDS - 0.3%
SPDR S&P Regional Banking ETF (Cost $4,208,989)		66,955		4,021,318

Investments	Number of Rights		Value ($)
RIGHTS - 0.0%(a)
IT Services - 0.0%(a)
Flexion, Inc., CVR *‡(b) (Cost $27,802)		44,841		—

Investments	Shares		Value ($)
SHORT-TERM INVESTMENTS - 4.2%
INVESTMENT COMPANIES - 4.2%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (c) (Cost $67,449,178)		67,449,178		67,449,178
Total Investments - 99.7% (Cost $1,400,610,980)				1,600,260,379
Other assets less liabilities - 0.3%				4,990,968
Net Assets - 100.0%				1,605,251,347

*	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  July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund.
(c)	Represents 7-day effective yield as of July 31, 2025.

Abbreviations
ADR	American Depositary Receipt
CVR	Contingent Value Rights
ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust
SPDR	Standard & Poor's Depositary Receipt

See Notes to Schedule of Investments. (Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		2.6	%
Air Freight & Logistics		0.5
Automobile Components		0.5
Banks		4.3
Biotechnology		0.3
Building Products		2.1
Capital Markets		0.8
Chemicals		2.5
Commercial Services & Supplies		2.4
Communications Equipment		3.4
Construction & Engineering		2.7
Construction Materials		0.2
Consumer Staples Distribution & Retail		0.6
Containers & Packaging		0.5
Diversified Consumer Services		1.6
Electrical Equipment		0.8
Electronic Equipment,Instruments & Components		6.4
Energy Equipment & Services		2.3
Equity Funds		0.3
Financial Services		1.8
Food Products		2.3
Gas Utilities		0.4
Ground Transportation		1.1
Health Care Equipment & Supplies		2.8
Health Care Providers & Services		4.5
Health Care REITs		0.2
Health Care Technology		0.6
Hotels, Restaurants & Leisure		2.1
Household Durables		3.9
Household Products		0.6
Insurance		3.0
Interactive Media & Services		1.4
IT Services		0.3
Leisure Products		0.8
Machinery		5.6
Media		1.6
Metals & Mining		4.0
Multi-Utilities		0.4
Oil, Gas & Consumable Fuels		5.6
Paper & Forest Products		1.0
Passenger Airlines		0.3
Personal Care Products		0.1
Pharmaceuticals		0.2
Professional Services		0.5
Real Estate Management & Development		1.0
Residential REITs		0.5
Retail REITs		0.9
Semiconductors & Semiconductor Equipment		4.4
Software		0.8
Specialized REITs		0.8
Specialty Retail		2.9
Technology Hardware, Storage & Peripherals		0.3
Textiles, Apparel & Luxury Goods		0.3

See Notes to Schedule of Investments. (Continued)

First Eagle Small Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Trading Companies & Distributors		3.7	%
Short-Term Investments		4.2
Total Investments		99.7	%

Affiliated Securities
Security Description	Market Value October 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Loss)			Change in Unrealized Appreciation/Depreciation			Market Value July  31, 2025		Shares at July 31, 2025		Dividend Income
Common Stocks 0.2%
United States 0.2%
Amtech Systems, Inc.*^	$	4,023,077	$	117,845	$	(166,894	)	$	(235,763	)	$	(437,284	)	$	3,300,981		701,590	$	—
Total Common Stocks		4,023,077		117,845		(166,894	)		(235,763	)		(437,284	)		3,300,981		701,590		—
Total	$	4,023,077	$	117,845	$	(166,894	)	$	(235,763	)	$	(437,284	)	$	3,300,981		701,590	$	—

*	Non-income producing security.
^	Represents an unaffiliated issuer as of July 31, 2025.

See Notes to Schedule of Investments. (Continued)

First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 96.4%
Aerospace & Defense - 2.0%
Curtiss-Wright Corp.		1,756		860,826
Air Freight & Logistics - 0.8%
GXO Logistics, Inc. *		7,211		358,459
Automobile Components - 0.5%
Goodyear Tire & Rubber Co. (The) *		20,999		215,870
Banks - 2.5%
Webster Financial Corp.		19,100		1,101,115
Biotechnology - 2.0%
CareDx, Inc. *		23,015		282,739
Exelixis, Inc. *		16,271		589,336
				872,075
Building Products - 1.4%
Lennox International, Inc.		977		594,993
Capital Markets - 5.6%
Evercore, Inc., Class A		4,090		1,231,663
Houlihan Lokey, Inc., Class A		4,002		763,021
Raymond James Financial, Inc.		2,643		441,724
				2,436,408
Communications Equipment - 1.3%
Ciena Corp. *		6,300		584,892
Construction & Engineering - 5.2%
Arcosa, Inc.		1,796		154,241
Dycom Industries, Inc. *		3,912		1,051,585
Quanta Services, Inc.		2,618		1,063,248
				2,269,074
Construction Materials - 1.5%
James Hardie Industries plc, ADR *		17,876		463,703
Titan America SA (Belgium)		13,525		194,084
				657,787
Consumer Staples Distribution & Retail - 4.8%
Casey's General Stores, Inc.		1,093		568,502
Chefs' Warehouse, Inc. (The) *		9,979		684,160
Performance Food Group Co. *		8,400		843,360
				2,096,022
Electrical Equipment - 4.4%
Generac Holdings, Inc. *		5,835		1,136,016
nVent Electric plc		10,000		784,200
				1,920,216
Electronic Equipment, Instruments & Components - 10.9%
Avnet, Inc.		5,328		282,064
Belden, Inc.		5,275		652,254
Coherent Corp. *		8,701		936,228
Fabrinet (Thailand) *		3,136		1,015,217
Flex Ltd. *		19,248		959,898
OSI Systems, Inc. *		2,545		562,470
Trimble, Inc. *		4,503		377,757
				4,785,888
Entertainment - 0.2%
Roku, Inc., Class A *		1,000		94,160
Financial Services - 5.1%
MGIC Investment Corp.		18,425		477,207
Radian Group, Inc.		23,931		780,390
Rocket Cos., Inc., Class A		57,500		849,275
Walker & Dunlop, Inc.		1,392		104,414
				2,211,286
Food Products - 1.5%
Ingredion, Inc.		4,982		655,332
Ground Transportation - 1.1%
XPO, Inc. *		3,885		467,327
Health Care Equipment & Supplies - 0.3%
Zimmer Biomet Holdings, Inc.		1,636		149,939
Health Care Providers & Services - 7.4%
Cardinal Health, Inc.		7,829		1,215,218
Ensign Group, Inc. (The)		1,125		168,750
Quest Diagnostics, Inc.		3,835		642,017
Tenet Healthcare Corp. *		7,533		1,214,922
				3,240,907
Hotels, Restaurants & Leisure - 5.7%
Aramark		12,485		531,362
Cheesecake Factory, Inc. (The)		15,215		972,391
Denny's Corp. *		41,248		153,442
Texas Roadhouse, Inc., Class A		4,615		854,375
				2,511,570
Household Durables - 4.1%
Beazer Homes USA, Inc. *		24,580		577,630
Century Communities, Inc.		2,000		112,580
SharkNinja, Inc. *		6,500		754,650
Toll Brothers, Inc.		3,091		365,851
				1,810,711
Insurance - 3.3%
Axis Capital Holdings Ltd.		7,512		704,926
Old Republic International Corp.		20,760		750,889
				1,455,815
IT Services - 1.7%
Kyndryl Holdings, Inc. *		20,000		755,400
Life Sciences Tools & Services - 1.2%
Bio-Rad Laboratories, Inc., Class A *		2,208		534,226
Machinery - 6.6%
Chart Industries, Inc. *		5,980		1,189,004
Donaldson Co., Inc.		4,200		302,274
Dover Corp.		3,514		636,526

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares	Value ($)
Enpro, Inc.	3,515	746,621
		2,874,425
Multi-Utilities - 0.4%
Black Hills Corp.	3,030	175,073
Oil, Gas & Consumable Fuels - 5.1%
Expand Energy Corp.	8,674	908,862
HF Sinclair Corp.	3,891	170,970
Matador Resources Co.	13,637	680,214
Permian Resources Corp., Class A	33,871	479,613
		2,239,659
Passenger Airlines - 1.8%
Delta Air Lines, Inc.	12,694	675,448
Southwest Airlines Co.	4,000	123,720
		799,168
Personal Care Products - 0.5%
Coty, Inc., Class A *	48,074	233,159
Specialty Retail - 3.7%
Lithia Motors, Inc., Class A	1,644	473,472
RH *	575	118,231
Shoe Carnival, Inc.	4,997	102,239
Warby Parker, Inc., Class A *	39,200	938,840
		1,632,782
Textiles, Apparel & Luxury Goods - 0.8%
Deckers Outdoor Corp. *	3,225	342,398
Trading Companies & Distributors - 3.0%
Air Lease Corp., Class A	14,992	830,557
QXO, Inc. *	24,000	481,440
		1,311,997
TOTAL COMMON STOCKS (Cost $29,817,666)		42,248,959
SHORT-TERM INVESTMENTS - 3.4%
INVESTMENT COMPANIES - 3.4%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (a) (Cost $1,490,027)	1,490,027	1,490,027
Total Investments - 99.8% (Cost $31,307,693)		43,738,986
Other assets less liabilities - 0.2%		83,705
Net Assets - 100.0%		43,822,691

*	Non-income producing security.
(a)	Represents 7-day effective yield as of July 31, 2025.

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle U.S. Smid Cap Opportunity Fund
Schedule of Investments
July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Aerospace & Defense		2.0	%
Air Freight & Logistics		0.8
Automobile Components		0.5
Banks		2.5
Biotechnology		2.0
Building Products		1.4
Capital Markets		5.6
Communications Equipment		1.3
Construction & Engineering		5.2
Construction Materials		1.5
Consumer Staples Distribution & Retail		4.8
Electrical Equipment		4.4
Electronic Equipment,Instruments & Components		10.9
Entertainment		0.2
Financial Services		5.1
Food Products		1.5
Ground Transportation		1.1
Health Care Equipment & Supplies		0.3
Health Care Providers & Services		7.4
Hotels, Restaurants & Leisure		5.7
Household Durables		4.1
Insurance		3.3
IT Services		1.7
Life Sciences Tools & Services		1.2
Machinery		6.6
Multi-Utilities		0.4
Oil, Gas & Consumable Fuels		5.1
Passenger Airlines		1.8
Personal Care Products		0.5
Specialty Retail		3.7
Textiles, Apparel & Luxury Goods		0.8
Trading Companies & Distributors		3.0
Short-Term Investments		3.4
Total Investments		99.8	%

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 92.4%
Australia - 1.7%
Glencore plc		55,820		224,024
Ora Banda Mining Ltd. *		56,554		23,441
				247,465
Belgium - 1.1%
Shurgard Self Storage Ltd., REIT		4,063		161,229
Canada - 15.5%
Agnico Eagle Mines Ltd.		1,784		221,468
Canadian National Railway Co.		1,752		163,593
Canadian Pacific Kansas City Ltd.		2,426		178,413
Franco-Nevada Corp.		1,781		283,706
G Mining Ventures Corp. *		2,976		34,880
Imperial Oil Ltd.		4,129		344,272
Nutrien Ltd.		6,241		370,289
TransAlta Corp.		15,230		183,230
Wheaton Precious Metals Corp.		5,915		540,956
				2,320,807
China - 3.5%
Contemporary Amperex Technology Co. Ltd., Class H *		2,800		144,887
GDS Holdings Ltd., Class A *		85,000		383,073
				527,960
Faroe Islands - 1.0%
Bakkafrost P/F		3,802		151,868
France - 0.5%
Air Liquide SA		411		80,859
Germany - 2.1%
FUCHS SE (Preference)		6,778		310,163
Hong Kong - 4.4%
CK Asset Holdings Ltd.		33,000		151,213
Guoco Group Ltd. (a)		15,000		141,592
Hongkong Land Holdings Ltd.		60,700		367,235
				660,040
Indonesia - 1.3%
United Tractors Tbk. PT		133,788		196,042
Japan - 3.6%
Kansai Paint Co. Ltd.		18,800		266,206
Komatsu Ltd.		6,700		215,860
Shin-Etsu Chemical Co. Ltd.		2,200		63,309
				545,375
Mexico - 8.9%
FIBRA Macquarie Mexico, REIT (b)		178,760		293,369
GCC SAB de CV		26,808		250,502
GMexico Transportes SAB de CV (b)		96,735		166,652
Grupo Mexico SAB de CV, Series B		63,460		397,243
Prologis Property Mexico SA de CV, REIT		61,072		229,558
				1,337,324
Russia - 0.0%
Alrosa PJSC ‡(c)		48,132		—
Singapore - 0.2%
Sheng Siong Group Ltd.		22,300		35,999
South Korea - 2.0%
Samsung Electronics Co. Ltd. (Preference)		7,390		304,279
Switzerland - 0.7%
Barry Callebaut AG (Registered)		82		99,860
United Kingdom - 10.3%
Ashtead Group plc		3,769		251,812
Big Yellow Group plc, REIT		22,086		272,312
Cranswick plc		2,574		180,265
Derwent London plc, REIT		6,921		176,407
Great Portland Estates plc, REIT		50,831		227,906
Shell plc		11,876		427,965
				1,536,667
United States - 35.6%
American Water Works Co., Inc.		451		63,248
BXP, Inc., REIT		2,158		141,198
Carlisle Cos., Inc.		401		142,239
Comcast Corp., Class A		4,002		132,986
CRH plc		4,020		380,981
Cummins, Inc.		499		183,442
Deere & Co.		227		119,032
Dominion Energy, Inc.		4,550		265,948
Douglas Emmett, Inc., REIT		15,483		234,722
EastGroup Properties, Inc., REIT		825		134,673
Equinix, Inc., REIT		86		67,525
Equity Residential, REIT		2,251		142,263
Extra Space Storage, Inc., REIT		2,335		313,731
Exxon Mobil Corp.		529		59,058
HCA Healthcare, Inc.		1,154		408,504
IDACORP, Inc.		2,002		250,911
Noble Corp. plc		10,846		290,781
ONEOK, Inc.		4,681		384,357
PulteGroup, Inc.		2,869		323,967
Reliance, Inc.		787		228,332
RPM International, Inc.		1,295		152,046
Schlumberger NV		3,560		120,328
TXNM Energy, Inc.		5,387		305,928
UGI Corp.		8,545		309,158
Williams Cos., Inc. (The)		3,165		189,742
				5,345,100
TOTAL COMMON STOCKS (Cost $12,293,164)				13,861,037

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Shares	Value ($)
MASTER LIMITED PARTNERSHIPS - 4.5%
United States - 4.5%
Black Stone Minerals LP	17,495	219,212
Enterprise Products Partners LP	15,002	464,912
TOTAL MASTER LIMITED PARTNERSHIPS (Cost 635,613)		684,124

Investments	Ounces	Value ($)
COMMODITIES - 2.2%
Gold bullion* (Cost $274,172)	100	329,423

Investments	Shares	Value ($)
EXCHANGE TRADED FUNDS - 1.2%
United States - 1.2%
iShares Gold Trust (Cost $161,415)	2,991	185,472
Short-Term Investment - 0.8%
INVESTMENT COMPANIES - 0.8%
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.29% (d) (Cost $115,302)	115,302	115,302
Total Investments - 101.1% (Cost $13,479,666)		15,175,358
Liabilities in excess of other assets - (1.1)%		(171,182	)
Net Assets - 100.0%		15,004,176

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Represents a security that is subject to legal restrictions on resale due to compliance obligations of the Adviser. Total value of all such securities at July 31, 2025 amounted to $141,592, which represents approximately 0.94% of net assets of the Fund.

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Guoco Group Ltd.	01/17/2023-01/31/2024	$	131,016	$	9.44

(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 July 31, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at July 31, 2025 amounted to $0, which represents approximately 0.00% of net assets of the Fund.
(d)	Represents 7-day effective yield as of July 31, 2025.

Abbreviations
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle Global Real Assets Fund
Schedule of Investments
July 31, 2025 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
Building Products		0.9	%
Chemicals		8.3
Commodities		2.2
Commodity Funds		1.2
Construction Materials		4.2
Consumer Staples Distribution & Retail		0.2
Electric Utilities		3.7
Electrical Equipment		1.0
Energy Equipment & Services		2.7
Food Products		2.9
Gas Utilities		2.1
Ground Transportation		3.4
Health Care Providers & Services		2.7
Household Durables		2.2
Independent Power and Renewable Electricity Producers		1.2
Industrial Conglomerates		0.9
Industrial REITs		4.4
IT Services		2.5
Machinery		3.4
Media		0.9
Metals & Mining		13.0
Multi-Utilities		1.8
Office REITs		5.2
Oil, Gas & Consumable Fuels		15.3
Real Estate Management & Development		3.5
Residential REITs		0.9
Specialized REITs		5.5
Technology Hardware, Storage & Peripherals		2.0
Trading Companies & Distributors		1.7
Water Utilities		0.4
Short-Term Investments		0.8
Total Investments		101.1	%

See Notes to Consolidated Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
MUNICIPAL BONDS - 112.6%
Alabama 0.7%
Alabama Housing Finance Authority,
Revenue, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054 (a)		7,500,000		7,001,122
Homewood Educational Building Authority,
CHF - Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2049		2,000,000		1,970,311
CHF - Horizons I LLC, Revenue, Series 2024 A, 5.50%, 10/01/2054		11,020,000		10,749,458
CHF - Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2049		1,615,000		1,591,027
CHF - Horizons II LLC, Revenue, Series 2024 C, 5.50%, 10/01/2054		10,575,000		10,315,383
CHF - Horizons II LLC, Revenue, Series 2024 C, 5.00%, 10/01/2056		7,505,000		6,748,803
Walker County Economic & Industrial Development Authority,
Alabama Power Co., Revenue, First Series, AMT, Series 2023, 2.90%, 08/01/2025 (b)(c)		11,000,000		11,000,000
				49,376,104
American Samoa 0.0%(d)
American Samoa Economic Development Authority,
Revenue, Series 2018, 6.50%, 09/01/2028 (e)		150,000		156,266
Revenue, Series 2021 A, 5.00%, 09/01/2038 (e)		1,000,000		976,202
				1,132,468
Arizona 2.0%
Arizona Industrial Development Authority,
Revenue, Refunding, GNMA Insured, Series 2024 C, 4.65%, 10/01/2049		1,000,000		945,123
Revenue, Refunding, GNMA Insured, Series 2024 C, 4.70%, 10/01/2054		1,095,000		1,025,034
Revenue, GNMA Insured, Series 2025 A, 5.00%, 10/01/2045		2,100,000		2,074,369
Revenue, GNMA Insured, Series 2025 A, 5.10%, 10/01/2050		3,500,000		3,487,257
Revenue, GNMA Insured, Series 2025 A, 5.15%, 10/01/2053		1,350,000		1,351,622
Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2051 (e)		2,115,000		1,475,278
Great Lakes Senior Living Communities LLC, Revenue, Series 2025 A2, 5.13%, 01/01/2059		29,500,000		26,693,659
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.75%, 03/01/2035 (e)		1,275,000		1,282,695
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.88%, 03/01/2055 (e)		16,500,000		15,944,353
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2065 (e)		19,000,000		17,663,992
KIPP Nashville Obligated Group, Revenue, Series 2022 A, 5.00%, 07/01/2062		2,160,000		1,920,743
Mater Academy of Nevada Obligated Group, Revenue, Series 2020 A, 5.00%, 12/15/2040 (e)		1,840,000		1,717,346
San Tan Montessori School, Inc. Obligated Group, Revenue, Refunding, Series 2025, 6.88%, 02/01/2065 (e)		10,000,000		9,584,501
Floreo at Teravalis Community Facilities District,
Floreo at Teravalis Community Facilities District Special Assessment Dist No. 1, Special Assessment, Series 2025, 5.75%, 07/01/2040 (f)		1,469,000		1,471,620
Floreo at Teravalis Community Facilities District Special Assessment Dist No. 1, Special Assessment, Series 2025, 6.13%, 07/01/2045 (f)		1,958,000		1,960,863
Industrial Development Authority of the County of Pima (The),
Revenue, GNMA Insured, Series 2024 D-1, 4.60%, 07/01/2049		475,000		442,799
Revenue, GNMA Insured, Series 2024 D-1, 4.65%, 07/01/2054		575,000		532,576
Maricopa County & Phoenix Industrial Development Authorities,
Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055		2,750,000		2,534,292
Maricopa County Industrial Development Authority,
Arizona Christian University, Revenue, Series 2024 A, 6.38%, 10/01/2041 (b)(e)(g)		8,400,000		7,861,350
Choice Academies, Inc., Revenue, Refunding, Series 2022, 5.75%, 09/01/2045 (e)		2,275,000		2,205,912
Morrison Education Group Obligated Group, Revenue, Refunding, Series 2024 A, 6.75%, 07/01/2063 (e)		2,000,000		2,007,234
Paragon Management, Inc., Revenue, Series 2025, 5.63%, 07/01/2045 (e)		535,000		515,305
Paragon Management, Inc., Revenue, Series 2025, 5.88%, 07/01/2060 (e)		1,060,000		1,010,465

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Arizona
Prescott Valley Charter School, Revenue, Series 2024, 6.50%, 07/01/2039 (e)		380,000		365,099
Prescott Valley Charter School, Revenue, Series 2024, 7.13%, 07/01/2054 (e)		2,000,000		1,836,906
Prescott Valley Charter School, Revenue, Series 2024, 7.38%, 07/01/2063 (e)		4,850,000		4,440,255
Sierra Vista Industrial Development Authority,
American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2054 (e)		6,630,000		5,604,930
American Leadership Academy, Inc., Revenue, Series 2024, 5.00%, 06/15/2064 (e)		5,770,000		4,740,037
Fit Kids, Inc., Revenue, Series 2024, 5.38%, 06/15/2034 (e)		320,000		328,923
Fit Kids, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (e)		550,000		550,041
Fit Kids, Inc., Revenue, Series 2024, 6.30%, 06/15/2054 (e)		1,120,000		1,128,825
Fit Kids, Inc., Revenue, Series 2024, 6.38%, 06/15/2064 (e)		1,640,000		1,650,073
Wake Preparatory Academy, Revenue, Series 2025, 6.50%, 06/15/2060		5,000,000		4,902,311
Superstition Vistas,
Community Facilities District No. 1 Assessment Area 3, Special Assessment, Series 2024, 5.80%, 07/01/2048		348,000		332,019
Superstition Vistas Community Facilities District No. 1,
Assessment Area 4, Special Assessment, Series 2024, 4.70%, 07/01/2039		75,000		69,104
Assessment Area 4, Special Assessment, Series 2024, 5.25%, 07/01/2049		325,000		287,811
Assessment Area 5, Special Assessment, Series 2025, 6.20%, 07/01/2049		469,000		467,168
Superstition Vistas Community Facilities District No. 1 Assessment Area 5, Special Assessment, Series 2025, 5.15%, 07/01/2035		219,000		220,366
Superstition Vistas Community Facilities District No. 1 Assessment Area 5, Special Assessment, Series 2025, 5.60%, 07/01/2040		172,000		172,834
Superstition Vistas Community Facilities District No. 2,
Superstition Vistas Community Facilities District No. 2 Assessment Area 2, Special Assessment, Series 2025, 5.20%, 07/01/2035		210,000		210,616
Superstition Vistas Community Facilities District No. 2 Assessment Area 2, Special Assessment, Series 2025, 6.30%, 07/01/2049		441,000		437,682
Tempe Industrial Development Authority,
Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2050		1,905,000		1,652,053
Tempe Life Care Village Obligated Group, Revenue, Series 2019, 5.00%, 12/01/2054		2,250,000		1,917,302
Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2038		250,000		224,553
Tempe Life Care Village Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 12/01/2046		6,555,000		5,258,474
Tempe Life Care Village Obligated Group, Revenue, Series 2021 B, 4.00%, 12/01/2056		2,130,000		1,570,697
Town of Florence,
Merrill Ranch Community Facilities District No. 1 Assmnt Area No. 11, Special Assessment,  5.00%, 07/01/2039		125,000		120,547
Merrill Ranch Community Facilities District No. 1 Assmnt Area No. 11, Special Assessment,  5.60%, 07/01/2049		435,000		403,616
Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment,  5.00%, 07/01/2039		75,000		72,400
Merrill Ranch Community Facilities District No. 2 Assessment Area 11, Special Assessment,  5.60%, 07/01/2049		275,000		255,159
Westpark Community Facilities District,
Westpark Community Facilities District Special Assessment District No. 2, Special Assessment, Series 2025, 5.15%, 07/01/2035 (f)		579,000		580,069
Westpark Community Facilities District Special Assessment District No. 2, Special Assessment, Series 2025, 6.13%, 07/01/2045 (f)		982,000		984,158
				146,492,416

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Arkansas 0.6%
Arkansas Development Finance Authority,
Hybar LLC, Revenue, AMT, Series 2023 B, 7.37%, 07/01/2048 (e)		11,250,000		12,108,942
United States Steel Corp., Revenue, AMT, Series 2023, 5.70%, 05/01/2053		250,000		250,804
Batesville Public Facilities Board,
White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.00%, 06/01/2028		1,040,000		988,765
White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032		395,000		349,995
City of Brookland,
Revenue, Series 2025, 4.75%, 04/01/2045		285,000		258,896
Clarksville Public Educational Facilities Board,
University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.00%, 08/01/2044		1,080,000		1,088,187
University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2049		3,365,000		3,393,097
University of the Ozarks, Revenue, Refunding, Series 2024 B, 6.25%, 08/01/2056		7,800,000		7,821,667
County of Jefferson,
COP, Series 2020, 2.40%, 09/01/2040		4,060,000		2,571,682
COP, Series 2020, 2.60%, 09/01/2051		5,760,000		3,062,262
County of Johnson,
Johnson Regional Medical Center, Revenue, Refunding, Series 2018, 4.50%, 11/01/2035		3,500,000		3,198,169
Prairie Grove School District No. 23,
GO, Series 2020, 2.00%, 02/01/2043		1,595,000		970,854
				36,063,320
California 10.5%
Antelope Valley Healthcare District,
Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 03/01/2046		8,375,000		7,253,733
California Community Housing Agency,
Brio Apartments & Next on Lex Apartments, Revenue, Senior Lien, Series 2021 A-1, 4.00%, 02/01/2056 (e)		12,800,000		9,939,684
Creekwood Apartments, Revenue, Series 2021 A, 4.00%, 02/01/2056 (e)		64,255,000		39,412,950
Summit at Sausalito Apartments, Revenue, Series 2021 A-1, 3.00%, 02/01/2057 (e)		1,000,000		638,145
California County Tobacco Securitization Agency,
Stanislaus County Tobacco Funding Corp., Revenue, Series 2006 A, 0.00%, 06/01/2046 (h)		95,610,000		20,498,220
California Housing Finance Agency,
Revenue, FHA Insured, Series 2025 A, 4.95%, 08/01/2050		4,920,000		4,760,195
California Infrastructure & Economic Development Bank,
Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 A, 9.50%, 01/01/2035 (b)(e)(g)		112,905,000		100,671,156
La Scuola International School, Revenue, Series 2024, 5.00%, 07/01/2044 (e)		2,645,000		2,409,004
La Scuola International School, Revenue, Series 2024, 5.13%, 07/01/2054 (e)		2,100,000		1,851,250
La Scuola International School, Revenue, Series 2024, 5.25%, 07/01/2064 (e)		8,550,000		7,480,044
Rex & Margaret Fortune School of Education, Revenue, Series 2024 C, 5.00%, 06/01/2038 (e)		9,400,000		8,957,109
WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (e)		3,510,000		2,902,080
California Municipal Finance Authority,
Special Tax, Series 2025 B, 5.00%, 09/01/2045		1,220,000		1,165,315
Special Tax, Series 2025 B, 5.13%, 09/01/2050		1,220,000		1,167,162
Special Tax, Series 2025 B, 5.13%, 09/01/2055		1,735,000		1,638,916
Revenue, Series 2025-1, Class A-2, 3.54%, 02/20/2041 (g)		31,900,190		27,006,940
Revenue, Series 2025-1, 3.54%, 09/02/2025 (b)(e)(g)		4,000,000		2,378,805
Barlow Respiratory Hospital Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2050		5,030,000		3,921,389
BOLD Program, Special Tax, Series 2024 A, 5.13%, 09/01/2054		1,000,000		956,722
BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2049		1,070,000		1,041,996
BOLD Program, Special Tax, Series 2024 B, 5.00%, 09/01/2054		1,250,000		1,185,410

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California
California Baptist University, Revenue, Refunding, Series 2025 A, 5.38%, 11/01/2045 (e)		775,000		765,804
California Baptist University, Revenue, Refunding, Series 2025 A, 5.63%, 11/01/2054 (e)		500,000		493,564
Catalyst Impact Fund 1 LLC, Revenue, Series 2024, Class I, 6.00%, 01/01/2039 (e)		2,000,000		2,013,361
City of Elk Grove Community Facilities District No. 2023-7 Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2054		1,000,000		949,740
Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2040		2,750,000		2,368,611
Clinicas del Camino Real, Inc., Revenue, Series 2020, 4.00%, 03/01/2050		3,250,000		2,522,374
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2044		325,000		315,733
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2049		670,000		640,059
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.00%, 09/01/2054		800,000		746,403
Community Facilities District No. 2023-11 Improvement Area A, Special Tax, Series 2024, 5.13%, 09/01/2059		1,250,000		1,192,262
John Adams Academy - Roseville, Revenue, Series 2015 A, 5.25%, 10/01/2045		1,325,000		1,208,570
John Adams Academy - Roseville, Revenue, Series A, 5.00%, 10/01/2044		1,810,000		1,611,421
MWLA, Inc., Revenue, Refunding, Series 2024, 5.25%, 06/01/2044 (e)		1,000,000		910,306
MWLA, Inc., Revenue, Refunding, Series 2024, 5.50%, 06/01/2054 (e)		1,250,000		1,114,640
Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2036 (e)		2,825,000		2,694,784
Nova Academy, Revenue, Series 2016 A, 5.00%, 06/15/2046 (e)		7,800,000		6,788,235
Palmdale Aerospace Academy, Inc. (The), Revenue, Series 2016 A, 5.00%, 07/01/2046 (e)		1,670,000		1,463,472
St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.75%, 05/01/2054 (e)		710,000		687,669
St. Mary and All Angels Christian Church, Revenue, Series 2024 A, 5.88%, 05/01/2059 (e)		695,000		680,067
Vista Charter Public Schools, Inc., Revenue, Series 2014, 6.00%, 07/01/2044		2,460,000		2,415,970
Westside Neighborhood School, Revenue, Series 2024, 5.90%, 06/15/2044 (e)		775,000		795,136
Westside Neighborhood School, Revenue, Series 2024, 6.20%, 06/15/2054 (e)		3,230,000		3,314,338
Westside Neighborhood School, Revenue, Series 2024, 6.38%, 06/15/2064 (e)		5,560,000		5,729,610
California Public Finance Authority,
California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (e)		1,500,000		1,528,423
EEC, Inc., Revenue, Series 2020 A, 5.00%, 06/15/2050 (e)		400,000		348,138
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 5.63%, 03/01/2035 (e)		1,255,000		1,268,486
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.50%, 03/01/2045 (e)		14,740,000		14,336,624
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.75%, 03/01/2055 (e)		12,000,000		11,700,169
ISF Ativo Portfolio Obligated Group, Revenue, Senior Lien, Series 2025 A, 6.63%, 03/01/2065 (e)		16,500,000		15,559,291
QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 07/01/2065 (e)		33,000,000		33,680,166
California School Finance Authority,
Harbor Springs Obligated Group, Revenue, Series 2024 A, 5.63%, 07/01/2063 (e)		1,000,000		978,714
Integrity Charter School, Revenue, Series 2024, 5.00%, 07/01/2039 (e)		2,305,000		2,186,707
Integrity Charter School, Revenue, Series 2024, 5.25%, 07/01/2044 (e)		830,000		762,668
Integrity Charter School, Revenue, Series 2024, 5.50%, 07/01/2054 (e)		755,000		680,462
Integrity Charter School, Revenue, Series 2024, 5.60%, 07/01/2064 (e)		4,805,000		4,284,871
New Designs Charter School, Revenue, Refunding, Series 2024 A, 4.75%, 06/01/2044 (e)		1,000,000		899,207
New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2054 (e)		735,000		652,109

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California
New Designs Charter School, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2064 (e)		5,475,000		4,724,196
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.00%, 06/01/2044 (e)		2,000,000		1,823,531
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, Class A, 5.00%, 06/01/2054 (e)		1,750,000		1,521,937
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2059 (e)		4,650,000		4,067,217
Rex & Margaret Fortune School of Education, Revenue, Series 2024 A, 5.13%, 06/01/2064 (e)		8,380,000		7,243,017
Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 A, 6.00%, 06/15/2053 (e)		5,340,000		4,766,776
Stockton Collegiate International Schools Obligated Group, Revenue, Series 2024 B, 7.50%, 06/15/2029 (e)		300,000		300,513
Sycamore Creek Community Charter School, Revenue, Series 2025 A, 6.75%, 06/01/2064 (e)		19,235,000		17,818,554
Sycamore Creek Community Charter School, Revenue, Series 2025 B, 11.00%, 06/01/2032 (e)		640,000		647,326
Vista Charter Public Schools Obligated Group, Revenue, Series 2021 A, 4.00%, 06/01/2051 (e)		6,790,000		5,094,200
California Statewide Communities Development Authority,
Special Assessment, Series 2024 A, 5.00%, 09/02/2054		1,150,000		1,120,350
Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2049		820,000		784,426
Community Facilities District No. 2021-03, Special Tax, Series 2024, 5.00%, 09/01/2054		850,000		809,687
Front Porch Communities & Services Obligated Group, Revenue, Refunding, Series 2021 A, 3.00%, 04/01/2051		7,000,000		4,596,180
California Statewide Financing Authority,
Revenue, Series 2006 A, 0.00%, 06/01/2046 (h)		15,000,000		3,548,790
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2037		785,000		801,943
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043		800,000		817,192
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 B, 6.00%, 05/01/2037		230,000		234,964
Chino Community Facilities District,
City of Chino Community Facilities District No. 2003-3 Improvement Area No. 10, Special Tax, Series 2024, 5.00%, 09/01/2049		680,000		654,070
City & County of San Francisco,
Infrastructure & Revitalization Financing District No. 1 Facilities Increment, Tax Allocation, Series 2022 A, 5.00%, 09/01/2052 (e)		1,000,000		901,590
International Airport, Revenue, Second Series, AMT, Series 2025 A, 5.50%, 05/01/2055 (a)		26,950,000		27,802,450
City of Los Angeles Department of Airports,
Revenue, AMT, Refunding, Series 2025 A, 5.50%, 05/15/2055 (a)		59,140,000		61,247,330
Revenue, AMT, Refunding, Series 2025 B, 5.25%, 05/15/2050 (a)		14,085,000		14,317,400
Revenue, AMT, Refunding, Series 2025 B, 5.50%, 05/15/2055 (a)		18,025,000		18,667,283
Revenue, AMT, Refunding, Series 2025A, 5.00%, 05/15/2055 (a)		3,645,000		3,560,043
City of Rancho,
Mirage Community Facilities District No. 5 Improvement Area No. 1, Special Tax, Series 2024 A, 5.00%, 09/01/2054		1,400,000		1,323,720
City of Rancho Cordova,
Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2049		550,000		537,083
Grantline 220 Community Facilities District No. 2023-1 Improvement Area No. 1, Special Tax, Series 2024, 5.00%, 09/01/2053		545,000		528,157
CMFA Special Finance Agency I,
Mix at CTR City (The), Revenue, Series 2021 A-2, 4.00%, 04/01/2056 (e)		12,340,000		8,905,924
CSCDA Community Improvement Authority,
Altana Apartments, Revenue, Series 2021 A-2, 4.00%, 10/01/2056 (e)		24,965,000		18,143,456
City of Orange Portfolio, Revenue, Senior Lien, Series 2021 A-2, 3.00%, 03/01/2057 (e)		3,000,000		1,896,989
Escondido Portfolio, Revenue, Series 2021 A-2, 4.00%, 06/01/2058 (e)		9,875,000		7,355,455

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California
Link - Glendale (The), Revenue, Series 2021 A-2, 4.00%, 07/01/2056 (e)		1,295,000		943,624
Millennium South Bay-Hawthorne, Revenue, Series 2021 A-2, 3.25%, 07/01/2056 (e)		23,865,000		14,912,959
MODA at Monrovia Station, Revenue, Series 2021 A-1, 3.40%, 10/01/2046 (e)		150,000		111,933
Monterey Station Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 07/01/2056 (e)		6,250,000		3,908,056
Oceanaire Apartments, Revenue, Series 2021 A-2, 4.00%, 09/01/2056 (e)		19,365,000		13,637,902
Renaissance at City Center, Revenue, Series 2020 A, 5.00%, 07/01/2051 (e)		1,000,000		893,968
Vineyard Garden Apartments, Revenue, Senior Lien, Series 2021 A, 3.25%, 10/01/2058 (e)		160,000		106,018
Waterscape Apartments, Revenue, Senior Lien, Series 2021 A, 3.00%, 09/01/2056 (e)		4,950,000		3,173,297
Westgate Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 06/01/2047 (e)		2,250,000		1,485,769
Westgate Apartments, Revenue, Senior Lien, Series 2021 A-2, 3.13%, 06/01/2057 (e)		40,095,000		22,786,971
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-1, 3.00%, 12/01/2049 (e)		6,885,000		4,388,584
Wood Creek Apartments, Revenue, Senior Lien, Series 2021 A-2, 4.00%, 12/01/2058 (e)		31,100,000		20,790,593
Folsom Ranch Financing Authority,
City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2049		400,000		386,333
City of Folsom Community Facilities District No. 23 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2053		460,000		439,260
Golden State Tobacco Securitization Corp.,
Revenue, Refunding, Series 2021 B-2, 0.00%, 06/01/2066 (h)		50,000,000		4,784,480
Inland Empire Tobacco Securitization Corp.,
Revenue, Series 2007 C-2, 0.00%, 06/01/2047 (h)		40,000,000		6,438,452
Kaweah Delta Health Care District Guild,
Revenue, Series 2015 B, 3.25%, 06/01/2030		65,000		60,870
Revenue, Series 2015 B, 3.38%, 06/01/2031		70,000		64,683
Revenue, Series 2015 B, 3.50%, 06/01/2032		125,000		114,103
Revenue, Series 2015 B, 3.50%, 06/01/2033		110,000		98,309
Revenue, Series 2015 B, 4.00%, 06/01/2037		780,000		696,975
Revenue, Series 2015 B, 5.00%, 06/01/2040		3,960,000		3,694,241
Revenue, Series 2015 B, 4.00%, 06/01/2045		10,985,000		8,521,927
Mountain House Community Facilities District,
Community Facilities District No. 2024-1 Improvement Area 6, Special Tax, Series 2025, 5.13%, 09/01/2045		275,000		267,526
Community Facilities District No. 2024-1 Improvement Area 6, Special Tax, Series 2025, 5.25%, 09/01/2050		400,000		391,078
Community Facilities District No. 2024-1 Improvement Area 6, Special Tax, Series 2025, 5.25%, 09/01/2055		600,000		580,305
River Islands Public Financing Authority,
Community Facilities District No. 2023-1 Improvement Area No. 2, Special Tax, Series 2024, 5.00%, 09/01/2054		2,750,000		2,573,347
Woodland-Davis Clean Water Agency,
Revenue, Sub. Lien, Refunding, Series 2015 B, 4.70%, 03/01/2039 (e)		1,533,585		1,308,918
				721,646,619
Colorado 2.7%
Aerotropolis Regional Transportation Authority,
Revenue, Series 2024, 5.50%, 12/01/2044 (e)		2,250,000		2,154,479
Revenue, Series 2024, 5.75%, 12/01/2054 (e)		24,525,000		23,721,956
Canyons Metropolitan District No. 5,
GO, Refunding, Series 2024 B, 6.50%, 12/15/2054		3,400,000		3,355,556
CCP Metropolitan District No. 3,
GO, Refunding, Series 2024, 5.00%, 12/01/2053		1,200,000		1,113,290
Colorado Educational & Cultural Facilities Authority,
Aspen View Academy, Inc., Revenue, Series 2021, 4.00%, 05/01/2051		1,235,000		953,696

