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

Annual Report

October 31, 2023

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

First Eagle Rising Dividend Fund
(formerly First Eagle Fund of America)

First Eagle Small Cap Opportunity Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Global Real Assets Fund

Advised by First Eagle Investment Management, LLC

Forward-Looking Statement Disclosure

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

Table of Contents

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Letter from the President

Dear Fellow Shareholders,

Financial market sentiment fluctuated significantly over the 12 months covered by this report, as investors sought to discern the path of global monetary policy while also processing the potential impacts of a range of exogenous shocks, from wars and other geopolitical tensions to bank failures and threats of government shutdowns in the US. Despite these potential headwinds, risk assets generally moved higher over the past year, even if much of the heavy lifting at the index level was done by a small cohort of very large tech-oriented companies tapping into secular growth trends like artificial intelligence.

We have seen indicators of slowing in many Asian and European economies, but the U.S. economy continues to be strong 18 months into a rate-hike cycle that brought the Federal Reserve's policy rate from zero to an upper bound of 5.5%. Such persistence is not guaranteed, however, and it seems likely that conditions will become more challenging as the aggregate impacts of policy tightening mount. And though Fed rhetoric suggests the central bank is still hopeful for a "soft landing," the prospects of such an outcome do not necessarily appear more certain now than they have at any other point since the Fed began squeezing liquidity from the system. Inflation has eased considerably, but it remains above the Fed's target—and the last mile may be the hardest mile. Energy costs, housing prices and tight labor markets are all fighting against the Fed, and it's unclear what it will take to tame them. It may be a bumpy ride from here to the terminal rate.¹​

Perhaps more concerning, however, is the massive amount of sovereign debt outstanding. It's been our observation that the accumulation of debt in certain pockets of the economy has often served as fertile breeding ground for crises, and we believe sovereign debt is at the epicenter of indebtedness today. We believe fiscal policy has been on an unsustainable trajectory since the global financial crisis, not just in the US but across advanced economies, as governments provided extensive support in response to two large-scale economic dislocations. This federal largesse was supported by very low interest rates that kept interest expenses manageable and by long-lived, large-scale quantitative easing programs that provided ample demand to absorb government debt issuance.

While the ongoing rollback of crisis-era monetary accommodation continues to alter the calculus of government borrowing, indications that near-term fiscal policy will be adjusted to reflect the new math are limited. There are signs that investors have slowly begun demanding greater premia for exposure to government debt, and a meaningful rerating of this risk could have significant and far-reaching impacts.

Recognizing that the true state of uncertainty is well beyond what one can measure statistically at any given point in time, First Eagle has maintained the distinction between backward-looking quantifiable risks, which can be modeled and thus managed, and the true unknown "risk" of investing. We will continue to look for opportunities where we can find them, but we remain on our guard. Across market cycles, macroeconomic conditions and disruptive events, we remain focused on our goal of delivering long-term shareholder value while avoiding the permanent impairment of your capital.

As always, I want to thank you for entrusting your assets to our stewardship.

Sincerely,

Mehdi Mahmud,

President

December 2023

Management's Discussion of Fund Performance (unaudited)

Global Equities

Equity-oriented funds managed by the Global Value team, listed below, delivered positive absolute returns in the 12-month period covered in this report, though bias toward growth stocks relative to value stocks in many equity markets served as a headwind to relative performance. Gold and gold-related equities, which many of our funds hold as a potential hedge against extreme risk and market turbulence, played their part effectively despite the rise in real interest rates. We are hopeful that the move toward a more normal policy environment in which money again has a cost may promote the effective allocation of capital across the economy and performance more in line with historical norms. At the same time, we are cognizant of the many persistent vulnerabilities in global financial and political structures. As always, we continue to seek resilience in our funds from the bottom up, searching for cash-flow-generative companies with strong market positions, healthy balance sheets and prudent management teams, and buying these stocks only when available at a discount to our estimate of their intrinsic value.²​

First Eagle Global Fund

The net asset value ("NAV") of the fund's Class A shares³​ increased 10.36%^~​ for the 12 months ended October 31, 2023, while the MSCI World Index increased 10.48%. The fund's position in short-term investments⁴​ was 9.7% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Meta Platforms, Inc., Class A (interactive media & services, United States), Oracle Corp. (software, United States), Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico) and Comcast Corp., Class A (media, United States). Collectively, they accounted for 6.06% of this period's performance.⁵​

