First Eagle Fund of America Commentary As of December 31, 2015 Average Annual Returns as of 12/31/2015 (%) YTD First Eagle Fund of America 1 Year 5 Years 10 Years without sales charge FEFAX -3.52 -3.52 10.84 8.73 with sales charge FEFAX -8.36 -8.36 9.71 8.17 1.38 Class A 1.38 12.57 Expense Ratio* 7.31 S&P 500 Index 1.38 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 www.feim.com or by calling 800.334.2143. The average annual returns for Class A Shares “with sales charge” of First Eagle Fund of America give effect to the deduction of the maximum sales charge of 5.00%. * The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. The commentary represents the opinion of the Fund of America team as of the date noted and is subject to change based on market and other conditions. The opinions expressed are not necessarily those of the 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 statistic 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. The event-driven style used by 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. 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 of principal. The holdings mentioned herein represent the following percentages of the total net assets of First Eagle Fund of America as of 12/31/2015: SanDisk Corporation 3.07%, Tyson Foods 4.38%, Teva Pharmaceuticals 5.40%, Allergan 5.73%, Delta Air Lines 4.20%, Valeant Pharmaceuticals International 4.47%, Seagate Technology 2.60%, Martin Marietta Materials, Inc. 2.21%, Sealed Air Corporation 4.94%, Abbvie Inc.

0.00%, Halozyme Therapeutics 2.04%, Masco Corporation 1.98%, Hewlett Packard 3.97% , and Micron Technology 0.00% , Philidor 0.00%, Walgreens 0.00%. The Standard & Poor’s 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor’s 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 Standard & Poor’s 500 Index includes dividends reinvested. One cannot invest directly in an index. The Russell Mid Cap Value Index is an unmanaged index of mid-capitalization companies in the Russell Midcap Index with lower price-to-book ratios and lower forecasted growth values and is not available for purchase. The Russell Midcap Index is an unmanaged index which measures the performance of the mid-cap segment of the U.S.

equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.

The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. One cannot invest directly in an index. The Russell 2000 Index is an unmanaged index which is comprised of the smallest 2000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. One cannot invest directly in an index. The Russell 1000 Growth Index is unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

One cannot invest directly in an index. Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-tobook ratios and higher forecasted growth values. One cannot invest directly in an index. The Russell 1000 Index is an unmanaged index, which consists of the largest 1000 companies in the Russell 3000 Index. This index represents the universe of large capitalization stocks from which most active money managers typically select.

One cannot invest directly in an index. 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 contacting 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 F-COM-FEA .