3B2 EDGAR HTML -- c95956

0000930413-20-002110.txt : 20200819 0000930413-20-002110.hdr.sgml : 20200819 20200819162756 ACCESSION NUMBER: 0000930413-20-002110 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 20200819 DATE AS OF CHANGE: 20200819 EFFECTIVENESS DATE: 20200819 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-63560 FILM NUMBER: 201117353 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 S000011211 First Eagle Global Fund

C000030894 Class A SGENX

C000030895 Class I SGIIX

C000030896 Class C FESGX

C000179763 Class R3 EARGX

C000179764 Class R4 EAGRX

C000179765 Class R5 FRGLX

C000179766 Class R6 FEGRX

0000906352 S000011212 First Eagle Overseas Fund

C000030897 Class A SGOVX

C000030898 Class I SGOIX

C000030899 Class C FESOX

C000179767 Class R3 EAROX

C000179768 Class R4 FIORX

C000179769 Class R5 FEROX

C000179770 Class R6 FEORX

0000906352 S000011213 First Eagle U.S. Value Fund

C000030900 Class A FEVAX

C000030901 Class I FEVIX

C000030902 Class C FEVCX

C000179771 Class R4 FIVRX

C000179772 Class R5 FERVX

C000179773 Class R6 FEVRX

C000179774 Class R3 EARVX

0000906352 S000011214 First Eagle Gold Fund

C000030903 Class A SGGDX

C000030904 Class I FEGIX

C000030905 Class C FEGOX

C000179775 Class R3 EAURX

C000179776 Class R4 FIURX

C000179777 Class R5 FERUX

C000179778 Class R6 FEURX

0000906352 S000011215 First Eagle Fund of America

C000030906 Class Y FEAFX

C000030907 Class C FEAMX

C000030908 Class A FEFAX

C000124490 Class I FEAIX

C000179779 Class R3 EARFX

C000179780 Class R4 EAFRX

C000179781 Class R5 FERFX

C000179782 Class R6 FEFRX

0000906352 S000035180 First Eagle High Income Fund

C000108220 Class A FEHAX

C000108221 Class C FEHCX

C000108222 Class I FEHIX

C000179783 Class R3 EARHX

C000179784 Class R4 FIHRX

C000179785 Class R5 FERHX

C000179786 Class R6 FEHRX

0000906352 S000035750 First Eagle Global Income Builder Fund

C000109583 Class A FEBAX

C000109584 Class C FEBCX

C000109585 Class I FEBIX

C000179787 Class R3 FBRRX

C000179788 Class R4 FIBRX

C000179789 Class R5 EABRX

C000179790 Class R6 FEBRX

497 1 c95956_497.htm 3B2 EDGAR HTML -- c95956_497.htm


Prospectus		August 14, 2020



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 (formerly
Class A	SGOVX	named First Eagle High Yield Fund)
Class C	FESOX	Class A	FEHAX
Class I	SGOIX	Class C	FEHCX
Class R3	EAROX	Class I	FEHIX
Class R4	FIORX	Class R3	EARHX
Class R5	FEROX	Class R4	FIHRX
Class R6	FEORX	Class R5	FERHX
		Class R6	FEHRX
First Eagle U.S. Value Fund
Class A	FEVAX	First Eagle Fund of America
Class C	FEVCX	Class A	FEFAX
Class I	FEVIX	Class C	FEAMX
Class R3	EARVX	Class I	FEAIX
Class R4	FIVRX	Class Y	FEAFX
Class R5	FERVX	Class R3	EARFX
Class R6	FEVRX	Class R4	EAFRX
		Class R5	FERFX
First Eagle Gold Fund		Class R6	FEFRX
Class A	SGGDX
Class C	FEGOX
Class I	FEGIX
Class R3	EAURX
Class R4	FIURX
Class R5	FERUX
Class R6	FEURX

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.feim.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly or, if you are a direct investor, by calling 800.334.2143 or by visiting www.Fundreports.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with a Fund, you can call 800.334.2143 or visit www.Fundreports.com. Your election to receive reports in paper will apply to all funds held with First Eagle or your financial intermediary.

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 (“FEIM” or the “Adviser”). The Trust consists of seven 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 (formerly named First Eagle High Yield Fund) and First Eagle Fund of America. This prospectus describes Fund shares designated as Classes A, C, I, R3, R4, R5, R6 and in the case of Fund of America, Class Y. Other classes of shares may be available by separate prospectus.

Table of Contents


Summary Information about the Funds (Including Investment, Risk and Fee/Expense Information)
First Eagle Global Fund					4
First Eagle Overseas Fund					13
First Eagle U.S. Value Fund					23
First Eagle Gold Fund					32
First Eagle Global Income Builder Fund					41
First Eagle High Income Fund (formerly named First Eagle High Yield Fund)					53
First Eagle Fund of America					64
Information about Taxes and Financial Intermediaries					77
More Information About the Funds’ Investments					78
Investment Objectives and Strategies of the Funds					78
Principal Investment Risks					80
Defensive Investment Strategies					97
Disclosure of Portfolio Holdings					97
Fund Indices					98
Fund Management					100
The Adviser					100
Approval of Advisory Agreement					103
About Your Investment					104
How to Purchase Shares					104
Anti-Money Laundering Compliance					108
How Fund Share Prices Are Calculated					108
Purchases Through Dealers and Financial Intermediaries					109
Public Offering Price of Class A Shares					111
Reducing the Sales Charge					113
Purchasing Level-Load Class C Shares					116
Purchasing Class R3, Class R4, Class R5 and Class R6 Shares					118
Distribution and/or Shareholder Services Expenses					119
Bookshare Account Plan					122
Electronic Delivery					122
Where To Send Your Application					122
Minimum Account Size					123
Automatic Investment Program					123
Contractual Arrangements					123
Once You Become a Shareholder					125
Exchanging Your Shares					125
Automatic Exchange Program					126
Conversion					126
Dividend Direction Plan					127
Redemption of Shares					127
Short-Term Trading Policies					129
Telephone Privileges					130
Systematic Withdrawal Plan					131
Retirement Plans					132
Information Regarding State Escheatment Laws					132
Information on Dividends, Distributions and Taxes					133
Privacy Notice for Individual Shareholders					134
How to Reach First Eagle Funds					136
Financial Highlights					137
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”) 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 and hold shares of the Global Fund.

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 104 and 111, 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

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

1.00*

1.00

None

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

Management Fees

0.75

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

0.25

1.00

None

0.35

0.10

None

Other Expenses**

0.11

0.12

0.10

0.04

0.12

0.60

0.04

Total Annual Operating Expenses (%)

1.11

1.87

0.85

1.14

0.97

1.35

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.

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019.

4First Eagle Funds | Prospectus | August 14, 2020

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		$87		$271		$471		$1,049
Class R3
Sold or Held		$116		$362		$628		$1,386
Class R4
Sold or Held		$99		$309		$536		$1,190
Class R5
Sold or Held		$137		$428		$739		$1,624
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 10.26% of the average value of its portfolio.

First Eagle Funds | Prospectus | August 14, 20205

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 fixed-income instruments (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. 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.

6First Eagle Funds | Prospectus | August 14, 2020

Global Fund

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 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 can be volatile, and values of individual securities and other investments at times may decline significantly and rapidly. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate volatility.

•

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”), and through foreign currency). Foreign investments 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

First Eagle Funds | Prospectus | August 14, 20207

Summary Information about the Global Fund

associated with investing in the European markets, including the risks associated with the United Kingdom’s exit from the European Union (“Brexit”).

•

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

8First Eagle Funds | Prospectus | August 14, 2020

Global Fund

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, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and market impacts.

•

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.

First Eagle Funds | Prospectus | August 14, 20209

Summary Information about the 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 1, 5 and 10 years compare with those of a broad measure of market performance. 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.feim.com/individual-investors/fund/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*
First Quarter 2019	9.88%	Third Quarter 2011	-9.95%

†

Year-to-date performance as of June 30, 2020: -7.64%.

For the period presented in the bar chart above.

10First Eagle Funds | Prospectus | August 14, 2020

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 no or 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, 2019


	1 Year		5 Years		10 Years		Class R3 Inception (5/1/18)		Class R4 Inception (1/17/18)		Class R6 Inception (3/1/17)
First Eagle Global Fund
Class A Shares
Return Before Taxes		14.16%		5.38%		7.38%		—		—		—

Return After Taxes on Distributions		12.50%		4.29%		6.45%		—		—		—

Return After Taxes on Distributions and Sales of Fund Shares		9.15%		4.05%		5.86%		—		—		—
Class C Shares
Return Before Taxes		18.26%		5.67%		7.13%		—		—		—
Class I Shares
Return Before Taxes		20.48%		6.75%		8.21%		—		—		—
Class R3 Shares
Return Before Taxes		20.08%		—		—		6.19%		—		—
Class R4 Shares
Return Before Taxes		20.33%		—		—		—		3.12%		—
Class R6 Shares
Return Before Taxes		20.57%		—		—		—		—		6.57%
MSCI World Index (reflects no deduction for fees or expenses, but reflects net of taxes)		27.67%		8.74%		9.47%		9.69%		5.96%		10.94%

First Eagle Funds | Prospectus | August 14, 202011

Summary Information about the Global Fund

Our Management Team

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

Matthew McLennan and Kimball Brooker, Jr. have served as the Fund’s Portfolio Managers since September 2008 and February 2011, respectively.

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.

12First Eagle Funds | Prospectus | August 14, 2020

First Eagle Overseas Fund

Summary Information

Investment Objective

First Eagle Overseas Fund (“Overseas 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 and hold shares of the Overseas Fund.

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 104 and 111, 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

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

1.00

None

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

Management Fees

0.75

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

0.25

1.00

None

0.35

0.10

None

Other Expenses**

0.15

0.14

0.11

0.22

0.19

0.37

0.05

Total Annual Operating Expenses (%)

1.15

1.89

0.86

1.32

1.04

1.12

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.

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019.

First Eagle Funds | Prospectus | August 14, 202013

Summary Information about the 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		$88		$274		$477		$1,061
Class R3
Sold or Held		$134		$418		$723		$1,590
Class R4
Sold or Held		$106		$331		$574		$1,271
Class R5
Sold or Held		$114		$356		$617		$1,363
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 6.99% of the average value of its portfolio.

14First Eagle Funds | Prospectus | August 14, 2020

Overseas Fund

Principal Investment Strategies

To achieve its objective of long-term capital growth, the Overseas Fund will invest primarily in equity securities of non-U.S. companies, the majority of which are traded in mature markets (for example, 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 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. The Fund may invest in debt securities 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 fixed-income instruments, short-term debt instruments, 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.

First Eagle Funds | Prospectus | August 14, 202015

Summary Information about the 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:

•

Emerging Market Risk — When the Fund invests in emerging market securities (generally meaning those associated with less developed markets), the Fund may be exposed to market, credit, currency, liquidity, legal, political, technical and other

16First Eagle Funds | Prospectus | August 14, 2020

Overseas Fund

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.

•

First Eagle Funds | Prospectus | August 14, 202017

Summary Information about the Overseas Fund

United States and abroad, there is risk of significant future rate moves and related economic and market impacts.

•

18First Eagle Funds | Prospectus | August 14, 2020

Overseas Fund

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 1, 5 and 10 years compare with those of a broad measure of market performance. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

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

First Eagle Funds | Prospectus | August 14, 202019

Summary Information about the Overseas Fund

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*
Third Quarter 2010	9.38%	Third Quarter 2011	-10.29%

†

Year-to-date performance as of June 30, 2020: -7.01%.

For the period presented in the bar chart above.

