First Eagle Fund of America Quarterly Commentary

Effective August 14, 2020, the subadvisor of First Eagle Fund of America resigned and was replaced by an internal portfolio management team consisting of Julien Albertini, Manish Gupta and Christian Heck—all members of First Eagle’s Global Value team. At the same time, the Fund’s investment objective was revised to include seeking current income alongside capital appreciation.

We believe the changes to Fund of America will result in a portfolio well-positioned to potentially deliver attractive risk-adjusted returns across market cycles and to help meet the income needs of the fund’s shareholders.

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