Prospectus

 

March 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

First Eagle Global Fund

     

First Eagle Global Income Builder Fund

Class A

 

SGENX

     

Class A

 

FEBAX

Class C

 

FESGX

     

Class C

 

FEBCX

Class I

 

SGIIX

     

Class I

 

FEBIX

Class R3

 

EARGX

     

Class R3

 

FBRRX

Class R4

 

EAGRX

     

Class R4

 

FIBRX

Class R5

 

FRGLX

     

Class R5

 

EABRX

Class R6

 

FEGRX

     

Class R6

 

FEBRX

 

 

 

   

 

 

 

 

First Eagle Overseas Fund

     

First Eagle High Income Fund

Class A

 

SGOVX

     

Class A

 

FEHAX

Class C

 

FESOX

     

Class C

 

FEHCX

Class I

 

SGOIX

     

Class I

 

FEHIX

Class R3

 

EAROX

     

Class R3

 

EARHX

Class R4

 

FIORX

     

Class R4

 

FIHRX

Class R5

 

FEROX

     

Class R5

 

FERHX

Class R6

 

FEORX

     

Class R6

 

FEHRX

 

 

 

   

 

 

 

 


First Eagle U.S. Value Fund

     

First Eagle Rising Dividend Fund
(formerly named First Eagle Fund of America)

Class A

 

FEVAX

     

Class A

 

FEFAX

Class C

 

FEVCX

     

Class C

 

FEAMX

Class I

 

FEVIX

     

Class I

 

FEAIX

Class R3

 

EARVX

     

Class R3

 

EARFX

Class R4

 

FIVRX

     

Class R4

 

EAFRX

Class R5

 

FERVX

     

Class R5

 

FERFX

Class R6

 

FEVRX

     

Class R6

 

FEFRX

 

 

 

   

 

 

 

 

First Eagle Gold Fund

     

First Eagle Small Cap Opportunity Fund

Class A

 

SGGDX

     

Class A

 

FESAX

Class C

 

FEGOX

     

Class I

 

FESCX

Class I

 

FEGIX

     

Class R6

 

FESRX

Class R3

 

EAURX

   

 

 

 

 

Class R4

 

FIURX

     

First Eagle U.S. Smid Cap Opportunity Fund

Class R5

 

FERUX

     

Class A

 

FEMAX

Class R6

 

FEURX

     

Class I

 

FESMX

 

 

 

     

Class R6

 

FEXRX

 

 

 

   

 

 

 

 

 

     

First Eagle Global Real Assets Fund

 

 

 

     

Class A

 

FERAX

 

 

 

     

Class I

 

FEREX

 

 

 

     

Class R6

 

FERRX

Advised by First Eagle Investment Management, LLC

 

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

 


 

Thank you for your interest in First Eagle Funds (the “Trust” or “Funds”), managed by First Eagle Investment Management, LLC (the “Adviser”). The Trust consists of ten portfolios: First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund, First Eagle Rising Dividend Fund (formerly named First Eagle Fund of America), First Eagle Small Cap Opportunity Fund, First Eagle U.S. Smid Cap Opportunity Fund and First Eagle Global Real Assets Fund. This prospectus describes Fund shares designated as Classes A, C, I, R3, R4, R5 and R6.


 

Table of Contents

 

 

 

Summary Information about the Funds (Including Investment, Risk and Fee/Expense Information)

First Eagle Global Fund

 

 

 

4

 

First Eagle Overseas Fund

 

 

 

14

 

First Eagle U.S. Value Fund

 

 

 

25

 

First Eagle Gold Fund

 

 

 

35

 

First Eagle Global Income Builder Fund

 

 

 

45

 

First Eagle High Income Fund

 

 

 

58

 

First Eagle Rising Dividend Fund (formerly named First Eagle Fund of America)

 

 

 

69

 

First Eagle Small Cap Opportunity Fund

 

 

 

81

 

First Eagle U.S. Smid Cap Opportunity Fund

 

 

 

90

 

First Eagle Global Real Assets Fund

 

 

 

97

 

Information about Taxes and Financial Intermediaries

 

 

 

110

 

More Information About the Funds’ Investments

 

 

 

111

 

Investment Objectives and Strategies of the Funds

 

 

 

111

 

Principal Investment Risks

 

 

 

119

 

Defensive Investment Strategies

 

 

 

145

 

Disclosure of Portfolio Holdings

 

 

 

145

 

Fund Indices

 

 

 

146

 

Fund Management

 

 

 

148

 

The Adviser

 

 

 

148

 

Approval of Advisory Agreement

 

 

 

154

 

About Your Investment

 

 

 

155

 

How to Purchase Shares

 

 

 

155

 

Anti-Money Laundering Compliance

 

 

 

159

 

How Fund Share Prices Are Calculated

 

 

 

159

 

Purchases Through Dealers and Financial Intermediaries

 

 

 

160

 

Public Offering Price of Class A Shares

 

 

 

162

 

Reducing the Sales Charge

 

 

 

164

 

Purchasing Level-Load Class C Shares

 

 

 

167

 

Purchasing Class R3, Class R4, Class R5 and Class R6 Shares

 

 

 

168

 

Distribution and/or Shareholder Services Expenses

 

 

 

169

 

Bookshare Account Plan

 

 

 

172

 

Electronic Delivery

 

 

 

172

 

Where To Send Your Application

 

 

 

173

 

Minimum Account Size

 

 

 

173

 

Automatic Investment Program

 

 

 

173

 

Contractual Arrangements

 

 

 

174

 

Once You Become a Shareholder

 

 

 

175

 

Exchanging Your Shares

 

 

 

175

 

Automatic Exchange Program

 

 

 

176

 

Conversion

 

 

 

176

 

Dividend Direction Plan

 

 

 

177

 

Redemption of Shares

 

 

 

177

 

Short-Term Trading Policies

 

 

 

179

 

Telephone Privileges

 

 

 

180

 

Systematic Withdrawal Plan

 

 

 

181

 

Retirement Plans

 

 

 

181

 

Information Regarding State Escheatment Laws

 

 

 

182

 

Information on Dividends, Distributions and Taxes

 

 

 

183

 

Derivative Actions Brought on Behalf of the Trust

 

 

185

 

Privacy Notice for Individual Shareholders

 

 

187

 

How to Reach First Eagle Funds

 

 

192

 

Financial Highlights

 

 

193

 

Appendix - Intermediary-Specific Front-End Sales Load and Waiver Terms

 

 

 

A-1

 

 

 

 

Useful Shareholder Information

 

 

 

Back Cover

 


 

 

First Eagle Global Fund

Summary Information

Investment Objective

First Eagle Global Fund (“Global Fund” or the “Fund”) seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world.

Fees and Expenses of the Global Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Global Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Global Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.11

 

 

 

 

0.12

 

 

 

 

0.11

   

 

 

0.10

   

 

 

0.22

   

 

 

0.36

   

 

 

0.04

 

Total Annual Operating Expenses (%)

     

1.11

       

1.87

       

0.86

   

 

1.20

   

 

1.07

   

 

 

1.11

   

 

0.79

 
 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

4First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Fund

Example

The following example is intended to help you compare the cost of investing in the Global Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same. Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$608

 

 

 

 

$835

 

 

 

 

$1,081

 

 

 

 

$1,784

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$290

 

 

 

 

$588

 

 

 

 

$1,011

 

 

 

 

$2,190

 

 

Held

 

 

 

$190

 

 

 

 

$588

 

 

 

 

$1,011

 

 

 

 

$2,190

 

Class I

Sold or Held

 

 

 

$88

 

 

 

 

$274

 

 

 

 

$477

 

 

 

 

$1,061

 

Class R3

Sold or Held

 

 

 

$122

 

 

 

 

$381

 

 

 

 

$660

 

 

 

 

$1,455

 

Class R4

Sold or Held

 

 

 

$109

 

 

 

 

$340

 

 

 

 

$590

 

 

 

 

$1,306

 

Class R5

Sold or Held

 

 

 

$113

 

 

 

 

$353

 

 

 

 

$612

 

 

 

 

$1,352

 

Class R6

Sold or Held

 

 

 

$81

 

 

 

 

$252

 

 

 

 

$439

 

 

 

 

$978

 

 

Portfolio Turnover Rate

The Global Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 10.87% of the average value of its portfolio.

First Eagle Funds  |  Prospectus  |  March 1, 20235


 

Summary Information about the Global Fund

Principal Investment Strategies

To achieve its objective of long-term capital growth, the Global Fund will normally invest primarily in common stocks (and securities convertible into common stocks) of U.S. and foreign companies.

Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The Fund may also invest in debt instruments (e.g., notes and bonds) without regard to credit rating or time to maturity, short-term debt instruments, gold and other precious metals, and futures contracts related to precious metals. Under normal circumstances, the Fund anticipates it will allocate a substantial amount of its assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). That generally means that approximately 40% or more of the Fund’s net assets (plus any borrowings for investment purposes) will be allocated to foreign investments (unless market conditions are not deemed favorable by the Fund, in which case the Fund expects to invest at least 30% of its net assets (plus any borrowings for investment purposes) in foreign investments). For purposes of these 40% and 30% of assets allocations, the Fund “counts” relevant derivative positions on foreign investments, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price).

The investment philosophy and strategy of the Global Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. See also Defensive Investment Strategies.

The Fund makes some investments through a special purpose trading subsidiary (the “Subsidiary”) and may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest in commodities and related instruments (primarily gold bullion and other precious metals and related futures contracts).

6First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Fund

For more information about the Global Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Global Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Global Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Convertible Security Risk — Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer’s operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

First Eagle Funds  |  Prospectus  |  March 1, 20237


 

Summary Information about the Global Fund

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments.

 

 

Geographic Investment Risk — To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. While the Fund reserves the right to dynamically allocate its assets across countries and regions, listed below are some of the geographies to which the Fund has significant exposure as of the date of this Prospectus.

European Risk — The Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”) and the war in Ukraine. Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. Further, political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

Japan Risk — The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect the Fund.

8First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Fund

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

 

 

Gold Risk — The Fund may invest in both physical gold and the securities of companies in the gold mining sector. Prices of gold-related issues are susceptible to changes in U.S. and foreign regulatory policies, taxes, currencies, mining laws, inflation, and various other market conditions. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there

First Eagle Funds  |  Prospectus  |  March 1, 20239


 

Summary Information about the Global Fund

 

 

 

is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. To date, derivatives have been used mainly under a hedging program intended to reduce the impact of foreign exchange rate changes on the Fund’s value. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Value Investment Strategy Risk — An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

 

 

Subsidiary Risk — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as expected and could adversely affect the Fund.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

10First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Fund

For more information on the risks of investing in the Global Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the Global Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The index is described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/global-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included the returns would be lower.

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Second Quarter 2020

 

14.73%

 

 

 

First Quarter 2020

 

-19.50%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

First Eagle Funds  |  Prospectus  |  March 1, 202311


 

Summary Information about the Global Fund

The following table discloses after-tax returns only for Class A shares. After-tax returns for Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(1/17/18)

 

Class R5
Inception
(7/29/19)

 

Class R6
Inception
(3/1/17)

First Eagle Global Fund

Class A Shares

Return Before Taxes

 

 

-11.16%

   

 

 

3.49%

   

 

 

5.79%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-11.99%

   

 

 

2.32%

   

 

 

4.70%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-5.99%

   

 

 

2.61%

   

 

 

4.46%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-8.08%

   

 

 

3.77%

   

 

 

5.54%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes

 

 

-6.25%

   

 

 

4.83%

   

 

 

6.61%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-6.58%

   

 

 

 

 

 

 

   

 

 

4.80%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-6.48%

   

 

 

 

 

 

 

 

 

 

 

   

 

 

3.90%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-6.51%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

4.50%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-6.19%

   

 

 

4.90%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

5.60%

 

MSCI World Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-18.14%

   

 

6.14%

   

 

8.85%

   

 

6.62%

   

 

6.14%

   

 

6.86%

   

 

8.00%

 

12First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Fund

Our Management Team

First Eagle Investment Management, LLC serves as the Global Fund’s Adviser.

Matthew McLennan, Kimball Brooker, Jr., Manish Gupta and Julien Albertini serve as the Fund’s Portfolio Managers. Matthew McLennan and Kimball Brooker, Jr. have served as the Fund’s Portfolio Managers since September 2008 and February 2011, respectively. Manish Gupta and Julien Albertini have served as the Fund’s Portfolio Managers since May 2021.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Global Fund is $2,500 for Classes A and C and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

First Eagle Funds  |  Prospectus  |  March 1, 202313


 

 

First Eagle Overseas Fund

Summary Information

Investment Objective

First Eagle Overseas Fund (“Overseas Fund” or the “Fund”) seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations.

Fees and Expenses of the Overseas Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Overseas Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Overseas Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00

*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.15

   

 

 

0.14

   

 

 

0.14

   

 

 

0.30

   

 

 

0.16

   

 

 

0.42

   

 

 

0.05

 

Total Annual Operating Expenses (%)

 

 

1.15

   

 

 

1.89

   

 

0.89

   

 

1.40

   

 

1.01

   

 

1.17

   

 

0.80

 
 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

14First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Overseas Fund

Example

The following example is intended to help you compare the cost of investing in the Overseas Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same. Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$611

 

 

 

 

$847

 

 

 

 

$1,101

 

 

 

 

$1,828

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$292

 

 

 

 

$594

 

 

 

 

$1,021

 

 

 

 

$2,212

 

 

Held

 

 

 

$192

 

 

 

 

$594

 

 

 

 

$1,021

 

 

 

 

$2,212

 

Class I

Sold or Held

 

 

 

$91

 

 

 

 

$284

 

 

 

 

$493

 

 

 

 

$1,096

 

Class R3

Sold or Held

 

 

 

$143

 

 

 

 

$443

 

 

 

 

$766

 

 

 

 

$1,680

 

Class R4

Sold or Held

 

 

 

$103

 

 

 

 

$322

 

 

 

 

$558

 

 

 

 

$1,236

 

Class R5

Sold or Held

 

 

 

$119

 

 

 

 

$372

 

 

 

 

$644

 

 

 

 

$1,420

 

Class R6

Sold or Held

 

 

 

$82

 

 

 

 

$255

 

 

 

 

$444

 

 

 

 

$990

 

 

Portfolio Turnover Rate

The Overseas Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8.99% of the average value of its portfolio.

Principal Investment Strategies

To achieve its objective of long-term capital growth, the Overseas Fund will invest primarily in equity securities (e.g., common stocks) of non-U.S.

First Eagle Funds  |  Prospectus  |  March 1, 202315


 

Summary Information about the Overseas Fund

companies, the majority of which are traded in mature markets (for example, Canada, Japan, Germany and France), and may invest in countries whose economies are still developing (sometimes called “emerging markets”). The Fund particularly seeks companies that have financial strength and stability, strong management and fundamental value. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in foreign securities (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts) and “counts” relevant derivative positions towards this “80% of assets” allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price). The Fund also may invest up to 20% of its total assets in debt instruments (e.g., notes and bonds). The Fund may invest in debt instruments generally without regard to their credit rating or time to maturity. Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The Fund may invest in gold and other precious metals, and futures contracts related to precious metals.

The investment philosophy and strategy of the Overseas Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. See also Defensive Investment Strategies.

The Fund makes some investments through a special purpose trading subsidiary (the “Subsidiary”) and may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest in commodities and related instruments (primarily gold bullion and other precious metals and related futures contracts).

For more information about the Overseas Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

16First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Overseas Fund

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Overseas Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Overseas Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs

First Eagle Funds  |  Prospectus  |  March 1, 202317


 

Summary Information about the Overseas Fund

 

 

 

continue to be subject to many of the risks associated with investing directly in foreign investments.

 

 

Geographic Investment Risk — To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. While the Fund reserves the right to dynamically allocate its assets across countries and regions, listed below are some of the geographies to which the Fund has significant exposure as of the date of this Prospectus.

     

Canada Risk — The Canadian economy is susceptible to adverse changes in certain commodities markets, including those related to the mining and agricultural industries. It is also heavily dependent on trading with key partners. Any reduction in this trading may adversely affect the Canadian economy.

     

European Risk — The Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”) and the war in Ukraine. Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. Further, political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

     

Japan Risk — The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which also could negatively affect the Fund.

 

 

Emerging Market Risk — When the Fund invests in emerging market securities (generally meaning those associated with less developed markets),

18First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Overseas Fund

 

 

 

the Fund may be exposed to market, credit, currency, liquidity, legal, political, technical and other risks different from, and generally greater than, the risks of investing in developed markets. Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there

First Eagle Funds  |  Prospectus  |  March 1, 202319


 

Summary Information about the Overseas Fund

 

 

 

is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Gold Risk — The Fund may invest in both physical gold and the securities of companies in the gold mining sector. Prices of gold-related issues are susceptible to changes in U.S. and foreign regulatory policies, taxes, currencies, mining laws, inflation, and various other market conditions. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. To date, derivatives have been used mainly under a hedging program intended to reduce the impact of foreign exchange rate changes on the Fund’s value. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Value Investment Strategy Risk — An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

20First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Overseas Fund

 

 

Subsidiary Risk — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as expected and could adversely affect the Fund.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Overseas Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the Overseas Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The index is described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/overseas-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included, the returns would be lower.

First Eagle Funds  |  Prospectus  |  March 1, 202321


 

Summary Information about the Overseas Fund

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Second Quarter 2020

 

12.99%

 

 

 

First Quarter 2020

 

-17.70%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class A shares.

After-tax returns for Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

22First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Overseas Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(1/17/18)

 

Class R5
Inception
(3/11/19)

 

Class R6
Inception
(3/1/17)

First Eagle Overseas Fund

Class A Shares

Return Before Taxes

 

 

-12.69%

   

 

 

0.67%

   

 

 

3.47%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-13.40%

   

 

-0.17%

   

 

 

2.59%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-6.99%

   

 

 

0.50%

   

 

 

2.67%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-9.69%

   

 

 

0.96%

   

 

 

3.24%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes

 

 

-7.89%

   

 

 

1.99%

   

 

 

4.29%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-8.38%

   

 

 

 

 

 

 

   

 

 

1.75%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-7.98%

   

 

 

 

 

 

 

 

 

 

 

   

 

 

1.11%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-8.19%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

3.44%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-7.78%

   

 

 

2.07%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

3.28%

 

MSCI EAFE Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-14.45%

   

 

1.54%

   

 

4.67%

   

 

1.50%

   

 

1.54%

   

 

3.61%

   

 

4.51%

 

Our Management Team

First Eagle Investment Management, LLC serves as the Overseas Fund’s Adviser.

Matthew McLennan, Kimball Brooker, Jr., Christian Heck and Alan Barr serve as the Fund’s Portfolio Managers. Matthew McLennan and Kimball Brooker, Jr. have served as the Fund’s Portfolio Managers since September 2008 and March 2010, respectively. Christian Heck and Alan Barr have served as the Fund’s Portfolio Managers since May 2021.

First Eagle Funds  |  Prospectus  |  March 1, 202323


 

Summary Information about the Overseas Fund

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Overseas Fund is $2,500 for Classes A and C and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

24First Eagle Funds  |  Prospectus  |  March 1, 2023


 

 

First Eagle U.S. Value Fund

Summary Information

Investment Objective

First Eagle U.S. Value Fund (“U.S. Value Fund” or the ‘‘Fund”) seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities.

Fees and Expenses of the U.S. Value Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the U.S. Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the U.S. Value Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees**

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.16

   

 

 

0.17

   

 

 

0.13

   

 

 

0.24

   

 

 

0.29

   

 

 

0.27

   

 

 

0.08

 

Total Annual Operating Expenses (%)

     

1.16

   

 

1.92

   

 

0.88

   

 

1.34

   

 

1.14

   

 

1.02

   

 

0.83

 

Fee Waiver**

 

 

 

-0.05

 

 

 

 

-0.05

 

 

 

 

-0.05

 

 

 

 

-0.05

 

 

 

 

-0.05

 

 

 

 

-0.05

 

 

 

 

-0.05

 

Total Annual Operating Expenses After Fee Waiver (%)

     

1.11

   

 

1.87

   

 

0.83

   

 

1.29

   

 

1.09

   

 

0.97

   

 

0.78

 

First Eagle Funds  |  Prospectus  |  March 1, 202325


 

Summary Information about the U.S. Value Fund

 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

 

**

 

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 Fund’s net assets for the period through February 29, 2024. This agreement may not be terminated during its term without the consent of the Board of Trustees. 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%.

Example

The following example is intended to help you compare the cost of investing in the U.S. Value Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same (except that the management fee waiver is taken into account only for the one-year expense example). Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$608

 

 

 

 

$845

 

 

 

 

$1,102

 

 

 

 

$1,834

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$290

 

 

 

 

$598

 

 

 

 

$1,032

 

 

 

 

$2,239

 

 

Held

 

 

 

$190

 

 

 

 

$598

 

 

 

 

$1,032

 

 

 

 

$2,239

 

Class I

Sold or Held

 

 

 

$85

 

 

 

 

$276

 

 

 

 

$483

 

 

 

 

$1,080

 

Class R3

Sold or Held

 

 

 

$131

 

 

 

 

$420

 

 

 

 

$729

 

 

 

 

$1,608

 

Class R4

Sold or Held

 

 

 

$111

 

 

 

 

$357

 

 

 

 

$623

 

 

 

 

$1,382

 

Class R5

Sold or Held

 

 

 

$99

 

 

 

 

$320

 

 

 

 

$558

 

 

 

 

$1,243

 

Class R6

Sold or Held

 

 

 

$80

 

 

 

 

$260

 

 

 

 

$456

 

 

 

 

$1,021

 

 

Portfolio Turnover Rate

The U.S. Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover

26First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Value Fund

rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 10.33% of the average value of its portfolio.

Principal Investment Strategies

To achieve its objective of long-term capital growth, the U.S. Value Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity (e.g., common stocks) and debt instruments (e.g., notes and bonds) and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). In particular, the Fund seeks companies exhibiting financial strength and stability, strong management and fundamental value. Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The debt instruments in which the Fund may invest include fixed income securities without regard to credit rating or time to maturity and short-term debt instruments. The Fund may also invest in gold and other precious metals, and futures contracts related to precious metals. The Fund “counts” relevant derivative positions towards its “80% of assets” allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price).

The investment philosophy and strategy of the U.S. Value Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. See also Defensive Investment Strategies.

The Fund makes some investments through a special purpose trading subsidiary (the “Subsidiary”) and may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest in commodities and related

First Eagle Funds  |  Prospectus  |  March 1, 202327


 

Summary Information about the U.S. Value Fund

instruments (primarily gold bullion and other precious metals and related futures contracts).

For more information about the U.S. Value Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the U.S. Value Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the U.S. Value Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when

28First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Value Fund

 

 

 

due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

 

 

Gold Risk — The Fund may invest in both physical gold and the securities of companies in the gold mining sector. Prices of gold-related issues are susceptible to changes in U.S. and foreign regulatory policies, taxes, currencies, mining laws, inflation, and various other market conditions. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-

First Eagle Funds  |  Prospectus  |  March 1, 202329


 

Summary Information about the U.S. Value Fund

 

 

 

related investments have traditionally been more volatile than investments in broader equity or debt markets.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. The Fund may use derivatives in seeking to reduce the impact of foreign exchange rate changes on the Fund’s value. The Fund may at times also purchase derivatives linked to relevant market indices as either a hedge or for investment purposes. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Value Investment Strategy Risk — An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

30First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Value Fund

 

 

Subsidiary Risk — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as expected and could adversely affect the Fund.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the U.S. Value Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the U.S. Value Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The index is described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/us-value-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included, the returns would be lower.

First Eagle Funds  |  Prospectus  |  March 1, 202331


 

Summary Information about the U.S. Value Fund

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Second Quarter 2020

 

14.53%

 

 

 

First Quarter 2020

 

-21.57%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class A shares.

After-tax returns for Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

32First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Value Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(7/29/19)

 

Class R5
Inception
(7/29/19)

 

Class R6
Inception
(3/1/17)

First Eagle U.S. Value Fund

Class A Shares

Return Before Taxes

 

 

-10.41%

   

 

 

4.91%

   

 

 

7.04%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-12.00%

   

 

 

2.94%

   

 

 

5.23%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-4.99%

   

 

 

3.63%

   

 

 

5.36%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-7.27%

   

 

 

5.19%

   

 

 

6.77%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes 

 

 

-5.47%

   

 

 

6.29%

   

 

 

7.88%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-5.92%

   

 

 

 

 

 

 

   

 

 

6.32%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-5.78%

   

 

 

 

 

 

 

   

 

 

   

 

 

5.90%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-5.56%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

6.09%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-5.37%

   

 

 

6.34%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

6.78%

 

S&P 500 Index (reflects no deduction for fees, expenses or taxes)

 

 

-18.11%

   

 

9.42%

   

 

12.56%

   

 

10.22%

   

 

9.73%

   

 

9.73%

   

 

10.65%

 

First Eagle Funds  |  Prospectus  |  March 1, 202333


 

Summary Information about the U.S. Value Fund

Our Management Team

First Eagle Investment Management, LLC serves as the U.S. Value Fund’s Adviser.

Matthew McLennan, Kimball Brooker, Jr., Matthew Lamphier and Mark Wright serve as the Fund’s Portfolio Managers. Matthew McLennan, Kimball Brooker, Jr. and Matthew Lamphier have served as the Fund’s Portfolio Managers since January 2009, March 2010 and March 2014, respectively. Mark Wright has served as the Fund’s Portfolio Manager since May 2021.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the U.S. Value Fund is $2,500 for Classes A and C and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

34First Eagle Funds  |  Prospectus  |  March 1, 2023


 

 

First Eagle Gold Fund

Summary Information

Investment Objective

First Eagle Gold Fund (“Gold Fund” or the “Fund”) seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio.

Fees and Expenses of the Gold Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Gold Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Gold Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00

*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.19

   

 

 

0.18

   

 

 

0.19

   

 

 

0.35

   

 

 

0.25

   

 

 

0.24

   

 

 

0.10

 

Total Annual Operating Expenses (%)

 

 

1.19

   

 

1.93

   

 

0.94

   

 

1.45

   

 

1.10

   

 

0.99

   

 

 

0.85

 
 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

First Eagle Funds  |  Prospectus  |  March 1, 202335


 

Summary Information about the Gold Fund

Example

The following example is intended to help you compare the cost of investing in the Gold Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same. Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$615

 

 

 

 

$859

 

 

 

 

$1,122

 

 

 

 

$1,871

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$296

 

 

 

 

$606

 

 

 

 

$1,042

 

 

 

 

$2,254

 

 

Held

 

 

 

$196

 

 

 

 

$606

 

 

 

 

$1,042

 

 

 

 

$2,254

 

Class I

Sold or Held

 

 

 

$96

 

 

 

 

$300

 

 

 

 

$520

 

 

 

 

$1,155

 

Class R3

Sold or Held

 

 

 

$148

 

 

 

 

$459

 

 

 

 

$792

 

 

 

 

$1,735

 

Class R4

Sold or Held

 

 

 

$112

 

 

 

 

$350

 

 

 

 

$606

 

 

 

 

$1,340

 

Class R5

Sold or Held

 

 

 

$101

 

 

 

 

$315

 

 

 

 

$547

 

 

 

 

$1,213

 

Class R6

Sold or Held

 

 

 

$87

 

 

 

 

$271

 

 

 

 

$471

 

 

 

 

$1,049

 

 

Portfolio Turnover Rate

The Gold Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17.78% of the average value of its portfolio.

Principal Investment Strategies

To achieve its objective of providing investors the opportunity to participate in the investment characteristics of gold, the Gold Fund invests at least 80% of its

36First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Gold Fund

net assets (plus any borrowings for investment purposes) in gold and/or securities (which may include both equity (e.g., common stocks) and, to a limited extent, debt instruments (e.g., notes and bonds)) directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long-, medium-or short-life mines. Up to 20% of the Fund’s assets may be invested in equity and, to a limited extent, debt instruments unrelated to gold or the gold industry. The Fund anticipates it will allocate a substantial amount of its assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). The Fund may invest up to 20% of its total assets in debt securities. Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The Fund may also invest in fixed income instruments (without regard to credit rating or time to maturity), short-term debt instruments, other precious metals, and futures contracts related to precious metals. The Fund “counts” relevant derivative positions towards its “80% of assets” allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price).

An investment in the Gold Fund is not intended to be a complete investment program. However, many investors believe that, historically, a limited exposure to investments in gold or gold-related instruments may provide some offset against the market impact of political and economic disruptions, as well as relieve inflationary or deflationary pressures.

The Gold Fund is a “non-diversified” fund. It generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The Fund makes some investments through a special purpose trading subsidiary (the “Subsidiary”) and may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest in commodities and related instruments (primarily gold bullion and other precious metals and related futures contracts). The Fund will invest in the Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

Unlike the Fund, the Subsidiary may invest without limitation in commodities and related instruments, however, the Subsidiary will comply with the same 1940 Act asset coverage requirements with respect to any investments in commodity-linked derivatives that are applicable to the Fund’s transactions in

First Eagle Funds  |  Prospectus  |  March 1, 202337


 

Summary Information about the Gold Fund

derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Compliance with the Fund’s investment restrictions generally will be measured on an aggregate basis in respect of the Fund’s and the Subsidiary’s portfolios. The Subsidiary will comply with the 1940 Act provisions governing affiliate transactions and custody of assets. The Fund is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.

For more information about the Gold Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Gold Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Gold Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Gold Risk — The Fund may invest in both physical gold and the securities of companies in the gold mining sector. Prices of gold-related issues are susceptible to changes in U.S. and foreign regulatory policies, taxes, currencies, mining laws, inflation, and various other market conditions. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is

38First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Gold Fund

 

 

 

low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. To date, derivatives have been used mainly under a hedging program intended to reduce the impact of foreign exchange rate changes on the Fund’s value. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments. These risks may be more pronounced with respect to investments in emerging markets. Because of the Gold Fund’s policy of investing primarily in gold, securities directly related to gold and/or of companies engaged in the gold industry, a substantial part of the Gold Fund’s assets will generally be invested in one or more foreign countries, including emerging markets.

 

 

Geographic Investment Risk — To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. While the Fund reserves the right to dynamically allocate

First Eagle Funds  |  Prospectus  |  March 1, 202339


 

Summary Information about the Gold Fund

 

 

 

its assets across countries and regions, listed below are some of the geographies to which the Fund has significant exposure as of the date of this Prospectus.

     

Brazil Risk — Brazil has experienced economic instability resulting from, among other things, political corruption, political instability, periods of very high inflation, persistent structural public sector deficits and significant devaluations of its currency, leading also to a high degree of price volatility in both the Brazilian equity and foreign currency markets. Brazilian companies may also be adversely affected by high interest and unemployment rates and fluctuations in commodity prices.

     

Canada Risk — The Canadian economy is susceptible to adverse changes in certain commodities markets, including those related to the mining and agricultural industries. It is also heavily dependent on trading with key partners. Any reduction in this trading may adversely affect the Canadian economy.

 

 

Diversification Risk — The Fund is a non-diversified mutual fund, and as a result, an investment in the Fund may expose your money to greater risks than if you invest in a diversified fund. The Fund may invest in a limited number of companies, therefore gains or losses in a particular security may have a greater impact on their share price.

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in

40First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Gold Fund

 

 

 

interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Subsidiary Risk — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as expected and could adversely affect the Fund.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Gold Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the Gold Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The indices are described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

First Eagle Funds  |  Prospectus  |  March 1, 202341


 

Summary Information about the Gold Fund

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/gold-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included, the returns would be lower.

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Second Quarter 2020

 

39.99%

 

 

 

Second Quarter 2013

 

-32.24%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class A shares.

After-tax returns for Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

42First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Gold Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(7/29/19)

 

Class R5
Inception
(7/29/19)

 

Class R6
Inception
(3/1/17)

First Eagle Gold Fund

Class A Shares

Return Before Taxes

 

 

-6.48%

   

 

 

5.42%

   

 

-2.15%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-6.48%

   

 

 

5.31%

   

 

-2.20%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-3.83%

   

 

 

4.23%

   

 

-1.60%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-3.30%

   

 

 

5.70%

   

 

-2.40%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes

 

 

-1.31%

   

 

 

6.81%

   

 

-1.37%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-1.82%

   

 

 

 

 

 

 

   

 

 

8.31%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-1.51%

   

 

 

 

 

 

 

 

 

 

 

   

 

 

7.89%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-1.39%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

7.93%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-1.26%

   

 

 

6.88%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

5.62%

 

MSCI World Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-18.14%

   

 

6.14%

   

 

8.85%

   

 

6.62%

   

 

6.86%

   

 

6.86%

   

 

8.00%

 

 

FTSE Gold Mines Index (reflects no deduction for fees, expenses or taxes)

 

 

-15.47%

   

 

2.63%

   

 

-4.69%

   

 

4.15%

   

 

0.85%

   

 

0.85%

   

 

2.15%

 

Our Management Team

First Eagle Investment Management, LLC serves as the Gold Fund’s Adviser.

Thomas Kertsos serves as the Fund’s Portfolio Manager. Max Belmont serves as the Fund’s Associate Portfolio Manager. Thomas Kertsos has served as the Fund’s Portfolio Manager since March 2016. Max Belmont has served as the Fund’s Associate Portfolio Manager since March 2021.

First Eagle Funds  |  Prospectus  |  March 1, 202343


 

Summary Information about the Gold Fund

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Gold Fund is $2,500 for Classes A and C and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

44First Eagle Funds  |  Prospectus  |  March 1, 2023


 

 

First Eagle Global Income Builder Fund

Summary Information

Investment Objective

First Eagle Global Income Builder Fund (“Global Income Builder Fund” or the “Fund”) seeks current income generation and long-term growth of capital.

Fees and Expenses of the Global Income Builder Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Global Income Builder Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Global Income Builder Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

 

 

0.75

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.16

   

 

 

0.19

 

 

 

 

0.18

   

 

 

0.23

   

 

 

0.55

   

 

 

0.42

   

 

 

0.12

 

Total Annual Operating Expenses (%)

 

 

1.16

   

 

 

1.94

       

0.93

   

 

1.33

   

 

1.40

   

 

1.17

   

 

 

0.87

 
 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

First Eagle Funds  |  Prospectus  |  March 1, 202345


 

Summary Information about the Global Income Builder Fund

Example

The following example is intended to help you compare the cost of investing in the Global Income Builder Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same. Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$612

 

 

 

 

$850

 

 

 

 

$1,106

 

 

 

 

$1,839

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$297

 

 

 

 

$609

 

 

 

 

$1,047

 

 

 

 

$2,264

 

 

Held

 

 

 

$197

 

 

 

 

$609

 

 

 

 

$1,047

 

 

 

 

$2,264

 

Class I

Sold or Held

 

 

 

$95

 

 

 

 

$296

 

 

 

 

$515

 

 

 

 

$1,143

 

Class R3

Sold or Held

 

 

 

$135

 

 

 

 

$421

 

 

 

 

$729

 

 

 

 

$1,601

 

Class R4

Sold or Held

 

 

 

$143

 

 

 

 

$443

 

 

 

 

$766

 

 

 

 

$1,680

 

Class R5

Sold or Held

 

 

 

$119

 

 

 

 

$372

 

 

 

 

$644

 

 

 

 

$1,420

 

Class R6

Sold or Held

 

 

 

$89

 

 

 

 

$278

 

 

 

 

$482

 

 

 

 

$1,073

 

 

Portfolio Turnover Rate

There are transaction costs due to the bid/ask spread in the case of bonds or commissions in the case of stocks. The Global Income Builder Fund pays transaction costs when the Fund buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 13.76% of the average value of its portfolio.

46First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Income Builder Fund

Principal Investment Strategies

To achieve its objective of current income generation and long-term growth of capital, the Global Income Builder Fund will normally invest primarily in common stocks of U.S. and foreign companies that offer attractive dividend yields as well as a range of fixed income instruments, including high-yield, below investment grade instruments (commonly referred to as “junk bonds”), investment grade instruments and sovereign debt, from markets in the United States and multiple countries around the world.

Investment decisions for the Global Income Builder Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The Fund may also invest in gold and other precious metals, and futures contracts related to precious metals. Under normal circumstances, the Fund anticipates it will allocate a substantial amount of its assets to income-producing securities. That generally means that approximately 80% or more of the Fund’s net assets (plus any borrowings for investment purposes) will be allocated to such investments, which may include dividend paying equities, both high-yield (below investment grade) and investment grade debt, sovereign bonds, and various short-term debt instruments. The Fund may invest in securities with any maturity or investment rating, as well as unrated securities. The Fund may also invest (typically for hedging purposes) in derivative instruments such as options, futures contracts and options on futures contracts, credit default swaps, and swaps and options on indices.

Additionally, under normal circumstances, the Fund anticipates it will allocate a substantial amount of its assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). That generally means that approximately 40% or more of the Fund’s net assets (plus any borrowings for investment purposes) will be allocated to foreign investments (unless market conditions are not deemed favorable by the Fund, in which case the Fund expects to invest at least 30% of its net assets (plus any borrowings for investment purposes) in foreign investments). For purposes of these 80%, 40% and 30% of assets allocations, the Fund “counts” relevant derivative positions on investments, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price).

The investment philosophy and strategy of the Global Income Builder Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). With respect to equity investments in particular, a discount to “intrinsic value” is

First Eagle Funds  |  Prospectus  |  March 1, 202347


 

Summary Information about the Global Income Builder Fund

sought even for what appear to be the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. Investments in debt instruments are made after careful scrutiny of the underlying creditworthiness of the issuer, taking into account such factors as cash flow generation, liquidation value and structural protections. The Global Income Builder Fund seeks to own debt instruments that offer an attractive “margin of safety” on principal repayment relative to the total expected return of the security.

For more information about the Global Income Builder Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Global Income Builder Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Global Income Builder Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a

48First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Income Builder Fund

 

 

 

whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments.

 

 

Geographic Investment Risk — To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. While the Fund is not required to allocate its investments in any set percentages to any particular countries, it normally will invest in at least three countries (one of which may be the United States). The Fund reserves the right to dynamically allocate its assets across countries and regions. Listed below are some of the geographies to which the Fund has significant exposure as of the date of this Prospectus.

     

European Risk — The Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”) and the war in Ukraine. Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. Further, political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

First Eagle Funds  |  Prospectus  |  March 1, 202349


 

Summary Information about the Global Income Builder Fund

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Corporate Bond Risk — The market value of a corporate bond may be affected by factors directly related to the issuer and by factors not directly related to the issuer, such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment.

 

 

Prepayment Risk — Certain instruments, especially mortgage-backed securities, for example, are susceptible to the risk of prepayment by borrowers. During a period of declining interest rates, homeowners may refinance their high-rate mortgages and prepay the principal. Cash from these prepayments flows through to prepay the mortgage-backed securities, necessitating reinvestment in other assets, which may lower returns. Asset-backed securities, which are subject to risks similar to those of mortgage-backed securities, are also structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property and receivables from credit card agreements. The market for mortgage-backed and asset-backed instruments may be volatile and limited, which may make them difficult to buy or sell.

50First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Income Builder Fund

 

 

Dividend Risk — There is no guarantee that issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they will be paid, or that they will either remain at current levels or increase over time.

 

 

Changes in Debt Ratings Risk — If a rating agency gives a debt instrument a lower rating, the value of the instrument may decline because investors may demand a higher rate of return.

 

 

Defaulted Securities Risk — The Fund may invest in securities of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Such investments involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment, and/or may be required to accept payment over an extended period of time.

 

 

High Yield Risk — The Fund intends to invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade instruments and may experience extreme price fluctuations. The securities of such companies may be considered speculative and the ability of such companies to pay their debts on schedule may be uncertain.

 

 

Gold Risk — The Fund may invest in both physical gold and the securities of companies in the gold mining sector. Prices of gold-related issues are susceptible to changes in U.S. and foreign regulatory policies, taxes, currencies, mining laws, inflation, and various other market conditions. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. To date, derivatives have been used mainly under a hedging program that seeks to reduce the impact of foreign exchange rate changes on the Fund’s value. The Fund may at times also purchase derivatives as either a hedge or for investment purposes. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity.

First Eagle Funds  |  Prospectus  |  March 1, 202351


 

Summary Information about the Global Income Builder Fund

 

 

 

In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

 

 

Options Risk — The Fund may engage in various options transactions in which the Fund typically seeks to limit investment risk by purchasing the right to buy or sell, or by selling the obligation to buy or sell, a security at a set price in the future. The Fund pays a premium when buying options and receives a premium when selling options. When trading options, the Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected.

 

 

Swaps Risk — Swap agreements (including credit default and index) are derivatives contracts where the parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. In addition to the risks generally applicable to derivatives, risks associated with swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement’s terms and the possible lack of liquidity with respect to the agreements.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

 

 

Bank Loan Risk — The Fund may invest in bank loans. These investments potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial

52First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Income Builder Fund

 

 

 

condition of the borrower. The market for bank loans may be illiquid and the Fund may have difficulty selling them, especially in the case of leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

 

 

Real Estate Industry Risk — The Fund may invest in real estate investment trusts (“REITs”), which are subject to risks affecting the real estate industry generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT).

 

 

Sovereign Debt Risk — The Fund’s investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers and any recourse may be subject to the political climate in the relevant country.

 

 

LIBOR Risk — The risk that changes related to the use of the London Interbank Offered Rate (“LIBOR”) could have adverse impacts on financial instruments that reference LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR, especially those that do not have fallback provisions.

 

 

Value Investment Strategy Risk — An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or

First Eagle Funds  |  Prospectus  |  March 1, 202353


 

Summary Information about the Global Income Builder Fund

 

 

 

having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Global Income Builder Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the Global Income Builder Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The indices are described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/global-income-builder-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included, the returns would be lower.

54First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Income Builder Fund

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Fourth Quarter 2022

 

11.10%

 

 

 

First Quarter 2020

 

-15.78%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class A shares. After-tax returns for Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

First Eagle Funds  |  Prospectus  |  March 1, 202355


 

Summary Information about the Global Income Builder Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(7/29/19)

 

Class R5
Inception
(7/29/19)

 

Class R6
Inception
(3/1/17)

First Eagle Global Income Builder Fund

Class A Shares

Return Before Taxes

 

 

-8.35%

   

 

 

2.45%

   

 

 

4.50%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-9.16%

   

 

 

1.45%

   

 

 

3.39%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-4.64%

   

 

 

1.64%

   

 

 

3.18%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-5.24%

   

 

 

2.71%

   

 

 

4.25%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes

 

 

-3.33%

   

 

 

3.77%

   

 

 

5.30%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-3.72%

   

 

 

 

 

 

 

   

 

 

3.74%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-3.70%

   

 

 

 

 

 

 

 

 

 

 

   

 

 

3.96%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-3.62%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

4.04%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-3.28%

   

 

 

3.80%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

4.80%

 

60% MSCI World Index/40% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees or expenses, but reflects net of taxes)

 

 

-15.85%

   

 

4.01%

   

 

5.92%

   

 

4.50%

   

 

3.75%

   

 

3.75%

   

 

5.24%

 

 

MSCI World Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-18.14%

   

 

6.14%

   

 

8.85%

   

 

6.62%

   

 

6.86%

   

 

6.86%

   

 

8.00%

 

 

Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)

 

 

-13.01%

   

 

0.02%

   

 

1.06%

   

 

0.50%

   

 

-1.65%

   

 

-1.65%

   

 

0.47%

 

56First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Income Builder Fund

Our Management Team

First Eagle Investment Management, LLC serves as the Adviser to the Global Income Builder Fund.

Kimball Brooker, Jr., Edward Meigs, Sean Slein, Julien Albertini and Idanna Appio serve as the Fund’s Portfolio Managers. Edward Meigs and Sean Slein have served as the Fund’s Portfolio Managers since the Fund’s inception on May 1, 2012. Kimball Brooker, Jr., Julien Albertini and Idanna Appio have served as the Fund’s Portfolio Managers since July 2016, March 2019 and May 2021, respectively.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Global Income Builder Fund is $2,500 for Classes A and C and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

First Eagle Funds  |  Prospectus  |  March 1, 202357


 

 

First Eagle High Income Fund

Summary Information

Investment Objective

First Eagle High Income Fund (“High Income Fund” or the “Fund”) seeks to provide investors with a high level of current income.

