U.S. Value Fund

Seeks long-term growth of capital by investing, under normal market conditions, primarily in equity and debt securities issued by U.S. corporations

141-Morningstar Overall Rating - U.S. Value

*Class A Shares rated three stars overall by Morningstar among 1,248 Large Blend  funds for the 3-,5- and 10-year periods ended 3/31/17.  The Overall Morningstar Rating for First Eagle U.S. Value Fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year Morningstar Rating metrics.

103 - Inception Date All Share Classes - USV

*U.S. Value Fund Inception dates: A Shares 09/04/2001 , C Shares 09/04/2001, I Shares 09/04/2001, R6 Shares 03/01/2017

202-US Value Fee Waiver

For the First Eagle U.S. Value Fund, 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, 2018. 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%.

131-Performance-Average Annual Returns Reflect

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.  Investment results and the principal value of an investment will vary.

124 - Avg Annual Returns - Periods less than 1 year

Returns for periods less than one year are not annualized.

36-Disclosure Performance A-share performance USV, GLD, FEA, GIB

The average annual returns for Class A Shares "with sales charge" reflects the maximum sales charge of 5.00%.

37-Disclosure Performance C-share performance All funds

The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

43-Disclosure Performance I-Share performance GLO, OVS, USV, GLD, FEA, GIB

Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

8-Disclosure Expenses I Share $1mm minimum All funds

Class I Shares require $1mm minimum investment, and are offered without sales charge.

215-R Share Performance

Class R Shares are offered without sales charge.

82 - Expenses - Expense Ratio As of Date - All Funds

The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

49-Disclosure Performance Standard Past Performance All funds

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.

All investments involve the risk of loss of principal.

2017 Morningstar, Inc.© All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are relative to a peer group and do not necessarily mean that the fund had high total returns. For each fund with at least a three-year history, Morningstar calculates Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

First Eagle U.S. Value Fund Morningstar ratings – Large Blend Category; A Shares: Overall rating: 3 stars/1,248 funds, Three-year rating: 2 star/1,248 funds. Five-year rating: 1 star/1,113 funds. Ten-year rating: 5 stars/822 funds. C Shares: Overall rating: 3 stars/1,248 funds, Three-year rating: 2 stars/1,248 funds. Five-year rating: 1 star/1,113 funds. Ten-year rating: 4 stars/822 funds. I Shares: Overall rating: 3 stars/1,248 funds, Three-year rating: 2 stars/1,248 funds. Five-year rating: 1 star/1,113 funds. Ten-year rating: 5 stars/822 funds.  Different share classes may have different ratings.

The Morningstar percentile rankings for the First Eagle U.S. Value Fund in the Morningstar Large Blend Category were derived using the total return of the performance figure associated with its 1-, 3-, 5- and 10-year periods. 

Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations

Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase.  Although the Standard & Poor's 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.

Seeks long-term growth of capital by investing, under normal market conditions, primarily in equity and debt securities issued by U.S. corporations.

44-Disclosure Performance Growth of 10k disclosure - A Shares GLO, OVS, USV, GLD, FEA, GIB

This chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Date selected assumes purchase at month end.

46-Disclosure Performance Risk & Return Chart - A Shares GLO, OVS, USV, GLD, FEA, GIB

This chart illustrates risk and return data for Class A Shares without the effect of sales charges and assumes all distributions have been reinvested and if sales charge was included values would be lower.

153-Disclosure - Performance CY Partial Years - USV

*Performance for 2001 is for the period 09/04/2001 to 12/31/2001

103 - Inception Date All Share Classes - USV

*U.S. Value Fund Inception dates: A Shares 09/04/2001 , C Shares 09/04/2001, I Shares 09/04/2001, R6 Shares 03/01/2017

202-US Value Fee Waiver

For the First Eagle U.S. Value Fund, 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, 2018. 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%.

131-Performance-Average Annual Returns Reflect

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.  Investment results and the principal value of an investment will vary.

124 - Avg Annual Returns - Periods less than 1 year

Returns for periods less than one year are not annualized.

36-Disclosure Performance A-share performance USV, GLD, FEA, GIB

The average annual returns for Class A Shares "with sales charge" reflects the maximum sales charge of 5.00%.

37-Disclosure Performance C-share performance All funds

The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only.

43-Disclosure Performance I-Share performance GLO, OVS, USV, GLD, FEA, GIB

Performance information for Class I Shares is without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class A and C Shares have maximum sales charges of 5.00% and 1.00% respectively, and 12b-1 fees, which reduce performance.

8-Disclosure Expenses I Share $1mm minimum All funds

Class I Shares require $1mm minimum investment, and are offered without sales charge.

215-R Share Performance

Class R Shares are offered without sales charge.

82 - Expenses - Expense Ratio As of Date - All Funds

The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

49-Disclosure Performance Standard Past Performance All funds

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.

All investments involve the risk of loss of principal.

