Overview
Investment Philosophy
Focus on Current IncomeThe Fund seeks to provide attractive current income with a secondary objective of providing long-term risk-adjusted returns by investing in a portfolio of U.S. alternative credit assets across multiple sectors and risk profiles.
Flexible ApproachThe flexibility to allocate capital to both public and private markets enables the team to take an opportunistic approach while seeking to generate attractive current income and long-term risk-adjusted returns.
Seeks to Mitigate Downside RisksThe Fund seeks to mitigate downside risks by building a portfolio of assets across the alternative credit spectrum, with an emphasis on first-lien, senior-secured assets.
Portfolio Characteristics
| Total Managed Assets (as of May 31, 2026) | $716.8MM |
| Number of Issuers | 155 |
| Number of Holdings | 346 |
| Distribution Rate (as of May 31, 2026)* | 8.85% |
| Weighted Average Duration** | 0.12 |
- As of Mar 31, 2026
- *
The Fund intends to declare income dividends daily and distribute them monthly at rates intended to maintain a more stable level of distributions than would result from paying out amounts solely based on current net investment income by paying out less than all of its net investment income or paying out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). The distributions might not be made in equal amounts, and one month’s distribution may be larger than another. Distribution rate presented excludes any special dividends. Distribution rate indicates the annual rate received if the most recent share class monthly distribution paid was the same for an entire year. The rate represents a distribution and does not represent the total return of the Fund. Because the Distribution Rate is annualized from a single month’s distribution, no investor actually received the rate in a given year. The distribution rate is calculated by annualizing actual dividends distributed to the monthly period ended on the date shown and dividing by the net asset value on the last business day of the same period.
Disclosures
Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.
Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.
The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.
Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.
An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.
Performance & Prices
Average Annual Returns
| Ticker | Class | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| FECAX | A | w/out load | 2.06% | 0.56% | 1.66% | 6.92% | 7.84% | 5.74% | -- | 6.52% | 3.52% | 3.52% | Dec 2, 2020 |
| FECAX | A | w/load | -0.51% | -1.97% | -0.88% | 4.23% | 6.93% | 4.99% | -- | 5.83% | 3.52% | 3.52% | Dec 2, 2020 |
| FECAX | A | w/out load | 0.87% | 0.48% | 0.87% | 6.51% | 7.65% | 5.76% | -- | 6.50% | 3.52% | 3.52% | Dec 2, 2020 |
| FECAX | A | w/load | -1.67% | -2.03% | -1.67% | 3.85% | 6.74% | 5.01% | -- | 5.79% | 3.52% | 3.52% | Dec 2, 2020 |
| Quarterly performance data is not yet available for this share class. | |||||||||||||
| FCAAX | A-2 | w/out load | 1.91% | 0.48% | 1.57% | 6.50% | 7.47% | -- | -- | 6.11% | 3.74% | 3.74% | May 31, 2022 |
| FCAAX | A-2 | w/load | -0.66% | -2.05% | -0.97% | 3.82% | 6.57% | -- | -- | 5.44% | 3.74% | 3.74% | May 31, 2022 |
| FCAAX | A-2 | w/out load | 0.79% | 0.45% | 0.79% | 6.14% | 7.28% | -- | -- | 6.07% | 3.74% | 3.74% | May 31, 2022 |
| FCAAX | A-2 | w/load | -1.75% | -2.06% | -1.75% | 3.49% | 6.37% | -- | -- | 5.37% | 3.74% | 3.74% | May 31, 2022 |
| Quarterly performance data is not yet available for this share class. | |||||||||||||
| Quarterly performance data is not yet available for this share class. | |||||||||||||
| FECRX | I | 2.19% | 0.57% | 1.76% | 7.25% | 8.18% | 6.10% | -- | 6.92% | 3.27% | 3.27% | Sep 15, 2020 | |
| FECRX | I | 0.97% | 0.54% | 0.97% | 6.84% | 7.99% | 6.15% | -- | 6.90% | 3.27% | 3.27% | Sep 15, 2020 | |
| Quarterly performance data is not yet available for this share class. | |||||||||||||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. FEIM has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed 2.25%, 2.75% and 2.00% of the class’ average net assets, or such other lower amount as may be in place at the time of repayment. Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.
Disclosures
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
The Credit Opportunities Fund is an Interval Fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value (“NAV”). Subject to applicable law and approval of the Board of Trustees for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund’s outstanding Common Shares at NAV on a quarterly basis.
“With load” performance for Class A and Class A2 Shares gives effect to the deduction of the maximum sales charge of 2.50%.
Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.
Class A-2 Shares. The minimum initial investment for Class A2 Shares is $2,500 per account. The minimum subsequent investment amount for Class A2 Shares is $100.
Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.
The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.
Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.
An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.
Credit Opportunities Fund Inception dates: A Shares 2-Dec-2020, I Shares 15-Sep-2020, A2 Shares 31-May-2022.
Monthly Returns (Without Sales Charge)
| Date | Class I (FECRX) | Class A (FECAX) | Class A-2 (FCAAX) |
|---|---|---|---|
| May 31, 2026 | 0.57% | 0.56% | 0.48% |
| Apr 30, 2026 | 0.63% | 0.62% | 0.63% |
| Mar 31, 2026 | 0.54% | 0.48% | 0.45% |
| Feb 28, 2026 | 0.05% | 0.04% | 0.01% |
| Jan 31, 2026 | 0.37% | 0.35% | 0.32% |
| Dec 31, 2025 | 0.68% | 0.66% | 0.59% |
| Nov 30, 2025 | 0.50% | 0.48% | 0.41% |
| Oct 31, 2025 | 0.49% | 0.47% | 0.44% |
| Sep 30, 2025 | 1.09% | 1.07% | 1.05% |
| Aug 31, 2025 | 0.67% | 0.60% | 0.54% |
| Jul 31, 2025 | 0.85% | 0.78% | 0.76% |
| Jun 30, 2025 | 0.58% | 0.60% | 0.58% |
| May 31, 2025 | 0.94% | 0.92% | 0.90% |
| Apr 30, 2025 | -0.12% | -0.13% | -0.13% |
| Mar 31, 2025 | -0.24% | -0.27% | -0.31% |
| Feb 28, 2025 | 0.29% | 0.26% | 0.22% |
| Jan 31, 2025 | 0.24% | 0.21% | 0.21% |
| Dec 31, 2024 | 0.47% | 0.44% | 0.44% |
| Nov 30, 2024 | 0.76% | 0.73% | 0.69% |
| Oct 31, 2024 | 0.71% | 0.72% | -1.82% |
| Sep 30, 2024 | 0.63% | 0.61% | 0.61% |
| Aug 31, 2024 | 0.77% | 0.70% | 0.70% |
| Jul 31, 2024 | 0.18% | 0.19% | 0.15% |
| Jun 30, 2024 | 0.33% | 0.26% | 0.22% |
| May 31, 2024 | 1.05% | 1.01% | 1.02% |
| Apr 30, 2024 | 0.35% | 0.36% | 0.33% |
| Mar 31, 2024 | 1.18% | 1.11% | 1.11% |
| Feb 29, 2024 | 0.66% | 0.63% | 0.60% |
| Jan 31, 2024 | 0.55% | 0.52% | 0.48% |
| Dec 31, 2023 | 1.74% | 1.72% | 1.69% |
| Nov 30, 2023 | 1.33% | 1.30% | 1.25% |
| Oct 31, 2023 | 0.36% | 0.34% | 0.29% |
| Sep 30, 2023 | 1.05% | 1.07% | 1.03% |
| Aug 31, 2023 | 0.99% | 0.92% | 0.92% |
| Jul 31, 2023 | 1.36% | 1.33% | 1.27% |
| Jun 30, 2023 | 1.08% | 1.06% | 1.02% |
| May 31, 2023 | -0.23% | -0.21% | -0.29% |
| Apr 30, 2023 | 0.93% | 0.86% | 0.86% |
| Mar 31, 2023 | -0.06% | -0.08% | -0.12% |
| Feb 28, 2023 | 1.05% | 1.03% | 0.99% |
| Jan 31, 2023 | 2.21% | 2.18% | 2.14% |
| Dec 31, 2022 | -0.31% | -0.33% | -0.41% |
| Nov 30, 2022 | 0.83% | 0.80% | 0.80% |
| Oct 31, 2022 | -0.14% | -0.17% | -0.21% |
| Sep 30, 2022 | -1.58% | -1.56% | -1.64% |
| Aug 31, 2022 | 1.19% | 1.17% | 0.87% |
| Jul 31, 2022 | 0.98% | 0.91% | 0.87% |
| Jun 30, 2022 | -1.95% | -1.93% | -1.97% |
| May 31, 2022 | -2.35% | -2.38% | |
| Apr 30, 2022 | -0.15% | -0.17% | |
| Mar 31, 2022 | 0.12% | 0.06% | |
| Feb 28, 2022 | -0.12% | -0.14% | |
| Jan 31, 2022 | 0.49% | 0.47% | |
| Dec 31, 2021 | 0.70% | 0.69% | |
| Nov 30, 2021 | 0.32% | 0.24% | |
| Oct 31, 2021 | 0.72% | 0.66% | |
| Sep 30, 2021 | 1.05% | 0.99% | |
| Aug 31, 2021 | 0.61% | 0.51% | |
| Jul 31, 2021 | 0.70% | 0.67% | |
| Jun 30, 2021 | 1.17% | 1.11% | |
| May 31, 2021 | 0.55% | 0.49% | |
| Apr 30, 2021 | 0.87% | 0.77% | |
| Mar 31, 2021 | 1.19% | 1.16% | |
| Feb 28, 2021 | 1.34% | 1.28% | |
| Jan 31, 2021 | 1.58% | 1.52% | |
| Dec 31, 2020 | 1.95% | 1.62% | |
| Nov 30, 2020 | 1.08% | ||
| Oct 31, 2020 | 0.20% | ||
| Sep 30, 2020 | -0.12% |
Source: FactSet; data as of May 31, 2026.
Past performance does not guarantee future results.
Does not include sales charge. Values would be lower if a sales charge was included.
Portfolio
Top Ten Holdings (%)
As of Mar 31, 2026
| Danforth Health, Inc. | 1.73 | |
| Monarch Behavioral Therapy, LLC | 1.73 | |
| SuperHero Fire Protection, LLC | 1.53 | |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub) | 1.49 | |
| Avison Young (Canada) Inc. | 1.48 | |
| Irving Parent, Corp. (Quisitive) | 1.46 | |
| In Vitro Sciences, LLC (New IVS Holdings, LLC) | 1.44 | |
| 841 Prudential MOB LLC | 1.43 | |
| Tricor, LLC | 1.41 | |
| Argano, LLC | 1.41 | |
| Top Ten Holdings as a Percentage of Total Net Assets | 15.11 |
Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.