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Colorado
Expeditionary Learning School Board of Cooperative Educational Services, Revenue, Series 2019, 5.00%, 03/01/2050 (e)		2,000,000		1,729,723
Stanley Partnership for Art Culture & Education LLC, Revenue, Senior Lien, Series 2025 A1, 6.88%, 02/01/2059 (e)		5,000,000		5,056,077
Colorado Health Facilities Authority,
BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.25%, 09/15/2045		3,000,000		2,847,951
BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.50%, 09/15/2054		5,255,000		4,912,519
BSLC II Obligated Group, Revenue, Second Tier, Series 2025, 5.63%, 09/15/2059		9,505,000		8,944,456
BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038		160,000		142,286
BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 5.00%, 09/15/2048		7,000,000		6,113,439
BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 4.50%, 09/15/2038		190,000		163,410
BSLC Obligated Group, Revenue, Second Tier, Refunding, Series 2018 B, 5.00%, 09/15/2053		200,000		157,344
Covenant Living Communities and Services Obligated Group, Revenue, Refunding, Series 2025 A, 5.13%, 12/01/2055		1,445,000		1,376,775
Intermountain Healthcare Obligated Group, Revenue, Series 2022 E, 2.65%, 08/01/2025 (b)(c)		1,090,000		1,090,000
Colorado High Performance Transportation Enterprise,
Colorado High Performance Transportation Enterprise C-470 Express Lanes System, Revenue, Series 2017, 5.00%, 12/31/2056		455,000		419,647
Colorado Housing and Finance Authority,
Revenue, Series 2024 A-1, Class I, 4.60%, 10/01/2049 (a)		2,620,000		2,390,346
Revenue, Series 2024 A-1, Class I, 4.70%, 10/01/2054 (a)		3,500,000		3,214,593
Revenue, Series 2024 A-1, Class I, 4.80%, 10/01/2059 (a)		2,765,000		2,638,398
Revenue, Series 2024 A-1, Class I, 4.85%, 10/01/2064 (a)		2,150,000		2,047,456
Revenue, Series 2024 A-1, Class I, 4.88%, 10/01/2067 (a)		2,230,000		2,112,495
Denver Health & Hospital Authority,
Revenue, Series 2025 A, 6.00%, 12/01/2055		2,500,000		2,611,117
Elbert County Independence Water & Sanitation District,
Revenue, Refunding, Series 2024, 5.13%, 12/01/2033		3,741,000		3,780,608
Granary Metropolitan District,
Special Assessment, Series 2024, 5.45%, 12/01/2044 (e)		3,040,000		2,778,739
Haymeadow Metropolitan District No. 1,
GO, Series 2025 A, 6.13%, 12/01/2054		1,625,000		1,627,568
Hess Ranch Metropolitan District No. 5,
Special Improvement District No. 1, Special Assessment, Series 2024 A-1, 6.00%, 12/01/2043		1,800,000		1,791,216
Special Improvement District No. 1, Special Assessment, Series 2024 A-2, 6.50%, 12/01/2043		1,683,319		1,675,372
Independence Metropolitan District,
GO, Senior Lien, Refunding, Series 2024 A, 5.38%, 12/01/2054		5,250,000		4,938,452
Ledge Rock Center Residential Metropolitan District No. 1,
GO, Series 2024 A, 6.38%, 12/01/2054		4,050,000		3,872,718
Mineral Business Improvement District,
GO, Series 2024 A, 5.75%, 12/01/2054 (e)		3,125,000		2,989,462
Mirabelle Metropolitan District No. 2,
GO, Refunding, Series 2025 B, 6.13%, 12/15/2049		2,100,000		2,001,250
Murphy Creek Metropolitan District No. 2,
GO, Series 2024 A, 6.00%, 12/01/2054 (e)		7,065,000		6,468,595
Newlin Crossing Metropolitan District,
GO, Series 2024 A, 5.38%, 12/01/2054 (e)		1,145,000		1,057,398
GO, Series 2024 B, 7.75%, 12/15/2054 (e)		603,000		601,345
Pinery Commercial Metropolitan District No. 2,
Revenue, Series 2025, 5.75%, 12/01/2054		7,200,000		6,784,594
Pinon Pines Metropolitan District No. 3,
GO, Series 2025, 0.00%, 12/01/2054 (i)		4,000,000		3,375,058

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Colorado
Poudre Heights Valley Metropolitan District,
GO, Series 2024 A, 5.50%, 12/01/2054 (e)		980,000		871,161
Prairie Center Metropolitan District No. 3,
GO, Refunding, Series 2024 A, 5.88%, 12/15/2046		2,125,000		2,173,111
GO, Series 2024 B, 5.88%, 12/15/2046		1,000,000		1,022,640
Ridge at Johnstown Metropolitan District,
Special Assessment, Series 2024, 5.88%, 12/01/2044 (e)		2,000,000		1,810,488
Rocky Mountain Rail Park Metropolitan District,
GO, Series 2021 A, 5.00%, 12/01/2051 (e)		4,000,000		3,515,682
Sky Dance Metropolitan District No. 2,
GO, Series 2024 A, 6.00%, 12/01/2054		2,500,000		2,453,219
Sky Ranch Community Authority Board,
GO, Series 2024 B, 6.50%, 12/15/2054		550,000		543,511
Sojourn at Idlewild Metropolitan District,
GO, Series 2025 A, 6.13%, 12/01/2055 (e)		2,500,000		2,505,886
St Vrain Lakes Metropolitan District No. 2,
GO, Refunding, Series 2024 B, 6.38%, 11/15/2054		2,000,000		1,996,010
St. Vrain Lakes Metropolitan District No. 4,
GO, Series 2024 A, 0.00%, 09/20/2054 (e)		17,585,000		11,860,636
STC Metropolitan District No. 2,
GO, Second Lien, Refunding, Series 2025 A-2, 6.25%, 12/01/2055 (e)		2,500,000		2,518,936
GO, Refunding, Series 2025 B, 8.00%, 12/15/2055 (e)		1,840,000		1,843,906
Sterling Ranch Community Authority Board,
Sterling Ranch Metropolitan District No. 1, Special Assessment, Series 2024, 5.63%, 12/01/2043		2,600,000		2,559,339
Sunset Parks Metropolitan District,
GO, Series 2024 A, 5.13%, 12/01/2054 (e)		1,415,000		1,288,831
Town of Del Norte,
Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.20%, 12/01/2039		550,000		513,229
Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.70%, 12/01/2049		1,375,000		1,266,025
Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 5.80%, 12/01/2054		1,000,000		918,028
Vail Home Partners Corp.,
Revenue, Series 2025, 5.88%, 10/01/2055 (e)		3,495,000		3,418,168
Revenue, Series 2025, 6.00%, 10/01/2064 (e)		13,000,000		12,742,449
Water Valley Metropolitan District No. 3,
GO, Series 2024 A, 5.25%, 12/01/2054		600,000		553,879
Waterview North Metropolitan District,
GO, Series 2024 A, 5.75%, 12/01/2054 (e)		1,750,000		1,587,790
Weems Neighborhood Metropolitan District,
GO, Series 2025 A, 5.88%, 12/01/2055		1,500,000		1,491,421
				182,463,729
Connecticut 1.4%
Connecticut Housing Finance Authority,
Revenue, Refunding, Series 2024 F-1, 4.60%, 11/15/2044 (a)		21,770,000		20,904,203
Revenue, Refunding, Series 2024 F-1, 4.75%, 11/15/2049 (a)		34,810,000		33,225,268
Revenue, Refunding, Series 2024 F-1, 4.80%, 11/15/2052 (a)		10,010,000		9,652,228
Connecticut State Health & Educational Facilities Authority,
Goodwin University Obligated Group, Revenue, Series A-1, 5.00%, 07/01/2044		3,000,000		2,775,429
Goodwin University Obligated Group, Revenue, Series A-1, 5.38%, 07/01/2054		6,340,000		5,772,520
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2044 (e)		3,850,000		3,515,690
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2050 (e)		1,265,000		1,110,624
Nuvance Health Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 07/01/2039		365,000		277,743
University of Hartford (The), Revenue, Series 2022 P, 5.38%, 07/01/2052		4,200,000		3,646,668

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Connecticut
University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2039		240,000		196,019
University of Hartford (The), Revenue, Refunding, Series N, 4.00%, 07/01/2049		3,965,000		2,826,550
Stamford Housing Authority,
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 5.50%, 10/01/2035		1,000,000		1,016,671
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.38%, 10/01/2045		2,050,000		2,039,993
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.50%, 10/01/2055		3,220,000		3,167,695
TJH Senior Living LLC Obligated Group, Revenue, Refunding, Series 2025 A, 6.25%, 10/01/2060		2,800,000		2,639,399
Steel Point Infrastructure Improvement District,
Tax Allocation, Series 2024, 5.63%, 04/01/2044 (e)		1,000,000		1,011,079
Tax Allocation, Series 2024, 6.00%, 04/01/2052 (e)		2,500,000		2,589,194
				96,366,973
Delaware 0.2%
Delaware State Economic Development Authority,
ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue, Series 2023B, 5.25%, 11/15/2053		1,000,000		959,458
Delaware State Housing Authority,
Revenue, Senior Lien, GNMA Insured, Series 2025 A, 4.65%, 07/01/2050		30,000		28,101
Revenue, Senior Lien, GNMA Insured, Series 2025 A, 4.70%, 07/01/2055		1,485,000		1,397,904
Town of Bridgeville,
Heritage Shores Special Development District, Special Tax, Series 2024, 5.25%, 07/01/2044 (e)		870,000		839,616
Heritage Shores Special Development District, Special Tax, Series 2024, 5.63%, 07/01/2053 (e)		3,055,000		2,996,747
Town of Milton,
Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.70%, 09/01/2044 (e)		1,265,000		1,213,200
Granary at Draper Farm Special Development District, Special Tax, Series 2024, 5.95%, 09/01/2053 (e)		4,665,000		4,514,597
				11,949,623
District of Columbia 1.2%
District of Columbia,
Latin American Montessori Bilingual Public Charter School Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2050		3,220,000		2,799,371
Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2056 (e)		6,510,000		5,469,688
Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2051 (e)		4,345,000		3,705,055
Rocketship DC Obligated Group, Revenue, Series 2019 A, 5.00%, 06/01/2049 (e)		7,180,000		6,195,943
Rocketship Obligated Group, Revenue, Series 2021 A, 5.00%, 06/01/2061 (e)		10,570,000		8,774,348
Rocketship Obligated Group, Revenue, Series 2024 A, 5.75%, 06/01/2054		4,100,000		3,948,887
Rocketship Obligated Group, Revenue, Series 2024 A, 6.00%, 06/01/2058		2,400,000		2,391,763
Tobacco Settlement Financing Corp., Revenue, Series 2006 A, 0.00%, 06/15/2046 (h)		20,000,000		4,805,438
Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2031 (e)		2,162,000		2,008,343
Union Market TIF Area, Tax Allocation, Series 2021 A, 0.00%, 06/01/2046 (e)		8,635,000		6,327,385
Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2041 (e)		6,010,000		3,574,720
Union Market TIF Area, Tax Allocation, Series 2024 B, 0.00%, 06/01/2049 (e)		14,470,000		8,373,705
Metropolitan Washington Airports Authority Aviation,
Revenue, AMT, Refunding, Series 2024 A, 5.50%, 10/01/2054 (a)		11,750,000		12,034,556
Revenue, AMT, Refunding, Series 2025A, 5.00%, 10/01/2050 (a)		5,590,000		5,523,968

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
District of Columbia
Washington Metropolitan Area Transit Authority Dedicated,
Revenue, Second Lien, Series 2025 A, 5.00%, 07/15/2060		5,785,000		5,743,365
				81,676,535
Florida 19.9%
Academical Village Community Development District,
Special Assessment, Series 2020, 3.63%, 05/01/2040		4,320,000		3,523,543
Alachua County Housing Finance Authority,
Woodland Park II LLC, Revenue, Series 2025 A, 6.30%, 07/01/2043 (b)(e)(g)		3,250,000		3,214,213
Anabelle Island Community Development District,
Special Assessment, Series 2022, 4.00%, 05/01/2052		180,000		138,741
Antillia Community Development District,
Special Assessment, Series 2024, 5.60%, 05/01/2044		720,000		698,248
Special Assessment, Series 2024, 5.88%, 05/01/2054		1,500,000		1,448,590
Arbors Community Development District,
Project Area, Special Assessment, Series 2024, 5.50%, 05/01/2055 (e)		1,000,000		945,379
Arbors Community Development District 2024,
Project Area, Special Assessment, Series 2024, 5.15%, 05/01/2044 (e)		875,000		832,799
Ave Maria Stewardship Community District,
Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2042		2,445,000		2,053,753
Assessment Phase 5, Special Assessment, Series 2022, 4.00%, 05/01/2052		1,000,000		756,219
Ave Maria Stewardship Community District Series 2021 Assessment, Special Assessment, Series 2021, 4.00%, 05/01/2051		325,000		250,379
Babcock Ranch Community Independent Special District,
Assessment Area, Special Assessment, Series 2024, 5.00%, 05/01/2044 (e)		4,395,000		4,131,263
Assessment Area, Special Assessment, Series 2024, 5.25%, 05/01/2055 (e)		10,000		9,344
Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2042		15,000		14,470
Assessment Area 2, Special Assessment, Series 2022, 5.00%, 05/01/2053		3,175,000		2,913,237
Bella Collina Community Development District,
Special Assessment, Series 2024, 5.00%, 05/01/2044		685,000		641,613
Special Assessment, Series 2024, 5.30%, 05/01/2055		915,000		847,921
Bellehaven Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2045		1,500,000		1,480,354
Assessment Area 1, Special Assessment, Series 2025, 6.05%, 05/01/2055		1,250,000		1,232,782
Berry Bay Community Development District,
Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051		1,375,000		1,071,655
Berry Bay II Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044		550,000		513,308
Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054		1,100,000		1,005,001
Bridgewater North Community Development District,
Special Assessment, Series 2022, 4.00%, 05/01/2052		2,000,000		1,548,406
Brightwater Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044 (e)		655,000		626,784
Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2055 (e)		1,450,000		1,372,800
Buckhead Trails Community Development District,
Special Assessment, Series 2024, 5.60%, 05/01/2044		1,000,000		954,487
Special Assessment, Series 2024, 5.88%, 05/01/2054		1,675,000		1,576,751
Caldera Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044		1,450,000		1,351,759

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2054		2,430,000		2,186,623
Capital Projects Finance Authority,
Heritage Charter Academy, Inc., Revenue, Series 2025 A1, 7.50%, 06/15/2065 (e)		4,355,000		4,239,814
Heritage Charter Academy, Inc., Revenue, Series 2025 A2, 7.50%, 06/15/2065 (e)(f)		11,685,000		11,361,658
Heritage Charter Academy, Inc., Revenue, Series 2025 B1, 9.00%, 06/15/2042 (e)		1,030,000		1,030,737
Heritage Charter Academy, Inc., Revenue, Series 2025 B2, 9.00%, 06/15/2042 (e)(f)		940,000		941,790
Imagine School At North Port, Inc., Revenue, Series 2025A, 6.75%, 06/15/2065 (e)		5,000,000		4,915,749
Kissimmee Charter Academy, Revenue, Series 2024, 6.13%, 06/15/2044 (e)		820,000		820,903
Kissimmee Charter Academy, Revenue, Series 2024, 6.50%, 06/15/2054 (e)		510,000		507,930
Kissimmee Charter Academy, Revenue, Series 2024, 6.63%, 06/15/2059 (e)		1,460,000		1,463,883
Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2054 (e)		4,800,000		4,215,705
Navigator Academy of Leadership, Inc. Obligated Group, Revenue, Refunding, Series 2024, 5.00%, 06/15/2064 (e)		1,885,000		1,606,374
PRG - UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2049 (e)		1,900,000		1,756,174
PRG - UnionWest Properties LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2058 (e)		1,600,000		1,442,408
PRG - UnionWest Properties LLC, Revenue, Series 2024 B, 0.00%, 06/01/2062 (e)(i)		73,715,000		10,012,502
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.38%, 01/01/2040 (e)		1,500,000		1,462,051
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.75%, 01/01/2045 (e)		1,500,000		1,430,859
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.25%, 01/01/2055 (e)		4,500,000		4,404,564
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 7.13%, 01/01/2065 (e)		8,000,000		7,540,635
Capital Trust Agency, Inc.,
Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.20%, 08/15/2056 (e)		2,450,000		1,764,424
Babcock Neighborhood School, Inc., Revenue, Series 2021, 4.25%, 08/15/2061 (e)		2,250,000		1,595,276
Franklin Academy Obligated Group, Revenue, Series 2020, 5.00%, 12/15/2035 (e)		1,085,000		1,056,267
Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2051 (e)		2,000,000		1,387,798
Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2049 (e)		4,365,000		3,741,472
University Bridge LLC, Revenue, Series 2018 A, 5.25%, 12/01/2058 (e)		12,500,000		11,415,667
WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (e)		6,950,000		5,666,172
Capital Trust Authority,
Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (e)		9,000,000		8,561,187
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 06/01/2044 (e)		1,000,000		882,445
AcadeMir Charter School Middle & Preparatory Academy Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 06/01/2054 (e)		1,500,000		1,293,409
IDEA Florida, Inc., Revenue, Refunding, Series 2023 A, 6.38%, 06/15/2058 (e)		1,500,000		1,511,794
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 06/15/2044 (e)		810,000		795,861
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.00%, 06/15/2054 (e)		1,250,000		1,239,615
KIPP Miami Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 06/15/2060 (e)		1,100,000		1,092,311
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 4.75%, 07/01/2040 (e)		2,000,000		1,914,699

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.00%, 07/01/2045 (e)		2,750,000		2,568,242
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2050 (e)		2,000,000		1,867,973
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.25%, 07/01/2055 (e)		2,500,000		2,301,512
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 A, 5.38%, 07/01/2065 (e)		7,445,000		6,832,935
Madrone Florida Tech Student Housing I LLC, Revenue, Series 2025 B, 7.75%, 07/01/2034 (e)		1,475,000		1,471,462
Seaside School Consortium, Inc., Revenue, Series 2024 A, 5.13%, 06/15/2059		2,970,000		2,644,428
St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 06/15/2050 (e)		1,000,000		873,583
St Johns Classical Academy, Inc., Revenue, Refunding, Series 2025 A, 5.25%, 06/15/2059 (e)		1,770,000		1,536,638
Caymas Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2054		1,000,000		937,251
Cedar Crossings Community Development District,
Special Assessment, Series 2025, 5.30%, 05/01/2045 (e)		500,000		467,310
Special Assessment, Series 2025, 5.50%, 05/01/2055 (e)		700,000		638,980
Central Parc Community Development District,
Special Assessment, Series 2024, 4.90%, 05/01/2031		365,000		368,689
Special Assessment, Series 2024, 6.00%, 05/01/2054		750,000		716,453
Chaparral Palm Bay Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044		1,000,000		939,819
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055		2,250,000		2,091,455
Chapel Creek Community Development District,
Assessment Area, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,000,000		952,816
Charlotte County Industrial Development Authority,
MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2041 (e)		4,345,000		3,748,258
MSKP Town & Country Utility LLC, Revenue, AMT, Series 2021 A, 4.00%, 10/01/2051 (e)		4,345,000		3,332,894
City of Pompano Beach,
John Knox Village of Florida, Inc. Obligated Group, Revenue, Refunding, Series 2020, 4.00%, 09/01/2050		500,000		383,689
John Knox Village of Florida, Inc. Obligated Group, Revenue, Series 2021 A, 4.00%, 09/01/2056		500,000		367,961
Connerton East Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.63%, 06/15/2055		1,000,000		973,556
Coral Bay Lee County Community Development District,
Assessment Area 2, Revenue, Series 2024, 5.25%, 05/01/2044		1,000,000		962,190
Assessment Area 2, Revenue, Series 2024, 5.55%, 05/01/2054		1,220,000		1,164,477
Coral Creek Community Development District,
Special Assessment, Series 2024, 5.75%, 05/01/2054		1,700,000		1,626,436
Coral Lakes Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.75%, 11/01/2053		1,000,000		970,917
County of Miami-Dade,
Aviation, Revenue, AMT, Series 2025 A, 5.50%, 10/01/2055 (a)		15,000,000		15,254,266
County of Palm Beach,
Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.50%, 10/01/2045 (e)		4,000,000		4,009,956
Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2055 (e)		7,900,000		7,951,618
Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.75%, 10/01/2065 (e)		10,500,000		10,477,101
Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2045 (e)		1,000,000		998,025
Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.75%, 10/01/2055 (e)		1,100,000		1,102,795

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Provident Group - LU Properties LLC, Revenue, Series 2021 A, 5.00%, 06/01/2057 (e)		2,150,000		1,779,568
Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.13%, 06/01/2054		13,250,000		12,281,168
Provident Group - LU Properties LLC, Revenue, Series 2024 A, 6.25%, 06/01/2059		10,890,000		10,176,427
Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2039 (e)		1,950,000		1,893,262
Creekview Community Development District,
Phase 1, Special Assessment, Series 2022, 4.63%, 05/01/2042		1,495,000		1,368,141
Phase 2, Special Assessment, Series 2024, 5.38%, 05/01/2044		2,000,000		1,884,489
Phase 2, Special Assessment, Series 2024, 5.63%, 05/01/2055		3,500,000		3,240,900
Crossings Community Development District,
Area 2, Special Assessment, Series 2024, 5.35%, 05/01/2044		1,000,000		952,508
Area 2, Special Assessment, Series 2024, 5.60%, 05/01/2054		1,375,000		1,296,504
Crosswinds East Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,750,000		1,681,159
Assessment Area 2, Special Assessment, Series 2024, 5.15%, 05/01/2044		775,000		720,575
Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054		1,000,000		918,700
Curiosity Creek Community Development District,
Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2044 (e)		900,000		849,579
Assessment Area No. 1, Special Assessment, Series 2024, 5.70%, 05/01/2055 (e)		1,475,000		1,373,228
Cypress Creek Reserve Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045		870,000		863,587
Cypress Creek Reserve Community Development District Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2056		1,750,000		1,729,608
Dewey Robbins Community Development District,
Special Assessment, Series 2025, 5.60%, 05/01/2045		905,000		862,102
Special Assessment, Series 2025, 5.80%, 05/01/2055		1,325,000		1,242,943
Dowden West Community Development District,
Special Assessment, Series 2024, 5.25%, 05/01/2044		495,000		472,960
Special Assessment, Series 2024, 5.55%, 05/01/2054		855,000		803,707
East Nassau Stewardship District,
Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2051		1,505,000		1,151,105
Wildlight Village Phase 3, Special Assessment, Series 2024, 5.25%, 05/01/2044		1,505,000		1,421,357
Wildlight Village Phase 3, Special Assessment, Series 2024, Class A, 5.50%, 05/01/2055		1,605,000		1,483,573
East Palm Drive Community Development District,
Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 06/15/2044		500,000		475,681
Edgewater East Community Development District,
Assessment Area 1, Special Assessment, Series 2021, 4.00%, 05/01/2051		1,730,000		1,342,475
Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2042		2,635,000		2,257,487
Assessment Area 2, Special Assessment, Series 2022, 4.00%, 05/01/2052		7,525,000		5,800,153
Assessment Area 3, Special Assessment, Series 2025, 6.30%, 05/01/2055		1,700,000		1,672,726
Edgewater East Community Development District Assessment Area Three, Special Assessment, Series 2025, 6.10%, 05/01/2045		925,000		917,313
Edgewater West Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.25%, 05/01/2044		2,000,000		1,852,057
Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054		2,500,000		2,269,610
Entrada Community Development District,
Assessments, Special Assessment, Series 2024, 5.00%, 05/01/2044		900,000		839,023
Assessments, Special Assessment, Series 2024, 5.30%, 05/01/2055		725,000		664,216

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Epperson North Community Development District,
Assessment Area 3, Special Assessment, Series 2021 A, 4.00%, 11/01/2051		1,985,000		1,528,409
Assessment Area 4, Special Assessment, Series 2024, 5.30%, 05/01/2044		465,000		439,256
Assessment Area 4, Special Assessment, Series 2024, 5.60%, 05/01/2055		750,000		697,706
Everlands Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.55%, 06/15/2054		1,000,000		951,584
Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.20%, 06/15/2044 (e)		750,000		709,634
Assessment Area 2 Phase 2, Special Assessment, Series 2024, 5.50%, 06/15/2054 (e)		1,000,000		927,758
Everlands II Community Development District,
Special Assessment, Series 2024, 5.20%, 06/15/2044		725,000		694,893
Fish Lake Cover Community Development District,
Fish Lake Cover Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.35%, 05/01/2045		835,000		781,548
Fish Lake Cover Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.55%, 05/01/2055		1,180,000		1,083,653
Florida Development Finance Corp.,
AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (b)(e)(g)		189,740,000		113,844,000
AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (b)(e)(g)		92,610,000		55,566,000
Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 6.00%, 08/15/2057 (e)		5,000,000		4,466,751
Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 A, 8.25%, 08/13/2025 (b)(e)(g)		277,000,000		235,450,637
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2036		500,000		406,706
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2037		4,000,000		3,255,221
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2038		2,000,000		1,626,549
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041		10,130,000		8,237,091
Brightline Trains Florida LLC, Revenue, AMT, Refunding, AG Insured, Series 2024, 5.00%, 07/01/2044		8,935,000		8,536,969
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.25%, 07/01/2047		11,690,000		9,505,685
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.50%, 07/01/2053		184,805,000		150,408,761
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.00%, 06/01/2034 (e)		1,190,000		1,195,647
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.25%, 06/01/2044 (e)		1,000,000		932,631
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2054 (e)		2,790,000		2,577,969
Cornerstone Classical Academy, Inc., Revenue, Series 2024 A, 5.50%, 06/01/2059 (e)		1,500,000		1,357,152
Downtown Doral Charter Elementary School, Inc., Revenue, Series 2017 C, 5.75%, 07/01/2047 (e)		2,000,000		1,900,971
Imagine School at Broward, Revenue, Series 2019 A, 5.00%, 12/15/2049 (e)		1,030,000		939,083
Renaissance Charter School, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 6.00%, 06/15/2050		3,000,000		2,858,325
Renaissance Charter School, Inc. Obligated Group, Revenue, Series 2021 A, 5.50%, 06/15/2051		1,000,000		896,750
SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.00%, 06/01/2044 (e)		1,600,000		1,490,099
SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2054 (e)		7,200,000		6,610,181
SFP - Tampa I LLC, Revenue, Senior Lien, Series 2024 A-1, 5.25%, 06/01/2059 (e)		6,550,000		5,934,562
Florida Local Government Finance Commission,

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
BridgePrep Academy, Inc. Series 2025 Obligated Group, Revenue, Series 2025A, 6.13%, 06/15/2065 (e)		7,500,000		7,251,952
Orlando Lutheran Towers, Inc., Revenue, Series 2025 A, 6.00%, 07/01/2050 (e)		2,610,000		2,543,302
Orlando Lutheran Towers, Inc., Revenue, Series 2025 A, 6.00%, 07/01/2060 (e)		3,510,000		3,355,036
Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2055 (e)		2,000,000		1,929,081
Florida Municipal Loan Council,
Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.15%, 05/01/2044		900,000		871,855
Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 5.40%, 05/01/2054		825,000		785,746
Gardens at Hammock Beach Community Development District,
Assessment Area 1, Special Assessment, Series 2024-1, 5.65%, 05/01/2054		530,000		504,734
Assessment Area 2, Special Assessment, Series 2024-2, 5.00%, 05/01/2031		270,000		273,222
Assessment Area 2, Special Assessment, Series 2024-2, 5.60%, 05/01/2044		990,000		962,282
Assessment Area 2, Special Assessment, Series 2024-2, 5.88%, 05/01/2055		1,250,000		1,209,706
Gas Worx Community Development District,
Assessments, Special Assessment, Series 2025, 5.75%, 05/01/2045 (e)		1,250,000		1,222,133
Gas Worx Community Development District Series 2025 Special Assessments, Special Assessment, Series 2025, 6.00%, 05/01/2057 (e)		2,400,000		2,329,105
Golden Gem Community Development District,
Special Assessment, Series 2024, 5.15%, 05/01/2031		535,000		544,400
Special Assessment, Series 2024, 5.70%, 05/01/2044		2,900,000		2,787,767
Special Assessment, Series 2024, 6.00%, 05/01/2055		5,000,000		4,811,513
Governors Park South Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.40%, 05/01/2045		845,000		800,508
Assessment Area 1, Special Assessment, Series 2025, 5.65%, 05/01/2055		1,250,000		1,169,744
Gracewater Sarasota Community Development District,
Assessments, Special Assessment, Series 2021, 3.35%, 05/01/2041		3,170,000		2,450,611
Assessments, Special Assessment, Series 2021, 4.00%, 05/01/2052		3,815,000		2,876,562
Greater Orlando Aviation Authority,
Revenue, AMT, Series 2024, 5.25%, 10/01/2048 (a)		37,315,000		37,943,843
Greenbriar Community Development District,
Assessment Area No. 1, Special Assessment, Series 2025, 5.65%, 05/01/2045		1,000,000		956,108
Assessment Area No. 1, Special Assessment, Series 2025, 5.88%, 05/01/2054		1,350,000		1,279,352
Hamilton Bluff Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2044		1,360,000		1,303,574
Assessment Area 1, Special Assessment, Series 2024, 5.80%, 05/01/2054		2,000,000		1,888,145
Hammock Oaks Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 6.15%, 05/01/2054		1,250,000		1,212,322
Assessment Area 3, Special Assessment, Series 2025, 5.55%, 05/01/2045 (e)		1,000,000		962,507
Assessment Area 3, Special Assessment, Series 2025, 5.75%, 05/01/2055 (e)		1,500,000		1,426,086
Harmony on Lake Eloise Community Development District,
Assessment Area No. 2, Special Assessment, Series 2025, 5.45%, 11/01/2045		1,000,000		952,631
Assessment Area No. 2, Special Assessment, Series 2025, 5.65%, 11/01/2054		1,250,000		1,179,244
Harmony West Community Development District,
Assessment Area No. 3, Special Assessment, Series 2025, 5.45%, 05/01/2045		625,000		595,020
Assessment Area No. 3, Special Assessment, Series 2025, 5.65%, 05/01/2055		1,000,000		942,302

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Hawthorne Mill North Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044		1,000,000		930,587
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2054		1,400,000		1,295,664
Hickory Tree Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2055		1,500,000		1,372,381
Highland Trails Community Development District,
Assessments, Special Assessment, Series 2024, 5.85%, 05/01/2054		880,000		841,170
Hillcrest Community Development District,
Special Assessment, Series 2018, 5.00%, 11/01/2048		300,000		279,554
Hillcrest Preserve Community Development District,
Special Assessment, Series 2024, 5.00%, 05/01/2044 (e)		1,000,000		906,688
Special Assessment, Series 2024, 5.30%, 05/01/2054 (e)		1,500,000		1,351,321
Hills of Minneola Community Development District,
North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2044		650,000		652,310
North Parcel Assessment Area 1, Special Assessment, Series 2024, 5.88%, 05/01/2054		1,000,000		1,014,630
South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2050 (e)		4,500,000		3,522,602
South Parcel Assessment Area Phase 2, Special Assessment, Series 2021, 4.00%, 05/01/2052		1,940,000		1,497,528
Hillsborough County Industrial Development Authority,
BayCare Obligated Group, Revenue, Refunding, Series 2024E, 2.80%, 08/01/2025 (b)(c)		69,030,000		69,030,000
Hobe-St. Lucie Conservancy District,
Unit of Development No. 1A, Special Assessment, Series 2024, 5.60%, 05/01/2044		1,900,000		1,874,461
Unit of Development No. 1A, Special Assessment, Series 2024, 5.88%, 05/01/2055		2,690,000		2,624,885
Hyde Park Community Development District No. 1,
Assessments, Special Assessment, Series 2024 A, 5.35%, 05/01/2044		425,000		401,560
Assessments, Special Assessment, Series 2024 A, 5.63%, 05/01/2055		685,000		638,688
Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034		1,695,000		1,688,355
Ibis Landing Community Development District,
Ibis Landing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.70%, 06/15/2045		615,000		609,917
Ibis Landing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.88%, 06/15/2055		800,000		782,637
Kelly Park Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.30%, 05/01/2045		650,000		614,036
Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055		915,000		848,145
Keys Edge Community Development District,
Assessment Area No. 1, Special Assessment, Series 2024, 5.10%, 05/01/2044		975,000		910,516
Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055		1,000,000		916,180
Kings Creek I Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045		795,000		776,375
Kings Creek I Community Development District Assessment Area One, Special Assessment, Series 2025, 6.00%, 05/01/2055		1,750,000		1,697,767
Kingston One Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045		4,000,000		3,929,060
Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2057		9,400,000		9,198,787
Lake Hideaway Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.65%, 05/01/2044		2,000,000		1,926,660

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054		2,750,000		2,604,709
Lake Mattie Preserve Community Development District,
Special Assessment, Series 2024, 5.85%, 05/01/2054		570,000		539,007
Special Assessment, Series 2025, 5.45%, 05/01/2045		980,000		913,475
Special Assessment, Series 2025, 5.65%, 05/01/2055		1,080,000		988,670
Lakes of Sarasota Community Development District,
Assessments, Special Assessment, Series 2024 A, 5.30%, 05/01/2044		425,000		399,158
Assessments, Special Assessment, Series 2024 A, 5.60%, 05/01/2055		685,000		634,596
Assessments, Special Assessment, Series 2024 B, 5.25%, 05/01/2034		2,325,000		2,314,278
Lakewood Ranch Stewardship District,
Special Assessment, Series 2024, 5.50%, 05/01/2055		765,000		719,140
Assessment Azario, Special Assessment, Series 2020 A, 3.90%, 05/01/2050		770,000		598,545
Assessment Northeast Sector Project Phase 1A, Special Assessment, Series 2018, 5.10%, 05/01/2048		2,535,000		2,416,681
Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 4.00%, 05/01/2052		420,000		326,610
Lakewood Ranch Stewardship District Series 2024 Assessment, Special Assessment, Series 2024, 5.25%, 05/01/2044		585,000		566,183
Northeast Sector Project, Special Assessment, Refunding, Series 2020, 4.00%, 05/01/2050 (e)		70,000		54,796
Landings Community Development District,
Special Assessment, Series 2024, 5.00%, 05/01/2031		275,000		278,215
Special Assessment, Series 2024, 5.50%, 05/01/2044		1,030,000		991,796
Special Assessment, Series 2024, 5.80%, 05/01/2055		855,000		813,089
Landings Community Development District SW Phase 1 Assessment Area, Special Assessment, Series 2025, 5.75%, 05/01/2045		1,785,000		1,761,531
Landings Community Development District SW Phase 1 Assessment Area, Special Assessment, Series 2025, 6.00%, 05/01/2055		3,245,000		3,186,967
Langley South Community Development District,
Assessment Area No. 1, Special Assessment, Series 2024, 5.40%, 05/01/2055		4,765,000		4,413,131
Lee County Industrial Development Authority,
Shell Point Obligated Group, Revenue, Series 2024 A, 5.25%, 11/15/2054		1,340,000		1,282,731
Leomas Landing Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.50%, 11/01/2045		450,000		426,229
Assessment Area 2, Special Assessment, Series 2025, 5.70%, 11/04/2054		555,000		518,750
Liberty Cove Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044		1,085,000		1,014,163
Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2054		2,000,000		1,851,476
Live Oak Lake Community Development District,
Assessments, Special Assessment, Series 2020, 4.40%, 05/01/2040		1,600,000		1,402,880
Assessments, Special Assessment, Series 2020, 4.60%, 05/01/2051		5,000,000		4,171,563
Longleaf Community Development District,
Neighborhood 4 Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054 (e)		980,000		951,853
Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.20%, 05/01/2044		700,000		648,020
Neighborhood 4 Assessment Area 2, Special Assessment, Series 2024 A, 5.45%, 05/01/2055		1,150,000		1,037,605
Los Cayos Community Development District,
Special Assessment, Series 2024, 5.55%, 06/15/2054		800,000		759,147
Lowery Hills Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045 (e)		725,000		685,512
Assessment Area 1, Special Assessment, Series 2025, 5.85%, 05/01/2055 (e)		1,000,000		938,391

