Annual Letter—Year-End 2015 First Eagle Global Value Team Average Annual Returns as of 12/31/2015 (%) YTD First Eagle Overseas | Class A | SGOVX First Eagle U.S. Value | Class A | FEVAX First Eagle Gold | Class A | SGGDX First Eagle Global Income Builder | Class A | FEBAX w/o sales charge -0.94 -0.94 5.74 7.16 w sales charge -5.89 -5.89 4.66 6.62 2.27 2.27 3.99 6.24 w sales charge -2.86 -2.86 2.93 5.70 w/o sales charge -5.14 -5.14 7.02 6.35 w sales charge -9.88 -9.88 5.93 5.81 w/o sales charge -19.28 -19.28 -18.84 -1.64 w sales charge -23.34 -23.34 -19.67 -2.15 YTD First Eagle Global | Class A | SGENX 1 Year 1 Year 3 Years Since Inception (05/01/12) -2.30 -2.30 3.41 4.58 -7.15 -7.15 1.66 3.12 w/o sales charge w/o sales charge w sales charge 5 Years 10 Years Expense Ratio† 1.11 1.16 1.17 1.32 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, Overseas, U.S Value, Gold and Global Income Builder Funds give effect to the deduction of the maximum sales charge of 5.00%. As of May 9, 2014, the First Eagle Overseas Fund is closed to certain investors.

Please see the prospectus for more information. † The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. For the Global Income Builder Funds had fees not been waived and/or expenses reimbursed in the past, returns would have been lower. 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. 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. Global Income Builder Fund: Investments 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. Global Income Builder Fund: High yield securities (commonly known as “junk bonds”) are generally considered speculative because they may be subject to greater price volatility and present greater risks than high rated fixed income securities.

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. Global Income Builder Fund: 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. Global Income Builder Fund: 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. 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 commentary represents the opinion of the Global Value Team 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 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 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-F-GVTANN .