An Overview of First Eagle Funds

First Eagle Investment Management, LLC
Investment Adviser to the Funds

The international investment management firm First Eagle Investment Management, LLC ("FEIM") serves as the adviser to the First Eagle Funds as well as offering a variety of other investment services. Among their clients are corporations, foundations, endowments, major retirement programs and individuals. The firm, which has its corporate offices on the Avenue of the Americas in New York, employs approximately 134 professionals and has over $38 billion under management, as of December 31, 2009.

First Eagle Investment Management, which first gained prominence in the 19th century as a catalyst of industrial development in Germany and other European countries, continues to draw on its strong sense of tradition, commitment to excellence and thorough understanding of the investment process to serve its clients the world over.

First Eagle Funds History

1803	S. Bleichröder founded in Berlin.
1864	Gebr. Arnhold (Arnhold Brothers) founded in Dresden.
1907	Gebr. Arnhold opens Berlin branch.
1931	Gebr. Arnhold acquired S. Bleichröder.
1937	Firm's activities move to New York under the name Arnhold and S. Bleichroeder.
1967	Established firm's first offshore fund, First Eagle Fund N.V.
1970	SoGen International Fund is launched
1979	Jean-Marie Eveillard becomes Portfolio Manager of SoGen International Fund
1987	Establishes firm's first U.S.-registered mutual fund, First Eagle Fund of America
1993	SoGen Overseas and SoGen Gold Funds are launched
1999	Arnhold and S. Bleichröder Advisers acquires SoGen Funds from Société Générale Asset Management. Funds are renamed First Eagle SoGen Global, First Eagle SoGen Overseas and First Eagle SoGen Gold
2001	First Eagle U.S. Value Fund is launched.
2002	First Eagle SoGen Funds becomes First Eagle Funds.
2009	Arnhold and S. Bleichroeder Advisers, LLC, adviser to the First Eagle Funds, is renamed First Eagle Investment Management, LLC

Management's Approach

As value-oriented investors, our approach to asset management is founded on:

• The conviction that absolute long term performance is the best way to preserve capital. Attempting to compete against the short-term movements of the major indices adds volatility and risk
• Incorporating on-site research by visiting companies and speaking with management to gain direct, first-hand knowledge of new ideas and existing investments
• Buying securities whose intrinsic value and long term potential outweighs projected market risk
• Employing seasoned portfolio managers, analysts and traders who offer advice based on their experience
• Rigorous application of bottom-up fundamental analysis and broad diversification is intended to reduce risk

An emphasis on risk management and a focus on consistency of return over the long term are the cornerstones of our investment philosophy. That is the basis from which we strive to meet the specific needs of our clients, reliably and responsibly. At the same time, we recognize the role of innovation and technology in successfully navigating the evolving global market.

The Funds

The First Eagle family of funds, including Global Fund, Overseas Fund, U.S. Value Fund, Gold Fund and First Eagle Fund of America, provides a fully complementary range of value-oriented investment options. While each fund has its own distinct investment mandate, all share a focus on discovering well-managed, undervalued or overlooked companies, as well as special situations.