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

20First Eagle Funds | Prospectus | August 14, 2020

Overseas Fund

Average Annual Total Returns as of December 31, 2019


	1 Year		5 Years		10 Years		Class R3 Inception (5/1/18)		Class R4 Inception (1/17/18)		Class R6 Inception (3/1/17)
First Eagle Overseas Fund
Class A Shares
Return Before Taxes		11.73%		4.30%		5.76%		—		—		—

Return After Taxes on Distributions		9.95%		3.51%		4.88%		—		—		—

Return After Taxes on Distributions and Sales of Fund Shares		7.56%		3.30%		4.56%		—		—		—
Class C Shares
Return Before Taxes		15.68%		4.61%		5.51%		—		—		—
Class I Shares
Return Before Taxes		17.91%		5.68%		6.58%		—		—		—
Class R3 Shares
Return Before Taxes		17.24%		—		—		3.44%		—		—
Class R4 Shares
Return Before Taxes		17.68%		—		—		—		1.02%		—
Class R6 Shares
Return Before Taxes		17.94%		—		—		—		—		5.31%
MSCI EAFE Index (reflects no deduction for fees or expenses, but reflects net of taxes)		22.01%		5.67%		5.50%		2.63%		0.28%		8.34%

Our Management Team

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

Matthew McLennan and Kimball Brooker, Jr. have served as the Fund’s Portfolio Managers since September 2008 and March 2010, respectively.

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.

First Eagle Funds | Prospectus | August 14, 202021

Summary Information about the Overseas Fund

22First Eagle Funds | Prospectus | August 14, 2020

First Eagle U.S. Value Fund

Summary Information

Investment Objective

First Eagle U.S. Value Fund (“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.

Fees and Expenses of the U.S. Value Fund

The following information describes the fees and expenses you may pay if you buy and hold shares of the U.S. Value Fund.

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 104 and 111, 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

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

1.00*

1.00

None

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

Management Fees**

0.75

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

0.25

1.00

None

0.35

0.10

None

Other Expenses***

0.16

0.17

0.13

0.16

0.66

0.65

0.08

Total Annual Operating Expenses (%)

1.16

1.92

0.88

1.26

1.51

1.40

0.83

Fee Waiver**

-0.05

Total Annual Operating Expenses After Fee Waiver (%)

1.11

1.87

0.83

1.21

1.46

1.35

0.78

First Eagle Funds | Prospectus | August 14, 202023

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 28, 2021. 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%.

***

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019.

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		$123		$395		$687		$1,518
Class R4
Sold or Held		$149		$472		$819		$1,797
Class R5
Sold or Held		$137		$438		$761		$1,675
Class R6
Sold or Held		$80		$260		$456		$1,021

24First Eagle Funds | Prospectus | August 14, 2020

U.S. Value Fund

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 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 8.65% 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 and debt instruments and may invest to a lesser extent in securities of non-U.S. issuers. 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.

First Eagle Funds | Prospectus | August 14, 202025

Summary Information about the U.S. Value Fund

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).

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:

•

26First Eagle Funds | Prospectus | August 14, 2020

U.S. Value Fund

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, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and market impacts.

•

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

First Eagle Funds | Prospectus | August 14, 202027

Summary Information about the U.S. Value Fund

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.

•

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.

28First Eagle Funds | Prospectus | August 14, 2020

U.S. Value Fund

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 1, 5 and 10 years compare with those of a broad measure of market performance. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

Updated performance information is available at www.feim.com/individual-investors/fund/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.

Calendar Year Total Returns—Class A^†


Best Quarter*		Worst Quarter*
First Quarter 2019	10.46%	Third Quarter 2011	-9.03%

†

Year-to-date performance as of June 30, 2020: -10.17%.

First Eagle Funds | Prospectus | August 14, 202029

Summary Information about the U.S. Value Fund

For the period presented in the bar chart above.

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

Average Annual Total Returns as of December 31, 2019


	1 Year		5 Years		10 Years		Class R3 Inception (5/1/18)		Class R6 Inception (3/1/17)
First Eagle U.S. Value Fund
Class A Shares
Return Before Taxes		13.40%		5.55%		8.08%		—		—

Return After Taxes on Distributions		11.12%		3.40%		6.56%		—		—

Return After Taxes on Distributions and Sales of Fund Shares		9.27%		4.07%		6.37%		—		—
Class C Shares
Return Before Taxes		17.42%		5.83%		7.82%		—		—
Class I Shares
Return Before Taxes		19.72%		6.94%		8.93%		—		—
Class R3 Shares
Return Before Taxes		19.28%		—		—		7.26%		—
Class R6 Shares
Return Before Taxes		19.77%		—		—		—		7.23%
S&P 500 Index (reflects no deduction for fees, expenses or taxes)		31.49%		11.70%		13.56%		14.94%		13.33%

30First Eagle Funds | Prospectus | August 14, 2020

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. and Matthew Lamphier have served as the Fund’s Portfolio Managers since January 2009, March 2010 and March 2014, respectively.

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.

First Eagle Funds | Prospectus | August 14, 202031

First Eagle Gold Fund

Summary Information

Investment Objective

First Eagle Gold Fund (“Gold 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 and hold shares of the Gold Fund.

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 104 and 111, 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

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

1.00

None

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

Management Fees

0.75

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

0.25

1.00

None

0.35

0.10

None

Other Expenses**

0.29

0.30

0.24

0.15

0.64

0.21

0.14

Total Annual Operating Expenses (%)

1.29

2.05

0.99

1.25

1.49

0.96

0.89

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.

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019.

32First Eagle Funds | Prospectus | August 14, 2020

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		$625		$889		$1,172		$1,979
Class C (shares have a one year contingent deferred sales charge)
Sold		$308		$643		$1,103		$2,379

Held		$208		$643		$1,103		$2,379
Class I
Sold or Held		$101		$315		$547		$1,213
Class R3
Sold or Held		$127		$397		$686		$1,511
Class R4
Sold or Held		$152		$471		$813		$1,779
Class R5
Sold or Held		$98		$306		$531		$1,178
Class R6
Sold or Held		$91		$284		$493		$1,096

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 20.01% 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 net assets

First Eagle Funds | Prospectus | August 14, 202033

Summary Information about the Gold Fund

(plus any borrowings for investment purposes) 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. 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 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 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 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

34First Eagle Funds | Prospectus | August 14, 2020

Gold Fund

sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.

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 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 can be volatile, and values of individual securities and other investments at times may decline significantly and rapidly. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate volatility.

•

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.

•

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

First Eagle Funds | Prospectus | August 14, 202035

Summary Information about the Gold Fund

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”), and through foreign currency). Foreign investments 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 securities of companies domiciled or operating in one or more foreign countries, including emerging markets.

•

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 and industries, 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

36First Eagle Funds | Prospectus | August 14, 2020

Gold Fund

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, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and market impacts.

•

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.

First Eagle Funds | Prospectus | August 14, 202037

Summary Information about the Gold Fund

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 1, 5 and 10 years compare with those of one or more broad measures of market performance, which have characteristics relevant to the Fund’s investment strategy. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

Updated performance information is available at www.feim.com/individual-investors/fund/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*
First Quarter 2016	32.55%	Second Quarter 2013	-32.24%

†

Year-to-date performance as of June 30, 2020: 25.22%.

For the period presented in the bar chart above.

38First Eagle Funds | Prospectus | August 14, 2020

Gold Fund

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

Average Annual Total Returns as of December 31, 2019


	1 Year		5 Years		10 Years		Class R3 Inception (5/1/18)		Class R6 Inception (3/1/17)
First Eagle Gold Fund
Class A Shares
Return Before Taxes		31.58%		5.74%		-2.50%		—		—

Return After Taxes on Distributions		31.58%		5.74%		-2.69%		—		—

Return After Taxes on Distributions and Sales of Fund Shares		18.69%		4.49%		-1.72%		—		—
Class C Shares
Return Before Taxes		36.47%		6.00%		-2.76%		—		—
Class I Shares
Return Before Taxes		38.98%		7.14%		-1.74%		—		—
Class R3 Shares
Return Before Taxes		38.56%		—		—		13.70%		—
Class R6 Shares
Return Before Taxes		38.91%		—		—		—		5.28%
MSCI World Index (reflects no deduction for fees or expenses, but reflects net of taxes)		27.67%		8.74%		9.47%		9.69%		10.94%

FTSE Gold Mines Index (reflects no deduction for fees, expenses or taxes)		41.21%		11.38%		-4.60%		18.59%		8.20%

First Eagle Funds | Prospectus | August 14, 202039

Summary Information about the Gold Fund

Our Management Team

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

Matthew McLennan and Thomas Kertsos have served as the Fund’s Portfolio Managers since March 2013 and March 2016, respectively.

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.

40First Eagle Funds | Prospectus | August 14, 2020

First Eagle Global Income Builder Fund

Summary Information

Investment Objective

First Eagle Global Income Builder Fund (“Global Income Builder 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 and hold shares of the Global Income Builder Fund.

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 104 and 111, 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

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

1.00

None

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

Management Fees

0.75

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

0.25

1.00

None

0.35

0.10

None

Other Expenses**

0.18

0.19

0.18

0.27

0.64

0.63

0.18

Total Annual Operating Expenses (%)

1.18

1.94

0.93

1.37

1.49

1.38

0.93

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.

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019.

First Eagle Funds | Prospectus | August 14, 202041

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		$614		$856		$1,117		$1,860
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		$139		$434		$750		$1,646
Class R4
Sold or Held		$152		$471		$813		$1,779
Class R5
Sold or Held		$140		$437		$755		$1,657
Class R6
Sold or Held		$95		$296		$515		$1,143

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 25.54% of the average value of its portfolio.

42First Eagle Funds | Prospectus | August 14, 2020

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. 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. 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 sought even for what appear to be the

First Eagle Funds | Prospectus | August 14, 202043

Summary Information about the Global Income Builder Fund

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.

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:

•

44First Eagle Funds | Prospectus | August 14, 2020

Global Income Builder Fund

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”).

•

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.

First Eagle Funds | Prospectus | August 14, 202045

Summary Information about the 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 high yield instruments (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.

•

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. In addition, there may be imperfect or even negative

46First Eagle Funds | Prospectus | August 14, 2020

Global Income Builder Fund

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.

•

First Eagle Funds | Prospectus | August 14, 202047

Summary Information about the Global Income Builder Fund

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.

•

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.

•

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 Global Income Builder Fund, please see the More Information about the Funds’ Investments section.

48First Eagle Funds | Prospectus | August 14, 2020

Global Income Builder Fund

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. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

Updated performance information is available at www.feim.com/individual-investors/fund/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.

Calendar Year Total Returns—Class A^†


Best Quarter*		Worst Quarter*
First Quarter 2019	7.40%	Fourth Quarter 2018	-6.48%

†

Year-to-date performance as of June 30, 2020: -7.08%.

For the period presented in the bar chart above.

First Eagle Funds | Prospectus | August 14, 202049

Summary Information about the Global Income Builder Fund

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

50First Eagle Funds | Prospectus | August 14, 2020

Global Income Builder Fund

Average Annual Total Returns as of December 31, 2019


	1 Year		5 Years		Since Inception (5/1/12)		Class R3 Inception (5/1/18)		Class R6 Inception (3/1/17)
First Eagle Global Income Builder Fund
Class A Shares
Return Before Taxes		8.95%		4.36%		5.35%		—		—

Return After Taxes on Distributions		7.97%		3.45%		4.32%		—		—

Return After Taxes on Distributions and Sales of Fund Shares		5.33%		3.04%		3.82%		—		—

Class C Shares
Return Before Taxes		12.73%		4.63%		5.26%		—		—
Class I Shares
Return Before Taxes		14.87%		5.69%		6.33%		—		—
Class R3 Shares
Return Before Taxes		14.36%		—		—		4.58%		—
Class R6 Shares
Return Before Taxes		14.88%		—		—		—		5.86%
60% MSCI World Index/40% Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses, but reflects net of taxes)		20.01%		6.63%		7.42%		8.63%		8.35%

MSCI World Index (reflects no deduction for fees or expenses, but reflects net of taxes)		27.67%		8.74%		10.24%		9.69%		10.94%

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		8.72%		3.05%		2.85%		6.54%		4.15%

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 and Julien Albertini are the Portfolio Managers for the Fund. Messrs. Meigs and Slein have been Portfolio Managers since the Fund’s inception on May 1, 2012, with Mr. Brooker joining as a Portfolio Manager in July 2016. Mr. Albertini joined as a Portfolio Manager in March 2019.