Allocation by Industry (%)
| Cash & Cash Equivalents | 14.06% |
| Health Care Services | 12.87% |
| Research & Consulting Services | 6.74% |
| IT Consulting & Other Services | 6.29% |
| Insurance Brokers | 4.36% |
| Environmental & Facilities Services | 3.19% |
| Health Care Technology | 2.95% |
| Specialized Consumer Services | 2.88% |
| Application Software | 2.50% |
| Pharmaceuticals | 2.32% |
| Security & Alarm Services | 1.91% |
| Human Resource & Employment Services | 1.89% |
| Heavy Electrical Equipment | 1.86% |
| Apparel, Accessories & Luxury Goods | 1.75% |
| Construction & Engineering | 1.74% |
| Paper Packaging | 1.49% |
| Real Estate Services | 1.48% |
| Internet & Direct Marketing Retail | 1.45% |
| Real Estate Development | 1.43% |
| Trucking | 1.40% |
| Health Care Facilities | 1.21% |
| Home Improvement Retail | 1.16% |
| Drug Retail | 1.15% |
| Auto Parts & Equipment | 1.12% |
| Paper Products | 1.12% |
| Advertising | 1.01% |
| Leisure Facilities | 0.93% |
| Industrial Machinery | 0.88% |
| Asset Management & Custody Banks | 0.83% |
| Water Utilities | 0.83% |
| Food Distributors | 0.82% |
| Interactive Media & Services | 0.77% |
| General Merchandise Stores | 0.76% |
| Health Care Distributors | 0.76% |
| Diversified Support Services | 0.75% |
| Air Freight & Logistics | 0.74% |
| Data Processing & Outsourced Services | 0.69% |
| Casinos & Gaming | 0.68% |
| Home Furnishings | 0.61% |
| Metal & Glass Containers | 0.56% |
| Electrical Components & Equipment | 0.50% |
| Hotels, Resorts & Cruise Lines | 0.50% |
| Aerospace & Defense | 0.49% |
| Specialized Finance | 0.42% |
| Electric Utilities | 0.41% |
| Multi-Sector Holdings | 0.40% |
| Financial Exchanges & Data | 0.39% |
| Restaurants | 0.37% |
| Biotechnology | 0.36% |
| Broadcasting | 0.34% |
| Internet Services & Infrastructure | 0.32% |
| Building Products | 0.29% |
| Household Products | 0.29% |
| Systems Software | 0.29% |
| Trading Companies & Distributors | 0.29% |
| Railroads | 0.28% |
| Apparel Retail | 0.27% |
| Managed Health Care | 0.27% |
| Construction Materials | 0.26% |
| Distributors | 0.22% |
| Integrated Telecommunication Services | 0.22% |
| Specialty Stores | 0.22% |
| Electronic Equipment & Instruments | 0.21% |
| Specialty Chemicals | 0.20% |
| Packaged Foods & Meats | 0.14% |
| Footwear | 0.08% |
| Agricultural & Farm Machinery | 0.07% |
| Commodity Chemicals | 0.01% |
| Electronic Manufacturing Services | 0.00% |
| Marine Ports & Services | 0.00% |
| Oil & Gas Storage & Transportation | 0.00% |
| Technology Distributors | 0.00% |
| Technology Hardware, Storage & Peripherals | 0.00% |
| Textiles | 0.00% |
| Health Care Services | 13.19% |
| Cash & Cash Equivalents | 11.49% |
| Research & Consulting Services | 6.36% |
| IT Consulting & Other Services | 6.13% |
| Insurance Brokers | 4.15% |
| Application Software | 3.58% |
| Environmental & Facilities Services | 2.71% |
| Specialized Consumer Services | 2.48% |
| Health Care Technology | 2.38% |
| Pharmaceuticals | 2.01% |
| Trucking | 1.67% |
| Security & Alarm Services | 1.65% |
| Specialized Finance | 1.65% |
| Human Resource & Employment Services | 1.63% |
| Heavy Electrical Equipment | 1.53% |
| Apparel, Accessories & Luxury Goods | 1.52% |
| Internet & Direct Marketing Retail | 1.40% |
| Real Estate Services | 1.31% |
| Paper Packaging | 1.29% |
| Real Estate Development | 1.23% |
| Construction & Engineering | 1.21% |
| Casinos & Gaming | 1.15% |
| Health Care Facilities | 1.07% |
| Industrial Machinery | 1.07% |
| Home Improvement Retail | 1.00% |
| Auto Parts & Equipment | 0.99% |
| Drug Retail | 0.98% |
| Asset Management & Custody Banks | 0.96% |
| Paper Products | 0.96% |
| Specialty Chemicals | 0.96% |
| Advertising | 0.93% |
| Metal & Glass Containers | 0.87% |
| General Merchandise Stores | 0.86% |
| Aerospace & Defense | 0.79% |
| Leisure Facilities | 0.75% |
| Interactive Media & Services | 0.74% |
| Air Freight & Logistics | 0.73% |
| Financial Exchanges & Data | 0.72% |
| Food Distributors | 0.71% |
| Water Utilities | 0.71% |
| Internet Services & Infrastructure | 0.67% |
| Health Care Distributors | 0.65% |
| Diversified Support Services | 0.62% |
| Home Furnishings | 0.53% |
| Systems Software | 0.53% |
| Textiles | 0.52% |
| Broadcasting | 0.50% |
| Railroads | 0.50% |
| Packaged Foods & Meats | 0.49% |
| Other Diversified Financial Services | 0.47% |
| Technology Hardware, Storage & Peripherals | 0.47% |
| Data Processing & Outsourced Services | 0.45% |
| Electrical Components & Equipment | 0.43% |
| Hotels, Resorts & Cruise Lines | 0.43% |
| Integrated Telecommunication Services | 0.43% |
| Biotechnology | 0.40% |
| Electric Utilities | 0.36% |
| Multi-Sector Holdings | 0.35% |
| Electronic Equipment & Instruments | 0.34% |
| Restaurants | 0.31% |
| Technology Distributors | 0.31% |
| Managed Health Care | 0.27% |
| Building Products | 0.25% |
| Trading Companies & Distributors | 0.25% |
| Electronic Manufacturing Services | 0.24% |
| Household Products | 0.24% |
| Construction Materials | 0.22% |
| Distributors | 0.19% |
| Specialty Stores | 0.19% |
| Commodity Chemicals | 0.16% |
| Homebuilding | 0.15% |
| Apparel Retail | 0.14% |
| Highways & Railtracks | 0.13% |
| Oil & Gas Storage & Transportation | 0.13% |
| Agricultural & Farm Machinery | 0.12% |
| Footwear | 0.07% |
| Automotive Retail | 0.00% |
| Life Sciences Tools & Services | 0.00% |
| Marine Ports & Services | 0.00% |
| Office Services & Supplies | 0.00% |
| Health Care Services | 12.62% |
| IT Consulting & Other Services | 5.65% |
| Research & Consulting Services | 5.59% |
| Application Software | 4.27% |
| Cash & Cash Equivalents | 3.76% |
| Insurance Brokers | 3.71% |
| Specialized Consumer Services | 2.43% |
| Environmental & Facilities Services | 2.29% |
| Health Care Technology | 2.02% |
| Apparel, Accessories & Luxury Goods | 1.99% |
| Pharmaceuticals | 1.96% |
| Casinos & Gaming | 1.87% |
| Trucking | 1.86% |
| Internet & Direct Marketing Retail | 1.79% |
| Security & Alarm Services | 1.79% |
| Specialized Finance | 1.74% |
| Advertising | 1.53% |
| Education Services | 1.50% |
| Electronic Manufacturing Services | 1.39% |
| Human Resource & Employment Services | 1.38% |
| Systems Software | 1.38% |
| Heavy Electrical Equipment | 1.36% |
| Industrial Machinery | 1.27% |
| Health Care Facilities | 1.23% |
| Specialty Chemicals | 1.19% |
| Real Estate Services | 1.15% |
| Paper Packaging | 1.12% |
| Integrated Telecommunication Services | 1.06% |
| Office Services & Supplies | 1.04% |
| Real Estate Development | 1.04% |
| Construction & Engineering | 1.01% |
| Auto Parts & Equipment | 1.00% |
| Aerospace & Defense | 0.99% |
| Metal & Glass Containers | 0.95% |
| Packaged Foods & Meats | 0.94% |
| Diversified Chemicals | 0.91% |
| Air Freight & Logistics | 0.87% |
| Leisure Facilities | 0.86% |
| Drug Retail | 0.84% |
| Home Improvement Retail | 0.84% |
| Asset Management & Custody Banks | 0.83% |
| Paper Products | 0.81% |
| Hotels, Resorts & Cruise Lines | 0.74% |
| General Merchandise Stores | 0.73% |
| Trading Companies & Distributors | 0.73% |
| Internet Services & Infrastructure | 0.68% |
| Financial Exchanges & Data | 0.63% |
| Interactive Media & Services | 0.62% |
| Water Utilities | 0.61% |
| Broadcasting | 0.58% |
| Diversified Support Services | 0.55% |
| Home Furnishings | 0.55% |
| Biotechnology | 0.52% |
| Railroads | 0.52% |
| Technology Distributors | 0.52% |
| Communications Equipment | 0.51% |
| Other Diversified Financial Services | 0.46% |
| Textiles | 0.44% |
| Health Care Distributors | 0.42% |
| Health Care Supplies | 0.41% |
| Technology Hardware, Storage & Peripherals | 0.41% |
| Data Processing & Outsourced Services | 0.38% |
| Electrical Components & Equipment | 0.37% |
| Restaurants | 0.34% |
| Commodity Chemicals | 0.33% |
| Airlines | 0.32% |
| Distributors | 0.32% |
| Homebuilding | 0.32% |
| Investment Banking & Brokerage | 0.32% |
| Life Sciences Tools & Services | 0.32% |
| Specialty Stores | 0.32% |
| Construction Materials | 0.30% |
| Multi-Sector Holdings | 0.30% |
| Electronic Equipment & Instruments | 0.29% |
| Managed Health Care | 0.24% |
| Electric Utilities | 0.23% |
| Building Products | 0.21% |
| Household Products | 0.21% |
| Apparel Retail | 0.18% |
| Highways & Railtracks | 0.11% |
| Agricultural & Farm Machinery | 0.10% |
| Footwear | 0.06% |
| Health Care Services | 11.82% |
| Research & Consulting Services | 7.93% |
| Application Software | 5.30% |
| IT Consulting & Other Services | 5.02% |
| Insurance Brokers | 4.29% |
| Cash & Cash Equivalents | 3.53% |
| Health Care Technology | 2.67% |
| Specialized Consumer Services | 2.21% |
| Industrial Machinery | 2.13% |
| Internet & Direct Marketing Retail | 1.94% |
| Environmental & Facilities Services | 1.91% |
| Specialized Finance | 1.83% |
| Systems Software | 1.83% |
| Security & Alarm Services | 1.72% |
| Pharmaceuticals | 1.71% |
| Advertising | 1.56% |
| Casinos & Gaming | 1.54% |
| Education Services | 1.38% |
| Human Resource & Employment Services | 1.28% |
| Trucking | 1.27% |
| Electronic Manufacturing Services | 1.25% |
| Diversified Support Services | 1.20% |
| Health Care Facilities | 1.16% |
| Specialty Chemicals | 1.15% |
| Heavy Electrical Equipment | 1.11% |
| Asset Management & Custody Banks | 1.10% |
| Auto Parts & Equipment | 1.10% |
| Apparel, Accessories & Luxury Goods | 1.09% |
| Aerospace & Defense | 1.08% |
| Metal & Glass Containers | 1.08% |