The five largest detractors during the first quarter were British American Tobacco PLC (tobacco, United Kingdom), Nutrien Ltd. (chemicals, Canada), Elevance Health, Inc. (health care providers & services, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and Charles Schwab Corp. (capital markets, United States). In aggregate, they detracted 1.22% from fund performance in this period.⁵​

First Eagle Overseas Fund

The NAV of the fund's Class A shares³​ increased 11.11% for the 12 months ended October 31, 2023, while the MSCI EAFE Index increased 14.40%. The fund's position in short-term investments⁴​ was 5.0% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were gold bullion, Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico), Cie Financiere Richemont SA (Registered) (textiles, apparel & luxury goods, Switzerland), Taiwan Semiconductor Manufacturing Co. Ltd., ADR (semiconductors & semiconductor equipment, Taiwan) and Danone SA (food products, France). Collectively, they accounted for 4.85% of this period's performance.⁵​

Management's Discussion of Fund Performance

The five largest detractors were Nutrien Ltd. (chemicals, Canada), British American Tobacco PLC (tobacco, United Kingdom), Ambev SA, ADR (beverages, Brazil), As One Corp. (health care providers & services, Japan) and Hirose Electric Co Ltd. (electronic equipment, instruments & components, Japan). In aggregate they detracted 1.41% from fund performance in this period.⁵​

First Eagle U.S. Value Fund

The NAV of the fund's Class A shares³​ increased 8.81% for the 12 months ended October 31, 2023, while the S&P 500 Index increased 10.14%. The fund's position in short-term investments⁴​ was 10.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Meta Platforms, Inc., Class A (interactive media & services, United States), gold bullion, Oracle Corp. (software, United States), Comcast Corp., Class A (media, United States), and Microsoft Corp. (software, United States). Collectively, they accounted for 8.36% of this period's performance.⁵​

The five largest detractors during the first quarter were Elevance Health Inc. (health benefits, United States), Nutrien Ltd. (chemicals, Canada), Charles Schwab Corp. (capital markets, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and US Bancorp (banks, United States). In aggregate, they detracted 1.93% from fund performance in this period.⁵​

First Eagle Gold Fund

The NAV of the fund's Class A shares³​ increased 15.84% for the 12 months ended October 31, 2023, while the FTSE Gold Mines Index increased 16.27%. The fund's position in short-term investments⁴​ was 8.8% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Gold Fund over the period were gold bullion, Wheaton Precious Metals Corp. (metals & mining, Brazil), Alamos Gold Inc., Class A (metals and mining & Canada) Newcrest Mining Ltd. (metals & mining, Australia) and Dundee Precious Metals, Inc. (metals & mining, Canada). Collectively, they accounted for 13.32% of this period's performance.⁵​

The five largest detractors were MAG Silver Corp. (metals & mining, Canada), Novagold Resources, (metals & mining, Canada), Newmont Corp. (metals & mining, United States), Fresnillo plc (metals & mining, Mexico) and Pan American Silver Corp., CRV (metals & mining, Canada). In aggregate, they detracted 1.18% from fund performance in this period.⁵​

First Eagle Global Income Builder Fund

The NAV of the fund's Class A shares³​ increased 6.35% for the 12 months ended October 31, 2023, while the MSCI World Index increased 10.48% and the Bloomberg U.S. Aggregate Bond Index was up 0.36%. The composite index increased 6.44% over the same time period. The fund's position in short-term investments⁴​ was 2.2% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were gold bullion, Fomento Economico Mexicano SAB de CV, ADR (beverages, Mexico), Comcast Corp., Class A (media, United States),

Management's Discussion of Fund Performance

Magellan Midstream Partners LP (oil & gas producers, United States) and FUCHS SE (Preference) (chemicals, Germany). Collectively, they accounted for 2.80% of this period's performance.⁵​