2017 Morningstar, Inc.© All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings are relative to a peer group and do not necessarily mean that the fund had high total returns. For each fund with at least a three-year history, Morningstar calculates Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

First Eagle U.S. Value Fund Morningstar ratings – Large Blend Category; A Shares: Overall rating: 3 stars/1,248 funds, Three-year rating: 2 star/1,248 funds. Five-year rating: 1 star/1,113 funds. Ten-year rating: 5 stars/822 funds. C Shares: Overall rating: 3 stars/1,248 funds, Three-year rating: 2 stars/1,248 funds. Five-year rating: 1 star/1,113 funds. Ten-year rating: 4 stars/822 funds. I Shares: Overall rating: 3 stars/1,248 funds, Three-year rating: 2 stars/1,248 funds. Five-year rating: 1 star/1,113 funds. Ten-year rating: 5 stars/822 funds.  Different share classes may have different ratings.

The Morningstar percentile rankings for the First Eagle U.S. Value Fund in the Morningstar Large Blend Category were derived using the total return of the performance figure associated with its 1-, 3-, 5- and 10-year periods. 

Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase.  Although the Standard & Poor's 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 Russell Midcap Value Index is an unmanaged index of mid-capitalization companies in the Russell Midcap Index with lower price-to-book ratios and lower forecasted growth values and is not available for purchase.

The Russell 3000 Index is an unmanaged index that measures the performance of the 3000 largest U.S. companies based on market capitalization, which encompasses 98% of the total market capitalization of the publicly traded U.S. equity market, and is not available for purchase.

The Russell 2000 Index is an unmanaged index that measures the performance of the 2000 smallest companies in the Russell 3000 Index and is not available for purchase.

Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.

Beta is a measure of the fund's volatility (risk) relative to the overall market.  The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

Alpha is a measure of the Fund's excess return relative to the return of the benchmark index.

Information ratio evaluates the ratio of a fund's returns above those of a benchmark against the volatility of those returns.

Seeks long-term growth of capital by investing, under normal market conditions, primarily in equity and debt securities issued by U.S. corporations.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

148-Portfolio Characteristics - Percentages may not sum to 100%

Percentages may not sum to 100% due to rounding.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

148-Portfolio Characteristics - Percentages may not sum to 100%

Percentages may not sum to 100% due to rounding.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

29-Disclosure Morningstar Market Cap definition USV, FEA

Based on Morningstar’s definition of Market Capitalization Breakpoints, as of 3/31/17. Small Cap is less than $4.2 billion, Mid Cap is between $4.2 billion and $20.0 billion and Large Cap is greater than $20.0 billion.

148-Portfolio Characteristics - Percentages may not sum to 100%

Percentages may not sum to 100% due to rounding.

52-Disclosure Portfolio Characteristics Portfolio Holdings disclosure All funds

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.

All investments involve the risk of loss of principal.

Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase.  Although the Standard & Poor's 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.

Beta is a measure of the fund's volatility (risk) relative to the overall market.  The higher the fund's Beta, the more the fund price is expected to change in response to a given change in the value of the market.

Standard deviation is a statistical measure of the distance a quantity is likely to be from its average value.  It is applied to the annual rate of return to measure volatility.

The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Gold Bullion and commodities include the Fund’s investment in the Subsidiary.

Investment Philosophy

The U.S. Value Fund’s philosophy reflects the teachings of Benjamin Graham and Warren Buffett: We believe there is a persistent market failure to recognize a company's intrinsic value. The Fund attempts to exploit this failure on behalf of our investors through a bottom-up, fundamental investment approach.

Investment Process

The fundamental research process has remained constant since the inception of the Fund. The Fund looks for opportunities in companies that have temporarily disappointed investors; industries in turmoil or out of favor; and countries in economic downturns or overlooked by the market.

The investment process involves the following steps:

  • 1

    Analyze, Understand Business Models

    Thoroughly understand a company and the market in which it operates. Among other critical factors, the team's document-driven analysis examines:

    • A company's market share
    • The nature of its products and its business contingencies
  • 2

    Recast Financial Statements

    Financial statements are recast because:

    • Conservative accounting practices can mask the true earnings power of a company
    • In our view, accounting practices are sometimes too liberal

    Goal: to uncover a company's true economic earnings using only demonstrated results

  • 3

    Calculate Intrinsic Value

    The team places great emphasis on:

    • Balance sheet valuation (such as Enterprise Value to Asset Replacement Value)
    • Cash flow valuation (such as EV/EBIT)

    Investments are made based on significant discounts to what is believed to be a company's intrinsic value.

  • 4

    Typically Invest for the Long Term

    The team typically seeks a discount to what they believe is a company's intrinsic value

    • They seek further protection by determining a margin of safety in each holding
    • This margin of safety is viewed as a form of protection against uncertainty in a fundamentally unknowable future.

The U.S. Value Fund may also invest in non-equity securities in an attempt to help preserve purchasing power. These include:

  • Gold bullion
  • Corporate bonds (senior or subordinated bonds, convertible bonds)
  • Cash and cash equivalents (commercial paper)

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.

All investments involve the risk of loss of principal.

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

Please read the prospectus carefully for more complete information including details on fees, expenses and risks before investing.

* A contingent deferred sales charge of 1.00% may be imposed 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 reflect actual expenses for the Fund for the fiscal year ended October 31, 2016 and estimated expenses in the case of newly organized share classes.

***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, 2018. 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%.

Class I Shares require $1mm minimum investment, and are offered without sales charge.

There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Ordinary income distributions are distributed at the class level and will vary by class.

Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.

"Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.