| Real Estate Services | 1.01% |
| Paper Packaging | 1.00% |
| Integrated Telecommunication Services | 0.99% |
| Real Estate Development | 0.98% |
| Office Services & Supplies | 0.96% |
| Internet Services & Infrastructure | 0.93% |
| Interactive Media & Services | 0.91% |
| Packaged Foods & Meats | 0.88% |
| Diversified Chemicals | 0.85% |
| Air Freight & Logistics | 0.81% |
| Life Sciences Tools & Services | 0.78% |
| Home Furnishings | 0.77% |
| Paper Products | 0.75% |
| Leisure Facilities | 0.72% |
| Trading Companies & Distributors | 0.69% |
| Hotels, Resorts & Cruise Lines | 0.68% |
| Home Improvement Retail | 0.64% |
| Electrical Components & Equipment | 0.62% |
| Technology Hardware, Storage & Peripherals | 0.62% |
| Water Utilities | 0.57% |
| Broadcasting | 0.49% |
| Financial Exchanges & Data | 0.49% |
| Multi-Sector Holdings | 0.47% |
| Railroads | 0.45% |
| Textiles | 0.44% |
| Other Diversified Financial Services | 0.43% |
| Biotechnology | 0.39% |
| Health Care Distributors | 0.39% |
| Health Care Supplies | 0.39% |
| Commodity Chemicals | 0.31% |
| Data Processing & Outsourced Services | 0.31% |
| Airlines | 0.30% |
| Distributors | 0.30% |
| Forest Products | 0.30% |
| Highways & Railtracks | 0.30% |
| Homebuilding | 0.30% |
| Investment Banking & Brokerage | 0.30% |
| Movies & Entertainment | 0.30% |
| Specialty Stores | 0.30% |
| Technology Distributors | 0.29% |
| Electric Utilities | 0.27% |
| Construction & Engineering | 0.26% |
| Diversified Metals & Mining | 0.26% |
| Apparel Retail | 0.20% |
| Building Products | 0.20% |
| Managed Health Care | 0.20% |
| Oil & Gas Storage & Transportation | 0.20% |
| Household Products | 0.19% |
| Electronic Equipment & Instruments | 0.17% |
| Footwear | 0.15% |
| Agricultural & Farm Machinery | 0.09% |
| Restaurants | 0.09% |
| Soft Drinks | 0.09% |
| Distillers & Vintners | 0.05% |
| Brewers | 0.00% |
| Marine Ports & Services | 0.00% |
| Health Care Services | 13.13% |
| Research & Consulting Services | 7.41% |
| Application Software | 4.99% |
| IT Consulting & Other Services | 4.79% |
| Specialized Finance | 3.41% |
| Health Care Technology | 3.07% |
| Cash & Cash Equivalents | 3.00% |
| Insurance Brokers | 2.64% |
| Pharmaceuticals | 2.45% |
| Specialized Consumer Services | 2.45% |
| Environmental & Facilities Services | 2.04% |
| Health Care Facilities | 2.02% |
| Internet & Direct Marketing Retail | 1.76% |
| Systems Software | 1.72% |
| Security & Alarm Services | 1.68% |
| Industrial Machinery | 1.61% |
| Education Services | 1.57% |
| Advertising | 1.50% |
| Asset Management & Custody Banks | 1.43% |
| Human Resource & Employment Services | 1.43% |
| Specialty Chemicals | 1.28% |
| Electronic Manufacturing Services | 1.27% |
| Auto Parts & Equipment | 1.22% |
| Heavy Electrical Equipment | 1.15% |
| Paper Packaging | 1.14% |
| Real Estate Services | 1.13% |
| Casinos & Gaming | 1.07% |
| Real Estate Development | 1.07% |
| Trucking | 1.02% |
| Diversified Chemicals | 0.94% |
| Air Freight & Logistics | 0.91% |
| Diversified Support Services | 0.89% |
| Office Services & Supplies | 0.89% |
| Hotels, Resorts & Cruise Lines | 0.87% |
| Aerospace & Defense | 0.86% |
| Brewers | 0.86% |
| Interactive Media & Services | 0.86% |
| Multi-Sector Holdings | 0.85% |
| Apparel, Accessories & Luxury Goods | 0.83% |
| Paper Products | 0.83% |
| Packaged Foods & Meats | 0.82% |
| Electrical Components & Equipment | 0.69% |
| Home Improvement Retail | 0.65% |
| Metal & Glass Containers | 0.65% |
| Water Utilities | 0.60% |
| Internet Services & Infrastructure | 0.59% |
| Financial Exchanges & Data | 0.55% |
| Trading Companies & Distributors | 0.55% |
| Health Care Supplies | 0.54% |
| Integrated Telecommunication Services | 0.54% |
| Life Sciences Tools & Services | 0.54% |
| Textiles | 0.51% |
| Broadcasting | 0.50% |
| Food Distributors | 0.45% |
| Leisure Facilities | 0.45% |
| Diversified Metals & Mining | 0.44% |
| Health Care Distributors | 0.44% |
| Investment Banking & Brokerage | 0.44% |
| Distributors | 0.42% |
| Technology Hardware, Storage & Peripherals | 0.42% |
| Communications Equipment | 0.40% |
| Commodity Chemicals | 0.37% |
| Airlines | 0.36% |
| Apparel Retail | 0.33% |
| Movies & Entertainment | 0.33% |
| Biotechnology | 0.32% |
| Homebuilding | 0.32% |
| Construction & Engineering | 0.30% |
| Home Furnishings | 0.28% |
| Managed Health Care | 0.23% |
| Building Products | 0.22% |
| General Merchandise Stores | 0.22% |
| Oil & Gas Storage & Transportation | 0.22% |
| Household Products | 0.21% |
| Technology Distributors | 0.21% |
| Electronic Equipment & Instruments | 0.17% |
| Other Diversified Financial Services | 0.16% |
| Automotive Retail | 0.11% |
| Highways & Railtracks | 0.11% |
| Health Care Services | 13.52% |
| Research & Consulting Services | 6.28% |
| IT Consulting & Other Services | 4.78% |
| Application Software | 4.60% |
| Cash & Cash Equivalents | 3.43% |
| Pharmaceuticals | 3.17% |
| Specialized Consumer Services | 3.12% |
| Specialized Finance | 3.08% |
| Insurance Brokers | 2.54% |
| Health Care Facilities | 2.37% |
| Industrial Machinery | 2.17% |
| Internet & Direct Marketing Retail | 1.77% |
| Asset Management & Custody Banks | 1.69% |
| Health Care Technology | 1.64% |
| Brewers | 1.57% |
| Education Services | 1.48% |
| Security & Alarm Services | 1.48% |
| Systems Software | 1.48% |
| Casinos & Gaming | 1.43% |
| Human Resource & Employment Services | 1.38% |
| Advertising | 1.37% |
| Diversified Metals & Mining | 1.37% |
| Apparel, Accessories & Luxury Goods | 1.30% |
| Auto Parts & Equipment | 1.21% |
| Electronic Manufacturing Services | 1.21% |
| Real Estate Services | 1.21% |
| Aerospace & Defense | 1.16% |
| Heavy Electrical Equipment | 1.13% |
| Paper Packaging | 1.05% |
| Real Estate Development | 1.04% |
| Environmental & Facilities Services | 0.95% |
| Diversified Chemicals | 0.90% |
| Internet Services & Infrastructure | 0.90% |
| Office Services & Supplies | 0.90% |
| Air Freight & Logistics | 0.89% |
| Water Utilities | 0.89% |
| Trucking | 0.88% |
| Trading Companies & Distributors | 0.86% |
| Interactive Media & Services | 0.84% |
| Integrated Telecommunication Services | 0.83% |
| Packaged Foods & Meats | 0.80% |
| Paper Products | 0.78% |
| Specialty Chemicals | 0.78% |
| Metal & Glass Containers | 0.76% |
| Financial Exchanges & Data | 0.75% |
| Hotels, Resorts & Cruise Lines | 0.75% |
| Health Care Supplies | 0.74% |
| Electrical Components & Equipment | 0.66% |
| Movies & Entertainment | 0.65% |
| Home Improvement Retail | 0.62% |
| Broadcasting | 0.61% |
| Investment Banking & Brokerage | 0.53% |
| Life Sciences Tools & Services | 0.52% |
| Diversified Support Services | 0.50% |
| Textiles | 0.48% |
| Leisure Facilities | 0.44% |
| Health Care Distributors | 0.43% |
| Technology Hardware, Storage & Peripherals | 0.42% |
| Construction & Engineering | 0.40% |
| Airlines | 0.39% |
| Communications Equipment | 0.39% |
| Commodity Chemicals | 0.38% |
| Managed Health Care | 0.33% |
| Highways & Railtracks | 0.32% |
| Biotechnology | 0.31% |
| Home Furnishings | 0.31% |
| Multi-Sector Holdings | 0.31% |
| Apparel Retail | 0.28% |
| Oil & Gas Storage & Transportation | 0.21% |
| Technology Distributors | 0.21% |
| Electronic Equipment & Instruments | 0.20% |
| Household Products | 0.20% |
| Distributors | 0.19% |
| Leisure Products | 0.14% |
| Agricultural & Farm Machinery | 0.10% |
| Alternative Carriers | 0.10% |
| Footwear | 0.06% |
| Electric Utilities | 0.05% |
| Marine Ports & Services | 0.00% |
| Health Care Services | 14.73% |
| Cash & Cash Equivalents | 12.28% |
| Application Software | 5.13% |
| Research & Consulting Services | 4.28% |
| Pharmaceuticals | 3.22% |
| IT Consulting & Other Services | 3.03% |
| Specialized Finance | 2.28% |
| Insurance Brokers | 2.22% |
| Internet & Direct Marketing Retail | 2.00% |
| Brewers | 1.89% |
| Auto Parts & Equipment | 1.88% |
| Health Care Technology | 1.85% |
| Health Care Facilities | 1.84% |
| Systems Software | 1.75% |
| Real Estate Services | 1.70% |
| Advertising | 1.66% |
| Specialized Consumer Services | 1.50% |
| Asset Management & Custody Banks | 1.41% |
| Broadcasting | 1.41% |
| Metal & Glass Containers | 1.33% |
| Apparel, Accessories & Luxury Goods | 1.31% |
| Human Resource & Employment Services | 1.31% |
| Education Services | 1.29% |
| Diversified Metals & Mining | 1.21% |
| Heavy Electrical Equipment | 1.18% |
| Security & Alarm Services | 1.17% |
| Electronic Manufacturing Services | 1.16% |
| Paper Packaging | 1.05% |
| Airlines | 0.99% |
| Specialty Chemicals | 0.97% |
| Environmental & Facilities Services | 0.94% |
| Investment Banking & Brokerage | 0.94% |
| Diversified Chemicals | 0.91% |
| Office Services & Supplies | 0.90% |
| Trucking | 0.90% |
| Distributors | 0.89% |
| Integrated Telecommunication Services | 0.85% |
| Aerospace & Defense | 0.83% |
| Health Care Supplies | 0.79% |
| Internet Services & Infrastructure | 0.78% |
| Hotels, Resorts & Cruise Lines | 0.75% |
| Electrical Components & Equipment | 0.67% |
| Casinos & Gaming | 0.64% |
| Financial Exchanges & Data | 0.61% |
| Interactive Media & Services | 0.55% |
| Paper Products | 0.55% |
| Trading Companies & Distributors | 0.54% |
| Life Sciences Tools & Services | 0.51% |
| Water Utilities | 0.49% |
| Diversified Support Services | 0.48% |
| Industrial Machinery | 0.46% |
| Leisure Facilities | 0.42% |
| Textiles | 0.42% |