The five largest detractors were British American Tobacco plc (tobacco, United Kingdom), US Bancorp (banks, United States), Boston Properties, Inc., REIT (office REITs, United States), Douglas Emmett, Inc., REIT (office REITs, United States) and Fidelity National Information Services, Inc. (financial services, United States). In aggregate, they detracted 1.00% from fund performance in this period.⁵​

First Eagle Rising Dividend Fund

The NAV of the fund's Class A shares³​ increased 14.17% for the 12 months ended October 31, 2023, while the S&P 500 Index increased 10.14%. The fund's position in short-term investments⁴​ was 1.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Rising Dividend Fund over the period were Meta Platforms, Inc., Class A (interactive media & services, United States), Oracle Corp. (software, United States), Comcast Corp., Class A (media, United States), Alphabet, Inc., Class A (interactive media & services, United States) and Microsoft Corp. (software, United States). Collectively, they accounted for 11.03% of this period's performance.⁵​

The five largest detractors were Medtronic plc (health care equipment & supplies, United States), UnitedHealth Group, Inc. (health care providers & services, United States), Fidelity National Information Services Inc (information technology services, United States), CH Robinson Worldwide, Inc. (air freight & logistics, United States) and Equity Residential, REIT (residential REITs, United States). In aggregate, they detracted 2.08% from fund performance in this period.⁵​

First Eagle Global Real Assets Fund

The NAV of the fund's Class I shares increased 3.53%^~​ for the 12 months ended October 31, 2023, while the MSCI World Index increased 10.48%. The fund's position in short-term investments⁴​ was 3.0% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Global Real Assets Fund over the period were gold bullion, FUCHS SE (Preference) (chemicals, Germany), United Utilities Group plc (water utilities, United Kingdom), Grupo Mexico SAB de CV, Series B (metals & mining, Mexico) and Schlumberger NV (energy equipment & services, United States). Collectively, they accounted for 4.10% of this period's performance.⁵​

The five largest detractors were UGI Corp. (utilities, United States), Extra Space Storage, Inc., REIT (specialized REITs, United States), Douglass Emmett, Inc., REIT (office REITs, United States), ICL Group Ltd. (chemicals, Israel) and SBA Communications Corp., REIT (specialized REITs, United States). In aggregate, they detracted 2.15% from fund performance in this period.⁵​

Fixed Income

High yield bonds have generally been resilient in the face of the pressures dragging down investment grade bonds over the last 12 months, with lower-quality paper—which one would assume would be most fundamentally challenged by a

Management's Discussion of Fund Performance

higher cost of capital—leading the way. While it seems logical that a persistently high cost of capital would have a negative impact on the less financially sound companies, we've yet to see evidence in leveraged credit performance. In such an environment, we believe it is wise to focus on seeking to minimize downside risk through shorter-duration, higher-quality, more-liquid issues from companies that we believe have the pricing power to pass along rising input prices. We are comfortable being highly selective, allocating capital countercyclically as spread widening presents idiosyncratic opportunities.

First Eagle High Income Fund

The NAV of the fund's Class I shares increased 5.49% for the 12 months ended October 31, 2023, while the Bloomberg U.S. Corporate High Yield Index increased 6.23%. The fund's short-term investments⁴​ position was 9.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle High Income Fund over the period were Seg Holding LLC 5.63%. due 10/15/2028 (retail, United States); IHO Verwaltungs GmbH 4.75%, 9/15/2026 (automobile components, Germany); Koppers Inc. 6.0%, due 2/15/2025 (chemicals, United States); Carnival Corp. 5.75%, due 3/1/2027 (hotel, restaurants & leisure, United States) and Mexico Remittances Funding Fiduciary Estate Management Sarl 4.88%, due 1/15/2028 (financial services, Mexico). Collectively, they accounted for 0.67% of this period's performance.⁵​

The five largest detractors Scripps Escrow Ii, Inc., 5.38%, due 1/15/2031 (media, United States); Spirit Loyalty Cayman Ltd., 8.0%, 9/20/2025 (passenger airlines, United States); United Natural Foods, Inc., 6.75%, due 10/15/2028 (consumer staples distribution & retail, United States); Hawaiian Brands intellectual Property Ltd., 5.75%, due 1/20/2026 (passenger airlines, United States); and Hertz Corp., 5.0%, due 12/01/2029 (ground transportation, United States). In aggregate, they detracted 0.84% from fund performance in this period.⁵​

