First Eagle Global Value Team
As of September 30, 2017
Market Overview
In the third quarter of 2017, the MSCI World Index rose
4.84% while in the United States the S&P 500 Index
increased 4.48%. In Europe, the German DAX Index was up
4.09% and the French CAC 40 Index increased 4.28%. In
Japan, the Nikkei 225 Index rose 2.34% over the period. Brent
crude oil increased 20.08% to $57.54 a barrel, and the price
of gold rose 3.11% to $1280.15 an ounce. The US dollar rose
0.11% against the yen and fell -3.29% against the euro.1
Markets continued to be dominated by risk-seeking behavior
in the third quarter of 2017. Few investors seem to share our
view that we are facing a period of elevated risks and subdued
returns. Setting aside the geopolitical risks that we have
discussed in the past, we are concerned about both secular and
cyclical macroeconomic risks. The chief secular issues are slow
productivity growth and high levels of debt across the globe.
Among the cyclical factors, we would cite high levels of busi-
ness and consumer confidence.
Secular Issues
Prior to the global financial crisis, Americans were accustomed
to economic growth of about 3% a year. Since the crisis,
average growth has been closer to 2%, with population growth
and the reduction in unemployment rates accounting for
approximately half of that figure. In other words, productivity
growththe other key ingredient in economic growthhas
been sluggish. We suspect that productivity growth is suffering
because of the forced growth engendered by years of easy fiscal
and monetary policies.
This pattern can also be seen in China, which has made
enormous fixed capital investments to construct cities and
build out its manufacturing infrastructure. These projects
have spurred economic growth, but some of them were, we
believe, larger than necessary. Now, China will likely need to
devote significant resources to maintaining its expanded asset
base, and, as a result, it will have less capital available to invest
in productivity-boosting initiatives. There is no free lunch.
Over time, if a nation forces growth and tries to continue
1. Source: FactSet, as of 9/30/2017.
Commentary
forcing growth, it imposes a higher and higher tax on produc-
tivity. Over the long term, this creates a secular headwind for
economic growth.
Low interest rates may be another secular headwind. Around
the world, rates were lowered to protect people from the delete-
rious effects of the global financial crisis, but the price for this
protection may be a reduction in future asset returns. Because
interest rates have gone from high to low, asset markets have
re-rated from low P/Es to high P/Es and credit spreads have
gone from high to low. As a consequence, the expected return
on a market portfolio has fallen.
Low interest rates can be seen as a tax on savings. We grew up
in a world where endowments, foundations and individuals
believed that they could spend from their portfolios at rate of
5% a year and still preserve, and possibly grow, the real corpus
of their wealth. But today, if long-term government bonds
yield 2% and equities are priced for mid-single digit return,
the return on the market portfolio may be in the low single
digits and, perhaps, negligible in real terms. In this case, even
modest amounts of spending may erode the real value of an
individuals savings. This raises the possibility, in the medium
term, that people may need to save more. If consumers rebuild
their savings and governments rebuild their balance sheets,
demand in the economy may be less than robust, and there
will likely be less capital available for productive investment.
We view todays markets as ebullient, but, by virtue of
the second-order consequences of the stimulus that was
provided upfront, we think the medium-term future could be
disappointing.
Cyclical Issues
On the cyclical side, consumer confidence is near its highest
level in a decade. Unemployment has fallen from 10% to
roughly 4%the low end of its range over the last 50 years.
This suggests that the improvement in consumer sentiment
that comes from reducing unemployment may be peaking.
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First Eagle Global Value Team
According to ISM surveys, business confidence is also high.
Investors make money when confidence improves, and, while
it could go higher in the short term, it has already come a long
way.
In a period of high confidence, it is not surprising that risk
perception is very low. The VIX Index implies US equity vola-
tility of less than 10%, but we know that the actual long-term
level is closer to 20%. Credit spreads, which are closely corre-
lated with implied volatility, are tight. We believe P/E ratios
are high and, as disciplined bottom-up investors, we have to
search long and hard for new ideas. Easy monetary policy and
the natural healing process of an economy coming out of a
recession may be losing their force. The Fed has already been
raising interest rates for a year, and it has begun to shrink
Portfolio Review
Global Fund
As the overall market continued its strong advance in the third
quarter, the First Eagle Global Fund Class A (without sales
charge)* returned 2.72% versus the MSCI World Index return
of 4.84%.
Sectors contributing to quarterly performance included
industrials, energy and information technology, and sectors
detracting included consumer staples and consumer discre-
tionary. Returns were positive from all regions except emerging
markets, where South Korean stocks detracted.
Among individual stocks, the top five contributors for the
quarter were Orbital ATK, Inc.; Keyence Corporation; gold
bullion; SMC Corporation; and Microsoft Corporation.
Orbital ATK, a US-based producer of components for missiles
and satellites, agreed to be acquired by Northrop Grumman at
a premium to its then-current trading price.
Keyence, which makes electronic sensors, and SMC, which
provides pneumatic equipment, are Japanese industrial compa-
nies that benefitted from strong demand in their end-markets.
We trimmed both positions because of their price appreciation.
Gold bullion also contributed to the Funds return. We hold
gold as a potential hedge against disruptive market events, and
we know that gold often trades off in a strong equity market.
Nonetheless, both gold and equities climbed in this period,
possibly because the supply of newly mined gold has been
* Performance for Class A shares without the effect of sales charges and assumes all distributions have been reinvested, and if a sales charge
was included values would be lower.
Commentary As of September 30, 2017
its balance sheet. China faces problems of excess debt and
excess capacity, and some expect it to restructure its economy
following the close of its 19th Party Congress. Thus, there is
reason to suspect that both the United States and Chinatwo
large sources of support for easier monetary conditions
appear poised to become less accommodative.
We cannot predict the markets, and we know that positive
developments, such as corporate tax relief in the United States,
can still occur. Nonetheless, we believe that much of the good
news is behind us. Investors have experienced a strong bull
market for stocks and seem confident that it will continue for
the foreseeable future. In a world where asset prices are, in our
view, inflated, we think it is important for investors to become
more mindful of risk.
constrained by low critical investment and a fall-off in new
gold discoveries. Gold also benefitted from the perception of
increased geopolitical risk in North Korea.
As Microsoft once again gained share with its cloud-
computing platform, investors appeared to recognize the
companys potential to continue to generate cash flow.
The top five detractors in the quarter were Omnicom Group,
Inc.; Carrefour SA; KIA Motors Corporation; Shimano Inc.;
and Oracle Corporation.
Shares of US-based advertising company Omnicom lost value
as reduced advertising budgets at consumer staples companies
and the ongoing shift of advertising from traditional media to
the Internet weighed on advertising industry stocks.
Carrefour, the French-based supermarket and hypermarket
chain, obtained a price we consider attractive for the IPO
of its Brazilian operation, but its core French business faced
continued competitive assault from different retail formats,
including the Internet.
Shares of Kia Motors came under pressure as threats from
North Korea weighed on the South Korean stock market.
Kia was also affected by a Chinese boycott of South Korean
products.
Shimano, a Japanese manufacturer of high-end bicycle compo-
nents and fishing tackle, has been in the Funds portfolio for
many years. The valuation had gotten very high, and we had
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First Eagle Global Value Team Commentary As of September 30, 2017