First Eagle Funds | Prospectus | August 14, 202051

Summary Information about the Global Income Builder Fund

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.

52First Eagle Funds | Prospectus | August 14, 2020

First Eagle High Income Fund
(formerly named First Eagle High Yield Fund)

Summary Information

Investment Objective

First Eagle High Income Fund (“High Income 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 and hold shares of the High Income Fund.

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 104 and 111, 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

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

1.00

None

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

Management Fees**

0.70

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

0.25

1.00

None

0.35

0.10

None

Other Expenses***

0.39

0.40

0.35

0.39

0.90

0.89

0.32

Total Annual Operating Expenses (%)

1.34

2.10

1.05

1.44

1.70

1.59

1.02

Fee Waiver**

-0.10

Total Annual Operating Expenses After Fee Waiver (%)

1.24

2.00

0.95

1.34

1.60

1.49

0.92

First Eagle Funds | Prospectus | August 14, 202053

Summary Information about the 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.

The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.10% of the average daily value of the Fund’s net assets for the period through February 28, 2021. 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 0.70% to 0.60%.

***

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019.

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 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		$571		$846		$1,142		$1,982
Class C (shares have a one year contingent deferred sales charge)
Sold		$303		$648		$1,120		$2,423

Held		$203		$648		$1,120		$2,423
Class I
Sold or Held		$97		$324		$570		$1,274
Class R3
Sold or Held		$136		$446		$777		$1,716
Class R4
Sold or Held		$163		$526		$914		$2,000
Class R5
Sold or Held		$152		$492		$856		$1,881
Class R6
Sold or Held		$94		$315		$554		$1,239

54First Eagle Funds | Prospectus | August 14, 2020

High Income Fund

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 24.19% 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 high yield, below investment-grade securities (commonly referred to as “junk bonds”) and instruments. Such high yield instruments may include corporate bonds and loans, municipal bonds, 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 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.

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.

First Eagle Funds | Prospectus | August 14, 202055

Summary Information about the High Income Fund

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, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and market impacts.

•

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 high yield instruments (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.

•

56First Eagle Funds | Prospectus | August 14, 2020

High Income Fund

•

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, 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.

•

First Eagle Funds | Prospectus | August 14, 202057

Summary Information about the High Income Fund

•

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.

•

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.

•

58First Eagle Funds | Prospectus | August 14, 2020

High Income Fund

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.

•

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.

First Eagle Funds | Prospectus | August 14, 202059

Summary Information about the High Income Fund

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 High Income 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.

The following information provides an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

Updated performance information is available at www.feim.com/individual-investors/fund/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.

60First Eagle Funds | Prospectus | August 14, 2020

High Income Fund

Calendar Year Total Returns—Class I^†


Best Quarter*		Worst Quarter*
Second Quarter 2016	7.08%	Third Quarter 2011	-5.97%

†

Year-to-date performance as of June 30, 2020: -3.43%.

For the period presented in the bar chart above.

The following average annual total returns 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. Returns shown for Class I shares assume commencement of operations on November 19, 2007, which is the date of organization of the Predecessor Fund. Returns shown for Class A and Class C assume commencement of operations on January 3, 2012, which is the date of inception for these share classes. Returns shown for Class I shares include the returns of the Predecessor Fund for periods prior to January 1, 2012. While no or 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 | August 14, 202061

Summary Information about the High Income Fund

Average Annual Total Returns as of December 31, 2019


	1 Year		5 Years		10 Years		Classes A and C Inception (1/3/12)		Class R3 Inception (5/1/18)		Class R6 Inception (3/1/17)
First Eagle High Income Fund
Class A Shares
Return Before Taxes		3.72%		3.10%		—		4.34%		—		—
Class C Shares
Return Before Taxes		6.81%		3.31%		—		4.14%		—		—
Class I Shares
Return Before Taxes		8.93%		4.38%		6.25%		—		—		—

Return After Taxes on Distributions		6.85%		1.93%		3.17%		—		—		—

Return After Taxes on Distributions and Sales of Fund Shares		5.25%		2.21%		3.51%		—		—		—
Class R3 Shares
Return Before Taxes		8.50%		—		—		—		3.97%		—
Class R6 Shares
Return Before Taxes		8.96%		—		—		—		—		4.02%
Bloomberg Barclays U.S. Corporate High Yield Index (reflects no deduction for fees, expenses or taxes)		14.32%		6.13%		7.57%		6.99%		7.12%		5.58%

Our Management Team

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

Edward Meigs joined First Eagle Investment Management, LLC as a Portfolio Manager in 2011. Previously, Mr. Meigs served as a Portfolio Manager at Dwight Asset Management, LLC, where he managed the Predecessor Fund since its inception on November 19, 2007.

Sean Slein joined First Eagle Investment Management, LLC as a Portfolio Manager in 2011. Previously, Mr. Slein served as a Portfolio Manager at Dwight Asset Management, LLC, where he managed the Predecessor Fund since its inception on November 19, 2007.

62First Eagle Funds | Prospectus | August 14, 2020

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.

First Eagle Funds | Prospectus | August 14, 202063

First Eagle Fund of America

Summary Information

Investment Objective

First Eagle Fund of America (“Fund of America”) seeks capital appreciation and current income.

Fees and Expenses of the Fund of America

The following information describes the fees and expenses you may pay if you buy and hold shares of Fund of America.

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 Fund of America. 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 104 and 111 respectively, and in the appendix to the Fund’s Prospectus titled Intermediary-Specific Front-End Sales Load and Waiver Terms.

64First Eagle Funds | Prospectus | August 14, 2020

Fund of America


	Class A			Class C			Class Y†			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			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			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			0.50

Distribution and Service (12b-1) Fees		0.25			1.00			0.25			None			0.35			0.10			None			None

Other Expenses***		0.26			0.24			0.22			0.17			0.22			0.35			0.35			0.12

Acquired Fund Fees and Expenses****		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01
Total Annual Operating Expenses (%)		1.02			1.75			0.98			0.68			1.08			0.96			0.86			0.63
Fee Waiver and/or Expense Reimbursement**		(0.11	)		(0.09	)		(0.07	)		(0.02	)		(0.07	)		(0.20	)		(0.20	)		0.00
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)		0.91			1.66			0.91			0.66			1.01			0.76			0.66			0.63

†

Closed to new investors.

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 (“FEIM”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, Y, 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%, 0.90%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2022 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, Y, I, R3, R4, R5 and R6 will repay FEIM 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 either: (1) 0.90%, 1.65%, 0.90%, 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 FEIM incurred the expense.

First Eagle Funds | Prospectus | August 14, 202065

Summary Information about the Fund of America

***

“Other Expenses” shown generally reflect actual expenses for the Fund for the fiscal year ended October 31, 2019, except that expenses have been revised to reflect the changes to the management fee. Expense ratios are subject to change in response to changes in the 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.

****

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.

Example

The following example is intended to help you compare the cost of investing in Fund of America 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		$588		$798		$1,025		$1,676
Class C (shares have a one year contingent deferred sales charge)
Sold		$269		$542		$941		$2,055

Held		$169		$542		$941		$2,055
Class Y
Sold or Held		$93		$305		$535		$1,195
Class I
Sold or Held		$67		$216		$377		$845
Class R3
Sold or Held		$103		$337		$589		$1,311
Class R4
Sold or Held		$78		$286		$511		$1,160
Class R5
Sold or Held		$67		$254		$457		$1,042
Class R6
Sold or Held		$64		$202		$351		$786

66First Eagle Funds | Prospectus | August 14, 2020

Fund of America

Portfolio Turnover Rate

Fund of America 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, Fund of America’s portfolio turnover rate was 26.42% of the average value of its portfolio.

Principal Investment Strategies

To achieve its objective of capital appreciation and current income, under normal circumstances Fund of America 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, and through foreign currency). Normally, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) are invested in domestic equity and debt instruments. Such investments include common stock, hybrid instruments such as preferred stock and convertible securities, warrants, corporate bonds, repurchase agreements, real estate investment trusts and derivatives. The Fund “counts” derivative positions on these instruments for purposes of this 80% allocation, and in doing so, values each position at the price at which it is held on the Fund’s books (generally market price). At least 65% of the Fund’s net assets will be income-producing, including equity, hybrid, option and debt securities. That generally means that at least 65% of the Fund’s net assets (plus any borrowings for investment purposes) will be allocated to such investments that pay a dividend or other related income. 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.

Derivatives include investing in options, futures and swaps and related products. Specifically, the Fund may enter into interest rate, credit default, currency, equity, fixed income and index swaps and the purchase or sale of related caps, floors and collars.

In addition, the Fund may enter into options on securities and on stock indices to limit the Fund’s investment risk and augment its investment return. Further, the

First Eagle Funds | Prospectus | August 14, 202067

Summary Information about the Fund of America

Fund may write “covered” call options on equity or debt securities and on stock indices in seeking to enhance investment return and to hedge against declines in the prices of portfolio securities. The Fund also may write put options to enhance investment return or to hedge against increases in the prices of securities which it intends to purchase. The Fund also may write call options on broadly based stock and bond market indices if at the time of writing it holds a portfolio of stocks or bonds listed on such index to hedge against potential declines in prices. Finally, the Fund may utilize futures contracts and options on futures on securities exchanges or in the over-the-counter market.

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

The investment philosophy and strategy of Fund of America 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 or time to maturity. However, the Fund has no current intention 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).

As a non-diversified mutual fund, the Fund can invest a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can.

Principal Investment Risks

As with any mutual fund investment, you may lose money by investing in Fund of America. 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.

68First Eagle Funds | Prospectus | August 14, 2020

Fund of America

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

•

Market Risk — The value of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies or markets in which Fund of America invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and values of individual securities and other investments at times may decline significantly and rapidly. Recent market conditions and events, including a global public health crisis and actions taken by governments in response, may exacerbate volatility.

•

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.

•

Diversification Risk — The Fund is a non-diversified mutual fund, and as a result, an investment in Fund of America may expose your money to greater risks than if you invest in a diversified fund. Fund of America will invest in a limited

First Eagle Funds | Prospectus | August 14, 202069

Summary Information about the Fund of America

number of companies and industries, therefore gains or losses in a particular security may have a greater impact on their share price.

•

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

70First Eagle Funds | Prospectus | August 14, 2020

Fund of America

through to prepay securities, necessitating reinvestment in other assets, which may lower returns.

•

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.

•

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.

•

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

First Eagle Funds | Prospectus | August 14, 202071

Summary Information about the Fund of America

Fund may incur losses or forego otherwise realizable gains if market prices do not move as expected.

•

Swaps Risk — Swap agreements (including interest rate, credit default, currency, equity, fixed income 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.

•

Foreign Investment Risk — The Fund may invest in foreign investments (including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and through foreign currency). Foreign investments 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”).

•

72First Eagle Funds | Prospectus | August 14, 2020

Fund of America

“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.

•

Strategy Transition Risk — During the transition of the Fund to its current investment objective and principal investment strategies, it is expected that the Fund will not be as invested in income producing securities as will be the case once the transition is complete. The Fund may be subject to a “ramp-up” period, during which it may not be fully invested or able to meet its investment objective or principal investment strategies.

•

Portfolio Turnover Risk — The Fund is expected to engage in frequent trading of its portfolio securities as part of the transition to its current investment objective and principal investment strategy (as portfolio securities associated with the prior objective and strategy are sold). Higher portfolio turnover may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. The Fund may liquidate investments at a less favorable price and on less favorable terms than if it would if the Fund were able to retain such investments for a longer period of time. The risk of loss increases in times of overall market turmoil or declining prices. The Fund’s portfolio turnover rate of 26.42% of the average value of its portfolio, reported for the last fiscal year-end, reflects the Fund’s portfolio turnover prior to its change of investment objective and principal investment strategy. Under its current investment objective and principal investment strategy, the Fund may experience higher (or lower) portfolio turnover. FEIM has agreed to bear the costs associated with transition-related portfolio turnover (e.g., brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities).

