0000930413-12-000077.txt : 20120106
0000930413-12-000077.hdr.sgml : 20120106
20120106133126
ACCESSION NUMBER: 0000930413-12-000077
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 8
FILED AS OF DATE: 20120106
DATE AS OF CHANGE: 20120106
EFFECTIVENESS DATE: 20120106
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIRST EAGLE FUNDS
CENTRAL INDEX KEY: 0000906352
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07762
FILM NUMBER: 12513941
BUSINESS ADDRESS:
STREET 1: 1345 AVENUE OF THE AMERICAS
CITY: NEW YORK
STATE: NY
ZIP: 10105
BUSINESS PHONE: 212-698-3393
MAIL ADDRESS:
STREET 1: 1345 AVENUE OF THE AMERICAS
CITY: NEW YORK
STATE: NY
ZIP: 10105
FORMER COMPANY:
FORMER CONFORMED NAME: FIRST EAGLE FUNDS INC
DATE OF NAME CHANGE: 20030103
FORMER COMPANY:
FORMER CONFORMED NAME: FIRST EAGLE SOGEN FUNDS INC
DATE OF NAME CHANGE: 20000403
FORMER COMPANY:
FORMER CONFORMED NAME: SOGEN FUNDS INC
DATE OF NAME CHANGE: 19930714
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FIRST EAGLE FUNDS
CENTRAL INDEX KEY: 0000906352
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-63560
FILM NUMBER: 12513942
BUSINESS ADDRESS:
STREET 1: 1345 AVENUE OF THE AMERICAS
CITY: NEW YORK
STATE: NY
ZIP: 10105
BUSINESS PHONE: 212-698-3393
MAIL ADDRESS:
STREET 1: 1345 AVENUE OF THE AMERICAS
CITY: NEW YORK
STATE: NY
ZIP: 10105
FORMER COMPANY:
FORMER CONFORMED NAME: FIRST EAGLE FUNDS INC
DATE OF NAME CHANGE: 20030103
FORMER COMPANY:
FORMER CONFORMED NAME: FIRST EAGLE SOGEN FUNDS INC
DATE OF NAME CHANGE: 20000403
FORMER COMPANY:
FORMER CONFORMED NAME: SOGEN FUNDS INC
DATE OF NAME CHANGE: 19930714
0000906352
S000035180
First Eagle High Yield Fund
C000108220
Class A
FEHAX
C000108221
Class C
FEHCX
C000108222
Class I
FEHIX
485BPOS
1
c67153_485bpos.htm
Untitled Document
As
filed with the Securities and Exchange Commission on January 6, 2012
REGISTRATION NO. 033-63560 and
811-7762
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933 x
PRE-EFFECTIVE
AMENDMENT NO. o
POST-EFFECTIVE
AMENDMENT NO. 41 x
AND/OR
REGISTRATION
STATEMENT
UNDER
THE
INVESTMENT COMPANY ACT OF 1940 x
AMENDMENT
NO. 43 x
(CHECK APPROPRIATE BOX OR
BOXES)
FIRST EAGLE FUNDS
(EXACT NAME OF REGISTRANT AS
SPECIFIED IN CHARTER)
1345
AVENUE OF THE AMERICAS
NEW YORK,
NY 10105
(ADDRESS OF PRINCIPAL EXECUTIVE
OFFICES)
REGISTRANTS TELEPHONE NUMBER,
INCLUDING AREA CODE: (212) 698-3000
SUZAN
AFIFI
FIRST
EAGLE FUNDS
1345
AVENUE OF THE AMERICAS
NEW YORK,
NY 10105
(NAME AND ADDRESS OF AGENT FOR
SERVICE)
COPY TO:
NATHAN J.
GREENE, ESQ.
SHEARMAN &
STERLING LLP
599
LEXINGTON AVENUE
NEW YORK,
NY 10022
It is proposed that this filing will become effective (check
appropriate box):
x
immediately upon filing pursuant to paragraph (b)
o on March 1, 2011 pursuant
to paragraph (b) of Rule 485
o
60 days after filing pursuant to paragraph (a)(1)
o on March 1, 2011 pursuant
to paragraph (a)(1) of Rule 485
o
75 days after filing pursuant to paragraph (a)(2)
o
on (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
o
this post-effective amendment designates a new effective date for a previously
filed post-effective amendment
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant certifies that it meets all of the requirements
for the effectiveness of this Registration Statement pursuant to Rule 485(a) or
Rule 485(b) (as the case may be) under the Securities Act of 1933 and the
Registration has duly caused this Post-Effective Amendment to its Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York and State of New York, as of the 6th day
of January, 2012.