been selling the stock, but during the quarter the price returned
to more rational levels.
Overseas Fund
The First Eagle Overseas Fund Class A shares (without sales
charge)* returned 2.41% versus the MSCI EAFE Index return of
5.40%.
Leading contributors in the second quarter included Keyence
Corporation SMC Corporation Potash Corporation of Saskatch-
ewan, Berkeley Group Holdings plc, and gold bullion.
Keyence, SMC and gold bullion are discussed above in the
Global Funds portfolio review.
During the quarter, Potash Corporation of Saskatchewan held
merger talks with Agrium Inc., another Canadian fertilizer
company. If the merger goes through, we believe the combined
company will likely be able to reduce costs.
Shares of Berkeley Group Holdings plc, a British real estate
company focusing on London, had been discounted following
Brexit, but they drifted higher in the third quarter on signs that
the UK real estate market remained healthy and that Berkeley
Group was continuing to execute on its business plan.
Leading contributors were Orbital ATK, Inc.; gold bullion;
Microsoft Corporation; Teradata Corporation; and American
Express Company. Orbital, gold bullion and Microsoft are
discussed above in the Global Funds portfolio review.
Leading detractors were Omnicom Group, Inc.; Alleghany
Corporation; Flowserve Corporation; Oracle Corporation; and
H&R Block, Inc. Omnicon is discussed above in the Global
Funds portfolio review.
Alleghany is a property and casualty insurance company that
had exposure to hurricane damage during the third quarter
through TransRe, its reinsurance subsidiary. We believe that
TransRe will pay claims and take some losses, but that the
overall impact on Alleghany will be modest.
Oracle, which specializes in enterprise software and database
management, made further progress in its transition from front-
end sales to cloud-based subscriptions. We thought the growth
rate it reported during the quarter was impressive, but the
market evidently expected more.
We appreciate your confidence and thank you for your support.
First Eagle Investment Management, LLC

The top five detractors were KIA Motors Corporation; Carre-

four SA; Shimano, Inc.; Mitsubishi Estate Company, Ltd.; and
KT&G Corporation. KIA Motors, Carrefour and Shimano are
discussed above in the Global Funds portfolio review.

Mitsubishi Estate Company Limited controls about one-third of

the real estate in central Tokyos Marunouchi District. The stock
fell on fears that a competing supply of new buildings outside
this district could affect the companys rental rates. Even if this
occurs in the near term, we remain confident that Mitsubishi
Estate Company is a business with long-duration assets in a
hard-to-replicate location.

