Gold Fund

Potential Hedge

Serves as a potential hedge against the consequences of catastrophic unforeseen events.

Do not forecast the price of gold

We do not attempt to predict the future price of gold.

142-Morningstar Overall Rating - GLD

*Class A Shares rated five stars overall by Morningstar among 70 Equity Precious Metals funds for the 3-,5- and 10-year periods ended 6/30/17. The Overall Morningstar Rating for First Eagle Gold Fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year Morningstar Rating metrics.

216 - R-share Inception

*R6 share YTD performance is for since inception 3/1/17 through the previous day.

104 - Inception Date All Share Classes - Gold

**Gold Fund Inception dates:  A Shares 08/31/1993, C Shares 05/15/2003, I Shares 05/15/2003, 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.

40-Disclosure Performance A-share performance GBL, OVS

The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

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.

Past Awards

Investment in gold and gold related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals like changes in U.S. or foreign 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 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. Investment in gold and gold related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies.

Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging 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 Gold Fund Morningstar ratings – Equity Precious Metals Category; A Shares: Overall rating: 5 stars/70 funds, Three-year rating: 5 stars/70 funds. Five-year rating: 5 stars/66 funds. Ten-year rating: 5 stars/45 funds. C Shares: Overall rating: 5 stars/70 funds, Three-year rating: 5 stars/70 funds. Five-year rating: 5 stars/66 funds. Ten-year rating: 5 stars/45 funds. I Shares: Overall rating: 5 stars/70 funds, Three-year rating: 5 stars/70 funds. Five-year rating: 5 stars/66 funds. Ten-year rating: 5 stars/45 funds. Different share classes may have different ratings.

The Morningstar percentile rankings for the First Eagle Gold Fund in the Morningstar Equity Precious Metals Category were derived using the total return of the performance figure associated with its 1-, 3-, 5- and 10-year periods. 

**2016 Best Precious Metals Equity Fund is based on the three-year and five-year risk-adjusted performance among 61 and 60 eligible precious metals equity funds, respectively, for the period ended November 30, 2015. From Thomson Reuters Lipper Awards, © 2016 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

2015 Best Precious Metals Equity Fund is based on the 3-year risk-adjusted performance among 60 eligible precious metals equity funds for the period ended Nov. 30, 2014.

Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. This is not an offer to buy or sell securities. Additional information is available at www.lipperweb.com. Lipper leader ratings copyright 2015, Reuters, All Rights Reserved.

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

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, is available with dividends reinvested and is not available for purchase.

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase.  The index provides total returns in U.S. dollars with net dividends reinvested.

Seeks to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals

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.

152-Disclosure - Performance CY Partial Years - OVS and GLD

*Performance for 1993 is for the period 08/31/1993 to 12/31/1993.

216 - R-share Inception

*R6 share YTD performance is for since inception 3/1/17 through the previous day.

104 - Inception Date All Share Classes - Gold

**Gold Fund Inception dates:  A Shares 08/31/1993, C Shares 05/15/2003, I Shares 05/15/2003, 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.

40-Disclosure Performance A-share performance GBL, OVS

The average annual returns for Class A Shares “with sales charge” performance gives effect to the deduction of the maximum sales charge of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter.

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.

Investment in gold and gold related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals like changes in U.S. or foreign 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 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. Investment in gold and gold related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies.

Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging 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 Gold Fund Morningstar ratings – Equity Precious Metals Category; A Shares: Overall rating: 5 stars/70 funds, Three-year rating: 5 stars/70 funds. Five-year rating: 5 stars/66 funds. Ten-year rating: 5 stars/45 funds. C Shares: Overall rating: 5 stars/70 funds, Three-year rating: 5 stars/70 funds. Five-year rating: 5 stars/66 funds. Ten-year rating: 5 stars/45 funds. I Shares: Overall rating: 5 stars/70 funds, Three-year rating: 5 stars/70 funds. Five-year rating: 5 stars/66 funds. Ten-year rating: 5 stars/45 funds. Different share classes may have different ratings.

The Morningstar percentile rankings for the First Eagle Gold Fund in the Morningstar Equity Precious Metals Category were derived using the total return of the performance figure associated with its 1-, 3-, 5- and 10-year periods. 

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase.  The index provides total returns in U.S. dollars with net dividends reinvested.

The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 countries and is not available for purchase.

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 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, is available with dividends reinvested 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 to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals

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.

174-Gold Disclosure (Silver bullion)

*For the period May 31, 2014 – October 31, 2014, the stated percentage of total net assets invested in gold bullion included an allocation to silver bullion. During that time the allocation to silver bullion was less than 3%.

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 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 in gold and gold related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals like changes in U.S. or foreign 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 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. Investment in gold and gold related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies.

Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets.

All investments involve the risk of loss of principal.

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, is available with dividends reinvested and is not available for purchase.

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

First Eagle Gold Fund is a non-diversified fund whose investment objective is to seek to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals. In seeking to achieve its objective, the Fund invests primarily in gold, gold related securities and issuers principally engaged in the gold industry.

Investment Process

  • 1

    Investable Universe

    The Fund invests primarily in gold, gold-related securities and issuers principally engaged in the gold industry.

  • 2

    Research Using Proprietary Model

    The team determines between investing in gold and investing in gold mining equities using a proprietary model.

    • This model provides a detailed framework for assessing a mining company's assets and is dependent on the company's proven and probable reserves
    • The team typically invests more heavily in companies already in production

    The team tends to discount other base metals that gold companies may mine because they view gold as a potential hedge.

    The team allocates capital to mining companies when they can find what they believe is a margin of safety that takes into account the risks surrounding mining, including

    • Operational risk
    • Capital risk
    • Geopolitical risk

Investment in gold and gold related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals like changes in U.S. or foreign 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 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. Investment in gold and gold related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies.

Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging 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 Gold Fund.

Please read 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.

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.

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