FIRST EAGLE FUNDS

                            FIRST EAGLE GLOBAL FUND
                           FIRST EAGLE OVERSEAS FUND
                          FIRST EAGLE U.S. VALUE FUND
                             FIRST EAGLE GOLD FUND
                          FIRST EAGLE FUND OF AMERICA

                          1345 AVENUE OF THE AMERICAS
                            NEW YORK, NEW YORK 10105
                                 (800) 334-2143

                      SUPPLEMENT DATED NOVEMBER 10, 2004
           TO STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 1, 2004

    This Supplement is intended to highlight certain changes to the Statement of
Additional Information dated March 1, 2004 relating to the First Eagle Funds.

                         CURRENCY EXCHANGE TRANSACTIONS

    The second paragraph of the section of the Statement of Additional
Information titled CURRENCY EXCHANGE TRANSACTIONS on page six has been replaced
and will now read in its entirety:

   Currency exchange transactions may involve currencies of the different
   countries in which the Funds may invest, and may serve as hedges against
   possible variations in the exchange rates between these currencies and the
   U.S. dollar. A Fund's currency transactions may include transaction hedging
   and portfolio hedging involving either specific transactions or portfolio
   positions. Transaction hedging is the purchase or sale of a Forward Contract
   (or other cash management position) with respect to specific payables or
   receivables of a Fund in connection with the purchase or sale of portfolio
   securities. Portfolio hedging is the use of a Forward Contract (or other cash
   management position) with respect to one or more portfolio security positions
   denominated or quoted in a particular currency. A Fund may engage in
   portfolio hedging with respect to the currency of a particular country in
   amounts approximating actual or anticipated positions in securities
   denominated in that currency. In addition to hedging transactions, a Fund's
   currency transactions may include those intended to profit from anticipated
   currency exchange fluctuations, even if not related to any particular Fund
   transaction or portfolio position, which can result in losses if such
   fluctuations do not occur as anticipated.

    The text above relates only to the policies of First Eagle Global Fund,
First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold
Fund. However, the policies of First Eagle Fund of America with respect to
currency exchange transactions have also been modified, with the addition of the
following sentence under the title FOREIGN SECURITIES on page seven:

   Foreign currency is also subject to similar risks, and First Eagle Fund of
   America may trade or hold foreign currencies or related instruments for
   either hedging or investment purposes (the latter practice presenting the
   risk of loss if currency exchange fluctuations do not occur as expected).


                         COMPUTATION OF NET ASSET VALUE

    The second paragraph of the section of the Statement of Additional
Information titled COMPUTATION OF NET ASSET VALUE on page twenty-nine has been
replaced and will now read in its entirety:

   A portfolio security, other than a bond, which is traded on a U.S. national
   securities exchange or a securities exchange abroad is normally valued at the
   price of the last sale on the exchange as of the close of business on the
   date on which assets are valued. If there are no sales on such date, such
   portfolio securities will be valued at the mean between the closing bid and
   asked prices. Securities, other than bonds, traded in the over-the-counter
   market are valued at the mean between the last bid and asked prices prior to
   the time of valuation, except if such unlisted security traded on the NASDAQ
   in which case it is valued at its last sale price (or, if available in the
   case of NASDAQ securities, the NASDAQ Official Closing Price ('NOCP')). All
   bonds, whether listed on an exchange or traded in the over-the-counter
   market, for which market quotations are readily available are valued at the
   mean between the last bid and asked prices received from dealers in the
   over-the-counter market in the United States or abroad, except that when no
   asked price is available, bonds are valued at the last bid price alone.
   Short-term investments maturing in sixty days or less are valued at cost plus
   interest earned, which approximates value. Any security that is listed or
   traded on more than one exchange (or traded in multiple markets) is valued at
   the relevant quotation on the exchange or market deemed to be the primary
   trading venue for that security. Securities for which current market
   quotations are not readily available are valued at fair value as determined
   in good faith by the Company's Board of Directors or their delegates. A make-
   up sheet showing the computation of the total offering price, using as a
   basis the value of the Funds' portfolio securities and other assets and their
   outstanding securities as of October 31, 2003, appears as the Statement of
   Assets and Liabilities for the Funds.

                                   *  *  *  *

    The information contained in this Supplement modifies the Statement of
Additional Information dated March 1, 2004. In particular, and without
limitation, the information contained in this Supplement modifies (and if
inconsistent, replaces) information contained in the sections of the Statement
of Additional Information entitled 'Currency Exchange Transactions', 'Foreign
Securities' and 'Computation of Net Asset Value.'

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