First Eagle Gold Fund (SGGDX) N-CSRCertified annual shareholder report (management investment company)

Annual Report

October 31, 2020

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle High Income Fund (formerly First Eagle High Yield Fund)

First Eagle Fund of America

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.feim.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly or, if you are a direct investor, by calling 800.334.2143 or by visiting www.Fundreports.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with a Fund, you can call 800.334.2143 or visit www.Fundreports.com. Your election to receive reports in paper will apply to all funds held with First Eagle or your financial intermediary.

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

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

Table of Contents

Letter from the President (unaudited)

Mehdi Mahmud

Dear Fellow Shareholders,

What if, at this time one year ago, I told you the world soon would be overrun by a virus that infected nearly 14 million people and caused more than 270,000 deaths in the United States alone,¹ and efforts to contain it would prompt unprecedented government measures—from lockdowns of schools, businesses and public places to the initiation of travel bans—that resulted in record economic contractions and skyrocketing unemployment globally? What if I went on to add that the pandemic's outbreak would spark a massive drawdown in global investment markets, but nearly all would recover to pre-pandemic levels before the end of the year—and some, including the S&P 500 and MSCI World indexes, would surge to new all-time highs even as the disease raged on?

The first of the above hypotheticals had already come to pass when I last wrote to you in early June. But even then, at which point markets had recovered the worst of their losses, the second hypothetical would have appeared unlikely.

On one hand, several things remain relatively unchanged since my June letter. Covid-19 remains an ugly, daily reality, with concomitant effects on the economy. Businesses are struggling as our country wrestles with lockdowns and other measures designed to lessen transmission of the virus. Consumer spending cratered, particularly in travel, leisure, dining and entertainment, with consequent negative impact on our labor force; at 5.5 million, continuing unemployment claims for the week ended November 28 stood about 325% higher than the same period a year ago and is consistent with levels not seen since the global financial crisis.²

On the other hand, much has changed over the past six months, beyond the rebound in financial markets. We have experienced seismic shifts in the nature of economic activity. While the pandemic accelerated certain underlying trends in the economy—examples include the shift toward online shopping (away from malls) and digital entertainment (away from live venues like stadiums, restaurants and bars)—it also triggered the reversal of other trends—examples include the shift away from travel

¹  Source: Johns Hopkins University; data as of December 2, 2020.

²  Source: Department of Labor; data as of December 3, 2020.

(toward staying at home) and urbanization (toward suburban living). The current sanguine state of financial markets in the face of such tectonic shifts reminds me of the old metaphor of a duck: it swims across the surface with beauty and grace, but there's a lot happening under water as the duck paddles furiously forward.

Central bankers and policymakers around the world deserve credit for the quick stabilization of financial markets earlier this year. They responded rapidly and forcefully to economic dislocations caused by the Covid-19 pandemic, applying lessons learned and policy tools constructed during the global financial crisis more than a decade ago. In the US, the Federal Reserve's efforts in the first few months of the pandemic went further than those it employed during the entirety of the multi-year global financial crisis. In addition to restarting all of its global financial crisis-era provisions, including zero interest rates and very large-scale Treasury and agency mortgage-backed security purchases, the Fed established facilities that enable it to support the primary and secondary corporate bond markets and to lend to small- and medium-sized enterprises. Lawmakers in Congress, meanwhile, passed a variety of relief and spending programs for businesses and individuals, including the $2.2 trillion CARES Act. Policymakers were similarly aggressive across Europe, Asia and Latin America. Also supportive of market sentiment has been the globally coordinated government support of private-sector research and development to attack the pandemic from all sides, including innovations to testing and contract-tracing logistics, improvements in medical care, global sharing of clinical data, and, of course, vaccine development and the necessary scaling up of manufacturing, with government backstopping demand.

Below the tranquil surface of financial markets' performance, shifts in the nature of economic activity produced massive distortions in the fortunes of companies and industries. Consider the retail economy. Pandemic-related lockdowns severely restricted consumers' access to department stores and malls, which in turn served as the catalyst for an explosion in online shopping demand. Stock prices for traditional retailers cratered, with some reputable firms declaring bankruptcy, while e-commerce names hit a succession of all-time highs over the last few months. While online shopping obviously had been expanding rapidly pre-Covid, can its pandemic-era growth rate be sustained over the next decade? The market valuations of e-commerce stocks suggest that investors certainly think so and imply that traditional retail will disappear altogether over that timeframe. Similar extremes are priced into stocks across industries in live entertainment, hospitality, consumer staples, and many other sectors.

