Fund of America

58-Disclosure Share Class Y-Share Closed disclosure FEA

As of September 1, 2005, Class Y Shares of First Eagle Fund of America are closed to new accounts.

143-Morningstar Overall Rating - FEA

*Class Y Shares rated three stars overall by Morningstar among 354 Mid-Cap Blend funds for the 3-,5- and 10-year periods ended 9/30/17.  The Overall Morningstar Rating for First Eagle Fund of America is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year Morningstar Rating metrics.

218-FEA R-share Correction

As of November 10, 2017, performance information as of 10/31/2017 relating to Fund of America Class R6 Shares has been restated.

105 - Inception Dates All Share Classes - FEA

**Fund of America Inception dates:  A Shares 11/20/1998, C Shares 03/02/1998, I Shares 03/08/2013, Y Shares 04/10/1987, R6 Shares 03/01/2017

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.

38-Disclosure Performance Y-share performance FEA

Class Y shares are offered without sales charge.

58-Disclosure Share Class Y-Share Closed disclosure FEA

As of September 1, 2005, Class Y Shares of First Eagle Fund of America are closed to new accounts.

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 event-driven investment style used by First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all or does not have the desired effect on the market price of the securities.

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 Fund of America Morningstar ratings – Mid-Cap Blend Category; A Shares: Overall: 3 stars/354 funds, Three-year rating: 2 star/354 funds, Five-year rating 2 stars/321 funds, Ten-year rating: 4 stars/215 funds. C Shares: Overall: 3 stars/354 funds, Three-year rating: 2 stars/354 funds, Five-year rating 2 stars/321 funds, Ten-year rating: 3 stars/215 funds. Y Shares: Overall: 3 stars/354 funds, Three-year rating: 2 stars/354 funds. Five-year rating: 2 stars/321 funds. Ten-year rating: 4 stars/215 funds. I Shares:  Overall: 2 stars/354 funds, Three-year rating: 2 stars/354 funds, Ten-year rating: 4 stars/215 funds. Different share classes may have different ratings.

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 capital appreciation by investing primarily in U.S. stocks and, to a lesser extent, in debt and international equity securities.

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.

154-Disclosure - Performance CY Partial Year - FEA

*Performance for 1987 is for the period 04/10/1987 to 12/31/1987

218-FEA R-share Correction

As of November 10, 2017, performance information as of 10/31/2017 relating to Fund of America Class R6 Shares has been restated.

105 - Inception Dates All Share Classes - FEA

**Fund of America Inception dates:  A Shares 11/20/1998, C Shares 03/02/1998, I Shares 03/08/2013, Y Shares 04/10/1987, R6 Shares 03/01/2017

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.

38-Disclosure Performance Y-share performance FEA

Class Y shares are offered without sales charge.

58-Disclosure Share Class Y-Share Closed disclosure FEA

As of September 1, 2005, Class Y Shares of First Eagle Fund of America are closed to new accounts.

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 event-driven investment style used by First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all or does not have the desired effect on the market price of the securities.

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 Fund of America Morningstar ratings – Mid-Cap Blend Category; A Shares: Overall: 3 stars/354 funds, Three-year rating: 2 star/354 funds, Five-year rating 2 stars/321 funds, Ten-year rating: 4 stars/215 funds. C Shares: Overall: 3 stars/354 funds, Three-year rating: 2 stars/354 funds, Five-year rating 2 stars/321 funds, Ten-year rating: 3 stars/215 funds. Y Shares: Overall: 3 stars/354 funds, Three-year rating: 2 stars/354 funds. Five-year rating: 2 stars/321 funds. Ten-year rating: 4 stars/215 funds. I Shares:  Overall: 2 stars/354 funds, Three-year rating: 2 stars/354 funds, Ten-year rating: 4 stars/215 funds. Different share classes may have different ratings.

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 capital appreciation by investing primarily in U.S. stocks and, to a lesser extent, in debt and international equity securities.

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 9/30/17. Small Cap is less than $4.4 billion, Mid Cap is between $4.4 billion and $21.0 billion and Large Cap is greater than $21.0 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 event-driven investment style used by First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all or does not have the desired effect on the market price of the securities.

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.

Investment Philosophy

The Fund of America investment philosophy emphasizes disciplined, bottom-up, fundamental analysis that focuses on identifying corporations in the process of corporate change. Our approach is based on the belief that while markets may be generally efficient, they regularly fail to discount the long-term strategic and investment implications of dramatic structural changes to a company or industry – these changes create potential investment opportunity.

Investment Process

  • 1

    Identify companies undergoing corporate change.

    The team considers investing in a company when we feel a catalyst may exist for the realization of investment value not previously recognized by the market. We feel these events include:

    • Management change
    • Significant stock repurchases
    • Acquisition/consolidation
    • Divestiture/spinoff
    • Corporate strategy change
    • Monetization of an unrecognized or non-performing asset
  • 2

    Establish our view of the company's valuation.

    The Fund focuses on enterprise value. We measure:

    • Cash generating capacity of the business relative to the total value of the company
    • Equity free cash-flow yield
    • Capital deployment
  • 3

    Buy Discipline

    The Fund invests in businesses trading at what we believe to be a discount to its intrinsic value. Stock price should demonstrate appreciation potential within the first 24 months.

  • 4

    Sell Discipline

    We sell a holding when our investment premise has changed or the stock price has reached our estimate of intrinsic value.

The event-driven investment style used by First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all or does not have the desired effect on the market price of the securities.

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 Fund of America.

Please read prospectus carefully for more complete information including details on fees, expenses and risk 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.

*****0.90% on the Fund’s first $2.25 billion in net assets, and 0.85% on the Fund's next $2.75 billion in net assets and 0.80% in excess of $5 billion.

**"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.

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

As of September 1, 2005, Class Y Shares of First Eagle Fund of America are closed to new accounts.

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.

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