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 Fund of America, please see the More Information about the Funds’ Investments section.

First Eagle Funds | Prospectus | August 14, 202073

Summary Information about the Fund of America

Investment Results

Effective August 14, 2020, the Fund changed its investment objective and principal investment strategy. Performance for the periods prior to August 14, 2020 shown below is based on the investment strategy utilized by the Fund at that time.

The following information provides an indication of the risks of investing in Fund of America by showing changes in the Fund’s performance from year to year, and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. As with all mutual funds, past performance is not an indication of future performance (before or after taxes).

Updated performance information is available at www.feim.com/individual-investors/fund/fund-america 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 Y^†


Best Quarter*		Worst Quarter*
First Quarter 2019	18.66%	Fourth Quarter 2018	-21.67%

†

Year-to-date performance as of June 30, 2020: -9.58%.

74First Eagle Funds | Prospectus | August 14, 2020

Fund of America

For the period presented in the bar chart above.

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

After-tax returns for Class C, Class A, Class I, Class R3, Class R4, Class R5 and Class R6 shares will vary. While no or 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, 2019


	1 Year		5 Years		10 Years		Class I Inception (3/8/13)		Class R3 Inception (5/1/18)		Class R6 Inception (3/1/17)
First Eagle Fund of America
Class Y Shares
Return Before Taxes		28.39%		2.39%		9.00%		—		—		—

Return After Taxes on Distributions		28.08%		0.52%		7.59%		—		—		—

Return After Taxes on Distributions and Sales of Fund Shares		16.98%		1.66%		7.20%		—		—		—
Class C Shares
Return Before Taxes		26.41%		1.64%		8.19%		—		—		—
Class A Shares
Return Before Taxes		21.92%		1.35%		8.44%		—		—		—
Class I Shares
Return Before Taxes		28.74%		2.71%		—		6.55%		—		—
Class R3 Shares
Return Before Taxes		28.19%		—		—		—		0.63%		—
Class R6 Shares
Return Before Taxes		28.77%		—		—		—		—		3.82%
S&P 500 Index (reflects no deduction for fees, expenses or taxes)		31.49%		11.70%		13.56%		13.74%		14.94%		13.33%

First Eagle Funds | Prospectus | August 14, 202075

Summary Information about the Fund of America

Our Management Team

First Eagle Investment Management, LLC serves as Fund of America’s Adviser.

Julien Albertini, Manish Gupta and Christian Heck have served as the Fund’s Portfolio Managers since August 14, 2020.

How to Purchase and Redeem Shares

The minimum initial investment amount generally required for the Fund of America is $2,500 for Classes A, C, and Y 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. Class Y shares are closed to new investors subject to the limited exceptions described in the About Your Investment—Fund of America Class Y Shares (closed to new investors) section.

76First Eagle Funds | Prospectus | August 14, 2020

Summary Information about the Funds

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 ordinary income dividends and capital gain distributions 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 the Funds through a broker-dealer or other financial intermediary (such as a bank), the 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 the 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.

First Eagle Funds | Prospectus | August 14, 202077

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 high yield, below investment grade instruments (commonly referred to as “junk bonds”),

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investment grade instruments, sovereign debt and various short-term debt instruments from markets in the United States and multiple countries around the world.

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 high yield, below investment-grade securities (commonly referred to as “junk bonds”) and instruments. 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.

Fund of America. The Fund of America seeks capital appreciation and current income by investing primarily in domestic stocks and, to a lesser extent, debt and foreign equity instruments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts, and through foreign currency). Normally, at least 80% of the Fund’s net assets are invested in domestic equity and debt instruments. Such investments include common stock, hybrid instruments such as preferred stock and convertible securities, warrants, corporate bonds, repurchase agreements, real estate investment trusts and derivatives. At least 65% of the Fund’s net assets will be income-producing, including equity, hybrid, option and debt securities. 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 (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 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)).

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.

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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

Fund of
America

Bank Loan Risk

•

Call Risk

•

Changes in Debt Ratings 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

•

Equity Risk

•

Foreign Investment Risk

•

Gold Risk

•

High Yield Risk

•

Illiquid Investment Risk

•

Large-Size Company Risk

•

Market Risk

•

Mortgage- and Asset-Back Securities Risk

•

Municipal Bond Risk

•

Options Risk

•

Portfolio Turnover Risk

•

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Risk

Global
Fund

Overseas
Fund

U.S. Value
Fund

Gold
Fund

Global Income
Builder Fund

High Income
Fund

Fund of
America

Preferred Stock Risk

•

Prepayment Risk

•

Real Estate Industry Risk

•

Repurchase Agreements Risk

•

Small and Medium-Size Company Risk

•

Sovereign Debt Risk

•

Strategy Transition Risk

•

Subsidiary Risk

•

Swaps Risk

•

Value Investment Strategy Risk

•

Warrants Risk

•

Bank Loan Risk — The Funds 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.

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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 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.

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. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include enhanced provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, decreased values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund’s performance or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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

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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.

Convertible Security Risk — The Funds 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

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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 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 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. In addition, with historically low interest rates in the United States and abroad, there is risk of significant future rate moves and related economic and market impacts. 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

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rendered useless, 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.

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

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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 Fund of America 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 industries, 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 or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. 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.

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, 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.

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. 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

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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 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 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.

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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.

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 United Kingdom may leave the European Union (“Brexit”), the United Kingdom formally withdrew from the EU, effective January 31, 2020, and entered into a transition period. During this transition period, the United Kingdom is expected to renegotiate its political and economic relationships with the EU and other countries. As a result of the original referendum and other geopolitical developments leading to Brexit, the financial markets experienced increased levels of volatility and it is likely that, in the near term, Brexit will continue to bring about higher levels of uncertainty and volatility. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the broader global economy, could be significant, potentially resulting in increased market and currency volatility (including volatility of the value of the British pound sterling relative to the United States dollar and other currencies and volatility in global currency markets generally), and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues.

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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.

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 Fund of America 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 contracts and derivatives relating to gold may result in negative tax consequences. Finally, although not currently anticipated, if gold in the

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future were held in a book account, it would involve risks of the credit of the party holding the gold.

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 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.

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 products or services,

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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. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

Market Risk — All securities may be subject to adverse market trends. The value 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 values 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 and actions taken by governments in response, may exacerbate such volatility and may continue to negatively affect the value and liquidity of individual securities, national economies and global markets generally.

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.

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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 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.

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 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

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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 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.

Portfolio Turnover Risk — Fund of America is expected to engage in frequent trading of its portfolio securities as part of the transition to its current investment objective and principal investment strategy (as portfolio securities associated with the prior objective and strategy are sold). Higher portfolio turnover may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. The Fund may liquidate investments at a less favorable price and on less favorable terms than if it would if the Fund were able to retain such investments for a longer period of time. The risk of loss increases in times of overall market turmoil or declining prices.

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.

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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, 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 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

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additional 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 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. The Funds consider 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.

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 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.

Strategy Transition Risk — During the transition of Fund of America to its current investment objective and principal investment strategies, it is expected that the Fund will not be as invested in income producing securities as will be the case once the

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transition is complete. The Fund may be subject to a “ramp-up” period, during which it may not be fully invested or able to meet its investment objective or principal investment strategies.

Subsidiary Risk — By investing in its Subsidiary, each of the Global Fund, Overseas Fund, U.S. Value Fund, and Gold 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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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 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 Risk — 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. 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 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

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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 30 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 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. These indices are not available for purchase. Additional information on each is set out below.

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed markets countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index.

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. One cannot invest directly in an index.

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. One cannot invest directly in an index.

The FTSE Gold Mines Index Series 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. One cannot invest directly in an index.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate

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taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. One cannot invest directly in an index.

The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends 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. One cannot invest directly in an index.

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Fund Management

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., is the successor firm to two German banking houses—Gebr. Arnhold, founded in Dresden in 1864, and S. Bleichroeder, founded in Berlin in 1803. 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”). BCP VI and Corsair IV are indirectly controlled by The Blackstone Group 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, other pooled vehicles, corporations, foundations, major retirement plans and high net worth individuals. As of June 30, 2020, the Adviser had over $80 billion under management. The Adviser’s address is 1345 Avenue of the Americas, New York, NY 10105.

Matthew McLennan and Kimball Brooker, Jr. manage Global Fund and Overseas Fund. Matthew McLennan, Kimball Brooker, Jr. and Matthew Lamphier manage U.S. Value Fund. Matthew McLennan and Thomas Kertsos manage Gold Fund. Kimball Brooker, Jr., Edward Meigs, Sean Slein and Julien Albertini manage Global Income Builder Fund. Edward Meigs and Sean Slein manage High Income Fund. Julien Albertini, Manish Gupta and Christian Heck manage Fund of America. Their professional backgrounds are below.

Matthew McLennan is Head of the First Eagle Global Value Team, manages Global Fund and Overseas Fund with Mr. Brooker, manages U.S. Value Fund with Messrs. Brooker and Lamphier and manages Gold Fund with Mr. Kertsos. 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 investment analyst responsibilities for small-cap and mid-cap value equity portfolios.

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Fund Management

Kimball Brooker, Jr. manages Global Fund and Overseas Fund with Mr. McLennan, manages U.S. Value Fund with Messrs. McLennan and Lamphier and manages the Global Income Builder Fund with Messrs. Meigs, Slein and Albertini. Mr. Brooker joined the Adviser in January 2009 and is also a member of the First Eagle Global Value analyst team. For the three years prior to that, Mr. Brooker was Chief Investment Officer of Corsair Capital.

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

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

Edward Meigs joined First Eagle Investment Management, LLC in 2011. Prior to serving as Portfolio Manager to High Income Fund with Mr. Slein and Global Income Builder Fund with Messrs. Brooker, Slein and Albertini, 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.

Sean Slein joined First Eagle Investment Management, LLC in 2011. Prior to serving as Portfolio Manager to High Income Fund with Mr. Meigs and Global Income Builder Fund with Messrs. Brooker, Meigs and Albertini, 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.

Julien Albertini manages Global Income Builder Fund with Messrs. Booker, Meigs and Slein and Fund of America with Messrs. Gupta and Heck. He joined the Adviser in 2013 and is also a member of the First Eagle Global Value analyst team. Prior to that, Mr. Albertini worked in various roles at various financial institutions, most recently Tiger Veda LP.

Manish Gupta manages Fund of America with Messrs. Albertini and Heck. He joined the Adviser in 2009. Mr. Gupta is a senior research analyst covering technology and is also an associate portfolio manager of the First Eagle Global Value strategy. Prior to that, Mr. Gupta was an equity research analyst at Cantillon Capital Management.

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Fund Management

Christian Heck manages Fund of America with Messrs. Albertini and Gupta. He joined the Adviser in 2013. Mr. Heck is an associate 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.

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	0.70	%**

Fund of America	0.50	%***

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 28, 2021. 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 its management fee at an annual rate in the amount of 0.10% of the average daily value of the High Income Fund’s net assets for the period through February 28, 2021. 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 0.70% to 0.60%.

***

The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, Y, 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%, 0.90%, 0.65%, 1.00%, 0.75%, 0.65% and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2022 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, Y, I, R3, R4, R5 and R6 will repay the

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Fund Management

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 either: (1) 0.90%, 1.65%, 0.90%, 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 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.

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 Agreement was acted upon by the Board of Trustees.

First Eagle Funds | Prospectus | August 14, 2020103

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. 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

Class R4

None

Class R5

None

Class R6

None

First Eagle Overseas Fund

Class A

$2,500

$100

Class C

2,500

100

Class I

1,000,000

100

Class R3

None

Class R4

None

Class R5

None

Class R6

None

See footnotes on page 106.

104First Eagle Funds | Prospectus | August 14, 2020

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

Class R4

None

Class R5

None

Class R6

None

First Eagle Gold Fund

Class A

$2,500

$100

Class C

2,500

100

Class I

1,000,000

100

Class R3

None

Class R4

None

Class R5

None

Class R6

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

Class R4

None

Class R5

None

Class R6

None

See footnotes on next page.