U.S. Small Cap Equities

Historically, smaller companies have led market rebounds, but these stocks have been unable to shake the negative sentiment associated with March's banking turmoil. While the funds managed by the Small Cap team lost ground over the past 12 months as a result, they were able to deliver relative outperformance. Conditions likely will become more challenging as the accumulated impacts of policy tightening continue to reverberate—especially for those smaller businesses with more limited financing options—but our experience has been that such environments often provide us with potential attractive opportunities to move into stocks we consider undervalued relative to their fundamentals. As always, we remain focused on finding what we consider are the best stocks while controlling the one variable that we can—the price we pay for each stock.

First Eagle Small Cap Opportunity Fund

The NAV of the fund's Class I shares decreased 3.08% for the 12 months ended October 31, 2023, while the Russell 2000^®​ Value Index decreased 9.93%. The fund's position in short-term investments⁴​ was 8.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle Small Cap Opportunity Fund over the period were CIRCOR International, Inc. (machinery,

Management's Discussion of Fund Performance

United States), Axcelis Technologies, Inc. (semiconductors & semiconductor equipment, United States), Beazer Homes USA, Inc. (household durables, United States), Tactile Systems Technology, Inc. (health care equipment & supplies, United States) and Modine Manufacturing Co. (automotive components, United States). Collectively, they accounted for 2.63% of this period's performance.⁵​

The five largest detractors were Enviva, Inc. (oil, gas & consumable fuels, United States), CareDx, Inc. (biotechnology, United States), ADTRAN Holdings, Inc. (communications equipment, United States), Ameresco, Inc., Class A (construction & engineering , United States) and Barnes Group, Inc. (machinery industrial machinery, United States). In aggregate, they detracted 2.68% from fund performance in this period.⁵​

First Eagle U.S. Smid Cap Opportunity Fund

The NAV of the fund's Class I shares decreased 2.6% for the 12 months ended October 31, 2023, while the Russell 2500^TM​ Value Index decreased 4.94%. The fund's position in short-term investments⁴​ was 5.3% as of October 31, 2023.

The five largest contributors to the performance of First Eagle U.S. Smid Cap Opportunity Fund over the period XPO, Inc. (ground transportation, United States), Beazer Homes USA, Inc. (household durables, United States), Lennox International, Inc. (building products, United States), Onto Innovation, Inc. (semiconductors & semiconductor equipment, United States) and Cardinal Health, Inc. (health care providers & services, United States. Collectively, they accounted for 4.19% of this period's performance.⁵​

The five largest detractors were Ameresco, Inc., Class A (construction & engineering, United States), SM Energy Co. (oil, gas & consumable fuels, United States), Pacira Biosciences, Inc. (pharmaceuticals, United States), CareDx, Inc. (biotechnology, United States) and Cracker Barrel Old Country Store, Inc. (hotels, restaurants & leisure, United States). In aggregate they detracted 3.56% from fund performance in this period.⁵​

¹  ​The terminal rate is the long-term interest rate where prices are stable and full employment is achieved.

²​  "Intrinsic value" is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

³​  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.

⁴​  Includes short-term commercial paper that settles in 90 days or less, long-term commercial paper that settles in 91 days or greater and other short-term investments, such as U.S. treasury bills or money market funds.

⁵​  Exact net returns for individual investments cannot be calculated due to the lack of a mechanism to precisely allocate fees and other expenses to individual investments.

~  The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

Management's Discussion of Fund Performance

Management's Discussion of Fund Performance

Management's Discussion of Fund Performance

The performance data quoted herein represents past performance and does 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 is available at firsteagle.com or by calling 800.334.2143.

The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of December 2023 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 Chart¹​ (unaudited)

Performance Chart¹​ (unaudited)

Performance Chart¹​ (unaudited)

Performance Chart¹​ (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 firsteagle.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, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund 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 "with sales charge" 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, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, a CDSC of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1 million 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 CDSC of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

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, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund require $1 million minimum investment and 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 Rising Dividend Fund are offered without a sales charge. On December 1, 2023, Class R3 Shares, Class R4 Shares, Class R5 Shares of

Performance Chart¹​ (unaudited)

the above mentioned Funds were closed to new investors. Please refer to Note 8 Subsequent Events for further details.