Fees and Expenses of the High Income Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the High Income Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $100,000 in the High Income Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

4.50

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees**

 

 

 

0.45

 

 

 

 

0.45

 

 

 

 

0.45

 

 

 

 

0.45

 

 

 

 

0.45

 

 

 

 

0.45

 

 

 

 

0.45

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.43

   

 

 

0.43

   

 

 

0.41

   

 

 

0.48

   

 

 

1.81

   

 

 

0.67

   

 

 

0.33

 

Total Annual Operating Expenses (%)

 

 

1.13

   

 

1.88

   

 

0.86

   

 

1.28

   

 

2.36

   

 

1.12

   

 

0.78

 

Fee Waiver and/or Expense Reimbursement**

 

 

-0.19

   

 

-0.19

   

 

-0.17

   

 

-0.24

   

 

-1.57

   

 

-0.43

   

 

-0.09

 

Total Annual Operating Expenses After Fee Waiver and/or Expenses Reimbursement (%)

 

 

0.94

   

 

1.69

   

 

0.69

   

 

1.04

   

 

0.79

   

 

0.69

   

 

0.69

 

58First Eagle Funds  |  Prospectus  |  March 1, 2023


 

High Income Fund

 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

 

**

 

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Example

The following example is intended to help you compare the cost of investing in the High Income Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Please keep in mind your actual costs may be higher or lower.

First Eagle Funds  |  Prospectus  |  March 1, 202359


 

Summary Information about the High Income Fund

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$542

 

 

 

 

$775

 

 

 

 

$1,027

 

 

 

 

$1,747

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$272

 

 

 

 

$572

 

 

 

 

$999

 

 

 

 

$2,186

 

 

Held

 

 

 

$172

 

 

 

 

$572

 

 

 

 

$999

 

 

 

 

$2,186

 

Class I

Sold or Held

 

 

 

$70

 

 

 

 

$257

 

 

 

 

$460

 

 

 

 

$1,045

 

Class R3

Sold or Held

 

 

 

$106

 

 

 

 

$382

 

 

 

 

$679

 

 

 

 

$1,524

 

Class R4

Sold or Held

 

 

 

$81

 

 

 

 

$586

 

 

 

 

$1,118

 

 

 

 

$2,575

 

Class R5

Sold or Held

 

 

 

$70

 

 

 

 

$313

 

 

 

 

$575

 

 

 

 

$1,325

 

Class R6

Sold or Held

 

 

 

$70

   

 

 

$240

   

 

 

$424

 

 

 

 

$958

 

 

Portfolio Turnover Rate

There are transaction costs due to the bid/ask spread in the case of bonds or commissions in the case of stocks. The High Income Fund pays transaction costs, such as commissions, when the Fund buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 28.00% of the average value of its portfolio.

Principal Investment Strategies

To pursue its investment objective, the High Income Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds. Such high yield instruments may include corporate bonds and loans, municipal bonds, convertible securities, and mortgage-backed and asset-backed securities. The Fund may invest in, and count for the purposes of this 80% allotment, unrated securities or other instruments deemed by the Fund’s Adviser to be below investment grade. The Fund “counts” relevant derivative positions towards its “80% of assets” allocation and, in doing

60First Eagle Funds  |  Prospectus  |  March 1, 2023


 

High Income Fund

so, values each position at the price at which it is held on the Fund’s books (generally market price).

The Fund may invest its assets in the securities of both U.S. and foreign issuers. The Fund may also invest (typically for hedging purposes) in derivative instruments such as options, futures contracts and options on futures contracts, credit default swaps, and swaps and options on indices.

The Fund may invest in securities with any investment rating or time to maturity.

For more information about the High Income Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the High Income Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the High Income Fund, which could adversely affect its net asset value and total return, are:

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

First Eagle Funds  |  Prospectus  |  March 1, 202361


 

Summary Information about the High Income Fund

 

 

High Yield Risk — The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) under normal market conditions in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may experience extreme price fluctuations. The securities of such companies may be considered speculative and the ability of such companies to pay their debts on schedule may be uncertain.

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments. Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations.

 

 

Convertible Security Risk — Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer’s operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

 

 

Illiquid Investment Risk — Holding illiquid securities restricts or otherwise limits the ability for the Fund to freely dispose of its investments for specific periods of time. The Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments,

62First Eagle Funds  |  Prospectus  |  March 1, 2023


 

High Income Fund

 

 

 

including junk bonds, is generally less liquid than the market for higher-quality debt instruments.

 

 

Call Risk — The Fund may be subject to the risk that an issuer will exercise its right to pay principal on a debt obligation (such as a convertible security) that is held by the Fund earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower-yielding securities.

 

 

Prepayment Risk — Certain instruments, especially mortgage-backed securities, for example, are susceptible to the risk of prepayment by borrowers. During a period of declining interest rates, homeowners may refinance their high-rate mortgages and prepay the principal. Cash from these prepayments flows through to prepay the mortgage-backed securities, necessitating reinvestment in other assets, which may lower returns. Asset-backed securities, which are subject to risks similar to those of mortgage-backed securities, are also structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property and receivables from credit card agreements. The market for mortgage-backed and asset-backed instruments may be volatile and limited, which may make them difficult to buy or sell.

 

 

Bank Loan Risk — The Fund may invest in bank loans. These investments potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. The market for bank loans may be illiquid and the Fund may have difficulty selling them, especially in the case of leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

 

 

Corporate Bond Risk — The market value of a corporate bond may be affected by factors directly related to the issuer and by factors not directly related to the issuer, such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment.

First Eagle Funds  |  Prospectus  |  March 1, 202363


 

Summary Information about the High Income Fund

 

 

Municipal Bond Risk — Like other bonds, municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors’ rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.

 

 

Mortgage- and Asset-Backed Securities Risk — Mortgage- and certain asset-backed securities permit early repayment of principal based on prepayment of the underlying assets, and changes in the rate of repayment affect the price and volatility of an investment. If prepayments occur more quickly than expected, the Fund receives lower interest payments than it expects. If prepayments occur more slowly than expected, it delays the return of principal to the Fund. Securities issued by certain U.S. government-sponsored entities (“GSEs”) are not issued or guaranteed by the U.S. Treasury, and there is no assurance the U.S. government will provide support in the event a GSE issuer cannot meet its obligations.

 

 

Changes in Debt Ratings Risk — If a rating agency gives a debt instrument a lower rating, the value of the instrument may decline because investors may demand a higher rate of return.

 

 

Defaulted Securities Risk — The Fund may invest in securities of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Such investments involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment, and/or may be required to accept payment over an extended period of time.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. The Fund may use derivatives in seeking to reduce the impact of foreign exchange rate changes on the Fund’s value. The Fund may at times also purchase derivatives linked to relevant market indices as either a hedge or for investment purposes. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

64First Eagle Funds  |  Prospectus  |  March 1, 2023


 

High Income Fund

 

 

Options Risk — The Fund may engage in various options transactions in which the Fund typically seeks to limit investment risk by purchasing the right to buy or sell, or by selling the obligation to buy or sell, a security at a set price in the future. The Fund pays a premium when buying options and receives a premium when selling options. When trading options, the Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected.

 

 

Swaps Risk — Swap agreements (including credit default and index) are derivatives contracts where the parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. In addition to the risks generally applicable to derivatives, risks associated with swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement’s terms and the possible lack of liquidity with respect to the agreements.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

LIBOR Risk — The risk that changes related to the use of the London Interbank Offered Rate (“LIBOR”) could have adverse impacts on financial instruments that reference LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR, especially those that do not have fallback provisions.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the High Income Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the High Income Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market

First Eagle Funds  |  Prospectus  |  March 1, 202365


 

Summary Information about the High Income Fund

performance, which have characteristics relevant to the Fund’s investment strategy. The index is described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/high-income-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included the returns would be lower.

Calendar Year Total Returns—Class I

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Second Quarter 2020

 

9.88%

 

 

 

First Quarter 2020

 

-12.11%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class I shares. After-tax returns for Class A, Class C, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes

66First Eagle Funds  |  Prospectus  |  March 1, 2023


 

High Income Fund

for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(7/29/19)

 

Class R5
Inception
(7/29/19)

 

Class R6
Inception
(3/1/17)

First Eagle High Income Fund

Class A Shares

Return Before Taxes

 

 

-12.89%

   

 

 

0.74%

   

 

 

2.23%

   

 

   

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-10.25%

   

 

 

0.93%

   

 

 

1.94%

   

 

   

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes

 

 

-8.46%

   

 

 

1.97%

   

 

 

3.00%

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-10.51%

   

 

-0.14%

   

 

 

0.51%

   

 

   

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-5.00%

   

 

 

0.71%

   

 

 

1.26%

   

 

   

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-8.95%

   

 

 

   

 

 

   

 

 

1.45%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-10.03%

   

 

 

   

 

 

   

 

 

   

 

 

0.03%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-8.74%

   

 

 

   

 

 

   

 

 

 

 

 

 

   

 

 

0.78%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-8.39%

   

 

 

1.97%

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

   

 

 

2.24%

 

Bloomberg U.S. Corporate High Yield Index (reflects no deduction for fees, expenses or taxes)

 

 

-11.19%

   

 

2.31%

   

 

4.03%

   

 

2.53%

   

 

1.17%

   

 

1.17%

   

 

2.74%

 

Our Management Team

First Eagle Investment Management, LLC serves as the Adviser to the High Income Fund.

Edward Meigs and Sean Slein serve as the Fund’s Portfolio Managers. Previously, Edward Meigs and Sean Slein served as Portfolio Managers at Dwight Asset Management, LLC, where they managed the predecessor fund since its inception on November 19, 2007.

First Eagle Funds  |  Prospectus  |  March 1, 202367


 

Summary Information about the High Income Fund

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the High Income Fund is $2,500 for Classes A and C and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

68First Eagle Funds  |  Prospectus  |  March 1, 2023


 

 

First Eagle Rising Dividend Fund
(formerly named First Eagle Fund of America)

 

Summary Information

Investment Objective

First Eagle Rising Dividend Fund (“Rising Dividend Fund” or the “Fund”) seeks capital appreciation and current income.

Fees and Expenses of the Rising Dividend Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Rising Dividend Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Rising Dividend Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162 respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

Class C

 

Class I

 

Class R3

 

Class R4

 

Class R5

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00

*

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees**

 

 

 

0.50

 

 

 

 

0.50

 

 

 

 

0.50

 

 

 

 

0.50

 

 

 

 

0.50

 

 

 

 

0.50

 

 

 

 

0.50

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

1.00

 

 

 

 

None

 

 

 

 

0.35

 

 

 

 

0.10

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.30

   

 

 

0.34

   

 

 

0.24

   

 

 

0.30

   

 

 

0.44

   

 

 

0.81

   

 

 

0.19

 

Total Annual Operating Expenses (%)

 

 

1.05

   

 

1.84

   

 

0.74

   

 

1.15

   

 

1.04

   

 

1.31

   

 

0.69

 

Fee Waiver and/or Expense Reimbursement**

 

 

-0.15

   

 

-0.19

   

 

-0.09

   

 

-0.15

   

 

-0.29

   

 

-0.66

   

 

-0.04

 

Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)

     

0.90

       

1.65

       

0.65

       

1.00

       

0.75

       

0.65

       

0.65

 

 

First Eagle Funds  |  Prospectus  |  March 1, 202369


 

Summary Information about the Rising Dividend Fund

 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

 

**

 

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Example

The following example is intended to help you compare the cost of investing in the Rising Dividend Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Please keep in mind your actual costs may be higher or lower.

70First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Rising Dividend Fund

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$587

   

 

 

$803

 

 

 

 

$1,037

 

 

 

 

$1,706

 

Class C (shares have a one year contingent deferred sales charge)

Sold

 

 

 

$268

   

 

 

$560

 

 

 

 

$978

 

 

 

 

$2,143

 

 

Held

 

 

 

$168

   

 

 

$560

 

 

 

 

$978

 

 

 

 

$2,143

 

Class I

Sold or Held

 

 

 

$66

   

 

 

$228

 

 

 

 

$403

 

 

 

 

$910

 

Class R3

Sold or Held

 

 

 

$102

   

 

 

$350

 

 

 

 

$618

 

 

 

 

$1,384

 

Class R4

Sold or Held

 

 

 

$77

   

 

 

$302

 

 

 

 

$546

 

 

 

 

$1,245

 

Class R5

Sold or Held

 

 

 

$66

   

 

 

$350

 

 

 

 

$655

 

 

 

 

$1,521

 

Class R6

Sold or Held

 

 

 

$66

   

 

 

$217

 

 

 

 

$380

 

 

 

 

$855

 

 

Portfolio Turnover Rate

The Rising Dividend Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the most recent fiscal year, the Rising Dividend Fund’s portfolio turnover rate was 10.87% of the average value of its portfolio.

Principal Investment Strategies

To achieve its objective of capital appreciation and current income, under normal circumstances the Fund will primarily invest in domestic stocks and, to a lesser extent, debt and foreign equity instruments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). The Fund’s investments in foreign equity instruments can be denominated in any applicable foreign currency. Normally, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) are invested in dividend paying equity securities where the dividends are expected to increase over time.

First Eagle Funds  |  Prospectus  |  March 1, 202371


 

Summary Information about the Rising Dividend Fund

Such investments include common stock, hybrid instruments such as preferred stock and convertible securities, and real estate investment trusts.

The Fund also may invest in warrants, corporate bonds and other debt instruments, repurchase agreements and derivatives. The Fund "counts" relevant derivative positions towards its "80% of net assets" allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price).

In selecting companies for investment, the Adviser seeks to identify what it considers to be high quality companies. While a company selected for investment may not meet all of these characteristics, the Adviser considers a high quality company to demonstrate, in the opinion of the Adviser, some or all of the following: durable competitive advantage(s); conservative capital structure; prudent management; and attractive financial metrics, including the capacity to grow dividends. The Adviser generally will sell an investment if it no longer meets these criteria.

The derivatives in which the Fund may invest include written covered call and put options on equity or debt securities. The Fund may write “covered” call (and put) options on equity or debt securities in seeking to enhance investment return and to hedge against declines (or increases) in the prices of portfolio securities.

The Fund may enter into certain types of repurchase agreements, primarily as a cash management strategy.

The investment philosophy and strategy of the Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. See also Defensive Investment Strategies.

Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in debt securities generally without regard to their credit rating, time to maturity or duration. “Duration” is a way of measuring a debt security’s sensitivity to a potential change in interest rates. However, the Fund has no current intention

72First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Rising Dividend Fund

of investing more than 5% of its net assets in debt instruments that are below investment grade (commonly referred to as “high yield” or “junk” bonds).

The Fund is a “non-diversified” fund. It generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

For more information about the Rising Dividend Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Rising Dividend Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Rising Dividend Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

First Eagle Funds  |  Prospectus  |  March 1, 202373


 

Summary Information about the Rising Dividend Fund

 

 

Dividend Risk — There is no guarantee that issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they will be paid, or that they will either remain at current levels or increase over time.

 

 

Preferred Stock Risk — The Fund may invest in preferred stock. Unlike common stock, preferred stock generally pays a fixed dividend from a company’s earnings and may have a preference over common stock on the distribution of a company’s assets in the event of bankruptcy or liquidation. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline.

 

 

Warrants Risk — The Fund may invest in warrants. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

 

 

Convertible Security Risk — Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer’s operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

 

 

Diversification Risk — The Fund is a non-diversified mutual fund, and as a result, an investment in the Fund may expose your money to greater risks than if you invest in a diversified fund. The Fund will invest in a limited number of companies, therefore gains or losses in a particular security may have a greater impact on their share price.

 

 

Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions

74First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Rising Dividend Fund

 

 

 

and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Corporate Bond Risk — The market value of a corporate bond may be affected by factors directly related to the issuer and by factors not directly related to the issuer, such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment.

 

 

Call Risk — The Fund may be subject to the risk that an issuer will exercise its right to pay principal on a debt obligation (such as a convertible security) that is held by the Fund earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Fund may be unable to recoup all of its initial investment and may also suffer from having to reinvest in lower-yielding securities.

 

 

Prepayment Risk — Certain instruments are susceptible to the risk of prepayment by borrowers. During a period of declining interest rates, borrowers may refinance high-rate debt and prepay the principal. Cash from these prepayments flows through to prepay securities, necessitating reinvestment in other assets, which may lower returns.

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

First Eagle Funds  |  Prospectus  |  March 1, 202375


 

Summary Information about the Rising Dividend Fund

 

 

Repurchase Agreements Risk — The Fund may enter into certain types of repurchase agreements, primarily as a cash management strategy. If the seller fails to repurchase the security and the market value declines, the Fund may lose money.

 

 

Options Risk — The Fund may engage in various options transactions in which the Fund seeks to limit investment risk or increase investment returns by purchasing the right to buy or sell, or by selling the obligation to buy or sell, a security at a set price in the future. The Fund pays a premium when buying options and receives a premium when selling options. When trading options, the Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments. The Fund’s investments also may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”) and the war in Ukraine. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Real Estate Industry Risk — The Fund may invest in real estate investment trusts (“REITs”), which are subject to risks affecting the real estate industry generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks

76First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Rising Dividend Fund

 

 

 

specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT).

 

 

Value Investment Strategy Risk — An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Rising Dividend Fund, please see the More Information about the Funds’ Investments section.

Investment Results

Effective March 1, 2023, the Fund changed its name and principal investment strategy. In addition, in August 2020, the Adviser assumed sole responsibility for managing the Fund. Prior to then, the Fund pursued a different investment objective and principal investment strategy. Performance for the periods prior to March 1, 2023 and August 14, 2020 shown below is based on the investment strategies utilized by the Fund at those times.

The following information provides an indication of the risks of investing in the Rising Dividend Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The index is described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

First Eagle Funds  |  Prospectus  |  March 1, 202377


 

Summary Information about the Rising Dividend Fund

Updated performance information is available at www.firsteagle.com/rising-dividend-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included, the returns would be lower.

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

First Quarter 2019

 

18.65%

 

 

 

First Quarter 2020

 

-23.72%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class A shares.

After-tax returns for Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While only partial information is shown for Class R3, Class R4, Class R5 and Class R6 shares (because they are more recently organized), annual returns for Class R3, Class R4, Class R5 and Class R6 shares would have been substantially similar to those shown here. Class R3, Class R4, Class R5 and Class R6 shares are invested in the same portfolio of securities and the annual returns differ only to the extent that Class R3, Class R4, Class R5 and Class R6 shares do not have the same expenses as the classes for which more extended performance is shown. Comparative expense information is in the Fees and Expenses table.

78First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Rising Dividend Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

5 Years

 

10 Years

 

Class I
Inception
(3/8/13)

 

Class R3
Inception
(5/1/18)

 

Class R4
Inception
(7/29/19)

 

Class R5
Inception
(7/29/19)

 

Class R6
Inception
(3/1/17)

First Eagle Rising Dividend Fund

Class A Shares

Return Before Taxes

 

 

-23.33%

   

 

-0.64%

   

 

 

4.89%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions

 

 

-23.89%

   

 

-3.39%

   

 

 

2.75%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-13.40%

   

 

-0.84%

   

 

 

3.63%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Shares

Return Before Taxes

 

 

-20.66%

   

 

-0.35%

   

 

 

4.65%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I Shares

Return Before Taxes

 

 

-19.10%

   

 

 

0.67%

   

 

 

   

 

 

5.03%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R3 Shares

Return Before Taxes

 

 

-19.39%

   

 

 

 

 

 

 

 

 

 

 

   

 

 

1.05%

   

 

 

 

 

 

 

 

 

 

 

 

Class R4 Shares

Return Before Taxes

 

 

-19.19%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

2.21%

   

 

 

 

 

 

 

 

Class R5 Shares

Return Before Taxes

 

 

-19.12%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

2.31%

   

 

 

 

Class R6 Shares

Return Before Taxes

 

 

-19.10%

   

 

 

0.69%

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

2.72%

 

S&P 500 Index (reflects no deduction for fees, expenses or taxes)

 

 

-18.11%

   

 

9.42%

   

 

12.56%

   

 

12.06%

   

 

10.22%

   

 

9.73%

   

 

9.73%

   

 

10.65%

 

Our Management Team

First Eagle Investment Management, LLC serves as the Rising Dividend Fund’s Adviser.

Julien Albertini, Manish Gupta and Christian Heck have served as the Fund’s Portfolio Managers since August 2020.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Rising Dividend Fund is $2,500 for Classes A and C, and $1 million for Class I. There is no minimum initial investment for Class R3, Class R4, Class R5 and Class R6. See the About Your Investment—How to Purchase Shares section for more information.

First Eagle Funds  |  Prospectus  |  March 1, 202379


 

Summary Information about the Rising Dividend Fund

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

80First Eagle Funds  |  Prospectus  |  March 1, 2023


 

 

First Eagle Small Cap Opportunity Fund

Summary Information

Investment Objective

First Eagle Small Cap Opportunity Fund (“Small Cap Fund” or the “Fund”) seeks long-term growth of capital.

Fees and Expenses of the Small Cap Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Small Cap Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Small Cap Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

Class A

 

Class I

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees**

 

 

 

0.85

 

 

 

 

0.85

 

 

 

 

0.85

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

0.31

   

 

 

0.32

   

 

 

0.43

 

 

Acquired Fund Fees and Expenses***

 

 

 

0.01

 

 

 

 

0.01

 

 

 

 

0.01

 

Total Annual Operating Expenses (%)

 

 

1.42

   

 

1.18

   

 

1.29

 

Fee Waiver and/or Expense Reimbursement**

 

 

-0.16

   

 

-0.17

   

 

-0.28

 

Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)

     

1.26

       

1.01

       

1.01

 
 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

 

**

 

First Eagle Investment Management, LLC (the “Adviser) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual

First Eagle Funds  |  Prospectus  |  March 1, 202381


 

Summary Information about the Small Cap Opportunity Fund

 

 

 

operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

 

***

 

Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE. AFFE is based on an estimate for the current fiscal year; actual expenses may vary.

Example

The following example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$622

   

 

 

$912

   

 

 

$1,223

   

 

 

$2,104

 

Class I

Sold or Held

 

 

 

$103

   

 

 

$358

   

 

 

$633

   

 

 

$1,417

 

Class R6

Sold or Held

 

 

 

$103

   

 

 

$381

   

 

 

$681

   

 

 

$1,532

 

 

Portfolio Turnover Rate

The Small Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s

82First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Small Cap Opportunity Fund

performance. During the most recent fiscal year, the Small Cap Fund’s portfolio turnover rate was 45.84% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests, under normal circumstances, in equity securities of small-and micro-cap companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities (e.g., common stocks, warrants and rights), including hybrid securities (e.g., preferred stocks and convertible securities), of small-cap companies. The Adviser defines small-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2000® Index. The Russell 2000® Index is reconstituted annually. Within small-cap, the Adviser further defines micro-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Microcap® Index. The Russell Microcap® Index is reconstituted annually.

Small-cap companies and micro-cap companies may have similar commercial characteristics (e.g., developing or marketing new products or services for which markets are not yet established). They differ, however, in the market value of their outstanding shares (i.e., market capitalization) with micro-cap companies having smaller market capitalizations than small-cap companies.

Potential investments that the Adviser considers to be opportunistic may include situations involving company turnarounds (e.g., a company that may be experiencing periods of poor financial or stock performance but may be exhibiting potential for financial recovery), emerging growth companies with interrupted earnings patterns (e.g., companies without a long or consistent history of earnings but that the Adviser believes have the potential for earnings growth), companies with unrecognized asset values, or undervalued growth companies (e.g., companies that have low multiples of price-to-book or price-to-sales ratios, or companies with securities that are trading at a price below what the Adviser believes the security is worth). In certain market environments, the Fund may invest up to 10% of its net assets (plus any borrowings for investment purposes and measured at the time of investment) in securities of foreign issuers.

The Fund may invest in other investment companies that invest in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what the Adviser deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio.

First Eagle Funds  |  Prospectus  |  March 1, 202383


 

Summary Information about the Small Cap Opportunity Fund

For more information about the Small Cap Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Small Cap Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Small Cap Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Small-Size Company Risk — The Fund will invest in small-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in small-size companies, especially when the Fund is a larger holder of a small company’s securities, also may be more difficult or expensive to trade.

 

 

Micro-Size Company Risk — The Fund will invest in micro-size companies, the securities of which can be more volatile in price than those of larger and small-size companies. Positions in micro-size companies, especially when the Fund is a larger holder of a micro-size company’s securities, also may be more difficult or expensive to trade.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common

84First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Small Cap Opportunity Fund

 

 

 

stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Convertible Security Risk — Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer’s operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

 

 

Preferred Stock Risk — The Fund may invest in preferred stock. Unlike common stock, preferred stock generally pays a fixed dividend from a company’s earnings and may have a preference over common stock on the distribution of a company’s assets in the event of bankruptcy or liquidation. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline.

 

 

Warrants and Rights Risk — The Fund may invest in warrants and rights. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments. The Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”) and the war in Ukraine. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business

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Summary Information about the Small Cap Opportunity Fund

 

 

 

activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Other Investment Company Risk — To the extent the Fund invests in other investment companies, including money market funds and exchange-traded funds (“ETFs”), its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ investments. In addition, the Fund will pay a proportional share of the fees and expenses of the other investment companies in addition to its own fees and expenses and, as a result, shareholders will be subject to two layers of fees and expenses.

 

 

Value Investment Strategy Risk — “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Small Cap Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the Small Cap Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. The indices are described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

86First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Small Cap Opportunity Fund

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/small-cap-opportunity-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included the returns would be lower.

Calendar Year Total Returns—Class I

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Fourth Quarter 2022

 

11.95%

 

 

 

Second Quarter 2022

 

-18.21%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class I shares. After-tax returns for Class A and Class R6 shares will vary.

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Summary Information about the Small Cap Opportunity Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

1 Year

 

Class A
Inception
(7/1/21)

 

Class I
Inception
(4/27/21)

 

Class R6
Inception
(7/1/21)

First Eagle Small Cap Opportunity Fund

Class A Shares

Return Before Taxes

 

 

-18.54%

   

 

 

14.08%

   

 

   

 

 

Class I Shares

Return Before Taxes

 

 

-14.05%

   

 

   

 

-8.16%

   

 

 

 

Return After Taxes on Distributions

 

 

-14.08%

   

 

   

 

-8.56%

   

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-8.30%

   

 

   

 

-6.30%

   

 

 

Class R6 Shares

Return Before Taxes

 

 

-14.14%

   

 

   

 

   

 

-10.91%

 

Russell 2000® Value Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-14.48%

   

 

-9.16%

   

 

-5.53%

   

 

-9.16%

 

 

Russell 2000® Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-20.44%

   

 

-15.47%

   

 

-11.31%

   

 

-15.47%

 

Our Management Team

First Eagle Investment Management, LLC serves as the Small Cap Fund’s Adviser.

William A. Hench joined First Eagle Investment Management, LLC as the lead Portfolio Manager of the Small Cap Fund and head of the Small Cap team in April 2021. Previously, William was a portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners, where he worked for 18 years.

Robert Kosowsky joined First Eagle Investment Management, LLC as an Associate Portfolio Manager of the Small Cap Fund in April 2021. Previously, Robert was assistant portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners.

Suzanne Franks joined First Eagle Investment Management, LLC as an Associate Portfolio Manager of the Small Cap Fund in April 2021. Previously, Suzanne was assistant portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners.

88First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Small Cap Opportunity Fund

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Small Cap Fund is $2,500 for Class A and $1 million for Class I. There is no minimum initial investment for Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

First Eagle Funds  |  Prospectus  |  March 1, 202389


 

 

First Eagle U.S. Smid Cap Opportunity Fund

Summary Information

Investment Objective

First Eagle U.S. Smid Cap Opportunity Fund (“Smid Cap Fund” or the “Fund”) seeks long-term growth of capital.

Fees and Expenses of the Smid Cap Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Smid Cap Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Smid Cap Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

Class A

 

Class I

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

   

 

 

None

   

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

   

 

 

None

   

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees**

 

 

 

0.75

   

 

 

0.75

   

 

 

0.75

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

   

 

 

None

   

 

 

None

 

 

Other Expenses***

 

 

 

23.62

   

 

 

23.62

   

 

 

23.62

 

 

Acquired Fund Fees and Expenses***

 

 

 

0.01

   

 

 

0.01

   

 

 

0.01

 

Total Annual Operating Expenses (%)

 

 

24.63

   

 

24.38

   

 

24.38

 

Fee Waiver and/or Expense Reimbursement**

 

 

-23.42

   

 

-23.42

   

 

-23.42

 

Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)

 

 

1.21

   

 

0.96

   

 

0.96

 

 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

90First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Smid Cap Opportunity Fund

 

**

 

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.20%, 0.95% and 0.95% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

 

***

 

“Other Expenses” and Acquired Fund Fees and Expenses (“AFFE”) are based on an estimate for the current fiscal year; actual expenses my vary. AFFE are fees and expenses incurred by the Fund in connection with its investments in other investment companies. Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE.

Example

The following example is intended to help you compare the cost of investing in the Smid Cap Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

Class A

Sold or Held

 

 

 

$617

   

 

 

$4,568

 

Class I

Sold or Held

 

 

 

$98

   

 

 

$4,235

 

Class R6

Sold or Held

 

 

 

$98

   

 

 

$4,235

 

 

Portfolio Turnover Rate

The Smid Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s

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Summary Information about the U.S. Smid Cap Opportunity Fund

performance. During the period from inception on August 15, 2022 through October 31, 2022, the Smid Cap Fund’s portfolio turnover rate was 4.00% of the average value of its portfolio.

Principal Investment Strategies

The Fund invests, under normal circumstances, in equity securities of small- and mid-cap (“smid cap”) companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities (e.g., common stocks, warrants, rights and preferred stocks) of U.S. smid cap companies. The Adviser defines smid cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2500TM Index. The Russell 2500TM Index is reconstituted annually. As of December 31, 2022, the market capitalization range of the companies included within the Russell 2500TM Index was between $21.2 billion and $6 million.

Potential investments that the Adviser considers to be opportunistic may include situations involving company turnarounds (e.g., a company that may be experiencing periods of poor financial or stock performance but may be exhibiting potential for financial recovery), emerging growth companies with interrupted earnings patterns (e.g., companies without a long or consistent history of earnings but that the Adviser believes have the potential for earnings growth), companies with unrecognized asset values, or undervalued growth companies (e.g., companies that have low multiples of price-to book or price-to sales ratios, or companies with securities that are trading at a price below what the Adviser believes the security is worth). The Adviser also considers investments in companies that have the potential to benefit from a perceived catalyst for positive change, such as companies with new management, a more favorable business cycle, product innovation and/or margin improvement. In certain market environments, the Fund may invest up to 10% of its net assets (plus any borrowings for investment purposes and measured at the time of investment) in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)).

The Fund may invest in other investment companies (e.g., exchange-traded funds) that invest in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what the Adviser deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio.

92First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Smid Cap Opportunity Fund

In managing the Fund’s assets, the Adviser uses various methods of analysis primarily rooted in drawing a view on the valuation of each security and a related evaluation of each company. In selecting securities for the Fund, the Adviser generally evaluates the quality of a company’s balance sheet and other measures of a company’s financial condition and profitability, such as the history and/or potential for improvement in cash flow generation, internal rates of return, and sustainable earnings. The Adviser generally seeks to invest in equity securities of companies that are trading below the Adviser’s estimate of the company’s current worth in an attempt to reduce the risk of overpaying for such securities.

For more information about the Smid Cap Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Smid Cap Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Smid Cap Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Small and Medium-Size Company Risk — The Fund will invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially

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Summary Information about the U.S. Smid Cap Opportunity Fund

 

 

 

when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small and medium-size companies to be companies with market capitalizations that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2500TM Index.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Preferred Stock Risk — The Fund may invest in preferred stock. Unlike common stock, preferred stock generally pays a fixed dividend from a company’s earnings and may have a preference over common stock on the distribution of a company’s assets in the event of bankruptcy or liquidation. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline.

 

 

Warrants and Rights Risk — The Fund may invest in warrants and rights. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments are susceptible to less politically, economically and socially stable environments and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments. The Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”) and the war in Ukraine. The impact of Brexit on the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United

94First Eagle Funds  |  Prospectus  |  March 1, 2023


 

U.S. Smid Cap Opportunity Fund

 

 

 

Kingdom and/or Europe for their business activities and revenues. Any further exits from the European Union, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

 

 

Other Investment Company Risk — To the extent the Fund invests in other investment companies, including money market funds and exchange-traded funds (“ETFs”), its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ investments. In addition, the Fund will pay a proportional share of the fees and expenses of the other investment companies in addition to its own fees and expenses and, as a result, shareholders will be subject to two layers of fees and expenses.

 

 

New Fund Risk — The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareholder approval and/or at a time that may not be favorable for certain shareholders. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies.

 

 

Value Investment Strategy Risk — “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Smid Cap Fund, please see the More Information about the Funds’ Investments section.

Investment Results

Performance history will be included for the Fund after the Fund has been in operation for one calendar year. Until that time, performance information will be available at www.firsteagle.com/us-smid-cap-opportunity-fund or by calling 800.334.2143.

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Summary Information about the U.S. Smid Cap Opportunity Fund

Our Management Team

First Eagle Investment Management, LLC serves as the Smid Cap Fund’s Adviser.

William A. Hench is the lead Portfolio manager of the Smid Cap Fund. He joined First Eagle Investment Management, LLC as the lead Portfolio Manager of the First Eagle Small Cap Opportunity Fund and head of the Small Cap team in April 2021. Previously, William was a portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners, where he worked for 18 years.

Robert Kosowsky is an Associate Portfolio Manager of the Smid Cap Fund. He joined First Eagle Investment Management, LLC as an Associate Portfolio Manager of the First Eagle Small Cap Opportunity Fund in April 2021. Previously, Robert was assistant portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners.

Suzanne Franks is an Associate Portfolio Manager of the Smid Cap Fund. She joined First Eagle Investment Management, LLC as an Associate Portfolio Manager of the First Eagle Small Cap Opportunity Fund in April 2021. Previously, Suzanne was assistant portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Smid Cap Fund is $2,500 for Class A and $1 million for Class I. There is no minimum initial investment for Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

96First Eagle Funds  |  Prospectus  |  March 1, 2023


 

 

First Eagle Global Real Assets Fund

Summary Information

Investment Objective

First Eagle Global Real Assets Fund (“Real Assets Fund” or the “Fund”) seeks long-term growth of capital.

Fees and Expenses of the Real Assets Fund

The following information describes the fees and expenses you may pay if you buy, hold and sell shares of the Real Assets Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

You may qualify for sales charge discounts if you, together with certain related accounts, invest, or agree to invest in the future, at least $25,000 in the Real Assets Fund. Information about these and other discounts is available from your financial professional and in the How to Purchase Shares and Public Offering Price of Class A Shares sections on pages 155 and 162, respectively, and in the appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

 

 

 

 

 

 

 

Class A

 

Class I

 

Class R6

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)

 

 

 

5.00

 

 

 

 

None

 

 

 

 

None

 

 

Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)

 

 

 

1.00*

 

 

 

 

None

 

 

 

 

None

 

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Management Fees**

 

 

 

0.65

 

 

 

 

0.65

 

 

 

 

0.65

 

 

Distribution and/or Service (12b-1) Fees

 

 

 

0.25

 

 

 

 

None

 

 

 

 

None

 

 

Other Expenses

 

 

 

4.23

   

 

 

4.10

   

 

 

4.11

 

Total Annual Operating Expenses (%)

 

 

5.13

   

 

4.75

   

 

4.76

 

Fee Waiver and/or Expense Reimbursement**

 

 

-4.03

   

 

-3.90

   

 

-3.91

 

Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)

 

 

1.10

   

 

 

0.85

       

0.85

 
 

*

 

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

 

**

 

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any)

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Summary Information about the Global Real Assets Fund

 

 

 

(“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Example

The following example is intended to help you compare the cost of investing in the Real Assets Fund with the cost of investing in other mutual funds. This hypothetical example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all shares at the end of those periods. The example also assumes the average annual return is 5% and operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Please keep in mind your actual costs may be higher or lower.

 

 

 

 

 

 

 

 

 

Share Status

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

Sold or Held

 

 

 

$607

   

 

 

$1,618

   

 

 

$2,627

   

 

 

$5,137

 

Class I

Sold or Held

 

 

 

$87

   

 

 

$1,079

   

 

 

$2,076

   

 

 

$4,590

 

Class R6

Sold or Held

 

 

 

$87

   

 

 

$1,081

   

 

 

$2,080

   

 

 

$4,597

 

 

Portfolio Turnover Rate

The Real Assets Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example above, affect the Fund’s performance. During the period from inception on December 1, 2021 through October 31, 2022, the Real Asset Fund’s portfolio turnover rate was 12.37% of the average value of its portfolio.

Principal Investment Strategies

To achieve its objective of long-term capital growth, the Real Assets Fund will normally invest at least 80% of its net assets (plus any borrowing for

98First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Global Real Assets Fund

investment purposes) in a variety of assets believed by the Adviser to represent interests in “real assets” or “real asset” industries. It is anticipated that the Fund will primarily invest in equity securities (including convertible securities) of U.S. and foreign companies, with the balance invested in precious metals and related securities, cash and cash equivalents (such as Treasury bills), fixed income securities including inflation-linked fixed income securities (such as Treasury Inflation-Protected Securities or “TIPS”) and debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds. “Real assets,” in which the Fund will invest, include physical assets and assets that are otherwise recognized as stores of value, such as gold bullion or other precious metals, certain commodities and inflation-linked fixed income securities. While the Fund has no current intention to make direct investment in real estate, land or equipment, it will target the industries of companies that are related to these assets (e.g., real estate investment trusts, developers and construction businesses, real estate finance companies, real estate brokerages and other related businesses, such as home improvement and home furnishings retailers). Specifically, “real asset” industries are those that relate to ownership or production of such assets or products or services otherwise supporting such assets. These industries may include basic materials, industrials, chemicals, energy, infrastructure, real estate, and utilities, as well as related suppliers and similarly connected businesses such as businesses within the telecommunications, health care, automobile and consumer staples sectors or industries. The strategy seeks to preserve flexibility to shift allocations modestly among sectors and asset classes to invest where the Adviser believes the market offers the most appropriate risk-reward opportunities at any given time, within the above framework. Real assets are generally thought to perform well in periods of rising or high inflation, as compared to a broader equity portfolio.

Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The Fund may also invest in debt instruments (e.g., notes and bonds) without regard to credit rating or time to maturity, short-term debt instruments, futures contracts related to precious metals, forward contracts related to foreign exchange and options on equity securities or indices. The Fund “counts” relevant derivative positions towards its “80% of net assets” allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price). Under normal circumstances, the Fund anticipates it will allocate a portion of its assets to foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). The Fund is not required to allocate its investments in any set percentages to any particular countries, but normally

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Summary Information about the Global Real Assets Fund

will invest in at least three countries (one of which may be the United States). The countries in which the Fund may invest may include countries whose economies are still developing (sometimes called “emerging markets”). Through its investments in “real assets” or “real asset” industries, the Fund will be invested in a number of different countries, which may include Canada, Japan and the United Kingdom.

The investment philosophy and strategy of the Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. See also Defensive Investment Strategies.

The Fund makes some investments through a special purpose trading subsidiary (the “Subsidiary”) and may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest in commodities and related instruments, including derivatives (e.g., gold bullion and other precious metals and related futures, and commodities-related derivatives contracts).

For more information about the Real Assets Fund’s principal investment strategies, please see the More Information about the Funds’ Investments section.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in the Real Assets Fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the Fund is not intended to be a complete investment program.

Principal risks of investing in the Real Assets Fund, which could adversely affect its net asset value and total return, are:

 

 

Market Risk — The value and liquidity of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which the Fund invests, as well as economic, political, or social events in the

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Global Real Assets Fund

 

 

 

United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

 

 

Equity Risk — The value of the Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

 

 

Convertible Security Risk — Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer’s operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

 

 

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments. The Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union.

 

 

Emerging Market Risk — Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic

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structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

 

 

Geographic Investment Risk — To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. While the Fund is not required to allocate its investments in any set percentages to any particular countries, it normally will invest in at least three countries (one of which may be the United States). The Fund reserves the right to dynamically allocate its assets across countries and regions. Listed below are some of the geographies to which the Fund has significant exposure as of the date of this Prospectus.

     

Canada Risk — The Canadian economy is susceptible to adverse changes in certain commodities markets, including those related to the mining and agricultural industries. It is also heavily dependent on trading with key partners. Any reduction in this trading may adversely affect the Canadian economy.

 

 

Real Assets Companies Risk — The Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund’s portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.

 

 

Inflation/Deflation Risk — Although the Fund is intended to provide a measure of protection against inflation, it is possible it will not do so to the extent intended. The Fund’s investments may be adversely affected to a greater extent than other investments during periods of deflation.

 

 

Natural Resources Risk — The Fund may invest in securities of companies that focus on natural resources. The securities of these companies may be negatively affected by a variety of factors, including but not limited to, natural disasters in natural resource areas, commodity price volatility, government

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Global Real Assets Fund

 

 

 

regulations, conservation efforts and other global political and economic developments.

 

 

Commodity Investments Risk — The Fund may invest in commodities-related businesses and instruments. Commodities generally can be more volatile than other types of assets. Factors that affect the volatility of commodities include, but are not limited to, commodity price movements (whether of individual commodities or indexes or other instruments linked to commodities, changes in demand, costs of transport, interest rate changes, natural disasters and extreme weather changes, and regulatory developments, such as embargoes and tariffs.

 

 

Energy Risk — The Fund may invest in energy companies, which may be negatively affected by natural disasters, the high investment costs of exploration and other long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, commodity prices, government regulations, and conservation efforts, among other factors.

 

 

Infrastructure Risk — The Fund may invest in securities of companies that focus on infrastructure related activities, including utilities and transport companies. These securities are subject to various related risks, including but not limited to, supply and demand for infrastructure related services, the high investment costs of long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, political developments, changing interest rates which may affect infrastructure financing, regulatory changes and catastrophic weather events.

 

 

Environmental and Climate Risk — Real asset companies and industries can be especially exposed to environmental risks, including climate change. These include, but are not limited to, environmental pollution and degradation (with potentially significant remediation costs); major weather events such as storms, droughts and wildfires; geographic and sector risks (with, for example, different regions and industries being subject to widely different levels of natural disaster and climate risk); weather pattern changes; expansion or contraction of growing seasons; company-level risks associated with differential levels of company-specific exposure and preparedness; economic risks associated with, for example, supply chain disruption, supply and demand imbalances and price shocks, infrastructure impacts and the like; commodities risks; geopolitical risks; political, regulatory and government intervention risks; and consumer sentiment risks, including the risk of boycotts and similar organized action.

 

 

Real Estate Industry Risk — The Fund may invest in securities of companies that focus on real estate related activities. Real estate investment trusts

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(“REITs”) are an example, as are developers and construction businesses, real estate finance companies, real estate brokerages and other related businesses, such as home improvement and home furnishings retailers. Real estate and its related businesses are highly dependent on market conditions, including interest rates. Other real estate industry risks include competition, property obsolescence and casualty risks (such as fire, flood and the like). REITs are subject special risks including the quality and skill of REIT management and the internal expenses of the REIT. Many types of businesses, including hotels, hospitals, agriculture and forestry, are significant owners and operators of real estate and can be directly or indirectly exposed to similar risks in addition to their own more sector-specific risks. Real estate income and values may be negatively affected by general and local economic developments such as extended vacancies of properties, as well as demographic trends, such as population movement or changing tastes and values. Real estate income and values also may be negatively affected by condemnations, tax law changes, zoning law changes, regulatory limits on rent, environmental regulations and the availability of mortgage financing and changes in interest rates.