FIRST EAGLE
FUNDS
By:
/s/ JOHN P. ARNHOLD
JOHN P.
ARNHOLD
PRESIDENT
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement has been signed below by
the following persons in the capacities and on the dates indicated.
SIGNATURE
CAPACITY
DATE
/s/ LISA ANDERSON*
Trustee
January 6, 2012
(LISA
ANDERSON)
/s/ JOHN P. ARNHOLD*
Trustee
January 6, 2012
(JOHN P.
ARNHOLD)
/s/ JEAN-MARIE EVEILLARD*
Trustee
January 6, 2012
(JEAN-MARIE
EVEILLARD)
/s/ CANDACE K. BEINECKE*
Trustee
January 6, 2012
(CANDACE K.
BEINECKE)
/s/ JEAN D. HAMILTON*
Trustee
January 6, 2012
(JEAN D.
HAMILTON)
/s/ JAMES E. JORDAN*
Trustee
January 6, 2012
(JAMES E.
JORDAN)
/s/ WILLIAM M. KELLY*
Trustee
January 6, 2012
(WILLIAM M.
KELLY)
/s/ PAUL J. LAWLER*
Trustee
January 6, 2012
(PAUL J.
LAWLER)
/s/ JOSEPH
MALONE*
Chief Financial Officer
January 6, 2012
(JOSEPH
MALONE)
*By:
/s/ ROBERT BRUNO
ROBERT BRUNO
POWER-OF-ATTORNEY
EXHIBIT INDEX
Exhibit No.
Description
EX-101.INS
XBRL
Instance Document
EX-101.SCH
XBRL
Taxonomy Extension Schema Document
EX-101.DEF
XBRL
Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL
Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL
Taxonomy Extension Presentation Linkbase
EX-101.INS
2
cik0000906352-20111228.xml
XBRL INSTANCE FILE
00009063522011-12-282011-12-280000906352cik0000906352:S000035180Member2011-12-282011-12-280000906352cik0000906352:S000035180Membercik0000906352:C000108220Member2011-12-282011-12-280000906352cik0000906352:S000035180Membercik0000906352:C000108221Member2011-12-282011-12-280000906352cik0000906352:S000035180Membercik0000906352:C000108222Member2011-12-282011-12-280000906352cik0000906352:S000035180Memberrr:AfterTaxesOnDistributionsMembercik0000906352:C000108222Member2011-12-282011-12-280000906352cik0000906352:S000035180Memberrr:AfterTaxesOnDistributionsAndSalesMembercik0000906352:C000108222Member2011-12-282011-12-280000906352cik0000906352:S000035180Membercik0000906352:index_Barclays_Capital_US_Corporate_High_Yield_Bond_IndexMember2011-12-282011-12-28xbrli:pureiso4217:USDFIRST EAGLE FUNDS485BPOSfalse00009063522011-12-282011-12-282011-12-282011-12-30RISK/RETURNInvestment Objective<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">First Eagle High Yield Fund (the “Fund”, or the “High Yield Fund”) seeks to provide investors with a high level of current income.</font> </p>Fees and Expenses<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">The following information describes the fees and expenses you may pay if you buy and hold shares of the Fund.</font> </p> <br/><p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">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 Fund. Information about these and other discounts is available from your financial professional and in the <i>How to Purchase Shares</i> and <i>Public Offering Price of Class A Shares</i> sections on pages 22 and 27, respectively.</font> </p>0.04500.00000.00000.00000.01000.00000.00700.00700.00700.00250.01000.00000.00550.00550.00550.00010.00010.00010.01510.02260.0126-0.0025-0.0025-0.00450.01260.02010.0081~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact cik0000906352_S000035180Member column rr_ProspectusShareClassAxis compact * row primary compact * ~~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact cik0000906352_S000035180Member column rr_ProspectusShareClassAxis compact * row primary compact * ~2012-12-31You 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 Fund.Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)100000Shareholder Fees (fees paid directly from your investment)Example<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> </p>57357385885811901190212921293046571163255520465711632555838330830860360314411441~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact cik0000906352_S000035180Member column rr_ProspectusShareClassAxis compact * row primary compact * ~~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact cik0000906352_S000035180Member column rr_ProspectusShareClassAxis compact * row primary compact * ~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 and takes into account the effect of the Fee Waiver and Expense Reimbursement Agreement through December 31, 2012 (Class A and Class C) or December 31, 2013 (Class I), as discussed directly above. Please keep in mind your actual costs may be higher or lower.Portfolio Turnover Rate<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">The 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, affect the Fund’s performance. During the 12-month period ended March 31, 2011, the Fund’s portfolio turnover rate was 145.96% of the average value of its portfolio.</font> </p>1.4596Principal Investment Strategies<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">To pursue its investment objective, the Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield, below investment-grade instruments (commonly referred to as “junk bonds”) or other instruments including high yield corporate bonds and loans, municipal bonds, mortgage-backed and asset backed securities, income-producing convertible securities, and preferred stocks. 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.</font> </p> <br/><p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">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, as well as, unrated securities. Although no change is anticipated, the investment objective of the 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 the “80% of assets” investment policies. An investment in the Fund is not intended to be a complete investment program.