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SUPPLEMENT dated October 30, 1998 to
STATEMENT OF ADDITIONAL INFORMATION
Dated March 1, 1998
FIRST EAGLE TRUST
DISTRIBUTOR -- page 16.
Arnhold and S. Bleichroeder, Inc. (the 'Distributor'), a registered
broker-dealer, investment adviser and a member of the New York Stock Exchange
and the National Association of Securities Dealers ('NASD'), serves as the
Distributor of the Funds' Class A, Class C and Class Y shares. The Distributor
will begin offering Class A shares on November 19, 1998.
The Distributor receives a service fee payable monthly at the annual rate
of 0.25% of the average daily net assets of all Classes of shares of the Funds,
to cover expenses incurred by the Distributor for providing shareholder liaison
services, including assistance with subscriptions, redemptions and other
shareholder questions. The Funds pay the Distributor a Rule 12b-1 fee on Class A
shares at the annual rate of up to 0.25% of the average daily net assets of each
Fund's outstanding Class A shares and a Rule 12b-1 fee on Class C shares at the
annual rate of up to 0.75% of the average daily net assets of each Fund's
outstanding Class C shares. The Distributor also normally retains part of the
initial sales charge as its underwriter's allowance on sales of Class A shares.
INVESTMENT RESTRICTIONS -- page 11.
In connection with offering the shares of First Eagle Fund of America and
First Eagle International Fund (the 'Funds') in Japan, each of the Funds have
agreed to comply with the following additional Investment Restrictions:
A) The assets of the Fund will not be used for short sales of
securities.
B) Borrowing is prohibited if such will result in an aggregate amount
of borrowing outstanding in excess of 10% of the total assets of the Fund,
but in the case of a merger, amalgamation or the like, this 10% may be
temporarily exceeded.
C) More than 10% of the assets of the Fund must not be invested in the
shares of stock of any one issuer.
D) More than 10% of the total issued an outstanding shares of stock of
any one company will not be acquired. If several funds are managed by the
same management company, the funds as a group will not acquire more than
15% of the issued and outstanding shares of stock of any one company.
E) More than 10% of the assets of the Fund will not be invested in
other investment fund securities, but this rule does not prevent the Fund
from holding other investment fund securities temporarily as a result of a
merger, amalgamation or the like.
F) More than 10% of the assets of the Fund will not be invested in
shares of stock privately placed, mortgage securities or unlisted shares of
stock, which cannot be readily realized.
G) The assets dominated in yen will be less than 50% of the assets of
the Fund.
H) More than 50% of the assets of the Fund will be those instruments
which are defined as 'securities' under the Securities and Exchange Law of
Japan.
I) Portfolio securities of the Fund may not be purchased from or sold
or loaned to any Trustee of the Fund, the Investment Adviser of the Fund,
or any affiliate thereof or any of their directors, officers, employees or
major shareholders (meaning a shareholder who holds shares on his own
account, whether in his own or in another's name (as well as a nominee's
name)) unless the transaction is made within the investment restrictions
set forth in the Fund's prospectus and statement of additional information
and either (i) at a price determined by current publicly available
quotations or (ii) at competitive prices or interest rates prevailing from
time to time on internationally recognized securities markets or
internationally recognized money markets.