 

 

Utilities Industry Risk — The Fund may invest in securities of companies in the utilities sector. Securities in the utilities industry can be volatile and affected significantly by supply and demand for services or fuel, government regulation, including rate regulations and conversation programs, commodity price volatility, interest rate changes and other financing considerations. Additionally, climate change or man-made disasters may have a catastrophic impact on existing plants and equipment of utility companies.

 

 

Telecommunications Industry Risk — The Fund may invest in telecommunications companies. Telecommunication companies are primarily engaged in the development, manufacturing or provision of communications services or equipment, including cable, satellite, radio, telephone and communication mediums. Risks associated with telecommunications companies include government regulation of rates and prices, anti-trust considerations, competition, rapid obsolescence and changes in consumer tastes.

 

 

Health Care Sector Risk — The Fund may invest in companies in the health care sector, including health care facility companies. Health care companies are subject to federal, state and local oversight regarding, as an example, licensing, certification, pharmaceutical distribution and provision of care. Health care companies are also dependent on the continued availability of government reimbursement programs (Medicaid, Medicare and Social Security) for revenues.

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Global Real Assets Fund

 

 

Automobile Industry Risk — The Fund may invest in the automobile industry, including automobile component manufacturing companies. The securities of automobile companies may be negatively affected by labor relations and costs, automotive technology developments (including autonomous vehicles) and consumer preferences. The automobile and automobile component sector may also be subject to significant government regulation, including tariffs, taxes, subsidies, import and export restrictions and environmental regulations.

 

 

Consumer Staples Sector Risk — The Fund may invest in securities of companies in the consumer staples sector, including grocery stores and agricultural producers. The consumer staples sector may be negatively affected by demographic shifts, consumer preferences, costs of labor, environmental considerations and commodity price fluctuations. Domestic and foreign government regulations on agricultural production and trade also may affect the consumer staples sector.

 

 

Small and Medium-Size Company Risk — The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holders of a small company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-sized companies to have market capitalizations of less than $10 billion.

 

 

Large-Size Company Risk — The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

 

 

Gold Risk — The Fund may invest in both physical gold and the securities of companies in the gold mining sector. Prices of gold-related issues are susceptible to changes in U.S. and foreign regulatory policies, taxes, currencies, mining laws, inflation, and various other market conditions. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.

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Credit and Interest Rate Risk — The value of the Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

 

 

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. Derivatives are anticipated to be used mainly under a hedging program intended to reduce the impact of foreign exchange rate changes on the Fund’s value. A futures contract is considered a derivative because it derives its value from the price of the underlying security or financial index. The prices of futures contracts can be volatile, and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

 

 

Options Risk — The Fund may engage in various options transactions in which the Fund may seek to gain exposure to an underlying investment or limit risk by purchasing the right to buy or sell, or by selling the obligation to buy or sell, a security at a set price in the future. The Fund pays a premium when buying options and receives a premium when selling options. When trading options, the Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected.

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Global Real Assets Fund

 

 

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

 

 

Value Investment Strategy Risk — An investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, the Fund’s investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

 

 

Subsidiary Risk — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as expected and could adversely affect the Fund.

 

 

New Fund Risk — The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareholder approval and/or at a time that may not be favorable for certain shareholders. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

For more information on the risks of investing in the Real Assets Fund, please see the More Information about the Funds’ Investments section.

Investment Results

The following information provides an indication of the risks of investing in the Real Assets Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for the periods shown compare with those of one or more broad measures of market

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performance, which have characteristics relevant to the Fund’s investment strategy. The indices are described in the Fund Indices section. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

After-tax returns are calculated using the highest individual U.S. federal income tax rate for each year, and do not reflect the effect of state and local taxes. Actual after-tax returns depend on your individual tax situation. After-tax returns are not relevant to investors in tax-deferred accounts, such as 401(k) plans or individual retirement accounts.

Updated performance information is available at www.firsteagle.com/global-real-assets-fund or by calling 800.334.2143.

The following bar chart assumes reinvestment of dividends and distributions and does not reflect any sales charges. If sales charges were included the returns would be lower.

Calendar Year Total Returns—Class A

 

 

 

 

 

 

 

 

 

Best Quarter*

 

 

 

Worst Quarter*

Fourth Quarter 2022

 

14.33%

 

 

 

Second Quarter 2022

 

-12.51%

 

 

 

 

 

 

*

 

For the period presented in the bar chart above.

The following table discloses after-tax returns only for Class A shares. After-tax returns for Class I and Class R6 shares will vary.

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Global Real Assets Fund

Average Annual Total Returns as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

1 Year

 

Class A
Inception
(12/1/21)

 

Class I
Inception
(12/1/21)

 

Class R6
Inception
(12/1/21)

First Eagle Global Real Assets Fund

Class A Shares

Return Before Taxes

 

 

-8.79%

   

 

-4.52%

   

 

   

 

 

 

Return After Taxes on Distributions

 

 

-9.00%

   

 

-4.72%

   

 

   

 

 

 

Return After Taxes on Distributions and Sales of Fund Shares

 

 

-5.05%

   

 

-3.43%

   

 

   

 

 

Class I Shares

Return Before Taxes

 

 

-3.82%

   

 

   

 

 

0.38%

   

 

 

Class R6 Shares

Return Before Taxes

 

 

-3.81%

   

 

   

 

   

 

 

0.39%

 

MSCI World Index (reflects no deduction for fees or expenses, but reflects net of withholding taxes)

 

 

-18.14%

   

 

-13.60%

   

 

-13.60%

   

 

-13.60%

 

 

Consumer Price Index for Urban Consumers (CPI-U) (reflects no deduction for fees or expense)

 

 

6.78%

   

 

6.55%

   

 

6.55%

   

 

6.55%

 

Our Management Team

First Eagle Investment Management, LLC serves as the Real Assets Fund’s Adviser.

Benjamin Bahr, John Masi, George Ross and David Wang have served as the Fund’s Portfolio Managers since its inception in December 2021.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Real Assets Fund is $2,500 for Class A and $1 million for Class I. There is no minimum initial investment for Class R6. See the About Your Investment—How to Purchase Shares section for more information.

You may purchase Fund shares on any business day at their public offering price next computed after proper receipt of the order. You may redeem or exchange Fund shares on any business day at their net asset value next computed after proper receipt of the order. Transaction orders may be submitted via telephone, through your authorized dealer or through the Fund’s transfer agent, DST Systems, Inc. Shares held in the dealer’s “street name” must be redeemed or exchanged through the dealer. See the Once You Become a Shareholder section for more information.

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Information about Taxes and Financial Intermediaries

Tax Information

It is the Funds’ policy to make periodic distributions of net investment income and net realized capital gains, if any. Unless you elect otherwise, your distributions (including, ordinary income dividends and capital gains) will be reinvested in additional shares of the same share class of a Fund at net asset value calculated as of the date immediately preceding the payment date. The Funds’ distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as a 401(k) plan or an individual retirement account. Amounts withdrawn from a tax-deferred account may be subject to tax, including a penalty on pre-retirement distributions that are not properly rolled over to other tax-deferred accounts. See the Information on Dividends, Distributions and Taxes section for more information.

Payments to Broker-Dealers and Financial Intermediaries

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), a Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial adviser to recommend a Fund over another investment. Ask your individual financial adviser or visit your financial intermediary’s website for more information. See the About Your Investment—Distribution and/or Shareholder Services Expenses section for more information.

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More Information about the Funds’ Investments

Investment Objectives and Strategies of the Funds

Global Fund. The Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. In seeking to achieve this objective, the Fund will normally invest primarily in common stocks (and securities convertible into common stocks) of U.S. and foreign companies. The Fund may also invest in short-term debt instruments, gold and other precious metals (e.g., silver), and futures contracts related to precious metals, and fixed income instruments of domestic or foreign issuers.

Overseas Fund. The Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. In seeking to achieve this objective, the Fund invests primarily in equity securities of non-U.S. companies, the majority of which are traded in mature markets, and may invest in emerging markets. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in foreign securities. The Fund may invest in fixed income instruments, short-term debt instruments, gold and other precious metals (e.g., silver), and futures contracts related to precious metals.

U.S. Value Fund. The U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The Fund may also invest in gold and other precious metals (e.g., silver), and futures contracts related to precious metals.

Gold Fund. The Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals, e.g., silver) for a portion of their overall investment portfolio. At least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in gold and/or securities (which may include both equity and, to a limited extent, debt instruments) directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long, medium or short-life mines. The Fund may also invest in debt and equity instruments unrelated to the gold industry, other precious metals and futures contracts related to precious metals.

Global Income Builder Fund. The Global Income Builder Fund seeks current income generation and long-term growth of capital. The Fund will normally invest primarily in common stocks of U.S. and foreign companies that offer attractive dividend yields as well as a range of fixed income instruments, including debt instruments that are below investment grade, commonly known

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as “high yield” or “junk” bonds, investment grade instruments, sovereign debt and various short-term debt instruments from markets in the United States and multiple countries around the world. That generally means that approximately 80% or more of the Fund’s net assets (plus any borrowings for investment purposes) will be allocated to such investments, which may include dividend paying equities, both high-yield (below investment grade) and investment grade debt, sovereign bonds, and various short-term debt instruments.

High Income Fund. The High Income Fund seeks to provide investors with a high level of current income. The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds. Such high yield instruments may include corporate bonds and loans, municipal bonds, and mortgage-backed and asset-backed securities. The Fund may also invest in other types of instruments including unrated debt securities and derivatives and may also employ certain investment techniques which create market exposure.

Rising Dividend Fund. The Rising Dividend Fund seeks capital appreciation and current income, under normal circumstances the Fund will primarily invest in domestic stocks and, to a lesser extent, debt and foreign equity instruments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). Normally, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) are invested in dividend paying equity securities where the dividends are expected to increase over time. Such investments include common stock, hybrid instruments such as preferred stock and convertible securities, and real estate investment trusts. The Fund also may invest in warrants, corporate bonds and other debt instruments, repurchase agreements and derivatives. The Fund "counts" relevant derivative positions towards its "80% of net assets" allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price).

In selecting companies for investment, the Adviser seeks to identify what it considers to be high quality companies. While a company selected for investment may not meet all of these characteristics, the Adviser considers a high quality company to demonstrate, in the opinion of the Adviser, some or all of the following: durable competitive advantage(s) (e.g., a strong brand, robust distribution network or premium location); conservative capital structure (e.g., a strong balance sheet with low leverage ratios in terms of working capital and cash flows); prudent management (e.g., shareholder-centric considerations of capital expenditures, mergers and acquisitions activity, and dividends and share repurchases); and attractive financial metrics (e.g., a strong business

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model as gauged by greater return on invested capital (ROIC), return on assets (ROA), return on equity (ROE) and net income (NI) to free cash flow (FCF), including the capacity to grow dividends). In selecting companies with the capacity to grow dividends, the Adviser assesses, among other factors, a company’s historical return on investment, 5- and 10-year dividend growth rates and available cash flow. The Adviser generally will sell an investment if it no longer meets these criteria.

Small Cap Fund. The Small Cap Fund seeks long-term growth of capital by investing, under normal circumstances, in equity securities of small- and micro-cap companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities (e.g., common stocks, warrants and rights), including hybrid securities (e.g., preferred stocks and convertible securities), of small-cap companies. The Adviser defines small-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2000® Index. The Russell 2000® Index is reconstituted annually in June. At the time of its most recent reconstitution, the market capitalization of the largest company in the Russell 2000® Index was $10.4 billion. As of December 31, 2022, the market capitalization range of the companies included within the Russell 2000® Index was between $6 million and $7.9 billion. The size of the companies in the Russell 2000® Index changes with market conditions and any changes to the composition of the Russell 2000® Index. Small-cap companies and micro-cap companies may have similar commercial characteristics (e.g., developing or marketing new products or services for which markets are not yet established). They differ, however, in the market value of their outstanding shares (i.e., market capitalization) with micro-cap companies having smaller market capitalizations than small-cap companies.

Within small-cap, the Adviser further defines micro-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Microcap® Index. The Russell Microcap® Index is reconstituted annually in June. At the time of its most recent reconstitution, the market capitalization of the largest company in the Russell Microcap® Index was $1.8 million and it consisted of 1798 U.S. companies. At the time of its most recent reconstitution, the Russell 2000® Index contained 558 additional small-cap companies with higher market caps than the largest company in the Russell Microcap® Index. As of December 31, 2022, the market capitalization range of the companies included within the Russell Microcap® Index was between $1 million and $4.6 billion. The size of the companies in the Russell Microcap® Index changes with market conditions and any changes to

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the composition of the Russell Microcap® Index. The Adviser’s investment focus on the securities of small- and micro-cap companies generally leads it to have a long-term investment outlook of at least two years for a portfolio security.

The Fund may invest in other investment companies that invest in equity securities, and up to 10% of its net assets (plus any borrowings for investment purposes and measured at the time of investment) in securities of foreign issuers. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what the Adviser deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio.

The Adviser uses various methods primarily rooted in the valuation of each stock and evaluation of each company in managing the Fund’s assets. In selecting securities for the Fund, the Adviser evaluates the quality of a company’s balance sheet and other measures of a company’s financial condition and profitability, such as the history and/or potential for improvement in cash flow generation, internal rates of return, and sustainable earnings. The Adviser may also consider other factors, such as a company’s unrecognized asset values, its future growth prospects or its turnaround potential following an earnings disappointment or other business difficulties. The Adviser then uses these factors to assess the company’s current worth, basing this assessment on either what it believes a knowledgeable buyer might pay to acquire the entire company or what it thinks the value of the company should be in the stock market. The Adviser generally invests in equity securities of companies that are trading below their estimate of the company’s current worth in an attempt to reduce the risk of overpaying for such companies. In addition, seeking long-term growth of capital, the Adviser generally considers the prospects for the market price of the company’s securities to increase over a two- to five-year period toward this estimate.

The Adviser’s valuation-based approach to stock selection strives to reduce some of the other risks of investing in the securities of small-cap and/or micro-cap companies (taken as a whole) by evaluating other risk factors. For example, the Adviser generally attempts to lessen financial risk by buying companies with strong balance sheets. The Adviser may place less emphasis on balance sheet quality if other factors warrant, such as a company’s potential ability to generate free cash flow. At times, the Adviser attempts to mitigate company-specific risk by investing in a relatively larger number of issuers.

Smid Cap Fund. The Smid Cap Fund seeks long-term growth of capital by investing, under normal circumstances, in equity securities of small- and midcap (“smid cap”) companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings

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for investment purposes) in the equity securities (e.g., common stocks, warrants, rights and preferred stocks) of U.S. smid cap companies.

The Adviser defines smid cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2500TM Index. The Russell 2500TM Index is reconstituted annually in June. At the time of its most recent reconstitution, the market capitalization of the largest company in the Russell 2500TM Index was $18 billion. As of December 31, 2022, the market capitalization range of the companies included within the Russell 2500TM Index was between $6 million and $21.1 billion. The range of the companies in the Russell 2500TM Index changes with market conditions and any changes to the component companies included within the Russell 2500TM Index.

The strategy seeks to preserve flexibility to shift allocations among small- and mid-cap companies to invest where the Adviser believes the market offers the most appropriate risk-reward opportunities at any given time, within the above framework. As such, the Fund’s investments at any time may be more substantially allocated to small- or mid-cap companies.

The Fund may invest in other investment companies (e.g., exchange-traded funds) that invest in equity securities of U.S. smid cap companies. The Fund will consider the investments of investment companies in which it invests in determining compliance with its “80% of net assets” policy. The Fund’s investments in an investment company will count toward its “80% of net assets” policy to the extent the investment company has an investment policy to invest 80% or more of its assets in equity securities of U.S. smid cap companies. Up to 10% of the Fund’s net assets (plus any borrowings for investment purposes and measured at the time of investment) may be invested in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what the Adviser deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio.

The Adviser uses various methods primarily rooted in the valuation of each stock and evaluation of each company in managing the Fund’s assets. In selecting securities for the Fund, the Adviser evaluates the quality of a company’s balance sheet and other measures of a company’s financial condition and profitability, such as the history and/or potential for improvement in cash flow generation, internal rates of return, and sustainable earnings. The Adviser may also consider other factors, such as a company’s unrecognized asset values, its future growth prospects or its turnaround potential following an earnings disappointment or other business difficulties.

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The Adviser then uses these factors to assess the company’s current worth, basing this assessment on either what it believes a knowledgeable buyer might pay to acquire the entire company or what it thinks the value of the company should be in the stock market. The Adviser generally invests in equity securities of companies that are trading below their estimate of the company’s current worth in an attempt to reduce the risk of overpaying for such companies. In addition, seeking long-term growth of capital, the Adviser generally considers the prospects for the market price of the company’s securities to increase over a two- to five-year period toward this estimate.

The Adviser’s valuation-based approach to stock selection strives to reduce some of the other risks of investing in the securities of smid cap companies (taken as a whole) by evaluating other risk factors. For example, the Adviser generally attempts to lessen financial risk by buying companies with strong balance sheets. The Adviser may place less emphasis on balance sheet quality if other factors warrant, such as a company’s potential ability to generate free cash flow. At times, the Adviser attempts to mitigate company-specific risk by investing in a relatively larger number of issuers.

Real Assets Fund. To achieve its objective of long-term capital growth, the Real Assets Fund will normally invest at least 80% of its net assets (plus any borrowing for investment purposes) in a variety of assets believed by the Adviser to represent interests in “real assets” or “real asset” industries. It is anticipated that the Fund will primarily invest in equity securities (including convertible securities) of U.S. and foreign companies, with the balance invested in precious metals and related securities, cash and cash equivalents (such as Treasury bills), fixed income securities, including inflation-linked fixed income securities (such as Treasury Inflation-Protected Securities or “TIPS”) and debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds. “Real assets,” in which the Fund will invest, include physical assets and assets that are otherwise recognized as stores of value, such as gold bullion or other precious metals, certain commodities and inflation-linked fixed income securities.

While the Fund has no current intention to make direct investments in real estate, land or equipment, it will target companies within industries related to these assets (e.g., real estate investment trusts, developers and construction businesses, real estate finance companies, real estate brokerages and other related businesses, such as home improvement and home furnishings retailers). Specifically, “real asset” industries are those that relate to ownership or production of such assets or products or services otherwise supporting such assets. These industries may include materials, industrials, chemicals, energy, infrastructure, real estate, and utilities, as well as related suppliers and

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similarly connected businesses such as businesses within the telecommunications, health care, automobile and consumer staples sectors or industries.

By way of example, we define the real estate industry expansively to include real estate developers, construction and brokerage, real estate holding companies (such as REITs) and real estate finance (such as mortgage REITs and other specialty lenders), as well as companies that are significant owners and operators of real estate (which might include hotel and hospital operators or agriculture and forestry businesses) and suppliers and similarly connected businesses in the real estate industry. Examples of suppliers and connected businesses in the real estate context include home improvement retailers, home furnishings retailers, construction and agricultural equipment manufacturers and distributors, and specialty businesses servicing particular sectors of what we define as the real estate industry, which may also include health care facility companies. The Fund takes a similarly expansive approach in defining the scope of other real asset industries listed here. The strategy seeks to preserve flexibility to shift allocations modestly among sectors and asset classes to invest where the Adviser believes the market offers the most appropriate risk-reward opportunities at any given time, within the above framework. Real assets are generally thought to perform well in periods of rising or high inflation, as compared to a broader equity portfolio. The Fund may also make investments in companies whose revenues and profits are expected to rise if the prices of real assets rise during a time of rising or high inflation.

Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies. The Fund may also invest in debt instruments (e.g., notes and bonds) without regard to credit rating or time to maturity, short-term debt instruments, futures contracts related to precious metals, forward contracts related to foreign exchange and options on equity securities or indices. The Fund “counts” relevant derivative positions towards its “80% of net assets” allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price). Under normal circumstances, the Fund anticipates it will allocate a portion of its assets to foreign investments (including American Depositary Receipts (“ADRs”, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”)). The Fund is not required to allocate its investments in any set percentages to any particular countries, but normally will invest in at least three countries (one of which may be the United States). The countries in which the Fund may invest may include countries whose economies are still developing (sometimes called “emerging markets”). Through its investments in

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“real assets” and “real asset” industries, the Fund will be invested in a number of different countries, which may include Canada, Japan and the United Kingdom.

The investment philosophy and strategy of the Fund can be broadly characterized as a “value” approach, as it seeks a “margin of safety” in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to “intrinsic value” is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. “Intrinsic value” is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets. See also Defensive Investment Strategies.

The Fund makes some investments through a special purpose trading subsidiary (the “Subsidiary”) and may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest in commodities and related instruments, including derivatives (e.g., gold bullion and other precious metals and related futures, and commodities-related derivatives contracts).

All Funds—Change in Investment Objective. Although no change is anticipated, the investment objective of each of the Funds, except for the Global Fund, can be changed without shareholder approval. Shareholders will be notified a minimum of 60 days in advance of any change in investment objective or of any change in a Fund’s “80% of assets” investment policies (described above).

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Principal Investment Risks

Some of the principal investment risks of the Funds are described below in greater detail than in the Fund Summaries at the beginning of this Prospectus. The chart identifies which of these risks are applicable to a particular Fund. Other investment risks and practices also apply and are described in the Statement of Additional Information (the “SAI”), which is available on request (see back cover).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk

 

Global
Fund

 

Overseas
Fund

 

U.S.
Value
Fund

 

Gold
Fund

 

Global
Income
Builder
Fund

 

High
Income
Fund

 

Rising
Dividend
Fund

 

Small
Cap
Fund

 

Smid
Cap
Fund

 

Real
Assets
Fund

 

Automobile Industry Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Bank Loan Risk

 

 

 

 

 

 

 

 

   

     

 

 

 

 

 

 

 

 

 

 

Call Risk

 

 

 

 

 

 

 

 

 

 

   

     

 

 

 

 

 

 

 

 

Changes in Debt Ratings Risk

 

 

 

 

 

 

 

 

   

     

 

 

 

 

 

 

 

 

 

 

Commodity Investments Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Consumer Staples Sector Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Convertible Security Risk

   

 

 

 

 

 

 

 

 

 

   

     

     

 

 

 

   

 

 

Corporate Bond Risk

 

 

 

 

 

 

 

 

   

     

     

 

 

 

 

 

 

 

 

Credit and Interest Rate Risk

   

     

     

     

     

     

     

 

 

 

 

 

   

 

 

Currency Risk

   

     

     

     

     

     

     

     

 

 

 

   

 

 

Defaulted Securities Risk

 

 

 

 

 

 

 

 

   

     

 

 

 

 

 

 

 

 

 

 

Derivatives Risk

   

     

     

     

     

     

   

 

 

 

 

 

   

 

 

Diversification Risk

 

 

 

 

 

 

   

 

 

 

 

 

   

 

 

 

 

 

 

 

 

Dividend Risk

 

 

 

 

 

 

 

 

   

 

 

 

   

 

 

 

 

 

 

 

 

Emerging Market Risk

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Energy Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Environmental and Climate Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Equity Risk

   

     

     

     

     

 

 

 

   

     

   

 

   

 

 

 

Foreign Investment Risk

   

     

     

     

     

     

     

     

   

 

   

 

 

 

Geographic Investment Risk

   

     

 

 

 

   

     

 

 

 

 

 

 

 

 

 

   

 

 

Gold Risk

   

     

     

     

     

 

 

 

 

 

 

 

 

 

   

 

 

Health Care Sector Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

   

 

 

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Risk

 

Global
Fund

 

Overseas
Fund

 

U.S.
Value
Fund

 

Gold
Fund

 

Global
Income
Builder
Fund

 

High
Income
Fund

 

Rising
Dividend
Fund

 

Small
Cap
Fund

 

Smid
Cap
Fund

 

Real
Assets
Fund

 

High Yield Risk

 

 

 

 

 

 

 

 

   

     

 

 

 

 

 

 

 

 

 

 

Illiquid Investment Risk

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

Inflation/Deflation Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Infrastructure Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Large-Size Company Risk

   

     

     

     

     

 

 

 

   

 

 

 

 

 

   

 

 

LIBOR Risk

 

 

 

 

 

 

 

 

   

     

 

 

 

 

 

 

 

 

 

 

Market Risk

   

     

     

     

     

     

     

     

   

 

   

 

 

 

Micro-Size Company Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

Mortgage- and Asset-Back Securities Risk

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

Municipal Bond Risk

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

Natural Resources Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

New Fund Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

   

 

 

 

Options Risk

 

 

 

 

 

 

 

 

   

     

     

 

 

 

 

 

 

 

Other Investment Company Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

   

 

   

 

 

Preferred Stock Risk

 

 

 

 

 

 

 

 

 

 

 

 

   

     

   

 

   

 

 

Prepayment Risk

 

 

 

 

 

 

 

 

   

     

     

 

 

 

 

 

 

 

 

Real Assets Companies Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Real Estate Industry Risk

 

 

 

 

 

 

 

 

   

 

 

 

   

 

 

 

 

 

   

 

 

Repurchase Agreements Risk

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

Small and Medium-Size Company Risk

   

     

     

     

     

 

 

 

   

     

   

 

   

 

 

 

Sovereign Debt Risk

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary Risk

   

     

     

     

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Swaps Risk

 

 

 

 

 

 

 

 

   

     

   

 

 

 

 

 

 

 

 

Telecommunications Industry Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Utilities Industry Risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

Value Investment Strategy Risk

   

     

     

 

 

 

   

 

 

 

   

     

   

 

   

 

 

 

Warrants and Rights Risk

 

 

 

 

 

 

 

 

 

 

 

 

   

     

   

 

   

 

 

Automobile Industry Risk — A Fund may invest in the automobile industry, including automobile component manufacturing companies. The securities of

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automobile companies may be negatively affected by labor relations and costs, automotive technology developments (including autonomous vehicles) and consumer preferences. The automobile and automobile component sector may also be subject to significant government regulation, including tariffs, taxes, subsidies, import and export restrictions and environmental regulations. The automobile industry may have a greater exposure to a single factor, such as an increase in the price of oil, which may adversely affect the sale of automobiles and, as a result, the value of the industry’s securities.

Bank Loan Risk — A Fund may invest in bank loans. These investments potentially expose a Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. A Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. Transactions involving bank loans have significantly longer settlement periods (e.g., longer than seven days) than more traditional investments. While the Funds maintain access to a line of credit with a financial institution for short-term credit needs, the sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations until potentially a substantial period after the sale of the loans. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. The market for bank loans may be illiquid and a Fund may have difficulty selling them. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. In some instances, other accounts managed by the Adviser or an affiliate may hold other securities issued by borrowers whose loans may be held in the Fund’s portfolio. If the credit quality of the issuer deteriorates, the Adviser may owe conflicting fiduciary duties to the Fund and other client accounts. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

Alternatively, the Adviser may come into possession of material, non-public information about the issuers of loans that may be held in the Fund’s portfolio. The Adviser’s ability to trade in these loans for the account of the Fund could be limited by its possession of such information. Limitations on the Adviser’s ability to trade could have an adverse effect on the Fund by preventing the Fund from selling a loan that is experiencing a material decline in value.

A Fund may invest in bank loans that have fewer or no financial maintenance covenants and restrictions. These are called covenant-lite loans. A covenant-lite

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loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer. Covenant-lite loans also generally provide fewer investor protections if certain criteria are breached. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant-lite loans.

Call Risk — An issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Changes in Debt Ratings Risk — Investments can be subject to the risk of downgrade by a ratings agency. Ratings downgrades generally affect the value of the downgraded security and are likely to result in both decreased demand for the security and an investor expectation of a higher rate of return on the security.

Commodity Investments Risk — A Fund may invest in commodities-related businesses and instruments. Commodities generally can be more volatile than other types of assets. Factors that affect the volatility of commodities include, but are not limited to, commodity price movements (whether of individual commodities or indexes or other instruments linked to commodities), changes in demand, costs of transport, interest rate changes, natural disasters and extreme weather changes, such as droughts and floods, other factors affecting a particular industry or commodity such as livestock disease, changes in storage costs and policies of commodity cartels and regulatory developments, such as embargoes and tariffs.

Exposure to the commodities markets may subject a Fund to greater volatility than investments in traditional securities. The values of investments related directly to commodities may be affected by changes in overall market movements, commodity index volatility, interest rates, and other factors such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.

Consumer Staples Sector Risk — A Fund may invest in securities of companies in the consumer staples sector, including grocery stores and agricultural producers. The consumer staples sector may be negatively affected by demographic shifts, consumer preferences, costs of labor, environmental considerations and commodity price fluctuations. Domestic and foreign

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government regulations on agricultural production and trade also may affect the consumer staples sector. There is also a risk that the securities of consumer staple issuers will underperform due to legislative or regulatory chances, adverse market conditions and/or increased competition in the consumer staples sector.

Convertible Security Risk — A Fund may be susceptible to convertible security risk. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer’s operating results, financial condition, and credit rating and changes in interest rates and other general economic, industry and market conditions. Convertible securities generally have higher yields than common stocks of the same or similar issuers, but lower yields than comparable non-convertible securities. They may be less subject to fluctuation in value than the underlying stock because they have fixed income characteristics, and provide the potential for capital appreciation if the market price of the underlying common stock increases.

Corporate Bond Risk — Corporate bonds, which are debt instruments issued by corporations to raise capital, may have priority over preferred securities and common stock in an issuer’s capital structure, but may be subordinated to an issuer’s other debt instruments. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors’ perceptions of the creditworthiness of the issuer, the issuer’s financial performance, perceptions of the issuer in the market place, performance of the issuer’s management, the issuer’s capital structure, the use of financial leverage and demand for the issuer’s goods and services, and by factors not directly related to the issuer such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment. To the extent the Fund holds below investment-grade corporate bonds, such bonds are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.

Credit and Interest Rate Risk — All debt obligations, such as bonds, are subject to credit risk and interest rate risk. The value of a Fund’s portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. The value of the debt securities held by a Fund fluctuates with the credit quality of the issuers of those securities. A Fund could lose money if the issuer of a security is unable to meet its financial obligations or goes bankrupt. A Fund may invest in debt instruments that are below investment grade, commonly known as “high yield” or “junk” bonds, which are considered speculative, and carry a higher

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risk of default. In addition, fluctuations in interest rates can affect the value of debt instruments held by the Fund. A debt instrument’s “duration” is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Generally, debt instruments with long maturities and low coupons have the longest durations. Longer-duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. For example, if a debt instrument has a duration of three years and interest rates increase (decrease) by 1%, then the value of that debt instrument would be expected to decline (increase) by approximately 3%.

A Fund may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board ends a quantitative easing program and/or raises rates. A rising interest rate environment increases certain risks, including the potential for periods of volatility, increased redemptions and extended durations (i.e., extension risk). A low interest rate environment may prevent a Fund from providing a positive yield. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate the risk that borrowers will not be able to make payments of interest and principal when due. When interest rates fall, a Fund may also face prepayment risk, meaning that an obligor will pay certain obligations more quickly than originally expected, and a Fund may have to invest the proceeds in securities with lower yields. In addition, there is risk of significant future rate moves and related economic and market impacts. As of the date of this Prospectus, there have been significant recent rates increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible. The rapid development and fluidity of these or other events may affect the economies of many nations, individual companies and the global markets, including liquidity and volatility, in ways that cannot necessarily be foreseen at the present time.

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect a Fund’s non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. In addition, foreign government exchange controls and restrictions on repatriation of currency can result in losses to a Fund if it is unable to deliver or receive currency or monies to settle obligations. Such governmental actions could also cause hedges a Fund has entered into to be rendered useless,

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resulting in a Fund having full currency exposure while incurring transaction costs.

Defaulted Securities Risk — A Fund may invest in securities of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Such investments involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment, and/or may be required to accept payment over an extended period of time. A wide variety of considerations render the outcome of any investment in a financially distressed company uncertain, and the level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties, is unusually high. There is no assurance that the Adviser will correctly evaluate the intrinsic values of the distressed companies in which the Fund may invest.

Derivatives Risk — Futures contracts or other “derivatives,” including hedging strategies, present risks related to their significant price volatility and risk of default by the counterparty to the contract. Derivatives are subject to counterparty risk, which is the risk that a loss may be sustained by a Fund as a result of the insolvency or bankruptcy of the other party to the transaction or the failure of the other party to make required payments or otherwise comply with the terms of the transaction. Changing conditions in a particular market area, such as those experienced in the subprime and non-agency mortgage market over recent years, whether or not directly related to the referenced assets that underlie the transaction, may have an adverse impact on the creditworthiness of the counterparty. If a Fund invests in derivatives at inopportune times or judges market conditions incorrectly, such investments may lower the Fund’s return or result in a loss, which could also lead to an increase in redemptions of Fund shares. The Fund also could experience losses if its derivatives were poorly correlated with its other investments, or if the Fund was unable to liquidate its position because of an illiquid secondary market. The market for some derivatives is, or suddenly can become, illiquid, especially in times of financial stress. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. New rules governing derivatives could limit a Fund’s use of derivatives in support of its investment strategy. Once implemented, these new rules may make derivatives more costly, or may otherwise adversely affect a Fund’s liquidity, value or performance.

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The price volatility of futures contracts has been historically greater than that of traditional securities such as stocks and bonds. The value of certain futures contracts may fluctuate in response to changes in interest rates, currency exchange rates, commodity prices or other changes. Therefore, the assets of a Fund, and the prices of Fund shares, may be subject to greater volatility. The risks associated with a Fund’s use of futures contracts include: (i) market conditions that may not always create a liquid secondary market for a futures contract and, as a result, a Fund may be unable to close out its futures contracts at a time which is advantageous; (ii) the risk that losses caused by sudden, unanticipated market movements may be potentially unlimited; (iii) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (iv) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (v) if a Fund has insufficient cash to meet margin requirements, a Fund may need to sell other investments, including at disadvantageous times.

Diversification Risk — The Gold Fund and the Rising Dividend Fund are non-diversified mutual funds, and as a result, an investment in these Funds may expose your money to greater risks than if you invest in a diversified fund. These Funds may invest in a limited number of companies, and therefore gains or losses in a particular security may have a greater impact on their share price.

Dividend Risk — An issuer of stock held by a Fund may choose not to declare a dividend. If declared, the dividend rate might not remain at current levels or increase over time. Dividend paying securities might not experience the same level of earnings growth or capital appreciation as non-dividend paying securities. Securities that pay dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall. Dividend paying securities may behave differently than other types of investments. For example, a Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. Securities that currently pay dividends that are expected to increase over time may be difficult to identify and may be of issuers operating in one or more sectors. Market or economic factors impacting those sectors could have a significant effect on the value of a Fund’s investments and could make a Fund’s performance more volatile.

Emerging Market Risk — To the extent a Fund invests in emerging market securities, the Fund may be exposed to market, credit, currency, liquidity, legal, political, technical and other risks different from, and generally greater than,

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the risks of investing in developed markets. Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Risks related to emerging markets securities also include market manipulation concerns, limited reliable access to capital and foreign investment structures. Emerging markets also may be susceptible to the risks associated with the differences in regulatory, accounting, auditing, financial reporting and recordkeeping standards, which could impact a Fund’s performance. There also may be limitations on the rights and remedies available to a Fund, individually or in combination with other shareholders, against issuers within emerging markets.

Energy Risk — A Fund may invest in energy companies, which may be negatively affected by natural disasters (such as earthquakes, wildfires or floods), the high investment costs of exploration and other long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, commodity prices, government regulations, and conservation efforts, among other factors.

Environmental and Climate Risks — Real asset companies and industries can be especially exposed to environmental risks, including climate change. These include, but are not limited to, environmental pollution and degradation (with potentially significant remediation costs); major weather events such as storms, droughts and wildfires; geographic and sector risks (with, for example, different regions and industries being subject to widely different levels of natural disaster and climate risk); weather pattern changes; expansion or contraction of growing seasons; company-level risks associated with differential levels of company-specific exposure and preparedness; economic risks associated with, for example, supply chain disruption, supply and demand imbalances and price shocks, infrastructure impacts and the like; commodities risks; geopolitical risks; political, regulatory and government intervention risks; and consumer sentiment risks, including the risk of boycotts and similar organized action.

The extreme weather patterns caused by climate change may increase in both frequency and intensity, which would negatively affect the companies in which a Fund invests.

Equity Risk — The value of a Fund’s portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.

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In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that a Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction of the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock. Equity securities generally have greater volatility than debt securities.

Foreign Investment Risks — Foreign investments, which can be denominated in any applicable foreign currency, involve certain inherent risks that are different from those of domestic investments, including political or economic instability of the issuer or the country of issue, less government supervision and regulation of foreign securities exchanges, changes in foreign currency and exchange rates, less public information about foreign companies, greater price fluctuations, and the possibility of adverse changes in investment or exchange control regulations. Currency fluctuations may also affect the net asset value of a Fund irrespective of the performance of the underlying investments in foreign issuers. Foreign governments can also levy confiscatory taxes, expropriate assets and limit repatriations of assets. These risks may be more pronounced with respect to investments in emerging markets, as described above. As a result of these and other factors, foreign securities may be subject to greater price fluctuation than securities of U.S. companies.

American Depositary Receipts (“ADRs”) are typically trust receipts issued by a U.S. bank or trust company that evidence an indirect interest in underlying securities issued by a foreign entity. Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”), and other types of depositary receipts are typically issued by non-U.S. banks or financial institutions to evidence an

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interest in underlying securities issued by either a U.S. or a non-U.S. entity. Investments in non-U.S. issuers through ADRs, GDRs, EDRs, and other types of depositary receipts generally involve risks applicable to other types of investments in non-U.S. issuers.

Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, a Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. The values of depositary receipts may decline for a number of reasons relating to the issuers or sponsors of the depositary receipts, including, but not limited to, insolvency of the issuer or sponsor. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based.

A Fund may invest in unsponsored depositary receipts, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored depositary receipts generally bear all the costs thereof, and the depositaries of unsponsored depositary receipts frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored depositary receipts are not obligated to disclose material information to the market and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts.

Geographic Investment Risk — To the extent a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political and economic conditions and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on a Fund’s performance. Currency developments or restrictions, political and social instability, and changing economic conditions have resulted in significant market volatility. As of the date of this Prospectus, the Global Fund has significant exposure to Europe and Japan; the Overseas Fund has significant exposure to Canada, Europe and Japan; the Gold Fund has significant exposure to Brazil and Canada; the Global Income Builder Fund has significant exposure to Europe; and the Real Assets Fund has significant

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exposure to Canada. A Fund’s exposure to a particular county is determined in accordance with the Adviser’s “country of risk” assessment.

Brazil Risk — Investment in Brazilian issuers involves risks that are specific to Brazil, including legal, regulatory, political (including, instability and corruption), currency and economic risks. Brazilian issuers are subject to possible regulatory and economic interventions by the Brazilian government, including the imposition of wage and price controls and the limitation of imports. In addition, the market for Brazilian securities is directly influenced by the flow of international capital and economic and market conditions of certain countries, especially other emerging market countries in Central and South America. The Brazilian economy has historically been exposed to high rates of inflation and unemployment, a high level of debt and violence, each of which may reduce and/or prevent economic growth. Political tensions in Brazil may exacerbate these risks.

Canada Risk — Canada is a significant exporter of natural resources, such as oil, natural gas and agricultural products. As a result, the Canadian economy is susceptible to adverse changes in certain commodities markets. It is also heavily dependent on trading with key partners, including the United States, Mexico, and China. Any reduction in trading with these key partners may adversely affect the Canadian economy. Canada’s dependency on the economy of the United States, in particular, makes Canada’s economy vulnerable to political and regulatory changes affecting the United States economy. These and other factors could negatively affect a Fund’s performance.

European Risk — A Fund’s investments may subject it to the risks associated with investing in the European markets, including the risks associated with the United Kingdom’s (“UK”) exit from the European Union (“Brexit”) and the war in Ukraine. Investments in a single region, even though representing a number of different countries within the region, may be affected by common economic forces and other factors. A number of countries in the European Union (the “EU”) have experienced, and may continue to experience, severe economic and financial difficulties, increasing the risk of investing in the European markets. Pursuant to an agreement setting out the terms on which the UK may leave the European Union (“Brexit”), the UK formally withdrew from the EU, effective January 31, 2020, and entered into a transition period (the “Transition Period”). The Transition Period ended on December 31, 2020. During the Transition Period, certain transitional arrangements were in effect, such that the UK continued to be treated, in most respects, as if it were still a member of the EU, and generally remained subject to EU law. On December 24, 2020,

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the EU and the UK reached an agreement in principle on the terms of certain agreements and declarations governing the ongoing relationship between the EU and the UK, including the EU-UK Trade and Cooperation Agreement (the “Agreement”), and on December 30, 2020, the Council of the European Union adopted a decision authorizing the signature of the Agreement and its provisional application for a limited period between January 1, 2021 to February 28, 2021. The Agreement entered into force on May 1, 2021. The Agreement is limited in its scope primarily to the trade of goods, transport, energy links and fishing, and uncertainties remain relating to certain aspects of the UK’s future economic, trading and legal relationships with the EU and with other countries. The actual or potential consequences of Brexit, and the associated uncertainty, could adversely affect economic and market conditions in the UK, in the EU and its member states and elsewhere, and could contribute to instability in global financial markets. The impact of such events on a Fund is difficult to predict but they may adversely affect the return on a Fund and its investments. There may be detrimental implications for the value of certain of a Fund’s investments, their ability to enter into transactions or to value or realize such investments or otherwise to implement its investment program. It is possible that certain of a Fund’s investments may need to be restructured to enable a Fund’s objectives to be pursued fully. This may increase costs or make it more difficult for a Fund to pursue its investment objectives.

To the extent a Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively affect the value and liquidity of the Fund’s investments. All of these developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on a Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Further, political or economic disruptions in European countries, even in countries in which a Fund is not invested, may adversely affect security values and thus a Fund’s holdings.

Japan Risk — The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability. The Japanese yen has fluctuated widely during recent periods and may be affected by currency volatility elsewhere in Asia, especially Southeast Asia. In addition, the yen has had a history of unpredictable and volatile movements against the U.S. dollar.

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The performance of the global economy could have a major impact upon equity returns in Japan. Since the mid-2000s, Japan’s economic growth has remained relatively low. A recent economic recession was likely compounded by an unstable financial sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major issues facing the Japanese economy. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity. These and other factors could negatively affect a Fund’s performance.

Gold Risk — The Gold Fund maintains a policy of concentrating its investments in gold and gold-related issues. The other Funds may also invest in assets of this nature, and may also invest in assets of other precious metals-related issues (e.g., silver). Each Fund is therefore susceptible to specific political and economic risks affecting the price of gold and other precious metals (e.g., silver) including changes in U.S. and foreign regulatory policies, tax, currency or mining laws, increased environmental costs, international monetary and political policies, economic conditions within an individual country, trade imbalances, and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold, and accordingly, the value of a Fund’s investments in such securities may also be affected. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets. Other factors that may affect the prices of gold, precious metals and securities related to them include changes in industrial and commercial demand for gold and precious metals.

Although the risks related to investing in gold and other precious metals (e.g., silver) directly (as each of the Funds other than the Rising Dividend Fund, Small Cap Fund and Smid Cap Fund are authorized to do) are similar to those of investing in precious metal finance and operating companies, as just described, there are additional considerations, including custody and transaction costs that may be higher than those involving securities. Moreover, holding gold results in no income being derived from such holding, unlike certain securities which may pay dividends or make other current payments. Although the Funds have contractual protections with respect to the credit risk of their custodian, gold held in physical form (even in a segregated account) involves the risk of delay in obtaining the assets in the case of bankruptcy or insolvency of the custodian. This could impair disposition of the assets under those circumstances. In addition, income derived from trading in gold and certain

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contracts and derivatives relating to gold may result in negative tax consequences. Finally, although not currently anticipated, if gold in the future were held in a book account, it would involve risks of the credit of the party holding the gold.