First Eagle Funds | Prospectus | August 14, 2020105

About Your Investment

Minimum Investments

Initial*

Subsequent

First Eagle High Income Fund

Class A

$2,500

$100

Class C

2,500

100

Class I

1,000,000

100

Class R3

None

Class R4

None

Class R5

None

Class R6

None

First Eagle Fund of America

Class A

$2,500

$100

Class C

2,500

100

Class Y***

2,500

100

Class I

1,000,000

100

Class R3

None

Class R4

None

Class R5

None

Class R6

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 current aggregate net asset value of a shareholder’s accounts in any of the Funds may qualify for purposes of meeting the initial minimum investment amount for those Funds which have Class I shares. 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 Predecessor Fund to the High Income Fund.

***

Closed to new investors, subject to limited exceptions described in the About Your Investment—Fund of America Class Y Shares (closed to new investors) section.

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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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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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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 FEF Distributors and for monitoring applicable breakpoint or sales charge reductions for their accounts. Certain broker-dealers or 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.

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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 Y shares of Fund of America are sold with a Rule 12b-1 annual distribution 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 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.

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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

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.

Information relating to sales charges is available at www.feim.com/individual-investors.

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

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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 and Fund of America 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 ($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

***

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

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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 dividends or capital gain 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 dividends and capital gains, 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.

The Class A contingent deferred sales charge will be in addition to any applicable redemption fee described in Once You Become a Shareholder—Redemption Fee.

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):

•

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.

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•

Rights of Accumulation. If you already are a First Eagle Funds shareholder, 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 you already own. If the current net asset value of the qualifying 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 Class A shares of any Fund during a 13-month period, for purposes of calculating the applicable sales charge. 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.

•

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;

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–

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, The Blackstone Group 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.

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

First Eagle Funds | Prospectus | August 14, 2020115

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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 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

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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.

The Class C contingent deferred sales charge is in addition to any applicable redemption fee described under Once You Become a Shareholder—Redemption Fee.

Fund of America Class Y Shares (closed to new investors)

You may purchase Fund of America no-load Class Y shares through an investment professional or directly from the Trust at net asset value. You do not have to pay sales charges, but you will pay an annual 0.25% distribution (Rule 12b-1) fee. Class Y shares are also available through some 401(k) plans.

Class Y is currently closed to new investors, subject to limited exceptions for:

•

participants in certain employee benefit plans that were invested (at the plan level) in Class Y prior to its close;

•

accounts opened with distributions or rollovers from individual retirement accounts, 401(k) plans or other group retirement plans invested in Class Y;

•

accounts benefiting employees, officers, directors and trustees of the First Eagle Funds, the investment adviser or the investment adviser’s affiliates and their immediate family members;

•

accounts opened through a fee-based, asset allocation, discretionary and/or advisory investment program sponsored by a broker-dealer having a Selling Agreement with the Distributor; and

•

accounts associated with certain mutual fund sales platforms designed to facilitate investments by clients of investment advisers.

Except for the exceptions above, no new Class Y share accounts will be opened by way of share exchange, transfer or purchase.

The Fund’s ability either to permit or decline purchases (or, in some cases, to limit purchases) in accord with the exceptions set out above relating to accounts held by intermediaries may vary depending upon system capabilities, applicable contractual and legal restrictions and cooperation of those intermediaries. These terms may be modified in the discretion of the Board of Trustees.

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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;

•

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 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.

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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 Y shares (Fund of America): 0.25% of the share class’s average daily net assets.

•

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 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

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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.

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.

120First Eagle Funds | Prospectus | August 14, 2020

About Your Investment

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 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

First Eagle Funds | Prospectus | August 14, 2020121

About Your Investment

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 feim.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.)

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 Distributor.

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.

122First Eagle Funds | Prospectus | August 14, 2020

About Your Investment

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 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.

First Eagle Funds | Prospectus | August 14, 2020123

About Your Investment

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.

124First Eagle Funds | Prospectus | August 14, 2020

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 another Fund, subject to limitations described elsewhere in this Prospectus and in the following paragraphs in respect of Funds or share classes closed to new investors (currently Class Y shares of Fund of America). You may exchange:

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Class A shares of a Fund for Class A shares of another Fund;

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Class C shares of a Fund for Class C shares of another Fund;

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Class I shares of a Fund for Class I shares of another Fund;

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Class Y shares of the Fund of America for Class A shares of another Fund (if the exchange involves Class Y shares valued at less than $1 million) or for Class I shares of another Fund (if the exchange involves Class Y shares valued at $1 million or more);

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Class R3 shares of a Fund for Class R3 shares of another Fund.

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Class R4 shares of a Fund for Class R4 shares of another Fund;

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Class R5 shares of a Fund for Class R5 shares of another Fund; and

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Class R6 shares of a Fund for Class R6 shares of another 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 except in the case of Class Y shares of the Fund of America. Class Y shareholders exchanging for Class A shares of another Fund will be subject to the front-end sales load applicable to those Class A shares. Any exchange must meet the applicable minimum investment amount for the 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 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.

First Eagle Funds | Prospectus | August 14, 2020125

Once You Become a Shareholder

Exchanges may be limited in the case of shares to be exchanged for those of any Fund or share class closed to, or otherwise restricted for, new investors and new accounts (as currently is the case for shares to be exchanged for Fund of America Class Y shares). 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).

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 and Class Y shares of Fund of America 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 ten 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

126First Eagle Funds | Prospectus | August 14, 2020

Once You Become a Shareholder

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. Other share classes beyond those listed here may be offered by separate prospectus, which should be requested and reviewed carefully before considering any conversion to such a share class. 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 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 ordinary income dividends and capital gain 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.

First Eagle Funds | Prospectus | August 14, 2020127

Once You Become a Shareholder

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:

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Written and signed instructions must be received from the registered owner(s).

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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 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.

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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 price 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

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Once You Become a Shareholder

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.

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 and High Income 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

First Eagle Funds | Prospectus | August 14, 2020129

Once You Become a Shareholder

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.

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.

130First Eagle Funds | Prospectus | August 14, 2020

Once You Become a Shareholder

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 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, which may result in a gain or loss for tax purposes. 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.

First Eagle Funds | Prospectus | August 14, 2020131

Once You Become a Shareholder

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 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.

132First Eagle Funds | Prospectus | August 14, 2020

Information on Dividends, Distributions and Taxes

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. 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.

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.

First Eagle Funds | Prospectus | August 14, 2020133

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 policy supersedes any of our previous policies relating to the information you disclose to us.

Why this Privacy Policy Applies to You

You obtained a financial product or service from or through us for personal, family or household purposes when you opened a shareholder account with the Trust, and are therefore covered by this privacy policy.

What We do to Protect Your 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.

Personal Information that We Collect and May Disclose

As part of providing you with the Trust’s products and services, we may obtain nonpublic personal information about you from the following sources:

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Information we receive from you on subscription applications or other forms, such as your name, address, telephone number, Social Security number, occupation, assets and income;

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Information about your transactions with us, our affiliates, or unaffiliated third parties, such as your account balances, payment history and account activity;

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Information from public records we may access in the ordinary course of business; and

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Information collected from you online, such as your IP address and data gathered from your browsing activity and location.

Categories of Affiliates to Whom We May Disclose Personal Information

We may share personal information about you with affiliates. Our affiliates do business under names that include First Eagle Holdings, Inc., First Eagle Investment

134First Eagle Funds | Prospectus | August 14, 2020

Privacy Notice for Individual Shareholders

Management, LLC, FEF Distributors, LLC, First Eagle Private Credit, LLC, First Eagle Private Credit Advisors LLC and First Eagle Alternative Credit LLC.

You May Limit Marketing Solicitations By Choosing To Opt Out

We offer you the right to opt out from many types of marketing by our affiliates based on your personal information that we collect and share in accordance with this privacy policy. To limit those marketing solicitations, you may call 800.334.2143 indicating your desire not to receive marketing from our affiliates. Should you choose to opt out, your choice will remain in our records until you notify us otherwise, although we may choose to contact you in the future to modify your preference.

When We May Disclose Your Personal Information to Unaffiliated Third Parties

We will only share your personal information collected, as described above, with unaffiliated third parties:

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At your request;

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When you authorize us to process or service a transaction or product (unaffiliated third parties in this instance may include service providers such as the Trust’s distributors, registrar and transfer agent for shareholder transactions, and other parties providing individual shareholder servicing, accounting and recordkeeping services);

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With companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them; or

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When required by law to disclose such information to appropriate authorities.

We do not otherwise provide information about you to outside firms, organizations or individuals except to our attorneys, accountants and auditors, and as permitted by law.

What We do with Personal Information about Our Former Customers

If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the

information we have in our possession about you and your account following the termination of our shareholder relationship.

First Eagle Funds | Prospectus | August 14, 2020135

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

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.feim.com/individual-investors

136First Eagle Funds | Prospectus | August 14, 2020

Financial Highlights

The Financial Highlights Table is intended to help you understand the financial performance of each Fund for the past five fiscal years. 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, 2019 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, 2019), 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. The Funds’ financial statements for fiscal period ended April 30, 2020 are contained in the semi-annual reports for the Funds for that period and are incorporated by reference in the Statement of Additional Information.

Information for Class R3 shares is shown only for the year ended October 31, 2019 and the period ended April 30, 2020, and from their inception at May 1, 2018, for Class R4 shares only for the year ended October 31, 2019 and the period ended April 30, 2020, and from their inception at January 17, 2018 (Global Fund and Overseas Fund) and at July 29, 2019 (U.S. Value Fund, Gold Fund, Global Income Builder Fund, High Income Fund and Fund of America), and for Class R5 shares from their inception at July 29, 2019 and the period ended April 30, 2020 (Global Fund, U.S. Value Fund, Gold Fund, Global Income Builder Fund, High Income Fund and Fund of America) and at March 11, 2019 and the period ended April 30, 2020 (Overseas Fund). Annual reports, Semi-Annual reports and the Statement of Additional Information are available upon request.

First Eagle Funds | Prospectus | August 14, 2020137

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
Six Months Ended April 30, 2020 (unaudited)		$59.15		0.28			(5.01	)		(4.73	)		(0.73	)		(2.45	)		—		(3.18	)		$51.24		(8.58	)%(b)		$11,459,001		1.11	%(c)		1.11	%(c)		1.03	%(c)		1.03	%(c)		7.74	%(b)
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	%
October 31, 2017		$56.36		0.25			6.41			6.66			(0.21	)		(2.35	)		—		(2.56	)		$60.46		12.35	%		$14,907,330		1.11	%		1.11	%		0.44	%		0.44	%		9.67	%
October 31, 2016		$53.10		0.30			3.56			3.86			(0.07	)		(0.53	)		—		(0.60	)		$56.36		7.38	%		$15,833,531		1.10	%		1.10	%		0.55	%		0.55	%		11.54	%
October 31, 2015		$54.90		0.28			0.60			0.88			(0.30	)		(2.38	)		—		(2.68	)		$53.10		1.78	%		$16,274,867		1.11	%		1.11	%		0.52	%		0.52	%		11.28	%

First Eagle Global Fund Class C
Six Months Ended April 30, 2020 (unaudited)		$56.69		0.07			(4.83	)		(4.76	)		(0.18	)		(2.45	)		—		(2.63	)		$49.30		(8.92	)%(b)		$4,364,377		1.88	%(c)		1.88	%(c)		0.26	%(c)		0.26	%(c)		7.74	%(b)
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	%
October 31, 2017		$54.47		(0.16	)		6.18			6.02			—			(2.35	)		—		(2.35	)		$58.14		11.52	%		$10,589,991		1.85	%		1.85	%		(0.29	)%		(0.29	)%		9.67	%
October 31, 2016		$51.66		(0.11	)		3.45			3.34			—			(0.53	)		—		(0.53	)		$54.47		6.56	%		$11,505,279		1.86	%		1.86	%		(0.21	)%		(0.21	)%		11.54	%
October 31, 2015		$53.57		(0.12	)		0.59			0.47			—			(2.38	)		—		(2.38	)		$51.66		1.02	%		$11,662,706		1.86	%		1.86	%		(0.23	)%		(0.23	)%		11.28	%

