First Eagle Global Value Team Commentary As of December 31, 2015 Average Annual Returns as of 12/31/2015 (%) YTD First Eagle Global | Class A | SGENX First Eagle Overseas | Class A | SGOVX First Eagle U.S. Value | Class A | FEVAX 1 Year 5 Years 10 Years 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 -2.86 -2.86 2.93 5.70 w/o sales charge w sales charge w/o sales charge -5.14 -5.14 7.02 -9.88 -9.88 5.93 1.11 1.16 6.35 w sales charge Expense Ratio† 5.81 1.17 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 and U.S Value Funds 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. 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. 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 Funds as of December 31, 2015: First Eagle Global Fund: Microsoft Corporation 2.35%, KDDI Corporation 1.70%, Secom Co.

Ltd 1.41%, Berkeley Group Holdings 0.82%, Keyence Corporation 1.14%, National Oilwell Varco 1.08%, gold bullion 6.21%, Potash Corporation of Saskatchewan 0.55%, Oracle Corporation 2.15%, Teradata Corporation 0.69%, Sompo Japan Nipponkoa Holdings 1.08%, Hoya Corporation 1.05%, Grupo Televisa 1.04%, Cenovus Energy 0.34%, Canadian Natural Resources 0.41%, Orbital ATK, Inc. 0.51%, Northrop Grumman Corp. 0.69%, Alphabet Inc.

Class A, 0.64%, Alphabet Inc. Class C 0.27%, Cintas Corporation 1.13%, HeidelbergCement AG 1.35%, American Express Company 1.37%, Sanofi 0.80%, Hornbach Holding AG & Co. 0.19%.

First Eagle Overseas Fund: Microsoft Corporation 0.00%, KDDI Corporation 2.57%, Secom Co. Ltd 2.05%, Berkeley Group Holdings 1.27%, Keyence Corporation 1.81%, National Oilwell Varco 0.00%, gold bullion 5.49%, Potash Corporation of Saskatchewan 0.88%, Oracle Corporation 0.00%, Teradata Corporation 0.00%, Sompo Japan Nipponkoa Holdings 1.83%, Hoya Corporation 1.63%, Grupo Televisa 1.89%, Cenovus Energy 0.72% , Canadian Natural Resources 0.70%, Orbital ATK, Inc. 0.00%, Northrop Grumman Corp.

0.00%, Alphabet Inc. 0.00%, Cintas Corporation 0.00%, HeidelbergCement AG 2.13%, American Express Company 0.00%, Sanofi 1.11%, %, Hornbach Holding AG & Co. 0.33%.

First Eagle U.S. Value Fund: Microsoft Corporation 3.47%, KDDI Corporation 0.00%, Secom Co. Ltd 0.00%, Berkeley Group Holdings 0.00%, Keyence Corporation 0.00%, National Oilwell Varco 1.79%, gold bullion 7.29%, Potash Corporation of Saskatchewan 0.90%, Oracle Corporation 3.70%, Teradata Corporation 1.51%, Sompo Japan Nipponkoa Holdings 0.00%, Hoya Corporation 0.00%, Grupo Televisa 0.00%, Cenovus Energy 0.00% , Canadian Natural Resources 0.68%, Orbital ATK, Inc.

1.17%, Northrop Grumman Corp. 1.26%, Alphabet Inc. Class A 1.26%, Alphabet Inc. Class C 0.53%, Cintas Corporation 2.28%, HeidelbergCement AG 0.00%, American Express Company 2.69%, Sanofi 0.00%, %, Hornbach Holding AG & Co.

0.00%. The Fund may invest 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. 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-COM-GVT .