Health Care Sector Risk — A Fund may invest in companies in the health care sector, including health care facility companies. Health care companies are subject to federal, state and local oversight regarding, as an example, licensing, certification, pharmaceutical distribution and provision of care. Health care companies are also dependent on the continued availability of government reimbursement programs (Medicaid, Medicare and Social Security) for revenues.

Health care companies may be subject to risks resulting from legislative or regulatory changes, adverse market conditions and/or increased competition affecting their share of the market. Due to the rapid pace of technological development, there is also a risk that the products or services developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also a risk that the products and services offered by these companies will not meet expectations or be sold in the marketplace.

High Yield Risk — The High Income Fund maintains a policy of concentrating its investments in high yield debt instruments. The other Funds may also invest in assets of this nature. Instruments with the lowest investment grade ratings are considered to have speculative characteristics. Certain debt instruments that have not been rated also are considered by the Adviser to be equivalent to below investment grade (often referred to as “high yield” or “junk” bonds). On balance, debt instruments that are below investment grade are considered predominately speculative with respect to the issuer’s capacity to pay interest and repay principal according to the terms of the obligation and, therefore, carry greater investment risk, including the possibility of default and bankruptcy. In the event of a high yield issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield bond holders, leaving few or no assets available to repay high yield bond holders. Prices of high yield instruments are subject to extreme price fluctuations and are likely to be less marketable and more adversely affected by economic downturns than higher-quality debt instruments. Adverse publicity and investors’ perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt instruments, especially in a thinly traded market. Analyses of the creditworthiness of issuers of lower-rated debt instruments may be more complex than for issuers of higher-rated instruments, and the ability of each Fund to achieve its investment objective may, to the extent of investment in lower-rated debt instruments, be more dependent upon such creditworthiness

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analyses than would be the case if this Fund were investing in higher-rated instruments.

Illiquid Investment Risk — Holding illiquid securities restricts or otherwise limits the ability for a Fund to freely dispose of its investments for specific periods of time. A Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including high yield or “junk” bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments.

Inflation/Deflation Risk — Although the Real Assets Fund is intended to provide a measure of protection against inflation, it is possible it will not do so to the extent intended. There is no guarantee that real assets will perform better than a broader equity portfolio during times of rising or high inflation. The Fund’s investments may be adversely affected to a greater extent than other investments during periods of deflation when asset prices decrease over time across the economy.

Infrastructure Risk — A Fund may invest in securities of companies that focus on infrastructure related activities, including utilities and transport companies. These securities are subject to various related risks, including but not limited to, supply and demand for infrastructure related services, the high investment costs of long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, political developments, changing interest rates which may affect infrastructure financing, difficulty raising capital, regulatory changes (and costs associated therewith) including, rate changes, inexperience with deregulation of certain industries, tax law changes, environmental issues, disruptions in commodities markets (e.g., volatility in oil prices), technological developments, threat of terrorism and catastrophic weather events.

Infrastructure-related companies may adversely affected by the spread of the coronavirus (“COVID-19”), which may cause decreased demand for infrastructure projects and delays or cancellations in infrastructure projects. The COVID-19 pandemic may affect certain infrastructure projects (for example, airports or toll-roads) more than others.

Large-Size Company Risk — A Fund may in invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are generally more mature than smaller companies. They also may have fewer new market opportunities for their

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products or services, may focus resources on maintaining their market share, and may be unable to respond quickly to new competitive challenges. As a result, the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small and medium-size companies, especially during extended periods of economic expansion. Each Fund (except the Small Cap Fund and the Smid Cap Fund) generally considers large companies to be companies with market capitalizations of $10 billion or greater. The Small Cap Fund considers large companies to be companies that have at the time of investment a market capitalization greater than that of the largest company in the Russell 2000® Index. The Smid Cap Fund considers large companies to be companies that have at the time of investment a market capitalization greater than that of the largest company in the Russell 2500TM Index.

LIBOR Risk — A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Inter-bank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for variable interest rate calculations. However, as a result of longstanding regulatory initiatives, LIBOR is being discontinued. Its discontinuation has affected and will continue to affect the financial markets generally and may also affect the Fund’s operations, finances and investments specifically. The date of discontinuation will vary depending on the LIBOR currency and tenor. In March 2021, the UK Financial Conduct Authority (the “FCA”), which is the regulator of the LIBOR administrator, announced that LIBOR settings will cease to be provided by any administrator or will no longer be representative after specified dates, which will be June 30, 2023, in the case of the principal U.S. dollar LIBOR tenors (overnight and one, three, six and 12 month), and December 31, 2021, in all other cases (i.e., one week and two month U.S. dollar LIBOR and all tenors of non-U.S. dollar LIBOR). Thus, many existing LIBOR contracts will transition to another benchmark after June 30, 2023 or, in some cases, have transitioned after December 31, 2021. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear. In the United States, there have been various efforts to identify a set of alternative reference interest rates for U.S. dollar LIBOR. The market has generally coalesced around recommendations from the Alternative Reference Rates Committee (the “ARRC”) convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The ARRC has recommended that U.S. dollar LIBOR be replaced by rates based on the Secured Overnight Financing Rate (“SOFR”) plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. As a consequence of the FCA announcement described above (and a related announcement from the LIBOR administrator), the spread adjustments for different tenors of U.S. dollar LIBOR have been set. The FCA and certain U.S. regulators have emphasized that,

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despite expected publication of U.S. dollar LIBOR through June 30, 2023, no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021 and that, for certain purposes, market participants should transition away from U.S. dollar LIBOR sooner. Although the foregoing reflects the likely timing and certain details and consequences of the LIBOR discontinuation, there is no assurance that LIBOR, of any particular currency and tenor, will continue to be published until any particular date or in any particular form. Financial markets, particularly the trading market for LIBOR-based obligations, may be adversely affected by the discontinuation of LIBOR, the remaining uncertainties regarding its discontinuation, the alternative reference rates that will be used when LIBOR is discontinued (including SOFR-based rates) and other reforms related to LIBOR. There is no assurance that SOFR-based rates, as modified by an applicable spread adjustment, will be the economic equivalent of U.S. dollar LIBOR. SOFR-based rates will differ from U.S. dollar LIBOR, and the differences may be material. As a result of the LIBOR discontinuation, the Fund’s performance or net asset value may be adversely affected. In addition, SOFR-based rates or other alternative reference rates may be an ineffective substitute for LIBOR, resulting in prolonged adverse market conditions for the Fund.

Market Risk — All securities may be subject to adverse market trends. The value and liquidity of a Fund’s portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and prices of individual securities and other investments at times may decline significantly and rapidly. This may cause a Fund’s portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of a Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If the a sells a portfolio position

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before it reaches its market peak, it may miss out on opportunities for better performance.

Micro-Size Company Risk — A Fund may (and the Small Cap Fund generally will) invest in micro-size companies, which historically have been more volatile in price than larger and small-size company securities, especially over the short term. Positions in micro-size companies, especially when the Fund is a larger holder of a micro-size company’s securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of micro-size companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of micro-size companies to changing economic conditions. The risks of investing in micro-size companies, while similar to those of small-size companies, may be more pronounced. Micro-size companies may have relatively lower revenues, limited product lines, a smaller share of the market for their products or services, higher risk of insolvency and may lack depth of management. Micro-size companies also may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established.

Mortgage- and Asset-Backed Securities Risk — Mortgage- and asset-backed securities are subject to risk of default on the underlying mortgages or assets, particularly during periods of economic downturn. Defaults on the underlying mortgages or assets may cause such securities to decline in value and become less liquid. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. As a result, in a period of rising interest rates, these securities may exhibit additional volatility. When interest rates decline or are low, borrowers may pay off their mortgage or other debts sooner than expected, which can reduce the returns of a Fund. A Fund may enter into mortgage dollar roll transactions and is subject to the risk that the market value of the securities that are required to be repurchased in the future may decline below the agreed upon repurchase price. They also involve the risk that the party to whom the securities are sold may become insolvent, limiting a Fund’s ability to repurchase securities at the agreed upon price.

Municipal Bond Risk — Like other bonds, municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors’ rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest. In the event of a default in the payment of interest and/or repayment of

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principal, a Fund may enforce its rights by taking possession of, and managing, the assets securing the issuer’s obligations on such securities. These actions may increase a Fund’s operating expenses. In addition, lawmakers may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. State or federal regulation with respect to a specific sector could impact the revenue stream for a given subset of the market. Municipal bonds may have lower overall liquidity than other types of bonds, and there may be less publicly available and timely information about the financial condition of municipal issuers than for issuers of other securities.

Natural Resources Risk — A Fund may invest in securities of companies that focus on natural resources. The securities of these companies may be negatively affected by a variety of factors, including but not limited to, natural disasters in natural resource areas, commodity price volatility, taxes and other government regulations, conservation efforts and other global political and economic developments. In addition, interest rates and general economic conditions may affect demand for natural resources. By way of example, man-made disasters and the liability for environmental disasters can have significant negative impact on the price of a company investing in natural resources. Additionally, other events occurring in nature (such as earthquakes or wildfires) and political events (such as coups or acts of terrorism) can affect overall supply of natural resources and the valuation of companies involved in natural resources space. Prices of precious metals have historically been volatile due to environmental, social and political factors. All of these factors may affect the Fund more acutely than if the Fund did not invest in companies investing in natural resources.

The rate of growth of companies involved in the natural resources sector may be irregular, as these companies are strongly affected by natural disasters, global economic cycles and international developments. By way of example, stock prices of energy companies can fall dramatically when oil prices fluctuate and stock prices of mining companies may be negatively affected by resource availability and governmental regulations.

New Fund Risk — A Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareholder approval and/or at a time that may not be favorable for certain shareholders. New Funds may not attract sufficient assets to achieve investment, trading or other efficiencies.

Options Risk — When trading options, a Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected. An option

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is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or on a specified date. Investments in options are considered speculative. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the implied volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events.

When a Fund purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a call or put option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

By writing put options, a Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. By writing a call option, a Fund may be obligated to deliver instruments underlying an option at less than the market price. In the case of an uncovered call option, there is a risk of unlimited loss. When an uncovered call is exercised, the Fund must purchase the underlying instrument to meet its call obligations and the necessary instruments may be unavailable for purchase. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised options.

By writing call and put options on underlying instruments, the returns of the options writing strategy will be determined by the performance of the underlying instrument.

If the underlying instrument appreciates or depreciates sufficiently over the period to offset the net premium received by the Fund, the Fund may incur losses. Increases in implied volatility of options may cause the value of an option to increase, even if the value of the underlying instrument does not

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change, which could result in a reduction in the Fund’s net asset value. In unusual market circumstances where implied volatility sharply increases or decreases causing options spreads to be significantly correlated to the underlying instrument, the Fund’s option writing strategy may not perform as anticipated. Prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including issuer-specific factors.

Other Investment Company Risk — To the extent a Fund invests in other investment companies, including money market funds and exchange-traded funds (“ETFs”), its performance will be affected by the performance of those other investment companies.

Investments in other investment companies are subject to the risks of the other investment companies’ investments. In addition, the Fund will pay a proportional share of the fees and expenses of the other investment companies in addition to its own fees and expenses and, as a result, shareholders will be subject to two layers of fees and expenses.

An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

Preferred Stock Risk — Unlike common stock, preferred stock generally pays a fixed dividend from a company’s earnings and may have a preference over common stock on the distribution of a company’s assets in the event of bankruptcy or liquidation.

Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for a Fund and may cause the preferred stock to lose substantial value.

Prepayment Risk — Certain instruments, especially mortgage-backed securities, for example, are susceptible to the risk of prepayment by borrowers. During a period of declining interest rates, homeowners may refinance their high rate mortgages and prepay the principal. Cash from these prepayments flows through to prepay the mortgage-backed securities,

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necessitating reinvestment in other assets, which may lower returns. Asset-backed securities, which are subject to risks similar to those of mortgage-backed securities, are also structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property and receivables from credit card agreements. The market for mortgage-backed and asset-backed instruments may be volatile and limited, which may make them difficult to buy or sell.

Real Assets Companies Risk — The Real Assets Fund will invest in companies operating in various industries related to real assets. To the extent there is a downturn in one or more of these industries, there would be a larger impact on the Fund than if the Fund’s portfolio were more broadly diversified. Factors that may affect these industries include, but are not limited to, government regulation or deregulation, energy conservation and supply/demand, raw material prices, commodities regulation, cost of transport, cost of labor, interest rates, and broad economic developments such as growth or contraction in different markets, currency valuation changes and central bank movements.

Real Estate Industry Risk — A Fund may invest in real estate investment trusts (“REITs”), which are subject to risks affecting the real estate industry. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and/or to maintain exemptions from the 1940 Act. A Fund’s investments in REITs present certain further risks that are unique and in addition to the risks associated with investing in the real estate industry in general. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future.

Repurchase Agreements Risk — A Fund may enter into certain types of repurchase agreements, primarily as a cash management strategy. In entering into a repurchase agreement transaction, the Fund purchases securities or other obligations from a bank or securities dealer and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the purchased obligations. A Fund will enter into repurchase agreements only with counterparties that the Adviser believes present acceptable credit risks. If the market value of the underlying obligations of a repurchase agreement declines, the counterparty must provide additional

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collateral so that at all times the value of the collateral is greater than the repurchase price of the underlying obligations. Should a counterparty become insolvent or otherwise default, there could be a delay before the Fund is able to liquidate the collateral, which would subject the collateral and the Fund to market risk during that period.

Small and Medium-Size Company Risk — In addition to investments in larger companies, each Fund may (and the Small Cap Fund and Smid Cap Fund will) invest in smaller and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when the Fund is a large holder of a small company’s securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. Each Fund (except the Small Cap Fund and Smid Cap Fund) generally considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion. The Small Cap Fund considers small companies to be companies that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2000® Index. The Smid Cap Fund considers small and medium-size companies to be companies that have at the time of investment a market capitalization not greater than that of the largest company in the Russell 2500TM Index.

Sovereign Debt Risk — A Fund may invest in sovereign debt. Investment in sovereign debt can involve a high degree of risk. Legal protections available with respect to corporate issuers (e.g., bankruptcy, liquidation and reorganization laws) do not generally apply to governmental entities or sovereign debt. Accordingly, creditor seniority rights, claims to collateral and similar rights may provide limited protection and may be unenforceable. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A government entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity’s policy toward the International Monetary Fund, and the

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political constraints to which a governmental entity may be subject. A Fund may have limited recourse to compel payment in the event of a default.

Subsidiary Risk — By investing in its Subsidiary, each of the Global Fund, Overseas Fund, U.S. Value Fund, Gold Fund and Real Assets Fund are indirectly exposed to the risks associated with that Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and are not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or a Subsidiary to operate as expected and could adversely affect the Fund.

Swaps Risk — The use of swaps is a highly specialized activity that involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. These transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from a Fund’s direct investments in the reference assets.

Transactions in swaps can involve greater risks than if a Fund had invested directly in the reference asset. Because they are two-party contracts and because they may have terms of greater than seven days, certain swap transactions may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a swap counterparty. Some swaps may be complex and difficult to value. Swaps may also be subject to pricing or “basis” risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

The prices of swaps can be very volatile, and a variance in the degree of volatility or in the direction of the price of the reference asset from the Adviser’s expectations may produce significant losses in a Fund’s investments in swaps. In addition, a perfect correlation between a swap and an investment position may be impossible to achieve. As a result, a Fund’s use of swaps may not be effective in fulfilling a Fund’s investment strategies and may contribute to losses that would not have been incurred otherwise.

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Telecommunications Industry Risk — A Fund may invest in telecommunications companies. Telecommunication companies are primarily engaged in the development, manufacturing or provision of communications services or equipment, including cable, satellite, radio, telephone and communication mediums. Risks associated with telecommunications companies include government regulation of rates and prices, anti-trust considerations, competition, rapid obsolescence and changes in consumer tastes. The telecommunications industry is subject to government regulation and greater overall price volatility than the overall market. Telecommunications companies may experience distressed cash flows due to increasing capital expenditures to meet increasing competition, particularly in launching new projects and services using new technology. Certain telecommunications companies in the United States are subject to both state and federal regulations affecting permitted rates of return and types of services that may be offered, which can affect the prices companies can charge and their profits as a result.

Utilities Industry Risk — A Fund may invest in securities of companies in the utilities sector. Securities in the utilities industry can be volatile and affected significantly by supply and demand for services or fuel, government regulation, including rate regulations and conversation programs, commodity price volatility, interest rate changes and other financing considerations. Additionally, climate change or man-made disasters may have a catastrophic impact on existing plants and equipment of utility companies. When interest rates increase, the value of securities issued by utility companies have historically decreased. In most countries and localities, the utilities industry is regulated by governmental entities, which may increase costs and delays for new projects, as well as making it difficult to pass costs on to consumers. In certain areas, the deregulation of utilities has resulted in increased competition and decreased profitability. Reduced profitability, as well as new uses for or additional need for capital, may reduce dividend payout rates for utility companies. Additionally, utility companies face the risk of increasing costs and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially higher interest costs for borrowing to finance new projects.

Value Investment Strategy Risk — An investment strategy that employs a “value” approach may pose a risk to a Fund that such investment strategy may not be successfully achieved. In any Fund, an investment made at a perceived “margin of safety” or “discount to intrinsic or fundamental value” can trade at prices substantially lower than when an investment is made, so that any perceived “margin of safety” or “discount to value” is no guarantee against loss. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. In such an event, a Fund’s

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investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to “value” securities presents the risk that such securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security’s true value or because the Adviser misjudged that value.

Warrants and Rights Risk — Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. They have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. If a warrant or right held by a Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant or right.

Defensive Investment Strategies

The Funds have the flexibility to respond promptly to changes in market and economic conditions. For example, a defensive strategy may be warranted during periods of unfavorable market or economic conditions, including periods of market turbulence or periods when prevailing market valuations are higher than those deemed attractive under the investment criteria generally applied on behalf of the Funds. Under a defensive strategy, the Funds may hold cash and/or invest up to 100% of their assets in high quality debt securities or money market instruments of U.S. or foreign issuers. In such a case, a Fund may not be able to pursue, and may not achieve, its investment objective. It is impossible to predict whether, when or for how long a Fund will employ defensive strategies.

Disclosure of Portfolio Holdings

A description of the Funds’ policies and procedures with respect to disclosure of their portfolio securities is available in the Funds’ Statement of Additional Information (in the section titled Disclosure of Portfolio Holdings), which is available to you without charge. Top position holdings (generally either top 10 or top five depending on the concentration represented), as well as certain statistical information relating to portfolio holdings such as region or sector breakdowns, for the Funds are posted to the website on a monthly basis within 15 days after the end of each month. These postings can be located behind the Portfolio tab on each Fund’s page of the website and generally are available for

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at least 30 days from their date of posting. Certain archived top holding postings are also available.

Fund Indices

The Average Annual Total Returns tables earlier in this Prospectus illustrate how each Fund’s average annual returns for different calendar periods compare to the returns of one of the specified indices. Performance history for the Smid Cap Fund will be included after the Fund has been in operation for one calendar year. These indices are not available for purchase. Additional information on each is set out below.

The MSCI World Index captures large- and mid-cap representation across 23 developed markets countries. Developed markets countries include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the U.S. With 1,517 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada.

The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested.

The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, and includes dividends reinvested.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

The Bloomberg U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends

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reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations.

The Russell 2000® Value Index is a widely followed, unmanaged index that measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index is completely reconstituted annually.

The Russell 2000® Index is a widely followed, unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is completely reconstituted annually.

The Russell 2500TM Value Index is a widely followed, unmanaged index that measures the performance of the small- to mid-cap value segment of the U.S. equity universe, commonly referred to as “smid” cap. It includes those Russell 2500TM companies with relatively low price-to-book ratios and lower forecasted growth values. The Russell 2500TM Value Index is completely reconstituted annually.

The Russell 2500TM Index is a widely followed, unmanaged index that measures the performance of the smid cap segment of the U.S. equity universe. The Russell 2500TM Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500TM Index is completely reconstituted annually.

The Consumer Price Index for Urban Consumers (CPI-U) is a measurement of changes in the cost of living, and is comprised of components such as housing, food transportation, and energy. It is calculated monthly by the U.S. Bureau of Labor Statistics and covers approximately 93% of the total U.S. population.

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The Adviser

The Adviser of each Fund is First Eagle Investment Management, LLC, a subsidiary of First Eagle Holdings, Inc. (“FE Holdings”). Based in New York City since 1937, FE Holdings, formerly Arnhold and S. Bleichroeder Holdings, Inc., traces its heritage to the German banking house Gebr. Arnhold, founded in Dresden in 1864. A controlling interest in FE Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company (“BCP CC Holdings GP”), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV Financial Services Capital Partners L.P. (“Corsair IV”), respectively. BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. (“Blackstone”) and Corsair Capital LLC (“Corsair”), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in FE Holdings and the Adviser through BCP CC Holdings. The Adviser offers a variety of investment management services. In addition to the Funds, its clients include the First Eagle Variable Funds, First Eagle Credit Opportunities Fund, other pooled vehicles, corporations and major retirement plans. As of December 31, 2022, the Adviser had over $81.7 billion under management. The Adviser’s address is 1345 Avenue of the Americas, New York, NY 10105.

Matthew McLennan, Kimball Brooker, Jr., Manish Gupta and Julien Albertini manage Global Fund. Matthew McLennan, Kimball Brooker, Jr., Christian Heck and Alan Barr manage Overseas Fund. Matthew McLennan, Kimball Brooker, Jr., Matthew Lamphier and Mark Wright manage U.S. Value Fund. Thomas Kertsos and Max Belmont manage Gold Fund. Kimball Brooker, Jr., Edward Meigs, Sean Slein, Julien Albertini and Idanna Appio manage Global Income Builder Fund. Edward Meigs and Sean Slein manage High Income Fund. Julien Albertini, Manish Gupta and Christian Heck manage Rising Dividend Fund. William A. Hench, Robert Kosowsky and Suzanne Franks manage Small Cap Fund and Smid Cap Fund. Benjamin Bahr, John Masi, George Ross and David Wang manage Real Assets Fund. Their professional backgrounds are below.

Matthew McLennan, Co-Head of the First Eagle Global Value Team, manages Global Fund, Overseas Fund and U.S. Value Fund. Mr. McLennan joined the Adviser in September 2008 after having held various senior positions with Goldman Sachs Asset Management in London and New York. While at his predecessor firm for over fourteen years, Mr. McLennan was Chief Investment Officer of a London-based investment team from 2003 to 2008 where he was responsible for managing a focused value-oriented global equity product and held positions from 1994 to 2003 that included portfolio management and

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investment analyst responsibilities for small-cap and mid-cap value equity portfolios.

Kimball Brooker, Jr., Co-Head of the First Eagle Global Value Team, manages Global Fund, Overseas Fund, U.S. Value Fund and Global Income Builder Fund. Mr. Brooker joined the Adviser in January 2009 and is also a member of the First Eagle Global Value Team. For the three years prior to that, Mr. Brooker was Chief Investment Officer of Corsair Capital.

Julien Albertini manages Global Income Builder Fund and Rising Dividend Fund. He joined the Adviser in 2013 and is also a member of the First Eagle Global Value Team. Prior to that, Mr. Albertini worked in various roles at various financial institutions, most recently Tiger Veda LP.

Idanna Appio manages Global Income Builder Fund. She joined the Adviser in September 2015. Prior to that, Ms. Appio was the deputy head of the Global Economic Analysis department at the Federal Reserve Bank of New York. Prior to the NY Fed, she was a sovereign analyst at Brown Brothers Harriman.

Benjamin Bahr manages Real Assets Fund. He joined the Adviser in 2015 and is also a senior research analyst. Prior to that, Mr. Bahr was a research analyst at AllianceBernstein, where he covered telecommunication services and utilities for the firm’s value strategies. Previously, he worked as an investment banking analyst at Deutsche Bank Securities.

Alan Barr manages Global Fund. He joined the Adviser as a research analyst in March 2001. Prior to that, he spent four years as an equity research analyst at PNC Bank and, before then, seven years as an equity research analyst at Rittenhouse Financial Services.

Max Belmont manages Gold Fund. He joined the Adviser in 2014 and is also a member of First Eagle’s Global Value Team. Prior to that, Mr. Belmont was an equities trader at Tradestar Capital.

Suzanne Franks manages Small Cap Fund and Smid Cap Fund. She joined the Adviser in April 2021. Ms. Franks is Associate Portfolio Manager of the U.S. Small Cap Fund strategy. Prior to joining the Adviser in April 2021, Ms. Franks was assistant portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners. Before that she founded Vivid Research Inc., an independent research boutique focused on companies facing opportunistic or event-driven catalysts. Previously, she was a principal and portfolio manager at Opportunity Research Group.

Manish Gupta manages Global Fund and Rising Dividend Fund. He joined the Adviser in 2009. Mr. Gupta is a senior research analyst covering technology

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and is also a member of the First Eagle Global Value Team. Prior to that, Mr. Gupta was an equity research analyst at Cantillon Capital Management.

Christian Heck manages Overseas Fund and Rising Dividend Fund. He joined the Adviser in 2013. Mr. Heck is a Portfolio Manager of the First Eagle International Value strategy and is also associate director of research for First Eagle’s Global Value Team. Prior to that, Mr. Heck was a research analyst at Paradigm Capital.

William A. Hench manages Small Cap Fund and Smid Cap Fund. He joined the Adviser in April 2021. Mr. Hench is head of the Small Cap Fund Team and is the portfolio manager of the U.S. Small Cap Fund strategy. Prior to joining the Adviser in April 2021, Mr. Hench was portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners, where he worked for 18 years. Before that, he spent 10 years in the institutional equity business in Boston and New York, most recently with JP Morgan.

Thomas Kertsos manages Gold Fund. He joined the Adviser in May 2014 and is also a member of the First Eagle Global Value Team. Prior to that, Mr. Kertsos worked as an analyst at Fidelity Management & Research.

Robert Kosowsky manages Small Cap Fund and Smid Cap Fund. He joined the Adviser in April, 2021. Mr. Kosowsky is Associate Portfolio Manager of the U.S. Small Cap strategy. Prior to joining the Adviser in April 2021, Mr. Kosowsky was assistant portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners. Before that he held various analyst roles at Sidoti & Company, OFI Institutional Asset Management, Ballentine Partners and Thomson Financial.

Matthew Lamphier manages U.S. Value Fund. He joined the Adviser in May 2007 and is also a member of the First Eagle Global Value Team. Prior to that, Mr. Lamphier worked as a research analyst at various financial institutions, most recently, Trilogy Global Advisors.

John Masi manages Real Assets Fund. He joined the Adviser in 2012 and is also a senior research analyst. Prior to that, Mr. Masi was a research analyst at Rudman Capital.

Edward Meigs manages Global Income Builder Fund and High Income Fund. He joined the Adviser in 2011. Prior to serving as Portfolio Manager, Mr. Meigs held various portfolio management positions at Dwight Asset Management, LLC, the investment adviser to the predecessor fund to the High Income Fund, since 2001, where he managed the predecessor fund since its inception.

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Fund Management

George Ross manages Real Assets Fund. He joined the Adviser in 2003 and is also portfolio manager of the Capital Income Strategy. Prior to that, Mr. Ross worked as a software engineer for I-Deal LLC and Reuters.

Sean Slein manages Global Income Builder Fund and High Income Fund. He joined the Adviser in 2011. Prior to serving as Portfolio Manager, Mr. Slein held various portfolio management positions at Dwight Asset Management, LLC, the investment adviser to the predecessor fund to the High Income Fund, since 2001, where he managed the predecessor fund since its inception.

David Wang manages Real Assets Fund. He joined the Adviser in 2017 and is also a research analyst. Prior to that, Mr. Wang was a research associate at Dodge & Cox where he covered energy industrials and health care services.

Mark Wright manages U.S. Value Fund. He joined the Adviser in July 2007. Prior to that, Mr. Wright was a Senior Analyst for Investment Banking at Dresner Capital Resources and, subsequently, spent 11 years at Morningstar as a Senior Analyst, Finance Consultant and Director of Tools & Portfolio Content.

Additional information regarding these portfolio managers’ compensation, other accounts managed and ownership of securities in the First Eagle Funds is available in the Statement of Additional Information. The portfolio managers are supported in their duties by a team of investment professionals employed by the Adviser. Also available in the Statement of Additional Information is certain background information regarding these investment professionals.

Pursuant to an advisory agreement with the Funds, the Adviser is responsible for the management of each of the Funds’ portfolios. In return for its investment management services, each Fund pays the Adviser a fee at the annual rate of the average daily value of its net assets as follows:

 

 

 

Management Fee

Global Fund

 

 

 

0.75

%

 

 

Overseas Fund

 

 

 

0.75

%

 

 

U.S. Value Fund

 

 

 

0.75

%*

 

 

Gold Fund

 

 

 

0.75

%

 

 

Global Income Builder Fund

 

 

 

0.75

%

 

 

High Income Fund

 

 

 

0.45

%**

 

 

Rising Dividend Fund

 

 

 

0.50

%***

 

 

Small Cap Fund

 

 

 

0.85

%****

 

 

Smid Cap Fund

 

 

 

0.75

%*****

 

 

Real Assets Fund

 

 

 

0.65

%******

 

 

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*

 

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 Fund’s net assets for the period through February 29, 2024. This agreement may not be terminated during its term without the consent of the Board of Trustees. 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%.

 

**

 

The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The High Income Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.94%, 1.69%, 0.69%, 1.04%, 0.79%, 0.69% and 0.69% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

 

***

 

The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I, R3, R4, R5 and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Rising Dividend Fund has agreed that each of Classes A, C, I, R3, R4, R5 and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.90%, 1.65%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

 

****

 

The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.25%, 1.00% and 1.00% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

 

*****

 

The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes,

152First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Fund Management

 

 

 

brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.20%, 0.95% and 0.95% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

 

******

 

The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 29, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Real Assets Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreements with them, the Funds (other than the Global Income Builder Fund and the High Income Fund) reimburse the Adviser for costs (including personnel, related overhead and other costs) related to those services. Those reimbursements may not exceed an annual rate of 0.05% of the value of a Fund’s average daily net assets. Each of the Global Income Builder Fund and the High Income Fund pays a fee to the Adviser related to those services. The fee is an annual rate of 0.05% of the value of each of the Global Income Builder Fund’s and the High Income Fund’s average daily net assets. These fees and reimbursements comprise a portion, and sometimes a substantial portion, of each Fund’s “Other Expenses” in the fees and expenses tables at the beginning of this Prospectus.

Expense ratios are subject to change in response to changes in a Fund’s average net assets or for other reasons. A decline in average net assets can be expected to increase the impact of operating expenses.

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Approval of Advisory Agreement

A discussion regarding the basis of the Funds’ Board of Trustees’ (“Board of Trustees”) approval of the Advisory Agreement between the Funds and the Adviser is available in the Annual or Semi-Annual Report to shareholders for financial reporting periods in which the Advisory Agreement was acted upon by the Board of Trustees.

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About Your Investment

Investing requires a plan. Whether you invest on your own or use the services of a financial professional, you should create a strategy designed to meet your short-term and long-term financial goals.

How to Purchase Shares

The minimum initial and subsequent investment amounts generally required for share classes of each Fund are included in the table below. These amounts may be met by combining your investments in any share class of a Fund with your investments in any share of any closed-end interval fund for which First Eagle Investment Management, LLC serves as investment adviser (“Eligible Fund”). If you invest through a financial intermediary, your financial intermediary may establish higher or lower minimum initial and subsequent investment amounts.

 

 

 

 

 

Minimum Investments

 

Initial*

 

Subsequent

First Eagle Global Fund

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

First Eagle Overseas Fund

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

See footnotes on page 157.

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About Your Investment

 

 

 

 

 

Minimum Investments

 

Initial*

 

Subsequent

First Eagle U.S. Value Fund

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

First Eagle Gold Fund

 

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

First Eagle Global Income Builder Fund

 

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

First Eagle High Income Fund

 

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

See footnotes on next page.

156First Eagle Funds  |  Prospectus  |  March 1, 2023


 

About Your Investment

 

 

 

 

 

Minimum Investments

 

Initial*

 

Subsequent

First Eagle Rising Dividend Fund

 

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class C

 

 

 

2,500

 

 

 

 

100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R3

 

 

 

None

 

 

 

 

None

 

 

Class R4

 

 

 

None

 

 

 

 

None

 

 

Class R5

 

 

 

None

 

 

 

 

None

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

First Eagle Small Cap Opportunity Fund

 

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

 

 

 

 

First Eagle U.S. Smid Cap Opportunity Fund

 

Class A

 

 

 

$2,500

   

 

 

$100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R6

 

 

 

None

   

 

 

None

 

 

 

 

 

 

 

First Eagle Global Real Assets Fund

 

Class A

 

 

 

$2,500

 

 

 

 

$100

 

 

Class I

 

 

 

1,000,000

**

 

 

 

 

100

 

 

Class R6

 

 

 

None

 

 

 

 

None

 

 

 

*

 

Minimum initial investment is $1,000 for Class A and Class C shares in an individual retirement account (instead of $2,500 as is otherwise required).

 

**

 

The minimum may be waived for Class I shares for certain wrap fee programs if approved by FEF Distributors, LLC and for certain intermediaries that have entered into a relevant agreement with FEF Distributors, LLC. With respect to the High Income Fund, the minimum also will be waived for certain legacy investors who were invested in the Old Mutual High Yield Fund, the predecessor fund to the High Income Fund. With respect to the Small Cap Fund, the minimum also may be waived for certain former shareholders of investment vehicles formerly managed by the same portfolio management team as the Small Cap Fund.

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About Your Investment

The Trust typically does not offer or sell its shares to non-U.S. residents. For purposes of this policy, a U.S. resident is defined as an account with (i) a U.S. address of record (including Army Post Office (APO), Fleet Post Office (FPO) and Diplomatic Post Office (DPO) addresses) and (ii) all account owners residing in the United States at the time of sale. Any existing account that is updated to reflect a non-U.S. address may also be restricted from making additional investments. “Starter” checks and third-party checks will not be accepted for purposes of purchasing shares, but third-party checks may be accepted in connection with individual retirement account rollovers. Third-party transactions, except those for the benefit of custodial accounts or participants in employee benefit plans, are not permitted. The Trust reserves the right to waive the initial minimum investment amounts, at the discretion of the principal underwriter, for certain investors, including Trust employees and trustees, and employees and officers of the Adviser and its affiliates. A Fund’s shares may be purchased through authorized dealers or, in limited circumstances, through the Funds’ transfer agent, DST Systems Inc. (“DST” or the “Transfer Agent”). A completed and signed application is required to open an account with the Funds. If there is no application accompanying this Prospectus, please call 800.334.2143 to obtain one.

FEF Distributors, LLC (“FEF Distributors” or the “Distributor”), the Funds’ principal underwriter (and a subsidiary of the Adviser), reserves the right to limit the purchase of a Fund’s shares when it is in the best interest of the Fund.

The Trust and the Distributor reserve the right to refuse any share purchase order for any reason they deem appropriate. For example, the Trust or Distributor may reject purchase orders due to nonpayment, and they may refuse orders from investors identified as money-laundering risks and those responsible for potentially disruptive trading practices, such as “market timing.” Share purchases are not binding on the Trust or the Distributor (and accordingly may be rejected) until they are confirmed as paid by the Transfer Agent. All payments must be made in U.S. dollars, and all checks must be drawn on U.S. banks.

Cash or cash equivalents (such as travelers’ checks, cashiers’ checks, bankers’ “official checks” or money orders) will generally not be accepted, however certain cash equivalents will be permitted for IRA transfers and retirement asset rollovers. As a condition of this offering, if an investor’s purchase is canceled due to nonpayment or because his or her check or Automated Clearing House (“ACH”) transfer does not clear, the investor will be responsible for any loss a Fund may incur as a result thereof. In limited circumstances, completed purchases also may be cancelled when the Distributor or Transfer Agent receives satisfactory instructions that a trade order was placed in error.

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About Your Investment

Anti-Money Laundering Compliance

The Trust and the Distributor are required to comply with various anti-money laundering laws and regulations. Consequently, the Trust or the Distributor may request additional information from you to verify your identity and source of funds. For individual investors, such information typically will include name, address, date of birth, and Social Security number. Such information also may include requests for documents such as driver’s license or other government-issued identification. For entity investors, such information typically will include name, principal business address, taxpayer identification number, corporate documents such as articles of incorporation, trust or partnership agreements, by-laws and similar documents, and also may include requests for documents confirming the authority and identity of those having control over the entity or its trading.

If the Trust or Distributor believes the information submitted does not provide adequate identity verification, it reserves the right to reject the establishment of your account or close the account at its current net asset value. If, at any time, the Trust believes an investor may be involved in suspicious activity, or if certain account information matches data on government lists of suspicious persons, the Trust or Distributor may choose to prohibit the establishment of a new account for the purchase of Fund shares or may be required to “freeze” an account. They also may be required to provide a governmental agency or another financial institution with information about transactions that have occurred in a shareholder’s account or to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing account to a governmental agency. In some circumstances, the law may not permit the Trust or the Distributor to inform the investor it has taken the actions described above.

How Fund Share Prices Are Calculated

Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. Net asset value for purchase or sale orders which are received by each Fund on any business day before the close of regular trading on the NYSE will be calculated as of that same day. If the purchase or sale request is received on a business day after the close of regular trading on the NYSE, or on a non-business day (weekend or financial market holiday), net asset value will be calculated as of the close of regular trading on the next business day. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. Because the Funds may invest in securities listed on foreign exchanges that may trade on weekends or other days when the Funds do not

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About Your Investment

price their shares, the Funds’ share values may change on days when shareholders will not be able to purchase or redeem shares.

The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be “fair valued” in accordance with procedures approved by the Board of Trustees. Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund’s foreign holdings therefore may differ on occasion from reported market values. The Board and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.

The Distributor may authorize certain dealers to receive on its behalf purchase and redemption orders (“authorized dealers”). In turn, these authorized dealers may designate other intermediaries to receive purchase and redemption orders on the Distributor’s behalf (“designated intermediaries”). Orders for shares received by DST, authorized dealers, or designated intermediaries prior to the close of trading on the NYSE will be processed based on that day’s net asset value determined as of the close of trading on the NYSE that day. If an order is received by DST, an authorized dealer, or a designated intermediary after the close of the NYSE, it will be priced the next day the NYSE is open for trading.

Purchases Through Dealers and Financial Intermediaries

You may purchase a Fund’s shares from selected securities dealers with whom the Distributor has sales agreements. You also may obtain additional new account applications from such authorized dealers. For a list of authorized dealers, please contact the Distributor at 800.747.2008. Authorized dealers and financial services firms are responsible for promptly transmitting purchase orders to the Fund’s Transfer Agent and for monitoring applicable breakpoint or sales charge reductions for their accounts. Certain broker-dealers or

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About Your Investment

financial services firms may purchase shares at their net asset value, without a sales commission, and charge investors a transaction charge or other advisory fee through a wrap-fee or similar program.

Class A shares of each Fund are sold with a front-end sales commission and a Rule 12b-1 annual distribution fee. Class C shares of each Fund are sold with a “level-load” (consisting of a Rule 12b-1 annual distribution fee and annual service fee). Class I shares of each Fund are made available primarily to investors purchasing through a fee-based program with their investment adviser or broker-dealer, through a group retirement plan in which they participate, or, for certain investors, by direct purchases through the Transfer Agent in quantities of $1 million or more. Class I shares may also be available on certain brokerage platforms (pursuant to a relevant agreement with FEF Distributors). An investor transacting in Class I shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker. Class R3, Class R4, Class R5 and Class R6 shares of each Fund are sold primarily to group retirement plans. (Class R6 shares may be available to non-group retirement plans through certain fee-based platforms that have entered into an agreement with FEF Distributors.) Class R3 shares of each Fund are sold with a Rule 12b-1 annual distribution fee and annual service fee. Class R4 shares of each Fund are sold with a Rule 12b-1 annual service fee.

Authorized dealers and financial services firms may impose a charge for handling purchase transactions and may have particular requirements concerning purchases. Contact your authorized dealer or financial services firm for more information.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly through the Transfer Agent or through an authorized dealer or other financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load waivers. In all instances, it is the purchaser’s responsibility to notify the Fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares through another intermediary to receive these waivers or discounts. See the Appendix to this Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms for more information.

If you purchase any Fund shares through a broker-dealer or other financial intermediary (such as a bank), each Fund and its related companies may pay

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About Your Investment

the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary’s website for more information.

Public Offering Price of Class A Shares

The public offering price of Class A shares equals the net asset value per share plus a sales charge. The Class A sales charges* for each Fund, except the Global Income Builder Fund and the High Income Fund, are as follows:

 

 

 

 

 

 

 

Class A Shares Dollars Invested

 

Sales Charge as a Percentage of

 

Dealer Allowance
As a Percentage
of Offering Price

 

Offering Price

 

Net Amount
Invested

 

Less than $25,000

 

 

 

5.00

%

 

 

 

 

5.26

%

 

 

 

 

4.50

%

 

 

$25,000 but less than $50,000

 

 

 

4.50

 

 

 

 

4.71

 

 

 

 

4.25

 

 

$50,000 but less than $100,000

 

 

 

4.00

 

 

 

 

4.17

 

 

 

 

3.75

 

 

$100,000 but less than $250,000

 

 

 

3.25

 

 

 

 

3.36

 

 

 

 

3.00

 

 

$250,000 but less than $500,000

 

 

 

2.50

 

 

 

 

2.56

 

 

 

 

2.25

 

 

$500,000 but less than $1,000,000

 

 

 

1.50

 

 

 

 

1.52

 

 

 

 

1.25

 

 

$1,000,000 and over**

 

 

 

0.00

 

 

 

 

0.00

 

 

 

 

0.00

 

 

The Class A sales charges* for the Global Income Builder Fund are as follows:

 

 

 

 

 

 

 

Class A Shares Dollars Invested

 

Sales Charge as a Percentage of

 

Dealer Allowance
As a Percentage
of Offering Price

 

Offering Price

 

Net Amount
Invested

 

Less than $25,000

 

 

 

5.00

%

 

 

 

 

5.26

%

 

 

 

 

4.50

%

 

 

$25,000 but less than $50,000

 

 

 

4.50

 

 

 

 

4.71

 

 

 

 

4.25

 

 

$50,000 but less than $100,000

 

 

 

4.00

 

 

 

 

4.17

 

 

 

 

3.75

 

 

$100,000 but less than $250,000

 

 

 

3.25

 

 

 

 

3.36

 

 

 

 

3.00

 

 

$250,000 and over**

 

 

 

0.00

 

 

 

 

0.00

 

 

 

 

0.00

 

 

The Class A sales charges* for the High Income Fund are as follows:

 

 

 

 

 

 

 

Class A Shares Dollars Invested

 

Sales Charge as a Percentage of

 

Dealer Allowance
As a Percentage
of Offering Price

 

Offering Price

 

Net Amount
Invested

 

Less than $100,000

 

 

 

4.50

%

 

 

 

 

4.71

%

 

 

 

 

4.00

%

 

 

$100,000 but less than $250,000

 

 

 

3.50

 

 

 

 

3.63

 

 

 

 

3.00

 

 

$250,000 and over**

 

 

 

0.00

 

 

 

 

0.00

 

 

 

 

0.00

 
 

*

 

Information relating to sales charges is available at www.firsteagle.com/individuals-home.

 

**

 

See the following section titled Class A Contingent Deferred Sales Charge.

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The Distributor re-allows discounts to selected dealers with whom it has sales agreements and is entitled to retain the balance over dealer discounts. The Distributor may re-allow the entire sales load, and, as described in Distribution and/or Shareholder Services Expenses, may provide additional promotional incentives to dealers selling a Fund’s shares. In some instances, the entire reallowance or incentive may be offered only to certain dealers that have sold or may sell significant amounts of a Fund’s shares. Authorized dealers to whom substantially the entire sales charge is reallowed may be deemed to be underwriters, according to the definition under the Securities Act of 1933.