Class R6 Shares of First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund are offered without a sales charge.

~  The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

²​  First Eagle Global 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  ​MSCI World Index (Net) measures the performance of large and midcap securities across 23 developed markets countries around the world. The index provides total returns in US dollars with net dividends reinvested. Indexes are unmanaged and one cannot invest directly in an index.

⁴  ​MSCI EAFE Index (Net) measures the performance of large and midcap securities across 21 developed markets countries around the world excluding the US and Canada. A Net Return Index tracks price changes and reinvestment of distribution income net of withholding taxes. Indexes are unmanaged and one cannot invest directly in an index.

⁵  ​S&P 500 Index (Gross/Total) is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the US economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of US equities, it is also considered a proxy for the total market. The S&P 500 includes dividends reinvested. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

⁶  ​FTSE Gold Mines Index (Price) measures the performance of the shares of companies whose principal activity is the mining of gold and 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 in the worldwide market. A Price Return Index only measures price changes. Indexes are unmanaged and one cannot invest directly in an index.

⁷  ​The Composite Index consists of 60% of the MSCI World Index and 40% of the Bloomberg U.S. Aggregate Bond Index.

⁸  ​Bloomberg U.S. Aggregate Bond Index (Gross/Total) measures the performance of investment grade, US 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. A Total Return Index tracks price changes and reinvestment of distribution income. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

⁹​  Effective on or about December 27, 2023, the Fund is expected to change its name and investment strategy. This is further described at Note 8 to the Financial Statements (See "Note 8 - Subsequent Events").

¹⁰  ​First Eagle High Income 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.

¹¹  ​Bloomberg U.S. Corporate High Yield Index (Gross/Total) measures the performance of the US dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk are excluded. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

Performance Chart¹​ (unaudited)

¹²​  Effective March 1, 2023, First Eagle Rising Dividend Fund changed its name and principal investment strategy. Prior to August 14, 2020, the Fund pursued a different investment objective and principal investment strategy. Performance for the periods prior to March 1, 2023 and August 14, 2020 shown is based on the investment strategies utilized by the Fund at those times.

¹³  ​Russell 2000^®​ Value Index (Gross/Total) measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium-term growth (two years) and lower sales per share historical growth (five years). A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁴  ​The Russell 2000^®​ Index (Gross/Total) measures the performance of the small-cap segment of the US equity universe. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁵  ​Russell 2500^TM​ Value Index (Gross/Total) measures the performance of small to midcap segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁶  ​The Russell 2500^TM​ Index (Gross/Total) measures the performance of the small to midcap segment of the US equity universe, commonly referred to as "smid" cap. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. A Total Return Index tracks price changes and reinvestment of distribution income. Indexes are unmanaged and one cannot invest directly in an index.

¹⁷  ​The Consumer Price Index +400bps presents the Consumer Price Index for All Urban Consumers (CPI-U), plus 400 basis points annualized, a measure of the average change over time in the prices paid by urban consumers for consumer goods and services. Indexes are unmanaged and one cannot invest directly in an index.

Expense ratios as stated in the most recent prospectus.

Performance Chart¹​ (unaudited)

¹⁸  ​For the First Eagle U.S. Value Fund, First Eagle High Income Fund, First Eagle Rising Dividend Fund, First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund, had fees not been waived and/or expenses reimbursed, returns would have been lower.

¹⁹  ​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 29, 2024. 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.

²⁰  ​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 and/or reimburse certain fees and expenses of Classes A, C, 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 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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, 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 the lesser of: (1) 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% 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.

²¹  ​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 and/or reimburse certain fees and expenses of Classes A, C, 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%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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, 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 the lesser of: (1) 0.90%, 1.65%, 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.

