Performance Chart¹ (unaudited)

				One Year				Three Years				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Global Fund
Class A (SGENX) without sales charge					11.44	%			6.75	%			5.86	%			8.07	%			12.82	%		01/01/792
with sales charge					5.86	%			4.94	%			4.78	%			7.51	%			12.68	%		01/01/792
Class C (FESGX)					10.58	%			5.96	%			5.07	%			7.26	%			9.39	%		06/05/00
Class I (SGIIX)					11.72	%			7.04	%			6.15	%			8.35	%			10.30	%		07/31/98
Class R3 (EARGX)					11.31	%			—				—				—				4.55	%		05/01/18
Class R4 (EAGRX)					11.53	%			—				—				—				1.48	%		01/17/18
Class R5 (FRGLX)					—				—				—				—				0.81	%		07/29/19
Class R6 (FEGRX)					11.79	%			—				—				—				5.64	%		03/01/17
MSCI World Index3					12.69	%			11.86	%			7.58	%			9.48	%			9.56	%		01/01/79
First Eagle Overseas Fund
Class A (SGOVX) without sales charge					11.82	%			4.48	%			4.58	%			6.32	%			10.01	%		08/31/93
with sales charge					6.21	%			2.70	%			3.51	%			5.77	%			9.79	%		08/31/93
Class C (FESOX)					10.98	%			3.71	%			3.81	%			5.53	%			8.60	%		06/05/00
Class I (SGOIX)					12.12	%			4.76	%			4.87	%			6.60	%			9.92	%		07/31/98
Class R3 (EAROX)					11.59	%			—				—				—				2.14	%		05/01/18
Class R4 (FIORX)					11.92	%			—				—				—				-0.33	%		01/17/18
Class R5 (FEROX)					—				—				—				—				7.83	%		03/11/19
Class R6 (FEORX)					12.21	%			—				—				—				4.63	%		03/01/17
MSCI EAFE Index4					11.04	%			8.48	%			4.31	%			5.41	%			4.99	%		08/31/93

Performance Chart (unaudited)

				One Year				Three Years				Five Years				Ten Years				Since Inception				Inception Date
First Eagle U.S. Value Fund
Class A (FEVAX) without sales charge					9.43	%			8.66	%			6.39	%			8.87	%			8.71	%		09/04/01
with sales charge					3.94	%			6.82	%			5.31	%			8.31	%			8.40	%		09/04/01
Class C (FEVCX)					8.59	%			7.84	%			5.58	%			8.05	%			7.89	%		09/04/01
Class I (FEVIX)					9.79	%			8.97	%			6.68	%			9.15	%			8.98	%		09/04/01
Class R3 (EARVX)					9.37	%			—				—				—				5.56	%		05/01/18
Class R4 (FIVRX)					—				—				—				—				-1.13	%		07/29/19
Class R5 (FERVX)					—				—				—				—				-1.13	%		07/29/19
Class R6 (FEVRX)					9.83	%			—				—				—				6.25	%		03/01/17
S&P 500 Index5					14.33	%			14.91	%			10.78	%			13.70	%			7.72	%		09/04/01
First Eagle Gold Fund
Class A (SGGDX) without sales charge					42.66	%			1.23	%			6.77	%			-1.81	%			5.30	%		08/31/93
with sales charge					35.51	%			-0.50	%			5.67	%			-2.31	%			5.09	%		08/31/93
Class C (FEGOX)					41.52	%			0.43	%			5.91	%			-2.57	%			4.67	%		05/15/03
Class I (FEGIX)					43.01	%			1.50	%			7.07	%			-1.55	%			5.74	%		05/15/03
Class R3 (EAURX)					42.63	%			—				—				—				11.18	%		05/01/18
Class R4 (FIURX)					—				—				—				—				3.88	%		07/29/19
Class R5 (FERUX)					—				—				—				—				3.99	%		07/29/19
Class R6 (FEURX)					43.09	%			—				—				—				3.44	%		03/01/17
FTSE Gold Mines Index6					51.37	%			4.44	%			11.59	%			-4.33	%			-0.08	%		08/31/93
MSCI World Index3					12.69	%			11.86	%			7.58	%			9.48	%			7.00	%		08/31/93

Performance Chart (unaudited)

				One Year				Three Years				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Global Income Builder Fund
Class A (FEBAX) without sales charge					8.40	%			5.85	%			4.34	%			—				5.82	%		05/01/12
with sales charge					3.00	%			4.05	%			3.28	%			—				5.09	%		05/01/12
Class C (FEBCX)					7.53	%			5.05	%			3.55	%			—				5.02	%		05/01/12
Class I (FEBIX)					8.60	%			6.14	%			4.60	%			—				6.08	%		05/01/12
Class R3 (FBRRX)					8.12	%			—				—				—				3.21	%		05/01/18
Class R4 (FIBRX)					—				—				—				—				0.59	%		07/29/19
Class R5 (EABRX)					—				—				—				—				0.62	%		07/29/19
Class R6 (FEBRX)					8.62	%			—				—				—				5.14	%		03/01/17
Composite Index7					12.59	%			8.55	%			6.02	%			—				7.10	%		05/01/12
MSCI World Index3					12.69	%			11.86	%			7.58	%			—				9.65	%		05/01/12
Bloomberg Barclays U.S. Aggregate Bond Index8					11.51	%			3.29	%			3.24	%			—				2.93	%		05/01/12
First Eagle High Yield Fund
Class A (FEHAX) without sales charge					3.54	%			3.93	%			3.07	%			—				4.81	%		01/03/12
with sales charge					-1.17	%			2.36	%			2.13	%			—				4.20	%		01/03/12
Class C (FEHCX)					2.77	%			3.16	%			2.31	%			—				4.02	%		01/03/12
Class I (FEHIX)					3.84	%			4.23	%			3.37	%			6.39	%			7.73	%		11/19/079
Class R3 (EARHX)					3.44	%			—				—				—				3.24	%		05/01/18
Class R4 (FIHRX)					—				—				—				—				0.24	%		07/29/19
Class R5 (FERHX)					—				—				—				—				0.11	%		07/29/19
Class R6 (FEHRX)					3.75	%			—				—				—				3.58	%		03/01/17
Bloomberg Barclays U.S. Corporate High Yield Index10					8.38	%			6.03	%			5.18	%			7.78	%			7.54	%		11/19/07