Travel is an example of the pandemic-triggered countertrends. Travel volumes, which had been increasing steadily over several decades of globalization, have been decimated by the pandemic, as have travel and leisure stocks. And since transportation drives a large proportion of global hydrocarbon consumption, energy stocks have been beaten down to levels last seen in 2003. Will the post-pandemic world see a shift back toward the multi-decade trend of rising travel, or did Covid-19 cause an enduring reversal in human behavior?

The examples are intended to be thought provoking and illustrative of the lack of breadth in the 2020 equity market rebound. For example, the proportion of stocks in the MSCI World Index outperforming the index as a whole stood at 37% year-to-date as of October 31, 2020, a low not seen since before the bursting of the dot-com bubble.³ Perhaps not coincidentally, a new breed of technology stocks is leading the charge this time around, both well-established (the so-called FANG+ stocks) and some less so. While new-economy names were able to capitalize on the forced virtualization of the global economy during the pandemic, their stock prices suggest the market is extrapolating their robust 2020 revenue growth rates far into the future even as the population begins to embrace re-engaging with the physical world once vaccinations become widely available. Is it reasonable to think that traditional brick-and-mortar retail will disappear forever in favor of online emporiums? Or that decades of growth in business and personal travel will give way to a Zoom norm?

We can't answer these questions with certainty because at First Eagle we accept that the future is unpredictable, just as our hypothetical conversation at this time last year is unimaginable. Our investment discipline dictates that we avoid being carried away by either euphoria or despair. We seek to own businesses with assets that we believe have the potential to generate persistent earnings power over time—and to acquire these businesses only when we can do so at prices that represent a "margin of safety."⁴ Supported by prudent management teams and robust capital structures, such companies, in our view, generally should be poised to deliver shareholder value over the long term and help avoid the permanent impairment of your capital. To this we add holdings in cash and cash equivalents as deferred purchasing power, and many of our diversified portfolios hold gold and gold-related securities as a potential hedge and source of longer-term purchase optionality.

While harrowing market moves and ongoing uncertainty are unsettling, these environments often present opportunities for the discerning investor. In 2020—and in

³  Source: FactSet; data as of December 3, 2020.

⁴  First Eagle defines "margin of safety" as the difference between a stock's market price and our estimate of its intrinsic value.

the first quarter, in particular—we were able to selectively allocate capital, on what we believed to be advantageous terms, to well-positioned, well-capitalized, well-managed businesses that we expect to not only demonstrate resilience over the long term but also potentially rebound as the world looks past the pandemic in due course.

Global Value Team

In a 12-month period characterized by a pronounced selloff in equity markets that was followed by an even more pronounced rebound, funds managed by the Global Value team generally displayed resilience in the face of swiftly shifting dynamics. With a number of markets ending the period at or near all-time highs, the team remains attuned to the risks—economic, political, geopolitical, public health or even something further afield—that could send investment markets back into a tailspin. One of the primary complexities facing investors over the past 12 months has been the narrowness of equity markets, perhaps best illustrated by the performance gap between large, fast-growing new-economy stocks concentrated in technology and communication companies and mature-economy names in such sectors as industrials, financials, energy and real estate. The Global Value team has continued to hold many mature-economy stocks while remaining selectively positioned in new-economy names it was able to acquire at prices it considers sound. In its funds, the team kept cash and cash equivalents positions well below prior peaks because the large spread between money-supply growth and near-zero interest rates has made cash less attractive to hold. Gold bullion is a primary component of the team's potential ballast and long-term deferred purchasing power.

High Income Team

Investor optimism in the face of rising risks was as evident in the fixed income market as it was in the equity market. Credit quality deteriorated across the spectrum, and gross leverage in the investment grade, high yield and leveraged loan markets reached generational highs. Nonetheless, investors' appetite for this paper remained robust even as yields fell. In both the investment grade and high yield markets, bond issuance reached record levels in 2020—a vigorous response to the Fed's launch of backup credit facilities for these markets. It remains to be seen, however, whether Fed support will diminish default activity in the current credit cycle. In this period, the management team focused on managing downside risks, striving to take only those for which it believed it would be adequately compensated. Rather than joining in the global reach for yield, it aimed to invest in paper that was relatively liquid and prioritized relative quality over income.