First Eagle Global Fund Class I
Six Months Ended April 30, 2020 (unaudited)		$59.52		0.35			(5.02	)		(4.67	)		(0.88	)		(2.45	)		—		(3.33	)		$51.52		(8.45	)%(b)		$24,592,313		0.86	%(c)		0.86	%(c)		1.29	%(c)		1.29	%(c)		7.74	%(b)
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	%
October 31, 2017		$56.70		0.43			6.42			6.85			(0.35	)		(2.35	)		—		(2.70	)		$60.85		12.64	%		$30,858,477		0.84	%		0.84	%		0.74	%		0.74	%		9.67	%
October 31, 2016		$53.43		0.44			3.57			4.01			(0.21	)		(0.53	)		—		(0.74	)		$56.70		7.65	%		$22,357,335		0.84	%		0.84	%		0.81	%		0.81	%		11.54	%
October 31, 2015		$55.23		0.43			0.60			1.03			(0.45	)		(2.38	)		—		(2.83	)		$53.43		2.07	%		$19,998,978		0.84	%		0.84	%		0.79	%		0.79	%		11.28	%

First Eagle Global Fund Class R3
Six Months Ended April 30, 2020 (unaudited)		$59.34		0.28			(5.01	)		(4.73	)		(0.83	)		(2.45	)		—		(3.28	)		$51.33		(8.58	)%(b)		$6,865		1.14	%(c)		1.14	%(c)		1.02	%(c)		1.02	%(c)		7.74	%(b)
For The Year Ended 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
Six Months Ended April 30, 2020 (unaudited)		$59.48		0.34			(5.02	)		(4.68	)		(0.86	)		(2.45	)		—		(3.31	)		$51.49		(8.47	)%(b)		$2,221		0.92	%(c)		0.92	%(c)		1.25	%(c)		1.25	%(c)		7.74	%(b)
For The Year Ended 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
Six Months Ended April 30, 2020 (unaudited)		$59.47		0.23			(5.05	)		(4.82	)		(0.82	)		(2.45	)		—		(3.27	)		$51.38		(8.71	)%(b)		$9		1.34	%(c)		1.34	%(c)		0.84	%(c)		0.84	%(c)		7.74	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$59.55		0.37			(5.01	)		(4.64	)		(0.92	)		(2.45	)		—		(3.37	)		$51.54		(8.41	)%(b)		$877,918		0.79	%(c)		0.79	%(c)		1.36	%(c)		1.36	%(c)		7.74	%(b)
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	%
For The Period 3/01/17^^^^-10/31/17		$57.33		0.37			3.18			3.55			—			—			—		—			$60.88		6.19	%(b)		$848.431		0.78	%(c)		0.78	%(c)		0.94	%(c)		0.94	%(c)		9.67	%(b)

First Eagle Overseas Fund Class A
Six Months Ended April 30, 2020 (unaudited)		$24.65		0.09			(2.13	)		(2.04	)		(0.50	)		(0.83	)		—		(1.33	)		$21.28		(8.86	)%(b)		$1,723,840		1.15	%(c)		1.15	%(c)		0.80	%(c)		0.80	%(c)		9.10	%(b)
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	%
October 31, 2017		$23.86		0.12			2.16			2.28			(0.26	)		(0.55	)		—		(0.81	)		$25.33		9.99	%		$3,102,414		1.15	%		1.15	%		0.51	%		0.51	%		8.45	%
October 31, 2016		$22.62		0.19			1.34			1.53			(0.04	)		(0.25	)		—		(0.29	)		$23.86		6.90	%		$3,654,512		1.14	%		1.14	%		0.84	%		0.84	%		9.30	%
October 31, 2015		$23.18		0.14			0.39			0.53			(0.23	)		(0.86	)		—		(1.09	)		$22.62		2.59	%		$4,142,588		1.16	%		1.16	%		0.60	%		0.60	%		12.95	%

138First Eagle Funds | Prospectus | August 14, 2020

First Eagle Funds | Prospectus | August 14, 2020139

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
Six Months Ended April 30, 2020 (unaudited)		$23.58		0.00	**		(2.05	)		(2.05	)		(0.25	)		(0.83	)		—		(1.08	)		$20.45		(9.20	)%(b)		$282,000		1.90	%(c)		1.90	%(c)		0.02	%(c)		0.02	%(c)		9.10	%(b)
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	%
October 31, 2017		$22.91		(0.05	)		2.07			2.02			(0.09	)		(0.55	)		—		(0.64	)		$24.29		9.14	%		$899,654		1.88	%		1.88	%		(0.20	)%		(0.20	)%		8.45	%
October 31, 2016		$21.84		0.02			1.30			1.32			—			(0.25	)		—		(0.25	)		$22.91		6.14	%		$992,573		1.89	%		1.89	%		0.10	%		0.10	%		9.30	%
October 31, 2015		$22.42		(0.03	)		0.39			0.36			(0.08	)		(0.86	)		—		(0.94	)		$21.84		1.82	%		$1,036,295		1.89	%		1.89	%		(0.13	)%		(0.13	)%		12.95	%

First Eagle Overseas Fund Class I
Six Months Ended April 30, 2020 (unaudited)		$25.24		0.13			(2.19	)		(2.06	)		(0.57	)		(0.83	)		—		(1.40	)		$21.78		(8.72	)%(b)		$9,232,445		0.87	%(c)		0.87	%(c)		1.10	%(c)		1.10	%(c)		9.10	%(b)
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	%
October 31, 2017		$24.40		0.21			2.17			2.38			(0.32	)		(0.55	)		—		(0.87	)		$25.91		10.24	%		$13,831,360		0.87	%		0.86	%		0.86	%		0.86	%		8.45	%
October 31, 2016		$23.12		0.26			1.38			1.64			(0.11	)		(0.25	)		—		(0.36	)		$24.40		7.22	%		$10,608,351		0.87	%		0.87	%		1.12	%		1.12	%		9.30	%
October 31, 2015		$23.62		0.20			0.41			0.61			(0.25	)		(0.86	)		—		(1.11	)		$23.12		2.88	%		$8,702,209		0.88	%		0.88	%		0.88	%		0.88	%		12.95	%

First Eagle Overseas Fund Class R3
Six Months Ended April 30, 2020 (unaudited)		$25.13		0.08			(2.20	)		(2.12	)		(0.42	)		(0.83	)		—		(1.25	)		$21.76		(8.97	)%(b)		$104		1.37	%(c)		1.37	%(c)		0.71	%(c)		0.71	%(c)		9.10	%(b)
For The Year Ended 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
Six Months Ended April 30, 2020 (unaudited)		$25.20		0.11			(2.19	)		(2.08	)		(0.53	)		(0.83	)		—		(1.36	)		$21.76		(8.84	)%(b)		$85		1.04	%(c)		1.04	%(c)		0.95	%(c)		0.95	%(c)		9.10	%(b)
For The Year Ended 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
Six Months Ended April 30, 2020 (unaudited)		$25.20		0.12			(2.21	)		(2.09	)		(0.53	)		(0.83	)		—		(1.36	)		$21.75		(8.87	)%(b)		$29		1.15	%(c)		1.14	%(c)		1.08	%(c)		1.08	%(c)		9.10	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$25.25		0.14			(2.18	)		(2.04	)		(0.59	)		(0.83	)		—		(1.42	)		$21.79		(8.70	)%(b)		$678,141		0.80	%(c)		0.80	%(c)		1.20	%(c)		1.20	%(c)		9.10	%(b)
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	%
For The Period 3/01/17^^^^- 10/31/17		$23.99		0.17			1.76			1.93			—			—			—		—			$25.92		8.04	%(b)		$544,632		0.79	%(c)		0.79	%(c)		1.01	%(c)		1.01	%(c)		8.45	%(b)

First Eagle U.S. Value Fund Class A
Six Months Ended April 30, 2020 (unaudited)		$18.84		0.09			(1.73	)		(1.64	)		(0.16	)		(1.37	)		—		(1.53	)		$15.67		(9.72	)%(b)		$481,527		1.17	%(c)		1.12	%(c)		1.04	%(c)		1.09	%(c)		6.80	%(b)
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	%
October 31, 2017		$20.08		0.06			2.80			2.86			(0.04	)		(1.64	)		—		(1.68	)		$21.26		14.94	%		$716,820		1.14	%		1.09	%		0.24	%		0.29	%		5.85	%
October 31, 2016		$19.82		0.08			1.07			1.15			(0.04	)		(0.85	)		—		(0.89	)		$20.08		6.21	%		$817,481		1.11	%		1.14	%		0.40	%		0.37	%		10.65	%
October 31, 2015		$21.10		0.10			(0.10	)		0.00			(0.08	)		(1.20	)		—		(1.28	)		$19.82		0.04	%		$966,396		1.14	%		1.14	%		0.49	%		0.49	%		15.14	%

First Eagle U.S. Value Fund Class C
Six Months Ended April 30, 2020 (unaudited)		$17.89		0.02			(1.65	)		(1.63	)		—			(1.37	)		—		(1.37	)		$14.89		(10.06	)%(b)		$142,582		1.95	%(c)		1.90	%(c)		0.25	%(c)		0.31	%(c)		6.80	%(b)
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	%
October 31, 2017		$19.55		(0.09	)		2.72			2.63			—			(1.64	)		—		(1.64	)		$20.54		14.13	%		$448,462		1.89	%		1.84	%		(0.51	)%		(0.46	)%		5.85	%
October 31, 2016		$19.43		(0.07	)		1.04			0.97			—			(0.85	)		—		(0.85	)		$19.55		5.38	%		$516,405		1.87	%		1.90	%		(0.37	)%		(0.40	)%		10.65	%
October 31, 2015		$20.78		(0.05	)		(0.10	)		(0.15	)		—			(1.20	)		—		(1.20	)		$19.43		(0.70	)%		$592,960		1.90	%		1.90	%		(0.27	)%		(0.27	)%		15.14	%

140First Eagle Funds | Prospectus | August 14, 2020

First Eagle Funds | Prospectus | August 14, 2020141

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
Six Months Ended April 30, 2020 (unaudited)		$19.21		0.12			(1.77	)		(1.65	)		(0.21	)		(1.37	)		—		(1.58	)		$15.98		(9.59	)%(b)		$576,733		0.89	%(c)		0.84	%(c)		1.31	%(c)		1.36	%(c)		6.80	%(b)
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	%
October 31, 2017		$20.38		0.12			2.84			2.96			(0.09	)		(1.64	)		—		(1.73	)		$21.61		15.27	%		$983,508		0.86	%		0.81	%		0.51	%		0.56	%		5.85	%
October 31, 2016		$20.11		0.13			1.08			1.21			(0.09	)		(0.85	)		—		(0.94	)		$20.38		6.49	%		$841,199		0.84	%		0.87	%		0.67	%		0.64	%		10.65	%
October 31, 2015		$21.40		0.16			(0.12	)		0.04			(0.13	)		(1.20	)		—		(1.33	)		$20.11		0.28	%		$942,370		0.87	%		0.87	%		0.76	%		0.76	%		15.14	%

First Eagle U.S. Value Fund Class R3
Six Months Ended April 30, 2020 (unaudited)		$19.15		0.08			(1.77	)		(1.69	)		(0.14	)		(1.37	)		—		(1.51	)		$15.95		(9.81	)%(b)		$49		1.32	%(c)		1.27	%(c)		0.89	%(c)		0.94	%(c)		6.80	%(b)
For The Year Ended 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
Six Months Ended April 30, 2020 (unaudited)		$19.18		0.10			(1.78	)		(1.68	)		(0.18	)		(1.37	)		—		(1.55	)		$15.95		(9.75	)%(b)		$9		1.10	%(c)		1.06	%(c)		1.11	%(c)		1.15	%(c)		6.80	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$19.18		0.11			(1.77	)		(1.66	)		(0.19	)		(1.37	)		—		(1.56	)		$15.96		(9.65	)%(b)		$9		1.00	%(c)		0.96	%(c)		1.21	%(c)		1.25	%(c)		6.80	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$19.22		0.13			(1.78	)		(1.65	)		(0.22	)		(1.37	)		—		(1.59	)		$15.98		(9.60	)%(b)		$6,092		0.84	%(c)		0.79	%(c)		1.37	%(c)		1.42	%(c)		6.80	%(b)
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	%
For The Period 3/01/17^^^^- 10/31/17		$20.66		0.09			0.87			0.96			—			—			—		—			$21.62		4.65	%(b)		$833		0.85	%(c)		0.80	%(c)		0.56	%(c)		0.61	%(c)		5.85	%(b)