| Technology Hardware, Storage & Peripherals | 0.41% |
| Communications Equipment | 0.39% |
| Movies & Entertainment | 0.36% |
| Air Freight & Logistics | 0.35% |
| Home Improvement Retail | 0.34% |
| Technology Distributors | 0.34% |
| Highways & Railtracks | 0.32% |
| Home Furnishings | 0.32% |
| Multi-Sector Holdings | 0.31% |
| Construction & Engineering | 0.30% |
| Alternative Carriers | 0.23% |
| Managed Health Care | 0.23% |
| Apparel Retail | 0.21% |
| Electronic Equipment & Instruments | 0.20% |
| Household Products | 0.20% |
| Leisure Products | 0.14% |
| Oil & Gas Storage & Transportation | 0.11% |
| Agricultural & Farm Machinery | 0.10% |
| Commercial Printing | 0.09% |
| Commodity Chemicals | 0.09% |
| Footwear | 0.06% |
| Electric Utilities | 0.01% |
| Marine Ports & Services | 0.00% |
| Health Care Services | 14.37% |
| Application Software | 6.22% |
| Insurance Brokers | 3.54% |
| Industrial Machinery | 3.12% |
| Research & Consulting Services | 3.10% |
| Pharmaceuticals | 2.96% |
| IT Consulting & Other Services | 2.93% |
| Cash & Cash Equivalents | 2.74% |
| Specialized Finance | 2.71% |
| Health Care Technology | 2.44% |
| Metal & Glass Containers | 2.06% |
| Auto Parts & Equipment | 2.02% |
| Brewers | 2.00% |
| Health Care Facilities | 1.90% |
| Casinos & Gaming | 1.78% |
| Systems Software | 1.78% |
| Advertising | 1.77% |
| Specialized Consumer Services | 1.77% |
| Broadcasting | 1.69% |
| Asset Management & Custody Banks | 1.66% |
| Airlines | 1.52% |
| Apparel, Accessories & Luxury Goods | 1.32% |
| Diversified Metals & Mining | 1.31% |
| Education Services | 1.24% |
| Trucking | 1.23% |
| Internet & Direct Marketing Retail | 1.20% |
| Electronic Manufacturing Services | 1.19% |
| Human Resource & Employment Services | 1.19% |
| Paper Packaging | 1.16% |
| Aerospace & Defense | 1.06% |
| Real Estate Services | 1.03% |
| Life Sciences Tools & Services | 1.00% |
| Investment Banking & Brokerage | 0.98% |
| Diversified Chemicals | 0.94% |
| Distributors | 0.90% |
| Health Care Supplies | 0.87% |
| Office Services & Supplies | 0.83% |
| Specialty Chemicals | 0.83% |
| Hotels, Resorts & Cruise Lines | 0.78% |
| Trading Companies & Distributors | 0.78% |
| Integrated Telecommunication Services | 0.73% |
| Electrical Components & Equipment | 0.69% |
| Construction & Engineering | 0.68% |
| Environmental & Facilities Services | 0.68% |
| Health Care Equipment | 0.67% |
| Construction Materials | 0.65% |
| Movies & Entertainment | 0.63% |
| Security & Alarm Services | 0.59% |
| Commodity Chemicals | 0.57% |
| Interactive Media & Services | 0.57% |
| Packaged Foods & Meats | 0.56% |
| Paper Products | 0.56% |
| Financial Exchanges & Data | 0.54% |
| Oil & Gas Storage & Transportation | 0.53% |
| Water Utilities | 0.51% |
| Diversified Support Services | 0.49% |
| Technology Hardware, Storage & Peripherals | 0.44% |
| Leisure Facilities | 0.43% |
| Commercial Printing | 0.42% |
| Textiles | 0.41% |
| Communications Equipment | 0.40% |
| Home Improvement Retail | 0.36% |
| Automotive Retail | 0.33% |
| Highways & Railtracks | 0.33% |
| Home Furnishings | 0.33% |
| Multi-Sector Holdings | 0.33% |
| Soft Drinks | 0.33% |
| Alternative Carriers | 0.29% |
| Internet Services & Infrastructure | 0.29% |
| Managed Health Care | 0.24% |
| Apparel Retail | 0.23% |
| Construction Machinery & Heavy Trucks | 0.20% |
| Household Products | 0.20% |
| Air Freight & Logistics | 0.18% |
| Electric Utilities | 0.16% |
| Leisure Products | 0.15% |
| Agricultural & Farm Machinery | 0.11% |
| Heavy Electrical Equipment | 0.11% |
| Electronic Equipment & Instruments | 0.09% |
| Footwear | 0.06% |
| Health Care Services | 10.26% |
| Cash & Cash Equivalents | 7.36% |
| Application Software | 6.99% |
| Specialized Finance | 4.45% |
| Industrial Machinery | 3.33% |
| Auto Parts & Equipment | 3.12% |
| Casinos & Gaming | 2.99% |
| Insurance Brokers | 2.99% |
| IT Consulting & Other Services | 2.90% |
| Pharmaceuticals | 2.54% |
| Health Care Technology | 2.44% |
| Research & Consulting Services | 2.06% |
| Metal & Glass Containers | 2.05% |
| Broadcasting | 1.81% |
| Internet & Direct Marketing Retail | 1.77% |
| Systems Software | 1.73% |
| Airlines | 1.66% |
| Advertising | 1.64% |
| Trucking | 1.57% |
| Specialty Chemicals | 1.51% |
| Health Care Facilities | 1.32% |
| Aerospace & Defense | 1.31% |
| Apparel, Accessories & Luxury Goods | 1.30% |
| Paper Packaging | 1.30% |
| Electronic Manufacturing Services | 1.22% |
| Education Services | 1.19% |
| Asset Management & Custody Banks | 1.11% |
| Life Sciences Tools & Services | 1.01% |
| Real Estate Services | 1.00% |
| Investment Banking & Brokerage | 0.97% |
| Communications Equipment | 0.94% |
| Diversified Chemicals | 0.93% |
| Specialized Consumer Services | 0.87% |
| Food Distributors | 0.81% |
| Construction Machinery & Heavy Trucks | 0.79% |
| Trading Companies & Distributors | 0.75% |
| Environmental & Facilities Services | 0.74% |
| Construction & Engineering | 0.70% |
| Hotels, Resorts & Cruise Lines | 0.68% |
| Health Care Equipment | 0.67% |
| Construction Materials | 0.65% |
| Movies & Entertainment | 0.63% |
| Wireless Telecommunication Services | 0.62% |
| Automotive Retail | 0.61% |
| Brewers | 0.61% |
| Commodity Chemicals | 0.58% |
| Interactive Media & Services | 0.57% |
| Packaged Foods & Meats | 0.56% |
| Leisure Products | 0.53% |
| Oil & Gas Storage & Transportation | 0.53% |
| Paper Products | 0.53% |
| Security & Alarm Services | 0.51% |
| Diversified Support Services | 0.49% |
| Textiles | 0.47% |
| Water Utilities | 0.47% |
| Human Resource & Employment Services | 0.46% |
| Integrated Telecommunication Services | 0.44% |
| Technology Hardware, Storage & Peripherals | 0.44% |
| Leisure Facilities | 0.43% |
| Office Services & Supplies | 0.43% |
| Health Care Supplies | 0.42% |
| Distributors | 0.41% |
| Air Freight & Logistics | 0.40% |
| Highways & Railtracks | 0.33% |
| Home Furnishings | 0.33% |
| Soft Drinks | 0.33% |
| Multi-Sector Holdings | 0.32% |
| Alternative Carriers | 0.30% |
| Home Improvement Retail | 0.29% |
| Apparel Retail | 0.25% |
| Internet Services & Infrastructure | 0.25% |
| Managed Health Care | 0.25% |
| Commercial Printing | 0.24% |
| Household Products | 0.20% |
| Agricultural & Farm Machinery | 0.11% |
| Heavy Electrical Equipment | 0.11% |
| Electronic Equipment & Instruments | 0.10% |
| Diversified Metals & Mining | 0.06% |
| Electric Utilities | 0.00% |
| Health Care Services | 9.16% |
| Cash & Cash Equivalents | 7.63% |
| Application Software | 6.42% |
| IT Consulting & Other Services | 4.08% |
| Specialized Finance | 4.04% |
| Industrial Machinery | 3.11% |
| Research & Consulting Services | 3.03% |
| Pharmaceuticals | 2.27% |
| Food Distributors | 2.22% |
| Health Care Technology | 2.18% |
| Insurance Brokers | 2.13% |
| Systems Software | 2.13% |
| Auto Parts & Equipment | 2.12% |
| Internet & Direct Marketing Retail | 1.96% |
| Specialty Chemicals | 1.79% |
| Interactive Media & Services | 1.75% |
| Aerospace & Defense | 1.70% |
| Advertising | 1.66% |
| Broadcasting | 1.56% |
| Trucking | 1.53% |
| Metal & Glass Containers | 1.52% |
| Health Care Facilities | 1.45% |
| Trading Companies & Distributors | 1.43% |
| Apparel, Accessories & Luxury Goods | 1.40% |
| Casinos & Gaming | 1.38% |
| Life Sciences Tools & Services | 1.14% |
| Hotels, Resorts & Cruise Lines | 1.12% |
| Asset Management & Custody Banks | 1.08% |
| Investment Banking & Brokerage | 1.08% |
| Real Estate Services | 1.06% |
| Electronic Manufacturing Services | 1.05% |
| Airlines | 1.04% |
| Communications Equipment | 1.04% |
| Specialized Consumer Services | 0.95% |
| Construction & Engineering | 0.89% |
| Air Freight & Logistics | 0.87% |
| Construction Machinery & Heavy Trucks | 0.87% |
| Environmental & Facilities Services | 0.83% |
| Movies & Entertainment | 0.83% |
| Paper Packaging | 0.76% |
| Construction Materials | 0.71% |
| Brewers | 0.69% |
| Marine Ports & Services | 0.69% |
| Automotive Retail | 0.68% |
| Diversified Chemicals | 0.68% |
| Packaged Foods & Meats | 0.62% |
| Leisure Products | 0.59% |
| Oil & Gas Storage & Transportation | 0.59% |
| Health Care Supplies | 0.57% |
| Paper Products | 0.57% |
| Security & Alarm Services | 0.56% |
| Textiles | 0.54% |
| Commodity Chemicals | 0.53% |
| Human Resource & Employment Services | 0.52% |
| Water Utilities | 0.51% |
| Leisure Facilities | 0.48% |
| Office Services & Supplies | 0.48% |
| Technology Hardware, Storage & Peripherals | 0.48% |
| Distributors | 0.45% |
| Commercial Printing | 0.40% |
| Highways & Railtracks | 0.37% |
| Soft Drinks | 0.37% |
| Home Furnishings | 0.36% |
| Multi-Sector Holdings | 0.36% |
| Integrated Telecommunication Services | 0.33% |
| Alternative Carriers | 0.32% |
| Home Improvement Retail | 0.32% |
| Apparel Retail | 0.31% |
| Internet Services & Infrastructure | 0.28% |
| Managed Health Care | 0.27% |
| Household Products | 0.23% |
| Education Services | 0.21% |
| Agricultural & Farm Machinery | 0.12% |
| Electronic Equipment & Instruments | 0.12% |
| Wireless Telecommunication Services | 0.12% |
| Other Diversified Financial Services | 0.11% |
| Health Care Equipment | 0.08% |
| Diversified Metals & Mining | 0.06% |
| Diversified Support Services | 0.06% |
| Electric Utilities | 0.00% |
| Health Care Services | 9.63% |
| Application Software | 6.17% |
| Research & Consulting Services | 5.22% |
| Cash & Cash Equivalents | 4.82% |
| IT Consulting & Other Services | 4.11% |