Fund of America Team

Effective August 14, 2020, the subadviser of First Eagle Fund of America resigned and was replaced by a group of investment professionals from the Global Value team. At this time, we revised the Fund's investment objective to include current income alongside capital appreciation. While a company selected for investment may not meet all of these characteristics, the Fund of America seeks to invest selectively in high-quality, high-cash-generative companies with strong business models that have the capacity to maintain or grow their dividends. Such stocks historically have performed well and, we believe when bought at a price that represents an appropriate "margin of safety," may offer investors attractive total returns over time through a combination of capital appreciation and meaningful, steady dividend payments. We believe that the resulting portfolio will have the potential to deliver attractive risk-adjusted returns across market cycles while helping to meet its shareholders' income needs.

I thank you for entrusting your assets to our stewardship.

Sincerely,

Mehdi Mahmud,
President

December 2020

Management's Discussion of Fund Performance (unaudited)

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares* decreased 1.12% for the 12 months ended October 31, 2020, while the MSCI World Index increased 4.36%. The Fund's cash and cash equivalents position was 6.40% as of October 31, 2020.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Wheaton Precious Metals Corp. (metals & mining, Brazil), Barrick Gold Corp. (metals & mining, Canada), Newmont Corp. (metals & mining, United States) and Facebook, Inc. (interactive media & services, United States). Collectively, they accounted for 5.09% of this period's performance.

The five largest detractors were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), Lloyds Banking Group plc (banks, United Kingdom), National Oilwell Varco, Inc. (energy equipment & services, United States) and Danone SA (food products, France). Their combined negative performance over the period subtracted 3.42% from fund performance.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares* decreased 2.35% for the 12 months ended October 31, 2020, while the MSCI EAFE Index decreased 6.86%. The Fund's cash and cash equivalents position was 11.9% as of October 31, 2020.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were gold bullion, Newmont Corp. (metals & mining, United States), Barrick Gold Corp. (metals & mining, Canada), Wheaton Precious Metals Corp. (metals & mining, Brazil) and Taiwan Semiconductor Manufacturing Co. Ltd. (semiconductors & semiconductor equipment, Taiwan). Collectively, they accounted for 5.24% of this period's performance.

The five largest detractors were Danone SA (food products, France), Lloyds Banking Group plc (banks, United Kingdom), TechnipFMC Plc (energy equipment & services, United Kingdom), Imperial Oil Ltd. (oil, gas & consumable fuels, Canada) and Haw Par Corporation Ltd. (pharmaceuticals, Singapore). Their combined negative performance over the period subtracted 3.56% from fund performance.

Management's Discussion of Fund Performance (unaudited)

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares* decreased 2.23% for the 12 months ended October 31, 2020, while the S&P 500 Index increased 9.71%. The Fund's cash and cash equivalents position was 2.2% as of October 31, 2020.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were gold bullion, Facebook, Inc. (interactive media & services, United States), Deere & Co. (machinery, United States), Barrick Gold Corp. (metals & mining, Canada) and Newmont Corp. (metals & mining, United States). Collectively, they accounted for 6.20% of this period's performance.

The five largest detractors were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Schlumberger NV (energy equipment & services, United States), Flowserve Corp. (machinery, United States), National Oilwell Varco, Inc. (energy equipment & services, United States) and Alleghany Corp. (insurance, United States). Their combined negative performance over the period subtracted 5.85% from fund performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares* increased 40.84% for the 12 months ended October 31, 2020, while the FTSE Gold Mines Index increased 36.00%. The Fund's cash and cash equivalents position was 13.4% as of October 31, 2020.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Newmont Corp. (metals & mining, United States), Barrick Gold Corp. (metals & mining, Canada), gold bullion, silver bullion and Wheaton Precious Metals Corp. (metals & mining, Brazil). Collectively, they accounted for 25.84% of this period's performance.

The five largest detractors were Newcrest Mining Ltd. (metals & mining, Australia), Industrias Penoles SAB de CV (metals & mining, Mexico), OceanaGold Corp. (metals & mining, Australia), Dundee Precious Metals, Inc. (metals & mining, Canada) and Newcrest Mining Limited Placement (metals & mining, Australia). Their combined negative performance over the period subtracted 1.09% from fund performance.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares* decreased 3.38% for the 12 months ended October 31, 2020, while the MSCI World Index increased 4.36% and the

Management's Discussion of Fund Performance (unaudited)

Bloomberg Barclays U.S. Aggregate Bond Index increased 6.19%. The composite index⁵ was up 5.72% over the same time period. The Fund's cash and cash equivalents position was 3.7% as of October 31, 2020.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were gold bullion, Taiwan Semiconductor Manufacturing Co. Ltd. (semiconductors & semiconductor equipment, Taiwan), Wheaton Precious Metals Corp. (metals & mining, Brazil), Fresnillo plc (metals & mining, Mexico) and CH Robinson Worldwide, Inc. (air freight & logistics, United States). Collectively, they accounted for 3.11% of this period's performance.