First Eagle Gold Fund Class A
Six Months Ended April 30, 2020 (unaudited)		$18.66		(0.04	)		4.14			4.10			—			—			—		—			$22.76		21.97	%(b)		$495,452		1.25	%(c)		1.25	%(c)		(0.39	)%(c)		(0.38	)%(c)		2.67	%(b)
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	%
October 31, 2017		$17.99		(0.09	)		(1.40	)		(1.49	)		—			—			—		—			$16.50		(8.28	)%		$451,039		1.26	%		1.26	%		(0.53	)%		(0.53	)%		7.90	%
October 31, 2016		$12.36		(0.11	)		5.74			5.63			—			—			—		—			$17.99		45.55	%		$566,708		1.27	%		1.27	%		(0.65	)%		(0.65	)%		15.82	%
October 31, 2015		$13.45		(0.08	)		(1.01	)		(1.09	)		—			—			—		—			$12.36		(8.10	)%		$390,521		1.33	%		1.33	%		(0.57	)%		(0.57	)%		12.47	%

First Eagle Gold Fund Class C
Six Months Ended April 30, 2020 (unaudited)		$17.11		(0.10	)		3.78			3.68			—			—			—		—			$20.79		21.51	%(b)		$140,237		2.00	%(c)		2.00	%(c)		(1.14	)%(c)		(1.14	)%(c)		2.67	%(b)
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	%
October 31, 2017		$16.89		(0.21	)		(1.32	)		(1.53	)		—			—			—		—			$15.36		(9.06	)%		$166,043		2.04	%		2.03	%		(1.30	)%		(1.30	)%		7.90	%
October 31, 2016		$11.70		(0.22	)		5.41			5.19			—			—			—		—			$16.89		44.36	%		$206,225		2.04	%		2.04	%		(1.42	)%		(1.42	)%		15.82	%
October 31, 2015		$12.84		(0.18	)		(0.96	)		(1.14	)		—			—			—		—			$11.70		(8.88	)%		$148,119		2.14	%		2.14	%		(1.39	)%		(1.39	)%		12.47	%

First Eagle Gold Fund Class I
Six Months Ended April 30, 2020 (unaudited)		$19.22		(0.01	)		4.27			4.26			(0.02	)		—			—		(0.02	)		$23.46		22.17	%(b)		$846,889		0.96	%(c)		0.96	%(c)		(0.10	)%(c)		(0.10	)%(c)		2.67	%(b)
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	%
October 31, 2017		$18.38		(0.04	)		(1.44	)		(1.48	)		—			—			—		—			$16.90		(8.05	)%		$559,784		0.99	%		0.99	%		(0.25	)%		(0.25	)%		7.90	%
October 31, 2016		$12.59		(0.06	)		5.85			5.79			—			—			—		—			$18.38		45.99	%		$509,635		0.98	%		0.98	%		(0.36	)%		(0.36	)%		15.82	%
October 31, 2015		$13.66		(0.04	)		(1.03	)		(1.07	)		—			—			—		—			$12.59		(7.83	)%		$306,131		1.03	%		1.03	%		(0.27	)%		(0.27	)%		12.47	%

First Eagle Gold Fund Class R3
Six Months Ended April 30, 2020 (unaudited)		$19.17		(0.04	)		4.26			4.22			(0.01	)		—			—		(0.01	)		$23.38		22.01	%(b)		$616		1.23	%(c)		1.23	%(c)		(0.37	)%(c)		(0.37	)%(c)		2.67	%(b)
For The Year Ended 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)

142First Eagle Funds | Prospectus | August 14, 2020

First Eagle Funds | Prospectus | August 14, 2020143

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
Six Months Ended April 30, 2020 (unaudited)		$19.26		(0.01	)		4.28			4.27			—			—			—			—			$23.53		22.17	%(b)		$731		0.98	%(c)		0.98	%(c)		(0.11	)%(c)		(0.11	)%(c)		2.67	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$19.28		(0.01	)		4.24			4.23			(0.02	)		—			—			(0.02	)		$23.49		21.94	%(b)		$361		0.99	%(c)		0.99	%(c)		(0.13	)%(c)		(0.13	)%(c)		2.67	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$19.26		0.00**			4.27			4.27			(0.03	)		—			—			(0.03	)		$23.50		22.22	%(b)		$157,170		0.87	%(c)		0.87	%(c)		(0.02	)%(c)		(0.01	)%(c)		2.67	%(b)
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	%
For The Period 3/01/17^^^^- 10/31/17		$17.60		(0.06	)		(0.63	)		(0.69	)		—			—			—			—			$16.91		(3.92	)%(b)		$15,650		0.90	%(c)		0.91	%(c)		(0.51	)%(c)		(0.51	)%(c)		7.90	%(b)

First Eagle Global Income Builder Fund Class A
Six Months Ended April 30, 2020 (unaudited)		$12.15		0.11			(1.00	)		(0.89	)		(0.11	)		(0.04	)		—			(0.15	)		$11.11		(7.41	)%(b)		$358,142		1.18	%(c)		1.18	%(c)		1.81	%(c)		1.81	%(c)		18.21	%(b)
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	%
October 31, 2017		$10.99		0.28			1.07			1.35			(0.29	)		—			—			(0.29	)		$12.05		12.39	%		$339,792		1.19	%		1.19	%		2.43	%		2.43	%		23.18	%
October 31, 2016		$10.73		0.34			0.27			0.61			(0.35	)		—			—			(0.35	)		$10.99		5.76	%		$361,605		1.18	%		1.18	%		3.16	%		3.16	%		29.76	%
October 31, 2015		$11.41		0.35			(0.51	)		(0.16	)		(0.37	)		(0.15	)		—			(0.52	)		$10.73		(1.39	)%		$410,153		1.19	%		1.19	%		3.16	%		3.16	%		29.68	%

First Eagle Global Income Builder Fund Class C
Six Months Ended April 30, 2020 (unaudited)		$12.11		0.06			(0.99	)		(0.93	)		(0.06	)		(0.04	)		—			(0.10	)		$11.08		(7.73	)%(b)		$234,636		1.95	%(c)		1.95	%(c)		1.04	%(c)		1.04	%(c)		18.21	%(b)
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	%
October 31, 2017		$10.96		0.19			1.07			1.26			(0.20	)		—			—			(0.20	)		$12.02		11.58	%		$334,473		1.94	%		1.94	%		1.69	%		1.69	%		23.18	%
October 31, 2016		$10.71		0.25			0.26			0.51			(0.26	)		—			—			(0.26	)		$10.96		4.87	%		$344,660		1.94	%		1.94	%		2.40	%		2.40	%		29.76	%
October 31, 2015		$11.38		0.26			(0.50	)		(0.24	)		(0.28	)		(0.15	)		—			(0.43	)		$10.71		(2.07	)%		$382,467		1.96	%		1.96	%		2.41	%		2.41	%		29.68	%

First Eagle Global Income Builder Fund Class I
Six Months Ended April 30, 2020 (unaudited)		$12.12		0.12			(0.98	)		(0.86	)		(0.13	)		(0.04	)		—			(0.17	)		$11.09		(7.23	)%(b)		$664,320		0.94	%(c)		0.94	%(c)		2.04	%(c)		2.05	%(c)		18.21	%(b)
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	%
October 31, 2017		$10.96		0.31			1.07			1.38			(0.32	)		—			—			(0.32	)		$12.02		12.71	%		$717,643		0.93	%		0.93	%		2.68	%		2.68	%		23.18	%
October 31, 2016		$10.71		0.36			0.26			0.62			(0.37	)		—			—			(0.37	)		$10.96		5.93	%		$509,250		0.92	%		0.92	%		3.39	%		3.39	%		29.76	%
October 31, 2015		$11.39		0.38			(0.52	)		(0.14	)		(0.39	)		(0.15	)		—			(0.54	)		$10.71		(1.14	)%		$470,802		0.94	%		0.94	%		3.41	%		3.41	%		29.68	%

First Eagle Global Income Builder Fund Class R3
Six Months Ended April 30, 2020 (unaudited)		$12.12		0.09			(0.98	)		(0.89	)		(0.10	)		(0.04	)		—			(0.14	)		$11.09		(7.45	)%(b)		$49		1.42	%(c)		1.42	%(c)		1.59	%(c)		1.59	%(c)		18.21	%(b)
For The Year Ended
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
Six Months Ended April 30, 2020 (unaudited)		$12.11		0.11			(0.99	)		(0.88	)		(0.11	)		(0.04	)		—			(0.15	)		$11.08		(7.34	)%(b)		$9		1.09	%(c)		1.09	%(c)		1.94	%(c)		1.94	%(c)		18.21	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$12.11		0.12			(0.99	)		(0.87	)		(0.12	)		(0.04	)		—			(0.16	)		$11.08		(7.29	)%(b)		$9		0.98	%(c)		0.98	%(c)		2.05	%(c)		2.05	%(c)		18.21	%(b)
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
Six Months Ended April 30, 2020 (unaudited)		$12.11		0.12			(0.98	)		(0.86	)		(0.13	)		(0.04	)		—			(0.17	)		$11.08		(7.25	)%(b)		$883		0.95	%(c)		0.95	%(c)		2.02	%(c)		2.02	%(c)		18.21	%(b)
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	%
For The Period 3/01/17^^^^- 10/31/17		$11.37		0.20			0.67			0.87			(0.23	)		—			—			(0.23	)		12.01		7.68	%(b)		$965		0.89	%(c)		0.89	%(c)		2.55	%(c)		2.55	%(c)		23.18	%(b)

First Eagle High Income Fund Class A (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.71		0.19			(0.75	)		(0.56	)		(0.19	)		—			—			(0.19	)		$7.96		(6.57	)%(b)		$64,291		1.35	%(c)		1.25	%(c)		4.35	%(c)		4.45	%(c)		23.59	%(b)
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	%
October 31, 2017		$8.99		0.46			0.04			0.50			(0.45	)		—			(0.01	)		(0.46	)		$9.03		5.71	%		$98,548		1.21	%		1.16	%		5.02	%		5.07	%		25.77	%
October 31, 2016		$8.90		0.55			0.12			0.67			(0.54	)		—			(0.04	)		(0.58	)		$8.99		8.24	%		$158,102		1.15	%		1.20	%		6.45	%		6.40	%		36.88	%
October 31, 2015		$9.96		0.55			(0.96	)		(0.41	)		(0.56	)		(0.09	)		—			(0.65	)		$8.90		(4.24	)%		$201,685		1.12	%		1.16	%		5.81	%		5.77	%		31.62	%

144First Eagle Funds | Prospectus | August 14, 2020

First Eagle Funds | Prospectus | August 14, 2020145

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 (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.70		0.16			(0.76	)		(0.60	)		(0.15	)		—			—			(0.15	)		$7.95		(6.93	)%(b)		$37,782		2.12	%(c)		2.02	%(c)		3.58	%(c)		3.69	%(c)		23.59	%(b)
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	%
October 31, 2017		$8.98		0.39			0.05			0.44			(0.39	)		—			(0.01	)		(0.40	)		$9.02		5.06	%		$87,479		1.95	%		1.90	%		4.30	%		4.35	%		25.77	%
October 31, 2016		$8.89		0.49			0.12			0.61			(0.48	)		—			(0.04	)		(0.52	)		$8.98		7.46	%		$114,139		1.89	%		1.94	%		5.74	%		5.69	%		36.88	%
October 31, 2015		$9.95		0.48			(0.96	)		(0.48	)		(0.49	)		(0.09	)		—			(0.58	)		$8.89		(4.96	)%		$129,214		1.87	%		1.91	%		5.07	%		5.03	%		31.62	%