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
LT Ranch Community Development District,
Assessments, Special Assessment, Series 2019, 4.00%, 05/01/2050		1,000,000		781,684
Phase IIB Assessment Area, Special Assessment, Series 2024, 5.50%, 05/01/2044		275,000		270,338
Phase IIB Assessment Area, Special Assessment, Series 2024, 5.85%, 05/01/2054		1,000,000		983,604
LTC Ranch West Residential Community Development District,
Assessment Area 1, Special Assessment, Series 2021 A, 4.00%, 05/01/2052		1,860,000		1,423,151
Assessment Area 2, Special Assessment, Series 2024 AA-2, 6.00%, 05/01/2054		605,000		579,479
Assessment Area 3, Special Assessment, Series 2024 AA-3, 6.05%, 05/01/2054		1,405,000		1,354,988
Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.38%, 05/01/2044		1,000,000		932,575
Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 5.65%, 05/01/2054		1,250,000		1,156,697
Magnolia Island Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.55%, 05/01/2045		750,000		710,149
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2055		1,000,000		936,464
Malabar Springs Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2044		1,000,000		931,124
Assessment Area 1, Special Assessment, Series 2024, 5.50%, 05/01/2054		1,500,000		1,371,122
Marion Ranch Community Development District,
Special Assessment, Series 2024, 5.95%, 05/01/2054		1,375,000		1,332,709
Miami Health Facilities Authority,
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2026		1,260,000		1,253,497
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027		1,000,000		992,186
Miami Jewish Health Systems Obligated Group, Revenue, Refunding, Series 2017, 5.13%, 07/01/2038		1,000,000		922,070
Miami-Dade County Industrial Development Authority,
Pinecrest Academy Obligated Group, Revenue, Series 2017, 5.00%, 09/15/2044 (e)		4,210,000		3,806,153
Mirada Community Development District,
Assessment Area 3, Special Assessment, Refunding, Series 2024, 6.00%, 05/01/2055		1,965,000		1,880,749
Newfield Community Development District,
Newfield Community Development District Series 2025 Assessment Area, Special Assessment, Series 2025, 5.90%, 05/01/2056		2,915,000		2,840,711
Newport Isles Community Development District,
Special Assessment, Series 2024, 5.00%, 05/01/2044		2,440,000		2,272,002
Special Assessment, Series 2024, 5.20%, 05/01/2054		2,685,000		2,426,327
Normandy Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.30%, 05/01/2044 (e)		1,500,000		1,403,928
Assessment Area 1, Special Assessment, Series 2024, 5.55%, 05/01/2054 (e)		2,500,000		2,292,555
North AR-1 Pasco Community Development District,
Assessment Area 4, Special Assessment, Series 2024, 5.75%, 05/01/2054		880,000		830,532
Assessment Area 5, Special Assessment, Series 2024 A, 5.75%, 05/01/2044		1,260,000		1,236,235
Assessment Area 5, Special Assessment, Series 2024 A, 6.00%, 05/01/2054		1,760,000		1,722,261
Northridge Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045 (e)		1,875,000		1,828,948
Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055 (e)		2,375,000		2,307,243

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Orange County Health Facilities Authority,
Orlando Health Obligated Group, Revenue, Refunding, Series 2025 A, 5.25%, 10/01/2056 (a)		10,910,000		10,870,295
Paddocks Community Development District,
Assessments, Special Assessment, Series 2024, 5.13%, 05/01/2044 (e)		1,000,000		925,853
Assessments, Special Assessment, Series 2024, 5.45%, 05/01/2055 (e)		1,375,000		1,247,531
Palermo Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.35%, 06/15/2045		745,000		721,939
Palm Beach County Health Facilities Authority,
ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue, Refunding, Series 2025B, 5.00%, 11/15/2055		8,000,000		7,298,513
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 B, 5.00%, 05/15/2047		925,000		849,065
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 4.00%, 05/15/2053		160,000		120,673
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 B, 5.00%, 05/15/2053		15,675,000		13,975,187
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 C, 7.50%, 05/15/2053		965,000		1,055,115
Palm Coast Park Community Development District,
Sawmill Branch - Phase 7, Special Assessment, Series 2024, 5.00%, 05/01/2044		1,270,000		1,174,228
Sawmill Branch - Phase 7, Special Assessment, Series 2024, 5.30%, 05/01/2055		1,935,000		1,762,716
Spring Lake - Tracts 2 & 3, Special Assessment, Series 2021, 4.00%, 05/01/2052		1,200,000		906,138
Palm Gate Community Development District,
Special Assessment, Series 2025, 5.30%, 06/15/2045		1,000,000		932,495
Special Assessment, Series 2025, 5.55%, 06/15/2055		1,000,000		923,190
Parker Pointe Community Development District,
Special Assessment, Series 2024, 5.50%, 05/01/2044		700,000		669,425
Special Assessment, Series 2024, 5.75%, 05/01/2054		1,000,000		937,416
Parker Road Community Development District,
Assessment Area, Special Assessment, Refunding, Series 2020, 4.10%, 05/01/2050		2,000,000		1,513,596
Parrish Lakes Community Development District,
Assessment Area 2, Special Assessment, Series 2023 A, 5.63%, 05/01/2053		1,725,000		1,672,451
Assessment Area 3, Special Assessment, Series 2024, 5.50%, 05/01/2044		1,475,000		1,412,187
Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2054		2,035,000		1,931,603
Parrish Lakes II Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.13%, 05/01/2044		3,000,000		2,780,798
Assessment Area 1, Special Assessment, Series 2024, 5.45%, 05/01/2054		5,000,000		4,561,894
Parrish Plantation Community Development District,
Assessment Area 3, Special Assessment, Series 2024, 5.80%, 05/01/2044		700,000		695,429
Assessment Area 3, Special Assessment, Series 2024, 6.05%, 05/01/2054		1,545,000		1,538,731
Pasadena Ridge Community Development District,
Assessment Area No. 1, Special Assessment, Series 2024, 5.38%, 05/01/2055		2,475,000		2,261,158
Peace Creek Village Community Development District,
Special Assessment, Series 2024, 5.75%, 05/01/2054		905,000		858,782
Special Assessment, Series 2025, 5.60%, 05/01/2045 (e)		710,000		672,423
Special Assessment, Series 2025, 5.85%, 05/01/2055 (e)		1,000,000		935,855
Peace Crossing Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.70%, 05/01/2044		2,820,000		2,624,245
Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2054		4,000,000		3,673,299

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund

Schedule of Investments

July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Pine Island Community Development District,
Special Assessment, Series 2004, 5.75%, 05/01/2035		2,015,000		2,023,649
Pioneer Ranch Community Development District,
Special Assessment, Series 2024, 5.00%, 05/01/2044 (e)		1,000,000		915,940
Special Assessment, Series 2024, 5.30%, 05/01/2055 (e)		1,250,000		1,117,981
Preston Cove Community Development District,
Assessments, Special Assessment, Series 2022, 4.13%, 05/01/2052		1,870,000		1,458,348
Ranches at Lake Mcleod Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.45%, 06/15/2045		600,000		574,025
Assessment Area 2, Special Assessment, Series 2025, 5.65%, 06/15/2055		1,000,000		940,749
Reflection Bay Community Development District,
Reflection Bay Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.63%, 05/01/2045		725,000		703,300
Reflection Bay Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.88%, 05/01/2055		1,200,000		1,158,134
Regal Village Community Development District,
Special Assessment, Series 2024, 5.50%, 05/01/2054		725,000		682,229
River Hall Community Development District,
Assessment Area 3, Special Assessment, Series 2020 A, 3.88%, 05/01/2051		3,690,000		2,789,084
Assessment Area No. 5, Special Assessment, Series 2024, 5.35%, 05/01/2044 (e)		800,000		755,009
Assessment Area No. 5, Special Assessment, Series 2024, 5.63%, 05/01/2055 (e)		900,000		835,678
River Landing Community Development District,
Special Assessment, Series 2025, 5.20%, 05/01/2045		640,000		602,855
Special Assessment, Series 2025, 5.45%, 05/01/2055		900,000		836,245
Rivers Edge III Community Development District,
Assessments, Special Assessment, Series 2024, 5.65%, 05/01/2044		1,665,000		1,613,058
Assessments, Special Assessment, Series 2024, 5.95%, 05/01/2055		2,225,000		2,131,992
Rivers Edge III Community Development District Series 2025 Assessment, Special Assessment, Series 2025, 5.75%, 05/01/2045		450,000		445,121
Rivers Edge III Community Development District Series 2025 Assessment, Special Assessment, Series 2025, 6.00%, 05/01/2056		1,000,000		988,347
Riverwalk Community Development District,
Special Assessment, Series 2025, 5.20%, 05/01/2045 (e)		625,000		588,019
Special Assessment, Series 2025, 5.45%, 05/01/2055 (e)		1,000,000		926,547
Rookery Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2044		800,000		733,612
Assessment Area 1, Special Assessment, Series 2024, 5.35%, 05/01/2055		1,500,000		1,355,648
Rustic Oaks Community Development District,
Assessments, Special Assessment, Series 2022, 3.45%, 05/01/2042		2,000,000		1,571,537
Assessments, Special Assessment, Series 2022, 4.00%, 05/01/2052		2,330,000		1,780,148
Rye Crossing Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.00%, 05/01/2044		650,000		600,983
Assessment Area 2, Special Assessment, Series 2024, 5.25%, 05/01/2054		710,000		642,856
Saltleaf Community Development District,
Assessments, Special Assessment, Series 2024, 5.63%, 05/01/2044		3,250,000		3,164,580
Assessments, Special Assessment, Series 2024, 6.00%, 05/01/2056		3,000,000		2,936,466
Saltmeadows Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.75%, 05/01/2045 (e)		405,000		399,675
Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2055 (e)		750,000		740,630

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Savanna Lakes Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.25%, 06/15/2044		625,000		592,874
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 06/15/2054		750,000		703,593
Sawgrass Village Community Development District,
Assessment Area 3, Special Assessment, Series 2024, 5.55%, 05/01/2044 (e)		700,000		671,833
Assessment Area 3, Special Assessment, Series 2024, 5.88%, 05/01/2054 (e)		1,380,000		1,313,061
Sawyers Landing Community Development District,
Special Assessment, Series 2021, 4.13%, 05/01/2041		1,285,000		1,125,546
Scenic Terrace South Community Development District,
Special Assessment, Series 2022, 4.63%, 05/01/2053		1,935,000		1,644,841
Seagrove Community Development District,
Special Assessment, Series 2024, 4.88%, 06/15/2044		1,500,000		1,382,819
Special Assessment, Series 2024, 5.20%, 06/15/2054		1,250,000		1,158,470
Seminole Palms Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044 (e)		1,750,000		1,595,917
Assessment Area 2, Special Assessment, Series 2024, 5.50%, 05/01/2055 (e)		1,750,000		1,584,228
Shadowlawn Community Development District,
Special Assessment, Series 2024, 5.50%, 05/01/2044		1,585,000		1,488,398
Special Assessment, Series 2024, 5.85%, 05/01/2054		2,000,000		1,868,594
Silver Oaks Community Development District,
Special Assessment, Series 2024, 5.85%, 05/01/2054		1,500,000		1,437,696
Silverlake Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044		505,000		486,370
Six Mile Creek Community Development District,
Assessment Area 2, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2052		2,255,000		1,743,253
Project Area, Special Assessment, Series 2024, 5.10%, 05/01/2044		625,000		569,641
Project Area, Special Assessment, Series 2024, 5.38%, 05/01/2055		1,000,000		907,195
Solaeris Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.20%, 05/01/2031		500,000		515,641
Assessment Area 1, Special Assessment, Series 2024, 6.00%, 05/01/2044		1,790,000		1,810,390
Assessment Area 1, Special Assessment, Series 2024, 6.25%, 05/01/2055		2,750,000		2,790,105
Assessment Area 2, Special Assessment, Series 2025, 6.00%, 05/01/2045 (e)		2,000,000		1,969,700
Assessment Area 2, Special Assessment, Series 2025, 6.30%, 05/01/2056 (e)		3,000,000		2,958,153
Somerset Bay Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044 (e)		920,000		861,066
Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2054 (e)		1,905,000		1,778,107
Southern Groves Community Development District No. 5,
Assessment Area, Special Assessment, Series 2024, 5.45%, 05/01/2044		1,245,000		1,246,868
Assessment Area, Special Assessment, Series 2024, 5.70%, 05/01/2050		930,000		935,136
Southshore Bay Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.38%, 05/01/2044		675,000		639,681
Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2054		930,000		865,700
St. Johns County Industrial Development Authority,
Presbyterian Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 4.00%, 08/01/2055		2,325,000		1,761,598

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Stonegate Preserve Community Development District,
Stonegate Preserve Community Development District Series 2023 Special Assessmen, Special Assessment, Series 2025, 5.70%, 06/15/2045		700,000		693,399
Stonegate Preserve Community Development District Series 2023 Special Assessmen, Special Assessment, Series 2025, 5.88%, 06/15/2055		1,250,000		1,219,492
Summit View Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.63%, 05/01/2044		1,005,000		979,701
Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054		1,395,000		1,359,589
Tern Bay Community Development District,
Special Assessment, Series 2022, 4.00%, 06/15/2052		9,260,000		7,184,737
Terra Lago Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.63%, 05/01/2045		1,040,000		1,000,655
Assessment Area 1, Special Assessment, Series 2025, 5.80%, 05/01/2055		1,525,000		1,452,238
Terreno Community Development District,
Special Assessment, Series 2025, 5.40%, 05/01/2045		875,000		840,800
Special Assessment, Series 2025, 5.65%, 05/01/2055		1,000,000		948,879
Timber Creek Southwest Community Development District,
Assessment Area 2, Special Assessment, Series 2021, 3.30%, 12/15/2041		2,175,000		1,700,669
Tolomato Community Development District,
Assessment Area, Special Assessment, Series 2024, 4.80%, 05/01/2044		880,000		804,870
Assessment Area, Special Assessment, Series 2024, 5.13%, 05/01/2054		885,000		797,363
Tradition Community Development District No. 9,
Special Assessment, Series 2025, 5.65%, 05/01/2056		895,000		837,710
Triple Creek Community Development District,
Villages Q & R Assessment Area, Special Assessment, Series 2021, 4.00%, 11/01/2051 (e)		1,040,000		799,611
Twisted Oaks Pointe Community Development District,
Assessment Area 3, Special Assessment, Series 2024, 5.63%, 05/01/2044		1,065,000		1,027,620
Assessment Area 3, Special Assessment, Series 2024, 6.00%, 05/01/2055		1,375,000		1,319,598
Two Ridges Community Development District,
Two Ridges Community Development District Series 2025 Special Assessments, Special Assessment, Series 2025, 5.75%, 05/01/2045		500,000		494,578
Two Ridges Community Development District Series 2025 Special Assessments, Special Assessment, Series 2025, 6.00%, 05/01/2055		665,000		657,593
Two Rivers West Community Development District,
Special Assessment, Series 2024, 5.63%, 05/01/2044		750,000		732,788
Special Assessment, Series 2024, 5.88%, 05/01/2054 (e)		1,355,000		1,326,480
V-Dana Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.38%, 05/01/2045		1,000,000		948,926
Assessment Area 2, Special Assessment, Series 2025, 5.55%, 05/01/2055		1,375,000		1,285,784
Veranda Community Development District II,
Assessment Area 4, Special Assessment, Refunding, Series 2021, 4.00%, 05/01/2051 (e)		180,000		139,073
Assessment Area 5 Phase 2, Special Assessment, Refunding, Series 2024, 5.63%, 05/01/2054		1,000,000		950,234
Verano No. 2 Community Development District,
Special Assessment, Series 2024, 5.35%, 05/01/2044 (e)		500,000		472,969
Special Assessment, Series 2024, 5.63%, 05/01/2055		800,000		742,825
Pod D, Special Assessment, Series 2024, 5.80%, 05/01/2054		1,000,000		951,766

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Verano No. 4 Community Development District,
Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 5.75%, 05/01/2045		450,000		446,683
Verano No. 4 Community Development District Astor Creek Phase 2 Assessment Area, Special Assessment, Series 2025, 6.00%, 05/01/2055		875,000		867,632
Villages of Westport Community Development District,
Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035		2,695,000		2,706,459
Villamar Community Development District,
Assessment Area 6, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,000,000		967,276
Waterford Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 5.20%, 05/01/2044		650,000		605,230
Assessment Area 2, Special Assessment, Series 2024, 5.45%, 05/01/2054		900,000		823,409
Wellness Ridge Community Development District,
Assessment Area No. 2, Special Assessment, Series 2024, 5.20%, 06/15/2055 (e)		1,100,000		993,523
West Villages Improvement District,
Assessment Area 1, Special Assessment, Series 2025, 5.75%, 05/01/2045		910,000		914,468
Assessment Area 1, Special Assessment, Series 2025, 6.00%, 05/01/2055		1,705,000		1,717,242
Unit of Development No. 10 Assessment Area 1, Special Assessment, Series 2024, 5.38%, 05/01/2044		995,000		953,872
Unit of Development No. 8, Special Assessment, Series 2021, 3.50%, 05/01/2041		2,505,000		2,000,657
Westside Haines City Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 6.00%, 05/01/2054		2,070,000		2,020,169
Westview South Community Development District,
Special Assessment, Series 2025, 6.20%, 05/01/2055 (e)(f)		2,000,000		2,000,640
Willowbrook Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.63%, 05/01/2044		750,000		716,335
Assessment Area 1, Special Assessment, Series 2024, 5.90%, 05/01/2055		1,100,000		1,038,168
Windsor Cay Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.75%, 05/01/2054		1,000,000		1,009,533
Woodcreek Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 5.35%, 05/01/2045		575,000		535,025
Assessment Area 2, Special Assessment, Series 2025, 5.50%, 05/01/2055		750,000		680,835
Woodland Crossing Community Development District,
Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.13%, 05/01/2035 (e)		375,000		380,173
Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 5.88%, 05/01/2045 (e)		1,000,000		981,871
Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 6.13%, 05/01/2056 (e)		1,925,000		1,886,047
Woodland Preserve Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.30%, 05/01/2045 (e)		630,000		595,142
Assessment Area 1, Special Assessment, Series 2025, 5.50%, 05/01/2055 (e)		845,000		785,458
Woodland Ranch Estates Community Development District,
Special Assessment, Series 2025, 5.55%, 05/01/2045		500,000		476,762
Special Assessment, Series 2025, 5.75%, 05/01/2055		720,000		677,031

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Yarborough Lane Community Development District,
Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.35%, 05/01/2044		780,000		728,436
Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.60%, 05/01/2055		1,620,000		1,494,587
				1,404,331,306
Georgia 4.0%
Atlanta Development Authority (The),
City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-2, 5.50%, 04/01/2039 (e)		34,440,000		34,353,476
City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024-1, Class A, 0.00%, 12/15/2048 (e)		132,920,000		112,934,043
DeKalb County Development Authority,
GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2055		500,000		445,860
GLOBE Academy, Inc. (The), Revenue, Series 2024 A, 5.00%, 06/01/2063		1,320,000		1,143,710
Development Authority of Bulloch County,
Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 A, 6.75%, 06/15/2064 (e)		3,225,000		3,026,670
Charter Conservatory for Liberal Arts & Technology, Inc., Revenue, Series 2024 B, 7.50%, 06/15/2031 (e)		265,000		264,584
Development Authority of Burke County (The),
Georgia Power Co., Revenue, First Series, Series 2009, 2.85%, 08/01/2025 (b)(c)		4,500,000		4,500,000
Development Authority of Lagrange,
LaGrange College Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 10/15/2052		17,700,000		14,081,821
Development Authority of The City of Marietta,
Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2047 (e)		10,000,000		8,576,306
Fulton County Residential Care Facilities for the Elderly Authority,
All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Refunding, Series 2019 A, 5.00%, 04/01/2054 (e)		6,680,000		5,755,121
All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2041 (e)		4,000,000		3,407,035
All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2051 (e)		12,400,000		9,181,840
All Saints-St. Luke's Episcopal Home for the Retired Obligated Group, Revenue, Series 2021 A, 4.00%, 04/01/2056 (e)		8,700,000		6,230,844
Gainesville & Hall County Hospital Authority,
Northeast Georgia Health System Obligated Group, Revenue, Series 2021 A, 2.50%, 02/15/2051		1,350,000		794,456
George L Smith II Congress Center Authority,
Signia Hotel Management LLC, Revenue, First Tier, Series 2021 A, 4.00%, 01/01/2054		3,045,000		2,442,136
Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 5.00%, 01/01/2054 (e)		16,420,000		14,485,906
Georgia Housing & Finance Authority,
Revenue, Refunding, Series 2024 C, 4.40%, 12/01/2044 (a)		4,500,000		4,186,591
Revenue, Refunding, Series 2024 C, 4.55%, 12/01/2049 (a)		27,010,000		24,840,976
Revenue, Refunding, Series 2024 C, 4.60%, 12/01/2054 (a)		12,750,000		11,690,685
Revenue, Series 2025 C, 5.15%, 06/01/2055		10,000,000		9,981,777
Oconee County Industrial Development Authority,
Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.25%, 12/01/2048		3,000,000		2,786,125
Westminster Presbyterian Homes Obligated Group, Revenue, Series 2018 A-1, 6.38%, 12/01/2053		3,000,000		2,771,588
				277,881,550
Guam 0.1%
Guam Government Waterworks Authority,
Revenue, Series 2025A, 5.50%, 07/01/2043 (f)		1,065,000		1,108,212

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Guam
Revenue, Series 2025A, 5.50%, 07/01/2045 (f)		1,000,000		1,032,140
Revenue, Series 2025A, 5.50%, 07/01/2055 (f)		1,500,000		1,523,667
				3,664,019
Hawaii 0.1%
State of Hawaii Department of Budget & Finance,
Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2034 (e)		3,000,000		2,989,167
Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.00%, 07/01/2039 (e)		2,780,000		2,593,369
Hawai`i Pacific University, Revenue, Refunding, Series 2024, 5.13%, 07/01/2043 (e)		2,500,000		2,237,477
Queen's Health Systems Obligated Group (The), Revenue, Series 2025B, 2.35%, 08/01/2025 (b)(c)		1,000,000		1,000,000
				8,820,013
Idaho 0.4%
Avimor Community Infrastructure District No. 1,
Assessment Area 5, Special Assessment, Series 2024, 5.88%, 09/01/2053 (e)		2,452,000		2,458,857
Assessment Area 6, Special Assessment, Series 2024 B, 5.50%, 09/01/2053 (e)		3,000,000		2,878,570
Spring Valley Community Infrastructure District No. 1,
Assessment Area 1, Special Assessment, Series 2021, 3.75%, 09/01/2051 (e)		1,413,000		1,261,437
Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (e)		9,000,000		8,960,292
Assessment Area 2, Special Assessment, Series 2025, 6.25%, 09/01/2054 (e)		9,300,000		9,244,152
				24,803,308
Illinois 4.0%
Bellwood Municipal Housing Corp.,
Village of Bellwood, Revenue, Series 2024, 6.38%, 12/01/2059 (e)		8,450,000		7,562,747
Chicago Board of Education,
GO, Series 2017 H, 5.00%, 12/01/2046		6,525,000		5,803,367
GO, Series 2018 D, 5.00%, 12/01/2046		7,465,000		6,647,470
GO, Series 2022 A, 5.00%, 12/01/2047		1,000,000		899,556
GO, Refunding, Series 2022 B, 4.00%, 12/01/2041		12,885,000		11,038,074
City of Chicago,
GO, BAM Insured, Series 2025 A, 6.00%, 01/01/2046		16,000,000		16,939,893
GO, Series 2025 A, 6.00%, 01/01/2050		37,800,000		38,622,331
GO, Series 2025 C, 6.00%, 01/01/2043		800,000		837,101
GO, Series 2025 F, 6.00%, 01/01/2045		1,755,000		1,819,694
GO, Series 2025 F, 6.00%, 01/01/2050		4,500,000		4,606,779
GO, Series 2025 F, 6.00%, 01/01/2055		6,000,000		6,113,302
City of Harvey,
GO, Refunding, Series 2023 A, 4.50%, 01/01/2054		4,662,000		3,767,903
City of Palos Heights,
Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 A, 7.00%, 01/01/2050		8,790,000		7,732,793
Trinity Christian College Association Obligated Group, Revenue, Refunding, Series 2024 B, 8.50%, 01/01/2032		1,210,000		1,211,019
County of Cook,
Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045		18,000,000		17,302,646
Illinois Finance Authority,
AIM Art in Motion, Revenue, Series 2021A, 5.00%, 07/01/2051 (e)		3,000,000		2,045,143
Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2038		5,320,000		4,367,511
Bradley University, Revenue, Refunding, Series 2021 A, 4.00%, 08/01/2051		4,750,000		3,559,407
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (e)		2,360,000		2,303,993
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.13%, 10/01/2050 (e)		1,250,000		1,217,328
Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2044		2,175,000		1,850,898
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2036		1,725,000		1,653,607

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Illinois
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 4.00%, 09/01/2037		400,000		344,302
Illinois Institute of Technology, Revenue, Refunding, Series 2019, 5.00%, 09/01/2040		5,585,000		5,089,632
Illinois Institute of Technology, Revenue, Refunding, Series 2025 A, 5.88%, 09/01/2046 (e)		43,200,000		41,078,889
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035		15,000		14,297
Navy Pier, Inc. Obligated Group, Revenue, Refunding, Series 2024 B, 5.00%, 10/01/2044 (e)		750,000		690,522
Navy Pier, Inc. Obligated Group, Revenue, Refunding, Series 2024 B, 5.00%, 10/01/2049 (e)		3,700,000		3,328,756
Northwestern Memorial Healthcare Obligated Group, Revenue, Refunding, Series 2021B, 2.80%, 08/01/2025 (b)(c)		3,000,000		3,000,000
Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2036		325,000		315,207
Plymouth Place Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 05/15/2056		1,255,000		1,010,699
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052		1,085,000		1,113,706
Roosevelt University, Revenue, Refunding, Series 2018 A, 6.13%, 04/01/2058 (e)		100,000		92,978
Roosevelt University, Revenue, Refunding, Series 2018 B, 6.00%, 04/01/2038 (e)		1,185,000		1,179,481
Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2049 (e)		2,500,000		2,340,411
Roosevelt University, Revenue, Series 2019 A, 6.13%, 04/01/2058 (e)		1,350,000		1,255,195
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2027		485,000		478,508
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2028		670,000		657,386
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2029		1,050,000		1,021,897
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2030		725,000		698,355
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2037		6,000,000		5,110,595
Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038		2,165,000		2,051,945
Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 05/01/2048		4,040,000		3,283,387
Illinois Housing Development Authority,
Revenue, FHA Insured, Series 2025 A, 5.15%, 07/01/2065		3,450,000		3,340,177
Stonebridge of Gurnee LLC, Revenue, Series A, 5.45%, 01/01/2046 (e)		1,640,000		1,494,702
Stonebridge of Gurnee LLC, Revenue, Series A, 5.60%, 01/01/2056 (e)		1,000,000		891,603
Sangamon County School District No. 186 Springfield,
GO, BAM Insured, Series 2025, 5.50%, 06/01/2060		10,000,000		10,333,792
GO, BAM Insured, Series 2025, 5.00%, 06/01/2062		6,075,000		5,960,368
Upper Illinois River Valley Development Authority,
Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2047 (e)		2,000,000		1,733,176
Northern Kane Educational Corp., Revenue, Series 2025 A, 6.00%, 12/01/2055 (e)		2,000,000		1,939,186
Village of Bellwood,
Tax Allocation, Series 2024, 5.00%, 12/01/2050		6,750,000		6,362,053
Village of Bridgeview,
GO, Refunding, Series 2014 A, 5.13%, 12/01/2044		15,000		12,882
GO, Refunding, Series 2015 A, 5.63%, 12/01/2041		100,000		96,065
Village of Lincolnwood,
North Lincoln Redevelopment Project Area, COP, Series 2021 A, 4.82%, 01/01/2041 (e)		6,040,000		5,748,093
Village of Lincolnwood Il,
North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (e)		1,200,000		1,182,066

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Illinois
Village of Oswego,
GO, Series 2025 A, 5.00%, 12/15/2050		1,465,000		1,429,080
Village of Rantoul,
Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (e)		6,095,000		6,070,190
Village of Romeoville,
Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2041		1,190,000		990,249
Lewis University, Revenue, Refunding, Series 2018 B, 4.13%, 10/01/2046		6,200,000		4,856,952
Western Illinois Economic Development Authority,
Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2036		1,500,000		1,311,529
				275,810,873
Indiana 2.1%
City of East Chicago,
Revenue, Series 2025, 6.50%, 07/15/2044 (e)		7,220,000		7,168,429
City of Valparaiso,
Lutheran University Association, Inc. (The), Revenue, Series 2025 A, 6.25%, 10/01/2050 (e)		2,500,000		2,430,068
Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (e)		8,000,000		7,784,094
Pratt Paper IN LLC, Revenue, AMT, Refunding, Series 2024, 4.88%, 01/01/2044 (e)		2,260,000		2,111,760
Pratt Paper IN LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 01/01/2054 (e)		4,175,000		3,809,799
Indiana Finance Authority,
Revenue, Series 2025, 5.25%, 07/01/2055		6,300,000		5,573,124
Revenue, Series 2025, 5.75%, 07/01/2060		5,550,000		5,199,547
BHI Senior Living Obligated Group, Revenue, Series 2018 A, 5.00%, 11/15/2048		7,000,000		6,317,554
BHI Senior Living Obligated Group, Revenue, Series 2018 A, 5.00%, 11/15/2053		2,765,000		2,443,482
Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037		1,025,000		825,183
Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2042		5,000		3,652
Lutheran University Association, Inc. (The), Revenue, Series 2014, 5.00%, 10/01/2039		750,000		682,549
PRG - UINDY Properties LLC, Revenue, Series 2025, 5.25%, 07/01/2045		3,500,000		3,200,039
PRG - UINDY Properties LLC, Revenue, Series 2025, 5.63%, 07/01/2050		5,000,000		4,702,680
Retirement Living, Inc. Obligated Group, Revenue, Refunding, Series 2025 A, 5.38%, 03/01/2055		2,000,000		1,891,259
Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (e)		1,800,000		1,770,457
Indiana Housing & Community Development Authority,
Revenue, Refunding, GNMA Insured, Series 2024 D-1, 4.70%, 07/01/2049 (a)		15,760,000		14,772,779
Revenue, Refunding, GNMA Insured, Series 2024 D-1, 4.75%, 07/01/2054 (a)		28,130,000		26,562,580
Revenue, GNMA Insured, Series 2025 B-1, 5.00%, 07/01/2050 (a)		13,665,000		13,565,376
Revenue, GNMA Insured, Series 2025 B-1, 5.05%, 07/01/2055 (a)		31,450,000		31,292,313
Town of Whiteland,
Patch Economic Development Area, Tax Allocation, Series 2022 A, 5.75%, 09/01/2047 (e)		1,125,000		1,032,622
Patch Economic Development Area, Tax Allocation, Series 2024 A, 6.13%, 03/01/2049 (e)		2,725,000		2,607,720
Town of Whitestown,
Whitestown Redevelopment Commission, Tax Allocation, Series 2024, 5.50%, 09/01/2049 (e)		2,170,000		1,972,400
				147,719,466
Iowa 1.4%
Crawford County Memorial Hospital, Inc.,
Revenue, Series 2024, 5.00%, 06/15/2027		1,515,000		1,535,584
Delaware County Memorial Hospital,
Revenue, Series 2025, 5.20%, 12/01/2035		715,000		722,818
Revenue, Series 2025, 5.60%, 12/01/2038		840,000		840,123

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Iowa
Revenue, Series 2025, 5.70%, 12/01/2039		890,000		886,770
Iowa Finance Authority,
Revenue, GNMA Insured, Series 2022H, 2.70%, 08/01/2025 (b)(c)		17,615,000		17,615,000
Revenue, GNMA Insured, Series 2025 C, 5.00%, 07/01/2050		5,020,000		4,983,402
Revenue, GNMA Insured, Series 2025 C, 5.05%, 07/01/2055		10,000,000		9,949,861
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2041		6,385,000		6,219,880
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2016 A, 5.00%, 05/15/2047		500,000		458,954
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2043		2,160,000		2,053,874
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2018 A, 5.00%, 05/15/2048		17,790,000		16,227,398
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 4.00%, 05/15/2055		3,750,000		2,792,827
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2019 A-1, 5.00%, 05/15/2055		7,065,000		6,256,568
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 05/15/2053		1,700,000		1,282,147
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2044		2,610,000		2,460,712
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 05/15/2049		2,400,000		2,177,490
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 05/15/2059		6,500,000		5,911,086
Riserville Holdings, Inc., Revenue, AMT, Series 2021, 5.00%, 12/01/2051 (e)		3,815,000		2,835,444
Iowa Higher Education Loan Authority,
Revenue, Series 2025, 5.00%, 10/01/2045		1,470,000		1,357,745
University of Dubuque, Revenue, Series 2025, 6.00%, 10/01/2055		7,000,000		7,119,792
Iowa Student Loan Liquidity Corp.,
Revenue, AMT, Series 2024 C, 5.00%, 12/01/2054		2,500,000		2,147,735
				95,835,210
Kansas 0.3%
City of Colby,
Citizens Medical Center, Inc., Revenue, Series 2024, 5.50%, 07/01/2026		7,000,000		7,018,380
City of Hutchinson,
Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2036		1,310,000		1,169,719
Hutchinson Regional Medical Center Obligated Group, Revenue, Series 2016, 5.00%, 12/01/2041		755,000		614,337
City of Wichita,
Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2019 III, 5.00%, 05/15/2050		400,000		315,878
Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.75%, 05/15/2045		1,000,000		926,937
Presbyterian Manors Obligated Group, Revenue, Refunding, Series 2024 VIII, 5.88%, 05/15/2050		1,000,000		905,304
Wyandotte County-Kansas City Unified Government,
Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (e)		7,500,000		7,554,835
Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (e)		1,500,000		1,520,576
Sales Tax, Revenue, Series 2024 A, 5.25%, 03/01/2046 (e)		10,230,000		9,237,501
				29,263,467
Kentucky 1.4%
City of Campbellsville,
Campbellsville University, Inc., Revenue, Refunding, Series 2017, 4.50%, 03/01/2047		965,000		732,577
City of Henderson,
Pratt Paper LLC, Revenue, AMT, Series 2022 A, 4.70%, 01/01/2052 (e)		2,000,000		1,752,145
City of Hopkinsville,
Ascend Elements, Inc., Revenue, AMT, Series 2024, 6.00%, 12/01/2031 (b)(g)		66,300,000		65,612,986

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Kentucky
Louisville,
Norton Healthcare Obligated Group, Revenue, Series 2023D, 2.75%, 08/01/2025 (b)(c)		29,865,000		29,865,000
Louisville/Jefferson County Metropolitan Government,
Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2027		500,000		498,177
Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031		1,790,000		1,747,547
Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2040		1,210,000		1,040,201
Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2033		2,270,000		2,172,671
Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 05/01/2036		2,715,000		2,493,142
				105,914,446
Louisiana 2.1%
Calcasieu Parish Memorial Hospital Service District,
Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034		250,000		250,073
Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2039		8,305,000		7,765,991
Louisiana Local Government Environmental Facilities & Community Development Authority,
Christwood Obligated Group, Revenue, Refunding, Series 2024, 5.25%, 11/15/2053 (e)		1,000,000		886,674
Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2029 (e)		815,000		814,582
Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (e)		2,900,000		2,584,958
Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2054 (e)		11,995,000		9,364,210
Louisiana Public Facilities Authority,
Athlos Academy of Jefferson, Revenue, Series 2024 A, 7.38%, 06/01/2054 (e)		5,000,000		5,122,937
Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 09/01/2064		39,625,000		40,229,131
Calcasieu Bridge Partners LLC, Revenue, Senior Lien, AMT, Series 2024, 5.00%, 09/01/2066		45,425,000		41,373,008
Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.38%, 06/15/2053 (e)		9,500,000		9,264,853
Lafayette Renaissance Charter Academy, Revenue, Series 2025, 6.50%, 06/15/2059 (e)		9,000,000		8,849,848
Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2049 (e)		6,315,000		5,456,595
Lake Charles College Prep, Revenue, Series 2019 A, 5.00%, 06/01/2058 (e)		8,760,000		7,352,452
Parish of St. James,
NuStar Logistics LP, Revenue, Series 2010, 6.35%, 07/01/2040 (e)		1,000,000		1,071,186
				140,386,498
Maine 0.5%
Maine Health & Higher Educational Facilities Authority,
Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 4.00%, 07/01/2041		30,000		23,525
Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2046		8,000,000		7,022,694
Maine State Housing Authority,
Revenue, Series 2024 D, 4.75%, 11/15/2054 (a)		8,750,000		8,219,911
Revenue, Series 2024 F, 4.55%, 11/15/2044 (a)		5,600,000		5,310,569
Revenue, Series 2024 F, 4.70%, 11/15/2049 (a)		9,410,000		8,916,369
Revenue, Series 2024 F, 4.75%, 11/15/2054 (a)		8,000,000		7,515,347
				37,008,415
Maryland 0.9%
City of Baltimore,
Poppleton Development District, Tax Allocation, Series A, 5.38%, 06/01/2036		1,000,000		959,240
Poppleton Development District, Tax Allocation, Series A, 5.50%, 06/01/2043		1,450,000		1,339,966
County of Frederick,
Mount St Mary's University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2045 (e)		2,470,000		2,159,681

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Maryland
County of Prince George's,
Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037		7,000,000		6,733,637
Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (e)		3,000,000		2,950,110
Maryland Department of Housing & Community Development,
Revenue, Series 2025 B, 5.10%, 07/01/2050		700,000		680,514
Revenue, Series 2025 B, 5.15%, 07/01/2055		995,000		985,463
Revenue, Series 2025 B, 5.20%, 07/01/2060		1,715,000		1,715,646
Revenue, Series 2025 B, 5.25%, 07/01/2067		1,735,000		1,707,912
Revenue, Series 2025 C, 5.15%, 07/01/2055		3,065,000		3,026,471
Revenue, Series 2025 C, 5.25%, 07/01/2060		8,305,000		8,334,803
Revenue, Series 2025 C, 5.30%, 07/01/2067		10,590,000		10,565,723
Maryland Economic Development Corp.,
City of Baltimore, Revenue, Series 2024, 5.00%, 07/01/2039		1,965,000		2,010,766
City of Baltimore, Revenue, Series 2024, 5.00%, 07/01/2044		2,175,000		2,126,063
City of Baltimore, Revenue, Series 2024, 5.00%, 07/01/2056		7,755,000		7,478,802
Maryland Health & Higher Educational Facilities Authority,
Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2044		7,210,000		6,476,880
UPMC Obligated Group, Revenue, Series 2020 B, 4.00%, 04/15/2050		2,000,000		1,665,793
Prince George's County Revenue Authority,
County of Prince George's MD Suitland-Naylor Road Development District, Tax Allocation, Series 2016, 5.00%, 07/01/2046 (e)		5,000,000		4,768,219
				65,685,689
Massachusetts 1.4%
Massachusetts Bay Transportation Authority Sales Tax,
Revenue, Series 2025 B, 5.00%, 07/01/2055 (a)		10,000,000		10,098,199
Revenue, Series 2025 B, 5.25%, 07/01/2055 (a)		16,000,000		16,545,037
Massachusetts Development Finance Agency,
Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2041 (e)		1,620,000		1,413,212
Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2051 (e)		7,280,000		5,681,504
Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2056 (e)		2,310,000		1,757,990
Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.38%, 07/15/2045 (e)		4,800,000		4,657,460
Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 6.50%, 07/15/2060 (e)		26,000,000		24,881,932
CHF Merrimack, Inc., Revenue, Series 2024 A, 5.00%, 07/01/2060 (e)		2,300,000		2,009,281
Lasell University, Revenue, Refunding, Series 2021, 4.00%, 07/01/2045		1,650,000		1,264,168
PRG Medford Properties, Inc., Revenue, Series 2025, 5.25%, 06/01/2055		4,635,000		4,636,973
PRG Medford Properties, Inc., Revenue, Series 2025, 5.25%, 06/01/2060		7,975,000		7,990,545
PRG Medford Properties, Inc., Revenue, Series 2025, 5.25%, 06/01/2065		9,540,000		9,544,060
Seven Hills Foundation Obligated Group, Revenue, Refunding, Series 2025, 6.00%, 09/01/2045		1,000,000		1,042,753
Seven Hills Foundation Obligated Group, Revenue, Refunding, Series 2025, 6.00%, 09/01/2055		1,000,000		1,011,684
Suffolk University, Revenue, Series 2021, 4.00%, 07/01/2046		4,620,000		3,683,964
Suffolk University, Revenue, Series 2021, 4.00%, 07/01/2051		4,750,000		3,659,792
Massachusetts Educational Financing Authority,
Revenue, AMT, Series 2021 C, 3.00%, 07/01/2051		1,545,000		956,237
Revenue, AMT, Series 2022 C, 4.13%, 07/01/2052		1,000,000		762,409
Town of Plymouth,
GO, Refunding, Series 2021, 2.00%, 05/01/2036		1,460,000		1,143,896
				102,741,096