| Specialized Finance | 3.54% |
| Industrial Machinery | 3.32% |
| Systems Software | 2.61% |
| Aerospace & Defense | 2.05% |
| Casinos & Gaming | 1.92% |
| Health Care Technology | 1.91% |
| Food Distributors | 1.90% |
| Pharmaceuticals | 1.90% |
| Asset Management & Custody Banks | 1.78% |
| Advertising | 1.71% |
| Insurance Brokers | 1.70% |
| Interactive Media & Services | 1.67% |
| Life Sciences Tools & Services | 1.66% |
| Internet & Direct Marketing Retail | 1.65% |
| Broadcasting | 1.57% |
| Trucking | 1.57% |
| Apparel, Accessories & Luxury Goods | 1.38% |
| Air Freight & Logistics | 1.36% |
| Real Estate Services | 1.30% |
| Hotels, Resorts & Cruise Lines | 1.23% |
| Metal & Glass Containers | 1.21% |
| Movies & Entertainment | 1.17% |
| Airlines | 1.15% |
| Diversified Support Services | 1.12% |
| Trading Companies & Distributors | 1.07% |
| Leisure Products | 1.03% |
| Health Care Facilities | 1.01% |
| Specialty Chemicals | 1.00% |
| Paper Packaging | 0.96% |
| Auto Parts & Equipment | 0.93% |
| Construction & Engineering | 0.92% |
| Wireless Telecommunication Services | 0.88% |
| Packaged Foods & Meats | 0.86% |
| Automotive Retail | 0.83% |
| Diversified Chemicals | 0.83% |
| Electronic Equipment & Instruments | 0.83% |
| Construction Machinery & Heavy Trucks | 0.80% |
| Alternative Carriers | 0.76% |
| Health Care Supplies | 0.76% |
| Paper Products | 0.70% |
| Security & Alarm Services | 0.69% |
| Textiles | 0.66% |
| Human Resource & Employment Services | 0.64% |
| Commodity Chemicals | 0.63% |
| Specialized Consumer Services | 0.62% |
| Construction Materials | 0.60% |
| Marine Ports & Services | 0.59% |
| Technology Hardware, Storage & Peripherals | 0.59% |
| Office Services & Supplies | 0.58% |
| Commercial Printing | 0.57% |
| Communications Equipment | 0.55% |
| Distributors | 0.54% |
| Leisure Facilities | 0.53% |
| Electronic Manufacturing Services | 0.50% |
| Internet Services & Infrastructure | 0.49% |
| Tires & Rubber | 0.47% |
| Environmental & Facilities Services | 0.45% |
| Soft Drinks | 0.45% |
| Multi-Sector Holdings | 0.44% |
| Integrated Telecommunication Services | 0.41% |
| Education Services | 0.40% |
| Apparel Retail | 0.39% |
| Managed Health Care | 0.31% |
| Brewers | 0.28% |
| Household Products | 0.28% |
| Home Improvement Retail | 0.24% |
| Agricultural & Farm Machinery | 0.15% |
| Investment Banking & Brokerage | 0.15% |
| Oil & Gas Storage & Transportation | 0.15% |
| Health Care Equipment | 0.11% |
| Diversified Metals & Mining | 0.08% |
| Health Care Services | 8.72% |
| Application Software | 5.92% |
| Research & Consulting Services | 4.51% |
| Specialized Finance | 3.54% |
| Short-Term, Cash & Cash Equivalents | 3.46% |
| Trucking | 3.01% |
| IT Consulting & Other Services | 2.90% |
| Internet & Direct Marketing Retail | 2.58% |
| Systems Software | 2.33% |
| Industrial Machinery | 2.29% |
| Insurance Brokers | 2.11% |
| Health Care Technology | 2.04% |
| Casinos & Gaming | 1.98% |
| Advertising | 1.93% |
| Aerospace & Defense | 1.88% |
| Metal & Glass Containers | 1.88% |
| Asset Management & Custody Banks | 1.84% |
| Food Distributors | 1.80% |
| Broadcasting | 1.77% |
| Trading Companies & Distributors | 1.69% |
| Pharmaceuticals | 1.62% |
| Life Sciences Tools & Services | 1.56% |
| Real Estate Services | 1.54% |
| Diversified Support Services | 1.43% |
| Electronic Manufacturing Services | 1.40% |
| Airlines | 1.38% |
| Movies & Entertainment | 1.34% |
| Hotels, Resorts & Cruise Lines | 1.18% |
| Air Freight & Logistics | 1.08% |
| Apparel, Accessories & Luxury Goods | 1.04% |
| Auto Parts & Equipment | 1.00% |
| Electronic Equipment & Instruments | 0.97% |
| Packaged Foods & Meats | 0.96% |
| Specialty Chemicals | 0.93% |
| Automotive Retail | 0.92% |
| Construction Machinery & Heavy Trucks | 0.90% |
| Health Care Supplies | 0.90% |
| Internet Services & Infrastructure | 0.89% |
| Paper Packaging | 0.89% |
| Interactive Media & Services | 0.88% |
| Construction & Engineering | 0.87% |
| Leisure Products | 0.85% |
| Communications Equipment | 0.82% |
| Construction Materials | 0.81% |
| Paper Products | 0.81% |
| Health Care Facilities | 0.79% |
| Textiles | 0.76% |
| Multi-Sector Holdings | 0.75% |
| Office Services & Supplies | 0.74% |
| Commodity Chemicals | 0.73% |
| Human Resource & Employment Services | 0.73% |
| Alternative Carriers | 0.68% |
| Technology Hardware, Storage & Peripherals | 0.68% |
| Tires & Rubber | 0.66% |
| Marine Ports & Services | 0.62% |
| Commercial Printing | 0.60% |
| Distributors | 0.59% |
| Leisure Facilities | 0.58% |
| Security & Alarm Services | 0.52% |
| Food Retail | 0.51% |
| Soft Drinks | 0.51% |
| Integrated Telecommunication Services | 0.46% |
| Diversified Chemicals | 0.45% |
| Specialized Consumer Services | 0.45% |
| Diversified Capital Markets | 0.41% |
| Heavy Electrical Equipment | 0.41% |
| Managed Health Care | 0.36% |
| Brewers | 0.32% |
| Household Products | 0.31% |
| Education Services | 0.29% |
| Agricultural & Farm Machinery | 0.17% |
| Environmental & Facilities Services | 0.17% |
| Investment Banking & Brokerage | 0.17% |
| Wireless Telecommunication Services | 0.16% |
| Consumer Finance | 0.15% |
| Diversified Metals & Mining | 0.09% |
| Health Care Equipment | 0.02% |
| Electric Utilities | 0.00% |
| Health Care Services | 8.87% |
| Application Software | 6.93% |
| Short-Term, Cash & Cash Equivalents | 5.49% |
| Research & Consulting Services | 4.37% |
| IT Consulting & Other Services | 3.48% |
| Specialized Finance | 3.35% |
| Internet & Direct Marketing Retail | 2.69% |
| Trucking | 2.59% |
| Systems Software | 2.23% |
| Metal & Glass Containers | 2.19% |
| Health Care Technology | 2.15% |
| Advertising | 2.06% |
| Insurance Brokers | 2.01% |
| Airlines | 1.88% |
| Automotive Retail | 1.73% |
| Asset Management & Custody Banks | 1.65% |
| Hotels, Resorts & Cruise Lines | 1.65% |
| Life Sciences Tools & Services | 1.63% |
| Real Estate Services | 1.59% |
| Pharmaceuticals | 1.57% |
| Specialized Consumer Services | 1.29% |
| Diversified Support Services | 1.23% |
| Interactive Media & Services | 1.23% |
| Trading Companies & Distributors | 1.23% |
| Movies & Entertainment | 1.22% |
| Broadcasting | 1.18% |
| Industrial Machinery | 1.14% |
| Apparel, Accessories & Luxury Goods | 1.08% |
| Electronic Manufacturing Services | 1.08% |
| Air Freight & Logistics | 1.07% |
| Casinos & Gaming | 1.06% |
| Aerospace & Defense | 1.01% |
| Commodity Chemicals | 1.00% |
| Packaged Foods & Meats | 0.96% |
| Internet Services & Infrastructure | 0.93% |
| Construction & Engineering | 0.92% |
| Electronic Equipment & Instruments | 0.92% |
| Health Care Supplies | 0.92% |
| Specialty Chemicals | 0.92% |
| Personal Products | 0.89% |
| Communications Equipment | 0.85% |
| Construction Materials | 0.85% |
| Paper Products | 0.84% |
| Multi-Sector Holdings | 0.78% |
| Paper Packaging | 0.78% |
| Commercial Printing | 0.77% |
| Auto Parts & Equipment | 0.76% |
| Office Services & Supplies | 0.76% |
| Alternative Carriers | 0.70% |
| Tires & Rubber | 0.70% |
| Technology Hardware, Storage & Peripherals | 0.69% |
| Distributors | 0.61% |
| Leisure Products | 0.61% |
| Marine Ports & Services | 0.60% |
| Leisure Facilities | 0.57% |
| Health Care Facilities | 0.54% |
| Security & Alarm Services | 0.54% |
| Restaurants | 0.53% |
| Soft Drinks | 0.52% |
| Textiles | 0.52% |
| Integrated Telecommunication Services | 0.51% |
| Construction Machinery & Heavy Trucks | 0.50% |
| Diversified Chemicals | 0.47% |
| Human Resource & Employment Services | 0.47% |
| Managed Health Care | 0.45% |
| Heavy Electrical Equipment | 0.42% |
| Household Products | 0.33% |
| Education Services | 0.29% |
| Diversified Capital Markets | 0.28% |
| Environmental & Facilities Services | 0.25% |
| Brewers | 0.22% |
| Agricultural & Farm Machinery | 0.19% |
| Investment Banking & Brokerage | 0.18% |
| Specialty Stores | 0.17% |
| Consumer Finance | 0.16% |
| Wireless Telecommunication Services | 0.16% |
| Diversified Metals & Mining | 0.09% |
| Electric Utilities | 0.00% |
Allocation by Asset Class (%)
| Direct Lending | 69.86% |
| Syndicated Loans | 15.91% |
| Other | 14.22% |
| Direct Lending | 60.27% |
| Syndicated Loans | 28.01% |
| Other | 11.72% |
| Direct Lending | 54.74% |
| Syndicated Loans | 40.03% |
| Other | 5.24% |
| Private Credit | 49.62% |
| Public Credit | 46.85% |
| Short-Term, Cash & Cash Equivalents | 3.53% |
| Private Credit | 53.07% |
| Public Credit | 43.93% |
| Short-Term, Cash & Cash Equivalents | 3.00% |
| Public Credit | 48.52% |
| Private Credit | 48.05% |
| Short-Term, Cash & Cash Equivalents | 3.43% |
| Public Credit | 46.66% |
| Private Credit | 41.05% |
| Short-Term, Cash & Cash Equivalents | 12.28% |
| Public Credit | 60.63% |
| Private Credit | 36.63% |
| Short-Term, Cash & Cash Equivalents | 2.74% |
| Public Credit | 60.36% |
| Private Credit | 32.28% |
| Short-Term, Cash & Cash Equivalents | 7.36% |
| Public Credit | 62.25% |
| Private Credit | 30.12% |
| Short-Term, Cash & Cash Equivalents | 7.63% |
| Public Credit | 61.13% |
| Private Credit | 34.05% |
| Short-Term, Cash & Cash Equivalents | 4.82% |
| Public Credit | 60.42% |
| Private Credit | 36.11% |
| Short-Term, Cash & Cash Equivalents | 3.47% |
| Public Credit | 57.69% |
| Private Credit | 36.83% |
| Short-Term, Cash & Cash Equivalents | 5.49% |
Allocation by Floating Rate vs. Fixed Rate (%)
| Floating Rate | 84.81% |
| Short-Term, Cash & Cash Equivalents | 14.06% |
