Rob Hordon on Income Opportunities in Asia The PM’s Perspective 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. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer’s ability to make such payments may case the price of that bond to decline. The Fund invests in high yield securities (commonly known as “junk bonds”) which are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. High yield securities are rated lower than investment grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. Bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. Income generation is 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. Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets. The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. All investments involve the risk of loss. The holdings mentioned herein represent the following percentage of the total net assets of the First Eagle Global Income Builder as of December 31, 2015: Hopewell Holdings 1.01%, Frasers Commercial Trust 0.75%, Mandarin Oriental 1.66%, Asian Pay Television Trust 0.92%, Jardine Mathe­ on s Holdings Limited 1.12%, & Great Eagle Holdings Limited 0.47%. The portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk. The commentary represents the opinion of Rob Hordon as of September 2015 and is subject to change based on market and other conditions.

The opinions expressed are not necessarily those of the entire firm. These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.

Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. 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. Investors should consider investment objectives, risks, charges and expenses carefully before investing.

The prospectus and summary prospectus contain this and other information about the Funds and may be obtained by asking your financial adviser, visiting our website at www.feim.com or calling us at 800.334.2143. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed, and may lose value. First Eagle Funds are offered by FEF Distributors, LLC.

www.feim.com First Eagle Investment Management, LLC 1345 Avenue of the Americas, New York, NY 10105-0048 800.747.2008 F-PP-GIBAIO .