The five largest detractors were Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Wells Fargo & Co. (banks, United States), Danone SA (food products, France), Schlumberger NV (energy equipment & services, United States) and Cia Cervecerias Unidas SA (beverages, Chile). Their combined negative performance over the period subtracted 3.42% from fund performance.

First Eagle High Income Fund⁶

The NAV of the Fund's Class I shares increased 4.68% for the 12 months ended October 31, 2020, while the Bloomberg Barclays U.S. Corporate High Yield Index increased 3.49%. The Fund's cash and cash equivalents position was 9.3% as of October 31, 2020.

The five largest contributors to the performance of First Eagle High Income Fund over the period were Southeastern Grocers, Inc. (food & staples retailing, United States), Antero Resources Corp. 5.63%, 6/1/2023 (oil, gas & consumable fuels, United States), Osum Production Corp., 1st Lien Term Loan B-EXT (ICE LIBOR USD 3 Month + 7.50%), 8.50%, 7/31/2022 (oil, gas & consumable fuels, United States), BI-LO Holding Finance LLC, 1st Term Loan B 9.38%, 05/31/2024 (food & staples retailing, United States) and HCA, Inc. 5.88%, 5/1/2023 (health care providers & services, United States). Collectively, they accounted for 5.84% of this period's performance.

The five largest detractors were Men's Wearhouse, Inc. (The) 7.00%, 07/01/2022 (specialty retail, United States), NGL Energy Partners LP 7.50%, 11/01/2023 (oil, gas & consumable fuels, United States), Genesis Energy LP 6.00%, 05/15/2023 (oil, gas & consumable fuels, United States), California Resources Corp. 8.00%,

⁵  The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.

⁶  First Eagle High Income Fund was known as First Eagle High Yield Fund prior to March 1, 2020.

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

Management's Discussion of Fund Performance (unaudited)

12/15/2022 (oil, gas & consumable fuels, United States) and EnQuest Plc 7.00%, 4/15/2022 (oil, gas & consumable fuels, United Kingdom). Their combined negative performance over the period subtracted 3.11% from fund performance.

First Eagle Fund of America

The NAV of the Fund's Class Y shares decreased 1.46% for the 12 months ended October 31, 2020, while the S&P 500 Index increased 9.71%. The Fund's cash and cash equivalents position was 0.5% as of October 31, 2020.

The five largest contributors to the performance of Fund of America over the period were Halozyme Therapeutics, Inc. (biotechnology, United States), Zillow Group, Inc., Class C (interactive media & services, United Services), Medicines Co. (biotechnology, United States), KKR & Co., Inc. (capital markets, United States) and Cree, Inc. (semiconductors & semiconductor equipment, United States). Collectively, they accounted for 11.39% of this period's performance.

The five largest detractors were Wyndham Destinations, Inc. (hotels, restaurants & leisure, United States), Marathon Petroleum Corp. (oil, gas & consumable fuels, United States), Wyndham Hotels & Resorts, Inc. (hotels, restaurants & leisure, United States), Post Holdings, Inc. (food products, United States) and HD Supply Holdings, Inc. (trading companies & distributors, United States). Their combined negative performance over the period subtracted 11.23% from fund performance.

Management's Discussion of Fund Performance (unaudited)

December 2020

The performance data quoted herein represent past performance and do not guarantee future results. Market volatility can dramatically impact a fund's' short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month-end are available at www.feim.com or by calling 800.334.2143.

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of December 2020 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

Performance Chart¹ (unaudited)

Performance Chart (unaudited)

Performance Chart (unaudited)

Performance Chart (unaudited)

¹  The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at feim.com or by calling 800.334.2143. The average annual returns for Class A Shares "with sales charge" of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund and First Eagle Fund of America give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Income Fund gives effect to the deduction of the maximum sales charge of 4.50%.

The average annual returns for Class C Shares reflect the maximum contingent deferred sales charge (CDSC), which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to the shares sold or redeemed with the first year of purchase.

For First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America, a contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

With respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America require $1 million minimum investment and are offered without a sales charge.

Class Y Shares of First Eagle Fund of America are offered without a sales charge.