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Michigan 1.4%
Flint Hospital Building Authority,
Hurley Medical Center, Revenue, Series 2013 A, 5.25%, 07/01/2039		2,075,000		2,055,351
Hurley Medical Center, Revenue, Refunding, Series 2020, 4.00%, 07/01/2041		310,000		276,834
Kalamazoo Economic Development Corp.,
Heritage Community of Kalamazoo Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 05/15/2042		425,000		389,359
Michigan Finance Authority,
Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2032		925,000		682,210
Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2034		650,000		464,140
Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2041		4,075,000		2,716,313
Albion College, Revenue, Refunding, Series 2022, 4.00%, 12/01/2051		1,895,000		1,142,777
Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031		1,080,000		862,198
Hanley International Academy, Inc., Revenue, Refunding, Series 2021, 5.00%, 09/01/2040		2,000,000		1,868,278
Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2044		1,375,000		1,244,528
Huron Academy, Revenue, Refunding, Series 2024, 5.00%, 10/01/2054		2,795,000		2,410,627
Michigan State Building Authority,
State of Michigan, Revenue, Series 2024 I, 2.39%, 08/01/2025 (b)(g)		3,315,000		3,315,000
State of Michigan, Revenue, Refunding, Series III, 2.39%, 08/11/2025 (b)(c)		400,000		400,000
Michigan State Housing Development Authority,
Revenue, Series 2021 A, 2.70%, 10/01/2056		5,010,000		3,000,172
Revenue, Series 2024 A, 4.70%, 10/01/2054		1,485,000		1,361,667
Revenue, Series 2024 A, 4.75%, 10/01/2059		7,100,000		6,641,433
Revenue, Series 2024 A, 4.80%, 10/01/2064		11,800,000		11,081,456
Revenue, Series 2024 D, 4.45%, 12/01/2049		2,500,000		2,256,920
Revenue, Series 2024 D, 4.55%, 06/01/2055 (a)		21,360,000		19,473,901
Revenue, Series 2025 A, 4.95%, 12/01/2050 (a)		8,915,000		8,605,498
Revenue, Series 2025 A, 5.00%, 12/01/2055 (a)		20,540,000		20,337,777
Michigan Strategic Fund,
United Methodist Retirement Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 05/15/2044		1,000,000		914,319
Tipton Academy,
Revenue, Series 2021, 4.00%, 06/01/2051		945,000		654,347
				92,155,105
Minnesota 0.4%
City of Apple Valley,
Orchard Path Phase III Project, Revenue, Series 2025 A, 5.38%, 09/01/2045		475,000		457,050
PHS Apple Valley Senior Housing, Inc., Revenue, Series 2025 A, 5.50%, 09/01/2055		625,000		597,212
PHS Apple Valley Senior Housing, Inc., Revenue, Series 2025 A, 5.63%, 09/01/2065		1,000,000		955,770
City of Bethel,
Spectrum Building Co., Revenue, Series 2024, 5.00%, 07/01/2059		1,750,000		1,561,348
City of Bethel Housing and Health Care Facilities,
Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2044		1,250,000		1,191,531
Second Century Housing & Owatonna Senior Living LLC Obligated Group, Revenue, Refunding, Series 2024 A, 6.13%, 03/01/2049		1,400,000		1,283,176
City of Cologne,
Cologne Academy, Revenue, Series 2014 A, 5.00%, 07/01/2045		3,565,000		3,194,797
City of Marshall,
Southwest & West Central Service Cooperatives, Revenue, Series 2024 A, 5.13%, 02/01/2041		675,000		664,499
Southwest & West Central Service Cooperatives, Revenue, Series 2024 A, 5.38%, 02/01/2045		725,000		705,018
City of Shakopee,
Benedictine Living Community of Shakopee LLC, Revenue, Series 2018, 5.85%, 11/01/2025 (b)(e)(g)		5,640,000		5,626,233

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Minnesota
City of St Bonifacius,
Augustana Chapel View Homes, Inc., Revenue, Series 2025, 6.50%, 06/01/2060		10,000,000		9,672,621
Dakota County Community Development Agency,
Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035		2,700,000		2,083,933
Minnesota Higher Education Facilities Authority,
Augsburg University, Revenue, Series 2016 A, 5.00%, 05/01/2046		1,630,000		1,079,032
				29,072,220
Mississippi 0.5%
County of Tunica,
Revenue, Refunding, Series 2019, 6.00%, 10/01/2040		4,740,000		4,735,446
County of Washington,
Delta Regional Medical Center, Revenue, Refunding, Series 2019, 4.25%, 02/01/2036		4,180,000		3,505,577
Mississippi Business Finance Corp.,
Chevron USA, Inc., Revenue, Series 2010 G, 2.70%, 08/01/2025 (b)(c)		270,000		270,000
Chevron USA, Inc., Revenue, Series 2010 L, 2.70%, 08/01/2025 (b)(c)		1,185,000		1,185,000
Mississippi Development Bank,
City of Jackson, Revenue, Refunding, Series 2013 A, 3.25%, 03/01/2036		230,000		172,689
Mississippi Home Corp.,
Revenue, GNMA Insured, Series 2025 A, 4.80%, 12/01/2045 (a)		10,000,000		9,647,410
Revenue, GNMA Insured, Series 2025 A, 4.90%, 12/01/2050 (a)		15,000,000		14,374,288
Revenue, GNMA Insured, Series 2025 A, 4.95%, 06/01/2053		3,500,000		3,417,016
Natchez-Adams School District,
GO, Series 2020, 1.75%, 03/01/2036		510,000		331,762
Revenue, Series 2020, 2.38%, 02/01/2037		1,145,000		806,975
GO, Series 2020, 1.75%, 03/01/2037		520,000		322,097
Revenue, Series 2020, 2.50%, 02/01/2039		15,000		9,938
Revenue, Series 2020, 2.50%, 02/01/2040		10,000		6,342
				38,784,540
Missouri 1.4%
Bear Creek Community Improvement District,
Revenue, Refunding, Series 2025, 6.25%, 05/01/2045 (f)		2,500,000		2,490,143
Cape Girardeau County Industrial Development Authority,
West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.50%, 05/01/2044 (e)		3,570,000		3,243,884
West Park Mall Redevelopment Area, Tax Allocation, Series 2024, 5.75%, 05/01/2054 (e)		10,000,000		8,873,987
Citizens Memorial Hospital District,
Revenue, Series 2024 D, 6.75%, 02/01/2053		575,000		547,889
Grindstone Plaza Transportation Development District,
Revenue, Series 2006 A, 5.40%, 10/01/2026		120,000		120,012
Revenue, Series 2006 A, 5.50%, 10/01/2031		2,280,000		2,271,735
Revenue, Series 2006 A, 5.55%, 10/01/2036		1,840,000		1,754,781
Health & Educational Facilities Authority of the State of Missouri,
Maryville University of St. Louis, Revenue, Series 2025 A, 5.00%, 06/15/2040		1,500,000		1,461,000
Maryville University of St. Louis, Revenue, Series 2025 A, 5.50%, 06/15/2047		2,880,000		2,763,526
Industrial Development Authority of the City of St. Louis Missouri (The),
Revenue, Refunding, Series 2024 A, 4.88%, 06/15/2034		450,000		447,667
Revenue, Refunding, Series 2024 A, Class A, 5.75%, 06/15/2054		7,200,000		6,961,170
Kansas City Industrial Development Authority,
City of Kansas City Historic Northeast Redevelopment Area, Revenue, Series 2024 A-1, 5.00%, 06/01/2054 (e)		3,000,000		2,645,825
Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2036 (e)		1,000,000		955,846
Ward Parkway Center Community Improvement District, Revenue, Refunding, Series 2016 A, 5.00%, 04/01/2046 (e)		3,515,000		3,013,488
Lees Summit Industrial Development Authority,
John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.25%, 08/15/2044		540,000		519,183
John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.63%, 08/15/2054		1,940,000		1,847,280

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Missouri
John Knox Village Obligated Group, Revenue, Refunding, Series 2024 A, 5.75%, 08/15/2059		1,835,000		1,739,706
Missouri Housing Development Commission,
Revenue, GNMA Insured, Series 2025 C, 4.85%, 11/01/2045 (a)		13,955,000		13,526,890
Revenue, GNMA Insured, Series 2025 C, 4.95%, 11/01/2050 (a)		10,955,000		10,576,792
Revenue, GNMA Insured, Series 2025 C, 5.00%, 11/01/2055 (a)		8,710,000		8,624,271
Rolla Industrial Development Authority,
Westside Marketplace Redevelopment Project - RPA 1, Tax Allocation, Series 2017 A, 5.38%, 05/01/2044		860,000		804,617
St Louis County Industrial Development Authority,
Friendship Village St Louis Obligated Group, Revenue, Series 2018 A, 5.25%, 09/01/2053		10,070,000		9,199,596
St. Charles County Industrial Development Authority,
Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 4.25%, 10/01/2034 (e)		1,265,000		1,117,805
Economic Development Council of St. Charles County Suemandy/Mid-Rivers Sales Tax, Revenue, Series 2016, 5.00%, 10/01/2046 (e)		3,775,000		3,027,643
				88,534,736
Montana 0.0%(d)
City of Kalispell,
Immanuel Living at Buffalo Hill Obligated Group, Revenue, Refunding, Series 2025 A, 6.00%, 05/15/2060		3,000,000		2,900,274
Montana Facility Finance Authority,
Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2040		240,000		182,195
Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2044		1,580,000		1,075,752
Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2050		2,095,000		1,307,425
				5,465,646
Nebraska 1.1%
Douglas County Hospital Authority No. 2,
Madonna Rehabilitation Hospital Obligated Group, Revenue, Series 2014, 5.00%, 05/15/2044		5,750,000		5,511,742
Nebraska Investment Finance Authority,
Revenue, GNMA Insured, Series 2024 G, 4.55%, 09/01/2044 (a)		4,470,000		4,231,057
Revenue, GNMA Insured, Series 2024 G, 4.70%, 09/01/2051 (a)		9,690,000		9,021,502
Revenue, GNMA Insured, Series 2025 A, 4.65%, 09/01/2055		6,000,000		5,575,045
Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2045 (a)		4,900,000		4,900,722
Revenue, GNMA Insured, Series 2025 C, 5.13%, 09/01/2050 (a)		15,000,000		15,018,880
Revenue, GNMA Insured, Series 2025 C, 5.20%, 09/01/2055 (a)		28,145,000		28,173,059
				72,432,007
Nevada 2.5%
City of Las Vegas,
Special Improvement District No. 613, Special Assessment, Series 2024, 5.25%, 12/01/2047		550,000		520,935
Special Improvement District No. 613, Special Assessment, Series 2024, 5.50%, 12/01/2053		600,000		580,231
Special Improvement District No. 818, Special Assessment, Series 2024, 5.00%, 12/01/2054		1,200,000		1,092,357
City of Reno,
2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.13%, 06/01/2047 (e)		140,000		129,801
2024 Special Assessment District No. 1, Special Assessment, Series 2025, 5.25%, 06/01/2054 (e)		1,225,000		1,122,787
City of Sparks,
Special Improvement District No. 1, Special Assessment, Series 2024, 5.13%, 06/01/2054		500,000		462,028
Nevada Housing Division,
Revenue, Senior Lien, Refunding, GNMA Insured, Series 2025 A, 4.75%, 10/01/2055		5,340,000		5,082,245

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Nevada
State of Nevada Department of Business & Industry,
Desertxpress Enterprises LLC, Revenue, AMT, Series 2025 A, 9.50%, 01/01/2033 (b)(e)(g)		193,160,000		167,600,567
				176,590,951
New Hampshire 2.2%
New Hampshire Business Finance Authority,
Revenue, Series 2024, 5.63%, 02/01/2030 (e)		5,000,000		5,008,477
Revenue, Series 2024, 5.38%, 12/01/2031 (e)		4,800,000		4,794,160
Revenue, Series 2024, 5.88%, 12/15/2032 (e)		13,474,000		13,250,139
Revenue, Series 2024, 0.00%, 12/01/2034 (e)(h)		6,000,000		3,228,078
Revenue, Series 2024, 5.25%, 12/01/2035 (e)		20,700,000		20,622,890
Revenue, Series 2024, 5.38%, 12/15/2035 (e)		36,300,000		35,464,926
Revenue, Series 2025, 0.00%, 12/01/2031 (e)(h)		5,000,000		3,411,817
Revenue, Series 2025, 0.00%, 12/15/2032 (e)(h)		8,571,000		5,317,816
Revenue, Series 2025 A, 0.00%, 02/01/2035 (e)(h)		8,000,000		4,384,098
Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041 (e)		3,765,000		3,284,410
Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2051 (e)		4,445,000		3,468,995
Ascentria Care Alliance Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2056 (e)		3,910,000		2,975,645
Brazoria County Municipal Utility District No. 83, Revenue, Series 2024, 5.30%, 12/01/2032 (e)		7,728,000		7,698,702
Brazoria-Fort Bend County Municipal Utility District No. 3, Revenue, Series 2024, 4.88%, 12/01/2033 (e)		5,600,000		5,559,225
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2043		200,000		196,356
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.38%, 04/01/2049		295,000		272,625
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.50%, 04/01/2054		275,000		258,714
Pennichuck Water Works, Inc., Revenue, AMT, Series 2024 A, 5.63%, 04/01/2059		350,000		333,339
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.63%, 04/01/2045		250,000		245,629
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2050		500,000		488,836
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.75%, 04/01/2055		1,410,000		1,372,774
Pennichuck Water Works, Inc., Revenue, AMT, Series 2025 A, 5.88%, 04/01/2060		1,250,000		1,228,371
Reworld Holding Corp., Revenue, Refunding, Series 2018 B, 4.63%, 11/01/2042 (e)		2,995,000		2,643,787
Reworld Holding Corp., Revenue, AMT, Refunding, Series 2018 C, 4.88%, 11/01/2042 (e)		3,805,000		3,423,712
Reworld Holding Corp., Revenue, Refunding, Series 2020 A, 3.63%, 07/02/2040 (b)(e)(g)		250,000		197,091
Reworld Holding Corp., Revenue, AMT, Refunding, Series 2020 B, 3.75%, 07/02/2040 (b)(e)(g)		5,600,000		4,404,551
Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (e)(f)(h)		10,000,000		6,620,357
Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (e)(h)		4,983,000		3,281,810
New Hampshire Health and Education Facilities Authority,
Catholic Medical Center Obligated Group, Revenue, Pre-Refunded, Series 2017, 3.50%, 07/01/2034		20,000		20,371
New Hampshire Health and Education Facilities Authority Act,
Catholic Medical Center Obligated Group, Revenue, Pre-Refunded, Series 2017, 5.00%, 07/01/2044		40,000		41,881
Rivier University, Revenue, Refunding, Series 2024, 5.00%, 02/01/2049		10,000,000		9,367,054
				152,866,636
New Jersey 0.7%
Hillsborough Township School District,
GO, Series 2020, 2.00%, 07/15/2036		285,000		215,610
New Jersey Economic Development Authority,

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
New Jersey
DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.38%, 01/01/2035 (e)		13,750,000		13,965,548
DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (e)		26,550,000		26,992,116
LEAP Academy University Charter School, Inc., Revenue, Series 2014 A, 6.20%, 10/01/2044 (e)		100,000		100,013
Lutheran Social Ministries at Crane's Mill, Inc., Revenue, Refunding, Series 2018, 5.00%, 01/01/2049		2,400,000		2,081,588
Teaneck Community Charter School A New Jersey Nonprofit Corp., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2037 (e)		1,120,000		1,117,047
United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027		500,000		501,020
New Jersey Educational Facilities Authority,
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.63%, 07/01/2034		65,000		51,404
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2036		405,000		345,799
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 4.00%, 07/01/2042		140,000		96,389
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2047		4,235,000		3,136,934
				48,603,468
New Mexico 0.1%
Aspire Public Improvement District,
Special Tax, Series 2024, 5.05%, 10/01/2044		500,000		444,783
Special Tax, Series 2024, 5.30%, 10/01/2053		810,000		719,365
Lower Petroglyphs Public Improvement District,
Special Tax, Refunding, Series 2018, 5.00%, 10/01/2048		1,150,000		1,052,178
New Mexico Hospital Equipment Loan Council,
Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2039		2,000,000		1,876,668
Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2049		1,500,000		1,263,832
New Mexico Mortgage Finance Authority,
Revenue, GNMA Insured, Series 2025 C, 5.05%, 09/01/2050		2,340,000		2,338,467
Revenue, GNMA Insured, Series 2025 C, 5.10%, 09/01/2055		3,000,000		2,984,588
				10,679,881
New York 6.4%
Allegany County Capital Resource Corp.,
Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2037		1,525,000		1,377,238
Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2042		1,925,000		1,622,299
Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2052		6,185,000		4,795,973
Buffalo Sewer Authority,
Revenue, Series 2021, 1.75%, 06/15/2049 (g)		3,030,000		2,112,540
Build NYC Resource Corp.,
Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (e)		2,465,000		2,394,195
Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2044 (e)		725,000		658,292
Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2049 (e)		1,260,000		1,116,049
Bay Ridge Preparatory School, Revenue, Series 2024, 5.00%, 09/01/2059 (e)		5,375,000		4,616,332
Shefa School, Revenue, Series 2021 A, 5.00%, 06/15/2051 (e)		10,565,000		9,129,132
TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2041		340,000		351,813
TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2042		500,000		512,513
TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2045		540,000		544,200
TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2050		1,240,000		1,227,786
TrIPs Obligated Group, Revenue, AMT, Series 2025, 5.50%, 07/01/2055		1,000,000		982,177
City of New York,
GO, Series 2017A, 2.75%, 08/01/2025 (b)(c)		1,755,000		1,755,000

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
New York
Hempstead Town Local Development Corp.,
Evergreen Charter School, Inc., Revenue, Series 2022 A, 5.25%, 06/15/2052		7,000,000		6,526,195
Jefferson County Civic Facility Development Corp.,
Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2047		1,260,000		895,605
Metropolitan Transportation Authority,
Revenue, Refunding, Series 2012G-3, 2.80%, 08/01/2025 (b)(c)		8,000,000		8,000,000
Monroe County Industrial Development Corp.,
St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030		680,000		664,329
St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2040		14,850,000		13,658,730
St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 01/01/2050		6,515,000		5,298,392
New York City Housing Development Corp.,
Revenue, FHLMC Insured, Series 2025 A, 5.20%, 02/01/2055 (a)		30,000,000		30,028,855
Revenue, Series 2025 A-1, 4.80%, 11/01/2055 (a)		15,885,000		15,121,548
Revenue, Series 2025 A-1, 4.85%, 11/01/2060 (a)		2,000,000		1,914,196
Revenue, Series 2025 B-1, 5.05%, 11/01/2045		420,000		421,732
Revenue, Series 2025 B-1, 5.20%, 11/01/2050		450,000		454,350
Revenue, Series 2025 B-1, 5.25%, 11/01/2055		750,000		752,142
Revenue, Series 2025 B-1, 5.30%, 11/01/2060		1,235,000		1,243,990
Revenue, Series 2025 B-1, 5.35%, 11/01/2064		1,065,000		1,077,470
Revenue, Series 2025 C-1, 5.13%, 11/01/2055		7,000,000		6,969,115
Revenue, Series 2025 C-1, 5.20%, 11/01/2060		5,000,000		5,001,552
Revenue, Series 2025 C-1, 5.25%, 05/01/2065		10,120,000		9,898,677
New York Liberty Development Corp.,
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 2, 5.38%, 11/15/2040 (e)		2,000,000		1,970,971
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (e)		2,000,000		2,001,081
New York State Dormitory Authority,
Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2031 (e)		1,000,000		1,002,555
Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2032 (e)		1,100,000		1,100,204
Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2037 (e)		2,000,000		1,899,484
Pace University, Revenue, Series 2024 A, 5.50%, 05/01/2056		4,525,000		4,423,597
St. Joseph's College, Revenue, Series 2021, 5.00%, 07/01/2051		1,750,000		1,419,924
New York State Housing Finance Agency,
Revenue, Series 2025 A1, 4.60%, 11/01/2045		485,000		465,274
Revenue, Series 2025 A1, 4.80%, 11/01/2055		830,000		782,806
Revenue, Series 2025 A1, 4.90%, 11/01/2068		2,175,000		2,076,107
New York Transportation Development Corp.,
JFK Millennium Partners LLC, Revenue, AMT, Refunding, AG Insured, Series 2024 A, 4.50%, 12/31/2054		5,000,000		4,332,328
JFK Millennium Partners LLC, Revenue, AMT, Refunding, AG Insured, Series 2024 A, 5.25%, 12/31/2054		49,505,000		48,470,836
JFK Millennium Partners LLC, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 12/31/2060		44,330,000		42,831,686
JFK Millennium Partners LLC, Revenue, AMT, Refunding, AG Insured, Series 2024 B, 0.00%, 12/31/2054		16,050,000		9,671,269
JFK NTO LLC, Revenue, AMT, Series 2024, 5.50%, 06/30/2054		46,500,000		44,855,025
JFK NTO LLC, Revenue, AMT, BAM Insured, Series 2024, 5.00%, 06/30/2060		25,105,000		23,348,054
JFK NTO LLC, Revenue, AMT, Series 2024, 5.50%, 06/30/2060		9,150,000		8,868,970
Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.25%, 01/01/2050		4,675,000		4,510,724

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
New York
Niagara Area Development Corp.,
Reworld Holding Corp., Revenue, AMT, Refunding, Series 2018 A, 4.75%, 11/01/2042 (e)		3,195,000		2,831,673
Oneida Indian Nation of New York,
Revenue, Series 2024 B, 6.00%, 09/01/2043 (e)		5,500,000		5,748,076
Onondaga Civic Development Corp.,
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.13%, 08/01/2044		1,500,000		1,211,079
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.38%, 08/01/2054		14,355,000		11,323,406
State of New York Mortgage Agency Homeowner Mortgage,
Revenue, Series 264, 4.38%, 10/01/2044 (a)		1,800,000		1,692,878
Revenue, Series 264, 4.55%, 10/01/2049 (a)		2,500,000		2,315,629
Revenue, Series 264, 4.60%, 10/01/2054 (a)		3,000,000		2,789,583
Suffolk Regional Off-Track Betting Corp.,
Revenue, Series 2024, 5.75%, 12/01/2044		18,000,000		18,327,568
Revenue, Series 2024, 6.00%, 12/01/2053		21,200,000		21,564,133
Triborough Bridge & Tunnel Authority,
Revenue, Refunding, Series 2005 B-4C, 2.80%, 08/01/2025 (b)(c)		5,000,000		5,000,000
Westchester County Industrial Development Agency,
Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (e)		4,000,000		4,163,162
Westchester County Local Development Corp.,
Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.00%, 07/01/2040		1,000,000		854,286
Bethel Methodist Home (The), Revenue, Refunding, Series 2020 A, 5.13%, 07/01/2055		5,630,000		4,211,756
Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2056 (e)		4,410,000		3,396,439
Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2056 (e)		3,000,000		2,552,722
Western Regional Off-Track Betting Corp.,
Revenue, Refunding, Series 2021, 4.13%, 12/01/2041 (e)		1,000,000		847,508
				433,983,210
North Carolina 0.4%
Charlotte-Mecklenburg Hospital Authority (The),
Atrium Health Obligated Group, Revenue, Refunding, Series 2007 C, 2.85%, 08/01/2025 (b)(c)		7,260,000		7,260,000
North Carolina Capital Facilities Finance Agency,
Meredith College, Revenue, Refunding, Series 2018, 5.00%, 06/01/2038		3,095,000		2,862,381
North Carolina Medical Care Commission,
Carolina Meadows, Inc. Obligated Group, Revenue, Series 2024, 5.25%, 12/01/2049		2,700,000		2,582,132
Carolina Meadows, Inc. Obligated Group, Revenue, Series 2024, 5.25%, 12/01/2054		1,000,000		942,022
Lutheran Retirement Ministries of Alamance County Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2044		2,000,000		1,914,122
Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2044		1,380,000		1,345,934
Penick Village Obligated Group, Revenue, Series 2024 A, 5.50%, 09/01/2054		3,630,000		3,374,987
Presbyterian Home at Charlotte, Inc. (The), Revenue, Refunding, Series 2019 A, 5.00%, 07/01/2049		600,000		529,815
				20,811,393
North Dakota 0.4%
City of Horace,
GO, Special Assessment, Refunding, Series 2024 A, 5.38%, 05/01/2050		800,000		795,205
GO, Special Assessment, Refunding, Series 2024 C, 4.75%, 05/01/2044		1,100,000		1,022,241
GO, Special Assessment, Refunding, Series 2024 C, 5.00%, 05/01/2050		1,500,000		1,397,464
City of Mayville,
GO, Special Assessment, Refunding, Series 2024, 5.00%, 05/01/2044		2,825,000		2,528,743

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
North Dakota
County of Ward,
Trinity Health Obligated Group, Revenue, Series 2017 C, 5.00%, 06/01/2043		2,800,000		2,592,515
North Dakota Housing Finance Agency,
Revenue, Series 2024 D, 4.65%, 07/01/2049 (a)		15,000,000		14,192,856
				22,529,024
Ohio 4.5%
Buckeye Tobacco Settlement Financing Authority,
Revenue, Senior Lien, Refunding, Series 2020 B-2, Class 2, 5.00%, 06/01/2055		200,000		162,461
Revenue, Senior Lien, Refunding, Series 2020 B-3, Class 2, 0.00%, 06/01/2057 (h)		308,700,000		26,994,858
City of Brecksville,
Valor Acres TIF Area, Tax Allocation, Series 2022, 5.63%, 12/01/2053 (e)		3,880,000		3,547,017
City of Norwood,
Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2041		1,000,000		968,857
Cleveland-Cuyahoga County Port Authority,
Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.50%, 12/01/2043		1,290,000		1,283,735
Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.50%, 12/01/2053		11,485,000		10,894,015
Columbus-Franklin County Finance Authority,
Revenue, Series 2019 A-1, 5.00%, 12/01/2051		5,000,000		4,652,689
Central Ohio Regional Bond Fund, Revenue, Series 2024 A, 5.00%, 11/15/2054		980,000		933,286
County of Allen,
Bon Secours Mercy Health, Inc., Revenue, Series 2010 C, 2.75%, 08/01/2025 (b)(c)		14,000,000		14,000,000
County of Butler,
UC Health Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 11/15/2045		1,000,000		938,267
County of Cuyahoga,
Eliza Jennings Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 05/15/2032		2,050,000		2,032,922
MetroHealth System (The), Revenue, Refunding, Series 2017, 5.25%, 02/15/2047		1,085,000		1,023,649
County of Fairfield,
Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033		9,615,000		9,433,126
Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.00%, 06/15/2043		4,345,000		3,583,725
County of Hamilton,
TriHealth Obligated Group, Revenue, Refunding, Series 2021 B, 2.80%, 08/01/2025 (b)(c)		1,425,000		1,425,000
UC Health Obligated Group, Revenue, Series 2020, 4.00%, 09/15/2050		3,175,000		2,443,007
UC Health Obligated Group, Revenue, Series 2020, 5.00%, 09/15/2050		7,000,000		6,432,748
County of Hardin,
Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026		145,000		143,693
Ohio Northern University, Revenue, Refunding, Series 2020, 5.00%, 05/01/2030		1,000,000		991,437
Ohio Northern University, Revenue, Refunding, Series 2020, 5.25%, 05/01/2040		2,425,000		2,175,667
Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050		4,000,000		3,394,331
County of Lucas,
Promedica Healthcare Obligated Group, Revenue, Series 2015 B, 4.00%, 11/15/2045		2,290,000		1,851,692
Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048		16,790,000		15,782,325
County of Muskingum,
Genesis Healthcare System Obligated Group, Revenue, Series 2013, 5.00%, 02/15/2048		4,000,000		3,577,709
County of Washington,
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.63%, 12/01/2042		100,000		102,837
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052		11,700,000		12,030,502

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Ohio
Dayton-Montgomery County Port Authority,
Dayton Regional STEM Schools, Inc., Revenue, Series 2024, 5.00%, 12/01/2054		1,000,000		924,448
Dayton Regional STEM Schools, Inc., Revenue, Series 2024, 5.00%, 12/01/2060		1,000,000		911,726
Delaware County Finance Authority,
Common Bond Fund, Revenue, Series 2024 B, 5.38%, 12/01/2038		3,675,000		3,554,453
Jefferson County Port Authority,
JSW Steel USA Ohio, Inc., Revenue, AMT, Series 2021, 3.50%, 12/01/2051 (e)		3,000,000		2,152,375
Ohio Higher Educational Facility Commission,
Ashtabula County Medical Center Obligated Group, Revenue, Series 2022, 5.25%, 01/01/2052		250,000		241,337
Ohio Housing Finance Agency,
Revenue, GNMA Insured, Series 2024 C, 4.50%, 09/01/2044 (a)		28,855,000		27,162,098
Revenue, GNMA Insured, Series 2024 C, 4.70%, 09/01/2054 (a)		15,995,000		14,933,039
Revenue, Refunding, GNMA Insured, Series 2025 A, 4.65%, 09/01/2050 (a)		26,900,000		24,877,811
Revenue, GNMA Insured, Series 2025 A, 4.70%, 09/01/2055 (a)		23,205,000		21,840,407
Bedford Heights AAL LP, Revenue, Series 2025, 6.38%, 01/01/2045 (e)		3,370,000		3,304,248
Havens Edge Apartments LLC, Revenue, Series 2025 A, 5.70%, 08/01/2043 (e)		3,500,000		3,509,238
Mansfield AAL LP, Revenue, Series 2024, 6.00%, 01/01/2045 (e)		4,480,000		4,140,268
Port of Greater Cincinnati Development Authority,
RBM Phase 3 Garage Project, Tax Allocation, Series 2024, 5.13%, 12/01/2055		3,250,000		2,953,240
Vivera Northbrook LLC, Revenue, Series 2025 A, 6.50%, 01/01/2045 (e)		4,500,000		4,449,163
Southeastern Ohio Port Authority,
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2035		1,750,000		1,594,018
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 12/01/2043		6,695,000		5,445,387
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2015, 5.50%, 12/01/2043		6,525,000		5,646,158
State of Ohio,
University Hospitals Health System, Inc. Obligated Group, Revenue, Refunding, Series 2014 B, 2.56%, 08/11/2025 (b)(c)		2,095,000		2,095,000
University Hospitals Health System, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 2.56%, 08/11/2025 (b)(c)		20,250,000		20,250,000
University Hospitals Health System, Inc. Obligated Group, Revenue, Series 2015 C, 2.55%, 08/01/2025 (b)(c)		8,765,000		8,765,000
University Hospitals Health System, Inc. Obligated Group, Revenue, Refunding, Series 2021 C, 2.55%, 08/01/2025 (b)(c)		3,415,000		3,415,000
Summit County Development Finance Authority,
UAkronPark, Inc., Revenue, Series 2023, 5.63%, 12/01/2048		800,000		810,397
UAkronPark, Inc., Revenue, Series 2023, 5.75%, 12/01/2053		1,400,000		1,417,735
UAkronPark, Inc., Revenue, Series 2023, 6.00%, 12/01/2058		3,000,000		3,085,654
Toledo-Lucas County Port Authority,
ParkUToledo, Inc., Revenue, Series 2021, 4.00%, 01/01/2046		1,000,000		787,882
University of Akron (The),
Revenue, Refunding, Series 2016 A, 5.00%, 01/01/2038		4,000,000		4,010,370
Warren County Port Authority,
Ohio Communities Accelerator Fund, Revenue, Series 2018 G-1, 5.13%, 12/01/2038		400,000		389,601
Ohio Communities Accelerator Fund, Revenue, Series 2024 A, 6.70%, 12/01/2056		605,000		639,926
				304,105,534
Oklahoma 0.5%
Commerce Development Authority,
City of Commerce, Revenue, Series 2025, 5.75%, 01/01/2045		370,000		346,627
City of Commerce, Revenue, Series 2025, 6.00%, 01/01/2055		1,720,000		1,613,407

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Oklahoma
Norman Regional Hospital Authority,
Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2037		920,000		677,655
Obligated Group, Revenue, Series 2019, 3.25%, 09/01/2039		195,000		135,863
Obligated Group, Revenue, Series 2019, 4.00%, 09/01/2045		800,000		560,066
Oklahoma County Finance Authority,
Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.00%, 06/15/2044 (e)		1,800,000		1,684,714
Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.25%, 06/15/2054 (e)		3,200,000		2,970,563
Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 6.50%, 06/15/2064 (e)		11,650,000		11,001,738
Oklahoma Development Finance Authority,
OU Medicine Obligated Group, Revenue, Series 2018 B, 5.25%, 08/15/2043		35,000		34,222
OU Medicine Obligated Group, Revenue, Series 2018 B, 5.25%, 08/15/2048		1,000,000		933,095
OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2052		5,000,000		4,744,201
OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2057		3,100,000		2,916,093
Oklahoma Housing Finance Agency,
Revenue, GNMA Insured, Series 2025 B, 5.00%, 03/01/2049		1,410,000		1,384,759
Tulsa Authority for Economic Opportunity,
Increment District No. 8, Tax Allocation, Series 2021, 4.38%, 12/01/2041 (e)		1,980,000		1,734,745
Tulsa Municipal Airport Trust Trustees,
American Airlines, Inc., Revenue, AMT, Refunding, Series 2025, 6.25%, 12/01/2040		10,000,000		10,822,050
Wagoner County Development Authority,
Revenue, Series 2025, 6.50%, 05/01/2035		2,265,000		2,274,397
				43,834,195
Oregon 0.8%
City of Redmond,
GO, AMT, Series 2025 A, 5.50%, 06/01/2052 (a)		10,500,000		10,788,954
Oregon State Facilities Authority,
Portland Village School, Revenue, Series 2024 A, 6.75%, 12/15/2054 (e)		4,000,000		3,612,356
Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.50%, 12/01/2054		2,250,000		2,061,432
Willamette University, Revenue, Refunding, Series 2016 B, 3.00%, 10/01/2045		190,000		127,257
Polk County Hospital Facility Authority,
Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2020 A, 5.13%, 07/01/2055		1,000,000		849,295
Port of Portland,
Airport, Revenue, AMT, Series 28, 5.00%, 07/01/2052 (a)		23,305,000		22,836,036
State of Oregon,
GO, Refunding, Series 2020 J, 2.80%, 08/01/2025 (b)(c)		2,670,000		2,670,000
State of Oregon Housing & Community Services Department,
Revenue, GNMA Insured, Series 2025 A, 5.05%, 07/01/2050		6,370,000		6,367,570
Yamhill County Hospital Authority,
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2046		1,300,000		1,082,248
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2051		1,005,000		798,054
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2046		3,040,000		2,530,796
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2051		1,650,000		1,310,237
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 11/15/2056		1,990,000		1,533,426
				56,567,661
Pennsylvania 5.2%
Allentown Commercial and Industrial Development Authority,
Lincoln Leadership Academy Charter School, Revenue, Series 2023, 6.00%, 06/15/2053		1,900,000		1,910,011
Allentown Neighborhood Improvement Zone Development Authority,
Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2042 (e)		5,725,000		5,483,238

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Pennsylvania
Total Waterfront, Revenue, Series 2024 B, 6.00%, 05/01/2042 (e)		12,440,000		12,090,596
Beaver County Industrial Development Authority,
Energy Harbor Generation LLC, Revenue, Refunding, Series B, 3.75%, 10/01/2047		4,855,000		3,782,900
Berks County Industrial Development Authority,
Revenue, Senior Lien, Refunding, Series 2024 C, 5.00%, 04/01/2029 (b)(e)(g)		2,802,000		2,463,741
Revenue, Refunding, Series 2024 D, 8.00%, 04/01/2029 (b)(e)(g)		3,440,000		2,905,780
Tower Health Obligated Group, Revenue, Refunding, Series 2017, 4.00%, 11/01/2047		200,000		124,939
Berks County Municipal Authority (The),
Tower Health Obligated Group, Revenue, Series 2024 A-3, 5.00%, 06/30/2039		56,447,000		51,119,617
Tower Health Obligated Group, Revenue, Series 2024 B-1, 0.00%, 06/30/2044		41,795,000		30,054,433
Bucks County Industrial Development Authority,
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027		275,000		282,485
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2028		525,000		546,157
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029		550,000		578,302
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2032		1,000,000		1,053,104
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2033		1,150,000		1,202,098
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2034		1,355,000		1,407,473
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2035		1,100,000		1,135,138
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2036		1,250,000		1,282,079
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2037		2,650,000		2,701,843
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2038		1,725,000		1,746,650
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2039		2,940,000		2,959,751
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2040		3,000,000		3,000,527
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2046		9,920,000		7,993,243
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 4.00%, 07/01/2051		5,480,000		4,173,064
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2054		9,120,000		8,215,916
Grand View Hospital/Sellersville PA Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2041		1,225,000		1,208,934
Butler County Hospital Authority,
Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035		4,430,000		4,275,157
Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2039		3,710,000		3,322,084
DuBois Hospital Authority,
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2043		295,000		234,215
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2043		3,815,000		3,445,149
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2048		100,000		73,666
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2048		780,000		665,499
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2045		335,000		256,805
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 4.00%, 07/15/2050		7,005,000		5,065,192
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037		150,000		144,215
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 3.00%, 07/15/2046		155,000		100,176
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 07/15/2051		2,000,000		1,434,338