| Other | 0.97% |
| Fixed Rate | 0.16% |
| Floating Rate | 87.23% |
| Short-Term, Cash & Cash Equivalents | 11.49% |
| Other | 1.05% |
| Fixed Rate | 0.22% |
| Floating Rate | 93.71% |
| Short-Term, Cash & Cash Equivalents | 3.76% |
| Fixed Rate | 1.47% |
| Other | 1.05% |
| Floating Rate | 93.71% |
| Short-Term, Cash & Cash Equivalents | 3.53% |
| Fixed Rate | 1.64% |
| Other | 1.12% |
| Floating Rate | 94.04% |
| Short-Term, Cash & Cash Equivalents | 3.00% |
| Fixed Rate | 1.67% |
| Other | 1.29% |
| Floating Rate | 93.56% |
| Short-Term, Cash & Cash Equivalents | 3.43% |
| Fixed Rate | 1.79% |
| Other | 1.22% |
| Floating Rate | 84.28% |
| Short-Term, Cash & Cash Equivalents | 12.28% |
| Fixed Rate | 3.15% |
| Other | 0.28% |
| Floating Rate | 91.55% |
| Fixed Rate | 5.46% |
| Short-Term, Cash & Cash Equivalents | 2.74% |
| Other | 0.24% |
| Floating Rate | 86.75% |
| Short-Term, Cash & Cash Equivalents | 7.36% |
| Fixed Rate | 5.67% |
| Other | 0.22% |
| Floating Rate | 84.50% |
| Fixed Rate | 7.72% |
| Short-Term, Cash & Cash Equivalents | 7.63% |
| Other | 0.15% |
| Floating Rate | 88.55% |
| Fixed Rate | 6.42% |
| Short-Term, Cash & Cash Equivalents | 4.82% |
| Other | 0.20% |
| Floating Rate | 89.32% |
| Fixed Rate | 7.15% |
| Short-Term, Cash & Cash Equivalents | 3.46% |
| Other | 0.07% |
| Floating Rate | 90.28% |
| Short-Term, Cash & Cash Equivalents | 5.49% |
| Fixed Rate | 4.23% |
| Other | 0.00% |
Allocation by Country (%)
| United States of America | 83.63% |
| Short-Term, Cash & Cash Equivalents | 14.06% |
| Canada | 1.48% |
| Germany | 0.43% |
| United Kingdom | 0.40% |
| United States of America | 86.48% |
| Short-Term, Cash & Cash Equivalents | 11.49% |
| Canada | 1.31% |
| Germany | 0.37% |
| United Kingdom | 0.35% |
| United States of America | 95.28% |
| Short-Term, Cash & Cash Equivalents | 3.76% |
| Canada | 0.34% |
| Germany | 0.32% |
| United Kingdom | 0.30% |
| United States of America | 95.24% |
| Short-Term, Cash & Cash Equivalents | 3.53% |
| United Kingdom | 0.38% |
| Finland | 0.30% |
| Germany | 0.30% |
| Canada | 0.25% |
| Cayman Islands | 0.00% |
| Ireland | 0.00% |
| Luxembourg | 0.00% |
| Netherlands | 0.00% |
| United States of America | 95.84% |
| Short-Term, Cash & Cash Equivalents | 3.00% |
| United Kingdom | 0.43% |
| Germany | 0.33% |
| Netherlands | 0.22% |
| Canada | 0.18% |
| Cayman Islands | 0.00% |
| Ireland | 0.00% |
| Luxembourg | 0.00% |
Disclosures
Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.
Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.
Management
-
Rajesh Agarwal
Senior Managing Director, Head of US Real Estate and Consumer Debt Strategies, Napier Park Global CapitalIndustry start:1996Year joined:2013 -
Jon Dorfman
Managing Principal and Chief Investment Officer, Napier Park Global CapitalIndustry start:1984Year joined:2007 -
Mohammed El Khazzar
Senior Managing Director, Senior Portfolio Manager— Napier Park Global CapitalIndustry start:2004Year joined:2012 -
Michelle Handy
Senior Managing Director and Chief Investment Officer of Direct Lending, Napier Park Global CapitalIndustry start:1997Year joined:2016 -
Robert O’Brien
Managing Director, Portfolio Manager and Trader—US Leveraged Loans, Napier Park Global CapitalIndustry start:1997Year joined:2002 -
Serhan Secmen
Senior Managing Director and Head of US CLO Investments and Global CLO Management, Napier Park Global CapitalIndustry start:2005Year joined:2008 -
Disclosures
“With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.
Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.
Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.
The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.
The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.
Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.
An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.
Fees & Minimums
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 2.50 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 1.50 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.25 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.62 |
| Total Annual Fund Operating Expenses | 3.66 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.58 |
| Adjusted Expense Ratio (%)9 | 2.25 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.63 |
| Total Annual Fund Operating Expenses | 3.42 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.34 |
| Adjusted Expense Ratio (%)9 | 2.00 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 2.50 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 1.50 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.25 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.62 |
| Total Annual Fund Operating Expenses | 3.66 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.58 |
| Adjusted Expense Ratio (%)9 | 2.25 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.50 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.62 |
| Total Annual Fund Operating Expenses | 3.91 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.83 |
| Adjusted Expense Ratio (%)9 | 2.50 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.75 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.62 |
| Total Annual Fund Operating Expenses | 4.16 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 4.08 |
| Adjusted Expense Ratio (%)9 | 2.75 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 2.50 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 1.50 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.50 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.62 |
| Total Annual Fund Operating Expenses | 3.91 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.83 |
| Adjusted Expense Ratio (%)9 | 2.50 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)1 | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):
| Management Fees4 | 1.43 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Interest Payment on Borrowed Funds5 | 1.36 |
| Other Expenses6 | 0.63 |
| Total Annual Fund Operating Expenses | 3.42 |
| Fee Waiver and/or Expense Reimbursement 4, 7, 8 | -0.08 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.34 |
| Adjusted Expense Ratio (%)9 | 2.00 |
The Adviser will waive the Fund’s management fees in full from 5-Sep-2025 through 31-Dec-2026, with the result that no management fees will be paid by the Fund during that period. This waiver will not be repaid to the Adviser by the Fund. The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively..
Disclosures
- 1
The Fund continuously offers its Common Shares through “the Distributor”, as principal underwriter, on a best efforts basis. Class A Shares, Class A-2 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current net asset value (“NAV”) per Share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. While neither the Fund nor the Distributor impose a front-end sales commission on Class I Shares, if you buy Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A Shares, Class A-2 Shares and/or Class A-4 Shares will not pay anyinitial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares, ClassA-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first12 months after their purchase. See “Early Withdrawal Charges—Class A Shares, Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to2.00%. The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 4
The contractual Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 12.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 12.5% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 9.52% (plus applicable fees the Fund incurs in connection with its credit facility
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses have been restated in part to reflect the conclusion of certain non-recurring expenses from the prior fiscal year.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets of such class. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the respective class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.50%, 2.75%, 2.75%, 2.50%, 2.00% and 2.00% of the class’s average daily net assets of such class, respectively; or (2) if applicable, any lower expense limitation rate in effect for that class at the time of recoupment. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Fund receives a reimbursement by the Adviser for the costs of certain administrative, accounting, operations, compliance and other services performed by the Adviser on behalf of the Fund. Expenses associated with these additional services are typically charged, at least in part, to the Fund, but may not exceed an annual rate of 0.05% of the Fund’s daily average net assets. The Adviser and the Sub adviser also have agreed to waive all management fees and sub advisory fees payable to them under the Management Agreement and Sub advisory Agreement from September 5, 2025 through December 31, 2026 and may not be terminated during its term without the consent of the Board of Trustees. Amounts waived pursuant to the New Management Fee Waiver are not subject to any right of future recoupment in favor of the Adviser and the Sub adviser.
- 9
The impact of the management fee waiver is an Adjusted Expense ratio of 1.26%, 1.51%, 1.66%, 1.76%, 1.51%, 1.02%, 1.02% for Class A, Class A-1, Class A-2, Class A-3, Class A-4, Class I, and Class W, respectively. The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying First Eagle Funds (if applicable), none of which are paid to First Eagle.