</font> </p>Principal Investment Risks<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">As with any mutual fund investment, you may lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time.</font> </p> <br/><p> <font style="font-size:3.8mm;">Principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:</font> </p> <br/><table cellspacing="0" cellpadding="0" style="margin-left:0.00pc;font-size:0.2mm;"> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:8pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3"> <p style="font-size:0.2mm">   </p> </td> <td> <p> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p> <font style="font-size:3.8mm;"><b>Credit Risk —</b> Credit risk is the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>High Yield Risk —</b> The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) under normal market conditions in high yield securities (commonly known as “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.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>High Portfolio Turnover Risk —</b> The Fund’s investment strategies, which permits the Fund to hold instruments of any remaining duration and to trade those securities rather than holding them to maturity, may result in high turnover rates. This may increase the Fund’s brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains, which could cause you to pay higher taxes.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Market Risk —</b> The value 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.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Foreign Investment Risk —</b> The Fund may invest in foreign investments. Foreign investments can be susceptible to less politically and economically stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Convertible Security Risk —</b> 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.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Illiquid Investment Risk —</b> The market for lower-quality debt instruments, including junk bonds, is generally less liquid than the market for higher-quality debt instruments. 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.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Interest Rate Risk —</b> Fluctuations in interest rates will affect the value of the Fund. An increase in interest rates tends to reduce the market value of debt securities, while a decline in interest rates tends to increase their values. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Prepayment Risk —</b> This risk relates primarily to mortgage-backed securities. 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 bonds with lower interest rates, which may lower the returns to any fund invested in mortgage-backed securities.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Bank Loan Risk —</b> The Fund may invest in bank loans. These investments potentially expose the Fund to the credit risk of both the financial institution and the underlying borrower. 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. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Changes in Debt Ratings —</b> 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.</font> </p> </td> </tr> <tr valign="top"> <td style="width:4pt;"> <p style="margin-top:0pt;">   </p> </td> </tr> <tr valign="top"> <td align="right"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">•</font> </p> </td> <td width="3">   </td> <td> <p style="margin:2.1mm 0 0;"> <font style="font-size:0.2mm"> </font> </p> </td> <td width="3">   </td> <td colspan="17"> <p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;"><b>Derivatives Risk —</b> 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.</font> </p> </td> </tr> </table> <br/><p> <font style="font-size:3.8mm;">The Fund has the flexibility to respond promptly to changes in market and economic conditions. Under a defensive strategy, the Fund may temporarily hold some or all of its assets in cash and/or high quality debt securities or money market instruments of U.S. or foreign issuers.</font> </p><p> <font style="font-size:3.8mm;">For more information on the risks of investing in the Fund, please see the <i>More Information about the Fund’s Investments</i> section.</font> </p>As with any mutual fund investment, you may lose money by investing in the Fund.Investment Results<p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">The Fund commenced operations in its present form on or about December 30, 2011 and is the successor to the Old Mutual High Yield Fund (the “Predecessor Fund”) pursuant to a reorganization on or about that same date. The Predecessor Fund had similar investment objectives and strategies as the Fund, but was managed by another investment adviser.</font> </p> <br/><p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">The data presented below provides an indication of the risks of investing in the Fund by showing changes in performance from year to year, and by showing how the average annual returns for the Fund’s Class I shares for 1 year and since inception compare with those of a broad measure of market performance.</font> </p> <br/><p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">As with all mutual funds, past performance is not an indication of future performance (before or after taxes).</font> </p> <br/><p style="margin:2.1mm 0 0;"> <font style="font-size:3.8mm;">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.