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Pennsylvania
Glendale Valley Municipal Authority,
Revenue, Refunding, Series 2018, 4.75%, 12/01/2039		400,000		334,766
Huntingdon County General Authority,
Juniata College, Revenue, Refunding, Series 2021 TT-3, 5.00%, 10/01/2051		2,000,000		1,750,189
Lancaster Municipal Authority,
Garden Spot Village Obligated Group, Revenue, Series 2024 B, 5.00%, 05/01/2059		2,660,000		2,439,902
Luthercare Obligated Group, Revenue, Refunding, Series 2025 A, 5.00%, 12/01/2055		1,370,000		1,238,758
Lehigh County Industrial Development Authority,
Seven Generations Charter School, Revenue, Series 2021 A, 4.00%, 05/01/2041		1,775,000		1,451,736
Monroe County Industrial Development Authority,
Tobyhanna Township TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2031		2,500,000		2,556,681
Northeastern Pennsylvania Hospital and Education Authority,
King's College, Revenue, Series 2019, 3.25%, 05/01/2035		150,000		129,135
King's College, Revenue, Series 2019, 3.38%, 05/01/2037		340,000		284,255
King's College, Revenue, Series 2019, 5.00%, 05/01/2044		820,000		740,439
King's College, Revenue, Series 2019, 5.00%, 05/01/2049		2,265,000		1,966,536
Pennsylvania Economic Development Financing Authority,
Commonwealth of Pennsylvania Motor License Fund, Revenue, AMT, Series 2022, 5.25%, 06/30/2053		2,000,000		1,882,744
Reworld Holding Corp., Revenue, AMT, Series 2019 A, 3.25%, 08/01/2039 (e)		3,000,000		2,352,391
Pennsylvania Higher Education Assistance Agency,
Revenue, AMT, Series 2020 B, 3.00%, 06/01/2047		835,000		546,144
Pennsylvania Higher Educational Facilities Authority,
Foundation for Indiana University of Pennsylvania Phase II Student Housing, Revenue, AG Insured, Series 2007 A, (3-month SOFR + 0.65%), 3.70%, 07/01/2039 (j)		500,000		460,654
Widener University, Revenue, Refunding, Series 2014, 5.00%, 07/15/2038		1,810,000		1,728,881
Pennsylvania Housing Finance Agency,
Revenue, Series 2023 143A, 5.38%, 10/01/2046 (a)		15,440,000		15,663,169
Revenue, Series 2023-143 A, 5.45%, 04/01/2051 (a)		19,280,000		19,541,346
Revenue, Series 2024-145A, 4.75%, 10/01/2049		2,745,000		2,622,003
Revenue, Series 2025 148 A, 4.75%, 10/01/2050 (a)		30,020,000		28,556,654
Revenue, Series 2025 148 A, 4.80%, 10/01/2055 (a)		36,000,000		33,903,385
Revenue, Series 2025-149A, 5.15%, 10/01/2050		25,325,000		25,364,312
Philadelphia Authority for Industrial Development,
Children's Hospital of Philadelphia Obligated Group, Revenue, Series 2024B-1, 2.75%, 08/01/2025 (b)(c)		6,720,000		6,720,000
Children's Hospital of Philadelphia Obligated Group, Revenue, Series 2024B-2, 2.75%, 08/01/2025 (b)(c)		1,165,000		1,165,000
Philadelphia Performing Arts Charter School, Revenue, Refunding, Series 2020, 5.00%, 06/15/2050 (e)		3,700,000		3,250,524
Quakertown General Authority,
Special Assessment, Series 2025, 6.50%, 03/01/2055 (e)		6,000,000		5,868,263
Scranton-Lackawanna Health and Welfare Authority,
Marywood University, Revenue, Refunding, Series 2016, 5.00%, 06/01/2036		400,000		362,621
St. Mary Hospital Authority,
Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR + 0.83%), 3.90%, 11/15/2034 (j)		1,965,000		1,928,333
Westmoreland County Industrial Development Authority,
Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2041		7,980,000		6,294,572
Redstone Presbyterian Seniorcare Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 05/15/2047		6,230,000		4,422,461
Wilkins Area Industrial Development Authority,
Jewish Association on Aging, Revenue, Series 2025 A, 7.00%, 04/01/2060 (e)		13,000,000		12,501,771
				356,466,140

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Puerto Rico 0.4%
Children's Trust Fund,
Revenue, Series 2002, 5.63%, 05/15/2043		295,000		299,975
Revenue, Series 2008 B, 0.00%, 05/15/2057 (h)		72,305,000		1,952,915
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority,
San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-1, 6.75%, 01/01/2045		8,000,000		8,819,787
San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-2, 6.75%, 01/01/2045		6,750,000		7,441,696
San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.25%, 01/01/2040		2,000,000		2,196,434
San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.50%, 01/01/2041		5,510,000		6,077,616
San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.50%, 01/01/2042		1,765,000		1,939,403
San Juan Cruise Port LLC, Revenue, AMT, Series 2023 A-3, 6.75%, 01/01/2046		250,000		274,159
				29,001,985
Rhode Island 1.1%
Rhode Island Housing & Mortgage Finance Corp.,
Revenue, FHA Insured, Series 2024 1-C, 4.75%, 10/01/2059		900,000		841,872
Revenue, FHA Insured, Series 2024 1-C, 4.80%, 04/01/2066		1,935,000		1,825,189
Revenue, GNMA Insured, Series 83-A, 4.90%, 10/01/2054 (a)		16,760,000		16,124,243
Revenue, Refunding, GNMA Insured, Series 85-A, 4.65%, 10/01/2050 (a)		9,250,000		8,565,641
Revenue, GNMA Insured, Series 86-A, 5.20%, 10/01/2050 (f)		5,000,000		5,007,758
Revenue, GNMA Insured, Series 86-A, 5.25%, 10/01/2055 (f)		10,000,000		10,062,852
Tobacco Settlement Financing Corp.,
Revenue, Series 2007 A, 0.00%, 06/01/2052 (h)		160,000,000		26,445,760
				68,873,315
Tennessee 0.4%
Metropolitan Government Nashville & Davidson County Industrial Development Board,
South Nashville Central Business Improvement District, Special Assessment, Senior Lien, Series 2021 B, 0.00%, 06/01/2043 (e)(h)		1,725,000		664,999
Shelby County Health & Educational Facilities Board,
Madrone Memphis Student Housing I LLC, Revenue, Series 2024 A-1, 5.25%, 06/01/2056 (e)		2,000,000		1,802,240
Shelby County Health Educational & Housing Facilities Board,
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.38%, 09/01/2041		3,230,000		2,772,947
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.50%, 09/01/2047		7,340,000		6,154,117
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 09/01/2031 (e)		65,000		57,418
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 4.25%, 09/01/2037 (e)		870,000		697,167
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (e)		100,000		86,511
Tennessee Housing Development Agency,
Revenue, Refunding, GNMA Insured, Series 2025-1A, 4.90%, 07/01/2045 (a)		3,000,000		2,943,237
Revenue, Refunding, GNMA Insured, Series 2025-1A, 5.00%, 07/01/2050 (a)		3,750,000		3,722,238
Revenue, Refunding, GNMA Insured, Series 2025-1A, 5.05%, 07/01/2055 (a)		2,250,000		2,245,313
Williamson County Industrial Development Board,
Franklin Classical School, Revenue, Series 2025, 7.25%, 07/01/2055 (e)		12,800,000		12,778,732
				33,924,919
Texas 6.9%
Anson Education Facilities Corp.,
Arlington Classics Academy, Revenue, Series 2016 A, 5.00%, 08/15/2045		2,000,000		1,859,241
Arlington Higher Education Finance Corp.,

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2041		3,000,000		2,624,884
Brooks Collegiate Academy / Brooks Lone Star Academy, Revenue, Series 2021 A, 5.00%, 06/15/2051		10,430,000		8,488,353
Cypress Christian School, Inc., Revenue, Series 2024, 5.75%, 06/01/2043 (e)		1,500,000		1,475,645
Cypress Christian School, Inc., Revenue, Series 2024, 6.25%, 06/01/2063 (e)		1,200,000		1,168,699
El Paso Education Initiative, Inc. (The), Revenue, Refunding, PSF Guaranty, Series 2020 A, 3.00%, 08/15/2050		4,405,000		2,881,475
Bexar County Health Facilities Development Corp.,
Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 07/15/2031		10,000		9,602
Central Texas Regional Mobility Authority,
Revenue, Sub. Lien, Refunding, Series 2020 G, 4.00%, 01/01/2050		1,270,000		1,056,987
City of Alvarado,
Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/01/2045 (e)		725,000		720,382
Lone Oak Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2054 (e)		850,000		843,616
City of Anna,
Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/15/2044 (e)		850,000		812,482
Meadow Vista Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/15/2054 (e)		1,300,000		1,207,448
Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.00%, 09/15/2041 (e)		1,867,000		1,554,449
Sherley Tract Public Improvement District No. 2 Improvement Area No. 1, Special Assessment, Series 2021, 4.25%, 09/15/2051 (e)		1,407,000		1,098,125
City of Aubrey,
Duck Point Public Improvement District, Special Assessment, Series 2025, 5.38%, 12/31/2045 (e)		1,250,000		1,159,687
Duck Point Public Improvement District, Special Assessment, Series 2025, 5.63%, 12/31/2055 (e)		2,260,000		2,078,634
City of Austin,
Whisper Valley Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 11/01/2044 (e)		560,000		518,533
Whisper Valley Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.25%, 11/01/2053 (e)		1,460,000		1,340,417
City of Bastrop,
Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e)		600,000		575,879
Valverde Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e)		1,000,000		956,686
City of Blue Ridge,
Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.63%, 09/15/2045 (e)		500,000		494,563
Blue Ridge Crossing Public Improvement District, Special Assessment, Series 2025, 5.88%, 09/15/2055 (e)		680,000		673,300
City of Boyd,
Special Assessment, Series 2025, 5.63%, 09/15/2045 (e)		760,000		757,134
Special Assessment, Series 2025, 5.88%, 09/15/2055 (e)		1,000,000		1,001,192
City of Buda,
Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.88%, 09/01/2045 (e)		1,500,000		1,422,334
Persimmon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/01/2055 (e)		3,000,000		2,789,644
Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.75%, 09/01/2055 (e)		3,000,000		2,804,989
City of Caddo Mills,

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.20%, 09/15/2045 (e)		2,245,000		2,222,923
Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 6.35%, 09/15/2055 (e)		4,140,000		4,098,419
City of Celina,
Special Assessment, Series 2024, 5.50%, 09/01/2044 (e)		475,000		464,304
Special Assessment, Series 2024, 5.75%, 09/01/2054 (e)		1,350,000		1,328,424
Celina Hills Public Improvement District, Special Assessment, Series 2022, 4.88%, 09/01/2042 (e)		1,084,000		998,923
Lakes at Mustang Ranch Public Improvement District Phases 8-9, Special Assessment, Series 2025, 5.50%, 09/01/2045 (e)		445,000		427,037
Lakes at Mustang Ranch Public Improvement District Phases 8-9, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e)		750,000		706,522
Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e)		1,750,000		1,627,133
Mosaic Public Improvement District Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e)		4,000,000		3,829,540
Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e)		360,000		334,724
Mosaic Public Improvement District Phase No. 1B, Special Assessment, Series 2024, 5.38%, 09/01/2053 (e)		500,000		472,465
North Sky Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044		600,000		544,070
North Sky Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/01/2052		535,000		477,575
Sutton Fields East Public Improvement District Phase No. 1, Special Assessment, Series 2022, 4.00%, 09/01/2043 (e)		2,059,000		1,662,587
Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e)		500,000		472,486
Sutton Fields East Public Improvement District Phase No. 2, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e)		875,000		818,547
Sutton Fields II Public Improvement District Neighborhood Improvement Area No. 5, Special Assessment, Series 2022, 4.00%, 09/01/2051 (e)		1,000,000		743,362
City of Corpus Christi,
Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.13%, 09/15/2044		1,150,000		1,090,201
Whitecap Public Improvement District No. 1 Improvement Area No. 1, Special Assessment, Series 2024, 6.50%, 09/15/2054		2,000,000		1,896,288
City of Crandall,
River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.25%, 09/15/2045 (e)		700,000		656,473
River Ridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.50%, 09/15/2055 (e)		1,400,000		1,309,318
City of Dayton,
Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.38%, 09/01/2044 (e)		610,000		597,884
Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Senior Lien, Series 2024 A, 5.75%, 09/01/2054 (e)		900,000		843,991
Westpointe Villages Public Improvement District Improvement Area No. 2, Special Assessment, Junior Lien, Series 2024 B, 6.25%, 09/01/2054 (e)		1,250,000		1,164,047
City of Decatur,
Paloma Trails Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.50%, 09/15/2045 (e)		700,000		658,899
Paloma Trails Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.75%, 09/15/2055 (e)		1,400,000		1,309,894
Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.38%, 09/15/2035 (e)		170,000		166,388
Paloma Trails Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 6.38%, 09/15/2055 (e)		865,000		810,205

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
City of Dorchester,
Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2044 (e)		1,331,000		1,259,049
Cottonwood Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 7.25%, 09/15/2054 (e)		1,459,000		1,364,608
Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (e)		1,050,000		968,447
Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (e)		1,500,000		1,361,626
City of Dripping Springs,
Heritage Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e)		645,000		589,039
Heritage Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.25%, 09/01/2054 (e)		840,000		759,652
City of Fate,
Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 08/15/2044 (e)		900,000		847,144
Monterra Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.75%, 08/15/2054 (e)		1,850,000		1,761,306
City of Friendswood,
Public Improvement District, Special Assessment, Series 2024, 7.00%, 09/15/2054		7,250,000		6,941,730
City of Houston,
Airport System, Revenue, AMT, Refunding, Series 2025A, 5.50%, 07/01/2055 (f)		15,000,000		15,409,452
City of Huntsville,
Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.38%, 09/15/2044 (e)		775,000		746,976
Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 5.63%, 09/15/2054 (e)		740,000		694,700
City of Hutto,
Cottonwood Creek Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.13%, 09/01/2045 (e)		705,000		650,445
Cottonwood Creek Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.38%, 09/01/2055 (e)		825,000		761,581
Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/01/2045 (e)		385,000		356,237
Prairie Winds Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/01/2060 (e)		1,165,000		1,069,118
City of Justin,
Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2044 (e)		580,000		559,101
Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (e)		1,000,000		955,354
City of Kyle,
6 Creeks Public Improvement District Improvement Area No. 3, Special Assessment, Series 2021, 3.75%, 09/01/2041 (e)		2,000,000		1,660,919
6 Creeks Public Improvement District Improvement Area No. 3B, Special Assessment, Series 2025, 5.13%, 09/01/2046 (e)		895,000		824,820
6 Creeks Public Improvement District Improvement Area No. 5, Special Assessment, Series 2025, 5.38%, 09/01/2050 (e)		650,000		597,491
Limestone Creek Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.75%, 09/01/2053 (e)		1,125,000		1,077,689
Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e)		520,000		491,570
Plum Creek North Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.38%, 09/01/2054 (e)		805,000		770,788
City of Lago Vista,
Tessera on Lake Travis Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 6.00%, 09/01/2054 (e)		1,000,000		956,983

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
City of Lavon,
Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)(f)		1,100,000		1,101,624
Special Assessment, Series 2025, 6.00%, 09/15/2054 (e)(f)		1,400,000		1,403,887
Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2022, 4.13%, 09/15/2052 (e)		2,005,000		1,539,273
Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/15/2044 (e)		500,000		475,900
Elevon Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.38%, 09/15/2052 (e)		500,000		469,687
Elevon Public Improvement District Improvement Area No. 2A-2B, Special Assessment, Series 2024, 5.13%, 09/15/2044 (e)		600,000		579,949
Elevon Public Improvement District Improvement Area No. 2A-2B, Special Assessment, Series 2024, 5.50%, 09/15/2054 (e)		800,000		760,446
City of Lowry Crossing,
Simpson Road Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)		1,000,000		994,499
Simpson Road Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2055 (e)		1,625,000		1,616,988
City of Manor,
EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 6.00%, 09/15/2036 (e)		400,000		401,673
EntradenGlen Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 7.00%, 09/15/2055 (e)		1,910,000		1,901,440
Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.38%, 09/15/2044 (e)		515,000		500,468
Manor Heights Public Improvement District Area No. 4, Special Assessment, Series 2024, 5.63%, 09/15/2054 (e)		685,000		657,493
City of Mesquite,
Solterra Public Improvement District Improvement Area A-1, Special Assessment, Series 2023, 5.75%, 09/01/2053 (e)		250,000		247,132
Solterra Public Improvement District Improvement Area No. C-3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e)		500,000		463,168
Solterra Public Improvement District Improvement Area No. C-3, Special Assessment, Series 2024, 5.25%, 09/01/2053 (e)		560,000		514,404
City of Oak Point,
Chaparral Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.10%, 09/15/2044 (e)		725,000		663,094
Chaparral Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/15/2054 (e)		1,000,000		904,222
Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.35%, 09/15/2044 (e)		570,000		535,107
Oak Point 720 Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.63%, 09/15/2054 (e)		1,000,000		934,913
City of Penitas,
GO, Series 2025, 5.75%, 09/01/2045		1,160,000		1,126,736
GO, Series 2025, 6.00%, 09/01/2055		3,290,000		3,186,030
City of Pflugerville,
Meadowlark Preserve Public Improvement District, Special Assessment, Series 2025, 5.13%, 09/01/2045 (e)		875,000		803,184
Meadowlark Preserve Public Improvement District, Special Assessment, Series 2025, 5.38%, 09/01/2055 (e)		1,450,000		1,336,635
City of Pilot Point,
Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (e)		750,000		754,937
Bryson Ranch Public Improvement District Zone A Improvement Area No. 1, Special Assessment, Series 2025, 6.38%, 09/15/2055 (e)		3,500,000		3,516,665
Bryson Ranch Public Impt Dist Zone A Impt Area No. 1, Special Assessment, Series 2025, 6.13%, 09/15/2045 (e)		1,030,000		1,036,781
City of Plano,
Collin Creek West Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (e)		500,000		378,586

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
City of Port Isabel,
GO, Series 2024, 5.25%, 02/15/2044		3,255,000		3,128,994
GO, Series 2024, 5.50%, 02/15/2054		2,020,000		1,905,842
GO, Series 2025, 5.75%, 02/15/2045		1,550,000		1,513,196
GO, Series 2025, 6.00%, 02/15/2055		1,500,000		1,441,230
City of Princeton,
Eastridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2023, 5.25%, 09/01/2043 (e)		1,000,000		961,304
Eastridge Public Improvement District Improvement Area No. 3, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e)		700,000		647,664
Eastridge Public Improvement District Improvement Area No. 4, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e)		500,000		481,633
Eastridge Public Improvement District Improvement Area No. 4, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e)		1,000,000		967,567
Southbridge Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e)		1,220,000		1,126,311
Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 5.75%, 09/01/2045 (e)		850,000		839,626
Southridge Public Improvement District Area No. 3, Special Assessment, Series 2025, 6.00%, 09/01/2055 (e)		1,000,000		989,616
Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.38%, 09/01/2045 (e)		540,000		514,574
Westridge Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.63%, 09/01/2055 (e)		1,000,000		947,319
Winchester Crossing Public Improvement District No. 3, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e)		875,000		801,230
Winchester Crossing Public Improvement District No. 3, Special Assessment, Series 2024, 5.38%, 09/01/2054 (e)		1,200,000		1,137,574
Windmore Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e)		410,000		377,643
Windmore Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e)		565,000		525,242
Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 5.75%, 09/01/2045 (e)		810,000		800,114
Windmore Public Improvement District Improvement Area No. 2, Special Assessment, Series 2025, 6.00%, 09/01/2055 (e)		845,000		836,226
City of Royse City,
Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)(f)		605,000		595,329
Clearview Ranch Public Impt Dist North Zone Improvement Area 1, Special Assessment, Series 2025, 6.00%, 09/15/2055 (e)(f)		775,000		763,778
Liberty Crossing Public Improvement District improvement Area No. 2, Special Assessment, Series 2024, 5.63%, 09/15/2054 (e)		746,000		691,726
City of Seagoville,
Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)		650,000		643,381
Special Assessment, Series 2025, 6.00%, 09/15/2054 (e)		875,000		870,724
Santorini Public Improvement District Improvement Area, Special Assessment, Series 2024, 7.00%, 09/15/2054 (e)		5,000,000		4,758,721
Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.00%, 09/15/2044 (e)		2,100,000		1,993,065
Santorini Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 6.25%, 09/15/2054 (e)		2,500,000		2,342,802
City of Tomball,
Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)		500,000		504,285
Winfrey Estates Public Improvement District, Special Assessment, Series 2025, 6.00%, 09/15/2053 (e)		770,000		776,648
City of Uhland,
Anderson Park Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e)		605,000		561,860

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
Anderson Park Public Improvement District Area No. 1, Special Assessment, Series 2024, 5.50%, 09/01/2055 (e)		950,000		877,328
City of Venus,
Patriot Estates Public Improvement District, Special Assessment, Series 2021, 4.00%, 09/15/2051 (e)		163,000		127,998
City of Wharton,
Special Assessment, Series 2025, 5.75%, 09/15/2045 (e)		865,000		856,191
Special Assessment, Series 2025, 6.00%, 09/15/2055 (e)		1,250,000		1,236,989
Clifton Higher Education Finance Corp.,
Valor Texas Education Foundation, Revenue, Series 2024 A, 5.75%, 06/15/2044 (e)		870,000		798,900
Valor Texas Education Foundation, Revenue, Series 2024 A, 6.00%, 06/15/2054 (e)		2,240,000		2,019,506
Club Municipal Management District No. 1,
Improvement Area No. 3, Special Assessment, Series 2024, Class A, 5.10%, 09/01/2044 (e)		1,050,000		991,867
Improvement Area No. 3, Special Assessment, Series 2024, 5.38%, 09/01/2055 (e)		1,500,000		1,414,741
County of Bastrop,
Double Eagle Ranch Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.25%, 09/01/2044 (e)		605,000		573,915
Double Eagle Ranch Public Improvement District Improvement Area No. 2, Special Assessment, Series 2024, 5.50%, 09/01/2054 (e)		770,000		723,845
County of Denton,
Green Meadows Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 12/31/2045 (e)		2,180,000		2,182,011
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.25%, 12/31/2044 (e)		2,000,000		1,882,880
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Senior Lien, Series 2024 A, 5.63%, 12/31/2054 (e)		3,200,000		3,014,569
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044		1,250,000		1,179,621
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054		3,500,000		3,307,405
Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.00%, 12/31/2044 (e)		2,125,000		2,030,159
Tabor Ranch Public Improvement District Major Improvement Area, Special Assessment, Series 2024, 6.25%, 12/31/2054 (e)		3,350,000		3,117,287
County of Medina,
Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2044 (e)		2,519,000		2,298,535
Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.35%, 09/01/2054 (e)		1,800,000		1,616,072
Woodlands Public Improvement District Neighborhood Improvement Area No. 1, Special Assessment, Series 2021, 4.75%, 09/01/2050 (e)		2,250,000		1,865,751
County of Montgomery,
Crockett Meadows Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.25%, 09/15/2045		1,125,000		1,075,659
Crockett Meadows Public Improvement District Improvement Area, Special Assessment, Series 2025, 5.50%, 09/15/2054		1,875,000		1,742,845
Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.13%, 09/15/2045		675,000		640,759
Meadow Park Public Improvement District Improvement Area No. 1, Special Assessment, Series 2025, 5.38%, 09/15/2054		815,000		770,317
Edinburg Economic Development Corp.,
Sales Tax, Revenue, Series 2021 A, 3.38%, 08/15/2046		355,000		224,373
Greater Texas Cultural Education Facilities Finance Corp.,
CFC - WLH LLC, Revenue, Series 2024 A, 6.38%, 09/01/2034 (e)		1,470,000		1,438,925
CFC - WLH LLC, Revenue, Series 2024 A, 6.50%, 09/01/2049 (e)		7,495,000		6,950,724
CFC - WLH LLC, Revenue, Series 2024 B, 11.00%, 09/01/2029 (e)		785,000		784,230

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
Harris County Cultural Education Facilities Finance Corp.,
Brazos Presbyterian Homes Obligated Group, Revenue, Series 2013 A, 5.13%, 01/01/2048		1,755,000		1,600,990
Hidalgo County Regional Mobility Authority,
Revenue, Senior Lien, Series A, 0.00%, 12/01/2043 (h)		2,000,000		737,881
Revenue, Senior Lien, Series A, 0.00%, 12/01/2044 (h)		3,000,000		1,045,417
Revenue, Senior Lien, Series A, 0.00%, 12/01/2045 (h)		4,000,000		1,320,113
Revenue, Senior Lien, Series A, 0.00%, 12/01/2046 (h)		6,000,000		1,880,108
Revenue, Senior Lien, Series A, 0.00%, 12/01/2047 (h)		6,125,000		1,800,471
Revenue, Senior Lien, Series A, 0.00%, 12/01/2048 (h)		7,130,000		1,970,848
Revenue, Senior Lien, Series A, 0.00%, 12/01/2049 (h)		7,135,000		1,842,818
Revenue, Senior Lien, Series A, 0.00%, 12/01/2050 (h)		5,145,000		1,250,171
Revenue, Senior Lien, Series A, 0.00%, 12/01/2052 (h)		2,175,000		469,477
Revenue, Senior Lien, Series A, 0.00%, 12/01/2054 (h)		5,000,000		963,753
Revenue, Senior Lien, Series A, 0.00%, 12/01/2055 (h)		6,100,000		1,104,633
Revenue, Senior Lien, Series A, 0.00%, 12/01/2056 (h)		1,000,000		170,647
Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2045 (h)		5,805,000		1,841,514
Revenue, Junior Lien, Refunding, Series B, 0.00%, 12/01/2046 (h)		2,945,000		877,991
Houston Higher Education Finance Corp.,
Houston Baptist University, Revenue, Series 2021, 4.00%, 10/01/2051		2,100,000		1,627,757
Houston Baptist University, Revenue, Series 2025, 5.13%, 10/01/2051		1,700,000		1,555,598
Houston Baptist University, Revenue, Series 2025, 5.25%, 10/01/2054		4,855,000		4,485,862
Hunt Memorial Hospital District Charitable Health,
GO, Refunding, Series 2020, 4.00%, 02/15/2038		1,195,000		1,050,572
GO, Refunding, Series 2020, 3.00%, 02/15/2039		25,000		19,580
GO, Refunding, Series 2020, 3.00%, 02/15/2040		10,000		7,619
Lubbock Educational Facilities Authority, Inc.,
Lubbock Christian University, Revenue, Refunding, Series 2016, 2.75%, 11/01/2031		2,585,000		2,324,489
Mustang Special Utility District,
Revenue, Refunding, Series 2020, 2.00%, 09/01/2045		2,625,000		1,481,158
Revenue, Refunding, Series 2020, 2.13%, 09/01/2050		2,900,000		1,520,632
New Hope Cultural Education Facilities Finance Corp.,
Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2041 (e)		200,000		166,689
Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.25%, 01/01/2042		18,180,000		17,080,643
Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.50%, 01/01/2057		102,190,000		90,875,707
SLF CHP LLC, Revenue, Series 2025 A, 6.25%, 07/01/2045 (e)		3,450,000		3,088,067
SLF CHP LLC, Revenue, Series 2025 A, 6.50%, 07/01/2056 (e)		13,525,000		11,884,987
Westminster Manor, Revenue, Series 2021, 4.00%, 11/01/2049		3,600,000		2,882,300
Westminster Manor Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/01/2055		2,200,000		1,983,587
Westminster Manor Obligated Group, Revenue, Refunding, Series 2025, 5.00%, 11/01/2060		2,750,000		2,445,639
North Texas Municipal Water District,
Revenue, Series 2020, 2.00%, 06/01/2041		1,165,000		729,703
Revenue, Series 2020, 2.00%, 06/01/2042		1,195,000		720,397
Revenue, Series 2020, 2.00%, 06/01/2043		1,230,000		717,355
Revenue, Series 2020, 2.00%, 06/01/2044		1,260,000		713,663
Revenue, Series 2020, 2.00%, 06/01/2046		2,615,000		1,406,741
Buffalo Creek Wastewater Interceptor Syste, Revenue, Refunding, Series 2019, 2.75%, 06/01/2049		1,130,000		706,062
Olney Hamilton Hospital District,
GO, Series 2024, 6.25%, 09/15/2054 (e)		24,900,000		24,991,674
Parkway Utility District,
GO, AG Insured, Series 2020, 2.63%, 03/01/2040		1,665,000		1,256,559
GO, AG Insured, Series 2020, 2.75%, 03/01/2041		2,075,000		1,547,692

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
GO, AG Insured, Series 2020, 2.75%, 03/01/2042		2,120,000		1,537,110
Port of Beaumont Navigation District,
Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group, Revenue, AMT, Series 2021 A, 3.00%, 01/01/2050 (e)		8,750,000		5,349,725
San Antonio Education Facilities Corp.,
University of the Incarnate Word, Revenue, Refunding, Series 2021 A, 4.00%, 04/01/2046		7,355,000		5,665,129
University of the Incarnate Word, Revenue, Refunding, Series 2021 A, 4.00%, 04/01/2051		5,620,000		4,135,620
University of the Incarnate Word, Revenue, Refunding, Series 2021 A, 4.00%, 04/01/2054		7,075,000		5,094,462
Tarrant County Cultural Education Facilities Finance Corp.,
Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035		85,000		83,526
Texas Department of Housing & Community Affairs,
Revenue, GNMA Insured, Series 2025 B, 5.00%, 07/01/2050		8,250,000		8,187,815
Texas Transportation Commission,
State Highway 249 System, Revenue, First Tier, Series 2019 A, 0.00%, 08/01/2052 (h)		5,000,000		1,152,862
Texas Water Development Board,
State Water Implementation Fund for Texas, Revenue, Series 2024 A, 4.25%, 10/15/2051 (a)		17,670,000		15,655,035
Town of Argyle,
Waterbrook of Argyle Public Improvement District, Special Assessment, Series 2018, 5.13%, 09/01/2038 (e)		2,100,000		2,068,199
Town of Little Elm,
Spiritas East Public Improvement District, Special Assessment, Series 2022, 4.00%, 09/01/2051 (e)		1,509,000		1,152,882
Town of Providence Village,
Foree Ranch Public Improvement Dist Improvement Area No. 2, Special Assessment, Series 2025, 5.35%, 09/01/2045 (e)		775,000		733,582
Foree Ranch Public Improvement Dist Improvement Area No. 2, Special Assessment, Series 2025, 5.50%, 09/01/2055 (e)		1,350,000		1,257,290
Foree Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e)		650,000		596,425
Foree Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/01/2054 (e)		865,000		792,286
Travis County Development Authority,
Special Assessment, Series 2025, 5.00%, 09/01/2044		780,000		729,462
Special Assessment, Series 2025, 5.25%, 09/01/2054		1,400,000		1,276,588
Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.38%, 09/01/2044 (e)		900,000		880,052
Bella Fortuna Public Improvement District, Special Assessment, Series 2024, 5.63%, 09/01/2051 (e)		765,000		749,197
Longview 71 Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.00%, 09/01/2044 (e)		585,000		550,375
Longview 71 Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 5.13%, 09/01/2054 (e)		840,000		770,107
Village of Salado,
Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.25%, 09/01/2044 (e)		718,000		688,309
Sanctuary East Public Improvement District Area No. 1, Special Assessment, Series 2024, 6.50%, 09/01/2054 (e)		707,000		671,256
				482,461,239
Utah 2.5%
Arrowhead Springs Public Infrastructure District,
Special Assessment, Series 2025, 5.63%, 12/01/2054 (e)		3,200,000		3,065,798
Black Desert Public Infrastructure District,
GO, Series 2021 A, 4.00%, 03/01/2051 (e)		8,780,000		6,780,392
Chelsey Public Infrastructure District No. 1,
GO, Series 2024, 7.25%, 03/01/2054 (e)		1,610,000		1,605,373
Assessment Area 1, Special Assessment, Series 2024, 7.00%, 12/01/2042 (e)		1,350,000		1,366,962

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Utah
Downtown East Streetcar Sewer Public Infrastructure District,
GO, Senior Lien, Series 2022 A, 6.00%, 03/01/2053 (e)		1,000,000		941,550
Fields Estates Public Infrastructure District,
GO, Series 2024 A-1, 6.13%, 03/01/2055 (e)		1,975,000		1,900,144
Assessment Area, Special Assessment, Series 2024 A-2, 5.25%, 12/01/2053 (e)		6,935,000		6,365,521
Firefly Public Infrastructure District No. 1,
GO, Series 2024 A-1, 6.63%, 03/01/2054 (e)		5,645,000		5,672,509
Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (e)		1,805,000		1,748,992
Mida Cormont Public Infrastructure District,
GO, Series 2025 A-1, 6.25%, 06/01/2055 (e)		5,450,000		5,557,737
GO, Series 2025 A-2, 0.00%, 06/01/2055 (e)(i)		15,725,000		12,792,484
GO, Series 2025 B, 8.50%, 06/15/2055 (e)		3,747,000		3,750,691
MIDA Mountain Veterans Program Public Infrastructure District,
Tax Allocation, Series 2024, 5.00%, 06/01/2044 (e)		4,750,000		4,512,978
Tax Allocation, Series 2024, 5.20%, 06/01/2054 (e)		11,205,000		10,309,113
Mida Mountain Village Public Infrastructure District,
Military Installation Development Auth Military Recreation Fac Project Area, Tax Allocation, Series 2024-1, 5.13%, 06/15/2054 (e)		6,000,000		5,496,094
Military Installation Development Authority,
Military Recreation Assessment Area, Revenue, Series 2021 A-2, 4.00%, 06/01/2041		4,715,000		4,100,604
Military Recreation Assessment Area, Revenue, Series 2021 A-2, 4.00%, 06/01/2052		17,530,000		13,501,149
Moonlight Village Public Infrastructure District No. 1,
GO, Series 2025 A, 6.00%, 03/01/2056 (e)		1,000,000		943,234
Olympia Public Infrastructure District No. 1,
Revenue, Series 2024 A-2, 5.13%, 12/01/2029 (e)		3,500,000		3,523,866
Limited Tax Pledged, GO, Series 2024 A-1, 6.38%, 03/01/2055 (e)		2,485,000		2,472,259
Point Phase 1 Public Infrastructure District No. 1,
Revenue, Series 2025 B, 8.50%, 03/15/2055		3,500,000		3,412,284
Ridges Estates Infrastructure Financing District,
Ridges Estates Infrastructure Financing District Apline Hollow Assessment Area, Special Assessment, Series 2025, 6.25%, 12/01/2053 (e)		3,500,000		3,469,311
Sage Creek Infrastructure Financing District,
Special Assessment, Series 2024, 5.75%, 12/01/2053 (e)		7,155,000		6,721,586
Soleil Hills Public Infrastructure District No. 1,
GO, Series 2025 A, 5.88%, 03/01/2055 (e)		2,425,000		2,290,145
Utah Charter School Finance Authority,
Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2052 (e)		3,000,000		2,426,071
Ascent Academies of Utah, Revenue, Refunding, Series 2022, 5.00%, 06/15/2057 (e)		8,500,000		6,733,130
Ascent Academies of Utah, Revenue, Series 2024, 6.75%, 06/15/2059 (e)		16,900,000		17,163,642
Athenian Academy, Inc. (The), Revenue, Series 2024 A, 6.50%, 04/15/2058 (e)		9,060,000		7,877,763
Freedom Academy Foundation, Revenue, Refunding, Series 2017, 5.38%, 06/15/2048 (e)		5,805,000		4,980,944
Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2041 (e)		1,020,000		888,743
Freedom Academy Foundation, Revenue, Series 2021 A, 5.00%, 06/15/2052 (e)		3,895,000		3,087,955
Odyssey Charter School, Inc., Revenue, Series 2025 A, 7.25%, 06/15/2055 (e)		7,380,000		6,798,737
Odyssey Charter School, Inc., Revenue, Series 2025 B, 9.00%, 06/15/2031 (e)		400,000		402,990
Wallace Stegner Academy, Revenue, Series 2019 A, 5.00%, 06/15/2049 (e)		1,590,000		1,336,696
Utah Infrastructure Agency,
Revenue, Series 2021, 3.00%, 10/15/2045		1,000,000		680,372
Ventana Resort Village Public Infrastructure District,
GO, Series 2024, 5.50%, 03/01/2054 (e)		4,000,000		3,657,912

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Utah
Viridian Farm Public Infrastructure District No. 1,
GO, Series 2024 A, 5.88%, 03/01/2054 (e)		2,255,000		2,151,802
Wood Ranch Public Infrastructure District,
Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (e)		4,285,000		4,131,305
				174,618,838
Vermont 0.1%
Vermont Economic Development Authority,
Wake Robin Corp., Revenue, Refunding, Series 2021 A, 4.00%, 05/01/2045		460,000		365,056
Vermont Housing Finance Agency,
Revenue, GNMA Insured, Series 2025 C, 5.05%, 11/01/2045		6,560,000		6,520,810
				6,885,866
Virgin Islands 0.2%
Virgin Islands Public Finance Authority,
United States Virgin Islands, Revenue, Series 2012 C, 5.00%, 10/01/2042		500,000		450,275
United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (e)		7,500,000		7,500,886
United States Virgin Islands Frenchman's Reef Hotel Room Occupancy Tax, Revenue, Series 2024 A, 6.00%, 04/01/2053 (e)		4,500,000		4,389,029
				12,340,190
Virginia 1.3%
Farmville Industrial Development Authority,
Longwood Housing Foundation LLC, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2055		4,425,000		3,743,546
Prince William County Industrial Development Authority,
Westminster Presbyterian Retirement Community Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 01/01/2046		1,530,000		1,331,413
Salem Economic Development Authority,
Roanoke College Obligated Group, Revenue, Series 2025, 5.50%, 04/01/2045		600,000		585,311
Roanoke College Obligated Group, Revenue, Series 2025, 6.00%, 04/01/2050		720,000		730,249
Roanoke College Obligated Group, Revenue, Series 2025, 6.00%, 04/01/2055		1,330,000		1,344,066
Virginia Beach Development Authority,
Westminster-Canterbury on Chesapeake Bay Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 09/01/2048		4,395,000		3,299,504
Virginia College Building Authority,
Marymount University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2045 (e)		1,000,000		765,594
Marymount University, Revenue, Series 2015 B, 5.00%, 07/01/2045 (e)		1,000,000		765,595
Virginia Housing Development Authority,
Revenue, Series 2024 D, 4.63%, 08/01/2060		6,635,000		6,099,413
Revenue, Series 2024 F SUB F-1, 4.95%, 07/01/2045		1,000,000		987,858
Revenue, Series 2024 F SUB F-1, 5.05%, 07/01/2050		2,250,000		2,248,857
Revenue, Series 2024 F SUB F-1, 5.10%, 07/01/2055		2,000,000		1,980,692
Revenue, Series 2024 H, 4.45%, 12/01/2044 (a)		1,100,000		1,053,886
Revenue, Series 2024 H, 4.63%, 12/01/2049 (a)		2,200,000		2,036,078
Revenue, Series 2024 H, 4.70%, 12/01/2054 (a)		3,000,000		2,798,416
Revenue, Series 2024 H, 4.75%, 12/01/2059 (a)		5,000,000		4,691,750
Revenue, Series 2024 H, 4.85%, 12/01/2066 (a)		12,735,000		12,117,564
Revenue, Series 2025 A, 4.75%, 09/01/2060		8,715,000		8,227,676
Revenue, Series 2025 A, 4.85%, 03/01/2068 (a)		16,500,000		15,612,011
Revenue, Series 2025 C, 5.05%, 07/01/2050		5,030,000		4,943,527
Revenue, Series 2025 C, 5.10%, 07/01/2055		6,420,000		6,319,558
Virginia Small Business Financing Authority,
LifeSpire of Virginia Obligated Group, Revenue, Refunding, Series 2024 A, 5.50%, 12/01/2054		3,000,000		2,949,694