Class A shares of each Fund also carry a Rule 12b-1 annual 0.25% distribution fee. Because the Rule 12b-1 fee is paid from your investment on an ongoing basis, over time these fees ultimately may cost more than paying other types of sales charges. The distribution plans and agreements adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act are described in Distribution and/or Shareholder Services Expenses.

Class A is closed to new investors who purchase shares directly through the Transfer Agent (without the use of an intermediary).

Class A Contingent Deferred Sales Charge

There is no initial sales charge on purchases of Class A shares of one or more of the Global Fund, Overseas Fund, U.S. Value Fund, Gold Fund, Rising Dividend Fund, Small Cap Fund, Smid Cap Fund and Real Assets Fund aggregating $1 million or more. There is no initial sales charge on purchases of Class A shares of one or more of the Global Income Builder Fund and High Income Fund aggregating $250,000 or more. The Distributor may pay dealers of record “finder’s fee” commissions of up to 1.00% of purchases of Class A shares not previously subject to a front-end sales charge or dealer commission paid by the investor.***

These finder’s fee commissions will be paid with respect to (i) purchases aggregating (on a single trade date) $1 million or more ($250,000 or more for the Global Income Builder Fund and High Income Fund) by any “person,” which term includes any account having the same mailing address or tax identification number; (ii) accounts with completed letters of intention of $1 million or more ($250,000 or more for the Global Income Builder Fund and High Income Fund); and (iii) certain group retirement plans investing through an omnibus account making any single purchase of Class A shares of $1 million or more ($250,000 or more for the Global Income Builder Fund and High Income Fund). Subsequent purchases will need to aggregate $1 million or more

  

***Dealers

 

 

 

should call the Distributor at 800.747.2008 to discuss the further terms that apply to this commission.

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($250,000 or more for the Global Income Builder Fund and High Income Fund) to be eligible for this commission (and appropriate documentation will be required to verify additional aggregations).

Finder’s fee commissions also may be paid under certain other circumstances. Your dealer will advise you if any such commissions are paid with respect to your account. If you redeem any shares as to which such a finder’s fee commission was paid within 18 months of the end of the calendar month of their purchase, a contingent deferred sales charge (called the “Class A contingent deferred sales charge”) may be deducted from the redemption proceeds. The Class A contingent deferred sales charge will not exceed 1.00% of the lesser of (i) the aggregate net asset value of the redeemed shares at the time of redemption (excluding shares purchased with reinvested distributions), or (ii) the original net asset value of the redeemed shares.

If you are investing through a retirement plan, your plan administrator can advise you whether such a finder’s fee commission has been charged against the plan. If so, the plan may be subject to the Class A contingent deferred sales charge if fully redeemed within 18 months of the end of the calendar month of the relevant share purchase.

In determining whether a Class A contingent deferred sales charge is payable when shares are redeemed, shares that are not subject to the sales charge, including those purchased with reinvested distributions, will be redeemed first. The remaining shares will be redeemed in the order in which you purchased them.

The Class A contingent deferred sales charge is not charged on Class A exchanges. However, if the shares acquired by exchange are redeemed within 18 calendar months of the end of the calendar month in which the exchanged shares were originally purchased, then the Class A contingent deferred sales charges will apply.

Reducing the Sales Charge

As the table in Public Offering Price of Class A Shares shows, larger investments in Class A shares of a Fund will reduce the sales charge on the investment, resulting in what are frequently called sales charge “breakpoints.” Not all terms are available through all of the Fund’s authorized dealers or other intermediaries. To claim a breakpoint or other reduced sales charge, notify your dealer, the Distributor or DST at the time of purchase that one of the following applies (including, if relevant, the existence of all accounts or balances applicable to the calculation of any breakpoints or other sales charge reductions):

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About Your Investment

 

 

Aggregation. The sales charge schedule applies to the total amount invested in Class A shares by any “person,” which, for purposes of calculating sales charges, includes any account having the same mailing address or tax identification number. Therefore, if you purchase shares for several accounts at the same time, you may combine these investments into a single transaction to reduce the applicable sales charge. You may not combine individual accounts with corporate/partnership accounts for purposes of reducing the sales charge.

 

 

Rights of Accumulation. If you already are a shareholder of a First Eagle Fund or a closed-end interval fund for which the Adviser is the investment adviser (“Eligible Fund”), you may purchase Class A shares at a reduced sales charge by combining the amount being invested with the current net asset value of any share class of an Eligible Fund you already own. If the current net asset value of the Eligible Fund shares already held plus the net asset value of the current purchase exceeds a point in the sales charge schedule at which the charge is reduced, the entire current purchase is eligible for the reduced sales charge. To take advantage of your rights of accumulation, notify your dealer, the Distributor or DST at the time of purchase.

 

 

Letter of Intention. You may qualify for a reduced sales charge by completing the Letter of Intention contained in the New Account Application or the Special Options Form, which you may obtain by contacting the Trust at 800.334.2143. This process allows you to combine aggregate purchases of shares of any Eligible Fund during a 13-month period, for purposes of calculating the applicable sales charge on Class A shares of a Fund. Shares you currently own will be credited as purchases toward the completion of the Letter of Intention at their net asset value on the date the letter is executed. No retroactive adjustments will be made. For each investment you make, you must notify your dealer, the Distributor or DST that such a letter is on file along with all account numbers associated with the letter. The letter is not a binding obligation. Nevertheless, 5% (or 4.50% in the case of the High Income Fund) of the amount specified in the Letter of Intention will be held in escrow, and if your purchases are less than the amount specified, you must remit to the appropriate Fund an amount equal to the difference between the sales charge paid and the sales charge applicable to the total purchases actually made. If you do not remit the payment within 20 days after written request, the Trust will redeem an appropriate number of escrowed shares to realize the difference. The sales charge applicable to the investment will not be higher than if you had not submitted a Letter of Intention. Either you (subject to these escrow rules) or the Trust may cancel the arrangement at will.

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Sales at Net Asset Value. Class A shares of each Fund can be sold at net asset value (without a sales charge) to:

 

 

registered representatives or employees of authorized dealers; or the immediate family members of such persons; or any trust, pension, profit-sharing or other benefit plan for only such persons;

 

 

banks or trust companies or their affiliates, when the bank, trust company or affiliate is authorized to make investment decisions on behalf of a client;

 

 

investment advisers and financial planners who place trades for their own accounts or the accounts of their clients and who charge a management, consulting or other fee for their services;

 

 

clients of such investment advisers and financial planners who place trades for their own accounts, if the accounts are linked to the master account of the investment adviser or financial planner on the books and records of the broker, agent, investment adviser or financial institution;

 

 

a financial intermediary that has entered into an agreement with the Distributor to offer the Fund’s shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. A listing of these intermediaries is included in the appendix to the Fund’s Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

 

 

retirement and deferred compensation plans and trusts used to fund those plans, including, but not limited to, those defined in Section 401(a), 401(k), 403(b) or 457 of the Internal Revenue Code and “rabbi trusts.” Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

 

 

current accounts in which shares of each Fund are purchased directly through FEF Distributors; and

 

 

current officers, trustees, directors, and employees of the Trust, FE Holdings, the Adviser, FEF Distributors, certain other subsidiaries of FE Holdings, Blackstone Inc., Corsair Capital LLC, employees of certain firms providing services to the Trust (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons.

Class A shares of the Rising Dividend Fund can be sold at net asset value (without a sales charge) to former Class Y shareholders of the Rising Dividend Fund who held such shares at the time of their conversion to Class A shares.

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About Your Investment

A Fund also may issue Class A shares at net asset value in connection with the acquisition of or merger or consolidation with another investment company. At the Distributor’s discretion, the sales of Class A shares at net asset value may require written assurance that the purchase is being made for investment purposes and the shares will not be resold except through redemption. If required, you must provide such notice to the Distributor or DST at the time of purchase on a form available from the Trust.

Certain financial intermediaries may exchange Class I shares for Class A shares (on a load-waived basis) of the same Fund in connection with a change in account type or otherwise in accordance with the financial intermediary’s policies and procedures that renders a shareholder ineligible for Class I shares. The availability of this sales charge waiver depends on the policies, procedures and trading platforms of the intermediary.

Reinstatement Privilege

You are entitled to a one-time per account privilege to reinvest in Class A shares of any First Eagle Fund the proceeds of a full or partial redemption of shares from the same Fund (and the same account) at the then-applicable net asset value per share without payment of a sales charge. To exercise this privilege, you must submit to DST or your broker of record, within 90 calendar days after the redemption, a written request for reinstatement and a check or bank wire in an amount not exceeding the redemption proceeds.

Please note that reinstatement will not prevent recognition of a gain realized on the redemption, and a loss may be disallowed for tax purposes. The gain or loss resulting from the redemption may be affected by exercising the reinstatement privilege if you held the redeemed shares for 90 days or less, or if you reinvest within 30 days.

Purchasing Level-Load Class C Shares

You may purchase level-load Class C shares of a Fund through an investment professional at net asset value. You do not have to pay sales charges on Class C shares, but you may have to pay a contingent deferred sales charge equal to 1.00% of the original purchase price or the current market value, whichever is less (the Class C contingent deferred sales charge), on shares you sell or redeem within the first year of purchase.

Investors who purchase Fund shares directly through the Fund’s Transfer Agent without a broker of record are not eligible to purchase Class C shares. Any Class C shares currently held in accounts with the Transfer Agent without

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About Your Investment

a broker of record will be subject to automatic conversion to Class A shares over time.

Class C shares of each Fund carry a Rule 12b-1 annual 0.25% service fee and annual 0.75% distribution fee. Because the Rule 12b-1 fees are paid from your investment on an ongoing basis, over time these fees ultimately may cost more than paying other types of sales charges. The distribution plans and agreements adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act are described in Distribution and/or Shareholder Services Expenses.

In addition to the fees described above, the underwriter normally pays to distributors of Fund shares a separate initial 1.00% fee on the sale of Class C shares. The Class C contingent deferred sales charge is intended to compensate the underwriter for these payments, if investors hold shares for less than one year. Distributors of Class C shares that are not subject to a Class C contingent deferred sales charge will be paid the distribution and service fees on a quarterly basis.

Purchasing Class R3, Class R4, Class R5 and Class R6 Shares

Class R3, Class R4, Class R5 and Class R6 shares are offered without any sales charge and are generally made available to the following types of investors:

 

 

qualified 401(a) plans (including 401(k) plans, Keogh plans, profit-sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans);

 

 

certain non-qualified plans;

 

 

457 plans, including 457(a) governmental entity plans and tax-exempt plans;

 

 

403(b) retirement plans;

 

 

health savings accounts (HSA);

 

 

voluntary employees’ beneficiary association (VEBA) plan trusts;

 

 

collective investment trusts;

 

 

investment companies, both affiliated and not affiliated with the adviser; and

 

 

trustees of the Funds and other individuals who are affiliated with the Funds.

Class R3, Class R4, Class R5 and Class R6 shares may not be available through certain intermediaries. The availability of Class R3, Class R4, Class R5 and Class R6 shares for 401(a), 457, and 403(b) plan investors will depend upon the policies of your financial intermediary and/or the recordkeeper for your group

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About Your Investment

retirement plan. Class R3, Class R4, Class R5 and Class R6 shares also are generally available only to group retirement plan investors where plan level or omnibus accounts are held on the books of the Fund. Class R3, Class R4, Class R5 and Class R6 shares generally are not available to Traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, and 529 college savings plans. While Class R3, Class R4 and Class R5 shares generally are not available to non-retirement accounts, Class R6 shares may be available to non-retirement accounts through certain fee-based platforms that have entered into an agreement with FEF Distributors.

Class R3 shares of each Fund carry a Rule 12b-1 annual 0.25% distribution fee and annual 0.10% service fee. Class R4 shares of each Fund carry a Rule 12b-1 annual 0.10% service fee. Because the Rule 12b-1 fees are paid from your investment on an ongoing basis, over time these fees ultimately may cost more than paying other types of sales charges. The distribution plans and agreements adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act are described in Distribution and/or Shareholder Services Expenses.

Distribution and/or Shareholder Services Expenses

The shares of each of the Funds are offered to investors, in states and countries in which such offer is lawful, either through selected securities dealers or directly through DST. Class A shares of the Funds are subject to the front-end sales charges described in About Your Investment—Public Offering Price of Class A Shares.

Each of the Funds has adopted distribution plans and agreements pursuant to Rule 12b-1 (the “Plans”) under the 1940 Act. Under the Plans, each Fund pays FEF Distributors as the Fund’s Distributor the following annual distribution-related and service fees:

 

 

Class A shares: 0.25% of the share class’s average daily net assets.

 

 

Class C shares: 1.00% of the share class’s average daily net assets (distribution and service fees).

 

 

Class R3 shares: 0.35% of the share class’s average daily net assets (distribution and service fees).

 

 

Class R4 shares: 0.10% of the share class’s average daily net assets.

FEF Distributors is paid these distribution-related and service fees on a monthly basis. FEF Distributors is obligated to use these collected fees to pay qualifying dealers for their assistance in distributing the Funds’ shares, providing

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About Your Investment

shareholder services and in connection with other expenses incurred by such dealers, such as advertising costs and the printing and distribution of prospectuses to prospective investors. However, FEF Distributors will not pay dealers 12b-1, distribution-related and service fees for any quarter in which a dealer has less than $50,000 in First Eagle Fund accounts. FEF Distributors or its affiliates bear distribution expenses to the extent they are not covered by payments under the Plans. Any distribution expenses incurred by FEF Distributors or its affiliates in any Fund’s fiscal year that are not reimbursed from payments accrued during that fiscal year will not be carried over for payment in any subsequent year. Class I, Class R5 and Class R6 shares of the Funds do not participate in the Plans and are not charged with any portion of the payments made under the Plans. Because the fees are paid from Fund assets on an ongoing basis, over time these fees will increase the cost of your investment in the Funds and ultimately may cost more than paying other types of sales charges. Any distribution-related (Rule 12b-1) fee may be used in whole or in part to finance distribution activities, including sales compensation, and/or shareholder account liaison and servicing activities.

Certain broker-dealers or other intermediaries perform services that otherwise could be handled by the Funds’ Transfer Agent. These services may include preparing and distributing client statements, tax reporting, order-processing and client relations. As a result, these third parties may charge fees (sometimes called “sub-transfer agency fees” or “sub-accounting fees”) to the First Eagle Funds for these services. The Funds may pay for such services outside of a Rule 12b-1 Plan (meaning in addition to or instead of as Rule 12b-1 fees) so long as such compensation does not exceed certain limits set from time to time by the Board of Trustees in consultation with management. Arrangements may involve a dollar per-account fee, an asset-based fee, transaction or other charges, cost reimbursement or, in some cases, a combination of these inputs.

Sub-transfer agency fees can comprise a substantial portion of the Funds’ ongoing expenses (except in the case of Class R6 shares, where such fees are not paid). While the Adviser and the Distributor consider sub-transfer agency fees to be payments for services rendered, they represent an additional business relationship between these sub-transfer agents and the Funds that often results, at least in part, from past or present sales of Fund shares by the sub-transfer agents or their affiliates. The Adviser, the Distributor or an affiliate may make additional payments to intermediaries for these and other services, and their payments may be based on the same or other methods of calculation. See Revenue Sharing below.

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Revenue Sharing

The Distributor, Adviser or an affiliate may make cash payments from their own resources to broker-dealers or financial intermediaries for various reasons.

These payments, often referred to as “revenue sharing,” may support the delivery of services to the Funds or shareholders in the Funds, including transaction processing and sub-accounting services.

These payments also may serve as an incentive to sell Fund shares or to promote shareholder retention. As such, the payments may go to firms providing various marketing support or other promotional services relating to the Funds, including advertising and sales meetings, as well as inclusion of the Funds in various promotional and sales programs. Marketing support services also may include business planning assistance, broker-dealer education about the Funds and shareholder financial planning assistance.

Revenue sharing payments may include any portion of the sub-transfer agency fees (described in the preceding section) that exceed the limits for those fees established by the Board of Trustees in consultation with management and which, accordingly, the Funds do not pay. They also may include any other payment requirement of a broker-dealer or another third-party intermediary, including certain agreed upon “finder’s fees” as described in greater detail under Public Offering Price of Class A Shares—Class A Contingent Deferred Sales Charge. The Distributor, Adviser or an affiliate pay all such payments out of its (or their) own resources. Such payments are in addition to any recordkeeping, sub-transfer agency/networking fees payable by each Fund (through the Distributor or otherwise) to others for performing such services and Rule 12b-1 or service plan payments described elsewhere in this Prospectus. Revenue sharing payments may be structured, among other means, as: (i) a percentage of sales; (ii) a percentage of net assets; (iii) a flat fee per transaction; (iv) a fixed dollar amount; or (v) some combination of any of these. In many cases, revenue sharing arrangements may be viewed as encouraging sales activity or retention of assets in the Funds. Generally, any revenue sharing or similar payments are requested by the party receiving them, often as a condition of distribution, but they are subject to negotiation as to their structure and scope. No such payments are made by reference to Class R3, Class R4, Class R5 or Class R6 shares or to the assets of these share classes.

The Distributor, Adviser or an affiliate also may pay from their own resources for travel and other expenses, including lodging, entertainment and meals, incurred by brokers for attending diligence or informational meetings with the Funds’ investment professionals. The Distributor, Adviser or an affiliate also

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may pay for costs of organizing and holding such meetings and also may make payments to or on behalf of brokers or other financial intermediaries for other types of events, including pre-approved conferences, seminars or sales or training programs (and payments for travel, lodging, etc.), and may provide small gifts and/or entertainment as permitted by applicable rules. The Distributor, the Adviser or an affiliate also may pay fixed fees for the listing of a Fund on a broker-dealer’s or financial intermediary’s system. This compensation is not included in, and is made in addition to, the compensation described in the preceding paragraph.

Please be aware that revenue sharing arrangements or other payments to intermediaries could create incentives on the part of the parties receiving the payments to more positively consider the Funds relative to mutual funds either not making payments of this nature or making smaller such payments. A shareholder or prospective investor with questions regarding revenue sharing or other such payments may obtain more details by contacting his or her broker representative or other financial intermediary directly. The Funds’ Statement of Additional Information includes a listing of certain parties receiving revenue sharing payments in respect of the Funds.

Bookshare Account Plan

To facilitate the handling of shareholder transactions, the Funds use a bookshare account plan for shareholder accounts. DST, as the Funds’ Transfer Agent, opens and maintains an account for each shareholder of the Funds directly registered with a Fund. All your interests in shares, full and fractional (rounded to three decimal places), are reflected in your book account. After any purchase, DST mails you a confirmation indicating the amount of full and fractional shares purchased, the price per share and a statement of your account. DST will not issue stock certificates for the shares of any Fund.

Electronic Delivery

The Trust can deliver your account statements and fund financial reports electronically. If you are a registered user of firsteagle.com, you can consent to the electronic delivery of these documents by logging on and changing your mailing preference under “eDelivery.” (Should you later wish to receive these documents by mail you can revoke your electronic consent at any time, and we will begin to send paper copies of these documents within 30 days of receiving your notice.)

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Where To Send Your Application

You may purchase a Fund’s shares through selected securities dealers with whom the Distributor has sales agreements. You may obtain additional New Account Applications from these authorized dealers. For a list of authorized dealers, please call the Distributor at 800.747.2008. Authorized dealers and financial services firms may charge you a transaction fee in addition to any applicable sales loads. Authorized dealers and financial services firms are responsible for promptly transmitting purchase orders to the Transfer Agent.

If eligible, you may purchase Fund shares directly through the Fund’s Transfer Agent by mailing a check made payable to First Eagle Funds along with the completed New Account Application to First Eagle Funds, P.O. Box 219324, Kansas City, MO 64121-9324. You also may purchase shares directly through the Fund’s Transfer Agent by ACH transfer or by bank wire. Please call 800.334.2143 to establish and administer the ACH purchase option, and please call prior to wiring any funds.

Minimum Account Size

Due to the high cost of maintaining smaller accounts, the Trust reserves the right to redeem shares in any account if, as the result of a withdrawal, the value of that account drops below $2,500 (except for Class R3, Class R4, Class R5 and Class R6 accounts where generally no minimum is applied). This does not apply to accounts participating in the Automatic Investment Program or to retirement accounts. The Trust also reserves the right to redeem shares in any Class I account if the value of that Class I account drops below $100,000. You will have at least 30 days to make an additional investment to bring the account value to the stated minimum before the redemption is processed.

Automatic Investment Program

You may make semi-monthly, monthly or quarterly investments of $100 (or more) in shares of any Fund automatically from a checking or savings account on or about the fifth and/or 20th of the month. Upon written authorization, DST will debit your designated bank account as indicated and use the proceeds to purchase Fund shares. Because your bank must provide approval for the transfer process, establishing an Automatic Investment Program may take at least 30 days. You must indicate your desire to establish an Automatic Investment Program on the New Account Application or Special Options Form. You also must include a voided check, a savings account deposit slip or savings account statement. Shares purchased through Automatic Investment Program

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payments are subject to the redemption restrictions for recent purchases described in Once You Become a Shareholder—Redemption of Shares. The Trust may amend or cease to offer the Automatic Investment Program at any time.

Contractual Arrangements

The Funds are parties to contractual arrangements with various parties who provide services to the Funds, including the Adviser, the Distributor, the custodian, and the transfer agents, among others. Fund shareholders are not parties to, or intended (“third party”) beneficiaries of, any such contractual arrangements, and such contractual arrangements are not intended to create in any individual investor or group of investors any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Funds.

Also, while this Prospectus and the Statement of Additional Information describe pertinent information about the Trust and the Funds, neither this Prospectus nor the Statement of Additional Information represents a contract between the Trust or a Fund and any shareholder or any other party.

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Once You Become a Shareholder

After you have opened an account with us, you can exchange or sell your shares to meet your changing investment goals or other needs.

Exchanging Your Shares

You may exchange some or all of your shares of any Fund for shares of an Eligible Fund, subject to limitations described elsewhere in this Prospectus. You may exchange:

 

 

Class A shares of a Fund for Class A shares of an Eligible Fund;

 

 

Class C shares of a Fund for Class C shares of an Eligible Fund;

 

 

Class I shares of a Fund for Class I shares of an Eligible Fund;

 

 

Class R3 shares of a Fund for Class R3 shares of an Eligible Fund;

 

 

Class R4 shares of a Fund for Class R4 shares of an Eligible Fund;

 

 

Class R5 shares of a Fund for Class R5 shares of an Eligible Fund; and

 

 

Class R6 shares of a Fund for Class R6 shares of an Eligible Fund.

Shares will be exchanged at their net asset value, computed as of the close of trading on the NYSE (normally 4 p.m. Eastern time). Share exchange orders received after the close of trading on a particular day will be exchanged at the next day’s close of trading net asset value. There is generally no charge for the exchange privilege. Any exchange must meet the applicable minimum investment amount for the Eligible Fund and share class into which the exchange is being made. In addition, because you may be subject to different fees, expenses and investment risks when you make an exchange, you should carefully review the description of the Eligible Fund into which you plan to exchange. Also, exchanges may constitute a taxable event for U.S. federal income tax purposes. For additional information concerning exchanges or to initiate exchanges, contact the Trust at 800.334.2143.

Exchanges may be limited in the case of shares to be exchanged for those of any Eligible Fund or share class closed to, or otherwise restricted for, new investors and new accounts. In addition, the Funds depend on cooperation from intermediaries in reviewing certain accounts (such as those of retirement plan sponsors, wrap program sponsors and certain omnibus position holders) for short-term trading practices, which limits the Funds’ ability to monitor the frequency of exchanges by those investing through such accounts (see the Short-Term Trading Policies section).

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Automatic Exchange Program

If you wish to automatically exchange shares of one Fund for shares of another on a monthly basis, you can do so via the Automatic Exchange Program. The minimum exchange amount is $100. If the balance in the account you are exchanging from falls below the designated automatic exchange amount, all remaining shares will be exchanged, and the program will be discontinued. All conditions with respect to exchange transactions apply, as discussed in Exchanging Your Shares.

Conversion

Optional conversions to Class I. You may convert Class A shares and Class C shares of a Fund having an aggregate value of $1 million or more into Class I shares of the same Fund. Class A shares and Class C shares of these Funds held through certain “wrap fee” programs and 401(k) plans also may be eligible to be converted to Class I shares of the same Fund.

Optional conversions to Class R3, Class R4, Class R5 or Class R6. Shares of any other class may be converted to Class R3, Class R4, Class R5 or Class R6 shares of the same Fund, provided eligibility requirements for these share classes are met.

Automatic conversions from Class C to Class A. Class C shares of a Fund automatically convert to Class A shares of that Fund eight years after the end of the month of original purchase provided that the applicable holding period can be identified. If you purchased such Class C shares by exchange for Class C shares of another First Eagle Fund, the conversion period runs from the date of original purchase. Such conversions will take place on the 25th day of the month (or if the 25th is not a business day, the next business day thereafter). In the case of shares held through certain intermediary accounts, such as group retirement plan recordkeeping platforms, a Fund may not be able to independently determine the holding period for the shares to assess eligibility for the conversion. In addition, a financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or eligibility requirements in regards to the conversion of Class C shares into Class A shares. A Fund may not be able to initiate a conversion without the assistance of the intermediary in those circumstances. Shareholders holding shares of the Funds through such accounts may contact their intermediary with questions regarding conversions.

Important information for all conversions. Fees, expenses and eligibility and other terms among share classes will vary. All conversions will take place at net asset value and generally should not result in the realization of income or

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Once You Become a Shareholder

gain for U.S. federal income tax purposes. For additional information concerning conversions, or to initiate a conversion, contact your dealer, financial intermediary or the First Eagle Funds at 800.334.2143. More information concerning conversions is also available in the SAI, which is available upon request (see back cover). Certain intermediary-related terms also are described in the appendix to the Funds’ Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

Dividend Direction Plan

Unless you elect otherwise, your distributions will be reinvested in additional shares of the same share class of the Fund at the net asset value calculated as of the date immediately preceding the payment date.

Unless you are investing through a tax-deferred account, such as a 401(k) plan or an individual retirement account, all reinvested dividends and distributions remain taxable for U.S. federal income tax purposes as though received in cash. For further information about dividend reinvestment, contact DST by telephone at 800.334.2143.

Redemption of Shares

You have the right to redeem all or any part of your Fund shares for cash at their net asset value next computed after proper receipt of the redemption request. You may redeem via telephone through your authorized dealer or FEF Distributors. Shares held in the dealer’s “street name” must be redeemed through the dealer, as described in the following paragraph.

If you have an account with an authorized dealer you may submit a redemption request to that dealer. Authorized dealers are responsible for promptly transmitting your redemption requests to the Distributor. Dealers may impose a charge for handling redemption transactions, and they may have particular requirements concerning redemptions. Accordingly, shareholders should contact their authorized dealers for more information.

If you have an account with the Funds, you may redeem your shares through DST by transmitting written redemption instructions to First Eagle Funds, P.O. Box 219324, Kansas City, MO 64121-9324. Redemption requests must meet all the following requirements to be considered in the proper form:

 

 

Written and signed instructions must be received from the registered owner(s).

 

 

A letter or a stock power signed by the registered owner(s) must include a signature guarantee by an acceptable guarantor. A guarantee is required for

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Once You Become a Shareholder

 

 

 

redemptions greater than $100,000 to be paid by check or when you want the redemption proceeds sent to an address other than the address of record, to a person other than the registered shareholder(s) for the account or to a bank account number other than the one previously designated. A signature guarantee is not required for any amount redeemed by ACH transfer or bank wire, as long as you previously designated a bank.

 

 

In the case of shares held in the name of a corporation, trust, fiduciary or partnership, DST must receive evidence of authority to sign and a stock power with signature(s) guaranteed.

Redemption Proceeds

Payment of the redemption proceeds will generally be made within three business days after receipt of the redemption request in proper form, but may take up to seven days. The Trust will not mail redemption proceeds for any shares until checks or ACH transfers received in payment for those shares have cleared, which may take up to 15 days. The Trust normally pays redemption proceeds in the form of a check. If you wish to avoid any such delays, you should purchase your shares via bank wire. You also may have your proceeds sent to your bank account by ACH transfer or bank wire, as long as you identified your bank on the New Account Application or Special Options Form. Proceeds sent by ACH transfer generally will be credited to your account on the second business day after the redemption. Proceeds sent by bank wire generally will be credited on the business day following the redemption, but there is a wire fee that will be deducted from such proceeds. In times of extreme market stress, it may take longer to provide payment of redemption requests. Ask your financial professional for more information.

Redemptions in Kind

The Funds normally pay redemption proceeds in cash up to $250,000 or 1% of a Fund’s total value, whichever is less. The Trust reserves the right to make higher redemption payments in the form of marketable securities or, as needed, other traded assets, which is known as a “redemption in kind.” If your shares are redeemed in kind, the securities distributed to you will as closely as practicable represent your pro rata share of the Fund’s securities. You should expect to incur transaction costs upon the disposition of the securities received in the distribution. Such securities remain subject to market risk until they are sold. You may recognize capital gain or loss upon the disposition of such securities.

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Short-Term Trading Policies

The Funds are not vehicles for frequent traders. Frequent trading (including exchanging) of Fund shares, also known as “market timing,” may increase Fund transaction and administration costs and otherwise negatively affect a Fund’s investment program, possibly diluting a Fund’s value to its longer-term investors. For example, short-term investments moving in and out of a Fund may (i) prompt otherwise unnecessary purchases and sales of portfolio securities, thus increasing brokerage costs; (ii) affect the level of cash held by a Fund over time; (iii) affect taxable gains and losses realized by a Fund; or (iv) distract a portfolio manager from the Fund’s longer-term investment strategy.

The Global Fund, Overseas Fund, Global Income Builder Fund, High Income Fund and Real Assets Fund may be particularly susceptible to these risks due to their significant investments in foreign securities. Similarly, the Gold Fund may be susceptible to short-term trading due to the nature of its portfolio holdings. Foreign securities and any relatively illiquid or volatile securities are considered those most likely to be subject to inappropriate short-term trading strategies.

Pursuant to procedures approved by the Board of Trustees, the Funds routinely review shareholder trades to seek to identify and deter inappropriate trading. Specifically, the Funds seek to identify the types of transactions that may be harmful to a Fund, either on an individual basis or as part of a pattern. In certain circumstances, and on occasion even involving a trade or exchange for which no redemption fee is assessed, the Funds may deem a single trade or exchange inappropriate and subject to these procedures. When the Funds identify inappropriate trading activities, the Funds will suspend trading and exchange privileges or close the relevant account. At the discretion of the Funds, such a suspension or account closure may be temporary or permanent and may or may not be subject to appeal.

The Funds also may deem investors potential short-term traders (and subject to trading suspensions or account closures without advance notice) based on information unrelated to the specific trades in the investors’ accounts. For example, the Funds may obtain information linking an account to an account previously suspended or closed for inappropriate trading. In addition, a reliable third party may report short-term trading concerns regarding a particular account to the Funds.

The Funds cannot guarantee to identify or prevent every instance of inappropriate trading. Nonetheless, the Funds’ guiding principle is that trading deemed not in the interests of longer-term Fund shareholders will be actively deterred and, when possible, prevented.

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In most cases the Funds depend on cooperation from intermediaries in reviewing certain accounts, thereby limiting the Funds’ ability to monitor and discourage inappropriate trading. Although the Funds are committed to seeking the cooperation of intermediaries, the Funds often do not have immediate access to individual account-level activity for those investing through an intermediary (and generally must request information about this account activity rather than receiving it automatically). In addition, not all intermediaries maintain the types of sophisticated transaction tracking systems that permit them to apply the types of reviews applied by the Funds. The Funds do not have any arrangements intended to permit trading in contravention of the policies described in this section. The Funds may modify the short-term trading policies at any time.

Telephone Privileges

Unless you make contrary instructions on the New Account Application or Special Options Form, you will be entitled to make telephone redemptions, exchanges, conversions and account maintenance requests if you have a preauthorized form on file with the transfer agent. Neither the Funds nor their agents will be liable for following instructions communicated by telephone that the Trust or its agents believe are genuine. The Trust will employ reasonable procedures to confirm the instructions are genuine. Such procedures may include (i) written confirmation of telephone transactions; (ii) tape recording telephone conversations; and/or (iii) requiring specific personal information prior to acting upon telephone instructions.

Any owner(s), trustee(s) or other fiduciary entity named in the account registration, investment professional of record and/or other parties who can provide specific personal information will be allowed to initiate telephone transactions. Personal information may include a combination of the following items: (i) the Fund and account number, (ii) the account registration, (iii) the Social Security or tax identification number on the account, (iv) the address of record, (v) designated bank account information and (vi) any other information deemed appropriate to allow access to the account.

Telephone redemption requests received by the Trust or their agents (including authorized dealers, retirement plan administrators or other intermediaries) prior to the close of business on the NYSE on any business day will be processed that day. Such requests received after the close of business on the NYSE will be effective the following business day. Shareholders may not make redemption requests by telephone if the proceeds will be wired to a bank account number or mailed to an address other than the one previously designated by the shareholder. There is a $100,000 maximum for telephone

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Once You Become a Shareholder

redemptions by check. Certain retirement accounts are not eligible for all the telephone privileges referenced above. Please call 800.334.2143 for more information on telephone privileges.

Systematic Withdrawal Plan

If you own Fund shares with a current net asset value of $10,000 or more, you may use those shares to establish a Systematic Withdrawal Plan that executes withdrawals monthly, quarterly, or annually. A check in a stated amount of at least $50 will be mailed to you on or about the third, 15th, or 25th day of the month. You may not take dividends and distributions on shares invested through a Systematic Withdrawal Plan in cash; instead, you must reinvest them, which will occur at net asset value. A Fund’s shares will be redeemed as necessary to meet withdrawal payments.

Withdrawals in excess of dividends and distributions will reduce and may deplete the invested principal. It may be inefficient to purchase additional shares while concurrently withdrawing shares, due to the sales charges incurred on purchases. Accordingly, you may not maintain a Systematic Withdrawal Plan while simultaneously making regular purchases. If you establish a new account by check within 15 days of an expected withdrawal date, the Funds will not begin withdrawals until the following month, due to the Funds’ 15-day hold on check purchases. The Funds may amend or cease to offer the Systematic Withdrawal Plan at any time.

Retirement Plans

The Trust offers a variety of plans that allow investors to save for retirement and defer taxes on any investment income. These offerings include IRAs, Roth IRAs, SEPs and SIMPLE IRAs. Certain investors may not realize the tax benefits of these plans. Therefore, you should consult your tax adviser regarding your eligibility.

Eligible group retirement plans may purchase Class R3, Class R4, Class R5 and Class R6 shares. Retirement plans may also purchase Class I shares of the Funds provided they meet the minimum initial investment amount of $1 million in an omnibus or pooled account within the relevant Fund. Retirement plans that will require the Fund to pay any type of administrative fee or payment per participant account to any third party are generally not eligible for Class I, but may be able to purchase certain Class R shares or Class A shares of the Funds without an initial sales charge. If a Class A “finder’s fee” was paid, such a plan may be subject to a Class A contingent deferred sales charge on these

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Once You Become a Shareholder

investments. See About Your Investment—Public Offering Price of Class A Shares—Class A Contingent Deferred Sales Charge.

Information Regarding State Escheatment Laws

Mutual fund accounts can be considered abandoned property. States increasingly are looking at inactive mutual fund accounts as possible abandoned or unclaimed property. Under certain circumstances, the Fund may be legally obligated to escheat (or transfer) an investor’s account to the appropriate state’s unclaimed property administrator. The Fund will not be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. If you invest in the Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state escheatment laws.

Escheatment laws vary by state, and states have different criteria for defining inactivity and abandoned property. Generally, a mutual fund account may be subject to “escheatment” (i.e., considered to be abandoned or unclaimed property) if the account owner has not initiated any activity in the account or contacted the fund for an “inactivity period” as specified in applicable state laws. If the Fund is unable to establish contact with an investor, the Fund will determine whether the investor’s account must legally be considered abandoned and whether the assets in the account must be transferred to the appropriate state’s unclaimed property administrator. Typically, an investor’s last known address of record determines the state that has jurisdiction.

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Information on Dividends, Distributions and Taxes

The tax treatment described below is intended to be the tax treatment of the Funds under Subchapter M of the Internal Revenue Code.

It is each Fund’s policy to make periodic distributions of net investment income and net realized capital gains, if any. Unless you elect otherwise, your ordinary income dividends and capital gain distributions will be reinvested in additional shares of the same share class of the Fund at net asset value calculated as of the payment date. The Funds pay ordinary income dividends and capital gains distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the net asset value of the Funds will be reduced by the amount of the payment.

Each Fund intends to qualify and has elected to be treated as a “regulated investment company” under Subchapter M of the Internal Revenue Code. To qualify, a Fund must meet certain income, diversification and distribution requirements. As a regulated investment company, a Fund generally will not be subject to U.S. federal income or excise taxes on ordinary income and capital gains distributed to shareholders within applicable time limits, although foreign-source income received by a Fund may be subject to foreign withholding taxes.

Unless you are investing through a tax-deferred account, such as a 401(k) plan or an individual retirement account, in general, you will be taxed on the ordinary income dividends and capital gains distributions you receive from a Fund, whether you take them as additional shares or in cash. Capital gains distributions may be taxed at different rates, depending on the types of appreciated assets and the length of time the Fund holds the appreciated assets. For example, while capital gain distributions with respect to gain on the sale of appreciated assets held by a Fund for more than one year generally will be taxed to individual shareholders at a maximum rate of 20%, capital gain distributions with respect to the sale of collectibles (such as gold bullion) held by a Fund for more than one year will be taxed to individual shareholders at a maximum rate of 28%. Certain ordinary income dividends paid by a Fund to non-corporate shareholders (including individuals) may be eligible for preferential tax treatment at the rate applied to long-term capital gains provided that certain holding period requirements are met at the Fund and shareholder levels. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by a Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year.

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes ordinary dividends and capital gain distributions from the Funds, and gain recognized on a disposition of shares) of certain U.S. individuals, estates and trusts.

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Information on Dividends, Distributions and Taxes

Tax issues can be complicated. Exchanges of Fund shares are treated as sales and purchases and are subject to taxes. Please consult your tax adviser about federal, state, or local tax consequences or with any other tax questions you may have.

By February 15 of each year, the Trust will send you a statement showing the tax status of your dividends and distributions for the prior year. There may be tax consequences for shareholders who are nonresident aliens or foreign entities. Please see the Statement of Additional Information for more information.

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Derivative Actions Brought on Behalf of the Trust

General

In addition to the requirements set forth under Delaware law, a shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) the shareholder or shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this requirement, a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for his service on the Board of Trustees of the Trust or on the boards of one or more trusts that are under common management with or otherwise affiliated with the Trust; (b) unless a demand is not required under paragraph (a), shareholders eligible to bring such derivative action under Delaware law who hold at least 10% of the outstanding shares of the Trust, or 10% of the outstanding shares of the series or class to which such action relates, shall join in the request for the Trustees to commence such action; and (c) unless a demand is not required under paragraph (a), the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. The Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

The provision requiring at least 10% of the outstanding voting securities of the Trust, applicable series or class to join in the request to bring the derivative action and the provision requiring an undertaking by the requesting shareholders to reimburse the Trust for the expense of any advisors retained by the Board of Trustees in the event that the Trustees determine not to bring such action, does not apply to claims brought under federal securities laws.

Forum and Applicable Law

The Trusts Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) also places limitations on the forum in which claims against the Trust may be heard. To the fullest extent permitted by applicable

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Derivative Actions Brought on Behalf of the Trust

law, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for any shareholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust’s shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any provision of laws of the State of Delaware or the Declaration of Trust or the Trust’s Amended and Restated Bylaws, or (iv) to the maximum extent permitted by law, any other proceeding arising out of or relating to the Trust or the shareholder’s interest in the Trust, shall be the courts located in the State of Delaware, and in all cases subject to the Delaware courts’ having personal jurisdiction over the indispensable parties named as defendants. Any person purchasing or otherwise acquiring or holding any interest in shares of the Trust shall be (i) deemed to have notice of and consented to these provisions, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding.

Accordingly, shareholders may have to bring suit in what they may consider to be an inconvenient and potentially less favorable forum. The limitations described above relating to derivative actions and choice of forum do not apply to claims asserted under the federal securities laws, to the extent that any such federal laws, rules or regulations do not permit such application.

The Declaration of Trust empowers the Trustees of the Trust with, among other things: (i) full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust; and (ii) subject to the 1940 Act, the power to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage. Notwithstanding that the Declaration of Trust is to be construed and enforced in accordance with the laws of the State of Delaware, the Declaration of Trust explicitly excludes the application of certain laws that might otherwise apply, including any provisions of laws (common or statutory) of the State of Delaware pertaining to trusts that relate to or regulate establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in the Declaration of Trust. Nothing in the Declaration of Trust modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws when and to the extent such terms are deemed inconsistent with the federal securities laws.

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Privacy Notice for Individual Shareholders

The Trust is committed to protecting your privacy. We are providing you with this privacy notice to inform you of how we handle your personal information that we collect and may disclose to our affiliates. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy notice supersedes any of our previous policies relating to the information you disclose to us.

 

 

 

 

 

FACTS

 

 

 

WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?

 

 

 

 

 

 

 

 

Why?

 

 

 

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

 

What?

 

 

 

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

 

 

 

 

<

 

Social Security number, income, and assets

 

 

 

 

<

 

account balances, payment history, and account activity

 

 

 

 

<

 

credit history and credit scores

 

 

 

 

<

 

name, address, telephone number, occupation

 

 

 

 

<

 

online information, such as your IP address and data gathered from your browsing activity and location

 

 

 

 

<

 

information we encounter in public records in the ordinary course of business

 

How?

 

 

 

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Trust chooses to share; and whether you can limit this sharing.

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Privacy Notice for Individual Shareholders

 

 

 

 

 

Reasons we can share your personal information

 

Does the Trust share?

 

Can you limit this sharing?

For our everyday business purposes—
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

 

Yes

 

No

 

For our marketing purposes—
to offer our products and services to you

 

Yes

 

Yes

 

For joint marketing with other financial companies

 

No

 

N/A

 

For our affiliates’ everyday business purposes—
information about your transactions and experiences

 

Yes

 

No

 

For our affiliates’ everyday business purposes—
information about your creditworthiness

 

Yes

 

Yes

 

For our affiliates to market to you

 

Yes

 

Yes

 

For nonaffiliates to market to you

 

No

 

N/A

 

 

 

 

 

 

 

To limit

 

 

 

<

 

Call 800.334.2143 and indicate your desire to limit our sharing or

 

 

 

 

<

 

Mail the form below

 

 

 

 

Please note:

 

 

 

 

If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.

 

 

 

 

However, you can contact us at any time to limit our sharing.

 

Questions?

 

 

 

Call 800.334.2143 or go to www.firsteagle.com/individuals-home

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Privacy Notice for Individual Shareholders

#

 

 

 

 

 

 

 

 

 

 

 

Mail-in Form

If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.

 

Mark any/all you want to limit:

 

 

 

 

 

Do not share information about my creditworthiness with your affiliates for their everyday business purposes.

 

 

 

 

 

Do not allow your affiliates to use my personal information to market to me.

 

 

 

 

 

Do not share my personal information with nonaffiliates to market their products and services to me.

 

 

 

 

Apply my

 

Name

 

 

 

 

 

 

 

 

 

choices only to me

 

Address

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

City, State, Zip

 

 

 

 

 

 

 

 

 

 

 

Account #

 

 

 

Mail to:
First Eagle Funds
P.O. Box 219324
Kansas City, MO
64121-9324

#

 

 

 

 

 

What we do

How does the Trust protect my personal information?