First Eagle High Income Fund Class I (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.71		0.20			(0.75	)		0.55			(0.20	)		—			—			(0.20	)		$7.96		(6.44	)%(b)		$108,435		1.06	%(c)		0.96	%(c)		4.61	%(c)		4.71	%(c)		23.59	%(b)
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	%
October 31, 2017		$8.99		0.49			0.05			0.54			(0.48	)		—			(0.01	)		(0.49	)		$9.04		6.15	%		$278,660		0.91	%		0.86	%		5.33	%		5.38	%		25.77	%
October 31, 2016		$8.90		0.58			0.12			0.70			(0.57	)		—			(0.04	)		(0.61	)		$8.99		8.54	%		$315,023		0.86	%		0.91	%		6.83	%		6.78	%		36.88	%
October 31, 2015		$9.96		0.58			(0.96	)		(0.38	)		(0.59	)		(0.09	)		—			(0.68	)		$8.90		(3.97	)%		$472,930		0.83	%		0.87	%		6.10	%		6.06	%		31.62	%

First Eagle High Income Fund Class R3 (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.72		0.18			(0.75	)		(0.57	)		(0.18	)		—			—			(0.18	)		$7.97		(6.63	)%(b)		$49		1.49	%(c)		1.39	%(c)		4.21	%(c)		4.31	%(c)		23.59	%(b)
For The Year Ended 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 (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.72		0.18			(0.76	)		(0.58	)		(0.18	)		—			—			(0.18	)		$7.96		(6.80	)%(b)		$9		1.56	%(c)		1.46	%(c)		4.12	%(c)		4.22	%(c)		23.59	%(b)
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 (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.71		0.19			(0.75	)		(0.56	)		(0.19	)		—			—			(0.19	)		$7.96		(6.50	)%(b)		$9		1.16	%(c)		1.06	%(c)		4.52	%(c)		4.63	%(c)		23.59	%(b)
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 (formerly named First Eagle High Yield Fund)
Six Months Ended April 30, 2020 (unaudited)		$8.71		0.20			(0.75	)		(0.55	)		(0.20	)		—			—			(0.20	)		$7.96		(6.42	)%(b)		$404		1.00	%(c)		0.90	%(c)		4.60	%(c)		4.71	%(c)		23.59	%(b)
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	%
For The Period 3/01/17^^^^-10/31/17		$9.10		0.32			(0.05	)		0.27			(0.33	)		—			(0.00	)**		(0.33	)		$9.04		2.99	%(b)		$114		0.92	%(c)		0.87	%(c)		5.29	%(c)		5.34	%(c)		25.77	%(b)

First Eagle Fund of America Class A
Six Months Ended April 30, 2020 (unaudited)		$26.45		0.00**			(2.96	)		(2.96	)		(0.01	)		(0.23	)		—			(0.24	)		$23.25		(11.31	)%(b)		$206,471		1.41	%(c)		1.36	%(c)		(0.06	)%(c)		(0.01	)%(c)		18.90	%(b)
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	%
October 31, 2017		$32.93		(0.02	)		7.41			7.39			(0.07	)		(2.07	)		—			(2.14	)		$38.18		23.56	%		$622,389		1.31	%		1.31	%		(0.07	)%		(0.07	)%		57.02	%
October 31, 2016		$35.79		0.14			(1.99	)		(1.85	)		(0.01	)		(1.00	)		—			(1.01	)		$32.93		(5.30	)%(d)		$865,109		1.32	%		1.32	%		0.43	%		0.43	%		55.06	%
October 31, 2015		$38.58		0.05			(0.01	)		0.04			(0.12	)		(2.71	)		—			(2.83	)		$35.79		0.19	%		$1,331,912		1.35	%		1.35	%		0.12	%		0.12	%		32.23	%

First Eagle Fund of America Class C
Six Months Ended April 30, 2020 (unaudited)		$19.37		(0.07	)		(2.15	)		(2.22	)		—			(0.23	)		—			(0.23	)		$16.92		(11.63	)%(b)		$79,392		2.16	%(c)		2.11	%(c)		(0.81	)%(c)		(0.76	)%(c)		18.90	%(b)
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	%
October 31, 2017		$27.32		(0.23	)		6.06			5.83			—			(2.07	)		—			(2.07	)		$31.08		22.61	%		$401,699		2.06	%		2.06	%		(0.81	)%		(0.81	)%		57.02	%
October 31, 2016		$30.07		(0.10	)		(1.65	)		(1.75	)		—			(1.00	)		—			(1.00	)		$27.32		(5.99	)%(d)		$509,568		2.08	%		2.08	%		(0.35	)%		(0.35	)%		55.06	%
October 31, 2015		$32.98		(0.20	)		(0.00	)**		(0.20	)		—			(2.71	)		—			(2.71	)		$30.07		(0.55	)%		$742,365		2.10	%		2.10	%		(0.63	)%		(0.63	)%		32.23	%

First Eagle Fund of America Class I
Six Months Ended April 30, 2020 (unaudited)		$27.54		0.04			(3.06	)		(3.02	)		(0.12	)		(0.23	)		—			(0.35	)		$24.17		(11.16	)%(b)		$294,137		1.07	%(c)		1.02	%(c)		0.28	%(c)		0.33	%(c)		18.90	%(b)
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	%
October 31, 2017		$33.72		0.08			7.59			7.67			(0.17	)		(2.07	)		—			(2.24	)		$39.15		23.91	%		$829,414		1.01	%		1.01	%		0.22	%		0.22	%		57.02	%
October 31, 2016		$36.62		0.24			(2.04	)		(1.80	)		(0.10	)		(1.00	)		—			(1.10	)		$33.72		(5.01	)%(d)		$808,426		1.03	%		1.03	%		0.71	%		0.71	%		55.06	%
October 31, 2015		$39.39		0.16			(0.00	)**		0.16			(0.22	)		(2.71	)		—			(2.93	)		$36.62		0.48	%		$1,167,750		1.05	%		1.05	%		0.41	%		0.41	%		32.23	%

146First Eagle Funds | Prospectus | August 14, 2020

First Eagle Funds | Prospectus | August 14, 2020147

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 Fund of America Class R3
Six Months Ended April 30, 2020 (unaudited)		$27.37		(0.02	)		(3.06	)		(3.08	)		(0.01	)		(0.23	)		—		(0.24	)		$24.05		(11.36	)%(b)		$43		1.52	%(c)		1.47	%(c)		(0.17	)%(c)		(0.12	)%(c)		18.90	%(b)
For The Year Ended 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 Fund of America Class R4
Six Months Ended April 30, 2020 (unaudited)		$27.52		0.02			(3.08	)		(3.06	)		(0.08	)		(0.23	)		—		(0.31	)		$24.15		(11.27	)%(b)		$9		1.28	%(c)		1.24	%(c)		0.08	%(c)		0.12	%(c)		18.90	%(b)
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 Fund of America Class R5
Six Months Ended April 30, 2020 (unaudited)		$27.53		0.03			(3.08	)		(3.05	)		(0.09	)		(0.23	)		—		(0.32	)		$24.16		(11.24	)%(b)		$9		1.18	%(c)		1.14	%(c)		0.18	%(c)		0.22	%(c)		18.90	%(b)
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 Fund of America Class R6
Six Months Ended April 30, 2020 (unaudited)		$27.57		0.05			(3.08	)		(3.03	)		(0.12	)		(0.23	)		—		(0.35	)		$24.19		(11.16	)%(b)		$1,744		1.04	%(c)		0.99	%(c)		0.31	%(c)		0.36	%(c)		18.90	%(b)
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	%
For The Period 3/01/17^^^^- 10/31/17		$35.44		0.02			3.69			3.71			—			—			—		—			$39.15		10.47	%(b)		$397		1.00	%(c)		1.00	%(c)		0.09	%(c)		0.09	%(c)		57.02	%(b)

First Eagle Fund of America Class Y
Six Months Ended April 30, 2020 unaudited)		$27.30		0.00**			(3.06	)		(3.06	)		(0.03	)		(0.23	)		—		(0.26	)		$23.98		(11.33	)%(b)		$121,409		1.40	%(c)		1.35	%(c)		(0.08	)%(c)		(0.03	)%(c)		18.90	%(b)
October 31, 2019		$31.31		0.04			1.56			1.60			—			(5.61	)		—		(5.61	)		$27.30		7.62	%		$247,674		1.35	%		1.33	%		0.13	%		0.15	%		26.42	%
October 31, 2018		$39.07		0.09			(4.27	)		(4.18	)		—			(3.58	)		—		(3.58	)		$31.31		(11.85	)%		$280,977		1.33	%		1.33	%		0.26	%		0.26	%		60.29	%
October 31, 2017		$33.67		(0.03	)		7.58			7.55			(0.08	)		(2.07	)		—		(2.15	)		$39.07		23.54	%		$397,293		1.31	%		1.31	%		(0.09	)%		(0.09	)%		57.02	%
October 31, 2016		$36.56		0.14			(2.03	)		(1.89	)		(0.00	)**		(1.00	)		—		(1.00	)		$33.67		(5.28	)%(d)		$385,995		1.33	%		1.33	%		0.40	%		0.40	%		55.06	%
October 31, 2015		$39.35		0.05			(0.02	)		0.03			(0.11	)		(2.71	)		—		(2.82	)		$36.56		0.18	%		$495,822		1.36	%		1.36	%		0.12	%		0.12	%		32.23	%

Commenced investment operations on May 1, 2018.

Commenced investment operations on January 17, 2018.

^^^

Commenced investment operations on July 29, 2019.

^^^^

Commenced investment operations on March 1, 2017.

^^^^^

Commenced investment operations on March 11, 2019.

Per share amounts have been calculated using the average shares method.

Amount represents less than $0.01 per share.

(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 CDSC (Contingent Deferred Sales Charge) 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. With respect to the First Eagle Global Income Builder Fund and the First Eagle 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.

(b)

Not Annualized

(c)

Annualized

(d)

In 2016, the Fund received a voluntary reimbursement by the subadviser for a realized investment loss. By excluding this reimbursement, total returns would have been -5.30%, -6.02%, -5.01% and -5.31% for Class A, Class C, Class I and Class Y, respectively.

See Notes to Financial Statements.

148First Eagle Funds | Prospectus | August 14, 2020

First Eagle Funds | Prospectus | August 14, 2020149

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 platform or account will be 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 an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available).

•

Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available).

•

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 10-year anniversary of the purchase date. To the extent that this

A-1

prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

•

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

•

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.

A-2

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).

•

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.

A-3

•

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.

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

A-4

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

•

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.

•

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).

A-5

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

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.

•

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.

* * * * *

A-6

Edward D. Jones & Co. Mutual Fund Policies—Sales Waivers and Reductions in Sales Charges

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 breakpoints and waivers described elsewhere in the mutual fund prospectus or 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 breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints

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 any money market funds and retirement plan share classes) of First Eagle Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). 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 rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

•

ROA is determined by calculating the higher of cost 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 his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

A-7

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 Jones in good-standing.

•

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

A-8

•

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

Other Important Information

Minimum Purchase Amounts

•

$250 initial purchase minimum

•

$50 subsequent purchase minimum

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 letter of intent (LOI)

Changing 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.

* * * * *

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.

A-9

•

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).

•

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 70¹/₂as 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

A-10

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.”

* * * * *

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

•

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).

•

A-11

•

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.

•

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.

A-12

•

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.

•

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.

A-13

•

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.

* * * * *

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.

•

JP Morgan Securities, Inc.

•

Morgan Stanley Smith Barney LLC

•

Merrill Lynch, Pierce, Fenner & Smith Inc.

A-14

This Page Intentionally Left Blank

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.feim.com/individual-investors). 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: publicinfo@sec.gov.


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.feim.com/individual-investors

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