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Virginia
National Senior Communities, Inc. Obligated Group, Revenue, Refunding, Series 2020 A, 3.38%, 01/01/2051		125,000		88,502
				84,720,760
Washington 1.8%
Grant County Public Hospital District No. 2,
GO, Series 2024, 5.50%, 12/01/2039		500,000		520,937
GO, Series 2024, 5.50%, 12/01/2044		1,050,000		1,057,327
King County Public Hospital District No. 4,
Revenue, Series 2015 A, 6.25%, 12/01/2045		1,300,000		1,260,851
Port of Seattle,
Revenue, AMT, Refunding, Series 2024B, 5.25%, 07/01/2049		8,000,000		8,072,592
Port of Woodland,
Revenue, Series 2024, 5.25%, 12/01/2034		1,270,000		1,210,732
Revenue, Series 2024, 6.00%, 12/01/2047		3,090,000		2,702,882
Washington Health Care Facilities Authority,
Overlake Hospital Medical Center Obligated Group, Revenue, Refunding, Series A, 4.00%, 07/01/2042		100,000		88,200
Washington State Housing Finance Commission,
Bayview Manor Homes Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2059		1,645,000		1,586,311
Bayview Manor Homes Obligated Group, Revenue, Series 2025 A, 6.00%, 07/01/2060 (e)		1,500,000		1,443,979
German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.50%, 01/01/2044 (e)		1,000,000		921,691
German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.75%, 01/01/2053 (e)		2,540,000		2,314,261
German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 A, 5.88%, 01/01/2059 (e)		3,320,000		3,032,253
Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2038 (e)		2,000,000		1,872,615
Provident Group - SH II Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.25%, 07/01/2055 (e)		9,000,000		8,844,645
Provident Group - SH II Properties LLC, Revenue, Series 2025 A, 5.75%, 07/01/2060 (e)		45,190,000		45,077,888
Provident Group - SH II Properties LLC, Revenue, BAM Insured, Series 2025 A, 5.25%, 07/01/2064 (e)		24,700,000		23,880,372
Provident Group - SH II Properties LLC, Revenue, Series 2025 B, 7.00%, 07/01/2064 (e)		6,550,000		6,616,439
Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.00%, 07/01/2054		4,305,000		4,017,269
Provident Group-SH I Properties LLC, Revenue, Series 2024, 5.50%, 07/01/2059		8,000,000		7,983,199
Spokane United Methodist Homes Obligated Group, Revenue, Series 2019, 5.00%, 01/01/2055 (e)		5,510,000		4,551,244
				127,055,687
West Virginia 0.0%(d)
City of Huntington,
Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.00%, 06/01/2039		380,000		364,037
Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049		450,000		422,214
Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.13%, 06/01/2039		440,000		425,985
Kinetic Park Development/Redevelopment District No. 2, Tax Allocation, Refunding, Series 2024, 5.63%, 05/01/2050		955,000		896,242
County of Ohio,
Tax Allocation, Refunding, Series 2024, 5.25%, 06/01/2053		2,000,000		1,879,543
				3,988,021
Wisconsin 11.5%
Public Finance Authority,
Revenue, Series 2023-1, Class A, 5.75%, 07/01/2062		26,814,238		26,634,358
Revenue, Series 2024, 5.50%, 12/15/2038 (e)		21,075,000		20,748,295

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Wisconsin
Revenue, Series 2025, 8.75%, 07/30/2026 (e)		9,585,000		9,381,510
A&T Real Estate Foundation LLC, Revenue, Series 2019 B, 5.00%, 06/01/2044		1,900,000		1,798,305
AMCP Franklin LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 12/01/2060 (e)		1,000,000		984,872
Ameream LLC, Revenue, Series 2017, 7.00%, 12/01/2050 (e)		52,030,000		49,428,500
Anthem Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2037 (e)(h)		11,000,000		5,459,644
Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2040 (e)		2,020,000		1,630,057
Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2050 (e)		2,995,000		2,105,930
Bonnie Cone Classical Academy, Inc., Revenue, Series 2021 A, 4.00%, 06/15/2056 (e)		2,445,000		1,648,562
Bonnie Cone Classical Academy, Inc., Revenue, Series 2024, 5.63%, 06/15/2059 (e)		1,270,000		1,094,971
Briarwood Municipal Utility District, Revenue, Series 2025, 0.00%, 12/15/2036 (e)(h)		9,500,000		4,520,067
Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.25%, 06/01/2045		595,000		572,473
Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.50%, 06/01/2055		1,200,000		1,158,430
Cedars Obligated Group, Revenue, Refunding, Series 2019, 5.75%, 05/01/2054 (e)		175,000		113,553
CFC-SA LLC, Revenue, Senior Lien, Series 2022 A, 5.00%, 02/01/2062		4,000,000		3,690,425
Charter Day School Obligated Group, Revenue, Series 2020 A, 5.00%, 12/01/2055 (e)		2,500,000		2,087,868
CHF - Manoa LLC, Revenue, Series 2023 B, 6.75%, 07/01/2063 (e)		2,500,000		2,425,660
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.38%, 06/15/2039 (e)		250,000		243,019
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.70%, 06/15/2044 (e)		410,000		390,962
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.88%, 06/15/2054 (e)		1,000,000		942,360
Cincinnati Classical Academy, Revenue, Series 2024 A, 6.00%, 06/15/2064 (e)		2,415,000		2,272,491
College Achieve Central Charter School Obligated Group, Revenue, Series 2021 A, 5.00%, 06/15/2051 (e)		3,645,000		3,082,736
Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2041		1,000,000		854,536
Coral Academy of Science Las Vegas, Revenue, Series 2021 A, 4.00%, 07/01/2051		1,000,000		760,514
Coral Academy of Science Reno, Revenue, Series 2022 A, 5.88%, 06/01/2052 (e)		1,500,000		1,355,848
Cornerstone Charter Academy: A Challenge Foundation Academy, Inc., Revenue, Series 2024, 5.00%, 02/01/2054		900,000		819,684
Cornerstone Charter Academy: A Challenge Foundation Academy, Inc., Revenue, Series 2024, 5.00%, 02/01/2064		2,000,000		1,773,062
Denton County Municipal Utility District No. 16, Revenue, Series 2024, 5.75%, 12/15/2033 (e)		5,000,000		4,862,019
Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (e)		27,155,000		27,525,446
FAH Tree House LLC, Revenue, Series 2023 A, 6.50%, 08/01/2053 (e)		200,000		184,126
Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2036 (e)		3,920,000		3,548,585
Foundation of The University of North Carolina at Charlotte, Inc. (The), Revenue, Series 2021 A, 4.00%, 09/01/2056 (e)		2,440,000		1,665,422
Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2047 (e)		2,500,000		2,078,926
Guilford Charter School Corp., Revenue, Series 2022 A, 5.00%, 04/01/2057 (e)		2,700,000		2,139,820
Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028		25,000		24,771
Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (e)		2,500,000		2,501,036
Hozho Academy, Revenue, Refunding, Series 2025 A, 7.00%, 05/01/2045 (e)		1,500,000		1,451,202
Hozho Academy, Revenue, Refunding, Series 2025 A, 7.13%, 05/01/2055 (e)		7,600,000		7,252,070

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Wisconsin
Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.50%, 12/01/2044 (e)		13,500,000		13,063,149
Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.75%, 12/01/2054 (e)		1,450,000		1,402,521
Kahala Senior Living Community Obligated Group, Revenue, Refunding, Series 2025, 5.25%, 11/15/2055		1,750,000		1,704,756
Kahala Senior Living Community Obligated Group, Revenue, Refunding, Series 2025, 5.25%, 11/15/2061		750,000		722,401
KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2040 (e)		2,815,000		2,578,258
KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2050 (e)		4,640,000		3,994,349
KIPP Charlotte, Inc. Obligated Group, Revenue, Series 2020 A, 5.00%, 10/15/2055 (e)		4,060,000		3,406,075
KSU Bixby Real Estate Foundation LLC, Revenue, Senior Lien, Series 2025 A, 5.25%, 06/15/2050		1,000,000		983,135
KSU Bixby Real Estate Foundation LLC, Revenue, Senior Lien, Series 2025 A, 5.25%, 06/15/2055		1,500,000		1,461,635
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.25%, 06/15/2045		600,000		586,429
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 B, 5.50%, 06/15/2055		1,000,000		977,923
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.00%, 06/15/2035		575,000		582,624
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.50%, 06/15/2045		1,000,000		954,628
KSU Bixby Real Estate Foundation LLC, Revenue, Series 2025 C, 5.75%, 06/15/2055		1,000,000		947,872
Mater Academy of Nevada, Revenue, Series 2024 A, 5.00%, 12/15/2054 (e)		2,000,000		1,675,675
Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 6.25%, 09/01/2046 (e)		12,650,000		12,693,549
Million Air Two LLC Obligated Group, Revenue, AMT, Refunding, Series 2017 B, 7.13%, 06/01/2041 (e)		3,300,000		3,435,030
Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (e)(h)		12,428,000		7,077,049
Nevada Charter Academies, Revenue, Series 2019 A, 5.00%, 07/15/2039 (e)		450,000		428,330
New Plan Learning, Inc. Obligated Group, Revenue, Refunding, Series 2021 A, 3.75%, 07/01/2031		3,015,000		2,827,753
North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.00%, 06/15/2044		1,000,000		938,468
North East Carolina Preparatory School, Inc., Revenue, Refunding, Series 2024 A, 5.25%, 06/15/2054		1,500,000		1,406,350
Phoenix Montessori Academy, Revenue, Series 2024 A, 7.00%, 07/01/2059 (e)		21,895,000		19,606,552
Phoenix Montessori Academy, Revenue, Series 2024 B, 8.00%, 07/01/2029 (e)		400,000		399,551
Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 07/01/2049		4,000,000		4,022,104
Puerto Rico Tollroads LLC, Revenue, Senior Lien, AMT, Series 2024, 5.75%, 07/01/2054		93,000,000		93,631,926
QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (e)		37,000,000		40,368,983
Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 5.25%, 03/01/2047		2,000,000		1,872,714
Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 4.75%, 03/01/2052		1,950,000		1,646,476
Renaissance Hall at Old Course LLC, Revenue, FHA Insured, Series 2024, 8.00%, 06/01/2067 (e)		1,000,000		900,991
Rider University A New Jersey Non-Profit Corp., Revenue, Refunding, Series 2021 A, 4.50%, 07/01/2048 (e)		6,920,000		5,078,249
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2024, 12.75%, 01/01/2030		4,700,000		4,720,551
Roseman University of Health Sciences, Revenue, Series 2020, 5.00%, 04/01/2050 (e)		2,075,000		1,824,832
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (e)		1,000,000		1,022,808
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 B, 7.00%, 07/15/2029 (e)		706,646		717,833
Sky Harbour Capital LLC Obligated Group, Revenue, AMT, Series 2021, 4.25%, 07/01/2054		15,975,000		12,279,992

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Wisconsin
Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 A, 5.00%, 06/01/2041 (e)		7,000,000		6,806,749
Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 B, 8.00%, 06/15/2042 (e)		22,000,000		21,482,133
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2041		3,420,000		2,738,633
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 02/01/2051		2,000,000		1,440,404
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 02/01/2030		200,000		201,005
Southeastern Regional Medical Center Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 02/01/2033		1,725,000		1,699,872
Southminster, Inc. Obligated Group, Revenue, Series 2018, 5.00%, 10/01/2053 (e)		8,170,000		7,192,548
SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 5.75%, 12/31/2065 (f)		60,000,000		57,201,780
SR 400 Peach Partners LLC, Revenue, Senior Lien, AMT, Series 2025, 6.50%, 12/31/2065 (f)		44,000,000		45,921,973
Town of Scarborough Downtown Omnibus Municipal Development & TIF District, Tax Allocation, Series 2024, 5.00%, 08/01/2039		3,200,000		3,091,504
Triad Educational Services, Inc., Revenue, Refunding, Series 2025, 5.40%, 06/15/2065		2,750,000		2,573,960
Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2051		350,000		269,334
Triad Math & Science Academy Co., Revenue, Series 2021 A, 4.00%, 06/15/2061		6,235,000		4,575,121
Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.50%, 06/15/2055		1,200,000		1,163,343
Triad Math & Science Academy Co., Revenue, Refunding, Series 2025, 5.25%, 06/15/2065		5,300,000		4,837,907
UNC Health Appalachian Obligated Group, Revenue, Series 2021 A, 4.00%, 07/01/2051		1,675,000		1,193,027
United Methodist Retirement Homes, Inc. Obligated Group (The), Revenue, Refunding, Series 2021 A, 4.00%, 10/01/2046		30,000		24,436
WFCS Holdings II LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2056 (e)		8,485,000		6,917,621
Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2043		6,100,000		5,645,475
Wingate University, Revenue, Refunding, Series 2018 A, 5.25%, 10/01/2048		13,335,000		11,939,982
Wittenberg University, Revenue, Series 2016, 5.25%, 12/01/2039 (e)		21,070,000		17,318,902
WVC, Revenue, Series 2022 A, 4.00%, 12/01/2041 (e)		4,865,000		3,962,994
WVC, Revenue, Series 2022 A, 4.25%, 12/01/2051 (e)		1,155,000		856,905
Wisconsin Health & Educational Facilities Authority,
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.00%, 04/01/2042		2,000,000		1,781,245
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 4.75%, 04/01/2057		3,020,000		2,267,424
Cedar Crest, Inc. Obligated Group, Revenue, Refunding, Series 2022 A, 5.13%, 04/01/2057		5,130,000		4,161,791
Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2048		3,895,000		3,229,318
Chiara Communities, Inc., Revenue, Series 2018 B, 5.00%, 07/01/2053		3,800,000		3,061,532
Chiara Communities, Inc., Revenue, Series 2018 C, 7.50%, 07/01/2053		2,500,000		2,096,745
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 07/01/2035		6,710,000		6,689,212
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045		16,500,000		15,761,463
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055		16,350,000		15,495,513
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060		34,900,000		33,359,193
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 6.63%, 07/01/2060		27,050,000		27,394,103
Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2047		3,100,000		2,403,633

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Wisconsin
Oakwood Lutheran Senior Ministries Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 01/01/2057		1,500,000		1,064,272
PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2049		1,000,000		997,898
PHW Menomonee Falls, Inc., Revenue, Series 2024, 6.00%, 10/01/2054		2,000,000		1,974,091
Sanford Obligated Group, Revenue, Series 2016 A, 3.50%, 02/15/2046		1,475,000		1,113,768
Sanford Obligated Group, Revenue, Refunding, Series 2017 C, 4.00%, 02/15/2050		65,000		54,297
Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.13%, 02/01/2038		2,050,000		1,968,637
Sauk-Prairie Memorial Hospital, Inc. Obligated Group, Revenue, Series 2013 A, 5.25%, 02/01/2043		30,000		27,983
Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2046		1,595,000		1,241,018
Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2051		1,200,000		886,106
Wisconsin Masonic Home Obligated Group, Revenue, Series 2021 A, 4.00%, 08/15/2055		1,700,000		1,222,957
Wisconsin Masonic Home Obligated Group, Revenue, Series 2024 A, 5.75%, 08/15/2059		3,000,000		2,967,100
Wisconsin Housing & Economic Development Authority Home Ownership,
Revenue, GNMA Insured, Series 2024 B, 4.25%, 09/01/2044		2,840,000		2,541,750
				795,970,293
TOTAL MUNICIPAL BONDS (Cost $8,307,315,367)				7,820,356,603
Total Investments - 112.6% (Cost $8,307,315,367)				7,820,356,603
Floating Rate Note Obligations - (11.3)% (k)				(787,345,000	)
Liabilities in excess of other assets - (1.3)%				(87,116,386	)
Net Assets - 100.0%				6,945,895,217

(a)	All or portion of principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB residuals and cash.
(b)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2025.
(c)	Variable rate demand notes (“VRDNs”) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end.
(d)	Represents less than 0.05% of net assets.
(e)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $3,220,302,003, which represents approximately 46.36% of net assets of the Fund.
(f)	When-issued security.
(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2025.

(h) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(i) Zero coupon bond until next reset date.

(j) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2025.

(k) Face value of Floating Rate Notes issued in TOB transactions.

Abbreviations
AMT	Alternative Minimum Tax
FHLMC	Federal Home Loan Mortgage Corp.
GNMA	Government National Mortgage Association
GO	General Obligation
SOFR	Secured Overnight Financing Rate

See Notes to Schedule of Investments. (Continued)

First Eagle High Yield Municipal Fund
Schedule of Investments
July 31, 2025 (unaudited)

	Percent of Net
Industry Diversification for Portfolio Holdings	Assets
State Single-Family Housing		10.9	%
Public Transportation		8.6
Hospital		8.1
Economic/Industrial Development		7.5
Charter School		7.4
Continuing Care Retirement Community		7.0
Airport		6.6
Higher Education		5.6
Community Development District		5.5
State Multi-Family Housing		5.5
Toll Highway/Bridge/Tunnel		4.4
Special Assessment Financing		4.3
Student Housing		3.6
Assisted Living		3.1
Tax Increment Financing		2.6
General Revenue Tax-Guaranteed		2.4
Miscellaneous Tax		2.4
Local Multi-Family Housing		2.2
General Obligation		1.6
Nursing Home		1.6
Tobacco Master Settlement Agreement		1.4
Private/Religious School		1.1
Metro Development District		1.0
Port/Marina		1.0
General Obligation District (Other)		0.8
Sales & Excise Tax		0.8
Payments in Lieu of Taxes (PILOT)		0.7
Water & Sewer		0.7
Appropriation		0.6
Indian Tribal Bond		0.6
School District		0.6
General Obligation Hospital/Health District		0.4
Not-For-Profit Human Service Provider		0.4
Mello-Roos		0.3
Independent Living Facility		0.2
Miscellaneous		0.2
Not-For-Profit Foundation		0.2
Public Power System		0.2
Hotel Occupancy Tax		0.1
Loan Pool		0.1
Not-For-Profit Research Organization		0.1
Parking Facility		0.1
Student Loan Revenue		0.1
Local Single-Family Housing		0.0	*
Not-For-Profit Cultural Organization		0.0	*
Secondary Education		0.0	*
Telecom		0.0	*
Total Investments		112.6	%

* Less than 0.05%

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
MUNICIPAL BONDS - 99.4%
Alabama 2.5%
Baldwin County Industrial Development Authority,
Novelis Corp., Revenue, AMT, Series 2025 A, 5.00%, 06/01/2032 (a)(b)(c)		10,000,000		9,979,909
Chelsea Park Cooperative District,
Special Assessment, Series 2018, 4.00%, 05/01/2028		225,000		219,842
Hoover Industrial Development Board,
United States Steel Corp., Revenue, AMT, Series 2019, 5.75%, 10/01/2049		1,000,000		1,000,302
Houston County Health Care Authority,
Revenue, Refunding, Series 2016 A, 5.00%, 10/01/2030		7,260,000		7,301,900
Lower Alabama Gas District (The),
Revenue, Series 2020, 4.00%, 12/01/2025 (a)(b)		5,000		5,009
Walker County Economic & Industrial Development Authority,
Alabama Power Co., Revenue, First Series, AMT, Series 2023, 2.90%, 08/01/2025 (b)(d)		11,815,000		11,815,000
				30,321,962
Alaska 0.1%
Alaska Industrial Development & Export Authority,
Interior Alaska Natural Gas Utility, Revenue, Series 2020 A, 5.00%, 06/01/2028		715,000		745,645
American Samoa 0.2%
American Samoa Economic Development Authority,
Revenue, Refunding, Series 2015 A, 6.63%, 09/01/2035		100,000		100,315
Revenue, Series 2018, 7.13%, 09/01/2038 (c)		1,995,000		2,105,701
				2,206,016
Arizona 1.4%
Arizona Board of Regents,
Arizona State University, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2041		1,265,000		1,265,491
Arizona Industrial Development Authority,
Benjamin Franklin Charter School Obligated Group, Revenue, Series 2023 A, 5.50%, 07/01/2058 (c)		1,500,000		1,378,056
Doral Academy of Northern Nevada Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 07/15/2028 (c)		200,000		198,200
Floreo at Teravalis Community Facilities District,
Floreo at Teravalis Community Facilities District Special Assessment Dist No. 1, Special Assessment, Series 2025, 5.15%, 07/01/2035 (e)		1,129,000		1,131,136
Industrial Development Authority of the City of Phoenix Arizona (The),
Freedom Academy, Inc., Revenue, Series 2016, 5.13%, 07/01/2036 (c)		1,000,000		964,205
Industrial Development Authority of the County of Pima (The),
La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 5.75%, 11/15/2025 (c)		665,000		666,443
La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 6.25%, 11/15/2035 (c)		1,000,000		1,047,098
La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 A, 7.00%, 11/15/2057 (c)		1,235,000		1,274,985
La Posada at Park Centre, Inc. Obligated Group, Revenue, Series 2022 B-1, 6.63%, 05/15/2031 (c)		2,000,000		2,006,744
Leading Edge Academy Maricopa, Revenue, Pre-Refunded, Series 2013, 7.75%, 12/01/2043		1,025,000		1,040,418
PLC Charter Schools, Revenue, Refunding, Series 2016, 6.00%, 12/01/2036 (c)		3,000,000		3,004,346
Maricopa County Industrial Development Authority,
Benjamin Franklin Charter School Obligated Group, Revenue, Series 2018 A, 6.00%, 07/01/2052 (c)		3,330,000		3,334,414
Superstition Vistas Community Facilities District No. 1,
Assessment Area 4, Special Assessment, Series 2024, 4.30%, 07/01/2034		125,000		117,876
				17,429,412

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Arkansas 0.6%
Arkansas Development Finance Authority,
Revenue, Refunding, Series 2021, 3.00%, 07/01/2031		1,750,000		1,395,041
Batesville Public Facilities Board,
White River Health System Obligated Group, Revenue, Refunding, Series 2020, 5.00%, 06/01/2026		500,000		501,287
White River Health System Obligated Group, Revenue, Refunding, Series 2020, 3.25%, 04/01/2032		25,000		22,151
Clarksville Public Educational Facilities Board,
University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2029		195,000		201,578
University of the Ozarks, Revenue, Refunding, Series 2024 B, 5.25%, 08/01/2034		1,040,000		1,054,297
Pulaski County Public Facilities Board,
Baptist Health Obligated Group, Revenue, Series 2014, 5.00%, 12/01/2042		5,530,000		5,474,589
				8,648,943
California 6.3%
Alameda Community Facilities District,
Community Facilities District No. 13-1, Special Tax, Series 2016, 5.00%, 09/01/2042		1,250,000		1,246,592
Antelope Valley Healthcare District,
Obligated Group, Revenue, Refunding, Series 2016, 5.25%, 03/01/2036		40,000		40,149
California Health Facilities Financing Authority,
Providence St. Joseph Health Obligated Group, Revenue, Series 2014 B, 5.00%, 10/01/2044		1,300,000		1,277,465
California Infrastructure & Economic Development Bank,
Desertxpress Enterprises LLC, Revenue, AMT, Refunding, Series 2025 A, 9.50%, 01/01/2035 (a)(b)(c)		5,800,000		5,171,540
California Municipal Finance Authority,
Santa Rosa Academy LLC, Revenue, Series 2015, 5.13%, 07/01/2035 (c)		1,355,000		1,347,585
California Pollution Control Financing Authority,
Republic Services, Inc., Revenue, AMT, Refunding, Series 2023, 3.70%, 08/15/2025 (a)(b)(c)		2,000,000		1,999,968
California Public Finance Authority,
California University of Science & Medicine Obligated Group, Revenue, Series 2019 A, 6.25%, 07/01/2054 (c)		2,000,000		2,037,897
Fontana Jurupa Hills Project Area, Tax Allocation, Series 2025 B, 5.00%, 09/01/2033 (c)		1,920,000		1,918,716
QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-1, 6.75%, 07/01/2065 (c)		3,500,000		3,572,139
QSH/MB LLC, Revenue, Senior Lien, Series 2025 A-2, 6.50%, 07/01/2065 (c)		4,050,000		3,977,160
California School Finance Authority,
Aspire Public Schools Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/01/2035 (c)		1,000,000		991,435
Sycamore Creek Community Charter School, Revenue, Series 2025 A, 7.00%, 06/01/2040 (c)		3,305,000		3,315,379
California Statewide Communities Development Authority,
Loma Linda University Medical Center Obligated Group, Revenue, Series 2014 A, 5.25%, 12/01/2044		2,585,000		2,487,877
Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.00%, 12/01/2036 (c)		9,795,000		9,811,658
Loma Linda University Medical Center Obligated Group, Revenue, Series 2016 A, 5.25%, 12/01/2056 (c)		16,320,000		15,062,543
Loma Linda University Medical Center Obligated Group, Revenue, Series 2018 A, 5.25%, 12/01/2048 (c)		1,500,000		1,426,576
California Statewide Financing Authority,
TSR Multi-County Special Purpose Trust, Revenue, Series 2002 A, 6.00%, 05/01/2043		200,000		204,298
City of Fontana,
Community Facilities District No. 80, Special Tax, Series 2017, 2.38%, 09/01/2025		285,000		284,659

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
California
City of Los Angeles Department of Airports,
Revenue, AMT, ETM, Series 2016 A, 5.00%, 05/15/2026		10,000		10,138
Del Mar Race Track Authority,
Revenue, Refunding, Series 2015, 5.00%, 10/01/2025		1,665,000		1,665,261
Revenue, Refunding, Series 2015, 5.00%, 10/01/2027		1,535,000		1,535,070
Kaweah Delta Health Care District Guild,
Revenue, Series 2015 B, 3.25%, 06/01/2029		300,000		285,646
Revenue, Series 2015 B, 3.38%, 06/01/2031		60,000		55,442
Revenue, Series 2015 B, 3.75%, 06/01/2035		680,000		603,889
Silicon Valley Tobacco Securitization Authority,
Revenue, Series 2007 A, 0.00%, 06/01/2036 (f)		32,500,000		17,505,586
				77,834,668
Colorado 2.3%
Aerotropolis Regional Transportation Authority,
Revenue, Series 2024, 5.75%, 12/01/2054 (c)		5,000,000		4,836,281
City & County of Denver,
United Airlines, Inc., Revenue, AMT, Refunding, Series 2017, 5.00%, 10/01/2032		9,155,000		9,154,379
City of Fruita,
Lower Valley Hospital Association Obligated Group, Revenue, Refunding, Series 2017 B, 5.38%, 01/01/2033 (c)		5,400,000		5,403,776
Colorado Educational & Cultural Facilities Authority,
Vega Collegiate Academy, Revenue, Series 2021 A, 5.00%, 02/01/2034 (c)		600,000		601,134
Colorado Health Facilities Authority,
BSLC Obligated Group, Revenue, Refunding, Series 2018 A-1, 4.25%, 09/15/2038		530,000		471,323
Eagle County Airport Terminal Corp.,
Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2033		5,450,000		5,503,140
Revenue, AMT, Refunding, Series B, 5.00%, 05/01/2037		1,000,000		1,000,063
Elbert County Independence Water & Sanitation District,
Revenue, Refunding, Series 2024, 5.13%, 12/01/2033		1,009,000		1,019,683
Pueblo Urban Renewal Authority,
City of Pueblo Sales Tax, Revenue, Series 2017, 5.00%, 06/01/2036		100,000		93,180
Town of Del Norte,
Valley Citizens' Foundation for Health Care, Inc., Revenue, Refunding, Series 2024, 4.88%, 12/01/2034		795,000		774,913
				28,857,872
Connecticut 0.4%
Connecticut Housing Finance Authority,
Revenue, AMT, Refunding, Series 2020 E2, 1.70%, 11/15/2028		950,000		880,177
Connecticut State Health & Educational Facilities Authority,
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2027 (c)		100,000		101,792
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2028 (c)		100,000		102,633
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2029 (c)		100,000		103,298
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2030 (c)		100,000		102,873
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2032 (c)		150,000		152,745
Griffin Health Obligated Group, Revenue, Refunding, Series G-1, 5.00%, 07/01/2034 (c)		125,000		126,041
University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2032		1,075,000		1,076,425
University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2033		1,410,000		1,398,443
University of Hartford (The), Revenue, Refunding, Series N, 5.00%, 07/01/2034		1,365,000		1,339,917
				5,384,344

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Delaware 0.0%(g)
Delaware State Economic Development Authority,
NRG Energy, Inc., Revenue, Refunding, Series 2020 A, 1.25%, 10/01/2025 (a)(b)		10,000		9,942
District of Columbia 1.0%
District of Columbia,
Obligated Group, Revenue, Series 2024 A, 5.63%, 06/01/2044		1,000,000		985,202
Metropolitan Washington Airports Authority Aviation,
Revenue, AMT, Refunding, Series 2021 A, 4.00%, 10/01/2037		1,500,000		1,434,281
Revenue, AMT, Refunding, Series A, 4.00%, 10/01/2035		10,635,000		10,372,051
				12,791,534
Florida 13.6%
Alachua County Health Facilities Authority,
Shands Teaching Hospital & Clinics Obligated Group, Revenue, Series A, 5.00%, 12/01/2044		25,000		24,914
Alachua County Housing Finance Authority,
Woodland Park II LLC, Revenue, Series 2025 B, 4.90%, 07/01/2028 (a)(b)(c)		1,850,000		1,863,166
Antillia Community Development District,
Special Assessment, Series 2024, 5.00%, 05/01/2031		220,000		223,322
Avenir Community Development District,
Assessment Area 2, Special Assessment, Series 2021 A-1, 2.75%, 05/01/2031		3,065,000		2,873,787
Babcock Ranch Community Independent Special District,
Assessments, Special Assessment, Series 2022, 4.25%, 05/01/2032		15,000		15,073
Assessments, Special Assessment, Series 2024, 4.30%, 05/01/2031 (c)		1,000,000		1,003,272
Babcock Ranch Community Independent Special District Assessment Area 1, Special Assessment, Series 2015, 5.25%, 11/01/2046		3,460,000		3,362,531
Balm Grove Community Development District,
Special Assessment, Series 2022, 3.63%, 11/01/2032		1,290,000		1,218,392
Beach Road Golf Estates Community Development District,
Beach Road Golf Estates Cmnty Development District Series 2015 Special Assmnt, Special Assessment, Series 2015, 5.00%, 11/01/2036		125,000		125,041
Capital Projects Finance Authority,
Trilogy Community Development Foundation, Inc. Obligated Group, Revenue, Series 2025 A, 6.00%, 01/01/2035 (c)		1,500,000		1,497,770
Capital Trust Agency, Inc.,
Marie Selby Botanical Gardens, Inc. (The), Revenue, Series 2021, 4.00%, 06/15/2031 (c)		500,000		478,473
Sarasota-Manatee Jewish Housing Council Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2027 (c)		425,000		416,055
Capital Trust Authority,
Revenue, AMT, Series 2024 A, 6.88%, 12/01/2044 (c)		3,500,000		3,329,350
Connerton East Community Development District,
Assessment Area 2, Special Assessment, Series 2025, 4.65%, 06/15/2035		200,000		200,392
County of Palm Beach,
Palm Beach Atlantic University, Inc., Revenue, Series 2025 A, 5.50%, 10/01/2035 (c)		1,600,000		1,735,189
Palm Beach Atlantic University, Inc., Revenue, Series 2025 B, 6.50%, 10/01/2035 (c)		500,000		532,270
Provident Group-PBAU Properties LLC, Revenue, Series 2019 A, 5.00%, 04/01/2029 (c)		720,000		732,935
Crossings Community Development District,
Area 2, Special Assessment, Series 2024, 4.75%, 05/01/2031		260,000		262,306
Crosswinds East Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031		210,000		210,751
East Nassau Stewardship District,
East Nassau Stewardship District Series 2024 Special Assessment, Special Assessment, Series 2024, 5.25%, 05/01/2029		5,500,000		5,501,773

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Wildlight Village Phase 3, Special Assessment, Series 2024, 4.70%, 05/01/2031		840,000		846,394
Edgewater East Community Development District,
Assessment Area 2, Special Assessment, Series 2022, 3.38%, 05/01/2032		1,975,000		1,888,248
Epperson North Community Development District,
Assessment Area 1, Special Assessment, Series 2018 A-1, 5.75%, 11/01/2049 (c)		995,000		999,476
Florida Development Finance Corp.,
AAF Operations Holdings LLC, Revenue, AMT, Refunding, Series 2024, 12.00%, 07/15/2028 (a)(b)(c)		26,375,000		15,825,000
AAF Operations Holdings LLC, Revenue, AMT, Series 2024 A, 10.00%, 07/15/2028 (a)(b)(c)		15,750,000		9,450,000
Assistance Unlimited, Inc., Revenue, Refunding, Series 2022, 5.00%, 08/15/2032 (c)		410,000		401,731
Brightline Florida Holdings LLC, Revenue, AMT, Series 2025 A, 8.25%, 08/13/2025 (a)(b)(c)		50,960,000		43,316,117
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2036		6,675,000		5,429,523
Brightline Trains Florida LLC, Revenue, AMT, Refunding, Series 2024, 5.00%, 07/01/2041		1,500,000		1,219,708
GFL Solid Waste Southeast LLC, Revenue, AMT, Series 2024 A, 4.38%, 10/01/2031 (a)(b)(c)		8,000,000		7,943,537
Southwest Charter Foundation Bonita Springs & Collier Charter Obligated Group, Revenue, Series A, 6.00%, 06/15/2037 (c)		1,075,000		1,077,215
Waste Pro USA, Inc., Revenue, AMT, Series 2019, 5.00%, 05/01/2029 (c)		140,000		141,485
Waste Pro USA, Inc., Revenue, AMT, Series 2021, 3.00%, 06/01/2032		10,520,000		9,516,940
Florida Local Government Finance Commission,
BridgePrep Academy, Inc. Series 2025 Obligated Group, Revenue, Series 2025A, 5.00%, 06/15/2035 (c)		7,370,000		7,412,027
Orlando Lutheran Towers, Inc. Obligated Group, Revenue, Series 2025 A, 5.25%, 07/01/2038 (c)		2,070,000		2,067,719
Florida Municipal Loan Council,
Shingle Creek Transit & Utility Community Development District, Special Assessment, AMT, Series 2024, 4.50%, 05/01/2031		265,000		267,604
Golden Gem Community Development District,
Special Assessment, Series 2024, 5.15%, 05/01/2031		535,000		544,400
Gracewater Sarasota Community Development District,
Assessments, Special Assessment, Series 2021, 2.95%, 05/01/2031		500,000		457,672
Greater Orlando Aviation Authority,
JetBlue Airways Corp., Revenue, AMT, Refunding, Series 2013, 5.00%, 11/15/2026		3,495,000		3,494,961
Greenbriar Community Development District,
Assessment Area No. 1, Special Assessment, Series 2025, 4.80%, 05/01/2032		410,000		414,005
Harmony Community Development District,
Harmony Community Development District Series 2001 Assessment, Special Assessment, Refunding, Series 2014, 5.25%, 05/01/2032		2,500,000		2,499,960
Hills of Minneola Community Development District,
South Parcel Assessment Area, Special Assessment, Series 2020, 4.00%, 05/01/2040 (c)		3,650,000		3,188,549
Kings Creek I Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2030		300,000		303,463
Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2036		455,000		456,141
Kingston One Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 5.00%, 05/01/2035		2,590,000		2,626,747
Lakes of Sarasota Community Development District 2,
Special Assessment, Series B, 5.20%, 05/01/2035		3,025,000		2,999,619

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Lakewood Ranch Stewardship District,
Assessment Azario, Special Assessment, Series 2020 A, 3.75%, 05/01/2040		525,000		455,544
Assessment Lorraine Lakes, Special Assessment, Series 2020, 3.63%, 05/01/2040 (c)		1,075,000		915,889
Assessment Northeast Sector Project Phase 2B, Special Assessment, Refunding, Series 2020, 3.75%, 05/01/2040 (c)		2,100,000		1,808,335
Assessment Star Farms Phase 1/2, Special Assessment, Series 2021, 3.00%, 05/01/2041		685,000		526,399
Lakewood Ranch Stewardship Dist Series 2019 Assmnt Northeast Sector Phase 2A, Special Assessment, Series 2019, 3.85%, 05/01/2039		555,000		481,917
Lakewood Ranch Stewardship District Series 2024 Assessment, Special Assessment, Series 2024, 5.25%, 05/01/2044		580,000		561,344
LTC Ranch West Residential Community Development District,
Assessment Area 4, Special Assessment, Refunding, Series 2024 AA-4, 4.75%, 05/01/2031		300,000		302,007
LTC Ranch West Residential Cmnty Development Dist 2021B Assmnt Area Spl Assmnt, Special Assessment, Series 2021 B, 3.25%, 05/01/2031		1,320,000		1,252,345
Marion Ranch Community Development District,
Special Assessment, Series 2024, 5.10%, 05/01/2031		215,000		218,313
Miami-Dade County Expressway Authority,
Revenue, Refunding, Series 2010 A, 5.00%, 07/01/2040		1,940,000		1,940,451
Miami-Dade County Industrial Development Authority,
Miami Community Charter School, Revenue, Refunding, Series 2020 A, 4.25%, 06/01/2030 (c)		485,000		469,024
Mid-Bay Bridge Authority,
Revenue, Refunding, Series C, 5.00%, 10/01/2035		1,780,000		1,786,175
Midtown Miami Community Development District,
Midtown Miami Community Development District Series 2014 Special Assessment, Special Assessment, Refunding, Series 2014 B, 5.00%, 05/01/2037		1,000,000		999,965
Osceola Chain Lakes Community Development District,
Assessments, Special Assessment, Series 2020, 3.50%, 05/01/2030		350,000		336,719
Palm Beach County Health Facilities Authority,
Lifespace Communities, Inc. Obligated Group, Revenue, Series 2004 B, 4.00%, 11/15/2034		15,000		14,402
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 05/15/2028		20,000		20,008
Palm Coast Park Community Development District,
Sawmill Branch - Phase 7, Special Assessment, Series 2024, 4.38%, 05/01/2031		200,000		199,800
Peace Crossing Community Development District,
Assessment Area 1, Special Assessment, Series 2024, 5.00%, 05/01/2031		760,000		762,466
Pine Island Community Development District,
Special Assessment, Series 2004, 5.75%, 05/01/2035		570,000		572,446
Silverlake Community Development District,
Assessment Area 2, Special Assessment, Series 2024, 4.50%, 05/01/2031		350,000		346,769
Southern Groves Community Development District No. 5,
Assessment Area, Special Assessment, Refunding, Series 2019, 3.25%, 05/01/2029		185,000		180,621
Terra Lago Community Development District,
Assessment Area 1, Special Assessment, Series 2025, 4.50%, 05/01/2032		650,000		654,938
Terreno Community Development District,
Terreno Community Development District Series 2025 Assessment Area, Special Assessment, Series 2025, 4.55%, 05/01/2032		375,000		379,064
Tuckers Pointe Community Development District,
Master Infrastructure Project, Special Assessment, Series 2022, 3.63%, 05/01/2032		4,500,000		4,311,607