Class R3 Shares, Class R4 Shares, Class R5 Shares and Class R6 Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America are offered without a sales charge.

Performance Chart (unaudited)

²  The Fund commenced operations on April 28, 1970. Performance for periods prior to January 1, 2000, occurred while a prior portfolio manager of the fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

³  The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index.

⁴  The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada. One cannot invest directly in an index.

⁵  The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.

⁶  The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, and includes dividends reinvested. One cannot invest directly in an index.

⁷  The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.

⁸  The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. One cannot invest directly in an index.

⁹  First Eagle High Income Fund (formerly named First Eagle High Yield Fund) commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization on December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities.

¹⁰  The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.

¹¹  As of September 1, 2005, First Eagle Fund of America Class Y is closed to new accounts.

Expense Ratios As Stated In The Most Recent Prospectus

Performance Chart (unaudited)

¹²  For the First Eagle U.S. Value Fund, First Eagle High Income Fund and First Eagle Fund of America, had fees not been waived and/or expenses reimbursed, returns would have been lower.

¹³  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2021. This waiver has the effect of reducing the management fee for the term of the waiver from 0.75% to 0.70% on First Eagle U.S. Value Fund.

¹⁴  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.10% of the average daily value of the Fund's net assets for the period through February 28, 2021. This waiver has the effect of reducing the management fee for the term of the waiver from 0.70% to 0.60% on First Eagle High Income Fund.

¹⁵  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's first $2.25 billion through August 14, 2020. This waiver had the effect of reducing the management fee for the term of the waiver from 0.90% to 0.85% on First Eagle Fund of America through August 14, 2020.

Effective August 15, 2020, the Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, Y, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 0.90%, 1.65%, 0.90%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2022 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, Y, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 0.90%, 1.65%, 0.90%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

These expense ratios are presented as of August 14, 2020 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

There are risks associated with investing in funds that invest in securities of foreign companies, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

All securities may be subject to adverse market trends. The value of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and values of individual securities and other investments at times may decline significantly and rapidly. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate volatility.

An outbreak of disease caused by a novel coronavirus (also known as "COVID-19") has developed into a global pandemic and resulted in, among other things, closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of COVID-19, and

Performance Chart (unaudited)

other epidemics and pandemics that may arise in the future, has affected and may continue to affect the economies of many nations, individual companies and the global markets, including their liquidity, in ways that cannot necessarily be foreseen at the present time.

The value of a Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

In addition to investments in larger companies, each Fund may invest in small and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when a Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. The Funds consider small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Funds consider large companies to be companies with market capitalizations of $10 billion or greater.

Holding illiquid securities restricts or otherwise limits the ability for a Fund to freely dispose of its investments for specific periods of time. A Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including junk bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments.

Investment in gold and gold-related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals including specific changes in U.S. and foreign regulatory policies, tax, currency or mining laws, increased environmental costs, international monetary and political policies, economic conditions within an individual country, trade imbalances, and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold, and accordingly, the value of investments in such securities may also be affected. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

First Eagle High Income and First Eagle Global Income Builder Funds will invest in high yield instruments (commonly known as "high yield" or "junk" bonds) which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may experience extreme price fluctuations. The securities of such companies may be considered speculative and the ability of such companies to pay their debts on schedule may be uncertain.

First Eagle High Income and Global Income Builder Funds invest in bank loans. These investments potentially expose a Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. A Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. The market for bank loans may be illiquid and a Fund may have difficulty selling them, especially in the case of leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact

Performance Chart (unaudited)

the sale price. At times, a Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

Funds that invest in bonds are subject to credit and interest rate risk. The value of a Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by a Fund. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and markets impact.

Income generation and dividends are not guaranteed. If dividend paying stocks in a Fund's portfolio stop paying or reduce dividends a Fund's ability to generate income will be adversely affected.

An investment strategy that employs a "value" approach may pose a risk to a Fund that such investment strategy may not be successfully achieved. In any Fund, an investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, a Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented strategies.

All investments involve the risk of loss.

First Eagle Global Fund

Fund Overview

Data as of October 31, 2020 (unaudited)

Investment Objective

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. This truly global fund is managed with a highly disciplined, bottom-up, value-oriented style.

Asset Allocation* (%)

Countries*~ (%)

^  Less than 0.05%.

*  Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.

~  Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.

The Fund's portfolio composition is subject to change at any time.

First Eagle Global Fund | Fund Overview

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.

The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings* (%)

*  Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.

**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.

Percentages are based on total net assets.

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2020