First Eagle Global Income Builder Fund Commentary – December 31, 2015

First Eagle Asset Management

Description

First Eagle Global Income Builder Fund Commentary Average Annual Returns as of 12/31/2015 (%) As of December 31, 2015 YTD First Eagle Global Income Builder Fund without sales charge with sales charge FEBAX FEBAX MSCI World Index Barclays U.S. Aggregate Bond Index 3 Years -2.30 -7.15 -2.30 -7.15 3.41 1.66 4.58 3.12 -0.87 Class A 1 Year Since Inception (5/1/12) -0.87 9.63 9.16 0.55 0.55 1.44 1.96 Expense Ratio* 1.23 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 Global Income Builder Fund give effect to the deduction of the maximum sales charge of 5.00%. Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower. *The annual expense ratio is based on expenses incurred by the Fund, as stated in the most recent prospectus. 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. 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. 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 cause the price of that bond to decline. 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. 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. 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.

Physical gold does not produce income. 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. 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 Fund as of December 31, 2015: The holdings mentioned herein represent the following percentage of the total net assets of the First Eagle Global Income Builder Fund as of 12/31/2015: Microsoft Corp.

1.59%, Plum Creek Timber Company, Inc. 1.41%, HeidelbergCement AG 1.21%, Bouygues SA 1.61%, Asian Pay Television Trust 0.92%, Sanofi 1.08%, Overseas Education Limited 0.24%, HOYA Corporation 0.64%, Mayr-Melnhof Karton AG 0.93%, San Juan Basin Royalty Trust 0.12%, Cloud Peak Energy Resources LLC 6.375% 03/15/2024 0.19%, Goldcorp Inc. 0.67%, Comtech Telecommunications Corp.

0.68%, Potash Corporation of Saskatchewan Inc. 0.49%. The commentary represents the opinion of the Global Income Builder Portfolio Managers as of December 31, 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 of security. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S.

dollars with net dividends reinvested. The Barclays U.S. Aggregate Bond Index is a broad-based unmanaged 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, and is not available for purchase. 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 .