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Florida
Verandah East Community Development District,
Verandah East Community Development District Series 2016 Special Assessment, Special Assessment, Refunding, Series 2016, 3.75%, 05/01/2026		5,000		4,987
Villages of Westport Community Development District,
Assessments, Special Assessment, Series 2005 A, 5.70%, 05/01/2035		35,000		35,149
Woodland Crossing Community Development District,
Woodland Crossing Community Development District Series 2025 Special Assessment, Special Assessment, Series 2025, 4.88%, 05/01/2030 (c)		410,000		418,166
Yarborough Lane Community Development District,
Yarborough Lane Community Development District Series 2024 Special Assessment, Special Assessment, Series 2024, 4.75%, 05/01/2031		250,000		251,284
				170,601,137
Georgia 2.3%
Atlanta Development Authority (The),
City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-1, 5.00%, 04/01/2034 (c)		8,250,000		8,209,490
City of Atlanta Westside Tax Allocation District Gulch Area, Tax Allocation, Series 2024 A-2, 5.50%, 04/01/2039 (c)		2,850,000		2,842,840
City of Atlanta Westside Tax Allocation District Gulch Area, Revenue, Series 2024-1, Class A, 0.00%, 12/15/2048 (c)		1,000,000		849,639
City of Atlanta,
Water & Wastewater, Revenue, Refunding, Series 2015, 5.00%, 11/01/2040		5,000,000		4,999,688
Development Authority of Appling County,
Georgia Power Co., Revenue, Series 2011, 2.85%, 08/01/2025 (b)(d)		2,250,000		2,250,000
Development Authority of Burke County (The),
Georgia Power Co., Revenue, Refunding, Series 2018, 2.80%, 08/01/2025 (b)(d)		5,000,000		5,000,000
Development Authority of Cobb County (The),
Kennesaw State University Real Estate Obligated Group 2015 ABC, Revenue, Junior Lien, Series 2014 C, 5.00%, 07/15/2029		235,000		235,144
Development Authority of The City of Marietta,
Life University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 11/01/2027 (c)		400,000		402,121
George L Smith II Congress Center Authority,
Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 3.63%, 01/01/2031 (c)		1,170,000		1,125,044
Signia Hotel Management LLC, Revenue, Second Tier, Series 2021 B, 5.00%, 01/01/2036 (c)		2,500,000		2,503,253
Main Street Natural Gas, Inc.,
Revenue, Series 2022 C, 4.00%, 11/01/2027 (a)(b)(c)		500,000		499,352
				28,916,571
Guam 0.2%
Territory of Guam,
Revenue, Refunding, Series 2015 D, 5.00%, 11/15/2029		525,000		526,441
Revenue, Refunding, Series 2015 D, 5.00%, 11/15/2031		685,000		686,278
Revenue, Refunding, Series 2015 D, 5.00%, 11/15/2034		1,000,000		1,000,955
				2,213,674
Idaho 0.2%
Spring Valley Community Infrastructure District No. 1,
Assessment Area 2, Special Assessment, Series 2024, 6.25%, 09/01/2053 (c)		2,000,000		1,991,176
Illinois 5.5%
Chicago Board of Education,
GO, Series 2015 C, 5.25%, 12/01/2035		2,000,000		1,999,993
GO, Series 2015 C, 5.25%, 12/01/2039		120,000		117,764

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Illinois
GO, Refunding, Series 2021 B, 5.00%, 12/01/2036		150,000		149,349
Chicago O'Hare International Airport,
Revenue, Senior Lien, AMT, Refunding, Series 2018 A, 5.00%, 01/01/2039		3,140,000		3,157,181
TrIPs Obligated Group, Revenue, AMT, Series 2018, 5.00%, 07/01/2048		11,005,000		10,336,998
City of Calumet City,
GO, Series 2023 B, 4.50%, 03/01/2037		600,000		548,852
City of Chicago,
GO, Series 2025 A, 6.00%, 01/01/2050		3,000,000		3,065,264
GO, Series 2025 F, 6.00%, 01/01/2042		1,475,000		1,554,512
City of Harvey,
GO, Refunding, Series 2023 A, 4.00%, 01/01/2028		265,000		254,547
County of Cook,
Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045		2,000,000		1,922,516
Illinois Finance Authority,
Acero Charter Schools, Inc. Obligated Group, Revenue, Refunding, Series 2021, 4.00%, 10/01/2028 (c)		580,000		580,177
Benedictine University, Revenue, Refunding, Series 2017, 5.00%, 10/01/2030		1,000,000		946,459
Bradley University, Revenue, Refunding, Series 2021, 4.00%, 08/01/2035		800,000		739,996
Bradley University, Revenue, Refunding, Series 2021, 4.00%, 08/01/2036		775,000		708,166
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2019, 5.00%, 09/01/2027		1,170,000		1,185,803
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 5.13%, 10/01/2035 (c)		700,000		698,455
Chicago Theatre Group, Inc., Revenue, Refunding, Series 2025 A, 6.00%, 10/01/2045 (c)		1,000,000		976,269
Columbia College Chicago, Revenue, Series 2019, 5.00%, 12/01/2029		2,055,000		2,081,861
Illinois Wesleyan University, Revenue, Refunding, Series 2016, 3.00%, 09/01/2030		1,500,000		1,424,821
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 4.00%, 05/15/2035		290,000		276,405
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 05/15/2035		250,000		249,992
LRS Holdings LLC, Revenue, AMT, Series 2023 B, 7.38%, 09/01/2033 (a)(b)(c)		5,000,000		5,445,437
Mercy Health Corp. Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 12/01/2046		2,500,000		2,436,213
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.50%, 05/15/2047		1,000,000		1,029,077
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.63%, 05/15/2052		285,000		292,540
Plymouth Place Obligated Group, Revenue, Series 2022 A, 6.75%, 05/15/2058		850,000		872,762
Rosalind Franklin University of Medicine and Science, Revenue, Series 2025, 5.25%, 08/01/2035 (c)		5,000,000		4,949,836
Silver Cross Hospital Obligated Group, Revenue, Refunding, Series 2015 C, 5.00%, 08/15/2044		1,375,000		1,376,265
Washington and Jane Smith Community - Orland Park, Revenue, Refunding, Series 2022, 4.00%, 10/15/2026		465,000		460,969
Westminster Village, Inc. Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 05/01/2038		25,000		23,695
Illinois State Toll Highway Authority,
Revenue, Series 2014 C, 5.00%, 01/01/2037		5,810,000		5,810,320
Revenue, Series 2014 C, 5.00%, 01/01/2038		3,000,000		2,999,878
Revenue, Series 2015 A, 5.00%, 01/01/2036		1,900,000		1,900,832
Upper Illinois River Valley Development Authority,
Northern Kane Educational Corp., Revenue, Refunding, Series 2017 A, 5.25%, 12/01/2037 (c)		1,000,000		948,726
Village of Bridgeview,
GO, Refunding, Series 2015 A, 5.00%, 12/01/2030		90,000		90,110
GO, Refunding, Series 2015 A, 5.63%, 12/01/2041		2,175,000		2,089,422

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Illinois
Village of Lincolnwood Il,
North Lincoln Redevelopment Project Area, COP, Series 2025 B, 5.75%, 12/01/2043 (c)		500,000		492,528
Village of Rantoul,
Evans Road Redevelopment Area, Tax Allocation, Refunding, Series 2024, 5.25%, 12/01/2033 (c)		400,000		398,372
Village of Romeoville,
Lewis University, Revenue, Refunding, Series 2018 B, 5.00%, 10/01/2036		505,000		500,570
Lewis University, Revenue, Refunding, Series 2018 B, 5.00%, 10/01/2039		1,640,000		1,559,070
Western Illinois Economic Development Authority,
Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.13%, 06/01/2027		200,000		195,647
Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.25%, 06/01/2028		755,000		732,442
Memorial Hospital Association, Revenue, Refunding, Series 2016, 3.50%, 06/01/2029		365,000		352,572
Memorial Hospital Association, Revenue, Refunding, Series 2016, 4.00%, 06/01/2033		680,000		626,095
				68,558,758
Indiana 0.6%
City of Valparaiso,
Lutheran University Association, Inc. (The), Revenue, Series 2025 B, 9.50%, 10/01/2035 (c)		4,000,000		3,892,047
Indiana Finance Authority,
Avondale Meadows Academy, Revenue, Refunding, Series 2017, 5.38%, 07/01/2047		950,000		857,285
Earlham College, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 10/01/2032		1,000,000		985,210
Hanover College, Revenue, Series 2013, 4.25%, 05/01/2033		25,000		23,256
Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 3.00%, 10/01/2031		10,000		8,957
Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.25%, 07/01/2028 (c)		500,000		503,813
Rock Creek Community Academy, Inc., Revenue, Series 2018 A, 5.88%, 07/01/2038 (c)		540,000		531,137
United States Steel Corp., Revenue, AMT, Series 2012, 5.75%, 08/01/2042		160,000		159,993
Indiana Housing & Community Development Authority,
Revenue, Series 2017 C 3, 2.75%, 08/01/2025 (b)(d)		300,000		300,000
Richmond Hospital Authority,
Reid Hospital & Health Care Services, Inc. Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 01/01/2029		800,000		800,737
				8,062,435
Iowa 0.4%
City of Coralville,
COP, Series 2016 E, 4.00%, 06/01/2029		640,000		618,515
Crawford County Memorial Hospital, Inc.,
Revenue, Series 2024, 5.00%, 06/15/2027		1,000,000		1,013,587
Delaware County Memorial Hospital,
Revenue, Series 2025, 4.40%, 12/01/2027		285,000		289,189
Revenue, Series 2025, 5.00%, 12/01/2033		195,000		198,644
Revenue, Series 2025, 5.10%, 12/01/2034		430,000		436,287
Iowa Finance Authority,
Revenue, Refunding, GNMA Insured, Series 2021B, 2.00%, 07/01/2036		1,100,000		831,254
Lifespace Communities, Inc. Obligated Group, Revenue, Refunding, Series 2023 B, 6.60%, 05/15/2028		460,000		484,324
				3,871,800
Kansas 2.0%
City of Derby,
STAR Bond District, Revenue, Series 2022, 5.00%, 09/01/2042		1,425,000		1,405,001
City of Lenexa,
Lakeview Village, Inc., Revenue, Refunding, Series 2018 A, 5.00%, 05/15/2027		135,000		136,353

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Kansas
City of Wichita,
Presbyterian Manors Obligated Group, Revenue, Refunding, Series III-2019, 3.75%, 05/15/2034		480,000		426,867
Wyandotte County-Kansas City Unified Government,
Revenue, Series 2021-A, 2.25%, 08/01/2025		45,000		45,000
Tax Allocation, Refunding, Series 2022, 5.75%, 03/01/2041 (c)		17,000,000		17,124,294
Sales Tax, Revenue, Series 2015 A, 5.00%, 09/01/2027		815,000		815,091
Sales Tax, Tax Allocation, Refunding, Series 2022, 5.75%, 09/01/2039 (c)		5,000,000		5,068,588
Wyandotte County-Kansas City Unified Government Sales Tax, Revenue, Series 2015 A, 5.75%, 09/01/2032		350,000		328,661
				25,349,855
Kentucky 1.0%
City of Campbellsville,
Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.50%, 03/01/2028		10,000		9,950
Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 4.75%, 03/01/2029		60,000		59,998
Campbellsville University, Inc., Revenue, Refunding, Series 2013 A, 5.00%, 03/01/2030		25,000		25,003
Campbellsville University, Inc., Revenue, Refunding, Series 2013A, 5.13%, 03/01/2033		40,000		39,997
City of Hopkinsville,
Ascend Elements, Inc., Revenue, AMT, Series 2024, 6.00%, 12/01/2031 (a)(b)		10,000,000		9,896,378
Louisville/Jefferson County Metropolitan Government,
Bellarmine University, Inc., Revenue, Refunding, Series 2015, 5.00%, 05/01/2031		2,000,000		1,952,566
Bellarmine University, Inc., Revenue, Refunding, Series 2017 A, 4.00%, 05/01/2029		200,000		191,281
				12,175,173
Louisiana 0.3%
Calcasieu Parish Memorial Hospital Service District,
Southwest Louisiana Healthcare System Obligated Group, Revenue, Refunding, Series 2019, 5.00%, 12/01/2034		2,000,000		2,000,582
Louisiana Local Government Environmental Facilities & Community Development Authority,
Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2026		390,000		387,238
Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2027		410,000		400,946
Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2028		430,000		414,416
Glen Retirement System Obligated Group, Revenue, Series 2019 A, 5.00%, 01/01/2029		450,000		427,349
Provident Group - ULM Properties LLC, Revenue, Series 2019 A, 5.00%, 07/01/2039 (c)		100,000		89,137
				3,719,668
Maryland 1.2%
City of Baltimore,
Baltimore Hotel Corp., Revenue, Refunding, Series 2017, 5.00%, 09/01/2033		1,105,000		1,114,093
County of Frederick,
Mount St Mary's University, Inc., Revenue, Refunding, Series 2017 A, 5.00%, 09/01/2032 (c)		740,000		740,605
County of Prince George's,
Collington Episcopal Life Care Community, Inc., Revenue, Refunding, Series 2017, 5.25%, 04/01/2037		2,500,000		2,404,870
Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.00%, 07/01/2030 (c)		1,200,000		1,221,308
Westphalia Town Center Development District, Tax Allocation, Series 2018, 5.25%, 07/01/2048 (c)		2,000,000		1,966,740
Maryland Health & Higher Educational Facilities Authority,
Goucher College, Revenue, Refunding, Series 2017 A, 5.00%, 07/01/2037		1,600,000		1,573,730

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Maryland
TidalHealth Obligated Group, Revenue, Series 2020 A, 4.00%, 07/01/2036		2,825,000		2,729,643
Prince George's County Revenue Authority,
County of Prince George's MD Suitland-Naylor Road Development District, Tax Allocation, Series 2016, 5.00%, 07/01/2046 (c)		2,000,000		1,907,288
				13,658,277
Massachusetts 1.6%
Massachusetts Development Finance Agency,
Ascentria Care Alliance Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/01/2031 (c)		30,000		29,925
Boston Medical Center Corp. Obligated Group, Revenue, Refunding, Series 2016 E, 5.00%, 07/01/2033		5,000,000		5,055,100
Boston Medical Center Corp. Obligated Group, Revenue, Series 2017 F, 5.00%, 07/01/2030		1,475,000		1,514,880
Care Communities LLC Obligated Group, Revenue, Series 2025 A-1, 5.50%, 07/15/2035 (c)		3,300,000		3,271,028
Emmanuel College, Revenue, Refunding, Series 2016A, 5.00%, 10/01/2035		6,375,000		6,375,006
Lawrence General Hospital Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 07/01/2028		675,000		664,403
Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2030		465,000		474,547
Salem Community Corp. Obligated Group, Revenue, Refunding, Series 2022, 5.00%, 01/01/2031		485,000		493,619
Suffolk University, Revenue, Refunding, Series 2017, 5.00%, 07/01/2035		1,480,000		1,478,919
				19,357,427
Michigan 0.6%
Flint Hospital Building Authority,
Hurley Medical Center, Revenue, Series 2013 B, 4.75%, 07/01/2028		750,000		747,496
Hurley Medical Center, Revenue, Refunding, Series 2020, 5.00%, 07/01/2026		500,000		502,581
Kalamazoo Economic Development Corp.,
Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c)		890,000		870,069
Michigan Finance Authority,
Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2033		40,000		29,032
Albion College, Revenue, Refunding, Series 2022, 5.00%, 12/01/2036		1,000,000		701,718
Aquinas College, Revenue, Refunding, Series 2021, 4.00%, 05/01/2031		500,000		399,166
Detroit Public Lighting Authority Utility Users Tax, Revenue, Series 2014 B, 5.00%, 07/01/2026		25,000		25,041
Michigan Strategic Fund,
Friendship Village of Kalamazoo Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 08/15/2031 (c)		665,000		650,108
Wayne County Airport Authority,
Detroit Metropolitan Wayne County Airport, Revenue, AMT, Refunding, Series F, 5.00%, 12/01/2033		3,000,000		3,004,043
				6,929,254
Minnesota 1.2%
City of Landfall Village,
Pines of Richfield LLC (The), Revenue, Series 2024, 4.75%, 08/01/2029		205,000		205,729
Pines of Richfield LLC (The), Revenue, Series 2024, 4.80%, 08/01/2030		215,000		215,200
Pines of Richfield LLC (The), Revenue, Series 2024, 4.85%, 08/01/2031		225,000		223,684
Pines of Richfield LLC (The), Revenue, Series 2024, 4.90%, 08/01/2032		235,000		232,599
Pines of Richfield LLC (The), Revenue, Series 2024, 5.00%, 08/01/2033		250,000		245,939
City of Moorhead,
Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2034		1,155,000		1,155,918
Concordia College, Revenue, Refunding, Series 2016, 5.00%, 12/01/2040		1,350,000		1,314,175

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Minnesota
City of Shakopee,
Benedictine Living Community of Shakopee LLC, Revenue, Series 2018, 5.85%, 11/01/2025 (a)(b)(c)		9,370,000		9,347,128
Dakota County Community Development Agency,
Sanctuary at West St. Paul (The), Revenue, Series 2015, 6.00%, 08/01/2035		1,500,000		1,157,740
				14,098,112
Mississippi 0.7%
City of Jackson,
GO, Refunding, Series 2021, 5.00%, 03/01/2027		920,000		938,281
County of Tunica,
Revenue, Refunding, Series 2019, 6.00%, 10/01/2040		2,500,000		2,497,598
Harrison County Utility Authority,
Revenue, Refunding, Series 2020 A, 1.50%, 07/01/2030 (c)		3,500,000		2,896,853
Mississippi Business Finance Corp.,
Chevron USA, Inc., Revenue, Series 2010L, 2.70%, 08/01/2025 (b)(d)		3,000,000		3,000,000
Mississippi Development Bank,
City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2027		40,000		38,923
City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2028		170,000		162,351
City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2029		295,000		276,690
City of Jackson, Revenue, Refunding, Series 2013 A, 3.13%, 03/01/2030		130,000		118,618
Natchez-Adams School District,
GO, Series 2020, 2.13%, 03/01/2027		430,000		410,077
GO, Series 2020, 2.00%, 03/01/2031		175,000		148,581
Revenue, Series 2020, 2.38%, 02/01/2036		30,000		21,966
				10,509,938
Missouri 1.4%
County of Boone,
Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2028		1,000,000		961,960
Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2029		1,525,000		1,443,312
Boone County Hospital, Revenue, Refunding, Series 2016, 5.00%, 08/01/2030		1,300,000		1,209,720
Boone County Hospital, Revenue, Refunding, Series 2016, 4.00%, 08/01/2033		2,470,000		2,035,129
Grindstone Plaza Transportation Development District,
Revenue, Series 2006 A, 5.40%, 10/01/2026		100,000		100,010
Health & Educational Facilities Authority of the State of Missouri,
Maryville University of St Louis, Revenue, Refunding, Series 2020 A, 4.00%, 06/15/2034		4,345,000		4,079,428
Maryville University of St. Louis, Revenue, Refunding, Series 2020 A, 4.00%, 06/15/2038		4,545,000		3,996,341
Mercy Health, Revenue, Series 2014 F, 5.00%, 11/15/2045		150,000		148,894
SSM Health Care Obligated Group, Revenue, Series 2014F, 2.80%, 08/01/2025 (b)(d)		1,375,000		1,375,000
St Louis County Industrial Development Authority,
Friendship Village St Louis Obligated Group, Revenue, Series 2013 A, 5.50%, 09/01/2033		1,000,000		999,743
				16,349,537
Montana 0.1%
City of Great Falls,
Downtown Urban Renewal District, Tax Allocation, Series 2021, 3.00%, 07/01/2035		1,005,000		834,605
Montana Facility Finance Authority,
Montana Children's Home and Hospital, Revenue, Series 2020 A, 4.00%, 07/01/2035		50,000		43,867
				878,472
Nebraska 0.1%
Douglas County Hospital Authority No. 2,
Madonna Rehabilitation Hospital Obligated Group, Revenue, Series 2014, 5.00%, 05/15/2036		1,500,000		1,497,335

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Nevada 3.2%
City of Las Vegas,
Special Improvement District No. 812, Special Assessment, Series 2015, 5.00%, 12/01/2031		520,000		521,875
Special Improvement District No. 816, Special Assessment, Series 2021, 2.75%, 06/01/2031		220,000		197,553
City of Sparks,
Special Improvement District No. 1, Special Assessment, Series 2024, 5.00%, 06/01/2044		400,000		381,856
State of Nevada Department of Business & Industry,
Desertxpress Enterprises LLC, Revenue, AMT, Series 2025 A, 9.50%, 01/01/2033 (a)(b)(c)		43,690,000		37,908,826
				39,010,110
New Hampshire 4.5%
New Hampshire Business Finance Authority,
Revenue, Series 2024, 5.38%, 12/01/2031 (c)		2,400,000		2,397,080
Revenue, Series 2024, 5.88%, 12/15/2032 (c)		2,526,000		2,484,032
Revenue, Series 2024, 0.00%, 12/01/2034 (c)(f)		22,000,000		11,836,286
Revenue, Series 2024, 5.38%, 12/15/2035 (c)		3,900,000		3,810,281
Revenue, Series 2025, 0.00%, 12/15/2032 (c)(f)		9,429,000		5,850,156
Revenue, Series 2025, 0.00%, 12/15/2033 (c)(f)		13,000,000		7,870,333
Brazoria County Municipal Utility District No. 83, Revenue, Series 2024, 5.30%, 12/01/2032 (c)		272,000		270,969
Christian Health Care Center Obligated Group, Revenue, Series 2019 A, 5.25%, 07/01/2039 (c)		4,410,000		4,347,704
Travis County Municipal Utility District No. 22, Revenue, Series 2025, 0.00%, 12/01/2031 (c)(e)(f)		23,995,000		15,885,547
Waller County Municipal Utility District No. 38, Revenue, Series 2024, 0.00%, 04/01/2032 (c)(f)		1,517,000		999,098
				55,751,486
New Jersey 3.3%
City of Atlantic City,
GO, Refunding, Series 2013, 5.00%, 12/01/2025		45,000		44,952
GO, Refunding, Series 2013, 5.00%, 12/01/2027		10,000		9,936
New Jersey Economic Development Authority,
DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.38%, 01/01/2035 (c)		21,000,000		21,329,200
DRP Urban Renewal 4 LLC, Revenue, AMT, Series 2025, 6.63%, 01/01/2045 (c)		12,250,000		12,453,990
Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 4.75%, 10/01/2028 (c)		1,000,000		994,193
Marion P Thomas Charter School, Inc., Revenue, Series 2018 A, 5.00%, 10/01/2033 (c)		1,000,000		969,860
United Airlines, Inc., Revenue, AMT, Series 1999, 5.25%, 09/15/2029		210,000		210,217
United Airlines, Inc., Revenue, AMT, Refunding, Series 2012, 5.75%, 09/15/2027		2,000,000		2,004,081
United Airlines, Inc., Revenue, AMT, Series B, 5.63%, 11/15/2030		2,390,000		2,392,488
New Jersey Educational Facilities Authority,
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.25%, 07/01/2030		25,000		21,268
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.50%, 07/01/2031		35,000		29,441
Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 5.00%, 07/01/2035		185,000		160,888
New Jersey Health Care Facilities Financing Authority,
St Joseph's Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.00%, 07/01/2032		50,000		45,575
St Joseph's Healthcare System Obligated Group, Revenue, Refunding, Series 2016, 3.13%, 07/01/2033		150,000		135,004
				40,801,093
New Mexico 0.0%(g)
New Mexico Hospital Equipment Loan Council,
Haverland Carter Lifestyle Obligated Group, Revenue, Series 2019 A, 5.00%, 07/01/2034		40,000		39,625

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
New York 7.7%
Allegany County Capital Resource Corp.,
Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2026		170,000		169,438
Houghton College, Revenue, Refunding, Series 2022 A, 5.00%, 12/01/2032		1,385,000		1,335,056
Build NYC Resource Corp.,
Inc., Revenue, AMT, Refunding, Series 2014, 5.00%, 01/01/2035 (c)		12,900,000		12,905,123
Albert Einstein College of Medicine, Inc., Revenue, Series 2015, 5.50%, 09/01/2045 (c)		3,880,000		3,768,551
WHIN Music Community Charter School, Revenue, Series 2022 A, 6.50%, 07/01/2052 (c)		1,500,000		1,423,864
City of Glens Falls,
Revenue, Series 2011, 5.00%, 06/15/2026		865,000		865,692
City of New York,
GO, Series 2014 I-2, 2.75%, 08/01/2025 (b)(d)		8,100,000		8,100,000
County of Sullivan,
Improvement Districts Service Fee, Special Assessment, Series E-1, 4.85%, 11/01/2031 (c)		100,000		101,056
Dobbs Ferry Local Development Corp.,
Mercy University, Revenue, Series 2014, 5.00%, 07/01/2039		20,000		19,854
Dutchess County Local Development Corp.,
Nuvance Health Obligated Group, Revenue, Series 2016 B, 3.00%, 07/01/2029		150,000		144,894
Monroe County Industrial Development Corp.,
St. Ann's of Greater Rochester Obligated Group, Revenue, Refunding, Series 2019, 4.00%, 01/01/2030		910,000		889,029
MTA Hudson Rail Yards Trust Obligations,
Revenue, Series 2016 A, 5.00%, 11/15/2056		20,000		19,863
New York City Transitional Finance Authority Building Aid,
State of New York, Revenue, Series 2015 S-1, 5.00%, 07/15/2034		1,395,000		1,396,473
New York City Transitional Finance Authority Future Tax Secured,
Revenue, Series 2019A-4, 2.75%, 08/01/2025 (b)(d)		680,000		680,000
New York Liberty Development Corp.,
3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.15%, 11/15/2034 (c)		1,500,000		1,500,029
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 2, 5.38%, 11/15/2040 (c)		13,000,000		12,811,309
3 World Trade Center LLC, Revenue, Refunding, Series 2014, 5.00%, 11/15/2044 (c)		10,800,000		10,338,318
3 World Trade Center LLC, Revenue, Refunding, Series 2014, Class 3, 7.25%, 11/15/2044 (c)		500,000		500,270
New York State Dormitory Authority,
Catholic Health System Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 07/01/2031		100,000		89,053
Garnet Health Medical Center Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 12/01/2033 (c)		1,700,000		1,678,835
St Joseph's University/Brooklyn, Revenue, Series 2021, 5.00%, 07/01/2028		110,000		111,691
New York State Environmental Facilities Corp.,
Casella Waste Systems, Inc., Revenue, AMT, Series 2014, 2.88%, 12/03/2029 (a)(b)(c)		3,000,000		2,791,706
Casella Waste Systems, Inc., Revenue, AMT, Series 2020 R-1, 2.75%, 09/02/2025 (a)(b)		2,475,000		2,469,383
Casella Waste Systems, Inc., Revenue, AMT, Series 2020 R-2, 5.13%, 09/03/2030 (a)(b)(c)		1,000,000		1,017,850
New York Transportation Development Corp.,
American Airlines, Inc., Revenue, AMT, Refunding, Series 2016, 5.00%, 08/01/2031		9,000,000		8,999,446
JFK International Air Terminal LLC, Revenue, AMT, Refunding, Series 2020 A, 5.00%, 12/01/2032		1,250,000		1,311,288
Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2034		2,500,000		2,502,484
Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2041		1,000,000		999,961
Laguardia Gateway Partners LLC, Revenue, AMT, Series 2016 A, 5.00%, 07/01/2046		1,305,000		1,240,903
Laguardia Gateway Partners LLC, Revenue, AMT, AG Insured, Series 2016 A, 5.25%, 01/01/2050		3,470,000		3,378,480

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
New York
Oneida Indian Nation of New York,
Revenue, Series 2024 B, 6.00%, 09/01/2043 (c)		145,000		151,540
Onondaga Civic Development Corp.,
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2029		315,000		313,494
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2030		520,000		512,653
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2031		200,000		195,121
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2032		250,000		241,215
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2033		275,000		261,741
Crouse Health Hospital, Inc. Obligated Group, Revenue, Refunding, Series 2024 A, 5.00%, 08/01/2034		700,000		656,811
Port Authority of New York & New Jersey,
Revenue, Third Series, AMT, Refunding, Series 193, 5.00%, 10/15/2034		3,540,000		3,546,869
Suffolk Regional Off-Track Betting Corp.,
Revenue, Series 2024, 6.00%, 12/01/2053		780,000		793,397
Syracuse Regional Airport Authority,
Revenue, AMT, Refunding, Series 2021, 5.00%, 07/01/2026		1,000,000		1,010,702
Westchester County Industrial Development Agency,
Million Air Two LLC Obligated Group, Revenue, AMT, Series 2017 A, 7.00%, 06/01/2046 (c)		400,000		416,316
Westchester County Local Development Corp.,
Purchase Senior Learning Community Obligated Group, Revenue, Refunding, Series 2021 A, 5.00%, 07/01/2036 (c)		4,000,000		4,001,947
				95,661,705
North Carolina 3.6%
Charlotte-Mecklenburg Hospital Authority (The),
Atrium Health Obligated Group, Revenue, Refunding, Series 2007 B, 2.85%, 08/01/2025 (b)(d)		21,495,000		21,495,000
North Carolina Housing Finance Agency,
Revenue, Refunding, GNMA Insured, Series 2020, 2.00%, 07/01/2035		1,075,000		846,896
Revenue, GNMA Insured, Series 2022, 3.15%, 01/01/2033		1,000,000		932,380
Revenue, GNMA Insured, Series 2022, 3.25%, 01/01/2034		1,000,000		927,895
North Carolina Medical Care Commission,
FirstHealth of the Carolinas, Inc., Revenue, Refunding, Series 2017D, 2.75%, 08/01/2025 (b)(d)		16,000,000		16,000,000
Vidant Health Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 06/01/2040		5,000,000		4,982,538
				45,184,709
North Dakota 0.1%
City of Horace,
GO, Special Assessment, Refunding, Series 2020 B, 3.00%, 05/01/2030		100,000		93,434
North Dakota Housing Finance Agency,
Revenue, Series 2021A, 2.05%, 07/01/2036		2,400,000		1,820,445
				1,913,879
Ohio 2.1%
City of Norwood,
Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 4.38%, 12/01/2030		645,000		647,586
Rockwood Exchange Tax Increment Fund, Tax Allocation, Refunding, Series 2025, 5.00%, 12/01/2035		750,000		762,674

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Ohio
Cleveland-Cuyahoga County Port Authority,
Playhouse Square Foundation, Revenue, Refunding, Series 2018, 5.25%, 12/01/2038		1,400,000		1,401,747
County of Fairfield,
Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033		5,025,000		4,929,949
County of Hamilton,
TriHealth Obligated Group, Revenue, Refunding, Series 2021 B, 2.80%, 08/01/2025 (b)(d)		5,775,000		5,775,000
County of Hardin,
Ohio Northern University, Revenue, Refunding, Series 2020, 4.00%, 05/01/2026		50,000		49,550
County of Lucas,
Promedica Healthcare Obligated Group, Revenue, Refunding, Series 2018 A, 5.25%, 11/15/2048		8,700,000		8,177,857
County of Washington,
Marietta Area Health Care, Inc. Obligated Group, Revenue, Refunding, Series 2022, 6.75%, 12/01/2052		1,080,000		1,110,508
Ohio Air Quality Development Authority,
Ohio Valley Electric Corp., Revenue, Series 2009 C, 1.50%, 11/04/2025 (a)(b)		1,000,000		990,291
Ohio Valley Electric Corp., Revenue, Refunding, Series 2019 A, 3.25%, 09/01/2029		10,000		9,856
State of Ohio,
State of Ohio Department of Transportation, Revenue, AMT, AG Insured, Series 2015, 5.00%, 12/31/2035		650,000		650,399
				24,505,417
Oklahoma 2.4%
Oklahoma County Finance Authority,
Aerospace Science and Technology Education Center, Inc., Revenue, Series 2024, 5.25%, 06/15/2034 (c)		775,000		764,043
Oklahoma Development Finance Authority,
OU Medicine Obligated Group, Revenue, Series 2018 B, 5.50%, 08/15/2057		1,000,000		940,675
Tulsa Municipal Airport Trust,
American Airlines, Inc., Revenue, AMT, Refunding, Series 2001 B, 5.50%, 12/01/2035		5,000,000		4,995,686
Tulsa Municipal Airport Trust Trustees,
American Airlines, Inc., Revenue, AMT, Refunding, Series 2025, 6.25%, 12/01/2035		15,500,000		17,113,369
Wagoner County Development Authority,
Revenue, Series 2025, 9.00%, 05/01/2026		225,000		230,844
Revenue, Series 2025, 9.00%, 05/01/2027		580,000		614,254
Revenue, Series 2025, 8.25%, 05/01/2028		630,000		662,443
Revenue, Series 2025, 6.75%, 05/01/2040		3,110,000		3,111,602
				28,432,916
Oregon 0.5%
Oregon State Facilities Authority,
Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.00%, 12/01/2040		420,000		400,848
Southern Oregon Goodwill Industries, Revenue, Series 2025 A, 5.38%, 12/01/2045		1,040,000		967,837
Polk County Hospital Facility Authority,
Dallas Mennonite Retirement Community Obligated Group, Revenue, Series 2015 A, 5.13%, 07/01/2035		3,680,000		3,679,982
Yamhill County Hospital Authority,
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 11/15/2026		185,000		183,630
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2031		350,000		350,471
Friendsview Manor Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 11/15/2036		455,000		437,315
				6,020,083
Pennsylvania 3.6%
Allegheny County Higher Education Building Authority,
Robert Morris University, Revenue, Pre-Refunded, Series 2016, 5.00%, 10/15/2034		600,000		615,851

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Pennsylvania
Allentown Neighborhood Improvement Zone Development Authority,
Revenue, Revenue, Series 2017, 5.00%, 05/01/2032 (c)		4,270,000		4,334,637
Total Waterfront, Revenue, Series 2024 A, 5.25%, 05/01/2032 (c)		1,165,000		1,184,071
Berks County Municipal Authority (The),
Tower Health Obligated Group, Revenue, Series 2024 A-2A, 6.00%, 06/30/2034		25,000		26,108
Bucks County Industrial Development Authority,
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2027		620,000		636,874
Grand View Hospital/Sellersville Obligated Group, Revenue, Series 2021, 5.00%, 07/01/2029		275,000		289,151
Butler County Hospital Authority,
Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2035		4,370,000		4,217,254
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2026		20,000		20,006
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2028		20,000		20,007
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2029		1,820,000		1,820,469
Butler Health System Obligated Group, Revenue, Refunding, Series 2015 A, 5.00%, 07/01/2030		1,370,000		1,370,245
City of Erie Higher Education Building Authority,
Mercyhurst University, Revenue, Series 2016, 5.00%, 09/15/2026 (c)		230,000		230,154
Crawford County Hospital Authority,
Meadville Medical Center Obligated Group, Revenue, Refunding, Series 2016 A, 6.00%, 06/01/2046		3,810,000		3,816,641
DuBois Hospital Authority,
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2027		15,000		15,179
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2028		760,000		768,151
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2029		75,000		75,704
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 5.00%, 07/15/2032		3,050,000		3,023,888
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2018, 4.00%, 07/15/2035		250,000		230,292
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2032		250,000		250,067
Penn Highlands Healthcare Obligated Group, Revenue, Series 2020, 5.00%, 07/15/2035		125,000		121,603
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2031		10,000		10,151
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2032		125,000		124,577
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2033		30,000		30,085
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2034		585,000		582,189
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2035		340,000		334,621
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2036		30,000		29,196
Penn Highlands Healthcare Obligated Group, Revenue, Refunding, Series 2021, 5.00%, 07/15/2037		300,000		288,431
Fulton County Industrial Development Authority,
Fulton County Medical Center (The), Revenue, Refunding, Series 2016, 4.00%, 07/01/2028		2,145,000		2,099,726
General Authority of Southcentral Pennsylvania,
WellSpan Health Obligated Group, Revenue, Refunding, Series 2019 E, 2.90%, 08/01/2025 (b)(d)		2,000,000		2,000,000
Lancaster County Hospital Authority,
Brethren Village Obligated Group, Revenue, Refunding, Series 2017, 4.13%, 07/01/2027		40,000		39,728
Moravian Manors Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2028		250,000		251,007
Moravian Manors Obligated Group, Revenue, Series 2019 A, 5.00%, 06/15/2030		255,000		255,733