KT&G, which is in the tobacco and ginseng businesses, has also

been perceived as a laggard in the development of e-cigarettes,
but it has announced that a product will soon be launched.
We continue to view KT&Gs valuation as attractive relative to
global tobacco companies.

U.S. Value Fund

The First Eagle U.S. Value Fund Class A Shares (without sales
charge)* returned 3.15% versus the S&P 500 Index return of
4.48%.

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First Eagle Global Value Team Commentary As of September 30, 2017

Average Annual Returns as of 9/30/2017 (%)

Expense Expense
YTD 1 Year 5 Years 10 Years Ratio Gross Ratio Net

w/o sales charge 9.95 9.62 7.97 6.40

First Eagle Global | Class A | SGENX 1.10 --
w sales charge 4.45 4.14 6.87 5.86
w/o sales charge 11.88 8.09 6.74 4.90
First Eagle Overseas | Class A | SGOVX 1.14 --
w sales charge 6.28 2.71 5.65 4.36
w/o sales charge 7.98 11.38 8.35 6.79
First Eagle U.S. Value | Class A | FEVAX 1.14 1.09
w sales charge 2.59 5.79 7.24 6.24

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically
impact a Funds short-term performance. Current performance may be lower or higher than figures shown. The investment return and princi-
pal value will fluctuate so that an investors 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 relevant Fund, as stated in the most recent prospectus.
These are the actual Fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its
management fee at an annual rate in the amount of 0.05% of the average daily value of the U.S. Value Funds net assets for the period through February 28, 2018. This
waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%. In addition, fees were waived and/or expenses
reimbursed for some of the periods shown. Had fees not been waived an/or expenses reimbursed, returns would have been lower.
Performance assumes reinvestment of all distribution and does not account for taxes.
As of May 9, 2014, the First Eagle Overseas became closed to certain investors. Please see the prospectus for more information.
Standard & Poors 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S.
economy.
The Nikkei 225 is an unmanaged price-weighted equity index, which consists of 225 stocks in the first section of the Tokyo Stock Exchange.
The German DAX Index is unmanaged and tracks the segment of the largest and most important companiesknown as blue chipson the German equities market. It
contains the shares of the 30 largest and most liquid companies admitted to the FWB Frankfurt Stock Exchange in the Prime Standard segment. The DAX represents
about 80% of the aggregated prime standards market cap.
The CAC 40 is an unmanaged market index designed to reflect the evolution of the Euronext Paris market. It is made up of the 40 highest ranking shares listed on the
Paris market, according to criteria based on free float market capitalization and trading volume. The indice is reviewed and adjusted every quarter in order to take into ac-
count changes concerning the size and the volume of the constituent companies.
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 US dollars with net dividends reinvested.
Indexes do not incur management fees or other operating expenses. One cannot invest directly in an index.
There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange
rates. These risks may be more pronounced with respect to investments in emerging markets.
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 contributors and detractors mentioned herein represent the following percentage of the total net assets of the respective First Eagle Funds as of September 30, 2017:
First Eagle Global Fund: Orbital ATK, Inc 0.87%, Keyence Corporation 1.04%, gold bullion 6.79%, SMC Corporation 1.12%, Microsoft Corporation 2.07%, Omnicom
Group Inc. 1.30%, Carrefour SA 0.40%, KIA Motors Corporation 0.41%, Shimano Inc. 0.45%, Oracle Corporation 2.31%. ; First Eagle Overseas Fund: Keyence Corpo-
ration 1.55%, gold bullion 6.82%, SMC Corporation 1.57%, Carrefour SA 0.60%, KIA Motors Corporation 0.73%, Shimano Inc. 0.61%, Potash Corporation of Saskatche-
wan 1.49%, Berkeley Group Holdings plc 1.16%, Mitsubishi Estate Company, Ltd. 1.52%, KT&G Corporation 0.87%, First Eagle U.S. Value Fund: Orbital ATK, Inc 1.93%,
gold bullion 9.32%, Microsoft Corporation 3.47%, Omnicom Group Inc. 2.72%, Oracle Corporation 4.25%. Teradata Corporation 1.82%, American Express Company
2.15%,Alleghany Corporation 2.39%, Flowserve Corporation 1.62%, H&R Block, Inc. 0.44%.
The Funds may invest in gold and precious metals through investment in a wholly-owned subsidiary of the Funds organized under the laws of the Cayman Islands (the
Subsidiary). Gold bullion and commodities include the Funds investment in the Subsidiary.
The commentary represents the opinion of the Global Value Team portfolio managers as of September 30, 2017, 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 information provided is not to be construed as a recommendation or an offer to buy, hold or sell
or the solicitation of an offer to buy or sell any fund or security.
All third-party marks cited are the property of their respective owners.

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 the 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

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