Distributions
Dividend Payments
| Record Date | Frequency | Ex Date | Reinvest Date | Payable Date | Dividend ($) | Reinvested at |
|---|---|---|---|---|---|---|
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.163 | $22.10 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.167 | $22.14 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.167 | $22.17 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.168 | $22.23 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.169 | $22.39 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.169 | $22.48 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.169 | $22.50 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.165 | $22.56 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.161 | $22.62 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.146 | $22.54 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.146 | $22.55 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.146 | $22.52 |
| 05/30/2025 | Monthly | 05/30/2025 | 05/30/2025 | 06/02/2025 | $0.147 | $22.53 |
| 04/30/2025 | Monthly | 04/30/2025 | 04/30/2025 | 05/01/2025 | $0.150 | $22.47 |
| 03/31/2025 | Monthly | 03/31/2025 | 03/31/2025 | 04/01/2025 | $0.159 | $22.65 |
| 02/28/2025 | Monthly | 02/28/2025 | 02/28/2025 | 03/03/2025 | $0.150 | $22.87 |
| 01/31/2025 | Monthly | 01/31/2025 | 01/31/2025 | 02/03/2025 | $0.178 | $22.96 |
| 12/31/2024 | Monthly | 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.183 | $23.09 |
| 11/29/2024 | Monthly | 11/29/2024 | 11/29/2024 | 12/02/2024 | $0.180 | $23.16 |
| 10/31/2024 | Monthly | 10/31/2024 | 10/31/2024 | 11/01/2024 | $0.197 | $23.18 |
| 09/30/2024 | Monthly | 09/30/2024 | 09/30/2024 | 10/01/2024 | $0.191 | $23.21 |
| 08/30/2024 | Monthly | 08/30/2024 | 08/30/2024 | 09/03/2024 | $0.202 | $23.26 |
| 07/31/2024 | Monthly | 07/31/2024 | 07/31/2024 | 08/01/2024 | $0.206 | $23.30 |
| 06/28/2024 | Monthly | 06/28/2024 | 06/28/2024 | 07/01/2024 | $0.203 | $23.46 |
| 05/31/2024 | Monthly | 05/31/2024 | 05/31/2024 | 06/03/2024 | $0.209 | $23.60 |
| 04/30/2024 | Monthly | 04/30/2024 | 04/30/2024 | 05/01/2024 | $0.206 | $23.57 |
| 03/28/2024 | Monthly | 03/28/2024 | 03/28/2024 | 04/01/2024 | $0.211 | $23.69 |
| 02/29/2024 | Monthly | 02/29/2024 | 02/29/2024 | 03/01/2024 | $0.200 | $23.64 |
| 01/31/2024 | Monthly | 01/31/2024 | 02/01/2024 | 02/01/2024 | $0.214 | $23.68 |
| 12/29/2023 | Monthly | 12/29/2023 | 12/29/2023 | 01/02/2024 | $0.215 | $23.78 |
| 12/27/2023 | Special distribution | 12/28/2023 | 12/28/2023 | 12/29/2023 | $0.041 | $23.76 |
| 11/30/2023 | Monthly | 11/30/2023 | 11/30/2023 | 12/01/2023 | $0.206 | $23.63 |
| 10/31/2023 | Monthly | 10/31/2023 | 10/31/2023 | 11/01/2023 | $0.210 | $23.53 |
| 09/29/2023 | Monthly | 09/29/2023 | 09/29/2023 | 10/02/2023 | $0.203 | $23.66 |
| 08/31/2023 | Monthly | 08/31/2023 | 08/31/2023 | 09/01/2023 | $0.207 | $23.61 |
| 07/31/2023 | Monthly | 07/31/2023 | 07/31/2023 | 08/01/2023 | $0.204 | $23.60 |
| 06/30/2023 | Monthly | 06/30/2023 | 06/30/2023 | 07/03/2023 | $0.198 | $23.49 |
| 05/31/2023 | Monthly | 05/31/2023 | 05/31/2023 | 06/01/2023 | $0.201 | $23.44 |
| 04/28/2023 | Monthly | 04/28/2023 | 04/28/2023 | 05/01/2023 | $0.184 | $23.69 |
| 03/31/2023 | Monthly | 03/31/2023 | 03/31/2023 | 04/03/2023 | $0.182 | $23.67 |
| 02/28/2023 | Monthly | 02/28/2023 | 02/28/2023 | 03/01/2023 | $0.154 | $23.87 |
| 01/31/2023 | Monthly | 01/31/2023 | 01/31/2023 | 02/01/2023 | $0.172 | $23.78 |
| 12/30/2022 | Monthly | 12/30/2022 | 12/30/2022 | 01/03/2023 | $0.169 | $23.44 |
| 12/28/2022 | Special distribution | 12/29/2022 | 12/29/2022 | 12/30/2022 | $0.210 | $23.44 |
| 11/30/2022 | Monthly | 11/30/2022 | 11/30/2022 | 12/01/2022 | $0.152 | $23.91 |
| 10/31/2022 | Monthly | 10/31/2022 | 10/31/2022 | 11/01/2022 | $0.140 | $23.87 |
| 09/30/2022 | Monthly | 09/30/2022 | 09/30/2022 | 10/03/2022 | $0.136 | $24.05 |
| 08/31/2022 | Monthly | 08/31/2022 | 08/31/2022 | 09/01/2022 | $0.136 | $24.57 |
| 07/29/2022 | Monthly | 07/29/2022 | 07/29/2022 | 08/01/2022 | $0.132 | $24.42 |
| 06/30/2022 | Monthly | 06/30/2022 | 06/30/2022 | 07/01/2022 | $0.129 | $24.33 |
| 05/31/2022 | Monthly | 05/31/2022 | 05/31/2022 | 06/01/2022 | $0.139 | $24.94 |
| 04/29/2022 | Monthly | 04/29/2022 | 04/29/2022 | 05/02/2022 | $0.146 | $25.69 |
| 03/31/2022 | Monthly | 03/31/2022 | 03/31/2022 | 04/01/2022 | $0.146 | $25.87 |
| 02/28/2022 | Monthly | 02/28/2022 | 02/28/2022 | 03/01/2022 | $0.134 | $26.00 |
| 01/31/2022 | Monthly | 01/31/2022 | 01/31/2022 | 02/01/2022 | $0.152 | $26.17 |
| 12/31/2021 | Monthly | 12/31/2021 | 12/31/2021 | 01/03/2022 | $0.150 | $26.20 |
| 12/28/2021 | Special distribution | 12/29/2021 | 12/29/2021 | 12/30/2021 | $0.070 | $26.18 |
| 11/30/2021 | Monthly | 11/30/2021 | 11/30/2021 | 12/01/2021 | $0.144 | $26.32 |
| 10/29/2021 | Monthly | 10/29/2021 | 10/29/2021 | 11/01/2021 | $0.154 | $26.40 |
| 09/30/2021 | Monthly | 09/30/2021 | 09/30/2021 | 10/01/2021 | $0.154 | $26.38 |
| 08/31/2021 | Monthly | 08/31/2021 | 08/31/2021 | 09/01/2021 | $0.154 | $26.27 |
| 07/30/2021 | Monthly | 07/30/2021 | 07/30/2021 | 08/02/2021 | $0.197 | $26.29 |
| 06/30/2021 | Monthly | 06/30/2021 | 06/30/2021 | 07/01/2021 | $0.222 | $26.31 |
| 05/28/2021 | Monthly | 05/28/2021 | 05/28/2021 | 06/01/2021 | $0.149 | $26.24 |
| 04/30/2021 | Monthly | 04/30/2021 | 04/30/2021 | 05/03/2021 | $0.111 | $26.26 |
| 03/31/2021 | Monthly | 03/31/2021 | 03/31/2021 | 04/01/2021 | $0.142 | $26.17 |
| 02/26/2021 | Monthly | 02/26/2021 | 02/26/2021 | 03/01/2021 | $0.059 | $26.01 |
| 01/29/2021 | Monthly | 01/29/2021 | 01/29/2021 | 02/01/2021 | $0.116 | $25.74 |
| 12/31/2020 | Monthly | 12/31/2020 | 12/31/2020 | 01/04/2021 | $0.086 | $25.47 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.166 | $21.98 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.170 | $22.02 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.170 | $22.05 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.172 | $22.10 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.172 | $22.26 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.172 | $22.35 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.173 | $22.37 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.169 | $22.43 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.164 | $22.49 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.149 | $22.41 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.149 | $22.41 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.149 | $22.37 |
| 05/30/2025 | Monthly | 05/30/2025 | 05/30/2025 | 06/02/2025 | $0.151 | $22.39 |
| 04/30/2025 | Monthly | 04/30/2025 | 04/30/2025 | 05/01/2025 | $0.154 | $22.33 |
| 03/31/2025 | Monthly | 03/31/2025 | 03/31/2025 | 04/01/2025 | $0.165 | $22.51 |
| 02/28/2025 | Monthly | 02/28/2025 | 02/28/2025 | 03/03/2025 | $0.155 | $22.73 |
| 01/31/2025 | Monthly | 01/31/2025 | 01/31/2025 | 02/03/2025 | $0.185 | $22.82 |
| 12/31/2024 | Monthly | 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.189 | $22.95 |
| 11/29/2024 | Monthly | 11/29/2024 | 11/29/2024 | 12/02/2024 | $0.186 | $23.12 |
| 10/31/2024 | Monthly | 10/31/2024 | 10/31/2024 | 11/01/2024 | $0.203 | $23.04 |
| 09/30/2024 | Monthly | 09/30/2024 | 09/30/2024 | 10/01/2024 | $0.196 | $23.08 |
| 08/30/2024 | Monthly | 08/30/2024 | 08/30/2024 | 09/03/2024 | $0.208 | $23.13 |
| 07/31/2024 | Monthly | 07/31/2024 | 07/31/2024 | 08/01/2024 | $0.211 | $23.23 |
| 06/28/2024 | Monthly | 06/28/2024 | 06/28/2024 | 07/01/2024 | $0.208 | $23.39 |
| 05/31/2024 | Monthly | 05/31/2024 | 05/31/2024 | 06/03/2024 | $0.215 | $23.46 |
| 04/30/2024 | Monthly | 04/30/2024 | 04/30/2024 | 05/01/2024 | $0.212 | $23.43 |
| 03/28/2024 | Monthly | 03/28/2024 | 03/28/2024 | 04/01/2024 | $0.218 | $23.56 |
| 02/29/2024 | Monthly | 02/29/2024 | 02/29/2024 | 03/01/2024 | $0.205 | $23.50 |
| 01/31/2024 | Monthly | 01/31/2024 | 02/01/2024 | 02/01/2024 | $0.220 | $23.55 |
| 12/29/2023 | Monthly | 12/29/2023 | 12/29/2023 | 01/02/2024 | $0.220 | $23.64 |
| 12/27/2023 | Special distribution | 12/28/2023 | 12/28/2023 | 12/29/2023 | $0.089 | $23.63 |
| 11/30/2023 | Monthly | 11/30/2023 | 11/30/2023 | 12/01/2023 | $0.211 | $23.54 |
| 10/31/2023 | Monthly | 10/31/2023 | 10/31/2023 | 11/01/2023 | $0.216 | $23.44 |
| 09/29/2023 | Monthly | 09/29/2023 | 09/29/2023 | 10/02/2023 | $0.208 | $23.57 |
| 08/31/2023 | Monthly | 08/31/2023 | 08/31/2023 | 09/01/2023 | $0.212 | $23.53 |
| 07/31/2023 | Monthly | 07/31/2023 | 07/31/2023 | 08/01/2023 | $0.209 | $23.51 |
| 06/30/2023 | Monthly | 06/30/2023 | 06/30/2023 | 07/03/2023 | $0.203 | $23.40 |
| 05/31/2023 | Monthly | 05/31/2023 | 05/31/2023 | 06/01/2023 | $0.206 | $23.35 |
| 04/28/2023 | Monthly | 04/28/2023 | 04/28/2023 | 05/01/2023 | $0.189 | $23.61 |
| 03/31/2023 | Monthly | 03/31/2023 | 03/31/2023 | 04/03/2023 | $0.187 | $23.58 |
| 02/28/2023 | Monthly | 02/28/2023 | 02/28/2023 | 03/01/2023 | $0.159 | $23.78 |
| 01/31/2023 | Monthly | 01/31/2023 | 01/31/2023 | 02/01/2023 | $0.177 | $23.69 |
| 12/30/2022 | Monthly | 12/30/2022 | 12/30/2022 | 01/03/2023 | $0.174 | $23.35 |
| 12/28/2022 | Special distribution | 12/29/2022 | 12/29/2022 | 12/30/2022 | $0.260 | $23.36 |
| 11/30/2022 | Monthly | 11/30/2022 | 11/30/2022 | 12/01/2022 | $0.157 | $23.87 |
