Jean-Marie Eveillard says he is seeing new opportunities overseas as "Mr. Market" is panicking. First Eagle is reopening two funds -- First Eagle Global Fund and First Eagle Overseas Fund -- that have been closed to new investors for nearly four years (since February 2004) to give him the opportunity to take advantage of Mr. Market's fear.

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First Eagle Funds and its investment adviser, Arnholdand S. Bleichroeder Advisers, announced the re-opening of First Eagle Global Fund and First Eagle Overseas Fund, effective January 14, 2008. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the U.S. and throughout the world, and the First Eagle Overseas Fund seeks long-term growth ofcapital by investing primarily in equities issued by non-U.S. corporations. The First Eagle Overseas Fund first closed to new investors February 2, 2004 and the First Eagle Global Fund closed to new investorsMarch 1, 2005.

The decision to close the funds resulted from concerns due to rapidly escalating cash flows into the funds at that time.Since the closing of the funds we have witnessed a reduction in cash flows and some of our excess cash has been deployed. It is our belief that re-opening the funds to new investors will allow the portfolio management team to be better able to balance cash inflows and outflows and increase the efficiency of the funds. The steadiness in cash flows should enhance the effort to maximizereturns under the guidelines of the firm’s approach and investment objectives. Having cash on hand will also provide portfolio management with the ability to take advantage of any opportunities, which they may find, in the increasingly volatile markets.

John Arnhold, Chairman and CEO of Arnhold and S. Bleichroeder Advisers and President of First Eagle Funds, reaffirms, “We have decided to re-open the funds because we believe this is in the best interest of both the funds and their shareholders. The funds closed at a time when we experienced accelerated cash flows. Net flows have normalized to a point at which the investment team is now comfortable that thenew assets have been digested.We will continue to vigilantly monitor the cash flows so as toserve in the shareholders’ best interests and may take further actions to maintain control of future cash flow conditions.” Jean-Marie Eveillard, portfolio manager, First Eagle Funds, said, “At a time when Mr. Market is quickly swinging from fear to greed and back, major investment opportunities may lie ahead.” As of November 30, 2007 the First Eagle Global Fund had approximately $21 billion in assets under management and First Eagle Overseas Fund had $10 billionin assets under management. Arnhold and S. Bleichroeder Advisers had $45 billion in assets under management.

Investors should consider risks, charges and expenses carefully, which are detailed in our prospectus. Please read our prospectus carefully before investing. For further information about the First Eagle Funds, please call (800) 334-2143 or visit our website at www.firsteaglefunds.com. Investments are not FDIC insured or bank guaranteed, and may lose value. The First Eagle Funds are offered by First Eagle Funds Distributors, a division of ASB Securities LLC, 1345 Avenue of the Americas, New York, New York 10105. 

Edited by: Erin Kello


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