Performance Chart (unaudited)

				One Year				Three Years				Five Years				Ten Years				Since Inception				Inception Date
First Eagle Fund of America
Class A (FEFAX) without sales charge					7.58	%			5.43	%			2.15	%			9.41	%			7.50	%		11/20/98
with sales charge					2.19	%			3.65	%			1.10	%			8.84	%			7.24	%		11/20/98
Class C (FEAMX)					6.77	%			4.64	%			1.38	%			8.58	%			6.75	%		03/02/98
Class I (FEAIX)					7.88	%			5.75	%			2.45	%			—				5.87	%		03/08/13
Class Y (FEAFX)11					7.62	%			5.43	%			2.15	%			9.40	%			10.70	%		04/10/87
Class R3 (EARFX)					7.48	%			—				—				—				-2.73	%		05/01/18
Class R4 (EAFRX)					—				—				—				—				-2.27	%		07/29/19
Class R5 (FERFX)					—				—				—				—				-2.24	%		07/29/19
Class R6 (FEFRX)					8.00	%			—				—				—				2.04	%		03/01/17
S&P 500 Index5					14.33	%			14.91	%			10.78	%			13.70	%			9.88	%		04/10/87

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 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 Yield 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.

Effective July 8, 2019, with respect to the First Eagle Global Income Builder Fund and the First Eagle High Yield 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 Yield 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

Performance Chart (unaudited)

Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America are offered without a sales charge.

²  The Fund commenced operation 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 markets 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. 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 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

				Class A				Class C				Class I				Class Y				Class R3				Class R412				Class R513				Class R6
First Eagle Global Fund					1.11	%			1.86	%			0.84	%			—				1.25	%			1.02	%			0.93	%			0.78	%
First Eagle Overseas Fund					1.15				1.88				0.86				—				1.21				1.03				0.95				0.80
First Eagle U.S. Value Fund14,15					1.15				1.90				0.87				—				1.24				1.11				1.01				0.86
First Eagle Gold Fund					1.29				2.05				1.00				—				1.32				1.16				1.06				0.91
First Eagle Global Income Builder Fund					1.18				1.93				0.92				—				1.27				1.13				1.03				0.88
First Eagle High Yield Fund14,16					1.26				2.01				0.97				—				1.36				1.26				1.16				1.01
First Eagle Fund of America14,17					1.32				2.06				1.02				1.33	%			1.38				1.23				1.13				0.98

Performance Chart (unaudited)

¹²  Class R4 Shares commenced investment operations on July 29, 2019 for the First Eagle U.S. Value Fund, the First Eagle Gold Fund, the First Eagle Global Income Builder Fund, the First Eagle High Yield Fund and the First Eagle Fund of America. The percentages shown above are based on anticipated expenses of Class R4 for the first fiscal year. However, the rate at which expenses are accrued during the fiscal year may not be constant and, at any particular point, may be greater or less than the stated average percentage.

¹³  Class R5 Shares commenced investment operations on March 11, 2019 for the First Eagle Overseas Fund, and on July 29, 2019 for the First Eagle Global Fund, the First Eagle U.S. Value Fund, the First Eagle Gold Fund, the First Eagle Global Income Builder Fund, the First Eagle High Yield Fund and the First Eagle Fund of America. The percentages shown above are based on anticipated expenses of Class R5 for the first fiscal year. However, the rate at which expenses are accrued during the fiscal year may not be constant and, at any particular point, may be greater or less than the stated average percentage.

¹⁴  For the First Eagle U.S. Value Fund, First Eagle High Yield Fund and First Eagle Fund of America, had fees not been waived and/or expenses reimbursed, returns would have been lower.

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 net assets for the period through February 29, 2020. 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.

¹⁶  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 29, 2020. 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 Yield Fund.

¹⁷  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. Effective July 1, 2019, 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 February 28, 2021. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.90% to 0.85% from July 1, 2019 through February 28, 2021 on First Eagle Fund of America.

These expense ratios are presented as of March 1, 2019 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 countries, 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. 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.

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 the 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

Performance Chart (unaudited)

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.

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.

The event-driven investment style of the First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all, or does not have the desired effect on the market price of the securities.

First Eagle High Yield and Global Income Builder Funds invest in high yield instruments (commonly known as "junk bonds") which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade instruments 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 Yield 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. The 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 the 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. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations.

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

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.

All investments involve the risk of loss.

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^  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.

*  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, 2019

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2019

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2019

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2019

First Eagle Global Fund | Consolidated Schedule of Investments | October 31, 2019