| 10/31/2022 | Monthly | 10/31/2022 | 10/31/2022 | 11/01/2022 | $0.146 | $23.83 |
| 09/30/2022 | Monthly | 09/30/2022 | 09/30/2022 | 10/03/2022 | $0.142 | $24.01 |
| 08/31/2022 | Monthly | 08/31/2022 | 08/31/2022 | 09/01/2022 | $0.141 | $24.54 |
| 07/29/2022 | Monthly | 07/29/2022 | 07/29/2022 | 08/01/2022 | $0.137 | $24.39 |
| 06/30/2022 | Monthly | 06/30/2022 | 06/30/2022 | 07/01/2022 | $0.135 | $24.29 |
| 05/31/2022 | Monthly | 05/31/2022 | 05/31/2022 | 06/01/2022 | $0.146 | $24.91 |
| 04/29/2022 | Monthly | 04/29/2022 | 04/29/2022 | 05/02/2022 | $0.152 | $25.66 |
| 03/31/2022 | Monthly | 03/31/2022 | 03/31/2022 | 04/01/2022 | $0.150 | $25.84 |
| 02/28/2022 | Monthly | 02/28/2022 | 02/28/2022 | 03/01/2022 | $0.139 | $25.96 |
| 01/31/2022 | Monthly | 01/31/2022 | 01/31/2022 | 02/01/2022 | $0.159 | $26.13 |
| 12/31/2021 | Monthly | 12/31/2021 | 12/31/2021 | 01/03/2022 | $0.163 | $26.16 |
| 12/28/2021 | Special distribution | 12/29/2021 | 12/29/2021 | 12/30/2021 | $0.140 | $26.14 |
| 11/30/2021 | Monthly | 11/30/2021 | 11/30/2021 | 12/01/2021 | $0.154 | $26.36 |
| 10/29/2021 | Monthly | 10/29/2021 | 10/29/2021 | 11/01/2021 | $0.160 | $26.43 |
| 09/30/2021 | Monthly | 09/30/2021 | 09/30/2021 | 10/01/2021 | $0.160 | $26.40 |
| 08/31/2021 | Monthly | 08/31/2021 | 08/31/2021 | 09/01/2021 | $0.160 | $26.28 |
| 07/30/2021 | Monthly | 07/30/2021 | 07/30/2021 | 08/02/2021 | $0.213 | $26.28 |
| 06/30/2021 | Monthly | 06/30/2021 | 06/30/2021 | 07/01/2021 | $0.238 | $26.31 |
| 05/28/2021 | Monthly | 05/28/2021 | 05/28/2021 | 06/01/2021 | $0.166 | $26.24 |
| 04/30/2021 | Monthly | 04/30/2021 | 04/30/2021 | 05/03/2021 | $0.127 | $26.26 |
| 03/31/2021 | Monthly | 03/31/2021 | 03/31/2021 | 04/01/2021 | $0.159 | $26.16 |
| 02/26/2021 | Monthly | 02/26/2021 | 02/26/2021 | 03/01/2021 | $0.074 | $26.01 |
| 01/29/2021 | Monthly | 01/29/2021 | 01/29/2021 | 02/01/2021 | $0.132 | $25.74 |
| 12/31/2020 | Monthly | 12/31/2020 | 12/31/2020 | 01/04/2021 | $0.109 | $25.47 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.156 | $22.06 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.160 | $22.11 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.161 | $22.13 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.162 | $22.19 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.163 | $22.35 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.163 | $22.44 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.163 | $22.47 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.159 | $22.53 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.156 | $22.59 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.141 | $22.51 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.141 | $22.53 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.141 | $22.50 |
| 05/30/2025 | Monthly | 05/30/2025 | 05/30/2025 | 06/02/2025 | $0.143 | $22.51 |
| 04/30/2025 | Monthly | 04/30/2025 | 04/30/2025 | 05/01/2025 | $0.140 | $22.45 |
| 03/31/2025 | Monthly | 03/31/2025 | 03/31/2025 | 04/01/2025 | $0.150 | $22.62 |
| 02/28/2025 | Monthly | 02/28/2025 | 02/28/2025 | 03/03/2025 | $0.141 | $22.84 |
| 01/31/2025 | Monthly | 01/31/2025 | 01/31/2025 | 02/03/2025 | $0.168 | $22.93 |
| 12/31/2024 | Monthly | 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.173 | $23.05 |
| 11/29/2024 | Monthly | 11/29/2024 | 11/29/2024 | 12/02/2024 | $0.170 | $23.02 |
| 10/31/2024 | Monthly | 10/31/2024 | 10/31/2024 | 11/01/2024 | $0.187 | $23.13 |
| 09/30/2024 | Monthly | 09/30/2024 | 09/30/2024 | 10/01/2024 | $0.181 | $23.16 |
| 08/30/2024 | Monthly | 08/30/2024 | 08/30/2024 | 09/03/2024 | $0.192 | $23.20 |
| 07/31/2024 | Monthly | 07/31/2024 | 07/31/2024 | 08/01/2024 | $0.196 | $23.16 |
| 06/28/2024 | Monthly | 06/28/2024 | 06/28/2024 | 07/01/2024 | $0.191 | $23.33 |
| 05/31/2024 | Monthly | 05/31/2024 | 05/31/2024 | 06/03/2024 | $0.200 | $23.53 |
| 04/30/2024 | Monthly | 04/30/2024 | 04/30/2024 | 05/01/2024 | $0.197 | $23.49 |
| 03/28/2024 | Monthly | 03/28/2024 | 03/28/2024 | 04/01/2024 | $0.202 | $23.61 |
| 02/29/2024 | Monthly | 02/29/2024 | 02/29/2024 | 03/01/2024 | $0.191 | $23.55 |
| 01/31/2024 | Monthly | 01/31/2024 | 02/01/2024 | 02/01/2024 | $0.204 | $23.60 |
| 12/29/2023 | Monthly | 12/29/2023 | 12/29/2023 | 01/02/2024 | $0.204 | $23.69 |
| 12/27/2023 | Special distribution | 12/28/2023 | 12/28/2023 | 12/29/2023 | $0.096 | $23.67 |
| 11/30/2023 | Monthly | 11/30/2023 | 11/30/2023 | 12/01/2023 | $0.193 | $23.59 |
| 10/31/2023 | Monthly | 10/31/2023 | 10/31/2023 | 11/01/2023 | $0.199 | $23.49 |
| 09/29/2023 | Monthly | 09/29/2023 | 09/29/2023 | 10/02/2023 | $0.193 | $23.62 |
| 08/31/2023 | Monthly | 08/31/2023 | 08/31/2023 | 09/01/2023 | $0.196 | $23.57 |
| 07/31/2023 | Monthly | 07/31/2023 | 07/31/2023 | 08/01/2023 | $0.188 | $23.55 |
| 06/30/2023 | Monthly | 06/30/2023 | 06/30/2023 | 07/03/2023 | $0.189 | $23.44 |
| 05/31/2023 | Monthly | 05/31/2023 | 05/31/2023 | 06/01/2023 | $0.191 | $23.39 |
| 04/28/2023 | Monthly | 04/28/2023 | 04/28/2023 | 05/01/2023 | $0.174 | $23.65 |
| 03/31/2023 | Monthly | 03/31/2023 | 03/31/2023 | 04/03/2023 | $0.172 | $23.62 |
| 02/28/2023 | Monthly | 02/28/2023 | 02/28/2023 | 03/01/2023 | $0.145 | $23.82 |
| 01/31/2023 | Monthly | 01/31/2023 | 01/31/2023 | 02/01/2023 | $0.161 | $23.73 |
| 12/30/2022 | Monthly | 12/30/2022 | 12/30/2022 | 01/03/2023 | $0.158 | $23.39 |
| 12/28/2022 | Special distribution | 12/29/2022 | 12/29/2022 | 12/30/2022 | $0.253 | $23.40 |
| 11/30/2022 | Monthly | 11/30/2022 | 11/30/2022 | 12/01/2022 | $0.142 | $23.90 |
| 10/31/2022 | Monthly | 10/31/2022 | 10/31/2022 | 11/01/2022 | $0.130 | $23.85 |
| 09/30/2022 | Monthly | 09/30/2022 | 09/30/2022 | 10/03/2022 | $0.126 | $24.03 |
| 08/31/2022 | Monthly | 08/31/2022 | 08/31/2022 | 09/01/2022 | $0.125 | $24.56 |
| 07/29/2022 | Monthly | 07/29/2022 | 07/29/2022 | 08/01/2022 | $0.122 | $24.41 |
| 06/30/2022 | Monthly | 06/30/2022 | 06/30/2022 | 07/01/2022 | $0.119 | $24.32 |
Ordinary income distributions are distributed at the class level and will vary by class.
Past performance is not indicative of future results.
"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.
Distributions may include return of capital.
Capital Gains Distributions
| Record Date | Ex & Reinvestment Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Long Term Capital Gains - 28% | Total Distribution |
|---|---|---|---|---|---|---|---|
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.000 | $0.010 | $0.001 | $0.000 | $0.011 |
| 11/30/2021 | 12/01/2021 | 12/02/2021 | $0.000 | $0.080 | $0.000 | $0.000 | $0.080 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.000 | $0.010 | $0.001 | $0.000 | $0.011 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.000 | $0.010 | $0.001 | $0.000 | $0.011 |
| 11/30/2021 | 12/01/2021 | 12/02/2021 | $0.000 | $0.080 | $0.000 | $0.000 | $0.080 |
Documents
The prospectus and summary prospectus may be viewed online or by calling us at 800-334-2143. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Risk Disclosures
An investment in the First Eagle Credit Opportunities Fund (the “Fund”) involves a number of significant risks. Before you invest, you should be aware of various risks, including those described below. For a more complete discussion of the risks of investing in the Fund, see the Fund’s prospectus under the heading, “Principal Risks of the Fund.”
All investments involve the risk of loss of principal. The Fund may not be able to pay distributions or may have to reduce distribution levels if the income and/or dividends the Fund receives from its investments decline.
Investment in private and middle market companies is highly speculative and involves a high degree of risk of credit loss, and therefore the Fund’s securities may not be suitable for someone with a low tolerance for risk. The Fund is required to rely on the ability of the First Eagle Alternative Credit’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies.
Below investment grade securities or comparable unrated instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default, and the Fund might have difficulty selling them promptly at an acceptable price.
Investments in loans potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for certain loans is expected to be illiquid and the Fund may have difficulty selling them. In addition, loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price
Investments in debt securities and other obligations of companies that are experiencing significant financial or business distress involve a substantial degree of risk, including a material risk that the issuer will default on the obligations or enter bankruptcy. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. There is no assurance that First Eagle Alternative Credit will correctly evaluate the value of the assets collateralizing the Fund’s investments or the prospects for a successful reorganization or similar action in respect of any company.
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Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800-334-2143. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.
Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.
Form Customer Relationship Summary ("FORM CRS") can be accessed by clicking on this link FORM CRS