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Pennsylvania
Monroe County Industrial Development Authority,
Monroe County Industrial Development Authority Pocono CBK TIF District, Tax Allocation, Refunding, Series 2025, 5.00%, 07/01/2033 (e)		1,620,000		1,623,272
Montgomery County Higher Education and Health Authority,
Holy Redeemer Health System Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 10/01/2026		50,000		50,022
Pennsylvania Economic Development Financing Authority,
Bridges Finco LP, Revenue, AMT, Series 2015, 5.00%, 12/31/2026		10,000		10,152
Pennsylvania Higher Educational Facilities Authority,
St Joseph's University, Revenue, Refunding, Series 2015 A, 3.13%, 11/01/2029		25,000		23,885
Philadelphia Authority for Industrial Development,
St Joseph's University, Revenue, Series 2017, 5.00%, 11/01/2047		8,915,000		8,348,414
Pocono Mountains Industrial Park Authority,
St. Luke's Hospital Obligated Group, Revenue, Series 2015 A, 5.00%, 08/15/2040		5,100,000		5,069,009
St. Mary Hospital Authority,
Trinity Health Corp. Obligated Group, Revenue, Series 2007 F, (3-month SOFR+0.83%), 3.90%, 11/15/2034 (h)		690,000		677,125
Susquehanna Area Regional Airport Authority,
Revenue, AMT, Refunding, Series 2017, 5.00%, 01/01/2038		1,000,000		987,504
				45,901,179
Rhode Island 0.6%
Rhode Island Health and Educational Building Corp.,
Care New England Health System Obligated Group, Revenue, Refunding, Series 2016 B, 5.00%, 09/01/2036		5,250,000		5,113,257
Lifespan Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 05/15/2039		2,840,000		2,759,476
				7,872,733
South Carolina 0.0%(g)
South Carolina Public Service Authority,
South Carolina Public Service Authority, Revenue, Series 2015 E, 5.25%, 12/01/2055		1,120,000		1,119,893
Tennessee 1.8%
Industrial Development Board of The City of Kingsport Tennessee (The),
Domtar Paper Co. LLC, Revenue, AMT, Series 2024, 5.25%, 11/15/2029 (a)(b)(c)		18,620,000		18,374,132
Shelby County Health Educational & Housing Facilities Board,
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2013 A, 5.00%, 09/01/2033 (c)		35,000		32,067
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 3.50%, 09/01/2026 (c)		25,000		24,318
Trezevant Episcopal Home Obligated Group, Revenue, Refunding, Series 2016 A, 5.00%, 09/01/2037 (c)		4,060,000		3,512,378
				21,942,895
Texas 4.6%
Abilene Convention Center Hotel Development Corp.,
City of Abilene Abilene Convention Center, Revenue, Second Lien, Series 2021 B, 3.75%, 10/01/2031 (c)		500,000		463,813
Arlington Higher Education Finance Corp.,
Newman International Academy, Revenue, Series 2021 A, 4.00%, 08/15/2031		350,000		311,122
Austin Convention Enterprises, Inc.,
Revenue, First Tier, Refunding, Series 2017 A, 5.00%, 01/01/2026		150,000		150,484
Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2028		20,000		20,225
Revenue, First Tier, Refunding, Series A, 5.00%, 01/01/2034		250,000		250,542
Revenue, Second Tier, Refunding, Series B, 5.00%, 01/01/2032		1,075,000		1,078,474

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
Bexar County Health Facilities Development Corp.,
Army Retirement Residence Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 07/15/2026		40,000		40,180
City of Austin,
Airport System, Revenue, AMT, Series 2017 B, 5.00%, 11/15/2041		2,985,000		2,975,002
City of Buda,
Persimmon Public Improvement District Major Improvement Area, Special Assessment, Series 2025, 5.75%, 09/01/2033 (c)		1,000,000		991,399
City of Caddo Mills,
Enclave of Bahamas Public Improvement District Improvement Area 1, Special Assessment, Series 2025, 5.30%, 09/15/2035 (c)		2,425,000		2,414,968
City of Dorchester,
Cottonwood Public Improvement District Major Improvement Area No. 1, Special Assessment, Series 2024, 5.25%, 09/15/2031 (c)		350,000		345,610
City of Houston,
United Airlines, Inc., Revenue, AMT, Series 2018 C, 5.00%, 07/15/2028		7,095,000		7,129,800
United Airlines, Inc., Revenue, AMT, Refunding, Series 2020 A, 5.00%, 07/01/2027		1,000,000		1,003,894
United Airlines, Inc., Revenue, AMT, Series B-1, 5.00%, 07/15/2035		6,000,000		5,999,593
City of Huntsville,
Reserves of Huntsville Public Improvement District (The), Special Assessment, Series 2024, 4.50%, 09/15/2031 (c)		355,000		357,131
City of Penitas,
GO, Series 2025, 5.00%, 09/01/2035		415,000		416,795
City of Port Isabel,
GO, Series 2025, 5.00%, 02/15/2035		920,000		909,296
City of Sugar Land,
GO, Series 2014, 5.25%, 02/15/2032		25,000		25,049
City of Temple,
Reinvestment Zone No. 1, Tax Allocation, Refunding, Series 2018 A, 5.00%, 08/01/2038		2,830,000		2,830,000
Clifton Higher Education Finance Corp.,
International Leadership of Texas, Inc., Revenue, Refunding, Series 2018 D, 6.13%, 08/15/2048		1,000,000		1,001,320
Valor Texas Education Foundation, Revenue, Series 2024 A, 5.00%, 06/15/2034 (c)		325,000		313,422
County of Denton,
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.13%, 12/31/2031 (c)		500,000		502,616
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 5.75%, 12/31/2044		1,270,000		1,198,495
Tabor Ranch Public Improvement District Improvement Area No. 1, Special Assessment, Junior Lien, Series 2024 B, 6.13%, 12/31/2054		500,000		472,486
Tabor Ranch Public Improvement District Major Impt Area, Special Assessment, Series 2024, 5.25%, 12/31/2031 (c)		1,000,000		1,003,816
County of Medina,
Talley Ho Public Improvement District Improvement Area No. 1, Special Assessment, Series 2024, 4.88%, 09/01/2034 (c)		1,453,000		1,401,946
County of Wichita,
GO, Series 2017, 5.00%, 09/15/2042		500,000		500,098
Edinburg Economic Development Corp.,
Revenue, Series 2019, 4.00%, 08/15/2029 (c)		585,000		568,168
Harris County Cultural Education Facilities Finance Corp.,
Brazos Presbyterian Homes Obligated Group, Revenue, Series 2013 A, 5.00%, 01/01/2038		315,000		310,037
Harris County Municipal Utility District No. 489,
GO, BAM Insured, Series 2021, 2.00%, 09/01/2033		1,300,000		1,062,756
Hidalgo County Regional Mobility Authority,
Revenue, Junior Lien, Refunding, Series B, 4.00%, 12/01/2038		100,000		89,779

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Texas
Kerrville Health Facilities Development Corp.,
Sid Peterson Memorial Hospital Obligated Group, Revenue, Refunding, Series 2015, 5.00%, 08/15/2035		1,750,000		1,753,248
Love Field Airport Modernization Corp.,
Southwest Airlines Co., Revenue, AMT, Series 2012, 5.00%, 11/01/2028		105,000		105,011
Mission Economic Development Corp.,
Graphic Packaging International LLC, Revenue, AMT, Series 2025, 5.00%, 06/01/2030 (a)(b)		4,750,000		4,823,460
New Hope Cultural Education Facilities Finance Corp.,
CHF-Collegiate Housing College Station I LLC, Revenue, Series 2014 A, 5.00%, 04/01/2029		4,930,000		4,931,309
CHF-Collegiate Housing College Station I LLC, Revenue, AG Insured, Series 2014 A, 5.00%, 04/01/2046		1,000,000		961,484
Jubilee Academic Center, Inc., Revenue, Refunding, Series 2021, 4.00%, 08/15/2025 (c)		440,000		439,973
Outlook at Windhaven Forefront Living Obligated Group, Revenue, Series 2022 A, 6.50%, 10/01/2033		1,500,000		1,554,037
Sanctuary LTC LLC, Revenue, Series 2021 A-1, 5.00%, 01/01/2032		750,000		759,091
SLF CHP LLC, Revenue, Series 2025 A, 5.75%, 07/01/2035 (c)		2,500,000		2,431,925
Nolan County Hospital District,
GO, Series 2014, 3.25%, 08/15/2025		45,000		44,994
Reagan Hospital District of Reagan County,
GO, Series A, 5.00%, 02/01/2029		985,000		985,200
Red River Education Finance Corp.,
St Edward's University, Inc., Revenue, Refunding, Series 2016, 4.00%, 06/01/2036		2,325,000		2,100,110
St. Edward's University, Inc., Revenue, Refunding, Series 2016, 3.00%, 06/01/2034		500,000		417,491
Tarrant County Cultural Education Facilities Finance Corp.,
Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.63%, 11/15/2030		10,000		10,000
Barton Creek Senior Living Center Obligated Group, Revenue, Refunding, Series 2015, 4.75%, 11/15/2035		70,000		68,786
Town of Trophy Club,
Public Improvement District No. 1, Special Assessment, Refunding, Series 2025, 5.00%, 09/01/2032		1,000,000		1,055,101
				58,579,536
Utah 1.9%
City of Salt Lake City,
Airport, Revenue, AMT, Series 2017 A, 5.00%, 07/01/2036		5,650,000		5,697,271
Airport, Revenue, AMT, Series 2018A, 5.00%, 07/01/2037		7,500,000		7,606,393
Downtown East Streetcar Sewer Public Infrastructure District,
GO, Senior Lien, Series 2022 A, 5.75%, 03/01/2042 (c)		2,000,000		1,929,776
Downtown Revitalization Public Infrastructure District,
Revitalization Sales Tax, Revenue, Series 2025 C, 5.00%, 07/15/2035 (c)		2,075,000		2,079,427
Fields Estates Public Infrastructure District,
Assessment Area, Special Assessment, Series 2024 A-2, 5.25%, 12/01/2053 (c)		1,500,000		1,376,825
Firefly Public Infrastructure District No. 1,
Assessment Area 1, Special Assessment, Series 2024 A-2, 5.63%, 12/01/2043 (c)		1,000,000		968,971
Utah Charter School Finance Authority,
Freedom Academy Foundation, Revenue, Refunding, Series 2017, 4.50%, 06/15/2027 (c)		1,005,000		999,739
Utah Infrastructure Agency,
Revenue, Series 2021, 3.00%, 10/15/2025		135,000		134,836
Wood Ranch Public Infrastructure District,
Assessment Area 1, Special Assessment, Series 2024, 5.63%, 12/01/2053 (c)		1,300,000		1,253,371
				22,046,609

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Vermont 0.0%(g)
East Central Vermont Telecommunications District,
Revenue, Series 2016 A, 5.00%, 12/01/2035 (c)		120,000		115,045
Revenue, Refunding, Series 2017 A, 5.75%, 12/01/2031 (c)		210,000		210,143
				325,188
Virgin Islands 0.5%
Matching Fund Special Purpose Securitization Corp.,
United States Virgin Islands Federal Excise Tax, Revenue, Refunding, Series 2022 A, 5.00%, 10/01/2039		2,500,000		2,493,405
Virgin Islands Public Finance Authority,
United States Virgin Islands, Revenue, NATL Insured, Series 2006, 4.25%, 10/01/2029		30,000		30,088
United States Virgin Islands, Revenue, Refunding, Series 2012 A, 5.00%, 10/01/2032		240,000		239,455
United States Virgin Islands, Revenue, Refunding, Series 2014 C, 5.00%, 10/01/2030 (c)		1,500,000		1,500,177
United States Virgin Islands Frenchman's Reef Hotel Room Occupancy Tax, Revenue, Series 2024 A, 6.00%, 04/01/2053 (c)		1,000,000		975,340
				5,238,465
Virginia 0.5%
Norfolk Redevelopment & Housing Authority,
Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Refunding, Series 2014, 5.38%, 01/01/2035		4,945,000		4,946,040
Fort Norfolk Retirement Community, Inc. Obligated Group, Revenue, Series A, 5.00%, 01/01/2034		910,000		911,999
				5,858,039
Washington 1.5%
King County Housing Authority,
Revenue, Series 2008, 5.50%, 05/01/2038		4,000,000		4,005,111
Port of Seattle Industrial Development Corp.,
Delta Air Lines, Inc., Revenue, AMT, Refunding, Series 2012, 5.00%, 04/01/2030		10,625,000		10,624,533
Washington State Housing Finance Commission,
German Retirement Home of the State of Washington Obligated Group, Revenue, Series 2024 B-1, 4.50%, 07/01/2030 (c)		1,000,000		999,970
Horizon House Obligated Group, Revenue, Refunding, Series 2017, 5.00%, 01/01/2027 (c)		1,560,000		1,569,788
Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2028 (c)		305,000		297,175
Spokane International Academy, Revenue, Series 2021 A, 4.00%, 07/01/2029 (c)		320,000		308,952
				17,805,529
West Virginia 0.9%
City of Huntington,
Downtown Development/Redevelopment District No. 1, Tax Allocation, Refunding, Series 2024 A, 5.50%, 06/01/2049		450,000		422,214
West Virginia Economic Development Authority,
Commercial Metals Co., Revenue, AMT, Series 2025, 4.63%, 05/15/2032 (a)(b)		6,450,000		6,284,823
West Virginia Hospital Finance Authority,
Cabell Huntington Hospital Obligated Group, Revenue, Refunding, Series 2018 A, 5.00%, 01/01/2043		1,750,000		1,666,819
Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2025		25,000		25,029
Vandalia Health, Inc. Obligated Group, Revenue, Refunding, Series 2014 A, 5.00%, 09/01/2027		235,000		235,313
West Virginia Housing Development Fund,
Revenue, Series 2021A, 2.00%, 05/01/2033		1,695,000		1,385,732
Revenue, Series 2021A, 2.00%, 11/01/2036		1,325,000		991,518
				11,011,448
Wisconsin 8.3%
Public Finance Authority,
Revenue, Series 2024, 0.00%, 12/15/2030 (c)(f)		5,675,000		4,167,256

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Wisconsin
Revenue, Series 2025, 8.75%, 07/30/2026 (c)		10,000,000		9,787,700
Tax Allocation, Series 2025, 5.25%, 06/01/2034 (c)		3,800,000		3,787,354
Ameream LLC, Revenue, Series 2017, 6.50%, 12/01/2037 (c)		2,500,000		2,375,000
Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 5.00%, 06/01/2026 (c)		1,005,000		1,010,230
Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 4.63%, 06/01/2036 (c)		25,000		23,823
Bancroft Neurohealth Obligated Group, Revenue, Series 2016 A, 5.00%, 06/01/2036 (c)		1,500,000		1,487,754
Campus Real Estate Holding Corp. LLC, Revenue, Refunding, Series 2025 A, 5.00%, 06/01/2035		1,200,000		1,240,103
Cincinnati Classical Academy, Revenue, Series 2024 A, 5.25%, 06/15/2035 (c)		1,075,000		1,070,097
Denton County Municipal Utility District No. 16, Revenue, Series 2024, 5.75%, 12/15/2033 (c)		5,000,000		4,862,020
Dominium Holdings I LLC, Revenue, Series 2024-1, Class B-1, 6.81%, 04/28/2036 (c)		900,000		912,278
Douglas County Sanitary & Improvement District No. 637, Special Assessment, Series 2025 A, 7.00%, 02/20/2030 (c)		465,434		467,895
Douglas County Sanitary & Improvement District No. 639, Special Assessment, Series 2025A, 7.00%, 07/09/2030 (c)		376,639		377,694
Dreamhouse 'Ewa Beach Public Charter School, Revenue, Series 2022 A, 5.75%, 08/01/2025 (c)		1,175,000		1,175,000
Gardner-Webb University, Revenue, Series 2018, 5.00%, 07/01/2027 (c)		2,865,000		2,865,794
Gardner-Webb University, Revenue, Series 2018, 5.00%, 07/01/2031 (c)		6,810,000		6,677,981
Guilford Charter School Corp., Revenue, Series 2022 A, 4.38%, 04/01/2032 (c)		615,000		591,249
Guilford College, Revenue, Refunding, Series 2016, 5.00%, 01/01/2026		685,000		684,900
Guilford College, Revenue, Refunding, Series 2016, 4.25%, 01/01/2028		30,000		29,726
Harris County Municipal Utility District No. 544, Revenue, Series 2024, 5.88%, 11/15/2029 (c)		1,000,000		1,000,414
Hozho Academy, Revenue, Refunding, Series 2025 A, 6.05%, 05/01/2033 (c)		1,000,000		1,004,281
Inperium, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 12/01/2034 (c)		3,500,000		3,554,888
Mary's Woods at Marylhurst Obligated Group, Revenue, Refunding, Series 2017 A, 5.00%, 05/15/2029 (c)		110,000		111,379
Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 5.50%, 09/01/2030 (c)		3,550,000		3,698,877
Million Air Three Obligated Group, Revenue, AMT, Refunding, Series 2024 A, 5.75%, 09/01/2035 (c)		3,500,000		3,611,436
Montgomery County Municipal Utility District Nos. 123 & 153, Revenue, Series 2024, 0.00%, 12/15/2034 (c)(f)		1,072,000		610,444
QCF Behavioral Hospitals I Obligated Group, Revenue, Series 2024 A, 7.50%, 07/01/2059 (c)		3,000,000		3,273,161
Queens University of Charlotte, Revenue, Refunding, Series 2022 A, 5.25%, 03/01/2042		1,895,000		1,834,874
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 A, 7.00%, 06/17/2029 (c)		503,303		514,782
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 C, 7.00%, 08/26/2029 (c)		878,882		881,280
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 C, 7.00%, 05/19/2030 (c)		419,624		424,581
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 D, 7.00%, 09/23/2029 (c)		592,372		600,373
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2024 E, 7.00%, 11/18/2029 (c)		908,307		912,340
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 A, 7.00%, 12/16/2029		133,955		135,534
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 B, 7.00%, 01/27/2030		854,262		862,643

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

Investments	Principal Amount ($)		Value ($)
Wisconsin
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 D, 7.00%, 06/16/2030 (c)		353,057		354,566
Sarpy County Sanitary & Improvement District No. 365, Special Assessment, Series 2025 E, 7.00%, 06/30/2030 (c)		299,821		300,447
Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2024 A, 7.00%, 09/17/2029 (c)		462,737		462,675
Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 A, 7.00%, 12/17/2029		370,449		374,674
Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 B, 7.00%, 02/18/2030		391,851		394,534
Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 C, 7.00%, 04/15/2030 (c)		209,553		213,507
Sarpy County Sanitary & Improvement District No. 376, Special Assessment, Series 2025 D, 7.00%, 05/20/2030 (c)		881,831		890,467
Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 A, 7.00%, 01/20/2030 (c)		512,520		516,619
Sarpy County Sanitary & Improvement District No. 379, Special Assessment, Series 2025 B, 7.00%, 06/05/2030 (c)		182,688		183,492
Southeast Overtown Park West Community Redevelopment Agency, Tax Allocation, Series 2024 A, 5.00%, 06/01/2041 (c)		7,500,000		7,292,946
TrIPs Obligated Group, Revenue, AMT, Refunding, Series 2012 C, 5.25%, 07/01/2028		505,000		505,459
Wittenberg University, Revenue, Series 2016, 5.00%, 12/01/2031 (c)		7,330,000		6,798,700
Wisconsin Health & Educational Facilities Authority,
Chiara Communities, Inc., Revenue, Series 2018 B, 4.25%, 07/01/2033		125,000		118,784
Chiara Communities, Inc., Revenue, Series 2018 B, 4.38%, 07/01/2038		1,250,000		1,099,831
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.00%, 07/01/2035		2,520,000		2,512,193
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.63%, 07/01/2045		3,495,000		3,338,565
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 5.88%, 07/01/2055		1,500,000		1,421,607
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2024, 6.00%, 07/01/2060		7,320,000		6,996,828
Chiara Housing & Services, Inc. Obligated Group, Revenue, Series 2025, 5.63%, 07/01/2035		1,150,000		1,183,723
Wisconsin Masonic Home Obligated Group, Revenue, Series 2024 A, 5.75%, 08/15/2059		500,000		494,517
				102,079,275
TOTAL MUNICIPAL BONDS (Cost $1,270,962,017)				1,230,070,749
Total Investments - 99.4% (Cost $1,270,962,017)				1,230,070,749
Other assets less liabilities - 0.6%				6,903,930
Net Assets - 100.0%				1,236,974,679

(a)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 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 July 31, 2025.
(c)	Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2025 amounted to $594,109,138, which represents approximately 48.03% 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)	When-issued security.
(f)	Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.
(g)	Represents less than 0.05% of net assets.

(h) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2025.

Abbreviations
AMT	Alternative Minimum Tax
ETM	Escrowed to Maturity
GO	General Obligation
SOFR	Secured Overnight Financing Rate

See Notes to Schedule of Investments. (Continued)

First Eagle Short Duration High Yield Municipal Fund
Schedule of InvestmentsJuly 31, 2025 (unaudited)

	Percent of Net
Industry Diversification for Portfolio Holdings	Assets
Economic/Industrial Development		19.9	%
Hospital		15.6
Higher Education		6.9
Continuing Care Retirement Community		6.3
Public Transportation		6.1
Airport		5.1
Tax Increment Financing		4.8
General Revenue Tax-Guaranteed		3.6
Special Assessment Financing		3.6
Charter School		3.4
Port/Marina		2.7
Community Development District		2.5
Solid Waste		1.8
Public Power System		1.6
General Obligation		1.5
Tobacco Master Settlement Agreement		1.4
Assisted Living		1.2
Miscellaneous Tax		1.2
Toll Highway/Bridge/Tunnel		1.2
Student Housing		1.1
Miscellaneous		1.0
Sales & Excise Tax		1.0
Appropriation		0.9
Loan Pool		0.9
State Single-Family Housing		0.7
Not-For-Profit Human Service Provider		0.5
Water & Sewer		0.5
Local Multi-Family Housing		0.4
Housing Tax-Guaranteed		0.3
Municipal Utility (Mixed)		0.3
Hotel Occupancy Tax		0.2
Payments in Lieu of Taxes (PILOT)		0.2
School District		0.2
General Obligation District (Other)		0.1
General Obligation Hospital/Health District		0.1
Income Tax		0.1
Indian Tribal Bond		0.1
Mello-Roos		0.1
Municipal Utility District		0.1
Not-For-Profit Foundation		0.1
Nursing Home		0.1
Gas Forward Contract		0.0	*
Not-For-Profit Cultural Organization		0.0	*
Telecom		0.0	*
Total Investments		99.4	%

* Less than 0.05%

See Notes to Schedule of Investments. (Continued)

Notes to Schedules of Investments (unaudited)

Note 1 — Organization

First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 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 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”) is the investment adviser of the Funds. The Adviser is a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain co-investors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.

As required under the 1940 Act, closing of the transaction was an “assignment” of the prior investment management agreements between the First Eagle Funds and the Adviser with respect to the Funds, which resulted in automatic termination of those agreements. On April 3, 2025, the Board of Trustees of the First Eagle Funds (the “Board”) considered new substantially identical investment management agreements with the Adviser with respect to the Funds,which it approved and presented such to the shareholders of the Funds for approval, and were approved by shareholders on June 30, 2025. The current investment management agreements took effect upon the closing of the transaction on August 15, 2025. The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds' investment objective or policies.

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).

a) Investments in Subsidiaries — The First Eagle Global Fund (the “Global Fund”), First Eagle Overseas Fund (the “Overseas Fund”), First Eagle U.S. Fund (the “U.S. Fund”), First Eagle Gold Fund (the “Gold Fund”), First Eagle Global 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 July 31, 2025, the First Eagle Global Cayman Fund, Ltd. has $5,403,317,365 in net assets, representing 8.69% of the Global Fund’s net assets.

The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Overseas Cayman Fund, Ltd. has $562,255,423 in net assets, representing 4.07% of the Overseas Fund’s net assets.

The First Eagle U.S. Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the U.S. Fund and the First Eagle U.S. Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle U.S. Cayman Fund, Ltd. has $175,741,986 in net assets, representing 11.97% 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 financial statements include the accounts of the Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Gold Cayman Fund, Ltd. has $671,224,013 in net assets, representing 18.53% 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 July 31, 2025, the First Eagle Global Income Builder Cayman Fund, Ltd. has $0 in net assets, representing 0.00% of the Global Income Builder Fund’s net assets.

The First Eagle Global Real Assets Cayman Fund, Ltd., established on September 9, 2021, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Real Assets Fund and the First Eagle Global Real Assets Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of July 31, 2025, the First Eagle Global Real Assets Cayman Fund, Ltd. has $507,200 in net assets, representing 3.38% 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 the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.

Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.

Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.

The spot exchange rates, as provided by an independent price source as of the close of the NYSE, are used to convert foreign security prices into U.S. dollars.

Inverse Floaters are evaluated using a third party model that takes into account the evaluated price of the underlying bond, leverage factors, gain share and floating rate levels.

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be “fair valued” as described below.

Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Adviser believes relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.

The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Other significant unobservable inputs (including 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 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 July 31, 2025. A reconciliation of Level 3 investments is presented when a Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments were not considered to be material to each Fund’s net assets at the beginning or end of the period.

First Eagle Global Fund

Description†	Level 1		Level 2			Level 3‡		Total
Assets:
Common Stocks	$	31,232,945,988	$	20,425,515,895	(a)	$	–	$	51,658,461,883
Corporate Bonds		–		–			5,234,653		5,234,653
Commodities*		–		6,405,853,213			–		6,405,853,213
Short-Term Investments		17,680,115		4,152,843,239			–		4,170,523,354
Forward Foreign Currency Exchange Contracts**		–		33,965,362			–		33,965,362
Total	$	31,250,626,103	$	31,018,177,709		$	5,234,653	$	62,274,038,465
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	–	$	(13,390,167	)	$	–	$	(13,390,167	)
Total	$	–	$	(13,390,167	)	$	–	$	(13,390,167	)

(a)	The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.
†	See Consolidated Schedule of Investments for additional detailed categorizations.
‡	Value determined using significant unobservable inputs.
*	Represents gold bullion.
**	Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

First Eagle Overseas Fund

Description†	Level 1		Level 2			Level 3‡		Total
Assets:
Common Stocks	$	2,938,089,540	$	9,144,193,241	(a)	$	18,649,326	$	12,100,932,107
Commodities*		–		1,160,631,616			–		1,160,631,616
Short-Term Investments		13,869,562		551,278,652			–		565,148,214
Forward Foreign Currency Exchange Contracts**		–		16,250,505			–		16,250,505
Total	$	2,951,959,102	$	10,872,354,014		$	18,649,326	$	13,842,962,442
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	–	$	(6,269,739	)	$	–	$	(6,269,739	)
Total	$	–	$	(6,269,739	)	$	–	$	(6,269,739	)

(a)	The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.
†	See Consolidated Schedule of Investments for additional detailed categorizations.
‡	Value determined using significant unobservable inputs.
*	Represents gold bullion.
**	Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the contracts.

First Eagle U.S. Fund

Description†	Level 1		Level 2		Level 3‡		Total
Assets:
Common Stocks	$	1,082,365,188	$	–	$	–	$	1,082,365,188
Convertible Preferred Stocks		5,185,000		–		–		5,185,000
Corporate Bonds		–		13,424,147		6,115,200		19,539,347
Commodities*		–		175,757,186		–		175,757,186
Master Limited Partnerships		24,528,740		–		–		24,528,740
Preferred Stocks		2,652,800		–		–		2,652,800
Short-Term Investments		4,291,793		154,437,824		–		158,729,617
Total	$	1,119,023,521	$	343,619,157	$	6,115,200	$	1,468,757,878

†	See Consolidated Schedule of Investments for additional detailed categorizations.
‡	Value determined using significant unobservable inputs.
*	Represents gold bullion.

First Eagle Gold Fund

Description†	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	2,512,815,102	$	224,650,039	(a)	$	–	$	2,737,465,141
Commodities *		–		671,330,676			–		671,330,676
Rights		1,606,382		–			–		1,606,382
Short-Term Investments		13,660,195		163,728,398			–		177,388,593
Total	$	2,528,081,679	$	1,059,709,113		$	–	$	3,587,790,792

(a)	The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.
†	See Consolidated Schedule of Investments for additional detailed categorizations.
*	Represents gold and silver bullion.

First Eagle Global Income Builder Fund

Description†	Level 1			Level 2			Level 3‡		Total
Assets:
Common Stocks	$	633,284,445		$	603,660,089	(a)	$	–	$	1,236,944,534
Convertible Preferred Stocks		25,980,758			–			–		25,980,758
Corporate Bonds		–			191,191,149			18,395,742		209,586,891
Asset-Backed Securities		–			2,493,952			–		2,493,952
Commodities*		–			156,908,641			–		156,908,641
Foreign Government Securities		–			15,248,917			–		15,248,917
Loan Assignments		–			2,507,300			–		2,507,300
Master Limited Partnerships		18,971,644			–			–		18,971,644
Preferred Stocks		42,750,961			–			–		42,750,961
U.S. Treasury Obligations		–			188,245,047			–		188,245,047
Short-Term Investments		3,730,543			44,893,351			–		48,623,894
Forward Foreign Currency Exchange Contracts**		–			579,909			–		579,909
Total	$	724,718,351		$	1,205,728,355		$	18,395,742	$	1,948,842,448
Liabilities:
Forward Foreign Currency Exchange Contracts**	$	–		$	(290,561	)	$	–	$	(290,561	)
Options Written		(2,183,375	)		–			–		(2,183,375	)
Total	$	(2,183,375	)	$	(290,561	)	$	–	$	(2,473,936	)

(a)	The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.
†	See Schedule of Investments for additional detailed categorizations.
‡	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:
Common Stocks	$	336,581,628	$	65,182,606	(a)	$	–	$	401,764,234
Master Limited Partnerships		13,346,339		–			–		13,346,339
Short-Term Investments		441,981		5,316,331			–		5,758,312
Total	$	350,369,948	$	70,498,937		$	–	$	420,868,885

(a)	The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.
†	See Schedule of Investments for additional detailed categorizations.

First Eagle Small Cap Opportunity Fund

Description†	Level 1		Level 2		Level 3‡			Total
Assets:
Common Stocks	$	1,528,789,883	$	–	$	–		$	1,528,789,883
Exchange-Traded Funds		4,021,318		–		–			4,021,318
Rights		–		–		–	^		–
Short-Term Investments		67,449,178		–		–			67,449,178
Total	$	1,600,260,379	$	–	$	–		$	1,600,260,379

†	See Schedule of Investments for additional detailed categorizations.
‡	Value determined using significant unobservable inputs.
^	Fair value represents zero.

First Eagle U.S. Smid Cap Opportunity Fund

Description†	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	42,248,959	$	–	$	–	$	42,248,959
Short-Term Investments		1,490,027		–		–		1,490,027
Total	$	43,738,986	$	–	$	–	$	43,738,986

† See Schedule of Investments for additional detailed categorizations.

First Eagle Global Real Assets Fund

Description†	Level 1		Level 2			Level 3‡			Total
Assets:
Common Stocks	$	9,680,277	$	4,180,760	(a)	$	–	^	$	13,861,037
Commodities*		–		329,423			–			329,423
Exchange-Traded Funds		185,472		–			–			185,472
Master Limited Partnerships		684,124		–			–			684,124
Short-Term Investments		115,302		–			–			115,302
Total	$	10,665,175	$	4,510,183		$	–		$	15,175,358

(a)	The Fund has implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note 2(b) for additional details.
†	See Consolidated Schedule of Investments for additional detailed categorizations.
‡	Value determined using significant unobservable inputs.
*	Represents gold bullion.
^	Fair value represents zero.

First Eagle High Yield Municipal Fund

Description†	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	–	$	7,820,356,603	$	–	$	7,820,356,603
Total	$	–	$	7,820,356,603	$	–	$	7,820,356,603

† See Schedule of Investments for additional detailed categorizations.

First Eagle Short Duration High Yield Municipal Fund

Description†	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	–	$	1,230,070,749	$	–	$	1,230,070,749
Total	$	–	$	1,230,070,749	$	–	$	1,230,070,749

† See Schedule of Investments for additional detailed categorizations.

c) Forward Foreign Currency Exchange Contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Global 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 nine months ended July 31, 2025, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:

					First Eagle
					Global
	First Eagle		First Eagle		Income
	Global		Overseas		Builder
	Fund		Fund		Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value — Purchased	$	608,902,906	$	285,818,375	$	13,744,128
Average Settlement Value — Sold		2,276,806,232		1,072,239,453		49,834,107

The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.

In order to better define its contractual rights and to secure rights that may help the Funds mitigate counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds’ custodian bank. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty.

Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.

At July 31, 2025, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund  

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value		Liability Derivative Fair Value		Net realized Gains (Losses)		Change in Appreciation (Depreciation)
Foreign currency	$	33,965,362	$	13,390,167	$	9,186,426	$	(31,088,346	)

First Eagle Overseas Fund  

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value		Liability Derivative Fair Value		Net realized Gains (Losses)		Change in Appreciation (Depreciation)
Foreign currency	$	16,250,505	$	6,269,739	$	9,053,077	$	(16,643,825	)

First Eagle Global Income Builder Fund  

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value		Liability Derivative Fair Value		Net realized Gains (Losses)		Change in Appreciation (Depreciation)
Foreign currency	$	579,909	$	290,561	$	208,279	$	(726,951	)

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each Fund as of July 31, 2025:

First Eagle Global Fund

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	6,951,457	$	(6,951,457	)	$	–		$	–
Goldman Sachs		9,244,134		–			(8,750,000	)		494,134
JPMorgan Chase Bank		8,509,484		(1,145,934	)		(7,178,686	)		184,864
UBS AG		9,260,287		–			(8,799,739	)		460,548
	$	33,965,362	$	(8,097,391	)	$	(24,728,425	)	$	1,139,546

Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	12,244,233	$	(6,951,457	)	$	(5,292,776	)	$	–
JPMorgan Chase Bank		1,145,934		(1,145,934	)		–			–
	$	13,390,167	$	(8,097,391	)	$	(5,292,776	)	$	–

First Eagle Overseas Fund

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	3,303,908	$	(3,303,908	)	$	–		$	–
Goldman Sachs		4,522,728		–			(4,310,000	)		212,728
JPMorgan Chase Bank		4,016,385		(511,701	)		(3,353,869	)		150,815
UBS AG		4,407,484		–			(4,289,719	)		117,765
	$	16,250,505	$	(3,815,609	)	$	(11,953,588	)	$	481,308

Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	5,758,038	$	(3,303,908	)	$	(2,454,130	)	$	–
JPMorgan Chase Bank		511,701		(511,701	)		–			–
	$	6,269,739	$	(3,815,609	)	$	(2,454,130	)	$	–

First Eagle Global Income Builder Fund

Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	112,715	$	(112,715	)	$	–		$	–
Goldman Sachs		148,703		–			(130,000	)		18,703
JPMorgan Chase Bank		137,782		(26,371	)		(111,411	)		–
UBS AG		180,709		–			(162,069	)		18,640
	$	579,909	$	(139,086	)	$	(403,480	)	$	37,343

Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged*			Net Amount (Not Less Than $0)
Bank of New York Mellon	$	264,190	$	(112,715	)	$	(151,475	)	$	–
JPMorgan Chase Bank		26,371		(26,371	)		–			–
	$	290,561	$	(139,086	)	$	(151,475	)	$	–

*The actual collateral received/pledged may be more than the amount reported due to over collateralization.

d) Tender Option Bonds — Inverse floating rate interests (“Inverse Floaters”) are issued in connection with municipal tender option bond (“TOB”) financing transactions (secured borrowing) to generate leverage for First Eagle High Yield Municipal Fund or First Eagle Short Duration High Yield Municipal Fund (the “Municipal Funds”). Such instruments are created by a special purpose trust (a “TOB Trust”) that holds long-term fixed rate bonds sold to it by a Fund (the underlying security), and issues two classes of beneficial interests: short-term floating rate interests (“Floaters”), which are sold to other investors, and Inverse Floaters, which are purchased by the Fund. The Municipal Funds generally will purchase Floaters issued by a TOB Trust. The Floaters have first priority on the cash flow from the underlying security held by the TOB Trust, have a tender option feature that allows holders to tender the Floaters back to the TOB Trust for their par amount and accrued interest at specified intervals and bear interest at prevailing short- term interest rates. Tendered Floaters are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered Floaters that cannot be remarketed. The Municipal Funds, as holders of the Inverse Floaters, are paid the residual cash flow from the underlying security. Accordingly, the Inverse Floaters provide the Municipal Funds with leveraged exposure to the underlying security. When short-term interest rates rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively, residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates rise, Inverse Floaters produce less income for the Municipal Funds, and as short-term interest rates decline, Inverse Floaters produce more income for the Municipal Funds. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result, the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g., if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated, and the Municipal Funds could lose the entire amount of its investment in the Inverse Floater and may, in some cases, be contractually required to pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently, in a rising interest rate environment, the Municipal Funds’ investments in Inverse Floaters could negatively impact the Municipal Funds’ performance and yield, especially when those Inverse Floaters provide the Municipal Funds with relatively greater leveraged exposure to the underlying securities held by the relevant TOB Trusts.

The Municipal Funds may invest in Inverse Floaters on a non-recourse or recourse basis. If a Fund invests in an Inverse Floater on a recourse basis, the Fund will be required to reimburse the liquidity provider of a TOB Trust for any shortfall between the liquidation value of the underlying security and the principal amount of the Floaters in the event the Floaters cannot be successfully remarketed and the Fund could suffer losses in excess of the amount of its investment in the Inverse Floater.

The Underlying Bond deposited into the TOB Trust is identified in the Municipal Fund’s Portfolio of Investments as “(a) All or portion of principal amount transferred to a TOB Issuer in exchange for TOB residuals and cash.” with the Fund recognizing as liabilities, labeled “Payable for Floating Rate Note Obligation” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Accrued interest and dividends receivable” and “Interest expense and fees payable” on the Statement of Assets and Liabilities, respectively.

As of July 31, 2025, the aggregate value of Floaters issued by the Municipal Funds’ TOB Trusts were as follows:

	Floating Rate
	Obligations:
First Eagle High Yield Municipal Fund	$	787,345,000

For six months ended July 31, 2025, the average amount of Floaters outstanding and the average annual interest rates and fees related to Inverse Floaters, were as follows:

	Average Floating		Average Annual
	Rate Obligations		Interest Rate
	Outstanding		and Fees
First Eagle High Yield Municipal Fund	$	585,058,443		3.22	%

e) Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write “covered” call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose.

Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

In general, a call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by a Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This “opportunity cost” may be partially or wholly offset by the premium received for the covered call written by a Fund. The risk in writing a covered call option is that a Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

A Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty. Rule 18f-4 under the 1940 Act permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset coverage”).

Under Rule 18f- 4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a fund is relying on the Limited Derivatives User Exception (as defined below), a fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, each Fund is relying on the Limited Derivatives User Exception.

As of July 31, 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 nine months ended July 31, 2025, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:

	First Eagle
	Global Income
	Builder Fund
Options:
Average Number of Contracts — Written		9,863

At July 31, 2025, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Global Income Builder Fund

					Gain or (Loss) Derivative Recognized in Income
					Net Realized		Change in
	Asset Derivative		Liability Derivative		Gains		Appreciation
Risk Type	Fair Value		Fair Value		(Losses)		(Depreciation)
Equity — Written options	$	—	$	2,183,375	$	1,554,965	$	2,477,030

f) Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

g) Bank Loans — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, a Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between a Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

h) Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”) which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations and reflected in market value of the securities. TIPS are subject to interest rate risk.

i) Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

Note 3 — Subsequent Events

As noted in Note 1, on August 15, 2025 (after the period covered by this report), private equity funds managed by Genstar Capital purchased all interests in First Eagle Holdings held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. The Funds’ current investment management agreements took effect upon the closing of the transaction on August 15, 2025, following approval of the agreements by shareholders on June 30, 2025.