 

We protect personal information provided to us by our individual shareholders according to strict standards of security and confidentiality. These standards apply to both our physical facilities and any online services we may provide. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information.

 

How does the Trust collect my personal information?

 

We collect your personal information, for example, when you

 

 

<

 

open an account, make transactions using your account, or deposit money

 

 

<

 

subscribe to receive information, submit an application, or otherwise submit a form containing personal information

 

 

<

 

use our services online

 

 

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

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Privacy Notice for Individual Shareholders

 

 

 

 

 

Why can’t I limit all sharing?

 

Federal law gives you the right to limit only

 

 

<

 

sharing for affiliates’ everyday business purposes—information about your creditworthiness

 

 

<

 

affiliates from using your information to market to you

 

 

<

 

sharing for nonaffiliates to market to you

 

 

State laws and individual companies may give you additional rights to limit sharing.

 

What happens when I limit sharing for an account I hold jointly with someone else?

 

Your choices will apply to everyone on your account.

Definitions

Affiliates

 

Companies related by common ownership or control. They can be financial and nonfinancial companies.

 

 

<

 

Affiliated companies include First Eagle Holdings, Inc., First Eagle Investment Management, LLC, FEF Distributors, LLC, First Eagle Alternative Credit, LLC, First Eagle Separate Account Management, LLC, First Eagle Funds (Ireland) ICAV, First Eagle Amundi Sub-Funds (Luxembourg) SICAV, First Eagle Alternative Capital BDC, Inc, FEIM LTD, FEIM GmbH, Napier Park Global Capital Ltd. and Napier Park Global Capital LLC.

 

Nonaffiliates

 

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

 

 

<

 

Nonaffiliated third parties may include service providers such as the Trust’s distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors.

Data Subject Rights

Individuals in some jurisdictions may have certain data subject rights. These rights vary, but they may include the right for individuals to: (i) request access to and rectification or erasure of their personal data; (ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection

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Privacy Notice for Individual Shareholders

authority. If you have any questions about exercising these rights call 800.334.2143 or go to www.firsteagle.com/individuals-home.

Special Notice for Residents of California

First Eagle does not sell non-public personal information or share non-public personal information for cross-context behavioral advertising. We will not share information we collect about you with nonaffiliates, except as permitted by California law and described above. While the law provides California residents with data rights in some circumstances, the state protections do not apply to personal information collected about current or former investors whose information is protected by federal financial privacy law under the Gramm Leach Bliley Act and the SEC’s Reg S-P.

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How to Reach First Eagle Funds

How to Reach First Eagle Funds

You can send all requests for information or transactions to:

Regular Mail:

First Eagle Funds
P.O. Box 219324
Kansas City, MO 64121-9324

or

Overnight Mail:

First Eagle Funds
c/o DST Systems, Inc.
330 West 9th Street
Kansas City, MO 64105-1807

You can contact us by telephone at 800.334.2143.

Please visit us online at www.firsteagle.com/individuals-home

192First Eagle Funds  |  Prospectus  |  March 1, 2023


 

Financial Highlights

The Financial Highlights Table is intended to help you understand the financial performance for the past five fiscal years, or, if shorter, the period of the Fund’s operations, for each of the Global Fund, Overseas Fund, U.S. Value Fund, Gold Fund, Global Income Builder Fund, High Income Fund, Rising Dividend Fund, Small Cap Fund, Smid Cap Fund and Real Assets Fund.

Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions).

The Financial Highlights Table for the Funds’ fiscal year ended October 31, 2022 was audited by the Funds’ independent accountants, PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017-6204. The report of PricewaterhouseCoopers LLP (for the Funds’ fiscal year ended October 31, 2022), together with the Funds’ financial statements, are contained in the annual reports for the Funds for that period and are incorporated by reference in the Statement of Additional Information.

Annual reports, Semi-Annual reports and the Statement of Additional Information are available upon request.

First Eagle Funds  |  Prospectus  |  March 1, 2023193


 

 

First Eagle Funds

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share operating performance*

             

Ratio/Supplemental data

 

 

 

 

 

   

 

 

 

     

Investment operations

 

Less dividends and distributions

             

Ratios to Average Net Assets of:

 

 

 

 

 

 

 

   

 

 

Selected per
share data for
the period ended:

 

Net asset
value,
beginning
of year

 

Net
investment
income/
loss

 

Net
realized
and
unrealized
gains
(losses) on
investments

 

Total
investment
operations

 

From net
investment
income

 

From
capital
gains

 

Return of
capital

 

Total
distributions

 

Net asset
value, end
of period

 

Total
return(a)

 

Net assets,
end of
period
(thousands)

 

Operating
expenses
excluding
earnings
credits
and/or fee
waivers

 

Operating
expenses
including
earnings
credits
and/or fee
waivers

 

Net
investment
income
excluding
earnings
credits
and/or fee
waivers

 

Net
investment
income
including
earnings
credits
and/or fee
waivers

 

Portfolio
turnover
rate

 

 

 

First Eagle Global Fund Class A***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$68.42

   

 

 

0.51

   

 

 

(8.32

)

 

 

 

 

(7.81

)

 

 

 

 

(1.24

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(4.04

)

 

 

 

 

$56.57

   

 

 

(11.90

)%

 

 

 

 

$12,562,351

   

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

0.84

%

 

 

 

 

0.84

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$55.42

 

 

 

 

0.67

(d)

 

 

 

 

13.79

 

 

 

 

14.46

 

 

 

 

(0.51

)

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(1.46

)

 

 

 

 

$68.42

 

 

 

 

26.49

%(g)

 

 

 

 

$15,108,210

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

1.03

%(d)

 

 

 

 

1.03

%

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$59.15

 

 

 

 

0.48

 

 

 

 

(1.03

)

 

 

 

 

(0.55

)

 

 

 

 

(0.73

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(3.18

)

 

 

 

 

$55.42

 

 

 

 

(1.12

)%

 

 

 

 

$12,112,205

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

0.87

%

 

 

 

 

0.87

%

 

 

 

 

10.84

%

 

October 31, 2019

 

 

 

$56.37

 

 

 

 

0.64

 

 

 

 

5.37

 

 

 

 

6.01

 

 

 

 

(0.43

)

 

 

 

 

(2.80

)

 

 

 

 

 

 

 

 

(3.23

)

 

 

 

 

$59.15

 

 

 

 

11.44

%

 

 

 

 

$13,638,545

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

1.13

%

 

 

 

 

1.13

%

 

 

 

 

10.26

%

 

October 31, 2018

 

 

 

$60.46

 

 

 

 

0.49

 

 

 

 

(2.08

)

 

 

 

 

(1.59

)

 

 

 

 

(0.44

)

 

 

 

 

(2.06

)

 

 

 

 

 

 

 

 

(2.50

)

 

 

 

 

$56.37

 

 

 

 

(2.82

)%

 

 

 

 

$12,357,124

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

0.84

%

 

 

 

 

0.84

%

 

 

 

 

14.91

%

 

 

 

 

First Eagle Global Fund Class C***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$65.60

   

 

 

0.04

   

 

 

(7.99

)

 

 

 

 

(7.95

)

 

 

 

 

(0.59

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(3.39

)

 

 

 

 

$54.26

   

 

 

(12.57

)%

 

 

 

 

$1,738,497

   

 

 

1.87

%

 

 

 

 

1.87

%

 

 

 

 

0.06

%

 

 

 

 

0.06

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$53.12

 

 

 

 

0.15

(d)

 

 

 

 

13.28

 

 

 

 

13.43

 

 

 

 

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(0.95

)

 

 

 

 

$65.60

 

 

 

 

25.53

%(g)

 

 

 

 

$2,623,491

 

 

 

 

1.87

%

 

 

 

 

1.87

%

 

 

 

 

0.24

%(d)

 

 

 

 

0.24

%

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$56.69

 

 

 

 

0.07

 

 

 

 

(1.01

)

 

 

 

 

(0.94

)

 

 

 

 

(0.18

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(2.63

)

 

 

 

 

$53.12

 

 

 

 

(1.86

)%

 

 

 

 

$3,423,967

 

 

 

 

1.87

%

 

 

 

 

1.87

%

 

 

 

 

0.13

%

 

 

 

 

0.13

%

 

 

 

 

10.84

%

 

October 31, 2019

 

 

 

$54.11

 

 

 

 

0.18

 

 

 

 

5.20

 

 

 

 

5.38

 

 

 

 

 

 

 

 

(2.80

)

 

 

 

 

 

 

 

 

(2.80

)

 

 

 

 

$56.69

 

 

 

 

10.58

%

 

 

 

 

$5,619,288

 

 

 

 

1.87

%

 

 

 

 

1.86

%

 

 

 

 

0.33

%

 

 

 

 

0.33

%

 

 

 

 

10.26

%

 

October 31, 2018

 

 

 

$58.14

 

 

 

 

0.05

 

 

 

 

(2.02

)

 

 

 

 

(1.97

)

 

 

 

 

 

 

 

 

(2.06

)

 

 

 

 

 

 

 

 

(2.06

)

 

 

 

 

$54.11

 

 

 

 

(3.54

)%

 

 

 

 

$8,667,512

 

 

 

 

1.86

%

 

 

 

 

1.86

%

 

 

 

 

0.09

%

 

 

 

 

0.09

%

 

 

 

 

14.91

%

 

 

 

 

First Eagle Global Fund Class I***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$68.90

   

 

 

0.67

   

 

 

(8.38

)

 

 

 

 

(7.71

)

 

 

 

 

(1.41

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(4.21

)

 

 

 

 

$56.98

   

 

 

(11.69

)%

 

 

 

 

$26,919,899

   

 

 

0.86

%

 

 

 

 

0.86

%

 

 

 

 

1.09

%

 

 

 

 

1.09

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$55.79

 

 

 

 

0.85

(d)

 

 

 

 

13.87

 

 

 

 

14.72

 

 

 

 

(0.66

)

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(1.61

)

 

 

 

 

$68.90

 

 

 

 

26.82

%(g)

 

 

 

 

$30,248,818

 

 

 

 

0.86

%

 

 

 

 

0.86

%

 

 

 

 

1.29

%(d)

 

 

 

 

1.29

%

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$59.52

 

 

 

 

0.63

 

 

 

 

(1.03

)

 

 

 

 

(0.40

)

 

 

 

 

(0.88

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(3.33

)

 

 

 

 

$55.79

 

 

 

 

(0.86

)%

 

 

 

 

$24,274,791

 

 

 

 

0.86

%

 

 

 

 

0.86

%

 

 

 

 

1.14

%

 

 

 

 

1.14

%

 

 

 

 

10.84

%

 

October 31, 2019

 

 

 

$56.73

 

 

 

 

0.78

 

 

 

 

5.41

 

 

 

 

6.19

 

 

 

 

(0.60

)

 

 

 

 

(2.80

)

 

 

 

 

 

 

 

 

(3.40

)

 

 

 

 

$59.52

 

 

 

 

11.72

%

 

 

 

 

$30,133,165

 

 

 

 

0.85

%

 

 

 

 

0.85

%

 

 

 

 

1.38

%

 

 

 

 

1.38

%

 

 

 

 

10.26

%

 

October 31, 2018

 

 

 

$60.85

 

 

 

 

0.66

 

 

 

 

(2.11

)

 

 

 

 

(1.45

)

 

 

 

 

(0.61

)

 

 

 

 

(2.06

)

 

 

 

 

 

 

 

 

(2.67

)

 

 

 

 

$56.73

 

 

 

 

(2.54

)%

 

 

 

 

$29,334,134

 

 

 

 

0.84

%

 

 

 

 

0.84

%

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

14.91

%

 

 

 

 

First Eagle Global Fund Class R3***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$68.23

   

 

 

0.51

   

 

 

(8.37

)

 

 

 

 

(7.86

)

 

 

 

 

(1.05

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(3.85

)

 

 

 

 

$56.52

   

 

 

(11.99

)%

 

 

 

 

$7,134

   

 

 

1.20

%

 

 

 

 

1.20

%

 

 

 

 

0.84

%

 

 

 

 

0.84

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$55.47

 

 

 

 

0.23

(d)

 

 

 

 

13.78

 

 

 

 

14.01

 

 

 

 

(0.30

)

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(1.25

)

 

 

 

 

$68.23

 

 

 

 

25.57

%(g)

 

 

 

 

$1,283

 

 

 

 

1.51

%

 

 

 

 

1.51

%

 

 

 

 

0.36

%(d)

 

 

 

 

0.36

%

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$59.34

 

 

 

 

0.48

 

 

 

 

(1.07

)

 

 

 

 

(0.59

)

 

 

 

 

(0.83

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(3.28

)

 

 

 

 

$55.47

 

 

 

 

(1.21

)%

 

 

 

 

$4,503

 

 

 

 

1.18

%

 

 

 

 

1.18

%

 

 

 

 

0.86

%

 

 

 

 

0.87

%

 

 

 

 

10.84

%

 

October 31, 2019

 

 

 

$56.62

 

 

 

 

0.60

 

 

 

 

5.38

 

 

 

 

5.98

 

 

 

 

(0.46

)

 

 

 

 

(2.80

)

 

 

 

 

 

 

 

 

(3.26

)

 

 

 

 

$59.34

 

 

 

 

11.31

%

 

 

 

 

$11,813

 

 

 

 

1.14

%

 

 

 

 

1.14

%

 

 

 

 

1.03

%

 

 

 

 

1.03

%

 

 

 

 

10.26

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$58.95

 

 

 

 

0.28

 

 

 

 

(2.61

)

 

 

 

 

(2.33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$56.62

 

 

 

 

(3.95

)%(b)

 

 

 

 

$48

 

 

 

 

1.25

%(c)

 

 

 

 

1.25

%(c)

 

 

 

 

0.95

%(c)

 

 

 

 

0.95

%(c)

 

 

 

 

14.91

%(b)

 

 

 

 

First Eagle Global Fund Class R4***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$68.70

   

 

 

0.56

   

 

 

(8.39

)

 

 

 

 

(7.83

)

 

 

 

 

(1.21

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(4.01

)

 

 

 

 

$56.86

   

 

 

(11.88

)%

 

 

 

 

$1,266

   

 

 

1.07

%

 

 

 

 

1.07

%

 

 

 

 

0.90

%

 

 

 

 

0.90

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$55.72

 

 

 

 

0.67

(d)

 

 

 

 

13.86

 

 

 

 

14.53

 

 

 

 

(0.60

)

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(1.55

)

 

 

 

 

$68.70

 

 

 

 

26.51

%(g)

 

 

 

 

$2,064

 

 

 

 

1.10

%

 

 

 

 

1.10

%

 

 

 

 

1.02

%(d)

 

 

 

 

1.02

%

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$59.48

 

 

 

 

0.57

 

 

 

 

(1.02

)

 

 

 

 

(0.45

)

 

 

 

 

(0.86

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(3.31

)

 

 

 

 

$55.72

 

 

 

 

(0.95

)%

 

 

 

 

$2,162

 

 

 

 

0.96

%

 

 

 

 

0.96

%

 

 

 

 

1.04

%

 

 

 

 

1.04

%

 

 

 

 

10.84

%

 

October 31, 2019

 

 

 

$56.70

 

 

 

 

0.74

 

 

 

 

5.36

 

 

 

 

6.10

 

 

 

 

(0.52

)

 

 

 

 

(2.80

)

 

 

 

 

 

 

 

 

(3.32

)

 

 

 

 

$59.48

 

 

 

 

11.53

%

 

 

 

 

$1,825

 

 

 

 

0.97

%

 

 

 

 

0.97

%

 

 

 

 

1.28

%

 

 

 

 

1.28

%

 

 

 

 

10.26

%

 

For The Period 1/17/18^-10/31/18

 

 

 

$61.60

 

 

 

 

0.55

 

 

 

 

(5.45

)

 

 

 

 

(4.90

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$56.70

 

 

 

 

(7.95

)%(b)

 

 

 

 

$117

 

 

 

 

1.02

%(c)

 

 

 

 

1.02

%(c)

 

 

 

 

1.18

%(c)

 

 

 

 

1.18

%(c)

 

 

 

 

14.91

%(b)

 

 

 

 

First Eagle Global Fund Class R5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$68.00

   

 

 

0.51

   

 

 

(8.26

)

 

 

 

 

(7.75

)

 

 

 

 

(1.36

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(4.16

)

 

 

 

 

$56.09

   

 

 

(11.90

)%

 

 

 

 

$100

   

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

0.84

%

 

 

 

 

0.84

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$54.98

 

 

 

 

0.91

(d)

 

 

 

 

13.06

 

 

 

 

13.97

 

 

 

 

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(0.95

)

 

 

 

 

$68.00

 

 

 

 

25.65

%(g)

 

 

 

 

$110

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

1.36

%(d)

 

 

 

 

1.36

%

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$59.47

 

 

 

 

(0.16

)

 

 

 

 

(1.06

)

 

 

 

 

(1.22

)

 

 

 

 

(0.82

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(3.27

)

 

 

 

 

$54.98

 

 

 

 

(2.32

)%

 

 

 

 

$10

 

 

 

 

2.29

%

 

 

 

 

2.29

%

 

 

 

 

(0.28

)%

 

 

 

 

(0.28

)%

 

 

 

 

10.84

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$58.99

 

 

 

 

0.12

 

 

 

 

0.36

 

 

 

 

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$59.47

 

 

 

 

0.81

%(b)

 

 

 

 

$10

 

 

 

 

1.35

%(c)

 

 

 

 

1.35

%(c)

 

 

 

 

0.82

%(c)

 

 

 

 

0.82

%(c)

 

 

 

 

10.26

%(b)

 

 

 

 

First Eagle Global Fund Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$68.95

   

 

 

0.71

   

 

 

(8.38

)

 

 

 

 

(7.67

)

 

 

 

 

(1.46

)

 

 

 

 

(2.80

)

 

 

 

   

 

 

(4.26

)

 

 

 

 

$57.02

   

 

 

(11.62

)%

 

 

 

 

$1,700,134

   

 

 

0.79

%

 

 

 

 

0.79

%

 

 

 

 

1.15

%

 

 

 

 

1.15

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$55.83

 

 

 

 

0.90

(d)

 

 

 

 

13.87

 

 

 

 

14.77

 

 

 

 

(0.70

)

 

 

 

 

(0.95

)

 

 

 

 

 

 

 

 

(1.65

)

 

 

 

 

$68.95

 

 

 

 

26.91

%(g)

 

 

 

 

$2,122,258

 

 

 

 

0.78

%

 

 

 

 

0.78

%

 

 

 

 

1.38

%(d)

 

 

 

 

1.38

 

 

 

 

7.29

%

 

October 31, 2020

 

 

 

$59.55

 

 

 

 

0.64

 

 

 

 

(0.99

)

 

 

 

 

(0.35

)

 

 

 

 

(0.92

)

 

 

 

 

(2.45

)

 

 

 

 

 

 

 

 

(3.37

)

 

 

 

 

$55.83

 

 

 

 

(0.79

)%

 

 

 

 

$1,555,290

 

 

 

 

0.79

%

 

 

 

 

0.79

%

 

 

 

 

1.15

%

 

 

 

 

1.15

%

 

 

 

 

10.84

%

 

October 31, 2019

 

 

 

$56.76

 

 

 

 

0.82

 

 

 

 

5.41

 

 

 

 

6.23

 

 

 

 

(0.64

)

 

 

 

 

(2.80

)

 

 

 

 

 

 

 

 

(3.44

)

 

 

 

 

$59.55

 

 

 

 

11.79

%

 

 

 

 

$944,249

 

 

 

 

0.79

%

 

 

 

 

0.79

%

 

 

 

 

1.44

%

 

 

 

 

1.44

%

 

 

 

 

10.26

%

 

October 31, 2018

 

 

 

$60.88

 

 

 

 

0.72

 

 

 

 

(2.14

)

 

 

 

 

(1.42

)

 

 

 

 

(0.64

)

 

 

 

 

(2.06

)

 

 

 

 

 

 

 

 

(2.70

)

 

 

 

 

$56.76

 

 

 

 

(2.49

)%

 

 

 

 

$782.213

 

 

 

 

0.78

%

 

 

 

 

0.78

%

 

 

 

 

1.21

%

 

 

 

 

1.21

%

 

 

 

 

14.91

%

 

 

 

 

First Eagle Overseas Fund Class A***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$26.71

   

 

 

0.30

   

 

 

(4.30

)

 

 

 

 

(4.00

)

 

 

 

 

(0.87

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.45

)

 

 

 

 

$21.26

   

 

 

(15.62

)%

 

 

 

 

$1,394,388

   

 

 

1.15

%

 

 

 

 

1.15

%

 

 

 

 

1.24

%

 

 

 

 

1.24

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$22.80

 

 

 

 

0.31

(e)

 

 

 

 

3.65

 

 

 

 

3.96

 

 

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

 

$26.71

 

 

 

 

17.35

%(h)

 

 

 

 

$1,895,378

 

 

 

 

1.16

%

 

 

 

 

1.16

%

 

 

 

 

1.20

%(e)

 

 

 

 

1.20

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$24.65

 

 

 

 

0.19

 

 

 

 

(0.71

)

 

 

 

 

(0.52

)

 

 

 

 

(0.50

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.33

)

 

 

 

 

$22.80

 

 

 

 

(2.35

)%

 

 

 

 

$1,742,861

 

 

 

 

1.15

%

 

 

 

 

1.15

%

 

 

 

 

0.82

%

 

 

 

 

0.82

%

 

 

 

 

13.20

%

 

October 31, 2019

 

 

 

$22.71

 

 

 

 

0.32

 

 

 

 

2.28

 

 

 

 

2.60

 

 

 

 

(0.27

)

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

(0.66

)

 

 

 

 

$24.65

 

 

 

 

11.82

%

 

 

 

 

$2,125,742

 

 

 

 

1.15

%

 

 

 

 

1.15

%

 

 

 

 

1.38

%

 

 

 

 

1.38

%

 

 

 

 

6.99

%

 

October 31, 2018

 

 

 

$25.33

 

 

 

 

0.25

 

 

 

 

(2.03

)

 

 

 

 

(1.78

)

 

 

 

 

(0.40

)

 

 

 

 

(0.44

)

 

 

 

 

 

 

 

 

(0.84

)

 

 

 

 

$22.71

 

 

 

 

(7.27

)%

 

 

 

 

$2,173,765

 

 

 

 

1.15

%

 

 

 

 

1.15

%

 

 

 

 

1.04

%

 

 

 

 

1.04

%

 

 

 

 

12.10

%

 

 

 

 

194First Eagle Funds  |  Prospectus  |  March 1, 2023

First Eagle Funds  |  Prospectus  |  March 1, 2023195


 

 

First Eagle Funds

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share operating performance*

             

Ratio/Supplemental data

 

 

 

 

 

   

 

 

 

     

Investment operations

 

Less dividends and distributions

             

Ratios to Average Net Assets of:

 

 

 

 

 

 

 

   

 

 

Selected per
share data for
the period ended:

 

Net asset
value,
beginning
of year

 

Net
investment
income/
loss

 

Net
realized
and
unrealized
gains
(losses) on
investments

 

Total
investment
operations

 

From net
investment
income

 

From
capital
gains

 

Return of
capital

 

Total
distributions

 

Net asset
value, end
of period

 

Total
return(a)

 

Net assets,
end of
period
(thousands)

 

Operating
expenses
excluding
earnings
credits
and/or fee
waivers

 

Operating
expenses
including
earnings
credits
and/or fee
waivers

 

Net
investment
income
excluding
earnings
credits
and/or fee
waivers

 

Net
investment
income
including
earnings
credits
and/or fee
waivers

 

Portfolio
turnover
rate

 

 

 

First Eagle Overseas Fund Class C***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$25.44

   

 

 

0.11

   

 

 

(4.09

)

 

 

 

 

(3.98

)

 

 

 

 

(0.62

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.20

)

 

 

 

 

$20.26

   

 

 

(16.23

)%

 

 

 

 

$92,476

   

 

 

1.89

%

 

 

 

 

1.89

%

 

 

 

 

0.48

%

 

 

 

 

0.48

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$21.83

 

 

 

 

0.10

(e)

 

 

 

 

3.51

 

 

 

 

3.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25.44

 

 

 

 

16.49

%(h)

 

 

 

 

$157,203

 

 

 

 

1.89

%

 

 

 

 

1.89

%

 

 

 

 

0.41

%(e)

 

 

 

 

0.41

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$23.58

 

 

 

 

0.02

 

 

 

 

(0.69

)

 

 

 

 

(0.67

)

 

 

 

 

(0.25

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.08

)

 

 

 

 

$21.83

 

 

 

 

(3.07

)%

 

 

 

 

$228,072

 

 

 

 

1.89

%

 

 

 

 

1.89

%

 

 

 

 

0.08

%

 

 

 

 

0.08

%

 

 

 

 

13.20

%

 

October 31, 2019

 

 

 

$21.73

 

 

 

 

0.11

 

 

 

 

2.22

 

 

 

 

2.33

 

 

 

 

(0.09

)

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

(0.48

)

 

 

 

 

$23.58

 

 

 

 

10.98

%

 

 

 

 

$378,755

 

 

 

 

1.89

%

 

 

 

 

1.89

%

 

 

 

 

0.50

%

 

 

 

 

0.50

%

 

 

 

 

6.99

%

 

October 31, 2018

 

 

 

$24.29

 

 

 

 

0.08

 

 

 

 

(1.95

)

 

 

 

 

(1.87

)

 

 

 

 

(0.25

)

 

 

 

 

(0.44

)

 

 

 

 

 

 

 

 

(0.69

)

 

 

 

 

$21.73

 

 

 

 

(7.92

)%

 

 

 

 

$687,318

 

 

 

 

1.88

%

 

 

 

 

1.88

%

 

 

 

 

0.32

%

 

 

 

 

0.32

%

 

 

 

 

12.10

%

 

 

 

 

First Eagle Overseas Fund Class I***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$27.39

   

 

 

0.37

   

 

 

(4.40

)

 

 

 

 

(4.03

)

 

 

 

 

(0.95

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.53

)

 

 

 

 

$21.83

   

 

 

(15.40

)%

 

 

 

 

$8,462,922

   

 

 

0.89

%

 

 

 

 

0.89

%

 

 

 

 

1.49

%

 

 

 

 

1.49

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$23.38

 

 

 

 

0.40

(e)

 

 

 

 

3.73

 

 

 

 

4.13

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 

 

 

$27.39

 

 

 

 

17.71

%(h)

 

 

 

 

$11,072,223

 

 

 

 

0.88

%

 

 

 

 

0.88

%

 

 

 

 

1.49

%(e)

 

 

 

 

1.49

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$25.24

 

 

 

 

0.26

 

 

 

 

(0.72

)

 

 

 

 

(0.46

)

 

 

 

 

(0.57

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.40

)

 

 

 

 

$23.38

 

 

 

 

(2.06

)%

 

 

 

 

$9,698,986

 

 

 

 

0.87

%

 

 

 

 

0.87

%

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

13.20

%

 

October 31, 2019

 

 

 

$23.26

 

 

 

 

0.39

 

 

 

 

2.33

 

 

 

 

2.72

 

 

 

 

(0.35

)

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

(0.74

)

 

 

 

 

$25.24

 

 

 

 

12.12

%

 

 

 

 

$10,694,125

 

 

 

 

0.86

%

 

 

 

 

0.86

%

 

 

 

 

1.64

%

 

 

 

 

1.64

%

 

 

 

 

6.99

%

 

October 31, 2018

 

 

 

$25.91

 

 

 

 

0.34

 

 

 

 

(2.08

)

 

 

 

 

(1.74

)

 

 

 

 

(0.47

)

 

 

 

 

(0.44

)

 

 

 

 

 

 

 

 

(0.91

)

 

 

 

 

$23.26

 

 

 

 

(6.98

)%

 

 

 

 

$11,093,973

 

 

 

 

0.86

%

 

 

 

 

0.86

%

 

 

 

 

1.35

%

 

 

 

 

1.35

%

 

 

 

 

12.10

%

 

 

 

 

First Eagle Overseas Fund Class R3***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$27.24

   

 

 

0.24

   

 

 

(4.38

)

 

 

 

 

(4.14

)

 

 

 

 

(0.83

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.41

)

 

 

 

 

$21.69

   

 

 

(15.85

)%

 

 

 

 

$297

   

 

 

1.40

%

 

 

 

 

1.40

%

 

 

 

 

1.00

%

 

 

 

 

1.00

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$23.29

 

 

 

 

0.31

(e)

 

 

 

 

3.69

 

 

 

 

4.00

 

 

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

 

$27.24

 

 

 

 

17.18

%(h)

 

 

 

 

$382

 

 

 

 

1.34

%

 

 

 

 

1.34

%

 

 

 

 

1.16

%(e)

 

 

 

 

1.16

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$25.13

 

 

 

 

0.15

 

 

 

 

(0.74

)

 

 

 

 

(0.59

)

 

 

 

 

(0.42

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.25

)

 

 

 

 

$23.29

 

 

 

 

(2.56

)%

 

 

 

 

$183

 

 

 

 

1.36

%

 

 

 

 

1.36

%

 

 

 

 

0.65

%

 

 

 

 

0.65

%

 

 

 

 

13.20

%

 

October 31, 2019

 

 

 

$23.22

 

 

 

 

0.44

 

 

 

 

2.16

 

 

 

 

2.60

 

 

 

 

(0.30

)

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

(0.69

)

 

 

 

 

$25.13

 

 

 

 

11.59

%

 

 

 

 

$96

 

 

 

 

1.32

%

 

 

 

 

1.32

%

 

 

 

 

1.84

%

 

 

 

 

1.84

%

 

 

 

 

6.99

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$25.10

 

 

 

 

0.16

 

 

 

 

(2.04

)

 

 

 

 

(1.88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$23.22

 

 

 

 

(7.49

)%(b)

 

 

 

 

$46

 

 

 

 

1.21

%(c)

 

 

 

 

1.21

%(c)

 

 

 

 

1.32

%(c)

 

 

 

 

1.32

%(c)

 

 

 

 

12.10

%(b)

 

 

 

 

First Eagle Overseas Fund Class R4***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$27.29

   

 

 

0.38

   

 

 

(4.42

)

 

 

 

 

(4.04

)

 

 

 

 

(0.91

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.49

)

 

 

 

 

$21.76

   

 

 

(15.49

)%

 

 

 

 

$12,543

   

 

 

1.01

%

 

 

 

 

1.01

%

 

 

 

 

1.58

%

 

 

 

 

1.58

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$23.34

 

 

 

 

0.35

(e)

 

 

 

 

3.73

 

 

 

 

4.08

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.13

)

 

 

 

 

$27.29

 

 

 

 

17.53

%(h)

 

 

 

 

$10,239

 

 

 

 

1.06

%

 

 

 

 

1.06

%

 

 

 

 

1.29

%(e)

 

 

 

 

1.29

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$25.20

 

 

 

 

0.16

 

 

 

 

(0.66

)

 

 

 

 

(0.50

)

 

 

 

 

(0.53

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.36

)

 

 

 

 

$23.34

 

 

 

 

(2.22

)%

 

 

 

 

$7,326

 

 

 

 

0.91

%

 

 

 

 

0.91

%

 

 

 

 

0.69

%

 

 

 

 

0.69

%

 

 

 

 

13.20

%

 

October 31, 2019

 

 

 

$23.23

 

 

 

 

0.35

 

 

 

 

2.33

 

 

 

 

2.68

 

 

 

 

(0.32

)

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

(0.71

)

 

 

 

 

$25.20

 

 

 

 

11.92

%

 

 

 

 

$91

 

 

 

 

1.04

%

 

 

 

 

1.04

%

 

 

 

 

1.48

%

 

 

 

 

1.48

%

 

 

 

 

6.99

%

 

For The Period 1/17/18^-10/31/18

 

 

 

$26.15

 

 

 

 

0.31

 

 

 

 

(3.23

)

 

 

 

 

(2.92

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$23.23

 

 

 

 

(11.17

)%(b)

 

 

 

 

$78

 

 

 

 

1.03

%(c)

 

 

 

 

1.03

%(c)

 

 

 

 

1.60

%(c)

 

 

 

 

1.60

%(c)

 

 

 

 

12.10

%(b)

 

 

 

 

First Eagle Overseas Fund Class R5***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$27.27

   

 

 

0.23

   

 

 

(4.33

)

 

 

 

 

(4.10

)

 

 

 

 

(0.88

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.46

)

 

 

 

 

$21.71

   

 

 

(15.70

)%

 

 

 

 

$38

   

 

 

1.17

%

 

 

 

 

1.17

%

 

 

 

 

0.94

%

 

 

 

 

0.94

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$23.27

 

 

 

 

0.33

(e)

 

 

 

 

3.70

 

 

 

 

4.03

 

 

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 

 

 

$27.27

 

 

 

 

17.33

%(h)

 

 

 

 

$70

 

 

 

 

1.20

%

 

 

 

 

1.20

%

 

 

 

 

1.23

%(e)

 

 

 

 

1.23

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$25.20

 

 

 

 

0.18

 

 

 

 

(0.75

)

 

 

 

 

(0.57

)

 

 

 

 

(0.53

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.36

)

 

 

 

 

$23.27

 

 

 

 

(2.51

)%

 

 

 

 

$27

 

 

 

 

1.31

%

 

 

 

 

1.31

%

 

 

 

 

0.77

%

 

 

 

 

0.77

%

 

 

 

 

13.20

%

 

For The Period 3/11/19^-10/31/19

 

 

 

$23.37

 

 

 

 

0.28

 

 

 

 

1.55

 

 

 

 

1.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25.20

 

 

 

 

7.83

%(b)

 

 

 

 

$16

 

 

 

 

1.12

%(c)

 

 

 

 

1.12

%(c)

 

 

 

 

1.79

%(c)

 

 

 

 

1.79

%(c)

 

 

 

 

6.99

%(b)

 

 

 

 

First Eagle Overseas Fund Class R6***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$27.40

   

 

 

0.39

   

 

 

(4.40

)

 

 

 

 

(4.01

)

 

 

 

 

(0.97

)

 

 

 

 

(0.58

)

 

 

 

   

 

 

(1.55

)

 

 

 

 

$21.84

   

 

 

(15.32

)%

 

 

 

 

$1,255,272

   

 

 

0.80

%

 

 

 

 

0.80

%

 

 

 

 

1.58

%

 

 

 

 

1.58

%

 

 

 

 

8.99

%

 

October 31, 2021

 

 

 

$23.39

 

 

 

 

0.45

(e)

 

 

 

 

3.70

 

 

 

 

4.15

 

 

 

 

(0.14

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 

 

 

$27.40

 

 

 

 

17.78

%(h)

 

 

 

 

$1,566,467

 

 

 

 

0.79

%

 

 

 

 

0.79

%

 

 

 

 

1.65

%(e)

 

 

 

 

1.65

%

 

 

 

 

9.93

%

 

October 31, 2020

 

 

 

$25.25

 

 

 

 

0.28

 

 

 

 

(0.72

)

 

 

 

 

(0.44

)

 

 

 

 

(0.59

)

 

 

 

 

(0.83

)

 

 

 

 

 

 

 

 

(1.42

)

 

 

 

 

$23.39

 

 

 

 

(1.99

)%

 

 

 

 

$919,645

 

 

 

 

0.80

%

 

 

 

 

0.80

%

 

 

 

 

1.19

%

 

 

 

 

1.19

%

 

 

 

 

13.20

%

 

October 31, 2019

 

 

 

$23.27

 

 

 

 

0.41

 

 

 

 

2.33

 

 

 

 

2.74

 

 

 

 

(0.37

)

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

(0.76

)

 

 

 

 

$25.25

 

 

 

 

12.21

%

 

 

 

 

$759,773

 

 

 

 

0.80

%

 

 

 

 

0.80

%

 

 

 

 

1.74

%

 

 

 

 

1.74

%

 

 

 

 

6.99

%

 

October 31, 2018

 

 

 

$25.92

 

 

 

 

0.36

 

 

 

 

(2.09

)

 

 

 

 

(1.73

)

 

 

 

 

(0.48

)

 

 

 

 

(0.44

)

 

 

 

 

 

 

 

 

(0.92

)

 

 

 

 

$23.27

 

 

 

 

(6.92

)%

 

 

 

 

$592,247

 

 

 

 

0.80

%

 

 

 

 

0.80

%

 

 

 

 

1.44

%

 

 

 

 

1.44

%

 

 

 

 

12.10

%

 

 

 

 

First Eagle U.S. Value Fund Class A***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.23

   

 

 

0.13

   

 

 

(2.08

)

 

 

 

 

(1.95

)

 

 

 

 

(0.17

)

 

 

 

 

(1.70

)

 

 

 

   

 

 

(1.87

)

 

 

 

 

$18.41

   

 

 

(9.12

)%

 

 

 

 

$540,287

   

 

 

1.16

%

 

 

 

 

1.11

%

 

 

 

 

0.60

%

 

 

 

 

0.65

%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$16.97

 

 

 

 

0.09

 

 

 

 

5.49

 

 

 

 

5.58

 

 

 

 

(0.20

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.32

)

 

 

 

 

$22.23

 

 

 

 

33.28

%

 

 

 

 

$638,937

 

 

 

 

1.16

%

 

 

 

 

1.11

%

 

 

 

 

0.40

%

 

 

 

 

0.45

%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$18.84

 

 

 

 

0.14

 

 

 

 

(0.48

)

 

 

 

 

(0.34

)

 

 

 

 

(0.16

)

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.53

)

 

 

 

 

$16.97

 

 

 

 

(2.23

)%

 

 

 

 

$485,589

 

 

 

 

1.18

%

 

 

 

 

1.13

%

 

 

 

 

0.78

%

 

 

 

 

0.83

%

 

 

 

 

10.30

%

 

October 31, 2019

 

 

 

$19.89

 

 

 

 

0.16

 

 

 

 

1.44

 

 

 

 

1.60

 

 

 

 

(0.12

)

 

 

 

 

(2.53

)

 

 

 

 

 

 

 

 

(2.65

)

 

 

 

 

$18.84

 

 

 

 

9.43

%

 

 

 

 

$613,548

 

 

 

 

1.16

%

 

 

 

 

1.11

%

 

 

 

 

0.81

%

 

 

 

 

0.86

%

 

 

 

 

8.65

%

 

October 31, 2018

 

 

 

$21.26

 

 

 

 

0.11

 

 

 

 

0.31

 

 

 

 

0.42

 

 

 

 

(0.03

)

 

 

 

 

(1.76

)

 

 

 

 

 

 

 

 

(1.79

)

 

 

 

 

$19.89

 

 

 

 

2.01

%

 

 

 

 

$590,922

 

 

 

 

1.15

%

 

 

 

 

1.10

%

 

 

 

 

0.51

%

 

 

 

 

0.56

%

 

 

 

 

9.05

%

 

 

 

 

First Eagle U.S. Value Fund Class C***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$21.08

   

 

 

(0.02

)

 

 

 

 

(1.97

)

 

 

 

 

(1.99

)

 

 

 

   

 

 

(1.70

)

 

 

 

   

 

 

(1.70

)

 

 

 

 

$17.39

   

 

 

(9.82

)%

 

 

 

 

$34,953

   

 

 

1.92

%

 

 

 

 

1.87

%

 

 

 

 

(0.18

)%

 

 

 

 

(0.13

)%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$16.06

 

 

 

 

(0.06

)

 

 

 

 

5.22

 

 

 

 

5.16

 

 

 

 

(0.02

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.14

)

 

 

 

 

$21.08

 

 

 

 

32.29

%

 

 

 

 

$53,912

 

 

 

 

1.95

%

 

 

 

 

1.90

%

 

 

 

 

(0.38

)%

 

 

 

 

(0.33

)%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$17.89

 

 

 

 

0.01

 

 

 

 

(0.47

)

 

 

 

 

(0.46

)

 

 

 

 

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.37

)

 

 

 

 

$16.06

 

 

 

 

(3.00

)%

 

 

 

 

$101,600

 

 

 

 

1.94

%

 

 

 

 

1.89

%

 

 

 

 

0.03

%

 

 

 

 

0.08

%

 

 

 

 

10.30

%

 

October 31, 2019

 

 

 

$19.03

 

 

 

 

0.02

 

 

 

 

1.37

 

 

 

 

1.39

 

 

 

 

 

 

 

 

(2.53

)

 

 

 

 

 

 

 

 

(2.53

)

 

 

 

 

$17.89

 

 

 

 

8.59

%

 

 

 

 

$194,380

 

 

 

 

1.92

%

 

 

 

 

1.87

%

 

 

 

 

0.06

%

 

 

 

 

0.11

%

 

 

 

 

8.65

%

 

October 31, 2018

 

 

 

$20.54

 

 

 

 

(0.04

)

 

 

 

 

0.29

 

 

 

 

0.25

 

 

 

 

 

 

 

 

(1.76

)

 

 

 

 

 

 

 

 

(1.76

)

 

 

 

 

$19.03

 

 

 

 

1.20

%

 

 

 

 

$361,606

 

 

 

 

1.90

%

 

 

 

 

1.85

%

 

 

 

 

(0.24

)%

 

 

 

 

(0.19

)%

 

 

 

 

9.05

%

 

 

 

 

196First Eagle Funds  |  Prospectus  |  March 1, 2023

First Eagle Funds  |  Prospectus  |  March 1, 2023197


 

 

First Eagle Funds

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share operating performance*

             

Ratio/Supplemental data

 

 

 

 

 

   

 

 

 

     

Investment operations

 

Less dividends and distributions

             

Ratios to Average Net Assets of:

 

 

 

 

 

 

 

   

 

 

Selected per
share data for
the period ended:

 

Net asset
value,
beginning
of year

 

Net
investment
income/
loss

 

Net
realized
and
unrealized
gains
(losses) on
investments

 

Total
investment
operations

 

From net
investment
income

 

From
capital
gains

 

Return of
capital

 

Total
distributions

 

Net asset
value, end
of period

 

Total
return(a)

 

Net assets,
end of
period
(thousands)

 

Operating
expenses
excluding
earnings
credits
and/or fee
waivers

 

Operating
expenses
including
earnings
credits
and/or fee
waivers

 

Net
investment
income
excluding
earnings
credits
and/or fee
waivers

 

Net
investment
income
including
earnings
credits
and/or fee
waivers

 

Portfolio
turnover
rate

 

 

 

First Eagle U. S. Value Fund Class I***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.71

   

 

 

0.19

   

 

 

(2.13

)

 

 

 

 

(1.94

)

 

 

 

 

(0.23

)

 

 

 

 

(1.70

)

 

 

 

   

 

 

(1.93

)

 

 

 

 

$18.84

   

 

 

(8.88

)%

 

 

 

 

$538,424

   

 

 

0.88

%

 

 

 

 

0.83

%

 

 

 

 

0.88

%

 

 

 

 

0.93

%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$17.32

 

 

 

 

0.15

 

 

 

 

5.61

 

 

 

 

5.76

 

 

 

 

(0.25

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.37

)

 

 

 

 

$22.71

 

 

 

 

33.72

%

 

 

 

 

$584,344

 

 

 

 

0.89

%

 

 

 

 

0.84

%

 

 

 

 

0.68

%

 

 

 

 

0.73

%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$19.21

 

 

 

 

0.20

 

 

 

 

(0.51

)

 

 

 

 

(0.31

)

 

 

 

 

(0.21

)

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.58

)

 

 

 

 

$17.32

 

 

 

 

(2.01

)%

 

 

 

 

$505,997

 

 

 

 

0.89

%

 

 

 

 

0.84

%

 

 

 

 

1.08

%

 

 

 

 

1.13

%

 

 

 

 

10.30

%

 

October 31, 2019

 

 

 

$20.23

 

 

 

 

0.21

 

 

 

 

1.48

 

 

 

 

1.69

 

 

 

 

(0.18

)

 

 

 

 

(2.53

)

 

 

 

 

 

 

 

 

(2.71

)