²²  ​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 and/or reimburse certain fees and expenses of Classes A, I, 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 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.25%, 1.00% and 1.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²³  ​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 and/ or reimburse certain fees and

Performance Chart¹​ (unaudited)

expenses of Classes A, I 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 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.20%, 0.95% and 0.95% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

²⁴  ​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 and/ or reimburse certain fees and expenses of Classes A, I 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 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 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, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

These expense ratios are presented as of March 1, 2023 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 and liquidity 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 may be volatile, and prices of individual securities and other investments including those of a particular type, 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. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of a Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If a Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

The COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. Additionally,

Performance Chart¹​ (unaudited)

COVID-19 remains a challenge for global supply chain normalization. More recently, a number of major economies, including the United States, are adjusting to reduced levels of market and monetary support following periods of fiscal and monetary interventions, together with rising inflation and increases in interest rate targets by central banks. These circumstances have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund's performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. As of the date of this Annual Report, First Eagle Global Fund has significant exposure to Europe and Japan; the Overseas Fund has significant exposure to Canada, Europe and Japan; the Gold Fund has significant exposure to Brazil and Canada; the Global Income Builder Fund has significant exposure to Europe; and the Real Assets Fund has significant exposure to Canada. A Fund's exposure to a particular county is determined in accordance with the Adviser's "country of risk" assessment. "Country of risk" is based on a multi-factor country of risk assessment determined by the Adviser, including factors such as an issuer's country of domicile, and the country of the stock exchange on which it trades, among others.

Canada is a significant exporter of natural resources, such as oil, natural gas and agricultural products. As a result, the Canadian economy is susceptible to adverse changes in certain commodities markets. It is also heavily dependent on trading with key partners, including the United States, Mexico, and China. Any reduction in trading with these key partners may adversely affect the Canadian economy. Canada's dependency on the economy of the United States, in particular, makes Canada's economy vulnerable to political and regulatory changes affecting the United States economy. These and other factors could negatively affect a Fund's performance.

A Fund's investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom's ("UK") exit from the European Union ("Brexit"). Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. Further, political or economic disruptions in European countries, even in countries in which a Fund is not invested, may adversely affect security values and thus a Fund's holdings.

The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect a Fund. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect a Fund.

Investment in Brazilian issuers involves risks that are specific to Brazil, including legal, regulatory, political (including, instability and corruption), currency and economic risks. Brazilian issuers are subject to possible regulatory and economic interventions by the Brazilian government, including the imposition of wage and price controls and the limitation of imports. In addition, the market for Brazilian securities is directly influenced by the flow of international capital and economic and market conditions of certain countries, especially other emerging market countries in Central and South America. The Brazilian economy has historically been exposed to high rates of inflation and unemployment, a high level of debt and violence, each of which may reduce and/or prevent economic growth. Political tensions in Brazil may exacerbate these risks.

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.

By investing in its Subsidiary, each of the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Global Real Assets Fund is indirectly

Performance Chart¹​ (unaudited)

exposed to the risks associated with that Subsidiary's investments. The Subsidiaries are not registered under the 1940 Act and are not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or a Subsidiary to operate as expected and could adversely affect the Fund.

In addition to investments in larger companies, each Fund may (and the First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid Cap Opportunity Fund generally will) 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. Each Fund (except the First Eagle Small Cap Opportunity Fund and First Eagle U.S. Smid Cap Opportunity Fund) considers 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. The First Eagle Small Cap Opportunity Fund considers small companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2000^®​ Index at the time of investment. The First Eagle U.S. Smid Cap Opportunity Fund considers small and medium companies to be companies with market capitalizations not greater than that of the largest company in the Russell 2500^TM​ Index at the time of investment. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

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.

If one or more investors in a Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement and can result in a Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in a Fund's expense ratio. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets when a significant investor purchases, redeems or owns a substantial portion of a Fund's shares.

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.

Performance Chart¹​ (unaudited)

First Eagle High Income and First Eagle 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 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, 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.

First Eagle Global Real Assets Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund's portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.

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, 2023 (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* (%)

Sectors* (%)

Countries*~ (%)

^{^}​  Less than 0.05%.

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

**  Includes short-term commercial paper (2.5% of total investments) that settles in 90 days or less, long-term commercial paper (7.1% of total investments) that settles in 91 days or greater and other short-term investments (0.1% of total investments), such as U.S. treasury bills or money market funds.

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

†  The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

  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, short-term commercial paper, long-term 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, 2023

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2023