First Eagle Fund of America Update | Manager and Strategy Change

Following many years of collaboration on behalf of the shareholders of First Eagle Fund of America, First Eagle and Iridian Asset Management have made a mutual decision to dissolve our business relationship. We are thankful to Harold Levy and the team at Iridian for their service to Fund of America and its shareholders over the course of this partnership.

In connection with this change, First Eagle plans to revise the investment objective of First Eagle Fund of America to include current income alongside capital appreciation. Coincident with this change in objective, First Eagle will replace the current subadvisor of the Fund, Iridian Asset Management, with an internal portfolio management team comprised of First Eagle Global Value team members Julien Albertini, Manish Gupta and Christian Heck. We believe the changes to the Fund―which are expected to take effect in early to mid-August―will result in a distinct high-quality, income-generating portfolio well-positioned to potentially deliver attractive risk-adjusted returns across market cycles and to help meet the income needs of the Fund’s current and future shareholders.

Julien, Manish and Christian are seasoned senior research analysts on the Global Value team and have portfolio management experience on other First Eagle strategies. The portfolio managers will focus on selectively building resilience in the Fund from the bottom up, an investment philosophy shared by portfolios across the Global Value platform. Leveraging the full breadth of the Global Value team’s robust research capabilities and its extensive track record of successful stock picking and income investing, the portfolio managers will seek to identify high-quality, high-cash-generative companies with sustainable business models and the ability to maintain or grow their dividends over time.

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