 

 

 

 

$19.21

 

 

 

 

9.79

%

 

 

 

 

$749,245

 

 

 

 

0.88

%

 

 

 

 

0.83

%

 

 

 

 

1.09

%

 

 

 

 

1.14

%

 

 

 

 

8.65

%

 

October 31, 2018

 

 

 

$21.61

 

 

 

 

0.18

 

 

 

 

0.29

 

 

 

 

0.47

 

 

 

 

(0.09

)

 

 

 

 

(1.76

)

 

 

 

 

 

 

 

 

(1.85

)

 

 

 

 

$20.23

 

 

 

 

2.24

%

 

 

 

 

$875,239

 

 

 

 

0.87

%

 

 

 

 

0.82

%

 

 

 

 

0.79

%

 

 

 

 

0.84

%

 

 

 

 

9.05

%

 

 

 

 

First Eagle U. S. Value Fund Class R3***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.61

   

 

 

0.09

   

 

 

(2.11

)

 

 

 

 

(2.02

)

 

 

 

 

(0.14

)

 

 

 

 

(1.70

)

 

 

 

   

 

 

(1.84

)

 

 

 

 

$18.75

   

 

 

(9.28

)%

 

 

 

 

$64

   

 

 

1.34

%

 

 

 

 

1.29

%

 

 

 

 

0.42

%

 

 

 

 

0.47

%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$17.25

 

 

 

 

0.07

 

 

 

 

5.58

 

 

 

 

5.65

 

 

 

 

(0.17

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.29

)

 

 

 

 

$22.61

 

 

 

 

33.10

%

 

 

 

 

$71

 

 

 

 

1.31

%

 

 

 

 

1.26

%

 

 

 

 

0.26

%

 

 

 

 

0.31

%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$19.15

 

 

 

 

0.11

 

 

 

 

(0.50

)

 

 

 

 

(0.39

)

 

 

 

 

(0.14

)

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.51

)

 

 

 

 

$17.25

 

 

 

 

(2.46

)%

 

 

 

 

$53

 

 

 

 

1.36

%

 

 

 

 

1.31

%

 

 

 

 

0.59

%

 

 

 

 

0.64

%

 

 

 

 

10.30

%

 

October 31, 2019

 

 

 

$20.20

 

 

 

 

0.14

 

 

 

 

1.48

 

 

 

 

1.62

 

 

 

 

(0.14

)

 

 

 

 

(2.53

)

 

 

 

 

 

 

 

 

(2.67

)

 

 

 

 

$19.15

 

 

 

 

9.37

%

 

 

 

 

$54

 

 

 

 

1.26

%

 

 

 

 

1.21

%

 

 

 

 

0.71

%

 

 

 

 

0.76

%

 

 

 

 

8.65

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$20.37

 

 

 

 

0.06

 

 

 

 

(0.23

)

 

 

 

 

(0.17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$20.20

 

 

 

 

(0.83

)%(b)

 

 

 

 

$50

 

 

 

 

1.24

%(c)

 

 

 

 

1.19

%(c)

 

 

 

 

0.50

%(c)

 

 

 

 

0.55

%(c)

 

 

 

 

9.05

%(b)

 

 

 

 

First Eagle U. S. Value Fund Class R4***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.61

   

 

 

0.14

   

 

 

(2.14

)

 

 

 

 

(2.00

)

 

 

 

 

(0.15

)

 

 

 

 

(1.70

)

 

 

 

   

 

 

(1.85

)

 

 

 

 

$18.76

   

 

 

(9.17

)%

 

 

 

 

$33

   

 

 

1.14

%

 

 

 

 

1.09

%

 

 

 

 

0.66

%

 

 

 

 

0.71

%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$17.25

 

 

 

 

0.09

 

 

 

 

5.56

 

 

 

 

5.65

 

 

 

 

(0.17

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.29

)

 

 

 

 

$22.61

 

 

 

 

33.13

%

 

 

 

 

$13

 

 

 

 

1.21

%

 

 

 

 

1.16

%

 

 

 

 

0.35

%

 

 

 

 

0.41

%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$19.18

 

 

 

 

0.13

 

 

 

 

(0.51

)

 

 

 

 

(0.38

)

 

 

 

 

(0.18

)

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.55

)

 

 

 

 

$17.25

 

 

 

 

(2.39

)%

 

 

 

 

$10

 

 

 

 

1.24

%

 

 

 

 

1.20

%

 

 

 

 

0.70

%

 

 

 

 

0.74

%

 

 

 

 

10.30

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$19.40

 

 

 

 

0.02

 

 

 

 

(0.24

)

 

 

 

 

(0.22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.18

 

 

 

 

(1.13

)%(b)

 

 

 

 

$10

 

 

 

 

1.51

%(c)

 

 

 

 

1.47

%(c)

 

 

 

 

0.39

%(c)

 

 

 

 

0.43

%(c)

 

 

 

 

8.65

%(b)

 

 

 

 

First Eagle U. S. Value Fund Class R5***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.62

   

 

 

0.16

   

 

 

(2.13

)

 

 

 

 

(1.97

)

 

 

 

 

(0.18

)

 

 

 

 

(1.70

)

 

 

 

   

 

 

(1.88

)

 

 

 

 

$18.77

   

 

 

(9.03

)%

 

 

 

 

$75

   

 

 

1.02

%

 

 

 

 

0.97

%

 

 

 

 

0.74

%

 

 

 

 

0.79

%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$17.28

 

 

 

 

0.10

 

 

 

 

5.59

 

 

 

 

5.69

 

 

 

 

(0.23

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.35

)

 

 

 

 

$22.62

 

 

 

 

33.35

%

 

 

 

 

$75

 

 

 

 

1.13

%

 

 

 

 

1.08

%

 

 

 

 

0.43

%

 

 

 

 

0.48

%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$19.18

 

 

 

 

0.12

 

 

 

 

(0.46

)

 

 

 

 

(0.34

)

 

 

 

 

(0.19

)

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.56

)

 

 

 

 

$17.28

 

 

 

 

(2.18

)%

 

 

 

 

53

 

 

 

 

1.09

%

 

 

 

 

1.05

%

 

 

 

 

0.67

%

 

 

 

 

0.71

%

 

 

 

 

10.30

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$19.40

 

 

 

 

0.03

 

 

 

 

(0.25

)

 

 

 

 

(0.22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.18

 

 

 

 

(1.13

)%(b)

 

 

 

 

$10

 

 

 

 

1.40

%(c)

 

 

 

 

1.36

%(c)

 

 

 

 

0.50

%(c)

 

 

 

 

0.54

%(c)

 

 

 

 

8.65

%(b)

 

 

 

 

First Eagle U. S. Value Fund Class R6***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.71

   

 

 

0.20

   

 

 

(2.13

)

 

 

 

 

(1.93

)

 

 

 

 

(0.24

)

 

 

 

 

(1.70

)

 

 

 

   

 

 

(1.94

)

 

 

 

 

$18.84

   

 

 

(8.83

)%

 

 

 

 

$25,921

   

 

 

0.83

%

 

 

 

 

0.78

%

 

 

 

 

0.94

%

 

 

 

 

0.99

%

 

 

 

 

10.33

%

 

October 31, 2021

 

 

 

$17.32

 

 

 

 

0.16

 

 

 

 

5.61

 

 

 

 

5.77

 

 

 

 

(0.26

)

 

 

 

 

(0.12

)

 

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

$22.71

 

 

 

 

33.78

%

 

 

 

 

$25,676

 

 

 

 

0.84

%

 

 

 

 

0.79

%

 

 

 

 

0.72

%

 

 

 

 

0.77

%

 

 

 

 

4.02

%

 

October 31, 2020

 

 

 

$19.22

 

 

 

 

0.19

 

 

 

 

(0.50

)

 

 

 

 

(0.31

)

 

 

 

 

(0.22

)

 

 

 

 

(1.37

)

 

 

 

 

 

 

 

 

(1.59

)

 

 

 

 

$17.32

 

 

 

 

(2.02

)%

 

 

 

 

$15,058

 

 

 

 

0.86

%

 

 

 

 

0.81

%

 

 

 

 

1.03

%

 

 

 

 

1.08

%

 

 

 

 

10.30

%

 

October 31, 2019

 

 

 

$20.24

 

 

 

 

0.21

 

 

 

 

1.49

 

 

 

 

1.70

 

 

 

 

(0.19

)

 

 

 

 

(2.53

)

 

 

 

 

 

 

 

 

(2.72

)

 

 

 

 

$19.22

 

 

 

 

9.83

%

 

 

 

 

$15,949

 

 

 

 

0.83

%

 

 

 

 

0.78

%

 

 

 

 

1.09

%

 

 

 

 

1.14

%

 

 

 

 

8.65

%

 

October 31, 2018

 

 

 

$21.62

 

 

 

 

0.18

 

 

 

 

0.30

 

 

 

 

0.48

 

 

 

 

(0.10

)

 

 

 

 

(1.76

)

 

 

 

 

 

 

 

 

(1.86

)

 

 

 

 

$20.24

 

 

 

 

2.28

%

 

 

 

 

$1,362

 

 

 

 

0.86

%

 

 

 

 

0.81

%

 

 

 

 

0.82

%

 

 

 

 

0.87

%

 

 

 

 

9.05

%

 

 

 

 

First Eagle Gold Fund Class A***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$22.94

   

 

 

0.05

   

 

 

(3.52

)

 

 

 

 

(3.47

)

 

 

 

 

(0.22

)

 

 

 

   

 

   

 

 

(0.22

)

 

 

 

 

$19.25

   

 

 

(15.24

)%

 

 

 

 

$494,372

   

 

 

1.19

%

 

 

 

 

1.19

%

 

 

 

 

0.24

%

 

 

 

 

0.24

%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$26.28

 

 

 

 

(0.01

)

 

 

 

 

(3.01

)

 

 

 

 

(3.02

)

 

 

 

 

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.32

)

 

 

 

 

$22.94

 

 

 

 

(11.60

)%

 

 

 

 

$578,968

 

 

 

 

1.22

%

 

 

 

 

1.22

%

 

 

 

 

(0.03

)%

 

 

 

 

(0.03

)%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$18.66

 

 

 

 

(0.12

)

 

 

 

 

7.74

 

 

 

 

7.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$26.28

 

 

 

 

40.84

%

 

 

 

 

$643,945

 

 

 

 

1.21

%

 

 

 

 

1.21

%

 

 

 

 

(0.52

)%

 

 

 

 

(0.52

)%

 

 

 

 

3.34

%

 

October 31, 2019

 

 

 

$13.08

 

 

 

 

(0.04

)

 

 

 

 

5.62

 

 

 

 

5.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$18.66

 

 

 

 

42.66

%

 

 

 

 

$386,633

 

 

 

 

1.29

%

 

 

 

 

1.29

%

 

 

 

 

(0.27

)%

 

 

 

 

(0.27

)%

 

 

 

 

20.01

%

 

October 31, 2018

 

 

 

$16.50

 

 

 

 

(0.07

)

 

 

 

 

(3.35

)

 

 

 

 

(3.42

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$13.08

 

 

 

 

(20.73

)%

 

 

 

 

$294,509

 

 

 

 

1.29

%

 

 

 

 

1.29

%

 

 

 

 

(0.45

)%

 

 

 

 

(0.45

)%

 

 

 

 

9.43

%

 

 

 

 

First Eagle Gold Fund Class C***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$20.82

   

 

 

(0.10

)

 

 

 

 

(3.19

)

 

 

 

 

(3.29

)

 

 

 

 

(0.05

)

 

 

 

   

 

   

 

 

(0.05

)

 

 

 

 

$17.48

   

 

 

(15.87

)%

 

 

 

 

$104,359

   

 

 

1.93

%

 

 

 

 

1.93

%

 

 

 

 

(0.51

)%

 

 

 

 

(0.51

)%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$23.92

 

 

 

 

(0.17

)

 

 

 

 

(2.76

)

 

 

 

 

(2.93

)

 

 

 

 

(0.17

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.17

)

 

 

 

 

$20.82

 

 

 

 

(12.25

)%

 

 

 

 

$144,502

 

 

 

 

1.95

%

 

 

 

 

1.95

%

 

 

 

 

(0.77

)%

 

 

 

 

(0.77

)%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$17.11

 

 

 

 

(0.26

)

 

 

 

 

7.07

 

 

 

 

6.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$23.92

 

 

 

 

39.80

%

 

 

 

 

$179,978

 

 

 

 

1.95

%

 

 

 

 

1.95

%

 

 

 

 

(1.25

)%

 

 

 

 

(1.25

)%

 

 

 

 

3.34

%

 

October 31, 2019

 

 

 

$12.09

 

 

 

 

(0.15

)

 

 

 

 

5.17

 

 

 

 

5.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$17.11

 

 

 

 

41.52

%

 

 

 

 

$115,624

 

 

 

 

2.05

%

 

 

 

 

2.05

%

 

 

 

 

(1.02

)%

 

 

 

 

(1.02

)%

 

 

 

 

20.01

%

 

October 31, 2018

 

 

 

$15.36

 

 

 

 

(0.17

)

 

 

 

 

(3.10

)

 

 

 

 

(3.27

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$12.09

 

 

 

 

(21.29

)%

 

 

 

 

$111,685

 

 

 

 

2.05

%

 

 

 

 

2.05

%

 

 

 

 

(1.21

)%

 

 

 

 

(1.21

)%

 

 

 

 

9.43

%

 

 

 

 

First Eagle Gold Fund Class I***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$23.68

   

 

 

0.12

   

 

 

(3.64

)

 

 

 

 

(3.52

)

 

 

 

 

(0.28

)

 

 

 

   

 

   

 

 

(0.28

)

 

 

 

 

$19.88

   

 

 

(15.00

)%

 

 

 

 

$1,075,242

   

 

 

0.94

%

 

 

 

 

0.94

%

 

 

 

 

0.50

%

 

 

 

 

0.50

%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$27.13

 

 

 

 

0.06

 

 

 

 

(3.13

)

 

 

 

 

(3.07

)

 

 

 

 

(0.38

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

$23.68

 

 

 

 

(11.41

)%

 

 

 

 

$1,349,701

 

 

 

 

0.96

%

 

 

 

 

0.96

%

 

 

 

 

0.23

%

 

 

 

 

0.23

%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$19.22

 

 

 

 

(0.06

)

 

 

 

 

7.99

 

 

 

 

7.93

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 

$27.13

 

 

 

 

41.29

%

 

 

 

 

$1,424,181

 

 

 

 

0.92

%

 

 

 

 

0.92

%

 

 

 

 

(0.25

)%

 

 

 

 

(0.25

)%

 

 

 

 

3.34

%

 

October 31, 2019

 

 

 

$13.44

 

 

 

 

0.00

**

 

 

 

 

5.78

 

 

 

 

5.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.22

 

 

 

 

43.01

%

 

 

 

 

$553,633

 

 

 

 

0.99

%

 

 

 

 

0.99

%

 

 

 

 

0.01

%

 

 

 

 

0.01

%

 

 

 

 

20.01

%

 

October 31, 2018

 

 

 

$16.90

 

 

 

 

(0.02

)

 

 

 

 

(3.44

)

 

 

 

 

(3.46

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$13.44

 

 

 

 

(20.47

)%

 

 

 

 

$392,310

 

 

 

 

1.00

%

 

 

 

 

1.00

%

 

 

 

 

(0.15

)%

 

 

 

 

(0.15

)%

 

 

 

 

9.43

%

 

 

 

 

First Eagle Gold Fund Class R3***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$23.56

   

 

 

0.00

**

 

 

 

 

(3.62

)

 

 

 

 

(3.62

)

 

 

 

 

(0.20

)

 

 

 

   

 

   

 

 

(0.20

)

 

 

 

 

$19.74

   

 

 

(15.46

)%

 

 

 

 

$1,013

   

 

 

1.45

%

 

 

 

 

1.45

%

 

 

 

 

(0.01

)%

 

 

 

 

(0.01

)%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$26.99

 

 

 

 

(0.01

)

 

 

 

 

(3.13

)

 

 

 

 

(3.14

)

 

 

 

 

(0.29

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.29

)

 

 

 

 

$23.56

 

 

 

 

(11.72

)%

 

 

 

 

$1,351

 

 

 

 

1.34

%

 

 

 

 

1.34

%

 

 

 

 

(0.04

)%

 

 

 

 

(0.04

)%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$19.17

 

 

 

 

(0.12

)

 

 

 

 

7.95

 

 

 

 

7.83

 

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 

$26.99

 

 

 

 

40.84

%

 

 

 

 

$471

 

 

 

 

1.25

%

 

 

 

 

1.25

%

 

 

 

 

(0.52

)%

 

 

 

 

(0.52

)%

 

 

 

 

3.34

%

 

October 31, 2019

 

 

 

$13.44

 

 

 

 

(0.09

)

 

 

 

 

5.82

 

 

 

 

5.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.17

 

 

 

 

42.63

%

 

 

 

 

$491

 

 

 

 

1.25

%

 

 

 

 

1.25

%

 

 

 

 

(0.51

)%

 

 

 

 

(0.51

)%

 

 

 

 

20.01

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$16.35

 

 

 

 

(0.04

)

 

 

 

 

(2.87

)

 

 

 

 

(2.91

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$13.44

 

 

 

 

(17.80

)%(b)

 

 

 

 

$41

 

 

 

 

1.32

%(c)

 

 

 

 

1.32

%(c)

 

 

 

 

(0.59

)%(c)

 

 

 

 

(0.59

)%(c)

 

 

 

 

9.43

%(b)

 

 

 

 

198First Eagle Funds  |  Prospectus  |  March 1, 2023

First Eagle Funds  |  Prospectus  |  March 1, 2023199


 

 

First Eagle Funds

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share operating performance*

             

Ratio/Supplemental data

 

 

 

 

 

   

 

 

 

     

Investment operations

 

Less dividends and distributions

             

Ratios to Average Net Assets of:

 

 

 

 

 

 

 

   

 

 

Selected per
share data for
the period ended:

 

Net asset
value,
beginning
of year

 

Net
investment
income/
loss

 

Net
realized
and
unrealized
gains
(losses) on
investments

 

Total
investment
operations

 

From net
investment
income

 

From
capital
gains

 

Return of
capital

 

Total
distributions

 

Net asset
value, end
of period

 

Total
return(a)

 

Net assets,
end of
period
(thousands)

 

Operating
expenses
excluding
earnings
credits
and/or fee
waivers

 

Operating
expenses
including
earnings
credits
and/or fee
waivers

 

Net
investment
income
excluding
earnings
credits
and/or fee
waivers

 

Net
investment
income
including
earnings
credits
and/or fee
waivers

 

Portfolio
turnover
rate

 

 

 

First Eagle Gold Fund Class R4***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$23.72

   

 

 

0.07

   

 

 

(3.63

)

 

 

 

 

(3.56

)

 

 

 

 

(0.25

)

 

 

 

   

 

   

 

 

(0.25

)

 

 

 

 

$19.91

   

 

 

(15.14

)%

 

 

 

 

$1,325

   

 

 

1.10

%

 

 

 

 

1.10

%

 

 

 

 

0.32

%

 

 

 

 

0.32

%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$27.19

 

 

 

 

0.02

 

 

 

 

(3.12

)

 

 

 

 

(3.10

)

 

 

 

 

(0.37

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.37

)

 

 

 

 

$23.72

 

 

 

 

(11.52

)%

 

 

 

 

$811

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

0.08

%

 

 

 

 

0.08

%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$19.26

 

 

 

 

(0.08

)

 

 

 

 

8.01

 

 

 

 

7.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$27.19

 

 

 

 

41.17

%

 

 

 

 

$935

 

 

 

 

1.00

%

 

 

 

 

1.00

%

 

 

 

 

(0.32

)%

 

 

 

 

(0.32

)%

 

 

 

 

3.34

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$18.54

 

 

 

 

(0.04

)

 

 

 

 

0.76

 

 

 

 

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.26

 

 

 

 

3.88

%(b)

 

 

 

 

$10

 

 

 

 

1.49

%(c)

 

 

 

 

1.49

%(c)

 

 

 

 

(0.84

)%(c)

 

 

 

 

(0.84

)%(c)

 

 

 

 

20.01

%(b)

 

 

 

 

First Eagle Gold Fund Class R5***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$23.68

   

 

 

0.11

   

 

 

(3.64

)

 

 

 

 

(3.53

)

 

 

 

 

(0.25

)

 

 

 

   

 

   

 

 

(0.25

)

 

 

 

 

$19.90

   

 

 

(15.02

)%

 

 

 

 

$580

   

 

 

0.99

%

 

 

 

 

0.99

%

 

 

 

 

0.47

%

 

 

 

 

0.47

%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$27.16

 

 

 

 

0.04

 

 

 

 

(3.14

)

 

 

 

 

(3.10

)

 

 

 

 

(0.38

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

$23.68

 

 

 

 

(11.49

)%

 

 

 

 

$437

 

 

 

 

1.03

%

 

 

 

 

1.03

%

 

 

 

 

0.16

%

 

 

 

 

0.16

%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$19.28

 

 

 

 

(0.09

)

 

 

 

 

7.99

 

 

 

 

7.90

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 

$27.16

 

 

 

 

40.94

%

 

 

 

 

$677

 

 

 

 

0.98

%

 

 

 

 

0.98

%

 

 

 

 

(0.35

)%

 

 

 

 

(0.35

)%

 

 

 

 

3.34

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$18.54

 

 

 

 

(0.03

)

 

 

 

 

0.77

 

 

 

 

0.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.28

 

 

 

 

3.99

%(b)

 

 

 

 

$166

 

 

 

 

0.96

%(c)

 

 

 

 

0.96

%(c)

 

 

 

 

(0.65

)%(c)

 

 

 

 

(0.64

)%(c)

 

 

 

 

20.01

%(b)

 

 

 

 

First Eagle Gold Fund Class R6***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$23.74

   

 

 

0.13

   

 

 

(3.63

)

 

 

 

 

(3.50

)

 

 

 

 

(0.31

)

 

 

 

   

 

   

 

 

(0.31

)

 

 

 

 

$19.93

   

 

 

(14.91

)%

 

 

 

 

$105,438

   

 

 

0.85

%

 

 

 

 

0.85

%

 

 

 

 

0.59

%

 

 

 

 

0.59

%

 

 

 

 

17.78

%

 

October 31, 2021

 

 

 

$27.19

 

 

 

 

0.08

 

 

 

 

(3.13

)

 

 

 

 

(3.05

)

 

 

 

 

(0.40

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.40

)

 

 

 

 

$23.74

 

 

 

 

(11.33

)%

 

 

 

 

$103,234

 

 

 

 

0.85

%

 

 

 

 

0.85

%

 

 

 

 

0.31

%

 

 

 

 

0.31

%

 

 

 

 

5.13

%

 

October 31, 2020

 

 

 

$19.26

 

 

 

 

(0.03

)

 

 

 

 

7.99

 

 

 

 

7.96

 

 

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 

 

 

$27.19

 

 

 

 

41.42

%

 

 

 

 

$209,208

 

 

 

 

0.85

%

 

 

 

 

0.85

%

 

 

 

 

(0.14

)%

 

 

 

 

(0.14

)%

 

 

 

 

3.34

%

 

October 31, 2019

 

 

 

$13.46

 

 

 

 

0.01

 

 

 

 

5.79

 

 

 

 

5.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$19.26

 

 

 

 

43.09

%

 

 

 

 

$163,259

 

 

 

 

0.89

%

 

 

 

 

0.89

%

 

 

 

 

0.03

%

 

 

 

 

0.03

%

 

 

 

 

20.01

%

 

October 31, 2018

 

 

 

$16.91

 

 

 

 

(0.02

)

 

 

 

 

(3.43

)

 

 

 

 

(3.45

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$13.46

 

 

 

 

(20.40

)%

 

 

 

 

$74,414

 

 

 

 

0.91

%

 

 

 

 

0.91

%

 

 

 

 

(0.14

)%

 

 

 

 

(0.14

)%

 

 

 

 

9.43

%

 

 

 

 

First Eagle Global Income Builder Fund Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.52

   

 

 

(0.27

)

 

 

 

 

(1.34

)

 

 

 

 

(1.07

)

 

 

 

 

(0.26

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.83

)

 

 

 

 

$11.62

   

 

 

(8.23

)%

 

 

 

 

$541,002

   

 

 

1.16

%

 

 

 

 

1.16

%

 

 

 

 

2.17

%

 

 

 

 

2.18

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.47

 

 

 

 

0.27

(f)

 

 

 

 

2.17

 

 

 

 

2.44

 

 

 

 

(0.26

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.39

)

 

 

 

 

$13.52

 

 

 

 

21.36

%(i)

 

 

 

 

$492,402

 

 

 

 

1.17

%

 

 

 

 

1.17

%

 

 

 

 

2.04

%(f)

 

 

 

 

2.04

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.15

 

 

 

 

0.22

 

 

 

 

(0.64

)

 

 

 

 

(0.42

)

 

 

 

 

(0.22

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.26

)

 

 

 

 

$11.47

 

 

 

 

(3.38

)%

 

 

 

 

$359,442

 

 

 

 

1.19

%

 

 

 

 

1.19

%

 

 

 

 

1.87

%

 

 

 

 

1.87

%

 

 

 

 

28.98

%

 

October 31, 2019

 

 

 

$11.45

 

 

 

 

0.25

 

 

 

 

0.70

 

 

 

 

0.95

 

 

 

 

(0.25

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.25

)

 

 

 

 

$12.15

 

 

 

 

8.40

%

 

 

 

 

$392,942

 

 

 

 

1.18

%

 

 

 

 

1.18

%

 

 

 

 

2.10

%

 

 

 

 

2.10

%

 

 

 

 

25.54

%

 

October 31, 2018

 

 

 

$12.05

 

 

 

 

0.25

 

 

 

 

(0.56

)

 

 

 

 

(0.31

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.06

)

 

 

 

 

(0.29

)

 

 

 

 

$11.45

 

 

 

 

(2.64

)%

 

 

 

 

$319,003

 

 

 

 

1.18

%

 

 

 

 

1.18

%

 

 

 

 

2.11

%

 

 

 

 

2.11

%

 

 

 

 

22.15

%

 

 

 

 

First Eagle Global Income Builder Fund Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.47

   

 

 

0.17

   

 

 

(1.34

)

 

 

 

 

(1.17

)

 

 

 

 

(0.03

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.60

)

 

 

 

 

$11.70

   

 

 

(8.95

)%

 

 

 

 

$98,977

   

 

 

1.94

%

 

 

 

 

1.94

%

 

 

 

 

1.38

%

 

 

 

 

1.38

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.44

 

 

 

 

0.16

(f)

 

 

 

 

2.17

 

 

 

 

2.33

 

 

 

 

(0.17

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.30

)

 

 

 

 

$13.47

 

 

 

 

20.48

%(i)

 

 

 

 

$153,654

 

 

 

 

1.94

%

 

 

 

 

1.94

%

 

 

 

 

1.25

%(f)

 

 

 

 

1.25

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.11

 

 

 

 

0.13

 

 

 

 

(0.63

)

 

 

 

 

(0.50

)

 

 

 

 

(0.13

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.17

)

 

 

 

 

$11.44

 

 

 

 

(4.15

)%

 

 

 

 

$186,154

 

 

 

 

1.95

%

 

 

 

 

1.95

%

 

 

 

 

1.11

%

 

 

 

 

1.11

%

 

 

 

 

28.98

%

 

October 31, 2019

 

 

 

$11.42

 

 

 

 

0.16

 

 

 

 

0.69

 

 

 

 

0.85

 

 

 

 

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.16

)

 

 

 

 

$12.11

 

 

 

 

7.53

%

 

 

 

 

$289,037

 

 

 

 

1.94

%

 

 

 

 

1.94

%

 

 

 

 

1.36

%

 

 

 

 

1.36

%

 

 

 

 

25.54

%

 

October 31, 2018

 

 

 

$12.02

 

 

 

 

0.16

 

 

 

 

(0.56

)

 

 

 

 

(0.40

)

 

 

 

 

(0.14

)

 

 

 

 

 

 

 

 

(0.06

)

 

 

 

 

(0.20

)

 

 

 

 

$11.42

 

 

 

 

(3.38

)%

 

 

 

 

$297,716

 

 

 

 

1.93

%

 

 

 

 

1.93

%

 

 

 

 

1.35

%

 

 

 

 

1.35

%

 

 

 

 

22.15

%

 

 

 

 

First Eagle Global Income Builder Fund Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.48

   

 

 

0.30

   

 

 

(1.34

)

 

 

 

 

(1.04

)

 

 

 

 

(0.31

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.88

)

 

 

 

 

$11.56

   

 

 

(7.98

)%

 

 

 

 

$751,297

   

 

 

0.93

%

 

 

 

 

0.93

%

 

 

 

 

2.43

%

 

 

 

 

2.43

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.45

 

 

 

 

0.30

(f)

 

 

 

 

2.15

 

 

 

 

2.45

 

 

 

 

(0.29

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.42

)

 

 

 

 

$13.48

 

 

 

 

21.62

%(i)

 

 

 

 

$668,678

 

 

 

 

0.93

%

 

 

 

 

0.93

%

 

 

 

 

2.26

%(f)

 

 

 

 

2.26

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.12

 

 

 

 

0.25

 

 

 

 

(0.63

)

 

 

 

 

(0.38

)

 

 

 

 

(0.25

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.29

)

 

 

 

 

$11.45

 

 

 

 

(3.14

)%

 

 

 

 

$630,351

 

 

 

 

0.94

%

 

 

 

 

0.94

%

 

 

 

 

2.11

%

 

 

 

 

2.11

%

 

 

 

 

28.98

%

 

October 31, 2019

 

 

 

$11.43

 

 

 

 

0.28

 

 

 

 

0.69

 

 

 

 

0.97

 

 

 

 

(0.28

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.28

)

 

 

 

 

$12.12

 

 

 

 

8.60

%

 

 

 

 

$793,440

 

 

 

 

0.93

%

 

 

 

 

0.93

%

 

 

 

 

2.36

%

 

 

 

 

2.36

%

 

 

 

 

25.54

%

 

October 31, 2018

 

 

 

$12.02

 

 

 

 

0.28

 

 

 

 

(0.55

)

 

 

 

 

(0.27

)

 

 

 

 

(0.26

)

 

 

 

 

 

 

 

 

(0.06

)

 

 

 

 

(0.32

)

 

 

 

 

$11.43

 

 

 

 

(2.31

)%

 

 

 

 

$742,408

 

 

 

 

0.92

%

 

 

 

 

0.92

%

 

 

 

 

2.38

%

 

 

 

 

2.38

%

 

 

 

 

22.15

%

 

 

 

 

First Eagle Global Income Builder Fund Class R3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.48

   

 

 

0.25

   

 

 

(1.33

)

 

 

 

 

(1.08

)

 

 

 

 

(0.22

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.79

)

 

 

 

 

$11.61

   

 

 

(8.29

)%

 

 

 

 

$56

   

 

 

1.33

%

 

 

 

 

1.33

%

 

 

 

 

2.02

%

 

 

 

 

2.02

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.45

 

 

 

 

0.25

(f)

 

 

 

 

2.15

 

 

 

 

2.40

 

 

 

 

(0.24

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.37

)

 

 

 

 

$13.48

 

 

 

 

21.12

%(i)

 

 

 

 

$61

 

 

 

 

1.32

%

 

 

 

 

1.32

%

 

 

 

 

1.88

%(f)

 

 

 

 

1.88

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.12

 

 

 

 

0.18

 

 

 

 

(0.62

)

 

 

 

 

(0.44

)

 

 

 

 

(0.19

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.23

)

 

 

 

 

$11.45

 

 

 

 

(3.67

)%

 

 

 

 

$50

 

 

 

 

1.49

%

 

 

 

 

1.49

%

 

 

 

 

1.58

%

 

 

 

 

1.58

%

 

 

 

 

28.98

%

 

October 31, 2019

 

 

 

$11.43

 

 

 

 

0.23

 

 

 

 

0.69

 

 

 

 

0.92

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.23

)

 

 

 

 

$12.12

 

 

 

 

8.12

%

 

 

 

 

$52

 

 

 

 

1.37

%

 

 

 

 

1.37

%

 

 

 

 

1.92

%

 

 

 

 

1.92

%

 

 

 

 

25.54

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$11.92

 

 

 

 

0.13

 

 

 

 

(0.49

)

 

 

 

 

(0.36

)

 

 

 

 

(0.10

)

 

 

 

 

 

 

 

 

(0.03

)

 

 

 

 

(0.13

)

 

 

 

 

$11.43

 

 

 

 

(3.02

)%(b)

 

 

 

 

$48

 

 

 

 

1.27

%(c)

 

 

 

 

1.27

%(c)

 

 

 

 

2.23

%(c)

 

 

 

 

2.23

%(c)

 

 

 

 

22.15

%(b)

 

 

 

 

First Eagle Global Income Builder Fund Class R4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.48

   

 

 

0.23

   

 

 

(1.32

)

 

 

 

 

(1.09

)

 

 

 

 

(0.25

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.82

)

 

 

 

 

$11.57

   

 

 

(8.37

)%

 

 

 

 

$49

   

 

 

1.41

%

 

 

 

 

1.40

%

 

 

 

 

1.86

%

 

 

 

 

1.86

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.44

 

 

 

 

0.27

(f)

 

 

 

 

2.15

 

 

 

 

2.42

 

 

 

 

(0.25

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

$13.48

 

 

 

 

21.34

%(i)

 

 

 

 

$27

 

 

 

 

1.17

%

 

 

 

 

1.17

%

 

 

 

 

2.05

%(f)

 

 

 

 

2.05

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.11

 

 

 

 

0.21

 

 

 

 

(0.63

)

 

 

 

 

(0.42

)

 

 

 

 

(0.21

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.25

)

 

 

 

 

$11.44

 

 

 

 

(3.51

)%

 

 

 

 

$10

 

 

 

 

1.25

%

 

 

 

 

1.25

%

 

 

 

 

1.84

%

 

 

 

 

1.84

%

 

 

 

 

28.98

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$12.08

 

 

 

 

0.04

 

 

 

 

0.03

 

 

 

 

0.07

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

 

$12.11

 

 

 

 

0.59

%(b)

 

 

 

 

$10

 

 

 

 

1.49

%(c)

 

 

 

 

1.49

%(c)

 

 

 

 

1.34

%(c)

 

 

 

 

1.34

%(c)

 

 

 

 

25.54

%(b)

 

 

 

 

First Eagle Global Income Builder Fund Class R5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.47

   

 

 

0.27

   

 

 

(1.34

)

 

 

 

 

(1.07

)

 

 

 

 

(0.26

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.83

)

 

 

 

 

$11.57

   

 

 

(8.20

)%

 

 

 

 

$11

   

 

 

1.17

%

 

 

 

 

1.17

%

 

 

 

 

2.19

%

 

 

 

 

2.19

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.44

 

 

 

 

0.27

(f)

 

 

 

 

2.15

 

 

 

 

2.42

 

 

 

 

(0.26

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.39

)

 

 

 

 

$13.47

 

 

 

 

21.34

%(i)

 

 

 

 

$12

 

 

 

 

1.16

%

 

 

 

 

1.16

%

 

 

 

 

2.04

%(f)

 

 

 

 

2.04

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.11

 

 

 

 

0.23

 

 

 

 

(0.64

)

 

 

 

 

(0.41

)

 

 

 

 

(0.22

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.26

)

 

 

 

 

$11.44

 

 

 

 

(3.40

)%

 

 

 

 

$10

 

 

 

 

1.14

%

 

 

 

 

1.14

%

 

 

 

 

1.94

%

 

 

 

 

1.94

%

 

 

 

 

28.98

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$12.08

 

 

 

 

0.04

 

 

 

 

0.03

 

 

 

 

0.07

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

 

$12.11

 

 

 

 

0.62

%(b)

 

 

 

 

$10

 

 

 

 

1.38

%(c)

 

 

 

 

1.38

%(c)

 

 

 

 

1.45

%(c)

 

 

 

 

1.45

%(c)

 

 

 

 

25.54

%(b)

 

 

 

 

First Eagle Global Income Builder Fund Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$13.47

   

 

 

0.31

   

 

 

(1.33

)

 

 

 

 

(1.02

)

 

 

 

 

(0.33

)

 

 

 

 

(0.57

)

 

 

 

   

 

 

(0.90

)

 

 

 

 

$11.55

   

 

 

(7.85

)%

 

 

 

 

$45,873

   

 

 

0.87

%

 

 

 

 

0.87

%

 

 

 

 

2.49

%

 

 

 

 

2.49

%

 

 

 

 

13.76

%

 

October 31, 2021

 

 

 

$11.44

 

 

 

 

0.31

(f)

 

 

 

 

2.15

 

 

 

 

2.46

 

 

 

 

(0.30

)

 

 

 

 

(0.13

)

 

 

 

 

 

 

 

 

(0.43

)

 

 

 

 

$13.47

 

 

 

 

21.72

%(i)

 

 

 

 

$24,506

 

 

 

 

0.87

%

 

 

 

 

0.87

%

 

 

 

 

2.35

%(f)

 

 

 

 

2.35

%

 

 

 

 

22.80

%

 

October 31, 2020

 

 

 

$12.11

 

 

 

 

0.24

 

 

 

 

(0.62

)

 

 

 

 

(0.38

)

 

 

 

 

(0.25

)

 

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

(0.29

)

 

 

 

 

$11.44

 

 

 

 

(3.14

)%

 

 

 

 

$15,649

 

 

 

 

0.90

%

 

 

 

 

0.90

%

 

 

 

 

2.01

%

 

 

 

 

2.01

%

 

 

 

 

28.98

%

 

October 31, 2019

 

 

 

$11.42

 

 

 

 

0.27

 

 

 

 

0.70

 

 

 

 

0.97

 

 

 

 

(0.28

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.28

)

 

 

 

 

$12.11

 

 

 

 

8.62

%

 

 

 

 

$1,233

 

 

 

 

0.93

%

 

 

 

 

0.93

%

 

 

 

 

2.31

%

 

 

 

 

2.31

%

 

 

 

 

25.54

%

 

October 31, 2018

 

 

 

$12.01

 

 

 

 

0.28

 

 

 

 

(0.54

)

 

 

 

 

(0.26

)

 

 

 

 

(0.27

)

 

 

 

 

 

 

 

 

(0.06

)

 

 

 

 

(0.33

)

 

 

 

 

$11.42

 

 

 

 

(2.27

)%

 

 

 

 

$912

 

 

 

 

0.88

%

 

 

 

 

0.88

%

 

 

 

 

2.38

%

 

 

 

 

2.38

%

 

 

 

 

22.15

%

 

 

 

 

First Eagle High Income Fund Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.98

   

 

 

0.36

   

 

 

(1.21

)

 

 

 

 

(0.85

)

 

 

 

 

(0.36

)

 

 

 

   

 

   

 

 

(0.36

)

 

 

 

 

$7.77

   

 

 

(9.59

)%

 

 

 

 

$68,391

   

 

 

1.13

%

 

 

 

 

1.13

%

 

 

 

 

4.37

%

 

 

 

 

4.37

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.71

 

 

 

 

0.33

 

 

 

 

0.27

 

 

 

 

0.60

 

 

 

 

(0.33

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.33

)

 

 

 

 

$8.98

 

 

 

 

7.01

%

 

 

 

 

$83,819

 

 

 

 

1.23

%

 

 

 

 

1.16

%

 

 

 

 

3.56

%

 

 

 

 

3.63

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.71

 

 

 

 

0.37

 

 

 

 

(0.01

)

 

 

 

 

0.36

 

 

 

 

(0.36

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.36

)

 

 

 

 

$8.71

 

 

 

 

4.39

%

 

 

 

 

$73,112

 

 

 

 

1.33

%

 

 

 

 

1.23

%

 

 

 

 

4.27

%

 

 

 

 

4.37

%

 

 

 

 

55.38

%

 

October 31, 2019

 

 

 

$8.81

 

 

 

 

0.41

 

 

 

 

(0.11

)

 

 

 

 

0.30

 

 

 

 

(0.40

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.40

)

 

 

 

 

$8.71

 

 

 

 

3.54

%

 

 

 

 

$73,567

 

 

 

 

1.34

%

 

 

 

 

1.24

%

 

 

 

 

4.55

%

 

 

 

 

4.65

%

 

 

 

 

24.19

%

 

October 31, 2018

 

 

 

$9.03

 

 

 

 

0.47

 

 

 

 

(0.24

)

 

 

 

 

0.23

 

 

 

 

(0.45

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.45

)

 

 

 

 

$8.81

 

 

 

 

2.56

%

 

 

 

 

$78,360

 

 

 

 

1.26

%

 

 

 

 

1.19

%

 

 

 

 

5.17

%

 

 

 

 

5.24

%

 

 

 

 

24.82

%

 

 

 

 

200First Eagle Funds  |  Prospectus  |  March 1, 2023

First Eagle Funds  |  Prospectus  |  March 1, 2023201


 

 

First Eagle Funds

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share operating performance*

             

Ratio/Supplemental data

 

 

 

 

 

   

 

 

 

     

Investment operations

 

Less dividends and distributions

             

Ratios to Average Net Assets of:

 

 

 

 

 

 

 

   

 

 

Selected per
share data for
the period ended:

 

Net asset
value,
beginning
of year

 

Net
investment
income/
loss

 

Net
realized
and
unrealized
gains
(losses) on
investments

 

Total
investment
operations

 

From net
investment
income

 

From
capital
gains

 

Return of
capital

 

Total
distributions

 

Net asset
value, end
of period

 

Total
return(a)

 

Net assets,
end of
period
(thousands)

 

Operating
expenses
excluding
earnings
credits
and/or fee
waivers

 

Operating
expenses
including
earnings
credits
and/or fee
waivers

 

Net
investment
income
excluding
earnings
credits
and/or fee
waivers

 

Net
investment
income
including
earnings
credits
and/or fee
waivers

 

Portfolio
turnover
rate

 

 

 

First Eagle High Income Fund Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.97

   

 

 

0.30

   

 

 

(1.19

)

 

 

 

 

(0.89

)

 

 

 

 

(0.31

)

 

 

 

   

 

   

 

 

(0.31

)

 

 

 

 

$7.77

   

 

 

(10.15

)%

 

 

 

 

$7,376

   

 

 

1.88

%

 

 

 

 

1.88

%

 

 

 

 

3.55

%

 

 

 

 

3.55

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.70

 

 

 

 

0.26

 

 

 

 

0.28

 

 

 

 

0.54

 

 

 

 

(0.27

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.27

)

 

 

 

 

$8.97

 

 

 

 

6.20

%

 

 

 

 

$15,129

 

 

 

 

2.01

%

 

 

 

 

1.94

%

 

 

 

 

2.81

%

 

 

 

 

2.88

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.70

 

 

 

 

0.31

 

 

 

 

(0.01

)

 

 

 

 

0.30

 

 

 

 

(0.30

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.30

)

 

 

 

 

$8.70

 

 

 

 

3.60

%

 

 

 

 

$31,972

 

 

 

 

2.10

%

 

 

 

 

2.00

%

 

 

 

 

3.53

%

 

 

 

 

3.63

%

 

 

 

 

55.38

%

 

October 31, 2019

 

 

 

$8.80

 

 

 

 

0.34

 

 

 

 

(0.10

)

 

 

 

 

0.24

 

 

 

 

(0.34

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.34

)

 

 

 

 

$8.70

 

 

 

 

2.77

%

 

 

 

 

$50,100

 

 

 

 

2.10

%

 

 

 

 

2.00

%

 

 

 

 

3.83

%

 

 

 

 

3.93

%

 

 

 

 

24.19

%

 

October 31, 2018

 

 

 

$9.02

 

 

 

 

0.40

 

 

 

 

(0.24

)

 

 

 

 

0.16

 

 

 

 

(0.38

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

$8.80

 

 

 

 

1.68

%

 

 

 

 

$62,749

 

 

 