</font> </p>Calendar Year Total Returns-Class I-0.15700.60000.1576~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact cik0000906352_S000035180Member column rr_ProspectusShareClassAxis compact cik0000906352_C000108220Member row primary compact * ~Best Quarter0.24952009-06-30Worst Quarter-0.10602008-12-30<p style="margin:2.1mm 0 2.1mm;"> <font style="font-size:3.8mm;">For the periods presented in the bar chart, the following is additional return information for Class I shares of the Fund.</font> </p><table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;"> <tr valign="bottom"> <td style="width:84.74%;"> <p> <font style="font-size:0.6mm;"> </font> </p> </td> <td style="width:2.63%"> <p> <font style="font-size:0.6mm;"> </font> </p> </td> <td style="width:11.46%;" colspan="6"> <p> <font style="font-size:0.6mm;"> </font> </p> </td> </tr> <tr valign="bottom"> <td colspan="8" style="background:#00003d;"> <p> <font style="font-size:3.1mm; color:White;"><b>Best Quarter</b></font> </p> </td> </tr> <tr valign="bottom"> <td> <p> <font style="font-family:sans-serif; font-size:3.1mm;">Second Quarter 2009</font> </p> </td> <td width="3"> <p style="font-size:0.2mm">   </p> </td> <td> <p> <font style="font-size:0.2mm"> </font> </p> </td> <td colspan="2">   </td> <td align="right"> <p> <font style="font-family:sans-serif; font-size:3.1mm;">24.95</font> </p> </td> <td> <p> <font style="font-family:sans-serif; font-size:3.1mm;">%</font> </p> </td> <td> <p> <font style="font-size:0.2mm"> </font> </p> </td> </tr> <tr valign="bottom" style="font-size:0.2mm"> <td colspan="8" align="center" style="border-top:solid 0.3mm #00003d;"> <p> <font style="font-size:0.2mm;"> </font> </p> </td> </tr> <tr valign="bottom"> <td colspan="8" style="background:#00003d;"> <p> <font style="font-size:3.1mm; color:White;"><b>Worst Quarter</b></font> </p> </td> </tr> <tr valign="bottom"> <td> <p> <font style="font-family:sans-serif; font-size:3.1mm;">Fourth Quarter 2008</font> </p> </td> <td width="3"> <p style="font-size:0.2mm">   </p> </td> <td> <p> <font style="font-size:0.2mm"> </font> </p> </td> <td colspan="2">   </td> <td align="right"> <p> <font style="font-family:sans-serif; font-size:3.1mm;">-10.60</font> </p> </td> <td> <p> <font style="font-family:sans-serif; font-size:3.1mm;">%</font> </p> </td> <td> <p> <font style="font-size:0.2mm"> </font> </p> </td> </tr> <tr valign="bottom" style="font-size:0.2mm"> <td colspan="8" align="center" style="border-top:solid 0.3mm #00003d;"> <p> <font style="font-size:0.2mm;"> </font> </p> </td> </tr> </table> <br/><p style="margin:4.2mm 0 0;"> <font style="font-size:3.8mm;">Updated performance information is available at <b>www.firsteaglefunds.com/funds/highyieldfund.php</b> or by calling <b>800.334.2143.</b></font> </p> <br/><p style="margin:2.1mm 0 0;"> <font style="font-size:3.6mm;">The following average annual total returns table discloses after-tax returns only for Class I shares. After-tax returns for Class A and Class C shares will vary. After-tax returns are calculated using the highest individual federal income tax rate for each year. Returns 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. All returns shown assume commencement of operations on November 19, 2007, which is the date of organization of the Predecessor Fund. Class A, Class C and Class I shares are newly formed and have no shares outstanding. Returns shown for Class I shares are the returns of the Predecessor Fund for those periods. Returns shown for Class A and Class C shares are the returns of the Predecessor Fund for those periods, adjusted to reflect anticipated expenses for those Class A and Class C shares during their first fiscal year (including the effect of the Fund’s Class A and Class C expense waiver).</font> </p> 0.09910.13090.13080.13900.15760.15450.08800.09930.10050.09850.15120.0888~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact cik0000906352_S000035180Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~nullAfter-tax returns are calculated using the highest individual federal income tax rate for each year. Returns do not reflect the effect of state and local taxes.nullAs with all mutual funds, past performance is not an indication of future performance (before or after taxes).nullThe 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.nullwww.firsteaglefunds.comActual 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.nullnullnullnullnullnullnull800.334.2143Average Annual Total ReturnsnullEX-101.SCH
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10
report.css
IDEA: XBRL DOCUMENT
/* Updated 2009-11-04 */
/* v2.2.0.24 */
/* DefRef Styles */
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border: 2px solid #2F4497;
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font-weight: bold;
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margin-top: 0px;
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..report table.authRefData .hide {
background-color: #2F4497;
padding: 1px 3px 0px 0px;
text-align: right;
}
..report table.authRefData .hide a:hover {
background-color: #2F4497;
}
..report table.authRefData .body {
height: 150px;
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width: 400px;
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..report table.authRefData table{
font-size: 1em;
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color: black;
text-decoration: none;
}
/* table */
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background-color: white;
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EXCEL
11
Financial_Report.xls
IDEA: XBRL DOCUMENT
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