 

2.01

%

 

 

 

 

1.94

%

 

 

 

 

4.43

%

 

 

 

 

4.50

%

 

 

 

 

24.82

%

 

 

 

 

First Eagle High Income Fund Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.98

   

 

 

0.39

   

 

 

(1.21

)

 

 

 

 

(0.82

)

 

 

 

 

(0.38

)

 

 

 

   

 

   

 

 

(0.38

)

 

 

 

 

$7.78

   

 

 

(9.23

)%

 

 

 

 

$99,295

   

 

 

0.86

%

 

 

 

 

0.86

%

 

 

 

 

4.62

%

 

 

 

 

4.62

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.71

 

 

 

 

0.35

 

 

 

 

0.28

 

 

 

 

0.63

 

 

 

 

(0.36

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.36

)

 

 

 

 

$8.98

 

 

 

 

7.29

%

 

 

 

 

$132,026

 

 

 

 

0.97

%

 

 

 

 

0.90

%

 

 

 

 

3.82

%

 

 

 

 

3.89

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.71

 

 

 

 

0.39

 

 

 

 

0.00

**

 

 

 

 

0.39

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.39

)

 

 

 

 

$8.71

 

 

 

 

4.68

%

 

 

 

 

$126,527

 

 

 

 

1.04

%

 

 

 

 

0.94

%

 

 

 

 

4.54

%

 

 

 

 

4.64

%

 

 

 

 

55.38

%

 

October 31, 2019

 

 

 

$8.81

 

 

 

 

0.43

 

 

 

 

(0.10

)

 

 

 

 

0.33

 

 

 

 

(0.43

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.43

)

 

 

 

 

$8.71

 

 

 

 

3.84

%

 

 

 

 

$144,532

 

 

 

 

1.05

%

 

 

 

 

0.95

%

 

 

 

 

4.86

%

 

 

 

 

4.96

%

 

 

 

 

24.19

%

 

October 31, 2018

 

 

 

$9.04

 

 

 

 

0.49

 

 

 

 

(0.25

)

 

 

 

 

0.24

 

 

 

 

(0.47

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.47

)

 

 

 

 

$8.81

 

 

 

 

2.74

%

 

 

 

 

$184,351

 

 

 

 

0.97

%

 

 

 

 

0.90

%

 

 

 

 

5.46

%

 

 

 

 

5.53

%

 

 

 

 

24.82

%

 

 

 

 

First Eagle High Income Fund Class R3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.99

   

 

 

0.35

   

 

 

(1.21

)

 

 

 

 

(0.86

)

 

 

 

 

(0.35

)

 

 

 

   

 

   

 

 

(0.35

)

 

 

 

 

$7.78

   

 

 

(9.72

)%

 

 

 

 

$402

   

 

 

1.28

%

 

 

 

 

1.28

%

 

 

 

 

4.22

%

 

 

 

 

4.23

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.72

 

 

 

 

0.31

 

 

 

 

0.28

 

 

 

 

0.59

 

 

 

 

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.32

)

 

 

 

 

$8.99

 

 

 

 

6.83

%

 

 

 

 

$443

 

 

 

 

1.40

%

 

 

 

 

1.33

%

 

 

 

 

3.39

%

 

 

 

 

3.46

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.72

 

 

 

 

0.35

 

 

 

 

0.00

**

 

 

 

 

0.35

 

 

 

 

(0.35

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.35

)

 

 

 

 

$8.72

 

 

 

 

4.21

%

 

 

 

 

$453

 

 

 

 

1.45

%

 

 

 

 

1.35

%

 

 

 

 

4.04

%

 

 

 

 

4.14

%

 

 

 

 

55.38

%

 

October 31, 2019

 

 

 

$8.82

 

 

 

 

0.40

 

 

 

 

(0.11

)

 

 

 

 

0.29

 

 

 

 

(0.39

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.39

)

 

 

 

 

$8.72

 

 

 

 

3.44

%

 

 

 

 

$52

 

 

 

 

1.44

%

 

 

 

 

1.34

%

 

 

 

 

4.44

%

 

 

 

 

4.54

%

 

 

 

 

24.19

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$8.91

 

 

 

 

0.23

 

 

 

 

(0.10

)

 

 

 

 

0.13

 

 

 

 

(0.22

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.22

)

 

 

 

 

$8.82

 

 

 

 

1.41

%(b)

 

 

 

 

$51

 

 

 

 

1.36

%(c)

 

 

 

 

1.27

%(c)

 

 

 

 

4.99

%(c)

 

 

 

 

5.08

%(c)

 

 

 

 

24.82

%(b)

 

 

 

 

First Eagle High Income Fund Class R4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.98

   

 

 

0.26

   

 

 

(1.20

)

 

 

 

 

(0.94

)

 

 

 

 

(0.30

)

 

 

 

   

 

   

 

 

(0.30

)

 

 

 

 

$7.74

   

 

 

(10.61

)%

 

 

 

 

$10

   

 

 

2.36

%

 

 

 

 

2.36

%

 

 

 

 

3.14

%

 

 

 

 

3.14

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.72

 

 

 

 

0.29

 

 

 

 

0.26

 

 

 

 

0.55

 

 

 

 

(0.29

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.29

)

 

 

 

 

$8.98

 

 

 

 

6.38

%

 

 

 

 

$11

 

 

 

 

1.66

%

 

 

 

 

1.59

%

 

 

 

 

3.12

%

 

 

 

 

3.19

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.72

 

 

 

 

0.33

 

 

 

 

(0.01

)

 

 

 

 

0.32

 

 

 

 

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.32

)

 

 

 

 

$8.72

 

 

 

 

3.81

%

 

 

 

 

$10

 

 

 

 

1.84

%

 

 

 

 

1.74

%

 

 

 

 

3.74

%

 

 

 

 

3.84

%

 

 

 

 

55.38

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$8.78

 

 

 

 

0.08

 

 

 

 

(0.06

)

 

 

 

 

0.02

 

 

 

 

(0.08

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.08

)

 

 

 

 

$8.72

 

 

 

 

0.24

%(b)

 

 

 

 

$10

 

 

 

 

1.70

%(c)

 

 

 

 

1.59

%(c)

 

 

 

 

3.43

%(c)

 

 

 

 

3.54

%(c)

 

 

 

 

24.19

%(b)

 

 

 

 

First Eagle High Income Fund Class R5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.98

   

 

 

0.36

   

 

 

(1.20

)

 

 

 

 

(0.84

)

 

 

 

 

(0.36

)

 

 

 

   

 

   

 

 

(0.36

)

 

 

 

 

$7.78

   

 

 

(9.50

)%

 

 

 

 

$10

   

 

 

1.13

%

 

 

 

 

1.12

%

 

 

 

 

4.38

%

 

 

 

 

4.38

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.71

 

 

 

 

0.33

 

 

 

 

0.27

 

 

 

 

0.60

 

 

 

 

(0.33

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.33

)

 

 

 

 

$8.98

 

 

 

 

7.01

%

 

 

 

 

$11

 

 

 

 

1.20

%

 

 

 

 

1.13

%

 

 

 

 

3.58

%

 

 

 

 

3.65

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.71

 

 

 

 

0.37

 

 

 

 

0.00

**

 

 

 

 

0.37

 

 

 

 

(0.37

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.37

)

 

 

 

 

$8.71

 

 

 

 

4.41

%

 

 

 

 

$10

 

 

 

 

1.25

%

 

 

 

 

1.15

%

 

 

 

 

4.33

%

 

 

 

 

4.43

%

 

 

 

 

55.38

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$8.78

 

 

 

 

0.08

 

 

 

 

(0.07

)

 

 

 

 

0.01

 

 

 

 

(0.08

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.08

)

 

 

 

 

$8.71

 

 

 

 

0.11

%(b)

 

 

 

 

$10

 

 

 

 

1.59

%(c)

 

 

 

 

1.48

%(c)

 

 

 

 

3.54

%(c)

 

 

 

 

3.65

%(c)

 

 

 

 

24.19

%(b)

 

 

 

 

First Eagle High Income Fund Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$8.98

   

 

 

0.39

   

 

 

(1.19

)

 

 

 

 

(0.80

)

 

 

 

 

(0.40

)

 

 

 

   

 

   

 

 

(0.40

)

 

 

 

 

$7.78

   

 

 

(9.16

)%

 

 

 

 

$1,000

   

 

 

0.78

%

 

 

 

 

0.78

%

 

 

 

 

4.74

%

 

 

 

 

4.74

%

 

 

 

 

28.00

%

 

October 31, 2021

 

 

 

$8.71

 

 

 

 

0.35

 

 

 

 

0.28

 

 

 

 

0.63

 

 

 

 

(0.36

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.36

)

 

 

 

 

$8.98

 

 

 

 

7.34

%

 

 

 

 

$1,066

 

 

 

 

0.92

%

 

 

 

 

0.85

%

 

 

 

 

3.87

%

 

 

 

 

3.94

%

 

 

 

 

64.11

%

 

October 31, 2020

 

 

 

$8.71

 

 

 

 

0.39

 

 

 

 

(0.01

)

 

 

 

 

0.38

 

 

 

 

(0.38

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.38

)

 

 

 

 

$8.71

 

 

 

 

4.64

%

 

 

 

 

$1,033

 

 

 

 

1.07

%

 

 

 

 

0.97

%

 

 

 

 

4.47

%

 

 

 

 

4.57

%

 

 

 

 

55.38

%

 

October 31, 2019

 

 

 

$8.82

 

 

 

 

0.43

 

 

 

 

(0.11

)

 

 

 

 

0.32

 

 

 

 

(0.43

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.43

)

 

 

 

 

$8.71

 

 

 

 

3.75

%

 

 

 

 

$1,907

 

 

 

 

1.02

%

 

 

 

 

0.92

%

 

 

 

 

4.78

%

 

 

 

 

4.89

%

 

 

 

 

24.19

%

 

October 31, 2018

 

 

 

$9.04

 

 

 

 

0.49

 

 

 

 

(0.24

)

 

 

 

 

0.25

 

 

 

 

(0.47

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.47

)

 

 

 

 

$8.82

 

 

 

 

2.80

%

 

 

 

 

$401

 

 

 

 

1.01

%

 

 

 

 

0.93

%

 

 

 

 

5.36

%

 

 

 

 

5.44

%

 

 

 

 

24.82

%

 

 

 

 

First Eagle Rising Dividend Fund Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$29.80

   

 

 

0.16

   

 

 

(6.00

)

 

 

 

 

(5.84

)

 

 

 

 

(0.12

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.66

)

 

 

 

 

$20.30

   

 

 

(21.94

)%

 

 

 

 

$246,151

   

 

 

1.05

%

 

 

 

 

0.90

%

 

 

 

 

0.54

%

 

 

 

 

0.69

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$25.84

 

 

 

 

0.09

 

 

 

 

8.37

 

 

 

 

8.46

 

 

 

 

(0.06

)

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.50

)

 

 

 

 

$29.80

 

 

 

 

36.58

%

 

 

 

 

$235,888

 

 

 

 

1.04

%

 

 

 

 

0.90

%

 

 

 

 

0.20

%

 

 

 

 

0.34

%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$26.45

 

 

 

 

0.01

 

 

 

 

(0.38

)

 

 

 

 

(0.37

)

 

 

 

 

(0.01

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.24

)

 

 

 

 

$25.84

 

 

 

 

(1.43

)%

 

 

 

 

$203,581

 

 

 

 

1.34

%

 

 

 

 

1.28

%

 

 

 

 

(0.04

)%

 

 

 

 

0.02

%

 

 

 

 

97.86

%

 

October 31, 2019

 

 

 

$30.53

 

 

 

 

0.03

 

 

 

 

1.50

 

 

 

 

1.53

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

$26.45

 

 

 

 

7.58

%

 

 

 

 

$273,446

 

 

 

 

1.38

%

 

 

 

 

1.37

%

 

 

 

 

0.11

%

 

 

 

 

0.13

%

 

 

 

 

26.42

%

 

October 31, 2018

 

 

 

$38.18

 

 

 

 

0.08

 

 

 

 

(4.15

)

 

 

 

 

(4.07

)

 

 

 

 

 

 

 

 

(3.58

)

 

 

 

 

 

 

 

 

(3.58

)

 

 

 

 

$30.53

 

 

 

 

(11.84

)%

 

 

 

 

$388,961

 

 

 

 

1.32

%

 

 

 

 

1.32

%

 

 

 

 

0.23

%

 

 

 

 

0.23

%

 

 

 

 

60.29

%

 

 

 

 

First Eagle Rising Dividend Fund Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$20.00

   

 

 

(0.03

)

 

 

 

 

(3.76

)

 

 

 

 

(3.79

)

 

 

 

 

(0.04

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.58

)

 

 

 

 

$12.63

   

 

 

(22.50

)%

 

 

 

 

$16,002

   

 

 

1.84

%

 

 

 

 

1.65

%

 

 

 

 

(0.36

)%

 

 

 

 

(0.17

)%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$18.74

 

 

 

 

(0.07

)

 

 

 

 

5.77

 

 

 

 

5.70

 

 

 

 

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.44

)

 

 

 

 

$20.00

 

 

 

 

35.52

%

 

 

 

 

$37,722

 

 

 

 

1.79

%

 

 

 

 

1.65

%

 

 

 

 

(0.54

)%

 

 

 

 

(0.40

)%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$19.37

 

 

 

 

(0.14

)

 

 

 

 

(0.26

)

 

 

 

 

(0.40

)

 

 

 

 

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.23

)

 

 

 

 

$18.74

 

 

 

 

(2.12

)%

 

 

 

 

$62,901

 

 

 

 

2.09

%

 

 

 

 

2.03

%

 

 

 

 

(0.79

)%

 

 

 

 

(0.73

)%

 

 

 

 

97.86

%

 

October 31, 2019

 

 

 

$24.09

 

 

 

 

(0.12

)

 

 

 

 

1.01

 

 

 

 

0.89

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

$19.37

 

 

 

 

6.77

%

 

 

 

 

$115,146

 

 

 

 

2.12

%

 

 

 

 

2.10

%

 

 

 

 

(0.61

)%

 

 

 

 

(0.60

)%

 

 

 

 

26.42

%

 

October 31, 2018

 

 

 

$31.08

 

 

 

 

(0.14

)

 

 

 

 

(3.27

)

 

 

 

 

(3.41

)

 

 

 

 

 

 

 

 

(3.58

)

 

 

 

 

 

 

 

 

(3.58

)

 

 

 

 

$24.09

 

 

 

 

(12.48

)%

 

 

 

 

$244,240

 

 

 

 

2.06

%

 

 

 

 

2.06

%

 

 

 

 

(0.51

)%

 

 

 

 

(0.51

)%

 

 

 

 

60.29

%

 

 

 

 

First Eagle Rising Dividend Fund Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$31.17

   

 

 

0.21

   

 

 

(6.29

)

 

 

 

 

(6.08

)

 

 

 

 

(0.17

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.71

)

 

 

 

 

$21.38

   

 

 

(21.71

)%

 

 

 

 

$97,103

   

 

 

0.74

%

 

 

 

 

0.65

%

 

 

 

 

0.77

%

 

 

 

 

0.86

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$26.91

 

 

 

 

0.17

 

 

 

 

8.72

 

 

 

 

8.89

 

 

 

 

(0.19

)

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.63

)

 

 

 

 

$31.17

 

 

 

 

36.88

%

 

 

 

 

$162,113

 

 

 

 

0.70

%

 

 

 

 

0.65

%

 

 

 

 

0.53

%

 

 

 

 

0.58

%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$27.54

 

 

 

 

0.09

 

 

 

 

(0.37

)

 

 

 

 

(0.28

)

 

 

 

 

(0.12

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.35

)

 

 

 

 

$26.91

 

 

 

 

(1.09

)%

 

 

 

 

$167,093

 

 

 

 

1.01

%

 

 

 

 

0.96

%

 

 

 

 

0.28

%

 

 

 

 

0.33

%

 

 

 

 

97.86

%

 

October 31, 2019

 

 

 

$31.46

 

 

 

 

0.13

 

 

 

 

1.56

 

 

 

 

1.69

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

$27.54

 

 

 

 

7.88

%

 

 

 

 

$384,510

 

 

 

 

1.05

%

 

 

 

 

1.03

%

 

 

 

 

0.45

%

 

 

 

 

0.46

%

 

 

 

 

26.42

%

 

October 31, 2018

 

 

 

$39.15

 

 

 

 

0.21

 

 

 

 

(4.30

)

 

 

 

 

(4.09

)

 

 

 

 

(0.02

)

 

 

 

 

(3.58

)

 

 

 

 

 

 

 

 

(3.60

)

 

 

 

 

$31.46

 

 

 

 

(11.53

)%

 

 

 

 

$612,845

 

 

 

 

1.02

%

 

 

 

 

1.02

%

 

 

 

 

0.58

%

 

 

 

 

0.58

%

 

 

 

 

60.29

%

 

 

 

 

202First Eagle Funds  |  Prospectus  |  March 1, 2023

First Eagle Funds  |  Prospectus  |  March 1, 2023203


 

 

First Eagle Funds

Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share operating performance*

             

Ratio/Supplemental data

 

 

 

 

 

   

 

 

 

     

Investment operations

 

Less dividends and distributions

             

Ratios to Average Net Assets of:

 

 

 

 

 

 

 

   

 

 

Selected per
share data for
the period ended:

 

Net asset
value,
beginning
of year

 

Net
investment
income/
loss

 

Net
realized
and
unrealized
gains
(losses) on
investments

 

Total
investment
operations

 

From net
investment
income

 

From
capital
gains

 

Return of
capital

 

Total
distributions

 

Net asset
value, end
of period

 

Total
return(a)

 

Net assets,
end of
period
(thousands)

 

Operating
expenses
excluding
earnings
credits
and/or fee
waivers

 

Operating
expenses
including
earnings
credits
and/or fee
waivers

 

Net
investment
income
excluding
earnings
credits
and/or fee
waivers

 

Net
investment
income
including
earnings
credits
and/or fee
waivers

 

Portfolio
turnover
rate

 

 

 

First Eagle Rising Dividend Fund Class R3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$30.97

   

 

 

0.13

   

 

 

(6.25

)

 

 

 

 

(6.12

)

 

 

 

 

(0.09

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.63

)

 

 

 

 

$21.22

   

 

 

(22.01

)%

 

 

 

 

$50

   

 

 

1.15

%

 

 

 

 

1.00

%

 

 

 

 

0.38

%

 

 

 

 

0.54

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$26.71

 

 

 

 

0.07

 

 

 

 

8.66

 

 

 

 

8.73

 

 

 

 

(0.03

)

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.47

)

 

 

 

 

$30.97

 

 

 

 

36.40

%

 

 

 

 

$64

 

 

 

 

1.12

%

 

 

 

 

0.99

%

 

 

 

 

0.12

%

 

 

 

 

0.25

%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$27.37

 

 

 

 

(0.04

)

 

 

 

 

(0.38

)

 

 

 

 

(0.42

)

 

 

 

 

(0.01

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.24

)

 

 

 

 

$26.71

 

 

 

 

(1.56

)%

 

 

 

 

$47

 

 

 

 

1.50

%

 

 

 

 

1.44

%

 

 

 

 

(0.20

)%

 

 

 

 

(0.14

)%

 

 

 

 

97.86

%

 

October 31, 2019

 

 

 

$31.40

 

 

 

 

0.02

 

 

 

 

1.56

 

 

 

 

1.58

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

$27.37

 

 

 

 

7.48

%

 

 

 

 

$48

 

 

 

 

1.44

%

 

 

 

 

1.42

%

 

 

 

 

0.04

%

 

 

 

 

0.06

%

 

 

 

 

26.42

%

 

For The Period 5/01/18^-10/31/18

 

 

 

$35.19

 

 

 

 

0.14

 

 

 

 

(3.93

)

 

 

 

 

(3.79

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$31.40

 

 

 

 

(10.74

)%(b)

 

 

 

 

$45

 

 

 

 

1.38

%(c)

 

 

 

 

1.38

%(c)

 

 

 

 

0.79

%(c)

 

 

 

 

0.79

%(c)

 

 

 

 

60.29

%(b)

 

 

 

 

First Eagle Rising Dividend Fund Class R4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$31.14

   

 

 

0.20

   

 

 

(6.30

)

 

 

 

 

(6.10

)

 

 

 

 

(0.15

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.69

)

 

 

 

 

$21.35

   

 

 

(21.81

)%

 

 

 

 

$30

   

 

 

1.04

%

 

 

 

 

0.75

%

 

 

 

 

0.56

%

 

 

 

 

0.85

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$26.85

 

 

 

 

0.14

 

 

 

 

8.72

 

 

 

 

8.86

 

 

 

 

(0.13

)

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.57

)

 

 

 

 

$31.14

 

 

 

 

36.76

%

 

 

 

 

$13

 

 

 

 

1.08

%

 

 

 

 

0.75

%

 

 

 

 

0.16

%

 

 

 

 

0.49

%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$27.52

 

 

 

 

0.04

 

 

 

 

(0.40

)

 

 

 

 

(0.36

)

 

 

 

 

(0.08

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.31

)

 

 

 

 

$26.85

 

 

 

 

(1.35

)%

 

 

 

 

$10

 

 

 

 

1.36

%

 

 

 

 

1.16

%

 

 

 

 

(0.06

)%

 

 

 

 

0.13

%

 

 

 

 

97.86

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$28.16

 

 

 

 

(0.02

)

 

 

 

 

(0.62

)

 

 

 

 

(0.64

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$27.52

 

 

 

 

(2.27

)%(b)

 

 

 

 

$10

 

 

 

 

1.66

%(c)

 

 

 

 

1.62

%(c)

 

 

 

 

(0.25

)%(c)

 

 

 

 

(0.22

)%(c)

 

 

 

 

26.42

%(b)

 

 

 

 

First Eagle Rising Dividend Fund Class R5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$31.15

   

 

 

0.22

   

 

 

(6.30

)

 

 

 

 

(6.08

)

 

 

 

 

(0.17

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.71

)

 

 

 

 

$21.36

   

 

 

(21.73

)%

 

 

 

 

$10

   

 

 

1.31

%

 

 

 

 

0.65

%

 

 

 

 

0.22

%

 

 

 

 

0.88

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$26.88

 

 

 

 

0.17

 

 

 

 

8.72

 

 

 

 

8.89

 

 

 

 

(0.18

)

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.62

)

 

 

 

 

$31.15

 

 

 

 

36.88

%

 

 

 

 

$13

 

 

 

 

1.35

%

 

 

 

 

0.65

%

 

 

 

 

(0.11

)%

 

 

 

 

0.59

%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$27.53

 

 

 

 

0.06

 

 

 

 

(0.39

)

 

 

 

 

(0.33

)

 

 

 

 

(0.09

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.32

)

 

 

 

 

$26.88

 

 

 

 

(1.25

)%

 

 

 

 

$10

 

 

 

 

1.26

%

 

 

 

 

1.06

%

 

 

 

 

0.04

%

 

 

 

 

0.24

%

 

 

 

 

97.86

%

 

For The Period 7/29/19^-10/31/19

 

 

 

$28.16

 

 

 

 

(0.01

)

 

 

 

 

(0.62

)

 

 

 

 

(0.63

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$27.53

 

 

 

 

(2.24

)%(b)

 

 

 

 

$10

 

 

 

 

1.55

%(c)

 

 

 

 

1.51

%(c)

 

 

 

 

(0.14

)%(c)

 

 

 

 

(0.10

)%(c)

 

 

 

 

26.42

%(b)

 

 

 

 

First Eagle Rising Dividend Fund Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$31.17

   

 

 

0.21

   

 

 

(6.30

)

 

 

 

 

(6.09

)

 

 

 

 

(0.17

)

 

 

 

 

(3.54

)

 

 

 

   

 

 

(3.71

)

 

 

 

 

$21.37

   

 

 

(21.75

)%

 

 

 

 

$5,206

   

 

 

0.69

%

 

 

 

 

0.65

%

 

 

 

 

0.84

%

 

 

 

 

0.88

%

 

 

 

 

10.87

%

 

October 31, 2021

 

 

 

$26.92

 

 

 

 

0.17

 

 

 

 

8.74

 

 

 

 

8.91

 

 

 

 

(0.22

)

 

 

 

 

(4.44

)

 

 

 

 

 

 

 

 

(4.66

)

 

 

 

 

$31.17

 

 

 

 

36.93

%

 

 

 

 

$7,056

 

 

 

 

0.67

%

 

 

 

 

0.65

%

 

 

 

 

0.57

%

 

 

 

 

0.59

%

 

 

 

 

40.70

%

 

October 31, 2020

 

 

 

$27.57

 

 

 

 

0.07

 

 

 

 

(0.37

)

 

 

 

 

(0.30

)

 

 

 

 

(0.12

)

 

 

 

 

(0.23

)

 

 

 

 

 

 

 

 

(0.35

)

 

 

 

 

$26.92

 

 

 

 

(1.13

)%

 

 

 

 

$5,471

 

 

 

 

1.00

%

 

 

 

 

0.95

%

 

 

 

 

0.20

%

 

 

 

 

0.26

%

 

 

 

 

97.86

%

 

October 31, 2019

 

 

 

$31.46

 

 

 

 

0.09

 

 

 

 

1.63

 

 

 

 

1.72

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

 

 

 

 

(5.61

)

 

 

 

 

$27.57

 

 

 

 

8.00

%

 

 

 

 

$2,656

 

 

 

 

1.00

%

 

 

 

 

0.99

%

 

 

 

 

0.32

%

 

 

 

 

0.32

%

 

 

 

 

26.42

%

 

October 31, 2018

 

 

 

$39.15

 

 

 

 

0.65

 

 

 

 

(4.73

)

 

 

 

 

(4.08

)

 

 

 

 

(0.03

)

 

 

 

 

(3.58

)

 

 

 

 

 

 

 

 

(3.61

)

 

 

 

 

$31.46

 

 

 

 

(11.53

)%

 

 

 

 

$4,362

 

 

 

 

0.98

%

 

 

 

 

0.98

%

 

 

 

 

1.85

%

 

 

 

 

1.86

%

 

 

 

 

60.29

%

 

 

 

 

First Eagle Small Cap Opportunity Fund Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$9.76

   

 

 

(0.02

)

 

 

 

 

(1.27

)

 

 

 

 

(1.29

)

 

 

 

   

 

   

 

   

 

   

 

 

$8.47

   

 

 

(13.22

)%

 

 

 

 

$37,220

   

 

 

1.41

%

 

 

 

 

1.25

%

 

 

 

 

(0.42

)%

 

 

 

 

(0.26

)%

 

 

 

 

45.84

%

 

For The Period 7/01/21^-10/31/21

 

 

 

$10.12

 

 

 

 

(0.02

)

 

 

 

 

(0.34

)

 

 

 

 

(0.36

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$9.76

 

 

 

 

(3.56

)%(b)

 

 

 

 

$10,060

 

 

 

 

1.95

%(c)

 

 

 

 

1.25

%(c)

 

 

 

 

(1.30

)%(c)

 

 

 

 

(0.60

)%(c)

 

 

 

 

13.63

%(b)

 

 

 

 

First Eagle Small Cap Opportunity Fund Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$9.77

   

 

 

0.00

**

 

 

 

 

(1.27

)

 

 

 

 

(1.27

)

 

 

 

   

 

   

 

   

 

   

 

 

$8.50

   

 

 

(13.00

)%

 

 

 

 

$501,227

   

 

 

1.17

%

 

 

 

 

1.00

%

 

 

 

 

(0.16

)%

 

 

 

 

0.01

%

 

 

 

 

45.84

%

 

For The Period 4/27/21^-10/31/21

 

 

 

$10.00

 

 

 

 

(0.02

)

 

 

 

 

(0.02

)

 

 

 

 

(0.04

)

 

 

 

 

(0.00

)**

 

 

 

 

(0.19

)

 

 

 

 

(0.00

)**

 

 

 

 

(0.19

)

 

 

 

 

$9.77

 

 

 

 

(0.47

)%(b)

 

 

 

 

$93,195

 

 

 

 

2.07

%(c)

 

 

 

 

1.00

%(c)

 

 

 

 

(1.37

)%(c)

 

 

 

 

(0.30

)%(c)

 

 

 

 

13.63

%(b)

 

 

 

 

First Eagle Small Cap Opportunity Fund Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2022

 

 

 

$9.77

   

 

 

0.00

**

 

 

 

 

(1.27

)

 

 

 

 

(1.27

)

 

 

 

   

 

   

 

   

 

   

 

 

$8.50

   

 

 

(13.00

)%

 

 

 

 

$22,857

   

 

 

1.28

%

 

 

 

 

1.00

%

 

 

 

 

(0.23

)%

 

 

 

 

0.04

%

 

 

 

 

45.84

%

 

For The Period 7/01/21^-10/31/21

 

 

 

$10.12

 

 

 

 

(0.01

)

 

 

 

 

(0.34

)

 

 

 

 

(0.35

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$9.77

 

 

 

 

(3.46

)%(b)

 

 

 

 

$1,236

 

 

 

 

1.98

%(c)

 

 

 

 

1.00

%(c)

 

 

 

 

(1.29

)%(c)

 

 

 

 

(0.31

)%(c)

 

 

 

 

13.63

%(b)

 

 

 

 

First Eagle U.S. Smid Cap Opportunity Fund Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period 8/15/22^-10/31/22

 

 

 

$10.00

   

 

 

0.01

   

 

 

(1.04

)

 

 

 

 

(1.03

)

 

 

 

   

 

   

 

   

 

   

 

 

$8.97

   

 

 

(10.30

)%(b)

 

 

 

 

$49

   

 

 

57.34

%(c)

 

 

 

 

1.18

%(c)

 

 

 

 

(55.81

)%(c)

 

 

 

 

0.35

%(c)

 

 

 

 

4.00

%(b)

 

 

 

 

First Eagle U.S. Smid Cap Opportunity Fund Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period 8/15/22^-10/31/22

 

 

 

$10.00

   

 

 

0.01

   

 

 

(1.03

)

 

 

 

 

(1.02

)

 

 

 

   

 

   

 

   

 

   

 

 

$8.98

   

 

 

(10.20

)%(b)

 

 

 

 

$1,046

   

 

 

46.97

%(c)

 

 

 

 

0.95

%(c)

 

 

 

 

(45.46

)%(c)

 

 

 

 

0.56

%(c)

 

 

 

 

4.00

%(b)

 

 

 

 

First Eagle U.S. Smid Cap Opportunity Fund Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period 8/15/22^-10/31/22

 

 

 

$10.00

   

 

 

0.01

   

 

 

(1.03

)

 

 

 

 

(1.02

)

 

 

 

   

 

   

 

   

 

   

 

 

$8.98

   

 

 

(10.20

)%(b)

 

 

 

 

$45

   

 

 

47.13

%(c)

 

 

 

 

0.94

%(c)

 

 

 

 

(45.59

)%(c)

 

 

 

 

0.60

%(c)

 

 

 

 

4.00

%(b)

 

 

 

 

First Eagle Real Assets Fund Class A***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period 11/30/21^-10/31/22

 

 

 

$10.00

   

 

 

0.13

   

 

 

(0.56

)

 

 

 

 

(0.43

)

 

 

 

   

 

   

 

   

 

   

 

 

$9.57

   

 

 

(4.30

)%(b)

 

 

 

 

$1,286

   

 

 

5.23

%(c)

 

 

 

 

1.09

%(c)

 

 

 

 

(2.78

)%(c)

 

 

 

 

1.37

%(c)

 

 

 

 

12.37

%(b)

 

 

 

 

First Eagle Real Assets Fund Class I***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period 11/30/21^-10/31/22

 

 

 

$10.00

   

 

 

0.15

   

 

 

(0.56

)

 

 

 

 

(0.41

)

 

 

 

   

 

   

 

   

 

   

 

 

$9.59

   

 

 

(4.10

)%(b)

 

 

 

 

$7,074

   

 

 

4.85

%(c)

 

 

 

 

0.85

%(c)

 

 

 

 

(2.34

)%(c)

 

 

 

 

1.65

%(c)

 

 

 

 

12.37

%(b)

 

 

 

 

First Eagle Real Assets Fund Class R6***

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period 11/30/21^-10/31/22

 

 

 

$10.00

   

 

 

0.15

   

 

 

(0.56

)

 

 

 

 

(0.41

)

 

 

 

   

 

   

 

   

 

   

 

 

$9.59

   

 

 

(4.10

)%(b)

 

 

 

 

$1,000

   

 

 

4.86

%(c)

 

 

 

 

0.85

%(c)

 

 

 

 

(2.38

)%(c)

 

 

 

 

1.63

%(c)

 

 

 

 

12.37

%(b)

 

 

 

 

 

^

 

Commencement of investment operations.

 

*

 

Per share amounts have been calculated using the average shares method.

 

**

 

Amount represents less than $0.01 per share.

 

***

 

First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Global Real Assets Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., First Eagle Gold Cayman Fund, Ltd., and First Eagle Global Real Assets Cayman Fund, Ltd., respectively.

 

(a)

 

Does not take into account the sales charge of 5.00% for Class A shares for all Funds, except First Eagle High Income Fund, which has a sales charge of 4.50% and the maximum contingent deferred sales charge (CDSC) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge for all Funds, except First Eagle Global Income Builder Fund and First Eagle High Income Fund. With respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a CDSC of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

 

(b)

 

Not Annualized.

 

(c)

 

Annualized.

 

(d)

 

Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Global Fund would have been 0.44, (0.15), 0.62, 0.00, 0.41, 0.80, and 0.67 for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers income and net investment income including earnings credits and/or fee waivers ratios would have been 0.68%, (0.12)%, 0.93%, 0.00%, 0.66%, 1.01%, and 1.02% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

 

(e)

 

Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Overseas Fund would have been 0.20, (0.03), 0.29, 0.22, 0.26, 0.25, and 0.35 for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers income and net investment income including earnings credits and/or fee waivers ratios would have been 0.82%, 0.03%, 1.12%, 0.79%, 0.92%, 0.86%, and 1.28% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

 

(f)

 

Net investment income/loss includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the net investment income per share for First Eagle Global Income Builder Fund would have been 0.24, 0.13, 0.28, 0.23, 0.25, 0.24, and 0.29 for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively. The net investment income excluding earnings credits and/or fee waivers ratios and net investment income including earnings credits and/or fee waivers would have been 1.85%, 1.06%, 2.08%, 1.70%, 1.86%, 1.85%, and 2.16% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

 

(g)

 

Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Global Fund would have been 26.05%, 24.96%, 26.38%, 25.14%, 26.01%, 25.45%, and 26.48% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

 

(h)

 

Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Overseas Fund would have been 16.90%, 15.94%, 17.24%, 16.80%, 17.14%, 16.99%, and 17.35% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

 

(i)

 

Total return includes income from foreign withholding tax claims less IRS compliance fees. Without these proceeds, the total returns for First Eagle Global Income Builder Fund would have been 21.09%, 20.21%, 21.44%, 20.94%, 21.16%, 21.07%, and 21.54% for Class A, Class C, Class I, Class R3, Class R4, Class R5 and Class R6 shares, respectively.

204First Eagle Funds  |  Prospectus  |  March 1, 2023

First Eagle Funds  |  Prospectus  |  March 1, 2023205


 

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APPENDIX
Intermediary-Specific Front-End Sales Load and Waiver Terms

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from a Fund (typically meaning through FEF Distributors as a Fund’s principal underwriter) or through an authorized dealer or other financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the Fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares through another intermediary to receive these waivers or discounts.

* * * * *

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:

 

 

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

 

 

Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

 

 

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

A-1


 

 

 

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

 

 

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

* * * * *

Shareholders purchasing Fund shares through a Merrill Lynch platform or account

Shareholders purchasing Fund shares through a Merrill Lynch platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

 

 

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

 

 

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents).

 

 

Shares purchased through a Merrill Lynch affiliated investment advisory program.

 

 

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

 

 

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform.

 

 

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable).

A-2


 

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family.)

 

 

Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

 

 

Employees and registered representatives of Merrill Lynch or its affiliates and their family members.

 

 

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the this prospectus.

 

 

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement.

CDSC Waivers on Class A and Class C Shares available at Merrill Lynch

 

 

Death or disability of the shareholder.

 

 

Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.

 

 

Return of excess contributions from an IRA Account.

 

 

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

 

 

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch.

 

 

Shares acquired through a right of reinstatement.

 

 

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only).

 

 

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

A-3


 

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

 

 

Breakpoints as described in this prospectus.

 

 

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

 

 

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable).

* * * * *

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Funds’ Prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

 

 

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

 

 

Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules.

 

 

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

 

 

Shares purchased through a Morgan Stanley self-directed brokerage account.

 

 

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program.

A-4


 

 

 

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

* * * * *

Shareholders purchasing Fund shares through a Raymond James & Associates, Inc. platform or account

Shareholders purchasing fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI. As used here, “Raymond James” refers to Raymond James & Associates, Inc., Raymond James Financial Services and Raymond James affiliates.

Front-end sales load waivers on Class A shares available at Raymond James

 

 

Shares purchased in an investment advisory program.

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 

 

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

 

 

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

 

 

A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A and C Shares available at Raymond James

 

 

Death or disability of the shareholder.

 

 

Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

 

 

Return of excess contributions from an IRA Account.

A-5


 

 

 

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus.

 

 

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

 

 

Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation

 

 

Breakpoints as described in this prospectus.

 

 

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

* * * * *

Edward D. Jones & Co., L.P. (“Edward Jones”) Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

Clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of First Eagle Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

 

  Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation (“ROA”)

 

 

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of First Eagle Funds held by the shareholder or in an account grouped by Edward Jones

A-6


 

 

 

 

with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

 

 

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

 

 

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Letter of Intent (“LOI”)

 

 

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

 

 

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

 

 

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward

A-7


 

 

 

 

Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.

 

 

Shares purchased in an Edward Jones fee-based program.

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

 

 

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

 

 

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

 

 

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (“CDSC”) Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

 

 

The death or disability of the shareholder.

 

 

Systematic withdrawals with up to 10% per year of the account value.

 

 

Return of excess contributions from an Individual Retirement Account (IRA).

 

 

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

 

 

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

 

 

Shares exchanged in an Edward Jones fee-based program.

 

 

Shares acquired through NAV reinstatement.

 

 

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

A-8


 

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

 

 

Initial purchase minimum: $250

 

 

Subsequent purchase minimum: none

Minimum Balances

 

  Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

 

 

A fee-based account held on an Edward Jones platform

 

 

A 529 account held on an Edward Jones platform

 

 

An account with an active systematic investment plan or LOI

Exchanging Share Classes

 

  At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund.

* * * * *

Front-end sales charge* waivers on Class A shares available at Janney Montgomery Scott LLC (“Janney”)

If you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 

 

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

 

 

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

 

 

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision,

A-9


 

 

 

 

employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

 

 

Shares acquired through a right of reinstatement.

 

 

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and C shares available at Janney

 

 

Shares sold upon the death or disability of the shareholder.

 

 

Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.

 

 

Shares purchased in connection with a return of excess contributions from an IRA account.

 

 

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 701/2 as described in the fund’s Prospectus.

 

 

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

 

 

Shares acquired through a right of reinstatement.

 

 

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

 

 

Breakpoints as described in the fund’s Prospectus.

 

 

Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

 

 

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

*Also referred to as an “initial sales charge.”

* * * * *

A-10


 

Shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds’ prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

 

 

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

 

 

Shares purchased by or through a 529 Plan.

 

 

Shares purchased through an OPCO affiliated investment advisory program.

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 

 

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

 

 

A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO.

 

 

Employees and registered representatives of OPCO or its affiliates and their family members.

 

 

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus.

CDSC Waivers on A, B and C Shares available at OPCO

 

 

Death or disability of the shareholder.

 

 

Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.

 

 

Return of excess contributions from an IRA Account.

A-11


 

 

 

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus.

 

 

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO.

 

 

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

 

 

Breakpoints as described in this prospectus.

 

 

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

* * * * *

Shareholders purchasing Fund shares through a Robert W. Baird & Co. (“Baird”) platform or account

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-End Sales Charge Waivers on A-shares Available at Baird

 

 

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund.

 

 

Shares purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

 

 

Shares purchased using the proceeds of redemptions from a First Eagle Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

 

 

A shareholder in the Funds C Shares will have their share converted at net asset value to A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

A-12


 

 

 

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

CDSC Waivers on A and C shares Available at Baird

 

 

Shares sold due to death or disability of the shareholder.

 

 

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

 

 

Shares bought due to returns of excess contributions from an IRA Account.

 

 

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s prospectus.

 

 

Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

 

 

Shares acquired through a right of reinstatement.

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

 

 

Breakpoints as described in this prospectus.

 

 

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of First Eagle Funds assets held by accounts within the purchaser’s household at Baird. Eligible First Eagle Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

 

 

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of First Eagle Funds through Baird, over a 13-month period of time.

* * * * *

Shareholders purchasing Fund shares through a D.A. Davidson &. Co. (“D.A. Davidson”) platform or account

Shareholders purchasing Fund shares including existing Fund shareholders through a D.A. Davidson platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A.

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Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the Funds’ SAI.

Front-End Sales Charge Waivers on Class A Shares available at D.A. Davidson

 

 

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

 

 

Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

 

 

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

 

 

A shareholder in the Fund’s Class C Shares will have their shares converted at net asset value to Class A Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson’s policies and procedures.

CDSC Waivers on Class A and Class C Shares available at D.A. Davidson

 

 

Death or disability of the shareholder.

 

 

Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

 

 

Return of excess contributions from an IRA account.

 

 

Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to the Internal Revenue Code.

 

 

Shares acquired through a right of reinstatement.

Front-end Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/or Letters of Intent

 

 

Breakpoints as described in this Prospectus.

 

 

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

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Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* * * * *

Class A Sales Charge Waivers Available Only Through Specified Intermediaries (Certain Self-Directed Brokerage Programs)

As described in the prospectus, Class A shares may be purchased at net asset value without a sales charge through a financial intermediary that has entered into an agreement with the Distributor to offer the Fund’s shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. As of the date of this Appendix, the following intermediaries have entered into such an agreement:

 

 

Charles Schwab & Co, Inc.

 

 

E*Trade Securities LLC

 

 

JP Morgan Securities, Inc.

 

 

Morgan Stanley Smith Barney LLC

 

 

Merrill Lynch, Pierce, Fenner & Smith Inc.

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Useful Shareholder Information

How to Obtain Our Shareholder Reports

You will be sent copies of the Funds’ annual and semi-annual reports on a regular basis, once you become a shareholder. Semi-annual and annual reports are also available upon request without charge by contacting First Eagle Funds. The annual reports discuss the market conditions and investment strategies that significantly affected each Fund’s performance during the last fiscal year. The annual reports also contain audited financial statements by the First Eagle Funds’ independent accountants.

How to Obtain Our Statement of Additional Information

The Statement of Additional Information is incorporated by reference in this Prospectus and includes additional information about the Funds. The SAI is available to you without charge. To obtain a copy, please contact us via mail or phone, or visit the website (www.firsteagle.com/individuals-home). In addition, you may visit the Securities and Exchange Commission’s (“SEC’s”) website (www.sec.gov) to view the SAI and other information. Also, you can obtain copies of the SAI, after paying a duplicating fee, by e-mailing: [email protected].

 

 

 

 

Distributor
FEF Distributors, LLC
1345 Avenue of the Americas
New York, NY 10105

 

Investment Adviser
First Eagle Investment Management, LLC
1345 Avenue of the Americas
New York, NY 10105

 

 

How to Reach First Eagle Funds
Send all shareholder inquiries and requests for other information or transactions to:
First Eagle Funds
P.O. Box 219324
Kansas City, MO 64121-9324
You may contact us by telephone at 800.334.2143

Investment Company Act File Number: 811-07762

 

 

 

 

 

First Eagle Investment Management, LLC
1345 Avenue of the Americas, New York, NY 10105-0048
800.334.2143   www.firsteagle.com/individuals-home